Full text of Commercial and Financial Chronicle : May 30, 1925 : Railway and Industrial Compendium, Vol. 120, No. 3128

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Railway # Industrial Compendium
A SECTION OF THE

(C ommercial & F inancial (C hronicle
Copyrighted in 1925, according to Act of Congress, by WILLIAM B. D ANA COMPANY, in office of Librarian of Congress, Washington, D. C.

VOL. 120.

NEW YORK, MAY 30 1925.

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Public Utility Companies,
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Light, Power, Gas, Telephone and
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Formerly appearing in this publication
will now be found in our

PUBLIC UTILITY COMPENDIUM
Issued on May 2 1925.

THE TRANSPORTATION ACT OF 1920.
The railroads of the United States are now operated
under the Transportation Act of 1920. On M arch 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
A ct 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.
O d March 1 1922, two further provisions of the Transpor­
tation A ct expired by 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, to aim at
establishing such rates for the railroads of the country as a




NO. 3128.

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
$20,04 0,5 72,6 11), a sum equal to 5 > £ % per annum and in
addition at the discretion of the Commission an additional
M 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 M a y 24 1922 the Inter-State Commerce Commission,
as required by the A ct, 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 1 0 % in freight rates was
made, was given in the “ Chronicle” of M a y 27 1922, pages
2317 to 2329; the conclusions as to the rate of return will bd
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 A c t, determined as therein pro­
vided, will be 5 .7 5 % 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 N ew Orleans upholding the constitutionality
of the provision in the Transportation A ct 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 M a r. 23 1923 issued' an order requiring all rail­
roads to report by M a y 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 D ay ton-Goose Creek R y . 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 21 76-2179 .)
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. And the 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.
1924, in referring to this matter, said:
W e call attention to the fact that the excess income reported by carriers is
not computed upon values fixed by us, and it may be that the number •

R A IL W A Y AND INDUSTRIAL COMPENDIUM
finally determined to have earned excess income will differ from the number
reported. Of the carriers reporting excess income, 53 paid to us during the
year the aggregate sum o f $4,858,522 17, which added to $96,675 10 paid
prior to N ov. 1 1923, makes the total payments $4,955,197 27. The major­
ity o f payments have been made under formal protests and reservations,
and, therefore, the contingent fund, composed primarily o f such payments,
has not been made available for the uses contemplated by the statute.

[V ol. 120.

due by the Government to the railroads on account of
compensation, guaranty, & c., and the funding of $500 ,0 00 ,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.

Changes in Wages and in Transportation Rates.

Valuation of Properties by Commerce Commission.

The Transportation A ct 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. Comparative statistics show the following re­
sults for Class I railroads (those with annual operating rev­
enues above $1,000,000), exclusive of switching and terminal
companies (see also data in V . 113, p. 1852 to 1854, 1739 to
1742; V . 114, p. 1492). The figures have been compiled
by the Association of Railway Executives from the records
of the Inter-State Commerce Commission:

For tentative valuations of 150 roads filed in 1921, see
V . 113. p. 1008, 1011. 1539. Further tentalive valuations
have been noted in subsequent issues of the “ Chronicle” in
our “ General Investment N ews” department. See also V .
115, p. 1798. To date the I.-S . C . Commission has set final
valuations on 44 carriers, as in the table below. A petition
presented by the National Conference on Valuation of Ameri­
can Railroads, of which Senator La Follette is head, to have
the proceedings of the I.-S . Commerce Commission in the
physical valuation of the railroads of the country recom­
mitted to the Bureau of Valuation, was denied by the C om ­
mission on Dec. 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. Ali the existing valuation work of the Commission
was attacked as unsound. Ttie Commission held that its
procedure in ascertaining information with respect to aids,
gifts, grants or donations, was in substantial compliance with
the Valuation A c t, and that analysis of method of arriving
at final value was i ot required by the law.

_

_ _ _ _

Average
Gross
Net
Return
Calendar Yearly
Total
Operating
Operating
on Prop.
Year. Wage.
Labor Cost.
Revenue.
Income.
Value.
1916
$892 $1,468,576,394 $3,596,865,766 $1,040,084,517 6.16%
1917
1,004 1,739,482,142
4,014,142,747
934,068,770 5.26%
1918
1,419 2.613,813,351
4,880,953,480
638,568.603 3.51%
1919
1,486 2,843,128,432
5,144,795,154
454,984,953 2.46%
1920 ____1,820
3,681,801,193
6,178,438,459
17 226,902 0.09%
1921
1,666 2,765,218,079
5.516,798,242
600,937,356 3.07%
1922 ____ 1,623
2,640,738,182
5,559.092,708
760.187,305 3 83%
1923 ____ 1.617
3,004,659.673
6,290,153,622
961.236,657 4.65%
2,827,851,563
5,922,627,820
974,346,443 4.58%
1924 ____ 1,612
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,
91 5, 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 f atures in the case of railroad labor other than
trainmen’s brotherhoods. See below.
In M a y 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 1 2 % . A strike against this decrease and to forestall
any further changes in wages and working conditions was
ordered b y the four trainmen’s brotherhoods and the switch­
men’s union; but on Oct. 27 i9 2 1 , on the eve of its becoming
effective, was declared off, as below stated.
In N o v . 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 1 0 % 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 1 0 % 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 M a y 1922 that the Labor Board announced its de­
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 earners of $135,000,000 per year.
This led to a prolonged strike, as noted further on in the arti­
cle on Railroad W ages. 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.

Complete List o f Carriers on Which the I.-S . C. Commission
Has Placed a Final Valuation.
Wholly Owned Used but
Name of Carrier—
and Used. Not Owned.
Ann Arbor R R ________$11,046,455
$80,822
______
Menom. & St. P. R y . ________
Artesian Belt R R ______
430,000
_______
Atl. Birm. & Atl. R R .. 20,404,960 2,840,297
Alabama Term’l R R . ________
______
Georgia Terminal C o . ________
______
Bangor & Aroostook RR 21,030,000 3,850,084
Birm. & Northw. R y ..
722,847
______
Boston & Maine R R . . .101,712,971132,476.845
Bowdon Ry
83,620
26,763
Carolina R R __________
6,400
163,820
Cumberland R R _______
386,203
18,000
Danville & Western R y . 1,913,000
54,093
Delray Terminal R R _
_
157,264
Dud West Ry. C o_____
28,500
"8", 500
Durham & So Caro R R .
460.796
Elgin Joliet & East. RR. 34,660,000
Evansv & Indianap R R . 2,250,000
291
764,196
Florida East Coast R y . 46,200,000
Atl & E Coast Ter C o .
Gainesville M idl’d R y . . 1,174,665
Gulf Term Co (Ala)____
495,148
Gulf Texas & West. Ry. 1 , 668,000
Hamp.& Bi*.RR.& L.Co
188,200
Hoosac Tun’l & Wil R R .
641.864
Kingston-Caro.RR.&L.
50,043
110.798
a Kan City Sou System.
49.016,268Knox Sevierville & E Ry
400.000
10,650
M ary’d Del. & Va. R y . 2,266,312
390,000
Muse. Burl. & Sou. R y .
______
856,495
Narragansett Pier R E ..
Nevada Copper Belt RR
"72i".ii2
'3",666
Nevada Northern Ry__ 3,404,900
______
140,265
______
New Mex Midland R y .
Norfolk Southern Ry__ 21,622,000 2,804,465
995.000
______
Norfolk Terminal Ry.
Paris & M t Pleasant R R
813,771
______
Raritan River R R _____ 1,215,416
148
bSan P L A 4 S L R R . 44,960,000
40,000
Shrev. Hous. & Gulf RR
92,578
______
Southern R y Co in Miss
4,470,534 194,511
Sugar Land Ry. (T ex .).
467,500
5,714
Tallulah Falls R y _____ 1,795,000
132
Texas Midland R R ____'3,080,000
--------Union Freight R R _____
429,833
--------.Wash. Ida. & M ont.R y.
2,481,293
1,542
Winston-Salem So’b ’dR y. 5,788,067
--------W ood River Branch R R
115,537
______

As of
Owned but
(Date).
Not Used.
$30,785 June 30 1915
50,000 June 30 1915
June 30 1917
82,400 June 30 1914
1,400,000 June 30 1914
2 , 000.000 June 30 1914
June 30 1916
June 30 1917
June 30 1914
June 30 1915
June 30 1914
June 30 1917
June 30 1916
June 30 1918
June 30 1916
June 30 1917
June 30 1914
June 30 1915
June 30 1916
1.300.000 June 30 1916
June 30 1915
June 30 1915
June 30 1917
June 30 1915
June 30 1916
June 30 1914
June 30 1914
June 30 1916
June 30 1915
June 30 1918
310,000 June 30 1916
June 30 1917
June 30 1917
June 30 1916
6,500 June 30 1914
June 30 1914
June 30 1918
June 30 1916
June 30 1914
June 30 1918
June 30 1915
June 30 1916
June 30 1916
June 30 1914
June 30 1915
June 30 1917
June 30 1915
June 30 1915

a The petition of the Kansas City Southern R y. Co. for a writ of man­
damus commanding the I.-S. C. Commission to make a new valuation
of the carrier’s properties was dismissed Oct. 20 1924 by Justice Stafford
of the Supreme Court of the District of Columbia. An appeal has been
taken (V. 120, p. 699). b The bill of equity filed by the Los Angeles &
Salt Lake R R . (formerly the San Pedro Los Angeles & Salt Lake R R .) in
the U. S. District Court, Southern District of California, to enjoin and set
aside the final valuation of its property made by the I.-S. C. Commission,
is still pending (V. 117, p. 2890).

Proposed Plans of Consolidation.

The Transportation Act of 1920 contemplates the ultimate
consolidation of all the railroads of the United States into,
a limited number of competing systems, and under one of
the provisions of the Act the Inter-State Commerce C om ­
mission is directed to prepare a plan to that end. The
provision is not compulsory as far as the roads are concerned.
In the process of carrying out the requirement, the Com ­
merce Commission directed Prof. William Z . Ripley of
Harvard University to prepare a plan of consolidation, and
with that as a basis, the Commission prepared a tentative
plan which was put forward in September 1921 “ in order
to elicit a full record upon which the plan to be ultimately
adopted can rest.” The plan was outlined in V . 113, p.
1429 to 1431, 1950 to 1952. A table showing the grouping
of roads in the plans of consolidation under consideration
by the I.-S . C. Commission was given in V . 119, p. 628
and 629. Hearings were held on the different systems
Government Holdings of Equipment Trusts:
Late in 1921 and early in 1922 the Federal Government proposed, principally the Northern Pacific-Burlington,
sold a large amount of its holdings of equipment trusts (see the Great Northern-St. Paul, the Union Pacific-North­
Belt, the Baltimore
below ;, and used the proceeds to settle its accounts with western, the Frisco-Katy-Cotton
& Ohio-Reading, the N ew England-Great Lakes, the Pennsyl­
the railroads.
.
,
The sale of these equipment trusts and the improved vania and the New York Central Systems, but a final de­
financial outlook latei n 1921 led the Federal Ad min isl ration termination has not yet been made. The hearings ter­
to withdraw their support of the so-called Funding Bill, minated D ec. 4 1923. Oral arguments on the proposed
which, as an amendment to the Transportation Act of 1920, consolidations were concluded Jan. 12 1924. (See also
would have permitted the settlement of the large amounts V . 120, p. 540.)




M a y , 1925.]

R A IL W A Y AND IN DU STRIAL COMPENDIUM

Outline of Transportation Act.
The following outlines the Transportation Act of 1920.
which was published in full in the “ Chronicle” of Feb. 21
1920, p. 715 to 732, with an amendment in V . 110, p. 2250:
RATES MUST BE ADJUSTED SO AS TO Y IE L D A PAIR RE TU R N .
— The Commission is from time to time to determine and make public what
percentage of the aggregate property value constitutes a fair return thereon.
Such percentage must be uniform for all rate groups or territories which
may be designated by the Commission. In making such determination it
shall give due consideration, among other things, to the transportation
needs o f the country and the necessity (under honest, efficient and econom­
ical management o f existing transportation facilities), o f enlarging such fa­
cilities in order to provide the people o f the United States with adequate
transportation: Provided. That during the two years beginning March 1
1920 the Commission shall take as such fair return a sum equal to 5 4$ % of
such aggregate value, but may, in its discretion, add thereto a sum not ex­
ceeding )4 o f 1% o f such aggregate value to make provision in whole or in
part for improvements, betterments or equipment, which, according to the
accounting system prescribed by the Commission, are chargeable to capital
account.
The Commission in a decision handed down in M ay 1922. as noted on
page 3 (inside o f second column) stated “ that on and after March 1
1922 a fair return upon the aggregate value o f the railway property will be
5 H % ."
Pending the completion o f its valuation of the railway properties in the
United States, the Commission is required to make tentative valuations of
the several roads as a basis for rate-making. In July 1920 the Commission
placed a tentative value on all the railroads in the United States of $18,900,000,000 as against a book value o f $20,040,572,611.
DISTRIBUTION OP EARNINGS IN EXCESS OF 6 % .— Net railway
operating income in any year in excess o f 6% o f the value o f the property
shall be utilized as follows: (a) One-half of such excess shall be placed in
a Reserve Fund maintained by the railroad: (6) the remaining one-half shall
go into a General Railroad Contingent Fund (see also page 3 o f this publica­
tion) .
REFUNDING OF C A R R IE R S’ INDEBTEDNESS TO THE UNITED
STATES.— The net indebtedness o f each carrier to the United States for
additions or betterments may be funded for a period o f ten years (or less
at option o f company) from the termination o f Federal control, with interest
at 6% per annum, subject to the right o f the carrier to anticipate the pay­
ment o f the whole or any part o f 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 o f railroad properties into a
limited number o f competing systems, and consolidations are authorized
when in harmony with the plan as adopted and approved by the Comis­
sion. See remarks above and plans as proposed in 1921, V. 113, p. 1429
to 1431, and 1950.
The Commission shall also pass on any proposed measures for the control
o f one road by another by consolidation, lease, stock ownership or other­
wise. In any consolidation the total amount o f outstanding stock and
bonds o f the consolidating company shall not exceed the value o f the con­
solidated properties as determined by the Commission.
JOINT USE OF TERM IN ALS.— The Inter-State Commerce Commis­
sion whenever in its opinion there exists an emergnecy may require such
joint or common use o f terminals, including main-line tracks for a reason­
able distance outside o f such terminals, as in its opinion will best meet the
emergency and serve the public interest.
IN TER -STA TE COM MERCE COMMISSION M A Y IN IT IA T E
RATES.— In the exercise o f its power to prescribe just and reasonable
rates, the Commission can initiate as well as modify and establish rates.
CONTROL OYER SECURITY ISSUES.— The Inter-State Commerce
Commission is given exclusive control over the issuance of all railroad
securities, except notes maturing in less than two years when the total issues
o f said notes o f the railroad amounts to less than 5% o f its capitalization.
See regulations, V. I l l , p. 1814, 1049, 587.
LABOR BOARDS TO A R B ITR A T E DISPUTES BETW EEN W AGEEARNERS AN D EM PLOYERS.— The law authorizes a system ©f labor
boards o f adjustment to be established by employers and employees. A
central railroad labor board o f appeal is created with power to hear disputes
and initiate investigations.
The members o f this board, three o f whom are to represent labor, three
railroad managers, and three the public, to be appointed by the President
and confirmed by the Senate. There are no penal provisions for the
enforcement o f the decisions o f this board. [See list o f members on
page 240.)
Federal C ontrol— Standard R eturn.
The proclamation o f President Wilson assuming control o f the roads was
dated Dec. 26 1917. See V. 105, p. 2509; V. 106, p. 35; V. 108, p. 2081.
CONTRACTS FOR GOVERNM ENT CONTROL— R EN TAL PA Y­
M EN TS.— The form o f contract which the Government executed, with
slight variations, with the railroads, will be found in V. 107, p. 1157, 956.
The Act o f Congress approved March 21 1918 (cited in V. 106, p. 1421)
authorized the President “ to agree with and to guarantee’ to any carrier
"th at during the period o f 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 o f roads concerning which the question o f compensa­
tion, whether the standard return or a larger sum, was still to be determined.
Out o f 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 o f the compensation contracts finally executed up to Sept. 15 1920
will be found, with the amounts o f the compensation agreed upon, on pages
6, 7 and 252 of the issue o f this publication for N ov. 27 1920. Others have
been noted from week to week in subsequent issues o f the “ Chronicle.” ,
United States Railroad Adm inistration.
Director-General o f Railroads and Agent o f the President, James O.
Davis; Chief Clerk, A. W . Stoll: Comptroller, L. J. Tracy; General Solicitor,
A. A. McLaughlin; Treasurer, C. L. Stryker. Short Line Section: Sidney
F. Andrews, Chairman; W. G. Goodrich, Secretary. Headquarters,
Hurley-Wright Bldg., 18th and Pennsylvania Ave., N. W ., Washington,
D. C .
______________________________

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. W ith the
return of the roads to private control, therefore, it hence
became necessary to arrange for increasing rates for the
transportation of both passengers and freight. The exten­
sion of the guaranty period for six months after the roads
had been turned back to their owners was for the purpose of
allowing time in which to make the adjustment. Just as the
Inter-State Commerce Commission was ready to announce
its decision, there came the decision of the R R . Labor Board
on July 20 1920 awarding increases in wages aggregating
$625,000,000 or more per year. The roads had asked for
increases in rates to yield additional revenue of $1 ,017,766,000 per annum. Following the award of the Labor Board
the roads petitioned the Commission for further additions to




5

revenue in the amount of the increase. On July 31 1920 the
Commission having placed a valuation of $18,900,000,000
upon the railroad properties, against a book value of $2 0,040,572,611, undertook to allow them 6 % upon the property
investment, which would mean a total of $1,134,000,000
with which to cover the increased cost of wages and supplies
and to pay for improvements, &c. (compare V . 111. p. 653,
549, 459, 347 to 350, 329). The decision of July 1920
increased:
(a)
Freight Rates.— 40% in the East, 25% in the South, 35% in the
West and 25% in Mountain-Pacific territory, (b) Passenger Rates— 20% ,
the amount asked by the railroads, or about H of 1 cent additional per
mile, (c) Pullman Rates— A surcharge to the roads of 50% on rates.
(d) Excess Baggage Rates— 20% advance, (e) Milk Tariffs— 20% advance.
if) 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. I l l , p. 848.)

These increases in rates were expected to add $1 ,5 0 0 ,000,000 to the yearly revenues of the roads.
But, unfortun­
ately, 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 N ov. 17 1921 the Railroad Executives, in anticipation
of a wage cut of 1 0 % , announced a 1 0 % 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 1 0 % reduction in rates on farm products it
was estimated would save shippers about $55,000,000.
In M ay 1922 the Inter-State Commerce Commission
ordered a horizontal reduction o f 1 0 % in rates, effective
July 1 1922. For full text of decision see “ Chronicle” of
M ay 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 1 6 ]^ % , which went into effect Jan. 1 1922. That
reduction was allowed to stand without change, the 1 0 %
cut not in any way affecting it.
.
On April 17 1923 reductions were permitted in freight
rates to meet Panama Canal competition on certain heavy
commodities to Pacific Coast and intermediate points. The
reductions apply to all Western lines, including those like the
Atchison and Southern Pacific, that reach the coast by the
Southern route, and the Union Pacific that goes by the
Central route, as well as the Northwestern roads. Some time
before the Inter-State Commerce Commission had refused to
permit those lines to charge a higher rate to intermediate than
to Pacific Coast points. Further reductions by the same
lines were ordered to become effective June 1 1923. The
latter ran as high as 5 0 % , it was stated, on some commodi­
ties.
(V . 116, p. 2089, 1014.)
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.)

Excerpts from Letter of Chairman H . C. Hall of the Inter-State
Commerce Commission to Senator Smith, Chairman of the
Senate Committee on Inter-State Commerce, Dated
M ay 28 1924.
Since July 1 1922 there have been no general reductions over the country
as a whole or throughout any of the major rate groups. Many reductions
have been made in individual cases, but they have been relatively unim­
portant as compared with those made previous to and including the general
reduction of July 1 1922. Readjustments of rates on some 30 commodities
in the Southwest, involving both increases and reductions, but not designed
to affect the carriers’ aggregate revenues, became effective Nov. 27 1923.
Other commodity rates in that territory are now in the course of similar
revision. A revision of the same nature is contemplated with respect to
class rates in the Southeast under an investigation now pending before us in
Docket 13494, known as the Southern Class Rate Investigation, which is to
be followed by a readjustment of the commodity rates in that terriory. A
revision of the class rates within Trunk Line territory in the Eastern district,
and between that territory and adjacent territories, is also contemplated.
There is now pending before us a general investigation, No. 15263, Instituted
upon our own motion, into the reasonableness of the rates on grain, grain
products, and hay throughout the United States. With this investigation
has been consolidated a proceeding upon complaint by the Kansas Public
Utilities Commission which was reopened by ns for further hearing. Hear­
ings and arguments therein were concluded March 22.
It has been estimated that from July 1 1922 to the end of 1923 the ship­
pers and consumers of the country have paid nearly $800,000,000 less in
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.
A P PE N D IX 1.
Important General Rate Reductions Between Oct. 26 1921 and July 1 1922,
Inclusive.
1. A 10% reduction in rates on a J!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 pounds or less.
This reduction became effective about Jan. 1 1922.
3. Reductions in rates on 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 of thr
Rocky Mountains; on wheat, hay, and their products, such as flour, cornmeal, bran, alfalfa meal, &c., 13%; on corn. oats, barley, and other so-called
coarse grains, and their products. 21%

6

R A IL W A Y AND IN D U STR IA L COMPENDIUM

[V ol. 120,

ABBREVIATIONS USED IN THIS COMPENDIUM
EXPLANATORY.—This 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 o f the “ Chronicle” (as V. 120, 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 o f space, sometimes only in text below) as follows:
Miles of Road.— Opposite bonds, this means the miles o f 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; x, extra; s, stock or scrip.
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,
M ay 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-cum for “ 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”
interchangeable; br “ 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: “ x” 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 o f 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 as 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.” vvv 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 (T R Treasurer’s Office) are indicated thus:
SC — Standard Trust & Sav
NEW Y O R K C IT Y —
BOSTON—
NEWAR K, N. J.
ST. LOUIS—
Bank
AB — American Trust Co
B'a — Bankers Trust Co
FN — Fidelity Union Tr Co AmSt— American Trust Co
M eSt— Mercantile Trust Co
C e — Central Union Trust BB — Boston Safe Dep & Tr UC — Union Trust Co
CB — Commonwealth Tr Co
MSt — Mississippi Valley Tr
NEW ORLEANS—
,
Co
CINCINNATI—
Col — IrvBk-Colum Trust Co FB — Federal Trust Co
H N o— Hibernia Bk & Tr Co SSt — St Louis Union Trust
UCi— Union Sav Bank & Tr WNo— Whitney Central Tr &
Era — Empire Trust Co
NB — New England Tr Co
OB — Old Colony Trust Co
Eq — Equitable Trust Co
Savings Bank
PHILADELPHIA—
CLEVELAND—
P
— Farmers’ Loan & Tr .SB — State Street Trust Co
FP — Fidelity Trust Co
Cl Cl— Cleveland Trust Co
Q — Guaranty Trust Co
UB — United States Tr Co
GP — Girard Trust Co
PITTSBURGH
GC1 — Guardian Sav Bk & Tr Cl Pi — Colonial Trust Co
Mp — Chatham & PhenixNat
GuP— Guaranty Tr & S Dep
Nat. Bank & Tr. Co.
CwPi— Commonwealth TrCo MP — Merchants Un Tr Co
DETROIT—
DPi — Dollar Sav & Tr Co
P h P — Philadelphia Trust Co
N — New York Trust Co
C H IC A GO—
DD — Detroit Trust Co
T
— Title Guar & Trust Co C eC — Central Trust Co o f Til SD — Security Trust Co
FPi — Fidelity Title & Trust PI P — Provident Trust Co
Us — United States Trust
ChC— Chicago City Bk & Tr U D — Union Trust Co
PPi — Pittsburgh Trust Co PeP — Penn Co for Insur on
Usm— U S M tge & Trust Co CC — Continental & Com­
Lives & Gr Annuities
RPi — Real Estate Trust Co
mercial Tr & Sav Bank
RP — Real Estate T & I Co
UPi — Union Trust Co
INDIANAPOLIS—
FC — First Trust & Sav Bk UI — Union Trust Co
WP — West End Trust Co
BALTIM ORE—
HC — Harris Tr & Sav Bank
BBa — Baltimore Trust Co
PORTLAND, ME.—
C o Ba— Continental Trust Co F oC — Fort Dearborn Trust
SAN FRANCISCO—
LOS ANGELES, CAL.— FPo — Fidelity Trust Co
EBa — Equitable Trust Co
& Savings Bank
AS — Anglo California TrCo
SLo — Security Tr & Sav Bk
FBa — Fidelity Trust Co
IC — Illinois Merch Trust
MS — Mercantile Trust Co
PROVIDENCE—
M Ba — Maryland Trust Co
I Pr — Industrial Trust Co
MC —
do
do
LOUISVILLE—
US — Union Trust Co
RPr — Rhode Isl Hosp Tr Co
MeBa— Mercantile Tr & Dep NC — Northern Trust Co Bk FL — Fidelity & Colum Tr
W ILM INGTON. DEL.—
UPr — Union Trust Co
WW — Wilmington Trust Co
SBa — Safe Dep & Trust Co PC — Peoples Tr & Sav Bank LL — Louisville Trust Co

?

(Continued from Page 5.)
4. Reductions ranging from 1 to 15% on forest products from Southern.
Southeastern and Southwestern producing territory to points in Eastevn
Trunk Line and Central territories, including points in Illinois and Wiscon­
sin. These reductions became effective about May 10 1922 and were the
result o f 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,
ffom Lake Superior docks to points in Minnesota. and also in South Dakota
oo and east o f the Missouri River. These reductions were made effective
about April 1 1921, and were the result o f the Commission’s decision in
the Holmes & Hallowell case. Docket N o. 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 o f 10% in the rates o f 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% o f the Aug. 26 1920 rates,
«3jd 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.
A P PE N D IX 2.
,,
Carload Rates on Commodities Indicated.
[Rates in cents per 100 pounds, except as noted.]
Commodity.

From—

To—

Rate
Rate
% Of
Aug. 26 May 1 De­
1920. 1924. crease.

17
Indianapolis- 32.5
Pittsburgh __ 39.5
Okla’ma City 39
Chicago____
80
Buffalo____ 101
New York__ 106.5
Alexandria, La____ St. Louis___
32.5
44
do
_______ New York__
54.5
Anaconda, Mont__
$15.30

----------do
do
_______
Beaumont, Tpx___
North Pacific Coast
(Portland, Ore.).

Rates in amounts per International, Utah Chicago____
Packing house products

do
_______ New York__
Fort Worth, Tex__ St. Louis___
New York________
San Francisco___ _

Iron ore_____________

do
do

New Orleans____ -

Kansas City.

15.5
29.5
35.5
35
72
88.5
90
29.5
39.5
49

6S12.00
687.90 6S7.09
$22.00 a$12.50
616.50
6816.30 689.50
6$19.40 $12 50
40
36
103
92.5
61
55
94.5
93
60
54
63
56.5
c93.5 c84
dl09.5 d91
72
65
e95
686

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

ginia, Minn.)!__
a Copper, ft Lead, c Minimum weight, 80,000 lbs. d Minimum weight, 60,000
lbs. e 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 makes no suggestion
as to how the increased revenues should be provided, but
asks 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, w
’hen the
Western roads had a net railwray operating income of $378,080,991, or 3 .8 7 % , 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 ^ % return. As the freight revenues of the Western lines
last year were $1 ,655,000,000,000, this would be equivalent
to a general advance in freight rates of about 1 1 % , but the
roads assert that the present prospects indicate a less favor­
able outcome for 1925. 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.
The petition follows the statement recently filed by the
Western carriers of their views in relation to the Commis­
sion’s general rate structure investigation under the HochSmith resolution, in which statistics were presented to show
that the present situation of the Western lines calls for ad­
vances in their rates, rather than reductions. It is signed by
sixty-six 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 receivers.
(V . 120, p. 2500, 656;
V . 119, p. 2969.)
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 1 5 % 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 . I l l , 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.)
(Continued on page 239.)

S ubscribers will co n fe r a favor by giving im mediate n otice o f any error discovered in these tables.
RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6)

Miles Date
Road Bonds

A dirondack Ry— See Delaware & Hudson Co.
Akron & Barb Belt— 1st M g s fd call 105-Usmx.c*&r 22.99 1902
Akr Can & Y ou n g — 1st M $1,500.000 g call 105 CICI 18.99 1910
Gen & ref mtge g Ser A $4,000,000 red (text) - _xxxc* 18.75 1925.
Northern Ohio R y 1st mtge (guar p & i ) _ ____ Ce 152.35 1895
_
Alabama Great S ou th ern — Ordinary stock-----------First M gold ext In 1908 (V 85, p 1645. 1460)--F z .c
General mortgage £ 1 .1 6 0 ,0 0 0 -_________ --C e z .c
First consol M $25,000,000 gold-.................G.zc*&r*
Equip trust Series E due $55,000 s-an gold_________
Govt equip trust due $11,000 annually- ------- --G
Equip trust Series G due $190,000 annually_______
Alabama M idland— See Atlantic Coast Line RR.
Alabama Tennessee & N orthern R R Corp—

1878
290 1888
1913
1916
1920
1923

Prior lien M $3,500,000 g call 102 1*______Mp.xxxc*
Gen (2d) M $2,116,000 g call 105 Co
— .

186 1918
186 1918
143
1924

First Mtge gold bonds Series “ A ” red (text)-_c*_
_
Albany
Albany
1st M
Albany

& N orthern— See Georgia Southw & Gulf.
& Susq— Stock, divs guar by D & H (end)
$10,000,000 g gu p & i conv (text) Usmx.c*&r
& V erm ont— Stock 3% guar by re n ta l--___

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$1,000
$795,000
4g J &
c
100
1,500,000
6g J S
500 &c
750,000
6g A &
A &
1.000 2,500,000
5g
50 7,830.000 See text J &
50 3,380,350 See text F &
1.000
1.749,000 5 (6) g J &
£100
£711,500
5g J &
$. £ & fr $4,312,000
5g J &
1,000
110,000
41* g J &
1.000
110,000
c
6 g .1 S
1,000 2.470,000
A St
5g
100
100
100 &c
100
1.000

Last Dtwdena Places Where Interest and
and Maturity
Dividends Are Payable

D June 1 1942
U S Mtge & Tr Co, N Y
J July 1 19.30
Cleveland Trust Co
O Apr 1 1945
Cleveland and New York
O Oct 1 1945
Cent Un Trust Co, N Y
D June 29 ’25, 314 Checks mailed
A Aug 17 ’25, 33*
J Dec l 1927
Farm L & Tr, N Y , &T3
D Dec 1 1927
Morgan ,Grenf & Co ,Lon
D Dec I 1943
Guaranty Trust Co, N Y
D Dec ’ 25-June’ 26 Guaranty Trust Co, N Y
J To Jan 15 1935 Guaranty Trust Co, N Y
c
O Apr ’26-Apr '38 J P Morgan S Co, N Y

2,500,000
1,700,000
950.000
c
Chat&PhNB&TrCo, NY
6 g J S J July 1 1948
2,116.000
Oct 1 1948
Irv Bk-Coi Tr Co. N Y
4 200,000 See text Seml-ann Apr 1 ’ 25, 2'-*
2,500,000
[Natl Park Bank, N Y
5 g M & N M ay 1 1974
\Can-Corn Tr&SB, N Orl

100 3,500.000 See text J S J See text
c
Del S Hudson Co. N Y
c
c
do
do
31* g A S O 4 or 1 1946
142 1906 1,000 &c 10,000,000
100
M S N M ay 15 1925 l 1* T r o y .N Y
c
600,000
3
12 —

AKRON & BARBERTON BELT RR.— Belt line at Barberton. O.. and at the rate of $20 for each $1,000 bond to all holders of General Mortgage
Fairlawn to Akron, O.; total, 22.99 m. Stock, $100,000, owned equally bonds who became parties to the agreement and deposited their bonds with
by the Cleveland Akron & Cincinnati. Baltimore & Ohio, Erie R R . and the Irving Bank-Columbia Trust Co., New York. The plan was declared
Northern Ohio R y. Bonds auth., $1,500,000; issued, $1,240,000; $445,000 operative in Oct. 1923. Compare V. 116, p. 2880; V. 117, p. 1662.
Government loan V. 113, p. 2612
redeemed by sinking fund; $260,000 for future needs. The I.-S. 0 . Com­
EARN ING S.— For calendar year 1923: Gross, $988,684: net oper. in­
mission has placed a tentative valuation o f $1,228,360 on the total owned
and $1,225,000 on the total used property o f the company as o f June 301916. come. $9,552: other income, $51,296; int., rentals, &c., $106,126;
For 1925, gross, $254,782;railway oper. income, fed., $53,712;other income, bal., def.. $45,279.
OFFICERS.— John T . Cochrane, Pres., Mobile: Louis V. Bright V .-P .,
$107,640; interest, rentals, &c., $53,928.— (V. 120, p. 2007.)
New York; E. A. Carsoens, Sec., and K. R Guthrie Treas.. M obile.
AKRON CANTON & YOUNGSTOW N RY. CO. (THE).— 18?* m.
DIR E C TO RS.— Louis V. Bright and I. H. Lehman, New York; John T .
from Akron to Mogadore completed in 1914. Stock, all issued, $1,500,000. Cochrane and John T. Cochrane Jr., Mobile; H. A. Smith, Hartford; David
V. 92, p. 1434; V. 95, p. 678. In Jan. 1920 obtained control o f the Northern
Ohio R R . under a 995-year lease from the Lake Erie & Western R R . V. 110 Taylor, F. J. Lisman and George C. Van Tuyl Jr., New York.— (V. 117, p.
p. 560. The gen. & ref. mtge. 6% gold bonds, Series A, are callable, all 1662.)
ALABAMA AND VICKSBURG R Y . CO. (T H E ).— Owns Vicksburg to
or part, at 105 and int. to and including April 1 1935; thereafter at par plus
a premium o f % % for each year o f unexpired maturity. Of the remaining Meridian, Miss., and branch, 141 miles.
The stockholders on March 31 1925 approved the lease of the road to the
$3,250,000 bonds authorized under this mortgage, $1,500,000 are reserved
for refunding the first mtge. 6s o f 1930 and the balance may be issued up Yazoo & Mississippi Valley R R ., under the guarantee o f the Illinois Central.
to 90% o f the cost o f additions or betterments to fixed property, or 65% of
DIVS.—
('97-’99. ’00. '01. ’02. ’03. ’04-T4. T 5. T 6-T 8. T 9-’24.
cost o f additional rolling stock. V. 120, p. 1875. For 1924, gross, $2,824,- C a sh ----------------%\ y ’rly
6 6
6
9 7 y'riy 5 7 y ’rly 7 y’rly
646; net oper. income, $651,751; interest, rentals, &c., $240,401; bal., sur.
50
- - — 100in T O __ _____See below
Stock...................% { 5
$411,350. Pres., H. B. Stewart, Akron, O.; Sec., P. J. Pahler.— (V. 120,
The stockholders voted Dec.10 1924to increase the capital stock from
p. 2007.)
$2,100,000 to $4,200,000. the increase being distributed to stockholders of
2 1925 as a 100% stock dividend.
BTALABAMA FLORIDA & GULF R R .— Operates from Cowarts, Ga., record Jan.1925: (On new stock), April 1, 2>*%.
Paid in
on Atlantic Coast Line R R ., south to Greenwood. 32 miles. 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. Blvlngs, entirety on any interest date upon 90 days’ notice at 1 0 7 and int. on or
prior to May^l 1929, at 105 and int. after M ay 1 1929 and on or prior to
Dothan. Ala.— (V. 117, p. 2541.)
M ay 1 1964, and at 44 of 1% less than 105 and int. for each succeeding
W ALABAMA G R EAT SOUTHERN R R . CO. (T H E ).— Owns Chatta­ year.
nooga, Term., to Meridian, Miss., 292 miles (about 30% double tracked);
Of the $2,500,000 Series “ A ” bonds, $1,936,900 were used to retire a like
leases Belt R y ., 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.
1921, and the proceeds from the remaining $563,100 of bonds were used to
P ORGA N IZA TIO N .— Controlled by Southern R y., but operated inde­ reimburse the treasury for expenditures made prior to M ay 1 1924 for addi­
H
pendently. V. 81, p. 1722: V. 82, p. 159. Owns $975,100 stock of S. W. tions and betterments.— V. 118, p. 2040.
Construction C o., received for $833,300 Cin. New Orl. & Tex. Pac. stock.
RE PO RT.— For 1924. in V. 120, p. 1742, showed:
Calendar
Gross
Net after Gross
Interest, Dividends Balance,
LATE DIVS.—
’ 11-T5. *16. 1917.
T8. T 9. ’20. ’21. ’22. ’23. *24
Years—
Earnings.
Taxes.
Income. Rents,Ac. Paid.
Surplus.
7 5 & 2 ext. 3
11 7 6H 7 7 71*
Common stock...........5 y ’rly
1924..........
$3,601,427 $479,303 $650,395 $189,021 $147,000 $314,374
Preferred stock------- 6 y ’rly
7 6 & 1 ext. 61* 71* 7 614 7 7 7 H
1923__________ 3,464,104 466.306 666,528 175.296 147,000 344.232
P B O N D S .— The 1st consols ($25,000,000) are Issuable in lettered series. 1922..........
3,063,635 224.147 418.693 183.184 147,000
88.418
$5 ,223,500 reserved to refund 1st 5s and gen. 5s. $8,150,000 for second 1921........
3,397,144 231.931 383.686 197.845 147,000
38,841
track, at, say, $30,000 per mile; the remaining $7,313,500 for improve­
For latest earnings see “ Railway Earnings Section" (issued monthly).
ments at not over $500,000 yearly. V. 97. p. 1235 1582, 1820: V. 98. p. 72,
OFFICERS.— Larz A. Jones, Pres. & Gen. M gr.; Udolpho Wolfe, Sec. &
1534. Equip, trust 1916, V. 102, p. 1539: V. 104. p. 1044: V. 105, P- 1704.
Equipment trusts issued to Director-General for rolling stock allocated Treas. Office, Jackson, Miss.— (V. 120, p. 2546.)
to this company. See article on page 3.
ALASKA AN THRACITE R R .— (V. 119, p. 1508.)
RE PO RT.— For 1924, in Y. 120, p. 2137, showed:
ALASKA GOVERNMENT R O A D — (V. 117, p. 1991.)
Op'rating Net (after
Total
Interest, Pref.
Common Balance.
ALBANY & SUSQUEHANNA R R .— (See Map Delaware .% Hudson.).
Cal.
Revsnue.
Taxes). Income. Rents. Ac. Dividend. Die. Surplus.
ROAD.— Owns Albany to Binghamton. N. Y .. 142 miles.
Years
t
*
*
S
%
$
$
1924 .10,093,450 2,487,078
2,818,680 6o5,424
253,526587,2501322480LEASED for term of charter viz.. 150 years from April 19 1851, to Del. St
1923 .10,853.219 2,469,543
2,793,010 762.570
236.625548,1001245712
Hudson Co.: rental was 9% per annum on stork (41*% J & J.) IV. 56. p.
1922 - 8,524.804 1,483,909 1,799,379 716,948 236,625 548,100 297,708 7741. but the courts having held that the stock was entitled to the benefit
1921 - 9.542.225 1.017.483 1.448 483 91,3.3»3 219.723 508.950 193.583 of refunding effected in 1906. $120 750 additional rental was paid in Jan.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
yearly beginning 1910. making 3-45% available for corporate purposes.
Pres.. Fairfax Harrison- Sec., O E A. McCarthy: Treas.. Charles Jan. 1914 to Jan. 1918. 20 cents was ieducted yearly for co.’s Federal
Patton: Compt., E. H. Kemper. Office, Birmingham, Ala.— (V. 120, income tax. A special dividend of 30% '$1 050.0001 was paid Nov. 16
p. 2137.)
1909 from the proceeds of the judgment for back rentals due by reason of
dividend of 3 25% was paid Jan. 10 1916 and again
ALABAMA TENNESSEE & NORTHERN R R . CORP.— Owns and refunding. A special 4
1917
Jan.
special
operates 186 miles main track, extending from Calvert, Ala., at junction Jan. 6 owing and Federal 1918, but noIn Jan payment was declared In Dec.
1918.
t.o
taxation
paid
extra
with Southern Ry. System, north to Reform, Ala., on Mobile & Ohio Jan. 1921, 1922, 1923, 1924 and 1925 paid 1920 extra.11*% 107, p.and In
2%
V.
2374;
R R . Also terminal tracks and valuable harbor frontage in Mobile, Ala., V. 89, p. 1141. 1666; V. 90, p. 913.
formerly owned by Mobile Terminal & R y.
BONDS.— The bonds are guar p. & I. and until Apr. 1 1916 were con­
ORGA N IZA TIO N .— Ineorp. in Alabama Oct. 12 1918 as successor o f the vertible Into D. & H. stock—$500 stock for $1,000 bonds; $3,556,000 were
A. T . & N . Railway, foreclosed and reorganized per plan In V. 106, p. 2558; so converted ($3,500 000 pledged by D. & H.; V. 105, p. 389). V. 80. p.
1174. 1362, 2343. Guaranty. V. 82. p 989.
V. 107, p. 290. 400, 1286, 1579; V. 108. p. 1720.
STOCK VOTIN G TRU ST.— The new common stock Is held in a voting
R E PO RT.— For 1923 total income, $790,084; interest. $350,000; other
trust, with George O. Van Tuyl Jr., Louis V. Bright, George E. Warren, deductions, $2,574; dividends, $385,000; bal., def., $1,927.
James C. Colgate, John T . Cochrane and H. A. Smith as voting trustees.
OFFICERS.— Arthur W. Butler, Pres.; George Welwood Murray, V .-P .;
BONDS.— The only fixed charge for the first five years Is the $950,000 C. F. Coaney, Sec. & Treas.; Arthur A. Gammell. Asst. Sec. & Asst. Treas.
6% prior lien bonds, which were issued for cash per plan.
Office, 24 Broad St., New York.— (V. 119, p. 2874.)
Of the remainder of the $3,500,000 issue, $1,400,000 is reserved for use
ALBANY & VERMONT R R .— Owns road from Albany to Waterford
under restrictions in extending the line if found desirable, northerly 50 miles
to connection with the St. Louis-San Francisco R y.. and southerly to M o­ Jet., N. Y ., 12 m. Leased to Rensselaer & Saratoga Id 1860 and now oper­
ated by Dei. & Hudson Co. Annual rental, $20,000.— (V. 106, p. 923.)
bile, 30 miles, with necessary improvements, and the final $1,150,000 will
be restricted;to future impts. and extens and the refunding o f equip, obliga­
ALGOMA CENTRAL & HUDSON BAY R Y .— Owns from Saul.. Ste.
tions, new or old.
Marie, Ont.. and Micbipicoten Harbor to a connection with the Can. North­
The gen. lien (2d mtge.) 6% gold bondswereonan income basis up to ern R y.. 272 miles; branch to Helen Mine. 12 m.; extension to Hearst on
Dec. 31 1923 (no interest having been paid), but from Jan. 1 1924 were Grand Trunk Pacific R y ., 50 m .; total. 334 miles. Cash subsidy, $6,400
entitled to 6% per annum.
The holders of the bonds in June 1923 re­ per mile. Land grant, 2,137,144 acres. V. 103, p. 2078; V. 99. p. 1671;
ceived a communication asking them to consent to the reduction o f the V. 101. p. 772. Lake Superior Corp. guarantees, see that company under
Interest rate from 6% to 2% annually. The company made a payment “ Industrials.”




8

RAILW AY STOCKS A D BONDS
JST

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61

Miles Date
Road Bonds

Amount
Outstanding

Rate
%

1910
£100 $10,080,000
1914
$£
318,800
1912 £100 &c 4.992.713
1911 $, £, &c
2.500,000
$100 3.200,000
1898
1.000 2.000.000

text
text
text
5g
6
4g

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 & W estern— Stock $3,500,000 g u a r ____
63
First M $2,500,000 gold guar p & i (end)_ G.xc*
_
63
Allegheny Valley— See Pennsylvania RR
A llentow n Term inal— 1st M g ext cal 10214-Ce.xc*
3
Amador Central— 1st M gold (2% s f began 1913)-.xx
12
Ann Arbor— First mtge $7,000,000 gold------Mp.xc*
292
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*
Amer Loco Co notes due $12,656 quar _
A palachicola N orthern RR— 1st mtge $2,000,000 g- 98.68
Arizona Eastern—
First Refunding M s f ...........
_ _
_
F.c*&r
187
Ark & Mem Ry, B&T— 1st M $7,500,000 g G.yc*&r*
Asheville & S partan bu rg— See Southern Ry, Carolin a Div.
A tchison & East Bdge— 1st M g s f red at par.Ce.x
Atch T op & Santa Fe Ry— Stock, com $350,000,000
Stock pref $131,486,000 5% n o n -c u m ___
Chicago Santa Fe & California 1st M g __ BB.zc*&r
439
General mortgage gold (see text) ____ _Ce.xc*&r 8.530
Adjust inc M cum since July 1 1900 g- _Ce.xc*&r 8,530
do do interest stamped payable M & N_ _ _x 8,530
Eastern Okla Div 1st M $10,000,000 g.G.xc*&r
476
Transcon 8L 1st M $30,000,000 g red 110-G.xc*&r* 1,105
Rocky M tn Div 1st M $20,000,000 g red G.yc*&r*
91
Bonds convertible till June 1918 red (text).G.xc*&r*
. . .

1887
1895
1895
1895
1903
1908
1915
1905

*T” “ B” & “ t ." Also in treas. Dec. 31 ’2 4 o f “ r” $1,92 8.000;

o f “ s”

Par
Value

1,000
1889
500
1908
1895
1,000
1920
1925 500&1000
1924
1.000
1923
1,000
1905

450,000
300,000
7.000.000
See text
1,000,000
798.000
126 563
2,000,000

1910 1,000 See
1914

9,155,000
3,531,000

1898

217,000
1.000
4g
100 232.409,500 See text
100 124.172,800
5
1,000 &c
560,000
5g
500 &c r l 50634500
4g
500 Sec 8,t5.472.00n
4g
500 &c s45.873.500
4g
1,000 &c 9,603,000
4g
1,000 &c 22,545,000
4g
1,000 Sec 3.000,000
4g
1,000 Sec 6.785,000
4g

LastJDividend Places Where Interest anti
and Maturity
Dividends Are Payable

J & D June11960
See text
do
Sept 1 1964
do
& A Aug 1962
S. S Mar 1 1961
e
Bk of M ont, Lon!& N1Y
& J Jan 1 1925 3% A Iselin & Co, New York
do
Q
O
& o Oct 1 1998

F
M
J
A

,T (fe .T July 1 1929
M (fe N Nov 2 1938
C— .T July 1 1995
,
M (fe N M ay] 1941
S Mar 16 1930
M
J & J July '25-Jan ’34
A A 6 2 0 To Oct, 90 1927
M & N Sept 5 1925
M (fe N M ay] 1950
M & S Mar 1 1964

Office, 437 Chestnut, Ph
Union Tr Co, San Fran
Chat&PhNB&TrCo, N Y
Empire Trust Co, N Y
New York Trust Co. N Y
See text
So Pac Co 165 Bway N Y

& J July 1 1928
Central Un Tr Co, N Y
Q—M June 1 1925 1*4 Checks mailed from N Y
F (fe A Feb 2 1925 2)4
do
do
J S. .) Jan 1 1937
e
5 Nassau Street, N Y
A (fe O Oct 1 1995
do
do
do
do
Nov. July 1 1995
M (fe N July 1 1995
do
do
M S. S Mar 1 1928
e
do
do
.! (fe J July 1 1958
do
do
J & J Jan 1 1965
do
do
J & D Junel 1955
do
do
J

*296.0 00; o f “ t” *86.000.

Owns stock and leases for 999 years Algoma Central Terminals. Ltd
with bonds secured on terminal properties and on $900,000 1st M . 5%
bonds and $99,300 stock o f Algoma Eastern Terminals, Ltd. V. 95, P1540: 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. 90S)
Under this plan a committee including O. B. B. Smltb-Blngham and
J. O. Dalton, for the Railway bonds, and A. P. P. Roger and Andrew
Williamson for the Terminals bonds, vote the common stock of both cos
The interest on the Railway 1st M . from June 1 1914, and interest and
sinking fund on the Terminals bonds to be paid only if and to the extent
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 to
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. (6) Both issues pari passu
as though one Issue. 2% . (e) Railway bonds. 3 % . (d) Any arrears up to
6% on either issue, («) Terminals sinking fund. (/) Railway bonds. 1%
and Terminals bonds. \4 of 1% . While the guaranty of the Lake Superior
Corporation remains, the committee alone can enforce it. V. 105 p 1998
Holders o f the 5% bonds o f Algoma Central Terminals received in April
1917. 3% for theyear to Aug. 1915: April 30 1918 interest at 3% p eran n .
for period from Aug. 1 1915 to June 30 1917: Nov. 1 1918 5% for year 1917
1918: Nov. 1 1919. 4% for year to June 1919: May 1 1922. 1 14% for six
months from Aug. 1 1921: N ov. 1 1922. 1 V4% for six month® from Feb 1
1922; M ay 1 1923, 1)4% for six months from Aug. 1 1922; N ov. 1 1923.
1)4% for the six months from Feb. 1 1923; M ay 1 1924, 1)4% for the
six months from Aug. 1 1923; N ov. 1 1924, 1)4% for the six months from
Feb. 1 1924. Railway 5s N ov. 1 1918 received 2% ; N ov. 1 1919 received
1% . V. 107, p. 1669; V. 109, p. 1792. No interest was paid to either the
Railway or Terminal bondholders in respect of the years ended June 30 1920
and 1921, nor to the Railway bondholders for the years ended June 30 1922
and 1923.
Stock, common, $5,000,000. all owned by Lake Superior Oorp.: pref.. 5%
non-cum.. $5,000,000. including $3 000.000 new pref.. represented by
v 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
RE PO RT.— For year ending June 30 1923, in V. 117, p . 2320:
June 30
Gross
Net
Deficit after
Years—
Earnings.
Earnings. Bond Int.
1922-23......................................................$2,154,301
$37,998
$715,638
1,722.949 def. 95.403
849.039
1921-22........
2.715.679
79,691
594,210
1920-21..........
Pres.. R. Home Smith; Sec., Alex. Taylor, Toronto: Treas., J. M . Alton;
Comp., E. B. Barber, Sault Ste. Mhrie. Ont.— (V. 118, p. 1909.)
ALGOMA EASTERN RY (T H E ).— 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 o f 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, L ta.,
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 R y.) 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.
RE PO RT.— For year ended June 30 1924, in V. 119, p. 1169, showed:
Net earnings, $234,166; interest and rentals, $217,577; reserved for possible
bad debts and taxes, $8,704; net income, $7,885. Pres., G. A. M ont­
gomery, S. S. Marie, Ont.; Sec., Alex. Taylor, Toronto; Treas., J. M .
Alton, Sault Ste. Marie. (V. 117, p. 1016.)
ALLEGHENY & WESTERN R Y .— (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, o f 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. 106, p. 600.
ALLENTOWN R R .— T optonto Kutztowu, Pa., 4 39 m. Stock, $1,268,884 (par $50), incl. $1,071,400 owned by Reading Co. No bonds.
ALLENTOWN TERMINAL R R .— 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 Phlla. & Read, and Cent, o f N. J. (by assign­
ment from Lehigh Coal & Navigation C o.) 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 o f P. & R. Ry. and Lehigh Coal & Nav. Co. was canceled.
Callable after July 1 1920 at 102)4 and int.— (V. 50. p. 422; V. 108. p. 2628.)
ALTON & EASTERN RR .— This road on April 1 1925 took over the
operation o f about 41 miles o f track formerly operated by the Chicago Peoria
& St. Louis R R ., which it had recently bought at auction for $1,350,000.
The newly acquired tracks run from Grafton, 111., to East St. Louis and
are known as the “ Bluff Line.”
The property, including tracks, roundhouses and other buildings, was
bought by James Duncan o f Alton, Pres, o f the Litchfield & Madison R R .,
who represented a syndicate formed to buy the properties. See also
V. 120, p. 1198.
AMADOR CENTRAL R R .— Tone to Martell, Cal., 12 m. Stock. $400,000, par $100. M tge., see V. 88. p. 156
Year ending Dec 31 1924. gross.
$61,350; net oper. inc., def., $11,921; other inc., $37,062; bal. after int.,
rentals, &c., $5,928. 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 R R .— (Y. 117, p. 1883.)
ANN A R BOR R R . CO. (T H E ).— Owns from Toledo, O., to Frankfort,
on Lake Michigan, 294 miles; operates car ferries between Frankfort, M ich.,
Kewaunee and Manitowoc, W is., and Menominee and Manistique, Mich.
Owns capita] scock o f Maoistique & Lake Superior, Manistique, M ich.,
to Evelyn. 42 miles (with branch, 13 miles). V. 92, p. 1108; V. 107, p.
1344. 2156: V. 106, p. 2194, 2410.




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

When j
Payable

[V ol. 120

The final valuation as of June 30 1915 has been fixed at $11,127,277 by
the I.-S. C. Commission.
The directors, it was announced Dec. 2 1924, authorized conditionally the
acquisition o f 96 miles o f the Manistee & North Eastern R R . The tranaction depends upon whether the freight zone rates in northern Michigan
are maintained. Application is now before the I.-S. C. Commission for
abolishment o f these rates and if the approval is given negotiations will'
be abandoned, it is said.
STOCK, &o.—Common, $3,250,000; pref., $4,000,000: 5% non-oum.
par $100.
BONDS.— The company In May 1921 received authority to issue
$2,000,000 6% Impt. & Ext bonds in lieu of similar 5% bonds, and for per­
mission to retire $500 000 of its outstanding $2,500 000 5% bonds.
The 6% secured gold notes o f 1925 are red. all or part on 30 days’ notice'
at 102)4 and int. during first year and at )4 o f 1% less during each suc­
ceeding year to maturity. Secured by pledge o f $2,000,000 of impt. &
ext. mtge. 6% gold bonds due M ay 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.
Government loan, V. I l l , p. 1369; V. 112, p. 256, 371.
R E PO RT.— For 1924, in Y . 120, p. 952, showed:
Calendar Years—
1924.
1923.
1922,
Total operating revenues..__________$5,532,186
$5,602,575 $5,053,161
Net operating r e v en u e _ __________ 1,241,307
_
933,770
1,059,575
Taxes, &c________________ __________
253,683
261,050
289,997
Operating income. _ ___ .
Other income____________ ...............

$951,309
115,088

$805,892
117,533

$672,720
166,344

Gross income__________ ................. $1,066,397
Hire o f equipment, &c.
__________
$300,612
Interest on funded debt__ ...............
380,229
Interest on unfunded debt __________
33,609
Miscellaneous____________ __________
15,089

$923,425
$444,394
358,436
28,448
12,137

$839,063
$385,734
351,421
39,19216,537

Total deductions_______ ____ _____
$729,540
$843,416
$792,884
Net income.
. _____ __ __________
$336,857
$80,008
$46,179
For latest earnings, see *''Railway Earnings Section" (issued monthly).
D IR E C TO RS.— J. S. Bache, Edward L . Love, H. B. Blanchard, W . J.
Wollman, all of New York; M . A . Taylor, Boston; Frederick Hertenstein,
Cincinnati; E . F. Blomeyer, Toledo; W . D. Hutton, W . P. Chrysler.
Pres., J. S. Bache; V .-P . & Gen. M gr., E . F. Blomeyer; V .-P ., W . D .
Hutton; Treas., J. F. Cress: Sec., H. B . Blanchard. New York office,
42 Broadway.— (V. 120, p. 2381.)
ANTHONY & NORTHERN R R .— Reorganized in 1919 as the Wichita
Northwestern R R ., which see.
APALACHICOLA NORTHERN R R .— River Junction to Port St Joe.
95.62 miles: Franklin Junction to Apalachicola. 3.06 miles; total main line
•wned. 98 68 miles. Main line leased from Atlantic Coast line. 0 44 miles'
*nd side tracks owned, 9.02 miles. V 87, p.935. Capital stock. $1,000,000.
Bonds. $2,000,000 (1 1 State Tr. C o.. E. St. Louis, trustee) all held by
1.
committee. A. T. Perkins. St. Louis. Chairman: S- N. Kirby, T S. M offit,
W. O. Fordyce and Wm. E. Bates, which collects interest onlv as earned.
Mar. 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;
none thereafter to Dec. 1921. when $14,800 was paid.
For cal. year 1923. gross, $360,059; net, $95,188: other income, $17,198;
interest, rentals. &c., $125,842; bal . def . $13,456. A T Perkins, Chair­
man and President, St. Louis: Bryan Snyder, V.-P. & Gen. M gr.; R . J..
Lockwood, V .-P ., St. Louis; R. R. Tompkins, Sec. S Treas., St. Louis;
c
B. W. Eells. Asst. Sec. & Asst. Treas.. Port St. Joe, Fla.— (V. 104, p . 763.)
ARIZONA EASTERN RR. C O .—Own® Maricopa to Has®ayampa, 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 Co.
which in Oct. 1924 was authorized to lease the road. Calendar year 1924,
gross, $2,976,919; net oper. income, $523,010; other income, $178,180; de­
ductions, $806,097; bal., def., $104,906. For latest earnings, see“ Railway
Earnings Section” (issued monthly).— (V. 120, p . 1876.)
ARKANSAS & LOUISIANA MISSOURI R Y .— Incorporated in Louisi­
ana in Aug. 1920 as successor to Arkansas & Louisiana Midland R R . Com ­
pare V. I l l , p. 790, 895, 1369; V. 112, p. 1143: V. 113, p. 69. 291.
ARKANSAS & MEMPHIS RA ILW A Y, 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 R y., 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, $3,531,000 are
outstanding; $219,000 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% o f
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 Nydquist.— (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 M o. Pac. and the Chic. Burl. &
Quincy. Stock, $700,000; par $100 per share. Pres., H. A. Kelley.
Treas., H. P. Eells Jr.; Sec., W. P. Kelly, Cleveland, O.— )V. 67, p. 578.
ATCHISON TOPEKA & SANTA FE R Y . CO. (TH E ).— On Jan. 1 1925comprised 11,905 miles o f railroad (11,711 m. owned, including an un­
broken line from Chicago, 111., via Kansas City, M o., and Albuquerque,
N . M ., to the Pacific Ocean; also to Galveston, Tex., and the Gulf of
Mexico. For operating purposes the 11.905 miles were divided as follows:

M at , 1925.]

RAILROAD COMPANIES
IFor abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

A tchison T opeka & Santa Fe Ry <
[Con.)—
1909
Bonds convertible till June 1918 red (text)G.xc*&r*
1910
Bonds convertible till June 1923 red (text)G.xc*Ar*
141 1898
Hutchins A So 1st M g red 105 since 1908--OB.zc*
San Fr & San Jo Val 1st M g call 110 aft 1915-Ba.zc
375 1896
Santa Pe Pres & Phoenix 1st M g ________ --B a .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*Ar*
757 1912
Athens Term inal Co— 1st M gold redeem 105--N .xc*
1907
337 1904
Atl Birm & Atl— At! & B 1st M red 110_____OB.xc*
First & ref M $15,000,000 g call (text).Eq.yyc*Ar*
637 1915
Income M 5% n-c $5,200,000 call par & int.C ol.yc*
637 1915
A tlanta & C harlotte Air Line— Stock (see text)-----263
1st M $20,000,000 ($5,500,000 ser A 45* )Ce.yc*Ar*
263 1914
A tlanta Knoxville & N orthern Ry— See Louisville & Nashv ille
Atl & St And Bay— 1st M $500,000 g red par------- c*
82 1908
Second mtge ($500,000 authorized)________________
82 1914
A tlanta Term ’l— 1st M $2,500,000 ser A g.G.xxxc*Ar 4.912 1919
A tlanta & W est P oint— Stock $2,464,400 auth------93
81 1889
A tlantic City— IstM g gu call 105 M ay’24 GuP.xxxc*
1900
Atlantic City purchase money real estate mtge. G P.x
Sea Coast prior lien mortgage gold________________ x
68 1898
1901
1st cons mtge $4,500,000 gold guar___________GP.x All
A tla n tic Coast Line Co (C on n )— Stock (see text).
Certif o f indebt inc non-cum $5,000,000.-SBa.zr
1897
A tla n tic Coast Line RR— Stock common (text)----Class “ A ” com stock tax exempt (Rich & Pet c tfs )..
Preferred stock 5% (V 75, p 1252)________________
Coll tr M gold secured by L & N stk red 105.xc*Ar*
1902
General unified mortgage________________ Us.c*&r* 4.423 1914
do
do
series B __________ Us.c*Ar* 4.423 1914
1909
Conv debs $23,562,500 red 105 aft M ay '16.SBa.xr
8ecured gold notes redeemable text_________ c*Ar*
1920
1902
Certificates o f indebtedness (new)_______________ z
Equip trust No 4, due $395,300 annually__________
1920
1920
do
No 4-A, due $30,000 annually___________
do
Series D, due $300,000 yearly______SBa
1921
t Further $17,162,684 45*s in treasury and $10,000, 000'"pi edged

Par
Value

Amount
Outstanding

Rate
%

$1,000Ac $1,190,000
4g
1,000 Ac
526,000
4g
1,000
192,000
5g
1,000 5.864,000
5g
1,000 4,940,000
5g
1,000
224,000
5g
$ A £
18,522.458
454 g
1,000
200,000
5g
1,000 4,090,000
5g
1,000 See text
text
1,000 4,543,907 See text
100
1.700,000
9
1,000 Ac 20,000,000 454 A 5
1.000
1,000
100
1,000
1,000
1,000
50
100 Ac
100
100
100
1,000 Ac
1,000 Ac
1,000 Ac
500 Ac
100 Ac
1,000
Dec. 31

853
Atchison Topeka A S. F ______ 9 1431Panhandle & Santa Fe_______
Gulf Colorado & Santa F e ____1.9091
Also controls jointly with Southern Pacific Co. the Northwestern Pacific
R R .— which see. 518 mile®- Sunset R y.. 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 M t. S Pacific R y.. extending from Dec
Moines. N. M ., west, to Raton, with branches, 106 miles, was purchased for
$3,000,000 Rocky M tn. 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 R R ., Lehigh, Okla., to Chickasha, 133 miles, was
leased for 5 years from Aug. 1 l9 l4 , 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 l9 l7 , about 86% of the $1,200,000 1st mtge. 5% bonds due Aug. 1 1934 being also acquired. Y. 106, p.
2130. V. 98, p. 1944; V. 99, p. 406: V. 101, p. 845.
The Buffalo (Okla.) Northwestern R R ., 52.59 miles o f road, extending
from a point o f connection with its main line at Waynoka, Okla., to Buffalo,
was leased May 26 1920. The stockholders in May 1921 also approved
the leases o f the Osage County & Santa Fe and the Barton County &
Santa Fe. In Oct. 1921 received authority to lease the California Southern
R R . V. 113, p. 1771. In April 1923 was authorized to lease the Rio
Grande, El Paso & Santa Fe R R . V. 116, p. 1759.
ORGA N IZA TIO N .—Organized Dec. 12 1895 under laws of Kansas, as
successor of Atch. Top. A S. Fe RR. C o., foreclosed. V 60, p. 658
STOCK.—The preferred stock has preference as to assets and non-cumulatlve 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 o f $481,486,000.
DIVIDEN DS
'00. ’01. ’02-’05. ’06. '07. ’08. ’09. ’ 10-’24.
0314 4 yrly.45* 6
2 55* 6 yrly.
Common (% )...........................
5 5 yrly. 5
5
5
5 5 yrly.
Preferred (% )-------------------------- 4
Paid in 1925: March 2, 15*%; June 1, 1 3 % .
A
BONDS.— The gen. mort. (A bstract 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 8,530.06 m of the system, with equip., terminals. Ac.
The unissued gen M . 4s have been reserved as follows: To retire under­
lying bonds, $2,004,960: for impts., A 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. $2O.0OO.0OO 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 o f 1908 are limited to
$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. stojk
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 o f 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 i 1923. V. 90, p. 913, 1043, 1612; V. 92, p. 393, 593. 1700:
V 116, p. 2635.
The several Issues o f convertibles must be secured by any future mtge.
covering the I ines owned at time the convertible issue was made, and are
callable at 110The California-Arizona Lines 1st and Ref mtge of 1912($50.000.000auth.
Issue! of which $18.522 458 4K s are outstanding covers 757 miles of
road Including the line from Needles to Mojave, 242 miles, which was
acquired from the Southern Paciflo 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
A Santa Fe Ry. against any olaim on account thereof.
Of the remaining Cal.-Ariz. bonds, $26,311,262 are. Issuable 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 & Phoenix 5s, $224,000
Prescott & Eastern 5s and $3,000 on the line from Goffs to Ivanpah. Cal
45 -dies
V 94 o 649 696 766 V 95 D 543
Of the Rocky Mtn. Div. 1st 4s o f 1915 ($20,000,000 auth. issue), $3,000,000, redeemable at 105. were issued to purchase the St. Louis Rocky
Mtn. A Pac. Co., Des Moines to Raton, N. M ., A c., 91 miles. The re­
mainder may be issued for extensions. V. 100, p. 1593; V. 102. p. 250.
R E PO R T .— For 1924, in V. 120, p. 2004 and 2032, showed:
1924.
1923.
1922.
Operating Revenues—
$
$
$
168.101,036 166,332,196 158.026.370
F reight..............
Passenger-----------------------------48,154,636 52,918,570 48,644,529
M ail express A miscellaneous________ 19,155,280 19,432,970 18,453,645
Hire of equipment—-credit balance___
551,912
1,760,§08
892,713
677,704
618,732
5§6,363
Joint facility rent income___________
Total revenue_________
236,640,568 241,063,376 226,613,621
Operating Expenses—
Maintenance o f way and structures.. 36,713,084 33.621,546 36,183,241
Maintenance o f equipment_________ 52,780,856 57,605,367 51,069,933
Traffic__________________
4,460,560
4.216.341 3,900,057
Transportation— rail line____________ 72,599,043 73,590,674 71,122,570
Miscellaneous operations____________
136,350
77,472
180.004
General expenses____________________ 5,212,236
5,036.334 5,003,918
Transportation for investment— C r .. 1,587,321
1.071,467
555,345
Total expenses................................... 170,314,808 173,076,268 166.904,378




9

R A IL W A Y STOCKS AND BONDS

425,000
6g
425,000
6
1,200,000
6g
2,463,600 See text
2,200,000
55* g
75,000
454
350,000
6g
1,851,000
4g
8,820,000
12
5,000,000
5 cur
67,586,200 See text
1.000,000 See text
196,700
5
35,000,000
4g
t22,770,000
454
100,000
4
4,444.830
4
6,000.000
7g
135.100
4
3 953 000
6
300 000
6
3,300,000
654 g
1924.

When
Payable
J
J
J
A
M
A
M
J
J
IV
I
M
M
J

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

D Junel 1955
1) Junel 1960
J Jan 1 1928
() Oct 1 1940
H Sept 1 1942
<) Apr 1 1928
8 Mar 1 1962
J July 1 1937
J Jan 1 1934
N Nov 1 1945
S Nov 1 1930
a Mar 1925 414%
j July 1 1944

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 M tge & Tr Co, N Y
Central Un Tr C o, N Y

S 0 Oct 1 1938
c
S j June 1 1940
c
A A Aug 1 1939
S 1) Dec 31 '24,314
c
S N M a y l 1929
c
S O Apr 1 1930
c
A () Apr 1 1948
A J July 1 1951
Q — M See text
.1 A D Irredeemable
J & J July 10 ’25, 414
J S J July 10 ’25, 414
c
M A N Nov
1924,214
M S N Oct 1 1952
c
J A D June 1 1964
J S D June 1 1964
c
c
M S N Nov 1 1939
M A N 15 M ay 15 1930
M A N Irredeemable
J A J To Jan 15 1935
J A J To Jan 15 1935
F S A To Feb 1 1936
c

Cits & So Bank, Atlanta
do
do
Guaranty Trust Co. N Y
Atlanta Ga
Reading Terminal, Phlla
do
do
do
do
do
do
Baltimore

A
S
c
A
S
C
S
c
A
A
A
A
S
c
A
S
c
S
c

A
J
F
.1
M
A
A
.1

Treas Office, Wilm, N O
do
do
do
do
J P Morgan & Co, N Y
United States Tr Co, N Y
do
do
Treas office,W ilm’n, N O
J P Morgan & Co, N Y
Treas Office, Wilm, N O
Guaranty Trust Co, N Y
do
do
J P Morgan & Co. N Y

1924.
Net railway operating revenue____ 66,325,760
Taxes---------------------------------------------- 17.730,961
17,730.961
Uncollectible railway revenues______
66,085
66.085
Joint facility rents__________________
1,245,435

1923.
67,987.108
20,316,491
112,187
1,196,159

1922.
59.709.244
18,395,512
68,693
1,241,637

Net railway operating Income_____ 47,283,279
Non-Operating Income—
Credit canceling equalization reserve1
set up during 4 mos. end. D ec.31 '20
Ad j . of comp .under Fed. control contr ’ t
Income from lease of road__________
187,961
Miscellaneous rent income__________
417,476
Miscell. non-oper. physical property.
159,472
Dividend income___________________
1,559,033
Income from funded securities_______ 3,202,802
Inc. from unfund, securities & a ccts.. 1,022,795
Inc. from sink. & other reserve funds.
52
Miscellaneous income credits________
104,280
Gross income____________________ 53,937,149
Deductions—
Rent for leased roads_______________
10,917
Miscellaneous rents_________________
173,969
Miscellaneous tax accruals__________
53,896
Interest on funded debt_____________ 11,247,995
Interest on unfunded debt__________
186,605
Miscellaneous income debits________
111,959
Preferred dividends_________________ 6,208,640
Common dividends_________________ 14,525,594
Appropriation for fuel reserve fu n d ..
Calif.-Arizona Lines bonds sink, fund
18~437
S. F. A S. J. V. Ry. Co. bonds sk. fd .
26,776

46.362,271

40.003.402

189,809
440,126
141.703
2,507,733
2,631.532
1.449,137
45
144,183
53,866,541

179,386
368,531
119,280
3,141,733
1,762,726
1,002,448
77,577
71,706
46,726.789

13,073
166,403
54,480
11,323,743
115.992
105,047
6,208,685
13,909,245

14,984
172,226
46,508
11,871,255
92,694
146.751
6,208,685
13,605,660
73,118
17,371
22.174

17". 896
26,897

Balance, surplus_________________ 21,372,359 21,925.078 14,455,363
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— W. B. Storey, Pres.; E. J. Engel, W. E. Hodges. A. G.
Wells and Edw. Chambers, V.-P.; L. O. Deming, Compt.; E. L. Copeland,
Sec. A Treas.; C. K. Cooper, Asst. Treas.: J. W . MacLachlan, Asst. Sec.;
C. W . Jones, Asst. Sec. A Asst. Treas.; W . E. Bailey, Gen. Aud.
D IR E C T O R S — Charles Steele. Edward J Berwind. Henry S. Pritchett
M yron C. Taylor, Myer Hurley, Ogden L. Mills, W . C. Potter, New York
S. T . Bledsoe, W. B. Storey, Chicago; Andrew C. Jobes, Merriam, Kan.
Howel 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. 120. p. 2007.)
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. A Treas.. Gordon O. Carson, Savannah. Ga.; Sec.,
W. B Veazey, Gainesville. Ga.
ATLANTA BIRMINGHAM & ATLANTIC RY, CO.—Owns Bruns­
wick. Ga., to Birmingham Ala., 455 m.; Sessoms to Wa.vcross, Ga.,26 m.;
Fitzgerald to Thomasville. Ga., 80 m.; Atlanta to Manchester, 76 m.
total. 637 m. See V. 103. p. 405. Proposed extension from Waycross.
Ga . to Jacksonville, Fla., 75 miles
V. 104. p. 2116.
Pres. B. L. Bugg was appointed receiver on Feb. 25 1921. V. 112. p. 931
Tn July 1921 Albert G Foster, Madison. Ga.. was appointed special master
in receivership. Tentative valuation, V. 113, p. 1052. Foreclosure suit
filed. V. 114, p. 1177.
ORGANIZATION.— On Jan. 1 1916 succeeded to foreclosed properties
of the A. B. A A. RR. C o., Georgia Terminal Co. and Alabama Terminal
R y., per plan in V. 101, p. 2143. Valuation. V. 103, p. 1887; V. 117, p. 235.
Government loan, V. I l l , p. 492.
STOCK.— $30,000,000 In $100 shares was underwritten at $12 a share
to discharge equipment obligations ($1,266,366), Ac. 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 in Birmingham and Atlanta.
To be Issued only (a) to retire, at or before maturity, Atlantic A Birming­
ham Ry. $4,090,000 1st 5s due 1934. (b) 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 A Int. N ov. 1920
to 1925: at 105 A Int. 1925 to 1935. and thereafter at 1021*
On Dec. 3l 1923, $405,000 First A 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.
(Y. 101, p. 2143).
The mortgage provides that net Income, as deMned by the I.-8. Comm. Commission, afi available for that purpose, shall
be so declared by the Board. The board may. however, reserv® in
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 bonds
at any time and In any amount, and any balance at the maturity of the
bonds shall be paid over to the trustee for the benefit of the bondholders.
Total authorized issue, $5,200,000; held by or for company, $256,093;
pledged as collateral, $400,000; outstanding, $4,543,907. V. 105, p. 68.
The first Installment of Interest on toe 15-yr. 6% income M . bonds at
thef ull rate of 5% per annum, from N ov. 1 1915 to June 30 1916, $33 33
per $1,000 bonds was paid Sept. 1 1916. but only as to 2 5*% from earnings;
Mar. 1917 to Mar. 1918 incl., 2 54% (s.-a.) was paid on the Incomes; on
Jan. 12 1920 Interest was paid at the rate o f 5% per ann. on the coupons
due Sept. 1 1918, Mar. 1 1919 and Sept. 1 1919. Y . 110, p. 260. Mar. 1
1920 paid 2 )4 % : none since.

10

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

A tla n tic C oast 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 C) cons M gold Flor to Charleston.xc
102
Atlan C L of S C gen 1st M (1st on 594 m) g SBa.zc*
696
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
Wilm & Weldon gen M ($938,000 are 4s") g--S B a.zc*
479
Wiimington & Newbern 1st M gold assum- -SBa.z
91
Nor & Car 1st M gold (P Pt Va to Tar, N C)_Ce.zc*
110
Second mortgage gold- _ _ _ _ _ _ _
SBa.zc*
110
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
Atlan & Danv— 1st M $4,425,000 g int rent- Ba.xc*
278
Second mortgage $1,525,000 gold int rental. Ea-xc*
278
A tla n tic & North C arolina— Stock $1,800,000 __
First mtge gold bonds_____________________________
A tla n tic Q uebec & W est— 1st M callable 110___ c*
—
A tlan & W est— 1st M $1,500,000 g red 105--FBa.c*
24
A ugusta & Savannah— Stock 5% rental Cent o f Ga_
53
A ugu sta U nion S tation— First M $250,000 g SBa.x
A ustin & N W— See Houston & Texas Central
Avon G eneseo & Mt Morris RR— Stock (see text)
17.7
B altim ore Chesap & A tlantic— 1st M gold.M p.zc*
88
Balt & Cum b Vail Ry— See Western Maryland Rv
B & C V RR Exten— Stock gu ($270,000 carries 7%)
First mortgage interest rental - .
. .MeBa
26.5
B alt & Harrisburg Ry— See Western Maryland Ry

Par
Value

Rate
%

1902 $1.000&c x50,863,000
4g
1,000
1883
657.000
6g
1,000 5,047,000
1898
4g
1,000
868,000
1881
5g
1,000
1881
800.000
6g
1,000
300,000
44$ g
1890
1,000 4,000,000 4 g & 5 g
1885
1,000
106,000
1897
4g
1,000
1889
1,314,000
5g
1,000
400,000
1896
5g
1,000 6,500.000 5 g & 6 g
1884
1,000
1,500,000
1886
7g
500 &c 1,407,000
4g
1888
1,000 2,800,000
1888
5g
1,000 2,418,000
4g
1895
1,000 3,925,000
4g
1900
1,000 1,525.000
4g
1904
100 1,797,200 See text
6g
325,000
1922
£100 2,548,675
Text
1905
5
1919
500 &c
303,000
5g
1912
100 1,022,900
5
225,000
4g
1903 1,000 &c
1894

100
1,000

225,000
1,250.000

34$
5g

1881

50
1,000

390,600
226.000

5& 7
6

x Further $388,000 in treasury Oct. 1 1924 and $75 000 p lodged

In view o f 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 C o., New York (V. 113, p. 2404), and also for the A. & B. 1st mtge
bonds, with Francis R . Hart, Chairman, and Walter F. W yeth, Sec., 17
Court St., Boston; depositaries. Old Colonv Trust Co., Boston, and Farmer*
Loan & Trust C o., New York (V. 113, p. 2718; V. 115, p. 72; V. 118,p.2702.)
As to Atl. & Birm. Ry. $4,090,000 1st M . 5s, see V. 80, p. 710, 116
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. 1061
U. S. Govt, long-term notes due $20,000 annually to 1930, $180,000
R E PO RT.— For year ending Dec. 31 1924, showing
Calendar
Gross
Net, after
Other
Interest,
Balance,
Year—■
Earninas.
Tar.es
Tneome
Rents <% Stir nr De*.
c.
1924........... ..$4,810,482
$263,829 deb$22,795 $485,935 def$244,901
1923------------- $4,638,689 def$H6.968
$87,514 $397,298 def$396,752
1922................ $4,017,228 df$379.662
$79,850 $393.258def $693,070
1921...........—$3,201,634 df$ 1.697.430
$82,911 $386,873def$2.00l.391
For latest earnings, see‘‘ Railway Earnings Section” (issued monthly).
D IR E C TO RS.— Brooks Morgan. B. L. Bugg, T. K. Glenn, J. L. Ed­
wards and W. E. Paschall, o f 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. Yereen, Moultrie, Ga.
P r e s .,----------------; V.-I’ res. J. L. Edwards; Treas., W . E . Paschall;
Sec., A. V. B. Gilbert.— (V. 120. p. 2265.)
ATLANTA & CHARLOTTE A IR LINE R Y — Owns Charlotte. N , U „
to Armour, Ga., 263 miles.
In 1914 it was agreed to modify the operating contract made with the
Richmond & Danville R R ., under which the dividend to be paid will be
9% yearly without regard to earnings, instead o f 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. R y.). 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.)
ATLANTA & ST. ANDREWS BAY R Y.— Owns Dothan, Ala., to
Panama City, Fla., on Gulf o f Mexico. 82 miles. Stock auth., $1,000.000; outstanding, $300,000; par, $100. Citizens & Southern Bank of At­
lanta, trustee o f first mtge. V. 98, p. 391, 1460; V. 88, p. 685; V. 83, p. 270.
Govt, award, V. 112, p. 256. For year ending Dec. 31 1923, gross, $300,231; net, after taxes, $60,047; other income, $111,523; interest and rentals,
$85,348; bal., def., $136,825. Pres., Minor C. Keith; Sec., H. H. Hanson,
both o f New York.— (V. 115, p. 72.)
ATLAN TA TERMINAL CO.— Owns union passenger station opened
M ay 14 1905, with approaches, used by Southern Ry.. Central of Georgia
R y., Atlanta S West Point R R .. Atlanta Birmingham & Atlantic Ry. and
c
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 o f 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. & i. 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. 120, p. 205.)
ATLANTA AND W EST POIN T R R . C O — 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 $135 per share
with option o f repurchase at same price.
In Mar. 1920 announced that the Georgia R R ., the Atlanta & West Point
and the Western Ry. o f Ala. would in future be operated in close organiza­
tion independently. The three properties will be directed as to operation
from Atlanta, Ga.
D IV ID E N D S.— From July 1 1884 to July 1901, inclusive, 6% yearly,
J. & J.; Oct. 1 1899, 25% extra; 1902 to Dec. 1923, 6% yearly; June 30 and
Dec. 31 1924 paid 34$%.
Year ended Dec. 31 1924, gross, $2,939,380; net, $530,697; other income,
$219,027; interest, rentals, $293,549; divs. (7% ), $172,452; bal., sur.,
$283,723. V. 120, p. 2265. For latest earnings, see “ Railway Earnings”
Section (issued monthly). Pres., C. A. Wickersham. Office, Atlanta,
G a — V. 120, p. 2265.)
A TLAN TIC C IT Y R R .— Camden to Atlantic City, 57.94 miles; branches
Winslow Junction to Cape M ay, N . J., 55.61 miles; Williamstown, 22.65
miles; Gloucester, 10.86 miles; Sea Isle City, 12.33 miles; Ocean City, 10.14
miles; total, 169.53 miles. V. 72. p. 1278.
STOCK.— Common, $2,625,000; pref., $1,000,000 (par $50). Reading
Co. owns over 99% o f stock, and guarantees consol. 4s, prin. & int. Form
of guaranty, V. 75, p. 1398. Of the latter, $2,649,000 are reserves to retire
prior lien bonds. V. 73, p. 81. There are $22,800 Sea Coast “ A ” 5s;
$1300 “ B ” 5s.
The 1st 5s due M ay 1 1919 were extended at 54$% interest until M ay 1
1929 (subject to call at 105 on and after M ay 1 1924), and unconditionally
guaranteed, principal and interest, by the Reading Co. V. 108. p. 1721.
For 1924, gross, $4,747,278: net oper. income, $177,006: other income,
$100,537; interest, rentals, &c., $648,814; bal., def., $371,271.
For latest earnings see “ Railway Earnings Section" (issued monthly).
(V. 119, p. 1842.)
ATLAN TIC COAST LINE CO. (TH E).— Organized M ay 29 1899
In Connecticut and owned June 30 1924 $19,930,827 common stock and
a large amount o f bonds o f Atlantic Coast Line R R .; also stocks and bonds
o f other companies.
STOCK, &c.— Reduced In 1914 to $8,820,000. V. 98, p. 234, 609.
As to the certificates of Indebtedness, see editorial Oct. 1897, Supple­
ment, p. 3; V. 65, p 564; V. 71, p. 1310. In 1898 $5,000,000 stook was




Amount
Outstanding

[V ol. 120.
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

When
Payable

United States Tr C o, N Y
S July 1 1952
United States Tr C o,N Y
J Jan 1 1933
Safe Dep & Tr C o, Balt
J July 1 1948
M erchN atB k,R ich,d,V a
J July 1 1926
o Oct 1 1926
do
do
Brown Brothers, N Y
o Apr 1 1940
First Nat Bk, N Y,&Balt
.1 July 1 1935
Safe Dep Sc Tr Co, Balt
A Aug 1 1947
Central Union Trust ,N Y
o Apr 1 1939
Safe Dep & Tr Co, Balt
J Jan 1 1946
United States Tr C o,N Y
o Apr 1 1934
do
do
J Jan l 1936
do
do
J Jan 1 1938
Chat&PhNB &TrC o, NY
N N ov 1 1928
United States Tr Co, N Y
J Jan 1 1945
Bankers Trust Co, N Y
.1 July 1 1948
J July 1 1948
Equitable Trust Co N Y
See text
Check from C o’s Office
J
J July 1 1942
See text
J July 1 1935
1949
Fidelity Trust Co, Balt
M & N M ay 1 1952
.1 & J Jan 1925
24$ Savannah, Ga
Safe Dep & Tr C o, Balt
J & J July 1 1953

M
J
J
J
A
A
J
F
A
J
A
J
J
M
J
,T
J
J
J
J

S
c
<
&
S.
r
S
r
S
c
S,
r
S
r.
S,
r
S
c
S
c
S
c
&
S,
r
S.
r
S.
r
&
S,
r
&
&
S
c

J S,
r
M S
c
J
J

S
c
S
c

•
TJan 2 1925 lJ i Erie Railroad, New York
See text
S Sept 1 1934
J July 1 1925
J July 1 1931

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

*

lstrlbuted as a 100% dividend (V. 67, p. 954), and
sertiaoates of Indebtedness (including $2,500,000
■W On i a s s 100% dividend
t v 71 D 097; v
C A S H D IV I-J '03. ’ 04. ’05. ’06. ’07. ’08. ’09.
8
9 10 10
8
9
DENDS ( % ) ____\ 8
Paid an extra dividend of 4% on Jan. 15 1925.
R E PO R T .— For year ending June 30 1924, in V.
Years Ended June 30—
1924.
Total income____________________
$2,062,418
Expenses and taxes_________________
62,277
Interest____________________________
293,189
Dividends_____________________
1,102,500

In 1900 S10.000.000 4%
of Atlantlo Coast Line
73 p 493 >
’ 10. ’l l . 12’ f o ’23. ’24.
10 10 12 yearly 144$
119, p. 1950, showed:
1923.
1922.
$1,891,560 $1,787,985
55,834
37,936
295,761
301,221
1,058.400 1,058,400

$694,452
$481,565
$390,428
Surplus__________________________
Pres., H. Walters: Sec., R. D. Gronly; Treas., J. J. Nelligan. Office,
Bridgeport, Conn.— (V. 119, p. 3004.)
ATLANTIC COAST LINE R R . CO.— (See M ap.)— 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 and 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
M ount_____________________ 115 Sylvan Lake near Sanford to
Oontentnea to Wilmington____ 105
St. Petersburg, Fla________ - 145
Wilmington, N . O ., to Pee Dee
Palatka, Fla., to Brooksville___ 145
Junction_____________________
97
Milldale, Fla., to Perry_______ 163
Florence, S. O , to Augusta, Ga. 167 Branches, &c__________________1,774
Sumter to Columbia____________
45 Leased—
Yadkin Jet. ^Wilmington,N.C.)
Central R R . o f So. Carolina—
to Sanford_________________ 116 Lanes to Sumter, S. C ______
40
Waycross, Ga., to Folk don, Ga.
34 Other lines___________________
12
Jesup. Ga., to Montgomery,Ala. 355 T ot. miles oper. Dec. 31 1924.4,870
Also owns one-sixth interest in the Richmond-Washington Co. Leases,
jointly with the Louisville & Nashville R R ., the Georgia R R .. 571 miles.
In June 1924 the I.-S. C . Commission authorized the company and the
Louisville & Nashville to acquire joint control of the Carolina, Clinchfield
& Ohio R y. and its subsidiaries by lease. V. 118, p. 3075: V. 119. p. 941.
In 1918 opened a line from Sehring, Fla., to Moore Haven, 59.70 miles.
1 . 103, p. 5 /7 . New station in Richmond, Va. V. 108. p. 266.
The Tampa Southern R R . C o., 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., was completed and placed in
service. V. 105, p. 2457. Property operated by agreement with owner.
James River to Acca (R . "F. & P. RR 1. 3.56 miles.
ORGAN IZATION .— On April 18 1900 absorbed by consolidation (V. 70
p. 840, 893), Wilmington S Weldon R R ., Atlantic Coast Line RRs. o f S. C.
c
and Va. and Norf. & Car. RR
On April 10 1902 absorbed the Savannah
Fla. & Western Ry. Co. The St .Johns & Lake Eustis Ry. Oo. was merged
June 12 1902. Florida Southern and Sanford & St. Petersburg were merged
April 1903. V . 76^0. 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 R R . Oo. was purchased by and conveyed
to this company. In July 1922 acquired control o f the Rockingham R R .
V. 115, p. 307. The Atlantic Coast Line Co. (of Conn.) June 30 1924
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 M ay 1 1923 the L A N .
paid a stock div. of 6246%, increasing this company’s holdings to $59,670,000. On Dec. 31 1924 this $59,670,000 stock was on deposit along with
$306,000 stock of Louisville Property C o., as security for the company's
$35,000,000 collateral trust 4s of 1902. V. 75, p. 733, 792, 905; V. 79, p. 785.
STOCK.— Atl. Coast Line of Va. class A (Rich. & Pet. otfs.) tax-exempt
•took was assumed as so much of the 00m stook of the new oompany.
DIVS. (% )— f ’08. '09. ’ 10. ’ l l . ’ 12-’ 14. ’ 15. '16. ’ 17h>’23. ’24. ’25.
AM C_
J_
Com. (incLCl. A) jb54$ 54$ 6
6 7 yearly.
5
5 7 yearly. 8
8
~
1, 34$ % - ----------- 1%
Paid in ------ Jan! ”10, 3 1 — ; July 19, 3 4$ % and — 'extra.
1924:
V. 81, p. 1558. ft Includes 3% paid In Jan. in Atlantic Coast Line R R .
4% certificates of Indebtedness
BONDS.— In April 1»1 * one Unified Mortgage of 1909 was closed and
a new $200,000,000 GeneralUnifled Mortgage was made permitting (unlike
the mortgage of 1909) the issuing o f bonds In series at various rates of interest
The old Unified 4s held by the R R . Oo. and the Atlantic Coast Line Co.
($21,330,000 and $3,008,000) were exchanged at once for new Series A
44$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 $58,671,125 general unified bonds issued to Dec. 31 1924,
$22,870,000 were on that date in hands of public ($22,770,000 at 44$%
and $100,000 at 4% ) and $17,162,684 at 44$% and$26.377,991 at 6% were
held in the treasury, wLUe $10,600,000 44$s were pledged as collateral.
V. 106, p. 2235.
Purposes for which the $200,100,000 General Unified Bonds were or are issuable.
Issuable as Series A 44$s to refund $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 underlyin t bonds__________________________ 84,438,750
Reserved (along with any bo lds not issued to retire certificates
of indebtedness) for future instruction, improvements, &c._ 79,749,806
The 10-year secured notes of 1920 are redeemable on and after M ay 15
1923 at 100 and int. plus a pi unium of 1% for eacn year to maturity. Se­
cured by pledge of $10,000,000 Gen. Unified 4 4$s, 1964. V. I l6 . p. 2075.
The 4% convertible debentures are redeemaole at 105 and were con­
vertible into common stock at yi35 a share to Jan. 1920. V. 97, p. 1513.

M a y , 1025.]




r a il w a y

stocks a n d bo n d s

11

12

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, doc., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Baltimore & O hio— Common stock $210,250,000___
$100 $151945429
_ -_ _
Pref stock 4% non-cum authorized $60,000,000___
100 58.863,181
Prior lien mtge gold (closed) not call_ Ba.xc*Acr 1,091 1898
_
500 &c 23,509,225
First M gold red at 105__________________Us.xc*Acr 1,685 1898
500 Acc 81,995.100
do
red (text)_______________________ Us.c*Acr* 1,685 1924
500 Acc 75,000,000
Southw Div 1st M $45,000,000 g red (text) .F.sc*Acr*
500 &c 45.000.000
910 1899
Pitts June & Mid Div $20,000,000 1st M g.Ce.xc*Acr
500 Acc 62,618,500
380 1898
P L E & W V Sys ref g red 100 after 1925-Un.xc*Acr 1,629 1901
1.000 42,980,000
Convertible bonds redeemable (text)____ Ce.xc*&r*
500 Acc 63.250,000
1913
R ef & gen M Ser A g (call, ail 105 beg ’ 25)yG.c*Acr* Text 1915
60.000.000
do
Ser C (call all 107 )4 beg 1934)______c*Acr * Text 1924 500-1000 35,000,000
Toledo-Cincinnati Div Ser A call 1 0 2 )4 --Ba.yc*&r* Text
100 Acc 10,985.200
1917
Secured gold bonds call 102 )4 (text) _ _ Usm ,xxxc*&r*
1,000 35,000.000
1919
Morgantown & Kingwood R R 1st mortgage_______
500 Acc 1,459.500
1905
10-year 6% notes to U S R R Administration___
1920
9,000,000
15-year secured notes to U S Government_____
1920
2,900,000
Underlying Toledo A- Cincinnati Div. Mtge.—
Oin Ham & Dayton 2d (now 1st) mtge gold-.F xc*
1,000 2,000,000
60 1887
General mortgage $7,800,000 gold___________ xc*
1,000 3,000,000
60 1892
$& £
C H & D Ry 1st & Ref M , part guar Ba.xc*Acr*
All 1909
39.000
Piqua & Troy 1st M $250,000 gold guar p & i----- xr
1,000
9 1900
7,000
Dayton & Michigan (leased) com stock (guar)___
50 2,401,950
1871
_ _ 1871
50
Preferred (8% guaranteed) endorsed___________
1,211,250
1st M gu p & i end ext in 1911 red 102)4 beg ’ 17_c
1,000 2,728,000
142 1881
Bonds Underlying Pitts June & Mid Div M 3)4*—
1,000
143 1886
Cent Ohio $2,500,000 con IstM (1st loan) g MeBa.zc
1,009,000
Bonds Underlying Pittsburgh Lake Erie & West Vir ginia 45—
1,000 5,000,000
Clev Lor A Wheel cons M (now 1st) gold-.U sm .xc*
c
187 1893
1.000
187 1896
General mortgage g redeem 105__________ N.xc
890.000
1,000
187 1900
950,000
Cons ref M gold red at 102)4___________ ..E q .x c
1,000 3,301.000
Cleveland Term & Valley 1st M gold guar. Ba.xc*&r
78 1895
1,000
72 1900
228.000
Ohio & Little Kan Ry 1st M $250,000 red 105 g__ z
1,000 2.000,000
173 1886
Ohio River 1st M g _______________________FP.xc*
1.000 2 941.000
208 1887
General mtge gold 1st on 39 miles----------------- xc*
1.000 3,777.000
W Va & P IstM g 5s scaled red at par------Me.Ba.xc*
179 1890
1,000
500,000
Equip bds due $500,000 yrly__________________
1916
1917
do
due $1,000,000 yearly_______________
3,000,000
1920
do
due $1,186,700 ann___________________ G
11,867,000
1,000 5.850,000
do
due $450,000 yearly_____________ OPxc*
1922
1,000 12.025.000
1923
do
due $925,000 a n n _______________ GPxc*
ft In addition *9.889,550 pledged as part collat for Pitts L E & W Va Sys 48.
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)4s ($1,500,000 authorized, of which
$720,000 outstanding) are guar., p. & i., by endorsement. V. 84, p. 1248.
As to Winston-Salem South Bound R R . guar. 4s, see that company.
Equipment bonds. Series “ D ,” V. 112, p. 60.
Equipment trusts Issued to Director-General for rolling stock
allocated to this company. See article on page 3 and V . 113, p. 1359, 1469
R E PO R T .— For 1924, in V. 120, p. 2676, showed:
1924.
1923.
1922.
1921.
Gross receipts_________ $81,785,921 $80,882,311 $70,823,345 $66,730,768
Oper. exp., taxes, & c ... 66,019,360 65,335,886 56,390,321 61,150,483

Rate
%

[V ol. 120.

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

5
Q —M June 1 1925 1M Co’s office, 2 Wall St, N Y
4
do
do
Q —M June 1 1925 1%
do
do
3)4 g J & J1 July 1 1925
t
4 g A <e Oil July 1 1948
do
do
do
do
A & () July 1 1948
6g
do
do
5 g J & J July 1 1950
c
do
do
Nov 1 1925
3)4 g
do
do
4 g M fc N N ot 1 1941
do
do
4)4 g M & S Mar 1 1933
,
do
do
6 g .1 A 1) Dec 1 1995
do
do
c
6
.T A D Dec 1 1995
Co’s office. 2 Wall St. N Y
.1 July 1 1959
4g J
New York
J & J July 1 1929
6
Da visTr Co, Elkins, W Va
J A J Jan 1 1935
c
5
6
M
S
6
A
o
c
4)4 k J A J
c
5 g J A, 1)
J A J
c
4
c
4g M A N
A A O
c
3)4
8
L— J
c
4)4 J A J
c
4)4 g M A

J P Morgan A C o, N Y
c
Jan 1 1937
Kuhn, Loeb A C o, N Y
c
Junel 1942
July 1 1959
Un Sav Bk A Tr Co Cin
c
Nov 1 1939
Apr 1 1925 1H Cincinnati, Ohio
do
Apr 1 1925 2%
J P Morgan A C o. N Y
c
Jan 1 1931

s Sept 1 1930

Office, 2 Wall St, N Y

do
do
A A o Oct 1 1933
c
5g
do
do
c
5 g J A D June 1 1936
do
do
c
4)4 g J A .1 Jan 1 1930
do
do
c
4 g M A N Nov 1 1995
do
do
M A S Mar 1 1950
c
5g
do
do
c
5 g J A D June 1 1936
do
do
A A O Apr 1 1937
c
5g
Co’s office. 2 Wall St. N V
A < O Apr 1 1990
fc
4g
4)4 g M A N To M av 1 1926 Girard Trust Co, Phila
c
A Ac o Apr 1 1927
4)4
J A J15 To Jan 15 1935 Guaranty Trust Co. N Y
6
c
F A A To Aug 1 1937 Girard Trust C o, Phila
c
5
F A A To Feb 1 1938 New York
c
5
f Reg Int Q-J.
C C O U P 8 M A N: reg Int Q-F.
c

For latest earnings, see “ Railway Earnings Section" (issued m onthly).
Pres., Turnbull Murdoch: V.-P.. A. J. County: Sec., Lewis Neilson: Treas..
Henry H. Lee.— (V. 119, p. 3004.)
BALTIMORE & CUMBERLAND VALLEY R R . EXTEN.— Waynes­
boro to Shippensburg, Pa., 26.52 miles. Leased to Western Maryland R R .
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 A Virginia
c
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. M d.. and Greenwood. Del ,38.17m . See V. 118,p . 905.
The I.-S. C. Commission in Dec. 1924 authorized the company to issue
Net earnings__________ $15,766,561 $15,546,425 $14,433,024 $5,580,285 $216,500 common stock, par $50: said stock to be sold at par and the pro­
Other income____________ 1,118,948 1,762,238
1,686,096 1,668,685 ceeds used in connection with the purchase o f certain railroad property and
Divs., incl. L. & N . stk. 3,897,690 3,222,087
3,221,772 2,754,425 for other corporate purposes.
The Commission also approved and authorized the acquisition by the
Gross income________ $20,783,199 $20,530,750 $19,340,892 $10,003,395 Baltimore Chesapeake & Atlantic R y. o f control of the Baltimore & Eastern
Interest on funded debt. $6,031,282 $6,042,286 $6,042,237 $6,042,237 R R . by purchase of its capital stock.— (V. 119, p. 3004.)
BALTIMORE & OHIO R R . CO. (TH E.)— (See M ap.)— Operates from
1,142,766
1,033,576
Other interest_________
943,748
988,508
1,027,824 Baltimore to Philadelphia and Baltimore to Chicago, Cincinnati and St.
Rentals, &e___________
1,208,186
702,883
661,005
9,835 Louis; total mileage leased, owned and operated on Dec. 31 1924, 5,293
9,835
Preferred divs. (5 % )___
9,835
9,835
c
4,731,034 miles. Access is had to New York via the Phila. A Reading R y ., Central
4,731,034
Comihon dividends_____*5,416,896
4*731,034
70,000 RR. of N . J. and the Pennsylvania R R .
70,000
Divs. R. & P . ‘‘ A ’ ’ stock
70,000
70,000
The system embraces, subject to mortgages, the following lines:
Balance, surplus_____$7,103,252 $7,986,204 $6,793,205df$3,020,300
72
Pr. lien 3 )4 % M .— (1,091 n Miles. Ohio & Little Kanawha Br-----m.)
* Includes $685,862 (1%) extra dividend paid from non-operating inc., Balt, to Wheeling, Belpre.O.,&c. 760 Miscellaneous branches_______ 126
Tol.-Cin. Div. Mtge. (391 m.)—
and $4,731,034 (7% ) charged to profit and loss.
Cumb. to Pittsb. & W ., &c____ 331
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Toledo Division_______________ 391
ls< Mtge. 4% — (595 miles)—
Ref. & Gen.Mtge. (369 m .)—
Balt, to Phila. and branches_
_ 134
, OFFICERS.— Chairman, Henry Walters- Pres , J. R . Kenly; Exec
Chicago. Ill., to Akron, Ohio_
_ 372 Baltimore A New York R y -----c
5
V.-Pres.. Lvman Delano: V .-P.. R . A. Brand: V.-P. & Gen. Counsel
32
Branchesto Fairmont.W.Va.,Acc. 89 Winchester & Potomac R R ___
Geo. B. Elliott: V.-P. Ac Gen. M gr., P. R. Albright; V.-P. & Sec.. Herbert
Winchester & Strasburg R R ---19
South W Div. 3 )4 % M .—
L. Borden; V .-P ., T. F. Darden; Treas., John T. Reid; Comp., W. D. M c41
Bel pre. O ., via Cine. to St. L ., Acc. 910 Quemahoning Branch R R _____
Caig.— (V. 120, p. 2681.)
2
Pitts. Jet. 3)4% Af.— 380 miles)— Baltimore & Ohio Conn. R R ___
ATLANTIC & DANVILLE R Y . CO. (TH E).— West Norfolk to Dan
73
Bellaire to Midland City, Ohio. 373 Miscellaneous branches_______
ville, Va., 205.1 miles; three branches, 22.25 miles; James River Jet.to Clare­ Pittsburgh Junction R R ______
7 Coal & Coke R y ______________ 197
mont (3-ft. gauge), 50.36 miles: total, 277 miles. Leased to Southern Ry
Free of Lien of B. & O. Mtges.
P.L.E.* W V .S ysA % M .( 1.249 m.)
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
(308 miles)—
West Virginia A Pittsburgh_
c
_ 179 Morgantown A Kingwood R R .
rental sufficient to cover Int. charges, with privilege of renewals for terms of
48
c
99 years. In addition the Southern R y . agrees to pay the same rate of divi­ Pittsburgh A Western________ 215 Valley R R . of Virginia________
61
Pittsb. Cleveland & Tol. Br_
_
38 Gaffney & James City R R ____
dends on com. stock as paid on its own com. stock. V.71.p.447: V.79.p.625
2
Pittsb. Painesv. & Fair. Br___
51
Suit to enforee provisions of lease, V. 95, p. 1606
1
Monongahela River Br_______
37 Tylerdale Connecting R R _____
BONDS.— Of the $4,425,000 4s of 1900. $500,000 oan be Issued only lo
c
4
Clev Terminal & Valley______
78 Belington A Northern R R _____
Improvements upon request of Southern Ry .. interest oharges to be covered
Little Kanawha R R __________
29
Cleve. Lorain & Wheeling Br.,
by increased rental.— (V 89, p. 1410: V. 95, p. 1606.)
7
Wheeling to Cleveland, Acc_. 187 Lines operated under lease-----A TLAN TIC & NORTH CAROLINA R R .— Morehead City to Golds­ Ohio River Lines_____________ 208 Lines oper. under trackage rts. . 156
boro, N . CL, 96 miles. State of North Carolina Aug. 1917 owned $1,266,500 West Virginia Short Line Br_
Total.......................
5,293
_
59
of $1,797,200 stock. V. 96. p. 862 1088. Leased from Sept. 1904 to Jan. 1
Owns B. & O Chic Term R R .. $8,000,000 stock and $32,000,000 of Ita
1996 to Atlantic Ac North Carolina Co. (the lease being later transferred to
Norfolk Southern R R .) for int. on bonds, taxes, &c., and divs. at 3% for 20 4% bonds. See below. Also controls S. I. R . T . R y. Co.
Effective April 28 1918, was ordered by Director-General of Railroads to
.years, then increasing ]A % every 10 years till 5% is reached: thereafter 6% .
-ise the Penn. R R . passenger station in N. Y . City, and in Sept. 1921 com­
D IV S.— 1893. 1894 1895 1896 1897 1898 1899. 1900-04. Underlease
pleted contracts with the Pennsylvania RR. for the permanent use of the
Per cent. 2
2
0
2
2
2
2
O a s above.
? The $325,000 1st mtge. 6% bonds due July 1 1922 were paid o ff and Pennsylvania station as the Eastern terminus for its passenger trains.
V. 113. p 1154. 2184
new 20-year bonds were sold to take place o f same. V. 115. p. 2683.
HISTORY.— Receivers were appointed in Feb. 1896, but in 1899 reor­
Pres.. Ernest M . Green; Sec. Ac Treas., W . Stamps Howard.— (V . 117,
ganized without foreclosure, per plan in V. 66, p. 1235. See also V . 67.
p. 781.)
p. 688, 1206, 1356; V. 95. p. 681, 1121.1744; V. 96. p. 134; V. 97. p. 363.
ATLANTIC QUEBEC & WESTERN R V .— Paspebiac to Gaspe, Que­
The purchase of the Cin. Ham. & Dayton (now Toledo & Cine. R R .) on
bec, 102H miles: trackage, l i i miles. Stock, $2,000,000 in $100 shares. Julj 19 1917 added 391 miles to road operated (see “ Bonds” below; also
The interest due July 1 1917on 1st M . 5% debenture bonds was not paid,
V. Iu3. p. 1991: V . 107, p. 1283.) On Feb. 1 1917 also acquired entire capital
and the bondholders agreed to forego all interest during the war except -itock of Coal & Coke Ry. Purchased the Morgantown & Kingwood
In so far as earned. See V 105. p. 1616. 2007: V 91. p. 1253
Unpaid
RR. In Feb. 1920.— V. 110, p. 969.
Interest, V 109, p. 1985; V . l l l . p . 2422. A 5% Second Mtge. Debenture
READING CO., Acc.— In 1901 $68,565,000 (virtual control) o f the $140,amounting to $2,050,000. dated June 30 1919. due Jan. 1940, filed Sept. 30 000.000 Reading Co. stock, consisting of $12,130,000 1st pref., $28,530,006
1919. V. 109, p. 1460. Chairman & Pres., Earl o f Ranfurly. London. 2d pref. and $27,905,000 com., was acquired jointly with the New York
E n g — (V. 109, p. 1985; V. I l l , p. 2422.)
Central R R ., each co. taking one-half, out in 1904 each sold $3,950,000
of the common. V. 76. o . 101: V. 80, p. 1856.
ATLANTIC & WESTERN R R .— Sanford to Llllington. N. C ., 24 m
STOCK.— Pref. stock, see V. 71, p. 1166. 1143: V . 72. p. 1186.
Stock. $303,000; par, $100. Bonds issuable; at $12,000 per mile See
Union Pacific R R . in ’24 owned $3,594,035 common and $1,805.992 pref.
table above. For year 1923. gross, $83,611 net, $14,577: other income.
DIVS.—
1901-04. 1905. 1906. 1907-14. 1915-17. 1918-26.
*91; deductions, $37,819: bal., def., $23,151
Pres., H. O. Huffer Jr..
5)4
6 yrly.
5 yrly.
Text
366 Madison Ave., New York; Sec. & Treas., W. R. Sullivan, 33 Pine St.. Common__________(% ) 4 yrly. 4)4
Preferred_________ (% ) 4 yrly. 4
4
4 yrly.
4 yrly.
New York.— (V. 95. p. 1038: V. 108. p. 2021: V. 110. p. 2386.)
The pref. dividend has been regularly paid to and including June 1925.
AUGUSTA & SAVANNAH R R .— Millen to Augusta. Ga., 53 miles
In
1895 re-leased to Cent, o f Ga. for 101 years at 5% on stock.— (V. 106. p.709.) but owing to delay in the signing of the contract for Government operation
AUGUSTA UNION STATION CO.— Owns union passenger station at the common dividend due Sept. 1 1918 was not paid until Feb. 1 1919, when
Augusta, Ga., used by all roads entering the city, the latter under their only 2% was distributed. On M ar. 1 1919 the common again received 2%
then none until Dec. 1
operating contract providing for interest on the bonds and 4% dividends on paid quarterly to June 1923, when 1)4% quarterly was paid; same amount
1 1925.
stock. Stock, $75,000 (25% paid in ). held equally by Southern R y., Atlan­
BONDS.— (1) Prior Lien 3 )4 % , a first lien on main line and branches
tic Coast Line R R . and lessees of Georgia RR. V. 78, p. 2333; V. 79, p. 500
Parkersburg branch and Pittsburgh division, about 1.091 miles of first track
Pres., Chas. A. Wickersham; Sec., W . H. Vincent.— (V. 82, p. 48.)
and 1.785 miles of second, third and fourth tracks and sidings, and also all
AVON GENESEO & MT. M ORRIS R R .— M t. Morris to Avon, N. Y.
the equipment now or hereafter acquired. Total auth., $75,000,000. See
17.7 miles. Leased to Erie RR. Feb. 26 1896 in perpetuity; rental (after application to list. V. 69, p. 30; V. 78. p. 1906; V. 86, p. 1528; V. 86.P -36.
1911). 3)4 % on stock. (See V. 63. p. 512; V. 62. p. 318, 589.)
(2) First M . 4% Bonds, due July 1 1948; a first lien on the Philadelphia,
BALTIM ORE CHESAPEAKE AND ATLANTIC R Y. CO.—Owns Chicago and Akron divisions and branches and the Fairmont Morgantown &
Claiborne to Ocean City, M d.. 87.22 miles: Salisbury, M d., to Fulton, Pittsburgh R R ., covering about 594 miles of first track and about 900 miles
0.55 miles; total, 87.77; steamer lines owned, 750 miles. The I.-S. C. Com­ of second, third and fourth tracks and sidings; also on the properties covered
mission in Dec. 1924 authorized the company to acquire control o f the by the B. & O. Term. Mtge. of 1894, all owned by the fi. & O. and Balti­
Baltimore & Eastern R R . The Pennsylvania and allied companies own more Belt R R . Also a lien, subject to prior mtge., upon main line. &c.
all the $1,000,000 common and 95% o f the $1,500,000 5% cumulative pre­ V. 69, p. 30: V. 79. p. 211; V. 97, p. 297, 594: V. 102, p. 1435.
Total authorized amount of the First Mortgage is limited by the terms
ferred stocks. V. 92, p. 525, 593. Dividends on preferred, 2% March 1
c
1905: in 1906, March, 3% ; Oct., 2% ; in 1907, March, 3% ; Sept., 2% ; of the Ref. A Gen. Mtge. to $157,000,000, of which there are outstanding
in 1908, Oct., 2% ; 1920, Jan., 5% : Sept., 2% ; 1911, Jan. 31, 3% ; March 31, $81,995,100 of 4% bonds and $75,000,000 of 5% bonds (issued in Aug.
1924; V. 119, p. 809). The 5% bonds are not subject to redemption before
2% ; Oct. 2, 3% : 1912, July, 2)4% ; none since. The interest on the first
mortgage bonds due March 1 1922 and subsequent semi-annual dates was Apr. 1 1945. All or any part o f the 5% bonds may be repurchased by com­
not paid; Pennsylvania R R . purchased coupons due on those dates. See pany on April 1 1945, or any int. date thereafter, on 3 months’ notice and
upon payment of a premium o f \i % for each three months from the date of
V. 116, p. 2128.
repurchase to the date of maturity. The prior lien 3)4 % bonds due July 1
For 1924, gross, $1,519,848 -.4 oper., deficit, $33,555: other income
1925 were accepted at 100% and int. in payment for the 5% bonds.
$16,966; deductions, $196 435:
. def., $213,024.




RAILWAY STOCKS AND BONDS
M a y 1925.]



14

R A IL W A Y STOCKS AN D BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61
Balt & O h io (Concl)—
Equipment bonds Series A due $500,000 yearly QPxc*
do
due $432,000 s - a ________________________
do
Series B due $543,000 ann____________ c*
Morgantown & Kingwood RR equip tr notes_______
Bethlehem Steel Oo Eq “ B ” ____________________
Seaboard Air Line Eq “ S” _____________________
Leased Lines and Other Securities—
Schuylkill River E S RH 1st M g guar p & 1 endor.x
Hampshire So 1st M gold______________________
Coal & Coke R y., see text below
B & O C hic <erm R R —Oh & Gt W 1st M g ass’ d _vk
City of Chicago purchase money mtge assumed___
First mortgage $50,000,000 authorized__________ x
CaUlmore & Potom ac— See Phila Balt & Wash.
Bwngor and A roostook RR — Com stock $3,860,000
Pref stock 7% cum red 110 $10,000,000 auth______
E rst mortgage ($16,000 per mile) gold___ Q.xxc*
First mtge Piscataquis Div $1,500,000 g ..Q .x x c *
V Bur Ext 1st M $500,000 g (V 69, p 9 5 2 )..O.xxc*
Aroostook Northern 1st M $225,000 g old..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 fct due $25,000 ann_____xxx
do
Series I due $36,000 annually________ xxx
Guaranteed by Bangor A Aroostook
Nor M e 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*
Bath & Hamm ondsport— First mtge Ext gold____ z
Second mortgage red 105________________________z
Bay o f Q u in te Ry— See Canadian Northern Ry.
B eech Creek— Stock (guar 4% by endorsement)___
First mtge gold guar p & i (endorsed)..Col.xc& r
Second M for $1,00,000 g guar p & i (end).Un.xc«fcr

Miles Date
Road Bonds

_
...

1923
1924
1925
1920
1921
1920

Par
Value

Rate
%

1,000 7.000,000
1,000 $9,072,000
1,000
8,145,000
1,89I,«00
450,000
247,104

5
4 14
4)4
6
6
6

J
M
M
J
J
J

&
&
<
&
&
<
&
&

4g
5

J
J

& D Junel 1925
& J July 1 1934

$1,000
500

1886
1888
1910

1,000

212
7i
33
15)4
424
28
55
60
...

1893
1899
1899
1897
1901
1907
1909
1909
1921
1923
1923

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Amount
Outstanding

10.13 1903
37 1909

2,205.000
5,000

When
Payable

[V ol. 120,

D
N
N
J
D
D

Dec 1 ’ 25 to ’ 38
Nov ’ 25-Nov’35
To M ay 1 1940
Jan 1935
June 1 1930
Dec ’25-Dec ’27

fc
219.000
5 g J < D June 1 1936
M & N M ay 1 1938
650.000
5
32,000,000 B&O RR A
O
1960

50 3.860.000 See text
Q— J Apr 1 1925 1)4
100 3,480,000
7
8 J Apr 1 1925 I X
1.000 3.360,000
5 g J A J Jan 1 1943
1,000
&
1,500.000
5 g A < O Jan 1 1943
1.000
500.000
5 g A & O Jan 1 1943
1.000
225.000
5 g A & O Oct 1 1947
fc
1.000 n6.331.000
4 g J < J July 1 1951
1,000
1.000.000
5 g M & N May 1 1937
F & A Aug 1 1939
1,000 P i,618.000
5g
F & A Aug 1 1939
1,000 m l,632.000
5
7
J & J To Jan 1 1936
108,000
1,000
20 1.000
5)4 g J & J To Jan 15 1933
1,000
288,000
5)4 M & N To M ay 1 1933

53 1905
1914
10 1889
10 1893

1.000
1.000
1,000
1,000

4,743.000
250.000
100,000
200,000

5g
6 g
6g
5

163
163 1886
163 1892

50
1,000
1,000

6,000,000
5,000.000
1,000,000

4
4g
, 5g

A
M
J
A
J
J

& O Apr 1 1935
& S Sept 1 1934
& D June 1 1929
& O, Apr 1 1943

Girard Trust Co, Phila
Guaranty Trust Co, N 3f
Bankers Tr Co, N Y
Commercial Tr Oo, Phila
518 Walnut St, Phila
N Y , Farm L & Tr Oo
B & O RR Co. N Y
T o City of Chicago
Checks mailed
do
do
Brown Bros & Co, N Y
do
do
do
do
Guaranty Trust Co, N Y
Lee, Higginson & Co, Bos
Brown Bros & Co, N Y
do
do
do
do
First Na t B k, Bangor, M e
First Nat Bk,Bangor,Me
First Nat Bk,Bangor,Me
Brown Bros & Co, N Y
do
do
50 Church St, New York
do
do

< — J Apr 1 1925 1% Grand Cent Term, N Y
3
& J July 1 1936
do
do
& J July 1 1936
do
do

n m p Also in treasury; n $2,536,000; m $168,000; P $32, 000.
The R. & O. R R . having acquired all the securities issued by the Toledo
<3) Southwestern Division First Mortgage 5s.
These bonds were issued under the Southwest Division 1st mtge. of & Cincinnati R R .. made a deed of trust covering the same to secure not
Baltimore & Ohio R R ., dated Jan. 1 1899, in extension o f the ,3 l % bonds exceeding $35,000,000 collateral bonds, which are Intended ultimately to
A
for a like amount maturing on July 1 1925 (which were accepted in pay­ be made as far as possible a direct lien on this division. Of these new B. Si
ment for new bonds at 100 and interest) and the principal and interest at O bonds, $11,250,500 of 4% and $5,000,000 of 5% were Issued forthwith
the rate o f 3)4% per annum are secured by the lien thereof. Because of under the plan.
In addition. $2,447,000 Series “ C” bonds have been
(me provisions o f the refunding and general mortgage, the additional interest issued for capital expenditures. The remainder were reserved to retire at
Uh these bonds will not be secured under the Southwestern Division first maturity or earlier the bonds undisturbed by the plan as shown in table
mortgage, but the company will agree in a supplemental indenture that in above, or for acquisition of underlying stocks, branch lines, branch line
the event that it should hereafter place any new mortgage upon the property bonds, aid for refunding additions and betterments, or to acquire First &
o'li which these bonds are a first lien, and on which the ref. & gen. mtge. Ref. Mtge. bonds of new company issued therefor. V. 105, p. 2364.
bonds are also a lien, the additional 1)4% int. which these bonds bear is to be
(10) The $35,000,000 6% Securea Bunas dated July 1 1919 have as se­
secured thereon by a lien prior to any bonds issued under such new mtge.
curity: $6,065,000 Reading Co First Pref. stock; $14,265 000 Reading CoThese $45,000,000 bonds are secured through the deposit and pledge with Second Pref stock: $10,002,500 Reading Co Common stock: $16 250,000
Hie trustee o f the mortgage o f $45,000,000 first mtge. bonds and all the other B. & O Ref. & Gen. Mtge. 6% bonds. Series ‘ ‘ B ," and $2,000,000 Series
funded indebtedness and all the stock o f Baltimore & Ohio Southwestern “ A ," due Dec. 1 1995. The trust indenture provides that the aggregate
HR., which owns the properties. The Baltimore & Ohio Southwestern value of the collateral deposited shall always be maintained at least equaDivision bonds are thus in effect secured by a first lien on 910 miles of first to 125% of bonds outstanding. V 108, p. 2628; V. 109, p. 71
main track, extending from the western approach o f the bridge of Baltimore
The trust indenture provides that the company in each year, beginning
&Ohio R R . across the Ohio River at Belpre, Ohio, to and through the city July 1 1919. after providing for its fixed charges, will set aside out of net
m Cincinnati and through the States o f Ohio, Indiana and Illinois to the Income accruing after that date, not less than $3,500,000 p ann. until a
City o f East St. Louis, 111., a distance o f 528 miles, together with branches total of $17,500,000 has been set aside, such suras to be used, from time to
or divisions connecting with the main line, comprising an additional 154 time, solely for capital expenditur s theretofore made, to pay loans incurred
miles, and 228 miles comprising the Springfield Division extending from or maturing funded obligations. Moneys set aside in any year in excess of
fjhawneetown, 111., to Beardstown, 111., together with all extensions, lands, $3,500,000 may be credited against moneys reonired to he set a s id e in
buildings, appurtenances and other property, franchises, &c., all as de- subsequent years. Balance of total set aside in 1923. V. 108. p. 2628.
’ibed in the mortgage. This issue o f bonds, constituting a closed mortgage,
thus outstanding at the rate o f $49,450 per mile of first main track.
Promissory Note.— The company has Issued a promissory note for $9,000,The bonds are not subject to redemption before July 1 1945. All or any 000 dated March 1 1920. payable to the Director-General of Railroads
part o f the bonds may be redeemed on July 1 1945 or any interest date there- ten years after date with interest at 6% p a., payable semi-annually. The
itfter on not less then three months’ previous notice, upon payment of their following collateral has been pledged as security: $9,250,000 Ref. & Gen.
principal amount plus a premium o f H % for each 6 months from the date Mtge. Series “ B " 6% bonds, $3,000,000 Ref. & Gen. M tge. Series “ A " 5%
o f redemption to the date o f maturity. V . 120, p. 1743.
bonds. V . 112. p 468.
(4) B. A O., Pittsb. Jet. A Mid. Div. 3)4s. Expected to be ulti­
EQUIPMENT BONDS.— Equipment trusts o f 1917, V. 104, p. 1386.
mately a first lien upon the railroads of the Central Ohio
Equip, trusts of 1922. V. 115, p. 434. Equip, trusts of 1923. Y 116, p. 175.
system and Pitts. Jet. R R . C o.. 379 miles in all. Total------- $20,000,000
Equipment trusts. Series A, V. 117, n. 2131. Equio. trusts of 1924, V . 119,
$2,618,500 is in hands o f the public and $9,889,550 pledged under Pitts. p. 1623. Equipment trusts, Series B, V. 120, p. 2265.
Lake Erie & W. Va. 4s. Closed except to retire underlying bonds, see table.
Equipment trusts issued to Director-General for rolling stock allocated
to
(5)
Pittsburgh Lake Erie A West Virginia System mtge. refunding 4% gold this company. See article on page 3 and V. 114, p. 737; V. 118, p. 549.
bonds (authorized amount $75,000,000) are a lien on 1,629 miles, forming a
RE PO RT.— For 1924 showed:
direct connection with Pittsburgh, Cleveland, Fairport, Lorain and
1924.
1923.
1922.
Sandusky, subject to underlying bonds outstanding thereon (see table Average miles operated_________
5,292.89
5,303.58
5.212,05
above). The unissued bonds are reserved to retire underlying bonds.
Railway Operating Revenues—
$
$
$
V. 74, p. 266; V. 79, p. 2793; V. 80. p. 1423; V. 86, p. 479, 1528; V. 87,
Freight_________________________
180,179.357 208.587,996 159,506,625
p. 36; V. 88, p . 451, 685; V. 105, p. 715.
Passenger__________________________ . 29,047,718 30,752,791 26,801,742
2,709,837
(7) Convertible 20-year 4 )4s $63,250,000, dated March 1 1913, were M ail________________________________. 2,709.837
2,526,213
2,593,805
convertible into common stock up to Feb. 28 1923 at $110 per Express____________________________ . 4,786,832
4,992,623
4,467,546
3,535,611
3,129,144
share and redeemable beginning March 1 1923 at 102)4 • These 4)4* are Other transportationrevenue________ . 3,451,561
5,199,201
secured by the new blanket mortgage below described pari passu with the Miscellaneous revenue______________. 4,143,489
4,344,308
new bonds. See V. 96, p. 134, 200, 651, 715, 1088, 1421; V. 97, p. 727.
224.318.795 255.594,435 200,843.169
Schuylkill River East Side 4s. V. 77. p. 1745; V. 81, p. 727.
Railway Operating
iSVRefunding A General Mortgage of 1915 due Dec. 1 1995 (V. 101, p. 1884). Maintenance of way Expenses—
and structures-.. 26,638,363 29,318,701 23,325,887
The initial $60,000,000 5% bonds o f this issue was brought out in Dec. Maintenance of equipment____
1915. See below; also V. 101, p. 1884; V. 102, p. 975; V. 103, p. 1989. Traffic_____________________________ . 48,659,504 63.881,472 48,439,422
4.242,473
4,242,473
3.916,436
3,560,796
<Bl Dec. 31 1924 $10,000,000 Series “ A ” and $25,500,000 Series " B " bonds Transportation______________________. 85,313,755 94,676.661 82,408,878
vs£re pledged as collateral for long-term debt and $3,333,000 Series “ B'
1,789,016
1.789,016
Miscellaneous operations___________
1,653,200
1,647,881
bonds were in treasury, insurance and sinking funds. In June 1924 $35,- General____________________________ . 6,169,512
5,917,658
5,658,982
<000,000 Series “ C ” bonds were sold. V. 118, p. 2703.
60,021
Transport’n for investm’t— Credit. .
20,472
40,167
Security.—-Secured on practically entire system, 4.985 miles of first track,
Total railway operating expenses. .172,752,632 199,323,961 165,021,374
4,993 m. o f 2d track and sidings, and equipment or interest therein, having in
1924 a net value o f over $149,069,544. Also covers the passenger and Net revenue from railway operations . 51,566,162 56,270,474 35,821.795
freight terminals in Philadelphia, Baltimore, Pittsburgh and Chicago and the
Other Operating Charges—
freight terminals on Staten Island, N. Y . , in Cincinnati and Washington, as Railway tax accruals_______________. 9,548,086
9,834,129
6,769,093
Well as one-half stock interest in the Washington Term. Co. and one-half Uncollectible railway revenues.
103,073
131,286
85,821
ownership of joint yards at Washington. A direct lien upon about 2,289 m. Equipment rents— Net debit________ . 2,956,055
3,139,711
3,957,430
Of first track, and a lien, through deposit of bonds, and in most cases all, and Joint facility rents— Net debit_
_
874,625
1,032,218
1,274,444
|q no case less than 96% of stock, o f the co. owning remaining mileage.
Total other operating charges. .
13,481,839 14,137,345 12,086,790
Reservation of Bonds.— The mortgage reserves bonds to retire about $282
Net railway operating income____
38,084,324 42,133,129 23,735,005
000,000 prior liens on various parts of the system and the $63,250,000 con
Other Corporate Income—
vertible gold bonds [these last being secured by the new mortgage par
16,147
17,145
17,895
passu with the bonds issued thereunder] and provides for the reservation of Income from lease of road_______
. 1,020,084
968,560
1,068,200
bonds for construction, improvements, new equipment and the acquisitlrn, Miscellaneous rent income_______
321,021
213,045
121,454
directly or indirectly, o f properties and securities. The right is reserved to Misc. non-operating physical prop
Separately oper. properties— Profit. .
296,452
423,242
refund the Prior Lien 3)4 b into 1st M . 4s of 1898 due 1948, and to extent
Dividend income_________________
1,910,942
1,914,724
1,886,367
the due date o f the 8. W . Div. 3 )4s to date not later than July 1 1960
1,528,264
1,628,601
1,758,486
The authorized issue Is limited to an amount which, together with ail ihe Income from funded securities____
Inc. from unfunded securs. & acc’ts
672,832
902,393
493,864
prior debts of the Railroad C o., after deducting therefrom the bonds re
Inc. from sinking & other res’ve funds
5
163,083
67,451
395,818
served under the provisions of the mortgage to retire prior debts at maturity
Miscellaneous income______________
24,917
24,150
21,801
aijall not exceed 3 times the then outstanding capital stock, with the addl
Oional limitation that when the aggregate amount of the bonds outstanding
Total other corporate income____ . 5,657,290
6,032,520
6,187,132
and the bonds reserved to retire prior debts shall be $600,000,000, no addi
Gross (corporate income____________ 43,741,613 48,165,650 29,922,137
tidonal amount o f bonds shall thereafter be issued, except the bonds so re
Deductions from Gross Corp. Income■sei’ved to retire prior debt, without the further consent o f the stockholders
Rent for leased roads______________
604,453
394,266
283,213
•of the railroad company, and such additional bonds may be Issued only tc Miscellaneous rents________________
270,429
519,196
432,855
an amount not exceeding 80% o f cost of work done or property acquired
Miscellaneous tax accruals_________
248,370
279,577
271,835
(9) Toledo-Cincinnati Div. Bonds.— In July 1917, following foreclosur* Separately operated properties— loss.. 1,040,171
794,286
1,186,411
•sales, 391 miles of the former Cincinnati Hamilton & Dayton Ry. System Interest on funded debt_______
. 24,950,935 23,333,143 22,810,615
was reorganized per plan in V. 102, p. 1059; V. 105, p. 715, 908, as tht Interest on unfunded debt_____
190,474
304,520
439,448
Toledo & Cincinnati R R . C o., whose outstanding securities ($5,000,008 Miscellaneous income charges. .
117,091
118,626
122,385
capital stock, $16,250,500 First & Ref. M tge. bonds and $20,000,000 Ad
iustment & Improvement bonds) were then acquired by the B. & O. RR.
Tot. deductions from gross corp. inc 27,421,924 25,743,614 25,546,764
The aforesaid 391 miles embrace: Main line Cincinnati to Toledo, 202 milea, Net corporate income_______________ 16,319,690
22,422,036
4,375,373
Including 142 miles leased from Dayton & Michigan R R . (a very profitable
For latest earnings see “ Railway Earnings Section” (issued monthly).
lease; see caption o f that company); Tontogany to North Baltimore. 19
OFFICERS.— Daniel Willard, Pres.; Geo. M . Shriver, F. C. Batchelder.
miles; Deshler to Findlay. 18 miles; Hamilton to East Middleton. 19 milea
Piqua to Troy, 9 miles; Cincinnati to Dayton, 60 miles; Dayton to Ironton O. W . Galloway, Archibald Fries, V.-Pres.; C. W . ’Woolford, Sec.; E. M .
Devereux. Treas.
Jet., 125 miles; other, 5 miles.

r




May , 1925.]




R A IL W A Y STOCKS AND BONDS

15

16

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 6]
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 y, M ontgomery— 1st M gold $500,000 - -x
Beit RR & S tock Y ds, I nd— Stock auth $3,000,000-Preferred stock cumulative_______________________
1st refunding mtge $1,000,000 gold----------------- xc*
Belt Ry o f C h a ttan ooga— 1st mtge gold--M eBa.xc*
Beividere Delaware— Stock $4,000,000-----------------Consol mtge of (guar by United Co’s sk fd _____xr
1875 $4,000,000) guar by United Go’ s sk fd ------- xr
(guar by United C o’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; $100,000 in ’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.

Par
Value

1907
1911
1912
1914
1916
1920

Railway oper. revenue $6,924,115 $6,769,802 $7,436,969
Maint. o f way & struc-- $1,217,016 $1,241,658 $1,399,771
Maintenance of equip_
_
1,586,408
1,432,680
1,620,212
Traffic________________
50,125
51,005
49,452
Transportation________
1,980,447
2,115,696
2,179,791
General & miscellaneous
266,494
241,413
253,367
Transp. for invest. (Cr.)
1,450
2,678
915




$1,690,027

Amount
Outstanding

Rate
%

56 1901 $l,000&c $3,500,000
3K g
1.000&C 3,964,000
135 1906
4g
1911
1,000
245,000
5g
5u 3,000,000 See text
50
500,000
6
1909
1,000
1,000,000
4g
1,000
49 1895
300,000
5
50
1,253,000 See text
1,000
4
500,000
80, 1885
4
1,000
80i 1887
607,000
1,000
80 1903
878,000
3K
1,000
45 1911
101,000
5g
1,000
1,000
1,000
1,000
1,000
1,000

DIR E C TO RS.— R. Brent Keyser, Robert Garrett;, John J. Cornwell
and George M . Shriver, Baltimore; F. H. Rawsou, Chicago: Paul M.
Warburg, Charles A. Peabody, John R. Morron, John F. Stevens, Henry
Ruhlender, New York; Joseph E. Widener, Philadelphia; Newton D.
Baker, Cleveland. Offices, Baltimore, M d. and 2 Wall St., New York.
— (V. 120, p. 2265.)
BALTIMORE & OHIO CHICAGO TERMINAL R R .— Property con­
sists o f 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 o f the business
district; also includes 7,500 ft. o f 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.
H ISTO R Y.— Successor to Chicago Terminal Transfer R R ., forclosed in
1910. V. 90. p. 166. 108. 235. 625
Stock, $8,000,000, all owned by B. & O.
TEN AN TS.— Balt. & Ohio, Chicago Great Western, Chicago Hammond
& Western R y. (Indiana Harbor Belt), Suburban RR. (Chic. Milw. & St.
Paul R R .), (Chicago & West Towns), Pere Marquette, Wabash R y. and
Minneapolis St. Paul & Sault Ste. Marie. V. 77, p. 948, 2158; V. 79, p.
901; V. 96, p. 486. Total minimum rentals from tenants: Joint facility rent
income, $1,281,313; income from lease o f road, $502,223; total, $1,783,535.
V. 79, p. 2084.
BONDS.— Of the 1st M . bonds o f 1910, the $32,000,000 outstanding are
owned by B. & O. R R . and pledged under its mtge. V. 90, p. 1295.
EARN ING S.— For 1924, railway oper rev , $3,542,926; railway oper.
inc., $473,626; other income, $821,729; interest, rentals, &c., $1,340,315.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
BANGOR AND AROOSTOOK R R . CO.— (See M ap.)— Stockton
Harbor, M e., to Van Buren, with branches; Dec. 31 1924, 616,-02 miles
second track, 30.29 miles; spurs, 34.11 miles; yard tracks and sidings
191.15 miles; owned but not operated, 8.85 miles.
The I.-S. C. Commission has placed a final valuation o f $21,030,000 on
the owned and used properties and $3,850,084 on the used but not owned
properties of the company, as o f June 30 1916.
ORGAN IZATION .—-Incorporated under laws o f 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 R R ., Old Town to Greenville, and Bangor & Katahdin
Iron Works R y., Milo (Derby) to Katahdin Iron Works. It also acquired
by purchase the Patten & Sherman R R ., Patten to Sherman, and Aroostook
Northern R R ., Caribou to Limestone, both of which railroads had been
organized and constructed independently o f this company.
It has since constructed as extension or by separate organization with
later acquisition: Fish River R R ., Ashland to Fort Kent (1902); Northern
Maine Seaport R R ., South Lagrange to Searsport (1904); Schoodic Stream
R R ., 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 o f Van Buren Bridge Co. which connects its
system with Canadian National Railways by international bridge between
Van Buren, M e., and St. Leonard, Province o f New Brunswick, Canada.
It also owns all the capital stock (except seven directors’ qualifying shares)
of the Northern Telegraph Co.
Government loan, V . I l l , p. 293; V . 112, p. 256. Tentative valuation,
V 113 p 729 1573
D IV ID E N D .’— (1906. ’07-’ 12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 1 7 .’ 18-’22. ’23. ’24.
4 yrly. 3 3K 3
3
5 4 yrly. 4K 5K
Common % ______j 2
Preferred % ______l-------------First authorized in 1917----------- 7 yrly. 7
Paid on com. in 1925: Jan., 1 K % ; April, 1 K % BONDS, &c.— Piscataquis D iv. 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, inoludlng 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, inoludlng 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 lien on several
branches. V. 108, p. 2235. The Northern Maine Seaport bonds ($5,000,090 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.
V. 100, p. 311; V 109. p. 1460.
The 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.
STOCK.— The stockholders on Nov. 14 1924 approved a change in the
par value o f the common stock from $100 to $50, each stockholder receiving
two shares o f $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 will be entitled to one-half vote. V. 119, p. 2405, 2642.
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 $144,000
Series “ G ” deferred lien equipment trusts all pledged as collateral for
notes o f like amount.
RE PO RT.— For 1924, in V. 120, p. 1741, showed:
1924.
1923.
1922.
1921.
Freight revenue_________ $5,831,831
$5,589,827 $6,252,789 $6,127,457
Passenger revenue_____
788,445
884,634
897,557
956,320
Mail, express, &c______
303,839
295,341
286,623
264,931

Net oper. revenue___ $1,825,076

[V ol. 120,

R A IL W A Y STOCKS AN D BONDS

$1,935,291

220,000
330,000
725,000
2,250,000
1.920,000
1,170,000

5
5
5
5
5

6

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends Are Payable

Grand Ciut Terms, N Y
& O Apr 1 1951
& O Apr 1 1955
do
do
Safe Dep & Tr Co, Balt
& J July 1 1941
— J
Apr 1 1925 2% C o’s office, Indianapolis
do
do
— J Apr 1 1925 IK
M & N M a y l 1939
Nat City Bank, N Y
Mercantile Tr & D , Balt
J & J July 1 1945
yearly See text
Penn R R Co, Phila
do
do
M & S Sept 1 1925
F & A Feb 1 1927
do
do
J & J Jan 1 1943
do and New York
Merc Tr & Dep Co, Balt
J & J Jan 1 1941
A
A

M
M
J
J
M
F

& S Mar 1926-1927 Home Tr Co, Hobok.NJ
do
do
& S Mar 1926-1931
do
do
& D June 1926-1934
do
do
& J July 1925-1933
& N Nov 1925-1932 U ion Tr Co, Pitts, Pa
do
do
& A To Feb 1 1938

1924.
1923.
1922.
1921.
Tax accruals & uncollec,
519,946
531,684
537,695
414,475
Railway oper. income$1,305,130 $1,158,343 $1,397,596 $1,095,782
Cr.507,759 Cr.254,231 Cr.127,496
Hire of equipment______ Cr.434,398
Other income__________
66.454
Pr.4,348
61,578
62,983
Gross income_________ $1,805,983 $1,661,754 $1,713,406 $1,286,261
Interest on funded debt- $1,045,175 $1,042,719 $1,031,335 $1,018,965
Int. on unfunded d eb t-11,346
11,113
821
2,405
Miscellaneous charges.23,238
11,906
3,480
16,938
Amort, of disc, on fd. dt.
3,474
1,106
----------------Preferred div. (7 % )____
243,600
243,600
304,500
243,600
Common dividend (5M % )221.950(5 ^ )2 2 1 ,950(4% )154,400(4%)154,400
Balance, surplus_____
$257,200
$129,360
$218,868 def$150,047
For latest earnings, see “ Railwav Earnings Section” (issued monthly)
Chairman of Exec. Comm., jon n nenry Hammona; t'res., Percy R .
Todd; V.-Pres., James Brown and Frank C. Wright; Treas., Wingate F.
Cram; Gen. M gr., W . K. Hallett; Gen. Counsel, Henry J. Hart. Office.
Bangor, M e.— (V. 120, p. 2546.)
BATH & HAMMONDSPORT R R .— Bath, N. Y ., to Hammondsport,
N. Y ., 10 miles. Control acquired by Erie R R . in 1908 and leased by that
road in 1922. V. 114, p. 197. Stock, $100,000. 1st M t. 5s ($100,000)
due June 1 1919, were extended at 6% to June 1 1929. 2d mtge. 5s were
extended to April 1 1943. V. 116, p. 2128.
BAY OP QUINTE R Y .— See Canadian Northern Railway
BEECH CREEK R R .— (See Maps New York Central Lines.)— ROA D .
Jersey Shore, Pennsylvania, to Mahaffey, 112 m.; branches to Phillipsburg,
to mines, &c., 52 m.; total, 163 miles. Leased in 1890 to N. Y . Central &
H. R. R R . for 999 years at int. on bonds and 4% on stock. V. 68, p.
872. Carries mostly coal and coke. See guaranty, V. 52, p. 570. The
bonds are endorsed with N. Y. Central’s guaranty of prin. & int. See
V. 52, p. 570. Assumed by N. Y . Central on consolidation, Dec. 23 1914.
Guarantees interest on $545,000 Clearfield Bituminous Coal 1st 4s, due
Jan. 1 1940— (V. 106, p. 497 '
BEECH CREEK EXTENSION R R .— (See Maps N . Y. Central Lines.)
— Clearfield, Pa., to Keating, 52.14 m.; Curry to Curwensville, 15.77 m.;
Dimeling to Irvona, 26.76 m.; Mahaffey to Arcadia, 13.67 m.; branches,
27.02 miles; total, 135.36 miles. A low-grade coal line, leased to N. Y .
Central & H. R. R R . (which owns entire $5,179,000 stock and $3,964,000
consol. 4s) for 999 years from June 1 1905, bonds being guar., p. & i. Of the
consols., $3,500,000 is reserved to retire, $ for $, old bonds. V. 80, p. 1174.
1479; V. 81, p. 30; form of guaranty, V. 82, p. 1267. Assumed by N. Y .
Central on consolidation, Dec. 23 1914.— (V. 82, p. 1267.)
BELT LINE R Y. OF MONTGOMERY.— Owns real estate and a belt line
in Montgomery, Ala., about 2 miles of track on Tallapoosa, Bell, Perry and
Columbus streets. Atlantic Coast Line R R . pays an annual rental equal to
bond interest and difference between taxes, insurance and cost of operation
and gross earnings from others than the Atlantic Coast Line. Atlantic
Coast Line R R . owns entire issue of $200,000 stock, par $100. V. 92, D .
1242; V 93, p. 43.— (V. 93, p. 43.)
BELT RAILROAD & STOCK YARDS OF INDIANAPOLIS.— Owns
14 miles of belt road, &c. Leased for 999 years to IndUnion— which
see.
D lV S .-C o m ( 12 18. 14. 15. 16. ’ 17. 18’ 19. ’20. ’2i ’22. ’23- ’24.
Cal. yrs., cash}
II 13 14 18
20 16 18 11
11 8 7 11
10
Also stock .. .1
. . ..33 1-3
. . - ........................50
-- - Paid in-1925: Jan., 3% ; April, 2% .
Mortgage trustee, Union Trust Co., Indianapolis. V. 89, p. 40; V. 92,
Pres., S. E. Rauh, Indianapolis, Ind.— (V. 102, p. 1249; V. 106, p. 394.)
BELT RAILW AY (OF CH A TTA N OO GA ).— Owns 49 miles o f belt
railroad in Chattanooga, Tenn. V. 67, p. 72.
Leased till July 1 1945 to The Alabama Great Southern R R . Co.; rental
guaranteed to meet interest on $300,000 1st Mtge. 5% bonds and $24,000
2d Mtge. 4% bonds, taxes and maintenance. STOCK, $300,000, owned
by The Ala. Great So. R R . Co. Bonds are tax-free, due 1945; red. at par.
BELVIDERE DELAWARE R R .— Owns from Trenton, N . J., to Manunka Chunk, N. J., 67 miles; branches, 13 miles; total operated, 80 miles
Leased to United Companies, and, March 7 1876, transferred to Penn. R R .,
which owns $244,600 of the stock. Net earnings paid as rental
Dividends.— 1897 to 1905, 5% yearly; 1906 to 1911, 10% yearly; 1912,
7% ; 1913, 6% ; 1914, noDe; 1915 to 1922, 4% yearly; 1923-1924, 6% .
BONDS.— All of the outstanding bonds are secured by the consolidated
mortgage of 1875 for $4,000,000; sinking fund, 1% of outstanding bonds if
earned. The issues of 1885, 1887 and 1903 are guaranteed by the United
New Jersey R R . & Canal Co. Guaranty, V. 76, p. 918.
EARNINGS.— In 1924, gross income, $548,023; deductions, $120,919
dividends paid (6 % ), $75,180; bal., sur., $351,924.— (V. 118, p. 430.)
BENNETTSVILLE & CHERAW R R .— Owns Kollocks, S. O., on Sea­
board Air Line, via Bennettsville and Brownsville, to Sellers on Atlantic
Coast Line, 45 miles. In Sept. 1921 was authorized to abandon 10.44 miles
of Its lines. V. 113, p. 1154. Stock, $250,000. Dividends in 1912. 6% ;
1913, 3% ; 1914 and 1915, 5% ; 1916, 9% ; 1917-18 (?); 1919 and 1920 6% ;
1921, 9% ; 1922, 6% ; 1923, 5 K % : 1924, 6 % . Bond sinking fund, $3,000
yearly. $49,000 bonds held in sinking fund.— V. 92, p. 116
Pres., J. J. Heckart; Gen. M gr., J. I. M cLain.— V. 113, p. 1154.
EARNINGS.— For 1924, gross revenue, $113,867; net oper inc., $33,878;
other inc., $l,3 0 0 ;in t., rentals, etc., $26,288; divs., $15,000; def., $6,110.
BESSEMER & LAKE ERIE R R .— Kremis to Osgood (K . O. Junction)
Pa., 8.81 miles; leased (Pittsb. Bess. & L. E. R R . C o., 176.40 miles;
$7,348,708 Meadville Conneaut Lake & Linesville R R . Co., 21.61 miles), 198.01 miles;
$1,192,469 total, 206.82 miles; trackage (N. Y . Chic. & St. L. R R ., Cascade to Wallace
1,768,390 Junction, Pa., 12.20 miles; Baltimore & Ohio R R ., Pittsburgh Junction to
52,814 Standard Junction, Pa., 0.97 miles), 13.17 miles; total operated Dec. 31
2,538,523 1923, 219.99 miles. Second track (owned), 8.05 miles (leased), 134.66
287,016 miles; total, 142.71 miles. Branches and spurs (owned), 0.29 miles; (leased)
771 32.86 miles, total 33.15 miles. Yard tracks and sidings ( owned), 8.62
miles; (leased), 183.46 miles; trackage, 4.86 miles; total, 196 94 miles. In
$1,510,256 addition the Bessemer & Lake Erie R R . Oo. leases the following from the

May, 1925.]

17

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Birmingham Term inal— 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— 1st M g red 107>S--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) gu p & i ____________________ z
Impt bonds (not mtge) $1,000,000 guar p & i 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 R R .
Boston & Lowell— Bonds— See Boston & Maine R R 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% s t o c k __________
“ O” (for Concord & Montreal stock) 7% stock -.
“ D ” (for Conn Riv M & L and L & A 10% stock)
“ E ” (for K&K446 % stk. See opt, Y 107, p 1918)
Old Pref stock non-cum (see text)_________________
Mortgage gold bonds___________________ OB.c*&r*
New First & Ref M (sec equally all issues of merged
Series O _________________________________
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 annually_ c*&r
_
do
do
due $141,000 annually____

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

$1,000 $1,940,000
100 &c
242,000
100 &c
199.600

4g
5
5

M &
.1 &
J &

S Mar 1 1957
J Jan 1 1928
J Jan 1 1928

44 1917
1,000
250,000
100 25,000,000
393
_ 1902
1,000 3,858,000
1,000 1,000,000
1901
’ OS-’ IO
1,000 13,500,000
1,000 1,000,000
1912
1913
1,000 2,015,000
1913 1,000 &c 3,627,000
... 1917 1,000 &c 1,000,000

5g
8H
3^
3H
4
4H
5
5
5

F

A Aug 1 1951
Trustees’ office, Toledo
Office, Term Sta, Boston
See text
O Apr 1 1952
do
do
.1 Jan 11951
do
do
N M ay 1 ’33-34-35
do
do
.1 July 1 1937
do
do
.1 July 1 1938
do
do
() Oct 1 1963
do
do
D June 1 1942
do
do

5.9 1907
29 1898
29 1898

When
Payable

&

y —M

&
&
j
M &
J &
J &
K
A <c
J &
A

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable
Equitable Trust Co, N Y
Fidelity Trust Co, Phila
Reg Bl’msb’gh, wh earn

elow.

100 39,505,100
notpr eferred as to as sets—
100 18,860.000
100 7,648,800
100 7,917,100
100 4,327,000
65,000
100
100 3,149,800
1,000 3,991,000
1,651 1923
cos—
1920
10,273,000
1920
15,677,000
1920
3,843,000
1920
1,212,500
1920
5,443,979
1921
609,000
1921
3,049,000
1922
5,000,000
1922
1,030,000
1924
1,106,000
5,894,000
1924
4,542,000
1920
1922
100 &c 1,573,000
1923
1,833,000

See text
See text
See text
See text
See text
See text
6g J

&

6
J &
6
J &
6
J &
J &
6
M A
6
7g J A
A <
&
6
6
.1 fr.
6
J &
.1 &
6
6
J &
J & J
6
5X g F &
J &
6

July 1 ’20, 2%
J’ly l’20,3.20%
J’ly l’20,2.80%
J’ly 1’20, 4%
J’l y l’20.1.80%
Sept 1 1920 2%
Boston
J Jan 1 1933
J Jan 1 1929
.1 Jan 1 1929
1) Junel 1930
J Jan 1 1929
N N ov 1 1930
J Jan 1 1931
() Oct 1931
1) Junel 1935
.1 Jan 1 1929
.1 Jan 1 1929
.1 Jan 1 1934
15 To Jan 15 1935
A Aug 1 ’25 to ’37 Boston
D To June 1 1938 First Nat Bank, Boston

Description—
Pitta. Bess. & L. E. R R . C o., and in turn subleases to the Union R R .,
Mileage----------------------Steam Roads—
reserving trackage rights for passenger trains, 8.04 miles from North
Owned.
Leased.
Total
_
Bessemer to East Pittsburgh, Pa., 8.04 miles of second track, and 85.80 Main lines_ '_____
280 55
1,321.09
1.040.54
Branch lines______
miles of yard tracks and sidings; gauge 4 ft. 8J-S in.; rail, 130 lbs.
249.88
871 53
621.65
_
35.82
35.82
The I.-S. C. Commission has placed a tentative valuation of $36,501,288 Trackage rights_
on the property o f the company as o f June 30 1916.
Total road operated_____________ 1,662.19
566 25
2,228.44
Stock auth., $500,000. Dividends paid: In 1904,100%; 1905, 50% ; 1906, Second track_____________________ 500.53
a96.77
597.30
40%: 1909. 200%; 1910, 150%: 1911. 150%: 1912, 200%: 1913. 200%: Third track_______________________
1.20
65.85
7 05
1914. 275%; 1915 and 1916, 150%; 1917, 100%: 19lS, 190%: 1919, 150%
Side track_________________________ 1,186.41
241.90
1.360 31
1920, 200%; 1921, 150%; 1922, 200%: 1923, 200%. Controlled by U. S.
Steel Corp. Guaranty on Marquette & Bessemer Dock & Navigation
Total track operated______________ 3,282.33*
4,193 10
910.77
bonds, V. 77, p. 1228; V . 76, p. 1358; V. 82, p. 160.
Electric Railways—
42.85
42 85
For the year ending Dec. 31 1923: Gross, $20,367,251: net oper. income, Branch lines______________________
2.87
2.87
$5,457,143; other income, $1,867,675; interest, rentals, &c., $1,625,514; Side tracks_______________________
dividends, $1,000,000; bal., sur., $4,699,304. For latest earnings see
T otal................................ ...............
45.72
“ Railway Earnings Section" (issued monthly). President, J. H. Reed.
45 72
— (V. 119, p. 454.)
Grand total tracks operated—
BIRMINGHAM & NORTHWESTERN R Y.— Jackson, Tenn., north­
Steam and electric roads—
westerly to Dyersburg, 49 miles. The I.-S. C. Commission in Mar. 1922
Dec. 31 1924__________ ____ 3,328.05
910 77
4.238.82
authorized the company to issue $400,000 1st Mtge. 6% bonds, due Mar. 1
1927, for the purpose o f refunding or retiring an equal amount of 1st Mtge.
a Includes trackage rights, 21.29 miles, b Incl. trackage rights, .99 mile.
bonds maturing Mar. 1 1922. The new bonds are dated M ar. 1 1922 and
On Aug. 29 1916 the Boston & Maine R R . was placed in temporary
mature Mar. 1 1927. V. 114, p. 1061.
The I.-S. C. Commission has placed a final valuation o f $722,847 on the receivership on account of inability to pay its maturing obligation of nearly
$20,000,000. Pres. James H. Hustis was appointed temporary receiver
owned and used property of the company as of June 30, 1917.
Pres., I. B. Tigrett; Vice-Pres., C. W. McNear; Sec., R. F. Spragins; and continued in this position until reorganization and consolidation of
the system on Dec. 1 1919.
The reorganization plan (V. 107, p. 1918,
Treas., J. E. Edenton. Office, Jackson, Tenn.— (V. 120, p. 1086.)
2375, 2475), which became effective Dec. 1 1919, provided for the con­
BIRMINGHAM & SOUTHEASTERN R R — The I.-S. C. Commission solidation of the Boston & Maine R R . with its seven directly leased lines
on Dec. 23, 1924 issued a certificate authorizing the Birmingham & South­ and the assumption by the consolidated company of all sub-leases and other
eastern R R . to acquire and operate the line o f railroad o f the railway com­ obligations.
pany extending from Union Springs to Eclectic, a distance o f 46.89 miles,
The final valuation of the Boston & Maine R R . as of June 30 1914 was
all in the State of Alabama. The Commission on Dec. 20 authorized the found by the I.-S. O. Commission to be $234,189,816 for all properties
company to issue $300,000 capital stock in connection with the acquisition. owned or used. The value of properties owned and used was found to be
(For plan of readjustment o f Birmingham & Southeastern R y. see V. 120, $101,712,971, and of properties used but not owned, $132,476,845.
p. 205, 698, 826.)
The Commission found that the investment in road and equipment,
BIRMINGHAM TERMINAL.— Owns passenger terminals at Birm­ including land, was $90,653,840 on the valuation date. The cost of
ingham. Ala. Stock all owned by the Illinois Central, Southern R y., Sea­ reproduction new of total properties used was found to be $223,317,897.
board Air Line, Central of Georgia, St. Louis & San Francisco and Alabama and the cost, less depreciation, $170,629,869.
Great Southern, which lease the property and pay all expenses, charges and
Plan o f R eorganization Dated M arch 31 1925.
4% dividends on the stock and jointly guarantee the bonds. Of the bonds
The General Readjustment Committee of stockholders and bondholders
($3,000,000 authorized), $1,060,000 are reserved for additional properties.
which was appointed Dec. 24 1924, has completed its plan for the financial
V. 83, p. 1227; V. 85. p. 404. Guaranty, V. 90, p. 848.— (\ . 90. p . 848.)
reorganization of the road. The plan embodies some important features
BLOOMSBURG & SULLIVAN R R .— Owns Bloomsburg to Jamison from the plan suggested by Homer Loring, Chairman of the Executive Com­
City, Pa.. 29 miles. Stock is $600,000; par. $50. V. 66. p. 80. 952. mittee (V. 119, p. 3005). The plan was approved by the General Readjust­
— (V. 66. p. 952.)
ment Committee March 24 1925, the board of directors March 26 1925
and the committee bankers March 31 1925.
BOONVILLE ST. LOUIS & SOUTHERN R Y .— Boonville to Ver
saides, M o., 44 miles. Stock auth., $1,000,000; outstanding, $250,000
Extension of Bonds.
owned by Missouri Pacific R R . C o.); par, $125.’
(а) The following outstanding obligations of the railroad are not secured
Lease.— Operated by M o. Pac. R R . Co. under new lease, dated Aug. 1 by the present general mortgage and will not be affected by the reorganiza­
1917, and running until Aug. 1 1955. Consideration, payment of main­ tion, namely:
tenance expenses, taxes and an annual rental o f $12,500, Deing the interest
(1) Underlying divisional mortgage bonds secured by direct mortgage
on the new outstanding bonds plus $30 annually to corporate trustee.
on the property of subsidiary companies which have been absorbed, falling
Under financial readjustment In Feb. 1918 the holders o f the $500,000 due 1930 to 1937, inclusive, $2,265,000.
(2) Equipment trust notes, falling due annually to 1938, $8,089,000.
1st mtge. bonds of 1911 (coupon o f Feb. 1916 unpaid) were offered in
(3) Bonds of leased roads which are not direct obligations of the B . & M .
exchange pro rata $250,000 new First Mtge. 5% gold bonds of Boonville
Co. under new mtge., dated Aug. 1 1917, payable Aug. 1 1951; and also R R ., falling due 1941 to 1944, $2,750,000.
(б) The bonds which are secured by the general mortgage are as follows:
$250,000 pref. stock v. t. c. o f Missouri Pacific R R . C o., together with a
cash adjustment o f $50,000, equal to the defaulted interest. Trustees, the
Bonds Maturing 1925 to 1932, Inclusive—
Spitzer-Rorick Trust & Sav. Bank, Toledo, Ohio, and Lewis C. Nelson. Owned by the public____________________________ $42,787,000
Pres., L. W . Baldwin; Treas., F. M . Hickman; Sec., F. W . Irland, St. Owned by the United States____________________ . 37,791,479
Louis, M o.— (V. 95, p. 968.)
---------------- $80,578,479
Bonds Maturing in 1933 and Subsequent Years—
BOSTON & ALBANY R R .— Owns Boston, Mass., to Albany, N. Y .. Owned by the public____________________________ $30,386,000
200 miles; branches, 104 m.; leased lines, 90 m .; total, 394 miles.
Leased in 1900 for 99 years to the New York Central & Hudson River RR. Owned by the United States____________________ . 10,894,000-$41,280,000
for guaranteed rental of 8% per annum on the $25,000,000 stock, payable
quarterly (Mar. 31, &c.), organization expenses, interest on bonds, taxes,
Grand total o f bonds secured by mortgage________________ $121,858,479
expenses o f maintenance, &c. The B. & A. received for certain property
(c) The bonds held by the public maturing from 1925 to 1932, inclusive,
not included in the lease $5,500,000 in N. Y . Central 314 % 100-year deben­
amounting as shown by the above table to $42,787,000, are to be severally
tures, thus adding .77% per annum to 8% guaranteed on stock. See lease
In V. 69, p. 282, 1051, 1102, 1246; V. 70, p. 74; V. 71, p. 645, 963; V. 107, extended in time for a period of 15 years from their respective maturities,
are to bear interest as at present until their present due dates and thereafter
p. 1918. Lease assumed by N. Y. Central R R . Dec. 23 1914.
during the
period
are
callable
BONDS.— The $13,500,000 25-year 4% impt. bonds are guar. prin. and whole or in extendedthe priceat 5% per annum, and int. to beafter Jan. in
part at
of 102 and int.
day
1
lnt. by New York Central & Hudson River RR. No mortgages can be 1930 and not before their present maturities.on any
placed on the property without jointly including the bonds in the lien.
In return for this extension the holders of these bonds will be given the
V. 86, p. 1099; V. 89, p. 102; V. 91, p. 396. V. 94, p. 277, 1055, 1316, 1625. right to convert them at par into 7% prior preference stock at any time
The 4% bonds mature $7,000,000 in 1933, $4,500,000 in 1934 and $2,000,- on or after Jan. 1 1930, and before Jan. 1 1940, or if any of said bonds are
000 in 1935. V. 96, p. 553, 651, 946, 1365, 1489, 1838; V. 97, p. 1838.
said
for
In June 1916 all bonds issued since the lease to the N . Y . O. & H. R. RR. called for redemption between less dates, then before the date fixedcall,
which shall be not
60 days
Co. had been guaranteed (prin. & int.) by the lessee. In Aug. 1917 sold redemptionthe limitation, however, than if in anyafter the date of the 1930
subject to
that
calendar year from
$1,000,000 guar. 25-year 5s for additions, &c. V. 105, p. 715.
to 1933, inclusive, $7,500,000 of said bonds shall have been so converted,
D IV ID E N D S.— Since 1900, 8 X % , viz., 2% each in March and Sept.. then no further bonds shall be so converted during the same calendar year
2 >4% in June and 2 !4 % in Dec.
except such as have been or shall be thereafter called for redemption during
that year, and subject to the further limitation that the conversion privilege
Calendar Operating
Oper. Inc.
Other
Interest,
Balance,
Year— Revenues. (after Taxes.)
Income. Rentals, &c. Sur. or Def. shall terminate as provided (below) if the prior preference stock as a whole
1923 ____ $36,687,782 $4,533,951
$211,632 $3,200,515 sur .$1,545,068 shall be called for redemption.
On all bonds to be extended as herein provided, which are now overdue
1922 ____ 32,541,904 4,489,589
189,723 3,201,503 sur. 1,477,809
or which shall hereafter fall due before this plan becomes effective, interest
1921____ 30,688,574 1,870,703
255,224
3,477,870 df. 1,351.943
will be paid at the rate of 5 % per annum from the respective maturities of
— (V. 119, p. 1509.)
said bonds until the date at which this plan shall take effect, except that on
the bonds which became due Feb. 2 1925 the interest from that date until
BOSTON & LOWELL R R .— See Boston & Maine RR.
April 1 1925, as heretofore agreed with the holders of the bonds, shall be
BOSTON AND MAINE R R .— ROAD.— The system with its many 6% per annum.
branch lines covers the territory from Boston, Mass., to Portland, Me. (two
Id) The bonds held by the United States, amounting to $48,685,479, are
lines), Springfield, Mass., Sherbrooke, Can., Rotterdam Jet. and Troy, all 6% bonds. They are due $29,298,500 on Jan. 1 1929; $5,443,979 on
N . Y ., Worcester, Mass., to Portland, M e., and most of New Hampshire.
N ov. 1 1930; $3,049,000 on Oct. 1 1931; $5,894,000 on Jan. 1 1934, and




18

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 6]

Boston & Maine— (Concluded)
Bonds of Merged Properties Assumed—
Improvement bonds s f not subject to call_____ ____ z
Bonds for improvement & ref________________ ..zc&r
Bonds gold_________ ____ __ ______ ____ _____ zc&r.
Bonds exchanged for Fitchburg stock (V 70, p 175) .z
Bonds 20-year_____________________________ ____ z
Bonds cur___ ___________________________ _zc&r
Bonds $12,000,000.. ____________ _______ ..zc&r
Portsm Gr Falls & Con 1st M assum________ ____ z
Worcester Nashua & Roch first mortgage equally!
secured ($735,000 due 1930 and $150,000 1935)zf
Bonds
Bonds
Bonds
Bonds

[V ol. 120.

E A IL W A Y STOCKS AN D BONDS

do
do
do
do

do
do
do
do

___________________
________
________
___________________
___________________

____ z
___ zc
____ z
__ zc*

Miles Date
Road Bonds

_
_

73
J47
147

_

1887
1892
1894
1900
1905
1906
1909
1877
Var.
1894
1892
1905
1906
1907
1909
1913
1916
1893
1887
’97-'98
1907
1905
1908
1912
1913
1914

Par
Value

Amount
Outstanding

$1,000 $1,919,000
1,000 &c 2.500.000
1.000 6,000,000
1.000 5,454,000
1.000
500,000
1.000&C 10,000,000
1.000&C 11.700.000
500 &c
1,000,000
1,000
885,000
1,000
380.000
1,000
1,000,000
1,000
500,000
1,000
500,000
1,000
325.000
1,000
350.000
1,000 &c
1.000,000
1,000
1.250.000
1,000
1.000.000
1,000
5.000.000
1,000 &c 4,200,000
1.000 &c
2,000,000
1,000 &c 3,660.000
2,400.000
1.000 &c
1,000 &c
1,200.000
1,000 &c
400.000
1,000 &c
1,872,000

Connecticut River bonds__________________ ___ zc
Fitchburg—© «id s to State o f Massachusetts ___ zr
Bonas ($2,750,000 are 4s of ’97)__________ ..zc&r
Bonds ________ __________________________ zc*&r
Bonds currency__________________________ _.zc*r
Bonds ______ ___________________________ ..zc&r
Bonds $1,350,000 authorized currency___ zc*&r
Bonds $450,000 authorized_______________ ____ z
Bonds ___________ ______ _______________ ____ z
Bonds of Leased Lines (Stock, see each co)1.000
Concord & Claremont (N H)— 1st mtge____ ___ zc
71 1914
Conn & Passumpsic 1st mtge $1,900,000 gold. __ zc*
110 1893
1,000
(For securities proposed to be. issued under Reorganiza tion PI an, see text.)

$5,000,000 on June 1 1935. The committee expects to make with the
Government a satisfactory arrangement with regard to these bonds.
(e) No change will be made in the provisions of the bonds held by the
public which fall due in 1933 and subsequent years.
Prior Preference Stock.
W A new class of 7% prior preference stock shall be created. The dividends
on this stock shall be cumulative, and it shall have full voting power share
for share with all other classes of stock, and shall have priority both as to
dividends and in liquidation over all other classes. It shall be callable
as a whole but not in part on any interest day after Jan. 1 1930 at 110 and
divs. but in case of any such call made on or before Jan. 1 1940, a period of
at least 90 days shall intervene between the public announcement of the
call and tbe date fixed for redemption, and during said period the bonds
which are convertible as herein provided may be converted into prior
preference stock without regard to any limitation (as set forth above).
and the stock to be called and redeemed shall include all shares issued in
exchange for bonds so converted, but in this event the conversion privilege
on all bonds not so converted within the period o f 90 days shall terminate
at the end of said period.
$13,000,000 in par value o f this stock is to be issued for cash at the
time of the reorganization to provide for improvements and additions to
the property of the railroad and shall be paid for in 5 equal semi-annual
installments, upon which until full payment is made interest shall be
allowed at the rate of 7% per annum. This present issue shall be offered
to the existing stockholders in the proportions of $12 par value of prior
preference stock for each share of 1st pref. stock now held, $15 par value
o f prior preference stock for each share of preferred stock now held, and
$20 par value o f prior preference stock for each share of common stock now
held. It is hoped that the plan may be sufficiently advanced so that the
first installment may be payable Oct. 1 1925.
Kidder, Peabody & C o., Lee, Higginson & Co. and Harris, Forbes & Co.
have been requested to form a syndicate to assist in making the plan an
assured success, and to underwrite any portion o f the prior preference
stock not taken by stockholders, under an arrangement by which the
shares now outstanding w
rhich will be forfeited by non-subscribing stock­
holders shall be utilized in whole or in part for the compensation and
protection of the underwriters.
Future issues of this class o f stock may be made from time to time for
cash, and from 1930 to 1940 additional shares shall be issued as may be
made necessary by the conversion of bonds.
Adjustment of Outstanding First Preferred Stock.
The outstanding classes A, B, C, D and E will be consolidated into one
issue o f 7% pref. stock, upon which the dividends shall be cumulative
after July 1 1927. This new stock is to be issued to the present holders of
classes A , B, C, D and E, in such amounts that each will receive the same
preferential dividends as are called for by the shares now held, that is to
«ay, for each 7 shares now held.
Class A, present rate 5% ,
will
receive 5new shares.
Class B, present rate 8 % ,
will
receive 8new shares.
Class C, present rate 7% ,
will
receive 7new shares.
Class D , present rate 10%, will receive 10 new shares.
Class E, present rate 4 )4 % , will receive 4 34 new shares.
It shall be provided, however, that present holders of 1st pref. stock of
classes A and E who do not subscribe to their share o f the new prior pref.
stock shall receive new shares at the above rates for only 85% of their
present holdings, that present holders of classes B and C who so fail to
subscribe shall receive new shares at the above rates for only 90% of their
present holdings, and that present holders of class D who so fail to sub­
scribe shall receive new shares at the above rate for only 92% o f thenpresent holdings.
This new 7% preferred stock, unlike the outstanding 1st pref. stock,
shall be preferred over the common stock not only as to dividends, but
also in liquidation to the extent o f $100 per share.
It shall also be provided that if in any calendar year dividends equal to
6% in all shall have been paid on the common stock, then an amount equal
to one-half of any remaining balance o f net earnings or surplus which in
the opinion of the directors may properly be distributed as dividends during
that year shall be applied pro rata to the payment of the dividends accumu­
lated and unpaid up to and including July 1 1925, on the outstanding
classes A, B, C, D and E, this provision to remain in force until 50 cents
on the dollar has been so paid in all upon said dividends accumulated and
unpaid, but not longer.
Adjustment of Outstanding 6% Non-Cumulative Preferred Stock.
The 6% non-cumulative preferred stock will be abolished. Holders of
this class of stock now outstanding who subscribe for their share of the
new prior preference stock as above stated shall receive in common stock
115% o f their present holdings o f the preferred stock, but such holders
who fail to so subscribe shall receive in common stock only 85% of their
present holdings.
Adjustment of Outstanding Common Stock.
Holders o f outstanding common stock who subscribe to their share of
the new prior preference stock as above stated shall receive the same
amount of common stock which they now hold, but such holders who fail
to so subscribe shall receive in new stock only 60% o f their present holdings.
General Readjustment Committee.— Charles Francis Adams (representing
the voting trustees), E. B. Carney (Treas. Lowell Institution for Savings),
Lowell, Mass.; William Endicott (Kidder, Peabody & C o.), Reginald Foster
(V.-Pres. New England Mutual Life Insurance C o.), George A . Gaskill
(Pres. Peoples Savings Bank), Worcester, Mass.; F. L. Higginson Jr.
(Lee, Higginson & C o.), W . Rodman Peabody (Chairman), James H.
Hustis, Homer Loring, Harry G. Stoddard (the last four representing
directors o f B. & M . R R .), John R . Macomber (Harris, Forbes & C o.),
Edward Milligan (Pres. Phoenix Insurance C o.), Hartford, Conn.; Walter
M . Parker (Treas. Manchester Savings Bank), Manchester, N . H.; James
L . Richards (director N . Y . N . H. & H. R R .), Ex-Gov. Rolland H. Spauld­
ing (Rochester, N . H .).— V. 120, p. 1876.
C A PIT A L STOCK.— The Boston R R . Holding Co. held $21,918,900
common and $654,300 preferred stock, and this was ordered by the Court to
be sold by Oct. 1 1923. V. 108, p. 2122. The Court, on June 4 1923,
modified the decree o f Oct. 17 1914, the modification restoring to the




500,000
1,900,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

F & A Feb 1 1937
4
F & A Aug 1 1942
4
J Jan 1 1944
4)4 g J
3 g J & JJul 1 1950
334 F & A Feb 2 1925
M & S Sept 1 1926
4
4)4 A & O A pr i 1929
4)4 .1 & D June 1 1937
J & J Jan 1 1930&’35
4
A & O Oct 1 1934
4
A
O Apr 1 1932
4
S Sept 1 1925
3)4 M
M & N Nov 1 1926
4
J & J July 1 1927
4
A & O Apr 1 1929
4
F & A Feb 1 1933
4)4
M
5
1936
M & S Sept 1 1943
4g
M & N Feb 1 1937
4
Various 1927 1928
4
A & O Apr 1 1927
4
-V & N M3511 1925
I
4
4)4 M & N May 1 1928
J & J.Tan 1 1932
4)4
4)4 J & J Jan I 1933
J & J Jan 1 1934
5
5
4g

J
A

&
&

J Jan 1 1944
O Apr 1 1943

Company’s office. Boston
do
do
do
do
do
do
do
do
do
do
do
do
Second Nat Bk, Boston
Amer Trust Co, Bost-n
do
do
Merch Nat Bk. Boston
do
do
do
do
do
do
do
do
do
do
At company’s office
do
do
do
QO
do
do
Office, Fltchb R R , Bost
do
do
do
do
do
do
do
do
Met Trust Co, Boston
Safe Dep & Tr Co, Bos

New Haven its investment in the B. & M . V. 116, p. 2635. Voting trust
agreement, V. 116, p. 1176, 2515. Suit by Stockholders’ Protective
Association, V. 119, p. 692.
BONDS.— In exchange for the $19,879,000 advanced by the Government
the company issued $17,606 000 5% bonds payable July 1 1920 and $2,273,000 6% bonds payable Jan 1 1929. The 5% bonds due July 1 1920 were
refunded by a like amount of 6% bonds payable Jan. 1 1929, purchased
by the Director General of Railroads
The new 1st & ref mtge secure* all of the consolidated company’sbonds
equally with the bonds given to the Government, and will cover all the
property owned or hereafter acquired, subject only to the following divi­
sional mortgage bonds: Portsmouth Great Palls & Conway R R ., due
June 1 1937, $1,000,000; Worcester Nashua & Rochester RR , $1,265,000
($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.
Wassawippi V alley.
400.000 6
Vermont & M ass._$3,193.000
6
New Boston RK____ $60,000
4
Troy & Bennington. 150.800 10
Nashua & Lowell___ 800.000 9
Con & Portsmouth.
350,000 7
Stony Brook________ 300,000 7
Pemigewasset Valley 503,400. 6
Wilton R R .............. 240,000
814 Concord & Clarem't
400,700 0
Peterborough R R ____ 35l ,900 4
Franklin & T ilto n ..
132,800 0
Northern R R _______ 3,068,400 6
Peterb & HilHboro.
None 0
Conn. & Passumpsic 2,500,000 6
Newport & Richford
None 0
Boston & Maine guarantees $1,328,000 1st 5s of St Johnsbury & Lake
Ohamplain. Jointly with Maine Central 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 Lusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Stockholders' suits, V. I l l , p. 73. 188, 692. 895; V. 112, p. 561. Govt,
loan, V. 111. p. 791: V. 112, p. 160, 2747; V. 113, p. 1052; V . 114, p. 408,
1405; V. 117, p. 2541.
DIVS.— f’93. ’94-'98. ’99. ’00-’07. ’08. '09. ’ 10. ’ l l . '12. ’ 13. None
Com. ( % ) .{ 8
6 yly. 614 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. I l l , p. 2323.
R E PO RT.— For 1924, in V. 120, p. 1737, showed;
iqoq
iq oo
1Q91
Operating Revenues—
1924.
Freight________________ $47,944,422 $53,409,041 $48,264,270 $47,660,728
Passenger______________ 21,309,338 23,022,484 22,556.263 23,622,145
M a il---------------------------- 1,286,138
913,946
995,029
949,172
Express________________ 2,804,753
3,122.184
2,919.859
1,571.474
O th er_________________ 5,352,647
5,843,285
4,984,664
4,486,231
Total oper. revenues._$78,697,298 $86,310,941 $79,720,084 $78,289,750
Operating Expenses—
Maint. of way & struc..$10.076,152 $11,546,362 $11,136,236 $13,021,679
Maint. of equipm ent-.- 16,289,365 19,489,240 16,093,525 15,920,613
T ra ffic -----------------------694,260
659,348
658,822
710,784
Transportation________ 33,828,789 40,705,825 36,519,361 40,968,463
Miscellaneous operations
273,641
300,491
338,140
310,780
General________________ 2,750,349
2,574,326
2,418,510
2,901,153
Total oper. expenses..$63,912,556 $75,275,588 $67,164,593 $73,833,472
Net operating revenue..$14,784,742 $11,035,353 $12,555,492 $4,456,278
Tax accruals__________ $3,040,802
$2,935,235 $2,571,276 $2,668,423
Uncollectible revenues..
11,948
4,428
5,365
7,326
Operating income____$11,731,992
Other income__________
1,116,486
Adjustment (see note A)
______

$8,095,690
1,351,001
H r.89,070

$9,978,851
1,431,469
Hr.98,430

$1,780,529
1,655,742
735,665

Gross income________ $12,848,478 $9,357,621 $11,311,890 $4,171,936
Deductions__
Hire of freight cars (net) $2,592,303 $4,853,576 $3,740,761 $3,193,312
Rent for leased r o a d s ...
925,523
902,363
920,376
923,181
Interest and discount-. .
6,733,724 6,319,301
6,038,772 6,066,567
Other deductions______
824,191
773,451
583,990
601,297
Total deductions_____$11,075,741 $12,848,691 $11,283,899 $10,784,357
Net income------------------- $l,772,737df$3,491,070
$27,991 df$6,612,421
Inc. app. to sink, funds.
$147,560
$271,714
$239,620$205,836
yA dd’ns & betterments716,200 . 657,450
504,617548,979
Dividends______________
______
______
______
______
Total appropriations.
$863,760
$929,164
$744,237
$754,815
Balance, surplus_______
$908,977df$4,420,234 def$716,246df$7,367,236
Note A . — “ For the years 1918 to 1923 inclusive the corporate and Fed­
eral income accounts are combined, and in order that balances carried to
profit and loss may agree with corporate accounts, an adjustment is made
eliminating Federal income transactions and clearance accounts, ‘ Revenues
and expenses prior to Jan. 1 1918.’ ”
y Equipment trust installments.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— James H. Hustis, Pres.; H. R . Wheeler, Treas.; A . B.
Nichols, Clerk.
D IR E C TO RS.— Frank D . True, Charles W . Bosworth, Frank P.
Carpenter, Edward Lovering, James Duncan Upham, J. H. Hustis, Richard
Billings, H. H. Dudley, Geo. von L. Meyer, Alba M . Ide, W . M . Parker,
Harry G. Stoddard, E. M . Hopkins, Wm. D. Woolson, George L. Batchelder, William B. Skelton, T . Jefferson Coolidge, Louis K. Liggett, Homer
Loring, W . Rodman Peabody and Thomas Nelson Perkins.— (V. 120.
p. 2546.)

May, 1925.]




RAILW AY STOCKS AND BONDS

19

20

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

B oston & Providence— Stock 10% gu 99 yrs Old Col
Gold d e b e n tu r e s .._______ _ ____________ OByc
B oston RR H olding Co— Pf stk 4% cum red HO.zgu
B oston Revere Beach & Lynn— Stock $850,000----- z
1st M (V 65,p 68: V 83,p 379) $1,000,000 g SBzc*&r
B oston Term inal Co— 1st mtge currency..OB.zc&r
Boyne City Gaylord & Alpena— 1st M $800,000—
Brinson Ry— See Savannah & Northwestern RR.
Brownsville & Matam Bridge Co— 1st M g gu.SSt.x
Gold bonds $100,000 guar jointly____________ N.x
BuffaloC r— C on(nowlst)M $l ,000,000g int as rent c*x
1st ref M total auth $5,000,000 g red 105_ Usm.x
_
B uffalo New York & Erie— See Erie R R .
B uffalo R ochester & Pittsb— Common stock— Tr
Pref stock non-cum common 6% then pro rata_.Tr
B R & P 1st gen mtge ($10,000,000) gold..U n.zc*
Line P & Chari 1st M gold guar_________ Un.zc*
B R & P consol mtge g $35,000,000 auth .Ce.xc*&r
Equip bonds G $3,000,000 gold sinking fund.G .xc*
do
H gold $125,000 due yearly text_ G.xc*
_
do
J gold (no “ I” ) $50,000 due s-an_.Gk.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______ . Gk.c*
B uffalo & Susq RR Corp— Common stock _ ------Preferred stock 4% cumulative .
_________ ____
First mortgage $10,000,000 gold____________ Eq.x

Miles Date
Road Bonds

63

Par
Value

Amount
Outstanding

$100 $4,000,000
1,000
2,170,000
100 27,293,900
100
850,000
13.12 1897
1,000
1,000,000
1897 1,000 &c 14,500,000
100
10S 1917
800,000
1923

1910
6 1911
6 1891
1910

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

290,000
90.000
1,000,000
2,000,000

Rate
%

When
Payable

10
5g J
4
J
6
4H g J
3X
J
5
5g
4
5g
5g

____
100 10,500.000 See text
100 6,000,000
6
1,000 4,427,000
273 1887
5g
1,000
10 1889
350,000
5g
370 1907 1,000 &c 25,578,000
g
1,000
1909
830,000
4g
1,000
1913
625 000
5g
1,000
1917
850.000
5g
1,000
1918
6-0.000
6g
1,000
1920
1.336,000
6g
1,000
1923
1.664.000
5g
____
100 3,000,000 See text
100 4,000.000
4
100 &c 4,891,600
4g

J
M
J
J
F
F
M
.1

[V ol. 120,
Last Dividend
and Maturity

Q— J Apr I 1925 2H
S J 1938
c
& J10 Jan 101925 2%
0 — .1 Apr 1 1925 1)4
& J15 July 15 1927
Text
Feb 1 1947
& J Jan 1 1937
&
&
&
&

J Jan
S Sept
J Jan
J Jan

1
1
1
1

i930
1931
1941
1961

& A Aug 151924 2%
& A Feb 16 1925 3%
& S Sept 1 1937
& J Jan 1 1939
S N M ay 1 1957
c
A & O Oct 1 1929
.1 & J Jan'26 to Jan’30
A & O O c t ‘25toO ct'33
F & A Aug'25toAug'33
J & .1 Jan ’26-Jan '35
J S D June ’26 to '38
c
0 —IV 31 Mar 311925 1 X
J &D30 Dec 30 24 2%
J & J Dec 30 1963

Places Where Interest and
Dividends Are Payable

Treasurer’s office, Bost
See text
Office, or checks mailed
State St Trust Co, Bost
Merch Nat Bank, Boston
Grand Rap, M ich, Tr Co
St Louis Union Trust Oo
New Y ors Trust Co
U S Mtge & Tr Co, N Y
do
do
36 Wall St, New York
do
do
do
do
de
do
do
do
do
do
do
do
do
do
do
do
Guaranty Trust C o.. N Y
New York
By treas’s. check on N Y
do
do
E B Smith & C o, N Y

BOSTON & PROVIDENCE R R .— Owns Boston, Mass., to Providence, Mtge.) to the Mahoning Investment Co. in consideration of $4,125,000
R . I., 43 miles; branches, 20 miles. Leased 99 years April 1 18S8 to Old of its stock, which was then distributed pro rata among holders o f R y.
Colony R R .; rental 10% yearly on stock, lease being modified in 1912. com. and pref. stock. V. 83, p. 1468; V. 85, p. 414, 415. For bonds o f
V. 95, p. 235. The New York N . H. & Hartford on Dec. 31 1924 owned these coal companies see “ Industrial Companues.” Allegheny & Western
Ry. and Clearfield & Mahoning R y. securities are guaranteed.
$524,600 stock. The company issued in M ay 1923 $2,170,000 15-year 5%
gold debentures to refund the 6s due July 1 1923. Endorsed on the bond DIVS. I ’06. ’07. 08. ’09. 10. 11. '12. 13. 14 15. 16 .1 7 . 18.” 19-24.
4H 4
4
5 5)4 6
5 4
5
6
5 4 yearlv.
and signed both by lessee and lessor is a statement to the effect that the Cm % ' 8
The directors on Jan. 30 1925 took no action on the regular semi-annual
bonds are issued under provisions o f lease o f 1888. Interest payable at
Old Colony Trust Co., Boston. The company in April 1923 applied tp the dividend o f 2% usually paid Feb. 15 on the common stock.
BONDS, &C.— General 5s $5,573,000 reserved for prior bonds, &c.
I.-S. C. Commission for authority to issue $2,710,000 of 5% 15-Year De­
The 50-year Consols ($35,000,000 authorized) are to bear not over 4)4 %
benture bonds with which to refund these bonds.— (V. 116, p. 2255.)
BOSTON RAILROAD HOLDING CO.— lncortx rat id in Massachusetts int. $3,000,000 were issuable at once, $18,145,000 to retire underlying
June 18 1909 under special Act with power to hold securities of Boston & obligations at or before maturity and the remainder for future requirements.
Maine. The N. Y. N . H. & Hartford transferred its holdings of $27,- On Dec. 31 1924 $25,578,000 were outstanding in hands o f public and
600,400 pref. and com. stock to trustees appointed by the U. S. District $2,350,000 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;
Court, and as guarantor paid pref divs. which Co. could not meet
Owned $21,918,900 common and $654,300 pref. stock o f the Boston & V. 100, p. 228; V. 113, p. 2718.
Equipment Bonds.— Series F were redeemed at par and interest on Oct. 1
Maine, for which was issued $27,293,900 non-voting 4% cum. pref. stock
1924. Series G have an annual 6% sinking fund to retire bonds at par; if
redeemable at 110, guar., prin. & divs., by endorsement by the N. Y . N. H
not purchasable, bonds to be drawn by lot. V. 89, p. 468; V. 91, p. 400;
& H. R R . Co. The latter company also owns the entire $3,106,500 com
V. 93, p. 1785, 939; V. 94, p. 122; V. 97, p. 364. Series H, V. 97, p. 1582;
stock o f the Boston R R . Holding Co. V. 93, p. 870, 1461; V. 94, p. 205
V. 98, p. 1459. Series J, V. 105, p. 388, 605.
(No Series I.) Series K ,
V. 95. p 968
In March 1914, under order o f court to divorce the system, the B. & M . V. 107, p. 1099, 2375. Series No. 10 are redeemable at 103 and interest.
stock was transferred to five trustees, viz.: George W . Anderson and V. 113, p. 1469. Series L, V. 116, p. 933.
Equipment trusts issued to Director-General for rolling stock allocated
James L. Doherty o f Springfield, Mass.; Henry P. Day and Charles P.
Hall o f Boston: Frank P. Carpenter o f Manchester, N . H ., with orders to to this company. See article on page 3.
Government loan. V . i n , p. 791: V. 112 p 161
sell the same on or before Feb. 1 1909, but the U. S. Dist. Court extended
R E PO RT.— For 1924, in V. 120, p. 1320, showed:
order to Oct. 1 1923. In accordance with the decision of the U. S. Court
1924
1923
1922
1921
for the Southern District o f New York modifying the New Haven dissolu­
tion decree (V. 116, p. 2637), the trusteeship of New Haven’s Boston & Freight revenue_________$13,575,578 $19,310,382 $14,366,438 $11,928,152
1,628,372
1,762,856
1,652,355 1,794,927
Maine stock has been dissolved and Boston Railroad Holding Co. stock was Passenger revenue_____
Other transportation___
643,698
662,235
588,521
504,869
returned to the New Haven June 14 1923.— (V. 117, p. 2108.)
104,205
289,178
139,192
134,459
BOSTON REVERE BEACH & LYNN RR. CO.— Owns narrow-gauge In cid en ta l..............
road from Lynn to East Boston, Mass,. 9 miles, connecting with Boston by
Total oper. revenue. .$15,951,853 $22,024,651 $16,746,506 $14,362,407
company’s ferryboats; East Boston to Winthrop, 9 miles; also Winthrop to
Maintenance of way____$1,713,591
$3,913,515 $2,391,728 $1,974,309
Point Shirley, 1 mile. V. 94. p. 982; V. 95, p. 1121. 1402.
4,683,447 7,079,623 6,550,106
4,908,568
DIVS.—
f ’97-’05. ’06. ’07. ’08-T0. ’ l l . ’ 12-T9. ’20. ’21. '22. ’ 23. ’ 24. Maint. o f equipm ent-..
T raffic________________
307,580
309,012
23,7294
215,079
Per cent - -.--I 2 yrly. 4
5 6 yrly. 6 6 yrly. 3
2H 6
6
Transportation________
6,240,218
8,433,139 6,710,688
6,223,691
Paid in 1925: Jan. 2, 1M%\ April 1, 1J*%.
Miscellaneous__________
29,568
31,968
28,214
30,120
Balance.
Yr. end.—
Gross.
Net.
Int.di.Tax. Divs. Paid.
G eneral.._____________
476,720
408,012
459,629
484,437
sur.$2,903
Dec. 31 1924-$1,515,739
$158,186 $104,283
$51,000
sur .13,346
Dec. 31 1923.$1,583,930
163,265 101,240
51,000
Total oper. expenses..$13,451,122 $20,175,269 $16,332,659 $13,836,205
sur. 17,379 Net operating revenue.. $2,500,731 $1,849,382
Dec. 31 1922.$1,519,762
143,422
93,951
34,000
$413,847
$526,202
sur. 2,026 Tax accruals & uncollec.
Dec. 31 1921. 1,606,979
103,537
101,511 ..................
407,932
401,886
371,804
340,523
— (V. 120, p. 2142.)
Operating income____$2,092,798
$1,447,496
$42,043
$185,679
BOSTON TERMINAL CO.— Owns Southern Union Depot In Boston,
618,000
1,592,104
583,134
682,193
opened in 1899. V. 68, p. 40; V. 69, p. 591. N . Y . Central (Boston & Al­ Hire o f freight cars_____
417,431
524,175
586,166
492,737
bany), Boston & Prov., Old Colony and N . Y . N. H, & Hartford R R . cos. Other income...................
own the $500,000 capital stock and pay as rental in monthly installments
Gross income_________ $3,128,230 $3,563,775 $1,211,343 $1,360,609
sums sufficient to pay all expenses, charges, interest on bonds and 4% on
$752,099
$760,164
$713,810
$718,515
stock. These companies are jointly liable for any deficiency in case of Rents--------------------------Interest------ ‘---------------- 1,727,030
1,713,965
1,681,828
1,579,453
foreclosure. Reg. int. Q.-F.; coupi, F. & A.— (V. 93, p. 1598.)
27,217
8,148
6,870
9,239
BOYNE C ITY G AYLORD & ALPENA RR.— Operates Boyne City to Miscellaneous__________
Alpena, M ich., with branches, a total of 136 miles, forming a cross-State
Surp. available for div.
$621,883 $l,081,498df$l,191,165 def$946,598
line from Lake Michigan to Lake Huron. Capital stock, authorized, Previous surplus-------------$4,277,420 $4,002,448 $6,228,881 $5,434,543
$1,000,000; outstanding, $669,300. An issue of $800,000 1st M . 20-year Adjustm ents----------------Deb.58,760Deb.26,526 Deb.255,268
Cr. 146,640
5 was sold in 1917.— (V .112, p. 743.)
Finalsettlem’t with U. S.
BRAZIL R A ILW A Y.— (V. 113, p. 2818.)
R R . Administration-_
______
______
______ Cr2,374,296
360,000
360,000
360,000
360,000
BROWNSVILLE & MATAMOROS BRIDGE CO.— Owns International Preferred divs. ( 6 % ) . . .
420,000
420,000
420,000
420,000
steel bridge over the Rio Grande River between Brownsville, Tex., and Common divs. (4 % )____
Matamoros, M ex., connecting St. Louis Brownsville & Mexico R y. (New
Profit & loss, surplus. $4,060,543 $4,277,420 $4,002,448 $6,228,881
Orleans Texas & Mexico) and National Rys. o f Mexico. Stock, $650,000,
OFFICERS.— Pres., Wm. T . Noonan, Rochester: V .-P., Adrian Iselin,
one-half (except directors’ shares) owned by each of said companies, which
Jointly guarantee both classes o f bonds. 1st M ., $333,000 auth . Year W . Emlen Roosevelt, N. Y .; Thos. F. Brennan, Rochester; Aud. & Treas.,
ended Dec. 31 1923, gross, $60,104; net, $25,573; other income, $16,706, J. F.Dinkey, Rochester; Sec. & Asst. Treas., Ernest Iselin, New York.
Directors.— Henry G Barbey, A . Iselin, William E. Iselin, J. Herbert
interest, $18,996; taxes, &c., $5,957; net income, $17,337.
See National
Johnston, C. O’D. Iselin, W . T. Noonan, George E. Roosevelt, W. Emlen
R ys., V . 94, p. 277.
Roosevelt, Ernest Iselin,
Grisch,
BUFFALO CREEK R R .— Owns 6 miles of terminal road In Buffalo, N. ton, Hamilton F. Kean. O’ Donnell Iselin, Oscar Y ., and Samuel Woolver36 Wall St., New
Y . In Dec. 1889 leased for term o f charter less one day to the Lehigh Valley York.— (V. 120, p. 2265.) Offices, Rochester, N .
and the Erie R R ., which together own entire capital stock o f $250,000.
BUFFALO & SUSQUEHANNA R
R ATIO N .—
Rental is int. on bonds, 7% -on stock and organ, expenses. First ref. bonds Owns from Sagamore, Pa., to Wellsville, AILROAD CORPO branch lines
N.
are issuable to retire old 5s. V. 108, p. 1610; V. 118, p. 1664. Pres., C. A. incl. 15.44 m. trackage. Total mileage Dec.Y ., with several
31 1924, 253.54. Incorp. in
Brunn, Buffalo, N . Y .; V .-P., F. H Silvernail, N . Y .; Sec. & Treas., E. A.
Pennsylvania and succeeded Dec. 31 1913, per plan in V. 98, p. 1503, the
Albright. N .Y .— (V. 118. p. 3075 )
B. & S. RR., foreclosed Dec. 5 1913. V. 97, p. 1582; V. 93, p. 1596. For
BUFFALO ROCHESTER & PITTSBU RGH RAILW AY CO.—
see
(See M ap.).— Operates from Buffalo and Rochester, N. Y ., to bituminous description of property Jet. V. 108, p. 1828, 1830; . V. 100. p. 1007, 980.
Connects at Driftwood
with Pennsylvania R R for Buffalo.
coal regions.
Tentative valuation as of June 30 1919, $9,845,905.
Lines owned in fee—
Miles. Penn. R R .— Penn. R R . Jet. to
STOCK.— Authorized (par $100), common, $3,000,000; 4% pref. (p. &
Shuman Run Y , Pa____________20 d.), cumulative after Jan. 1 1915, $4,000,000. Listed on N. Y . Stock
Buffalo Creek, N . Y ., to M t.
Jewett, Pa____________________ 98 Other__________________________ 9 Exchange. Voting trust expired Jan. 1 1924.
Leased— Stock not owned—
Clarion Jet. to Lindsey, Pa_____59
Dividends—
1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Rochester to Ashford, N . Y _____94 Allegheny & Western— a
On common stock. 5
7
7
7
10
7
17
17
9>£
Punxsutawney to Butler, Pa.;
Branches_______________________ 119
On pref. stock in full to date. On common in 1925: Mar. 31, 1M % .
Trackage—
Miles
&c------------------------------------------- 63
BONDS.— The 1st mtge. bonds ($10,000,000 auth.) are secured on the en­
Erie— M t. Jewett to Clarion Jet- 20 Clearfield & Mahoning— a
tire property and further by deposits of mortgages aggregating $767,291
Clearfield to Beech Creek R R _26
B.&O.— Butler, Pa.,to Pittsburgh 41
on coal lands of the Powhatan Coal & Coke Co. and of a mtge. for
2 $1,000,000 on the properties of the Buffalo & Susquehanna Coal & Coke
Ribold Jet. to New Castle____33 Mahoning Valley R R ___________
Willow Grove to Pittsburgh, P a. 7
Co. and of all the stock of the Addison & Susquehanna R R . and all the
Total Dec. 31 1924 (a See separate statement for this company)-_590 stock and bonds of the Wellsville Coudersport & Pine Creek R R . and of all
Proposed Lease.— The directors have approved a proposal to lease the the stock of the Keystone Store Co. V . 73, p. 619, 899; V. 84, p. 748.
property to the Delaware & Hudson Co. for 999 years. The proposal pro­
Of the bonds, $6,959,000 have been issued. The remaining $3,041,000
vides for a rental sufficient to pay 6% net annual dividends on the $6,000,000 bonds, or any of them, may bear not to exceed 5% interest and can be issued
outstanding pref. and $10,500,000 outstanding com. stocks, the payment only for additions, extensions, improvements, acquisitions of property or
o f all fixed charges and assumption o f its maturing obligations.
acquiring or discharging liens on property of corporations in which 90% of
NtORG.— Successor 1887 o f Roch. & Pittsb., foreclosed, plan V. 41, p. 516
stoc«c is owned. Sinking fund for redemption of bonds at not to exceed par
The entire capital stock ($4,000,000) o f the Rochester & Pittsburgh Coal and int., $50,000 per ann. for 35 years; also all sums in excess of $50,000 per
S Iron Co. (Y. 66, p. 1088), carrying control o f the Jefferson & Clearfield ann. received on account o f principal of any mortgages held as collateral
c
Coal S Iron C o., was transferred in 1906 (subject to the lien o f the General under such mortgage and any further payments authorized in case of issue
c




M at , 1925.]

21

R A IL W A Y STOCKS ANT) BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Bull Frog & G oldfield— First mortgage bonds..
1920
A & o Oct 1 1928
$148,000
5
B urlington Cedar Rapids & Nor— See Chicago R ock Is] and & Pacific R y
B urlington & Missouri Valley— See Chicago Burl’to n & Q uincy
B utte A & P— 1st M g g u sink fund call 105.yc*&r*
$1,000 2,574,000
F & A Feb 1 1944
151 1914
5g
Cairo & T hebes RR— First mortgage____________ x
M & S Mar 1 1961
1,000 1,699,000
25 1911
4
Calgary & Edm onton— See Canadian Pacific Ry.
Cal W RR & N— New mortgage $750,000__________
52 1914
6
A & o Oct 1 1934
615,000
Cambria & C learfield— See Pennsylvania RR.
Cambria & Indiana RR— IstM gred 102)4 .GPxc*&r
26 1911
1,000
541,000
5 g M & N M a y l 1936
General mtge Series A red 102)4______ GPk.xxxc*
1919
1,000 See text
F & A Aug 1 1944
6g
Camden & B urlington C oun ty— Stock 6% guar.
38
25
fe
J < J Jan 1925
3%
492,575
6
First M g gu p & i by Un N J RR & Can C o.G P .xc*
30 1897
1,000
F & A Feb 1 1927
350,000
4g
Canada A tlantic— See Grand Trunk R y.
Canada & G u lf Term ’ l Ry— 1st M $1,140,000 gold
1,000 1,140,000
5 g J & J Jan 2 1940
3834 1920
__
Canada Southern— Stock_________________________
100 15,000,000
F & A Feb 2 1925 134
3
Cons guar gold bonds (1st M on main line) .G.zc*&r*
380 1912 1,000 &c 22,500,000
5 g A *5 <) Oct 1 1962
Leamington & St Clair 1st M g gu p & i (end)_ zc*
_
14 1895
1,000
130,000
4 g A & O Oct 1 1945
C anadian Nat Rys— S F equip tr ctf (text) .GPxxxc*
1920
1,000 14,000,000
M & N M a y l 1935
7g
1923 500*1,000 20,250,000
Serial equipment bonds due $750,000 s a ________ c*
F & A Aug '25-Aug ’ 38
5
30-year guaranteed bonds____________________ c*&r
1924 500&1000 50,000,000
F
A Feb 1 1954
5
_ 1924
do
do
red (text)_______________________ c*
1,000 26,000,000
414 g M & S Sept 15 1954
5-year guaranteed gold bonds__________________ c*
1,000 18,000,000
1925
4)4 g F & A 15 Feb 15 1930
10-year guaranteed gold bonds__________________ c*
1925
1,000 17,000,000
434 g F & A 15 Feb 15 1935
3-year gold notes_______________________________ c*
1S24
1,000
,T
1 1927
_ 1924 500-1000 20,000,000 4 g g J & ,TJulyJuly 1 1939
Equip trust cert Ser “ H ” due $625,000 ann___ G.c*
8,750,000
< J To
fe
434
C anadian N orthern— Stock $125,000,000_____
100 100,000,600 All owne d by the Canadian Gove
Funded debt, see following page

o f further bonds or otherwise. Bonds retired through operation of the
sinking fund to be held alive. T o M a y l 1925, $1.698,900 had been retired,
while $368,500 were held in treasury and $4,891,600 were outstanding,
V. 97, p. 1503; V. 98, p. 1765; V. 100, p. 980, 1006; V. 108, p. 2329, 2240.
BUFFALO & SUSQUEHANNA COAL & COKE C O — This company
the $1,000,000 5% M . bonds o f which are owned by the B. & S. 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 & COKE CO.— This company, all o f whose bonds
are owned by the B. & S. RR. Corp., owns coal lands at Tyler and at
Sykes. Its coking plants have a capacity of 1,800 tons o f coke daily.
Keystone Store Co., stock $50,000, all owned by R R . Corp
RE PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
Total operating revenues___
__ _ __ ________ $1,914,201 $2,780,877
Operating expenses
__ ._ . . _ _.
2,652,044
________ 1,941,347
Taxes, & c .. _ _
_
_
_
__
. _ ________
147,991
43,882
Hire o f equipment— Cr
- _ _ _______ ________
_
610,307
363,640
Joint facility rents, &c.— Dr
_ _ . .________
26,450
26,473
Net railway operating income_ __
_
________
Dividend income.
_
_
_
________
Interest on securities, &c
_ _
___ ________
M iscellaneous..
_ ..
________

$266,139
85,105
178,824
1,285

$564,699
308.909
208,033
560

Gross income. __ __ _____ ________ ________
Bond interest
_
_
________
Sinking fund. . _
. ________
________
Miscellaneous._ _________
______ __
________

$531,353
$200,546
63,074
11,877

$1,082,201
$218,683
44,947
10,652

Total deductions . . . . _ __
_
________
$275,497
$274,282
Surplus for year
_
_ ____ . . .
_
807,91q
-----------255,856
Dividends paid . . .
_
. . . .
________
445,000
670,00q
For total earnings see “ Railway Earnings Section” (issued monthly).
DIRECTO RS— E. R . Darlow (Pres.), A. A. Jackson, P. G. Bartlett,
Herbert H. Dean, J. S. Farlee, James R . M cKee, Carlton M . Smith,
Charlton Yarnall, Albert L. Smith, J. Rutherford McAllister and D. B.
Wentz: Gen. M gr., A. M . Darlow; Sec.-Treas., F. E. Hall; Gen. Aud.,
T. J. Elmer, 986 Ellicott Sq., Buffalo.— (V. 119, p. 1171.)
BULL FROG-GOLDFIELD R R .— Beatty, N ev., to Goldfield, Nev., 80
miles. In June 1914 control was obtained by Las Vegas & Tonopah R R .,
duplicate lines being abandoned, but in 1918 that company went out of
business and this road has since been operated in connection with Tonopah
& Tidewater RR. and Death Valley R R . V. 99, p. 1536. During the latter
part o f 1919 Messrs. Althause and La Grange purchased a majority of the
$1,628,463 outstanding stock, and in the spring o f 1920 announced that they
proposed to scrap the road, pay o ff the bonds and divide the remainder of
the proceeds among the stockholders. Opposition to this plan developed,
and Tonopah & Tidewater R R . 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. C. Baker, Pres.; O. B.
Zabriskie, V.-P & Treas.; N . 8. Miller, Sec., 523 Pacific Electric Bldg..
Los Angeles, Calif.— (V. 113. p. 1052.)
BUTTE ANACONDA & PACIFIC R Y — Owns Butte to Anaconda.
M ont., and west to Southern Cross, 47 miles; spurs, 33 m.; 2d track, 2 m.;
sidings, 65 m.; total. 150 m.; also leases Stuart to Anaconda, 9 m .: sidings,
5 m .; total, 165 miles, o f 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 )4 % ; 1915, 6% ; 1916, 1917 & 1918, 12%; 1919, 6% ; 1920-24, none.
Bonds ($5,O0O,000 auth. issue), o f which $2,574,000 are outstanding, are
guar., p. & i., by Anaconda Copper Mining Co. V, 98, p. 837. For year
ending Dec. 31 1924, gross, $1,723,291; net, $301,704; charges, $162,741;
bal., $140,830.— V. 120, p. 827.
C AIRO & THEBES R R .— Owns Cairo, 111., to the bridge across the
Mississippi River at Thebes, til., 25 miles. Leased to St. L. I. M . & So. Ry.
(now M o. Pac. R R .) for 99 years from Mar. 1 1911, rental covering int. on
an authorized issue o f $2,000,000 4% bonds, o f which $1,699,000 are issued
and outstanding, all owned by L. & N. V. 95. p. 1121. Columbia Trust
Co. o f Louisville, K y., trustee. Stock (all owned by M o. Pac. R R . C o.),
$10,000; par, $100. Pres., L. W . Baldwin; Treas., F. M . Hickman; Sec.,
F. W . Irland, St. Louis.— (V. 95, p. 1121.)
C A LG AR Y & EDMONTON R Y .— Owns Calgary Jet., Canada, to
Edmonton, Canada, 192.8 miles, and to Fort McLeod, Canada, 107 miles;
Wetaskiwin to Hardisty, 100.2 m.; Lacombe to Kerrobert, 223.1 m .; total,
623.4 miles. V. 93, p. 1785; V. 94. p. 910.
In 1903 re-leased to Canadian Pacific (which owns entire $1,000,000 stock
and $5,900,000 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
Into. V. 76, p. 434; V. 77. p. 1224; V. 80, p. 116.— (V. 94, p. 910.)
CALIFORNIA-W ESTERN RR. & NAVIGATION CO.— Owns Fo
Bragg. Cal., to Willits, 50.66 miles. Stock issued, $1,000,000; par, $100,
Divs. paid year 1909, 2 )4 % ; 1910, 1)4% ; 1911, 10%; 1912, 10%; 1913-14,
none; 1916, 6% ; 1917, 2 )4 % ; 1918, 7 )4 % ; 1919, 1 X % ; 1924, 234% (paid
from surplus). Bonds are guar. p. & i., by Union Lumber Co. V. 99,
p. 894, 1213; V. 100, p. 1436. Year ending Dec. 31 1924, gross, $260,691;
net, after taxes, $27,816; other income, $39,645; deductions, $42,623;
dividends (2 )4 % ). $25,000; bal. def., $162.— (V. 100, p. 1436.)




Guaranty T r Co, N Y
See text
Anglo-Cal Tr Co, San Fr
Girard Trust Co, Phila
Broad St Station, Phila
do
do
Royal Tr Co, Montreal
Grand Cent Term, N Y
do
do
Agts Bk of Montreal, N Y
Girard Trust Co, Phila
Montreal, Tor.or Ottawa
Ottawa, Halifax, &c.
Agts Bk o f Montreal ,NY
(N Y , Toronto, M on1 treal and Ottawa
Agts Bk of Montreal, N Y
Guaranty Trust C o , N Y
rament

CAMBRIA & INDIANA R R .— Colver to Manver, Pa., 18.70 m.; D o b ;
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. Stock, $1,500,000. Bonds, $900,000 authorized and issued; sinking fund, 2c. per gross
ton on coal originating on the line; minimum, $16,000.
Authorized issue of 1st M . 5s of 1911, $900,000, of which on Dec. 31
1924 $900,000 had been issued, and o f these $359,000 had been retired;
$75,000 held in treasury.
Gen. M . bonds, 6% Series “ A ,” auth., $4,000,000; nominal date o f Issue,
Aug. 1 1919; date of maturity, Aug. 1 1944', of which par value outstanding
as of Dec. 31 1921 is $1,639,000. 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 34s, due ann. to Dec. 1 1931.
In April 1923 sold $1,700,000 Series “ G ” 5 34s, due ann. to M ay 1 1938,
of which par value outstanding as of Dec. 31 1924 was $1,587,000.
EARN ING S.— 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. 1086).
EARNINGS.— For cal. year 1923, gross, $1,221,043; net oper. deficit,
$183,234; other income, $815,716; int., rentals, &c., $268,122; bal., sur.,
$364,360.
Pres., C. E. Sprout; Sec., S. B. Wixom; Treas., L. G. Ball. Office,
260 S. Broad St., Philadelphia, Pa.
CAMDEN & BURLINGTON COUNTY R Y .— Owns from Pavonia.
N. J., to Pemberton, N. J., 22.34 miles; branch, Burlington, N . J., to M t.
Holly, 7.12 m.; connection with P. & A. RR. at Birmingham, N. J., 0.12
m.; other branches, 8.82 m.; total, 38.40 m. Organized in 1915 as a con­
solidation. Auth. capital stoci, $800,000. V 101, p. 46, 1092; V. 102.
p. 65. Operated under lease by Penn. R R ., which guarantees 6% on stock.
— (V. 101, p. 46, 1092.)
CAMPBELL'S CREEK R R .— (V. 117, p. 2541.)
CANADA & GULF TERMINAL R Y .— Owns Ste. Fa vie to Hammermlll,
Que., 3834 miles. Stock authorized, $4,000,000; par, $100. Bonds, see
table. For 1924, gross, $102,759; net, $18,248; int., rentals, &c., $124,495;
bal., def., $72,817.
Pres., M . J. O’ Brien, Ottawa, Ont.; V.-Pres., J. A .
O’Brien, Ottawa. Ont.; Sec.-Treas., E. M . Hoctor, Montreal, Que.
)
CANADA SOUTHERN R Y .— (See Maps New York Central Lines.)—
ROAD.— Main line from Suspension Bridge station, including the Cantilever
Bridge, to Windsor, Ont., 226 m.; branches to Courtright, One., &c., and
controlled lines, 154 m.; total, 380 m.; Canada So. Bridge, 234 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 and 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 $40,006,000 50-year bonds;
remaining $17,500,000 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 1923, gross. $24,075,645; net
oper. income, $8,139,261; other income, $421,382; interest, rentals, &c.,
$5,339,226; divs., $450,000; bal., sur., $2,771,417.— (V. 116, p. 2636.)
CANADIAN NATIONAL R A ILW A YS.— (See M ap.)— In 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 R y. of Canada, the result being a new company with
the name “ Canadian National Ry. C o.” 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 R y. Co. all the capital
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 R y. Co. This amount repre­
sented the previously outstanding capital stock of the Grand Trunk C o.,
there being no capital stock outstanding of the previous Canadian National
Rys. Co. The Canadian National Rys. now operates about 22,000 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.
In May 1920 Wm. A. Read & C o., New York, offered $15,000,000 7%
equipment trust gold certificates, dated M ay, 1920, and due M ay 1 1935.
Semi-annual payments of $500,000 each beginning Nov. 1 1920 must
be used by the trustee to purchase certificates at or under par, if obtainable.
At the end of each six months any unexpended balance must be used at the
direction of the railway to purchase either certificates or Canadian Govern­
ment obligations due before the maturity date of the certificates. Cer­
tificates may be purchased at a premium and tendered by the railway
company to the trustee, under the foregoing provisions.
Serial equipment bonds o f 1923, V. 117, p. 552. 3-year gold notes e f
1924 and equipment trust ctfs. Series “ H ,” V . 119, p. 578.
The 30-year 5% bonds of 1924 are secured by the full credit and taxing
power o f the Dominion of Canada equally with its Victory bonds and other
direct obligations. The Dominion of Canada guarantees unconditionally
the payment of principal and interest, the guaranty being endorsed on each
bond. V. 118, p . 430.

RAILW AY STOCKS AND BONDS
[V ol.

120




M a y , 1923.]

RAILW AY STOCKS AND BONDS




1$

CO

24

R A IL W A Y STOCKS AND BONDS
FU N D E D D E B T O F C A N A D IA N N O R T H E R N R Y . SY STE M D E C

[V ol. 120,

31 1924.

Interest Is payable seml-ann. on dates Indicated by maturity except as follows: a Mar. &S 30: b J. & D .; c J . & J .2 0 ; d M. & N e J . & D . 30; g A. & O.;
Date of
Amount
Amount of
Held by
Amount of Held by
Date of
Amount
Security—
Maturity Total Issue.
Pledged
Public
Security—
Maturity. Total Issue. Public.
Pledged.
(1) Guaranteed by Dom’n Govt.:
$
$
%
(7) Unaguranteed Securities.—
$
$
$
Canadian Northern Ry.—
Canadian Northern Ry.—
3% 1st M. deb. stk. 1903........July 10 1953
9,359.997 9,359,997
4% Perp. Cons. Deb.stk. 1903 Perpetual 61,837,789 e44,943,019 16,894,770
3)6% 1st M. deb. 1908_____ July 20 1958
7,896,588 7,896,588
4% 1st M. Pas Mission bonds.April 1939
880,000
880,000
4% IstM.deb.stk. 1914____ Sept. 1 1934 44,866,667 17,060,333 27,833,334
4)4 % 1st M. Gunflint Br. bds.June 1930
669,000
669.000
7% s. f. g. deben. bonds 1920.Dec. 1 1940 24.793.000 24,793,000
4 % 1st M. Pr. Albert bds__June 1930
693,900
300,000
393,900
6)6 % s. f. g. deb. bonds 1921.July 1 1946 25,000,000 25,000,000
Canadian Northern Ontario Ry.—
Canadian Northern Alberta Ry.—
4% Perpet. Cons. Deb.stk.’09
Perpetual 12,658,910 8,724,113
3,575,282
1960 3,149,999 3,149,999
3)4% 1st M deb. stock_____May
3)4% 1st M. deb. stock_____April
1962 3,569,996
3,569,996 Central Ontario Ry.
Canadian Northern Ontario Ry.—
5% 1st M. bonds 1909........... Jan. 1 1934
903,253
794,240
3)4% 1st M. deb.stock_____ May 1961 35.770.000 34,229,997 1,540,003 Bay of Quinte Ry.—
(2) Guaranteed by Province of Ontario
5% 1st M. bonds 1902............Jan. 2 1927
780,000
730,000
Canadian Nothern Ontario Ry.—
Canadian Northern Quebec Ry.—
3)4% 1st M'. deb. stock_____June30 1938 6,724,015 6,724,015
4% Perpet. Cons. Deb. stock. Perpetual 5,435,127 e5,250,369
184,758
3) 4% 1st M. deb. stock_____July 10 1936 1,135,982
1,135,982
(3) Guaranteed by Manitoba Govt.—
Great Northern Ry. of Canada.—
Canadian Northern Ry.—
4% 1st M. bonds 1904______ Oct. 1 1934
3,510,250 3,510,250
4% Cons. deb. bonds 1904___ June30 1930 12,436,280 xl2,436,280
4% 1st M. deb. stock_______ June30 1930
4,319,999 2,859,999
1,460,000 Quebec & Lake St. John Ry.—
4,486,814 h4,252,503
4% Perpet.IstM.deb.stk.1912 Perpetual
127,799
4% 1st M.Wpg.Term, bonds July 1 1939 3,000,000 3,000,000
Duluth Winnipeg & Pacific Ry.—
4% Ontario Div. 1st M. 1901.June30 1930 5.676,967
5,676,967
4% 1st M. deb. stock 1909__ June 1 1939
8,221,907
4) 4% Ont. Div. 1st M. 1901.June30 1930
7,004,997
1,210,853
67,647
67,647
Canadian Nor. Manitoba Ry.—
Halifax & South Western Ry.—
4)4% 1st M. deb. stock_____June
1930
160,680
160,680
IstM . bonds....................... Sept.30 ’42
5,663,667 4,447,000
1,216,667
Manitoba & Southeastern Ry. Co.—
Toronto Suburban Ry. Co.—
4% 1st M. bonds.____ _____ Feb 11929
512,460
512,460
4)4% 1st M. deb. stock..........July 15 1961
2,628,000 2,628,000
(4) Guaranteed by Saskatchewan Govt.—
Niagara St. Cath. & Toronto Ry.—
Canadian Northern Ry.—
4% 1st M. deb. stock 1909__ Jan. 23 1939 13,709,400 b8,030,000 5.679,400
5% 1st M. bonds 1899...........Nov. 1 1929
1,504,000
1,098,000
406,000
Canadian Northern Sask. Ry.—
Mt. Royal Tunnel & Term. Co., Ltd.—
1,174,813
4)4% IstM. deb. stock_____ Dec.
1943
1,174,813
5% 1st M. rent charge stock..Aprill5 1970 11,430,033
1,849,820
9,191,307
(5) Guaranteed by Alberta Govt.—
Qu’Appelle L. L. & S. Ry. & C. B. Co.—
Canadian Northern Ry.—
4% 1st M. deb. stock 1906...July 1 1936 5,019,540 5,019,540
4% IstM deb stock 1909__ Feb.25 1939
9,726,364 b5,586,666 4,139,699
James Bay & Eastern Ry.—
Canadian Northern Western Ry.—
5% IstM. bonds___________Sept.
1945
4)4% 1st M.deb.stk.l912-T2.Feb.l6 1942 6,424,000 b6,424,000
300,000
300,000
4)4% 1st M. deb. stock 1911.Oct. 22 1943 2,799,998 d2,799,998
Can.Nor.Coa.&OreDock Co.,Ltd.—
(6) Guaranteed by Brit. Col. Govt.—
5% IstM.bonds_______________ ____ _
1,750,000
1,375,000
Canadian Northern Pacific Ry.—
4% IstM deb. stock 1909...April 2 1950 20,999,998 16,412,001 4,587,996 Income charge 5% convertible deb. stock___ 25,000,000 24,137,846
Imperial rolling stock equip. trusts (text!___
See text
4)4% 1st M. term’l. stk. 1913-April 2 1950 8,614.000 8,614,000
5,543,528
4)4% 1st M. branch lines stk.April 2 1950 5.543,528
4,999,999
4)4 % 2d charge deb. stock__ April 2 1950
4,999,999
xlncludes $1,652,233 reserved to retire the following underlying issues, viz.: Sifton Branch 4s of 1899, due Feb. 1 1929, $1,137,340: Manitoba & Southeastern
4s of 1899, due Feb. 1 1929, $512,460: Gilbert Plains Branch 4s. of 1900, due Nov. 1 1930, $2,433.
The 30-year 4)4% bonds o f 1924 are callable as a whole, or In part by
lot, on any Int. date, at 105 to and incl. Sept. 15 1929; at 103 and Int. there­
after to and incl. Sept. 15 1934; at 102 and int. thereafter to and incl. Sept.
15 1935, and thereafter at further successive annual reductions of one-tenth
o f l % . V. 119, p. 1171.
The $35X00,000 4)4% guaranteed gold bonds (of which $18,000,000 are
5-year bonds due Feb. 15 1930 and $17,000,000 are 10-year bonds due
Feb. 15 1935) are not callable prior to maturity.
The 5-Year bonds will be the direct obligation o f the Canadian National
R y. and the 10-Year bonds will be the direct obligation of the Canadian
Northern R y.— Y. 120, p. 698.
R E PO RT.— For 1924, showed:
1924.
1923.
Calendar Years—
$
$
Railway operating Revenues____________________235,588,182 253,135,487
Railway operating expenses_____________________ 218,343,931 232,704,838

BONDS.— Particulars regarding various o f the securities issued were given
in V. 106, p. 2223, 2336; V. 105, p. l3o4: (a) perpet. consol, deben. stock, Y.
76. p. 1247; V. 77. p. 87; V. 80, p. 996; V. 81. p. 1609; V. 86. p. 1099; V. 87,p.
36; V. 89, p. 1279; V. 90, p. 770. 1424, 1489; V. 93, p. 406: V. 94, p. 1695;
V. 98, p. 1601. (b) 3% 1st M . debenture stock, guaranteed by Dominion
Government, dated July 29 1903, V. 80, p. 1234; V. 76, p. 1299. (c) Cana­
dian Northern Alberta, V. 90, p. 1295: V. 92. p. 794. 880; V. 93. p. 162;
V. 96, p. 284. (d) Debenture stock, guar, by Province of Saskatchewan
and Province of Alberta, see V. 89, p. 40: V. 88, p. 761, 1497 1619: V. 91,
p. 1322: V. 94, p. 1316; V. 97. p. 1582: V. 98, p. 761. (e) Canadian North­
ern Western R y. 1st M . 4 )6 % , guar. prin. & int. by Province of Alberta:
{€) 1st M . consol, deb. 4s of 1904. V. 78, p. 1274; V. 79, p. 2794; V. 80,
p. 116; V. 81, p. 1607; V. 82, p. 568. (/) Winnipeg Terminal 4s, V. 89,
p. 665, 1480. See also caption of the leading subsidiaries below.
Twenty-year 7% sinking fund gold debenture bonds due Dec. 1 1940.
V. I l l , p. 2139. Twenty-five year 6 )6 % sinking fund gold debenture
bonds due July 1 1946. V. 113. p. 182.
Net revenue.from railway operations_________ 17,244,251 20,430,649
INCOM E CHARGE STOCK.— The 5% Income Charge Convertible
Railway tax accruals_____________________________ 4,588,593 3,819,918
Debenture stock, limited to $25,000,000, is redeemable at any time and was
38,198
40,540
Uncollectible railway revenues__________________
Railway operating income_______________________ 12,617,459 16,570,190 convertible until Jan. 1 1922 at holders’ option into full-paid com. shares.
$500 (or £102 17s.) o f debenture stock for $500 capital stock. The interest
Revenues from Miscellaneous operations______ 2,015,458
2,092,819 is payable M ay 2 and Nov. 2 only to the extent that the net earnings are
2,337,622 2,337,032 sufficient after paying fixed charges. Interest paid in full to N ov. 1914
Expenses of miscellaneous operations____________
none since. V. 108, p. 1822.
It was reported in Nov. 1924 that a committee o f holders o f income charge
Net revenue from miscellaneous operations___ deb.322,164 deb.244,212
Taxes on miscellaneous operations
60,278
52,738 stock had been formed to urge upon the Canadian Government the case for
repayment of the principal at par on M ay 6 1930. The members are Sir
Total operating income________________________ 12,235,017 16,273,238 George Peters, Sir Gilbert Garnsey, of Messrs. Price, Waterhouse & Co.,
Rent from locomotives__________________________
318,575
586.129 and Sir John Keane. V. 119, p. 2405.
Rent from passenger train cars__________________
145,541
127,843 Can. No. Rolling Stock Gold $1,000 6% Certfs. (Pep xxx) Guar. C. N . R y.
Rent from floating equipment__________________
919
1,002
J.)
annually, 1925-26,
209,283 Series " A " 1918 (int. J. & July due July 1 1928, $400,000 each
Rent from work equipment_____________________
487,619
incl., $450,000 each and
1 1927 and
Joint facility rent income________________________
994,988
895,448
(V.
Income from lease of road_______________________
85,698
78.6C1 Series 107, n. 81)...................................................................................$1,700,000
B, 1919 (int. J. & J.), due $375,000 J. & J.; July 1 1925 to
Miscellaneous rent income______________________
1,158,333
837,193
Jan. 1 1929, inclusive
_____
Miscellaneous non-operating physical property_
_
165,128
493,176 Series C, 1919 (int. M . & (V. 108, p. 377)_________________ 1 1925 3,000,000
N .), due $375,000 M . & N ., Nov.
Separately operated properties—profit___________
1,044,876
853,753
to M ay 1 1929, inclusive— (V. 108, p. 2021)---------------------- 3,000,000
Dividend income_______________________________
454,613
515,436 Series D, 1919 (int. J. & D.) due $375,000 J. & D .; Dec. 1 1925 to
Income from funded securities..________________
572,872
523,094
Dec. 1 1929, incl.— (V. 110, p. 166)________________________ 3,375,000
Income from unfunded securities and accounts_
_ 1,538,573
1,068,882
Income from sinking and other reserve funds_____
519,739
371,226
CANADIAN NORTHERN ONTA R IO R Y .— Owns: Montreal to Port
Release o f premiums on funded debt____________
______
Arthur, 1,010.94 miles; Toronto to Capreol, 276.43 miles; Toronto to
“
Contributions from other companies____________
______
Ottawa, 250.25 miles; total, 1,537.62 miles. V. 92, p. 162; V. 97, p. 1023.
Miscellaneous income___________________________ 1,650,392 def352,554 Owns modern ore-handling plant at Key Harbor, 80 miles from mines.
Respecting securities see Canadian Northern R y. above and V. 87, p. 96;
Total non-operating income_______
9,137,871
6,208,517 V. 88. p. 1060; V. 93, p. 1190, 1667; V. 92. p. 1635.)
CANADIAN NORTHERN PACIFIC R Y .— Yellowhead
Gross income_____________________
21,372,888 22,481,756 couver and Pacific tidewater, about 500 miles; also 15 miles, Pass to Van­
Victoria C o.,
Patricia Bay (in operation). Also under construction a 150-mile line to the
Hire o f freight cars— debit balance_____________
1,694,487
3,887,479 east coast of Vancouver Island and a 145-mile line to Vernon, and thence via
Rent for locomotives____________________________
54,016
163,038 Long Lake to Kelowna and to Okanagan Lake. V. 92, p . 1309; V . 93, p.
Rent for passenger train cars___________________
145,526
147,861
Rent for floating equipment_____________________
8,944
11,271 526; V. 101, p. 46; V. 103, p. 2078; V. 105, p. 1207. Has trackage rights
Rent for work equipment_______________ , _______
5,492
12,943 between New Westminster and Vancouver, B. C ., 12.67 miles. V . 105, p.
Joint facility rents______________________________
933,503
928,210 1207; V. 93, p. 1461; V. 94, p. 1565; V . 91, p 37, 93; V. 90, p. 696; V. 89,
V 97,
Rent for leased roads___________________________ 1,452,709
1,387,905 p. 1141;(V.. 105. p. 80; V. 96, p. 651, 1838; V . 97, p. 297, 364; V . 100. p.
p. 1207.)
Miscellaneous rents_____________________________
75,669
109,868 1591.—
CANADIAN NORTHERN QUEBEC R Y .— Owns Montreal to Quebec
Miscellaneous tax accruals______________________
124,477
482,580
Separately operated properties— loss____________
802,470
795,876 and branches, in all 405.11 miles. See V. 95, p. 1402; V. 97, p. 1023.
Capital stock, $9,550,000 common and $3,000,000 statutory stock; out­
Interest on funded debt_________________________ 38,361,764 35,641,380
Interest on dominion government advances______ 31,271,043 30,157,943 standing, $9,550,000. Canadian Northern R y. owns $2,000,000 of the
interest on unfunded debt______________________
377,115
239,536 company’s stock and also 71.9% stock in Northern Consolidated Holding
317,671
119,172 Co., Ltd., which owns $5,144,600 of C. N. Quebec R y. stock; total so con­
Amortization of discount on funded debt________
Miscellaneous income charges___________________
608,538
674,860 trolled, $7,144,600, or 74.7% . V. 95. p. 1471; V. 96, p. 201; V. 97, p. 951.
Miscellaneous appropriation of income__________
______
19,502
SECURITIES.— Regarding 4% perpetual debenture stock, see Canadian
Northern R y. above and V. 84. p. 968. V. 84, p. 693, 748.
Total deductions from gross income___________ 76,233,308 74,179,431
There are $3,505,750 4% bonds of the Great Nor. R y. of Canada, guar,
as to prin. and int. by Canadian Nor. R y.; Central Trust Co. of N. Y .
Net income deficit____________________________ 54,860,419 51,697,674
Office, Toronto, Ont.— (V. 96, p. 201; V. 97. p. 950; V. 107, p. 2187.)
OFFICERS.— Pres., Sir Henry Thornton; Sec., R . P. Ormsby; Treas.,
CANADIAN PACIFIC RA ILW A Y CO.— (See Maps.)— Owns a trans­
J . A. Yates. General offices, Montreal.— (V. 120, p. 952.)
continental railway from Montreal to the Pacific Ocean, made up as follows
CANADIAN NORTHERN RAILW AY SYSTEM.— (See Map Canadian Dec. 31 1924:
Also controlled but oper. sep.—
National Railways.)— In June 1919 the Canadian National Rys. was incor­ Montreal to Vancouver______2,895
porated at the instance o f the Canadian Government, which owns its entire Branches, leased lines, &c___ 11,167 aMinn. St. P. & Sault Ste. M .4,404
aDuluth South Shore & Atlantic 615
capital stock, to operate all the Government-owned lines. See that com­
Total in traffic returns_____14,062 aMineral R an ge_____________
98
pany above.
Mileage of other lines worked.
992
a See each company’s statement.
175 (Steamships, see V. 116, p. 1435.
G U A R A N TY .— For first 3 years after road is opened from Vancouver to Lines under construction_____
The 5-mile tunnel through the Selk ' ’ M ts. was nut in use in Dec. 1916.
Quebec the Govt, agreed at the request o f the company, to advance all or
any portion o f the int. on the $45,000,000 4% deb. issue auth. in 1914 (see
HISTORY, &C.— Incorporated Feb. 17 1881 under charter from Do­
above) and not to enforce the re-payment o f same until the principal ma­ minion of Canada, receiving $25,000,000 in cash as a subsidy; also 25,000,000
tures in 1934, provided the company pays 4% int. on any sum so advanced acres of land, all to be fit for settlement.
(V. 98, p. 1608, 1601.) Similar provisions were made respecting the
Full financial resume by Chairman in M ay 1918 with statement as to
Dominion guaranty of the bonds on the Canadian Northern Ontario Ry. company’s $253,000,000 of outside assets was in V. 106, p. 1906. Kask>
between Montreal and Port Arthur, but for 2 years only. V. 105, p. 1304
& Slocan Ry. lease and bonds, see V. 107, p. 2097. In July 1920 assumed
— (V. 120, p. 1086.)
operation for a period of 5 years of the Edmonton Dunvegan & British
C A PITA L STOCK.— Of the $125,000,000 cap. stock as increased in Columbia and Central Canada Railway Cos. See V. 112, p. 1408.
STOCK.— The issue of preferred must never exceed one-half the common.
1914, $25,000,000 was issuable only in exchange for Income Charge stock,
COM M ON DIVS.— ( ’03. ’04-’06. ’07-’09. ’ 10. ’ l l . T2 to June 30 1925.
the right to exchange expiring Jan. 1 1922. V. 98. p. 1600; V. 100. p. 393:
7 yrly. 12)4% quar.
V. 105, p. 996. The entire outstanding common stock ($100,000,600) is RR. earnings since 1902] 5)6 6 yrly. 6 yrly. 6)6 7
Land sales, interest, &c. ( . . ______ 1 yrly. 1
2)6 3 yrly.)
owned by the Canadian Government.




May, 1925.]

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

25
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Canadian N orthern O ntario] See Canadian
Canadian N orthern P acific) Northern Ry.
Canadian N orthern Q uebec! above
Q— J June 30 ’25 2J^ Lond & 64 Wall St, N Y
Canadian P acific— Stock $335,000,000 authorized$100 $260000000
10
preferred stock limited to 4% non-cumulative____
A & O Apr 1 1925 2% Company’s Office, Lond
4
$100 100,148,588
First mortgage on Algoma Br g ____________ c*&r
J
& J July 1 1937
Baring Bros & Co, Lond
180 1888 €100 &c 3.650.000
5g
Consol perpetual debenture stock_________________
J & J Irredeemable
Company’s Office, Lond
264,244,882
4
1889 £ & $
A & O April 15 1934
Bk o f Mont, M ont or Tor
Collateral trust gold bonds red (text)________ c*&r*
100 &c 12 , 000,000
1924
5g
Sinking fund secured note certificates red (text)_
_
100 &c 30,000,000
Bank of Montreal
1924
4H J & D 15 Dec 15 1944
Vic Roll Stk&RealtyCo eq tr serT$470,000saPeP.c*
1915
$1,000 3.290.000
4 ^ g J & J July’ 25-July ’28
Equip tr cert $500,000 s-a______________________
A & OjOct '25-Apr ’32 Guaranty Trust Co, N Y
1,000 7.000.
000 g
1920
6
Securities of Principal Leased, cfee.. Lines.
Manitoba S W Col Ry $12,000 per mile int guar gold
London & 64 Wall St N Y
J & D June 1 1934
215 1884
$1,000 $2,544,000
5g
Atlantic & Northwest—-1st mortgage gold gu__c*&r
Baring Bros & Co, Lond
J & J Jan 1 1937
346 1887 €100 &c €1,330,000
5g
St Lawrence & Ottawa— first mortgage gold see text
€50 &c
Can Pac office, London
€ 200,000
(6) 4 J & D15 See text
58 1876
J & D June 1925 3% Montreal and London
$100 $ 2 , 000,000
Ontario & Quebec stock guaranteed in perpetuity- _
6
€1 £4,007,381
Ontario & Quebec deben interest guar in perpetuity
Morton, Rose, London
J & D Irredeemable
5
678
Toronto Grey & Bruce 1st M gold interest as rental
€100
Toronto and London
&
£719,000
191 1883
July 26 2882
4g
New Brunswick Ry 1st M gold int from rental_ c*
_
€100
London
F &
Aug 1 1934
£600,000
5g
174 1884
Perpetual consol debenture stock, interest guar.
&
Irredeemable
4
£904,533
£1
do
1890
New Brunswick So 1st M ______________________
Guaranty Trust Co, N Y
&
July 1 1933
3
$500,000
'81
Can Pac Office, London
Calgary & Edmonton deb stock gold interest as rent
£1,121,700
J3 &
2002
4g
1890
1Q55
Branch line bonds (owned by Can P a c ) ______
Can Pac Office, Montreal
J &
$ 1,000 $7,440,000
4
'52
Lindsay Bobcayg & Pontypool 1st M $700,000 gold
Bk of Montreal, Toronto
J &
July 1 2002
1,000
500.000
39 1903
Quebec Central stock dividend guaranteed_____
i e J & J15 Jan 15 1925 2 ^
£694,850
1st M deb stk int gu red____________________
F & A
4
604.837
2d M deb stock prin and int guar___________
754.837
J & J15 Jan 1 1963
3H
3d M bonds prin and int guaranteed________
338.000
J &J15 Jan 1 1963
5
Aroos Val (El) RR 1st M g red 105 int guar______
500 &c
N Y and Augusta, Me
$250,000
4Vi g F & A Aug 1 1929
1909
First & R e fM $1,700,000 call 105 int guar.Ba.xc*
Bankers Trust Co, N Y
455,832
M & N July 1 1961
32 1911 See text
4H
Minn St P & Sault Ste Marie and Duluth South Shor & At lantic — See sta tements of those c mpanies
Carolina Central— Bonds— See Seaboard Air Line Ry
J & j! Jan 1 1933
Wash (D C) Loan&Tr Co
5g
200.000
Caro C linch & O h io— Lick Crk & L E 1st M g assu.x
8 1902
J & DlJune 1 1938
Blair & Co, New Y ork
1st M $15,000,000 red 110__________________ F.xc*
1,000 13,950,000
5g
256 1908
1st & consol mtge Ser A red (text)_ Eqkxxxc*&r
_
100 &c 8 .000.
Blair & Co, New York
6
000 g
J & D Dec 15 1952
276 1922
Cumulative income debentures red par___________
J & Jj July 1 1935
New York Tr Co, N Y
1,000 5.000,000
6
1920
Eq gold notes Ser “ F” due $38,000 s-a__________ Nx
J & J[July ’25-Jan ’27 Blair & Co, New York
152.000
5g
1917
do
do
Ser “ G ” due $42,000 s-a notcall.C P v
1,000
A & O Oct ’25-Apr ’27 Bk o f N A & Tr Co, Phila
168.000
5g
1917
1,000
do
do
(U S R A) due $414,000 ann_______ Q
J & J15 T o Jan 15 1935 Guaranty Tr Co, N Y
4.140.000
1920
6g
do
Ser " H ” due $25,000 s-a red 102)$--M p.c*
1,000
400.000
1923
5H M &S15 S ept'25-M ar’33 Chat & Ph N B & Tr, N Y
do
do
Ser “ I ” due $50,000 s-a________ xxxc*
1.000
J & D1
June’25-June '34
5
950.000
1924
BONDS, DEBEN TU RE STOCK, GU ARAN TEED BONDS, &C.—
OFFICERS.— Pres., E . W . Beatty; Vice-Presidents, I. G. Ogden, W . B .
List of securities owned Dec. 31 1921, V. 114, p. 1426.
Macinnes, Anthony D . M acTier, D .C . Coleman and Grant Hall; Sec.;
The shareholders on M ay 4 1921 gave the directors blanket authority Ernest Alexander; Treas., H. E. Suckling; Compt., J. Leslie.
to issue any form o f security for any purpose, provided it is junior to the
DIRECTO RS.— Sir Herbert S. Holt, Chas. R . Hosmer, Hon. Fred
Consolidated Debenture 4% stock, and does not exceed the amount of this
L. Beique, K.O.; Senator Ross H. McMaster, Colonel Frank S. Meighen
Late in 1916 $40,000,000 4% Consolidated debenture stock over and C .M .G .; John K. L. Ross, Edw. W . Beatty, Sir Vincent Meredith, Bart.;
above the $176,284,882 (£35,611,124) then listed on the London Stock Rt. Hon. Lord Shaughnessy, K .C .; Grant Hall and F. W . Molson, M on­
Exchange, was issued and loaned to the Imperial Treasury for a maximum treal; W . N. Tilley, K .C ., Toronto; Sir Thomas Skinner, Bart; London,
period o f five years, at a premium o f
per annum, over the interest England; Sir A. M . Nanton, Toronto. Main office, Montreal, N . Y . office
payable on the stock. Provision is made in the agreement for the sale to Madison Ave. & 44th St.— (V. 120, p. 1582.)
the British Treasury o f this stock in annual installments, should the com­
CAROLINA CLINCHFIELD AND
from Elkhorn
pany require money for any o f its purposes in Great Britain, and the City. K y ., to Spartanburg, S. C ., 274 OHIO R Y .— Ownsspurs, 10 miles;
m.;
Treasury reserves the right to purchase all or any of the stock during the leased, 3 m.; trackage, 22 m.; total, 309 m. branches and
five years at 80% of face value. V. 104, p. 1604, 1388; V. 106, p. 1241.
I’he line forms a low-grade heavily-built link in the through line for
The balance sheet of Dec. 31 1924 showed $264,244,882 Consol, debenture general traffic between the Great Lakes and the Atlantic seaboard, serving
stock outstanding. V. 108, p. 1280; V. 119, p. 692.
also extensive coal operations owned by Clinchfield Coal Corp. See V.
In June 1890 company guaranteed the principal and interest of $20,000,000 101, p. 2070; V. 102, p. 611; V. 94. p. 1448; V. 97, p. 1661; V. 98, p. 1692:
4% bonds issued by the Dul. So. Sh. & Atl.; also 4% int. on Consolidated
V. 100. p. 900;
Connects at Bostic, N. C .,
Sea­
bonds of the Minn. St. P. & S. Ste. M ., and in 1899 interest on the 2d mtge. board Air Line V. 104, p. 75, 365close relations are maintained with tide­
Ry., with which
and
4s o f the latter. Owns Dul. So. Sh. & Atl. consols. $15,107,000. &c.
water is reached. V. 88. p. 944; V. 87, p. 670. See report o f expert.
Collateral Trust Bonds.— The 5% collateral trust gold bonds are secured V. 102,p. 2076.
by deposit o f $15,000,000 4% Consol. Deb. stock. The bonds are redeem­
The stockholders in June 1923 authorized the lease o f the road (approved
able, all or part, at 102H and int. after April 15 1926. V. 118, p. 1909.
by the I.-S. C. Commission in June 1924, V. 118, p. 3075) to the Atlantic
Secured Note Certificates.— The sinking fund secured note certificates are Coast Line R R . and the Louisv. & Nashv. R R . for 999 years. In general,
redeemable, all or part, on any int. date on six weeks’ prior notice at 102 the broad terms of the lease provide for a rental equal to int. on all its obliga­
and int. up to and incl. Dec. 15 1929, and at a declining premium o f Yi of tions and dividends on the common stock as follows: The rental is to begin
1% during each 5-year period thereafter. They will be secured by the Jan. 1 1925, and for 3 years thereafter the rental will be $750,000, or 3%
_
assignment to the trustee, by way o f security, of all unpaid purchase money on the $25,000,000 Common stock. Beginning Jan. 1 1928 and for 10 years
or deferred payments owing or accruing due to the company in respect of thereafter $1,000,000 a year, or 4% on the stock. Beginning Jan. 1 1938
lands in the Province o f Manitoba, Saskatchewan, Alberta and British and thereafter $l,25O,O0O a year, or 5% on the stock. All these rentals
Columbia, sold or contracted to be sold by it prior to Dec. 1 1924. The
paid quarterly, the
installment coming due April 1 1925.
amount due or accruing due to the company on Dec. 1 1924 in respect of will be I.-S. C. Commission first placed a tentative valuation of $36,595,514
has
said sales was $66,000,000. The company will covenant to pay to the trus­ onThe property of the company as of June 30 1917.
the
tee all moneys, both principal and interest, less expenses and taxes paid to
STOCK.— Authorized and outstanding, $25,000,000 common.
protect the security, received by the company in respect o f these contracts.
In Nov. 1924 $12,600,000 leased line stock was offered by bankers. For
The company covenants that it will not charge the lands in respect o f which
such deferred payments are or shall be due so as to prejudice in any manner 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
the security hereby created.
All moneys received by the trustee will be utilitized for the payment of additional sum at the time of delivery of stock (approximately $13 65 per
interest on these note certificates and thereafter as a sinking fund for the share based on payment Dee. 1 1924) for the delivery of special certificates
purchase and cancellation o f these note certificates at the best prices obtain­ entitling the holder to receive in addition to the dividends declared a further
able up to the call price prevailing at the time o f sucb purchase. I f note payment of $2 annually for the three years commencing Jan. 1 1925 and $1
certificates cannot be so purchased the trustee shall redeem the note cer­ annually for the ten years from Jan. 1 1928. V. 119. p. 2406.
tificates by lot at the prevailing call price. The company will covenant
BONDS, E T C .— First mtge. of 1908. V. 86, p. 667, 856; V. 88, p. 944.
that in the fourth and each succeeding year the annual amount available Car trusts of 1917, V. 104. p. 2235. On M ay 18 1917 purchased $475,000
for the purchase o f note certificates will be at least $300,000.
1st Mtge. 5% gold bonds, $50,000 6 % Conv. 1st Income debens. and $250,St. Lawrence A Ottawa bonds are endorsed with tbe Canadian Pacific’s ac­ 000 6% 2d Income debens. of Black Mountain R y. Co. (Kona, N. C ., to
ceptance o f a 999-year lease at a rental sufficient to pay 4% int. on bonds; Eskota, 24 m.; in 1918 built 2.30 miles in Nor. Caro.). An option to
and the bondholders’ agreement to accept int. at 4% (instead of 6% ) and to purchase the entire $50,000 capital stock was also obtained. V. 106, p. 2219.
refrain from demanding principal (due 1910) during lease. V. 90. p. 1361.
Equipment trusts issued to Director-General for rolling stock allocated
The New Brunswick Railway consolidated debenture stock has interest to this company. See article on page 3 and V. 118. p. 662.
guaranteed by Canadian Pacific; interest on tbe first mtge. bonds, though
Of the 1st & consol, mtge. bonds ($50,000,000 authorized), $9,500,000
not guaranteed, is paid out of rental under 999-year lease of 1890.
Series A bonds have been issued, of which $1,500,000 are in treasury.
The Calgary & Edmonton Ry. debenture stock is guaranteed interest at Series A bonds are redeemable, all or part, on or before Dec. 15 1937 at
4% under new lease of 1903. V. 76, p. 435; V. 77, p. 636.
1 0 7 and int., the premium decreasing ^ of 1 % each year thereafter until
The Lindsay Bobcaygeon A Pontypool Ry. bonds are issued under a 99-year maturity. Compare V. 115, p. 2793.
lease covering the interest. V. 77, p. 1225; V. 79. p. 2085.
Cumulative income debentures. V. 112, p. 161.
The First & Ref. M . 4 4£s o f the Aroostook Vy. (electric) R R . are issuable
The guaranteed securities (see V. 103, p. 1588) included $1,500,000
at rate of $25,000 per mile. Denom. £100 or $500. Sinking fund, Y of 1 % Holston Corporation notes (callable at par and convertible $ for $ into Car.
yearly of issued and outstanding bonds from Feb. 1 1916-20, 1 % thereafter. Cl. & O. pref. stock. See stock above.
Callable for sinking fund at 105. V. 89. p. 846: V. 90, p. 107; V. 92, p. 259.
Cumulative income debentures, V. 112, p. 161. Govt, loan, V . I l l ,
Kettle Valley Ry.— See V. 108, p. 1721, 1282.
p. 261, 293, 1471; V. 113, p. 1674, 2310, 2818.
Victoria Rolling Stock & Realty 4 H % . V. 99, p. 1672, 543; V. 100, p.139
REPO R'i .—-For 1923, in V. 118, p. 2564, showed:
In March 1920 sold $12,000,000 6% equip, trust certifs. V. 110. p. 1288.
Years ending Dec. 31— 1923.
1922.
1921.
1920.
Lands.— Lands unsold Dec. 31 1924 were 142,929 acres In Manitoba
3,326,264
4,261.427
(book value $1,429,290), 1.349,797 acres in Saskatchewan (book value Coal carried, tons______ 4,302,869 3,823,222
$7,608,602 $7,464,112 $7,560,980
*17,517,361), 2,402,229 acres in Alberta (book value $31,055,’ >77), 1,034.717 Total oper. revenue____$9,257,319
1,702,140
2.318,716
acres in British Columbia (book value $5,078,263). &c. Total of all lands Net after taxes.............. 2,001.980 2,027,036
owned Dec. 31 1924, 6,037,500 acres (book value $98,561,477).
Total income............. $2,901,598 $3,029,509 $2,622,798 $3,470,626
SUB. COS.— Dominion Atlantic R y., Yarmouth to Truro, with branches, Int. on funded debt____$1,187,250 $1,185,648
$1,187,582 $1,605,274
total 247 miles, with 45 miles trackage to Halifax, is leased for 999 years Int. on equipment trust.
344,371
367,922
407,138
288,290
from 1912. V. 91, p. 728; V .9 0 ,p . 1490, 1424; V .9 3 ,p . 1461; V. 94, p. 278
Misc. int. and rents____
60,099
38,572
41,650
21,203
Alberta R y. & Irrigation Co., see V. 92, p. 955; V. 93, p. 593: V. 94, p. 1316
300,000
300,000
262,820
Int. on income deb_____
V. 95, p. 617. Quebec Central R y,. see V. 93, p. 667, 1106; V. 94. p. 1625
Balance, sur. or def_sur$l,009,878 sr$l ,137,367 sur$723,608 sur$555,859
V. 96. p. 361. 715.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
R E PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
OFFICERS.— Norman S. Meldrum, Pres.; C. Ledyard Blair, J. J. Cam­
(1) Revenues—
pion and I. McQuilkin, V.-Ps.; Edward C. Bailly, Sec.; John W . Sanders,
Passenger_____________ . 33,900,668 36,315,818 35,331,525 41,565,885 Treas. Offices, Johnson City, Tenn., and 24 Broad St., New York.—
Freight________________ 123,505,140 134,299,556 128,918,137 128,849,446 (V. 120, p. 1454.)
25,096,348 25,221,716 22,425,374 22,606,524
CAROLINA & OEORQIA R Y .— (V. 114, p. 2467.)
182,502,156 195,837,090 186,675,036 193,021,854
CAROLINA & NORTHWESTERN R Y .— Owns standard-gauge road37,227,242 37,479,011 36,301,691 34,201,740
Ohester, S. C ., to Edgemont, N. O., 13314 miles. V. 107. p. 502.
. 14,070,287 13,470,653 13,348,906 11,519,072
Stock auth., $1,000,000 each of com. and 4% non-cum. pref.; outstand­
Pension fund_____
500,000
500,000
500,000
500,000
ing, $854,250 com. and $550,000 pref. stock. Of the first 5s due 1953,
Com. divs. 7% p.a.(withL
$1,500,000 were used to retire all underlying bonds and $1,000,000 were
3% p. a. from speciali
18,200,000 18,200,000 18,200,000 18,200,000 applicable to extensions, new equipment, &c. For 1924. gross, $863,320:
Pref. divs. (4% p. a .)___. 3,857,075
3,421,943
3,227,276
3,227,276 net oper. income, $213,204; int., rentals, &c., $219,261; bal., def., $6 057.
Pres., Fairfax Harrison; Treas., E. F. Parham.— (V. 105, p. 605; V. 107,
Balance, surplus_____
599,880
1,886,414
1,025,509
755,392 p. 500, 1099.)
(2) Other Income—
CATASAUQUA & FOGELSVILLE R R .— Catasauqua, Pa., to RittenEarnings Ocean SS., & c. 6,265,989
7,687,519
6,440,185
6,839,001 house Gap, Pa., 19.70 m., and branches, 31.47 miles. Stock, $426,900 (par
Int., divs., &c., rec’d . . 3,705,263
3,703,532
4,652,169
4,148,198 $25): $425,550 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%,
Total________________ 10,571,132 13,277,465 12,117,863 11,742,591 1911-12, 10%; 1912 13, 10%; 1913-14. 10%: 1914 15, 20%; 1915-16. 15%:
Dividends (3% p. a .)_
_ 7,800,000
7,800,000
7,800,000
7,800,000 1916-17, 30% ; 1917-18, 30% ; 1919, 30% ; 1920, 20% ; 1921, 25% ; 1922-24
30% . For cal. year 1924, gross, $884,950; net, after taxes, $441,983
Balance, surplus-------B 2 ,771,132
5,477,465
4,317,863
3,942,591 oth. inc., $54,682; deductions, $21,642; bal., sur., $475,023 (before divs.)




M AP

OF

THE

CANADIAN PACIFIC RAILWAY

Oi

T he Minneapolis , St . Paul & Sault Ste . Marie Ry ,
T he Duluth . South Shore & Atlantic Railway.
T he Spokane I nternational Ry .
AND

C O N N E C T IO N S

(E A S T E R N S E C T I O N )
S andyL .

RAILW AY STOCKS AND BONDS
[V
ol.

120




M a y , 1925

]
BAILW AY STOCKS AND BONDS




tv

28

E A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Carolina C linchfield & O hio (Concluded)—
Bonds Guaranteed, Prin and Int, by Endorsement—
Hoiston Corp Realty & Coll Tr Co convert notes
call at par convert into railway pref___ Ce.c*Ar*
Bla-ok Mountain Railway 1st Mtge.
2.550
Carolina & N orthw estern— 1st M $2,500,000 goldGx
Caldwell & Northern 1st M _______ ___________ _x
C atasauqua & Fogelsville— 1st M gold.-P eP.xc*
32
Catawissa— Pref stock 5% guar P & R Ry (see text)
First consol mortgage $2,215,000 gold. -PeP.xc*
Cayuga & Susqueh ann a— Stock 9% rental D L & W
34
Central Argentine Ry— Conv gold notes call(text)G
Convertible notes (see text)
Ten-year secured bonds call after June 1 1924.. xxx
1st mortgage $7,000,000 gold__ _
_.G.xc*Ar

1916
1916
1903
1907
1898
1898
1917
1923

1919
312 1895
1919
do
Series “ B " redeemable (text) _xxxc*Ar* 1,489 1919
Consolidated mtge $18,500,000 gold-- Ba.xc*Ar 1,493 1895
Mobile Div 1st M (Columbus to Andalusia) g G.xc*
138 1895
Macon & North Div 1st M $840,000 gold.MBa.xc*
102 1895
Ocon Div 1st M Brewton to Dover $6,000 p m .G .xc*
77 1901
Eatonton Branch 1st mortgage not guaranteed gold x
21 1896
Mid Ga & Atl Div 1st (consol) 7 $9,000 p m ,-G .x c*
65 1897
Chattanooga Div purch money M $2,400,000gG.xc*
164 1901
i
Chattanooga Rome & So 1st M $500,000 g Un.xc*
137 1897
1st pref incomes (Interest up to 5% --------------- Mez
1895
2d
do
do 1 gold if earned
__________ C ez
1895
3d
do
do l non-cumulative — ---------Baz
1895
Central RR & Bk coll tr bonds g rec at 110. —Ce.c*
1887
Equip trust, series L $50,000 sem i-an n u ally.._____
1916
CP
do
Series M $59,000 semi-annually____
1921
do
Series N due $66,000 annually_____ CPc*
1922
1923
1925
Ocean SS Co 1st mortgage gold guaranteed.Ce.zc*
1923
Augusta A Savannah stock guar (no bonded d e b t)..
53
Southwestern Railroad stock guar (no bonded debt)
333
Chattahoochee & Gulf stock guar.
First M gold $2,000,000 int rental s f red at 102M x
91 1900

Par
Value

Amount
Outstanding

Rate
%

$1,000 $1,500,000
1,000
325,000
1,000
1,528.000
1.000
543,000
135,000
1,000
50 3,200,000
1,000 2,215,000
30
589,110
1,000 15,000,000
£100 Ac £2,000,000
$20,000,000
8,000,000
1,000 7,000,000

6g
5g

1,000 5,000,000
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
100.000
1,000
650.000
1.000
462,000
1,000 2,522,000
1,000
1,410,000
1,000
1,000,000
1,022,900
100
100 5,191,100
100
436,400
1,000
407,000

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

CATAWISSA R R .— 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 A 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 H % semi-annual divs. for income tax: N ov. 1917, 5 cents; Nov.
1918, 12 cents; M ay 1919, 13 cents; N ov. 1919 to N ov. 1921, 10 cents;
M ay 1922 to Nov. 1924, l3 cents; May 1925, 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.)
CAYUQA & SUSQUEHANNA R R .— Owns from Susquehanna River to
Ithaca, N. Y ., 34 m. Leased during length of charter ana renewals thereof
to the Delaware Lack. & Western at a rental of $54,600 a year. Divs. paid
are 9% yrly., with an occasional extra: 1904 9)4 % was paid. V. 106, p. 497.
CENTRAL ARGENTINE R Y „ LTD .— ROAD.— Extends from Buenos
Ayres, a city with a population o f 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).
Prrmoseri extensions. V. I l l , 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% o f the net receipts go to the Government.
Outstanding Capitalization (at $4 86 to £).
Cent.Deb.3H % stk.(150m) £76,194110-year 5% notes_______ £1,997.100
4H % West. Ann. (202 m.) 2,017,50014)4 % non-cum. pref. stk- 9.695,718
4% Deb. stk. (gen’lch.)_£13,472,979|Consol. ordinary stock_ 28,186,950
_
Deferred stock__________
811,800
10-year 6% notes_______ 3,092.783 |
The Consol. Ordinary stock is entitled to non-cum. 5% dividends before
the deferred stock receives any dividends and shares equally with the
deferred stock in the distribution o f earnings after the latter has received 5% .
Offered in March 1917. Y. 104, p. 256, 1044. 1144; V. 105, p. 1998.
CONVERTIBLE NOTES.— The notes of 1917 have interest payable
without deduction for any taxes imposed by Great Britain or the Argentine
Republic. Denom. $1,000. Prin. and int. payable in N . Y . in U. S. gold
at office of J. P. Morgan A Co.; in London at London County & Westminster
Bank at $4 85 per £1 sterling. The entire issue, but no part, may be
redeemed at 102 and Int. on and after Feb. 1 1922 upon six months’ notice.
They are convertible at option o f holder any time prior to redemption
jnto ordinary shares o f £10 each at par, $4 85 per £1.
The notes o f 1923 are convertible into 4% debenture stock as follows:
In Jan. or July 1924, £115 of 4% debenture stock for every £100 note; in
Jan. or July 1925, £113 of 4% debenture stock for every £100 note. V. 116.
p. 2006.
R E PO RT.— For fiscal year ending June 30 1924:
June 30 Years—
1923-24.
1922-23.
1921-22.
1920-21.
Gross earnings__________ £11,360,047 £10,655.819 £9,442,562 £9,746,664
Net income____________ 3,085,285
3,195.435
2,126,604 2,421,647
Interest, &c____________
908,896
853.127
873,337
836,725
Dividends______________
922,827
922,827
1,563,784 1,563,784

5
5
5
5
4
5
4
9
6
5

g
g
g
g
g

When
Payable

[V ol. 120.
Last Dividend Places Where Interest an&
and Maturity
Dividends Are Payable

A A O Apr 11926
A A O Apr 1 1936
.
J & J July 1 1953
J A D Junel 1957
J A J July 1 1928
M & N See text
A A O Apr 1 1948
.
J A J Jan 1925 4H
F A A Feb 1 1927
J A .1 July 1 1933
J a r>3i Dec 31 '24 3%
J & D Junel 1929
F A A N ov 1 1945
Apr 1 1959
g A A O Apr 1 1959
M A N Nov 1 1945
.1 A J Jan 1 1946
J A .1 Jan 1 1946
.1 A I) Dec 1 1945
J A 1) Junel 1926
J A .1 Jan 1 1947
J A D Junel 1951
J A J July 1 1947
Oct 1 Nov 1 1945
Oct 1 N ov 1 1945
Oct 1 Nov 1 1945
M A N M a y l 1937
.1 A J July '25-Jan '26
F A A Feb 11926 t o '36
M A HMar 11926 t o '32
J A L
>
M
S
J A J July 1 '43 (ext)
J A .1 Jan 1925 2H %
J A J Jan 1925 2H %
.1 A J Jan 1925 2H %
J A J July 2 1930

Central Un Tr Co, N Y
N Y Trust Co, N Y
Checks mailed
do
Reading Terminal, Phila
Company’s Office, Phila
Reading Terminal, Phila
30 Pine St, New York
N Y JPM organACo,A Lon
Co's off 32 Liberty St N Y
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 C o, N Y
do
do
do
do
Guar Tr C o, N Y or Sav
do
do
do
do
Guaranty Trust C o, N Y
Commercial Tr Co, Phila
do
do
do
do
Guaranty Trust Co. N Y
Savannah, Ga
Savannah and Macon
Savannah, Ga
Citizens'Bk.Savann'h.Ga

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 % .
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 M ay 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 H of 1 % for each 6 months
between redemption date and date of maturity. Secured by the deposit of
$11,000,000 6% Ref. A Gen. Mtge. bonds, Series “ A ,” due April 1 1959.
Refunding and General Mortgage.— The authorized maximum o f the Ref.
A 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 ” 5H % 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 Ref. & Gen. Mtge. bonds of 19i9 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 R y .), 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
$31,178,300 of prior lien bonds. V. 118. o. 1011.
Equipment trusts. Series M . V. 112, p. 561.
Equipment trusts. Series N, V. 114, p. 1406.
Equipment trusts. Series O, V. 116, p. 2128.
Equipment trust, Series P, V. 120. p. 952.
RE PO RT.— For 1924, in V. 120, p. 1904, showed:
Calendar Years—
1924.
1923.
1922.
1921.
1,921
1,921
1,919
1,914
Average mileage----------Totalry. oper. revenues.$27,173.209 $26,198,846 $23,286,737 $22,057,499
Net railway oper. income
4,555.803 3,944,371
4,392,084 1,220,655
Gross income__________
5,593,838
6,811,961
5,199,846 2,139,070
Interest on funded debt.
Int. on non-negot’le debt
to affiliated companies
Rent for leased ro a d s-.Miscellaneous__________

2,686,240

2,403,650

2,355,393

2,329,290

38,372
372,959
259,971

117,948
372,710
261,296

187,146
370,766
220,728

143,441
372,422
274,720

Net income_________ $2,236,294 $3,656,354 $2,065,812 def$979,814
Preferred dividends___
______
900,000
900,000
900,000
Common dividends_____ 1,200,000
250,000
250,000
250,000

Balance, surplus_____$1,036,294 $2,506,354
$915,812df$2,129,814
For latest earnings see "Railway Earnings Section” (Issued monthly).
OFFICERS.— Chairman, Charles H. Markham, Chicago, 111.; Pres.,
L. A. Downs; V .-P ., A. R . Lawton, Chas. T. Airey, Albert C. Mann; Gen.
M gr., Henry D. Pollard; Sec., Charles F. Groves; Treas., W . C. Askew;
Comp., Wm. B. M cKinstry. General office. Savannah, Ga.— (V. 120, p.
Balance, surplus_____£1,253,562 £1,419,481 def£310,517
£166,299
1322.)
Chairman, Sir Joseph W. Todd, Bart. Office, 3 A, Coleman St., London,
CENTRAL INDIANA R Y .— Muncie to Brazil, Ind., 117.69 miles.
B. C. 2 — (V. 120, p. 2397.)
Controlled by Cleveland Cincinnati Chicago & St. Louis and Pennsylvania
CENTRAL OF GEORGIA R Y . CO.— Operated Dec. 31 1924. l,921miles Co. In N ov. 1922 William P. Herod of Indianapolis was appointed
Lines owned in fee—
Miles.
Lines leased (see these cos.) Miles. receiver. The road was to have been sold at foreclosure sale on Mar. 17
1924, but representatives of the Central Union Trust C o., New York, trus­
Savannah to Atlanta_________ 293 Southwestern R R .—
Gordon to Covington_________
82
Macon to Eufaula__________ 142 tee under the mortgage, appeared in court and stated that the decree of
foreclosure had been satisfied, and asked the court to enter an order return­
Fort Valley to Perry________
13
Columbus to Birmingham, A la. 156
Columbus to Americus________
62
Fort Valley to Columbus____
71 ing the road to its former managers for operation. All bonds were destroyed
Smithville to Columbia_____
85 and mortgage released of record Mar. 25 1924. On April 1 1924 property
Montgomery to Eufaula, A la ..
81
Columbus to Greenville, Ga_
_
48
Cuthbert to Fort Gaines___
20 was restored to owners for operation. There is no bonded indebtedness at
the present time. $120,000 capital stock outstanding held in equal pro­
Opelika to Roanoke__________
36 Augusta & Savannah R R .— _
_
Eufaula to Ozark_____________
60
Millen to Augusta____________
53 portions by the Pennsylvania Co. and Cleve. Cine. Chic. & St. Louis R y.
Co. Calendar year 1923: Gross income, $120,811; deductions, $156,557:
Griffin, Ga., to Chatt.,Ten.,&c 264 Chattahoochee A Gulf R R .—
Columbia to Lockhart______
91 bal., def., $35,746. Pres., J. Q. Van Winkle.— (V. 118, p. 1519.)
Chicamauga to Durham______
18
Savannah to Tybee.,__________
18 T rackage____________________
15
CENTRAL NEW ENGLAND R Y. CO .— Owns from Campbell Hall,
Columbus to Andalusia_______ 138 Less— Lines to Ga. A Ala. Ry.
to Silvernails.
Mogul to Athens_____________
102
Co. and Chatt. Station C o ..
58 crossing the Hudson River at Poughkeepsie by its own bridge, Wicopee Junc­
34 miles; Poughkeepsie Junction. N. Y ., to Hopewell, 12 m.;
Brewton to Dovei____________
77
tion, N. Y ., to State Line, 53 miles; Poughkeepsie, N. Y ., to Boston Corners,
Barnesville to Thomaston____
16
36 miles; connections, 3 miles; total owned, 134 miles, and leases Hartford
Covington to Porterdale______
4
A Connecticut Western R R ., Hartford to Rhinecliff, 109 miles, and branches
10
Upper Cahaba Branch________
13.24 miles; trackage, Hopewell Jet. to Danbury, Ac., 36 miles; total,
Greenville to Raymond_______
24
292.38 miles. V. 89, p. 918; V. 95, p. 418.
ORGANIZATION.— On Dec. 31 1924 the N. Y . N. H & H. R R . owned
Total owned________________1,489
Total oper. Dec. 31 1921___ 1,921
$3,737,000 pref. and $4,795,000 common stock. V. 85, p 404, 858; V. 89.
ORGAN IZATION .— Succeeded Nov. 1 1895 the Central R R . A Banking p. 469; V. 90, p. 1238, 1296, 1489; V. 91, p. 153, 396, 870. The stock­
Co. o f Georgia, foreclosed. V. 60, p. 1008: V. 61, p. 68. Ocean SS. Co., holders in May 1921 voted to merge with the N. Y . N. H. & H. R R .
V. 102, p. 344.
V. 112, p. 1976.
The entire $20,000,000 capital stock is owned by the Illinois Central but
STOCK.— Common, $4,795,000: pref.. $3,737,100; par. $100. After
the road is operated independently.
4% on the pref., both classes participate equally.
Government loan, V. I l l , p. 492; V. 112, p. 371, 469.
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
Tentative valuation, V. 113, p. 1052.
1917, 3% on pref. and 3% on common. In 1918 and 1919 paid 6% on pref.
STOCK.— The I.-S. C . Commission on Dec. 5 1923 authorized the com- and 2% on common. No payments in 1920 or 1921. In 1922 and 1923
lany to issue $15,000,000 Common stock and to retire a like amount of paid 6% on pref. and 2% on common. In 1924 paid 4 H % on preferred
-referred stock by exchange, share for share, of Preferred for the new Com­ and 1H % on common.
—




May, 1925.]

39

K A ILW A Y STOCKS AND BONDS

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

Miles Date
Road Bonds

■Cent New England— Dutch Co R E 1st M g_.B a.xc
12
O N E l s t M $25,000,OOOg gu red 105beg’ 21 Fxc*Acr*
138
C N E s rial notes to Secretary o f Treasury of U S_.
■Central P acific— 1st ref M g gu p & 1 end._Ce.xc*Acr 1,349
34*s $25,000,000 gold guar p & 1 end_____Us.xc*Acr 1,349
Lucin cut-off 1st M $10,000,000 gu (text).G.xc*Acr*
103
Bonds 250,000,000 francs guaranteed red par.-U s.x
do
do
U S gold__________________________
50-year mortgage bonds ($78,000 5s due 1939)-----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 o f N J gen mtge $50,000,000 g -.C e.xxrc All
do
do
registered_________________ xx All
Equip trust Series G $600,000 (all in treasury)_
_
do
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 $137,000 yearly________
Equip notes issued to Govt due $395,500 ann___ G
L A W B con M $20,000,000 serial g guar.PeP.xxc*
c
Am Dock & Imp Co 1st M guar redeem (text) _.xxc*
N Y S L B gen M g int gu jtly ($192,000 5s)_Ce.xxc*
38
C entral RR of S outh Carolina— First m tgegold-.xc
40
C entral Term inal R R — See Minneapolis St'Paul & S ault S
C entral V erm ont— Stock $3.000.000--------------------R ef mtge guar p A i by Canadian National Rys
c
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___________________
C en t W Va & S outh RR— 1st M g s f red text___ c*
31
C harleston & Savannah—-See Atlan Coast Line R R
C hari Un Sta— 1st M $40O,OOOggu text)._Eq.xc*Acr

Par
Value

Amount
Outstanaing

When
Payable

Rate
%

1.000
1890
$287,000 44* (6) g J
1911 1,000 Acc 13,427,000
4g J
M
60,000
300,000
6
1920
500 &c 98,630,000
1899
4g F
500 &c
1899
5,408,825
34* g J
A
1,000 9,640,000
4g
1904
M
500 fr. 16,201,158
4
1911
M
32,061,358
4
103,000 5 & 6 A
M
8,500,000
1911
6
J
5,000,000
1912
6
100 27.436,800
12
1,000\ b43,924,000 1 5 g
1887
1887 500 &c /
1 5g
None
1,000
1916
44*
1920
1,000
1.350,000
6
1,000
None
6
1922
1,000 3,000,000
5
1923
1,370,000
1,000
5
1924
1920
1,000 3,955,000
6g
1,000 5,564.000
4g
1910
6
1,000 4,980.000
1881
1891
1,000 2,500.000 4 & 5 g
294,000
1921
6g
te Mar ie Ry
100 3,000.000 $2,164,
5
13,598,700
1930
200 000
100 &c
4g
1900
490.000
6
1,000
1922
5
1,000
720,000
1924
500,000
1,000
1913
5%
1907 1,000 &c

250,000

4g

J

Q

D Junel 1940
J Jan 1 1961
N N ov 15 1931-35
A Aug 1 1949
D Aug 1 1929
O Oct 1 1954
S Mar 1 1946
s Mar 1 1946
& 0 1936 A 1939
c
< N Nov 1 1941
fc
& J Jan 1 1942
&
&
<
&
&
&
A
A
c

&

F

g— J

M &
M &
.1 A
c
M &
J
&
J
A
c
J
&
I &
M &
J &

&

Fidelity Trust Co, Phila
Irv B-C T Line Off. N Y
165 Broadway,New York
do
do
do
do
London, Paris, Belg, Acc
do
do
Owned by South Pac Co
do
do

M ay 15 ’ 25 2% Office 143 Liberty St,NY
New York Trust Co, N Y
July 1 1987
Check from Treas Office
N M ay 1 1926
Office, 143 Liberty StNY
N To M ay 1 1930 New York Trust Co, N Y
D To June 1 1932 Office, 143 LibertySt.NY
8 To Mar 15 1933 New York Trust Co, N Y
D June 1 ’25 to ’34
do.
do
J To Jan 15 1935 Guaranty Trust Co, N Y
J To Junel 1950 New York Trust Co. N Y
J July 1 1936
do
do
8 Sept 1 1941
do
do
J July 1 '25 to ’76 Bankers Trust Co, N Y
J July 1 1987

500 held
M & N
& ()
M A N
c
A < O
&
J
& J
A

J

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

by Canadian N
M a y l 1930
Oct 1 1950
N ov ’25-M ay’30
Oct ' 25-Oct ’32
Jan 1 1933

J Jan 1 1937

ational TRaliways
New York Trust Co, N Y
Amer L A Tr Co, Boston
c
West End Trust Co,Phila
Equitable Trust Co, N Y

b Additional $1,167,000 in treasury Dec. 31 1924.

CENTRAL RAILROAD CO. OF NEW JERSEY (T H E ).— 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 J e t .____________ 105
Easton & Western R R _________ 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 R R .,
Other trackage__________________ 33
Net operating revenue----------------- $2,381,570 $1,971,492 $1,573,515
Perth Amboy to Bay Head___ 38
Tax accruals and uncollectible revenue
360,278
296,786
288,444
Dover & Rockaway R R ________ 5
Total operated Dec. 311921..692
Equipment rents___________________ Deft.381,000 De6.631,181
______
Ogden Mine R R *________________ 10
*See this company,
Jomt facility rents_______________. . . Cr.20,483 Cr. 19,872
______
There are 265 miles of 2d. 41 miles of 3d and 37 miles of 4th tracks
Net operating income.
$1,720,775 $1,063,396 $1,285,071
without foreclosure;
44. p. 714, 716;
Non-operating income..
84,098
96,104
462,648 V. HISTORY.— Reorg. in 1887 properties, see Lehigh V. Wilkes-Barre Coal
105, p. 1707. Concerning coal
A
c
& Navigation under Industrials.” In 1901 Reading
Gross income---------------------------------$1,804,873 $1,159,500 $1,747,719 Co. and Lehigh Coalcontrol, owning $14,500,000 stock. The latter com­
Deductions from gross income_____
976,634
872,305 1,800,233 Company acquiredof its holdings under its dissolution plan. V. 113. p.
dispose
240,117
320,320
320,322 pany will112, p. 743, 2304: V. 72. p. 86, 136, 241, 391, 721. In Sept. 1913
Dividends--------------------------------------1469; V.
Government guarantees (debit)_____
______
______
x71,176 the Govt, brought suit alleging violation of both the Sherman law and the
Oct. 1915 final decree of
Balance, surplus-------------------------$588,122 def$33,125 def$444,012 commodities clause of the I.-S. Commerce Law. Inthat this company must
U. S. District Court dismissing said suit ordered
x This item covers lap-over items audited during the year applying to the dispose of its interest in the Lehigh & Wilkes-Barre Coal Co. within 90
Federal control or guaranty periods.
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.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
The plan for the disposal by the company of all the stock of the Lehigh &
OFFICERS.— C. L. Bardo, Pres.; A. S. M ay, Treas.; Arthur E. Clark, Wilkes-Barre Coal Co. owned or controlled by It (as embodied In the disso­
Sec.; H. S. Palmer, C om pt.— (V. 120, p 2008.)
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
CENTRAL PACIFIC R Y. CO.— (See Map o f Southern Pacific.)
to any other later date which may be fixed by the Court. Announcement
Lines Owned—
Miles. Hazen, Nev., to Keeler, Cal_288.65 was made on Nov. 17 1921 that the company had sold its 169.788 shares
Oakland, &c., local lines______ 18.84 Weed, Cal., to Kirk, Ore_____ 127.38 of Coal Co. stock to a syndicate for $32,500,000. See V. 114, p. 737. 946.
Oakland pier to Elvas, Cal___ 133.46 Natron to Oakridge, Ore______ 34.39 2578; V. 115, p. 182, 644, 868; V. 117, p. 669, 1555; V. 113, p. 1982. 2184,
Sacramento, Cal., to Cecil
M ojave to Owenyo, Cal______ 142.00 2719; V. 112, p. 743, 2641; V. 101, p. 1464, 1807; V. 110, p. 1816. Full
Jet., near Ogden, Utah____ 692.20 Fernley, N ev., to Westwood,
Grew Law. V. 105. E. 1897. 2093. Rebate decision in V. 109. p. 1891.
Niles to San Jose, Cal________ 17.58
C a l ...........................
136.60
Tentative
C.
a tentative
Niles Jet. to Redwood Jet____ 16.24 Branches____________________ 130.68 valuation o fValuation.— The I.-S. totalCommission has placed system and
$103,473,706 on the
owned property o f the
Umbria Jet., Nev., to near
30 1918. The tentative
Ogden, Utah______________ 141.64 Leased_______________________ 17.44 $125,111,211 on the total used. property as o f JuneDover & Rockaway R R .,
valuations
RR of
Lathrop to Goshen Jet., C a l..146.57 Less leased to So. Pac. R R ____33.61 the Eastoninclude CentralR ., the New Jersey, the R R ., the Lehigh Coal A
& Western R
Hibernia Mine
c
Roseville, Cal., to Oregon
(Lehigh & Susquehanna R R .) the Ogden Mine R R ., the
State Line________________ 296.58
T ot. oper___ ____________ 2,359.40 Navigation Co. and the Wilkes-Barre A Scranton R y.
Tresckow R R .
c
ORGANIZATION.— Incorp. In Utah in July 1899, per plan in V .68,p.378.
DIVS.— ’ 91. ’92 to ’94. ’95. ’ 96. ’97. ’98. ’99. ’00. ’01. 1902toM ay ’25
In 1914 the Government brought suit to separate the company from the Regular.. 61* 7 y ’rly 51* 5 41* 4
4
5
5
8 yearly (Q-F).
Southern Pacific Co., but lost in lower court in 1917. V. 104, p. 1044. The Special___________________ -----------Dec. 1899 to Jan. 1925, 4 yearly (J & J)
U. S. Supreme Court on M ay 29 1922 ordered the dissolution of ownership
BONDS.— For General Mortgage abstract, see V. 45, p. 402.
and control by the Southern Pacific Co. Compare V. 114, p. 2470;
The Lehigh & Wilkes-Barre consol, serial 4s, guar. p. & i., mature
V. 115, p. 1729, 1837. The I.-S. G. Commission, however, on Feb. 6 1923
handed down a decision granting the application of the Southern Pacific 12,500,000 every 5 years, beginning June 1 1915.
Co. to retain its control o f the Central Pacific Ry. by ownership of its stock
During 1918 the remainder of the property of the American Dock S
c
and lease o f its lines upon certain conditions. Compare V. 116, p. 685.
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, d . 1268. Bonds were
STOCK.— The Southern Pacific Co. owns the entire $67,275,500 common extended to July 1 1936 at 6% . Redeemable as a whole only from July 1
and $17,400,000 pref. Pref. is 4% cum. and participates equally with com­ 1926 to July 1 1931 at 105 and int. and thereafter at 1021* and int. V. 112
mon after 4% on each. All pledged for its coll, trust 4s. V. 96, p. 419
p 2751: V. 113. p. 73.
LATE DIVS. T l . '1 2 .’ 13. ’ 14. ’ 15. *16. T 7. T8 T9. ’20. '21. ’22. ’23 ’24
RE PO RT.— For 1924 showed:
Preferred. % 10 6 6 26.6 4
4 6 6 4 4 4
4 4 4
Operating Revenues—
1924.
1923.
1922.
1921.
Common, % 10 6 6 26.6 14* 14* 6
6
4
4
2
2 2 2
M erchandise___________ $25,264,906 $26,096,912 $22,939,947 $19,172,052
BONDS.— First Refunding Mtge. gold 4s, $100,000,000. V. 69, p. 808
Bituminous coal_______
3,408,500 3,874,600
3,692,300
4,297,586
Anthracite coal________ 13,740,174 14,064,247
and V. 70. p. 739; V. 78, p. 228; V. 87, p. 225, 285, 479; V. 88. p. 52
9,885,617 16,685,114
Passenger______________ 9,237,070 9,437,463
9,061,949
9,141,722
1,578,977
1,477,049
Thirty-gear gold 3 4*s, $25,000,000, secured by a second lien upon all the Express and mail______
1,627,179
793,548
442,383
475,343
properties covered by the 1st Ref. mtge. and also by deposit with the trus­ Water line_____________
482,818
527,255
429,642
404,483
tees, as acquired, of all securities and moneys held in any sinking fund of the Water transfer__________
330,366
278.437
1,194,960
Central Pacific R y., consisting Dec. 31 1924 o f $4,726,000 in securities, Incidental______________ 1,033,089
1,052,940
1,166,920
332,213
358,594
and by a trust deed upon all the lands covered by mortgage dated Oct. 1 Miscellaneous__________
415,354
356,078
1870. See Mortgage Abstract, V. 69. p. 858; also see p. 851. From the
Total--------- -------- ------ $55,466,963 $57,383,653 $49,488,471 $52,418,714
proceeds o f 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
Operating Expenses—
or purchased for cancellation, reducing those outstanding to $5,408,825.
Maintenance o f way, &c. $6,058,276 $5,660,110 $5,530,944 $6,470,243
Maintenance o f equip’t . 9,819,916 17,087,290 12,973,254 13,602,959
Lucin Cut-off 4s are call, at 1074*. V. 79, p. 1641; guar., V. 80, p. 162
In Feb. 1911 the sale was arranged in France o f 250,000,000 francs 4% Transportation expenses 21,798,967 23,820,559 21,781,282 22,141,541
449,521
459,050
409,850
424,995
35-year coll, trust bonds, guaranteed by the Southern Pacific Co. (the latter Traffic expenses----------1,288,800
1,286,970
1,305,453
pledging as security for the guaranty part o f its interest in affiliated cos., General expenses----------- 1,293,760
232,217
234,480
215,121
236,748
notably So. Pacific R R .). V. 92. p. 593 . 794; V. 94. p. 130, 1762; V. 101. Miscell. operations, &c.
p. 2146.
Total--------- ------------.$39,652,657 $48,550,289 $42,197,422 $44,181,938
The $8,500,000 outstanding Nevada & California 6% bonds ($15,000,000 Net revenue____________ $15,814,306 $8,833,365 $7,291,049 $8,236,776
auth. issue) were assumed on purchase Feb. 29 1912: also $3,O0O.O00 Cen­ Taxes, &c______ __________4,560,718
3,807,110
3,572,659
3,001,175
tral California R y., $1,000,000 Chicago & Northern RR., $2,500,000 Sacra
mento Sou. R R . and $5,000,000 Oregon Eastern Ry. V. 94, p. 982, 1118
Operating income___ $11,253,588 $5,026,255 $3,718,391 $5,235,601
All of the five foregoing issues are owned by So Pac. Co. There are also
Non-Operating Incomeoutstanding (all owned by So. Pac. Go.) $2,500,000 Sacramento Southern
Rent from equipment_
_
$191,192
$375,556
RR 1st Mtge. 6s due Nov. 1 1941 and $1,000,000 Chico & Northern RR
Miscell. rent income____
$371,510
$396,057
500,310
445,742
1st Mtge. 4s due July 1 1940.
Non-oper. phys. prop_
_
146,237
156,181
156,973
144,362
264,142
264,142
LAND G R A N T .— Total land grant was about 12,000,000 acres, of which Dividend income_______
280,583 ly l9 ,993,881
6,680.634 acres unsold Dec. 31 1923
Sales in 1924, 15 514 acres; average Other dividend income. .
Income from funded sec. 1,094,925
1,112" 874
832,740
price per acre, $16.76. Land contracts Dec. 31 1923, $1,811 667
356,323
Inc. from unfunded sec.
107,754
180,080
849,066
99,703
R E PO RT.— For calendar year 1924: Income from lease o f roads, $12 - Miscellaneous_________
41,553
41,924
11,041
243,882
999,671; other income, $651,384; deductions, $8,107,625; dividends, $2.941,510; bal.. sur.. $3,501,920.— (V. 120, p. 2265.)
Gross income________ $13,279,709 $7,177,513 $6,540,296 $26,895,048
BONDS.— The 1st guaranteed 4s o f 1911 ($25,000,000 auth. issue) are a
first lien on 138 miles o f 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 o f 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. I l l , p. 1660.
R E PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
* 1922.
Operating revenues--------------------------$8,146,477 $7,988,226 $6,790,751
Operating expenses-------------------------- 5,763,907 6,016,734
5,217,236




30

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 6]

Miles Date
Road Bonds

Chari & W est Caro—-1st M g ($8,000 p m)_Ce.xc*Acr
1st consol mortgage Series A
. _________ SBa.sc*

341
341
341

_
Augusta Term R y 1st M gold guar p & i end_ Ce.x
Equipment trust certificates due $54,500 yearly___
...
C harlotte Colum bia & A ugusta—Bee Southern Ry
Chartiers— See Pittsb Cincinnati Chicago & St Louis
C h a ttah ooch e Valley— Consomtge . — _ ABx
_
44.5
C hattanooga S tation— 1st M g gu (text)..E q.xc& r
Chesapeake & O h io— Com s t o c k . . __ __ _
_
Preferred stock Series A cum conv A red (see text) _
c
First consol mtge for $30,000,000 gold._Ce.xc*Acr
697
Rich A All Div 1st & 2d Ms ($ i,000,000 2ds)Ce.xc*
c
242
Craig Valley Branch first mortgage gold___ Ce.xc*
26
Warm Springs Branch first mortgage gold_ Ce.xc*
_
25
General mtge (for $70,000,000 Acc) gold..Ce.xc*& r 1,433
Paint Creek Branch 1st M $750,000 gold__ Ce.xc*
22
Coal River 1st mtge gold assumed . . . .
Ce.xc*
104
Greenbrier Ry 1st M $3,000,000 g assumed..Eq.xc*
101
Big Sandy Ry first mtge $5,000,000 gold_ Ce.xc*
_
86
PottsCr Br 1st M $1,000,000 auth (V 83 p 693) Ce.xc*
20
Virginia Air Line 1st M $900,000 g assumed___ xc*
30
Raleigh & Southw 1st M $1,500,000 g ass'd..C e.xc* 3516
Gen fd & imp M $11,000,000 red 107)*_Usmxc*&r* 1,661
Conv g bonds $37,200,000 red text..U sm .xc*& r*..
Convert g bonds $40,180,000 g ___ ____ ____ zc*&r*
Ches A Ohio Nor 1st M (closed) red 105 gu p & i.r*
c
30.4
First lien & impt mtge $125,000,000 authorized __x
Kanawha Br A Ter 1st M g red 105 beg '16.FP.xc*
c
—
Car and equipment trusts (see text)_______________
Guaranteed bonds—
Elev Co lstMg(CAcO owns $379,000)gu p&i.Ce.zc*
Louis A Jeff Bdg 1st M $5,000,000 gu p & i end .c*
c
Norfolk Ter & Trans 1st M (V 67, p. 322)gu p&i.xc*
Western Pocahontas Corp 1st N (V 84, p 995)— x
do
do
do
Extension N olxc*
do
do
do
Extension No2xc*
Richmond-Washington Co (one-sixth interest)____
p Further $7,302,000 pledged under mortgage of 19 io '.'
a Guaranteed jointly and severally with Cleveland Cincin
Non-Op. Income (Concl.) 1924.
Rent for equipment___
________
Rent for leased r o a d s ... $2,327,831
Joint facility, Acc., rents.
1,303,044
Miscell. tax accruals___
329,227
Interest_______________ 3,116,169
Miscellaneous_________
15,599

1923.
________
2,328,081
769,726
304,619
3,054,304
95,371

1896
1914
1914
1897
1920

Par
Value

Amount
Outstanding

$1,000 $2,720,000
1,000 2,380,000
1,000
600,000
1,000
545,000

1,000
1900
1907 1.000 &c
100
100
1,000
1889
1,000
1890
1,000
1890
1891
1,000
1892
1,000
1,000
1905
1,000
1905
1,000
1900
1904
1,000
1,000
1906
1907
1,000
1906
1,000
1909 1,000 Ace
1910 1,000 &c
500 Acc
1916
1915 1,000 &c
1910
1,000
1908

470,000
1,000,000
67.265.725
12,558,500
30.000,000
7,000,000
650,000
400,000
48,616,000
539,000
2,498,000
1,641.000
4,137,000
600,000
900,000
819,000
p3,698,000
31,390,000
36,417.500
1.000,000
441,000
17,273,024

1,000
1888
820.000
1,000 a4,500,000
1895
1,000
1898
500.000
1905
1,000
750,000
1,000
1906
97,000
1906
1,000
51,000
1903 1,000 &c 10,000,000

When
Payable

Rate
%
5g
2 to 5
6g
6g

A
J

J
A

J

<
&
&
&
&
&

6
J & J
4g J &
4
.1 &
6H J &
M <
&
5g
.1 &
4g
5 g .1 &
M &
5g
41* g M &
F &
4g
c
4 g .1 A
M &
4g
4 g .1 &
c
4 g .1 A
M <
&
5g
4 g .1 &
c
5 g .1 A
41* g F &
5g A &
A &
58
c
5g A A
6
4g
4g
5
41*
41*
41*
4g

A
M
F
F
F
A
J

&
&
<
fc
<
&
<
fc
<
fe
&

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

O
J
J
o

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

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

Amer Trust C o, Boston.
15 July 1 1940
J P Morgan A Co, N Y
c
J Jan 1 1957
do
do
.1 July 1 1925 2%
.1 July 1 1925 31*
do
do
N M a y l 1939
do
do
do
do
J Jan 1 1989
J July 1 1940
do
od
S Mar 1 1941
do
do
s Mar 1 1992
do
do
A Feb 1 1945
do
do
1) Junel 1945
do
do
N Nov 1 1940
do
do
1) Junel 1944
do
do
do
do
J July 1 1916
do
do
N M ayl 1952
J July 1 1936
do
do
J Jan 1 1929
do
do
A Feb 1 1930
do
do
do
do
() Apr 1 1946
do
do
O Oct 1 1945
Dec 1 1930
Fidelity Trust Co. Phils.
O Apr 1 1948
1930-32
O
s
A
A
A
<)
D

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

1938
1945
1948
1945
1945
1946
1943

J P Morgan A Co, N Y
c
J P Morgan A Co, N Y
c
do
do
do
do
do
do
do
do
New York Trust Co, N Y

nati C hicago & St Louis; C hes & Oh io propor tion is one-third

1922.
$243,136
2,328,581
723,125
238,563
2,983,250
21,028

1921 v
$406,392
2,329,646
712,289
186,562
2,967,779
50,624

Net income_________ $6,187,840
$625,412
$2,614 $20,241,755
y Dividend income in 1921 includes approximately $19,780,302 received
from two semi-annual dividends o f 6 3* % each and the cash dividend of
150% paid Mar. 15 and a cash div. o f 70% paid N ov. 29 on the $8,489,400 stock owned in the Lehigh-Wilkes-Barre Coal Co.
Note.— Federal lap-over items of 1921 recorded on the Federal books
only are included in this statement, but not in the corporate income account.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— W . G. Besler, Pres.; George Holmes, Gen. Counsel,
T. B. Koons, V.-Pres.; Charles H. Stein, Gen. M gr.; Charles E. Miller,
Gen. Attorney; F. T . Dickerson, Sec. A Treas. N . Y . office, 143 Liberty
c
St.— (V. 120, p. 2546.)
CENTRAL RR. OF SOUTH CAROLINA.— Owns from Lanes. S. O.. to
Sumter. S. C., 40.2 miles; spurs, Aeo., 1.61 m.; total, 41.81 m. Leased to
Atlantlo Coast Line RR .; rental, $31 000 yearly and taxes. Stock. $170,000; par, $50. Annual rental, $J1,000.--(V . 112, p. 2082, 2536. 2747.)
CENTRAL VERMONT R Y. C O .— Operates from Rouses Point, at north
end o f Lake Champlain, to New London, Conn., with branches, 434 miles in
all, o f which 161 miles leased, viz., New London & Northern (see that co.),
121 miles; Montville Branch, 3; West River R R ., 37 m.: V. 68, p. 1076. In
M ay 1914 received authority to lease for 999 yrs. Southern New England R y .
partly built, Palmer, Mass., to Providence; and In May 1916 asked right
to purchase it: a contractor in Nov 1918 obtained $2,000,000 attachment
on said line but suit was discontinued in Mar. 1920. V. 110. p. 1416.;
V. 107, p. 2008; V. 102, p. 1718. Steamboats, V. 103, p. 406. Valua
tion, V. 112, p. 62; V. 114, p. 2359. Govt, loan, V. 113, p. 2078.
SECURITIES, &c.— The Canadian National Rys. holds $2,164,500 of
the $3,000,000 stock. Form o f interest guaranty, V. 85, p. 283. The
Massachusetts Department o f Public Utilities in April 1920 approved the
petition of company allowing it to transfer by mortgage and deed of trust
Its property including the leasehold of the New London A Northern R R . to
c
the New York Trust Co. to secure an issue of bonds amounting to $15.000,000, dated May I 1920 and due May 1 1930 proceeds to be used to
retire and refund $12,000,000 1st mtge. 4s due M ay 1 1920. Acc. V
110, p. 2657.
RE PO RT. -For calendar year;
Bat., D f .
Total Income. Charges.
Net.
Year—
Gross.
$897,063
$851,968 $1,013,555 $1,910,618
1924............. $8,380,752
1,913,271
831,595
1.081,676
1923............. 8,627,980
707,204
1922_______ 7,626,626
881.375
1.018,930
1,755,744
736,814
1,347,931
1,633,695
1921............
7,135,753 881.375 a 285,764
a Deficit.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Sir Henry W . Thornton. Montreal; Pres.,
E . C. Smith; Compt., E. Deschenes; Treas., J. B. W ood, St. Albans, Vt.
— (V. 120, p. 2142.)
CENTRAL WEST V IROIN IA & SOUTHERN R R .— Hendricks. W
Va., to Armentrout, 29.5 miles; leases from Armentrout to Horton 1.6
miles; total, 31 miles. Stock, $500,000; par, $100. Bonds ($1,000,000
authorized), of which $500,000 reserved for new construction. Call
able on any interest day after January 1923 at 105, Sinking fund re
tires 5% of bonds outstanding semi-annually. Pres.. Robert F. Whit
mer; V .-P ., Charles Steele; Treas., J. T . Richards; Sec., M . M . Daly
Philadelphia, Pa. Office, Hendricks, W . Va.
CENTRAL WISCONSIN R Y .— (V. 112. p. 1023.)
CHARLESTON UNION STATION CO.— Owns passenger station at
Charleston, S. C ., used by Atlantic Coast Line and Southern R y., each of
which owns J* the stock and guarantees the bonds, p. A I , by endorsement
c
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 R Y.— Port Royal, S. 0 .. via
Augusta, Ga., to Spartanburg, S. 0 .. 246 m.; branches to Anderson and
Greenville, S. C., 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
BONDS.— Of the 1st consol. 50-yr. bonds o f 1914 ($10,000,000 auth.
issue), $2,380,000, issued to retire the income bonds, have int. payable at
2% yearly for the first 2 years, 3% for the next 3 ,4 % for the next 5 and
thereafter 5 % . Now pay 5% int. Of the remainining bonds (to bear int. no
higher than the So. Caro, rate), $2,720,000 are issuable from time to time to
retire the old 1st 5s, $600,000 to take up the Augusta Term. 6s and $4,300,000 ext., better, or equip. V . 98, p. 1315; V. 100, p. 1347.
Equipment tru sts issued to D ir e c to r-G e n e r a l to r rolling s to c k allocated
to this company. See article on page 3 and V. 114, p. 1764
R E PO R T .— Year ending Dec. 31 1924:
Other
Interest,
Common
Balance
Calendar Gross
Net after
S u r p lu s
Income Rents. Ac. Dividends.
Taxes.
Years. Ea'ninas.
$273,076
$93,165 $496,235
1924 ..$3,908,781 $676,146
519,868
$72,000
76,448
124,371
1923 „ 3,878,505
639,791
72,000
449,784
220,461
1922 „ 3,221,243
618,153
124,092
483.751
115.897
def533.777
1921 — 3.281,933defl65,923
For latest earnings, see “ Railway Earnings Section” (issued monthly).




[V ol. 120.

R A IL W A Y STOCKS AND BONDS

Pres , F. B. Grier, Greenwood, S C.: V .-P ., J. R. Kenly; V .-P .. Lyman
Delano; V -P. & Gen. Mgr., A. W. Anderson. Augusta, Ga.; Sec., R. D.
Cronly: T reas John T Reid; Gen. Aud-, W . D . MeCalz, Wilmington,
N. C — (V. 118, p. 1771.)
CHATEAUQAY & LAKE PLACID R Y .— Extends from Bluff Point
N. Y ., to Lake Placid. 79 miles, of which Bluff Point to Dannemora, 16 m.
is leased at nominal rental from State of New York.
Stock, $3,450,000, of which $3,000,000 is 4% non-cum. pref., the latter
all owned by D. A H. (V. 84. p. 50) and $450,000 common stock, of which
c
the D. & H. owns $75,000. Leased to the Del. & Hudson until Dec. 31
2403, any balance over expenses of operation. Interest, taxes, maintenance,
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.)
CHATTAHOOCHEE & dULF RR .— Columbia, Ala., to Florala, 92 m.
LEASE.— Leased In 1900 In perpetuity to Cent, of Georgia R y. for 6% on
{436.400 stock and $407,000 bonds (of which only $170,000 outstanding
of which 1 % to be used as a sinking fund for retirement of bonds, upon com ­
pletion of which rental will be 5% on stock, payable J.-J. See Cent, of
Georgia R y.— (V. 117, p. 2768.
CHATTAHOOCHEE VALLEY R Y .— Standing Rock. Alabama to
Bleecker, Alabama, 43.6 miles. Stock auth., $1.000,000; Issued *! 10.000;
par. $100. Bonds, see table above. Year. 1924, gross, $225,972; net,
$33,774; charges. $66,411; bal., def., $27,333.— (V. I l l , p. 2227.)
CHATTANOOGA STATION CO — Owns union passenger station opened
Dec 1 1909 and approaches at Chattanooga. Tenn., used by the Southern
Ry. Central of Georgia, Alabama Great Southern and Cln. N. O. & Texas
Paolflo, whloh each owns one-fourth of the stock and guarantees the bonds
jointly and severally, p. & I., by endorsement. Rental covers bond interest
and 4% on stock.— (V. 84, p. 50.)
CHESAPEAKE AND OHIO R Y . CO. (T H E ).— (See M ap.)— On
Dec. 31 1924 operated:
Lines owned in fee—
Miles.
Controlled by stock.—
Miles.
Ft .Monroe, Va.,toCovlngton.Ky. 663 Bridge— Covlngton-Clnoinnatl .
2
_ 261
Ches. & Ohio Ry. of Indiana_
Rlohmond via Lynchburg, to
Lines leased—
Clifton Forge, Va__________ 230
39
Branohes In Va. and W. Va___ 739 Sundry branohes leased_______
84
Seaton, Ky., to L exington____ 103 Trackage to Louisville________
Big Sandy Jot. to Blkhorn City,
Norfolk & West_______________
62
with branch________________ 128 Trackage to Washington. D 0 .
85
Branohes In Kentucky________
79 Other trackage_______________
55
Ghee. & Ohio Nor....... ................
30 i Total of all...............................2 ,560
Second track (521 owned) 711 miles; third track operated, 9 miles; sidings,
1,289 miles; total all tracks, 4,563 miles. Also controls Hocking Valley,
350 m., and one-sixth int. in Richmond-Washington Co
The I.-S. C. Commission has placed a tentative valuation o f $189,257,789
on the total used properties and $182,687,175 on the total owned properties
of the company, as o f June 30 1916. These valuation figures do not include
the C . & O . o f Indiana.
HISTORY, Acc.— In 1888 reorganized without foreclosure. V. 88, p.
294. For 9-year financial statement to Dec. 31 1917, see V. 106, p.
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
8,000 acres of coal land through the Western Pocahontas Fuel C o. V. 105,
p. 180; V. 106, p. 1911.
During the year 1918 the Pond Fork R y. C o., Gauley & Meadow River
RR. Co., the Kanawha Bridge & Terminal C o., the Logan & South­
ern R y. Co. and the Piney River A Paint Creek R R . Co. were merged with
c
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 R y. Co.
The Elkhorn & Beaver Valley Ry. was merged in 1920. In April 1921 the
stockholders approved the lease of the Ches. A Ohio R y. o f Ind. V.
c
113, p. 2719. The I.-S. C. Commission on Dec. 23 1924 authorized the
company to acquire control by lease o f the Ashland Coal A Iron Ry., the
c
Long Fork Ry. and the Millers Creek R R . V. 120, p. 205.
Huntington interests acquired by O. P. Van Sweringen. V. 116, p. 175;
V. 115, p. 2904.
Merger.— In Sept. 1924 O. P. and M . J. Van Sweringen made a proposal
for the unified control and operation o f the railroads of The New York
Chicago A St. Louis R R . C o., The Chesapeake & Ohio R y. C o., The
c
Hocking Valley Ry. C o., Erie R R. Co. and Pere Marquette Ry. Co., for
details of which see The New York Chicago & St. Louis R R. Co. below.
The stockholders on March 30 1925 approved the lease o f the road to
the new Nickel Plate system. The proposed 999-year lease of the road
to the new Nickel Plate system, however, must not be executed, even
though the I.-S. C. Commission approves it, until Judge William A.
Moncure o f the Chancery Court decides definitely whether the corporation
has power under the Virginia statutes to enter into such an agreement.
This ruling was upon the petition o f minority stockholders for an injunction
to prevent the stockholders’ meeting on March 30 from approving the
proposed lease o f the road to the new Nickel Plate.
The minority stockholders’ committee is composed o f the following
members: Geo. Cole Scott, Chairman; John Stewart Bryan, Richmond,
Va.; Lindsey Hopkins, Atlanta, Ga.; George S. Kemp and Berkeley Williams
Richmond, Va., with Berkeley Williams, Sec., 705 Richmond Trust Bldg.,
Richmond, Va., and Munford, Hunton, Williams A Anderson, counsel,
c
Richmond, Va. Compare V. 120, p. 83, 325, 1086, 1322, 1454, 1582, 1744.
STOCK.— Author, stock was increased in 1916 to $155,000,000, of which
$37,200,000 was reserved for conversion of 4)*s of 1910 and $50,225,000 for
conversion of 5s of 1916 V. 102, p. 1162, 1625.

Ma i ,

j 925.]

RAILWAY STOCKS AND BONDS

tH
ffO




32

R A IL W A Y STOCKS AN D BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 6]

C hesterfield & Lancaster— 1st M $750,000 g Col.xc*
C hestnu t Hill R R — Stock rental P & R R y______
C hicago & Alton RR —Common stock___________
Preferred stock 4% non-cumulative____________
4% cumulative participating and prior lien stock
Receivers’ notes red p a r ________________________
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 __________ ixx
Kansas City St Louis & O 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

1905

Par
Value

$ 1,000

50

100

1924
889 1899
943 1900
1912
1920
1923
162
37
101
27 1910

100
100

1.000 &c

$186,000
195,650
19,542,800
19.544.000
868,700
1 , 000,000
45.350.000

1.000 &c
1.000 &c 22 ,000,000
1.000 &c 16.834.000
1.211,000
1,000 4.800.000
100
1.750.000
100 1.500.000
100
329.000
100 &c
225.000

The stockholders on Sept. 26 1922 authorized an issue of $30,000,000
preferred stock, of which $12,558,500, known as 6H % 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.
D IY S.: ’99-’08. ’09. '10. ’ l l . '12. ’ 13. ’ 14. ’ 15. ’ 16. ’ 17-’20. ’21. ’ 22-’25.
Percent 1 yrly
3 4% 5
5 4 Yt 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 July 1 1925 paid 2% s.-a.
BONDS.— Abstract o f consol, mtge. o f 1939 in V . 49, p. 147; V . 86, p.
1588; V. 92, p . 260; o f Richmond & Allegheny mtges, in V. 51, p. 144.
The general mortgage o f 1892 (Central Union Trust Co. and H. T . Wick­
ham, trustees) is for $70,000,000, 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, Y . 87, p. 1663; V . 88, p. 157.
The mortgage o f 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 Mar. 1925, $36 212,000 had
been pledged to secure the $31,685 500 convertible 5s o f 1916, due 1946,
and no part held by public. $23,329,000 had been pledged as security for
loans from U. S. Govt, and $15,504,000 in treasury.
Collateral Mar. 31 1925 for First Lien and Impt. Mortgage Bonds.—
C . & O. R y. 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 o f $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 o f all stocks and bonds, upon 368.30 miles of
railroad, viz.: (a) Directly on 107-60 miles of coal branch lines in West
Virginia; (5) on 260.7 miles of main line between Cincinnati and Chicago.
(2) A first lien on all stock o f C. & O. Northern R y., and 80.23% of stock
o f the Hocking Valley Railway Co. (3) A lien on all the remaining lines
o f railway owned or controlled by the company, aggregating about 1,800
miles, subject to $101,872,000 prior liens.
The 4 H % 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 goldbonds o f 1910, $31,390,000
were issued in that year. They are redeemable after 1915 at 102
The option to convert these bonds into stock expired Feb. 1 1920. V. 00.
*>. 771,848; V. 91. p. 870, 945, 1159, 1574.
The Convertible 30-year 5% gold bonds o f 1916 for $40,180,000 (V. 102, p.
1162) are convertible at option o f holder at face value into common stock
at $90 per share up to and incl. Apr. 1 1926, and at $100 per share up to and
incl. Apr. 1936, with adjustment o f divs. and int. The entire issue, but not
a part thereof, is redeemable at option o f company on any interest date
up to and including April 1 1929 at 105% and interest, and thereafter
at 100% and interest, upon 60 days’ notice; in case o f redemption during
the conversion period the privilege of conversion shall terminate 30 days
prior to the redemption date. $8,494,500 had been converted into Com­
mon stock to M ar. 31 1925, incl.xi The.bonds are secured by deposit with the
trustee of $36 212,000 first lien & impt. mtge. 5% bonds, above described.
A proportionate amount o f the security may be withdrawn as bonds are
■converted into stock. V . 103, p. 60.
Louisville & Jeffersonville Bridge.— See separate statement of the co.
Greenbrier Ry. 4s V . 72, p. 626; see also V. 71, p. 554, 602; V. 79, p. 915.
Big Sandy 4s o f 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 $211,000 reserved for extensions. V. 81, p. 974, 910.
Raleigh & Southwestern 4s. V. 84. p. 1114; V. 89. p. 720.
Kanawha Bridge & Terminal 5s, V. 91. p. 1629 assumed b O. & O. By.
V. 109. p. 785
Principal Car Trusts Gold (Denom. $1,000 Eacri) (V. lue p. m i l ) .
Outstanding.
Mature in Installments.
O 1916 4 H % call 102H - 316.000 July 15 '25-Jan. 15 ’26 $158,000 s. a
125.000 s.
P 1916 4 ) * % ..........
375.000 D ec. ’25-E>ec. ’26
189.000 s. a.
R 1917 4 H % call 1 0 2 ..
756,000 N ov. ’25-May '27
375.000 ann.
S 1920 6 > * % .................. 4,125,000 Dec. 1 ’25-Dec. 1 '35
509.000 ann.
T 1922 5)4 % _________ 6 108 000 June '26-June '37
646,500 ann.
13 1920 6 % ................
6,465.000 Jan. ’26-Jan. ’35
111.300 ann.
13a 1920 6 % ____________1.113-000 Jan. '26-Jan. ’35
Elkhom Piney Coal Min­
95,000 ann.
ing Ce (assumed)____
190,000 Mar. 15 ’ 26 to ’ 27
525.000 ann.
U 1923 5% ................ 6,825.000 Mar. 15'26 t o ’38
1,2O0,OOO ann.
V 1924 5 % _____________ 18,000,000 July '25-July ’39
Interest paid semi-annually as indicated by maturity days; “ N ,” “ O.”
“ P ” and “ R ” at Bank o f NorthAmerica and Trust C o., Philadelphia, and
J. P. Morgan & C o., 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 C o., N . Y .
Equipment trusts issued to Director-General for rolling stock allocated,
-to this company. See article on page 3.




Amount
Outstanding

Rate

%

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

& A Aug 1 1955
Q— M Junc|4 1925
Feb 15 '10, 2%
Jan 16 ’ l l , 2%
Jan 15 '12. 2%
5H J & D June 30 1926
A & O Oct 1 1949
3g
3H g J & J July 1 1950
J & J July 1 1932
6§
J & J 15 To Jan 15 1935
M & N Nov '25 M ay’37
See text
7
See text
F & A See text
7
A & O Oct 1 1930
4g
F

w

Irv Bk-Col Tr C o, N Y
Treasurer’s office, Phila
Checks mailed
do
do
do
do
Oct. ’24 Int. pd. Feb. *25.
Jan. ’23 int. 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

R E PO RT.— For 1924, in V. 120, p. 2439, showed;
Operating Revenues—
1924.
1923.
1922.
Freight traffic__________
$92,223,413 $85,202,379 $68,671,907
Passenger traffic____________________ 10,851,180 11,650,941 10,586,625
Transportation o f mails_____________
876,645
822,373
764,796
Transportation o f express____________
1,183,615
1,278,851
1,110,261
Miscellaneous____________
2,898,596
3,021,253
2,377,973
Total operating revenues_________ $108033,448 $101975,798 $83,511,561
Operating Expenses—
Maintenance o f way & structures____$15,551,838 $12,847,570 $10,558,138
Maintenance o f equipment___________ 30,116,566 28,693,866 22,530,747
Traffic_________
1,173,219
1,040,339
942,913
Transportation______________________ 33,127,514 33,725,951 29,831,398
Miscellaneous operations____________
431,926
418,951
330,381
1,953,360
General_____________________________ 2,521,742 2,248,921
Transportation for investment______ Cr. 141,102
Cr.85,822
Cr.28,908
Total operating expenses__________ $82,781,702 $78,889,776 $66,118,030
Net operating revenue______________ $25,251,746 $23,086,021 $17,393,531
Railway tax accruals_________________ 4,628,463
4,687,394 3,301,201
Uncollectible railway revenues______
160,206
29,275
11,203
Railway operating income________ $20,463,076 $18,369,351 $14,081,127
Equipment rents (net)______________$2,748,747 $2,155,899 $1,331,416
Joint facility rents (net)___________ Dr. 1,318,903 Drl,389,894 Drl,002,213
Net railway operating income_____$21,892,920 $19,135,356 $14,410,330
Income from Other Sources—
Interest from investments & accounts $1,710,108 $1,348,630 $1,216,290
Miscellaneous____________ _________
175,972
867,418
1,262,213
Gross income--------------------------- ..$23,779,000 $21,351,404 $16,888,833
Deductions from Gross Income—
Interest on debt_______________$11,263,067
$11,991,208 $9,995,942
Rentals, leased roads,joint tracks, &c
194,417
139,995
163,069
Loss on C .& O . grain elevator______
15,793
23,328
19,019
Miscellaneous_________________
204,653
217,443
187,133
Preferred dividends_________________
816,302
816,302
204,070
Common dividends._______ ________ _ 2,619,500
2,591,032 2,511,264
Total deductions_________________$15,113,733 $15,779,308 $13,080,497
Net income________________________ $8,665,267 $5,572,096 $3,808,336
For latest earnings, see “ Railway Earnings Section’ (issued monthly ).
OFFICERS.— O. P. Van Sweringen, Chairman; W. J. Harahan, Pres.;
G B. Wall, V.-Pres.; Herbert Fitzpatrick. V.-Pres. & Gen. Counsel; F. M .
Whitaker, V .-P. in charge o f traffic; R . N . Begien, V .-P. in charge o f opera­
tion; A . T rew ett, Sec. & Treas. Offices, Richmond, Va., and Cleveland,
Ohio.— (V. 120, p.2681.)
CHESAPEAKE & OHIO NORTHERN R Y .— See Chesapeake & Ohio.
CHESAPEAKE & OHIO R Y. OF INDIANA.— Owns Cincinnati, Ohio,
to Indiana-IIlinois State line. 260.7 miles; trackage rights, 23.7 m.; Total
oper., 284.4 miles. First 5s, $7,711,000 outstanding, all pledged under
O. & O. First Lien & Impt. mtge.
In April 1921 stockholders approved
lease of property to Ches. & Ohio R y., see O. & O. Ry. above.— (V. 113.
p. 2719.)
CHESTERFIELD & LANCASTER R R .— Owns Oheraw. 8 O
’
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 R y. C o.). Stock, $500,000, a majority being acquired in June
1909 by the Seaboard Air Line R y.; 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 R R .— Owns from Germantown to Chestnut Hill,
Pa., 4 miles. Re-leased in 1896 to Phila. & Read. R y., the rental being red uced 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 R R . CO. (TH E ).— R OAD.— Chicago to St.
Louis, Kansas City, & c., in all 1,056 miles.
Road owned—
Miles.
Road owned—
Miles.
Chicago to East St. Louis, 111___ 280 Mexico, M o., to Cedar City, M o . 50
Sherman, 111., to Grove, 111______ 51 Roodhouse, 111., to Kan. C ., M o-245
Barnett to Reddish Road and E.
Bloomington to Wann, via Jack­
Hardin, 111.......
62
sonville, Godfrey and Upper
Coal City Line 111_______________ 25
Alton (all in Illinois)__________158
Dwight, 111., j Washington and
Lacon.U' _____________________81 Trackage to Peoria, HI., &c______ 43
lies to Murrayville, 111___________34 Leases Rutland Toluca & N orth. 27
Total owned and operated Dec. 31 1924 (293 m. double tracked)_ 1,056
_
The stock of the Peoria R y. Terminal Co. Is owned by the Chicago & Alton
and Chic. R. I. & Pac. R y., which guarantees the first mtge. bonds ($1,500,000 auth. issue) and 1st & ref. M . bonds. V . 81, p. 1099; V. 83, p. 752.
1172, 1291; V. 84, p. 451; V. 85, p. 159.
The Rutland Toluca & Northern R R . is leased for 999 years and its bonds
guaranteed prin. and int. V. 91, p. 1024; V. 93, p. 408.
ORGA N IZA TIO N .— The (old) 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:

May, 1925.]

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For appreciations, cfee., see notes on page 6]

C hicago B urlington & Q u in cy— Stock___________
Gen mtge $300,000,000 lawful money_ Ce.zc*&r*
_
First & ref mtge Ser A red (te x t)_________________
Illinois Div first mortgage ($85,000,000 currency. \
(Y. 83. p. 625; V. 69, p. 283) J redeem at 105--NBzJ
Nebraska Ext $20,000 pm (s f not drawn)-NB.zc*&r*
Equipment gold notes due $404,000 annually_ Q
_
C hicago & Eastern Illinois Ry— Common sto ck ..
Preferred (a & d) stock 6% cum after Jan 1 1924 . .
First mortgage extension_____________________ xc*
Consolidated mortgage (for $5,948,000) gold-Ce.zc*
Evansville Belt Ry first mortgage g o ld __________ x
Prior lien mortgage gold bon ds__________________
General mortgage gold bonds red (tex t)_________
C&EIEq Ser H due $162,000 or $164,000 s a ext.x
do
1920 Series due $49,400 an n _____________

Miles D a e
Road Bonds

8.488 1908
8.983 1921
1,646 /1899
\1899
1,471 1887
1920
14 1881
130 1884
4 1910
1921
1921
1912
1920

Par
Value

$100
1,000 &c
100 &c
1,000 &c
1,000 &c
1,000 &c
$166
100
1.000
1,000
1,000
1,000

Protective Comm, for 314% lsf Lien 50-Year Bonds, due 1950.— F. H.
Ecker (V.-Pres. Metropolitan Life Ins. Co., N . Y .), Chairman; Bertram
Cutler, New York; J. H. Perkins (Pres. Farmers’ Loan & Trust C o., N. Y .),
J. V. E. Westfall (V.-Pres. Equitable Life Assurance Society of N . Y .)
and Asa S. Wing (Pres. Provident Life & Trust C o., Phila.), with F. A.
Dewey, Sec., 22 William St., N. Y .; Cotton & Franklin, counsel, and
Farmers’ Loan & Trust C o., depositary, 22 William St.., N . Y . The Jan.
1923 and subsequent interest on these bonds is in default. Y . 116, p. 74.
Protective Committee for 3% Ref. 50-Year Gold Bonds.— Charles A. Pea­
body, Chairman (Pres. Mutual Life Ins. C o., N . Y .); Darwin P. Kingsley
(Pres. New York Life Ins. C o.), John J. Mitchell (Pres. Illinois Trust &
Savings Bank, Chicago), W. A . Day (Pres. Equitable Life Assurance
8ociety), E. D. Duffield (Pres. Prudential Ins. Co. o f America), George E.
Roosevelt (Sec. Bank for Savings, N . Y .) . The Oct. 1924 interest on these
bonds was paid in Feb. 1925.
Stockholders' Protective Committee.— Walter T . Rosen, Chairman (Ladenburg, Thalmann & C o.); Franklin Q. Brown (Redmond & C o., New York);
George W oodruff (V.-Pres. Nat. Bank o f the Republic, Chicago), Edward
A . Pierce (A. A. Housman & C o.), and Hugh K. Prichitt (Prichitt & C o.),
New York, with Feiner, Maass & Skutch, attorneys; S. O. Levinson, coun­
sel; Thomas F. Thornton, Sec., 66 Pine St., New York.
Depositaries.— Bank o f the Manhattan Co., 40 Wall St., N . Y ., and
National Bank o f the R ep u b lic, Chicago.
Independent Stockholders' Committee for Leased Lines.— See Joliet & Chi­
cago R R . in V. 115, p. 2056.
STOCK.—The cumulative 4% participating and prior Hen stock P
entitled, 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
controUing interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited the 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, 1210; V. 113, p. 1984, 2081.
D IV ID E N D S.—
’06. ’ 07. ’08. '09. '10. ’ l l . '12. Since.
1 4
2 None
None
Common stock____________________ _
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.) 3H s o f 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 $40,000,000 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. The interest due
Oct. 1 1924 on the 3% bonds was paid in Feb. 1925. V. 120, p. 827.
Of the issue o f $20,000,000 of 6% Gen. M . gold bonds, $16,834,000 were
outstanding and $216,000 in treasury Dec. 31 1924, $8,417,000 being owned
by the Union Pacific R R . $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.
R E PO RT.— For 1924, in V. 120, p. 2539, showed:
Calendar Years—
1924.
1923.
1922.
Operating revenue__________________ $30,854,030 $33,588,193 $27,593,925
Expenses, taxes', &c_________________ 25,141,376 26,673,361 24,619,558
- $5,712,654 $6,914,832 $2,974,367
1,596,265
1,442,180
- 1,317,861
- $4,394,793 $5,319,567 $1,532,187
242,884
dr a642,868
304,667
- $3,751,924 $5,562,451 $1,836,864
4,445,306
_ 4,787,166
4,327,336
Net income____________________ def$l,035,242 $1,117,145 df$2,490,482
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 m onthly).
OFFICERS.— Pres., W . G. Bierd; V .-P ., Samuel W . Moore and Wm. W.
Wheelock; Sec. & Treas., Jas. Williams; Compt., E. S. Benson. Office,
Chicago, 111.
D IR E C TO RS.— J. J. Mitchell, Joy Morton, W . G. Bierd, Samuel Insull,
Samuel W . Moore, Festus J. Wade, Edgar Park, E. F. Swinney, Wm. W ,
Wheelock, H. O. Adams and V. D . Skipworth.— (V. 120, p. 2539.)
CH ICAGO ATTICA & SOUTHERN RR.— (V. 116, p. 2006.)
C H IC A G O BURLINGTON & QUINCY R R . CO.— (See M ap).—
R O A D .— Operates a great system o f roads extending from Chicago westerly,
reaching St. Paul and Minneapolis, Minn.; St. Louis and Kansas City, M o.;
Omaha, N eb.; Denver, Colo.; Cheyenne, W yo.; Black Hills, S. D ., and
Billings, M ont., viz.:
M a in lin e ____________________4,6701
Lines leased___________________ 367
Branches and spurs__________4,3601
Total miles oper. Dec. 31 1924-9.397
In Dec. 1908 $23,657,500 o f 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 . C o., the Paducah & Illinois RR. (which owns a double-track
bridge over the Ohio River at Metropolis, 111., and has built from Metro­
polis to Paducah, K y., 14 m.) and jointly guarantees its bonds. See that
company below.
ORGAN IZATION , &c.— A consolidation in June 1864; since merged
Chicago Burlington & Northern, Kansas City St. Joseph & Council Bluffs,
Hannibal & St. Joseph, Burlington & Missouri, &c., &c.




Amount
Outstanding

Rate
%

$170839100
10
4
65.247,000
40.000,000
5g
50.451,000
3)4
4
33.976,000
18.1c2.000
4
4,040.000
6g
23,845,300
22,046,100
6
91.000
6
2.736.000
6g
5g
142.000
See text
See text
34,623,816
5g
164.O00
5H
494.000
6

When
Payable

J
M
F
J
J
M
J

33
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

& D June 25 '25 5%
A S Mch 1 1958
A 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 Co, N Y

& D Dec 1 1931
& O Oct 1 1934
& J Nov 1 1940
See text
See text
M & S Sept 1925
J & J 15 To Jan 15 1935

N Y , Mech & Metals Bk
N Y . CentUnTrust (text)
Irv. Bk.-Col. Tr.C o.,N Y

J
A
J

i f S Mtge & Tr Co,~N Y
Guaranty Trust Co. N Y

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 $100
stock (in 1921 replaced by an issue of 61$% 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.)
D IV ID E N D S—
'02 to ’06. ’07. '08 to ’20. ’21. ’22. ’23. ’24.
Regular (per cent)_____________7 yearly 7)4 8 yearly 12 10 10 10
6 Sept.’ 17,10 1 5 _ _ _ .
Extra (per cent)_______________ ________
Paid in 1925: June 25, 5%'.”
Also paid a stock dividend o f 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 8,482 miles. V. 103, p. 493. The generals
have been issued or are issuable (V. 86, p. 1342. 1466; V. 88, p. 504, 685;
V 92, p. 525: V. 96. p. 789), as 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. 605..
The 1st & ref. mtge. covers 497 miles by direct first lien, 5,373 miles
by direct 2d lien, 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. M tge., 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 can
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 int. date thereafter prior
to Feb. 1 1952 at 107H 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. A bstract o f deed, V. 45, p- 441; V. 85. p. 721.
The 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
Dupuque, Iowa; W nona, St. Paul and Minneapolis, M inn.; and part o f 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.
R E PO R T .— For 1924, in V. 120, p. 2428, showed:
Calendar Years—
1924.
1923.
1922.
Operating revenue------------------------- $162.674,878$171,270,661$164,916,471
Operating expenses_________________ 119,958,734 134,290,379 126,777,704
9,325,511 10,921,345
Taxes, &c__________________________ 10,718,049
Operating income_______________ $31,998,094 $27,654,771 $27,217,422
Other income---------------------------------- 3,286,469
3,670,841
4,447,400
Gross income____________________ $35,284,563 $31,325,612 $31,664,822
Interest, rents, &c__________________ 13,384,734 12,035,083 11,403,334
Net income------------------------------------$21,899,829 $19,290,529 $20,261,488
Sinking funds----------------------------------293,930
289,409
294,251
Dividends---------------------------------------- 17,083,765 17,083,735 17,083,700
Surplus--------------------------------------- $4,522,133 $1,917,385 $2,883,537
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Hale Holden, Pres.; C. G. Burnham, Executive V.-Pres.;
W m. W . Baldwin, Edw. 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, 111.— (V. 120,
p. 2393.)
CHICAGO AND EASTERN ILLINOIS R Y . CO.— Operates road from
Chicago, 111., to Evansville, Ind.; also Chicago to St. Louis, leaving main
line at Woodland Junction; and lines to Thebes and Joppa, 111., reaching
various bituminous coal fields.
Lines Owned in Fee—
Miles. | Rossville Jet., 111., to Sldell Jet..
Dolton Jet..111. ,to Evansville,Ind.270 ! I l l --------------------------------35
Danville, 111., to Villa Grove, Jet. 42 Evansville Belt_________________ 4
Findley Jet., 111., to Thebes, 111..194 O ther___________________________ 29
Joppa Jet. to Joppa, 111_________ 17
Other Trackage, &c.—
_
Cissna Jet. to Cissna Park, 111_ 11 Pana, HI., to Granite C ity_____ _ 76
Milford Jet., 111., to Freeland
Chicago to Dolton.Ch.A W . In d . 17
Park, Ind____________________ 11 Other lines_______________________ 29
Woodland, 111., to Pana, 111_____123
Branches to Coal Mines_________ 35
Rossville Jet. to Judyville, Ind_14
M t. Vernon Jet., Ind., to M t.
Total Dec. 31 1924................ 945
Vernon, Ind________________
3 8 12d track_________________ _____ 339

BAILW AY STOCKS AND BONDS
[V
o l.

120.




w

May, 1925.]

K A ILW A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Par
Value

Miles Date
Road Bonds

C h ic a g o & Erie— 1st M g int guar till prin pd.C e.zc*

249
Income bonds for $10,000,000 5% non-cum------Nz
249
Chicago & Atlantic Term 1st M g ext 1918-.Ce.zc*
...
C h ic a g o & G r a n d T r u n k — See Grand T r’k West Ry
C h ic a g o G re a t W e s te rn — Common stk $16,000,000 1,410
Pref (prln A div) 4% cum red $50,000,000 auth__ 1,410
c
First mortgage gold $75,000,000---------G.xc*Acr* 1,410
...
Minneapolis Terminal mortgage gold assumed------z
Mason City & Fort Dodge— See that company
Equipment trust notes due $43,400 yearly----Note— Secretary o f Treasury o fU S--------------do
do
-----------------------------do
do
____________________
Equipment trust note due $22,664 quarterly..
do
do
14,701 quar-------C h ic a g o & G re a t W e s te rn — See Balt & Ohio Chicago Term
C h ic a g o H a m m o n d & W e s te rn — See Indiana Harbor Belt
26
C h ic a g o & III M id la n d — 1st M $3,000,000 gold------x
_
C h ic a g o & 1 1 W — G e n (n o w ls t)M g gu red par CC xc*
1
C h ic a g o & In d ia n a C o a l — See Chicago A Eastern 1 1
c
1
C h ic a g o & In d S o u — See New York Central R R .
C h ic a g o In d ia n a p o lis & L o u is v ille — Common stock
Preferred 4% non-cumulative $5,000,000-------------618
Refunding (now 1st) M ($4,700,000 are 6s)_.C e.x
618
do
$15,000,000 gold Series C ------------------- x
64
Indianap A Louisv 1st M closed (assumed)-G.xc*
c
618
First & gen M $40,000,000 gold Ser A ------yg.c*Acr*
618
do
do
Ser B red 105 aft Jan 1 '37.G.c*& r*
_
Equip bonds due $69,100 annually------------------do
do
Ser D due $24,000 semi-ann.-N.c*
U S Govt loan— Transportation A ct---------------------Guaranteed Bonds—
Kentucky & Indiana Terminal RR 1st M 4)4S— See that c
—
Monon Coal Co 1st M g int only g u s f red 110 Ba.xc*
b Additional $478,000 held in treasury Dec 31 1924.
c Additional $233,000 in treasury Dec 31 1924.
d Additional $910,000 in treasury Dec. 31 1921.
e Interest is included in the face amount o f each note; notes
*

Amount
Outstanding

Rate
%

1890
$1,000 $12,000,000
1890 1,000 Acc alO.OOO.OOO
1888
300,000

5g
5
5g

1909
1900
1920
1920
1920
1922
1922
1923
RR
RR
1913
1907

100 45,210,513
100 46.907 502 See text
& fr 34,871,000
4g
1,000
500,000
3H g
1 0 & 1,000
0
431,000
6
276,000
6
1,929,373
6
950,000
6
747,923
e514
5291243
e5>£

$,

1,000
1,000

$3,769,047
2,460,914

3,735,764
2,297,018
651,401

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M & N M a y l 1982
A & <) Oct 1 1982
J & J July 1 1928
M

J

Erie Railroad, New York
do
do
do
do

July 1 1919 1% J P Morgan A Co, N Y
c
do
do
Bank of Montreal, N Y

& S Sept 1 1959
A
c

J Jan 1 1950

J A J To Jan 15 1935 Guaranty Trust C o, N Y
c
M & N Oct 23 1935
Washington, D O
.1 A J Dec 21 1930
c
do
M A S Mar 1 1930
c
do
T o Mar 15 1933 Merch L A T Co Chic
c
To N ov 15 1933
C & O Tr & S B , Chicago
do
do

10,500,000 See text
5,000.000
4
9,700.000 5 & 6 g
5,300,000
4g
b l , 172,000
4g
c3,261.000
5g
d4,000,000
6g
691,000
6g
1,000
600,000
5g
155,000
6

& J Jan 10 ’25 2 ^
A 1> Jan 10 ’25 2%
c
A .1July 1 1947
c
A J July 1 1947
c
A J Jan 1 1956
c
M A N M a y l 1966
c
J A J M a y l 1966
c
J & J15 T o Jan 15 1935
M & S Sept’25-Sept’37
A
o N ov 20 1935

J P Morgan A Co, N Y
c
do
do
do
do
do
do
Guaranty Trust Co, N Y
J P Morgan A Co, N Y
c

ompan y
1911

1,000

J

A D Junel 1936
c

Bankers Trust Co, N Y

5g
6g

2,875,000

5g

J
J
J
J

.1
J
.1

Guaranty Trust Co, N Y
New York

interest at 5 M % aft er matur ity.

HISTORY, &c.— Organized to succeed the Chic. A Eastern Illinois RR.
c
(for which receivers were appointed on May 27 1913), as per reorganization
plan dated March 31 1921, published in V. 112, p. 1517. The plan was de­
clared operative Nov. 21 1921 and the property was taken over by the new
company on Jan. 1 1922. V. 113. p. 2310; V. 114, p. 77.
Tentative Valuation.— The 1. S. C. Commission has placed a tentative
value o f $69,206,753 on the property as of June 30 1915.
STOCK.— The preferred stock became cumulative on Jan. 1 1924.
Preferred and common stocks have equal voting power.
BONDS, &C.— The Prior Lien Mtge gold bonds are subject to $5,137,600
underlying bonds. These bonds will mature not earlier than 1961 and will
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
determined by the board at time o f issue and stated in the bonds of such
series. They will be used only:
(а) As collateral to the U. S. (incl. 25% margin) for moneys bor­
rowed and to fund obligations to the U. S. Any balance not
so used or released on payment of obligations to t i e U. S. to be
used as shall be provided in said mortgage Series “ A ” 6------$5,262,500
(б) To fund outstanding obligations [undisturbed by reorganiz’n] 5,137,600
(c) For additions and betterments to the road, for equip, and for
add’l lines of railroad and for such other purposes and under
Series “ B ” 5H s in hands o f Treasurer Dec. 3 l 192------------ 3,590,200
The Gen. Mtge. 5% gold bonds bear interest from M ay 1 1921.
Total authorized principal amount at no time to exceed $35,500,000; to
mature not later than 1951 and to bear 5% interest from M ay 1 1921, pay­
able semi-annually, and to be redeemable, all or part, at par and int. for a
sinking fund which shall receive cumulative payments out of net earnings
above fixed charges equal in each year to
o f 1 % o f the total face amount
o f bonds originally issued. Bonds retired by the sinking fund will continue
to draw interest until maturity and will not be reissued. Failure to make
sinking fund payments, if earned but not otherwise, will constitute default.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Note to Director-General o f RRs., due 1930, $3,425,000; note to Treas
urer o f United States, due 1936, $785,000.
R E PO R T .— For 1924, in V. 120, p. 2677, showed:
Calendar Years—
1924.
1923.
1922.
xl921.
Gross earnings__________ $26,068,789 $28,405,408 $24,731,348 $27,099,146
Net, after taxes_________ 2,155,917
2,563,431
2,435,876 1,938,681
Other income____________ def487,472
1,205,616
1,299,888 1,706,410
Gross income________ $1,853,378
Interest paid__________ 1 2,421,825
Rents, & c_____________ /
Accrued int. not paid—
------------Sinking, &c., funds_____
209,104

When
Payable

& D Dec 1 1938
& J July 1 1947

2,500,000
959.000

100
100
1,000
1,000
1.000
500 &c
500 &c

1897
1910
1906
1916
1922
1920
1922
1920

bear

i

35

$3,645,091
801,272
727,107
2,947,504

STOCK.— The pref. stock ($50,000,000 auth. issue) was entitled to
non-cum. divs. at 4% per ann. to June 30 1914 and to cum. divs. thereafter
at that rate ahead of the com. stock, and also to a preference as to principal
and accrued dividends in case of dissolution or liquidation.
D IV ID E N D S.— Pref. stock. N o. 1, Dec. 1 1915, 1% : M ay 1 and Oct. 2
1916, 1%; Apr. 1917, 1% ; none then till Aug. 15 1918, paid 1% ; Jan. and
July 1919, 1% ; none since.
Bonds.— On Dec. 31 1924 $53,451,000 of first mtge. 4s o f 1909 had been
issued, $34,871,000 being held by the public and $12,168,000 by the com ­
pany, and $6,412,000 were pledged with Secretary of United States Treasury
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
R E PO R T .— For 1924, in V. 120, p. 2006, showed:
Operating Revenue—
1924.
1923.
1922.
1921.
$19,259,353 $17,730,271 $17,529,400
Passenger______________ 3,909,610
4,277,383
4,343,268
4,885,112
Mail and express_______
990,240
1,074,539
976,411
796,541
Miscellaneous__________
628,669
635,563
603.161
669,524
incidental_____________
262,306
282,152
285,214
322,451
Joint facility__________
171,484
194,715
286,463
25,580
$25,723,706 $24,224,789 $24,228,611
Operating Expenses—
Mamt. of way A struc_ $3,682,233
c
Maint. of equipment_
_ 4,726,280
T raffic________________
806,996
Transport’n— Rail line. _ 10,228,278
Miscellaneous operations
163,327
General________________
651,407
Transp’n for invest.— Cr.
20,111

$3,791,296
5,238,113
777,057
10,806,237
165,000
665,967
12,655

$3,640,961
5,705,835
761,051
10,334,247
172,778
668,667
9,303

$3,727,094
5,286,606
779,082
10,741,462
189,334
709,891
7,303

Total oper. expenses..$20,238,411 $21,431,016 $21,274,235 $21,426,165
Net rev. from ry. o p e r.. $4,488,268 $4,292,690 $2,950,553 $2,802,446
Railway tax accruals_
_
$945,933
$856,144
$985,700
$917,804
Uncollec. railway rev___
3,854
3,330
2,954
1,753
Railway oper. incom e. $3,538,480 $3,433,216
Non-Operating Income—
Hire of equipment______ $2,009,729
$2,360,451
Joint facility rent income
~ — .................
90,827
91,061
Misc.non-op. phys.prop.
Deb. 167
348
Misc. rent income______
81,224
84,271
Dividend income_______
4,878
61,137
±nc. from funded securs.
94,675
120,154
income from unfunded
securities A accounts.
c
40,084
53,392
Miscellaneous income_ De6.49,100 De&.49,366
_

$1,961,900

$1,882,889

$1,507,816
86,834
D r.1,452
80,583
14,818
88,333

$1,413,083
78,201
1,154
83,798
174,412
49,446

35,506
67,354
184", 668
196,171
a l,739,354
388
Balance, sur. or def-.def.$777,551sur$llll,962 sur$602,676 def$830,791
Gross income________ $5,813,677 $6,151,617 $5,513,692 $3,750,726
x Combined income statement receivers and Federal.
Deductions—
For latest earnings, see “ Railway Earnings Section” (issued monthly).
interest on funded debt.
OFFICERS.— Chairman, John W. Flatten; Pres., W . J. Jackson, ±nt. on unfunded d e b t.. $1,714,325 $1,674,019 $1,242,876 $1,214,907
7,125
5,526
19,376
25,541
V.-P. & Gen. Counsel, W . H. Lyford; Y .-P. A Gen. M gr., Frank G. Rent accrued for leased
c
Nicholson; V .-P., Traffic, T. O. Jennings; Sec., G. A. Burget; Treas.,
roads (int. on funded
J. P. Reeves. Office, 332 So. Michigan Ave., Chicago.— (V. 120, p. 2677.)
debt, Mason; rent ac­
crued for leases C. &
CHICAGO & ERIE R R .— (Map Erie RR.)— Owns from Marion, Ohio,
Ft. Dodge R R .)_____
to Hammond, Ind., 249 miles and leases trackage over Chicago & West Ind.
b440,000
480,000
Hire of equipment______ 2,472,460
to Chicago, 20 miles. Erie R R . Co. owns entire $100,000 stock.
2,853,939
2,402,585
2,179,413
facility rents_____
932,530
912,117
888,779
884,773
BONDS.— First Mortgage covers 249 miles of road, the contract with the Joint for leased roads_
_
44,818
44,818
9,225
Chicago A Western Indiana, $1,000,000 of that company’s stock and Rent
c
8,775
9,556
46,039
41,475
$240,000 stock of Chicago Belt R y. Interest on income bonds is paid Miscellaneous rents____
Miscell. tax accruals____
2,133
2,158
1,691
1,660
jegularly; Erie RR. owns all except $98,000 o f the $10,000,000. See Amortization of discount
abstracts, V. 51. p. 911; V. 61. p. 750; V. I l l , p. 1948.
on funded debt______
14,506
14,445
13,510
13,673
_
15,448
64,271
16,677
4,741
CH ICAGO GREAT WESTERN R R . CO.— Forms the “ Corn B elt" Misc. income charges_
route, radiating from Oelwein, Iowa, northerly to St. Paul, easterly to
Net income-------------$601,558
$570,766
$432.770df$l,095,295
Chicago and southerly and westerly to Kansas City and Omaha.
Miles.
Trackage (total, 78 miles)
Lines owned (total 1,035 miles). Miles.
a Amount stated under 1922 includes $1,738,400 of collections and credits
Chicago to St. Paul------------------ 401 St. Paul to Minneapolis_______
.
11 for allowances by United States Government under guaranty.
Oelwein to St. Joseph_________ 290 Chicago Terminals___________
10
For latest earnings, see “ Railway Earnings Section” (issued monthly).
14
23 Galena Jet.,111., to Dubuque.Ia.
Bee Creek to Beverly_________
OFFICERS.— Pres., S. M . Felton; Sec., W. G. Lerch; Treas., O. A.
3
Sumner to Waverly-----------------22 Des Moines Terminals________
_
26 Cook. President’s office, People’s Gas Building, Adams St. and Michigan
Mantorville, Acc., branches-----21 Leavenworth to Kansas C ity_
St. Joseph, M o ., to Bee Creek.
9 Boulevard, Chicago, 111.
Leavenworth to Kansas C ity_
_
other trackage________________
Mankato to Red Wing, M in n ..
5
D IR E C TO RS.— Samuel M . Felton, Henry M . Dawes, B. E. Sunny
Operated under agreement—
Red Wing to Osage, Iowa------- 118
E. A. Cudahy, E. N. Hurley, Chicago, ±11.; Charles Steele, New York; E. F
Winona to Simpson, M inn------54 Mason C’y A Ft.Dodge,383 m .,viz.:
c
Swinney, Kansas City; G. W . Wattles, James E. Davidson, Omaha; E. C.
Oelwein, la ., to Coun. Bluffs 260
Branch to Clay Banks, M in n ..
3
Hayfield,Minn.,to Clarion,la. 100 Finkbine, Des Moines; Milton Tootle Jr., St. Joseph; C. T. Jaffray, Minne­
Goodhue to Belle Chester------6
Branches to Lehigh, &c_____
15 apolis; G. H. Prince, St. Paul..—-(V. 120, p. 1877.)
Trackage to So. Omaha_____
8
CHICAGO & ILLINOIS MIDLAND R Y .— Owns Comptro, 111., to
Total mileage D e c.31 1924--1,496 Taylorville, 28.4 miles. Stock auth., $2,000,000; outstanding, $1,000,000
(par of shares $100), all owned by Commonwealth Edison Co. Bonds out,
The entire capital stock o f the Mason City A Fort Dodge R R . is owned $2,500,000; see table above. For 1923, gross, $860,995; net, $211,929;
c
and the road operated under agreement (see separate statement for that other income, $276,485; fixed charges, $233,693; bal., sur., $254,721.—
company). Up to Dec, 31 1924 the C. G. W. R R . Co. had acquired (V. 114, p. 1532.)
$11,158,000 1st mtge. 4% bonds o f the Mason City & Fort Dodge R R .
V. 116, p. 75, 1531. In 1910 acquired entire stock o f the Leavenworth
CHICAGO & ILLINOIS WESTERN R R .— Projected Willow Springs
Terminal R y. & Bridge Co. V. 91, p. 214, 397.
Joliet, Illinois, with branches, a total of 54 miles, of
The stockholders on M ay 6 1920 passed a resolution ratifying the con­ southwesterly to operation. Willow
which 22 miles in
V. 83,
solidation o f the Wisconsin Minnesota A Pacific with the Chicago Great The Commonwealth Edison Co. andSprings to Hawthorne. A Coke p. 491.
c
the Peoples Gas Light c
Co. of
Western.
Chicago acquired control o f the road during 1924 through purchase of its
The I.-S. C. Commission has placed a tentative valuation of $69,011,616
on the properties of the company and its subsidiaries, as o f June 30 1916. 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),
ORGAN IZATION .— Incorp. in Illinois Aug. 11 1909 as successor per plan $959,000 are outstanding, guar. prin. A int. by Commonwealth Edison C o.
c
V. 88, p- 1497, of railway acquired at judicial sale. V. 89, p. 528, 592.
and the Peoples Gas Light & Coke Co. of Chicago; equipment trusts*




36

K A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

C h icago Indian apolis & St Louis S hort Line— See
C h icago Lake Shore & Last— 1st M g gu red text.xc*
C h ic Mem & Q u it— 1st M g red 105— Ba.xc*&r
C h icago Milw & Gary— 1st M g (gu) red 105-SSt.xc*
C h icago Milwaukee & St Paul— Com stock (see text)
Preferred stock 7% yearly not cum ($116,274,900-Ohicago & Missouri River Div 1st mtge___ F.zc*
Gen M (for $150,000,000) gold Series A_Us.xc*&r
do
do
Series A registered
do
do
Series B _____________ xc*
do
do
Series B registered_____ x
do
do
Series C gold________ xc
do
do
Series C registered_____ x
1st M bds sec gold loan of 1924 red (text)_ xc*&r*
_
Milw & Nor 1st M No Milw to Gr Bay ext 1913_xc*
Consol mtge extended 1913 (V 96, p 1364)------- zc*
xDeb $50,000,000 g ______ fAll secured f__ F.xc*&r*
Deb 250,000,000 francs— (b y the G e n ]____Usin.x
xGold ($) bds call at par all |
and
|--U sm .xc*
Debentures g red 105_____(R ef M tg o l____ xc*&r*
Ch Mil & Puget Sound 1st M (text) ass’t__Us.xc*&r
General and refunding M Series A _______ Gc*&r*
do
do
convert series B (see text)._c*&r*
Bellingham & Nor— B B & B C 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’ly.C P c*
do
do
Series C due $900,000 ann’ly — yc*
U S Government note_______________________
do
do
____________________________
do
do
____________________________

Par
Value

Amount
Outstanding

Cleve land C incinnati Chicago &
1909
1.000 $9,000,000
1,000
52 1910
735,000
__
1,000 3.000.000
100 117.406,000
__
100 115.845.800
1.000 3,083.000
78 1886
1,000} 48,241,000
6,259 1889
6,259 1889
1.000)
6,259 1889
1,0001
8,950,000
1,0001
6,259 1889
1.000! 42,597,000
6,259 1889
1,000 *
6,259 1889
1924 500&1000 14,000.000
1,000 2,117,000
126 1913
1,000 5,072,000
441 1913
10.252 1909 1.000 &c 33,286.000
10.252 1910 500 fr &c 11,831.515
10.252 1916 1,000 &c 35,100,000
100 &c 49,980.800
10.252 1912
100 &c 26,175.000
2.363 1909
100 &c 43,089.000
10.252 1914
10,252 1915
100 &c 29,129,800
1.000
455,000
67 1901
10,955.000
1920
1.000 7.007.000
1922
1,000
1923
1.280,000
1,000 11.700,000
1923
20,000.000
1920
25,000,000
1922
10,000,000
--- 1922

Rate
%

When
Payable

[V ol. 120
Last Dividend Places Where Interest and
amd Maturity
Dividends Are Payable

St Louis
4H g J & D Junel 1969
5 g J & J Jan 1 1940
A & O Apr 1 1948
5g
See text
Sept 1 '17, 2%
See txet
Sept 1 '17, 314
5
J & J July 1 1926
{ 4 g J & .T M ay l 1989
j 4g
U— .1 M ay ] 1989
J 3 ^ g J & J M a y l 1989
l 3 H g Q— J M a y l 1989
/ 4 ^ g J & .1 M a y l 1989
\ 414 g Q— J M a y l 1989
& .1 Jan 1 1934
6g j
414 J & D Junel 1934
4 14 J & 1) Junel 1934
4 g J & .TJuly 1 1934
J & D Junel 1925
! 4
1 4 g J & D Junel 1925
4H g J & 1) Junel 1932
4
J & .1 Jan 1 1949
414 g A & O Jan 1 2014
5 g F & A Jan 1 2014
5 g J & D Dec 1 1932
6 g J & 115 To Jan 15 1935
J & J To July 15 1937
5g
F & A To Feb 1 1935
5
514 A & O To Apr 1 1938
M & S Mar 1 1930
6
M & s Mar 1 1927
6
J & J Jan 1 1930
6

71 Broadway, New York
Bankers Trust C o, N Y
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
do
do
April 1925 int in default
N Y office 42 Broadway
San Francisco
Guaranty Trust Co, N Y
Chat&Ph N .B .T .C o .N Y
N Y office 42 Broadway
N Y office 42 Broadway

x Secured by pledge o f French loan debentimes, whic h In tu rn are secured b y the Gen & R ef M tg e.

*.

89,890. V .8 6 ,p .l0 7 ;V .8 8 ,p ,6 8 5 . For 1923 railway operating revenue,
350,056; net railway operating income after operating expenses and taxes,
deficit, $12,516; other income, $1,931; dixed charges, $64,072; balance,
deficit, $74,657. Pres., A. E. Clift, 135 East 11th Place, Chicago.—
(V. 118, p. 1519.)
CHICAGO INDIANAPOLIS & LOUISVILLE RY. CO.— Operates the
“ M onon Route,” from Chicago, 111., via Monon, Ind., to Indianapolis, Ind
and Louisville, K y., with branches. Total Dec. 31 1924 649 miles viz.,
Lines owned—
Miles. Oper.under Trackage contract— Miles.
_
State line to New Albany, Ind -.2 98 Chicago to Indiana State Line_ 2f>
Monon, m d., to Mass. Ave., Ind- 93 New Albany to Louisville----------- 6
Monon, Ind., to Mich. City, Ind- 60 Miscellaneous______________:------ 9
Bedford to Switz C ity____________40 Less— Track north o f Dinwiddie,
Orleans to French Lick Springs-. 18
Ind., not operated------------------(4)
Clear Creek to Harrodsb'g. I n d .. 9
Wallace Jet. to Shirley Hill & b r. 64
McCoysburg to Dinwiddie______ 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 R R . at Louisville, Ky.
H ISTO R Y.— Successor July 1 1897 o f 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%
o f $10,500,000 com. and 77 % o f $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. Y. 74, p. 1088, 1138; V. 75, p. 28Tentative valuation, V . 113, p. 2184.
DIYS. since 1902—
1 ’ 06. ’07. ’08. ’09-’ 13. ’ 14-’ 15. ’ 16. ’ 17. ’ 18-'25
Oncommon___________ % } 3
3
3 3H y ’ly
0
414 3 X text
Common dividends, 314% 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 paid
2M % .
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 & 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. R y. 1st M . bonds 1,172,000
To refund 60% o f equipment bonds (40% from income)------- 1
For acquisitions, improvements, &c., under restrictions_____116,125,000
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 45 miles, 2d
mtge. on 509 miles and a 2d mtge. on 64 miles.
(2) A Direct Second Mortgage, subject only to the closed Refunding M tge.,
(a) on the leasehold interests in terminal facilities in Chicago, Louisville
and Indianapolis and in Kentucky & Indiana Bridge; (6) on 10,000 shares
o f capital stock o f Chicago & Western Indiana RR. and 2,400 shares of
capital stock of Belt R y. Co. o f Chicago; (c) rolling stock, &c., valued at
over $7,438,000.
Indianapolis & Louisville bonds, entire issue $1,650,000, was assumed
Dec. 31 1916. of which $478,000 are held in the treasury along with $253,000
Ind. Stone R R . (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
s. 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 . 111. p. 1660; V. 112, p. 372; V. 114, p. 519.
R E PO RT.— For 1924, in V. 120, p. 1741, showed:
Operating Revenues—
1924.
1923.
1922.
1921.
F reight-- —______
$12,381,665 $13,012,281 $11,411,186 $10,623,368
Passenger______________ 3,014,956
3,217,161
3,053,902 3,226,886
Mail 297,657
276,929
280,436
266,385
Express________________
400,589
411,629.
328,563
211,091
Misc. pass, train revenue
84,368
102,366
106,995
118,687
Other transport'n rev_
_
209,466
244,940
205,781
157,747
Other operating revenues
655,298
658,241
644.721
588,703

{

Total________________ $17,043,999 $17,923,547 $16,031,586 $15,162,870
Operating Expenses—
,767,297 $1,632,723 $1,632,395
M amt. o f way & struc— $1,769,709
3,567,209
,912,056
3,725,448
Maint. o f equipment_
_ 3,603,969
397,154
388,059
365,794
Traffic expenses_______
403,380
i,288,278
5,990,877
5,858,267
Transportation expenses 6,111,834
175.600
194,296
180,903
Miscellaneous operations
191,918
425,182
423,919
401,606
General expenses_______
409,179
17,229
18,508
4,779
Transp’n for invest.— Cr.
21,250
$12,468,741 $12,943,458 $12,161,144 $12,181,950
$4,575,259 $4,980,090 $3,870,443 $2,980,920
774,214
1,043,768
736,814
936,986
1,031
1,088
1,353
1,187

Railway tax accruals—
Uncoil, railway revenue_
Deduct—
Hire of frt. cars, Dr. balRent from equipment—
Net joint facil. rents, Dr.
Non-operating income, .
Guar, from U. S. Govt,
under Tran. Act. 1920

$3,636,920

$3,935,291

$3,095,141

$2,242,919

789,554
Dr. 299
689,698

869,418
Dr. 633
712,205

706,063
Cr. 3,249
681,479

249,576
Cr.l 1,449
726,206

$2,157,370
152,411

$2,353,034
165,034

$1,809,847
146,775

$1,278,587
181,941

Gross income...............$2,309,781




459,751
$2,518,068

$1,956,622

$1,920,279

Deduct—
Rent for leased roads_
_
Misc. rents & tax accr’ls.
Interest on funded debt.
Int. on unfunded d e b t-.
Misc. income charges_
_

1924.
$34,787
5,170
1,255,011
2,632
7,43o

1923.
$36,073
1,210
1,214,280
1,594
8,905

1922.
$38,396
678
1,197,289
17,628
7,863

1921.
$39,111
150
1,035,531
131,566
7,357

Net income__________ $1,004,745
Previous surplus_______ • 2,061,673
Miscellaneous credits_
_
714,742

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

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

$723,564
2,883,761
60,963

Total surplus_________ $3,781,155 $4,146,141 $4,064,708 $3,668,288
Preferred dividends (4%)
199,652
199,652
199,652
199,652
Common di vidends, - (4 14 %)472,365 (3 K ) 341,152 (3 M)341,143 (1 Vs) 170,573
Miscellaneous d e b its ---. 1,659,528
1,543.663
1,255,997
897,640
Profit & loss surplus.. $1,449,609 $2,061,673 $2,267,906 $2,400,423
For latest earnings, see “ Railway Earnings Section” (issued monthly)
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. 120, p. 1741.)
CHICAGO JUNCTION R Y .— 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. o f Chicago!
Trackage rights from Chicago River & Indiana R R .. 3.34 miles main tract?
and 1.48 miles yard tracks and sidings. Total mileage'operated, 24.37
miles main track and 154.48 miles yard track and sidings. A1 loperated by
the Chicago River & Indiana R R . C o. under lease dated M ay 19 1922In 1907 New York Central interests, through the Indiana Harbor Belt
R R . C o., acquired the outer belt line, extending from Whiting, Ind., to
Franklin Park, 111., assuming the $2,500,000 bonds of the Chicago Hammond
& Western R R . Co.
Equipment trusts issued to Director-General for rolling stock allocated
to this co. (assumed by the Chicago River & Indiana R R . C o.). See
article on page 3 and V. 114, p. 1285. Govt, loan, V. I l l , p. 791.—
(V. 115, p. 1099, 1837.)
C H I C A G O J U N C . R Y S . & U N . S T K . Y A R D S . — See “ Indu stria ls.”
C H I C A G O K A L A M A Z O O & S A G I N A W R Y . — See M ich . Central.

CHICAGO LAKE SHORE & EASTERN R Y — Embrace* 495 mile* of
track, connecting the various works ol the Illinois Steel Co. and Indiana
Steel Co. at Chioago, Joliet, Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries, Industrial establishments.
Ac.; also reaches the coal fields of 111. and Ind., and Joliet, 111. Stock,
19.000. 000, all owned by the Illinois Steel C o., and so by the U . S. 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 Tune 1
1909, rental covering all charges and divs. on stock, dependent on ermings.
See V . 90, p . 108. DIvs. paid in 1910, 5 % ; in 1911. 5 % and 2 % extra,
T 2-T3, 10%; ’ 13-T4. 7% ; r14-’ 15. 15%: ’ 15-T6. 10%: T6. 10%; 'l7 . 8% ;
’ 18, 10%; T 9, 10%; ’20, 10%; ’21, 10%; ’ 22, 10%; ’23, 15%.
Bonds are redeemable in whole or In part from Dec. 1 1919 at 110 and Int.;
they are limited to 120.000,000 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: V 89. p. 224. 1410.— (V. 91. p. 1446; V. 103, p. 1301.)
C H IC A G O

M E M P H IS & G U L F

R R .— Owns D yersburg. T e n n .. to

Hickman, K y., 52 miles. Property leased to Illinois Central R R . Co.
effective Jan. 1 1923. Stock, common, $520,000 and 6% cum. pref.,
$150,000, all acquired in 1913 by Illinois Central R R . V. 96, p. 716.
The I.-S. C. Commission has placed a tentative valuation o f $812,174
on the company’s property, as o f 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 $20,000 per mile main line — (V 119, p. 1171.)
CH ICAGO MILWAUKEE & G A R Y R Y .— Rockford. 111., to Aurora.
111.,
59.57 m .; Joliet, 111., to Delmar, 111., 37.39 m .; trackage, 24.24 m.;
total operated, 121.20 m. Tentative valuation, V . 113, p. 1052. Control
was acquired by Chic. Milw. & St. Paul in Feb. 1922 through purchase of
its$l ,O0O,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 In
Oct. 1915 by St. Louis Union Trust C o. for the noteholders. V. 101, p.
1369, 1092; V . 86, p. 980; V 88, p. 685.
Year ended Dec. 31 1923, gross
$788,916; net., def., $24,409; other income, $18,343; deductions, $206,573;
bal., def., $212,639. Pres., H. E . Byram, Chicago.— (V. 114, p. 197, 853.)
CH ICAGO MILW . & PUGET SOUND R Y .— See Chic. M . & 8t. P. R y,
CHICAGO MILWAUKEE & ST. PAUL R Y . CO.— Operates from Chi­
cago westerly to Seattle and Tacoma, Wash., with numerous branches;
Road—
Mites.\ Road—
Miles.
Lines owned Dec. 31 1924 (Of
2d, 3d & 4th tracks__________ 1,093
which 109 m. owned i oin tly )io.2511Trackage(incl.2d,3d&4th tracks! 529
In 1916-17 built from Great Falls to Agawam, M ont., 70 miles, and
Grass Range to Winnett, 23 miles. Partly built, Blackfoot June, to Clear­
water, 22 miles. The electrification of 440 miles of the Puget Sound main
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, &C.— Organized M ay 5 1863 and on Feb. 11 1874 took pres­
ent name. The Chicago Milwaukee & Puget Sound R y., 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 o f title. V.
96, p. 62; V. 95. p. 1683: V. 97. n. 819

May, 1925.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
C hicago & N W— Com stock $177,539,880 auth _Tr
Preferred stock (not cumulative) see text)_____Tr
Milwaukee Lake Shore & W'estern—
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. vc&
t
Sinking fund debentures 1933_____Un.zc*&r
Extension 4s $20,000,000 ($20,000 p m)_Un.zc&r
Gen gold bond M $165,000,000-- Us.xc*&r
do
do
do
registered___ x
do
do
do
x and y c *
do
do
do
x and y registered
do
do
do
yc*r
Secured gold bonds - - - - _ ____ Ce.yc*&r*
_
do
do
-- _
_
-lU .yc*& r*
Milw & State line 1st M g gu (V 88, p 230)-F.xc*&r
C & N W equip tr due $664,900 annually
. _G
do
do
Series E to P— (See text)
Branch Line Bonds Assumed—
Princeton & Northw 1st M $2,100,000 gold_F.zc&r
Peoria & Northwest 1st M $2,125,000 gold-F.zc&r
Sioux City & Pacific 1st M gold $4,000,000-F.zc&r
Minn & 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*&r*
Des Plaines Valley Ry 1st M $2,500,000 F.xc*&r*
Mani Gr Bay & NW 1st M g gu(V88,p230) F.zc*&r
St Paul East Gr Trk 1st M g gu
- - - .xc*&r*
S t L P & N W M g guar (V 97, p 1203)____F.yc*&r*
Frem Elk A M V cons M $25,000 per mile assumed.z
h $20,500,000 add’l pledged for 646% bonds due

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

$100 $145156264 See text ,T & J15 Dec 31 ’24, 2% C o’s office l l l B ’way.NY
do
do
J & J 15 Dec 31 ’24, SA
100 22,395,120
7
1,000
693 1889
1.000
8,387 1920
1,641 1879 1,000 &c
1883 1,000 &c
1886 1,000 &c
5.038 1897 1,000 &c
5,038 1897 1,000 &c
5,038 1897 1,000 &c
5,038 1897 1,000 &c
5,038 1897 1,000 &c
1920
500 &c
500 &c
1921
50 1906 1,000 Ac
1920 100&1000
105
85
1°5
33
195
179
114
50
115
1,170

1901
1901
1901
1900
1900
1912
1912
1906
1913
1913
1883

do
F & A Feb 1 1929
do
3,6r6,000
5g
do
do
15.250,000
5 g J & D M ay 1 2037
do
do
9.466,000 5 & 6 A & O Oct 1 1929
do
do
M & N M a y l 1933
7,551.000
5
do
do
F & A 15 Aug 15 1926
18,632.000
4
do
fc
do
131,316,000 I 314 g M < N Nov 1 1987
J
do
do
3 g Q— F Nov 1 1987
do
do
M & N N o v i 1987
4
130,554,000
J
do
do
4
Q— F Nov 1 1987
do
do
M < N Nov 1 1987
&
h33,855,000
5g
do
do
15,000,000
7 g J & D Junel 1930
do
do
15,000.000
6 A g M & S Mar 1 1936
do
do
2.500.000
3 A g J & J Jan 1 1941
J & J 15 To Jan 15 1935 Guaranty Tr Co, N Y
6
6,649,000

1,000 &c 2.100,000
1,000 &c 2,125,000
1,000 &c 4,000,000
528.000
1,000
1,000 &c 3,900,000
1,000 15.000.000
1,000 &c 2,500,000
1,000 &c 3,750,000
1.000 &c
1,120,000
1,000 &c 10,000,000
1,000 7,724,000

3H g J
3y2 g M
3H g F
3 A g .1
3A g J
M
4g
4A
M
3y g J
J
4A
5g J
A
6

A ,TJan 1 1926
& S Mar 1 1926
& A Aug 1 1936
< .1 Jan 1 1935
fe
< J Jan 1 1935
fc
A HMar 1 1947
& H Mar 1 1947
& J Jan 1 1941
& J Jan 1 1947
A J July 1 1948
& O Oct 1 1933

C o’s office 111 Broadway
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

Marc h 1 19 36.

In Dec. 1918 took title to the railway franchises, &c., of the following
companies, all of whose outstanding capital stock were owned by It: Taoomi
Eastern RR. C o., Puget Sound & Wulapa Harbor Ry. C o., Seattle Port
Angeles & Western Ry. C o., Bellingham & Northern Ry. C o., Milwaukee
Terminal Ry. C o., and Gallatin Valley Ry. Co. V. 108. p. 2017
The stockholders on M ay 21 1921 approved a proposition to lease the
Chicago Terre Haute A Southeastern R y. Co. for a term o f 999 years from
Tuly 1 1921, with option to purchase the leased property. By the terms
o f the lease this company guarantees as rental for the use o f the leased prop3rty the payment o f the annual interest on the bonds and securities o f the
Southeastern Company, amounting to approximately $900,000, together
with the annual taxes, approximately $235,000. This company further
agrees to purchase any or all of the 40,000 shares o f the outstanding stock
o f the Southeastern R y. 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 o f lease under Chic. T . H. & S. E
Ry in V. I l l , p. 2519.)
The I.-S. C. Commission in Peb. 1922 authorized the company to acquire
control o f the Chicago Milwaukee & Gary Ry. by purchase of its $1 000,000
capital stock, and to assume obligation or liability, as guarantor, in respect
o f $3,000,000 o f the $5,700,000 1st Mtge. 40-year 5% gold bonds, due Apr. 1
1948, by endorsing thereon its guaranty o f payment o f principal thereof and
o f 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, M ont. 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 o f 1925.
(2) 4% 15-year European loan bonds o f 1910, due 1925.
(3) 4 l % convertible gold bonds, due 1932.
A
(4) 25-year 4% gold bonds of 1909, due 1934.
(5) Chicago Milwaukee & Puget Sound 1st mtge. 4% gold bonds,
due 1949.
(б) Gen. & 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. & ref. mtge. 4 'As, series “ A ,” and
for the gen. & ref. mtge. 5s.
(6) United States Mtge. & Trust Co. for the 4% 15-year European loan
bonds o f 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 4A.% conv. gold bonds due 1932.
(d) The Farmers’ Loan & Trust Co. for the 25-year 4% gold bonds of
1909, due 1934.
(e) Bankers Trust Co. for the Chicago Milwaukee & Puget Sound R y.
1st mtge. 4% gold bonds due 1949.
The protective committee has not as yet called for the deposit of bonds.
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
o f the directors and the conclusion of Coverdale & Colpitts, engineers,
advising a readjustment o f the debt and capitalization o f the company.
The committee has designated New York Trust Co. as depositary.
Committee.— Mortimer N . Buckner (Chairman New York Trust C o.),
Chairman; Arthur W . Loasby (Pres. Equitable Trust C o.), Oliver C. Fuller
(Chairman First Wisconsin National Bank, Milwaukee), Harold I. Pratt
(Charles Pratt & C o., New York) and John McHugh (Pres. Mechanics &
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 o f the directors setting forth the conclusion of
Coverdale & Colpitts, the engineers who have been examining the companys’
properties, that a readjustment o f 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 & Franklin, Counsel.— V. 120, p. 1410, 1454.
Investigation of Company by I.-S. C. Commission.-— The I.-S. C. Com­
mission on M ay 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.
CA PITA L STOCK.— The pref. stock has a prior right over the com. stock
to a dividend o f 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.
D IV ID E N D S .— 1 96 90. 9 7 -UU 01. 02-11. l z - 14. la- 16. G .
.
On c o m m o n ...........% ) 2
4 5 y ’ly
6 7 y’ly 5 y ’ly 4 4$ 5
4H
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 at
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. Wnen the amount o f bonds issued thereunder
(bearing interest not in excess of 6% ) reaches approximately $700,000,000, f
further issues must be limited to 75% o f the cost of property placed under
the mortgage.




37

R A IL W A Y STOCKS AND BONDS

T h e mortgage is secured b y a direct Hen on all the properties. Including
about 10,143 miles directly owned, 109 m . jo in tly owned, terminal proper­
ties in Chicago. M ilwaukee. Seattle. Ta com a. Spokane A other cities, and
the entire eaulpment. sublect to $184,421,000 prior liens ($18,331 p . m .),
to retire which an equal am ount of bonds is reserved, $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
•ecured thereunder. None of the prior liens m ay be extended and no further
amounts issued except gen. Mu for refunding purposes, so that eventu­
ally the Gen. and Ref. bonds w ill become an absolute first lien. Further
Donds m ay be Issued for improvements, betterments, acquisitions, construc­
tion. equipment, & c. O f the bonds, $154,489,500 have been issued In ex­
change for C h ic. M ilw . A Puget Sound 1st 4s (leaving only $26,175,000 of
the latter outstanding). O n D ec. 31 1924 the treasury held available $117,217,200 of the new bonds Issued for said exchange and against im p ts., &C.
V 104 p. 451. 1701. 2640; V 100. p. 307; V . 97. p 1662 1583- V . 98. p.
73, 303, 386, 1244, 1315, 1766; V . 99, p. 1450. The April 1915 interest

on the Series “ A ” bonds is in default.
T h e $29,129,800 Gen. & Ref. M tg e . bondsi ssued in 1915 are convertible
Into common stock at par for 10 years beginning F eb. 1916.
139. 228. 307. 811. 900. 981; V . 101, p 28i.

V . 100, p .

The 6% 1st Mtge. Bonds Security, Gold Loan o f 1924, secured under a
trust indenture to National City Bank, New York, as trustee, by the deposit
and pledge o f $20,000,000 Gen. (now 1st) M tge. 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. o f M % for each 6
mos. between the red. date and the date o f maturity. V . 118, p. 201.
A b s tra c ts older mortgages. V . 45, p . 114. 144, 212; V . 48. p . 830.
T h e General mortgage of 1889 (see a b s tra c t in V . 48. p . 830; V . 96. p . 1088,
1156; V 97. p. 175. 520: V . 98, p. 386; covers the entire railw ay property
and franchises of the com pany (therein described), subject to prior liens
which are paid as they m ature. V . 89, p . 1279, 1541, 1596, 1667; V . 103,
p. 1114. M llw . A N o r. R R . consols, see V . 107. p . 2097.
T h e $33,286,000 4 % 25-year debs, of 1909 are secured by new G e n , and
ftei. m tge. V . 88. p. 1559; V . 89. p . 1223. 1346.
In M a y 1910 sold to a group of French banks 250.000.000 francs 15-year
4%debentures. equally sec. b y General and Ref. M tg e. 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 Oen. & Rer. 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 4 H % debentures of 1912 are redeemable at 105 and
(nt. They are secured by new Gen. and Ref. mtge. V. 94, p. 1056,
1118, 1665: V. 95, p. 744, 1472; V. 97, p. 364: V. 98. p. 303, 452.
Of the $181,664,500 Ohic. M llw . & Puget Sound Ry. 1st 4s assumed on
purchase o f 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. A 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.
Govt. loan. V. I l l , 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 Ser. A, V. 114. p. 2823; Ser. B, V . 116. p . 822
R E PO RT.— For 1924, in V. 120, p. 2675. showed:
Calendar Years—
1924.
1923.
1922.
1921.
Average miles operated.
10,987
11,011
11,030
10,809
R y. operating revs___ $158,366,458$169,628,338$156,950,628$146,765,766
Total operating exp____125.550,061 134.9 j 9.228 129,596,696 127,957,002

Net rev. from ry. oper.$32,816,398 $34,629,110$27,353,932 $18,808,764
Per cent of exp. to r e v s ..
(79.28)
(79.59)
(82.57)
(87.18)
Railway tax accruals___ 9,014,061
8,614,180
9,654,738 8,762,089
Uncollect. ry. revenues.
127,830
3,112
6,534
283,545
Equip, rents— Net debit.
3,290,607 4,400,584
2,977,205 3,485,115
Joint facil.rents— net deb
1,411,793 1,443,522
1,431,210
-----Net operating income_$18,972,106 $20,167,713 $13,284,245
Non-operating incom e.. $1,775,942 $1,710,996 $1,574,700

$6,278,015
$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 d e b t..
273,054
586,161
295.576
180,424
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).
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. II. McNider, Mason City. la.;
E. L. Philipp, Milwaukee. N. Y . office. 42 Broadway.— (V. 120, p. 2681.)
CHICAGO AND NORTH WESTERN R Y. CO.— (See M ap.)— Operates
system o f roads uniting Chicago, 111., with Omaha, Neb.; St. Paul, Minn,
with the great wheat belts o f Dakota, Nebraska, &c., and with the mining
regions o f Michigan and the Black Hills, 8,463 miles, Dec. 31 1924, viz.:
Road Owned in fee—
Miles.
Main lines, &c_____________________________________________________ 8,388
Trackage rights____________________________________________________
75
Second track_______________ •
_______________________________________ 930
Also has large interest in Chic. St. Paul Minn. & Omaha___________ 1,749

w
oo

RAILW AY STOCKS AND BONDS

FA C 1 F 1 c

[V
ol.

120




May, 1925.]

39

B A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

C hic Peo & St L RR— Pr lien M g call at 107A Eq.xc*
$ 1,000 $ 2 , 000,000
235 1900
4A g M
Gen and Refunding M $15,000,000 gold red text-_x
J
2,850,000
235 1909
Equipment notes Series A due $59,000 yearly______
1,000
M
1913
6
59.000
A
C h ic Riv & Ind— 1stM g o ld g u a r p & i_____ MC.xxc*
1,000
5g
765,000
1911
C h icago R ock I si & Pac—
100 74,482,523
Common stock $75,000,000_______________________
J
7
100 29,422,189
7% p f stk call 1051(5% cum) same p f as to assets. _
J
6% pf stk call 102|divs after 1% on 7% pref______
6
100 25,127,300
General (now 1st) Mtge$100,000,000gold_Ba.xc*&r 3,253 1898 1,000 &c 61 .581,000
J
4g
4
A
500 &c al03461000
First & R ef M $163,000,000 g __________ Ce.xc*&r Text 1904
1,000
Secured gold notes red 101_________________ Ce.xxxc
7.000. 000
1923
5A g J
Secured gold notes red (text)__________________ xxx
1,000 10 , 000,000
5g J
1924
1,000
Secured gold notes red (text)_______________Ce.xxx
M
5.000.
000 g
1924
5

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

& S Mar 1
& D Dec 1
& N Nov 1
& O Oct 1

1930
1939
1923
1925

Mar ’ 18 coup not paid
June 1914 coup not paid
Nov ’23 paym’tin default
Merch Nat Bank, Boston

& J Dec 31 ’24 3 A
& J Dec 31 ’24 3%
& J Jan 1 1988
First Nat Bank, N Y
do
do
& O Apr 1 1934
& D Junel 1926
do
do
New York
& J July 1 1929
New York
& S Sept 1 1929

a Also $53,008,000 in treasury Dec 31 1924 or pledge das co llateral.

Through passenger service between Chicago and Pacific coast is main­
tained via Union Pacific. V. 93, p. 1667; V. 94, p. 697.
H ISTORY, &C.— Incorporated under laws o f Illinois, Wisconsin and
Michigan in 1859. Valuation, V. 117, p. 781.
The directors on Jan. 13 1925 authorized an offer to the minority holders
o f stock o f the Chicago St. Paul Minneapolis & Omaha R y . C o . for exchange
o f their stock for North Western com. stock, on the following bases: 3 shares
o f North Western com. stock for 2 shares Omaha pref. stock; and 5 shares
o f North Western com. stock for 7 shares Omaha com. stock. This offer
will not become effective unless accepted by the holders o f such amount of
Omaha stock as shall.be satisfactory to the North Western company, and
is not to remain open and in effect beyond M ay 31 1925, but the North
Western board reserves the right to declare the ;plan o f such exchange of
stock effective by proper resolution at any time prior thereto.
C A PIT A L STOCK.— Of the com .stock, $2,343,377, and of the preferred
$3,834 additional to amounts shown as outstanding in table above were in
treasury on Dec. 31 1924. 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. There was also outstanding Dec. 31 1924 $25,000
special stock.
Dec. 31 1924 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. Der.31’24
Common _ _ ( 7 yearly
2 'A semi-annual
1A
2
2
Preferred-. I 8 yearly
3 A semi-annual
3A
3A
3A
In M a r . 1920 it was announced that diva, in future would be considered
half-yearly.

BONDS.— General Mortgage.— See A b s tra c t in V. 65. p . 1175. Author
lied issue Is $165,000,000 (U. S. Trust C o., trustee.) V. 65. p . 69. I ll*
571; V . 75, p. 980; V 88. p 280.563. On M ay 1 1925 there was outstanding
$31,316,000 Gen. 3>*s. $30,554,000 4s and $33,855,000 5s. V. 107. p 2289.
O f the balance of $48,775,000 bonds, $41,864,000 were reserved to retire
$40,764,000 prior liens and the debentures due in 1933, and the remaining
$7,011,000 bonds were reserved for improvements or additions including
equipment, but not exceeding $1,000,000 in any one year, in Dec. 1924
$20,500,000 5s were pledged as security for $15,000,000 6 A % bonds (see
below).
Outstanding Generals are free from all taxes except $8,054,000 4s, and
$33,855,000 5s stamped “ Federal income tax not assumed b y C o ." V 91,
p. 1385; V. 80, p 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. p . 877.
Th e Sinking Fond bonds of 1879 are secured by deposit in trust of $12,860.000 of 1st M bonds at $15,000 per mile on subsidiary lines, the most Im­
portant being described 1* “ Supplement” of May 1894
Of the sinking fund
bonds of 1879. $4,649,000 are 6s; the sinking fund is at least 1% of out­
standing bonds, which are subject to call at 105, and through its operation
those outstanding have been reduoed from $15,000,000 to amount in table
The Extension bonds of 1886 are secured by deposit in trust of first mort­
gage bonds at a rate not exceeding $20,000 per mile. Included in the collat­
eral July 1 1916 were $10,675,000 Fremont Elkborn & Mo. Valley lsts and
$2,560 000 Wyoming Central lsts (consolidated with F. E. & M. V .). Ac.
The Fremont Elkhorn A Missouri Valley consol1 have a first lien on 1,24?
miles (Fremont, N eb., to Dead wood. S. D ., and branches to Bastings
Albion, &c.): but besides the amount of issue given as outstanding in thf
table. $10,675,000 (along with $2,560,000 Wyoming Central firsts, a F. E
& M . V. issue) are held as part collateral for Extension bonds of 1886.
Milwaukee Sparta <k Northwestern Ry. 1st M . Ponds (assumed in April
3
1912). road merged In O. & N. W. V. 94. p. 416, 1056. 1185. In Jan
1913 sold $2,500,000 Des Plaines Valley Ry. (assumed March 1913) and
In F e b . 191 3 $1,120,000 St. Paul Eastern Grand Trunk R y. guar. 4 A s, and
In Oct. 1913 $10,000,000 St. L. Peoria & N. W. Ry. guar. 5s (assumed).
V.96,p,201. 789; V.97.P-1203; V 98.p.999: V .99,p.829; V.100.p.l671.
The stockholders on April 14 1920 authorized the creation of a new First
& Refunding Mtge. and the absorption of eleven proprietary companies
all o f wnose stock is now owned by the company. The new mortgage will
be secured by a lien on all the company’s lines o f railway owned at the
date o f the mortgage and their equipment and appurtenances, including the
terminals in Chicago, Milwaukee and substantially all o f the other cities
which it serves, together with all other property thereafter acquired b y the
use o f bonds secured by tne 1st & ref. mortgage.
$15,250,000 1st & ref. mtge. 5% gold bonds due M ay 1 2037 were sol t
in N ov. 1923. Compare V. 117, p. 2211. There are also $15,000,000 6%
bonds pledged and $416,000 6% bonds in treasury.
The $15,000,000 10-yr. 7% bonds due June 1 1930 are secured by dep^ it
o f (a) $15,000,000 Chicago & North Western Ry.N ew 1st & Ref. M tge 6%
gold bonds, due May 1 2037; (5) $2,500,000 Chicago & North Western R R .
Gen. M tge. 5% gold bonds due Nov 1 1987. V 110, p. 2487.
The $15,000,000 15-year 6 A % bonds due Mar. 1 1936 are secured by
deposit o f $18,000,000 gen. mtge. 5% gold bonds due N ov. 1 1987. V. 112
p . 652.
Equipment trusts. Series “ E " to “ P” —
Series “ E ” 4 A s, due $485,000 annually to M ay 1 1927_______ $970,000
Series “ F ” 4 A s, due $ 115,000 annually to June 1 1927_______
230,000
Series “ G ” 5s, due $422,000 annually to Nov. 1 1927__________
844,00O
Series “ H ” 5s, due $400,000 annually to Jan. 1 1928___________ l,200,OOo
Series “ I ” 5s, due $178.O oannually to July 1 1929___________
O
890,000
Series “ J” 6 A s, due $186,000 annually to Mar. 1 1936________*2,046,000
Series “ K ” QAs, due $267,000 annually to April 1 1936_______ *2,937,000
Series “ L ” 6 A s, due $187,000 annually to M ay 1 1936_______ 2,057,000
Series “ M ” 5s, due $345,CO annually to June 1 1938_________ *4,485,000
O
Series “ N ” 5s, due $317,000 annually to June 1 1938__________*4,121,000
Series “ O” 5s, due $412,000 annually to Dec. 1 1938__________*5,768,000
Series “ P ” 5s, due $104,000 annually' to Feb. 1 1939__________*1,456,000
* Held by public.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3, and V. 113, p. 1470.




R E PO R T .- -For 1924, in V. 120, p. 2433, showed:
1921.
1924.
1923.
1922.
$
$
$
$
Gross earnings_______
149,454,584 160,425,965 146,100.436 144,775,476
Expenses, taxes, &c_. 129,885,487 141,849,073 128,223,063 137,573,593
Operating income____ 19,505,576
Equipment, rents, &c_ . 2,721,525
_

18,576.892
2,733,517

17,877,373
841,068

7,201,883
550,746

Net operating income . 16,784,051
Other income_______
. 3,437,327

15,843,375
4,536,206

17,036,305
3,309,403

6,651,137
3,935,387

Total income_____
interest, rent, &c_
_

. 20,221,378
12,550,054

20,379,581
11.642,113

20,345,708
11,448,173

10,586,524
11,831,957

Net income______
Preferred dividends.
Common dividends. .

.
.

7,671,324
1,567,650
5,806,100

8,737,468
1,567,650
5,806.100

8,897,5351ossl,245,433
1,567,650
1.567,650
7,257,625
7,257,625

Surplus--------------------297,574
1.363,718
72,260dfl0,070,708
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Marvin Hughitt, Chairman: Pres., W . H. Finley, Chicago;
Exec. V.-P., Marvin Hughitt Jr.; V.-Ps., S. A. Lynde, A . C. Johnson,
Frank Walters, William Walliser; V.-P. & General Counsel, Fred W . Sar­
gent; Sec., J. D . Caldwell, Chicago; Treas., A . S. Pierce, 111 Broadway,
New York.
Directors.— Marvin Hughitt (Chairman), Chicago: F. W . Vanderbilt,
Harold S. Vanderbilt, Chauncey M . Depew, W K. Vanderbilt. N. Y .;
Cyrus H. McCormick, Chauncey Keep, W. H. Finley, Fred W . Sargent,
Chicago; Henry C. McEldowney, Pittsburgh, Pa.: Gordon Abbott, Oliver
Ames, Boston; A. A. Sprague, Chicago: Childs Frick, Roslyn, L. I.; Sam­
uel A . Lynde, New York; Marshall Field, New York; Walter W . Head,
Omaha, Neb.
General offices, 226 West Jackson Boulevard, Chicago.
New York office, 111 Broadway.— (V. 120, p. 2142.)
CHICAGO PEORIA & ST. LOUIS RR. C O — R OAD.— Owned from
Pekin to Granite City, HI., 179 miles; Granite City to Madison, 2 miles;
Madison to Bridge Jet., 3 m.; Havana to Jacksonville, 111., 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 N ov. 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 A s.— Sidney C. Borg (Chairman), J. N . Bab­
cock, 37 Wall St., Sec.; Eq. Tr. C o., N. Y ., depositary. V. 99, p. 673, 1527.
Committee for Gen. & Ref. M . 4 A s.— Frederick J. Lisman (Chairman),
and Alfred Shepherd; Graham Adams, 30 Broad St., Sec.; Bankers Trust
Co., N . Y ., depositary. M ajority 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 C o., N . Y ., depos
itary. V. 109, p. 2073.
Sale of Road.— The road was parceled and sold at auction at Springfield,
ill., 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, ±11.
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 $200,000. 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
pin-chased by the bondholders for $250,000.
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 4 A s were not paid promptly but
'hese 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 o f surplus earnings. Equip, notes (6% Series A) of 1913, V. 102, p.
1625.Installment due N ov. 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.
RE PO RT.— For calendar years:
Gross.
Net. aft. Tax. Oth. Inc. Int., &c.
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, 111.: Sec. & Aud., H. W
Berger, Springfield, 111.; Treas., F. J. Wilson.— (V. 120, p . 1199.)
CHICAGO RIVER & INDIANA R R .— Owns 19.37 miles of terminal
tracks; Atch. Top. & S. F. trackage, 14.64 m.; P. C. C. & St. L. R y. track­
age, 7.12 m.; Ind. H. B. R R . trackage, 3.29 m; tracks operated under lease:
Chic. Junction R y. C o., 175.73 m.; grand total operated, 220.15 miles
(all in Chicago).

40

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles
Road

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[V ol. 120
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

C h icago R ock I si & Pac— (Concluded)—
Old Divisional Bonds, etc.—
B C R & Nor consol first mortgage gold_.Ce.zc*&r 1,292 1884 $1 .OOO&c $11,000,000
A & O Apr 1 1934
.
5g
Minneapolis & St Louis 1st M gold (assumed)_ Fz
_
12 1877
500 &e
J & D Junel 1927
150,000
7g
Rock Island & Peoria cons 1st M (V 75, p 30)_Mpz
113 1885 1,000 &c
J < J July 1 1925
fe
450,000
6
1.000 3,525,000
Choc & Mem 1st M $3,750,000 assumed,.QP.xc&r
fe
I < .1 Jan 1 1949
280 1899
5g
Choctaw Okla & Gulf Consol mtge gold_ GP.xc*
_
5,411 ,000
685 1902
\T k. N M a y l 1952
1,000
5g
R I A & L 1st M $30,000,000 ggu red 105-Ba.xc*&r*
363 1910
500 &r bl 1,000,000
446 g M k S Mar 1 1934
Little Rock & Hot Spgs West notes guar p & i______
1911
1,000
45:-! 6 ti
4
.1 & J Tuly 1 1939
St P - K C Short L— 1st M g gu red 105- Ba.xc*&r*
345 1911 $ & £ c9,965,875
443 g F fr. A Feb 1 1941
Bq note Ser D g $225,000 s-a (V 90,p 913, 1362)-Bax
1910
1,000
225,000
446 g M k N Nov 1925
do Ser F g $12,000 s-a (V 93, p. 939)_______ Ba>'
1911
1,000
48.000
443 g F & A Aug ’25 Aug ’26
850 non
1,000
1912
do Ser G g $170,000 s-a (V 95, p 1607)____ Bax
443 g J & J July ’25 July ’27
do Ser 1 g $541,150 ann_____________________ G
1920
1,000
.1 &J15 To Jan 15 1935
5,411,500
6g
1,000 7,410 000
1923
do Ser L g $285,000 s-a________________ Nxxxc*
5g
J k. D D ec ’2 5 -Tune’38
do Ser M g $188,000 s-a___________________ xxx:
1924
A & O Oct ’25-Oct ’34
1,000 3,572,000
5g
_ do Ser 1, 2 & 3 due $144,973 semi-ann________
1,000
144,973
M & S Sept 1925
5
- - - 1915
C h icago St Louis & New Orleans— See Illinois Cent
100 18,559X8~ See text
Aug 20 ’23 2 V
C hicago St Paul Minn & Om aha— Common stock.
100 11,259,859 See text See text Dec 31 ’24 5%
Preferred stock non-cum including scrip (see te x t)..
1,000
l k J Jan 1 1930
Nor Wis 1st M Lake St C to nr Spooner ass’d Ce.zc*
80 1880
505.001
6
1,000
1,500.000
s Junel 1930
Superior Short Line 1st M $1,500,000 ass’d-U n.zc*
1895
5
M
1,000 24,447,000
6
J
k 1) Tunel 1930
C St P M & O M $30,000,000 ($15,000 p m)_Ce.zc* 11,669 /1880
1,000 3,734.000
11880
do
do
consols interest reduced____ J
3 43 .1 & I) lunel 1930
2
1912 1,000 &• 13,900,000
<
Deben gold $2,000,000 “ stamped” g; text.Cexc*&r:t
5g
M & < Alar 1 1930
1,000
570.000
Equip trust certif Ser “ B " due $95,000 ann_ F.c*
_
1921
7 g J k. j To Jan 1 1931
33 Lone
1918
1.000
J k D To Dec 1 1927
do
do
Ser “ A ” due $110,000 ann._
7g
Equip gold notes due $156,800 ann______________G
1920
100 &c
1,568,000
J & J 15 To Jan 15 1935
6g

First Nat Bank, N Y
do
do
do
do
do
or Phila
do
do
do
or Europe
Co’s office, Chicago
New York and London
First Nat Bank, N Y
do
do
do
do
New York Trust Co, N A'
Office 111 B ’way, N Y
do
do
do
do
do
do
do
do
do
do
Farmers’ L & T Co, N Y
do
do
Guaranty Tr Co, N Y

AHso b $2,192,000 and c $3,376,000 in treasury.

Stock, authorized. $1.000,000: outstanding. $500,000; par. $100.
Chicago Junction Rys. & Union Stock Yards Co. (see under “ Industrials” )
guarantees the bonds, principal and interest, by endorsement. V. 101, p.
773. Dividends 1913. 8% ; 1915 to 1923 6% yrly. Of the 1st 5s ($2,000,000
ftuth. Issue), $765,000 nave been sold (V. 101, p. 773). They are red. at
105. beginning O'” - 1916. Additional bonds may be Issued for 66 2-3%
of the cost o f additional properties and franchises, but only when annua)
earnings are twice the Interest, charges. Including bonds then to be Issued
For 1923, gross, $7,481,481: net oper. ine., $2 371.913; other income
$1,571,876 Interest, rentals, &c., $2,615,787; dividends (6 % ). $45,000:
bal.. surplus, $1 283 002.
For latest earnings, see "Railway Earnings Section’ " (Issued monthly).
Pres., _______________; Sec., E. F. Stephenson; Gen. Treas., M . S
Barger; Compt., W. O. W ishart— (V. 101, p. 773: V 107, p. 694.)
CHICAGO ROCK ISLAND AND PACIFIC RY. CO. (T H E ).— (See
M ap.)— The system extends from Chicago, 111., via Omaha, Neb., to
Denver and Colorado Springs, Colo., also to Minneapolis, Kansas City,
&c. Connects with the Southern Pacific for Pacific Coast service.
Owned in Fee lexcl.trackage.) Miles. Limon, Colo., to Denver, C olo.
90
Ohloago. 111., to Col. Spgs.. C ol.1,073 Allerton, la., to Manly. Ia___ 202
Davenport, la ., to Terral, Okla. 831 McFarland, Kan., to Belleville,
Herlngton, Kan., to Texhoma,
Kan_______________________ 103
O k la ......................................... 324 Memphis, Tenn., to Texola,
Burlington, la., to Mtnn’p.Mlnn. 366
O k la ___________________
650
Vinton, la., to Watert’n, S. D_ 377 Hot Springs Jet., Ark., to
St. Louis, Mo., to Kan. City, M o .298
Eunice, La_________________ 332
Bravo. Tex. (New Mex. State line)
Branch lines__________________ 2,779
to Santa Rosa, N. M_________ 112 Chic. R. I. & G u lf............. ....... 461
Slenrlo, Tex., to Tuoumoarl,
N. M......................................... 41
T o t a l . . . . . _________________ 8,039
The list o f companies included in the term "R ock Island Lines” is as
follows: Chic. Rock Isl. & Pac. R y. C o., Chic. Rock Isl. k Gulf R y. Co.,
Choctaw Okla. & Gulf R R . C o., Rock Isl. Ark. & La. R R . C o., Rock Isl.
Memphis Term. R y. C o., St. Paul & Kansas City Short Line R R . C o.,
R ock Isl. Stuttgart & Southern R y. C o., Rock Isl. & Dardanelle Ry. Co.
and Morris Terminal R y. Co. The company also leases Peoria & Bureau
Valley R R . Co. and White & Black River R y. Co.
It was announced in March 1925 that the company had acquired a
substantial interest in the stock o f the St. Louis Southwestern R y. C o.,
the investment being almost entirely in the preferred stock.
ORGAN IZATION .— The company at midnight on June 24 1917 re
■umed possession o f 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 ana 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 wjis In V . 103, p. 1887,
1980, 2155; V. 104. p. 451.
FULL FIN AN CIAL STATEM EN T 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 o f Its litigation with
the Colorado & Southern R y. Co. respecting the Trinity S Brazos Valley
c
R y ., extending from Fort Worth and Dallas to Houston and Galveston,
whereby the Colorado & Southern accepted in cash 60% o f 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 o f some $4,000,000 and the Rock Island now owns outright
a half interest in the Trinity & Brazos Valiev R y. 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 k Des Moines R y ., which formerly had been operated
under lease, was acquired outright during 1924 for $2,641,600 1st & pref.
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. 1924 was in the treasury.
(1) Two Classes of Pref. Stock, 7% and 6 % , with Same Preference as to AssHs
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_ $29,422,189
_
6% Pref. Stock, callable at 102. Auth., $35,000,000; outstanding 25,127,300
The auth. pref. stocks may not be increased except by vote of a ma
Jority o f each class o f stock, voting separately. V. 106, p. 2026.
D IV ID E N D S .— The semi-annual dividends o f 343% on the 7% pref
stock, and 3% on the 6% pref. stock have been paid from Jan. 14 1918
to Dec. 31 1924.
BONDS.— General 4s o f 1898. V. 66. p. 522; V. 78. p. 228:V.80.P.272.
FIRST
REFUND. 4% BONDS OF 1904 ($163,000,000 A U T H . ISSUE.
A 1st lien (either directly or through pledge o f entire issues o f bonds ot the
companies owning the same) on terminal property in St Paul, Minneapolis
and Kansas City, new equipt. and shops at S ilv t, near East Moline, 111., and
on railways aggregating 1,142 miles; also a Junior lien subject to existing
mortgages on all the other lines of the system o f the Railway company. aggre­
gating, exclusive of leased lines and trackage, on Dec. 31 1924, 4,671 miles,
also on the entire capital stock and leasehold interest on lines aggregating
966 miles and on leasehold interests on 109 miles. See V. 78 p. 228,
234; V. 79, p. 1716, 2206; V. 84, p. 219; V. 85, p. 98. The deed of trust
forbids the creation of a junior mortgage without the consent of the
holders of all the Ref. M . 4s. In Oct. 1920 the company brought suit to
have this latter clause changed. V. I l l , 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 X s (V. 90, p. 626. 699. 1161) and St. P. &
fc
Kansas City Short Line 1st M . 444s, V. 92, p. 526. 593; V. 93. p. 1196; 1159:
V. 94, p. 1056; V. 97, p. 236, 1114), were guaranteed, principal and lnt.
Rock Isiand-Frisco Terminal 5s, see that co and V. 84. p. 569, 748.
The $7,000,000 secured gold notes due June 1 1926 are secured by deposit
of $ 11,666,000 1st & ref. mtge. 4s, due Anril 1 1934. V 116, p.2388.
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 43 o f 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 43 o f 1%
less for each succeeding year or part thereof. V. 119, p. 810.
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.
RE PO RT.—-For 1924, in V. 120, p. 2293, showed:
Operating Revenues—1924.
1923.
1922.
Freight revenue_____________________ $95,185,730 $93,109,327 $87,718,340
Passenger revenue___________________ 25,886,047 27,458,814 27,650,134
Mail revenue_______________________ 2,576,690
2,636,220 2,556,607
3,518,313 3,799,099
Express revenue_____________________ 3,409,277
Other transportation revenue_______
1,756,728
1,710,990 1,515,528
Dining and buffet car revenue______
707,012
659,895
631,391
1,359,027
1,309,527 1,215,135
Miscellaneous revenue______________
Total railway operating revenue.-$130,880,512$130,403X86$125,086,233
Operating Expenses—
Maintenance of way and structures. .$15,086,589 $15,669,452 $15,701,142
Maintenance of equipment_________ 27,937,080 29,153,666 26,103,922
Traffic_____________________________ 2,629,300
2,410,660 2,299,232
Transportation_____________________ 51,781,162
54,103,307 52,871,908
Miscellaneous operations___________
943,262
833,611
822,377
General_____________________
3,601,701
3,371,291 2,984,821
Transportation for investment______Cr.772,o49
Cr.551,852 Cr.212,476
Total railway operating expenses_$101,206,546$104,990,136$100,570,926
Net revenue from railway operations_$29,673,966 $25,412,950 $24,515,307
Railway tax accruals________________ 6,571,087
5,600,634
6,163,176
Uncollectible railway revenue_______
56,722
17,002
21,788
Total railway operating income___ $23,046,156 $19,795,314 $18,330,344
Other Income—•
Rent fr. equip, (other than fr. ca rs)..
$305,949
$549,329
$549,164
Joint facility and misc. rent income- _
780,969
717,140
734,097
Income from lease of road___________
34,393
38,737
40,005
Miscellaneous income_______________
65,161
490,243
442,274
Gross income____________

$24,532,629 $21,590,763 $20,095,884

Hire of freight cars— debit balance_ $3,758,492
_
Rent from equip, (other than fr. cars)
564,580
Joint facility and miscellaneous rents. 1,968,417
Rent for leased roads________________
265,831
Int. on funded and unfunded debt_ 11,030,796
_
Other income charges_______________
169,293

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

$1,990,280
800,301
1,997,800
432,682
10,365,844
223,598

Total deductions__________________$17,697,409 $17,109,260 $15,810,506
Net income___________________________$6,835,221 $4,481,502 $4,285,379
7% preferred dividends______________ $2,059,547 $2,059,547 $2,059,547
6% preferred dividends______________ $1,507,638 $1,506,588 $1,507,788
Balance, surplus_________________ $3,268,036
$915,367
$718,044
Per cent on common stock__________
4.36%
1.22%
0.96%
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, S. H. Johnson,
L. M . Allen, F. D. Reed, W. H. Burns; V .-P ., Sec. & Treas., Carl Nyquist.
Directors.—Carl Nyquist, M . L. Bell, N . L. Amster, Charles Hayden,
A. C. Rearick, F. W. Scott, G. W . French, W . Z. Ripley, A. J. Brosseau,
A. A. Cook, Henry Bruere, P. G. Ten Eyck and J. E. Gorman. Offices,
139 West Van Buren St., Chicago, and 25 Broad St., New Y ork.— (V. 120.
p. 2261.)
CHICAGO ST. PAUL MINNEAPOLIS AND OMAHA R Y . CO .—
(See Map Chicago & North Western.) ROAD.— Elroy, W is., to St. Paul,
M inn., 193 miles; Minneapolis to Omaha, Neb., 378 miles; other lines, 1,178
miles; total, Dec. 31 1924, 1,749 miles. V. 69, p. 1147.
In Nov. 1883 Chicago & North Western R y. 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 R y. under date of Jan. 13
1925 offered to issue in exchange for the pref. and com. stocks of the Chicago
St. Paul Minneapolis & Omaha R y. com. stock of the Chicago & North
Western R y. on the following basis: Three shares of Chicago & North
Western com. stock for two shares of Omaha pref. stock, and five shares of
Chicago & North Western com. stock for seven shares of Omaha com.
stock. Compare Chicago & Northwestern R y. Co. above.
STOCK.— Outstanding: Common stock and scrip, $18,559,087; preferred
stock and scrip, $11,259,859. Held by the company Dec. 31 1924, 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.— 1’00. ’01. 02. ’03. ’04. ’05-’ 16. ’ 17. ’ 18. ’ 19.*20-’23 ’24.
Common________ / 5
5
8 6
6 7 y ’)y 6
5
5 5 yrly 0
Last payment on common 2 43% in Aug. 1923. V. 117, p. 2651.
Paid on pref. in 1924: Feb. 20, 343% ; Dec. 31, 5% .

May, 1925.]




K A IL W A Y STOCKS AND BONDS

41

42

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

C h ica g o Terre H aute & S E— Stock_______________
Bedford Belt first mortgage, not assumed (guar).z
5
Sou Ind 1st M g (see text) not assumed (gu ).G P .zc*
242
1st & R ef M $20,000,000 g call 107)4 (gu).IC.xc*& r*
361
Income M $6,500,000 call par (cum) (guar)____FCx
361
C h ic U nion S ta tio n — 1st M g gu p&i red.IC.yc*&r*
Guar gold bonds red (text) SI5,000,000 auth_yc*&r*
C h icago & W abash Valley Ry— See Chic Ind & Lou
C h icago & W estern Indiana— Stock (see text)____
General mortgage gold sink fund subj to call 100-xc* 57“ 83
Cons M *50,000,000 g _______________ IC.xc*&r*
First & ref mtge Series “ A ” red 105--Ba.xc*&r*
15-year collateral trust gold notes_________________
do
do
do
_________________
Equip trust notes due $18,600 ann_______________
C h oc & Mem— C h oc Okla & G u lf— See Ch R I & P
C in cin n ati H am ilton & D ayton— See Balt & Ohio RR

Par
Value

1882
1902
1912
1920
1920
1920

100 5,000,000
1,000
1.291.000
1.000 &c 48.708 007
1.000 &c 16,092,000
1.000 &c 7.616.000
1.000 &c
955.000
100 &c
186,000

Operating income____$4,109,973 $3,248,584 $3,944,933 $2,461,188
Equipment, rents, & c --.
700,984
219,669
132,263
395,839
$3,028,916
237,705

Total income________ $3,660,051 $3,266,621
Interest, rents, &c_____ 2.623,143 2,642,448
Net income-------------- $1,036,908
Preferred dividends____
$562,965
Common dividends_____
______

$3,812,670
247,108
$4,059,778
2,881,849

$2,065,349
308,629
$2,373,978
2,659,655

$624,173 $1,177,929 loss$285,677
$788,151
$788,151
$788,151
463,917
927,835
927,835

D e fic it ------------------- -sur$473,943
$627,895
$538,057 $2,001,663
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman of Board, Marvin Hughitt: Pres., W. FT. Finlev;
V .-Ps., A. W . Trenholm, Alex. C. Johnson, S. A. Lynde: V .-P .: Gen.
Counsel, F. W . Sargent: 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. 120, p. 2437.)
C H IC A G O

TER R E

H AU TE

&

S O U TH EA S TER N

R A IL W A Y .—

Owns Chicago Heights, 111., to Westport, Ind., 298.09 m.; Blackhawk to Sul­
livan, Indiana, 18.50 m.; Blue Island Yard, Illinois, 0.88 m.; Bedford to
Oolitic, Indiana., 4.70 miles; 10 branches, 39.08 miles; trackage Blue
Island Yard to Chicago Heights, Illinois, 12.47 miles; trackage to
Union Depot, Terre Haute. Indiana, 0 52 miles; total 374.30 milee
Incorporated in Indiana and Illinois in November 1910 as successor of
the Southern Indiana Ry. and the Chicago Southern Ry. (both foreclosed)
per plan in V. 91, p. 337. 333. V. 97, p. 1110. A tentative valuation by the
I .-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.1179.
The stockholders and income bondholders voted May 11 1921 to lease
the company for 999 years beginning July 1 1921 to the C. M . & St. P. R y.
the latter company guaranteeing principal and interest o f all outstanding
securities. See terms o f lease in V. I l l , p. 2519; V. 112, p. 560; V. 115, p.
2579; V. 117, p. 2541. Valuation, V. 112, p. 2747; V. 113, p. 1052.
BONDS.— The new “ Firstand R ef." M . is a first lien on about 115 mile8
and a second (consol.) mortgage on the remaining 240 :m. owned. V . 91p. 337: V. 92. p. 590; V. 94. p. 1118.
Purposes for which $20,000,000 First and Refunding Bonds were Issuable
Issued under plan (of which $2,090,000 pledged for loans)______ $6.334.00<
Reserved to retire So. Ind. Ry. and Bedford Belt 1st M. bonds_ 7,787.000
Reserved under careful restrictions for extensions, additions, im­
provements. acoulsltlon of sub-company stock and bonds &o_ 5,879,000
Protective Committee.— In view o f the receivership o f the Chicago Milwau­
kee & St. Paul R y ., the following at the request o f holders o f a large number
o f the above-named bonds, have consented to act as a committee to protect
their interests: John W . Stedman, Chairman (V.-Pres. Prudential Insurance
Co. o f America), Newark, N. J.; John E. Blunt Jr. (V.-Pres. Illinois Mer­
chants Trust C o.), Chicago, 111.; Samuel J. Steele (Treas. Fidelity Mutual
Life Insurance C o.), 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 s tated In the mtge
D iv. on incomes, 1% , semi-annualL paid Sept.1911 to M ar. 1913 inc).,
I X % paid Sept. 1913; then none till March 1 1917; to Mch. 1 1920,1 X %
semi-annually (2)4 % p. a.). In Aug. 1919 paid 1X % on account of coupon
No. 15 due March 1 1915, and in March 1920 paid 1 X % on account of
coupon No. 16 due March 1 1915. On Sept. 1 1920 paid 1 h % on account
of coupon No. 16 due Sept. 1 1915. In Sept. 1922 paid coupons Nos. 44,
45 and 46. V. 115, p. 1320, 1531.
I Protective Committee.-—The committee named below has been formed to
W
protect the owners o f 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, 111.
(V. 120, p. 1877.)
CH ICAGO UNION STATION CO.— Incorporated in Illinois. Owns
old Union Station and is building extensive new terminals covering 35 acres,
at cost of $47,000,000. Capital stock authorized, $3,500,000; outstanding
$2,800,000, held one fourth each by Pennsylvania Co., P. C. C. & St. L.




Rate

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$100 $4,172,995
1898
250,000
J & J July 1
5
F & A Feb 1
1901
1,000 7.287.000
4g
1910 1.000&C 8.256.000
5 g .1 & D Dec 1
100 &o 6.336.000 See text See text Dec 1
1910
T
1915 500 & 1,000 See text
See text J & ■ -Tulv 1
1,000 7,000,000
1924
5 g J & D Dec 1

BONDS.— Superior Short Line Ry. 5s. V. 92, p. 954, 1310.
North Wise. 1st 6s, due 1930. are exchangeable at option o f 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 1924 (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. 101. 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
R E PO RT.— For 1924, in V. 120, p. 2437, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross----------------------------$27,915,736 $28,363,234 $27,801,007 $28,137,408
Expenses, taxes, &c____ 23,805,763 25,114,651 23,856,074 25,676,220

Net operating income. $3,408,989
Other income---------------251,062

Amount
Outstanding

[V ol. 120.

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

Q J
Q—M

&
M <
&
A (fe
M &
J &

.T

1938
1951
1960
1960
1963
1944

See text
Dec 1 1932
.1July 1 1952
S Sept 1 1962
o Oct 7 1935
s Sept 1 1935
J To Jan 15 1935

1st Nat. B k .N .Y . or Cldc
do
do
do
do
do
do
Illinois M erch Trust Co
Chicago
.1 P Morgan & Co, N Y
1 1 Tr & S Bk,Cbic;&NY
1
Bankers Trust Co, N Y
Bankers Trust Co, N Y
Bankers Trust Co, N Y
Guaranty Trust Co, N Y

R y., Chic. B. & Q. R R . and Chic. Milw. & St. Paul R y. The station
will be used bv the four proprietory companies and the Chicago & Alton R R .
V. I l l , p. 1851.
The company has issued $60,000,000 first mtge. bonds o f which $30,850,000 are Series A 4)4% bonds,$13,150.000are Series B 5% bonds, and
$16,000,000 are Series C 6)4% bonds. Authorized issue, $60,000,000.
The bonds are guaranteed, principal and interest, by the four proprietary
companies. Series A bonds are redeemable at 105 on or after Jan. 1 1921;
Series C redeemable at 110 on or af’ er Jan. 1 '935. 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 or after 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
proprietary companies.
The indenture under which these bonds will be issued will contain 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, p. 2525.
Balance sheet as of Dec. 31 1923 in V. 118, p. 2437. Pres., J. J. Turner
Sec., W . G. White; Treas., C. I. Sturgis. Office, Chicago, 111.— (V. 119, p
2525.)
C H I C A G O A N D W E S T E R N I N D I A N A R R . C O . — Owns a valuable
terminal system affording entrance into Chicago to the roads named below.
U i lines extend from Dearborn Station, Polk S t.. Chloago. to D olton , 17 m .;
tlio to Indiana State line, 10 m .; to Cragln. 21 m .. and to South Chloago
1 in.; total, 58 m .; total traok. Including 2d. 3d, 4th traoks and sidings, 555
cn.: also owns real estate, car yards, warehouses, & c. Th e clearing yard

embraces 1,810 acres.— V. 105, p. 388.
Leases.— T h e station terminal properties. Including the "D e a rb o rn Sta­

tion” and Its connecting tracks, are used for freight and passenger buslnesi
cinder 999-year leases (which have been In force for m any years) by the
following companies, which own all the capital stock of the Chicago &
Western Indiana R R . C o . ($1,000,000 each), v iz .: C h ic . & Eastern Illinois
R R ., C h ic . In d . & Louisville R y ., G ran d T r u n k Western R y ., Wabash R y .
and E rie R R . C o . T h e A tc h . To pek a & Santa Fe R y . C o . 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. C o.. Illinois Central RR., Co.. Chicago Burling­
ton & Quincy RR. C o., Chicago Rack Inland & Pacific Ry. C o., Chesa­
peake & Ohio RR. Co. of Indiana, Minn. St.. Paul & S. S. M . R y., Chic. &
East. 111. R R .. Chic. Ind. & Louisv. Ry., Erie R R ., Grand Tr. West. R y .
Wabash R y., 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 am ount equal
to the Interest on all obligations Issued for Improvements to the “ Belt
Division” .
D IV ID E N D S.—
/ ’95. ’9 0 . ’97 '9 8 .’99
0
6
0
P e r c e n t ............................. I 7M 0

1900 to 1924.
6 yearly (1 )4Q-J)

BONDS.— The gen. mtge. bonds are drawn quarterly at 105 and int.
Of the Consol. 4a 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: W104, p.862.
Of the first & ref. bonds of 1912 ($200,000,000 auth. issue), $16,092,000
Series “ B ” 5)4% gold bonds were sold in Jan. 1925. The mortgage has
been amended so that bonds bearing interest in excess of 5% per annum
may be issued thereunder. The mortgage is secured (as to principal and
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,
subject to the lien of underlying mortgages, so far as they attach, under
which $50,000,000 bonds are outstanding. As a sinking fund for the Series
“ A ” bonds, there is payable under the first & ref. mtge., as amended,
$176,730 annually beginning Mar. 1 1925, plus the interest on bonds in the
sinking fund. Sinking fund moneys are to be applied to the purchase o f
bonds at not exceeding 105 and interest, or to the acquisition of bonds upon
call by lot at such price.
All of the outstanding $5,380,000 15-year 7)4% coll, trust sinking fund
gold bonds, dated Sept. 1 1920, were redeemed on Mar. 1 1925 at 102)4 and
interest.
Equipment trusts issued to Director-General for rolling stock allocated
c« this company. See article on page 3.
Government Loan.— The I.-S. C. Commission on Aug. 14 1920 granted the
company a loan of $8,000,000 for 15 years at 6 % . to be secured by a part
of the company’s 1st & Ref. M tge. bonds. Series A.
R E PO RT.— For 1924, total railway oper. revenue, $374,533; net loss from
railway operation, $62,624; other income, $4,665,586; deductions, $3,890,587; sinking fund, &c., reserves, $243,192; divs., $425,000; bal., sur.,
$44,182.
Pres., H. G. Hetzler; Y .-P . & Chief Engineer, E. H. Lee; Sec. & Aud.,
R. L. Porter; Treas., J. E. Murphy. Office. Dearborn Station, Chicago.—
(V. 120, p. 2142.)

May, 1925.]

43

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6)
C in cin n ati Ind & W estern— 1st M $12,000,000
gold redeemable on any interest day at 105_Eq.c*
Equipment trust $28,000 due semi-ann________ Eq
do Series B due $33,000 s a _____________PeP.c*
do Series C due $10,000 semi-ann___________ c*
do due $15,000 semi-annually (J & D )________
C in cin n ati Inter-T erm inal RR-— ls tp fs tk (see text)
C in cin n ati L ebanon & North 1st con g gu p & i-xc*
Dayton Leb & Cin KR & T — First M g call 105 ass’d
Cin & Musk Val— See Cleve Akron & Cincinnati R y.
Cin New Orl & Tex Pac— Common stock $3.000,000Preferred stock (a & d) 5% cumulative $3,000,000-Equip trust Ser D due $90,000 s-an_______________
Equip trust Series E due $65,000 semi-annually____
Equip trust notes due $63,800 ann_______________G
Equip trust Series G due $180,000 ann------------------C incinn ati N orthern— Capital stock_______________
1st M $3,000,000 gold__________________G.xc*&r
Equip trusts due $43,000 annually___________ k.c*
New York Central Lines equipment trusts________
Clearf & M ahoning— Stock6% rent $1,000,000auth_
First mortgage gold duaranteed B R & P__G.xc*&r
Cleveland Akron & C in— Stock $12,000,000-----------Clev Ak & Columbus gen M (now first) gold------c*
First consol mtge $4,000,0001 guaranteed p & i end
gold sinking fund________ J not guaranteed-xc*
Cin & Musk Val 1st M $2,000,000 g gu s f ___ F.xc*
Cleveland C in cin n ati Chi & St Louis—Com stock.
Preferred stock 5% non-cumulative_______________
Refunding & Impt M tge Spr A callable 103-G.c*&r*
do
do
Series B & C— see text.
do
do
Series D red 105________ G.c*&r*
Underlying Bonds—
Cincinnati Indianapolis St Louis & Chicago
Gen 1st M $10,000,000 g s f not drawn. _Ce.xc*r
Cl Col C & I Gen cons M ($12,000,000) g- -L!s.xc*&r
Cl Cin Chic & St L White W at Val Div 1st g -C e.xc*
Spr & Col Div (Col Spr & Cin) 1st M gold_ Ce.xc*
_
Cairo Division 1st M $5,000,000 gold____ Ce.xc*
St Louis Div coll tr gold____________ Ce.xc&r
Cincin Wab & M ich Div first mtge gold_ Us.xc*
_

Miles Date
Road Bonds
283 1915
1916
1916
1922
Text
76 1902
29 1914

Par
Value

Amount
Outstanding

$100 &c $3,675,000
56.000
1,000
66.000
259,000
225,000
100
825,000
$1,000 $1,248,000
500 &c
300,000

100
100
1,000
1916
1,000
1918
1920 100-1000
1,000
1923
206 1901
1915
1922
26 1893
187
1 187!
t
148

1887
1900
1900
1898

1,827

1919

1,827 1923
391
62
45
269
194
204

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

5
5
5
5
6
4
4
6

When
Payable

Last Dividend Places Where Interest qnd
Dividends Are Payable
and Maturity

Equitable Trust C o, N Y
M & N N ov 1 1965
do
do
F & A Aug 25-Feb ’26
A & O 15 Oct 25-Apr ’26 PennCoforInsonLives,&c
r>
e T
a — ivr
J P Morgan & Co, N Y
F & A See text
Penn R R Co, N Y
g M & N N ov 1 1942
Treas, Pittsburgh, Pa
g M & S Mar 1 1934

g
g
g

2,990,000
J & D Dec 22 ’24 6 \i
13
2,453,400
5
Q— M Dec 1 1924 U i
180.000
4H g J & D Dec ’25-June’26
F & tA Aug ’25 Aug ’28
455,000
6
638.000
6 g J &J15 To Jan 15 1935
2,310,000
5 g A & O To Apr 1 1938
Son tevt. Mar 9 1Q95 5%
3,000,000
1,000,000
4
u & J July 1 1951
T
43,000
5 g M & s Sept 1925
1,078,000
5
900,000
J & ■
6
TJan 1925 3%
650,000
5 g J & J Jan. 1 1943
9,300,000
See text Dec 1916
4%
1,800,000
M & S Mar 1 1927
5g
950,000
F & A Aug 1 1940
4g
450,000
4 g F & A Aug 1 1940
1,552,000
4 g F & A Aug 1 1948
47,028,700 See text Q— J Apr 20 1925 1M
9,998,500
5
Q— J Apr 20 1925 1M
15,000,000
6 g J & J July 1 1929

100 &c 20,000,000

1886 1,000 &c
1,000
1884
1,000
1890
500 &c
1890
1890
1,000
1890 1.000 &c
1.000
1891

Rate
%

6.307,000
3,20o,000
650,000
1,103,500
5,000,000
8,939.000
4.000,000

5g

J

&

J July 1 1963

4g
6g
4g
4g
4g
4g
4g

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

1936
1934
1940
1940
1939
1990
1991

Cincinnati
do
Guaranty Trust Co, N Y
PenCoforlnsonLives, &c
Guaranty Trust Co, N Y
Pen Co for Ins on Lives, &c
Guaranty Trust Co, N Y
Commercial Tr C o , Phila
Checks mailed
36 Wall St. New York
Treasurer, Pittsburgh, Pa
Winslow, Lanier&Co, N Y
do
do
do
do
Penna R R C o. New York
Treas office. New York
do
do
do
do
do

do

do
do
do
do
do
do
do

do
do
do
do
do
do
do

CIN. HAMILTON & DAYTON R Y .— See B. & O.— (V. 110. p. 261.)
CINCINNATI INDIANAPOLIS & WESTERN R R . CO. (TH E ).—
Owns Hamilton, O., to Springfield, 111., 283 miles; Melcher to Brazil, Ind.,
25 miles; trackage B. & O. for passenger trains, Hamilton to Cincinnati,
25 miles: other trackage. 13 miles; total ooerated, 347 miles. On Dec. 1
1915 succeeded Cincinnati Indianapolis & Western Ry., foreclosed and reor­
ganized independently of Cin. Ham. & Dayton R y ., per plan in V. 100, p.
2084: V. 101, p. 47, 1552; V. 102, p. 250; V. 103, p. 1786, 1888; V. 104, p.
361, 2451; V. 105. n. 72. Sidell & Olney was sold for $200,000. V. 108,
p. 1722, 974; V. 106. o . 2559, 2230; In 1922 purchased 25.78 miles of road
o f the Chicago & Indiana Coal R y. V. 115, p. 1099.
STOCK— VOTING TR U ST .— Capital stock auth, common. $7,500,000
5% non-cum. pref., $7 500,000. Par $100 The present issues. $5,350,000
of each class, is covered bv a voting trust, till Dec. 1 1925 V. 111. p. 2040'.
Voting trustees are Frederick H. Ecker, John Henry Hammond, H. F.
Whitcomb, L. Edmund Zacher, J. A. Barbey. Equitable Trust C o., agent
for trustees.
BONDS..—The new mtge. is limited to $12,000,000. Besides outstand­
ing amount, $491,000 additional in treasury. See table.
Equipment trusts o f 1916, V. 102, p. 521, 1346, 1435; equipment trusts of
1922, V. 115. p. 2684.
R E PO RT.— For year ending Dec. 31 1924; Gross, $4,520,729; net after
taxes, $511,800; other income, $22,186; deductions, $441,791; bal., sur.,
$92,195.
For latest earnings, see "Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Fred Zimmerman; Sec., F. J. Goebel; Treas., W . R .
Bixler. Office, Indianapolis. Ind.— (V. 120, p. 1877.)
CINCINNATI INTER-TERMINAL R R .— Owns a road 0.6 m. In length
connecting the Chesapeake & Ohio bridge and the Cin. Ham. & Dayton
terminals. Controlled by Chesapeake & Ohio Ry. Common stook. $10,000
In $100 shares, Issued for purpose of control. There Is authorized $1,000,000 of first pref. 4 % oum. stook seoured by mtge. to the Union Savings Bank
k Trust Co of Cincinnati, as trustee, and rentals paid by Ches. & Ohio and
Louisville & Nashville, and subjeot to call on anv lnt. day after Feb. 1 1910
at 105. V. 79. p. 212; V. 80, p. 1728, 2398, 2620.— (V. 80, p. 2620.)
CINCINNATI LEBANON & N ORTH. R Y.— Owns Cincinnati. O .. to
Dayton, 56 m.; from Middletown June, to Middletown, O., 14 m .; Hemp
stead to Clement, O.. 5 m.: branch, 1 m. V. 99, p. 1831: V . 100. p. 139
Leased to Penna. R R . The I.-S. C. Commission has placed a tentative
valuation o f $5,281,943 on the total used and $5,118,086 on the total owned
properties of the co. as o f June 30 1917. Merger approved; compare Penna.
Ohio & Detroit R R . below. Stock, $2,100,000, owned by Penna. Co. V.
75, p. 980; V. 100, p. 53. Div. o f 3% paid in 1906, ’09 & TO; ’ l l & T 2 ,4 % ;
’ 13, 5% ; T4, 3% ; T 5, none; T6, 4% ; 1917-1921, none; 1922, 4% ; 1924, 4 % .
V. 99, p . 53. The $1,262,000 1st cons. 4s are guar., p .& i .,b y Penna. Co.
V. 77, p. 86; V. 98. p. 6 1 0 — (V. 120. p. 2008.)
CINCINNATI NEW ORLEANS & TE XA S PACIFIC R Y .— Operates
Cincinnati Southern R y ., owned by city of Cincinnati, Cincinnati to
Chattanooga, Tenn.. 336 miles; trackage. 2 miles. Owns entire stock
Of Harriman & Northeastern R y ., 20 miles, operated separately. V.
77. p. 1743. In 1901 lease was extended 60 years to Oct. 12 1966
rental under renewal to be $1,050,000 yearly for first 20 years, then
$1,100,000 for 20 years: thereafter $1,200,000. V. 73. p. 722; V. 74. p. 1251:
V. 95. p. 1402. Guaranty o f interest o f City o f Cincinnati bonds as addi­
tional rental. V. 112, p. 161: V. 114, p. 2468; V. 117. p. 2323; V. 118, p.

CINCINNATI RICHMOND & FORT WAYNE R R .— Owns from R ich
mond, Ind., to Adams, Ind., 86 miles; leases 5 miles o f P. Ft. W . & O.
Now operated by Grand Rapids & Indiana R y. Rental, net earnings.
Int. is guaranteed by the Pennsylvania Co. and Pitts. Cin. Chlo. & St. L. Co
Jointly (the P. C C. & St. L. taking the place of the Cin. Ham. & Dayton
in 1888). Stock, $2,186,600 (par $50); Penn. Co. owns $1,287,850. The
$1,800,000 bonds outstanding are owned by the Penn. Co.
CISCO (T E X .) & NORTHEASTERN R Y .— (V. 114, p. 737.)
C L E A R F I E L D & M A H O N IN G R Y .— (See Map Buf. Roch. A Pitts.) —
Owns road, completed In 1893, from Du Bols Jet., Pa., on Buf. R. & P., to
Jlearfield on Beech Creek R R .. 26 miles. Leased during corporate existence
and renewals thereof to Buffalo Rochester & Pittsburgh— whloh see— at a
rental payable in gold and equal to 6% on stock (par $50), taxes and 5%
on bonds, the latter being guar. p. & i. by end.— (V. 89, p. 1141.)
C L E V E L A N D A K R O N & C I N C I N N A T I R Y .— (See Maps of Pennsyl­
vania RR.)— Owns from Hudson, O , to Columbus, O., 144 miles; Klllbuok
to Trlnway, 34 m.; Morrow to Trlnway, 148 m.; Apple Creek branoh, 9 m .;
total owned, 335 m. Owns a fourth Interest In Akron & Barberton Belt
RR .. 24 m.. and half Interest Id Zanesville Term R R .. 5 m. V. 76. p. 435.
To be merged into Pennsylvania Ohio & Detroit R R . See that company
below.
A consolidation July 1 1911. Pennsylvania Company owns $9,299,300
o f the $9,300,000 outstanding stock. Leased to Pennsylvania R R . C o. for
999 years from Jan. 1 1921. Rental 4% on outstanding capital stock,
interest on bonds, sinking fund installments, organization and other expenses
First div., 2% . paid Sept. 25 1911; in 1912, 6% (M . & S,): 1913. March. 3 % :
1914 and 1915, none; 1916, D ec., 4% ; none thereafter until 1922, when
8% was paid (4% for 1921 and 4% for 1922) underlease; 1923 and 1924,4% .
Of Cleveland Ak. & Col. 1st consol, gold 4s of 1940 (Bk. o f North America
& Tr. C o ., Phila., trustee), $950,000 are guar., p. & i. ,by the Penn Company.
V. 71. p. 390: V 76. p. 653; V. 77. p. 1746. 2280.
Penn Co. also guarantees Cin. & Musk. Val. bonds: see form. V. 76, p.
643.— (V. 119, p. 1281.)
CLEVELAND CINCINNATI CHICAGO & ST. LOUIS R Y . (T H E ).—
(See Maps N. Y . Central Lines.)— R O A D .— Radiates from Indianapolis,
Ind., westerly to Chicago. Peoria, Cairo, 111., St. Louis; easterly to San­
dusky. Cleveland. Columbus and Cincinnati, O.. and southerly to Louisville.
Main Line owned—
Miles.
Evansville M t. Carmel &
Cleveland to Springfield, O_ 183
33
Northern R y _______________
Miami City Jet. to Ludlow
M t. Gilead Short Line R R _____
2
Grove. Ohio_____________
46
Central R R . of Indianapolis________
Gallon, 0 ., to Indianapolis, Ind. 202
Cincinnati, O., to LaFayette,
Total leased lines____________ 205
I n d ........................
170
Branches owned—
Indianapolis, Ind., to East St.
Delaware to Springfield, O____
50
Louis, 111________________ 249
Hillsboro to Lenox. Ill________
56
Cairo to Danville, 111_______ 260
Harrison, O., to Hagerstown, Ind. 63
Springfield, O., to Indianapolis,
Fairland to Martinsvdle, Ind_
38
Ind _________
136 O th er_____________________
29
Benton Harbor, M ich., to Rusbville, Ind __________________ 204
Total branches owned______ 236
Total main line and branches
o w n e d ____________________ 327
Total main line owned___ 1.450
Leased Lines—
Line Operated Under Contract .1,686
Cincinnati Sandusky & Cleve­
Trackage rights_______________ 190
land R R _ ________________ 170
_

DIVS.— f ’07-T0. ’ l l . T 2-T 5. T 6. T 7. T8. T9. ’20. ’21. ’22. ’23. ’24.
Com m on, %\
5
8 11 y ’ly 12M 13 13 13 13 12 13 13 13
Dividends on common stock semi-annually (J. & D .), 3% . and from Dec
1916 to Dec. 1920 paid 3 H % extra in June and Dec.; in June 1921 paid
2>S% extra; Dec. 1921 to Dec. 1924 paid 3H % extra in June and Dec.
M ajority of common stock is owned by S. W. Construction C o., which in
turn is controlled by Ala. Grt. Sou. RR. V. 61, p. 26; V. 65, p. 1173.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1470.
R E PO R T .— For 1924.
Oth.Inc. Rents,&c. Divs.
Bal-,Sur
G ross.
Net.
$
$
$
$
430,402 2,574,519 511,370 2,918,956
1924 _______ 21,951,667 5,574,443
351,197 2,044,572 511,370 2,651,961
1923 ----------- 23.049.393 4,856,706
277,861 1,551,311 511,370
125,199
1922— ........... 16.801,374 1,910,018
19 21________ 17.170.446 1.942.444
276,869 1,515,778 481,470
222.065
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E. A.
M cCarthy, New York; Treas., Chas. Patton. Cincinnati; Compt., E. H.
Kemper, Washington, D. C.— (V. 119, p. 2757.)
CINCINNATI NORTHERN R R .— (See Maps New York Central Lines.)
— Owns Franklin, O., to Jackson, M ich., 205 miles; trackage (C. C. C. &
St. L .), Franklin to Cincinnati, 38 miles: at Jackson, 1 mile. On Dec. 31
1923 Clev. Cin. Chic. & St. L. owned $2,930,500 o f the $3,000,000 stock
Equip, trusts, see V. 101, p. 1713. Divs. Mar. 1910 and 1911, 3% ; 1912,
and 1913, 1)4% : 1914 and 1915. none; 1916 to 1922, 3% yearly. In March
and Aug. 1923 and March and Aug. 1924 paid 3% each. In March 1925
paid 5% .
Calendar Operating Net Oper. xAvailable Fixed Dividends Balance,
Year.
Revenues. Income.
Income.
Charges.
Surplus.
1923______ $5,174,419 $1,352,579 $1,410,121 $561,171 $180,000 $568,950
1922______ 3,505,287
623,084
687,204 421,952
90,000 175,252
1921______ 3,757,713
840,448
887,673 325,185 150,000 412,488
1920______ 3,642,728
412,709
633.705 311,318
322,387
x This Includes U. S. Govt, compensation and miscellaneous Income.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., A. H. Smith: Sec.. E. F. Stephenson; Gen. Treas., M . S. Barger.
Com pt., W . C. Wishart.— (V. 120, p. 827.)

HISTORY, &o.— A consolidation of the Cincinnati Indianapolis St. Louis
A Chicago Railway Co., the Cleveland Columbus Cincinnati & Indianapolis
Railway Co. and the Indianapolis & St. Louis Railway Co., made In July
1889, per plan in V. 48, p. 427. The N. Y . Central R R . Co. on Dec. 31
1923 owned $8,453,300 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 & 1’ ekln Union R y.
(through the Peor. & East. R y .), one-fifteenth owner In Terminal R R .
Association of St. Louis, and two-fifths owner of Indianap. Union R y., and
part owner of Cent. Indiana R y., Cent. Union Depot & Ry. of Cincinnati,
Union Depot of Columbus, Dayton Union R y., Dayton & Union R R ., Munele Belt R y.. operated independently.
Th e company has acquired the entire common stock o f the Evansville
Ind... & Terre Haute R R .
It is proposed to operate the property as the
Evansville Division of the company.— V. 112, p. 932, 1399, 1977.
T e 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 R y. on
the basis o f one $1,000 4 K % first mtge. bonds o f the Evansville M t. Carmel
& Northern R y., due 1960 (guaranteed by the C. C. C. & St. L. R y.), for
60 shares of Peoria & Eastern stock, and one $1,000 4 Yi% (guaranteed)
first mtge. bond of the Evansville M t. Carmel & Northern R y. for three
$1,000 4% Peoria & Eastern income bonds.
The directors o f the N. Y . Central R R . in Dec. 1921 authorized the mak­
ing o f an offer to purchase the stock o f this company, for details of which
see New York Central R R . 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.
DIVS.
) ’09. ’ 10. ’l l . ’ 12 '13. 14-’ 15. ’ 16 T7-’ 21. '22. ’ 23. '24.
Com...........% 2
2 0 0 0
0
0
0
4 4
4M
Pref--------- %J 5 5 5 5
3 ^ 0
2^
5
5 5 5
Divs. o d pref. stock July 1916 to A pr. 1925. 1 H % 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 Apr. 20 1925 paid 1M % quar.
REFUNDING AND IM PR O V E M E N T M OR TG AG E.— A direct lien
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

1267.

Pref. stock has no voting power.




V. 74. p. 528, 829.

T o t a l m il e a g e o p e r a t e d ______ 2 .4 0 8

44

RAILROAD COMPANIES
[For abbreviations, <
fee., see notes on page 6]
Cleve Cine C h icago & St Louis (Con.)—
Gen M 100 years for $50,000,000 gold____Ba.xc*&r
do
Series B __________________________
Ch I & St L S L 1st M $3,000,000 gold gu_Ce.xc*&r
Springfield Div lien held by Peoria & East R y ______
Debentures secured by mortgage o f 1919_ Gc*&r*
_
Debentures______________________________________
Big Four R y 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 Lives.
Cincinnati Sandusky & Cleveland— Preferred stock.
Consol (now first) mtge $3,000,000 gold_ AB.zc
_
Central Indiana 1st M (guar A o f $1,500,000) .C e.x f
Evansv M t Car & No 1st M $5,000,000 gu G.xc*&r*
Louisville & Jeffersonville Bridge 1st M-— See that Co
Indianap Un R y Gen & R ef M $10,000,000 See text.
Cleveland C olum bus C in cin n ati & Ind ian ap olis—
Cleve Lorain & W heeling— See Baltimore & Ohio
Cleve & M V— Pref stk 4 Y % cum ($2,851,800 auth)_
Cons M (now 1st) $3,000,000 g __________ Ce.xc&r
Cleve & Mar— See Toledo Columbus & Ohio Riv Ry
Cleve & P ittsbu rg h — Stock 7% guar by Penn RR Co
Special betterment stock $28,738,135 auth guar 4%_
Gen M $10,000,000 gold..F fS eries A & B _____ xe*
Guaranteed prin and inti Series B int reduced.x
(endorsed) Penn R R .. iSeries C & D _____xc*
Cleveland S hort L ine— See New York Central RR
Cleveland Term inal & V alley— See Balt & Ohio
Cleveland U nion Term inals Co— 1st mtge s f g—
Series “ A ” red text_________________________ c*&r*
Series “ B " red (text)________________________ c*&r*
Coal & Iron— See Western Maryland. Coal River
a Series “ A ,” J & J; “ B ,” A & O.
y “ C ,” M & N; ‘

Miles Dale
Road Bonds

Par
Value

1,000 28,579,000
1893
1893
1,000 4,161,000
1903
1,000 3,000,000
1890
5,000,000
1911
1,000 5,000,000
1910 300$fr&c 9,650,181
1914 1,000 &c 1,492,000
1,000
690,000
1915
1,000
474,000
- - - 1917
$23,755,968
. . . 1905-6
52,000

170 188S
118 1903
—
1910
Cleve
RR

$50
1,000
1,000

428,997
2,571,000
750,000
2,118,000

Rate
%

When
Payable

4g J &
6g J &
4g A &
4
March
4'A 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
1 Apr 1 1940
J Jan 1 1931
D Junel 1930
D To June 1929
J To July 1929
D To June 1927

5

M
J
M
J

Treas office, New York
Morgan ,Harj es&Co .Paris
Guaranty Trust C o, N Y
Comm Tr C o , Phila
Guaranty Trust C o , N Y

M & N Various

6
5g
4g
4% g

Treas office, New York
do
do
do
do

& N M ayl
& J Jan 1
& N M ayl
& J July 1

1925 3% Treas office. New York
do
do
1928
do
do
1953
(All owned by Big Four)
1960

Farmers Loan & Trust Co
5g J & J
1ndia nap St L ouis & Chi c a g o — S ee Clevel andCincinnatiC hicago & St Louis

50
123 1888 1,000 &c

205 1892
205 1892
205 ’98-00

None
2,936,000

50 11,242.538
50 27,822.250
1,000 4,187,000
1,000
349.000
1,000 3,689.000

1922 500&1000 12,000,000
1923 500&1000 15,000,000
Ry— 8 ee Che sapeake & Ohio.
D ,” F & A.

$15,845,727 $19,299,598 $15,388,410
150,299
134,458
110,990
. 7,089,713
6,997,557
7,208,460
224,804
262,779
271,664
343,198
328,619
363,533
499,925
499,925
499.925
. 2.351,435
1,881,148
2,351,435

Balance, su rplus.._______________ $5,186,354 $9,195,112 $4,508,403
For latest earnings, see “ Railway Earnings Section” (issued mo ithly).
OFFICERS.— Pres., P. E. Crowley; Sec., Edw. F. Stephenson; Gen
Treas., Milton S. Barger; Compt., W . C. Wisfcart, New York.
Directors.— William K . Vanderbilt, Warren S. Hayden, Frederick W.
Vanderbilt. Chauncey M . Depew, Geo. F. Baker. H. S. Vanderbilt, Jackson E . Reynolds, R . S. Lovett, P. E . Crowley, H. A . Worcester, E. S.
Harkness, Albert H. Harris, Frank J. Jerome, Festus J. Wade, Bertram
Cutler.— (V. 120, p. 1448.)
CLEVELAND & MAHONINQ VALLEY R Y.— Owns from Cleveland, O
to Penn. State line, 81 m. (77 double track); Niles, O ., to Lisbon, O.
36 m .; Girard to Youngstown. O., 6 m. Leased to Nypano R R . (formerly
N- Y. Penn. & Ohio) under new lease dated 1917; rental, $550,967, with aD
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 M ay 1923); (b) to make a modified lease ror
999 years from Mar. 9 1917, during the corporate existence and all exten­
sions thereof, to the Nypano R R . C o., a subsidiary o f 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 C o., Limited,” o f London. Dividends: in 1906 to 1911,
11.40%: 1912, 8«T% : 1913. 11.20%; 1914. 11.25%: 1915. 11 40% : 1916.
11% ; 1917, 11.75%; 1918. 10.75%- 1919. Jan., 2%%\ April. 2 « % : Oct..
1919 to Apr. 1925, 2 % % quar. For 1924, total income. $586,093 Fed.
taxes, $52,386: interest, $146,800; rentals, &c., $19,045; divs.. $342,216;
bal., sur., $^5,646. Corporate office, 530 Guardian Bldg., Clevelanu. O.—
(V. 104, p. 1701.)




Amount
Outstanding

1,021
1,021
44
136

and only when the annual Income applicable to interest charges out o
18 months next preceding such issue, shall not be less than 114 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 o f 1911. Bonds may be Issued in series, subject to certain con­
ditions as determined by the board o f 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 “ C ” 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) o f $15,000,000 of the new bonds, to provide for paying or reducing
short-term obligations, as follows: Secretary o f the Treasury, $3,000,000.
Director-General o f R R s., $2,000,000; bank and trust companies, $3,027,650; New York Central R R . C o., $9,000,000. The company also owes
the N. Y . Central R R . 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 o f 1910 and the 20-Year Gold Debenture
4 Lis o f 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. See.,
$1,000,000 yearly
8ee V. 79, p. 733: V. 83. p. 379; V . 87. p. 1010: V. 90
p. 620. 1044: V. 94. p. 1118: V. 97. p. 1114: V. 98. p. 1459: V. 101. p. 2134.
Guar. Chic. ind & St. Louis Short Line R y.. Cent Ind. Ry and
Springfield Union Depot C o. bonds. V . 77, p. 510, 517, 769, 1363. 2280;
v 78, p. 1906.1961: V . 79, p .258 9; V . 95, p . 1541.
As to the $9,650,181 4s sold M ay 1910, payable in francs, and $10,000,000
4L4s 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. S. Impt. M tge."
c
above.
"
Guarantees Evansv. M t. Carmel & Northern R y. bonds. V . 95, p. 890.
V. 114, p. 2468.
Guarantees Jointly with other roads Gen. & Ref. bonds o f Indianapolis
Union R y ., which see. V. 100, p. 555.
Jointly with other roads covenants to pay New York Central Lines
equipment trusts o f several Issues, the amount outstanding Dec. 31 1923
on account o f equipment so acquired by the O. G. O. & St. L. being: Issue
o f 1910. $199,626; 1912, $479,671; 1913, $466,935; 1920. $9,133,337; 1922,
$5,250,000; 1922, $3,136,000; 1923, $930,000. 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 A % and $5,000,000 Series “ B ” 5% 1st mtge. s. f.
gold bonds o f 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 crusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 (outstanding in Dec. 1922,
$4.507.1001.
Report of Peoria & Eastern R y. Income Bondholders’ Committee as to
settlement. V. 110, p. 1742.
Government loan. V. 111. p. 2520: V. 112, p. 161.
R E PO RT.— For 1924, in V . 120, p. 1448, showed:
** Years ending Dec. 31—
1924.
1923.
2,398
2,408
Miles operated______________________
2,409
Railroad revenues___________________ $87,712,381 $94,941,444 $84,665,690
Operating income (after taxes)_______ 14,368,333 16,699,239 13.755,480
Other incom e.______________________
1,477,394 2,600,359
1,632.930
Gross corporate income
Rentals of leased lines___
Interest on bonds, &c____
Other rents______________
Miscellaneous___________
Dividends on preferred__
Dividends on common___

[V ol. 120.

R A IL W A Y STOCKS AND BONDS

4A
5g

See text
A & O
See text Jan 1 1938

Winslow, Lan & C o, N Y

7
Q— M Junel ’25 W\% Winslow, Lan & C o, N Y
do
do
4
Q— M Junel 1925 1%
do
do
4A g
Jan & Oct 1942
a
do
do
3 y2 g A & O Oct 1 1942
do
do
1948-1950
3A g
y
5H g A
5g
A

& O Apr 1 1972
& O Apr 1 1973

New York or Cleveland
do
do

CLEVELAND & PITTSBU RGH R R .— (See M ap Pennsylvania RR.)—

Cleveland, O ., to Rochester, P a ., 122 miles; branches, B a y a rd , O ., to
Goshen, O ., 38 m .; Yellow Creek to Bellaire, 43 m .; branches to D o v e r and
Valley Je t., 2 m .; trackage. Rochester to Pittsb. (P . F t . W . & C h ic .), 26
m .; other trackage, 23 m .; total, 255 miles.
L E A S E . — Leased for 999 years 1871 to Penn. R R . C o . and since Ja n . 1
1918 operated directly by that com pany. R ental, divs. on stock, ln t. on
bonds and organization expenses. “ Special guaranteed betterment stock’ ’
(subordinate to the original stock as to dividends o n ly ), with dividends of
4 % guar, by the Penn. R R ., is issuable for lm pts. V . 79, p. 2205, 2642;
V. 83, p. 625; V . 85. p. 1082: V . 87. o. 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
O fth e sp e c ia l
guaranteed 4% stock, Penn. 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 . 2 59

V . 109, p. 1079.

E A R N I N G S — F o r 1924, gross income, $2,094 ,667; deductions, $360,280;
dividends, $1,734,387; bal., sur.. $52.— (V. 119, p . 810.)

CLEVELAND UNION TERMINALS CO. (TH E).— 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
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 C o.,
each in proportion to its use, sums covering in the aggregate all operating
expenses, taxes, interest and sinking fund charges of the Terminals C o.,
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 b y 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 R R ., Cleveland Cincinnati Chicago & St. Louis
Ry. and New York Chicago & St. Louis R R . (see description in V. 117,
p. 207). Series “ A ” bonds are redeemable, as a whole only, on and after
4oril 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. 118, p. 1519.)
(THE) COLORADO MIDLAND R R .— Dismantled. See “ R y. & Ind
Section” for M ay 1921, and V. 113, p. 1887; V. 114, p. 2240; V. 116, p. 2766.
COLORADO AND SOUTHERN R Y . CO. (T H E ).— Operates a system
of roads from Guernsey, W yo., through Denver to Fort Worth, Galveston,
Houston, Dallas, &c. Total oper. Dec. 31 1924, 1,784.87 miles, including
134 21 miles operated under lease or contract, notably 118 miles of trackage,
D enver to Pueblo, over Atch. Topeka & Santa Fe. Total line owned.
1.766 20 miles (of which 116 miles not operated by the c o .),v iz . (*which
see):
Colorado & Sou. R y. (owned)_ 922 Wlohlta Valley R y _______________ 52
_
Wichita Falls & Oklahoma______ 35
Controlled Lines—
Wichita Valley R R ______________ 61
Colorado R R _________________ 121
Abilene & Northern______________ 38
Fort Worth & Denver City_____ *454 Stamf.& N.W . R y .(V .89. p.l284i 83
In April 1906 acquired a one-half interest In the Trinity & Brazos Valley
Ry.. owning a line from Cleburne to Houston. T ex .,236 miles, with branch to
Waxahatchie. 67 miles. Thesuit against Ch. R. I. & Pac. R y. to compel
payment of latter's share of cost of building the T . & B . V. R y ., 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.
ORGA N IZA TIO N .— Reorganization Jan. 1899. V. 67. p. 748. In
Dec. 1908 the Chioago Burlington & Quincy aoquired $23,667,500 common.
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.
1’07. ’08-’ 11. ’ 12. T3. ’ 14-T5. 1916 17-'2C. ’21-’
1st pref%__.— [ 4 4 yrly 4
4 None
2%
4
4
2d pref. % - - [ 4 4 yrly 4
4 None
___
4
4
3ommon%
o None
___
..
3
- 2 yrlv 1
Paid in 1925: On 1st preferred, June 30, 2 % .
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 followsFor 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
lien, 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 bondj
are not pledged under the mortgage, owning 556 miles of read, making
1,604 additional miles, on whloh there are outstanding $30,174,900 under­
lying bonds; total thus covered, 2.304 miles, on whioh the total outstanding
unded debt, including these bonds and all prior liens, averaged $26,471
per mile. V. 80. p. 1791: V. 91, p. 462, 214: V . 93, p. 1021.

May, 1925.]

45

K A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

C olorado & S ou th ern — 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* 1,011 1898
_
Ref & Ext M $100,000,000 gold red 101..C e.xc*& r* Text 1905
1920
Equip tr No 19 (U S RR Adm) due $70,000 ann_ G
_
1922
Equipment trust o f 1922..
_ __ _____
_

Par
Value

.B a.zc*

Equipment trust o f 1922, due $50,000 annually.
Ft W & Den Ter Ry 1st M $2,500,000 call 105-Ba.xc
C olo Springs & C ripple Creek D istrict 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 .SB az
C olum bia & G reenville— See Southern Ry
Colum bus & T oled o— See Hocking Valley Ry
C olum bus X en ia—-Stock 8 % r e n t a l--------------C oncord & M ontreal— Bonds— See Boston & Maine
C oncord & P ortsm outh— Stock 7% rental 99 years.
Conn & Passum psic— Pref stock 6% rental 99 yrs.c*
First mortgage $2,900,000 gold___
.
. zc*
Massawippi stock guar same div as Conn A Passump
Newport & Richford 1st M gold guar by C & P ..z c *
C o n n e cticu t River— Bonds— See Boston & Maine
Conn (P hila)— IstM $15.000,000guar p A i.G P .k v c*
C onnellsville & M onon— IstM g s f red par. UPi.xc&r
C opper R ange— First mortgage gold (see text). . . x
C opper Riv & Northwest-— 1st M $50,000,000 G.xc*
Cornwall & L eban on—-See Pennsylvania RR
Cripple Creek C entral— Common stock . . .
Preferred stock 4% non-cumulative
____

Rate
%

When
Payable

$100 $31,000,000 See text. See text.
100 8,500,000
4
J & D
100 8,500,000
Dec
4
F A A
1,000 19,400,000
4g
100 &e r28.978,900
&
4H g M < N
701,000
J & J 15
6
1,000
M & N
1,235.000
5K

L m e s C o n t r o l l e d b y O w n e r s h ip o f P r a c t i c a l l y E n t i r e C a p it a l S to c k

Fort Worth & Denver City 1st mtge gold

Amount
Outstanding

454 1881
1920
1922
1907

1,000
1,000
1,000

8.173 000
170,600
60 J,000
300,000

5M g J &
,T A .T
6
M &
5^
J &
6

74 1900
1902
75 1887

1,000
1,000
1,000

1,255,000
1,379,000
88S.000

5g
5g
3g

50

1,786,200

8 2-5

100
100
1,000
100
1,000

350.000
2.500.000
2,900.000
400.000
350,000

7
6
4g
6
5g

J
F
A
F
J

4
4
5
5

M
M
A
F

55
RR ab ove
39.82
110 1893
37
21 1911
RR
36 1911
1905
Text 1899
197 1909

1.000 7,000,000
1,000
461,000
500 Ac 2,280,000
1,000 23,020,000

--- —
r Additional $6,631,370 on Dec. 31 1924 owned or c ontrol 1ed by the

100
76

g
g
g
g

2,500.000 See text
3,000,000 See text

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable
Dec 30 1922 3% Office 26 Liberty St, N Y
do
do
June 30 ’25 2%
do
do
Dec 31 1924 4%
do
do
Feb 1 1929
do
do
M a y l 1935
To Jan 15 1935 Guaranty Trust Co, N Y
First Nat Bank, N Y
M ayl 1937

D Dec 1 1961
Office, 26 Liberty St, NY
15
N To M ay 1 1937 First National Bank.N Y
D Dec 1 1937
Office, 26 Liberty St ,N Y

& J Jan 1 1930
& () Oct 1 1942
& J July 1 1937

J
A
J

Q —M

See text

See text
See text
Safe Dep & Tr Co, Balto
Treasurer, Columbus, O

& J Jan 1 1925
Manchester, N H
& A Feb 1 1925 3% Safe Dep A Tr Co,Boston
& O Apr 1 1943
do
do
A A Feb 1 1925 3%
do
do
& J Jan 1 1941
do
do
15 & S
& S
& ()
& A

0 —M
Q —M

Mar 15 1951
Sept 1 1930
Oct 1 1949
Feb 1 1950
See text
See text

Treas Pa RR Co, Phila
Union Tr Co, Pittsb, Pa
Old Colony Tr Co .Boston
J P Morgan & Co, N Y
Checks mailed
do

aa part security for 4s of 1893. o f the 52,500,000 pref.. $700,000, as also
$100,000 Massawlppl Valley Ry. stock, was purchased Feb. 1 1910 by the
Vermont Valley.— (V. 106, p. 395.)
CONNECTICUT RIVER R R .— See Boston & Maine RR.
CONNECTING RA ILW A Y CO.— Owns from Girard Avenue to
Frankford Phlla., fi m.; North Phlla. to Chestnut Hill, 7 m.; branches,
Ac., 23 m.; total, 36 m. V.103, p.1508. Stook authorized, $5,8OO,O0O; out­
standing, $4,116,650. of which $3,825,350 owned by Penn. R R . Dec. 31
1924, which operates road under lease assigned to that company by Phlla.
Net earnings_________ $2,727,460
$1,521,620 $2,301,572 $2,699,330 & Trenton R R ., terminating Feb. 18 2862. Dividends 4 % yearly (J. & D .).
Total income__________
4,533,324
3,419,963 3,550,979
4,212,266 In 1911 made a new 1st M . for $15,000,000, guar., p. & 1.. by Penn. RR.
Interest charges_______ 1
f 2,196,244
2,144,059
2,139,128 V. 103, p. 1508. V. 93. p. 229. 730; V. 98, p. 522, 610.— (V. 119, p. 1063.)
Rents, &c______________1 2,768,635
314,426
703,875
436,547
CONNELLSVILLE & MONONGAHELA R Y — Owns Moser Run Jot
73.033
68,287
86,436
Miscellaneous__________j
branches and spurs, 6.75 m.; total track,
Div. on 1st pref. stock -340,000
340,000
340,000
340,000 to Brownsville. Pa., 15-68 miles; with Monongahela R y
D iv. on 2d pref. stock -.
340,000
340,000
340,000
340.000 22.43 miles (connecting Penn, to Penn. R R . until Jan..). Incorporated In
Penn. Mar. 11 1905. Leased
1946 at rental equal
Div. on common stock -______
______
930,000
930,000 to 4% on cost of road, taxes, operating and maintenance charges, rental
being more than sufficient to pay Interest charges and retire principal of
Balance___________ sur$l,084,699 sur$156,259 def$775,240 def$59,844
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. Stock.
For latest earnings see "Railway Earnings Section” (issued monthly).
*700.000
Controlled by
of U. 8. Steel Corporation. Pres..
OFFICERS.— Pres.. Hale Holden, Chicago: Exec. V.-P.. C. G. Burn­ W. H. Clingerman; Sec. & or in interest McCreery.— (V. 119, p. 1063.)
Treas., J. D.
ham, Chicago; V.-P. & Gen. M gr., Robert Rice, Denver; Sec. & Treas.
B. F. James, Denver: Asst. Sec. & Asst. Treas., C. I. Sturgis, Chicago.
CONSOLIDATED RAILROADS OF CUBA.— (V. 123, p. 326.)
— (V. 120, p. 2397.)
COOPERSTOW N & CHARLOTTE VALLEY R R .— Entire $45,000
COLORADO SPRINGS & CRIPPLE CREEK DISTRICT RY.— Colorado capital stock owned by Del. & Hudson Co. (V. 77, p. 88), which also owna
Springs to Cripple Creek. Col., 47 m.; branch, Cameron to Victor, 5 m.; $269.000 (87 % ) of the $307,400 outstanding stock o f Cooperstown & Susaueother branches and spurs, 22 m.; total, 75 m.; of which 57 m. steam, 16 m
hanna Valley HR. Owns Hemlock Road to Davenport Centre, 4.21 m., of
■team and electric and 2 m. solely electrio. In Jan. 1905 Colorado A which 1.76 m. are operated; leases for 99 years from Apr. 15 1891 Coopers­
Southern acquired all the stock except S900 com. V. 80. d . 472, 1111 1423. town A Susq. Val. R R ., Cooperstown to Hemlock Road, with branch to
Leased to Cripple Creek Cent Ry. system in 1912 (V. 94, p. 123), but the Cooperstown Jet.. 19.54 miles
rental due having been in default since M ay 1 1918 the lease was terminated
COPPER RANGE R R . CO.— Calumet, M ich., to Mass City, with
April 22 1919. George M Taylor. Colorado Springs, was appointed re­ branches; total, 93 miles; side tracks, 41 miles. Lease Mohawk R R . to
ceiver May 10 1919 at the reouest o f the bondholders' committee. V. 108. Gay, 15.84 miles, with branches, &c., 1.66 miles. Stock, $4,244,300, all
p. 2022. The burning of a bridge iD M ay 1918 temporarily put the main owned by Copper Range Co. Bonds limited to $20,000 per mile of main
Une out o f commission, but this having been repaired operations were begun line and branches and $15,000 per mile of sidings.
again July 15 1919. but. proving unprofitable, operations were again sus­
Pres., William A. Paine; V .-P . & Treas., F. w . Paine; Sec., J. A. Ackpended in 1920. Receiver's certif for $50,000 for two years at 7% issued royd, Boston.—-(V. 114, p. 2359.)
June 15 1919 to replace the bridge. Ac., and for $130,000 sold at end of
COPPER RIVER & NORTHWESTERN R Y .— Owns from Cordova,
1921 to settle accrued taxes have been paid off. V. 108, p. 170, 479, 2528.
Alaska, on tidewater, through the Copper River Valley to Kennecott, 197
The road was sold on Oct. 16 1922 to W. D. Corley o f Colorado Springs. miles. Kennecott Copper Corp. (V. 101, p. 1889) in Dec. 1915 acquired
for $370,000. Certain claims and funds in the hands o f the receiver were all of the outstanding securities, $4,817,400 stock and $23,020,000 1st M .
excluded from the sale. From the proceeds o f the sale $150 per bond was 5s. In 1924, gross revenue $1,557,374; net after taxes, $376,694.—
paid in June 1923 to holders of certificates of deposit for 1st mtge. 5s. In (V . 118, p. 2308.)
April 1924 a further $100 per bond was paid out of moneys collected from
“ COTTON BELT.” — Common name for St. Louis Southwestern Ry.
the Federal Govt, under the Transportation Act of 1920. V. 118, p. 1910.
A suit for $1,000,000 for unpaid taxes, damages, A c., instituted in 1919
CRIPPLE CREEK CENTRAL R Y . CO. (T H E ).— Owns Cripple Creek
by the receiver against the former lessee and others is still pending.
& Colorado Springs R R . and Midland : erminal R y. through ownership
On Oct. 1 1918 the Interest on the $1,379,000 First Consols and on Jan. 1 of all their stock.
1919 the interest and sinking fund on the $1,255,000 First M tge. bonds went
Miles.
unpaid. In Aug. 1919 the Central Union Trust C o., N . Y ., declared the Main line, Colorado Springs to Cripple Creek____________________ _ 56.30
Branches and spurs___________________________________________I . 33.66
principal of 1st M . 5s immediately due and payable. V. 109. p. 887.
Committee: (a) For 1st M . 5s (majority deposited): James Timpson
Total system __________________________________________________ 89.95
(2d V.-Pres. Mutual Life Ins C o., N. Y .), Chairman; Central Union Trust
C o., depositary. (5) For 1st Consols (maj'ority deposited): F. J. Lisman
Reorganization (per plan in V .7 8 ,p . 2018; V. 77, p. 1542.) of the Denver
of N. Y .. Chairman: N . Y Trust C o., depositary. V. 108, p. 170. 378, & Southwestern, foreclosed Oct. 4 1904. V. 79- p. 1461: V. 101, p. 1184.
479, 578, 2433, 2528; V. 118, p. 1910.
The lease of the Colorado Springs & Cripple Creek District R y. termi­
Stook, all outstanding, com., 51.200,000; pref., 5% non-cum., 5800,000
nated April 22 1919. See that company.
Par of shares, 5100 each, Div. 5% on pref., paid Feb. 1907, June 1908 and
STOCKS AND BONDS.— Com. stook, $2,500 000; 4% non-cum. pref.
N o v . 1 1909.
O n 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 f o i •took. 53.000,000; par of shares, 5100. V. 82, p. 1156; V. 85. p. 1209.
BONDS.— $326,000 first mtge. bonds of the Florence & Cripple Creek
next 5 years, 102H for 3 years, thereafter at par, is in default. V. 76,
R R . Co., assumed and guaranteed by the Cripple Creek & Colorado Springs
p. 345.— (V. 118, p. 1910.)
R R . Co. and owned by Cripple Creek Central R y. Co. were paid during
COLUMBIA NEWBERRY & LAURENS R R .— Columbia to Laurens. 1918. The company still owns $319,000 of these bonds.
8. C., 75 m. Stock, $500,000. Bonds were 6s, but reissued as 3s in 1900.
The Midland Terminal R y. first mtge. bonds outstanding, which mature
Income certificates to amount o f 40% o f bonds being issued. Bonds Issued, Dec. 1 1925, have been reduced to $120,000.
$899,000; in treasury $11,000. At last accounts had also outstanding
11. ’ 12. T3-15. •16. ’ 17. ’ 18.
1919-25.
$359,600 5% non-cum. certfs. for funded coupons.
Com.. % — 6
0
3
4
6
15
3
See text
Year ending Dec. 31— Gross.
Net.
Otherlnc. Charges. Surplus
_
4
4
4
4
4
See text
1924 __________________ $630,439
$149,893 $12,481 $127,022 $35,353 Pref % _ 4
1923
672,374
150,448 13,555
122.053 41,950
in Feb. 1916 an extra dividend o f 10% was declared with the quarterly
1922 ________
610,824
149,272
11,783
114,159
46,896
t% , on common stock, both payable March 1. In Sept. 1918 the common
19 21____„ ______________ 613.467
104,675
9,393
91,805
22,263 dividend was omitted, but tb« usual pref. dividends Nos. 52 and 53, 1%
Pres., J. P. Taylor: V.-Pres., J. B. S. Lyles; Treas., C. P. Seabrook. each, were paid Dec. 1918 and March 1 1919.
A capital distribution (No. 25) of 1% was paid on the pref. stock June 1
Columbia, 8. C.
1925 ‘ ‘out of funds heretofore realized from sale o f capital assets.” TwentyCOLUMBUS & XENIA RR.— Owns from Columbus, O., to Xenia, O.. four previous quarterly distributions each of 1 % had been made from capital
65 miles. Operated as a division of the Little Miami, and is leased for 99 assets. No. 1 June 1 1919, and N o. 24 on Feb. 28 1925. The present dis­
years from Dec. 1869. in connection with that road, to the Pittsburgh Cin­ tribution, it is understood, will reduce the face value o f the pref. shares to
cinnati Chicago & St. Louis, which pays 8% on stock
The lease Is euar
$75.
anteed by Pennsylvania R R . Co. Since Sept. 1913 the quarterly dividends
R E PO RT.— For 1924 (Midland Terminal R y. C o.), gross, $698,183; net!
in Sept, and March have been 2 1-5% , making the yearly dividend rate
$57,678; deductions, $89,277; net loss, $31,599.
8 2-5% .— (V. 72, p. 532.)
OFFICERS.—Pres., A. E. Carlton; V .-P ., Spencer Penrose; Sec., E. S.
CONCORD & MONTREAL R R .— See Boston & Maine RR,
Hartwell; Treas., A. S. Gill. Office, Colorado Springs.— (V. 120, p. 952.)
CONCORD & PORTSMOUTH RR.— Owns Portsmouth, N. H. to Man­
CUBA RAILROAD CO. (T H E )— Owns from Santa Clara, Cuba, to
chester, N . H., 39.82 m. Leased to Boston & Maine RR. in 1862 for 99
Santiago de Cuba, 356 miles; Marti-Bayamo San Luis line, 141 miles;
years; rental $25,000; 7% on stock and org. exp. Oper. by Boston & Maine
Trinidad lines, 56 miles; eight branches, 167 miles; total June 30 1924, 721
miles. In Nov. 1915 purchased the entire $2,000,000 capital stock of the
CONNECTICUT & PASSUMPSIC RIVERS RR.— White River Jet., Vt
to Canada Line. 110 m.; leases 999 years Massawlppl Valley, 37 miles.
Camaguey & Nuevitas R R ., which on Jan. 8 1923 was increased to $5,000 000, all of which was owned by the Cuba R R . Co. This stock has been sold
Owns all the stock ($350,000) of the Newport & Richford R R ., New
port, Vt., to Canadian line, 21 miles, operated under lease by Montreal to Consolidated Railroads o f Cuba in consideration of its demand note for
& Atlantic R y. (Can. Pac. system), and guarantees its $350,000 1st 30-yeai $5,692,700. Both the Cuba R R . Co. and Camaguey & Nuevitas R y ., by
action of their stockholders, respectively, have authorized the purchase by
6% bonds dated Jan. 1 1911. V. 91, p. 946.
and conveyance by C. & N.
of
o f latter
LEASE.— From Jan. 1 1887 leased to the Boston & Lowell (now merged Cuba R R .to Cuba RR. in consideration Ry. theall o f the property delivery,
company
of
endorsement and
with Boston & Maine) for 99 years. Rental is 6% per annum on the stock
without recourse, by the Cuba R R . Co. to O. & N. R y. o f note o f Con­
SECURITIES.— Massawlppl stock’ receives same dividends as stock o) solidated Railroads o f Cuba for $5,692,700 and assumption by The Cuba
lessee and $400,000 of it (not included In the amount outstanding) is pledged R R . Co. o f the liabilities o f C. A N. Ry.
Of the Port Worth & Denver Terminal bonds, $300,000 sold ana $428,000
held bv Ft. W & D. O. Ry. V. 86. d . 52. 1100: V. 87. p. 949.
Equipment trusts issued to Director-General for rolling stock allocated
tocompan this y. See article on page 3
R E PO RT.— For 1J24 showed:
---------------- Colorado and Southern Ry.---------------Calendar Years—
1924.
1923.
1922.
1921.
Revenues_____________ $12,866,947 $12,675,913 $13,196,237 $13,223,220
Operating expenses_____ 10,139,487 11,154.293 10.894,665 10,523,890




48

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

C uba R ailroad Co— Common stock 1,000,000 shares
None
____
Preferred stock 6% non-cumulative $10,000,000__
$100
First mortgage gold $20,000 per mile_____G.xc*Ar*
602 1902 1,000 &c
$ & fr
Impt A equip ment gold $12,000 per mile_____N.xc*
1910
First lien and refunding Series A ______ kxxxcAr*
1921
100 &c
Equipment trust certificates—
do
duo $40,000 semi-annually---------------------Us
1915
1,000
do
due $98,000 and $97,000 semi-ann gold___
- _ - 1916
1,000
,do
due $85,000 semi-annually_____________ c*
1920
1,000
do
due $285,000 annually_________ Col.xxxc*.
1920
1.000
C um berland Ry & Coal Co— 1st M $3,000 000 g gu1.000
48 1910
C um berland Valley R R — See Pennsylvania HR
D ayton & M ichigan—Com stock (3H % gu Tol Cinn)
1871
50
Preferred (8% guaranteed Tol Cinn) endorsed____
1871
50
1st M gu j) & i end extin 1911 red 102 H beg 1917--C
1,000
141 1881
1,000
D ayton U nion Ry— First mtge sink fund call par.. F.x
2 1899
Delaware RR— Stock 8% guaranteed---------------------25
245
General mortgage gold______________________ FP.sc*
1,000
113 1892
Delaw & Bound B rook— Stock 8% gu Phila & Read100
First consol mtge $1,800,000guar----------- Pep.sc*Ar 30.97 1905
1.000
D elaw are & Eastern (foreclosed )— See Del A North
Delaware & H udson— Stock $55,711,500 (text)_____
100
Adirondack 1st M gold guar p & i end_ Us.zc*&r
_
1,000
57 1892
Ist&refM $50,000,000 g s f red 107K beg’ 18-XC*Ar*
838 1908 1,000 &e
Convertible bonds gold redeemable text___________
500 Ac
1915
Secured gold bonds____________________Usm.c*Ar*
500 Ac
1920
lo-year gold bonds red (text)______ Usm.xxxc*Ar*
1922 500A1000
Equipment gold notes Series “ A ” due $265,400 ann
1920
United States Government note___________________
1922
Guaranteed Bonds—
1,000
Bluff Point Land Improvement Co 1st M g gu_-zc*
1890
1,000
Utica Clinton & Binghamton RR first mortgage___
1889
Albany & Susquehanna R R first mortgage________
1,000
1906
Wilkes-Barre Conn RR 1st & impt mtge (guaranteed
jointly with Pennsylvania R R )_______________
1917
Chateaugay Ore & Iron Co refunding first mortgage
1,000
1902

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 o f the then
existing 158,000 shares of $100 par value.
D IV ID E N D S (% ) 1910 ’ l l T2
’ 13 T4 T5 T6 ’ 17-’20 ’21-’ 25
Preferred___________ 3H
5K
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.752
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 o f 3 % , and Feb.
1919 to Aug. 1920 paid cash divs. o f 3% s. a.; Feb. 1921 div. was omitted,
payments resumed in Aug. 1922, when 3% was paid; Feb. 1923 to Feb. 1925
paid 3% semi-annually. The scrip due Feb. 1 1921 was called for payment
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.
BONDS, &c.— 1st M . bonds application to list. V. 86, p . 924; V. 88, p
461: V. 89, D. 162: V. 91, p. 38, 1253; in 1919 sold additional $1,150,000.
V. 108. p. 2329. The 5% Improvement & Equip, bonds of 1910 are limited
to $12,000 per mile (excl. sidings) owned. V. 91, p. 588,1253; V. 95, p. 175.
The 1st Lien & Ref. Mtge. 7 A % gold bonds, Series A, are secured by the
pledge o f $4,000,000 (entire issue) Camaguey & Nuevitas R y. (Ferrocarril
de Camaguey y Nuevitas) 1st Mtge. 7 A % bonds, due Dec. 1 2021. or prior
thereto, on demand, and $3,956,000 Cuba RR. Impt. A Equip. Mtge. 5%
bonds, due 1960, in addition to being secured (in the opinion o f counsel) by
direct mtge. on entire property o f Cuba R R . Co. V . 113, p. 2504.
R E PO RT.— For year ending June 30 1924, in V. 119, p. 1392, showed:
June 30
Gross
Gross
Interest Pref .Divs. Common Balance,
Years—
Earnings. Income. Charges.
(6%) Dividends. Surplus.
$

$

$

$

$

$

1923-24_____14,384,257 5,012,380 1.485,985 600,000 2,000,000 926,395
2,529,207
1922-23_____ 14,146,198 4,669,480 1,540,272 600,000
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.— Pres., Horatio S. Rubens; Asst, to Pres., W m. F. Lynch;
Sec., W m . H. Baker; Treas., H. W . Snyder. Corporate office, 83 Mont­
gomery St., Jersey City, N . J.; general offices, 52 William St., N . Y .—
TV. 120, p. 2681.)
CUMBERLAND & PENNSYLVANIA R R .— Owns from CumberlandM d., to Piedmont, W . Va., and several branches, 51 miles. Owned by the
Consolidation Coal C o., which owns all the $1,500,000 stock. The I.-S. C.
Commission has placed a tentative valuation o f $4,109,950 on the total
owned property and $4,110,200 on the total used property o f the company,
as o f June 30 1918. Pres., C. W . Watson; Sec. A Treas., T . K . Stuart.
— (V. 120, p. 1087.)
CUMBERLAND RAILW AY & COAL CO.— Owns road from Sprlnghlll
Jot. to Sprlnghil) Coal Mines, N. S., and Parrsboro on the Bay of Fundy,
32 miles; also ooal acies, timber lands, &o. The Dominion Steel Corpora­
tion late in 1910 arranged to acquire the $1,000,000 stock, the $979,000 6%
bonds being exchanged for $1,167,000 5s guaranteed by Steel Corp. issued
under a mtge. for $3,000,000providing for future requirements. V. 91, p.
1629, 1766; V. 92. p. 186. 1435; V. 97, p. 1583 Leased to Dominion doal
Oo. Earnings included in report o f lessee.— (V. 117, p. 1346.)
DAYTON & MICHIGAN R R .— Owns Dayton, O.. to Toledo June., O.
140.87 miles. Leased May 1 1863 in perpetuity to Cin. Ham. A Dayton
(assumed by Toledo & Cincinnati R R . C o.). Lease modified June 23
1870. Rental is maintenance o f organization, interest on bonds and 8%
on preferred stock and 3>5% on common. Guaranty on preferred is
secured by mtge. of 1871, but the pref. carries no voting power. V. 561
p. 813. Mtge. o f 1856 is held alive under mtge. of 1881. V. 91, p. 1446
V .9 2 ,p 118. Status of stock and bonds was undisturbed by plan of 1916
by which B. & O. R R . took over possession, under lease, along with main
line o f Cin. Ham. A Dayton.— (V. 92, p. 526.)
DAYTON & UNION RR.— Owns from Dodson, O.. to Union Citv 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 own the
$86,300 stock. Year ending Dec. 31 1924, gross, $128.621; net oper. deficit.
$29,626: total., def., $27,011; int.. rentals. Ac.. $30 562;bal.. def $57,573.
Pres., Daniel Willard; Sec., C. W . Woolford; Treas., E . M . Devereux,
Baltimore.— (V. 92, p. 236.)
DAYTON UNION R Y .— Union depot at Dayton, O. Used by Pennsyl­
vania R R ., Cleve. Cin. Chic. & St. L ., Balt. & Ohio R R ., Dayton A Union
R R . and Erie R R ., under lease which provides that interest on bonds and
other expenses be divided between them on train basis. Stock, auth.,
$500,000; outstanding, $321,000, all common. Pres., B. McKeen, St.
Louis, M o.; 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,
M d., to Townsend, Del., 34.98 miles; Clayton, Del., to Oxford, M d., 54.27
miles; Seaford, Del., to Cambridge, M d.. 32.96 miles; Massey, M d., to
south o f Chestertown, M d , 20.52 miles; other branches, 7.22 miles; total,
245.15 miles. V. 67, p. 1356.
Leased to Philadelphia Baltimore & Washington (whloh owns $2,704,600
of the stook) for 99 years from Mch. 1 1910 at a guaranteed rental of 8% on
the stook, a special stock dividend of 70% being paid Feb. 28 1910; also a
special cash dividend of 20% and an extra cash dividend of 5%
For cal. year 1924, rental, $423,618; other income, $44,586; charges.
$56,473; divs. (8 % ). $406,262; bal., sur. $5,470.— (V. 118. p. 430.)
DELAWARE & BOUND B ROOK R R .— Bound Brook June. (Cent. R R .
N. J.) to Delaware River, 27.87 miles; branch to Trenton, 3.75 m.; East
Trenton R R ., 3.05 m.; total, 34.67 miles. Total track, including 2d, 3d
and 4th tracks, sidings, A c., 123.33 miles. In M ay 1879 leased for 990 year*
to Phila. A Reading. Rental. $213,107.50, paying Interest and 8% on
atock.— (V. 81. p. 210.)




Rate
%

500,000 shs See text
10,000,000
6
$13,624,000
5g
4,000,000
5g
4,000,000
7'A g
40,000
292,000
850,000
285.000
2,727,000

5
5
7g
7g
5g

2,401,950
3H
1.211,250
8
2,724,000 4 A (5)
324.000
4g
8
5,078.275
320,000
4^ g
1,800,000
8
1,800,000
3A g

When
Payable
See text
F A A
.1 A J
M A N
J A D

[V ol. 120
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable
See text
Feb 2 1925 3% Checks mailed
July 1 1952
Royal Bank o f Can, N Y
M ay] 1960
do
do
Dec 1 1936
National City Bank, N Y

J

A D 1. >Dec 1925
M A N N ov 25-Nov’26
A A O Oct ’25-Anr ’30
M A S 16 Sept 16 1925
A & O Oct 1940

United States Tr Oo.N Y
Guaranty Trust Co, N Y
Commercial Tr Co, Phila
irv Bank-Col Tr Co, N Y
Montreal, Canada

A A o Apr 1925 1H %
2%
t, — J Apr 1925
J & J Jan 1 1931
J & J July 1 1949
J A .! Jan 1 1925 4%
J A J Tnly 1 1932
L — F M ay 20 ’25 2%
4’ A A Aug 1 1955

Cincinnati, Ohio
do
J P Morgan A Co, N Y
Farmers' L A Tr Co, N Y
Checks mailed
Treas Penn RR Co,Phila
11 W State St. Trenton
Mech N Bk, Trenton,N J

42,503,000
1,000,000
36,804,000
14,451,000
10.000.000
7,500,000
2.654 000
1,500,000

9
Q —M June 2.. ’ 25 2 H Office, 32 Nassau St,N Y
do
do
4)4 g M & S Mar 1 1942
M A N M a y l 1943
4
do
do
do
do
5 g A & O Oct 1 1935
do
do
7 g J A D June! 1930
T
do
do
5 A S V A N M ayl 1937
J A J To Ian 15 1935 Guaranty Trust C o, N Y
6
S Mar 1 1930
ivl
6

300,000
800.000
10,000,000

4
J
J
5
3A g A

2,186,000
1,300,000

5
4

& ,T Jan 1 1940
A J July 1 1939
& O Apr 1 1946

M A N M a y l 1947
J A J Jan 1 1942

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

do
do

DELAWARE AND HUDSON CO. (THE) —(SeeM ap.(— OperatesR. R.
lines 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, V t.. and other points, a total of 918.38 miles (of
which 342.92 owned in fee, 463.82 miles leased or controlled through stock
ownership and 111.64 miles trackage rights, viz.:
Lines leased— *See these cos. Miles.
Steam Lines owned (343 m.) Miles.
Oarbondale to Scranton,Pa.,A br. 22 •Albany A Susquehanna________ 143
LookoutJct. to Hone8daleJct.,Pa. 28 •Rensselaer & Saratoga_________ 190
Nineveh, N.Y.toJefferson Jet..Pa 22 •Chateaugay & Lake Placid R R .. 79
OherryV al.Jct.toOherryVal.,N.Y.21 Other leased lines________________ 52
Schenectady to Delanson. N. Y _ . 14 •Jefferson R R . (trackage)_______ 35
Greenwich toGreenw’ch Jet.,N .Y 10 Boston & Maine (trackage)_____ 37
Saratoga to North Creek, N . Y__ 57 Other trackage__________________ 39
Whitehall to Rouses Point, etc. .151
Total operated Jan. 1 1925 ___ 918
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., 677.78 miles.
Also leases Utica Clinton & Bingh. and Rome & Clinton R R ., 44 miles,
which are sublet to N Y. Ont. A W . V. 116. n. 1760 2128
Proposed lease of Buffalo Rochester & Pittsburgh R y . See that com­
pany above.
H ISTORY.— 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 o f 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, was
broadened to standard gauge and opened for regular service in 1900. The
companies taken In by merger Include: Adirondack R y., Schen. & Duanesb.
RR ., N . Y . & Canada R y ., Cherry Valley Sharon & Albany R R .
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.
Allied Properties.— (a) Entire capital stocks owned: Quebec Montreal A
Southern R y. C o., Naplerville Junction R y. C o., Greenwich & Johnsonrllle Ry. C o., Schoharie Valley Ry. C o., United Trac. Co. and Troy & New
England Ry. Co.; (i>) one-half the stock owned: Wilkes-Barre Connecting
RR. Co. and Scheneo. Ry. See list of stock. A c.. holdings. V. 106. p. 1893.
Anthracite rate case .V. 101. p. 2072: V. 102, p. 1357
Albany & Susq. stockholders were held by higher Federal courts to be en­
titled to the saving of interest effected by the refunding at 3 H % of the re­
maining $7,050,000 of the $10,000,000 issue of Albany & Susquehanna
RR. Oo. 7% bonds, increasing the yearly rental paid. V. 85, p. 721;
V. 83, p. 1036: V. 80. p. 1174, 1362. 2343- V. 88. p. 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 $8 386 776 from 1900 to Dec. 31
1924, 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 ’00. ’01 to ’06. ’07 to June 20 ’25
Since 1886..% 1 5
6 7 yearly. 6 yearly. 7 yearly. 9yrly .Q-M 2H %
BONDS, Ac.— On May 12 1908 stockholders authorized a First & Ref
Mtge. for $50,000,000, bearing not over 4% int. and running 35 years, and
subject to redemption as an entirety only at 107 A 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, $36,804,000 are
outstanding in the hands of the public, $10,000,000 are pledged and $112,000 are in treasury. 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,
The stockholders on Sept. 30 1915 authorized the lssuanceof $14,451,000
20-year 5% bonds, which were offered to stockholders. The bonds may at
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. I l l , p. 2323.
The $10,000,000 7% secured 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. R R . 1st 3H s of 1946;
(3) $1,000,000 Wilkes-Barre Connecting R R . 1st & Improv. 5s, due M ay 1
1947 (principal and interest guaranteed jointly and severally, by endorse­
ment, by Pennsylvania R R . and Delaware & Hudson Co. ; (4) $500,000
Rensselaer & Saratoga R R . Guaranteed stock; (5) $400,000 Albany 3c
Susq. R R . Guaranteed stock.
The $7,500,000 15-year 5)4 % gold bonds due M ay 1 1937 are redeemable
as a whole only on M ay 1 1932 at 105 and interest, and thereafter at H %
less for each 6 mos. from M ay 1 1932 to redemption date. V. 114, p . 1406.
Guarantees interest on $2,00o,000 Rensselaer & Saratoga 1st M tge. 6s.
due M ay 1 1941. V. 112. n. 1865,1977
Equipment trusts issued to Director-Gensral for rolling stock allo­
cated to this company. See article.on page 3 and V. 113, p. 1470.
Government loan, V. I l l , p. 692. 1851.

May , 1925.]




R A IL W A Y STOCKS AN D BONDS

47

48

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 6]

Miles Date
Road Bonds

D e la w a re L a c k a & W estern— Stock auth $87,277,000

Bangor & Portland mortgages gold

. - - _x

D e l Riv RR & B rid g e — 1st M ggu p & i s f 1 % _G P.xc*

'io

’80-~’86
1896

Par
Value

1924.
1923.
1922.
1921.
Transportation of mdse.$16,314,917 $16,220,200 $15,557,222 $14,709,859

24,329,812
4,999,972
1,770,467

15,276,651 24,876,088
4,723,005 4,729,852
2,266,379 1,461,059

Total oper. revenue--$45,012,988 $47,320,452 $37,823,256 $45,776,859
Maintenance o f way, &c. $5,328,910 $4,414,384 $5,140,223 $5,509,990
Maintenance o f equip’t . 12,200,672 13,114,203 11,590,317 12,801,190
Traffic________________
574,235
486,676
526,017
493,625
Transportation________ 16,688,257 19,366,915 16,085,687 17,880,423
General, &c., expenses-. 1,935,852
1,970,062
2,199,029
2,140,301
Total oper. expenses.-$36,727,926 $39,352,240 $35,615,053 $38,825,529
Net earnings before taxes $8,285,062 $7,968,212 $2,208,203 $6,951,330
Other Income—Hire o f freight cars_____
$595,409 Hr.$262,635 Hr $65,052
$915,595
Rent freight equipment148,313
164,454
225,180
184,243
Joint facility rents_____
167,825
180,133
122,804
167,056
Gross ry. oper. income $9,196,608
Railway tax accruals.-- $1,437,180
Uncollectible railway rev
11,404
Rent for equipment___
76,717
Joint facility rents_____
362,543

$8,050,165 $2,490,334 $8,218,225
$1,119,358
$879,053
$993,974
11,095
11,361
16,732
85,656
76,784
83,912
384,029
356,923
364,489

Net ry. oper. income. $7,308,764 $6,450,026
Non-Operating Income—
Income from leased road
$91,389
$91,389
Miscell. rent income____
72,718
108,520
Misc. non-op. phys. prop 2,173,147
1,924,454
Dividend income_______ 1,436,603 1,412,606
Inc. from fund. secs, and
' unfund. secs. & accts.
293,207
285,300
Miscellaneous income
1,795,565 1,511,192
Gross income------------ $13,171,393 $11,783,487
Deductions—
Rent for leased roads_ $1,855,034
_
$1,843,810
Interest on funded debt. 3,464,771
3,479,592
Int. on unfunded d e b t..
169,790
160,718
Miscellaneous__________ 1,864,422
1,587,667

$1,166,212

$6,759,117

$101,832
68,151
10,673
1,282,295

$88,124
49,410
12,149
1,327,617

336,559
1,981,245

311,436
1,644.050

$4,893,606 $10,191,904
$1,836,949
3,427,066
70,602
34,990

$1,771,929
3,284,580
178,272
19,670

Net income_________ $5,817,376
$4,711,6991oss$476,000 $4,937,452
For latest earnings, see “ Railway Earnings Section” (issued monthly).
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. M gr.; 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 o f Managers.— Chauncey M . Deoew, Charles A. Peabody. Leonor
F. Loree, Cornelius Vanderbilt, Edward R. Harriman, E. H. Outer bridge.
John r. Pratt, all o f New York; Percy H. Stewart, Plainfield, N. J.; Robert
C. Pruyn. Albany, N . Y .; William H. Williams, Lyon Mountain, N. Y .;
Henry W . De Forest, Oyster Bay, N . Y .; Charles S. Weston, Scranton, Pa.;
Percy R. Pyne 2d, Princeton, N . J. Office, 32 Nassau St., N . Y .—
(V. 120, p. 2265.)
D E L A W A R E L A C K A W A N N A A N D W E S TE R N R R . C O . (T H E ).—

Operates main line from Hoboken, N . J., opposite New York City, to
Buffalo, N . Y ., with branches to anthracite region, &c., viz. (*see this c o .):
Lines Leased (Concl.)—
Miles.
Lines Owned—
Miles.
N . J . State line to N . Y . line____ 111 •Oswego & Syracuse______________ 35
•Syracuse Bingham ton & N . Y _ _ 81
Branch to N orthum berland_;___ 80
E rie & Central N . Y .CV .96.P.202) 18 •Utica Chenango & Susquehanna 97
Bangor & Portland R y ___________ 38 •Valley R R . of New Y o r k ________ 11
Other lines owned_______________ 9 Sussex Railroad___________________ 31
•Lackawanna R R . o f N . J ________ 28
Lines Leased— (See each oo.)—
Lines Controlled and Operated—
•Morris & Essex and leased brohs.176
•N. Y . Lackawanna & W e s te rn ..214 Lackawanna & Montrose R R ____ 11
•Cayuga & Susquehanna_________ 34
8
Greene Railroad_________________
To ta l operated________________ 980
H I S T O R Y , & 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 act as selling agent for the com pany’s coal in Pennsyl­
vania, the railroad stockholders being permitted to subscribe for its stock
flee extra dividend below, also that company's caption under Miscel. Cos.
United States Supreme C o u rt on June 21 1915 in the suit brought by
the Governm ent held that the com pany, under the contract of A u g . 2 1909,
violated the commodities clause of the H epburn A ct and the Sherman an ti­
trust law (V . 100, p . 2114; V . 101, p. 17). in its relations w ith the D . L . & W .
Coal Co . A new contract was arranged. V . 101. p. 47.
T h e 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. T h e 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 A lden Coal Co .
for $60,000,000. Com pare V . 112, p . 2190.

D IV ID E N D S— f 1906-08. 1909. 1910 to 1920. 1921. 1922. 1923. 1924.
Per cent-------------- (20 yrly. 70
20% yrly.
16
17
12
12

Dividends previously 2 > * % W .-J . (1 0 % p. a.) and 10 % extra December
were in 1918 changed to 5 % each quarter, which rate was paid to and incl.
Ju ly 20 1921: on O ct. 20 1921 paid 3% auar. on the increased stock. O n
Jan . 20 1922 paid 3 % quar. and 5 % extra; A p ril 20 1922 to O ct. 20 1924.
3 % quar. O n Jan. 20 1925 paid 3% quar. and 2% extra. O n April 20
1925 paid 3% quar.




Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

$50 $87,277,000 See text
Q— J Apr 20 ’ 25, 3% 90 West St, New York
do
do
100 &c
320,000
J & J 1930-1936
6g
Pa R R Co, Phila & N Y
1,000
1,135.000
4 K F & A Aug 1 1936

R E PO RT.— For 1924, in V . 120, p. 1895, showed:
------------------------------ Corporate------------------------------

Transportation of c o a l.. 22,308,428
Passengers_____________ 5,832,388
Miscellaneous..................
557,255

Amount
Outstanding

[V ol. 120

J u ly 1909 paid speolal oash dividend 5 0 % one-half applicable, If desired,
to subscription of stock of new D . L . & W . Coal Co selling agency; also
paid 15% stock dividend A u g . 2 1909. and In Dec. 1911 3 5 % in 4 % guar,
stock of Laok R R . o f N . J . V 89, p. 41. 224; V 93, p. 1323: V . 94, p .5 4 9 .
O n A u g . 20 1921 paid a stock dividend of 1 0 0 % . V . 113, p . 531.

R E PO RT.— For 1924, in V. 120, p. 2161, showed:m oo
i no a
m oo
Years ending Dec. 31—
1924.
1923.
1922.
Coal________________________________ $23,576,425 $25,151,010 $14,294,191
Merchandise freight________________ 39,874,878 39,085,364 37,262,516
Passengers__________________________ 13,600,454 14,185,914 13,960,681
Mail, express, &c__________________ 9,675,427
9,814,686 8,104,956
Gross_____________________________$86,727,184 $88,236,974 $74,622,344
Operating income__________________ $15,328,663 $12,751,170 $6,046,287
Coal department (net)______________
Dr. 164
418
43,847
5.700.507
6,320.878 10,757,928
Other miscellaneous income_________
Total net income_________________ $21,029,006 $19,072,466 $16,848,062
Interest and rentals___________________ $6,321,761 $6,068,514 $5,628,172
569,808
503,136
732,537
Renewals and betterments___________
Miscellaneous debits________________
38,377
122,814
11,425
Dividends_________________________- 11,821.754 10.132.932 10,132,932
Balance, surplus__________________ $2,277,306 $2,245,069 $ $342,997
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres.. W . H. Truesdale; V.-P. & Gen. M gr., E. M . Rine;
V.
-P. & Gen. Counsel, W . S. Jenney; V .-P ., P. J. Flynn; Sec. & Treaa.
W. G. V ia de Water; Gen. Aud., R . B. Ferguson; C om pt.. G. E. Hustis.
D IRECTO RS.— W. S. Jenney, Paul Moore, W m. H. Truesdale, Geo. F.
Baker Jr., Henry R. Taylor, M . H. Dodge, Beekman Winthrop, William
Fahnestock, J. F. Talmage. Samuel Sloan. P. <. Pyne, Henry B. Spencer.
R oy C. Gasser, Frank Rysavy. Office, 90 West St., New Y ork.— (V.
120, p. 2161.)
DELAWARE & NORTHERN RR.— East Branch to Arkvllle, 38 mllea.
Incorp. in N. Y. Oct. 14 1911 as a reorganization of Del. & Eastern R R .,
foreclosed per plan V. 93, p. 588. Stock, common, $1,000,000; 6% cum.
pref., $250,000; par $100. No bonds.
For 1923, gross, $204,850: net. $8,789; other income, $1,784; fixed
charges, $23,320; bal., def., $12,747. Pres., Andrew M. Moreland; Sec. &
Treas., Howard Feist; Asst. Sec. & Aud., H. G. Eckert. Office, Margaretville, N. Y .— (V. 120, p. 2546.)
D E L A W A R E R IV E R R R . & B R ID G E C O — Frankford Jo t., P a ., to
H addonfieid, N . J ., and branches. 9.52 miles.
Capital stock, $1,300,000, all owned b y Penn. R R ., which guarantees
bonds, prin & in t., by end , and in A p ril 1918 had arranged to take a lease
of the property, paying as rental a sum equal to 6 % on the stock, taxes and
fixed charges. V . 106. p. 2228; V . 63, p. 1062, 1159; V . 89, p. 1596.
D I V S .—
’0 6 -0 7 .
08. O 9 -T 0 . ’l l . 1 2 -T 3 .
14.
15.
1916-24.
P e rc e n t--------5 y ’ly
6
6 y ’ly
6
6 y ’ly
4
4
6 % y r ly
— (V . 101, p . 2071; V . 102, p . 1540; V . 106. p . 2228.)

DENVER & RIO QRANDE WESTERN R R .— R OAD.— Mileage.
Road owned and operated_____2.4901 Of the preceding:
Rio Gr. Jo. R R ., &o. (leased).. 120 Standard gauge_______________ 1,779
-------- 1Narrow gauge only___ ________ 831
Total operated____:________ 2.6101Second track__________________ 317
H ISTORY.— Incorp. in Dela. N ov. 15 1920 as successor to the Denver
& Rio Grande R R .
Title to the properties o f the Denver & Rio Grande R R . was formally
transferred to this company at midnight July 31 1921.
Receiver Appointed.— Joseph H. Young, President o f co., was appointed
receiver in July 1922 (V. 115, p. 542), but in July 1923 was succeeded as
receiver by Thomas H. Beacom.
Digest o f R eorga n ization Plan (as M odified).
Reorganization Plan.— Kuhn, Loeb & Co. and the Equitable Trust C o.,
New York, as reorganization managers, have announced a reorganization
plan which has been approved and adopted by the bondholders’ co nmittees,
of which John Henry Hammond, James H. Perkins and Richard Sutro are
Chairmen. The plan has also been approved by the directors of the Western
Pacific R R . Corp. (which holds all the stock) and the Missouri Pacific R R .
also by the I.-S. C . Commission. The plan also provides for the creation
o f equal beneficial interests in the new company for the Western Pacific
and the Missouri Pacific (compare also original proposed reorganization
plan of the Hammond committee, subsequently abandoned, in V. 114,
p. 515, 519.) The I.-S. C. Commission on June 9 1924 approved the plan
as modified. V. 118, p. 2947. The plan was declared operative in June
1924. V. 118, p. 3077.
The properties were bid in at mortgage foreclosure sale at Denver Oct.
29 1924 for $17,935,700. The sale was confirmed by Federal Judge J.
Foster Symes on Nov. 20 1924. V . 119, p . 2063, 2407.
Results Which the Reorganization Is Intended to Accomplish.
(1) The early termination o f the receivership.
(2) Provision of $10,000,000 in cash, for which no securities other than
common stock are to be issued, to be used to make payments contemplated
by the plan and for the purposes of the reorganization, including the re­
demption of the $5,000,000 receiver’s certificates which have been author­
ized and sold to the Missouri Pacific and the Western Pacific.
(3) Conversion of $31,114,000 ref. bonds and $10,000,000 o f adj. bonds,
together with unpaid int. thereon, partly into gen. mtge. 5% bonds bearing
int. from Feb. 1 1924 and maturing in 1955, and partly Into 6% cum. pf. stk.
(4) Provision for financing future impts., exts. and other capital require­
ments and for refunding existing underlying bonds by the creation of a new
issue of ref. & impt. bonds, superior in lien to the gen. mtge. bonds above
mentioned.
(5) Transfer to the new company and the inclusion in the new mortgages
o f the right, title and interest o f the present company (Denver & Rio
Grande Western R R .) in and to lands, engines, equipment, materials and
supplies and securities, and the settlement as between all interests joining
in the plan of existing controversies with respect thereto.

M ay , 1925.]

K A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. <&c., see notes on page 6]

Miles
Road

Denver & R io G rande W estern—
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 11.647
11.647
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
Bonds of Affiliated Companies—
Rio Grande Southern 1st M tge guar------------ Ce.x
180
Rio Grande Junction 1st Mtge guar-------- Ce.xc*
62
Utah Fuel Co 1st M $2,000,000 redeem at 110--G.Z
Pleasant Valley Coal 1st M s f redeem at 115--G.Z
Salt Lake City Union Depot & R R — See that co.

Date
Bonds

1924
1924
1923

Par
Value

Amount
Outstanding

See text
$1C0 $14,358,400
See text
100 &c 25.973.000
1,000 3.900.000

500 he v34,125.000
1886
1,000 6.382.000
1898
500 8.335.000
1888
1889 1.000 he 15.190.000
1899 1.000 he yl5,080,000
1890
1S89
1901
1898

1,000
1,000
1,000

1,000

2.277.000
2 , 000,000

486.000
897.000

Rate

%

6g
5g
5H

When
Payable

g
g
g
g

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

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 J u n e l 1928
& J July 1 1939
& O Apr 11949

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

49

J
J
M
J

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

& J July 1
& D Dec 1
& S Mar 1
& J July 1

Maitland, Coppell, N Y
do
do
Guaranty Trust Co, N Y
do
do

1940
1939
1931
1928

v-x-y Additional amounts held in treasury or by trust ees De c .3 1 ’2 3. viz.: v $1,445,000; x $10,94 7,.00, in cl. $7,005,000 p lodged under adjustment
mtge.; y $1,395,000.

(6) Vesting in trustees, subject to the existing pledge thereof to secure
A preferred stockholders’ committee, consisting o f throe members (one
the 1st consol, mtge. 4% 50-year gold bonds o f Rio Grande Western Ry
to be selected by each of the different committees above) shall be created.
of the entire capital stock o f the Utah Fuel C o., subject to a charge for th® The members so designated shall hold office for 5 years. The pref. stock­
security of the ref. & impt. bonds and the gen. mtge. bonds and of any bond* holders’ committee, at any time when as many as four quarterly dividends
or obligations issued to pay or refund the ref. & impt. bonds or the gen
upon the pref. stock (whether or not consecutive) shall have accrued and be
mtge. bonds, or any of them, in the order o f their priority; the dividends on unpaid, may, and at the request in writing of the holders of record of at least
the stock o f the Utah Fuel C o., so long as any of the ref. & impt. bonds o'- 10% o f the then outstanding pref. stock shall, appoint an accountant
the gen. mtge. bonds, or any bonds or obligations issued to pay or refund familiar with railroad affairs, a banker and a man o f experience in practical
the ref. & impt. bonds or the gen. mtge. bonds, or any of them, shall remain railroad work, who shall be given full access to the books and accounts of
outstanding, to be paid to the new company, except that whenever the new the new company and of its subsidiaries, and also to the books and accounts
company shall have paid all accrued dividends, and provided for current of the Utah Fuel Co. Such appointees when so required by the pref. stoo dividends, upon its pref. stock, such Utah Fuel dividends are to be paid to holders' committee, shall report their opinions and conclusions concerning
the Missouri Pacific and the Western Pacific, which are to be equal owners the propriety of declaring dividends upon the pref. stock and the proper
of the equity in said stock, as well as the equal beneficial owners o f the availability o f moneys therefor and their opinions and conclusions as to
common stock o f the new company.
the carrying out of the policies prescribed for the new company.
(7) The creation, under a voting trust, o f equal beneficial interests in
The pref. stock is to be applicable in the first instance as follows:
the new company’s common stock, to be vested in the Missouri Pacific and To be issued in exchange for refunding bonds________________ $12 445 600
the Western Pacific.
To be issued in exchange for adjustment bonds___________ III 4.’000|000
Bonds Which May Be Deposited under the Plan.
(а) $31,114,000 D. h R. G. R R . 1st & ref. mtge. 5% gold bonds, with cou­
Tota1- - - ------------ ------------------------------------------------------- --------$16,445,600
pons maturing Feb. 1 1922 and all subsequent coupons attached (see above).
Common Stock.— An issue o f common stock shall be created which shall
(б) $10,000,000 D. & R. G. R R . 7% cum. adjust, mtge. gold bonds
voting rights and
such
with coupons maturing Oct. 1 1921 and all subsequent coupons attached. possess full the reorganizationshall consist o f 300,000 shares, orsharesother
number as
managers shall determine. The
may
Securities to Be Authorized by New Co. and Proposed Disposition Thereof. have such par value or be without par value as the reorganization managers
(1) Refunding & Improvement Bonds.— To be secured by a mortgage which shall determine. All of the common stock in the first instance shall be
will be a lien (subject only to existing liens o f underlying bonds and to liens issued to or vested in the Western Pacific, but the beneficial interest therein
subject to which after-acquired properties may be acquired) on all of the rail­
road properties and equipment o f the new co., including its interest in ter­ upon the consummation of the plan, shall be vested equally in the Western
Pacific apd the Missouri Pacific.
minal properties, and such securities and (or) after-acquired property as the
Treatm ent of R efu n d in g and A djustm ent B onds.
reorganization managers shall determine. Bonds may be issued in separate
(а) Refunding bondholders who shall have become bound by the plan will
series, maturing on same or different dates and bearing same or different
rates o f int. and other provisions determined by directors at time of issuance. be entitled to receive: For each $1,000 of bonds with coupon o f Feb 1 and
The mortgage securing the ref. & impt. bonds shall authorize the issue all subsequent coupons, $725 of gen. mtge. bonds, bearing int. from Feb 1
thereunder by the new company of such principal amount of bonds, at any 1924 at the rate of 5% per ann., and $400 6% cum. pref. stock. Holders
one time outstanding, not exceeding $150,000,000, as determined by the of refunding bonds who have heretofore sold the Feb. 1 1922 coupon appur­
directors. Of the bonds so authorized there shall be reserved to refund tenant thereto may at their election deposit such bonds without the Feb 1
underlying bonds a principal amount equal to 105% of the principal amount 1922 coupon attached. Such depositors and holders o f certificates o f deposit
representing refunding bonds, the Feb. 1 1922 coupons appurtenant to which
o f underlying bonds (now $81,112,000) from time to time outstanding.
The modified plan provides that refunding and improvement bonds, to have heretofore been sold, shall receive for each $1,000 of refunding bonds
the extent o f $3,000,000, are to be issued to provide additional capital. The bearing the coupon of Aug. 1 1922 and all subsequent coupons attached
Missouri Pacific R R . and the Western Pacific R R . Corp. have agreed upon $700 of gen. mtge. bonds bearing interest from Feb. 1 1924 at the rate of
the consummation o f the plan o f reorganization to purchase $2,000,000 5% per ann. and $400 6% cum. pref. stock. Holders of such Feb. 1 1922
o f the new ref. h impt. bonds provided for by the plan, and at the same coupons appurtenant to refunding bonds as have been heretofore sold may
time to purchase an additional $1,000,000 o f the bonds if it shall be deemed deposit the same and shall receive in respect thereof $25 o f gen mtge bonds
necessary for the purposes o f the new company, all o f the bonds to be bearing interest from Feb. 1 1924 at the rate o f 5% per annum '
(б) Adjustment bondholders who shall have become bound by the plan
purchased at such prices as may be approved by the I.-S. O. Commission.
The obligations o f the railroad companies shall be several, that is to say will be entitled to receive: For each $1,000 of adjustment bonds with the
each o f them shall be under obligation to purchase one-half only of the coupons of Oct. 1 1921 and all subsequent coupons, $725 of gen mtge
bonds. The purchase by one o f them o f its one-half o f the bonds shall bonds, bearing interest from Feb. 1 1924 at the rate of 5% per annum and
P
“
operate as a discharge o f such party from its obligation to advance to the $400 of 6% cumulative preferred stock.
new company any part o f the sum o f $740,827, as provided in a letter to Provision for Transfer of Mortgaged Property, Other Assets and Cash to New Co
Upon transfer to the new company of the properties to be sold under fore­
the I.-S. O. Commission, dated Dec. 3 1923.
The I.-S. C. Commission on N ov. 1 1924 authorized the company to issue closure of the refunding and adjustment mortgages, and upon receipt from
$3,000,000 ref. & impt. mtge. 6% bonds, series “ A ” ; said bonds to be the Missouri Pacific of the purchase price of the stock of the new company
sold at not less than par and int. The proposed bonds will be designated to be acquired by it as provided, the Western Pacific will:
(а) Pay to the new company $10,000,000 in cash.
series “ A ,” will be dated Oct. 1 1924, wili bear int. at rate o f 6% per annum
(б) Transfer or cause to be transferred to the new co. all its right, title and
will be redeemable, in whole or in part, on or after Oct. 1 1934 at 107Hand
interest and all the right, title and interest o f the present co. in and toint., and will mature Oct. 1 1974.
The lines o f railroad and other property subject to the refunding mtge or
(2) Gen. Mtge. Bonds.— Limited to the total authorized amount of not
exceeding $30,000,000. maturing Aug. 1 1955 (i. e.. date o f maturity ofpres- the adjustment mtge. (except such items o f property as the reorganization
ent ref. bonds) and bearing 5% int., payable semi-ann. from Feb. 1 1924. managers may determine to be o f no value or not advantageous for the new
Bonds will be secured by a mortgage subject and subordinate to the ref. & c o . to acquire, or of which other disposition is specifically made by the plan).
Certain shares of stock, bonds, equipment, &c., Compare V. 116, p . 2881.)
impt. mtge. and co-extensive therewith as to property and rights covered.
(c) Account to the new company or to the reorganization managers for any
The gen. mtge. will contain further provisions to the effect that (a) gen.
mtge. bonds shall be redeemable, all or part, at any time at 105 & int.; amounts which hereafter may be realized by it, as the owner of an equitable
(6) new company shall pay, on or before M ay 1 1925, and on or before interest, amounting to approximately 95%, in the unsatisfied portion o f the
M ay 1 in each year thereafter, so long as any o f the gen. mtge. bonds shall judgment in favor of Equitable Trust Co. o f New York, as trustee against
be outstanding, an amount equal to 1 % o f the maximum amount of gen. the old Denver company (amounting, with interest, as o f M ay 15 1923 to
mtge. bonds at any one time issued and outstanding, such payments to be approximately $33,000,000), not, however, including moneys, amounting to
required to be made only out o f net income for the last preceding calendar less than $50,000, now in the hands of A. R . Baldwin as receiver of the old
year (but to be cumulative) as a sinking fund, to be applied to the purchase Denver company nor any moneys now in the hands of Equitable Trust Co.
(d) Account to the new company or to the reorganization managers for
at not exceeding redemption price, o f gen. mtge. bonds, all bonds purchased
or called for the sinking fund to be kept alive and the interest paid thereon whatever it may receive as the proceeds of: $1,777,000 1st mtge 5% gold
from time to time to be added to sinking fund and applied in same manner. bonds o f Rio Grande Southern R R . now in default, and 35 797% shares
of the capital stock of Rio Grande Southern R R . Co.
The gen. mtge. bonds will be applicable in the first instance as follows:
Other properties to be acquired include 19,583 shares o f the capital stock
In exchange for refunding bonds and coupons_________________;$22,557,650
In exchange for adjustment bonds and coupons_______________ 7.250,000 of Rm Grande Junction R y. pledged under the adjustment mtge. and the
refunding mtge. and 7 shares in the treasury o f the present company
Total----------- ------------- ----------------------------------------_-------------.$29,807,650
The balance of the stock o f such company, which was outstanding in the
hands of the public has been acquired by the Western Pacific with a view to
The plan as modified provides that “ Until Feb. 1 1929, the gen. mtge
bonds shall be income bonds, cumulative from Feb. 1 1924, to the full consolidating the Rio Grande Junction R y. into the Denver System
Sale of One-Half Interest to Missouri Pacific and Creation of Voting Trust
extent of 5% per annum: the payment o f the int. accruing on the gen.
mtge. bonds for the period from Feb. 1 1924, until Feb. 1 1929, shall not
Upon the transfer to the new company o f the properties sold under fore­
be mandatory even if the same shall have been earned by the new company; closure the Western Pacific will transfer to the Missouri Pacific one-half of
but if earned and available, whether prior to Feb. 1 1929, or thereafter, the the common stock o f the new company for the sum of $9,000,000.
All stock of the new company shall be placed in a voting trust, to continue
int. on the bonds accruing during such 5-year period (including accumula­
tions, if any), shall be paid to the extent that in the reasonable discretion fOT the longest period for which a voting trust may be legally made con­
o f the directors o f the new company such payment is not inconsistent with sisting of three trustees, one appointed by the Missouri Pacific one ap­
due regard for the protection of the property o f the new company and the pointed by the Western Pacific and the third person to be agreed upon
maintenance o f efficient service thereon. Commencing Feb. 1 1929, int. by both.
The board of directors of the new company shall consist of nine members
upon the gen. mtge. bonds accruing from and after that date shall be a
four to be nominated by the Western Pacific, four to be nominated by the
fixed charge o f the new company."
The directors announced on April 1 1925 that there would be no net Missouri Pacific, the remaining director to be nominated bv the Missouri
income available M ay 1 1925 for the payment o f interest on the company’s Pacific and the Western Pacific jointly.
general mortgage bonds.
(For further details o f plan, compare V. 116, p. 2881; V. 118, p. 1134.)
The board also made a similar determination with respect to the install­
BONDS.— Equip, trusts, V. 116, p. 1176.
ment o f sinking fund under the general mortgage for the calendar year 1924.
Receivers' Certificates.— The I.-S. O. Commission on Dec. 28 1922 author­
(3)
Preferred Stock.— Authorized, $17,000,000 (par $100). Entitled to
ized the receiver to issue $5,000,000 receiver’s certificates. Series No 1
receive cumulative dividends at rate of 6% per annum, payable quarterly at not less than 98 and interest.
Dividends on the pref. stock shall accrue from Feb. 1 1924. Redeemable,
The I.-S. C. Commission in Feb. 1924 approved the issuance o f $1,500 000
all or part, upon 30 days’ notice at 105 and dividends.
6% receiver s certificates payable Dec. 1 1924, of which $1,129,895 were to




50

R A IL W A Y STOCKS A K D BONDS

RAILROAD COMPANIES
[For abbreviations, dec., see notes on page 6]

Miles Date
Road Bonds

Denv & S alt L RR — Stock S I,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
D o 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_____ Em.y
D enver Un Term Ry— 1st M red 105 beg T9 text.CC 5,898
Des M oines & Fort D odge— See Minneapolis & St L
D etroit Bay City & W— 1st M $1,250,000 g red
text s f ___________________________________ FC.xc*
Det H illsdale & S W— Stock 4% rental N Y C RR
D etroit & I ronton RR— See text
D etroit & M ackinac— Common stock $2,000,000 auth
Pref stock non-cum $1,000,000 auth (V 74, p 629)._
“ First lien" $1,500,000 gold__________________ Qxc* All*'
“ Mortgage bonds” $1,750,000 g red at par____Qxc* All

Par
Amount
Value !Outstanding

$5

1918
1913
1913
1913
1913
1915
1914

$,£,fr,&c
$, £, &c
$, £, &c
SI,000
1,000 &c
1,000

1912

.1,000

1895
1895

100
1.000
1,000

100

100

be used for advances made: n payment o f bond interest and $370,105 for
other advances to be made for similar purpose. V. 118, p. 906.
Improvement mortgage abstract in "Chronicle” V. 47. p. 229
Abstract ot R. G- W. 1st mort. was In V. 49, p. 237. and statement to
N. Y . Stock Exchange, V. 50, p. 73: also V. 69. p. 284. Utah Fuel 1st 5s
Of 1931: see application to list. V 78. p. 1171 1178, 1548. 2015.
Rio G. W. First Consol. 4s of 1899, see V. 72, p. 537, 775, 1189. The
reorganization managers provided funds for the payment of the interest
due Oct. 1 1924 on these bonds. Y. 119, p. 1624.
R E P O R T .— For 1923, in V. 118, p. 1905, showed:
1923.
1922.
1921.
9
9 CQ}
x*
Average mileage operated_____
2,592
Total operating revenues______
$34,587,496 $33,350,593 $32,621,419
Total operating income____________ . 2.663,560
5,208,068
3,026.604
Other income______________________ . 2,754,184
2,306,026
2,596,373
Gross income____________________ $5,417,7
$5,622,977
$5,417,744 $7,514,094
Deductions—
Hire o f freight cars—Payments.
. $1,837,359 $1,546,402 $1,569,057
Rent for equipment___________
56.165
47.914
104,427
175,240
Joint facility rents____________
174,863
174,805
425,609
434.262
Rent for leased roads__________
447,212
Miscellaneous rents___________
1,029
1.383
1,111
4,848.531
Interest on funded debt_______
4,835.440
. 4,974,658
Interest on adjustment mtge. bonds.
700,000
700,000
700.000
Interest on unfunded debt_____
52.805
55.588 x l ,546.415
Miscellaneous income charges..
36,739
65,579
39,258
Income applicable to sinking fund_
_
260,962
296,708
261,500
Income applicable to renewal fund_
_
3,100
Income applic. to red. equip, trusts.
______
240.000
Inc. bal. transf. to cred. o f P. & L_ def3,356,410 def$629,428def$4073,464
x Includes $1,529,031 interest Equitable Trust Co. judgment against old
Denver Company, eliminated in 1922 by sale under that judgment.
Prelminary income account for 1924 showed: Total oper. revenue,
$33,011,558: oper. income, $2,423,929; other income $2,282,575: interest,
rents, &c., $8,311,223; sinking fund, &c., $563,064: bal., def., $4,167,783.
For latest earnings, see "Railway Earnings Section” (issued monthiy).
OFFICERS.— Pres., J . S. Pyeatt; Treas., Rawson F. Watkins.— V . 120,
p. 1744.)
D E N V E R & S A L T L A K E R R .— In 1918 256 miles, D enver to C ra ig , was
In operation, Incl. Steamboat Springs to Cra ig , 41 miles, opened D ec. 1
1913. V . 95. p. 1403. 1541; V . 96, p. 1088; V . 97, p . 1503; V . 108. p . 77.
T h e plan by which the city of Denver was to aid in building a tunnel
through the Continental D ivide was blocked in J u ly 1914 by a decision of
the Co lo. Supreme C o u rt declaring the proposed city bonds illegal. V . 96,
p . 1488; V . 92. p. 1310: V . 95. p. 1403, 1122; V . 96, p. 1488; V . 97, p.
1024, 1503; V . 98, p. 73,60. 762; V . 9 W , p . 119, 1597. Defeated by voters
on N o v . 2 1920. V . I l l , p . 1949.
O R G A N I Z A T I O N . — In corp. in Colo. D ec. 1912 and took over as of
M a y 1 1913 (per plan, V . 95, p. 890) the Denver Northwestern & Pacific
R y .. foreclosed. V . 95. p. 1683. 1603 1331; V . 96. p. 135. 1296. 1364.
Leases Northwestern Terminal R y., Denver, till Jan. 1964. V . 9 8 , p . 9 l l .
Cities in Colorado in M a y 1919 formed the Northwestern Colorado
Tu n n e l Assoc, to prevent abandonment of the road. V . 108, p . 479, 268.
1610, 1390, 2122. In Dec. 1921 it was decided to continue operations for
an indefinite period. V. 114, p . 78.

The Railroad Administration purchased all receiver’s certificates that
have been issued, amounting to $859,468.

T h e receiver’s certificates ($1,500.000) are to have a first lien ahead of
the 1st M . bonds and any future issue of such certificates.
R E C E I V E R S H I P . — O n A ig. 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 paym ent due M a y 1 1916
and semi-annually thereafter on the First M tg e. 30-year gold bonds,
the bondholders' committee in 1917 urged deposit of the bonds w ith M e r­
cantile T r u s t & Deposit C o ., 115 Broadw ay. N . Y . , as depositary. C o m ­
m ittee: E d w ard R . Tin k e r. C hairm an; George H . B u rr, F . N . B . Close.
L . O . Phipps, Eugene V . R . Th a ye r and H erm an W alleck, w ith Charles D .
Makepeace. Secretary, 115 B ’w a y , N . Y . — V . 104, p . 1800; V 106. p. 929.
Default occurred Jan . 1 1918 on N . W . Te rm ina l bonds and a protective
committee was organized; see that co. below and V . 108, p . 268.
Protective committee for 5 % equipm ent notes dated M a r . 1 1913, and
the 6 % equipment certificates dated J u ly 1 1915. C h a irm an , John H .
M ason, Philadelphia. Depositaries, Com m ercial T r u s t C o . of P h ila.:
E m p ire T r u s t C o ., N . Y .
V . 106, p . 2756- T h e committee in F eb. 1919
returned to owners the equipment trusts of M a rc h 1915, all installments
h aving been paid to date. V . 108, p . 479.
B O N D S .— O ver 9 2 % assented to plan for funding coupons due In 1915.
V. 100, p . 732. 811. Bankers T r u s t C o ., N ew Y o r k , depositary.

R E PO R T .— 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.)
O F F I C E R S — Charles Boettcher, Pres.; Gerald Hughes, Sec., D e n v e r
W m . W adden, V .-P .; W a rd E . Pearson, Tre a s ., N . Y . — (V . 115, p. 307.)
( T H E ) D E N V E R U N I O N T E R M I N A L R Y — T o take over the Union
D epot & R y . C o . (V . 71. p . 343) and extend and Im prove the passenger
terminals at D e n ve r. Co lo. Stock $30,000. equally owned by the Union P a­
cific. D enver & R io G r. Western, Colo. & South., C h ic . B u rl. & Q uincy,
A tc h . To pek a & Santa Fe anti Chicago Rock Island & Pacific which
guarantee the bonds ($10,000,000 auth. Issue), of which $4,000,000 were
sold to U n io n Pacific. V . 106. p. 2756; V . 97. p 1024. 1115; V 98. p. 762:
V . 99, p. 406. Pres., J . I I B ra d b u ry; V .-P ., G . H . M a rtin ; Tre a s ., J . O .
H ouston; M anager, J . Keating; Sec. & A u d ., O . R . Hines.— (V . 107, p.
1287)
D E S M O IN E S U N I O N R A I L W A Y C O .— O R G A N I Z A T I O N . — In corp.
in Iow a on D ec. 5 1884 to operate railway terminal property in Des M oines,
Io w a. Owned and controlled jo in tly b y Wabash R y . C o . and Chicago M i l­




Rate

%

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$583,515
6g
859,468
Sept
6g
M & N
3.641.000
5
M & N
4.427.000 3-4-5
1.734.000 1-2-3-4-5 M & N
2 , 000,000 Up to 5% M & N
217,000
6
F & A 15
4,000,000
4H g M & S

Sept 101920
M ayl 1943
M ayl 1943
M ayl 1943
M ayl 1943
Feb 15 1917
Mar 1 1964

648,000
1,350,000

Oct 1932
Jan 19:5

5g
4

2,000.000 See text
950.000 See text ..
1.500.000
4g
J
1.250.000
4g
J

M ay 1915 coup unpaid
do
do
do
do
New York
Prin. and int in default
Cont & Com Tr&SB,Chic

Oct. ’22 int. in default.
2% Farmers' L & Tr C o, N Y

_____ Jan 2 1920 2 K H K M cHarg, New York
do
do
_____Jan 3 1921 2 Yi
J P Morgan & C o, N Y
& D June 11995
do
do
& D Junel 1995

waukee & St. Paul R y. Co. Passenger facilities used by owners and by
Chicago Great Western R R . Co. and Chicago Burl. & Quincy R R . Co.
Owns 4.225 miles of terminal main track and 23.549 miles second main
track and sidings and bridge across Des Moines River.
BONDED DE B T.— $671,000 first 5s, dated Nov. 1 1887, due N ov. 1
1917. These bonds are owned by Wabash Ry. Co. and Chicago M ilw. &
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 M il­
waukee A St. Paul Ry. Co.
J. E. Taussig, Pres., St. Louis, M o.; B. B. Greer, V .-P ., Chicago; T . S.
Ford, Sec.; C. H. Hueston, Treas., Des Moines, Iowa. General office,
Des Moines, Iowa.— (V. 112, p. 1617.)
DETROIT BAY C ITY & WESTERN RR -O w ns Bay City, M ich ., to
Port Huron, 102 miles. Stock, all outstanding, $150,000. The 1st gold 5s
($1,250,000 auth. issue) are redeemable at par prior to Oct. 1 1922. thereafter
at 105. The interest due Oct. 1 1922 having been defaulted, a receiver
was appointed on Sept. 29 1922. A bondholders’ protective committee
has been formed with A . Lawrence Mills, Chicago, Chairman, and Robert
O. Farrell, Sec., I l l West Monroe St., Chicago. Compare V. 116, p . 1275.
W . H. Ogborn was appointed receiver in Feb. 1924, succeeding the
Detroit Trust Co.
Sale of Property.—-The sale of the property of the company on Mar. 27
1925 to L. A. Mills, of Chicago, for $200,000 has been confirmed by
Federal Judge A. J. Tuttle.
The I.-S. C. Commission on March 24 1924 issued a certificate authoriz­
ing the recei /er (W. H. Ogborn) to abandon operation, as to inter-State and
foreign commerce, of the road of the company in Bay, Tuscola, Sanilac
and St. Clair counties, Mich. V. 120, p. 1877.
Year 1923, gross, $378,648; Bet, $63 849; ot.her income, $4,274; fixed
charges, $132,795; bal., def., $6^1)72. Pres., Thomas L. Handy; V.-Pres.,
O. W. Handy; Treas., G. W. H n l y ; Sec., Mrs. Helen M . Handy. Office,
Bay City, M ich.— (V. 120, p. I f 77.)
D E T R O I T O R A N D H A V F J R & M I L W A U K E E R Y . — Owns from D e ­
troit to G ran d H aven , M ic h .,T fs 9 miles. C h a rter decision O c t. 1916, V .
107, p. 1669. Real estate bonds, A c ., $146,000. G ra n d T r u n k of Canada
owns entire $1.500,000 stock.

The Michigan State House on April 3 1925 adopted a resolutino proposing
that the State purchase the road. The resolution previously had been
adopted by the Senate. Under its provisions the company must file a re­
port with the Governor showing the actual cost of the road before April 10
1925. The State would be authorized to purchase at this price, plus 14%.
BONDS, &c.— (All owned by Grand Trunk R y . Co. of Canada). Consol,
mtge. 7% bonds dated Nov. 15 1878, extended to Nov. 15 1930, $3,200,000.
Equipment 7% bonds dated Nov. 14 1878. extended to Nov. 14 1930.
$2,000,000.— (V. 120, p. 1877.)
D E T R O I T H I L L S D A L E & S O U T H W E S T E R N R R .— Owns Y p s l lanti to Bankers, M ich., 65 m. Leased In perpetuity In 1881 to L. S. & M .
8. R y . (n o w N . Y .C e n t . R R .); rental. $54.500— 1% o n s t k .(V . 106. p . 601.)
D E T R O I T & I R O N T O N R R . — Organized in 1920 by Henry Ford who
acquired control o f the Detroit Toledo & Ironton R R . on July 9, 1920 by
the purchase for cash o f approximately 98% of the Adjustment Mortgage
bonds and the Pref. and Common stock. The price paid was $600 for each
$1,000 bond and $5 and $1 for each share o f the Pref. and Common stock
respectively (V. I l l , p. 492. 294).
The I.-S. C. Commission in M ay 1921 authorized the company to con­
struct a standard-gauge steam railroad, approximately 15 miles long, ex­
tending southward from Springwells or Fordson, Mich., 8 miles west o f the
Detroit city hall, to a connection with the Detroit Toledo & Ironton R R .
This road will connect with the Detroit Terminal R R . on the north, which
will give it a connection with the other steam railroads at Detroit. The
company was authorized to issue $1,000,000 capital stock for the purpose
of building the road.
The I.-S. C. Commission on Aug. 1 1924 authorized the company to
construct a line of railroad extending from a connection with the line of the
Detroit Toledo & Ironton RR. at Malinta, Henry County, O., in a northerly
and northeasterly direction through Henry and Fulton counties, O., and
Lenawee and Monroe counties, M ich., to a connection with the Ironton
at Durban, Monroe County, M ich., a distance of approximately 55.71 miles.
Authority was also granted to issue an initial series of $7,500,000 1st
Mtge. gold"bonds, Series “ A ,” 5 % , for cash at par for the purpose of pro­
viding funds for the proposed construction.— (V. 119, p. 693.)
For 1924, total income, $175,727; deductions, $30,730; bal., sur., $144,946.
DETROIT & MACKINAC R Y .— Owns from Bay City, M ich., to Che­
boygan, 196 miles; Au Sable division (formerly A. S. & N. W . R R .), 60 m .;
Rose City Branch, 31 m.; Prescott Branch, 12 m.; Lincoln Branch, 15 m .;
Au Gres Branch, 8 m.; Alabaster Branch, 4 m.; Hillman Division, Alpena
to Hillman, M ich., 23 m .; Rogers C ity Branch, 14 m.; Lockport Branch,
14 m ., total Dec. 31 1924, 377 m. Henry K. McHarg and associates
control.
BONDS.— “ Mortgage bonds” for $500,000 were reserved for betterments’
A c., at not over $50,000 per year. V . 74, p . 629.
D I V I D E N D S . — O n pref., 2 ) 4 % J u ly 1 1903; since to Jan. 1921, 5 % y l y .
On common, in 1911 to Ja n . 1919, 5 % yearly (except J u ly 1915 and Ju ly

1917 none; also in July 1918 and 1919, none; Jan. 1920, 2 )4 % ; none since.
R E P O R T .— For year ended Dec. 31 1924;
Cal. Year—
Gross.
Net aft. Tax. Tot. Inc. Int..Rent,&c. Balance.
1924
$1,925,509 $196,567 $276,194 $119,065 sur.$157,129
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
71,083
80.129
111,188
def.31,060
1 9 21___________ 1,971,128
♦Before deducting $140,416 spent for add’ns & betterm’ts to property.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
Pres., H. K. McHarg; Sec.-Treas., Jas. McNeil. Offices, East Tawas,
M ich., and 40 Wall St.. New York.— (V. 120, p. 2142.)

May, 1925.]

RAILROAD COMPANIES
[For abbreviations &c., see notes on page 6]

D etroit Riv T u n — 1st M $30,000,000 gu end_G.xc*r*
D e tro it Tol & 1ro n to n — Common stock $6,500,000.
Pref stock (p & d) non-cum 4% & partic $6,000,000First M gold red 105_______________________N.yc*
Toledo-Detroit HU 1st & Ref gold bonds__________
Equipment gold notes due $6,500 M & N callable..
do
do
due $25,000 J & D callable_____
do
do
due $56,300 annually___________
do
do
due $37,500 annually___________
U S Govt notes due $100,000 annually_____________
■Det & T ol Sh L—-1st M $3,000,000 g gu___ Ba.xc*&r
Equipment gold notes due $33,400 yearly________ G
Dover & R ockaw ay— Stock 6% rental 990 years___
Dub & Sioux C ity— See Illinois Central—
D uluth & iron R ange— First mortgage___ Mp.zc&r
D uluth Missabe & N orth ern—
General mortgage gold s f, red 105__________ Nxc*
D uluth R ainy Lake & W in n ip eg— SeeDul W in& Pac
D u lu th So Sh & A tl— 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 bv Canadian Pacific______z
Equip trust gold certif Series “ A ” due $44,000 ann__
Dul W inn & Pac—-1st M deb stk gu by Can Nor R y
Durham & So Car— 1st M $300,000 gred 105. MeBa.x
Durham Union S ta tion — 1st M $75,000 g..G.xc*&r
D utchess C ou n ty R R — See Central New England Ry

Miles Date
Road Bonds

2.72

1911

1914
22 1915
1915
1917
1920
1920
1923
48 1903
1920

Par
Value

Amount
Outstanding

$1,000 $18,000,000
100 6,500,000
100 5,989.948
1,000 2,410,000
380.000
500
6 500
1,000
100 000
100
619.300
150,001
100,000
500.000
1,000 3,000,00(1
334,000
100
150,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

4 K g M & N M ay l 1961
5g
6
5H
6
6
6
4g
6g
6

& J Mar 1 1964
Sept, 1 1940
M & N To Nov 1 1925
J & D To June 1 1927
J & J To July 15 1935
To M ay 1 1929
F & A To Mar 1 1930
.1 & J Jan 1 1953
J & J 15 To Jan 15 1935
A & O Apr 1925
3%

J

Office of Treasurer, N Y
New York Trust Co
New York Trust Co
do
do
Guaranty Trust Co, N Y
Bankers Trust Co, N Y
Guaranty Trust Co, N Y
143 Liberty St, New York

. . .

—

539

1887 1.000 &c

8.151,000

5

A

& O Oct 1 1937

Office Empire Bldg, N Y

361

1906

1,000

8,251,000

5g

J

&

Company’s office, N Y

6
5
4
4
5
4
5
o

A
.1
F

1,000
130 1885
1,077,000
1,000
594 1887
3,816,000
1,000 15.107,000
594 .1890
3,000.000
1892
1924
1.000
440,000
1909
£1 ,439,383
1,000 See text
42 1911
190o 1,000 &c
60,000

DETROIT RIVER TUNNEL CO.— Owns double-tube tunnel and ap­
proaches under the Detroit River, with terminals, all leased for 999 years
From Jan. 1 1907 to Michigan Central R R . Co. (N. Y . Central System),
which owns the entire $3,000,000 stock and guarantees, prln. & lnt., of the
bonds and 6% on the stock. Of the $30,000,000 bonds, $12,000,000 are
reserved under restrictions for additions and improvements, interest rate
not to exceed 5 % .— (V. 98, p. 1844.)
DETROIT TOLEDO & IRONTON R R .— Road from Detroit. M ich., tc
Ironton, via Lima, 342.66 m., and 41.29 m. o f trackage; branches, Kingman
to Sedalia, O.. 31.10 m.; Jackson to Cornelia. 17.43 m.. and I isman lot to
Dean. O ., 2.13 m.: total. 470 30 m.; coal mine tracks, sidings, A c.. 200 52
miles. Incorp In Dela. Mar. 1 1914 as successor, per plan V. 97. p. 1821,
of the Railwati foreclosed. Toledo Detroit R R ., Toledo, O., to Dundee,
22.23 miles
V 103. p. 60.
Control o f this road was taken over by Henry Ford on July 9 1920 by
the purchase for cash o f approximately 98% of the Adjustment Mortgage
bonds and the preferred and common stock. The price paid was $600 for
each $1,000 bond and $5 and $1 for each share o f the preferred and common
stock, respectively. V. 111. p . 294. 492.
The Detroit & Ironton Ry. was Incorp. to lease and take over the opera­
tion o f the road. Minority stockholders in Aug. 1920 brought suit to
prevent the proposed lease. V. I l l , p. 895. The lease was upheld by
Supreme Court Justice Finch on Oct. 8 1920, and the decision was later
affirmed by the Appelate D iv. o f thejSupreme Court. V. I l l , p. 1472.2041;
V. 114. p. 1178.
BONDS. &C.— The issue under the first mortgage is not limited, but
$1,000,000 thereof has been disposed of solely to rehabilitate the property
and provide for equipment and payment of equipment liens, and an addi­
tional $1,000,000 solely for improvements and additional facilities. Fur­
ther 1st M . bonds may only be Issued thereafter from time to time, under
Carefully guarded restrictions, for improvements. & c — V. 102. p. 2341
All o f the outstanding adjustment mtge. 40-year 5% gold bonds dated
Mar. 5 1914 were paid o ff on April 1 1925 at par and interest.
The Toledo Detroit R R . (purchased Jan. 2 1918) has $400,000 bonds
outstanding.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1407.
The I.-S. C. Commission on Oct. 9 1923 authorized the company to issue
not exceeding $1,000,000 o f investment certificates, or certificates of
indebtedness to employees. V. 117, p. 2108; V. 118, p. 1135: V. 119, p. 578.
R E PO R T .— For 1924 howed:
Calendar Years—
1924.
1923.
1922.
Gro's earnings_______
$11,995,758 $10,417,412 $9,004,474
Net operating income________________ 2,554,761
1,786,924 d e f’ 58,984
Other income_______________________
84,337
363,130
66,872
Deductions_________________________
919,808
733,018
926,630
Net income_________________________
1,719,290
1,417,036 df. 1,018,742
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Henry Ford; V .-P ., E. G. Liebold; Sec. & Treas.,
G. R . Brubaker; Gen M gr., F. L. Rockelman.
Directors.— Henry Ford, W. C. Cowling, E. C. Kanzler, G. R . Brubaker
F. L. Rockelman, Edsel B. Ford and E. G. Liebold. Office, Dearborn,
M ich.— (V. 120, p. 1877.)
D E TROIT & TOLEDO SHORE LINE R R .— Extends from Toledo to
(suburbs of) Detroit, 47.49 m .; 2d track, 26.57 m .; sidings, 60.10 m.;
trackage rights, 17.3 m .; total track, 151.46 m.
The I.-S. C. Commission has placed a tentative valuation of $2,650,100
on the owned and used properties o f the company as o f June 30 1917.
The Grand Trunk Western R y. and the New York Chicago & St. Louis
R R . own the entire $1,428,000 stock and jointly guarantee the bonds, prin.
and interest, by endorsement. See form of guaranty, V. 76, p. 653. First
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%:
and In 1913-14 $630,000. from accumulated surplus paid In 1st M 4s i
1914-15, 8% and 6% extra; 1916 to 1921, 8% yearly. In 1922 paid 8%
and special dividend 39.014%. In 1923 paid 8% and special div. of 8% .
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1286; V. 118. o. 793.
Year ended Dec. 31 1923, gross, $4,251,253; ry. oper. income, $1,771,708;
other income, $69,209; int., rentals, &c., $1,318,697; bal., sur., $522,219.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Walter L. Ross.— (V. 118, p. 793.)
DOVER & ROCKAWAY RR. (N. J .).— Total, 5.12 miles. Operated
under lease by Central RR. of New Jersey.
DULUTH AND IRON RANGE R R . CO. (TH E ).— Owns Duluth to
Winton, Minn., 132,73 m.; Tower Jet. to Tower, 1.56 m.; Allen Jet. to
E. Virginia, 49.02 m.; McKinley to Largo, 22.07 m.; Waldo to Mile 49 on
Main Line to Winton, 15 m.; Mesaba to Argo, 17.64 m .; Robinson to
Burntside Lake, 3.26 m.; other branches, 26-22 m.; operated under trackage
rights, 9.40 m .; industrial tracks, 62.80 m. Second track, 71.71 m.; yard
tracks and sidings, 137.36 m.
The I.-S. C. Commission has placed a tentative valuation of $28,583,609
on the company’s property as o f June 30 1919.
STOCK, &c.— Stock, auth., $10,000,000; out., $6,500,000. Minnesota
Iron Co. (see U. S. Steel Corp.) owns the stock. First mtge., authorized,
$25,000 per mile for construction and $7,000 for equipment. Dividends
since 1904: 1905. 65% ; 1906, 40%; 1907. 80%: 1908, 80% ; 1909, 145%; In
fiscal year 1909-10. 100%: 1910-11. 135%; 1911-12 and 1912-13. 90%;
1913-14, 75% ; 1914-15. 20% : 1915-16. 50% : 1916, 25% ; 1917. 12%: 1918.
7% ; 1919, 30% ; 1920, 15%; 1921, 15%; 1922,20%; 1923,25% : 1924,15% .
R E PO R T .— For year ending Dec. 31 1924, in V. 120, p. 2541, showed:
Gross, $5,960,971; net operating income, $254,380; other income, $423,622;
interest, &c., $582,774; adjustment credits, $2,508,894; divs., $975,OO ;
O
bal., sur., $1,629,122.
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres.. F. E. House: Sec. & Treas., Chas. E. Wachtel.
Offices, Wolvin Bldg., Duluth, and 71 Broadway, N .Y .— (V. 120, p. 2541.)




51

K A IL W A Y STOCKS AND BONDS

g
g
g
g
S

J Jan 1 1941

& O Apr 1 1935
& J Jan 1 1937
& A Aug 1 1990
Matured
F & A To Aug 1 1934
.1 < 1) Junel i939
fe
M & S July 1 1941
M & N M a y l 1955

64 Wall St, New York
do
do
New York or London
Held by Canadian Pacific
Minneapolis Trust Co
London or Toronto
Merc Tr & Dep Co, Balt
Guaranty Trust Co, N Y

DULUTH MISSABE AND NORTHERN R Y . CO.— Owns from Stony
Brook to Mountain Iron, M inn., 51.62 m.: Missabe Jet. to Columbia Jet.,
29.55 m ., with numerous branches; total of all track owned, 708 m. Also
leases from Spirit Lake Transfer Ry. (V. 104, p. 664) and Interstate Transfer
R y., 24.96 miles, with 3.01 miles branches and spurs and 14.97 miles yard
tracks and sidings. Owns extensive ore docks at Duluth. Entire $4,112,500
stock controlled by U. S. Steel Corp.
The I.-S. C. Commission has placed a tentative valuation of $45,780,030
on the company’s property as o f June 30 1919.
BONDS.— Of the Gen. 5s of 1906, additional bonds may be issued at not
over $30,000 per mile for additional single main track and $20,000 for
second, third and fourth main tracks and for not over 75% of cost of im­
provements, &c. Sink. fd. 2% yly, (incl. bonds in sink.fd.) retires by lot at
105. Dec. 31 1924 $5,721,000 in sink. fd. V .88.p.822: V.98.p.1693,1844.)
D IV ID E N D S paid in recent years: 1916, 100%; 1917, 50%; 1918, none;
1919, 70% ; 1920, 75% ; 1921, 75% ; 1922, 75% ; 1923, 100%.
RE PO RT.— For 1924, in V. 120, p. 2544, showed:
Combined Federal and Corporate Income Account.
Years ended Dec. 31—
1924.
1923.
1922.
1921.
Gross oper. revenues...$13,856,099 $22,253,554 $14,976,811 $12,374,949
3,857,198
10,676,232
6,548,599 3,682,576
Net earnings__________
788,024
647,892
529,785
402,091
Other income__________
lnt., rent, Fed. tax, &c_
971,024 1,128,140
1,006,083
1,338,249
Dividends paid________ 3,290,000
4,112,500
3,084,375
3,084,375
Balance, surplus_______
384,198
6,083,483 2,987,925 def337,956
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres. & Gen. M gr., W m. A. McGonagle; 1st V .-P .’
Chas. E. Carlson; Sec. & Aud., Joseph Seifert; Treas., Joseph Kempton
Offices, Wolvin Bldg., Duluth, and 71 Broadway, N . Y .— (V. 120, p. 2544..
DULUTH & NORTHERN MINNESOTA R R .— (V. 115, p. 73, 1209.)
DULUTH SOUTH SHORE AND ATLANTIC R Y . CO. (TH E).—
Operates Superior to Sault Ste. Marie, 410 miles; “ Soo' Junction to St.
Ignace. 43 miles; other, 138 miles; total, 591 miles, including 26 miles of
trackage; owned but not operated, 24 miles.
Tentative valuation as of June 30 1916. $17,967,191. V. 115, p. 182.
CAPITAL STOCK.— Common, $12,000,000; pref. 6% non-cum., $10,000,000: par, both $100. On Dec. 31 1923 the Canadian Pacific owned
$6,100,000 common and $5,100,fCO preferred stock.
BONDS, &c.— Abstract first mortgage, V . 45, p. 274.
The first consolidated mortgage o f 1890 has interest at 4 % , guaranteed
by Can. Pac., w Tch Dec. 31 1924 held the entire outstanding issue ($15,107,000) in its treasury as security for its 4% debenture stock; consols for
$4,$93,C00 are reserved for prior bonds, and additional amounts may be
issued at $20,000 per mile o f new lines. Canadian Pacific R y. Dec. 31 1924
also held $3,000,000 overdue income certificates.
The Marquette Houghton & Ontonagon R R . gen. mtge. 6% bonds due
April 1 1925 were extended to April 1 1935 at the same rate o f interest.
Equipment trusts, Dec. 31 1924, 14th series, $84,000.
Equipment trusts, Series “ D ,” V. 119, p. 942.
R E PO RT.— For 1924, in V. ’ 20. p. 2265. showed:
Cal. Year— Gross.
Oper. Inc. Other Inc. Charges.
Balance.
1924_________ $5,905,360 $1,118,989 $196,217 $1,559,530 def$244,325
1923_________ 5,861,203
818,513
96,166
1,095,175
defl80,496
1922_________ 4,492,354
135,902
59,983
923,095
def727,210
1921________
______ def502,768
47,578
1,127,662 d e fl,582.853
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.
120, p. 2265.)
DULUTH WINNIPEG & PACIFIC R Y — Owns entire 52,000,000 stook
of Duluth Rainy Lake & Winnipeg R y., Virginia. Minn., north to the Cana­
dian Northern at International Falls, 98 miles. Capital stock auth.,
$6,000,000; par, $100. Controlled by Canadian Northern R y ., V. 98, p.
1601; V. 102, p. 152.
SECURITIES.— The first mtge. 4% deb. stock of 1910 is guar., p. & 1., by
the Canadian Northern R y . Of the $10,500,000 auth. issue, £1,439,383 is
outstanding; $1,525,000 was issued to retire existing securities, $2,000,000
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. 154, 1322.
In Dec. 1917 made a mortgage to secure demand loan from Canadian
Government. V. 105, P-. 2364.
Earnings.— For latest earnings, see “ Railway Earnings Section” (issued
m onthly).
DURHAM & SOUTH CAROLINA R R .— Durham, N . C ., south 42
miles to Duncan on Norfolk Southern
Stock. $500,000 ($250,000 com­
mon and $250,000 5% preferred); par, $100. Of the $300,000 1st mtge.
bonds, about $100,000 are in sinking fund, leaving about $200,000 outstand­
ing. The road was acquired by the Norfolk Southern R R . in 1920 and is
leased b y that road for 99 years from M ay 26 1920. V. 110, p. 2387.
The I.-S. C. Commission has placed a final valuation of $460,796 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 R Y .— East Durham to Dunn. N . O., 57 m.
Durham East to Durham. 2 m. Stock authorized, $2,000,000: out., .$’
350.000: par, $100 In 1923. gross. $583,454: net oper. income. $161,103;
other income, $34,575; rentals, &c., $80,566; bal., sur., $115,112. Divs. of
24% were paid in 1910-11; in 1911-12, 24%: in 1922-13, 14%; in 1913-14,
11%; 1915, 7 H % : 1916, 7% ; 1917. 8% , none since
Pres., B N . Duke; Sec., W . C. Parker. Office, Durham, N . O.—
(V. 109, p. 577.)

52

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

East Broad T o p RR & Coal— 1st M ext 19082d mortgage incomes______________________
East M ahanoy RR— Stock------------ ---------------East Pennsylvania— Stock 6% gu 999 yrs Phila & R First mtge gold guar p & i b y P & R R R (end). k v c "
East T ennessee Va & G eorgia— See Southern Ry
E astT enn & W No Car— 1st M g (V81 p 1723)GuP.zc
Eastern Ry of M innesota— See Great Northern
E dm onton Dunv & Br Col— 1st M deb stk gu see tex
1st M (on extensions) $2,420,000 g $20,000 p m —
El Paso & Southw Co— Stock ($50,000,000 a u th ).E1 Paso & S W RR — 1st & Ref M g $25,000 p m _. "
El Paso Union Pass D epot— 1st. M g $240,000 s f.F
Elgin Joliet and East— 1st M ($10.000,000)g.C«
Elgin Eq Tr due $120,000 annually___________
Elmira & W illiam sport— Stock com 5% rental. ,N.i
Preferred stock 1%, rental 999 years Northern Cent.
Income bonds 999 years to run--------------------------zc*

Miles Date
Road Bonds

40
40
11
38
_
_
36
36

1908
1908
1908
1906

__
__

1888

Par
Value

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

36 1905

1,000

357 1912
120 1916

£1 &o
1.000
None
1,000
1.000
1,000

458
281
236

1915
1905
1891
1920
1923

73
73
73 1860
1863

50
50
1,000
500

D U R H A M U N IO N S T A T I O N C O .— Owns passenger station at D urham
N C ., opened M ay 1 1905 and used by the Southern R y ., Seaboard A ir Lln<
R y Norfolk & Western R y and D urham & Southern, whlob each own one
fourth of $33,300 stock. Lease provides for rental b y several lines sufficient
to pay int. and other charges. Pres., F . S. W y n n . Sec., W . M . P . Desmond
E A S T B R O A D T O P RR. & C O A L C O . (P a .).— Owns from M t. 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.
Neelyton 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, 1822. Stock,
$938,700 (par $50). of which $246,750 is 6% non-cum. pref. Second mtge
4 % income bonds. $464,000. due .Tan. 1958, given in 1908. for back interest
from 1885. Year ended Dec. 31 1924: Total railway operating reve­
nues $634 502; total operating expenses, $478,783; railway tax accruals,
&c $19,633; net operating income, $136,086; other income, $15,501: gross
income $151,587. Deduct: Interest on funded debt, $42,276; income to
reserve fund, $3,283: rentals, &c., $1,100. Other deductions. $13,258;
pref. divs. (6 % ), $14,805; common divs. (6 % ), $41,517. Balance, $35,348.
Change in Control.— T h e R ockhill Coal & iron Co . early in 1920 acquiree
substantially all of the outstanding bonds and capital stock of the company
V . 110, P- 1193.

Office, 260 South Broad St., Philadelphia.— (V. 120, p. 2142.)
EAST C A R O L IN A R Y . — Owns Tarboro to Hookerton, N . C., 38 miles
Incorporated in North Carolina July 1 1898. Leased to Pres. Henry C
Brid"ers for 4% yearly on stock, payable Dec. 10. Stock auth. $200,000;
outstanding, $55,500; par, $100. Bonds, see table above. Pres., Treas. &
Gen M gr., Henry C. Bridgers; Sec.. A . D . Fowlkes. Office, Tarboro
N . C .— (V. 108. p 480.)
E A S T M A H A N O Y R R .— Own* from East Mahanoy Junotlon to Si
Nloholas and branches, 11.35 m .; 2d track, 4.26 m .; total track 20 97 m
Re-leased Deo. 1 1896 for 999 years to L ittle Schuylkill N a v . R R . A Coal <^r,

at 5% on stock, and lease assigned to Phila. & Read.. R y.— (Y. 106, p. 923.)
EAST PENNSYLVANIA R R .— Owns Reading Pa , to Allentown, Pa
35 77 miles; miles 2d main track, 34.64; all track, 101.21 m. Leased for 999
years from May 1 1869 to the Phila. & Reading RR. at a rental o f 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 R R — A
narrow gauge road, from Johnson City, Term., to Cranberry,.N. C., 34 m.j
also Johnson C ity to Valley Forge, Tenn., 12 m., third rail. Controlled
by Cranberry Iron & Coal Co. V . 96, p. 1156, 1296. Tentative valuation
aSc lp lta ie stork',1 $490,600. d i v i d e n d s . 4 % paid since 1908-09; In 1909-10
8 % ; 1910-11. 9 % & 10% extra; 1911-12. none; 1912-13. 1 8 % ; 1913-14.
17%; 1914-15. 15% % ; 1915-16. 1 3 H % 1917. 4% ; 1918, 1 3 % : 1919 1S«S :
1920, 12%; 1921, 3 % ; 1922-23, 12%; 1924, 15%. For year end. Dec. 31

1924 gross, $321,231; net, $58,037; other income, $11,132; deductions
$25 399: surplus before dividends, $43,769. Dividends (15% ), $73,620
paid out o f surplus. Pres., Edgar P . Earle; V.-P. & Treas., J .E . Vance;
Sec., Hammond Prosser. O ffice, Johnson City, Tenn.— (V. 115, p. 2572.)
EDMONTON DUNVEGAN & BRITISH COLUMBIA R Y .— Road runs
from Edmonton in a northerly direction 130 miles, then northwesterly tr
Spirit River; branch line from Rycroft to Grande Prairie. Main line,
357 miles; branch to Grande Prairie, 49.8 miles; total, 406.8 miles. Con­
nection E. D. & B. C. R y. with Strathcona Terminals, Canadian Pa. Ry.
at Edomoton. 6.65 miles. Sidings. 41.86 miles. The 30-year 4% deban
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 . 4>4s of 1916, with same guaranty, cover 121 miles of
extensions. V. 103, p. 938. See V. 95, p. 1273; V. 96, p , 419, 1422
Operation of the road has been assumed by the Canadian Pacific Ry. The
latter company is to control and operate the company for a period of five
years from July 1920, and is to receive as remuneration 15% of receipts in
excess o f working expenses out of any surplus revenue after fixed charges
Pres., D. C. Coleman; V .-P ., Charles Murphy; Sec., C. E. Stockdill: Treas.
E. J. Bulgin. Main office, Winnipeg, M an., Can.— (V. 115, p. 307.)
EL PASO & SOUTHWESTERN CO.— The I.-S. C. Commission on
Dec. 26 1923 approved and authorized:
(1) The acquisition, through the exchange o f securities, of direct control
bv the El Paso & Southwestern Co. of certain of its subsidiaries con­
trolled indirectly; (2) the acquisition by the El Paso & Southwestern RR.
o f control o f certain subsidiaries of the El Paso & Southwestern Co. by ex­
changing its capital stock for the capital stock of subsidiaries; (3) the acqui­
sition b y the El Paso & Southwestern R R . of control of the properties of
certain subsidiaries of the El Paso & Southwestern Co. by lease; (4) granted
authority to the El Paso & Southwestern R R . to issue not exceedmg S12t570 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 1 aso
& Southwestern Co. and in part payment for equipment to be purchased
from that company. The bonds have been or wiU be issued for the fol lowing
purposes: (1) To refund: (a) 1st mtge. 5% bonds o f Dawson Ry f 3,000 000; (6) 1st mtge. 5% bonds o f El Paso & Northeastern R y., $2,700,000,
(c) 1st mtge. 5% bonds o f El Paso & Rock Island R y., $2,500,000; (d) 1st
mtge 5% bonds o f Alamogordo & Sacramento Mountain R y., $372,000,
and (e) 1st mtge. 6% bonds o f Arizona & New Mexico R y., $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 outstandmg), $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 o f the I.-S. C. Commission, it was agreed that in exchange for
stocks, bonds and other assets owned by El Paso & Southwestern Co.,
having an aggregate value o f not less than $57,400,000 over and above




Amount
Outstanding

Rate
%

$ 500,000
464.400
92.500
300.000
497,750
2,126.900
495,000

4
4
4
4g
5
6
4g

500,000

5g

£1.438.356
4
2.120.000
414 g
25 000.000 See text
16,969.000
5
120 090
5g
10.000.000
5g
1,510 000
6g
5
2,000,000
500.000
5
7
500.000
4
963.000
570.000
5

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

J

& j Jan 1 1958
260 So Broad St, Phila
& j July 1 19o8
do
do
do
do
& j July 1 1958
& j July 1 1936
Safe Dep & Tr Co, Balt
J & D 15 June 15 ’25 2U Reading Term, Phila, Pa
do
do
J & j JanlS 1925 3%
M & s Mar 1 1958
do
do

J
J
J

M & N N ov 1 1935

Guar Tr & S D C o, Phila

Lloyds Bank, Ltd, Lond
F & A 16 Feb 151942
National Park Bank, N Y
semi-an Oct 22 1944
See text
C— J
A & O Apr 1 1965
Farm L & Tr C o, N Y
.1 & J To Jan 1 1935 Equitable Trust Co, N Y
M & N M a y l 1941
71 Broadway, New York
A & O To Apr 1 1938
J & J •July 1 '26 to '41
M & N See text
Broad St Station, Phila
J & J See text
do
do
J & J Jan 1 1950
do
do
A & O Oct 1 2862
do
do

the $9,100,000 o f bonds outstanding in the hands o f the public, and repre­
senting that company’s ownership o f and interest in the El Paso & South­
western R R . System, and‘ also in the Nacozari R R . and in the Tucson,
Phoenix & Tidewater R R ., 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 C o.,
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 o f the issued and outstanding funded debt o f (1) El Paso
& Southwestern R R .: (2) El Paso & Southwestern R R . o f Texas; (3) Burro
Mountain R R .; (4) Arizona & New Mexico R y.; (5) El Paso & Northeastern;
(6) Dawson R y. & Coal Co.; (7) Dawson R y .; (8) Alamogordo & Sacramento
Mountain R y.; (9) El Paso & Northeastern R y.; (10) El Paso & Northeastern
R R ., and (11) El Paso & Rock Island R y., whose lines form the El Paso &
Southwestern system o f railroads; as well as all the issued and outstanding
capital stock o f the Nacozari R R ., which owns a line extending from Agua
Prieta to Nacozari, Mexico, and o f the Tucson, Phoenix & Tidewater R y .,
which owns certain real estate, franchises, and rights o f 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 o f 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 N ov. 1 1924.
Stock.— The proposed change o f the El Paso & Southwestern Co. stock
of $100 par value to no par value stock was approved by the l.-S . C. Com­
mission on July 18 1921. While certificate has been filed with the Secretary
of State o f New Jersey, no action has been taken as yet to make the exchange
Pres. T. M . Schumacher; Sec., Geo. Notman. N . Y . office, 99 John St.
—(V. 119. p. 2176 )
E L P A S O U N I O N P A S S E N O E R D E P O T C O — Owns depot at E l Paso,
Tex., which was completed about N ov. 1 1905. Leased by El Paso North­
eastern , El Paso Southwestern, Galveston Harrisburg & San Antonio (Sou.
Pac. Sys.). Atch. T op. & 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
aaraed. 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.)

ELGIN JOLIET AND EASTERN R Y . CO.— Owns from Waukegan.
111., on Lake Michigan, via Joliet, to Porter, Ind., 129.94 miles, and
branches: main line owned, 194.86 m.: spurs to coal mines, &c., 43.66 m.;
trackage, 248.88 m.: 2d track, 41.59 m.; side and yard tracks owned,
184.90 m.; total, 713.89 m. Also leases Chic. L. S. & East., 16.05 miles
with 344.34 miles branches and spurs and 14.85 miles 2d track, and 125.53
yard tracks and sidings, for 60 years from June 1 1909, and, with the U. S.
Steel Corp., guar, its $9,000,000 4J£% bonds, p. & i. V. 89, p. 1410.
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 o f $34,660,000 on
the company’s properties owned and used, and used but not owned, as o f
June 30 1914. The report also covers the properties of the Chicago Lake
Shore & Eastern R y. and the Blue Island Ry.
Slock.— $10,000,000, as increased from $6,000,000 in June 1909; par
$100. Dividend, 4% yearly (in Dec.) in 1899 to 1922; paid 6% in 1923;
4% in 1921.
Income account, year ended Dec. 31 1924: gross, $21,521,787; net oper.
income, $5,136,917; other income, $372,679; interest and rentals, $5,508,561; dividends, $400,000; balance, surplus, $138,483.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., A. F. Banks; V .-P ., 3. 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 R R .— This company was chartered early in
1920 with $1,000,000 authorized capital stock to take over, operate and
extend the road of the same name sold at receiver’s sale in the summer of
1919. V. 109, P- 2074.
9he line, projected from Elkin to Sparta, N . C .,
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 of Elkin,
N. C .— (V. 110, p. 764.)
ELMIRA & LAKE ONTARIO R R . CO.— Owns from Canandaigua,
N 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. R R . assumed lease in 1914. Lease may be termi­
nated on 30 days’ notice. Rental, net earnings. The $500,000 Sodus Bay
& Southern R R . 1st gold 5% bonds, due July 1 1924, were purchased at
maturity by the Northern Central R y. Co. at par.
ELMIRA & W ILLIAM SPORT R R . CO.—-OwnsfromWilliamsport Pa
to Elmira, N. Y ., 73.49 m. Leased to the Northern Central R y. for 999
years from May 1 1863. Lease was assumed in 1914 by Penn. R R . 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
$963,000 1st 6s due Jan. 1 1910 were extended at 4 % . V. 89, p. 1667.

M ay, 1925.]

53

K A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, cfee., see notes on page

6]

Erie
Erie

& K a l a m a z o o (leased) s to c k T o le d o to P a lm y r a
& P i t t s b u r g h — S to c k 7 % re n ta l 9 9 9 yrs P e n n C o
Sp ecial gu aran teed b e tte r m e n t sto c k $ 7 , 5 0 0 , 0 0 0 - .
G en era l m tg e (now 1st) $ 4 ,5 0 0 ,0 0 0 g o ld g u a r .U n . k

Miles Date
Road Bonds
22
83
83
83

1890

A — Old B onds Assumed —

R o a d s C o n so lid a te d —
N Y & E r ie 1 st M P ie r m to D u n e x t 1 8 9 7 g o l d - . x c *
S econd m o r tg a g e (ext in 1 9 1 9 ) g o ld call 1 1 0 — z c *
T h ir d m tg e (ext in 1 8 8 3 & 1 9 2 3 ) g o ld red 1 0 5 - - z c *
F o u r th m t g e (e x te n d e d in 1 8 8 0 a n d 192u ) g ----- z c *
F ifth m o r tg a g e (e x te n d e d in 1 8 8 8 ) g o ld - _xc*
E r ie R y 1st M B u f f B r H o r n e llsv to A ttic a g o ld - . z c *
F irst con sol m t g e $ 3 0 ,0 0 0 ,0 0 0 gold $ or £ - - F .z e *
N Y L E & W e s t fir st con sol m o r tg a g e go ld
_ -z c *
B u f f & S W 1st M g o ld e x t 1 9 1 8 a t 6 % red 1 05 g - . x c *
N e w b u r g & N Y 1st ivT g o ld e x te n d e d in 1 8 8 9 ------- v c *
C h ic & E r ie 1st M g ( M a r io n O to H a m ’d In d ) C e z c *
E r ie & Jersey 1 st M g o ld s f red text G .c * & r *
G en esee R iv e r 1 st M go ld s f red te x t
G .c * & r *
C h ic a g o & A t la n t ic T e r m 1 st M e x t 1 9 1 8 g o l d - - C e . z
B — Erie R a ilr o a d C o m p a n y B o n d s —
S e con d m tg e o n B u f f & S W g o ld e x t 1 9 1 8 ------- G .x c *
F ir st con sol m o r tg a g e o f 1 8 9 5 , secu rin g—
(1) P rior lie n b o n d s $ 3 5 ,0 0 0 ,0 0 0 g o ld - - F .x c * & r
(2) G e n e ra l lie n $ 1 4 0 0 0 0 ,0 0 0 g o ld - F .s c * & r
P en n coll tr u st M $ 3 6 ,0 0 0 ,0 0 0 g s f ( t e x t ) - - B a .x c & r
G en eral m o r tg a g e (Series A $ 1 0 , 0 0 0 ,0 0 0 ___ G .s c * & r
c o n v e r tib le ,
(S e r ie s B $ 1 2 , 0 0 0 , 0 0 0 - _x c *& r
$ 5 0 . 0 0 0 , 0 0 0 - - - ISeries D $ 2 8 , 0 0 0 ,0 0 0 ______ x c *& r

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

_
_

67

' _
_

1847
1849
1853
185 7
1858
1861
1870
1878
187 7
1868
1890
1905
1907
1888
1895
1895
1895
1901
190 3
190 3
1903
1916
1924

Par
Value

Amount
Outstanding

Rate
%

50
50
50
1 ,0 0 0

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

L in co ln N a t B a n k , N Y
F
& A See te x t
Text
Ju ne 10 ’ 2 5 1 % A m e r E x e h N a t B a n k , N Y
7
G— M
do
do
J u ne 10 ’ 2 5 1 H
7
G—M
P en n R R A g e n t , P h d a
&
,T J u ly 1 1 9 4 0
3 ) 3 g .1
j
.1 J u ly 1 1 9 4 0
T r e a s o ffic e , E r ie , P a
3 )3

3 0 0 ,0 0 0
2 ,0 0 0 .0 0 0
2 .9 3 3 .1 5 0
3 ,5 8 0 .0 0 0
6 3 4 ,5 7 0
$ 1 0 0 1 1 2 ,4 8 1 ,9 0 0
1 00 1 6 ,0 0 0 .0 0 0
1 00 4 7 , 9 0 4 ,4 0 0

A p ril 1 9 0 7
A p ril 1 9 0 7

1 ,0 0 0
2 , 4 8 2 ,0 0 0
M
4 g
1 ,0 0 0
2 , 1 4 9 ,0 0 0
M
5 g
1 ,0 0 0
4 ,6 1 7 ,0 0 0
4 )3 g M
1 ,0 0 0
A
2 , 9 1 2 ,0 0 0
5 g
500 &c
7 0 9 ,5 0 0
.1
4 g
2 0 0 &c
1 8 2 ,4 0 0
.1
4 g
1 ,0 0 0 v l 5 . 5 7 2 .0 0 0
M
7 g
5 0 0 &c z 2 .0 0 5 ,o 0 C
M
7 g
5 0 &c
1 , 5 0 0 ,0 0 0 (5) 6 g
.1
1 ,0 0 0
2 5 0 ,0 0 0
,1
5 g
1 0 0 0 1 2 ,0 0 0 ,0 0 0
M
5 g
1 ,0 0 0
7 , 1 0 2 .0 0 0
.1
6 g
1 ,0 0 0 &c
5 ,7 5 7 ,0 0 0
.1
6 g
1 ,0 0 0
J
3 0 0 ,0 0 0
5g
•
1 ,0 0 0
W 6 3 .0 0 0
J
5g

&
&
&
&
&
Sc
SC
<
fc
&
&
&
&
&
&
&

J

1 ,0 0 0
1 ,0 0 0
1 .0 1 0 &C
1 ,0 0 0 &c
1 ,0 0 0 &c
1 0 0 &r
500

<
&

J

3 5 ,0 0 0 ,0 0 0
r 3 5 .8 8 5 .0 0 0
x .3 4 ,0 0 0 ,0 0 0
1 0 ,0 0 0 ,0 0 0
u llO lo .O O O
u 1 9 6 2 7 ,1 0 0

4
4
4
4
4
4

g
g
g
g
g
g

■
T

.1

S
c

F
A
A
A

&
&
&

&

N M a y l 1947
S Sept 1 1939
S M a r 1 1933
G O ct 1 1930
1) J u n e l 1 9 2 8
.1 J u ly 1 1931
S Sept 1 1930
K Sept 1 1930
.1 J u ly 1 9 2 8
J Jan 1 1 9 2 9
N M a y l 1982
.) J u vl 1 1 9 5 5
,1 J u ly 1 1 9 5 7
J J u ly 1 9 2 8
J u ly 1 9 2 8

Jan
.1 Jan
A Feb
O Apr
O Apr
O Apr

1
1
1
1
1
1

1996
1996
1951
1953
1953
1953

2%
2%
do
do
50 C h u rch S t, N e w Y o rk
do
do
J P M organ & C o , N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
50 C h u rch S t, N e w Y o r k
do
do
do
do
50 C hurch S t, N e w Y o rk
5 0 C h u rc h S t , N e w Y o r k
do
do
do
do
do
do
do
do
do
do

25
J

1 0 ,0 0 0 ,0 0 0

J J u ly 1 1 9 2 6

C o lla te ra l n o te s to S e cretary o f T r e a s u r y o f U S and
’2 0 - ’ 21

2 0 ,2 9 9 ,4 5 0

1 9 3 0 -1 9 3 1 -1 9 3 6
E q u ip m e n t tru st c e r tific a te s — See ta b le in t e x t
A v o n G e n e se o & M t M o r r is an d R o ch e ste r & G en esee V a lle y sto ck s — see th e se co m p a n ie s— or a m a jo r ity (ft ) o f cap ital stoc k , or by (c) lease
y A d d itio n a l .$1 . 2 9 s . 0 0 0 p le d g e d ,
z A d d itio n a l $ 1 .6 9 4 .0 0 0 p led ge d .
r t u Fu rther a m o u n ts ow n e d b y c o m p a n y D e c . 31 1 9 2 4 as folio w s: Of r U 9 .0 0 0 .0 0 0 p le d g e d , $ 2 1 9 ,0 0 0 u n p le d g e d ; t $3 3 ,3 0 8 ,0 0 0 p le d g e d .
x Tncl udes $ 1 8 , 1 3 0 ,0 0 0 hel d in sink ing fu n d .
$ 6 ,6 9 2 ,0 0 0 u n p le d g e d ; u $ 7 , 6 0 3 ,0 0 0 p le d g e d . $ 1 ,7 5 4 ,9 0 0 unp led ge d

ERIE & KALAMAZOO R R .— Vulcan near Toledo to Palmyra, 21.82 m
Leased In perpetuity In 1849 to Lake Shore (now N . Y . Central R R .) at
$30,000 Der ann. Dividends 1913 to 1916. 9 ? i% per ann; 1917. 914%:
1918 to 1924. 9% y early — (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. R R . for 999 years in 1870 at 7% on stock and int. on bonds
and since Jan. 1 1918 operated directly by it. Under agreement o f N ov. 1
1905 the Penn. R R . provides sinking fund installments required by the gen.
mtge., the E. & P. to deliver its 3 )3 % debentures at par for such advances
and at maturity o f the gen. mtge. bonds to exchange new mtge. bonds
therefor.
STOCK.— The special betterment stock ($7,500,000 auth.) Is subordinate
to the old stock, but guaranteed 7% dividends. Dividends on old stook are
subject to a 4-mlll tax on assessed value, on special betterment, tax-free.
EAR N IN G S.— For 1924, gross income, $502,809; deductions, $158,077;
dividends, $345,320; bal.. def., $587.— (V. 117, p. 1555.)
ERIE R AILROAD CO.— (See M ap.)— Embraces trunk line from Jersey
City to Chicago, 111., and branches, 2,325 miles; restricted trackage rights,
129 miles; owned and leased to other companies, 12 miles; leased and re­
leased to other companies, 2 miles; total, 2,468 miles; second track, 1,423
miles; third track, 36 miles; fourth track, 36 miles.
Lines Owned in Fee—
M iles.
Leased Lines—
Miles.
Piermont, N. Y ., to Dunkirk.. 447 Avon Gen. & Mt. Morris______ *16
Buffalo to Jamestown. N. Y _
_
66 Montgomery & Erie__________ *10
Buffalo to Corning, N. Y ______ 140 Northern R R . of New Jersey.. *26
Horuell to Buffalo___________
92 Goshen & Deokertown________ *12
Other branches_______________ 205 Rochester & Genessee V alley.. *18
40
Stock all (a) or nearly all (b) ownea. Other lines___________________
Leased to Nypano RR.—
aCbloago & Erie R R __________ *250
aJefferson R R ________________ *45 Cleve. & Mahoning Valley R R . *123
N . Y. & Greenwood Lake RY__ *54 Sharon Railway_______________ *31
141
Erie & Wyoming Valley R R _
_
80 Trackage_____________________
aNypano R ailroad___________ 424
bTIoga Railroad______________
42 Lines In system_______________2,325
Other lines___________________
61 N. Y. Susauehanna & Western. *2?3
New Jersey & New York R R .. *46
• See this oompany.
Frontier Electric R R .. V. 106. p IS
H ISTORY.— On Deo. 1 1895 succeeded, per plan In V. 61, p. 368, the
N . Y . Lake Erie & Western RE. Co., sold In foreclosure under Its second con­
solidated mtge. The oompany holds in fee or through ownership of all or
praotioally all the stook of the subsidiary companies the line from New
York to Chicago (Including the Nypano R R . and Chio. & Erie companies)
COAL P R O P E R T Y .— The allied coal properties at last advices aggre­
gated 12.400 acres oT anthracite, of which about 9.000 acres, and 53.000
acres o f 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.
M E R G E R .— In Sept. 1924 O. P. and M . J. Van Sweringen made a pro­
posal for the unified control and operation o f the railroads o f the New York
Chicago & St. Louis R R . Co., the Chesapeake & Ohio Ry. C o., the Hock­
ing Valley R y. Co., Erie R R . Co. and Pere Marquette R y. C o., for details
o f which see the New York Chicago & St. Louis R R . Co. below.
The stockholders on March 25 1925 voted to lease the road for a period of
999 years to the new “ Nickel Plate” road. Under the plan adopted the
new “ Nickel Plate” system will pay every year to the Erie R R . on account
o f the stock outstanding and not exchanged an amount equal to the amount
that such stock would receive if exchanged.
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) %\ ’01.
’02. ’03. ’04.
’05.
’06.
On first preferred_____i 114 3 3 1 4 4
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
Loan & Trust C o., trustee)—see abstract, o f deed, V. 62, p. 89, secures the
*35.000.000 Prior Lien (V. 103, p. 1032) and $140,000,000 General Lien
bonds. Both series have voting power; see “ Stock” above.
Ol the $140,000.0007onsot M . 'l en. Lien 4s, $92,668,000 were reserved for
ultimate acquisition of bonds and guaranteed stocks left undisturbed on
various Darts o f the system (see list, V. 62, p. 89), and *17.000,000 were
reserved for new construction, betterments, additions. &o., after 1897—
not over Sl-,000,000 to be used in any one year. On Dec. 31 1924 $55,104,000 Gen Lien bonds had been issued, of which $35,885,000 were in hands of
the public and $19,219,000 owned by Erie RR. (on Dec. 31 1924 $19,000,000
o f 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. V
Susq. & Western stook (*26,000,000 total Issue), all of the Pennsylvania
Coal Co. stock, and the stock of the Erie & Wyoming Valley R R ., Scranton,
P a., to Lackawaxen, 80 miles, and Delaware Valley Sc Kingston R R .
Sinking fund of 10c. per toD of coai mined from mines o f Penn. Coal Co.
V. 71, n. 1219. 1311; V. 72, p. 44, and circular, p. 36, 532, 257: V. 79. p
212; $18 130 000 included in the $34,000,000 “ outstanding” were in sinking
fund Dec. 31 1924.
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
eommon stock at 50 ($200 par value of stock for $100 of bonds). There
is no Series “ C .”




6

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
necessary capital expenditures over a long period of years. V. 103, p. 412.
In N ov. 1917 authority was obtained to issue $15,000,000 6% Series A
kef. A Impt. Mtge. bonds and forthwith pledged $8,750 000 thereof as
collateral security for a short-term loan aggregating $5,000,000, 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 each
$100 in amount o f loan. On Dec. 31 1924, $14,300,000 pledged, $700,000
unpledged.
In May 1918 was authorized to amend the mortgage so as to make possible
the extension o f 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 $12,500,000 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
*s part collateral for the $15,000,000 note issue. V. 108, p. 1060. An
rrtditional 84.300 000 Series “ TV was auth’. in Aug. 1920. V. 111. p. 588.
On Dec. 31 1924 $25,000,000 Series “ B ” bonds had been issued, o f which
$19,008,000 were pledged and $5,992,000 in treasury.
In Feb. 1915 sold $7,400,000 Erie & Jersey (closed) 1st M . and$6,000,000
Genesee 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 R R .
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 releemable 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 .
1756; extension o f Jefferson R R ., $2,800,000 5% bonds in 1919 at 5 )3 % .
dee V. 108, p. 1165. (Extension o f N . Y . & 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 R R . 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
any 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
as 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
13,699.500 N. Y . L. E. & Western RR .1st consol. 7s of 1878, which became
due Sept. 1 1920 to Sept. 11930at 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 o f the bonds
had been deposited to permit the company to carry out the plan o f extension.
V. I l l , p. 588, 692, 792, 895, 990.
In April 1922 offered to extend $1,100,000 N. Y . L. E. & W . Coal & R R .
1st mtge. 6% gold bonds due M ay 1 1922 to M ay 1 1942 at 5)4% and to
pay $40 for each $1,000 o f bonds so extended. The bonds were extended
as series A bonds and will have the guaranty o f the Erie R R . as to principal
and interest. Red. all or part on any int. date at 105 if called for redemp­
tion on or before M ay 1 1932; plus a premium of 2 14 % if called for redemp­
tion after M ay 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
have elapsed between M ay 1 1937 and any subsequent date fixed for
redemption. Compare V . 114, p. 1891.
In Feb. 1923 offered to exten t the N. Y . & Erie R R . 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 of bonds so extended. V. 116, p. 720.
1907.
08 to
1924:
Oar Trust Series, Gold (Denomination *1,000 each). See V. 88. p. 882.
Outstanding.
Mature in Installments.
Date. Interest.
“ CO” ......... .1916 4)3 J&D
$214 000 To Dec 1925
$114,000 s.-a
" D D ’ ___ . 1916 4)3 J&D
1 5.500 To June 1926
62.500 s.-a,
736.000 To Apr 1 1927
“ EE” _____ 1917 4)3 A&O
184,000 s..a.
’FF” _____ -1921 6
M&N 2,300 000 To M ay 1 1930
230,000 s.-a.
“ No. 29” . -1920 6 J&J 15 3,001,000 To Jan 15 1935
300,100 ann.
“ OG” ____ .1922 5)3 J&J
3,750,000 To July 1 1937
150,000 s. a,
" H H " ------ .1922 5 M&N 2,426,000 To Nov 15 1937
93,000 s.-a
780.000 To Aor 1 1938
“ 1 1 " ____ .1923 5)3 A&O
39,000 s.-a.
M&N 6,812.000 T o M ay 1 1938
“ JJ” _____ .1923 6
262,000 s.-a,
“ K K ” ____ .1923 6
A&O 1,350,000 To Oct 15 1928
50,000 s.-a,
June
540,000 To June 1 1931
U. S. Govt -1921 6
90,000 ann,
do
210.600 To Aug 1 1931
Aug
1921 6
30,000 ann,
do
Mar
157,500 To Mar 1 1932
1922 6
22.500 ann,
Equipment trusts Issued to Director-General for rolling stock ai
located to this company. See article on pasc a,
Government loan, V . I l l , p. 792, 895, 2041;V.113,p.l052;V.114,p.521.
REPO RT.— For 1924, in V. 120, p. 2296, showed;
Operating Revenues—
1924.
1923.
1922.
Merchandise_______________________ $66,555,067 $73,207,913 $63,191,282
Coal________________________________ 28,909,949 35,543.065 21,353,924
Passenger______ ____________________ 13,957.951 14,696,897 13,872,168
Mail, express, &c___________________ 9,673,889
9,530,580
8,456,729
^ Gross operating revenues

$119,096,856$132,978,455*106,874,103

RAILW AY STOCKS AND BONDS
[V
ol.

120.




wl

May, 1925.]

55

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

When
Payable

Rate
%

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Erie RR (Concluded)—
cGoshen & Deck'ton 1st & 2d M s ($60,000 are 2d)__z
Jefferson 1st & 2d M s 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
bNew Jersey & New York 1st M ext in 1910___ xc
General mtge $1,200,000 (red 105 after 5 yrs) g .x
Tioga RR first mortgage__________________________
N Y L E & W C R R 1st M ser A (ext) guar p & i
red (text)______________________________ Mp.zc*
N Y L E & W D & IC oexg’ 13redtext(V96,p 1776) F.xc*
N Y Pa & Ohio prior lien mtge gold $ or £_ F.zc*
_
Do Leased lines—-see separate statements for Cl
N Y Susquehanna & 'Western—-Northern New Jersey
Essex Terminal Ry Co— First mortgage_______
Est Railroad Co o f France— See text
Evansville Indianap & Terre Haute R y—Com stock
1st M 30-yr 7% gold bonds call after 3 years 102_
Collateral trust notes (U S Government)_______
Fernwood Colum bia & G u lf RR— First M $500,000
Ref & mtge bonds due $5,000 yly ’22 to ’ 31 $300,000
F itchburg RR —-Bonds— See Boston & Maine RR ab
Florida Central & P eninsular— See Seaboard Air L
Florida East Coast— 1st M $12.000.000g-Ba.xxc*&r*
1st & ref mtge Series “ A ” red (text)___ Baz.c*&r*
Equipment trust certs ser B (auth $1,000,000) due
$100,000 yearly_________________________________
Equip trust certs ser C due $°O9.000 yearly______c*
do
Series D due $125,000 ann_________ Ba.c*
do
Series E due $80,000 ann____________ Bq.c*
Florida W est S hore— See Seaboard Air Line.

10
8
37
52
34
---

1881
1 ,0 0 0
’ 6 8 - ’ 69
’6 6 - ’ 67
’ 6 7 - ’ 69 $ 5 0 0 & c
1889
1.00G
1885
1 ,0 0 0
100 &c
1896
5 0 0 &c
1880
500 &c
1892
1852 5 0 0 -1 0 0 0

2 0 0 ,0 0 0
2 4 6 ,5 0 0
1 7 0 ,5 0 0
3 0 0 ,0 0 0
2 ,8 0 0 ,0 0 0
7 ,5 0 0 ,0 0 0
1 , 4 8 1 ,9 0 0
3 9 4 ,0 0 0
6 3 1 ,0 0 0
2 3 9 ,5 0 0

7
6
5
±y2 & 6
5^ g
6 g
5 g
5
5
5 g

1882
1 ,0 0 0
1 ,1 0 0 ,0 0 0
5M
1883
1 .0 0 0
3 ,3 9 6 ,0 0 0
5 g
422 1880
5 0 0 &c
8 .0 0 0 ,0 0 0
4 14 g
eve lan d & M ah o n in g V a lle y R R an d Shar
— See each c o m p a n y
09
4 2 0 ,0 0 0
5

44
ove.
ine R y
617
839

1 ,0 0 0

4 ; 2 9 0 ,1 0 0
1 , 5 0 0 ,0 0 0
4 0 0 ,0 0 0
5 0 0 ,0 0 0

1909
1924

1 ,0 0 0 & c
100 &c

1 2 , 0 0 0 ,0 0 0
3 0 ,0 0 0 ,0 0 0

1917
1993
1924
1925

1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 ,0 0 0

3 0 0 ,0 0 0
1 . 8 9 0 .0 0 0
1 . 8 7 5 .0 0 0
1 ,2 0 0 ,0 0 0

1920
’2 1 - ’ 2 2
191 1
1921

100
100 &c

A

& o

V a rio u s
& J
J
A
& o
A
& o
M & N
M & N
J
& J
M & N
M
•
T
M
on

&
&
&
&

7 g

M

&

6
6

M

&
&

J

N M a y l 1942
J J u ly 1 1 9 4 3
S M a r 1 1935

J

D

& s

6
5

&
&

A

.1

J

M

do
do
J P M organ

&

Y ork
P h ila
Y ork
N Y
Y ork

do
do
Co, N Y

&
&

J u ly 2 1 9 4 2

N M a y l 1950
1 9 3 1 -1 9 3 2
N M a y l 1936
J J an 1 1 9 3 2

4J4 g T
M
5 g

5g
4X

50 C h u rch S t, N e w Y o r k
50 C hurch S t, N e w
F id e lity T r u s t C o ,
50 C h u rch S t, N e w
J P M organ & C o ,
do
do
5 0 C hurch S t, N e w
do
do
do
do

Ry

j

6

A p r 1 1931
1 9 2 8 -1 9 2 9
1 9 2 6 -1 9 2 7
J u ly 1 1 9 2 7 -2 9
A p r 1 1929
O ct 1 1935
M a y l 1946
M a y l 1950
J an 1 1 9 3 3
N o v 1 1935

T unel 1959
Sept 1 1974

F arm ers

L &T

C o, N Y

l n t e r s t a t e T & B k C o ,N O

B a n k ers T r

C o ,N

ew Y o r k

N ew Y o rk

O O c t 1 ’2 5 to ’2 7 U S M t g e & T r C o , N Y
.1 T o J u ly 1 1 9 2 2 B a n k e r s T r u s t C o , N Y
J T o J u ly 1 193 9 J P Morgan & C o, N Y
s T o M a r 1 1940
de
do

w Additional $937,000 pledged.

Operating Revenue—■
1924.
Maintenance o f way and structures . _ 13,730,008
Maintenance o f equipment_________ 29,554,255
Traffic-------------------------------------------- 2,027,674
Transportation__________
46,080,879
Miscellaneous operations___________
616,862
General____________________________
3,893,356
Transportation for investment______ Cr. 118,259

1923.
14,307,569
36,054,579
1,942,234
51,319,167
631,727
3,905,408
Cr.90,539

1922.
12,699,503
32,712,642
1,822,461
48,582,239
589,490
3,817,683
Cr.122,546

Total railway operating expenses..$95,784,775S108,070,145$100,101,523
Net operating revenue______________ $23,312,081 $24,908,310 $6,772,580
Railway tax accruals_______________ 4,521,873
4,260,003 3,863,226
Uncollectible railway revenue_______
91,659
109,189
48,361
Operating income___________
$18,698,549 $20,539,117 $2,860,993
Net hire o f equip, rents deb. balance. 1,479,509
2,021,156 2,101,212
Net joint facility rents deb. balance..
146,883
197,548
114,871
Net railway operating income_____ $17,072,177 $18,320,413
$644,910
Non-Operating Income—
Dividend income_____________________ $7,002,537 $6,027,537 $11,095,150
Claim under Government guaranty.. Dr.258,975Dr.2,107,386Dr.l,245,953
Miscellaneous rent income___________
471,757
461,608
506,081
Income from funded securities_______
185,562
162,588
379,918
Income from unfunded secs. & accts.
205,965
216,071
325,339
Income from lease o f road___________
75,783
75,781 Dr.51,829
Miscellaneous income_______________
27,119
15,117
260,828
Total non-operating income________$7,709,746 $4,791,317 $11,209,533
Gross income----------------------------------- $24,781,924 $23,111,730 $11,854,444
Deductions—
Rent for leased roads________________ $2,461,540 $2,426,681 $2,392,894
Miscellaneous rents_________________
364,889
352,134
493,455
Miscellaneous tax accruals__________
168,859
97,547
248,818
Interest------------------------------------------- 12,154,900 11,669,440 11,745,046
Amortization o f discount____________
1,948
42,035
9,889
Miscellaneous_______________________
88,158
88,620
97,112
Applicable to sinking fund, &c______
1,238,262
1,217,063
946,047
Balance, surplus_______ _________ $8,363,367 $7,218,208df$4,078,817
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., F. D. Underwood; V.-P., Wm. A. Baldwin; V.-P. &
Gen. Counsel, G. F. Brownell; V.-P., Thos. C. Powell; V.-P. & Sec.,
George H. Minor; Treas., W . J. M oody; Comp.. Chas. P. Crawford.
60 Church St., New York.
D IR E C TO RS.— 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, Mitchell D. Follansbee, Robert W . Pomeroy,
Grenville Kane. Julius KruttschoPL Geo. G. Mason, Geo. F. Brownell
Henry S. Sturges.— (V. 120, p. 2262.)
ESSEX TERMINAL R Y . C O .— Owns road from Grand Trunk R y. to
Amherstburg, Ont., 19 miles. Entire $400,000 capital stock acquired
Feb. 1918 by the Canadian Steel Corp., Ltd., a subsidiary o f the U. S. Steel
Oorp., which in 1918 was constructing works at Ojibway, Can. Of
$420,000 1st M . bonds, $206,000 are outstanding in hands o f public and
$214,000 are held in the treasury o f the U. S. Steel Corp. subject to sale.
— (V. 108, p. 1274.
EST RR. CO. OF FRANCE (COMPAGNIE DES CHEMINS DE FER
DE L’ EST).— The company operates 3,124 miles o f track. It serves an
industrial region characterized by the numerous metallurgical concerns in
the neighborhood of Nancy and the mines o f the Briey Basin.
The first o f its three most important lines connects Paris with the region
o f the Ardennes, with Belgium and with Luxembourg, by way of Rheims
and Charleville; the second connects it with Alsace and with Lorraine by
way o f Chalons-sur-Mame, Bar-le-Duc and Nancy; the third connects it
with Switzerland and by way o f 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 o f France, and, on the other hand, it provides the avenue for the
exchange o f commodities with the countries o f Central Europe.
C A PITAL STOCK AN D BONDS.— The bonds now outstanding in
France, after deduction of bonds redeemed by amortization, are carried on
company’s books for the amount of 3,075,000,000 francs. None of its bonds
is secured by any mortgage or other lien. Its lines and rolling stock, and its
other property real and personal, are free and clear of mortgages or other
liens or charges. The capital stock originally was o f 292,060,000 francs,
but by Dec. 31 1923 it had been reduced to 195,060,600 francs by reason of
fo amortizations. Dividends have been paid on the common stock with­
out interruption since 1846.
In January 1925 Dillon, Read & Co., Marshall Field, Glore, Ward & Co.,
White, Weld & C o., Cassatt & Co., New York, and Union Trust C o., Cleve­
land, sold at 87Yi and interest, $20,000,000 7% External Sinking Fund
Gold bonds. Dated N ov. 1 1924, due N ov. 1 1954. Interest payable
M . & N . Denom. $1,000 and $500 c*. Principal and interest payable in
U. S. gold coin o f the present standard of weight and fineness at the office
of Dillon, Read & C o., New York, without deduction for any French taxes
present or future. A sinking fund is provided, beginning M ay 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 N ov. 1
1929 or any interest date thereafter.
G U A R A N TY OF FREN CH 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
R R . (with the other principal railway companies) the payment of its working
expenses and the interest on and amortization of its loans o f 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 o f all the systems are paid and tariffs have to be adjusted




to meet the requirements of the fund, but if this adjustment o f 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 o f any bonds which may be out­
standing will be borne by the State. These guarantees are identical to those
under which all other issues o f the principal French railway companies have
been made pursuant to the above law.
PROVISIONS OF ISSUE.— This issue o f bonds will be the direct obliga­
tion of the company, rank pari passu with all other issues o f 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 o f
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 R R . 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.
EARN ING S.—-The company’s gross receipts were, in 1922, 1,037,356,546
francs, and in 1923, 1,062,440,364 francs. In 1922 and 1923 its operating
expenses were 851,135,913 francs and 877,166,820 francs, respectively, and
the charge for service of its bonded obligations 153,979,976 francs and
167,424,257 francs, respectively. The fixed dividends on and the amortiza­
tion of the capital stock, which in 1922 were 11,842,660 francs, and in 1923
11,836,640 francs, were also covered by the surplus of receipts over operating
expenses.— (V. 120, p. 698.)
EVANSVILLE INDIANAPOLIS & TERRE HAUTE R Y .— 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, 134 miles. Trackage rights,
4 miles.
Under the reorganization plan, the company entered into agreement
with the Cleveland Cincinnati Chicago & St. Louis Ry. C o., 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 c f not to
exceed three years, with the option at any time during that period o f
purchasing the entire capital stock of the New Company for the sum o f
$1,000,000, payable in cash, or, at the election o f the ‘ Big Four,” in bond*
of the “ Big Four” issued under its Refunding and Improvement Mortgage
dated June 27 1919. The “ Big Four” in April 1921 received authority from
the I.-S. C. Commission to acquire the entire stock. It is proposed to
operate the property as the Evansville Division of the "B ig Four.” V,
112, p. 1399, 1977. Government loan, V . 112, p. 2536. Tentative valua­
tion, V. 113, p. 1052.
Payment to holders of 1st M tge. 6% bonds due 1924 and 1st Consol,
mtge. 6% bonds due 1926 under terms of Chic. & East. 111. Reorganization
Plan. See Chicago & Eastern Illinois R R .
Securities Authorized by New Company
First Mortgage 30-Year 7% Gold Bonds, interest payable semi­
annually. Subject to call after three years at 102 and interest
on any interest date on 60 days’ notice. Denom. $1,000, $500
and $100. Mortgage limited to $2,500,000; issuable forthwith,
$1,560,000: further amounts not over $1,000,000 in all, only
under proper and carefully safeguarded restrictions, only for
betterments (including equipment), additions, extensions and
permanent improve’ts, incl. rebuilding and reconstruction___$1,700,000
Common stock of a par value of $100 per share_______________ 4,290,000
RE PO RT.— For 1923: Gross, $1,763,509; net, oper. income, $446,797;
other income, $20,470; interest, rentals, &c., $672,494; bal., def., $205,227.
For details of reorganization plan, compare V. 110, p. 1186.— (V. I l8 ,
p. 550.)
FERNWOOD COLUMBIA & GULF R R .— Owns Fernwood to Colum­
bia, Miss., 44 m. Stocjt outstanding, $100,000. Bonds, see table above.
The I. 8. 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 1924, gross, $322,853; net oper. income, $70,110; other income, $2,642;
Interest and rentals, $66,319; bal., sur., $6,433. I’res., A. F. Wortman;
V.-P., N. E. Ball; Sec., J. L. Bentz; Treas., J. M . Fush. Office, Fern­
wood, Miss.— (V. 112, p. 1875, 1977.)
FITCHBURG R R .— See Boston & Maine R R .
FLORIDA EAST COAST R Y . CO.— Owns from Jacksonville, Fla., via
St. Augustine to Key West, 522 m .; branches, 234 m .; trackage, 7 m.; total,
763 m. Forms connection to Southern and Eastern Florida and thence to
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 o f
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 will increase the outstanding capital stock to $37,500,000.
BONDS, &c.— The 1st M . 4F£s ($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 $150,000,000. After
bonds, additional to the $30,000,000 Series “ A ” bonds, have been issued in

50

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

100 2,500,000
F onda Joh n stow n & Gloversville— Common stock.
100
500,000
Pref stock 6% cum call at 105 $1,000,000 auth___
1,000
500,000
First consol refunding mtge $500,000 gold.N .xc*
26 1897
1,000
800,000
General refund mtge $800,000 (V 71, p 34 )--N .xc*
26 1900
1,000 5,700,000
First cons gen ref M $7,000,000 g red 120-_N.xc*&r
75 1902
1,000
50,000
Johnstown G & Kingsboro 1st M assum ext 1913--Z
4 1893
100 2,634,000
F ort D odge Des M & So— Common stock___________
1,3«3,100
Preferred stock 7% cumulative___________________
100 &c 5,250.000
1st M g red 105 $50,000 due serially Dec 1 to 1937- 152 1913
500,000
Debenture gold bonds Series A red 105_ Nk.xxxc*
_
1923 500-1000
Fort Smith & W estern — See text
1,000
1,000,000
1891
Fort S treet Union Depot'—-1st mtge gold_____ Ce.x
100 2,291,416
Fort W avne & Jackson— Pref stock b\i% rental____ 97.53
1,000 8,173,000
454 1881
Ft W orth & Den City— 1st M g $18,000 p m .B a.zc*
1920
170,600
Eq tr No 20 (U S R B Admin) due $33,900 a n n ...G
1.000 See text
74 1905
G ainesville Midland— FirstM $1,000,000 g red at 110
100 &c
325,000
1913
Notes $400,000 auth extended to Oct 1 1922______
$1,000 $5,728,000
256 ’ 71-’ 80
Galv Harrisb & San A nt— 1st & 2d M g 1 gr ext__c*
1,000 13.418.000
Western Division 1st M (Mex & Pac ext) gold_ x
_
671 1881
2,539,000
1881
do
do
2d M "stam ped” guar p & i _____
1,000 10,000,000
1910
Galveston-Victoria Div 1st M $10,000,000 auth_
_

the amount o f $10,000,000 for other than refunding purposes, bonds may
not be issued other than for refunding purposes for more than 80% of the
cost o f work done or o f property acquired. Bonds may be issued in series
under the mortgage, each series bearing such rate o f 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.
R E PO R T .— For 1924, in V. 120, p. 2538, showed:
1924
1923
1922.
1921."
Gross oper. revenue____ $20,106,910 $16,0231998 $13,427^625 $13,579,109
Net oper. revenue______
5,511,463
3,896,031
3,220,341
1,555,374
Other income___________
373,974
475,602
96,991
442,789
Deductions_____________ 2,367,945
1,613,959
1,325,460
1,231,459
Surplus------------------------- 3,517,492
2,757,672
1,991,872
766,705
For latest earnings, see "Railway Earnings Section” (issued m onthly).
Chairman o f Board, W . H. Beardsley; Pres., W . R. Kenan Jr.; Y .-P. &
Treas . , L . C. Haines; Sec., C. D. Boice. General offices, St. Augustine,
Fla. New York office, 120 Broadway.— (V. 120, p. 2681.)
FLORIDA WESTERN & NORTHERN R R .— (V. 119, p . 2176.)
FONDA JOHNSTOWN & GLOVERSVILLE R R . 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, 14.77
m.; trackage, 3.98 m .; total, 86.78 m. o f road (128.28 m. of track).
Owns entire $105,000 common stock of Coal Co. of Fulton Co
DIVIDEN DS.—On com., 2 % , July 20 1910; July 10 1911. 2% ; Aug
1912 and 1913 2% : none since
Pref. dlv. paid regularly Q% per arnum
BONDS.— Consol. 4kis, $7,000,000 auth.; $1,300,000 is reserved to re­
tire prior liens. See V. 115, p. 2158. Guarantees $30,000 Gloversville &
Broadalbin 5s and $50,000 Johnstown Glov. & K. 5s and $50,000 8% stk
RE PO RT.— For 1924, in V. 120, p. 2543, showed:
Years— Gross. Net aft.Tax. Oth. Inc. Int.. Ac.
Pref. Div.
Surplus'
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%)30,000 139,469
1922.. 1,409,648
502.903
68,754
382,643
(6%)30,000
159,014
19 21.. 1,355,659
430,919
53,350
383,147
(6%)30,000
71,122
OFFICERS.— Pres., J. Ledlie Hees: V .-P ., James P. Argersinger; Sec.,
Frank Burton: Gen. M gr., Wm. H. Collins; Aud. & Treas., Geo. A . Harris.
Office, Gloversville, N. Y .— V. 120, p. 2543.
FORT DODGE DES MOINES & SOUTHERN R R .— Owns from Des
Moines, la ., to Fort Dodge, Boone, Ames and Rockwell City, 128H m.:
also extension to Lehigh and Webster City, 25 miles: total. 152.02 miles.
Originally a steam line but now electrically equipped. V. 97. p. 1357,
1426. 1583: V 106. p. 393.
D IV ID E N D S— 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924
On common____ 6
6
5
5
0
0
0
0
On preferred_
_ 7
7
7
7
*3}4
0
7
5M
* Of which 1H % was paid in acrip.
BONDS.— Open m tge., V. 101, p. 1272, 1972. Due serially on Dec. 1
$50,000 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% o f cost o f additions, &c.. when annual net earr­
ings are 1 *4 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 1924, gross, $1 848.904; net oper.
income, $329 378: other income, *161 708; int., rentals, &c., $374 030;
pref. divs., $95,417; bal., sur., $21,639.
Pres. & Gen. M gr., O. H. Crooks; Sec., Treas. & Aud., F. M . Johnston.
— (V. 119, p. 2176.)
FORT SMITH & WESTERN R Y .— Operates Fort Smith, Ark., to Guth­
rie, Okla., 216 miles, o f which Coal Creek, Okla., to Guthrie, 196 m.. 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. 101, p. 1553.
On Oct. 9 1915 Gen. Mgr. Arthur L. Mills was made receiver, but retired
on April 15 1921. being succeeded bv Chas. T . O’Neal, of Washington, D. C.
V. 101, p. 1272. Sold in Jan. 1923 to A. C. Dustin o f Cleveland, repre­
senting the bondholders, for $50,000, plus $800,000 of receivership in­
i' 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 o f the bondholders o f 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.
1 The new Railway C o., 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 c f $156,000
due Dec. 1925, had been paid.




Rate
%

When
Payable

[V ol. 120,
Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Aug
Q— M D ec
6
4V2 g .1 & J July
4 g J & J July
4 y2 g M & N N ov
J & J July
5
5g
7g

J
J

15 ’ 13 2% Checks mailed
do
15 ’24 1 ^
N Y Trust C o, N Y
1 1947
do
do
1 1950
New York Trust C o, N Y
1 1952
Ful Co N B k,G lov’lle,NY
1 1933

& D Dec 1 1925-38
& D Junel 1933

4 y2 g J & J ■Tan 1 1941
4
5H M & S Mar 1 1925 2 3
5H g J & D Dec 1 1961
J & J 15 To Jan 15 1935
6
5 g M & N N ov 1 1935
6
Q— J Oct 1 1922
Various 1935
6g
5 g M & N M ay 1 1931
J & .) July 1 1931
5
J & D Junel 1940
6

New York
New York Trust C o, N Y
Central Union Tr C o , N Y
Farmers’ L & Tr Co, N Y
Office, 32 Nassau St, N Y
Prin and int in default
Owned by Sou Pac Co
SoPacC o,165B ’way, N Y
do
do
do
do

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.
R E PO RT.— For calendar years:
1924.
1923.
1922.
1921.
Gross rev. from oper____$1,909,118 $1,590,871 $1,692,267 $1,773,095
Other income__________ def89,532
defl,355 def28,515
d efll,4 6 7
Total_________________ $1,819,586
Operating expenses_____$1,416,219
Rentals and taxes______
149,863

$1,589,516
$1,370,250
151,640

$1,663,752 $1,761,628
$1,352,542 $1,702,584
140,549
131,815

Total_ _____ _______ $1,566 082 $1,521,890 $1,493,091
_
$1,834,399
Net income___________
$253,504
$67,626
$170,661 def$72,771
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., A. C. Dustin, Cleveland, O.— (V. 120, p- 2142.)
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 M ich. Aug. 24 1889.
Stock, $1,000,000, of which Pere Marquette owns $515,800; par, $100.
Pres., F. H. Alfred, D etroit— (V. 100, p. 1832.)
FORT WAYNE & JACKSON R R .— Owns Jackson. Mloh.. to Fort Wayne
tnd. 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
SH % on the pref. stock (see V. 56. p. 812), and after 1887 any net earnings
over 8% on pref. stock to be paid on com ., but not exceeding 2%
year.
Common stock, $436,132. V. 106, p. 601.
FORT W ORTH AND DENVER C IT Y R Y . CO.— Ft. Worth, Texas, to
Texline, 454 miles. Owns securities of Ft. W . & Den. Term. R y.
o
STOCK, &o.— Colorado & South. Ry. Dec. 31 1924 owned all but $3,45_
of the $9,375,000 capital stock, the latter including $6,835,008 com m o
and $2,539,992 stamped stock. V. 63. p 1063.75
Payments under stamped stock agreement o f Oct. 12 1895. 4% per annum.
BONDS.— Abstract of mortgage, V. 45, p. 440. Certfs. of Indebtedness
owned by Colo. Sou. Dec. 31 1924, $299,917
Equipment trust, V 82.
p. 1101: V. 84, p. 508: V. 114, p. 2115. Ft. Worth & Denver Terminal R y .,
$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. R y. 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 5!4% - 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 dtiring the next 5 years, and 101 thereafter until Sept. 30 1961
(plus interest in each case). Compare V. 113, p. 2185.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3
R E PO R T .— For 1924 showed:
Calendar
Gross
Net (after
Other Interest, Dividends Balance,
Years. Earnings.
Taxes).
Income. Rents, &c.
(8 % ).
Surplus.
1924-..$11,170,306 $3,838,128 $424,931 $854,124 $1,378,656 $2,030,279
1 9 2 3 --. $9,625,851 $2,501,792 $671,183 $746,985 $1,378,656 $1,047,333
1 9 2 2 -.- 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. M gr., F. E . Clarity; Sec. &
Treas., W . O. Hamilton, Fort Worth, Tex.— (V. 120, p. 2681.)
GAINESVILLE MIDLAND R Y .— Owns Gainesville, G a „ 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 Gainesville were
appointed receivers in Feb. 1921. V. 112, p. 849.
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 o f 32 miles are pledged to secure an issue of
$400,000 3-year 6% coupon notes o f 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 inc.,
$8,016; charges of receiver, $40,265; net inc. o f receiver, $4,050.
GALVESTON HARRISBURU&SAN ANTONIO R Y.— (.See Map Southern
Pacific.)— Owns Galveston via Houston, Tex. to east bank of Rio Grande
River, 825 miles; Beeville to Damon, 167 miles; San Antonio to Port
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 o f the San Antonio & Aransas Pass R y. on Dec. 15
1924 authorized the leasing of the road to this company. The lease was
approved by the I.-S. C. Commission on March 25 1925.

a

May, 1925.]

57

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Mites Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Galv Hous & Hend o f 1882—L
lst M g Col yc*&r*
$ 1,000 $2,122,000
50 1913
O'Apr 1 1933
5g
Galveston Term ’ l— 1st M $5,000,000 gu (text)-B a.x
1,000
1908
1,106,000
SM ar 1 1938
6
Galveston W harf Co— 1st (r e) M gold s f ______zc*
1,000
1882
July 1 1932
424.000
6g
First series (wharf & railroad) gold 5s sink fund.zc*
1890
1,000
921.000
Apr 1 1940
5g
Second series (wharf & railroad) gold 5s s f _____zc*
1901
1,000
316.000
Aug 1 1926
5g
Genesee & W yom ing RR— 1st M gold $500,000--Col
1,000
*16 1899
Apr 1 1929
484.000
5g
Geneva C orning & S ou th ern — See N Y Central RR
G eorgia & Alabama— G eorgia Carolina & N orthe rn— S ee Sea board Ai r Line Ry.
G eorgia & Fla— Common stock $15,000 per m ile-..
100 5.250.000
Pref stock non-cum partic $10,000 per mile______
100 3.500.000
Millen & South 1st M ______________________ Col
'53 1905
1,000
212.000
5 g A & O Apr 1 1955
Receivers’ certificates______________________
1924
800.000
8
Tan 31 1927
Receivers’ certificates_________ » _______________
1924
400.000
5
Jan 31 1927
284 1907
500 &c * 6 , 210,000
Georgia & Florida mtge $12,000,000 gold______axe*
Nov 1 1956
5g M &
500 &c 2 , 000,000 See text
Gen M g (cum inc for 10 yrs) red par_____FBa.xc*
1912
Feb 1 1932
Georgia & Florida Term M _____________________ x
1910
1,000
"2
6
J & JjJuly 1 1930
200.000
1,000
Georgia Midland Ry— 1st M g $1,650,000 int gu.x
98 1896
3 g A & O Apr 1 1946
1.650.000
Georgia P acific— See Southern Ry
100 4,200 000
Georgia Railroad & B anking Co— Stock_______ _
307
10
Q— J Oct 15 1924 2H
1,000
1,000 000
J & J Jan 1 1947
Bonds not mortgage currency (V 87, p 226. 285)-zc
1907
4
Bonds refunding not mortgage currency_______
1921
1,500 000
6
A & O Oct 1 1951
100
2,000 000
G eorgia S outhern & Florida— Common stock____
100
684 000 See text M & N M ay 28 ’25 2)4
First pref stock 5% & partic non-cum red_________
100
1,084. 000 See text M & N M ay 28 ’25 2)4
Second pref 5% & partic non-cum $1,084,000____
1,000 4,000; 000
First mortgage gold $4,000,000_________ MeBa.xc*
285 1895
&
July 1 1945
5g
1,000 2 , 000 . 000
&
July 1 1952
First consol mortgage $10,000,000 gold_ N.xc*&r
_
391 1902
Debenture bonds red 102 HI_______________________
1924
A & O Apr 1 1952
3«e: 000
i*
1,000
23, 000
Equipment trust Ser E due $22M or $23M s-a g - .c
1915
g M & N 1 5 Nov 1925
1924
1,000
do
Series F due semi-ann__________________ c t
1,280 000
4)4 g M & N Nov ’25-N ov’39
1,000
400. 000
Georgia Southw & G u lf— Albany & Nor 1st M g - .c
1896
J & J Jan 1 1946
5g
100
G S W & Gulf mortgage________________________Ce
J & J Jan 1 1959
78 100
1909
5g
1,000
Gettysb & Harris— Con(nowlst)M$565,000g(text)_x
A & O Oct 1 1926
1891
565, 000
5
Gouverneur & O sw egatchie— See N Y C & H R RR

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 M ay '13
Fidelity Trust Co, Balt
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
State & City B & T , Rich
Pa Co for Ins on Lives.Ph
New York and Baltimore
Co’s office, Albany, Ga
Reading Terminal, Phila

* About 10% o f these bonds owned by company andpl edged as collate ral for floating debt

BONDS.— See V. 92, p. 1636; V. 94. p. 130; V. 96, p. 1772; V. 107
p. 1482. Western Divs. 2ds $2,539,000 are “ stamped” with a guaranty by
Southern Pacific Co. o f 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
Oo. owns $444,000 out o f a total of $2,539,000 Mex. & Pac. ext. 2d M . 5*
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.
R E PO RT.— 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.)
. GALVESTON HOUSTON & HENDERSON R R . CO. OF 1882.— Owns
from Galveston, Tex., to Houston, Tex., 50 miles. See V. 61. p. 1013.)
ORGAN IZATION .— The M . K. & T . R R . Co. o f Texas and Inter­
national-Great Northern R R . Co. have had trackage rights since Dec.
1895 under a contract providing for payment to Irving Bank-Columbia
Trust C o., as mortgage trustee, o f $106,100 yearly to meet interest on
G. H. & H. bonds and an additional rental of $24,000 per annum for
dividends or other purposes.— See V. 61. D . 1064 V. 63. p. 697: divi Mai
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 interest day. V. 98, p. 839; V. 102, p. 1987.
Stock, $1,000,000; par, $100.— (V. 114, p. 305 )
G A L V E S T O N T E R M I N A L R Y . — Owns extensive terminals at Galveston
Tex., used by Trinity & Brazos Valley R y., Colorado Southern and Ohio.
R I. & Paoiflo, which own practically all the stock. V. 87, p. 950. Owns
a large freight depot and warehouse and about 14 blocks along GalvestoD
water-front. Operates 49 miles o f main line and 20.33 miles of sidings
Stock, $25,000. Of the 1st 6s ($5,000,000 authorized issue), $1,106,00<
guar. Jointly by the Ch. R. I. & P. and Col. & Sou. V. 86 j> . 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 Galves
on. Tex.— (V. 100. p. 2085.)
G A L V E S T O N WHARF C O . — Owns wharf properties extending from lot)
to 41st Sts., Galveston, Tex., and 12.8 miles main line switching traoks It
olty, with yard tracks and sidings. Incorporated In Texas Feb. 24 1854
Stock outstanding at last advices, $2,626,600; par, $100. Dividends It
1904, 3 H % : 1905, 4 ) 4 % ; 1906 to 1908, 5% yearly; 1909. 4 % % : 1910 tc
1913, 5 H % ; 1914. 5 H % : 1915. 4?*% : 1916, 4% : 1917, 4*J%- 1918. 3%.
1919, 3% ; 1920, 3 ^ % ; 1921, 6% ; 1922, 6% ; 1923, 6% ; 1924 5% .
For 1924, gross, $1,805,767: net, $239,452; other Income. $12,321deductions, $90,931; dividends, $131,330; bal., sur., $29,512.
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres., John Sealy: V.-Pres., Geo. Sealy; Gen. M gr., E. E, Gossrau; Sec.,
O. W . Branch. Office, Galveston, T e x — (V. 107. p. 1195: V. 108. p. 170.)
C iA U L E Y

&

EASTERN

R Y .— V.

113. p

1772.

GENESEE & WYOMING R R .— Retsof, N. Y ., to Pittsburgh & Lehigh
Jet., 11 miles; Retsof Jet. to Griegville, 4 m.; branch, 2 m .; total. 17.52 m.
Stock, $500,000; par, $100. Dividends since 1909: Aug. 1910, 1 K % ;
N ov., 1 K % ; 1911, 5% , paid 1 H % Q.-J.; 1912 and 1913, 5% (Q.-F.); 1914,
Feb. and May, 1H % ; Aug. 1914 to Aug. 1916, 1)4% quar.; Nov. 1916, 2%
1917, 10%, 2% Q.-F. with a special div. o f 2% paid in Aug. 1918; Feb. &
M ay, 2% quar.; N ov., 4% ; 1919 to 1922 paid 10% yearly; 1923, 15%; 1924,
6 % . Year ended Dec. 31 1924; gross, $593,715; net oper. income, $234,824;
other income, $5,635; int., rentals, $139,145; divs., $30,000: bal., sur.,
$71,314. Pres., M . B. Fuller, Scranton, Pa.; V .-P. & Gen. M gr., H. C,
Finch, Retsof, N . Y .; Sec., H. J. Osborn; Treas., W. H. Barnard, 2 Rector
St., New York.— (V. 76, p. 1248.)
G E O R G IA AND FLORIDA R Y .— Owns from Auguata, Ga., to Madi­
son, Fla., 250 miles; branches, 156 miles; total, 406 miles. Also owns entire
stock o f the Statesboro Northern R y ., 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
celvers were appointed, and resigned in July 1921. John Skelton Williams,
Richmond, Va., took charge as sole receiver July 15 1921. In Oct. 1919
purchased Augusta Southern R R ., all operations being merged from Jan. 1
1920. Sale o f 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 . C. Commission in April 1924 authorized the company to issue
$1,600,000 receiver’s certificates, $800,000 o f which were pledged with the
Secretary o f 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 . 5s of 1907; Franklin Q. Brown. 33 Pine
St., N . Y ., and others. Depositaries, Baltimore Trust C o., Central Union
Trust Co. o f New York, and Richmond Trust Oo. 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, o f the Citizens Bank of Valdosta,
Ga., and E. B. Lewis, o f 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 o f 1907, $6,220,000 are in hands o f public and in
treasury. V. 85, p. 221, 530; V. 95, p. 1472. No interest on these bonds
has been paid since M ay 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.




R E PO RT.— For 1924 showed: Gross oper. revenues, $1,780,888; net
oper. revenues, $455,196; net oper. income. $225,664. For latest earnings
see "Railway Earnings Section” (issued monthly).-— (V. 120, p. 1877.)
G E O R G IA M I D L A N D R Y . — Owns road from Columbus to McDonough*
G a , 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 first mtge. bonds*
&o.) 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 R R . AND BANKING CO. (TH E ).— Georgia R . R. Augusta
to Atlanta, 171 m.; branches to Washington and Athens. 58 m.; Macon &
Augusta R R . (proprietary road). Camak, Ga., to Macon, Ga., 74 m.;
trackage, 4 m.; total, 307 m. Owns 50% stock o f Western R y. o f Ala.
Tentative valuation, $17,521,976 as of June 30 1916.
L ease. — In 1881 road leased for 99 years to W . M. Wadley et al for the
Cent, of Ga. and the Loulsv. & Nashv., at $600,000 per year, but In April
1899 the Loulsv. & Nashv. was held to have acquired all rights under the
lease; Atlantic Coast Co. 1899 acquired half Interest. V. 68, p. 722. Owns
majority ($989,900) stock “ Ga. RR. Bank.”
In Mar. 1920 announced that the Georgia R R ., the Atlanta & West Point
RR. and the Western Ry. o f 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 o f 1921 provided for the retirement o f $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 fo Jan.’ l l Apr. 11 to A p r.’24. July'24 to Apr.'2b.
R egular./ lO yly. 10M 11 yearly.
12% yrly. (Q.-J.)
2 )4 % quar.
Extra (from bank earns.), Jan. 1917. l% ;J a n . 1920, 1% .
RE PO RT for year ended M ar. 31 1925: Gross income $639,556; divs.;
(10% ), $441,000; interest and discount, $132,500; taxes & misc., $65,581,
bal., $475; total profit and loss surplus, $1,971,272.
Pres., Chas. H.
Phinizy, Augusta. Ga.— (V. 118, p. 2703.)
GEORGIA SOUTHERN AND FLORIDA R Y . CO .— (See M ap of
Southern Ry.)— Owns from M acon, Ga., to Palatka, Fla., 285 miles; on
N ov. 1 1902 purchased Atl. V. & W . R y ., Valdosta, Ga., to Jasksonville,
Fla., 106 miles; trackage, 11 miles; total, 402 miles. V. 60, p. 928; V. 79,
p. 551. Also owns one-eighth o f stock of Jacksonville Terminal Co. and
one-third of stock of Macon Terminal.
Owns the stock of the Hawkinsville & Florida Southern R y ., Worth to
Hawkinsville, Ga., 43 miles, and Ashburn to Camilla, Ga., 50 miles. The
I.-S. C. Comm, in Oct. 1921 authorized the receiver of that company to
abandon the line. V. 79, p. 2585; V. 97, p. 175, 365; V. 113, p. 2079, 2405;
V. 118, p. 1267, 1910, 2948.
Tentative valuation, V. 113, p. 1052.
D IV ID E N D on /1899. 1900-05. 1906. 1907-20. 1921-22. 1923. 1924.
4 yrly.
1st & 2d pref----(% )( 3
4)4 5 yrly.
None
2)4
5
Paid in 1925: M ay 28, 2)4 % •
STOCK.— Southern R y. Co. owns $177,700 first pref., $558,700 second
pref. and $1,882,400 common stock.
BON DS.— First mtge. of 1895 (A bstract, 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 $10,000,000
Jf which *4,684.000 are issuable to retire the $4,000,000 5s and $684,000 is*
or«f. stock and $3,316,000 are reserved for future needs
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 R y. Compare V. 118, p. 2948.
Calendar Years—1924.
Gross operating revenues $5,180,128
Total operating expenses 3,611,860

1923.
$5,319,344
4,102,187

1009
$4,518,016
3,744,211

1921.
$4,586,770
4,669,211

_
Net rev. from oper_ $1,568,266
Taxes & uncollect. rev__
220,734
Equip. & joint facil. rents
486,619

$1,217,157
239,621
344,515

$773,806
205,527
173,740

def$82,441
207,924
262,195

R y. oper. income___
Other income
_ _.

$860,916
46,945

$633,021
19,961

$394,539 def$552,561
393,002
30,465

Total gross income_
_
$907,861
$652,982
D eiu c s from gross inc_ _
30,721
■ 15,972
Int. on mtged., bonded
& secured debt295,947
245,327
D iv. on preferred sto ck .(5%)88,400 (2)4)44,200

$425,003 def$159,559
18,944
24,327
287,982

291,897

Income balance______
$492,792
$347,483
$118,078 def$475,784
For latest earnings, see Railway Earnings Section” (issued monthly).
Pre«.. Fairfax Harrison, Washington, D. C.; Sec.. C. E. A. McCarthy.
New York; Treas., E. F. Parham; Compt., E. H. Kemper, Washington,
D . C.— (V. 120, p. 1582.)
GEORGIA SOUTHWESTERN & GULF R R . (A lbany & N orthern
R y.).— Projected to extend from Albany, Ga., southwest to St. Andrews,
Fla., on the Gulf of Mexico. In Feb. 1910 acquired the entire capital stock
of the Albany & Northern R y ., Albany to Cordele, 35 miles; trackage rights.
0.61 miles. V. 90, p. 109, 502. G. S. W . & G. stock auth., $4,000,000;issuable at $20,000 per mile, outstanding, $14,700. The $4,000,000 mortgage
Is secured by pledge of $350,000 capital stock of Albany & Nor. R y.,
&c.; bonds issuable at $20,000 p. m. For year end. Dec. 31, 1924, gross,
$196,660; net oper. income, $67,959; other income, $3,213; int. & rentals,
$56,480: bal., sur., $14,692. Pres, and Gen. M gr., W . M . Legg, Albany,
Ga.; V .-P ., Sec. & Treas., H. J. Bruton, Bainbridge, Ga.; Aud., (J. S,
McNamara, Albany, Ga.— (V. 90, p . 502.)

58

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

G rand R apids & Indiana Ry— Stock $6,000,000_
_
First mtge mostly land grant gold ext in 1899___ zc*
367 1869
First mtge extended gold guar by Penn R R ___ zc*
367 1869
419 1896
_
Second mortgage $5,000,000 g o l d _ _________ xc*
Muskegon Grapd Rapids & Ind— First mtge g- ..Ce.x
37 1886
Traverse City R R — -■irst mortgage gold - ____ z
27 1883
Grand T ru n k Pac— lst.M £ guar Can Govt (text).c&r 1,755 1905
Prairie Section M (Ser A) £2,100,000[Guar p & i
916 1905
Mountain Sec M (Ser B) £2,050,000{ by Grand
839 1905
Lake Superior D iv 1st M £1,550,0001 Trunk
188 1905
Sterling bonds guar by Can Govt $15,940,800_c*Ar*
1914
Deb stock $50,000,000 red aft 1936. Int gu by G T
Grand Trk Pac Br Lines 1st M gu by Alb text--C*
1909
58
do
do
guar by Saskatchewan (see l;ext).
1909
4% guaranteed stock non-cumulative £12,500,000-First preference 5% stock £3,420,000 non-cum .

1884
'73-’74
'73-74

Par
Value

Amount
Outstanding

$100
1,000
1,000
1,000
1,000
1,000
$ & £
£100 &c
£10l &c
£100 &c
£100 &c
$100
$& £
£100
£100 &c
£100
£100
£100
£100
£100
£100
£100

3,512
Debenture stock £4,270,575 1 3,512 11874
Perpetual consol debenture stock (coll trust) c u m ., j
11884
Great Western perpetual debenture stock __
c 836 V, Var.
Northern R y third preference A and B bonds___ c\ 490 H /1868
Debenture stock 4% perpetual £425,850
(
11884
Canada Atlantic consol (now 1st) M g gu p & i
396 1905 100,£200
187J
Debenture s f bonds $25,000,000 call after Oct 1935
1,000
1920
at 102 K ________________________________C e.c*_.
1921 500-1000
Deben s f bonds $25,000,000 (non-call)- Ce.xxxc*
1901 500-1000
New England Elev 1st M g gu due $10,000 yearly-Montreal Warehousing 1st M $1,000,000 gold guar_
1906 $ or £
1,000
Car trusts Series D due $125,000 s-a call 102)4 Eq.c
1917
500 Ac
Car trusts Series due $400,000 s-a not call- FP.c*
1921
1,000
1920
Equip notes (U S R A) due $59,900 annually - - G
$ & £
G rand T runk W est— 1st M int gu $ (cur) & £ _-Fx
331 1900
Gen consol M auth $30,000,000 guar p & i .Usmx
331 1912
Grand Trunk Junction bonds_
_
_ _____________
_
4 1883
GETTYSBURG & HARRISBURG RY.— Carlisle to Gettysburg. Pa. .31.18
m.: branch to Round Top, Pa., 2.96m.; branch Pine Grove Furnace to Hun­
ter's Run, 7.46 tn. The Reading Co. owns SS75.090 of the $600,000 capital
stock. For cal. year 1924: Gross, $481,202; net, after taxes, $11,072; other
income, $1,613; deductions, $83,891; bal., def., $71,206.
GRAND RAPIDS * INDIANA R Y .— (See Maps of Pennsylvania RR.)—
Owns from Fort Wayne, Ind., to Mackinaw City, 367 m.; branches,
110 m .; total owned, 477 miles: operates Cin. Richmond & Ft. Wayne
R . R ., 86 m. On M ay 1 1917 purchased the property o f the Muskegon
Grand Rapids & Indiana RR. and Traverse City R R .; trackage, all lines,
13 miles. See V. 106. p. 2644; V. 76. p. 811: V. 82, p. 988. 1098. Successor
Aug. 1896 o f R R . Co. foreclosed (V. 63, p. 153.)
The stockholders on Dec. 22 1920, approved the lease o f the road and
properties to the Pennsylvania R R . effective Jan. 1 1921. The lease Is
■for a term o f 999 years and upon the general basis o f paying a rental suffi­
cient to cover fixed charges and a dividend o f 4% on the stock.
The Pennsylvania Co. offered to purchase the minority stock, giving in
payment par for par second mtge. 4 % bonds o f the Grand Rapids & Indiana
R y. V. I l l , p. 1949; V. 112, p. 61, 927; Y. 115, p. 645.
The I.-S. C. Commission has placed a tentative valuation o f $22,533,087
on the company’s property as o f June 30 1917.
STOCK.— Stock, $5,791,700 out. Pennsylvania Co. on Dec. 31 1923
owned $5,773,200.
BONDS.— The first mtge. bonds extended at 4 M % are endorsed with the
guaranty of the Penn. R R . Co. to purchase the coupons as they mature, and
the bond itself at maturity. See guaranty, V. 56, p. 649; V. 69, p. 1193
Of the 2ds, $2,164,900 are owned by the Pennsylvania Company, which
company guarantees prin. A int. on $1,038,000 2d Mtge. bonds.
RE PO RT.— For 1924, gross income, $753,745; deductions, $522,077;
dividends, $231,668.
Pres., Samuel Rea, Phila.; Treas., T. H. B. M cKnight, Pittsburgh, Pa.
— (V. 119, p. 455.)
GRAN D TRUNK PACIFIC R Y .— This railway was built with the
Joint financial support o f the Government and the Grand Trunk Ry. of
Canada under special Act passed by the Canadian Parliament in 1903 and
1914. The several lines have a combined length o f about 1,750 miles, from
Winnipeg to Prince Rupert. B. C ., on Pacific Ocean, 30 miles south of
Alaska line, with branches. 1,180 miles; total, 2,930 miles, viz.:
1. Western Division. Built. Owned and Operated by Company—
а. Prairie Section. Winnipeg to Rocky Mountains, about_________ 914
б. Mountain Division, Rocky Mountains to Pacific Ocean, about_
_ 833
2. Sundry Branch Lines— Built by co. and its subsidiaries_ about
_
992
3. Lake Superior Branch, Built and Owned by Co.; Leased & Oper. by Govt.—
Thunder Bay on Lake Superior to East. Div., east of Winnipeg___ 188
ORGANIZATION.— Incorp. by Canadian Parliament in 1903. V. 80
p. 996; V. 81, p. 1315. As to Grand Trunk Pacific Branch Lines Co., se
V. 90, p. 1044 (also bonds below): V. 82, p. 333; V. 88, p. 295, 822. 1372
1437: V . 107, p. 82; V . 110, p. 561.
On March 4 1919 notice was given that owing to the lack of funds
the Graud Trunk Pacific Ry. was unable to continue operations. Ac­
cordingly, under the provision of the War Measure Act, an order was
passed in Council on March 6 1919. placing the Grand Trunk Pacific Ry. in
the hands o f Minister o f Railways as receiver. Y. 108, p. 1060, 1274, 2118.
It was announced in Sept. 1924 that the warrants for a full year’s interest
to March 1 1924 on the 4% Debenture stock, payable out o f earnings of the
Grand Trunk Ry. Co. for the 12 months ended Dec. 31 1923, would be paid
on Sept. 29 1924 to stockholders o f record Sept. 8 1924.
STOCK.— Authorized. $45,000,000 (par of shares, $100 each) of which
the $24,940,000 outstanding is owned by the Canadian National R y. Co.
BONDS, &c.— The Canadian Govt, agreed to guarantee 3% 1st mtge.
bonds for an amount up to 75% of the cost of construction of the Western
division, such amount (a) in the case of the Prairie Section not to exceed
$13,000 per mile, or £3,210,000 in all; and (& three-quarters of total cost
)
per mile from the mountains to Pacific Coast, called Mountain Section.
Total issue. £14.000,000; Royal Trust Co., Canada, trustee. V. 80. p.
996. 1234. 1363; V. 81, p. 507, 613; V. 89. p. 224, 286; V. 91, p. 214. 276
Decision as to guaranty by G ov 't. Y . 93. d . 1386, 1462; Y. 95, p. 1607.
In 1914 Canadian Govt, guaranteed £3,280,000 4% bonds due Jan. 1 1962
V. 101. p. 1628; V. 98. p. 1766, 1920; V. 99, p. 342, 674; V. 100, p. 642.
Series “ A ” (Prairie Sec.) and Ser. “ B ” (Mtn. Sec.) 4% bonds secured by
a second mtge. (National Trust C o., Toronto, trustee) guar, as to prin. and
Int. by the Grand Trunk R y. C o., see in V. 80, p. 996; also V. 80. p. 996
V. 86. p. 794; V. 90. p. 1165; V . 92. p. 725.
Although the mortgage to secure the 3% bonds guaranteed by the Govern­
ment ranks before the mtges. securing A and B bonds guaranteed by the
Grand Trunk R y. of Canada, yet an agreement schedule to an Act of 1904
provides in effect that in the event of default by the oompany for 5 years in
payment of the int. on the 3% bonds, the remedy of the Government shal!
be to put in a manager with the concurrence of the company to operate the
Western Division and to collect and distribute net earnings of each particular
division pari passu between the holders of the bonds guar, by the Govt,
and the holders of the bonds guar, by the Grand Trunk Ry. Co. in the pro­
portion of 75% of such earnings to the holders of the Govt.bonds and 25
to the holders of the bonds of this division guar, by the Grand Trunk R y. Co.




Rate
%

[V ol. 120.

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$5,791,700
4
See text
918,000
33^ g J & J July 1 1941
4.455,000
4 H g J & J July 1 1941
5,000,000
4 g A & O Oct 1 1936
241,000
fe
5 g .1 < J •July 1 1926
135,000
3 g J & J Tan 1 1933
34.992,000
3
J & .1Jan 1 1962
A < o Apr 1 1955
10,206,000
4
fe
9,963,000
A < o Apr 1 1955
4
fe
7,533,' 00
A fir o Apr 1 1955
,
4
8,440,848
J < .1Jan 1 1962
fe
4
M <
34,879,252
fe
4
Perpetual
M < N Feb 25 1939
2,430,000
4
fe
4
M & N Feb 15 1942
1,153,764
M & N Jan 22 1929
9.874,062
4
V I0 5 ,pl415
Dec 18 1943
4 y2
116,563,053
60,833,333 See text See text f
16,644,000
1
12,312,667
Apr 1914 2 K %
34,884,535
20,782,492
J & J 14 Irredeemable
5
119,839,014
Q— J irredeemable
F < A Irredeemable
fe
13,252,323
5
A < O Irredeemable
fe
70,567
6
F & A Irredeemable
1,499,980
4
16,000.092
4 g J & ,TTan 1 1955
J See V I 19, p3006
240,413 Var,say 4 J
24,743,000
25,000,000
170.000
1,000,000
625.000
10,830,000
590,000
10,964.416
11,541,00(1
938.960

7g A
6 g ,vr
3H g j
A
4
F
5
6H g F
6g J
4g J
4g M
J
5

<
fc
A
(fe
A
A
<
&
<
&
A
A
A

O Oct 1 1940
s Sept 1 1936
.1July 1925-1941
o Apr 1 1936
A Aug '25-Aug '27
A Aug '25-Feb '36
.1To Jan 15 1935
J July 1 1950
S Sept 1 1962
J July 1 1934

Office, Grand Rap, M ich
Winslow,LanierACo, N Y
do
do
Philadelphia, Pa
Winslow, Lanier A Co
do
do
Bank of M ont,Lon A N Y
London, Montreal
See text

N Y

Check from C o’s Office
(
jGlyn, M ills, Currie A
(
Co, London
1
l
Montreal, N Y A London
New York
Bank of Montreal, N Y
Un S DATr Co, Portl.M e
Blair A Co, Ne York
Fidelity Trust Co, Phila
Guaranty Trust Co, N Y
Bank Montreal ,N Y ALon
do
do
do
do

As to $10,000,000 loan of 1909. see V. 88. p. 822. 1194. 1061, 1253. V a t
$15,000,000 loan of 1913, V. 96. p. 1629. 1772: V . 97. p 175. Regarding
Grand Trunk. Pacific Branch Lines bonds, see V. 90, p. 1044, 1165; V . 88.
p 1437; V. 96, p. 285: V. 97, p. 1583. For issues guaranteed by Province*
of Alberta and Saskatchewan, see V. 99. p. 1451; V. 95. p. 1331; V. 96. p.
285; V. 94, p. 1448. As to Dominion guaranty of $15,940,800 (£3,280.000)
4% Issueof 1914, the final $7,500,000 of which had been issued in Jan. 1919.
•ee V. 98. p . 1766; V . 108, p. 480, 578.
Perpetual debenture stock, see V. 84. p. 570; V. 96, p. 1296; V. 88, p. 624.
Y 90. p 303: V. 96 p 789; V. 94. p. 207; V. 95, p. 1207, 1607: V . 96, P789, 1088, 1297, 1629, 1700.
FINANCIAL S T ATE M E N T. A C — A full financial statement as of
Feb. 29 1916 was given In V. 102 p. 1982. Reports of members of the
Royal Commission, V . 104, p. 1754, 1800, 2117, 2235; V. 105, p. 1415.
Status in May 1923, see V . 116, p. 2255.
OFFICERS.— Pres., Sir Henry W . Thornton, Montreal, Can.; Sec..
R. P. Ormsby.— (V. 119, p. 1510.)
GRAND TRUNK RA ILW A Y OF CANADA.— (See M ap Canadian
Nat. Rys.)— Quebec, Can., Montreal to Chicago, 111., also to Portland,
Buffalo, Detroit, Toledo. &c.
Mileage—
Owned.
Leased.
Trackage. Tot.Mileage
Canadian lin e s......................3,337
251
22
3.612
Western lines______________ 734
231
26
991
172
—
172
New England lin e s ..____________
Total system_____________4,071
654
48
4,775
HISTORY.— See V. 106, p. 395
NATIO NALIZATION.— The Governor-General of Canada on N ov. 10
1919 signed a bill looking to the acquisition by the Government of the
entire capital stock of the company, except the £12,500,000 4% Guaran­
teed stock. A board of three arbitrators (Sir Walter Cassils, Sir Thomas
White and William Howard Taft) were appointed to determine what should
be paid for the stock.
The arbitration proceedings came to an end on July 8 1921, and on Sept. 7
1921 the Board's decision was made public, the arbitrators issuing a majority
opinion that the pref. and common stock was worthless. V. 113, p. 1155.
1471 1674. 2185, 2720; V. 115, p. 543, 2267; V. 117, p. 1347.
The Governor-General of Canada on May 11 1920 signed the amended
bill for the purchase by the Dominion Government of the stock control of
this company.
The Government will guarantee the dividends on the present 4%
Guaranteed stock and the interest on the company's debenture stock issues,
all these securities at the same time parting with their voting power. The
present 4% guaranteed and also the new guaranteed stock will be made
subject to call at par and dividends. Compare V. 112 p. 1740The shareholders on M ay 12 1921 ratified an agreement between the man­
agement and the Canadian Government providing for the transfer o f the
control of the railway to the Government during M ay 1921. V . 112, p.
1519, 1740, 1977, 2083, 2190.
Official circular dated Feb. 2 1920. giving history of negotiations with the
Canadian Govt, and text of amended agreement. V . 110, p. 2291.
On Feb 1 1923 Prime Minister Mackenzie King announced that the co­
ordination of the Canadian National and Grand Trunk R y . systems had
been carried out. See Canadian National Rys above.
DEBENTURE STOCK—NOTES.— The 4% debenture stock is a firs*
charge (1) upon the property, subject to certain prior liens, including the
5% debenture stock, aggregating about $54,000,000, and (2) on $76,048,441
securities of companies consolidated with the Grand Trunk C o., absorbed,
and controlled co’s. V. 97, p. 1733; V. 98, p. 1156; V. 109, p. 370.
The $25,000,000 7% debenture bonds of 1920 have a sinking fund of
$500,000 per annum, available semi-annually beginning Apr. 1 1921 for the
purchase of bonds at or below par. V. I l l , p. 1472.
The $25,000,000 6% debenture bonds of 1921 have a sinkingfund at
$500,000 per annum, available semi-annually and accruing from Sept. 1
1921. V. 113, p. 1250.
Canada Atlantic B y . was merged Jan. 1 1914; V . 100, p . 1432; its 50-yr. 4*
of 1905 (Royal Trust C o., Montreal, trustee), carry guar., prin. & int., of
Grand Trunk. V. 79. p. 1641. 24; Y- 80. p. 2343; V. 87. p. 1477.
Station Co. bonds, V. 82, p. 452. Montreal Warehousing guaranteed
bonds. V. 83, p. 37. Grand Trunk Pacific Devel. C o., V. 90, p. 306; V. 91.
p. 1449; V. 92, p. 1238; V. 93. p. 1107.
In 1917-18 the Canadian Govt, agreed to loan the company $12,000,00$
for interest charges, improvements, Ac. V. 105. p. 497, 818, 997, 1415.
Compare V. 108, p. 917; V. 107, p. 1384, 1287. Government loan of $25,000,000 in 1920, V. I l l , p. 74. As to the receivership of Grand Trunk
Pacific R y., see that co. above and V. 108. p. 1118.
Equipment trusts issued to Director-General for rolling sto k allocated
to this company. See article on page 3 and V. 114, p. 1651.
OFFICERS.— Chairman and Pres., Sir Henry Worth Thornton; V .-P.
& Gen. M gr., W . D . Robb; V .-P ., J. E . Dalrymple and M ajor G. A . Bell,
Treas., James A . Yates; Com pt., J. M . Rosevear. Office, Montreal,
Canada.— (V. 120, p. 2546.)
GRAND TRUNK WESTERN R Y .— Owns from Port Huron, M ich.,
to Chic. & West. Ind. R R ., at Chicago, 331 m.; leases Chic. Kalamazoo A
Saginaw, 9.51 m.; Chic. & Kalamazoo Terminal, 1.92 m.; trackage Chic. A
West. Ind., 5 m.; total, 347 m. Stock, $6,000,000, all owned by Grand
T runk. V . 6 9 .p. 954; V . 71, p. 22. AlUed line. Pont. Ox, A N or.. 100 m.

May, 1925.J

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

_
G reat N orthern— Stock $250,000,000. - _ Gt Nor 1st & R ef M g red 105 beg 1941-Ba.xc*&r*
do
gen mtge Series A
__ ... - _ _c*&r*
do
do
Series B . _______ ___ _.c*&r*
do
do
Series C _______
_ . . ..c*& 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 C due $300,000 ann____
do
do
Series D due $283,000 ann______
Old Underlying Divisional Bonds—
St P M & M consol mtge 1(now 1st M ) gold_ Ce=f
_
for $50,000,000 ____j (V 91, p 518) sink fund .z
l
Montana Ext 1st M ($25,000 p m) gold___ Ce.zc*&r
Pacific Extension M £6,000,000 gold___ Ce.zc*&r
E o f 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*
G t Nor Ry o f C an— See Canadian North Quebec Ry
Green Bay & W estern R R — Stock (see text)___
Debenture Class A incomes text non-enm. _
zc*
Class B incomes after 5% on stock non-cum ..zc*

Miles Date
Road Bonds

7,422
7,66C
7.66C
7.66C

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

Par
Value

Amount
Outstanding

100 249,478,250
1911 1,000 &c x35,668,000
100 &c 115,000,000
1921
100 &c 30.000,000
1922
100 &c 15,000,000
1923
2,863,000
1920
1,000
606,000
1921
1,000 8,050.000
1923
1924
1,000 4,500,000
1,000 4,250,000
1925
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

Rate
%

1896
1896

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

F
J
J
J
.1
J
F
M
M
J

& A Feb 2 1925 2V2 32 Nassau St, New York
& J July 1 1961
do
do
New York
& .1 July 1 1936
& J Jan 1 1952
New York
& J Jan 1 1973
New York
& J To Jan 15 1935 Guaranty Trust Co, N Y
& A Aug 1 1931
First Nat Bank, N Y
& S To Sept 1 1938
do
do
& S To Sept 1 1939 First Nat Bank, N Y
& J To Jan 1 1935 First Nat Bank, N Y

13,344,000
6g
20,806,000
4 y2 g
7,842,000
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

,T
J
J
J
J
A
J
J
J

& .TJuly 1 1933
& J July 1 1933
& .1 July 1 1933
& D Juriel 1937
& J July 1 1940
& O Apr 1 1948
TJuly 1 1937
& •
& D Junel 1938
& J July 1 1939

$100 $2,500,000
1,000
600.000
1,000 7,000,000

Equipment trusts Issued to Director-General for roll!ns: stock allocated
to this company, 2,271,500 as o f Dec. 31 1924 (due $206,500 annually to
Jan. 15 1935.
BONDS.— The Grand Trunk unconditionally guarantees the Interest on
the 1st 4s. The Incomes were called for payment on Dec. 1 1910 at 85 and
any lnt. then due. V. 90, p. 1239. Jointly with Toledo St. Louis & West
guarantees Det. & Toledo Shore Line bonds. V .7 6 .P . 653: V. 89. p.1411
The Grand Trunk R y. Co. o f Canada owns the entire outstanding
$11,541,000 gen. consol, mtge. bonds o f 1912 and guarantees principal and
interest; $15,000,000 to be held to retire the first at maturity. V. 92. p. 795,
1108, 1242, 1436; V. 93. p. 1323; V. 97, p. 237.— (V. 113, p. 1983.)
GREAT NORTHERN R Y . CO.— (See M aps.)— Operates a line from St.
Paul and Duluth. M inn., via Spokane. Wash., to Seattle, Wash., and Van­
couver, B. C .. with trackage rights into Portland. Ore., and numeroui
branches In Minnesota, Iowa. North and South Dakota. Montana. Idaho,
Washington, Manitoba and British Columbia. Total miles o f road In sys­
tem Dec. 31 1924. 8,251 miles; add mileage owned but not operated as part
of system, 6 miles; total, 8.257 miles viz.:
Lines owned in fee—
Miles
Leased Companies—
St. Paul to St. Vincent. M inn_393
Wat. & Sioux Falls R y ________ 102
Minneapolis to Seattle. W ash..1,807 Minneapolis Western R y ______
2
Everett,Wash., to lnt. Boundary 90
Trackage—
Seattle to Vancouver, Wash_
_ 173
Other lines owned in fee to Su­
perior, Butte. Sioux City. &c.4,830 Various other lines___________ 210
Total road owned____________ 7.120 Second, &c.. tracks & sidings..3,490
Controlled Companies—
Miles
Vancouv., Vic. & East. Ry.& N . 235
Other lines___________________ 414
New terminal companies 1917, V. 104, p. 560; V. 106, p. 174.
Owns jointly with Northern Pacific the Spokane Portland & Seattle Ry
166 miles. V. 85. p. 1273: V. 86. p. 1529.
In Dec. 1908 Chic. Burl. & Quincy (jointly held with Nor. Pac.) acquired
control of Colo. & Southern. V. 87, p. 1664. Uses Jointly Northern
Pacific line. Seattle to Vancouver. Wash.. 173 miles. V. 88. p. 1372
Controls Midland Ry. o f Manitoba jolntlywlth Nor. Pac. Ry. V.95,p.23fi
Tentative valuation, $395,353,655, as o f June 30 1915. V . 116, p. 1649.
1760, 2255.
ORGAN IZATION .— In 1907-08 absorbed St. Paul Minn. & M an., Sec..
V. 85. p. 600, 1209; V. 86. p. 168. 794: V. 106. p. 1577.
STOCK.— “ Single class, with uniform rights.” V.83, p .1469; V.84,p.749
D IV ID E N D S.— 1 ’92-’ 96 (incl.) ’97. ’ 98. ’99. ’ 00. ’01-’21. ’22. ’23 ’24.
P ercen t----------------/ 5% yearly
5 X 6J£ 7
7 7 yrly 5H£ 5
5
Paid in 1925: Feb. 2, 2J4%Also in 1898 50% In Seattle & M ont, stock, which was then exchanged
at 80 In payment or 40% of subscription to additional Gt. Nor. pref. V. 66.
p. 1044. 1188: V . 74. D. 829. In May 1901. H % and In N ov 1907 114%
i
was paid from earns, o f Lake Superior C o., Ltd., and In Dec. 1906 unit for
unit, shares in Great Nor. Iron Ore Properties.
BONDS.— The 1st & ref mtge. closed at $72,000,000, o f which, on
Dec. 31 1924, $35,668,000 were in hands o f public, and $36,332,000
were pledged under general mortgage. These bonds (in hands o f pub­
lic) are a first lien, directly or through deposit of stock, on 2,648 51 miles of
road at $13,441 per mile and a general lien (subject to existing liens of
$21,812 per mile) on 4,773-72 miles; total mileage covered, 7,422 23 a l s o
secured by equipment at the time o f the mortgage costing $59,073,180.
upon $46,200,068 o f which it is a first lien. V. 92, p. 1499; V. 93, p. 871:
V. 98. p. 698.
8t. Paul Minn. & Man. consol, m t g e . o f 1883. for $50,000,000, Is now a
first lien on both land grant and 2,542.69 miles o f road. V. 91, p. 518; V.
■64. p . 518: V . 86. p. 229; V. 87. p. 1533; V. 88. p. 295, 624. 1061. 1372.
Montana Extension mtge. Is limited to $21,687,000 on 833 miles In State
of Montana; $10,185,000 are in hands of the public and $11,502,000 with
trustee of Pacific ext. mtge. to secure to that mtge. first lien on tracks
Pacific Jet. to Idaho State line. 417 miles
Pacific Extension mtge.. £6.000.000. at £6.000 per mile In Montana and
J7.000 per mile west of Montana. V. 66, p. 1044. 1188; V, 80. p. 1111.
1174: V . 90. p. 383. 8ee abstract o f mtge.. V. 52. p. 82.
On Dec. 31 1920 Gt. Nor. and Nor. Pac. owned $107,613,500 of the
$110,839,100 Chicago Burl. & Quincy R R . stock, exchanged for their
Joint 20-year 4% gold bonds (secured by deposit of the stock In trust)
on basis of $200 In bonds for eaoh $100 stock. See circular, V. 72, p. 871
1034, 1135, and application tohst, V. 73, p. 294, 903; V.85, p.600. Through
the declaration of a stock dividend by the C. B & Q. of 54.132% ($60,000.000) to stockholders of record Mar. 31 1921, these holdings were increased to
$165,867,400 out o f a total of $170,839,100.
In April 1921 a syndicate headed by J. P. Morgan & Co. and First Nat
Bank, New York, offered an issue of $230,000,000 Northern Pacific-Great
Northern joint 15-year 6H£% convertible gold bonds (C. B. & Q. collateral)
due July 1 1936, at 96 X and int. The C. B. & Q. collateral joint 4% bonds
due July 1 1921, with final coupon attached, were accepted in payment at
100 and int. to date o f payment on allotments
Bonds are to be the joint obligations of the Northern Pacific R y. and of
the Great Northern R y ., and are secured by pledge of the following collateral
conservatively valued at an amount in excess o f 120% o f the principal
amount o f this issue;
1,658.674 shares o f the capital stock o f the Chic. Burl. & Qiuncy R R .
$33,000,000 North. Pacific R y. Ref. & Impt. M . 6% bds., ser. B, due 2047.
$33,000,000 Great Northern Ry. Gen. M . 7% bds.. ser. A, due 1936.
The bonds are redeemable as a whole or in amounts o f not less than
$5,000,000 at \03X and int.
In the Indenture securing the bonds the Northern Pacific and Great
Northern Ry. cos. have covenanted that, in the event o f any mortgage
being placed on the properties junior, respectively, to the Northern Pacific
Ref. & Imp. M . and to the Great Northern Gen. M ., such new mortgages
will secure the Joint 6 X % bonds outstanding by a lien pari passu with that
securing such new bonds.
.
, .
,
.
The indenture also provides that if the amount o f that issue is reduced
•through conversion or retirement the bonds and stock deposited as collateral
may be withdrawn proportionately by the respective companies.

When
Payable

5
4M g
7g
5X g
5g
6
OX
5g
4X g
4y2

5
5
X
--x y z Add’l amts, pledged, viz.: x $36,332,000 under Gt. N or.R y . Co. Gen. M .; y $11,5 02,000 u




59

E A IL W A Y STOCKS AND BONDS

do
do
do
do
do
do
do
do
N Y & Lon, Baring Bros
32NassauN Y ;Lee,H,Bos
32 Nassau St, N Y
do
do
do
do

Yearly Feb 9 1925 5% Office 40 Wall St, N Y
Yearly Feb 9 IP15 5%
do
do
'
do
do
Yearly Feb 9 ’25 X %
nder Pac . Ext. M .; z £14 5,900 und. 1st & Ref. M

The bonds are convertible into Northern Pacific Ref. & Imp. M . 6%
bonds. Series B, due 2047, or into Great Northern Gen. M . 7% bonds.
Series A, due 1936. part of which issues are deposited as collateral and of
which an additional amount is reserved, sufficient to provide for the con­
version of the Joint 6 X % bonds.
The conversion may be exercised by the holder o f Joint 6 X % bonds with
a view to obtaining a like principal amount of bonds, either all in the Ref.
& Imp. M 6% bonds. Series B, of the Northern Pacific, due 2047; all in
the Gen. M . 7% bonds, Series A, of the Great Northern, due 1936. or In
bonds o f both issues in any ratio between thp two which the holder may
desire, but not more than $115,000,000 of either of such bonds will be
issued in conversion.
As Joint 6 H % bonds are presented for conversion, the trustee will with­
i
draw from the deposited collateral a proportionate amount of C. B. & Q.
stock and will deposit such stock with the trustee of the Northern Pacific
Ref. & Imp. M ., or the trustee of the Great Northern Gen. M ., as required
by the demand for conversion, and will deliver such Northern Pacific or
Great Northern bonds, as the case may be. in exchange for the Joint 6 X %
bonds presented for conversion. At the time of conversion an adjustment
of accrued interest will be made between the Joint 6 H % bonds presented
i
for conversion and the mortgage bonds issued in exchange. Compare
V. 112. p. 1866.
The G. N. Ry. C o.’s portion, $115,000,000, has been converted Into a
like amount of gen. mtge. 7% bonds and proportionate amount of Burling­
ton stock has been released from lien of the joint indenture and pledged
under the gen. mtge. The remaining outstanding joint convert, bonds
(the Northern Pacific’s portion not converted) were called for redemption
July 27 1922 at 10314 and int. V. 114, p. 2240.
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
debt. and. in addition, by pledge o f $36,332,000 Ref. M bonds secured by
the same mortgage under which the $35,668,000 Great Northern Ref. M .
4!<% bonds, due 1961, now outstanding in the hands o f the public, were
issued in 1911 and subsequently. Thev 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 o f the conversion o f the Joint 614 % 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. mtee
S e r ie s R gold bonds, due
Jan. 1 1952, compare V. 114, P. 626; for offering of $15,000,000 Series “ O”
5% gold bonds, due Jan. 1 1973, compare V. 118, p. 2572.
Eastern Ry. of Minnesota.— Nor. Dlv. mtge. of 1898 limited to $9,700,000.
w e 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.
R E PO R T .—-For 1924, showed:
Calendar Years—
1924.
1923.
1922.
8,251
8,254
8,261
Average miles operated_____________
Passenger earnings__________________$13,683,383 $15,305,242 $15,112,453
F reight_____________________________ 86,144.671 93.672,147 78,065,563
Mail, express, &c___________________ 7,658.848
7.987,981 7,665,328
Other than transportation___________ 2,736.202
3,112,401 2,609,593
Gross operating revenues________ $110,243,104$120,077,772$103,452,937
Net earnings______________________ $3o.031.046 $33,327,248 $23,816,899
Add miscellaneous income__________ 11,094.127 10,852,213 12,059,964
Deduct railway taxes_______________ 10,270,008 9,134,208
8,113,259
Gross corporate income__________ $35,855,165 $35 045,252 $27,763,604
Rentals p a id _______________________
$133 051
$132,924
$119,403
Hire of equipment balance, &c______
592.716
496,041
635,576
Boyd interest, &c__________________ 17,187,797 16,348,339 16,242,953
Dividends on stock_________________ 12,473,618 12,473,605 13,097,264
Miscellaneous appropriations_______
8,285
11,123
20,520
Balance, surplus_________________ $5.459,698 a$5,583,219df$2,252,112
a Eliminating from the accounts, $5,227,721; interest on S. P. & S. R y.
C o.’s bonds (accrued in 1921) still unnaid.
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. O.
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. Hess Jr. New York office, 32 Nassau St.
D IR E C TO RS.— 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. 120, p. 2546.)
GREEN BAY AND WESTERN R R . 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 than
taxes, nor can any be placed thereon or tbe property be sold or leased
without consent of 75% of stock. Class A debentures are entitled to 2)4%
Interest, if earned, then common stock to 2H^ % . then the two share ratably
but after 5% on both, class B is entitled to all surplus earns. V 61. p. 471.
DIVS.&INT. ’ 12. ' 13. T4. T5. Tfl. T7. T8 T 9 -’21. ’22 ’23. ’24 ’25.
Class " A " debs. 5
5
5
5
5
5
5
5
6
5
5
5
Capital stock_ 5
5
5
5
5
5
5
5
5
5
5
5
Class “ B ” debs.
X
X
'
X
I X %
H
> X
4
X
X
X
R E PO R T .— For 1924, gross, $1,497,686; net, $350,576; other income,
$86,533; taxes, rents, &c., $164,225; reserve for additions and betterments,
$75,000; dividends paid, $190,000; bal., sur., $7,884.
For latest earnings, see “ Railway Earnings Section" (issued monthly)
OFFICERS.— F. B . Seymour, Pres.; Edgar Palmer, V.-Pres.; Charles
W. Cox, Sec. & Treas., 40 Wall St., N . Y .; J. C. Thurman, Gen. Aud.,
Green Bay, Wise.— (V. 120, p. 580.)

RAILW AY STOCKS AND BONDS
[V
ol.

120.




a

9

M a y , 1925.]

BAILW AY STOCKS AND BONDS




05
K

62

R A IL W A Y STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6]

G reene RR (New Y ork)— Stock guaranteed_______
G reenw ich & Joh n son ville— lstM$500,000g.Gzc&r.
G rov eton L ufkin & N orthern Ry— First mtge gold _
G u antan am o & W est— 1st M $600,000 goId--C ol.x
Refunding mortgage $6,000,000_______________Col
Oar trusts as of June 30 1923 (Series 3 & 4 )______
G u lf M obile & 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*
G u lf & Ship Island— Stock-----------------------------------First Ref & Term Mtge gold sink fund._N.xe*x&r*
G u lf Term , Mobile— IstM $700,000 g gu(text)xc*&r*
G u lf Tex & W est— 1st M $10,000,000 g red 105-Mp.x
Hampden RR— First mortgage (see text)___________
H ancock & C alum et— See Mineral Range RR
H annibal & St Josep h — See Chicago Burl & Quincy
H arrisburg P orts Mt J & Lane— See Penna RR
H artford & C o n n e cticu t W estern— Stock-----------First mortgage extended in 1903 and 1923_______ z
H enderson Bridge Co— See Louisville & Nashv RR
H ibernia Mine RR— Stock-------------------------------------H ocking Valley Ry Co (T h e )— Stock--------------------Columbus & Hocking Val first mtge gold ext_ xc*
_
Col & Tol I s tM gold ext 1905 (V 81. p 2 1 1 )..G ,x c*
First consolidated mortgage $20,000,000 gold __Cex
General mortgage $50.000.000_________________ Eq
Collateral note___________________________________
Ten-year collateral notes__________________________
Secured gold notes red (text)______________ 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
21 1923
21 1909
1909
1918

433
307
99

Par
Value
$100
1,000
1,000

100
100
1,000
100
1902 1,000 &c
1,000
1907
1,000
1909
1925

124
124 1883

100
1,000

G R E E N V I L L E & N O R T H E R N R Y . — Organized In Ja n . 1920 to take
over and operate the Greenville & Western R y. Operated for freight ser­
vice only between Greenville, S. C ., and River Falls, S. C ., a distance of

23 miles. Pres., Walter A. Graff; V .-P., Ramsay Webster, Duluth, Minn.:
Sec., L'. Carlson, Greenville, S. O .— (V . 113, p . 2720.)

G R E E N W I C H & J O H N S O N V I L L E R Y . — Owns from Northumberland.
N . Y ., to Johnson ville, N. Y .,21.46 m. Stock, $225,000, all owned by Del.

For year end. Dec. 31 1924; gross, $169,370;

exp. & taxes, $136,915; other income, $5,248: int., rentals, &c., $59,857;

bal., def., $22,184. 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 .; Com pt., W . E. Eppler, N . Y — (V. 117, p. 2889.)
G R O V E T O N L U F K I N & N O R T H E R N R Y . — Owns V eltch to V a lr,
T e x ., 21.15 miles: trackage. Groveton to Veitch, 1.25 m ., and V a ir to
L u fk in , T e x .. 13 6 m .; total, 36 miles. Stock, $50,000; p a r, $100. Bonds
$437,000; see table above (V . 90, p . 100).
Pres.. J . 8 .Joyce, Chicago.
Office, G roveton. T e x .— (V . 90. p. 109.)
G U A N T A N A M O & W E S T E R N R R .— Owns from G uantanam o B a y on
south coast of Cu b a , via San Justo and L a M a y a to San L u is, w ith branches
to various sugar mills; total mileage, including sidings and yards, 108.42
miles. In corp. in M aine . A reorganization after foreclosure M a r . 1 1910
per plan in V . 88. p . 294.
Stock authorized and issued, com mon, $2,750,000:1st pref. 7 % no n-cum .,
$2,750,000, and 2d pref. 5 % no n-cum ., $250,000 (in treasury $232,200,
$253,600 and $153,000 respectively); par of all shares, $100 each. E q u ip ­
ment trust notes, June 30 1923, $98,000.
T h e Refunding M tg e. for $6,000,000 was executed F e b . 1 1918 and sub­
sequently to June 30 1923 $4,300,000 6 % bonds were issued, of which
$2 .421,500 were held In the treasury and $1,878,500 outstanding.
F o r year ending June 30 1923, gross, $931,430; net, $139,069; deductions,
$236,635; bal., def., $97,566. V . 118, p . 198.
O F F I C E R S . — Antonio San M igu e l, Pres.; F . Bartes, Tre a s ., M . ^ J .
M an du ey, Sec. M a in office. 40 Presidente Zayas S t., H a va n a , C u b a .
Corporate office, 57 Exchange S t., Portland, M e . N e w Y o rk agency,
M a rw ic k . M itch ell & C o ., 40 Exchange Place.— (V . 118, p . 198.)
G U A Y A Q U I L & Q U I T O R Y . — (V . 120, p . 2681.)
G U L F M O B I L E A N D N O R T H E R N R R . C O . — Owns or controls and
operates 466 miles, viz.: Mobile, Ala., to Jackson, Tenn., 409 miles (main
line); McLain Jet. to Muse, Miss, 25 m.; Union, Miss., to Meridian, Miss.,

32.1 m .
O R G A N .— Successor Ja n . 1 1917 of N e w Orleans M obile & Chicago R R .J
foreclosed. V . 100, p . 1078; V . 103, p . 2238; V . 104, p . 256. 764.
Owns entire capital stock and bonds of M eridian & M em phis R y . C o .,
operating 33 miles of standard gauge railroad between U n io n and M eridian,
M iss. Operating contract, V . 116, p . 2388.

STOCK.— The pref. stock was 6% non-cumulative until Jan. 1 1920,
and cumul. thereafter. Stock outstanding as shown in table above.
V . 108, p. 878.
BONDS.— The company executed on Oct. 1 1920 its first mtge. to U. S‘
M tge. & Trust C o., trustee, to secure an issue o f $15,600,000 bonds. There
have been issued under the said mortgage $4,009,000 5)4% Series “ B ”
gold bonds. 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)4 % and int., and
thereafter on any int. date at their principal amount plus a premium equal
to )4 % 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 o f 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
o f the authorized amount may be issued from time to time under the
conditions provided in the mortgage, for the purchase, acquisition or con­
struction o f additional properties, for additions, betterments and improve­
ments chargeable to capital account, for the acquisition of eauipment or
to reimburse the treasury o f 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; M ay 15 1924 to N ov. 15 1924 paid 1)4%
quarterly; Feb. 16 and M ay 15 1925 paid 1)4% quar.
R E PO R T .— For 1923, in V. 119, p. 9 3 8 ,showed:
Other
A ll
Balance.
December 31
Gross
N et, after
Year—

Earnings.

Taxes.

Income.

Charges.

Surplus

$178,387 $1,122,222
$88,633
1924__________ $6,088,030 $1,211,976
X273.169
826,428
144,290
1923__________ 5,944,549
955,307
112,335
286,978
744.340
918.983
1922.................. 4,541,439
224,522
44,588
70,375
1921__________ 4,086,217
198,735
x Includes $114,068 dividends. * Before dividends.
F o r latest earnings, see “ R ailw a y Earnings Section” (Issued m o n th ly ).

O F F I C E R S .— Joh n W . F latten, Chairm an & V .-P ., N . Y . ; I . B . T ig re tt,
President; R . F . B ro w n , Sec., N . Y . : H . F . R icker, Tre a s ., M o '- " « . Ala.—

(V. 120, p. 2265.)
G U L F & S H IP IS L A N D R R .— Owns from Gulfport, on Mississippi sound.
Gulf of Mexloo, to Jackson, Miss., 16 0.50 m .; M axleto M endenhall. 104.75




Rate
%

$200,000
6
500,000
6g
437.000
600,000
6g
See text
6
98.000
6
10.992,690
11 ,411,890 See text
4,000,000
5)4 e
7,000,000 See text
3,227,000
5g
600,000
4g
2,000,000
5g

2,967,000
700,000

$100
$200,000
100 11.000,000
500 &c 1,401,000
119 1867
1,000 2,441,000
121 1875
346 1899 1,000 &c 16,022,000
1,000
1919
700,000
1924
1,665,000
1921
1,000 6,900.900
1924
1,000
897.000
1920
1,000
993,000
1920
1,000 3,484,000
1923
1.000 1,740,000
1924

4)4,

G R E E N E R R .— Owns road from Chenango Forks to Greene. N . Y . t 8
miles. Leased to Delaware Lackawanna & Western for term of charter
for 6 % on stock. The stockholders in Mar. 1924 authorized an issue of
$300,000 bonds. V . 118, o. 1267, 2179; V . 119, p . 1732. Stock, $200,000,
par, $ 1 0 0 — (V . 119, p . 1732.)

& Hudson Co.; V. 90, d . 790.

Amount
Outstanding

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J & D June 1925 3% D L & W, 90 West St
J & D Dec 1 1943
Office, 32 Nassau St,N Y
J
.1
Irv Bk-Col Tr C o, N Y
M & N 1 5 N ov 15 1929
F & A Feb 1 1948
do
do
F
A
F
Q— 1 M ay 15 ’25 1H
& O Oct 1 1950
In 1917 4%
.1
J Feb 1 1952
.1 & J Jan 1 1957
M & N N ov 1 1939

U S Mtge & Tr C o, N Y
do
do
Gulfnort. Miss
Chat & Ph N B & Tr, N Y
Bank of America. N Y
Chat & Ph N B & Tr, N Y

2
6

F & A 31 See text
J & J July 1 1933

Hartford, Conn
do

3
4
4 g
4g
4)4 g

A
J
A
F
J

6
6
5
6
6
5
5

1930
1931
M & S Mar 1 1926
J & J 15 To Jan 15 1935
J & J 15 To Jan 15 1935
A & O T o Apr 1 1938
J & J T o July 1 1939

g
g
g
g

A

&
&
<
fc
&
&

O See text
See Central o f New Jers
1) June 30 ’25 2% J P Morgan & C o, N Y
. do
do
o Oct 1 1948
do
do
A Aug 1 1955
do
do
J July 1 199,9
J P Morgan & C o, N Y
Guaranty Trust C o, N Y
do
do
TTn Tr, Clev; JP M or,N Y
Un Tr, Clev; JPM or, N Y

m.; Saratoga to Laurel, 41.75 miles; total, 307 miles. Tentative valuation.
$9,036,302, as of June 30 1916.
The I.-S. C. Commission on Dec. 3 1924 approved and authorized the
acquisition b j the Edward Hines Yellow Pine trustees of control, by lease
for a period of 15 years, of that part o f the line of road owned, extending
from Lumberton to Maxie, a distance o f approximately 16 miles, in Lamar,
Pearl River and Forrest Counties, Miss.
D IVIDEN DS.— 1903 to 1910. 4% yrly: ’ l l . 4% : ’ 12-M3. 2% ; *17. 4 % .
BONDS.— Of the first 5s outstanding In Dec. 1922, $i ,757,000 bonds were
In sinking fund. See V. 74, p. 426. and application to list. V. 74, p. 1257,
V. 81. p. 264.
R E PO RT.— For year ending Dec. 31 1923;
Cal. Yrs.—
Gross.
Net.
Other Inc.
Charges. Bal., Surp.
$622,313
$50,277
$440,185 $232,400
1923--------- $3,319,005
$1,180,081 $205,686
$395,934 $989,833
1922------------- $2,947,651
1921________ 2,852,960
def406.252
41,218
266,742 def631,776
1920.............- 3,061,130
def440,360
271,671
238,579 def407,268
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Mrs. Melodia B. Jones, Buffalo, N . Y .; Sec. & Treas., H. H.
Tippen.— (V. 120, p. 206.)
OULF PORTS TERM INAL R Y .— Chartered by State o f Florida In
1916. The line to M obile is under construction. Distance from Pensacola
to M obile, 60 miles; 46 miles In operation and grading and bridging done
on additional 18 miles. Branch to Muscogee, Fla., 11 m5 " 1
OFFICERS.— Pres., Elwood McLaughlin; V.-Pres., W . G. Prather;
Sec., L. G . Wilkinson; Treas., W . J. Forbes. Office, Pensacola, Fla.
GULF TERMINAL CO., MOBILE.— Owns union passenger station and
approaches at Mobile, Ala., leased by the Southern R y. and Mobile & Ohio
R R .w hloh own the stook and guarantee the bonds, jointly and severally,
p. & i., by end. The I.-S.O. 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.)
<1ULF 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 Weatb.
Mineral Wells & 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 o f the company as of June 30 1917Stock auth. and outstanding, $500,000; par of shares, $100. Of the 1st
5s ($10,000,000 auth. issue), $2,000,000 have been issued on the first 99
miles. V. 89, p. 933, 1223; V. 90. o. 109; V. 93. p. 44; V. 99, p. 406.
For 1924, gross, $303,299: net, inc., $84,141: other income, $1,513, interest,
rentals, &c.. $40,706: bal., $44,948. Receiver, W. Frank Knox, Dallas,
Tex.— (V. 120. p- 2265.)
HAMPDEN RAILROAD C O R P O R A T IO N .— 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
July 1 1924 the time within which the company’s line must be completed
and 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 o f road.
The Boston & Maine reorganization plan of Nov. 1918 made no provision
for the Hampden R R ., 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, o f the Union Trust C o., Springfield, M ass., wat
appointed receiver in March 1921.— (V. 114, p. 1179.)
HARRIMAN & NORTHEASTERN RR.— Harrlman to Petros, Tenn.; 20
miles. In N ov. 1902 entire ($600,000) stook acquired in Interest of Oino.
New Orleans & Tex. Pao. R y.,but Is operated separately. V. 76, p.157. 212.
HARTFORD & CONNECTICUT WESTERN RY.— Hartford. Conn., to
Rhinecllff, N. Y ., 109 miles, and branch, 13 miles. Leased till Aug. 1940
to Central New England R y. (now controlled by New York New Haven A
Hartford R R .), 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 o f maturity of $700,000
1st Mtge. bonds, and to increase the rate o f interest from 4)4 to 6% , and
(2) authorized the Central New England R y. to assume obligation and
liability in respect of the $700,000 bonds. Compare V . 117, p. 1883.—
(V . 117, p. 2323.)
HAWAII CONSOLIDATED R Y . LTD.— Owns Paauilio to Puna,
T. H ., 57 miles; Olaa Mill to Glenwood, 17 m.; branches, 7 m.; total, 81 m.
Successor in April 1916 of Hilo R R ., 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) $679,690
6% non-cum. 2d pref. stock; (cl) $400,000 com. stock. Report showed:
For year ending Dec. 31 1923, gross, $749,187; net, $143,847; other income,
$46,371; interest, &c., $121,188; bal., sur., $70,029. Pres., J. R . Galt.
Office. Hilo, Hawaii.— (V. 103, p. 2426.)
HIBERNIA MINE RR.— Owns Rookaway to Hibernia Mines, N. J.P
4.2 m., leased to Cent, of N. J. to Oct. 1930 at $6,000 yly.— (V .91,p .1766.)
HOCKING VALLEY R Y . 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. R R .) Toledo to Walbridge, 3-5 m .; (N. Y . C. R .R .j.
Toledo to Rockwell, 2.5 m.; Columbus and Athens, 0.8 m.; total main line
and trackage, 284 miles. Branches, 44 miles; leasee W . & J. B. R y..
Dundasto Jackson, 17 m.; Pomeroy Belt R y ., Pomeroy, O., 4 m .; total.
349 miles; 2d track, 82 m. Owns part interest in Toledo Terminal R R .
V. 99. p. 1210.
HISTORY, &c.— Successor Feb. 25 1899, per plan V. 68, p. 231, of
Columbus Hocking Valley & Toledo R y. foreclosed. Decision in Ohio
State anti-trust suit, V. 105, p. 997, 909, 818. Appeal filed in coal company
decision, V. 112, p. 2305.

M ay , 1925.]

63

R A IL W A Y STOCKS A K D BONDS

RAILROAD COMPANIES
lFor abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

49 1907
H o u s B e lt & T e r — lstM$5,O0O,000gredl05 text Ce.xc*
H o u s & B ra zo s V a l — 1st M (trus Merc Tr Co, St L ) 28.40 1907
H o u s E & W T e x — 1st M gu p & I by So Pa c.C e.zc* 1 192 /1893
First mortgage $3,000,000 gold not guaranteed___ z /

H o u s & Tex C RR— IstM I gr g redllO int guCe.zc*&r

W aco & N W Dlv 1st M g $25,000 p m _ Ce.zc*&r
_
Austin & N W (merged) 1st M g gu p & i_ Mp.zc*&r
Ft Worth & New Orleans 1st M (Wax to.Ft W )__.z
Cut-of fis t M $3,000,000 auth (V 94, p 131)_______

H u d s o n & M a n h a tta n (H u d s o n R iv e r T u b e s )—

Common stock____________________________ ;______
Preferred stock 5% non-cumulative_______________
New York & Jersey first mtge red 110_____Usm.xc*
First mortgage convertible.............................Q.xc*&r
First lien & ref M $65,000,000 g red 105-Ce.xc*&r*
Adj inc M $33,574,000 red par cu beg '20--G.xc*& r
Real estate mortgages____________________________

453
55
106
41
94

11893
1890
1900
1891
1885
1910

Par
Value

100
100
1,000
1,000
1,000
1,000
1,000
1,000
1,000

Amount
Outstanding

4,282,000
420,000
2,696,000
301,000
1,383,000
1,105,000
1,920,000
709,000
2,383,000

Rate
%

5
6
5
5
5
6
5
6
6

g
g
g
g
g
g

When
Payable

J
.1
M
M
.1
M
.1
.1
J

&
<
fe
&
&
&
&
&
&
&

J July 1 1937
.1 July 1 1937
N M a y l 1933
N M a y l 1933
.1 July 1 1937
N M ayl 1930
.1 July 1 1941
1) Dec 1 1925
D Junel 1940

100 39,994.945 See text
100 5,242,939
5
F & A 15
1,000 5,000,000
1902
5g F & A
r
1907 $, £ or fr
944,000
4)4 g F S. A
100 &c 37,521,234
1913
5g V & A
500 &c 33,102,000
See text
1913
5
653,000

M E RG ER .— In Sept. 1924 O. P. & M . J. Van Sweringen made a proposal
for the unified control and operation o f the railroads o f the New York Chi­
cago & St. Louis R R . C o., the Chesapeake & Ohio R y. C o., the Hocking
Valley R y. C o., Erie R R . Co. and Pere Marquette R y. C o., for detalis of
which see the New York Chicago A St. Louis R R . Co. below.
The stockholders on Mar. 28 1925 voted approval o f the lease of the
Hocking Valley R y. with the proposed Nickel Plate system. A group of
minority stockholders have filed a petition in Common Pleas Court at
Columbus, Ohio, seeking to enjoin the road from entering into the proposed
merger.
LATE DIVS. f’ 12. T 3. T 4. T5. ’ 16. 17. ’ 18. T 9. '20. ’21. ’22. ’23. ‘24.
4 4
4
P e rce n t------- 17^4 12 7
3 4 5)4 4
4. 4.
2
Paid in 1925: June 30, 2 % .

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Centra lUnion Trust,N Y
Mercantile Tr C o, St L
165 Broadway,New York
do
do,
do
do
do
do
do
do
do
do
do
do

June 1 1925 1 M V S M tge & Tr Co, N
Feb 16 1925 2)4
Feb 1 1932
Guaranty Trust Co, N
Feb 1 1957
Chase Nat Bank, N
Feb 1 1957
do
do
Feb 1 1957
do
do
Hud & Man R R Co, N

Y
Y
Y
Y

HOUSTON BELT & TERMINAL RY.— Owns a terminal line in and
around Houston, Tex., 20 miles, with large freight and passenger ter­
minals. Controlled by four proprietary roads, viz., Beaumont Sour Lake
S Western R y .. Gulf Colo. & Santa Fe (Atchison System). St. Louis
c
Brownsville & Mexico R y. and Trinity & Brazos Valley R y., which each
awn 25% of the $25,000 stock and, under the terms of an agreement dated
July 1 1907, agree to pay, under a pro rata wheelage basis, operating ex­
penses, and, on a one-fourth basis, int. on bonds and annual sink, fund o f
1% of bonds issued. The Terminal Co. has leased from Gulf Colo. &
Santa Fe R y. for 99 years from July 1 1907 all of Its property In Houston,
Tex., and the Terminal Co. has agreed to pay monthly rental and maintain
the property. Pres., F. G. Pettibone.— (V. 116, p. 2636.)
HOUSTON & BRAZOS VALLEY R Y. CO.— Owns Anchor to Freeport
and Bryanmound, 28.40 m.; leased mileage Freeport Term. C o., Freeport
to Sulphur Docks (mouth of Brazos River, 2.07 miles. Total mileage. 30.47.
S T O C K .— Chesapeake < t O hio R y . owns $8,837,900 stock.
S
Switches and sidings, 6.63 miles. The I.-S. C. Commission in Sept. 1922
BONDS.— The oonsols ($20,000,000 authorized), besides a Hen on the authorized the construction o f an extension 13 miles in length from Mile
entire property, subject only to $3,842,000 prior bonds, have a first lien on post “ 6 ,” near Velasco, Texas, to Hoskins M ound (19 miles N . E . from
the coal lands o f the Buckeye Coal & R y . C o .; $3,842,000 consols are reserved Freeport).
to retire the existing bonds (the latter may be extended at maturity). V. 72,
In M ay 1923 the M . K . & T . reorganization committee disposed o f the
p. 338: V. 74, p. 1038; V. 86, p. 229. Substantially all o f the bonds and interests of the M . K. & T . Co. in the H. & B. V . properties to the Freeport
stock of the Wellston & Jackson Belt R y., 18 miles, are deposited under Texas Co. and associates, New York.
said mortgage, see V. 101, p. 370; V. 68, p. 823; V. 102, p. 2167.
In Feb. 1924 the receiver was dismissed under an order in the form of a
The 2-year secured gold notes o f 1924 are redeemable as an entirety at judgment which allowed claims in the sum of $1,130,639 to be divided
100)4 and int. on March 1 1925 or on Sept. 1 1925 on 60 days’ notice. equally between the Freeport Texas Co. and the Southern Pacific lines.
V. 118, p. 907.
V. 118, p. 794.
The Gen. Mtge. o f 1919 Is limited to $50,000,000 and It Is also provided
The I.-S. C. Commission on March 28 1924 authorized the acquisition
that the outstanding bonds including underlying issues must not exceed of the company by the New Orleans Texas & Mexico Ry. by purchase of
three times the outstanding capital stock. None of the gen. mtge. bonds stock and other securities of and claims against the Houston conroanv.
are outstanding in the hands o f the public: $7,500,000 series “ A ” are Compare V. 118, p. 1772.
P y
pledged to secure the aforesaid notes; $3 153 000 are pledged as security
Stock authorized, $120,000; outstanding, $24,000.
for U. S. Govt, loans. Additional bonds within the amount above stated
Income account cal. year 1923, gross, $461,085; net, $25,449; taxes and
may be issued hereafter at par, for refunding purposes, for additions to and Interest on debt, $81,649; bal., def., $56,199.— (V. 118, p. 1772.)
betterments of, and for other capital expenditures, and also to the extent of
HOUSTON EAST & WEST TEXAS RY.— (See Map of Southern Pacific.)
80% o f the cost thereof for equipment, but with a sinking fund of 5% p. a.
from Houston, Tex., to Sabine River at Logansport,
for 20 years in each case upon the amounts issued for equipment. V . 108, Owns $1,920,000, of which $1,919,000 owned by So. Pao. Co., 192 miles.
3took
whloh has
p. 784.
$2,696,000 of the
prln. and int., by endorsement,
Kanawha & Hocking Coal & Coke and Continental Coal bonds. See guaranteed right to call them at bonds,int. V. 70, p. 841; V. 71, p. 236. re­
serving the
105 &
V . 109, p. 386, 1527: V. I l l , p. 97, and issue Nov. 1918.
D lv.. 16% paid In 1902-03, 30% in 1907-08, 10% in 1909-10. 11% In
Equipment trusts issued to Director-General for rolling stock allocated
1911-12 and 4% 1912-13, to 1915-16, incl. 6% : 1917. 6% ; 1918, 6% :
to this company. See article on page 3.
1919. 6% : 1920, 4% ;1921, 6 % ; 1922, 5% : 1923-24, nil.
Govt, loan, V. I l l , p. 792: V. 112. p. 562. 744.
R E PO RT.— For 1924, gross, $3,201,870; net oper. income, $133,549’
R E PO RT.— For 1924, in V. 120, p. 2443, showed:
other income, $6,249; deductions, $241,906: bal., def., $102,108.
Revenues
1924.
1923.
1922.
1921.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Freight--------------------------$15,021,470 $15,156,748 $11,637,209 $11,924,979
HOUSTON & TEXAS CENTRAL R R . CO.— (See M ap of Southern
Passenger______________
898,984
1,113,924
1,076,466
1,270,021
Pacific.)— Owns from Houston, Tex., to Denison, Tex., 338 miles; HempM ail___________________
87,651
81,790
78,762
87,588 itead. Tex., to Llano, Tex., via Austin, 215 miles; Bremond to Ross Tex
Express________________
138,329
176,312
129,018
82,575 55 m.; Garrett to Ft. Worth, 53 m .; Mexia to Nelleva, 94 m.; Glddings to
Miscellaneous---------------- 1,296,964
1,034,628
934,009
727,839 Hearne. 58 m.; other, 43 m .; Trackage rights over San Antonio & Aransas
Pass. 38 m .; Texas & Pacific R y ., Fort Worth to Dallas, 31 m. Other
T ota l......................---$17,443,399 $17,563,402 $13,855,464 $14,093,001
lines, not classified, 8 miles. Total operated Dec. 31 1924, 929 miles.
Exp 6 es—
tis
STOCK.— Stook, $10,000,000. of whloh the Southern Paolfto Co. owns
Maint. o f way & s t r u c „ $1,896,334 $1,734,736 $1,381,538 $1,686,611 a majority, par $100
V. 76, p. 1084, 1192, 1407 In 1902-03 6% was
Maint. o f equipm ent-.- 5,337,946
6,476,072
4,157,351 4,366,047 paid out of accumulated surplus; in 1910-11, 20% ; 1912-13, 3 % ; then none
Traffic------------------------168,161
159,443
139,802
131,599 until Jan 1925, when 6% was declared, payable 3% on Jan 10 1925 and
Transportation------------- 5,344,105
5,219,253
4,706,930 4,972,440 3% on July 10 1925
433,978
442,915
372,361
417/470
General________________
BONDS.— The 1st M . 5s are being gradually retired at or below 110 with
Transp. for invest— Cr_
2,022
5,231
10,849
1,773 land sales. T h efirs! mtge. was for $8,634,000. See abstract of mtge. in
V. 52, p. 242. With the exception of $1,149,000 consol. M . 6s (on which
Total__________ $13,178,503
$14,027,189 $10,747,133 $11,572,394 no Interest is paid) deposited with the trustee as part security for the gen­
Net revenue---------- $4,264,896
$3,536,213 $3,108,331 $2,520,607 eral 4s, all of the consolid. 6s have been retired with proceeds of land sales.
Railway tax accruals___ 1,219,610
1,074,399
978,009
811,788 Southern Pacific Co. owns $450,000 Lampasas Extension 1st M . 5s, $400,Uncollectible railway rev
441
984
1,709
274 000 Waco & N . W. Div. 6s and $2,303,000 Cut-Off 6s. Unsold land
grant Dec. 31 1924. 16.267 acres.
Operating income------$3,044,845 $2,460,830 $2,128,613 $1,708,545
For year 1924, gross. $15,627,314; net oper. income, $2,521,887;
Equipment rents (net)-- Cr.399,144 Dr.$95,699 Cr.$31,541 D r.$215,494 other income, $99,589; deductions, $461,997; bal., sur., (before divs.).
Joint facility rents (net).
74,091
88,936
84,914
67,691 $2,159,479.
Other income__________
656,817
289,558
253,261
256,089
For latest earnings see “ Railway Earnings Section” (issued m onthly).—
Less rents, &c_________ deb.84,856 deb.81,309 dev.75,348 deb.79,201
(V. 120, p . 326.)
HUDSON & MANHATTAN R R . CO.— Owns and operates double-tube
Gross income________ $4,090,041 $2,662,317 $2,422,980 $1,737,629
electric tunnels opened in 1908 from Sixth Ave. and 33d St., New York
Interest on debt_______ $1,759,957 $1,739,476 $1,737,018 $1,723,323
station, Hoboken
Dividends------------------- (4 %)439,980 (4 %)439,980 (4 %)439,980 (2 %) 219,990 City, under the Hudson River to the D . L . & W . R R . Pennsylvania R R .
N. J., and also southwardly through the Erie and
Balance, surplus_____$1,890,104
$482,861
$245,982 def$205,684 stations in Jersey City and under the Hudson River to the Hudson Terminal
Buildings on Church St. (one block west o f Broadway), extending from
The income account for 1924 contains a credit o f $453,631 for the amount Cortlandt to Fulton St. Mileage operated, 8.50 miles. Also affords
received from the U. S. Government in full and final settlement of the through service between Newark and New York City, using Pennsylvania
guaranty, for the six months’ operation from March 1 to Aug. 31 1920, under RR. tracks from Jersey City to Newark. V. 90, p. 635, 1041
Owns
Sections 209 and 212 o f the Transportation Act, 1920; also a net credit of Hudson Terminal Bldgs. Fare increases, V . 106, p. 2123, 2757: V 107 n
$66,578 on account o f adjustments o f reserves and other accounts for the 82. 181.401: V. 110. p 970. 1526. 1748: V. I l l . p. 294. 792, 1183.
same period.
D IV ID E N D S.— An Initial div. of 2 )4 % on the pref. stock was paid
For latest earnings, see‘ ‘ Railway Earnings Section” (issued monthly)
Aug 15 1923; same amount paid semi-annually to Feb. 16 1925. On
OFFICERS.— O. P . Van Sweringen, Chairman of Board, Cleveland! common stock, paid initial dividend o f 1 H % on June 1 1925.
BONDS.— Under the readjustment of Jan. 14 1913 (without fore­
W . J. Harahan, President. Columbus, O.; C. E. Graham, V.-Pres., N . Y.I
G. B. Wall, V.-Pres.; H. Fitzpatrick, V.-P. & Gen. Counsel: F. M . W hit­ closure) (V. 96, p. 208) fixed charges were reduced from $3,021,660 to
aker, V.-Pres. in charge o f traffic, Columbus, O.; R . N . Begien. V.-P. in $1,851,750. The plan was assented to in 1913 by about 98)4% of the
charge o f operation, Columbus, O.; A. T rew ett, Sec.-Treas., Cleveland, 414% bonds and 9514% of stock. Application to list, V. 98. p. 393-8
and F. D. Hodgson, Com pt., Columbus, O. General offices, Columbus, First Lien&Ref. dtge. $65,000,000 (Auth.) issued, 5% callable any interest
date at 105--------------------------------------------------------------------------- $37,521,234
O.; executive offices, Marshall Bldg., Cleveland, O.— (V. 120, p. 2393.)
Reserved (mterest rate not to exceed 5% ) for—
HOOSAC TUNNEL & WILMINGTON R R .— Hoosac Tunnel, Mass,
(1) Retirement of N. Y . & Jersey R R . 1st 5s car trusts and
to Wilmington, V t., 24 miles. Made standard-gauge in 1912. V. 95, p.
real estate mortgages, not over__________________________ $9,536,000
1541. The I.-S. C. Commission has placed a final valuation of $641,864
(2) Additions, betterments and equipment; also for exten­
on the company’s property as of June 30 1916. Company is controlled by
sions free from prior encumbrances, provided the annual net
Deerfield Valley Paper Co. through ownership of entire common stock. The
Income of the company is 1)4 times the Interest upon the
bond issue, $214,O O 1st mtge., matured Sept. 1 1922, but are unpaid.
O
new 1st M . bonds, incl. those then about to be Issued, say. 11,942,766
Stock, $250,000; par, $100. Divs.: In 1903, 2% ; year 1905-06, 3% ;
(3) Extension to Grand Central Station on same conditions. 6.000,000
1910-11 and 1911-12. 10%; none to 1923; 1924, 5% . Earnings for 1924, Adfustment Income Mortgage Bonds— Int. payable out of surplus
ross, $118,085; no d ef., $4,160; other income, $3,323; fixed charges,
Income and cum. from Jan. 1 1920 (V. 96. p. 209), Issued.........33,102,000
29,688; bal., def., $30,525.— (V. 119, p. 1843.)
Reserved for exchange for remaining 1st M . bonds________
472,000

t




64

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
{For abbreviations, &c., see notes on page 6]
Preferred stock 7 % non-cumulative_ __
_
First mortgage extended Series A
________
Second mtge old 7s extended Series B .
GP.x
Third mtge consol extended
- _
_ GP.xc*
Equipment tiusts due about $15,000 per y e a r .-P e l
do
do
due $10,000 semi-annually____c*
Illinois C entral— Common stock $123,552.000______
Convertible preferred stock Series A red (text).
Leased line4% stock guaranteed (seeremarks)____z
_
First mtge o f [Sterling bond old 6s ext in 1895_ z
1 8 7 4 for 1Bonds extended in 1905 as $ bonds.
$15,000,000-14s of 1886 due 1951 gold___ zc*&H
secures all [3 )4s o f 1886 due 1951 gold..zc*& r
equally -Us|3s'of 1895 due 1951 g o l d ____zc*&r
(V 83, p 76) [3 )4s o f 1903 due 1951 gold . ,c*&r
Trust bonds sterl (sec by Ch St L & N O cons) . Us.z
Springf Div 1st & ref M (V 66, p 1237) g ____Us.c*&r
Cairo Bridge bonds gold (see remarks)____Us.zc*&r
St Louis Div & Term M $10,000,000 gold. _ Us.c*&i
do
$5,000,000 (see V 65, p 1173) g._U s.yc*& i
Underlying St L D iv]S t Louis South 1st M g .B a.c*
& Terminal m tge./C arb & Shaw 1st mtge gold.c*
Purchased lines 1st M $20,000,000 gold Us.xc*&r
R ef M (Nor Lines) $120,000,000 g red____G.xc*&r*
Collateral trust bonds gold $ .
. . . __Us.zc*&r
Coll trust $25,000,000 gold on L N O & T.U s,zc*& r
Secured gold b o n d s.. _____
______ F.xxxc*&r*
Western lines first mortgage gold . .
Us.zc*&r
Ch St L & N O cons M ($18,O0O,OOO) g int gu_ xc*&r
do
guaranteed principal and interest____x
Joint 1st ref M (Southern lines) $120,000,000-—
Series A callable 110 after Dec 1 1918 F.yc*r*
Series B callable at 110 after Dec 1 1918__
Memphis D iv 1st M gold guar p & i (end). Us.zc*
Louisville Div & Term M $25,000,000 g Us.c*&r
Omaha Division 1st M gold $5,000,000__ Us.xc*&r
Litchfield Division 1st M gold $4,000,000 ___ F.xc*
Sec gold bds call 101 on or after Jan 1 ’24. Fvvv.c*&r *
a Includes $5,266,000 consol 5s pledged to secure

Miles Date
Road Bonds
74.11
74.11
74.11
74.11
74.11
__

706

111
1 239
30
17
748
2,187
857
798
218
567
567

Par
Value

$50
50
1920 500-1000
1857
500
1,000
1865
1918
1,000
1921
500 Qc
100
100
100
1875
£200
1875
1,000
1,000
1886
1,000
1886
1895
£200
1903 $l,000&o
1886
£200
1898
1,000
1892
1,000
[1897
500 &c
11897
1,000
1 886
1,000
1887
1,000
1904 1,000 &c
1908 1,000 &c
500 &c
1888
1892
500 &c
1921
500 &c
1895
1,000
1881
1,000
1,000
1881

1913
500 &c
1913
£100 &c
1889
$1,000
1897
500 &c
1900 1,000 &c
1900
1,000
1,000
1919
Illinoi sC ent ral collar
1,512
1,512
100
640
130

Amount
Outstanding

Rate
%

[V ol. 120.

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$1,371,750
Jan 28 1904 1%
Aug 1 192? 1%
2,000,000
A & 0 Mar 31 1040
416,000
6
Phila office, Packard Big
F & A Feb 11940
Phila office, PackardiBlg
367,500
6g
Phila office, Packard.Blg
1,497,000
5 g A & O Mar 31 1940
To Jan 1928
45.000
6
Philadelphia
***
2 0.000
6 g .1 & J July '25-July’36 Pa Co for Ins on L, Phila
120,826,7' 2
7
O— M J' nel 1995 1 H 32 Nassau St, N Y,& L ob
M & S Mar 2 199 5 3%
do
do
6
20,997,480
J & J July 1 1925 2%
9,989,700
4
do
do
A & O Apr 1 1951
Baring Bros, London, Eng
2,500,000
4g
1,000,00(
32 Nassau St, New York
3)4 g J & D Dec 1 1950
4 g .1 & J Jan 1 1951
1,500,000
do
do
2,499,000
do
do
3y2 g J &. J Jan 1 1951
Baring Brothers, London
£500,000
3 g M & S Mar 1 1951
32 Nassau St, New York
$3,000,000
3)4 g A * O Apr 1 1951
fe
Baring Brothers, London
5,266,000
3)4 g J < .TJuly 1 1950
fc
2,000,000
32 Nassau St, New York
3)4 g J < ,TJan 1 1951
do
do
3,000,000
4 g J & D Dec 1 1950
8,377,000
do
do
3)4 g J & J July 1 1951
J & J Tuly 1 1951
4,998,000
do
do
3g
M & S Sept 1 1931
538,000
do
do
4g
M & S Mar 1 1932
241,000
4g
do
do
12,000,000
32 Nassau St, New York
3)4 g .1 & J July 1 1952
54,187,000 4 & 5 g M
do
do
N Nov 1 1955
15,000.000
A < O Apr 1 1952
fe
do
do
4g
do
do
24,929,000
4 g M & N Nov 1 1953
do
do
8,000,000
6)4 g J & J July 1 1936
5,425,000
do
do
4 g F & A Aug 1 1951
al6,635,000
do
do
5 g J & D 15 June 15 1951
do
do
1,359,000
3K g J & D 15 June 15 1951
41,347.000
5g J &
249,2r0
5g J &
3,500,000
4g J &
fc
23,732,000
3)4 g J <
F <
fe
5,000,000
3g
3,235.000
S
3 g .1 <c
16,000,000
5)4 g J &
eral trust b onds of 1 886.

D Dec
D Dec
D Dec
J July
A Aug
J Jan
J Jan

1
1
1
1
1
1
1

1963
1963
1951
1953
1951
1951
1934

do
do
Baring Bros, Lon & N Y
32 Nassau St, New York
do
do
do
do
do
do
do
do

Owns entire stock of Chicago Memphis & Gulf R R . and Dubuque & Sioux
City R R .: also leases those roads. V. 96, p. 420, 716; V. 116, p. 720.
Owns $1,000,000 stock of Madison Coal Corp. See V. 105, p. 1899. On
Nov. 17 1924 acquired control of the entire outstanding capital stock o f the
Gulf & Ship Island R R . Co.
The stockholders of the Alabama & Vicksburg R y. and the Vicksburg
Shreveport & Pacific Ry. on April 1 1925 approved the lease of the roads
to the Yazoo & Mississippi Valley R R . under the guarantee of the Illinois
Central.
The I.-S. C. Commission has placed a tentative valuation of $347,680,187
on the property of the company as of June 30 1915.
CAPITAL 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. n. 395.
In Dec. 1924 Union Pacific owned $24,750,000 common and $4,500,000
preferred stock, in addition to $3,486,420, common and $1,936,900 preferred
stock of Railroad Securities C o., the latter company owning the equity
in $9,200,000 common and $1,846,000 preferred additional.
The stockholders on April 19 1922 approved an authorized issue of
$50,000,000 preferred stock, to be issued from time to time as the company’s
Balance, surplus_____$1,333,717 $1,225,349
$835,731
$331,824 needs require. The pref. stock may be issued in one or more series and
OFFICERS.— Pres.. Oren Root: V.-Pres., J. V. Davies; Treas., Wesley shall be entitled to receive non-cumulative divs. at rates not exceeding 7%
S. Twiddy: Sec., Robert B. K a v : Compt., F. H. Sillick. New York office. per annum. Pref. stock shall have full voting rights. Pref. stock or any
30 Church St.— (Y. 120, p. 2142.)
series thereof may, if the directors so determine at time of the issuance, be
HUDSON RIVER CONNECTING RR. C O R P.— Incorporated in convertible into com. stock within such period and at such rate, taking the
N . Y . State March 19 1913 to build for the New York Central R R ., which pref. stock at par and the com. stock at not less than par, as the directors
owns the entire $250,000 capital stock, a high-level railroad bridge across shall determine at the time o f the issue of such pref. stock. The directors
the Hudson River between Castleton and Shodack Landing, about 22 miles may at the time o f issuance provide that the pref. stock, or such series there­
south of Albany. The I.-S. C. Commission on N ov. 14 1924 authorized the of, shall be subject to redemption as a whole at a premium which shall not
N . Y . Central R R . to acquire control of the lines o f railroad of the corpora­ exceed 15% and dividends. V. 114, p. 738, 1765.
tion, and the franchises and facilities appurtenant thereto by lease. V.
The Series “ A ” stock is convertible into common stock, share for share,
and is redeemable after Sept. 1 1927 at 115 and divs.
119, p. 2407.
Common stockholders of record Oct. 22 1924 received the right to sub­
HUNTINGDON & BROAD TOP MT. RR. & COAL CO. (TH E).—
Owns from Huntingdon, P a ., to Mount Dallas, P a., 44 miles; branches, & c., scribe,at par to additional common stock to the extent of 10% of holdings.
V. 119, p. 1732.
30 miles.
DEPOSIT OF STOCK.— Over 75% of stock was deposited with 5 LA TE !'018ept.'04. ’ 05 to T 2 . ’ 1 3 .’ 1 4 .’ 15. ’ 16. 1917. M a r .’ 18-June’25.
D IV S ./ 6 yearly
7 yearly
6
5
5 61*6 & 1 ex 7 % p.a .(lJi Q.-M)
trustees (Drexel & C o., Phila., depositary) under agreement limiting the
BONDS.— Cairo bridge, see adv. In ‘’ Chronicle,’ ’ May 7 1892.
sale o f the stock, the pref. to not less than $50 and the com. to not less
The Trust Bonds of 1886 are secured by deposit of $5,266,000 Chicago St. L.
than $25 per share. In 1923 the trust was extended till April 1 1928
A New Orleans consols of 1881: also by a lien on the road. See V. 86. p 1343.
V. 106. p. 1230:V. 9 6 .p. 420. 1021. 1297. 1488
Collateral Trust bonds of 1952 cover by pledge of $16,350,000 5% 1st M .
BONDS.— The company, in Jan. 1925, approved and made operative a
plan o f readjusting the financial structure of the company, made necessary bonds 863 miles of subsidiary lines. V. 55. p. 550; V. 162, p. 1346.
The $25,000,000 collateral trust bonds of 1953 are seoured by pledge of all
by the maturity of its first, second and consolidated mortgages. Under this
plan the first and second mortgages were extended under an agreement the Loulsv. N. O. & Texas (now Yazoo & Mississippi Valley R R .), $16,which will secure to the bondholders of both mortgages an equality of lien 900.000 1st 4s, except $68,000. and $9,104,000 mtge. incomes. V. 61, p. 112
Chicago St. Louis & New Orleans 5s have their Interest guaranteed (by
upon the properties of the railroad company. Bonds under the first mort­
gage [.$416,000 outstanding, due March 31 1925 and bearing 7% int.] endorsement) until the principal Is paid. The 3 Us of 1897 are guar., prin­
were designated as^'Series A ” and were extended for a period of 15 years cipal and interest, by endorsement— see guaranty. V. 65. p. 1071.
Western Lines Loan of 1895, see "Supplement” of Jan. 1899. Total auth.,
■with int. at tin
'y w 6% per annum. There was also created an annual
sinking fund o f $10,000, applicable to the retirement o f the bonds of this $10,000,000; $5,425,000 outstanding and $4,575,000 owned by company
on Dec. 31 1924.
series.
Bonds under the second mortgage [$367,500 outstanding, due Feb. 1 1925
The St. Louis Division < . Terminal bonds are for $15,000,000 authorized.
£
and bearing 4% int.] were designated as “ Series B ’ ’ and will participate A bstract of mtge. In V . 66. p. 138. See also V. 66. p. 133: V. 71. p. 546.
with the “ Series A ” bonds in an equal lien upon the property, and were
Louisville Division & Terminal mtge. is for $25,000,000; of the bonds
,
extended for a period o f 15 years at the rate of 6% per annum.
$1,112,000 were reserved to purchase the 46 m. (Cecilia br.) from Louisville
Bonds under the consolidated mortgage [$1,497,000 outstanding, due 4 Nashville and to retire the L. & N. bonds thereon. Chicago St. Louis &
March 1 1925 and bearing 5% int.] were extended at the rate of 5% per New Orleans took title to the Loulsv. Dlv. and Joined In making mtge. See
annum for a like period o f 15 years, under the same lien and conditions as V. 66, p. 136, for abstract; also "Supplement” of Jan. 1899. V. 65, p. 367.
recited in that mortgage.
. . . .
516: V. 66. p. 133: V. 67. p. 581‘ V. 75. p. 671 V. 97. p. 887. 1024.
DIVS. ’98. '99. ’00. 01. ’02. ’03. ’04. ’05. ’06. ’07. ’08. 09- 2 0 . ’21- 24
Of Purchased Lines 3)4s of 1904, $14,662,000 were issued on 748 miles of
Oommon 0
0
0
0
0
5
1
0
0
0
0
0
See
subsidiary branch lines purchased, of which $2,662,000 were canceled In
Preferred 5 5 K 7
5
6
7
6 5M 7 K 7 3 H
0
text
Jan. 1911 and ref. bonds substituted therefor. (See V. 71, p. 288; V. 79,
On Feb. 15 1921 resumed divs. on pref. stock with payment of 1)4%>: p. 1273, 1642, 2588; V. 81, p. 1105.)
on Aug. 1 1921. Feb. 15 1922 and Aug. 1 1922, paid 1% each; none since.
Refunding Mtge. Gold Bonds of 1908 (auth. $120,000,000) are subject to
RE PO RT.— For 1924, gross, $677,758; net, $91,076; other income, $35,- call at 107)4 and int., M . & N . V. 104, p. 863; V. 87, p. 1357, 1420; V. 88.
626; int., deprec., &c., $307,522; bal., def., $180,820. V. 120, p. 2546.
p. 295; V. 92, p. 261, 527, 1636; V. 97, p. 1024; V. 98, p. 1459, 1608; V. 99.
Chairman, W . L. Haehnlen; Sec., J. D . Gormley.'— (V. 120, p. 2546.)
p. 1300. Cover main line, Chicago terminals, so-called purchased lines,
Springfield D iv., the St. Louis D iv., &c., a total of 2,174 m ., subject to
IDAHO CENTRAL R R .— (V. 113, p . 628.)
$61,766,000, incl. $2,500,000 Chic. Havana & West. 5s
ILLINOIS CENTRAL R R . CO.— (See M ap.)— ROAD.— Operates from bonds aggregating 5s
and Rantoul RR.
Of
bonds,
Chicago, 111., southerly to New Orleans, La., and westerly to Sioux City, $13,447,000 are 5s, pledged under 4s of 1952. V. the outstanding Of the
issued in Feb. 1923. (See
116, p. 822.)
la ., with numerous branches, viz.:
unissued bonds, $57,588,000 are reserved to retire a like amount of prior
S econ d
F ir s t
A d d 'l Y d . T r a c k
lien bonds and $8,225,000 are pledged as part collatral for 6)4% secured
M a in
M a in
and
M a in
gold bonds due 1936.
T ra ck
T ra ck
S id in g s
T ra ck .
Line Owned—The Illinois Central and Chic. St. Louis & New Orl. R R . Joint First Re­
(а) Original charter Line:
funding M . bonds ($120,000,000 auth. issue) are issuable in series bearing
615.87 Interest at not
Chicago, 111., to Cairo, 111------------ . 364.73 362.78 165.91
on about 1,512 miles of the
29.55
222.93 Southern lines, to exceed 5% and are secured Cairo, 111., to New Orleans,
L
.
Central Jet., 111., to E . Dubuque, 111. 340.77
including the main line from
La.. &c., and comprising all the system lines south of the Ohio River except
838.80 the Chicago Memphis & Gulf R R ., the Monticello Branch (52 m. and 21 m.
T otal___________________________. 705.50 392.33 165.91
36.20
558.12 respectively) and the Yazoo & Miss. Vail. R R . V. 97, p. 1822, 1733,1204;
.1,561.43
7.87
(б) Lines subsequently acquired______ 1,561.43
2.86 V. 98. > . 1459. 1608: V. 99. p. 1300: V. 100. p. 397, 474. 1852; V. 106.
1.75
9.49
Lines jointly owned____________
.2,276.42
Total owned_______________________2,276.42 430.28 173.78 1,399.78 p. 2757; V. 107, p. 696; V . 118, p. 663.)
Purposes for Which Said $120-000.000 Joint Bonds Were Issuable.
Lines oper. but owned by proprietary,
[Dec. 31 1924 amount Issued, $62,766,290 ($62,517,000 Series A and
6.16
corp. and not formally leased______
21.97
-1,505.53 362.06
85.58
915.15 $249,290 Series B ). of which the Illinois Central R R . owned $21,170,000.
1,505.53
Operated under lease________
311.43 leaving $41,596,290 outstanding in the hands o f the public.l
5.33
Operated under contract or agreement- 887.06
9.79
49.84
6.37
Trackage rights_________________ 183.89
- 183.89
3.88 (a) To purchase and improve railroads, terminal properties,
&c.. covered by this mortgage, all sold_________________ ___ $33,348,10*
Total mileage oper. Dec. 31 1924— .4,874.87 847.51 275.52 2,636.40 (h) To refund or retire a like amount of prior mortgages______ 50,132,000
4,874.87
(e) For future improvements, construction, etc---------------------- 36,519.900
Y azoo & Mississippi Valley RR. Co.
The $16,000,000 5)4 % Secured Gold Bonds, issued in 1919 on account or
Total mileage operated Dec. 31 1924--1,380.23
45.27
-----483.34
H IST O R Y , LEASES, &c.— Chartered on Feb. 10 1851. The Chi­ Improvements and additions, were secured by pledge of the following
cago St. L. & N. O. is leased for 400 years from July 1 1882 at 4% per annum securities: (a) $17,350,006 Illinois Central R R . and Chicago St. Louis &
on its $10,000,000 capital stock deposited to secure the leased line stock and New Orleans R R . Joint First Ref. M tge. 5% bonds. Series A, due Dec. 1
1963; (6) $4,575,000 Western Lines 1st M . 4% gold bonds, due Aug. 1 1951.
Interest on bonds.
Owns all the cap. stock ($20,000,000) o f Central of Ga. R y. but road is V. 108, p. 578, 2629.
The $8,000,000 6)4 % Secured gold bonds due July 1 1936 are secured by
operated independently. See that co. above.
Substantially all of the stock or th e Yazoo & Mississippi Valley R R ., deposit of $8,225,060 Illinois Central R R . Ref. M tge. 4s due N ov. 1 1955
1.380 miles, is owned in the interest o f the Illinois Central, the latter also and $3,820,000 111. Cent. R R . & Chic. St. L. & N . O. R R . Joint Ref. Mtge.
5s due Dec. 1 1963. V. 113. p. 71.
owning nearly all of the bonds.
IN TEREST ON INCOM E BONDS.— 2% yearly 1913 to Oct. 1916 lncl..
beginning April 1917. none, pending establishment o f $1,000,000 reserve
for contingencies: April 1 1921 paid 2% : Oct. 1 1921 paid 2 1 4 % : April 1 and
Oct. 1 1922 and April 1 1923 paid 2 ) 4 % and an additional 1% on account
o f accumulated int.. these payments cleaning up all accumulations.
Oct. 1 1923 to April 1 1925, paid 2 ) 4 % semi-annually.
F i r s t M o r t g a g e 4 ) 4 % ■ Outstanding, $944,000.
—
The balance of the issue
($66,204,000) is deposited with the trustees of the first lien and ref. mtge.
and the adjustment income mtge. in accordance with the terms thereof.
R E PO RT.— Year ending Dec. 31 1924, in V. 120, p. 1739, showed:
1924.
1923.
1922.
1921.
Gross operating revenue. $8,393,835 $8,228,523 $7,862,420 $7,683,662
Net operating income_
_ 5,356,214
5,148,189 4,659,404
4,167,770
Other income__________
296,397
279,245
264,154
245.715
Deductions____________
233,219
247,444
264,192
258,026
Bond interest__________ 2,168,535
2,168,535
2,168,535
2,168,535
Int. on adj. inc. b o n d s .. 1,655,100
1,655.100
1,655,100
1,655,100
Preferred dividend_____
262,039
131,006
-----------------




May, 1925.]




R A IL W A Y STOCKS AND BONDS

65

66

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 6]

Illinois Central (Concluded)—
Equip certs—
Series D due $95,000 each J & J; callable 102H -I
Ser E due $275,000 s-a call ’22 102)4% KU-CPyc*
Ser F due $737,000 yearly beg Oct 1 1926_____CP
Ser G due $324,000 yearly beg Oct 1 1925____CP
Ser H due $217,000 annually_____________CPxxx
Ser [ due $443,000 annually_______________ CP.c*
Ser J due $1,273,000 ann beg M ay 1 1928___xxxc*
Ser K due $863,000 ann___________________ xxxc*
Govt equip trust due $647,100 yearly___________ G
Equip contract— The Pullman C o______________
Illinois T unnel Co— See Chicago Subway Co.
Indiana D ecatur & W est— See Cin Ind & Western
Ind Harbor Belt— 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 $35,400 F & A ___________
G
do
due $36,680 annually________________ G
do
due $60,000 annually_____________ G.c*
do
due $25,000 annually________________ G
Indiana Illinois & Iowa— See N Y Central RR
Indian apolis & Louisville— See Chicago Indianapolis
Indian apolis Un— 1st M gold s f not callable. .FP.xc
Gen & R ef M $10,000,000 g gu red text_ F.c*&r*
_
do_
Series B g gu call (text)_______ F.c*&r*
In ternational-G reat N orthern Ry— Stock--------1st mtge gold bonds Series A red 107 J4--Eq.zc*&r*
Adjust mtge gold bonds Ser A red par_____Col.zc*
Secured gold notes red 100____________________ Col
Baldwin Locomotive Works notes______________
American Car & Foundry notes________________

Miles Date
Road Bonds

1916
1917
1920
1921
1922
1922
1923
1924
1920
1922

Par
Value

Amount
Outstanding

$1.000
1,000
1.000

Rate

$ 100,000

4H

1 375.000
8.107.000
1,000
3.564.000
1,000
2.60 >.000
5 759,000
1,000
1,000 14.003.000
1,000 12.945.000
6.-.71,000
1,3.6,179

46 1907 1,000 &c
1907
500 &c
27*48 1897
1916
100 &c
1921
1920
1,000
1923 500-1000
1924

2.500.000
1.725.000
2.500.000
252.000
70,v00
36'.800
780.000
350.000

fg
6K
5)4

i*

4)4
6g
6

When
Payable

J
M
A
F
F
A
M
F

4g
4g
6g
*7*
6g
5g
5g

F
J
J
J

& Louisville
575.000
1,000
1.77 1886
4)4 g M
1,000 4.000.
000 g J
1915
5
000 g J
1922 1,000 &c 4.000.
5
100 7.500.000
100 &c 17,250,000
1,106 1922
6g J
100 &c 17.000,000
6g J
1,106 1922
1.C00 2.400.000
1924
6g M
107,637
1924
194,972
1924

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 (b ut not part)

on or after N ov. 1 1922 at 102)4 and div. V. 106, p. 189. 1577, 2123
Series F, V. I l l , n. 1752; Series G. V 112. r>. 849. 1024 «eries H. V. 114.
p. 1286; Series J, V. 116, p. 1893; Series K, V. 119, p. 2407.
Equipment trusts issued to Director-General Tor rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471.
R E PO R T .— For 1924, in V. 120, p. 2027, showed:
1923.
1924
Average miles operated__________________________
6, 218
6,208
Railway Operating Revenues—
Rail-line transportation:
Freight______________________________________ $126,785, 948S136 270,307
6 ,451,349
Bridge tolls and miscellaneous freight_________ 5,383, 383
Passenger_____________________________________ 28,698, 324 30 951,847
418,986
422, 318
Bridge tolls and miscellaneous passenger_______
Excess baggage________________________________
200, 090
209,165
52,475
Parlor and chair car___________________________
66, 317
,478,802
M ail__________________________________________ 2,496, 374
,145,522
Express_______________________________________ 4,189, 524
675,362
• ilk_________________________________________
M
647, 202
322,645
Other passenger-train_________________________
433, 909
Switching_____________________________________ 2,029, 009
,038,783
Special service train_ ________________________
_
75, 061
94,030

&
&
&
&
&
&
&
&

[V ol. 120.
Last Dividend
and Maturity

Places Where Interest and
Dividends Are Payable

July ’25-Jan ’26 Bankers Trust Co, N Y
Nov '25-Nov ’27 New York
............. ..............................
Oct ’25-Oct ’351
Feb 1 1926-1934 ...........................................
To Feb 1 l f 37 New York
To Oct 1 1937 I_________ _____ ________
May 1 ’28 to ’38 N Y o ff or Bk o f N A & T
To Aug 1 1939 |New York
T o Jan 15 1935 Guaranty Trust Co, N Y
April 1932

&
July 1 1957
&
July 1 1957
Jan 1 1927
&
&
Jan 1 1931
& A Aug ’25-Feb ’26
& J 15 To Jan 15 1935
& D To June 1 1938
& D To June 1 1939

Grand Cent Term, N Y
do
do
do
do
Comm’l Trust C o, Phila
Guaranty Trust Co, N Y
do
do
------------------------------------

& N M a y l 1926
& J Jan 1 1965
& J Jan 1 1965

Fidelity Trust Co, Phila
Pennsylvania R R Co, 85
Cedar Street, N Y

&
&
&

Apr 1 1925 paid 4 %
New York

July
July
S Mar
Apr
Aug

1 1952
1 1952
1 1930
16 1926
16 1926

Stock outstanding, $5,000,000. of which N . Y . Central and M ic h . C e ntra
V . 106. p . 2018). which guarantee the bonds, own 6 0 % and O . M . & S t. P ..
and C h ic. & N o rth w ., 4 0 % . V 93. p. 164; V . 105. p. 2183. O f the bonds
($26,000,000 auth. Issue), $2,500,000 are reserved to retire C h ic . H a m . &

W. 68; $579,000 have been pledged as security for Govt, loan; $2,500,000
bonds out. V. 86, p. 108.
Equipm ent trusts Issued to D irector-General for rolling stock allocated

to this company. See article on page 3 and V 114. o 854. Equipment
trusts of 1921, V. 112, p. 1282. Equipment trusts o f 1023, V. 117, p. 1461.
G o v t. loan, promissory notes. & c.

V. 112. p. 744.

R E PO RT.— For 1923, gross, $11,607,333; net oper. income, $3,051,050;
other income. $471,679; interest, rentals, &c., $2,495,441; bal., sur.,
$1,027,288.
For latest earnings, see “ Railway Earnings” Section (issued monthly).
OFFICERS.— P re s .,-------------------; Sec., E. F. Stephenson; Gen. Treas.,
M . S. Barger; Compt., W . C. Wishart.— (V. 119, p. 324.)
I N D I A N A P O L I S U N I O N R Y . — Owns 1.77 m. of road, 1.76 m . 2d main
track and 10.73 m .y a rd tracks and sidings, w ith terminals at Indianapolis,
In d .: leases for 999 years the Belt R R . of Indianapolis— 14.18 m .(w h ich see).

Cleve. Cine. Chic. & St. Louis and Pittsburgh Cincinnati Chicago & St.
Louis RR. are proprietors, having invested in it $1 173,403 to Dec. 31 1924.
Ownership evidenced by certificates of ownership. Elevation of tracks
completed. V. 109, p. 676.
REPORT.— For 1924, gross, $436,612: net operating deficit, $318,019;
Total rail-line transportation revenue______ $171,427,465$184,109,280 other income, $1,093,801; deductions, $527.529; balance, surplus, $248,256.
Total incidental operating revenue_______________ 2,377,262 2,605,344
Note.—
terminal line operated for joint
Total joint facility operating revenue___________
33,403
48,541 benefit of The company is a switching and expenses and operating revenues
connections at cost. Operating
are apportioned each month to the interested roads on the basis of property
Total railway operating revenues..
$173,838,131$186,763,166 use and are debited or credited to the appropriate joint facility account in
Railway Operating Expenses—
Maintenance of way and structures.
..$23,921,030 $29,012,992 accordance with classification of Inter-State Commerce Commission.
BONDS.— The General and Ref. M . of 1916 will secure not over $10.Maintenance of equipment_________
. . 39,359,635 43,737,749
T raffic____________________________
.. 2,792,407
2,694,603 000.000 bonds maturing Jan. 1 1965, to bear rates of Interest as may be
Transportation— rail line__________
.. 63,404,919 69,934,258 hereafter determined, to be guar, jointly and severally, prin. and int., by the
Miscellaneous operations__________
. . 1,189,397
1,137,609 companies above named; a sufficient amount is reserved to redeem the
General___________________________
.. 4,328,427
4,367,123 4)48 of 1886. and remainder for future purposes. $8,000,000 have been
Transportation for investment— Cr.
970.897
861,060 Issued as 5s ($4,000,000 Ser. A and $4,000,000 Ser. B ), and are outstanding
in hands o f public. The guarantor companies and also N . Y . Chic. & St. L.
Total railway operating expenses______________$134,024,920$150,023,276 R R ., Cine. Ind. & Western, Chicago Indianapolis & Louisville R y. and Illi­
nois Central R R . have contracted to use the property perpetually as their
Net revenue from railway operations__________ $39,813,211 $36,739,890 main passenger terminal. The using companies in addition to paying
expenses o f operation and maintenance pay a rental based on the total
Railway tax accruals____________________________ 12,722,492 11,048,431
Uncollectible railway revenues__________________
56,902
27,396 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
Railway operating income_________________ ___$27,033,816 $25,664,062 ginning 1926, 1% of outstanding bonds. Farmers’ Loan & T*. C o., N . Y .,
and Union Trust C o., Indianapolis, trustees. V. 100, p. 1257, 555; V.
101, p. 1272: V. 116, p. 295.— (V. 119, p. 2282.)
Additions to Railway Operating Income—
Rent from locomotives________________ . . .
$233,429
$206,602
I N T E R N A T I O N A L - G R E A T N O R T H E R N R R . C O .— Successor, as
Rent from passenger-train cars__________
658,888
820,266 per reorganization plan outlined below, of the International & Great
Rent from floating equipment___________
3,500
3.500 Northern R y. Total system Dec. 31 1924, 1,159.5 miles, viz.:
Rent from work equipment______________
114,998
95,177
Lines owned—
Miles. I Lines owned (concl.)—•
Miles.
Joint facility rent income________________
2,169,618
2,219,745 Long View Jet., Tex., to Houston 232)Magnolia Park Terminal________ 10
to Laredo____________ 413 [Sundry
_
Total additions to railway operating income_ $3,180,435
$3,345,292 Palestine Ft.W orth, T .& P .C on n.272) Jointbranches________________ 129
Spring to
Trackage—
Deductions from Railway Operating Income—
Hire of freight cars— debit balance______________ Cr.$295,580 $1,795,582 Houston to East Columbia breh. 50 [Galv. Houston & Henderson,e t c .53.5
In June 1924 the New Orleans Texas & Mexico R y. acquired 74,991
Rent for locomotives____________________________
31,428
38,191
Rent for passenger-train cars____________________
635,005
611,207 shares of common stock of the company, the sale of which was approved
Rent for floating equipment______________________
4,117
17,120 by the stockholders in March 1924, and by the I.-S. C . Commission in Dec.
Rent for work equipment________________________
22,610
25,228 1924. V. 118, p. 2948, 3077, 3197; Y. 119, p. 2757.
Tentative valuation, $38,178,650, as of June 30 1917.
Joint facility rent deductions____________________
1,714,596
1,658,584.
Plan o f R eorganization Dated June 1 1922.
Total deductions from railway oper. income____$2,112,178 $4,145,915
The reorganization managers, J. & W. Seligman & Co. and Speyer & C o.,
Net railway operating income— carried forward.$28,102,073 $24,863,439 in June 1922 prepared a reorganization plan (V . 114, p . 2468). The plan
Total non-operating income______________________ 3,577,826
4,907,859 was declared operative on July 5 1922.
BONDS.— 1st Mtge. Bonds.— Total authorized amount, $40,000,000, at
Gross income------------------------------------------------- $31,679,899 $29,771,298 any one time outstanding. Interest, payable s.-a., at such rate as may
Deductions from Gross Income—
from time to time be determined at the time of issue. Secured by mort­
Rent for leased roads_____________________________ $1,758,574 $1,704,438 gage to Equitable Trust C o., N. Y ., trustee, which is to embrace except as
Miscellaneous rent deductions___________________
8,610
9,345 otherwise dealt with in the carrying out of the plan, all or substantially all
Miscellaneous tax accruals_______________________
1,903
2,338 thelines of railroad, franchises and equipment, terminals and other property
Separately operated properties— loss_____________
149,546
213,786 which may be vested in the new company; also all additional property o f
Interest on funded debt_________________________ 12,922,536 12,192,088 like character at any time thereafter acquired, subject, however, as to the
Interest on unfunded debt_______________________
223,201
127,504 property thereafter acquired, to existing liens thereon, and to any purchase
Amortization o f discount on funded debt________
331,508
______
acquisition.
Maintenance o f investment organization_________
1,363
300 money liens thereon created in connection with such the same or different
Bonds may be issued in separate issues maturing on
Miscellaneous income charges___________________
34,097
36,423 dates, and any series may be made redeemable all or part at times, on
notice and at
conversion privileges, as
Total deductions from gross income___________ $15,431,341 $14,286,225 be determined premiums, and may have suchissue. The new company may
by the directors at the time of
may
have the right to retire
issue
purposes
Net income___________________________________$16^248,557 $15,485,073 like aggregate principal any series, all or part, and toseries, for such the same
ambunt of bonds in another
bearing
Note.— Figures include Yazoo & Mississippi Valley R R . Co.
or different rates of interest, &c. Provision may be made for releases of
OFFICERS.— Pres., Chas. H. Markham; Senior V.-Pres., Albert E. any part of the railroads of the new company or of any other property.
Clift; V .-P ., J. J. Pelley, F. B. Bowes, Albert C. Mann, G. J. Bunting;
Series A 6% 30-year gold bonds, dated and carrying interest from July 1
Gen. Counsel, W. S. Horton; Sec., D . R . Burbank; Treas., R. E. Connolly. 1922, maturing July 1 1952, are redeemable as a whole only at 107)4 and
General offices, Chicago, 111.; New York office, 32 Nassau St.
int. On Dec. 31 1924 $21,809,000 had been issued, o f which $3,350,000
D IR E C TO RS.— John W. Auchincloss, William Averell Harriman, R. W. were pledged as collateral.
The remaining $18 191,000 1st M tge. bonds, authorized, will be
Goelet, Cornelius Vanderbilt, Stanley Field, Vincent Astor, Chas. A.
Peabody, John G. Shedd, R. S. Lovett. H. W. De Forest, David R. issued or reserved for issue under the regulations provided in the 1st mtge.,
Burbank, Chas. H. Markham, and, ex-officio, Hon. Len Small, Governor to the extent of not exceeding $3,191,000 bonds to be issuable to a principal
amount equal to the entire cost, and beyond that amount of bonds to 80%
of Illinois.— (V. 120, p. 1744.)
of the cost of new equipment, improvements, betterments, additions, new
I L L I N O I S S O U T H E R N R Y . — See Missouri-Illlnois R R .
mdeage or property, or (if permitted by law) stocks or bonds representative
of new mileage or property, whether constructed or acquired by the new
company orlby some subsidiary company.
I N D I A N A H A R B O R B E L T R R .— Owns W hiting1 In d ., to Blue Island,
,
H I., 14 miles; McCook to Franklin Park, 111., 10.5 m.; Argo to Union Stock
(2) Adjustment Mortgage Bonds.— Total authorized amount, $25,000,000.
at any one time outstanding. Secured by mtge. to Irving Bank-Columbia
Yards, Chicago, 11 m.; State line to Grasseli, Ind., 5.5 m.; branches, 5 m
total owned. 45.5 miles; trackage. 74 m .; total, 119 miles.
Trust C o., as trustee, on the properties embraced in the new First M tge. and




M at , 1925.]

RA ILROAD COMPANIES
[For abbreviations, dec. see notes on page 6]

International Rys o f C ent Am—-Ordinary shares..
Preferred stock 5% and partic see text____________
Preferred dividend notes__________________________
Preferred dividend notes__________________________
Guatemala Central 1st M g ext 15 yrs to ’31 USm.z
Internal Rys (1st M on 104 miles; 2d on bal.) Eq.x
First mtge gold red 102M ___________________ Em.x

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

$100 $30,000,000
100 10.000.000
5
1917
771,900
6
1921
2,654,300
6
1,000 2.319.000
74 1886
6g
1,000 2 201.000
1912
5
458 1912 £, fr, &c / 6 175 000 \ 5 g
1 £ 9 1 680 J
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
414
—
£100
£400,000
5

Interoceanic Ry o f Mex— 1st pref stk 5% to n -cu m ._
Second preferred stock 4% (V 87, p 1160) non-cum.
4% debenture stock subj to call at par £1,150,000-.
Ordinary 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______PhP
Equip tr ser D due $40,000 s-a red 102 V6___ FP.c*
Equip tr ser E due $28,000 s-a red 102 l ___ FP.c*
A
...
Iowa C entral— See Minneapolis & St Louis
Jacksonville Term— 1st M gold guar--------- Mp.xc*
31
1st & gen M gold gu p & i (end) $3,500,000..US.c*
Re & ext mtge series B red (text)_________US.c*&r*
do
Series A __________________________________
Jamestown Franklin & C learfield— See New York Centl
Jefferson— 1st & 2d M s ext in ’87 & '89 (H’daleB r)._c
8
1st M g ext 1908 & again 1919 red 105 gu p & i FP.c*
37

1917
1923
1923
1894
1917
1921
1921
RR.
1867
1889

When
Payable

Q— F
F &
J&D
A &
J &
M &

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

15 M a y l5 ’25 114 %
A Feb 15 1927
Office, 17 Battery PI,NY
do
do
15 June 15 1936
O Apr 1 1931
do
do
do
do
.1 Jan 1 1972
EmpireTrCo,NY,Lon,&c
N M a y l 1972

Dec 19 1913 4% London
do
N ov 14 19122%
M S. S 15 Sept 15 1950
r
1911-12 Sept 15 1950
M &N30 N ov 30 1950
J & D 15 Jan 1 1984

London
See text
See text

$1,000

$150,000
1,040,000
728,000

5g
5%
514

A & O Apr 1 ’26 to ’ 27 Philadelphia
J & J
M & N N o v ’25-M ay’38

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

400,000
100,000
1.100,000
2,000,000

5g
5
6g
5g

J
J
J
J

&
&
&
&

J July
J July
J July
J July

1,000
1,000

300,000 4M & 6 J
2,800,000
514 g A

&
&

J July ’27-Jan ’29 Fidelity Trust Co Phila
Erie R R , New York
O Apr 1 1929

from time to time becoming subject thereto. Subject to the First M tge. and
to the prior payment out o f the mortgaged property o f all bonds at any time
issued and outstanding under the First Mortgage, interest payable annu
ally or semi-annually as may be provided, at such rate as may from time to
time be determined by the directors at the time o f issue, but required to be
paid (except as to arrears, if any. o f cumulative interest payable on ma­
turity of the principal), only out of net income as defined in the mortgage.
They may be issued in separate series maturing on the same or different
dates, and any series may be made redeemable, all or part, on notice and at
premiums, as may be determined by the directors at the time of issue, but
In all cases with accrued cumulative interest. Payment of installments of
interest for any period on Adjustment Mortgage bonds of different series
carrying different rates o f interest shall be made in amounts which in all
cases bear to each other the same proportions as the respective maximum
rates of interest carried by «ucb respective series bear to each other.
Under the Adjustment Mortgage the new company may reserve the right
to retire any series, all or part, and to issue for such purposes like amounts
of bonds in another series, bearing same or different rates of interest. &c.
The Adjustment Mortgage will provide that the net income applicable
to the payment o f interest on the Adjustment bonds shall be deemed to be
its net income as that term is defined in the accounting rules of the I.-S. O
Commission from time to time in force, but without deduction in ascer­
taining net income for Interest on the Adjustment Mortgage bonds; and
only such portion o f the not, income for each year beginning Jan. 1 as direc­
tors may determine, but not less than 50% o f such net income for each such
year ending prior to Jan. I 1928 shall be required to be applied (to the extent
necessary) to the payment of interest on the Adjustment bonds, and that
any remaining net income for any such year prior to Jan. 1 1928 to the
extent o f any difference between the full interest on the Adjustment bonds
and the interest actually paid thereon, shall be carried into a separate
account which shall be available for capital expenditures or other corpora te
purposes, but shall not in any year be a part of surplus available for the
payment o f dividends on any class o f stock at the time outstanding.
After Jan. 1 1928 'he niterest on (ho Adjustment, bunds at the rate
borne will be cumulitivo. and at the maturity of the principal all arrears of
cum. int. shall bo p a y a b lb u t accumulations of interest shall not bear int.
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 o f $17.000,00O. Red. at par and accrued accumulative interest.
The New Orleans Texas & Mexico R y. in Feb. 1925 offered to guarantee
to holders o f 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 o f each such assenting adjustment bond of an option to New Orleans
Texas & Mexico R y. to purchase such assenting bond at any time at the
following prices: (a) I f the date designated for such delivery be before
Jan. 1 1928 at 85% o f the face amount thereof with interest on such face
amount to the delivery date at the rate o f 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 o f 4% per annum.
R EPO RT.—-For 1924, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
.-$16,901,448 $15,806,608 $14,674,116
. . 12,955,240 12,542,633 12,280,299
Net operating revenue_______
-- $3,946,208 $3,263,975 $2,393,816
Taxes_________________________
555,456
485,295
392,817
Other operating charges________
818.832
602,754
682,611
$1,374,288 $1,088,049 $1,075,428
-- 2,571.920
2,175,926
1,318,388
Non-operating income_______
102,261
160,453
133,967
Gross income_____________
$2,674,181 $2,336,379 $1,452,356
Deductions from income______
29,454
41,133
24,071
Interest on fixed charge obliga
1,191,314
1,183,734
1,180,767
Interest on Adjust. Mtge. 4 s ..
680,000
680,000
Balance o f income-----------------------$773,413
$431,511
$247,518
For latest earnings see “ Railway Earnings Section’ ’ (issued m onthly).
OFFICERS.— Chairman, William H. Williams; Pres., L. W . Baldwin;
Exec.V.-P., H. R . Safford; V .-P ., Sec.& Treas., A.R.Howard. Gen. offices.
Mason Bldg., Houston, Tex.; N .Y . office, 54 Wall St.— (V.120, p. 1583.)
IN TERN ATION AL RAILW AYS OF CENTRAL AMER ICA.— Owns
597.137 miles (main line and branches) o f 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 being
changed In April 1912 and Guatemala Central RR, (V. 79, n 902, OOP
taken over. For concessions and subsidy, see issue for Feb. 1918
Stock authorized, as increased from 87,500,000 in April 1912. $30,000,000
oommon and 810,000.000 5% pref.; par $100. Pref. Is entitled to sharr
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., I K % , paid Aug. 15 1912.
N ov. 15, 1 H % : 1913. 5% ; 1914, Feb.. May S Aug. 1 5 .1 H %
c
On Feb. 15
1917 provision was made for the payment of all dividends due to that date
(1214%) with $1,250,000 6% div. notasdue Feb. 15 1927. V. 107. p. 398
The company in June 1923 offered to holders of the 5% Pref. stock in
payment o f the 2 M years’ interest in arrears, accrued from Feb. 1 1921 to
M ay 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 I H % was paid; same amount paid quar. to M ay 15 1925.
BONDS.— For 60-year gold 5s o f 1912 (£6,000,000 auth. issue), see V. 94,
p. 1449; V. 96, p. 1488; V. 118, p. 1664; V. 120, p. 1323.
The $3,500,000 bonds issue! 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 1924.




67

R A IL W A Y STOCKS AND BONDS

1
1
1
1

1939
1967
1967
1967

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

The $2,500,000 Guatemala Central 1st M . 6s due A p r . 1 1916 were ex­
tended till 109); $igt nno purcb and in tr**1 Dec 31 1924.
**
EARN ING S.— For 1924, in V . 120, p. 2394, showed:
1924.
Railway operating revenues_______________________$5,120,571
Railway operating income________________________ $2,094,874
Net income from miscellaneous operations_______
83,722
Interest, discount and exchange received________
20,082
Gross income__________________________________ $2.i08.679
Interest on bonds and notes_____________________
$789,031
Amortization of discount________________________
7,504
Income applicable to Occidental R R .: M in. in t ..
49
Net income____________________________________ $1,402,094 $1,050,979
Sinking fund reserve____________________________
$29,333
Dividends, preferred stock_______________________
500,000
x500,000
$872,761
Balance, surplus______________________________
$550,979
x Of this amount, $250,000 (or 2J4%) was paid in 13-year 6% dividend
notes and $250,000 (214%) in cash.
OFFICERS.— Minor C. Keith, President; Henry M . Keith, V.-Pres.;
Henry H. Hanson, V.-P. & Compt.; Edward S. Hyde, Sec. & Treas.
N. Y . office, 17 Battery Place.— (V. 120, p. 2394.)
INTEROCEANIC RV. OF MEXICO. L ID .— Vera Cruz to Mexico City,
Mex., 338 miles; Los Reyes to Puente de Ixtla, 123 miles; Los Aroos to
Cuautla. 102 m.; 3 branches, 30 tn,: Mexican Eastern R y. (V. 73, p. 1263?
141 miles; leases Mex Southern R y., 313 miles: total, 1,047 m
Conces­
sions end Feb. 1982, after which road passes to State at a valuation.
Nat. Rys. of Mexloo iwhloh see) owns £1,038.450 of the 2d debentures;
£1,310,500 ordinary and £244,800 pref stock About Aug. 15 1914 th®
Mex Govt took possession
V 100 p 55
See Nat Rys of Mexico
SKOPRITIES.— Tb<- deben. stockholder® in B»<4 approval » olan 1V 99,
p. 48, 674) for deferring interest payments. The moratorium has been
extended from time to time and is still in operation.
u i v i o k N U s ou 1st pier . 4y%u0 19ut» *nu iuo9. 5 % 1910 and 1611
/
5 % each (M . A N ) .
Tn 1912. N o v ., 5 % ‘ 1013. Dec 4 % . O n 2<J nref.,
1% 1909- N o v . 1910. 4 % : N o v . 1911. 4 % ; N o v . 1912, 2 % : none since.
R E PO RT.— Report o f directors for 12 months ended June 30 1924 says:
The company’s railway and its leased lines, which were seize! by the

Government of Mexico in Aug. 1914, still remain in the Government’s
hands, and no accounts have been rendered, nor any compensation paid
since that date. As a consequence the directors are not in a position to
present any revenue statement or balance sheet.
As state! in the last report, there was a debit balance against net revenue
at June 30 1923 o f £2,556,566. mainly in respect o f accrued interest on
debenture stocks and rentals o f leased lines. At June 30 1924 the amount
of the debit balance had increase! to £2,892,939. As against this amount
the company’s claim upon the Mexican Government in respect of loss o f
earnings alone, based upon the provisions of the Railway Law o f Mexico,,
amounts to over £1,000,000.
During the year £5.000 was receive! from the National Rvs. of M exico
on account of the administration and mor/atorium expenses of this company
and its two leased lines, viz., the Mexican Easterh and Mexican Southern'
Rys., and of the expenses of the Commission sent to Mexico in Jan. 1923.
It has still been found impossible to make any progress with the Mexican,
Government for the return of the company’s railway and leased lines and
the payment of compensation.
N. Y . office, 25 Broad S t — (V. 119, p. 2643.)
INTERSTATE R R . (OF V A .).— Stonega to Miller Yard, Va., with
branches, sidings, &c., 81 miles. Incorp. in Va. in 1896. The Inter-State
Commerce Commission has placed a tentative valuation of $1,835,220 on
the c o .’s property as of June 30 1916. Proposed extension, V. 112, p. 1144;
V. 113, p. 182. No funded debt other than equip, trust ctf.s. which are being
retired annually. The lines have direct connection with the Southern
R y., the Louisville & Nashville R R ., the Norfolk & Western R y. and the
Carolina Clinchfield & Ohio R y. 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% o f the capital stock. Equip, trusts o f 1923,
V. 115, p. 2684; V. 116, p. 2007. Gross (year ending Dec. 31 1924),
$1,277,800; net oper., inc., $45,726; other income, $742,849; interest,
rentals, &c., $303,999; divs. (514%), $459,449; bal., sur., $25,127. Chair­
man, D. B. Wentz; Pres., Harry L. Miller, Andover, Va.; Sec., Lafayette
Lentz; Treas., Russell Thayer Jr., Land Title Bldg., Philadelphia.—
(V. 120, p. 1744.)
JACKSON & EASTERN R Y — (V. 119, p. 3007.)
JACKSONVILLE TERMINAL CO.— Owns passenger depot, shops, 8locomotives, &c., at Jacksonville, Fla., including 39.89 miles of track
used by Atlantic Coast Line R R . C o., Florida East Coast R y. C o., Sea­
board Air Line R y. C o., Southern R y. C o., Georgia Southern & Florida
Ry. C o., which own entire capital stock of $375,200. These lines meet thecost of operation of the terminal company on a car handled basis.
The 1st & Gen. M tge., 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 $1,100,000Series B bonds are redeemable as a whole only on and after Jan. 1 1937 at
107 Vi and interest.
Principal and interest guaranteed unconditionally and jointly and sev­
erally, by endorsement, by Atlantic Coast Line R R ., Florida East Coast:
Ky., Southern R y. and Seaboard Air Line Ry. V. 114. p. 1407.
OFFICERS.— Pres. & Gen. M gr., J. L. Wilkes; V .-P ., H. N. Roden—
baugh; Sec. & Treas., F. C. Sawyer; Aud., O. E. Christman. Office,.
Jacksonville, Fla.— (V. 114, p . 1179, 1286. 1407.)
JEFFERSON RR.— Owns Lanesboro, Pa., to Carbondale, Pa., 37 milesi
louble track; branch. West Hawley, Pa,, to Honesdale, Pa., 8 miles. Leased!
In 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 514%. See V. 108, p . 1165.

68

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviation , A c., see notes on page 6]

Miles Date
Road Bonds

Jon esboro Lake C ity & Eastern— 1st M $1,000,000 x
116
Joplin Union Sta— 1st M gu j ’tly red 105 af 5 yrs.xc*
J u n ctio n (P hiladelphia)— See Pennsylvania RR
Kanawha & Mich— Stock $10,000,0001st 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 a n n u a lly ____________ __ G
Controlled Company—Kanawha & West Va— First mortgage g see text- _c*
38
Kansas C ity Belt— See Kansas C ity Terminal Ry
162
Kansas City C linton & Spring— IstM gguar-NB.xc
Kansas C ity Fort S cott & Memphis Ry—
Ref M $60,000,000 gold guar p & i end-.Ba.xc& r 1,085
Kan C ity Ft Scott & Memphis RR cnos M .N B -xc*
715
Current River R R 1st M $20,000 p m guar.-N B.x
82
Kan C & M R y & Bdge 1st M g s f drawn at 110 xc*
3
Kan C 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
K C & Memphis Ry & Bridge Co — See Kan City Ft Scott
Kansas C ity Mexico & O rient— Stock see text----Two year gold notes $6,000,000 red par--------- Col.c
Kansas City & P acific — See Missouri Kan & Texas R y be
Kansas C ity St Jos & C ou n cil B luffs — See Chicago Burlin

1905
1910

Par
Value

$1,000
1,000

1890
1907
1920

100
1,000
1,000

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

5 g M & S Sept 1 1925
434 g M & N M a y l 1940

Merc Trust Co, St Louis
Phil Tr S Dep & Ins Co

9,000,000 See text Quar
See text
2,469,000
4 g A & O Apr 1 1990
2,500,000
5 g J & J July 1 1927
690,000
6 g J & J30 To Jan 15 1935

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

Y
Y
Y
Y

1,000

1,477,000

5g

J

&

J July 1 1955

Scranton (Pa) Trust Co

1,000

3,274,000

5g

A

&

o Oct 1 1925

Boston, Old Col Trust Co

1901 1,000 &c 25.941,000
188S
1.000 13,736,000
1,000
1887
1.606,000
1889
1,000
2,119,000
1894
500 &c 3,323.390
54,280
1894
500 &c
1894
500 &c 4,871,000
5 & M emphis.
6 Me mphis.
100 20,000.000
5,640,200
1914
low.
glon & Quincy.

4g
6
5
5g
4
5
5

A &
M &
A &
A &
M &
Sept
M &

o Oct 1
N M ayl
o Oct 1
o Oct 1
s Mar 1
Mar 1
s Mar 1

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

6g

A & O 30 Apr 30 1916

R Y .— (See Map N . Y. Central R.R.)-

Indus- Yd. Track
2d
Miles
A SidTotal
trial
Main
of
Road. Track. Tracks. ings, Ac. Mileage.
44.50
107.98
Corning to Hobson Jet., O h io... 56.62
5.47
1.39
4.42
2.57
Kamauga to State Line_______ . 1.85
State L. to Gauley Bdge, W . Va . 94.85
185.16
75.30
3.84
11.17
2.92
Drakes to Carrington, Ohio___ . 2.92
8.20
Glouster to Drakes, Ohio_____ . 8.20
Smithers to Marting, W . Va___ . 4.36
1.14
4.28
9.78
--318.46
Total mileage.
13.70
126.65
.168.80
9.31
Also owns branch of 11 miles leased to Zanesville & Western R y. During
1919 acquired 4,001 shares each o f the pref. and the com. stock of the
New Gauley Coal Corp. V. I l l , p. 1469.
In Oct. 1916 had agreed to assume the $1,477,000 bonds and car trust
ctfs. of Kan. & W . Va. R R . (entire capital stock owned), a line extending
from Charleston, W . Va., to Blakely. 33 m ., with branch. 4 m. V. 106
p. 2221; V. 103. p. 844: V. 104. p. 2005. In Feb. 1920 the Kanawha &
W. Va. R R . acquired the Gauley & Eastern Ry. Co. V. 113, p. 1768.
HISTORY, &o.— Reorg. In April 1890 of K. & O. R y. foreclosed (s e
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 . Central
RR. for a rental o f fixed charges and taxes and 6% on its stock. V. 113.
p. 2614: V. 115, p. 543.
Govt. loan. &c.. V. 111. 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 1923, total income, $784,548; interest and rentals, $404,571; divs.
(5 % ), $450,000; balance, def., $70,023. V. 115, p. 543.
P r e s .,__________ ; Sec., E. F. Stephenson; Gen. Treas., Harry G. Sneljing; Com pt., W . C . Wishart.
K ANSAS C IT Y CLINTON & SPRINGFIELD R Y .— Owns from
Olathe Kan. to Ash Grove M o. 154 miles; Raymore Jet. to Pleasant
Hill, M o., 8 m .; total, 162 miles. V. 107, p. 2476. Stock, $1 775,400.
Bends were guaranteed by the Kan. City Ft. Scott & Mem. R R . (old co.)
Tentative valuation as o f June 30 1917, $2,936,553.
By authority of I.-S. C. Commission granted in October 1924, theKansas
City Ft. Scott & Memphis R y. Co. acquired all outstanding stock of
K. C. C. & S. R y. Co., and St. Louis-San Francisco R y. Co. leased the
property o f the K. C. C. & S. R y. Co. for a term expiring June 12 2000;
now operated as part o f Eastern Division, St. L.-S. F. Ry.
The interest that accumulated during the St. Louis & San Francisco re­
ceivership was all paid up In Dec. 1916 and coupons regularly met since
that time. See K. C. Ft. Scott & Mem. R y. below. Pres., J. M . Kurn;
Aud., E. H. Bunnell; Sec. & Treas., F. H. Hamilton.—-(V. 119, p. 2064.)
KANSAS C IT Y FORT SCO TT & MEMPHIS R Y .— Operates Kansas
City. M o ., to Memphis, Tenn.. and branches. 925 miles. Also has a
controlling interest in stock of the Kansas City Memphis & Blrm. RR .
owning line from Memphis. Tenn.. to Birmingham, Ala., with branch, 290
miles, and of Kansas City & Memphis R y. & Bridge Co., owning bridge
across Mississippi River at Memphis, 3 miles. Total, 1,215 miles.
The K . O. 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. 103. p. 2340.)

The I.-S. C . Commission, in Oct. 1924, authorized the company to
acquire control o f the Kansas City Clinton & Springfield R y. 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 stock and leased the road, guaiantefing the bonds of 1901, prln. and lnt.. and 4% on pref. stock trust certs.
The reorganization by which the St. Louis-San Francisco R y. 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, &c., on the Kansas City Fort Scott
& 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 Frisco mortgages on this system, but the aggregate prior
mtge. debt on this system must not at any time exceed $75,000,000.




When
Payable

1885

JOPLIN UNION DEPOT CO.— Owns union freight and passenger stath n
on 26 acres at Joplin. Mo., completed In 1911. used by the AtchlsonToour n
& Santa Fe, Kansas City Southern, Missouri Kansas & Texas and Mlsntij.
& North Arkansas, which Jointly own the $40,000 stock and joi.OO*
and severally guarantee the bonds, prln. and lnt. Of the bonds (5750
auth.), $650,000 sold. Total stock auth., $750,000.— (V. 90, p . pe
627; V. 107. p. 802.)
K ANAW HA BRIDOE & TERMINAL CO.— Owns bridge across the Great
Kanawha River near Charleston, W . Va., used for railway, street rallwaj
and general traffic. Stock. $400,000. owned by Ohes. & Ohio, which op
erates property. Bonds, see table and V. 81, p. 1629.
K A N AW H A & M ICH IGAN

$674,000
650.000

Rate
%

1905

JONESBORO LAKE CITY & EASTERN R R .— Owns Jonesboro to
Barfield, Ark., 63.1 miles: Dell to Victoria, Ark., 23.6 m.; total, 86.7 miles.
Stock, $600,000. Bonds, $724,000 outstanding, o f which $50,000 are
plpdered as collateral. Valuation. V. 118. r> 1573. Tor cal. year 1023.
.
gross, $729,054: net, $115,637; int., rentals, &c., $152,755; dividends
?234%), $15,000; b a l„ def., $36,796. Pres., R . Lee Wilson; Treas., C. B.
Barnett. Office, Jonesboro, Ark.— (V. 113, p. 1573.)

Mileage Dec. 31 1923:

Amount
Outstanding

[V ol. 120,

1936
1928
1927
1929
1934
1934
1934

Prirt & int over-due

STOCK. — Common, authorized. $45,000,000; issued, $16 654,500:
all owned by St. Louis-San Francisco Ry and pledged uuder Its consolidated
mtge.; pref. stock pledged under prior lien mtge. $14,637,700. Of the
$15,O0O.OOO St. Louis & San Francisco stock trust ctfs. for the Kansas
City Ft. Scott & Memphis Ry. Go. pref. stock, which in accordance with
their terms matured Oct. 1 1 9 2 1 , holders of $ 1 4 ,9 3 9 ,3 0 0 have exchanged
their holdings for prior lien & adjustment bonds of St. Louis-San Fran­
cisco Ry. Co. $ 5 7 ,5 0 0 par value of said stock trust ctfs. have been ex­
changed for a like amount of the pref. stock o f the Kansas City Ft. Scott
& Memphis Ry. Co.
BONDS.— Of the Refunding bonds o f 1901 ($60,000,000). $25,941,000 were outstanding Dec. 31 1924. $26,324,270 were reserved for ex­
change against the face amount of underlying bonds and the remaining
17,734.730. 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. 75. p 853. See V. 87. p. 414: V. 91. p. 38. 154: V. 92. p. 1311; V. 93
D 45: V 94. p. 278
The interest on all except $ 6 6 ,7 8 0 of the $5,191,280 Kan. City Memphis
* Birin, income bonds is guaranteed by the Kan. City Ft. Scott & M . R y.
OnMay 20 1918 holders of these unguaranteed incomes received on account
of coupon due Sept. 1 1916 1.198% 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 tk Bridge ,see V. 78, p. 1549; V. 99, p. 1597; V. 102. p. 800.
— (V. 119, p. 2 0 6 4 .)
KANSAS C IT Y & GRANDVIEW R Y .— (V. 117, p. 2109.)
KANSAS C IT Y KAW VALLEY & WESTERN R Y .— (V. 119, p. 693.
KANSAS CITY MEXICO & ORIENT

RR .

(THE)— Rood.

Owned Unci. K. C. M. A O. Rv. of Texas. Securities Owned). Miles
Wichita, Kan., to Alpine. Tex. (including trackage St Louis & San
Francisco R R ., Foley to Ewing, Okla,, 12.74 m iles_____________737 95
Marquez, Mex., to Tobalaopa_____________________________________ $6.77
Minaca to Sanchez. Mex. (74.28 m.); El Fuerte to Topolobatnpo,
62.23 miles)............................................................................................. 136.51
Moobls, Mex.. to Mochts Junction, Mex____________________________
2.92
ORGA N IZA TIO N .— 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. I l l , p. 1566; V. 113, p. 2504. To build in Mexico.
V. I l l , 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 matiming Dec 1 1921, to pledge and hypothecate
It as collateral security for a loan o f like amount from the Government.
Sale o f Road.— T h e road w as so ld a t p u b lic a u c tio n a t W ic h it a , K a n s a s ,
on M a r . 2 7 1 9 2 4 to C liffo r d H is t e d , G en eral A tto r n e y for th e r o a d , fo r
$ 3 ,0 0 0 ,0 0 0 .
C om pare V . 118, p . 1 5 2 0 .
T h e sale w as a p p r o v e d o n M a r . 2 4
1 9 2 5 b y F e d era l J u d g e J oh n C . P o llo c k .
R e o r g a n i z a t i o n P l a n . — A p la n o f reor gan ization for th e r o a d w a s file d
F e b . 7 1 9 2 5 in T o p e k a a t th e o ffic e o f th e C le r k o f th e F e d era l C o u r t .
U n d e r th e p ro p o sed p la n , th e G o v e r n m e n t w ou ld b e called u p o n t o gran t
a 1 5 -y e a r exten sion on th e $ 2 , 5 0 0 ,0 0 0 lo a n w h ich th e O rie n t n o w ow es th e
G o v e r n m e n t.
T h e exten sion w o u ld ru n fr o m D e c . 1 192 1 an d en ding in
1936.
T h e new m o n e y w h ich th e ro a d w o u ld acq u ire, accord in g t o t h e p la n ,
w o u ld b e $ 2 ,2 5 0 ,0 0 0 ; $ 1 ,0 0 0 ,0 0 0 t o b e ad v a n c e d b y th e G o v e r n m e n t as an
e q u ip m e n t lo a n a n d th e b a la n c e t o b e a d v a n c e d b y M r . H is t e d .
T h e G o v e r n m e n t w o u ld tak e p rior lien on th e O rie n t p ro p e rtie s u n d er
th e 1 5 -y e a r s exten sion on th e $ 2 , 5 0 0 ,0 0 0 lo a n n o w d u e t h e G o v e r n m e n t
an d u n d er th e p ro p o sed $ 1 ,0 0 0 ,0 0 0 a d v a n c e in th e reo r g a n iza tio n p la n .
I t w as p ro p o se d t h a t th e n e w op eratin g c o m p a n y for t h e O rie n t b e
orga n ized w ith a ca p ita l o f $ 7 ,5 0 0 ,0 0 0 .
[T h e new c o m p a n y w as ch artered
in K a n s a s on or a b o u t A p r il 1 1 9 2 5 ].
I n retu rn for th e a d v a n c e o f $ 1 , 2 5 0 ,0 0 0 , 3 5 ,0 0 0 shares o f sto c k v a lu e d a t $ 3 , 5 0 0 ,0 0 0 is t o b e d elivered
to Mr. H is te d .
T h e re m a in d e r o f th e $ 4 ,0 0 0 ,0 0 0 in C o m m o n s to c k is t o b e a llo tte d
a m o n g th e n o te h old ers for su b sc rip tio n .
T h e su b sc rip tio n p rice sh a ll be
$ 8 0 per sh a re, p a y a b le in cash an d in sta llm e n ts w ith o u t in te r e st, as follo w s:
2 0 % in cash t o a c c o m p a n y th e su b scrip tio n , 2 5 % o n or b e fo r e S e p t. 1 1 9 2 5 ,
2 5 % on or b e fo r e D e c . 1 1 9 2 5 .
T h e rem ain in g 3 0 % o n o r b efor e M a r c h 1
1926.
C o m p a r e also V . 1 2 0 , p . 2 1 4 2 .

Capital Stuck.— In addition to the $20,000,000 capital stock outstanding
there is also outstanding $1,000,000 stock o f Kansa.s City Mex. & Orient
Ry. Co. o f Texas.
Notes, A c.— 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 . 4s (old Co.)— Lord Monson (Chairman); Columbia
Trust C o., N. Y ., and Glyn, Mills, Currie & C o., 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. o u y
Jozach Z. Miller, Kansas City; Henry Sanderson, of O. D. Barney &Co.
of N. Y .; William J. Gray, Detroit; Herbert F. Hall, P. W. Goebel, W . 8.
McLucas and Clifford Histed of Kansas City, and C. M . Sigler, 54 Wall St..
N. Y . City, Sec’y. Central Trust C o., N. Y ., and Commerce Trust C o..
Kansas City, M o., depositaries. V. 102, p. 1436, 1896, 2166.
Plan of Dec. 8 1915faUed of adoption. V. 101, p. 2144; v. 102. p. 153.713,
E A R N I N G S . — F o r 1 9 2 3 , g ro ss, $ 3 ,6 6 2 ,1 2 8 ; n e t o p e r. in c o m e , $217,211.
o th e r in c o m e , $ 1 ,0 0 0 ,8 2 9 ; in t . a n d r e n ta ls , $ 1 ,0 9 1 ,5 1 2 ; b a l ., s u r ., $126,528;
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— William T . Kemper of Kansas City is (a) receiver o f the
Kansas and Oklahoma lines, 2 7 2 .2 0 miles; (b) President of the Texas line,
165.7 5 miles, and (c) receiver Jointly with S. W. Rider of the Mexican lines,
226.20 miles.— (V. 1 2 0 , p. 2 1 4 2 .)

69

B A IL W A Y STOCKS AND BONDS

M ay , 1925.]

RAILROAD COMPANIES
[For abbreviations, <&c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

1897
$500
$150,000
Kansas C ity Shrevep & Q uit Term — 1st M reri 105.z
100 29.959,900
Kansas C ity S ou th ern — Common stock $30,000,000
Preferred stock 4% non-cum $21.000.000________
100 21,000,001
First mortgage $30 000,000 gold________ Ba.xeAr
1900 1,000 Ac 30.0C0.G00
1909 1,000 Ac 2! 000.000
Ref & impt M $21 000.000 gold red 105..xc*Ar.N
Pt Arthur Canal & Dock 1st M Ser “ A ” gu p&i c*Ar*
1923
500 Ac
2 , 000,000
do
do
1st M Ser “ B ” gu p & i
1923
500.000
Equip notes due $63,600 y e a r ly ________________ Q
1920
636.600
do
Series E due $108,000 ann______xxxc*
1923
1,000 1.512.000
Kansas C ity 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 1,000Ac x33,092,000
1921
Sscur gold notes $2,000,000 call (text).xxx.C eC .c*
1,000 2 , 0 0 0 ,0 0 0
Secur gold notes call (text)__________________ IC.c*
1923
1,000 10 , 000,000
1920
1,410,000
Kansas Oklahom a & G u lf Ry—G ovt lien notes------ 314.
Mortgage bonds Series A __________________________ 314.
1919
100 Ac 2,785,478
1919
Income bonds Series B ___________________________
100 Ac
281.920
do
do
Series C ___________________________
1919
100 Ac
5,665,100
1919
Equipment trust notes____________________________
371.517
1923
Equipment trust certifs Series A __________________
22 530
Ken & Ind Term RR— 1st M guar (see text)_G.xc*Ar
1911 £100*$1000 £1,395.59 )
10 1 , 000,000
Keokuk & Ham B on d h old ers Co— Stock__________
Secured notes callable any int date_______________
1915
384,800
K noxville & O h io— See Southern Ry.
1,000
300.000
41 1904
La Crosse & S E Ry— 1st M $1,000,000 g red 105— z
10,750,000
Lackaw RR o f N J— Stk auth .$12,000,000 gu 4% div
1,000
970.000
31 1913
L E Frank & C larion R.R— 1st M g call 1918 105-FP
Lake Erie & D etroit River— See Pere Marquette RR.

Rate
%

When
Payable

F
4
3g
5g
6g
6g
6
5X g

A
T
F
F
J
M

&

Last Dividend Places Where Interest and
amd Maturity
Dividends Are Payable

A Aug 1 1927

Treas Off, Kan City, M o

Apr 15 1925 1%
& O Apr 1 1950
A J Apr 1 1950
& A Feb. 1 1953
& A Feb 1 1953
& J15 To Jan 15 1935
& S T o Sept 1 1938

Checks mailed
New York Trust Co, N Y
do
do
JLadenburg, Thalmann&
|Co and Nat City B k , N Y
Guaranty Trust Co. N Y
N at’l City Bank, N Y

Q— J

4 g J & J Jan 1 1960
6H g J & J July 1 1931
5y2 g M & N Nov 15 1926
M arl 1925
6
J & J Jan 1 1937
6
J & J Jan 1 1949
6
J & J Jan 1 1949
6
6
A
4^ g J
A
5g
4
5g

N Y , Boston & Chicago
New York and Chicago
Lee,HigACo.;IllM erTr
St Louis, M o
do
do
do
do

& O
& J Jan 1 1961

J P M & Co, N Y; & Lon

& O 1945

No interest paid in 1923

La Crosse, Wis
& O Oct 1 1944
Q— J Apr 1 1926 1% Del Lack & Western RR
U S M tge & T r Co, N Y
J & D Dec 1 1953
A

x Total issued $50,000,000. o f which $16,908,000pi edged to secu re notes.

KANSAS CITY SHREVEPORT & QULF TERMINAL C O — 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
Irust Oo., Kansas City, trustee. Office. Kansas City. Mo.
KANSAS C IT Y SOUTHERN R Y . CO. (TH E).— (See M ap.)Operates
a line extending from Kansas City, M o ., to Port Arthur, Texas., thence
by its ship canal, 7 miles, to deep water on Gulf o f Mexico, with branches
and extensive terminals used by various roads entering Kansas City.
Lines Owned—
Miles. | Lines Ownea—
Afiles
De
Kansas City, Mo., to Belt Ju n o.. 12 Branches to Fort Smith
Grand View, M o., to Port Ar­
Quincy, La., etc____________ 40
thur, Texas__________________ 765 Trackage— T o Gr. View. Mo., etc. 26
Miles o f 2d track, 15; yard, terminal and side tracks, 455: total track
mileage In system. 1,323.
Also owns entire $650,000 each of stock and bonds of Arkansas Wester*By., Waldron to Heavener. Ark.. 32 miles, operated separately: also con­
trols K. C. Shreve. A Gulf Terminal Go. V. 83. p. 38. 492.
ORGANIZATION.— A reorganization of Kan. C Pitts. A Gulf R R .. for* dosed in 1 9 0 0 per p lau in V . 6 9 . p. 1 0 1 2 , 1 0 6 2
V . 7 3 . D. 1 3 5 6 : V 74 p W ;
V 8 0 . p 1971 V «1 p. 5 * 0 V « 4 o
V 88 p 8 75
Valuation, V . 118, p. 2948: V . 119, p. 74, 197, 1952; V. 120, p. 699.
SECURITIES.— As to the $21,000,000 “ Ref.and Imp.' bonds of 190k •
■«e V. 88. o 1128 1253, 1437 V. 89. p. 104 V 90 n 167
02 p 32?
395, 461, 795; V. 95, p. 1472: V. 100, p. 1832; V. 101, p. 2144; V. 119. p2643. Decision on Kansas City Suburban Belt R y. notes, V. 97, p. 1663
V. 98, p. 1459. Guaranty o f $2,000,000 1st mtge. 6% gold bonds, Series A*
and $500,000 Series B o f Port Arthur Canal & Dock C o., V. 117, p. 1245;
V. 120, p. 827.
DIVIDEN DS — First div. on pref. stock, 4% . paK July 1 1907 ou* of
earns, for 1906-07: Oct., 1%; 1908 to April 15 1925, 4% p. a. (Q.-J.).
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
RE PO RT.— For 1924, in Y. 120, p. 1739 and 1872, showed:
[Kansas City Southern R y., Texarkana & Fort Smith Ry.]
Calendar Years—1924.
1923
1922.
1921.
Railway oper. revenues. $21,024,012 $22,485,099 $20,361,180 $21,840,439
Railway oper. expenses. 15,256,529 16,708,811 15,083,460 16,003,485
Net rev. from ry. op . $5,767,484
Tax accruals
1,280,811
Uncollectible ry. revs_
_
5,292

$5,776,288
1,435,907
10,310

$5,277,720
1,315,676
5,524

$5,836,954
1,072,693
8,218

Total oper. income_
_
Gross income _
Deductions—
Hire o f fr’t cars, deb. bal.
Rent for equipment___
Joint facility rents___
Rent for leased roads
Miscellaneous rents
Miscell. tax accrues „
Int. on funded debt
Int. on unfunded debt
Misc. income charges
Net income
Preferred divs. (4 % )_
_

$4,330,070
5,642,244

$3,956,520
4,348,234

$4,756,043
5,161,638

547,180
673,293
107,941
112,152
277,692
227,550
125,4*4
30,637
654
983
103
119
1,899,587
1,856,527
31,130 Cr. 103,652
22,724
21,059
1,981.803
2,773,434
840,000
840,000

465,274
80,797
254,294

375,141
94,158
240,554

Cr. 2,592

4,279
755
1,878,795
47,968
86,982
2,433,005
840,000

$4,481,381
4,944,091

1,864,308
79,027
20,596
1,586,531
840,000

Income balance transf’d
to profit and loss____ $1,141,803 $1,933,434
$746,531 $1,593,005
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— Chairman. L. F. Loree; Pres.. J. A. Edson: V.-P. in charge
o f traffic, J. F. Holden: V.-P. & Asst, to Pres., A. M . Calhoun: V.-P. & Gen.
M gr., C. E. Johnston; V.-P. A Sec., G. C. Hand; Treas., I. C. McGee:
Comp. A Asst. Sec., L. J. Hensley. New York office, 25 Broad St. General
offices, Kansas City. M o.— (V. 120. p. 1872.)
KANSAS CITY TERMINAL R Y .— Owns 27 miles of road, with passen­
ger depot and freight and passenger terminals at Kansas City, M o. Cou
trolled by 12 proprietary cos., viz.; CUlc. R . I. A Pac., Atchison Topeka
& Santa Fe, Chic Milw, & St. Paul, Chic. A Alton, St. Louls-San Fran
Union Pacific, Wabash, Ohio. Burl. A Quincy, Mo. Pac., Missouri-Kan Tex . Kan. City Southern and Chic. Gt Western, which will pay eouallj
any excess o f fixed charges. V. 89, p. 1671. Has 148 miles now built of
main andi ndustrial railroad tracks, 6 local freight sub-stations, passenger,
freight and switching yards, A 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 A P. Rys
(2) Mo. Pac. and Oh Grt. West. V. 103 p. 1980; V. 106 p. 1126.
Of the 1st 4s ($50,000,000 auth ). $16,908,000 are pledged to secure notes,
V. 90. p. 627; V. 91, p 1386; V. 92, p. 395; V. 93 p. 164; V. 96. p. 135. 202:
V .9 8 .p 1244. 1316: V 100. p 733; V. 106, p. 296: V. 107 p 2008.
The 10-year 613 % secured gold notes are callable N ov. 15 1923 at 103 H .
in 1924 at 103; 1925 at 102(4; 1926 at 102; 1927 at 101(4; 1928 to 1931 at
101 and int. Secured by pledge of $3,125,000 of company's 1st mtge. 4s
due Jan. 1 I960. V. 112, p. 2642.
The 3-year 5)4% secured gold notes o f 1923 are callable as a whole or in
amounts o f not less than $1,000,000 on any int. date on 30 days’ notice at
101)4 and int. on or prior to Nov. 15 1924, thereafter at 101 and int on or
prior to Nov. 15 1925. and at 100)4 and int. on M ay 15 1926- Secured by
deposit with the trustee o f $13,783,000 1st Mtge. 4% Gold bonds, due Jan. 1
1960, the bonds being thus pledged at approximately 72 J4- V. 117,p. 1663.
Equipment trusts issued to Director-General for rolling stock allocated
to this company ($125 <00 in Apr. 1925). See article on page 3 and V. 113,
p. 1471: V. 114. p 854. There is also outstanding a 5-year 6% note to
U. 8. Govt, for $580,000, due June 28 1926.— (V. 118, p. 1665.)




KANSAS OKLAHOMA & QULF R Y .— This company was organized
as the "new company” provided for in the plan of adjustment of the Mis­
souri Oklahoma A Gulf R R . 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, capital stock and equip­
ment trust notes as below, for the purpose of further execution of the plan.
The Missouri Okla. A Gulf Ry. owned and operated 203.3l miles o f main
track and 41.3 miles of sidings, extending from Wagoner to Red River,
Muskogee and Henryetta; Dewar to end o f track, 9 m.; Junction to Bormide, 4 m.; Missouri Oklahoma A Gulf RR. (V. 96, p. 1022). Wagoner Okia.,
to Baxter, Kan., 98.2 miles. M o. Ok. A Gulf Ry. of Texas ovmed and
operated 9.1 miles Red R ’ver to Denison.
New Securities.— The Co ipany was authorized to issue, as o f Mar. 1 1920.
the following securities: $2,994,750 Series A 6% bonds, due Jan. 1 1937;
$285,478 6% Series B Income Bonds; $6,120,500 6% Series C bonds, due
Jan. 1 1949; $9,120,500 pref. stock: $729,640 common stock: $743,034 equip­
ment trusts. The bonds are to be subject and Inferior to the Government'*
lien mortgage dated Mar. 1 1920, under which $1,410,000 Govt, lien note*
nave been Issued.
Under the plan the indebtedness o f the company was redueed by $13.546.237. Compare V. 112, p. 469.
Receivership.— H. W . Gibson and H. L. Traber o f Muskogee, Okla., were
appointed receivers on June 6 1924. V. 118, p. 2949.
EAR N ING S.— For cal. year 1924, gross, $2,184,589; net oper. income,
$130,681; other income, $45,761; int., rentals, &c., $398,556; bal., def.,
$222,113. For latest earnings, see “ Railway Earnings Section” (issued
m onthly).— (V. 120, p. 953.)
KENTUCKY & INDIANA TERMINAL R R . CO.— Owns 2-track steel
irldge over Ohio River at Louisville and 16.44 miles main track and
50.77 miles yard track* and sidings in and about Louisville. Sou R y., Balti­
more A Ohio and Chic lnd. A Loulsv. own the $75,000 capital stock and
under new lease from Jan. 3 1911, pay moDtbly, Id proportion to cars
handled, any deficit in operations rentals, taxes and Int. Bonds, £2.000.000 auth, Issue, of which £1,395,590 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. O f the outstanding amount, $217,000 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 o f $10.95
per coupon, leaving a balance o f 3,925 bonds payable in pounds sterling.
V .9 2 .P . 187; V. 91, p. 589, 214, 38: V. 92, p. 201, 1032: Y. 93, p. 469; Y. 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. A Aud., E. K . Scott.— (V. 118. p. 2042.)
KEOKUK & HAMILTON BONDHOLDERS’ CO.
Incorporated in M ay 1914 to acauire (per plan Y. 99, p. 1920) the bonds
of the Keokuk A Hamilton Bridge C o., which owns bridge across Mississippi
River at Keokuk, la ., used by Toledo Peoria A 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)^ % per annum, were exchanged $ for $ for the
Bridge Co. bonds. These debentures have since been retired by an issue
of stock for like amomit.
The income of the new co. is to be applied, first, to payment of interest
on the 6% secured notes; second, to a special fund on the stock, and third
to retirement o f the notes by lot at par and Int. or by purchase at less than
par fthose by increase in traffic, it is expected to retire in a reasonable time)
Upon such retirement the notes will be returned to the stockholders.
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 un der a collateral trust indenture of the Keokuk A Hamilton Bond
Holders’ C o., Inc., against the Bridge Co. to recover the amount sued for,
allege! to be due for interest and principal of $1,000,000 bonds o f the
Bridge Co. V. 120, p. 1878.
O! VIDENDS — July 191* paid 2.25%: July 1919. 1.25% : July 1920,
2.20%; July 1921. 1.20%: July 1922, 1.20%: none since.
EARNINGS of Keokuk A Hamilton Bridge Co. year ending Dec. 31 1923,
gross, $107,769: net, $45,673: taxes, $10,185: bal , $35,982; Treas., Theo­
dore Gilman Jr., 55 William St.. N. Y .— (V. 120. p. 1878.)
LA CROSSE AND SOUTHEASTERN R Y . CO .— Owns La Crosse and
Southeastern Jet. to Viroqua, Wis., 40.81 miles; trackage La. Crosse and
8. 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 1924, gross, $127,253: net, $26 900 int., taxes, rentals,
kc.. $27,191: bal., def., $291. Pres., John H . MacMillan, Minneapolis,
Vfinn.; 1st V.-P., A. S. Cargill, Minneapolis, M inn.: Secretary A Treas.,
las. B. Taylor, Minneapolis. Minn: 2nd V.-P. A Gen. M gr,. P. Valier,
La Crosse. Wis.; Asst. Sec. A Asst. Treas., John H. MacMillan Jr., Minne­
apolis, Minn ; Aud., R. J. Semsch, La Crosse, Wis.
Office, 300
Main St.. La Crosse. Wis.— (V. 80. p. 222.)
LACKAWANNA RR. OF NEW J E R S E Y — 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 o f 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. I,. A W. stockholders.— (V. 106, p. 601.)
LAKE ERIE & EASTERN R R .— Struthers to Brier Hill, Ohio. 7.06
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; Y . 108, p . 171.)
LAKE ERIE FRANKLIN & CLARION R R .— Owns Summerville to
Uarlon. Pa.. 15 miles; branch, Strattonvflle oo Mill Creek. Pa.. 3.10 m .;
>ther branches, 8H m.; trackage, Sutton to Franklin. Pa., 47.9 m.; total,
74 75 miles. Capital stock $1,000,000, par $50 1st M bonds auth. $1.000.000. Callable on or after Dec. 1 1918 at 105 and interest. Govern­
ment loan. V . 112. p. 2414.

70




R A IL W A Y STOCKS AND BONDS

[V ol. 120,

Nov., 1924.]

RAILROAD COMPANIES
[For abbreviations, &c., see note on page 6]
Lake Erie & P ittsbu rg— Stock rental guaranty------First mtge $15,000,000 g guar unissued__G.xc*&r*
Lake S hore & M ichigan S o u th e rn —-See New York
Lake Sup & Ishp— 1st M $70,000 due yly red 101 _xc*
Munsing Marquette & Southeastern—-1st M g ___xx
Munising first mtge gold_________________________ x
Laramie H ahn’ s Peak & P acific Ry— See Colorado
Leavenworth Term inal Ry & Bridge— 1st mtge gold
due $40,000 y e a r ly -,_____________________________
Lehigh & H udson River— Stock $5,000,000 auth_
_
Lehigh & New E ngland— Stock___________ _______
First mortgage $1,000,000 gold_____________ FP.x
Gen mtge ser A g red 105_____________ G uP.kc*
do ser B g red 105_______________ GuP.kc*
Equip tr ser B ggured 1 0 2 due $45,000 yly .G u P .x
do ser C guar gold red 10214 $35,000 y ly-G uP .x
do ser D due $40,000 yearly guar_ _,__PeP.xc*
_
do serE d ue$55,000yly (gu) (V 103,pl405)P eP
Lehigh Valley— Common stock $80,000,000_____Gp
Preferred stock 10% (V 79, p 151, 269)________ Gp
First mortgage extended in gold in 1898„-GP.xc&r
Consol M originally $40,000,000 outstanding an­
nuity $2,538,000 4 ^ s $10,062,000 6s________ FPx
General consol mtge 15150,000,000 gold_ GPxc*&r
_
do
do
/
do
do
Coll trust bonds $500,000 due s a, see text GP.xc*&r
Bonds of Controlled Properties—
Lehigh & N Y 1st M gold guar p & i ___ Mp.xc*&r
Lehigh Valley R y 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..C e.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 & R R — Cons gu (text) (end)__GP.xr
Cons real est 1st M $2,600,000 (V 83, p 702) _ _ . Usm
L V Harbor Term R y 1st M g 5% series guar p & i
red (text)____________________________ Jrxxxc*&r*

Miles Date
Road Bonds

Par
Value

Amount
Outs anding

Rate
%

$ 1 0 0 $ 4 ,3 0 0 ,0 0 0
3 , 5 4 0 ,0 0 0
2 8 1 9 1 5 1 ,0 0 0 & c
C e n tr al R R .
100 &c
1 2 8 ,5 0 0
3 5 1911
1 ,0 0 0
1 , 0 0 0 ,0 0 0
162 1 9 0 3
1 ,0 0 0
1 6 0 ,0 0 0
162 1 9 0 0
Ry
W y o n i in g & E a ste r n
2 .7 0

All
196
196

1 ,0 0 0
1 00
50
1 ,0 0 0
l .o o n
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
50

1923
1895
1914
191 4
191 1
191 3
1914
1916

286 1868

50
1,000

6 g
5
4 g

106,300
5,000,000

10
4g

1895
1890
1907
1891
1895
1892
1888
1906

1,000 2,000,000
4g
1,000 15,000,000
4y2
1,000 3,000,000
4V2
1,000 9,999.000
5g
500 &c
50 500
4 )4
1,000
200.000
5g
1,000 8,500,000 4. 4)4 ,
1,000 In treasury
4

---

1924

500 &c 10,000,000

D IV ID E N D S.—
I 1912. 1913. 1914. 1915. 1916. 1917.
1918-24.
4
4
8 8&6 extra 12
See text
Per cent________ f 4
On Jan. 1 1918 paid a stock dividend of 28.36%. to represent surpKs
expended 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 o f 6% was
declared and paid on Feb. 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 o f issue to June 30: Dec. 1921 . 4% on increase-! can
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;
Dec. 23 1924, 2% and 2% extra: Mar. 31 1925, 2% .

F
J
A

4 )4

J

& 6J
4g M
g M
5g M
F
4g

115
514
11
28
13
29
136

LARAMIE. NORTH PA RK & WESTERN R Y .— (V. 118, p. 3197.)
LEAVENWORTH TERMINAL RAILW AY & BRIDGE.— Owns high­
way and railroad bridge (opened Jan. 1 1894), 1,112 ft. long, over Missouri
River at Leavenworth Kan. and valuable terminal property In that ettv
In July 1910 the Chicago Great Western acquired the entire stock. V. 91,
p. 214, 397. Kansas City St. Joseph & C. B. (Chicago B. & Q.) and Chic.
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 o f their option, of a contract of
Mar. 14 1894. Chicago Great Western RR. also uses the bridge under a
20-year contract dating from Jan. 1 1923, at an annual rental o f $18,000.
Stock, $60,000. A new first mtge. o f $400,000 was made M ay 1 1923, and
bonds issued as o f that date.— V. 116, p. 2255-— (V. 118, p. 1910.)
LEAVENWORTH & TOPEKA R Y .— 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 companv Incorporated in Kansas on M ay 15
1918, with $100,000 stock in $10 shares.
The I.-S. O. Commission on Jan. 16 1925 authorized the company to
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 o f the bon is to be
deposited with the Central Trust Co. o f Topeka, Kan., for the purpose of
creating a sinking fund as required by the laws o f Kansas.
OFFICERS.— Pres., J E. Waddill. Kansas City; V .-P .. Otto B. Gufler,
Topeka;Treas.. George W . Hanna, Clay Centre; Sec., E. Y . Blum, Leaven­
worth, Kan.— (V. 120, p. 580.)
LEHIGH & HUDSON RIVER R Y. CO. (TH E).— Owns from Maybrook
on Central New England Ry. to Belvidere, N. J., on the Penn. R R ., 73.9
miles, and from Phillipsburg, N. J., to Easton, Pa., .70 m.: trackage, Penn.
R R ., 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.
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 s u t’cribe at par to $2,987,000 new stock to the extent of 173.7%
o f holdings. Proceeds were used to pay and discharge the principal of
the entire mortgage debt o f $2,587,000, and to pay and discharge all the
debenture bonds o f $400,000. the remainder o f such increased capital of
$293,000 to be hold in the treasury.
The stockholders prior to such increase were to have the option and rigbi
to take and pay far at par a pro rata amount of such increased stock Ir
proportion to the number of shares o f stock held.

Text
g J

&

J

Last Dividend Places Wher Interest and
Dividends Are Payabl
and Maturity
See text
July 1 1965

4 )4

5g

M

gJ
g M
A
g M
M

5A
F
F

Treasurer’s office, N Y

& A Feb ’26-Feb ’31 Union Trust Co, Cleve
& D Junel 1933
do
do
do
do
& O Oct 1 1925

3 2 0 ,0 0 0
5)4 g M & N To M ay 1 1933
Text M ar 31 ’25 2%
4 , 7 0 7 ,0 0 0 See te x t
6 ,8 0 0 ,0 0 0 See t e x t V a r io u s See text
J & J July 1 1945
1 , 0 0 0 ,0 0 0
5 g
• & .1 Tuly 1 1954
T
4 .0 0 0 ,0 0 0
5 g
J & J July 1 1954
a l , 2 5 0 ,0 0 0
5 g
M & N May 19' 6
7 0 .0 0 0
4 )i
13 ).0 0 0
414 F & A Feb 1926 to '28
M <
& S Mar 1926 to ’29
16L000
4 )4
A & () Apr 1926 to '31
3 0 5 .0 0 0
4 )4
6 0 , 5 0 1 ,7 0 0
7
’ 25 W a
.%
l. — 1

1,000 12.600,000
1873
1903 1,000 &c 26,953,000
1903 1,000 &c 20.697,000
1903 1,000 &c 12,000.000
1,000
825.000
1905

LAKE SUPERIOR & ISHPEMING R R .— The new company was
lncorp. Aug. 17 1923 for the purpose o f consolidating and operating as one
railroad the properties o f the Lake Superior & Ishpeming Ry. and the
Munising, Marquette & Southeastern R y, 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 o f 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 o f them, might have done prior to the
execution of the agreement.
The I.-S. O. Commission on Jan. 22 1924 authorized the company to issue
15,000 shares o f capital stock (par $100) and to exchange 10,000 shares for
a like number of shares of $100 par o f the Lake Superior & Ishpeming
R y., 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.
Year ended Dec. 31 1924: Gross, $1,786,029: net oper. inc., $256,173;
other inc., $73,345; int. and rentals, $91,558; divs., $321,300; balance,
def., $83,340.
For latest earnings see “ Railway Earnings Section” (issued monthly).
Pres. Wm. G. Mather, Cleveland, O.; Gen. M gr., H. R . Harris, Marquette,
M ich.— (V. 118. p. 1772.)

When
Payable

5
4 )4

317
317
317
317

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. 117, p. 553.)
LAKE ERIE & PITTSB U R G R Y .— Owns 27.76 miles between Marcy
at a connection with Cleveland 8hort Line Ry. (now N. Y . Central R R .)
and Brady Lake Jet. on Penna. R R .; was opened Oct. 15 1911. V. 98.
p. 1241. Jointly owned by N. Y . Centra) R R . 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 M ay 1911; out.stand
Ing, $4,300,000. o f which the Pennsylvania Company and N Y . Central
R R . 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.)




71

B A IL W A Y STOCKS AND BONDS

Q— !
& D

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

&
&
&
&
&

D
N M ayl 2003
N
N
A

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

&
<
fc
&
&
&
&
&
&

S Sept 1 1945
J " "
1940
s Mar 1 1957
1941
o
N
1935
1942
N
O Apr 1 1939
A
1956

Of. Phil, &J P M & Co, N Y
do
do
do
do
O f.P kil,& J P M & C o,N Y
do
do
do
do
Lehigh Valley R R , Phila

& A Feb 1 1954

New York & Philadelphia

RE PO RT.— For 1924, in V. 120, p. 2008, showed:
Dec 31 Year. Gross.
Net.
Tot. Inc. Tnt..&c. Dividends. Bal., Sur.
1924______$3,146,657 $906,560 $780,480 $293,305 $470,700
$16,475
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 “ Railwai Earnings Section” (issued monthly).
OFFICERS.— Pres. & Gen. M gr., Morris Rutherfurd; Sec. & Treas..
William H. Sayer. Office, Warwick, N. Y .— (V. 120, p. 2008.)
LEHIGH AND NEW ENGLAND R R . 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. 21 o m.
Tentative valuation, $11,791,083, as o f June 30 1919.
SECURITIES.— Stock auth., $7,500,000; outstanding Dec. 31 1924.
$6,800,000, nearly all owned by Lehigh Coal & Nav. Co.; par, $50.
D IV ID E N D S.— 1917 1918 1919 1920. 1 9 2 1.1 922 .192 3. 1924.
8%
8%
6%
10% 10%
3%
15%
P e r c e n t .............. ..1 0 %
Bonds. A c.— Of the Gen. M . 5s of 1914 ($15,000,000 auth.), $1 00o 000
were reserved to retire the 1st 5s. V. 102, p. 976, 1060: V. 99, p. 49, 674.
RE PO RT.— For 1924 showed: Gross, $5,413,879: ry. oper. Inc., $1,069,546: other income, $253,698; deductions, $472,962; dividends, $1,020,000; bal., def., $169,717. For latest earnings see “ Railway Earnings”
Section (issued monthly).
Pres., Samuel D. Warriner; V.-P. & Gen. M gr., Rollin H. Wilbur;
V.-P. & Gen. Counsel, Wm. Jay Turner; Sec. & Treas.. Henry H. Pease;
437 Chestnut St., Phila., Pa.; Gen. Aud., W. H. Whitehood.— (V. 119,
p. 325.)
LEHIGH VALLEY RAILR O A D CO.— Main line extends from Jersey
City, N . J. to Buffalo, N . Y . Oper. Dec. 31 1924, 1,375 miles viz.:
O w ned_________________________279 ILeased_____________ ____________ 142
Controlled by ownership of entire
ITrackage_______________________48
capital stock_________________ 906 I
Second track, 609 miles; 3d track, 102 miles; 4th track, 45 miles; industrial
track, 306 miles; yard tracks and sidings. 1,091 miles.
By an agreement with the Pennsylvania RR. C o., its passenger
terminals at New York and Jersey City are used by this company.
HISTORY. ETC.— V 91 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 . 108.
p. 683.
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 o f Its
coal properties pursuant to a decree of the Court entered Feb. 24 1921
(V. 112. p. 849). The plan is a modification o f 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 Go. will create a new $40,000,000 50-year
mortgage carrying 5% interest and protected 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 R R . in satisfaction
of all indebtedness on account o f advances for capital expenditures and
otherwise in the past. The proceeds will be devoted by the railroad com­
pany to the improvement o f 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
purposes.
The remaining $25,000,000 o f 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 [$9,465,0001 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 fnaking certificates on the 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 April 15 1924 were sold by the new trustee
to the I-obio-h Vallov Coal Co. at the rate of $1 per share.
Shareholders of the railroad company who bought and buy shares of
Interest as aforasaid will be obliged to dispose of their said shares of interest
on or before Dec. 31 1927 unlass in the meantime they shall have disposed
of their railroad company stock. Neither the railroad company nor any
corporation controlled by It, nor any person acting ir. its interest, shall
acquire by purchase or otherwise any or 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 the purchasers or their nominees, upon information furnished
by the trustee, and thereafter transfer may be made only on the books of
the ,coal company

12

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
lFor abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

L exington U nion S ta tion — Pref stock (see text)____
$100
L igon ier Valley RR-— 1st M $300,000_____________ x
16 1913
1,000
12
1,000
Lime R ock— Consolidated refunding mortgage gold. L itch field & M adison—First mtge $1,000,000 gold.x
1,000
44 1904
L ittle Miami— Stk original gu 8% 99 yrs P C & St L__
50
50
Special guaranteed betterment stock ($5,000,000). 1912
1,000
General mortgage $10,000,000___________________z
L ittle R ock & H ot Sp W est— See Missouri Pacific an d Chic R I & Pac
50
L ittle S chuylkill Nav RR & C oal— Stk (rental guar)
32
1,000
83 1912
Live Oak Perry & Q u lf RR — First mortgage_____ x

4. The Girard Trust C o., as trustee under the general consolidated mor
gage, holds the legal title to all o f the coal company stock and gives the
railroad 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 o f the railroad company's equity in the coal company’s stock, as
stated above, the trustee holding said equity will exercise its voting power
for the benefit of and at the direction o f the owners o f the shares of interest.
that is to say, the registered owners of the coal certificates as shown by the
transfer book of the coal company will exercise their voting power ex­
clusively through their trustee
5. Upon the maturity or termination o f the general consolidated mort.
gage, the stock o f the Lehigh Valley Coal Co. will be available for dis
tribution to the then owners o f said certificates o f interest and will be
distributed to them accordingly, each certificate of interest entitling the
holder to a pro rata share o f the coal company's stock.
6. The [$2,910.1501 stock o f Coxe Brothers & C o., Inc., will remain
In pledge under the collateral trust agreement o f N ov. 1 1905 until the
maturity o f 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 o f the collateral trust agreement, the stock will
be sold by the Lehigh Valley R R .
7. The [$1,500,0001 stock o f the Delaware Susquehanna & Schuylkill
R R . will remain in pledge under the collateral trust agreement also until
the maturity cf the agreement on Feb. 1 1926, the voting power in the
meantime to be assigned to a trustee to be appointed by the District Court.
In the meantime application will be made to the Inter-State Commerce
Commission for authority to merge and consolidate this company with the
Lehigh Valley RR , in accordance with the provisions of the Inter State
Commerce Act which permits authority to be granted notwithstanding
the status o f the petitioners under the Federal Anti-Trust Laws.
8. The Lehigh Valley Coal Sales Co. will negotiate and enter into a
lawful sales contract with the mining companies (Lehigh Valley Coal Co.
and Coxe Brothers & C o.. Inc.).
DIVS.
(’05. ’06. ’07-’ 10. 11-T4.
1915 to ’ 18 ’ 19 '20-’ 24 ’25
Per cent______ [ 4
4
6 y ’ly. 10 yrly.
10 yrly. 8)4 7 yrly. text
In Fen. 1912 also an extra cash dividend of 10%, applicable if desired
to subscription for stock o f new Leh. Val. Coal Sales Co.
In July 1919
the common dividend was reduced from 2)4% to 1 H % quarterly. Oct.
1919 to April 1925, 154% quar.
BONDS.— Gen. Consol. Mtge. o f 1903 Is for $150,000,000 bonds, bear­
ing not to exceed 5% Int., covering the entire road the stock of the Lebtgb
Valley Coal Co. and other stocks owned. In April 1925 there were out­
standing in the hands o f the public $20,697,000 4J4s, $26,953,000 4s and
$12,000,000 5s; pledged, $10,456,000; held in treasury, $27,630,000; re­
served to retire underlying bonds, and bonds o f subsidiaries, $52,264,000.
Old bonds may, however, be extended, if necessary, for not over 2 years.
Provision may be made at time o f issue o f bonds thereunder for right to
convert into stock at pleasure o f holder not over $25,000,000 at any one time
outstanding. V. 103, p. 585; 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,
The purchase of stock of Coxe Bros. & Co. ($2,910,150) (V. 103. p. 587)
and of Dela. Susq. & Schuylkill RR. in 1905 was financed by an issue of
$19,000,000 coll trust 4% bonds, to be retired by $500,000 semi-annual in­
stallments and secured by deposit o f those stocks with trustee. Bends
subject to call as a whole at 102)4, or in order of serial numbers. V 81
1175. 1242 1376 V 82. p 100; V. 83. p 702; V. 84. p 1 4 2 8 ; V 8 8 . p .452
The $15,000,000 Collat. Trust 6s o f 1918 were redeemed on Sept. 1 1924
at 103 and int. V. 119, p. 578.
GUARANTIES.—Lehigh Valley Rail Way C o — Owned Buffalo. N. Y.,
to near Savre, Pa., 174.48 miles, double track, and branches, 340.43 miles,
in all 514 91 m.. covered by $15,000,000 mtge. oi 1890. but in lud3 and
1905 consolidated with other sub. cos. and In 1907 absorbed the Lehigh &
Lake Erie. Stock, $11,745,000, all owned by Lehigh Valley HR. Mortgage
abstract, 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-track road from
Phllllpsburg, N. J., to Jersey City, and branches, with about 125 acres at
Jersey City and a large water front. &c. Total mileage. 124 miles. Stock
outstanding. 120.433.000. all owned by Lehigh Valley RR., which In 1914
leased 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. & N . Y. Canal < RR.— Leased for 99 years from Deo. 1 1888 to
fe
Lehigh Valley, which has assumed Its debt and owns all Its stock. Con.-ols
nolude $4,000,000 5s. $3,000,000 4s. $1,500,000 4 Mis. V. 22 p. 950.
Seneca County Ry., $500,000 gu. bds.; none sold Dee.3l 1924. V.79. p.1271.
Lehigh & Lake 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
Lehigh Valley R y .C o . V .84 .D . 1248; V .8 5 .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 o f 1924 are redeemable, all or part, on 60 days’ notice at a premium
o f 5% on Feb. 1 and Aug. 1 1944, and thereafter on any int. date, said
premium to be reduced by
o f 1% commencing Feb. 1 1945, with a like
additional reduction commencing on Feb. 1 o f each year thereafter until
maturity, in each case with accrued int. A lease, which will be for a term
extending beyond the maturity date o f these bonds, will provide for an
annual rental sufficient to cover expenses and interest charges of the ter­
minal co., and will provide that the Lehigh Valley R R . shall maintain the
property and equipment in good condition and shall pay all taxes assessed
against it. See V. 118, p. 202.




Rate
%

$390,600
150.000
400.000
1 , 000,000
4.837.300
4.908.300
1,070,000

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

[V ol. 120.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

When
Payable

J &
M &
J &
M &
0 - -M
Q --M
M &

2,487,950 See text J
A
5
669.000

*
&

J
N
J
N
10
10
N

Jan 2 1925 2% Office, Lexington, Ky
Mellon Nat Bk, Pittsb
May 1 1943
Portland, M e
July 1 1929
Central Union Tr Co, N Y
N ov 1 1934
Office, Fosdick Bldg, Cin
See text
See text
do
do
Farmers’ L & Tr Co, N Y
N ov 1 1962

J See text
O Apr 1 1942

Office, 410 Walnut, Phila
Safe Dep & Tr Co, Balt

R EPO RT.— For 1924, in V. 120, p. 1872, showed:
—-—-— ----- -—-——
Year to Dec. 31------------------------Rev. from O p e r a t i o n s 1924.
1923.
1922.
1921.
Coal freight____________ $24,870,756 $28,626,581 $17,333,548 $29,741,132
Merchandise freight____ 38,681,551 34,496,241 33,279,173 32,639,473
Passenger______________
7,688,392
7,406,346
7,022,954 7,700,392
Mail, express, &c______
5,134,107
5,405,986
4,783,214 4,916,802
Total oper. revenue..$76,374,805 $75,935,154 $62,418,889 $74,997,799
Operating income_____ $12,189,751 $6,853,696 $1,408,999 $5,692,959
Other in c o m e _________ 3,257,957 9,583,294
4,832,641 12,234,300
Total income________ $15,447,708 $16,436,990 $6,241,640 $17,927,259
Income Chciv(jes~~~‘
Hire of equipment_____
$944,061
$428,675 $1,066,941
$145,149
Crl48,099
Cr248,026 Cr294,709
Joint facility rents_____ Crl45,859
Rent for leased r o a d s ...
2,301,307 1,870,971
1,939,802 2,158,863
Miscellaneous rents___
336,057
315,893
331,406
341,957
Miscell. tax accruals____
455,139
528,067
322,884
278,023
Interest on funded debt.
3,802,695 4,407,732
4,483,532 4,528,726
Int. on unfunded d e b t..
107,330
115,066
51,030
31,128
_
294,941
332,072
285,318
687,324
Misc. income charges_
Total deduc. from inc. $8,095,669 $7,850,377 $8,232,887 $7,876,461
Net income___________ $7,352,038
$8,586,613df$l,991,247 $10,050,798
Divs. shown in profit &
loss account_________ $4,245,749 $4,245,749 $4,245,749 $4,245,749
For latest earnings, see ‘ Railway Earnings Section’ (issued monthly).
OFFICERS.— President, E. E. Loomis; Vice-Pres., J. A . M iddleton!
V.-Pres., F. L. Blendinger; V.-P. & Gen. Counsel, E. H. Boles; V .-P . &
Compt., C. E. Hildum; Sec., D. G. Baird; Treas., A. F. Bayfield.
D IR E C T O R S — H. S. Drinker, Fred M . Kirby. Alfred H. Swayne, Ed­
ward S. M oore, S. Brinckerhoff Thorne, Samuel T. Bodine, Henry B.
Coxe, Harry C . Trexler, Morris L. Clothier, George T. Slade, J. F. Bell,
J. Wm. Robbins, E. E. Loomis (ex-officio). Office Philadelphia, Pa.—
(V. 120, p. 1878.)
L E X I N G T O N & E A S T E R N R Y . — See Louisville & Nashville.
LEXINGTON (KY.) UNION STATION CO.—Owns passenger station
Common stock, $15,000. owned two-thirds by Loulsv. & Nashv. and onethird by Ches. & Ohio. There has been authorized $500,000 of 4%
nimulailve i non-voting) preferred stock, secured by mtge., and rentals paid
ly above-named roads on basis of passenger cars. Pres., W A McDowell.
L I G O N I E R V A L L E Y R R . — Latrobe to Ligonier, P a ., 10.3 miles: Llgo
nier to Fort Palmer, P a ., 5-7 m.; total. 16 miles.
Stock. $500,000; par $50. Dividend, 25% in stock paid May 1 1913
in year 1913-14 6% deferred dividend and 03) regular were paid. Bonds,
see table above. For year ending Dec. 31 1923, gross. $323,373: net oper.
Income. $81 980; other income, $20,698; int., rentals &c., $40,699; divs.
(6 % ). $30,000: bal., sur., $31,979. Pres., J. R . Mellon; V .-P .. T . A.
Mellon: Sec., R. B. Mellon; Treas., R . K. Mellon. Office, Ligonier, Pa.
L IM E R O C K R R . — owns road in and around RocKiand, Me.. 11 m .,
Package. 1 m.; total. 12 m. Stock, $450,000: controlled by the Rockland
Rockport Lime Co. of Maine (V. 92. p. 960). Dlv. In 1905-06. 5 % ' 190617, 5% . of which 3% from accumulated surplus; 1907-08. 2 H % ; 1908-09,
5 % ; 1909-10 . 4 ) 4 % : 1910-11. 3 ) 4 % ;

1911-12. 2 ) 4 % :

1912-13. 4 ) 4 % ;

1913-14. 1)4% : 19L4-15, \M%\ 1915-16 1)4% ; 1916-17, 3% ; 1917-18,
none: 1918-24. none. Office. Rockland. M e.— (V . 82. p . 1380.)
LITCHFIELD & MADISON R Y .— Owns Litchfield Jet. to Madison,
111., 44 m.; trackage, 1 m.; total, 45 m. Stock, common, $500,000; pref..
4% non-cum., $500,000; par, $100. For 1923, gross, $767,262; net oper,
incom e.$144.296: other Income, $68,470; int. & rentals, $54,016; bal..
sur., $158,750. Pres., James Duncan. Alton, 111.; Treas.. S. D. Wheeler,
— (V. I l l , p- 692.)
LITTLE MIAMI R R . 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
KB-. Xenia. O., to Columbus, O., 52 m.; Cin. St. Con. R R ., 2 m.; Rich­
mond & Miami R R ., Indiana State line to Richmond. 5 m.; total, 195 miles.
LEASE.— On Dec. 1 1869 leased to Plttsburgn Cincinnati S St Louis
c
now Pittsburgh Cin. Chicago & St. Louis R R .) for 99 years, renewable forsver. The Penna. R R . Co. Is a party to the contract and guarantees Its
’ I'Phful execution. Rental Is 8 < on $4,943,100 original stock, 4% on betft
tt^ment stock and int. 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.— The General 4s of 1912 ($10,000,000 auth. issue; Cent. Trust
& Safe Dep. Co. of Cincinnati, trustee) are to bear not over 4% Int., and
h a ve a first lie n .

V.

112. p . 562

For 1924, gross income, $816,321; deductions, $197,920; dividends,
$612,331; bal., sur., $6.070.— (V. 112, p. 562.)
LITTLE SCHUYLKILL NAVIGATION RR & COAL.— Owns from Port
Clinton to Tamanend and Reevesdaie, 31.44 miles; 2d track, 26.47 m.; total.
91.71 miles. Re-leased on Dec. 1 1896 to Phila. & Read. R y .for 999 yeais.
DIVS.—
\ ’12. ’ 13. ’ 14. T5. T6. ’ 17. ’18. T9. ’20. ’21. ’22. ’23. ’24.
P ercen t______/ 5)4 5 5)4 5
5
5
5
5
5 4)4 5
5
4
Lessee pays taxes and organization expenses.— (V. 113, p. 2504.)
LIVE O AK PERRY & GULF R R .— Owns Live Oak to 72.5 Mile Post.
Fla. ,72.5 miles; M ayo 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 1924, gross, $308,863; net operating
income, $70,678; other income, $34,434; interest, rentals, &c., $65,502;
bal., sur., $39,610: divs., $24,000. Pres., W. T. Hargrett; Sec. & Treas.,
R. P. Hopkins. Office, Live Oak.— (V. 114, p. 854.)

Miles Date
Road Bonds

RAILROAD COMPANIES
fFor abbreviations. A c., see notes on page 6)
L o n g I s la n d R a ilr o a d C o ( T h e l —
C on sol m o r tg a g e (gold ) ( $ 3 ,6 0 9 ,5 0 0 are 5 s ) _____C e .v
G en era l m o r tg a g e g o ld __________________________ C e .v c *
S tew art L in e m tg e o f 1 9 3 2 for $ 5 0 0 ,0 0 0 g o l d _ _ C e .v
D e b e n tu r e ( $ 1 ,5 0 0 ,0 0 0 ) g o ld not su b je c t to c a ll— z
B k ly n & M o n t 2d M assu B u sS ta to E ’t p ’t& b rs C e .z c *
L 1 C it y & F lu sh in g M gold a s s u m e d _____C e .v c *
N e w Y o r k B a y E x te n sio n 1st M a s s ’ d $ 2 0 0 ,0 0 0 _____z
M o n t a u k E x te n sio n $ 6 0 0 ,0 0 0 1st M a ssu m e d _____ z
U n ifie d M g o ld c a lla b le a t 1 1 0 $ 9 , 6 7 3 , 0 0 0 . U sm .x c & r
R e fu n d m tg e $ 4 5 ,0 0 0 ,0 0 0 g o ld g u p & i - - E q .x c * & r
D e b e n call a f t N o v 1 ’ 2 2 a t 1 0 2 3 $ -_ U s m .y y x c * & r
N o Sh B r con M (a ss’d ) $ 1 ,4 2 5 ,0 0 0 gu p & i . C e . v c
N Y & R B 1st M (a ss’d) $ 9 8 4 ,0 0 0 gu a r p & i ------- C e
Serial n o te s __________________________________________________
E q u ip m e n t tr u st Series B $ 9 4 ,0 0 0 d u e y e a r ly _______
do
do
Series C $ 1 3 8 ,0 0 0 d u e y e a r l y .. F P
do
do
Series D d u e $ 9 8 ,0 0 0 a n n ______ FP
do
do
Series E d u e $ 1 1 4 .0 0 0 y r l y . F P .c *
do
do
Series F d u e $ 1 2 5 ,0 0 0 y r lv F P .x c *
do
do
Series G d u e $ 7 3 ,0 0 0 y e a r ly _____
do
do
(iss. to G o v t ) d u e $ 2 7 9 ,4 8 9 yrly G
Leased and

C o n tr o lle d

L in e s ,

P r in c ip a l o r

In te re s t

N Y B & M a n B 1st co n s M $ 1 ,7 2 6 .0 0 0 gold g u .C e .v
L o s A n g e l e s & S a lt L a k e R R —
San Pedro L o s A & S a lt L a k e 1st M $ 7 0 .0 0 0 .0 0 0 _ G .x
L o u i s ia n a & A r k a n s a s — Sroek $ 7 ,0 0 0 ,0 0 0 au th orized
F irst m o rtg a g e $ 7 ,0 0 0 ,0 0 0 gold <t e x t ) ______ G .x c * & r
E q u ip certificates Series J d u e $ 6 ,0 0 0 s e m i -a n n ..
do
do
Series “ K ” d u e $ 4 ,0 0 0 s - a _____ G
L o u i s i a n a & N o r t h W e s t R R — U n d e r ly in g M g o l d .x
F ir st m o r tg a g e $ 1 0 ,0 0 0 ,0 0 0 g o ld __________ M S t .x c *
L o u i s ia n a R y & N a v — F irst M g o ld ________x x x .F .c & r
L o u i s ia n a S o u t h e r n — -1st M g red a t 1 0 5 _____C e .x c
N e w m o r tg a g e ____________________________________________
L o u is v H e n d & S t L o u i s — -1st M $ 2 ,5 0 0 ,0 0 0 g o l d . G .z
F ir st C o n so l M $ 5 , 0 0 0 , 0 0 0 g o ld ________ _____________
L o u i s v & J e f f B r & R R — $ 5 ,0 0 0 ,0 0 0 g gu p & i _ _ x e

156 1881
163 1888
18 1892
1894
'76 1888
19 1887
6 1893
21 1895
316 1899
316 1903
1917
'30 1892
1887
1920
1917
1920
1922
1923
1924
1925
1920
e
G u a r a U ed.

19 1885

1,038 1911
302
302 1902
1923
1924
35 1895
115 1905
334 1903
45 1897
(?)
181 1896
181 1915
1895

Par
Value

$5,077,094
$178,801
167,449
19,170
2,46.5,924
556,441
33,179

&
&

J &
■ &
T
M

J

.1

M

&

&

&
&

1 &

M &
M
F
F
F

T

Q~&
&
&
&

&

M &
A
&
J
&
J & J

5g

A

& O Oct 1 1935

J

&

$5,552,767
$204,547
283,851
14,238
2,457,083
376,302
51,717

M &
A
.1
M

&
&
&
&
&
&

M &

Places Where Interest an*
Dividends are Payable

July 1 1931
Treas Penna R R Co, N Y
Junel 1938
do
do
do
do
June 1 1932
do&Lon
do
Junel 1934
do
Junel 1938
do
do
M ay 1 1937
do
do
do
Jan 1 1943
do
do
Jan 1 1945
do
Mar 1 1949
do
do
do
Mar 1 1949
do
do
M a y l 1937
do
do
Oct 1 1932
do
do
Sept 1 1927
Treasurer, Philadelphia
Aug 1 1925
To Feb 1 1927 Fidelity Trust Co, Phila
To Aug 1 1932
do
do
do
do
To June 1 1932
do
do
To M ay 1 1938
do
do
To Apr 1 1939
do
do
To Jan 1 1940
To Jan 15 1935

Q—.

J
J

Last Dividend
and Maturity

59.022.000
5.000.
000
3.031.000
5g
96.000
1,000
6
80.000
1,000
100 ,0 0 0
5g
1,000
2.069.000
5g
1,000 10.361.000
4 3$
500
250.000
5g
750.000
500 2.500.000
5g
700.000
5g
LOGO $4,500,000
4g

1,000

Net income---------------------------------- $1,976,114 $1,656,559 $2,165,028
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Samuel Rea; V.-Pres., A. J. County, Henry Tatnall
and George Le Boutillier; Sec., Eugene Wright; Treas., H. II. Lee. Office,
Pennsylvania Station, New York.—-(V. 120, p. 2546.)
LOS ANGELES & SALT LAKE R R . — (S e e M a n U n i o n P a c i f i c . ) —
From Sait 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
1924. 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 R R ., allied, runs
from Las Vegas, N eb., to Beatty, 119 miles. V. 81, p. 1175; V. 98, p. 1920.
Name changed from San Pedro Los Angeles & Salt Lake RR. In Aug
1916. V. 103. p. 759. Valuation, V. 113, p. 1360.
STOCK.— Auth., $25,000,000; par, $100; all issued. In 1921 Union
Pacific acquired complete control. V. 112, p. 2305. In Dec. 1912 the U.
S. Supreme Court held valid control by Union Pacific. V. 95, p. 1542.
BONDS.— The mortgage o f 1911 is for $70,000,000; $59,015,000 of the
$59,022,000 issued were held Dec. 31 1921 in the Union Pacific treasury.
V. 90, p. I l l ; 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).
Chairman, R. S. Lovett; Pres., Carl R . Gray; V.-Ps., E. E. Calvin.
H. M . Adams and H. W. Clark; Treas.. E. G. Smith; Sec., Thomas Price.
— (V. 120, p. 2008.)
LOUISIANA & ARKANSAS R Y .— Owns from Hope, Ark., to Pineville
Junction, La., 192.89 miles, less 3.98 miles not operated, Packton to Wildsville Jet., La., 53.32 m .; Minden, La., to Shreveport, 27.15 m. 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 miles. Rock Island Co. uses 36 miles, Packton, La., to
Pineville, La., under trackage contract, and St. Louis Southwestern pas­
senger trains the Shreveport terminals under a 25-year lease. V. 93, p. 527.
The I.-S. C. Commission has placed a tentative valuation of $7,528,150
on the company’s property as o f June 30 1917.




1.601.000

When
Payable

Rate
%

1,000
100
1,000

Total owned_________________ 366
Total Dec. 31 1924__________ 397
Tentative valuation as o f june"30 1916, $93,201,517. V. 118, p. 3197.
PLAN.— In 1917, the minority shareholders having generally surrendeicu
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 o f 4% debentures). $5,202,100 new 5% 20-year debentures, and for
the remainder capital stock at par: (b) gave $5,202 100 5% debs, ia exchange
for minority stock. $ for $. V. 104. p. 361; V. 106, p. 2222
The debentures will be secured bv 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 w
hich
the Penn. RR on Dec. 31 1924 owned $34,071,400. V. 104, p. 361. 1899.
V. 106. p. 2222.
DIVIDENDS.—
J ’82. ’83-’90 ’91. ’92. ’93 ’94. ’95. ’96
None
P e rce n t........................\ | 4 y ’ly. 4 «
5
5 4 3i 4
4
since
BONDS.— The Refunding 4s of 1903 '$45 000.000 authorized Issuei 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. R R ., were sold, the proceeds to
be used for various Improvements and additions In connection with tin
Pennsylvania tunnels to and through New York City, principally for add)
tlonal terminal facilities at Bav Ridge and Long Island City and for a double
track connection with the New HaveD road for additional terminals, tracks
equipment, and to retire old bonds
V 78, p. 583. 1549: V 79. p 79fi
V. 80, p. n i l : V. 81. p- 211: V. 82. p. 868; V. 92. p. 527. The I.-S. O.
Commission in M ay 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 Bond'
are subject to call at 110 in whole or in part. See Refunding 4s above. V
68. p. 618. Mtges. on real estate, $2,055,680. V. 76, p. 266; V 85. p. 160
V. 89. p. 529. 1411: V. 90. p. 898. 1040, V. 93. p. 1022: V. 102. p. 809: V
103, p. 2079. Debentures o f 1917, see “plan” above and V. 104, p. 2452
GUARANTIES. — In addition to guaranteed bonds in table above, guar­
antees 5% on $6511.000 New Vorlr Brooklyn < Manhattan Beach n-ef stock
%
as part retal: also 6% on $44,000 1st mtge. 6s of Montauk Steamboat
Co., due April 1 1926.
R E PO R T .— For 1924, in V. 120, p. 2139, showed:
1924.
.
1923.
1922.
Total operating revenues____________ $35,077,885 $34,085,419 $30,951,540
Net railway operating income______ 4,538,994
4,001,966 4,967,454
Non-operating income______________
642,844
1,075,218
585,313
Gross income______________________$5,181,837
for leased roads_____
$178,801
Miscellaneous rents_______________
140,025
Miscellaneous tax accruals________
16,302
Interest on funded debt__________
2,561,722
Interest on unfunded debt________
273,008
Miscellaneous charges____________
32,866

Amount
Outstanding

$1,000 $1,730,000 4 & 5 g
3.000.
000 g
1,000
4
332.000
1,0 0 0
4g
1,000
1.135.000
5g
600.000
1,000
5g
1,000
650.000
5g
100 .000
1,000
5
315.000
1,000
5=
3.542.000
1,000
4g
500 &c 26.394.000
4g
100 &e 5.202,100
5g
1.262.000
1,000
5g
883.000
1.000
•g
5
83,9(2
Various
6
1,000
188.000
4l
A
1.104.000
1,000
6
686.000
1,000
6
1.482.000
5
1,000
1 .0 0 0
1,750 000
5
1.095.000
5
1,000
2,791,890
6g

LONG ISLAND R R . CO. (THE).— Operates the steam surface roads of
Long Island.
L e a s e s —-(*Whicli see)
M ile s .
.
.
M ile s .
Main line— L. I. City to Greenp’t 94 Nassau Electric R R _________
9
_
Long Island City to Montauk_ 115 N. Y. Bklyn. & Man. B e a c h * ... 18
Branch lines___ __
.157 Trackage rights_____________ 4

D e d u c t —Rents

73

K A IL W A Y STOCKS AND BONDS

M ay , 1925.]

J July 1 1961
Septl5’ l l 1 M %
S Sept 1 1927
ToJune 15 1933
D June ’25-Dec ’34
J Jan 1 1945
O Apr 1 1935
J Tuly 1 1953
S Mar 1 1950
J July 1 1946
Oct 1 1965
S Mar 1 1945

Treas Penn R R Co. N Y
Guaranty Trust Co, N Y
Checks mailed
Guaranty Trust Co, N Y
do
do
Boodv, M cL & Co. N Y
C h & P N B & T r C o,N Y
See text
R Winthrop & Co, N Y
L & N R R Co. N Y
New York
J P Morgan & Co, N Y

D I V ID E N D S.— 1906 to 1909. 3 % y ’ly : then to Sept. 15 1911.2 H % y ’ly
None since.
BONDS.— The unissued ftrst 5s (total limited to $7,000,000) are reserved
for betterments, equipment and extensions, of which $1,000,000 reserved
for bridges across Black and Red rivers, and the Daiaoce limited to $20,000
per mile of completed railroad. The entire amount outstanding, but no
part. Is subject to red emotion at 110 and interest no anv Interest ( la te .
Annual sinking fund $75,000 per ann. to buy bonds at 110 and int., or under;
otherwise to be invested. $5,196,000 issued; $3,031,000 in hands of public.
See V. 101, p. 2071.
Year ended Dec. 31 1924: Gross, $4,030,319; net oper, inc., $759,887;
other inc., $68,403; int., rentals, &c., $392,644; surplus, $435,645.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W . J. Buchanan, Texarkana, Ark; V .-P . & Gen. M gr., C. G. Lundav, Meriden, Ark.; Treas., F. S. Carroll, Texarkana, Ark.—-(V. 119, p.
2875.)
L O U I S I A N A & N O R T H W E S T R R .— Owns M ag nolia . A r k ., to N a tc h i­
toches. L a .. 115 m .; trackage. M agnolia to M c N e il. 6.4 m . O n A u g .22

1913 Geo. W. Hunter, St. Louis, was appointed receiver. V. 97, p. 521,595.
Mr. Hunter resigned on Oct. 1 1920 and was succeeded by E. R . Bernstein.
Shreveport, La.
The l.-S. C. Commission in Aug. 1921 authorized the receiver to abandon
that portion of the line extending from Chestnut to Natchitoches, 22 miles.
V. 113, p. 1053.
The road was purchased in March 1922 by C. N. Haskell. Chairman of
Middle States Oil Corp.. and in M ay 1922 the receiver was dismissed.
Compare V. 114. p. 1187: V. 115. p. 74. 543.
Stock out, $2,300,000; par, $100. 1st 5s of 1905, V. 82. p. 628; V. 85.
p. 1462. Initial div. of 13$% was paid Oct. 1 1922; same amount paid
quarterly to Jan. 2 1924.
R E PO RT.— For year ended Dec. 31 1924, showed: Gross, $683,859:
net, $231,099; other income, $25,728; int. and rentals, $157,247; divs.
paid, $34,500; bal., surplus, $65,080.— (V. 120, p. 1583.)
LOUISIANA R Y. & NAVIGATION C O . —Owns Ne w Orleans to Shreve­
port, La., 303-41 miles; Aloha to Winnfield, 27.14 miles: total, 330.55 miles.
Stock outstanding, $8,131,000; par, $100.
Year E nd.

G ro s s .

N e t.

O th e r I n c .

In t..T a x .,A c .

B a l.,D e f.

Dec. 31 1924-$4,144,232
$187,074
$88,638
$976,907
$701,195
Dec. 31 19233,892,094
400.CO
O
84,643
806,177
231,134
Dec. 31 19223,604,118
422,908
16,089
407,863
438,996
Dec. 31 19213.683,969
434,974
524,859
821.793 sur.138,040
Dec. 31 19204 275,834
61,787
36,131
775,819
677,921
For latest earnings, see “ Railway Earnings Section" tissued monthly).
Prts , Wm. Edenborn, New Orleans: V.-P
Paul Sippel; Treas.. Paul
Sippel, Shreveport: Sec., J. J. Tippin.— (V. 120. P 2265.)
LOUISIANA SOUTHERN R Y .— Owns New Orleans, La., to Bohemia.
l a . 49 miles; Poydras to Shell Beach. 15 m ; total. 64 m. Steam for
freight and gasoline motor cars for passenger service. The road was
operated from June 1916 to Feb. 1 1923 by New Orleans Texas & Mexico
R y . under 12-year lease made Feb. 1911 to St. L. & San Fr. The lease was
not renewed and the road has been operated independently by owners
since Feb. 1 1923. In Jan. 1901 the United Ry. & Trading Co. o f New
England acquired over 95% o f the stock and bonds, that company also
owning the Kenilworth Sugar Estates, 10,000 acres. V. 76, p. 706. Stock,
$1,000,000; par, $100. Year ending Dec. 31 1923, gross, $164,210; net,
after taxes, def., $14,814; other income, $8,688; interest, rentals, &c.,
$73,958: bal.. def., $80,084— V. 118, p. 2704.)
LOUISIANA WESTERN R R .— (See dap of Southern Pacific.)—
Owns from Lafayette. La., to Sabine River. 105 miles; Abbeville to
Mamou, 68 miles: Mallard Jet. to Lake Arthur. 34 miles; total, 208 miles.
Operated independently. Southern Pacific owns all the $3,360,000
stock. Dividends: In 1905-06 and 1906-07, 10% yearly; in 1907-08,
85%; in 1908-09, 20%; 1909-10 and 1910-11, 15%; 1911-12, 10%: 1912-13,
10%; 1913-14. 10%; 1914-15, 10%: 1915-16. 15%: 1917. 15%: 1918. 15%:
1919, 15%; 1920, 15%; 1921, 15%; 1922, 15%; 1923 and 1924, 15%. Year
1924, gross, $4,197,086; net operating inc., $832,022; other inc., $95,126;
deductions, $2,788; dividends, $504,000; bal., sur., $420,360.
For latest earnings, see “ Railway Earnings Section” (issued monthly).—
(V. 113, p. 72, 183.)
LOUISVILLE HENDERSON & ST. LOUIS R Y . CO.— ROA D .—
Louisville to Henderson, K y.. 143 miles (Including 6 miles trackage); Irving­
ton to Fordsville, K y., 44 miles; L. & N. trackage, Henderson, K y., to
Evansville, Ind., 12 miles; total, 200 miles. Louisville & Nashville on
Dec. 31 1924 owned $1,621,400 of the $2,00,000 5% non-cum. pref. and
$1,742,600 of the $2,000,000 com. (par $100). V. 94, p. 207; V. 95, p. 1274:
V. 96, p. 653.
in Oct. 1915 filed a $5,000,000 1st consol. M . bond. $2,710,000 reserved
to retire $2,500,000 1st M . 5s at maturity and $210,000 equipment bonds
maturing serially. $700,000 sold forthwith and $1,590,000 reserved for
future extensions and additions. V. 103. p. 1882; V. 101. p. 1370.
D IV ID E N D S.— Initial dividend of 4% on the pref. stock was paid
Feb. 15 1924; same amount paid Feb. 16 1925.
REPORT.— For cal. year 1924 Gross, $3,449.889: raiiwav oper. income.
$635,399; eros« income. $6'0,956 deductions $287,910 n«t income,
$393,016; dividends, $80,000; balaifce, $313,016. V. 120, p. 2265.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
•
‘res., R. N. Hudson; V .-P ., W. L. Mapother; Sec., Ridgely Oayce;
Treas., L. W . Botts.— (V. 120, p. 2265.
LOUISVILLE & JEFFERSONVILLE BRIDGE & R R . C O — One-half
mile long; approaches 2 miles; overhead viaducts 13$ miles, with connecting
lines in Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville.
Stock, $1,425,000: mtge. for $5,000,000; bonds for $500,000 are reserved
for future construction, &c.; the bonds are guaranteed jointly and severally
by the Chesapeake & Ohio and Cleveland Cincinnati Chicago & St. Louis, in
vbose Interest the stock is owned, and any deficit is payable in the propor­
tion of one-third and two-thirds respectively. Pres., A. P. Humphrey;
Sec., M . L. Akers; Treas.. R . N. Harry. See V. 60. p. 130; V. 61. p. 327.
559; V. 62. p. 84.— (V. 112. p 562, 653 )

74

R A IL W A Y STOCKS AND BONDS

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

6]

Miles Date
Road Bonds

L ouisville & Nashville —

S to c k $ 1 2 5 ,0 0 0 ,0 0 0 a u t h . __
F ir s t & R e f m t g e Ser A red (te x t) _ .U s .z c * A r * T e x t
do
do
Ser B red ( t e x t ) . .
U s .z c * & r * T e x t
do
do
Ser C red ( t e x t ) ______ _ U s .z c * & r * T e x t
L C & L e x G e n m tg e gold ( V 6 3 , p 1 0 1 0 ) - G .x c *
176
N e w O rl & M o b D iv 1 st M N O to M o b ile g
F .z c *
141
S e con d m o r tg a g e go ld _
.
_____ _____ . - x c *
141
208
S o u th e a st & S t L D iv 1 st m t g e g c all (te x t)
I C .x c *
S e con d M g o ld E a s t S t L o u is to E v a n s v & b r _ x c *
208
202
F ir s t M ( 5 0 -y e a r 5s) $ 1 5 ,0 0 0 per m ile g o l d _ _ U s .x c *
F ir st m t g e colla tera l t r u s t ( $ 7 ,0 0 0 ,0 0 0 ) g o ld . F . z c *
U n ifie d m o r tg a g e fo r $ 7 5 ,0 0 0 ,0 0 0 g - _ C e . x c * A r * T e x t
M o b ile & M o n t g o m e r y j o in t M $ 5 ,0 0 0 ,0 0 0 g
C e .x c
1 79
H e n d e r so n B r id g e C o 1 st M g o ld d ra w n 1 0 5 - C e .x c *
10
N a s h v F lo r & S h e ff 1 st M g a ssu m e d in 1 9 0 0 -_ C e .z c
105
P a d u c a h & M e m D iv 1 st M $ 5 , 0 0 0 , 0 0 0 g o ld B a .x c *
254
S o u & N o r A la c o n s M ( V 9 7 , p 1 2 0 4 , 1 4 2 6 )g gu C e .x c *
202
G e n co n s M $ 2 5 , 0 0 0 ,0 0 0 g gu ar
_ -U s .x c * A r *
202
N e w p & C in B r 1st M g s f a ssu m gu b y P e n n C o F .x
L & N — S o u th e r n R y M o n o n C o lla t J o in t M $ 1 5 ,5 0 0 ,0 0 0 (see te x t) call 1 0 5
___ G .v c * & r
L e x in g to n & E a s t 1 st M $ 2 0 , 0 0 0 ,0 0 0 a s s u m . N .y c *
213
K e n t u c k y C e n tr a l 1 s t M ( $ 7 ,0 0 0 ,0 0 0 ) g o ld
M p .z c *
247
A t la n t a K n o x v ille & N o r th e r n 1 st m tg e go ld
C e .x
228
do
do
con sol M g o ld $ 1 0 ,0 0 0 p m . U s . x
22$
L & N — A t l K & C D iv M $ 5 0 , 0 0 0 ,0 0 0 . U s .x c * & r *
87C
L & N T e r m M $ 3 , 0 0 0 , 0 0 0 g o ld gu a r j o in t ly B a .x c *
S ecu red g o ld n o te s r e d e e m a b le (see t e x t ) . .
B a .c *
do
do
do

Series D d u e $ 7 3 5 ,0 0 0 a n n u a l l y .. U s
Series E d u e $ 4 2 0 ,0 0 0 a n n u a lly
Us
Series F d u e $ 4 0 0 ,0 0 0 a n n u a lly
Us
L ykens Vail R R & Coal C o —-S to c k — R e n ta l p a y s 4 %
Macon & Birmingham — F ir st M $500,000 g . OB.xc
Macon D ublin & S a v — 1 st M $ 1 .8 4 0 , 0 0 0 g g u N .x x c *
Macon Term inal — 1st M $ 3 , 0 0 0 , 0 0 0 g g u .C o I .c * & r *

b

do
dodo

1921
1921
1921
1881
1880
1 8S 0
1921
1881
1887
1888
1890
1895
1881
1887
1896
1886
191 3
1895
1902
1915
1887
1896
1902
1905
1902
1920
1920
1921
1922
1923

2C
97
92

1896
1907
1915

Par
Vatu.

Amount
Outstanding

Rate

When
Payable

%
5H
5 g
4M
4H
6 g
6 g
6 g
3 g
5 g
5 g
4 g
4H
6 g
5 g
4 g
5 g
5 g

1 ,0 0 0 & c o 5 , 8 9 8 ,0 0 0
1 ,0 0 0 p 7 ,8 7 0 ,0 0 0
1 ,0 0 0 q 6 , 7 0 0 .0 0 0
1.00C
r 9 9 9 ,0 0 0
1,00C
5 0 0 ,0 0 0
1 ,0 0 0 A c s 2 4 , 7 4 2 ,0 0 0
i ,o o r t 2 , 5 0 0 ,0 0 0
5 0 0 Ac
7,51*0,000
7 ,0 3 9 .9 0 0
l.o o o
8 . 0 8 5 ,0 0 0
1,001"
5 ,4 6 9 ,0 0 0
1,0 0 (
5 ,6 0 0 ,0 0 0
2(
5 9 9 ,1 2 0
1 ,0 0 0
5 0 0 ,0 0 0
1 ,0 0 0
1 , 5 2 9 ,0 0 0
1 ,0 0 0
1 ,6 0 0 ,0 0 0

J
A
4 g
A
A
5 g
.1
A
4 g
A
J
5 g
M A
4 g
M &
4 g
T A
4 g
M A
7 g
T X .T
r
6
6 y, g M &
A
4M g J
M
5 g
A
J
4
&
J
5 g
J
5 g
A
J
5 g

g
g

Last Dividend
and Maturity

F & A A u g 10 1 9 2 5
V & O Apr 1 2903
V A O Apr 1 2003
A
& O Apr 1 2003
M & N N o v 1 193 1
1 & J Jan 1 1 9 3 0
J & .1 Jan 1 1 0 3 0
M A S M a r 1 197 1
M A s M a r 1 1980

100 1 1 7 ,0 0 0 e 0
1 .0 0 0 &■ v l 2 , :
<
00
1 .0 0 0 A c w ( '0 0 .0 0 0
1 .0 0 0
c
.000.000
3 . 2 5 8 .0 0 0
roo b 4 . 9 8 6 .0 0 0
1 ,0 0 0
1 , 0 0 0 ,0 0 0
1 ,0 0 0 u 3 . 4 9 5 ,0 0 0
1 ,0 0 0 c 2 , 9 9 7 ,0 0 0
1 ,0 0 0 d l , 7 4 9 ,0 0 0
1 ,0 0 0 e 4 , 7 0 5 .0 0 0
1 ,0 0 0 A c 1 6 4 ,7 ( 0 ,0 0 0
1 ,0 0 0
4 , 0 0 0 ,0 0 0
1 ,0 0 0
g 5 4 ,0 0 0
1 ,0 0 0 k l , 9 9 6 ,0 0 0
1 ,0 0 0 k k 4 ,6 1 9 ,0 0 0
1,00C m 9 ,2 9 2 ,0 0 0
1 ,0 0 0 A c n 7 , 4 0 0 .0 0 0
1 ,0 0 0
1 ,2 6 0 ,0 0 0

g

[V ol. 120.

M

&

N M ayl
N ov 1
J u ly 1
S Sept 1
A
s Sept 1
A
< A Aug 1
fc
<
fc A F e b 1
A A Aug 1
A O O ct 1
A
J J u ly 1

M & N
1 & J

g M

M

F
F
F
A
gJ

1937
1931
1940
1945
1931
1937
1946
1936
1963
1945

Places Where Interest and
Dividends are Payable

3 0, 71 B r o a d w a y , N e w Y o r k
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
do
do
do
do
do
do
do
do
do
do

J J u ly 1 1 9 5 2
O Apr 1 1965
,T J u ly 1 1 9 8 7
D D ec 1 1946
S M ar 1 2002
N M a y l 1955
D D ec 1 1952
N M a y 15 1 9 3 0
15 T o J an 1 5 1 9 3 5
s T o M a r 1 1936
D T o D ec 1 1937
S T o Sept 1 1938
J Jan 2 1 9 2 5 2 %
J J u ly 1 1 9 4 6
J Jan 1 1 9 4 7
J J u ly 1 1 9 6 5

J P M o r g a n & Oo,
71 B r o a d w a y , N e w
71 B r o a d w a y , N e w
71 B r o a d w a y , N e w
do
do
do
do

do

J v
N
Y ork
Y ork
Y ork

do

J P M organ & C o , J i
N
G u a r a n ty T r u s t C o , J V
N
71 B r o a d w a y , N e w Y o r k
do
do
do
do
O ffic e B r o a d S t S t a .u n u a
N o c o u p o n s eve r p a id _
New Y o r k T r u s t C o , N Y
I r v B k -C o l T r C o , N Y

to j A ls o held in tr e a s. or b y F a r m . L . & T r u s t O o . , tru ste e, D e c 31 1 9 2 4 . b $ 1 4 ,0 0 0 : c $ 3 ,0 0 0 ; d $ 1 5 ,0 0 0 : e $ 4 2 4 ,0 0 0 : f $ 5 .1 9 2 ,0 0 0 ; g $ 1 , 9 4 0 , 0 0 0 ;
p $ 2 ,6 2 5 ,0 0 0 ; q $ 4 2 ,0 0 0 ;
k to v A ls o in tre a su ry D e c e m b e r 31 1 9 2 4 :
k k $ 2 1 7 000: m $70 8 .0 O 0 ; n $ 3 . 3 9 1 . 0C 0 : o $ 1 5 ,5 0 0 ;
k s i r 0.000
r $ 1 , 0 0 0 ; s $ 5 ,7 4 3 ,0 0 0 ; t $ 1 0 1 ,0 0 0 ;. u $ 5 ,0 0 0 ; v $ 1 5 , 8 6 2 ,0 0 1 0 ; w * 1 . 8 6 2 , 0 0 0; y $1,82 9,000.

LOUISVILLE & NASHVILLE RR. CO.— (See M ap.)— R OAD.— Oper­ $3,000,000 South & North Ala. R R . Gen. Consol. 5s of, 1963. Red. on and
ates main line. Cincinnati. O.. to New Orleans, La., and branches to St. after May 15 1923, all or part, at 100 and int. plus a premium of 1 % for each
Louis. Memphis, &c., total. Dec. 31 1924, 5.044 miles, viz.:
year or port,ion of a year from the date fixed for redemption to maturity.
_
M iles. |
Miles.
Equipment trusts Issued to Director-General for rolling stock allocated
Owned, property deeded___________ 4.493 lOperated under contract
38 to this company. See article on page 3 and V. 113, p- 1360, 1471.
Entire capital stock owned____ 220 [Under trackage arrangements.. 146
Government loan. V. 112. o . 1978.
do
fowned but leased)
fi
Operated under lease------------ 1421
R E PO R T .— For 1924, in V. 120, p. 1766, showed:
The I.-S. C. Commission has placed a tentative valuation of $321,169,838
1924.
1923.
1922.
on the total used property o f the system, and $304,895,070 on the total
$
$
$
owned property, as o f June 30 1917.
136,375,672
Control by Atlantic Coast Line.— Late in 1902 the Atlantic Coast Line RR. Railway operating revenues________ 135,505,677 109,865,090 121,138,840
Railway operating expenses________ 107,126,897
99,604,496
acquired $30,600,000 of the (then) $60,000,000 stock and owns $59,670,000
Of the present $117,000,000 stock but the roads are operated Independently.
28,378.780 26,510,582 21,534.344
V . 74 p 830 1038: V 75 p 733 1309
4,710,247
6,372,310
6,189,994
Joint lease o f Carolina Clinehfield A Ohio R R .—see that company above.
13,700
192,000
34,752
On Dec. 31 1924 the company owned $11,484,100 (a majority) of the Uncollectible railway revenues_____
stock o f the Nashville Chattanooga A St. Louis Ry.. o f which S8.802.4C0
Total operating income__________ 22,154,034 19.946,272 16,810,396
was pledged under the unified mtge. and $2,680,700 was pledged under
the 1st & ref. mtge.
Equipment rents (net)_____________ Cr.448,911 Cr.938,977 Cr.1,143,532
D1VS. J. 01- 04. 05-’07. 1908. ’09. 110 to ’ 14. T5. ’ 16. '1 7 to’22. ’23.’24
Joint facility rents (net)___________ D r.311,571 D r.212,106 Dr.349,607
Since 19001-5 y ’ly 6 y’ly
5*4 5 H
7 y’ly
6 6.
7 yrly
5 14
Also in 1908 1% in Louisville Property Co. stock. V. 86. p 229 421
Net railway operating income___ 22,291,374 20,673.143 17,604,321
* Also paid 62 *£ % in stock on M ay 7 1923. Paid in 1925: Feb. 10,
2,827,407
2,926,429
3,016,252
3% ; Aug. 10, 3% .
8TOCK AND BONDS.— The stockholders on July 23 1921 authorized
25,307,626 23,599,572 20,431,728
(1) An increase in the capital stock from $72,000,000 to $125,000,000 and
Deductions from Income—
9,535,834
approved the issuance to the stockholders i-atahly as a stock dividend of so
9,746,845
10,792,167
terest on funded debt_____
297,874
353,792
much o f the $53,000,000 increase as the 1.-8. C. Comm, should authorize Other deductions___________
382.665
to be so issued
(2) Approved the authorization execution and issuance of
the proposed First & Ref Mtge. and bonds adopted at the annual meeting
14,132,794 13,498,935 10,598,019
Net incom e_____________
April 6 1921. The I.-8. O. Commission on Feb. 24 1923 authorized the
For latest earnings. see ’ ’Railway Earnings Section” (issued monthly).
company to issue $45,000,000 capital stock which was distributed as a
<2*4% stock dividend on May 7 1923. Compare V. 116. p. 935. 1178.
OFFICERS.— Chairman, Henry Walters: President, W . L. Mapother,
The 1st A ref. mtge. covers as a direct first lien approximately 6.58 miles V.-Pres.. George E. Evans, Addison R. Smith, E L Smithers: V.-Pres. &
o f road, as a second lien 2,656 miles, as a third lien 1,256 miles, and as a Gen. Counsel, Edw. S. Jouett; Treas., E. S. Locke; Sec., J. O. Michael.
fourth lien 546 miles. Total mileage under mortgage by direct or collateral Offices, 71 Broadwav. N . Y ., and 9th St. & B ’way, Louisville, Ky.— (V.
lien 5,116 miles
120, p. 2546.)
The 1st & refdg. mtge. covers as a first lien the company’s terminal
L Y K E N S V A L L E Y R R . & C O A L C O . — Owns from Millersburg, Pa^,
properties in St. Louis, subject to prior liens, the terminal properties and
shops in Evansville. Cincinnati. Knoxville. Louisville, Nashville, Paducah. to Willlarnstnwn. Pa.. 20.43 miles. Was leased to Northern Central for 99
Montgomery, Birmingham. Pensacola, Mobile, New Orleans, Memphis years from July 1 1910; annual rental, $24,000 (equal to 4% on stodr)
and elsewhere. This mortgage closes all prior lien mortgages. Including organization expenses and taxes. In 1920 operated by Penn. R R . C o .
under agreement of lease dated July 29 1914 (retroactive to Jan. 1 1911).
the Unified M tge. o f 1890. and no prior lien mtge. matures before 1930.
Under the terms o f this mortgage, the issue of bonds for the acquisition — V. 92. D. 527.
o f property and for additions and betterments in no event can exceed the
W \CON & B I R M IN G H A M R Y . — Owns Sofkee Jet. to L a Grange. G a ..
actual cost o f the property to be placed under the mortgage. No bonds 96 70 miles. 7.03 miles of G . S. & F. Ry. and 1.10 mile of C. of G a . Ry
can be issued for equipment to an amount in excess o f 80% o f the cost there
between Sofkee and Macon operated under trackage rights. V. 101.
of. The authorized issue is limited to an amount which, together with p. 449. In 1908 a receiver was appointed; now R. B. Pegram. V. 86, p .
all other then outstanding prior debt o f the company, after deducting 337. Operations ceased on Nov. 15 1922 by order of the Superior Court
therefrom bonds reserved to retire prior debt, shall never exceed three times of Bibb County, Ga'. In year 1922, gross, $194,0.37; net, def., $11,069:
the par value o f capital stock then outstanding. The Series A bonds are other income. $1,175: int.. rentals. A c.. $65,626: bal., def., $75,520.
redeemable as a whole only on Oct. 1 1936 or on any Interest date there­
MACON
after at 102 and int- The Series B bonds are redeemable as a whole only Vidalla,Ga DUBLIN & SAVANNAH RR. C O .—Owns road Trom Macon to
$3,200,000 auth.; outstanding. $2,040,000
on Oct. 1 1938, or on any interest date thereafter at 105 and int. The (par $100). .91 9 3 miles.AirStock Ry. guarantees bonds, prin. and Interest.
Series C bonds are redeemable as. a whole only on Oct. 1 1939, or on any Bonds. SeriesSeaboard 1529 Line have clause “ Federal Income tax, if any
1506 to
incl..
interest date thereafter, at 105 and int. V . 113, p. 2720; V . 115, p. 1396: on same, is to be paid ay purchaser.” V 89. p. 43; V. 84. p. 102 . 450;
V . 117, p. 894; V. 119, p. 1064.
V. 106, p. 1126. For year 1924, gross, $718,186: net oper. income, $136,856;
’ ’ Unified" mortgage. $75,00(MMl0. o f which $41.917,660 was reserved to re
tire all prior liens (none o f the prior liens can be extended), the balance for other income, $4 720' int., rentals, A c., $159,136: bal., def., $17,560.
Improvements, extensions (at the rate of $32,000 per mile. Including equip­ Pres., S. Davies Warfield, Baltimore; Sec & Treas., Geo. M . Norwood,
ment). and for other purposes. The mortgage covers (besides 1.994 miles Macon, Ga.— (V. 118, p. 1392.)
M A C O N T E R M I N A L C O . — Building, tracks. A c., at M acon, G a ., com­
o f road and equipment), $26,473,606 stock of companies controlled and
$3,150 000 bonds free rrom any Hen. See abstract of mortgage n V 51, pleted and is used by Central o f Georgia, Georgia Southern & Florida and
p. 613: also V. 72, p. 1034. 1188: V. 77, p.968. In Dec. 1921, of $69,970,000 Southern Ry. (all lines entering M acon), which own the $100,000 stock and
Issued, $5,000,000 were pledged as security for the 7% notes of 1930, $192.- guarantee the bonds, prin. and int., by endorsement. Rental on wheelage
basis covers int. on bonds & all chges. V. 101. p. 1*86.— (V . 101, p . 1886.)
000 were in treasury and $18,000 in sinking funds.
Mobile & Montgomery—Louisville < Nashville joint mortgage is for
fe
M A H O N IN Q C O A L R R . — Owns from Youngstown to Andover, O ., and
$5,000,000; $1,000,000 reserved for Improvements. V. 61. p 196. 750
branches 71 miles. In December 1907 purchased a one-half interest In
Kentucky Central 4s. V 45. p. 372
Lewisb. & Nor.. V. 101. p 1272- the Lake Erie & Eastern R R . in Youngstown. Ac.
Louisville < Nashville Terminal 4s.—.Jointly guaranteed, prtn and int.
S
Leased in perpetuity for 40% of gross earnings to Lake Shore (now N . Y .
by L. & N and Nashv O. & 8t L. V 88. p 1313 Oo owns $101 000. Central), which Dec. 31 1923 owned $894,650 com.and $448,900 pref. stock.
The Louisville & Nashville Southern Ry. Moncm Collateral Joint Cold 4%
LATE D1 VS.—
( 'l l . ’ 12. '13. T4. '15-’ 19. ’20. *21. ’22. '23. ’24.
bonds are secured by $9,796,900 of the $10,500,000 Ohic. ludlanapolis &
On common (% ) .■
____( 70 20 70 60 50 yrly.110 50 90 80
100
Louisv. common and $3,873,400 of the $5,000,000 pref. stock. V 74. p
1138: V. 76. p. 593. Of the $15,500,000 joint bonds $11,827,000 had 1een
Also paid an extra div. of 60% in M ay 1920, 30% extra in Dec. 1922 and
issued to Dec. 31 1924 each company being liable for $5,913,500, but own­ 20% extra in Dec. 1924. Paid in 1925: Feb. 2, 25%; M ay 1, 25% .
ing thereof $15,500, leaving outstanding for each $5,898,000. The re­
The 5% pref. stock guaranteed is callable at par. See V. 107, p. 1579.
mainder is reserved to acquire remaining “ M onon” stock and for impts.. &c. — (V. 120, p. 1878.)
The Atlanta Knoxville
Cincinnati division 4s ($50,000,000 authorized;
MAINE CENTRAL R R . C O . — Portland to Vanceboro, Maine, via
oover 870 miles
Of the bonds, an equal amount were reserved to retire Augusta, 261 miles (incl. trackage Portland to Falmouth. 7 mi.); branches,
at maturity underlying bonds, viz.: Kentucky Central 4s, $6,742,000
Royal
to Skowhegan via Lewiston. 88 m.; Bath to
Atlanta Knoxville & Northern bonds, $1,500,000; $5,000,000 are pledged ington.Jet m.; Oakland to Kineo Sta.. 93 m.; PortlandLewiston and Farm­
Rumford
to secure the 7% notes of 1930. The line from Livingston to Jellico, 61 System. 76 m.; Oquossoc to Kennebago, 11 m.; Bath andRockland, Falls
103
to
miles, is subject to prior lien of Unified mortgage. V. 80, p. 872: V. 84, p. ferry (0-60 m .). 49 m.; Belfast, Harmony. Foxcroft, Bucksport and excl.
M t.
1428: V. 92, p. 1178, 1311. 1565; V. 96. p. 716. 1022.
County, 138 m.; Portland
The $3,500,000 Southeast & St. Louis Div. 1st Mtge 6s were purchased Desert, excl. ferry (7.7 m .). 141 m.; Washington 11m.
Johnsbury,
trackage, 0
at maturity. March 1 1921, at office o f J. P. Morgan & Co. In connection to St7.73 m. from V t.. 132 m. incl.Sta. to Windham St. Johnsbury Sta.,
Portland Union
Line, M e.; Quebec
with this purchase there were issued $3,500,000 6% bonds due March 1 and N. H .. to Lime Ridge. P. Q .. 108 m.; total Dec. 31 1924, 1,208 miles,
Je
1971, but callable on and after March 1 1930 at 107 and int. The new bonds of t.,
which 645 owned, 541 operated under leases and 21 trackage. The
will be secured by a first mtge. on the So. East. & St. Louis Ry. property
I.-S. C. Commission announced the tentative valuation o f the road as of
Of the South & North Alabama R R . Gen. Consol. 5s ($25,000,000 autn
issue), $7,400,000 have been sold, guar., prin. & int., by the L. & N.: June 30 1916 at $61,091,384.
STOCK.— The stockholders In 1915 authorized retiring $10,000,000 o1
$10,000,000 are reserved to retire the cons. 5s of 1886: remainder for im­
provements, equipment, &c. $3,391,066 are owned by company. V. 98, the outstanding stock and Issuing in place thereof $3,000,000 5% non-voting
cum. pref. stock and $7,000,000 First & Ref. 20-year 4H s. V 101, p . 923.
p. 454. 156. 1001.
1370. 1465. The common stock was thus reduced to $14,888,400. See
Lexington & Eastern 5s were assumed in 1917 (authorized,$20.000,000)
bonds below. V. 101, p. 1628, 1714. The majority interest in the stock
V. 101. p. 1272; V 102. p. 1163: V. 104, p. 1489; V. 106. p. 296, 396.
The 7% notes o f 1920 are secured by deposit of the following: $5,000,000 formerly owned by the Boston A Maine was all disposed of in 1914-16.
V , 98. p.
L. A N . RR Unified 4s o f 1940: $5,000,000 L. & N. R R .. Atl. Knox. & Cin. through the Maine Railways Companies, and trust woundup
D iv. 4s 1955: $200,000 South & North Ala. R R . Consol. 5s of 1936; 312, 1071; V. 102, p. 1250; V. 103. p. 1407.




M at , 1925.]




R A IL W A Y STOCKS AND BONDS

75

76

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 6]

M ile *
R oa d

Mahoning Coal RR— Stock. Common_________
Preferred stock (see text)__________________
First M Youngs to And &c guar n A 1 (end).-U n.ac
Maine Central— Com stock ($15,000.000)__________
Pref stock 5% cum non-voting. #3 000,000________
1st & Ref M $25,000,000 call at 102 & int, Series A,
Maine Central Bur & No Am refunding mtge gold.z
Washington County 1st M g gu r e d ________ Ce.zc*
Somerset Ry Consol mortgage gold______________ i
First and Refunding mtge $1,500,000 g o ld ..,’ "
Equipment gold notes, due $79,000 annually __
do
do
due semi-ann_________________ c
15-year notes to United States__________________
10-year notes to United States__________________
Note to Director-General o f Railroads___________
Guaranteed Securities—
Portland & Ogdensburg stock (2% rental 999 yrs).
lst M guar prln & Int end (V. 86, d .1285)______ i
Dexter & Piscataquis stock 5% rental 999 years
First M Dexter to Foxcroft guar by end_____ BBz
Hereford Ry stock (rental 999 years)______ _
European & Nor Am stk 5% rental 999 years.
Upper Coos RR stock 6% rental 999 years_
_

D a te
B on ds

71
71 ____
63 1884
__ ___
... —
411
56
139
41
94

110
lie
17
17
53
53
124
55
55
14
19

1908
1889
1890

100
1.000
100
1.000
100
1,000
100
100
500 &c
100
100

4.392,538
2
2.119,000
454
122.000
5
175.000
4
4
800.000
800.000
4
2.494.100
5
350.000
6
1,043.000 4 & 454
122.000
5
200.000
4k
380,400
5.2
267.700
6
mford Fa 11s & Range) ey Lakes
$1,000 Ac $12,781,000
4g
1,000 <
fcc 1.122.000
4
1.000
Pledged
5g
1,000
7
1.500,000
£20 &c
£20 &c

Net operating revenue $3,649,785
Taxes accrued_________
1,216,286
Uncollectible revenue
4,950

$3,349,141
1,182,489
4,186

$3,943,790
1,180,447
2,097

Railway oper. income. $2,428,548
Other income---------------610,573

$2,162,465
479,722

$2,761,245 def$210,180
166,233
623,037

Gross income________ $3,039,122
Interest, rents, &c_____ 2,650,100

$2,642,187
2,631,723

$2,927,478
2,376,320

$1,056,712
1,263,982
2,909

$412,857
2,578,219

Net income_________
$389,022
$10,464
$551,158df$2,165,362
For latest earnings see “ Railway Earnings Section” (issued montnly).
OFFICERS.— Pres., Morris McDonald; V.-P. & Gen. M gr., Dana C.
Douglass; Treas., L. M . Patterson; Compt., Albert J. Raynes. Office,
222-242 St. John St., Portland, M e — (V. 120, p. 2008.)
MANCHESTER & LAWRENCE R R .— See Boston & Maine RR.
MANILA RR. CO. (TH E ).— {Gauge 3 ft. 6 in .).—This company, incor­
porated in the P. I. in 1919, successor to company organized in New Jersey
In 1906. has taken over and is operating the only steam road on the Island of
Luzon, Philippine Islands. 550 miles (V. 88, p. 1313; V. 91, p. 215).
In operation Dec. 1923. 313.96 miles of Northern lines and 345.17 miles
Southern lines. Additional mileage has been under construction.
In 1916-17 the Philippine Govt, purchased all the outstanding stock for
$4,090 000 cash. V.103. p 9Jib 1031: V 102. p. 609 251. 2166.
BONDS.— The Marpila RR. (Southern Lines) 1st gold 4s of 1909, guar,
as to int. by Philippine Govt, under Act o f U. S. Congress, are limited to
$30,000,000. Under a supplemental indenture dated July 1 1916 holders of
these bonds were offered the privilege of having due date extended to May 1
1959, provided bonds then outstanding were presented to trustee for exten­
sion prior to N ov. 1 1918. $1,122,000 were extended. Acceptance is
stamped on each bond. A separate sinking fund was established sufficient
to retire extended bonds by maturity. Interest on extended bonds is
guaranteed by Philippine Government. The bonds are redeemable as a
whole at any time at 110 or by lot for a sinking fund o f 54 o f 1% yearly from
May 1 1919 to April 30 1928 and 1% yearly thereafter. V. 91, p. 215, 276,
717, 1711; V. 93, p. 45; V. 104, p. 1801; V. 105, p. 1802, 1898.
In June 1917, under agreement of sale ratified Sept, s 1910, $4,330,000
Northern Lines First Mtge. 6% bonds and $7,716,000 2d Mtge. 7% bonds
were canceled as of July 1 1916. In lieu thereof there were issued $13.236.000 Manila RR. Co. Refunding Mtge. 5% 40-year gold bonds, dated
July 1 1916. a first lien on the Northern Lines and. subject to the Southern
Lines First 4s, a Hen on the Southern Lines. The entire Issue is held and
pledged by the Manila Ry. Co. (1906), Ltd., as below stated.
It was also arranged to apply not over £590,000 of the $4,000,000 pur­
chase price to payment of loans of Manila R y. (the English co.), canceling
the A & B deb. stock pledged therefor and so reducing the nominal Issues
of Its deb. stock (and bonds) to theamounts theretofore sold, viz., £2.000.000
Class A 4% and £1,880,000 Class B, the Interest rate on the latter being re­
duced from 4% to 354%. The A and B issues thus to be first and second
charges, respectively, on the $13,236,000 new 1st M . 5% 40-year bonds of
the American co. and on about $2,000,000 Southern Lines 1st M . 4s. See
also V. 102. p- 2166; V. 103. p. 145. 493, 1032; V. 103. p. 1888.
The 7% sinking fund bonds o f 1922 are guaranteed prin. & int. by the
Govt, o f the Philippine Islands. There have been deposited with Chase
National Bank, New York, trustee, as security for the payment of the prin­
cipal and interest o f this issue, $2,811,000 Manila RR. (Southern Lines)
1st Mtge. 4% gold bonds, due May 1 1939, guaranteed as to interest by the
Philippine Govt. The company has agreed to create and maintain a sink­
ing fund for the redemption of the bonds at maturity, paying annual in­
stallments to the Chase National Bank, New York, trustee, sufficient to
retire entire issue bv maturity. V. 115, p. 1210, 1429.
R E PO R T .— For 1924.
Northern
Soiithern
All
Total railway operating revenues____$6,178,399 $5,221,766 $11,400,165
Total railway operating expenses____ 3,400,026
3,936,934
7,336,960
$1,284,832
59,530

$4,063,205
130,229

Railway operation income________ $2,707,675 $1,225,302 $3,932,976
Total non-operating income________
73,122
66,925
140,047
$1,292,227
1,274,982
92,429

$4,073,023
2,737,845
185,159

Balance to profit & loss accounts.. $1,225,204 loss$75,185

$1,150,019




W h en
P a y a b le

L a st D iv id e n d
a n d M a t u r it y

P la c e s Where Interest an*S
D iv id e n d s are Payable

$50 $1,500,000 See text Q — F M ayl ’25 25% Grand Cent Term, N Y
50
661.367
.1 A J Jan 2 '25 2 54% Cent Union Tr Co, N Y
5
1,500.000
1,000
!
do
do
5
& J July 1 1934
100 al4.888.400 See text
Oct 1 1920 I X Office. Portland, Me
100 3.000.000 See text Q-— M June 1 1925 I 'A
do
do

D IV ID E N D S— / ’04- 06.
’ 07, 08-’ 10.
’ll.
1912 to Oct. 1920
On common stork.I 7 y'ly.
7A
8 y ’ly
754
6 yearlv O 4 Q-J
No payments have been made on common stock since Oct. 1920.
No divs. on pref. stock were paid from Dec. 1 1920 to Sept. 1 1924, both
inclusive; Dec. 1 1924 to June 1 1925 paid 1H % quar. Div. accruals
amount to 20%.
BONDS.— The 1st & ref. mtge. is limited to $25,000,000; bonds are out­
standing as follow^s: $7,000,000 Series A 4 14%, $6,000,000 Series B 454%,
$3,000,000 Series O 5% and $83,000 Series D 6% . A first mortgage on
about 323 miles of road, including the line running from Portland to Bangor
and on entire stock o f Portland Term. Co., and a second mortgage on
about 88 miles. V. 102 p. 976, 1163, 1250; V. 108, p. 480; V. 106, p.
1453, 1689.
Guarantees bonds and notes o f Portland Terminal Co. See that company
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Govt, loans. V. I l l p. 1370. 2228; V U 2. p 372: V. 113, p. 1053.
RE PO RT.— For 1924, in V. 120, p. 1740, showed:
1924.
1923.
1922.
1921.
Total operating revenue_$20,178,336 $21,192,264 $20,387,172 $20,590,064
Total operating expenses 16,528,551 17,843,123 16,443,382 19,533,352

Gross income______________________$2,780,797
Total deduction______ - _____________ 1,462,863
Approp. o f net inc. for sink, fund purp
92,729

RaU
%

1915 1.000 & c 16.083 000 4 54 5 & 6 .1 A D Dec 1 1935
1.000,000
1893
1.000
4 g J <k .1 Jan 1 1933
1904
1,000 2,500,000
3 J, KJ A J Jan 1 1954
o
420.000
1900
500 &c
4 g J A J2 July 2 1950
1905
864.000
1.000
J July 1 1955
£e J *
1920
790 000
6 g
r A .1 15 To Jan 15 1935
1923
1.040.000
554 A & O Oct '25-Apr ’ 38
1924
1.000
1,235.000
554 T & D Dec ’25-June’39
fi
1,653,000
1920
M & N Oct 27 1935
720.000
1931
6
1921
6
s Mar 1 1Q30
1922
M
750,000

1890
Dexter & Newport stock 5%
Eastern Maine stk 4)1% rental 999 years_______
i%
Belfast & Moosehead Lake common stock, rental
do
do
preferred stock, rental. .
Portland Terminal Co.— Portland & Rumford Falls RR— andRu
M anch. & Lawrence— Bonds— See B & M RR abov
1909
Manila— 1st M Sou Lines g Int gu s I red 110F_xc*&r
do
do
sinking fund______________
1917
1916
Sinking fund bonds $1,500,000 auth___ __ xxxo
. . . 1922
Bonds of Underlying Co. in Hands of Public—
1906
Manila Ry ‘ A " debentures call 105______________
do
“ B " debentures 4% reduced to 344% ..
— - 1906
a Of which $2,881,500 is held in treasury

Net revenue from railway operation $2,778,373
Total taxes, accruals, &c___________
70,699

A m ount
O u ts ta n d in g

Par
V a lu e

[V ol. 119.

£1 910 170
£1.403 218

4
354

N Y . Boston Jc Portland
do
do
N Y . Boston & Portland
do
do
do
do
Guarantv Trust C o, N \
State St Trust Co, Boston
State St Tr Co, Boston

Maine Cent Off, Portlr.nd
N Y, Boston A Portland
Office, Dover. Me
N Y, Boston & Portland
Treas office, Portland
V Y. Boston & Portland
Treas office, Bangor. M e
Office. Portland, Me
N Y, Boston A Portland
Treasurer’ s office, P’tl’d
Office. Rockland, Me

0 - -F 28 M ay 31 ’25 A %
V A N Nov 1 1928
I
J A J Jan 1925 2 54%
J A J July 1 1929
M A N M ay 1925 2%
M A V M a y l 1930
A & o Apr 1 1925 2 A
M & N M ay 1925 3%
M A N M a y l 1930
.1 A .1 Jan 1925 2 A %
M A N M ay 1925 2 A %
J & D
T * D
RR Co— See those comp

•anies

M A N M ay
M
N May
.1 Jtilv
J *
M & N M ay

Philippine Nat. Bk.
do
New York
Chase Nat Bank, N Y

1 1939
1 1959
1 1956
1 1937

J & J 15 Jan 15 1956
A & O 15 Jan 15 1956

London
do

Note.— Values are expressed in Philippine currency: 1 peso equals 50 cen*
U. S. A. currency.— V. 118, p. 431.
Pres., R. R. Hancock, Manila; Gen. M gr., Jose Paez, Manila; non-resi­
dent Secretary, L. V. Carmack, Insular Bureau, Washington, D . C. Corp.
office, Manila, P. I.— V. 120, p. 2265.
MANILA R Y . (1906). LTD.— (V. 113. p. 731. 1053 1471. 1675 )
MANISTEE & NORTHEASTERN R R .—Owns from Manistee, Mich., to
Traverse City, 71 m.; Solon to Provemont, 15 m.; Platte River to Empire,
let.. 17 m.; other, 80 m.; sidings and spurs, 53 m.; leased, i m.: operated
under contract. 6 m.; total, 243 miles. The Michigan Trust Co. of Grand
Rapids was appointed receiver Dec 28 1918, the read being unable to meet
prin. and int. due Jan. 1 1919 on its bonds. V. 108. p. 79. 268. The com­
pany in Sept. 1924 applied to the I.-S. C. Commission for approval to aban­
don its line of road. V. I l9 , p. 1282.
Bonds, see V. 88. p. 375. 823; V 90. p. 1363. Stock, $2,000,000.
R EPO RT.— For year ending Dec. 31 1923:
Cal Year—
Gross.
Net.
Tot. Inc. Charges.
Balance.
$5,856
$8,252 $95,333 def.$87,08l
1923_____________ $460,519
1922....................... 461,216
33.377
36.067
92.194 def. 56.127
1921_____________ 499,155 def. 28.165
24.189
76.8.85 def. 101.074
Pres.. Edw. Buckley, Manistee, Mich.— (V. 119. p. 2758.)
M4NISTIOUE & LAKE SUPERIOR RR.— Manlstlque. 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 Ann Arbor R R . in April
1911 acquired the entire $250,000 stock. V. 92, p. 1109. Bonds auth.,
$1,300,000 25-year 4% non-cum. incomes; outstanding. $1,100,000. For
cal. year 1924, gross, $160,391: net oper. def., $13,904: other income.
$1,646; other deductions, $2,372: bal., def., $14,629. Pres., Newman
Erb. New York; V.-P. & Gen. M gr. E. F. Blomeyer, Toledo, O.— (V. 110,
p. 2089.)
MANITOU & PIKE’ S PEAK RY.— Manltou. Col., to summit of Pike’s
Peak, 8.9 miles; standard gauge. Operated from April to November yrly.
Stock, $500,000; par of shares. $100. Dlv.. 40% paid In 1913-14: 1915.
Sept,.. 10%: 1916-24. none. Foryearend. Dec. 31 19°4, gross. $91 940; net
oper. Income, $2 281; other income, $900; int., $25,591: bal.. def., $22,411.
Pres., H. J. Holt, Manitou, Colo.— (V. 106, p. 2011.)
MARYLAND DELAWARE COAST R R — (V. 119. p. 1172.)
MARYLAND DELAWARE & V IR G IN IA R Y .— See Baltimore &
Eastern R R . above and V. 120, p. 1199.
MARYLAND & PENNSYLVANIA RR.— Baltimore. Md . to York. Pa .
77.17 miles; other mileage. 3.52.
STOCK AND BONDS.— Stock authorized $3,600,000. of which $1,997.
500 reserved for future requirements. In 1992 the authorized issue o f the
first 4s was reduced from $2,700,000 to $1,200,000, of which $203,000
are reserved to retire the York & Peach Bottom 5s and $100,000 additional
for future purposes. &c. V. 74. p. 94. 427: V. 79. p. 2205. Maryland &
Pennsylvania Terminal guaranteed bonds. Y. 82. p. 1041, 1102.
The co. in Sept. 1923 announced a plan whereby the holder of each
$1,000 1st income mtge. 4% gold bond? receivi d $500 in new 6% 1st
consol, mtge. bonds and 8500 in stock (oar $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-year notes due Oct. 1 1923; (c) provide for capital expenditures
of the York Terminal R y. Co. and Maryland & Pennsylvania Terminal R y .;
[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% o f 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 o f 6% per annum. Compare V. 117, P- 1401; V. 118, p. 1392.
2179. 2573.
R E PO RT.— 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. For year ending Dec. 31 1924: Gross, $900,165; net, after
taxes, $176,209; other income, $8,752; interest and rentals, $94,466; bal­
ance, sur., $90,495. Pres., O. H. Nance.— (V. 120, p. 1455.)
MASON CITY & FORT DODGE R R .— Owns road from Oelwein, la.:
to Council Bluffs. 260 miles: Hayfield. M inn., to Clarion. Ia.. 100 m ..
branch to Lehigh, 15 m.; trackage. Council
to Ikuth Omaha, 8
miles: total. 383 miles. The Chicago Great Western o t o entire outs tami­
ng common stock ($19,205,100) and pref. stock (813.635.752). and oper­
ates 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. 77. p. 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 l- not liable for int. on these bonds unless
same is earned by the Mason City & Ft. Dodge R R . Compare V. I l l ,
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 mtge. 4% bonds with coupons
mvable 8opt. 1 1924 and thereafter attached and $3,240,000 of Chicago
Great Western pref. stock. As of Dec. 31 1924 all except $842,000 of the
Putins hau oeeu acquired, with the interest coupon due June 1 1921 and
thereafter thereto attached in exchange for Chicago Great Western bonds
and pref. steck pursuant to the terms of said agreement. Compare V .
116, p. 76, 1649..

May, 1925.]

77

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. <fec., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Aanistique & Lake Sup—Inc M 4% n-c 51.300.000 .z
Aanist & N E— 1st M g due 40M y ’ly red text.CC.xc*
Vlanitou & Pike’ s Peak Ry— 1st M $300,000 g._F.xc*
Manltoulin & North Shore— See Algoma Eastern R y ..
Maryland & Pennsylvania— York A Peach Bot M ._x
First mortgage $1.200.000 gold call at 105.MeRa.xc*
Maryland A Pa Ter 1«1 M $200,000 y (ru red 110__xx
Income bonds— 1st cons mtge bonds— see text____
Mason City « Ft Dodge— 1st w g ------------- .-Ce.xoAr
Masaawioni— Stock guar same dlv as Conn & Pass_
_
McCloud River— First mortgage $1 200.000________ x
Memphis Union S ta tion — 1st M g guar .B a .x c ’ r*
Meridian & Memphis R R — 1st M $800,000 red 105. .
Meridian Terminal— First M $250,000 g gu..Q xc*& r
Mexican Central— Mexican International— See Nation
Mexican Northern— Stock, $3,000.000--------------------First mtge U S gold red 105 s f ext In 1909-G.xc*Ar
Mex No West— Prior lien bonds £2.500.000 red 102 H
1st M gold red t e x t ______________________________
Conv lnoome bds £1.000.000 6% cum red par s f.c*
Michigan Central— Stock----------------------------------------Refunding & Inapt Mtge $100.000,000____________
First mortgage $18,000,000 gold................. G.xc’ Ar
M C Michigan Air Line first mortgage___ Un.xcAr
1st M on Det A Bay C ity_____________________ Lln.zc
do
do
bonds without coupons_ zr
_
Debentures gold________________________ G .xc’ Ar*
M C new M on Gr RlvVal $4,500,000, g text.GxcAr
M G first mortgage on Kalamazoo AS Haven.xUn.r
Mich Cent 1st M on Jack Lans & Saginaw g __xe* Ar
M C 1st M on Joliet & Nor Indiana $3.0(K).000 g x
Kaulp. Tr. $4,600,000 ($300,000 annually) gu. gyc*
Equipment trusts N Y Central Lines, which see_
_
Mich Cent Eq Trust, due $600,000 ann
G.c*&r
do
do
due $346 400 ann. ........ ......... G
N Y C RR Co equip trust cert due $467,665 a n n ..
do
do
______________________________
do
do
______________________________
do
do
______________________________
a Exclusive oi $53,000 held by sinking fund,
y $305.000 purchased and retired hv Land Grant

62.51 1909
text 1909
9 1908

$1,000 $1,100,000 Up to 4 M A
1,000
1 A
1,132,000
5e
1.000
500.000
6 g A A

Detroit
8 Aug 11934
J Jan 1919-1939 Jan 1919 prinAint unpaid
New Vork and Chicago
O Oct 1 1928

50 Ac
1.000
1.000

202,450
897.000
200,000

5
4g
5g

vr A
M A
M A

s Apr 1 1932
s Mob 1 1951
N May 1 1936

1.000
1905
100
1907
1.000
1.000AC
1913
1.000
32.2 1913
a 27 1905 1,000 Ac
al Rali ways o f Mexico
100
1.000
83 1890
£100
1913
£100
1909
£20 &o
1912
100
1 200 1917
270 1902 1.000 Ac
115 1890 1,000 Ac
1.000
171 1881
171 1881 1,000 Ac
1,000 Ac
1909
84 1909
39 1889 1.000 Ac
1,000
379 1901
45 1907
1.000
1915
07-13
1917 1 .COO Ac
1920
1920
1922
1922
1923
c Of winch $16,819.
Truste es

842.000
SUU.000
1.200,000
2.500.000
675,000
250.000

«
5
5g
6

4 g

I
F
A
M
1
V
I

D June 1 1955
See text
A Feb 1 1925 3% Sale Dep & Tr Co, Boat
Mercantile Tr Co, San Fr
<) Apr 1 1937
Bankers Trust Co, N Y
N Nov 1 1959
M ercUTCo.Jack’n.Tenn
J Jan 1 1943
N May 1 1955
Guaranty Trust Co. N Y

40 1882
80 1901
1906
375
37

MASSAWIPPI VALLEY RY.— Province Line to Lenoxvllle, Que., 34
miles, with branch, 3 in ; trackage to Sherbrooke, Que.. 3 m.; total. 40 m
Leased for 999 years from July 1 1870 to the Boston & Maine R R . Stock.
$800,000; par of shares, $100: dividends payable Feb. and Aug. 1. Divi­
dends. formerly 5% 6% since Jan. 1 1897. Of the stock. $400,000 owned
by the Conn. & 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 R R .— Owns from Sisson, Calif., to Fall River Mills.
Calif., 60 miles. Stock. SI,200.000. Bonds ($1,200,000 auth.), Merean
tile Trust C o.. San Francisco upp-e. trustee. V *5. p. 1005. Foryeareo-1
Ing Dec. 31 1924. groS > $590,134; net. Sn7,038. other income. $35,068
S
fixed charges, $51192 bal., sur., $80,915.
Pres., D . M . Swobe, San
Francisco.— (V. 85. p. 1005.)
MEADVILLE CONNEAUT LAKE & LINFSVILLE.— Meadville to
Liriesville, 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
& Lake Erie R R .; rental. 25% o f gross earnings. Stock, $200,000; par, $50.
Dividends in 1913 to Apr. 1925. 4% (2% A. & O.). For year end. Dec. 31
1923. gross, $43,649; net. $38,235; bond interest, $7,200; dividends (4% ),
$8,000; balance, surplus, $23,035.— (V. 112, p. 2748.)
MEMPHIS UNION STATION CO.— Owns union passenger station at
Memphis, Tenn., used by Loulsv. A Nashv.: Nashv. Chatt. A St. Louis,
Southern R y. 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
named. In Nov. 1909 made a mtge. to the Bankers Trust Co. of N . Y
as trustee, to secure au Issue o f $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. The I.-S. C. Commission has
announced the tentative valuation as o f June 30 1916 at $2,341,550. Pres..
A. B. Scutes, Memphis, Tenn.; Sec., R . M. Marr, Memphis, Tenn.— V
114, p. 1063.)
MERIDIAN & MEMPHIS R R .— Owns Meridian, Miss., to Union 32.19
miles, with terminals at Meridian. In Jan. 1918 the Gulf Mobile A
Northern (which see) purchased the outstanding securities ($500,000 stock
and $675,000 1st mtge bonds), and in 1923 the two roads entered into an
operating contract. V. 116, p. 2388; V. 106, p. 296; V. 105, p. 2543:
V. 103, p. 1118. Pres. I. B. Tigrett.— (V. 116, p. 2388.)
MERIDIAN TERMINAL CO.— Owns passenger stations at Meridian.
Miss., opened Sept. 1 1906, and used by Southern R y., Mobile A Ohio, New
Orleans A Northeastern R R ., Ala A Vicksburg and Ala. Great Southern,
which own one-fifth each of the capital stock ($100,000) and guarantee the
bonds jointly and severally by endorsement; form. V. 85, p. 601. Pres.
H. W. Miller; Treas., F. S. W ynn.— (V. 107, p. 1670.)
MEXICAN R Y ., LTD .— (V. 119, p. 3007.)
MEXICAN NORTHERN RY.— Owns from Escalon, Mexico, on the Mexi­
can Central Ry. to Sierra M ojada, 83 miles, all steel. See V. 64, p. 619
In Jan. 1919 reported under lease to American Metal Co.
V. 108, p, 480
Bonds, see V. 88, p 1437, 1500; V. 89, p. 104; V. 91. p. 1026.— (Y.
103. p. 759; V. 107, p. 2098; V. 108. p. 480.)
MEXICO NORTH WESTERN RY.— Owns and controls 540 M miiec
GVudad Juarez to Tabaiaopa
|La Junta to Mlnaoa __ __ . . . 6 34
(Chihuahua) . . . . .................475.78 ICumbre to Chulehupafoulldlng) 5.08
oen Antonio to Cuslhulrlacblc. 13.051
The company has leased 250,000 acres o f timber land and owns over
3 (nXl.000 acres o f 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 o f 250.000.000 ft. per year. Controls finishing, &c., plant at El Paso, Tex.,
capacity 100 000.000 ft. per year. See V. 88, p. 749; V. 89, p. 348. 470;
V. 94, p. 1627; V. 96, p. 287.
Stock, $40,000,000 (par $100). of which $25,000,000 Issued.
BONDS.— 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. 521. 595.
As to 6% cumulative convertible income bonds, see V. 94. p. 1627.
The Issue of 15-year prior-lien 6% bonds is limited to £2,500.000. secured
by a prior lien on the entire property. Red. at 102 H any time on 6 months
notice. Trustee, Nat Trust Co., Toronto, Ltd. V. 96. p. 285. 1229
The payment of coupons was deferred, owing to financial conditions In
Europe and Mexico. V. 99, p. 674.
The holders of the three classes o f bonds o f 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. Peacock (Chairman), Loring C. Christie, H. Malcolm
Hubbard. J. H. Clifford Johnston, 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 Lasb,
L. R. Hoard, O. W . Borrett; Sec. & Treas., R . H. Merry.— (V. 118,
p. 1665.)
MICHIGAN CENTRAL RR. CO. (THE).— [See Maps New York Central
Lines) — LIN E 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 1924 1,862 miles
with 682 miles o f 2d track, 9 miles of 3d and 4th track, and 1,680 miles side
tracks, &c.
Chicago Kalamazoo & Saginaw R y., Pavilion to Woodbury, M ich., 55 m.,
Is controlled but operated Independently. V 84, p. 50. Shareholders
votedJune 8 1916 to purchase J5 subsidiaries, including all those mentioned
In bond table at head of page except Detroit River Tunnel Co. V. 102,
p. 2254. Has considerable interest in Indiana Harbor Belt R R . 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. 9s, p. 236.




Amount
Outstanding

Rate
%

4 g

When
Payable

3,000,000
a708.000
6 g J
£1,671.000
0
£5.600.000
5 g M
£750 000 Up to 6 M
Cl 87 364 00 See text. J

A
A
A
A
A
A

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

May 1 ’ 13 1 H %
D Dec 1 1930
do
do
Sept 1914 coup deferred
1928
A S Mch 11959
Sept 13 coup deferred
A S15
A J Jan 29 ’25 10% Grand Cent Term’ t, N Y
A

$18,000,000
2.600,000
1 4,000,000 /
/
1
7.634.000
1.500,000
700.000
y 1.695.000
1.500 000
1

soo.ooo

3.998 531
4 sno.oou
3 464 090
4 676 650
5,222.000
714,000
9.480.000
300 held by

SeeTle.A Tr.Co.York.Pa
Alex Brown A Sons, Balt
Alex Brown & Sons, Balt

3M g M A N May 1 1952
i A J Jan l 1940
4
M A S Mch 1 1931
5
i5— V Mch 1 1931
I
5
4 g A A o Apr 1 1929
!
4 S V A s Sept 1 1959
V A N Nov 1 1939
I
5
!
3H g V A S Sept 1 195 s
4 g J A J 10 July 10 1957
5 g A A o Oct ’25-Oct 30
Various
M A s Sept 1 ’25 ’32
6
J A 115 To" Jan 15 1935
6
7
A A 0 1 5 To Apr 15 1935
■ A D June 11937
T
5
4 H M A S Sept 1 1937
J & D June 1 1938
5
N Y Cen oral RR Uo.

Reg at G C T: cp at G Tr
Cent Union Tr Co. N Y
do
do
Grand Central Term. NY
do
do
do
do
do
do
Reg at G C T; cp at G Tr
Guaranty Trust Co, N Y
New York and Phlla

Guaranty Trust Co, N Y
do
do
do
do

C O N T R O L . — T h e N . Y . C en tral R R . C o . on D e c . 31 1 9 2 3 ow n e d
$ 1 7 ,7 6 4 7 0 0 o f th e $ 1 8 ,7 3 6 ,4 0 0 sto c k issu ed .
See t h a t c o .'s sta te m e n t (also
V . 9 3 , p . 1 7 8 7 ; V . 9 6 , p . 1 4 2 4 . fo r p ro p ositio n lo o k in g to u ltim a te m e r g e r .

LATE DIV8.— / '95-’ 05, ’06 07 ’08. ’09-’ 14. 1915to 2 1 .’22. ’23 ’24.
5 8
6 6 y ’ly
4 % y r ly . 8 20 20
Since 1890 ------- % l 4 y'ly.
From Jan. 1916 to July 1921. 4% P- a. (2% s.-a.): in Jan. and July 1922
p aid 4 % e a c h .
i 9 2 5 p a id 1 0 %

I n J a n . 1 9 2 3 p a id 4 %
s e m i-a n n u a lly .

a n d 6 % e x tr a .

J u ly 1 9 2 3 to J a n .

BONDS — The $100,000,000 Refunding & Improvement mortgage of
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 about
$40,000,000 thereof will be reserved to provide for refunding the under­
lying bonds shown In table above, after $10,000,000 of the new bonds have
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 the
new mortgage on a parity with the bonds issued thereunder. V. 104 p. 1600.
O ’ Dec. 31 1922 $6,171,000 Series A and $507,000 Series B bonds had
been nominally issued and were held by or for the company.
Battle Creek & Sturgts bonds for $500,000, but of this $79,000 was sub­
guaranteed by the Lake Shore & Michigan Southern (now merged Into
the New York Central). 7 miles, being operated by that company.
As to 3H s of 1902. see V. 74. p. 728; V. 76, p. 102; V. 83, p. 1229. First
4s on Joliet & North. Ind.. see V. 84. n. 1367: 1428: V . 100. p. 556, 642.
Toledo Canada So. & Det. 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 autnorIzed. Ot the $4,500,000 authorized 4s on Grand River Valley R R .,
$1,500,000 are reserved for double-tracking, Ac., and $1,500,000 for future
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. j ! 5; V 102, p. 1447.
7.
Michigan Central R R . Equipment Trust of 1917. V. 104, p. 1794. In
Mar. 1919 the $7,800,000 unmatured certificates were plated as 6 per cents.
See V. 108. v. 973; V. 106, p. 2018.
Jointly with four other roads, covenants to pay New York Central Lines
$ 6 2 ,2 0 0 ,0 0 0 car tr u sts o f 1 9 1 0 . 1 9 1 2 , 1 9 1 3 a n d 1 9 2 2 , th e c o m p a n y ’s share of
e q u ip m e n t tru sts o u tsta n d in g D e c . 31 1 9 2 2 b e in g $ 7 8 7 ,9 2 1 , $ 6 0 6 ,8 4 4 ,
$ 1 , 3 1 1 ,7 9 8 an d $ 5 ,5 9 5 ,0 0 0 , r e sp e c tiv e ly .
V . 8 5 , p . 1402; V . 8 6 , p . 168;
V . 88. p. 761; V . 90, p . 1677; Y . 92, p . 807.

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, Y. I l l , p. 2520; V. 112, p. 162.
R E P O R T . — F o r 1 9 2 4 , in Y . 1 2 0 , p . 1 4 4 7 , sh o w e d :
Y e a rs E n d in g D e c . 3 1 —
1924.
1923.
1922.
$ 8 7 ,6 1 4 ,6 6 2 $ 9 4 ,7 9 8 ,0 4 2 $ 8 3 ,4 2 6 ,4 0 7
R a ilr o a d r e v e n u e s-------------------------N e t fr o m o p e r a tio n s-------------------------------- 2 5 , 4 5 5 ,1 3 8 2 7 , 1 5 8 ,5 1 0 2 3 , 8 5 0 ,0 5 0
G r o ss in c o m e ---------------------------------------------- 2 0 , 1 2 2 ,3 2 5
2 0 ,7 5 1 ,0 1 2 1 9 ,3 5 9 ,4 6 8
R e n ta ls leased lin e s______________________
2 , 7 3 4 ,7 8 2
2 , 7 3 6 ,4 5 1
2 ,7 3 6 ,0 2 1
In te r e st on b o n d s, & c -----------------------------3 ,7 2 5 ,0 4 2
3 , 7 9 6 ,7 4 8
3 ,8 3 3 , 8 5 8
O th e r r e n ts an d m isc e lla n e o u s__________
3 4 ,9 6 6
4 1 ,3 6 5
0 .2 8 ,6 8 2
D iv id e n d s ---------------------------------------------------3 ,7 4 7 ,2 8 0
3 , 7 4 7 ,2 8 0
2 , 6 2 3 ,0 9 6

B a la n c e , s u r p l u s .--------------------------------$ 9 ,8 8 0 ,2 5 4 $ 1 0 ,4 2 9 ,1 6 8 $ 1 0 ,1 9 5 ,1 7 5
F o r la te st earn in gs, see “ R a ilw a y E a rn in g s S e c tio n ” (issued m o n t h ly ) .—
( V . 1 2 0 , p . 1 4 4 7 .)

MIDDLETOWN & UNIONVILLE R R .— Middletown, N. Y ., to N. Y .
S. & W. June., N. Y ., 14.03 miles. Has an agreement with the N. Y . Ont& Western Ry. for the use in perpetuity both of the terminal in Middletown
and of the mile o f track used in entering that city.
Reorganization in 1913 (V. 97, p. 887) of Middletown Unionville A
Water Gap R R ., foreclosed. Cap. stock, $150,000. Adjustment mortgage
coupons have been paid as follows: N ov. 1915, 1% ; M ay 1916 to N ov.
1917, 2% semi-annually; M ay 1918 (for 6 mos. ending Oct. 1917). 4 % ;
full 6% paid on income bonds in 1918; Nov. 1 1919 to N ov. 2 1922 paid 3%
seini-annually
For year ending Dec. 31 1923, gross, $134,461; net oper. income, $40,467r
other Income, $1,454; int., rentals, &c., $19,579; bal., $22,342. Chairman,
Newman Erb; Pres. & Treas., G. T . Townsend; V -P. & Gen. M gr., J. A.
Smith; Sec., Frank H. Finn.— (V. 115, p. 1837.)
MIDI RR. CO. (Com pagnie des Chem ins de Fer du M idi.)— The
M id i R R . C o . s y s t e m in clu d es 4 ,1 3 9 k ilo m e te rs o f lin e (a b o u t 2 ,5 6 8 m ile s ),
fo r m in g th e o n ly ra ilro a d con n ection b e tw e e n S p a in a n d C o n tin e n ta l E u r o p e .
O R G A N I Z A T I O N . - — O rgan ized in 1 8 5 2 ; a ssu m e d p re se n t title in 1 8 9 8 .
C A P I T A L S T O C K . — 1 2 5 ,0 0 0 ,0 0 0 fr a n c s , d iv id e d in to 2 5 0 ,0 0 0 sh ares of
5 0 0 fr a n c s ea c h .
O f th is a m o u n t 2 4 ,6 4 6 ,5 0 0 fr a n c s h a d b ee n called fo r
r e d e m p tio n u p to D e c . 3 1 1 9 2 3 , le a v in g o u tsta n d in g 1 0 0 ,3 5 3 ,5 0 0 fr a n c s.
D I V I D E N D S . - — -An an n u a l d istr ib u tio n o f 1 0 % p e r a n n u m h a s b ee n p a id
on th e c a p ita l s to c k sin ce 1 8 8 3 (see G o v e r n m e n t g u a r a n te e ).
B O N D E D D E B T . — O n D e c . 31 1 9 2 3 b o n d e d d e b t o f co. w a s as fo llo w s ;
Par

„
3%
2H
4%
5%
6%

V a lu e o f

Out-

,
s t a n d in g B o n d s .
i )i n d s , 18 § 1 » 1 9 5 7 ---------------------------------------------------------------- F r s. 2 , 1 0 6 , 9 1 9 , 0 0 0
% b o n d s 1 8 9 7 -1 9 5 7 ----------------------------------------------------------------1 1 1 ,1 2 6 ,0 0 0
b o n d s 1 9 1 4 -1 9 6 0 --------------------------------------------------------------------1 8 6 ,4 5 0 ,0 0 0
b o n d s 1 9 2 0 -1 9 6 0 --------------------------------------------------------------------1 9 3 ,2 0 0 ,0 0 0
b o n d s 1 9 2 0 1 9 6 0 ---------------------------------------------------------------------f
2 5 1 ,8 8 0 ,5 0 0
0 4 7 ,4 8 4 ,0 0 0

3 % b o n d s 1 9 2 1 -1 9 8 2 ____________________________________________
1 1 1 ’, 7 7 3 *,588
6 % b o n d s 1 9 2 1 -1 9 8 2 --------------------------------------------------------------------4 4 6 , 3 9 7 ,5 0 0
6 % 10 -y e a r n o te s ------------------------------------------------------------------------1 4 5 ,4 0 1 ,0 0 0
a A m e r ic a n issu e o f 1 9 2 0 .
b S te rlin g , L o n d o n issu e o f 1 9 2 2 .

R A IL W A Y STOCKS AOT) BONDS

78

RAILROAD COMPANIES

[For abbreviations. dec.. see notes on first page]

Miles Date
Road Bonds

M ic h ig a n C e n t r a l (Concl.)—
Bay City S Battle Cr 1st M g gu p & 1 e n d .M p .zc *
e
18 1889
Battle Cr & Sturgis 1st M g guar p S 1 end.M p.zc*
e
41 1889
To lC a nS o & D et lstM $ 4 ,500,000 g gu (end) Q.xc* &r_
59 1906
D etro it R lv Tu n n e l Co
See that company
A ld d le to w n Sc U n io n v R R — 1st M $500,0 00 -. Ba.y
14 1913
second Vf 6 % nnn-i'iim adjust Inc bonds red p a r ..y
1913
M id i R a ilro a d C o — See text
366 1913
A iu ia iu ) Vai R R — 1st .vl g red 1021$ beg ’10 GPxc*
Adjustm ent mtge (2d Income) gold red par F P .x c *
306 1913
1911
W ichita & M idland Val 1st M g gu red par_____ xr
M ill Creek & Mine H ill Navigation & R R — Stock------Milwaukee Lake Shore & Western— Milwaukee Sparta & Nor th Wes
Milwaukee & Northern— See Chicago Milwaukee & St Paul
37
Mine H ill & Schuylkill H aven— Stock (6 % r e n t a l)...
26 1905
Mineral Point & Northern— 1st M $450,000 g o ld .F .x
16 1891
Mineral Range— Consol mtge (text) gold red at 105.zc
69 1901
General mtge Interest guar b y Canadian Paclflo.Fz
H ancock & Cal cons mtge gold red at 105 as s u m ..z
29 1891
Minneao Red Lake & Manitob— 1st M $700,000g .F .x c
33 V 1905
i
M in n e s o A St 1. — «to c k . all of one class, $26,000,000
1925
Receiver's certificates______________________________
Receiver’s certificates_______________________________
1925
109 is /y
First mtge Mernam June to A lbe rt Lea g___F.zc*
355 1894
First Consol Molosed M g (V 59. p 1145) -N .x c * & i
13M 1906
Des Moines & F t Dodge gold guar p & l._C e .x c * & r
First S Ref M $13,244,000 gold ($18,000 p m )..C e x
e
770 1899
Refund aDd E x te n M $75,000,000 g red 105Uxc* Ar* 1,527 1912
E q T r Ser D due $40,000 each N o v i : call 102 Vi .PeP
1915
1917
do Ser E d u e $170,000 yly Feb 1 call 1021$ PePc
A m e r Locom otive trusts due $23,000 s -a ___________
1921
Equipm ent trusts, D irector-General of R ailroa ds..
1920
Iowa Central 1st M 0 (V 49. p 582)__________ Me.zo*
502 1888
1st Ref mtge $25,000,000 g (see te x t).U n .x o * & r
540 1901
1912
H ock Coal C o 1st M $600 OOO gu red 105 sf__Em.xc*
U S G o v t Federal control settlem ent_______________
1921
E q u ip notes National R y Service C o r p ____________
U nited States G o v t 10-year loan___________________
1921

Par
Value

Amount
Outstanding

$1,000
1,000
l.OOO&c
100 Ac
1.000
500-1000
1.000
25
tern — Se e

Rate
%

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

& D Deo 1 1980
S D Deo 1 1989
e
& J Jan 1 1950

Cent Union Tr C o, N Y
do
do
Grand Central Term, N V

190.000
M S N Nov 1 1933
c
6g
250,000 See text M & N Nov 1 1933

Empire Trust Jo, N Y
Bankers Trust C o, N Y

$19,000
1421.000
3,100.000

3g
3g
4g

6.191.000
5g
5 00.150 Dp to5%
pledged
5g
10
323.375
Chicago & North W

J
J
J

A S
c
Sept.
A S
c
J S
e
estern

O
1
()
J

Apr 1 1943
Apr 1 1953
Jan 1 1931
Jan 1925 5%

50 4.210.200
F S A Feb 2 1925 3%
5H
c
450,000
1,000
See text
o e
V S N
I e
593.000 4 g & 5 g ,1 & .1 Jan 1 1931
500 Ac
100.000 1,000,000
e
4 g J S J Jan 1 1951
1,000
325,000
5 g J & J Jan 1 1931
1,000
700.000
5g
J & D 30 June 30 1925
100 25 792 eon
600.000
5
350,000
4V4
O U Sec
U
960.000
7 g J S 1) June 1 1927
e
1,000 5.282.000
V S N Nov 1 1934
I e
5g
1.000 3.072.000
J S .7 Jan 1 1935
c
4g
1.000 13.24 1.000
4g
V S S Mch 1 1949
f e
1.000 Sec 4.004 956
c — F Feb 1 1962
6g
1.000
40,000
M «fe N To Nov 1 1925
6g
1.000
340.000
F & A To Feb 1 1927
5
46 000
c
1.000
6
.) S J To Jan 1 1926
1 008.000
6
J & .1 15 To Jan 15 1935
1,000 7.050.095
e
5 g J S D June 1 1938
1,000 7.150.000
V S S Mch 1 1951
I e
4g
100 ono
1.000
J S J .Tulv 1 1932
c
6g
625.000
Mar 1 1930
1.220,725
June 1 1936
A S o Apr 11931
c
1,382,000
6

New York and Phlla
See text
Office. Philadelphia. Pa
heading Term, Phlla, Pa
Office 119 S 4th St. Phlla
Farmers L & Tr Co, N Y
64 Wall St, New York
All owned by Can Paolflc
64 Wail St. New York
First Trust & 8 Bk, Chic
D ec.'24 int.pd.in Apr.'25
May 1924 interest unpaid
July 1924 interest unpaid
Sept 1923 interest unpaid
Aug 1923 interest unpaid
25 Broad St, New York
do
do
25 Broad St, New York
25 Broad St. New York
June 1924 interest unpaid
Sept 1923 interest unpaid
25 Broad 8t. New York

x A n additional $79,000 Is guar b y N Y Central R R .

Of the 6% bonds. 50,000,000 francs were offered in Oct. 1920 by A. Iselin
& C o ., New York. Thesam efirm alsooffered25,000,000francs6% 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 o f A. Iselin & C o.,
36 Wall St., New York, without deduction for any French taxes, present
or future, if held by non-residents of France. Compare V. I l l , p. 1472.
N o mortgage has been issued on any part o f the property, all bonds rank
■equal and are a direct obligation o f 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 o f the company is not sufficient to cover the
interest on, and the amortization of, its bonded debt, and to make a dis­
tribution o f 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 o f 4% per ann. (3% since 1896 in ac­
cordance with the agreement in connection with the transfer to the Govt,
o f the two canals mentioned above) out o f 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 R R . below.
EARN IN G S.— (Figures given are per 1,000 francs).
Year—
1910.
1915.
1918.
1921.
1922.
1923.
135,313 184,496 420U36 442,982 475,916
Operating receipts_____128,505
81,615 160,247 496,337 457,785 451.211
Operating expenses___ 70,294
Net operating incom e.. 58,210
53,698 24,249 76,201 -14,802 24,705
Fixed charges, &c_____ 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.; C. Mange, M gr., Paris,
France.— (V. 119. p. 2526.)
MIDLAND VALLEY RR. CO.— Owns and operates from ExcelsiorA rk., south to Hoye, Ark., and north to Fidelity, Ark.; also from Excelsior,
west to Zilverdale, Kan., and from Jenks, Okla., to Glenpool, Okla., a total
■of 306-17 miles; also operates under trackage from Rock Island, Ark., to
F t. Smith, 16 m ., and Silverdale to Arkansas City, Kan., 9 m.; leases
Wichita & Midland Valley R R ., Arkansas City to Wichita, 51 miles, for
50 years from July 29 1910, for 25% o f the gross earnings (and any de­
ficiency necessary to meet the bond Interest and taxes); total owned or
•controlled and operated, 459 miles (V. 92, p. 462, 796.)
O R G A N IZ'N .— In 1913 readjusted without foreclosure, V . 96- P- 554
S T O C K — Auth., common, $16,000,000; pref.. $5,000 000; outstanding
$4,006,500 common and $3,999,250 5% pref. (prin. & div.); par $50. The
voting trustees decided to terminate the voting trust on May 10 1923
The pref stock is redeemable at par on any div. date after July 1 1916 on o'
days’ notice. An Initial div. o f 2Vi% on the pref. stock was paid June 1
1923; same amount paid semi-annually to June 1 1925. On common,
paid initial dividend o f 2 % on April 15 1925.
BONDS.— The first 5s and adjustment M . (Income) 5s, Issued per plan
V. 96 P. 554. w e a first and second lien, respectively, on (1) the entir*
nroperty; (2) the leasehold Interest in the Wichita & Midland Valley RR
and all the $1,025,000 1st M . bonds of the latter and $460,000 of its $503,300
common stock; (3) Sebastian County Coal & Mining Co. bonds, $1,241,500,
and stock, $250,000 (being total outstanding issue o f both securities),
owning about 18,500 acres of semi-anthracite coal lands. Of the 1st 5s,
$5 000 000 have been issued on account o f retirement of outstanding
bonds and other indebtedness and improvements, &c., of the remaining
110 000 000 reserved for 85% o f the cost o f impts.. extens, &c., under
careful 'restrictions. Issued. $6,715,000. o f which $6,191,000 are outitanding and $524,000 are in treasury. See V. 96, p. 1423, 1489.
The interest on the adjustment M . bonds Is to be paid annually. If earned.
The $3,612,500 Series A bonds have priority both as to Hen and
payment of Interest over the $2,000,000 Series B bonds
For the year ended June 30 1917 3% was earned and paid on Sept. 1
on Adjustment Mtge. Series A bonds (coupon No. lr, 4% interest was de
dared payable Sept. 1 ’ 18 for the year ended June 30 ’ 18 (coupon No. 2). but
same was not made until Oct. 2 ’ 18 on account o f funds o f comp, being under
Government control; 3% interest was declared, payable Sept. 1 ’ 19, for year
ended June 30 T9 (coupon No. 3); 3% was declared for the year ended
June 30 1920, payable Sept. 1 1920 (coupon N o. 4); 5% was declared on
Series A and B for the year ended June 30 1921, payable Sept. 1 1921,
5% was declared on Series A and B for the year ended June 30 1922, pay­
able Sept. 1 1922; 5% was declared on Series A and B for the year ended
June 30 1923, payable Sept. 1 1923; 5% was declared on Series A and B
for the year ended June 30 1924, payable Sept. 1 1924. V. 105, p. 109;
V. 107, p. 1385; V. 109, p. 888; V. I l l , p. 896; V. 113, p. 1251; V. 115,
p. 869.)
R E PO RT.— For 1924, gross, $4,535,840; net oper. income, $1,150,881;
other income. $260,264; int.-, rentals, &c., $683,888; pref. div., $199,962;

MILL CREEK & MINE HILL NAVIGATION & RR.— Mill Creek Jot. to
Brwrt Mountain, Pa., 4.01 m.; branches, 2 13 m.; second track, 3.79 m.total track, 60 03 m Leased In 1861 for 999 years to Phda. & Reading R R .!
lease assumed In 1896 by Phda. & Reading Railway, rental. $33,000 S taxes'
c

MINE HILL & SCHUYLKILL HAVEN RR.— From Schuylkill Haven to
Ashland and Enterprise Jet., 36.72 m.; 2d track, 18.85 m.; total track,
129.91 m. In 1897 rental reduced to 6% on stock under new lease for 999
years from Jan. 1 1897 to Phtla 1 Read. Ry. Co.; 2 H% is ne'd in Feb. and
c
3% in Aug., Vi % being deducted for taxes.— (V. 115. p. 2379.)
MINERAL POINT & NORTHERN R Y .— Highland to Highland Jet.,
Wis., 26-4 miles; trackage to Mineral Point, 4.2 m .; total, 30.6 miles.
Stock, $550,000; par, $100. Bonds, $450,000 maturing M ay 1 1925 were
extended. For cal. year 1924, gross, $92,626; net, $23,752; charges,
$39,806; bal., def., $8,608. Pres., Thos. D . Jones, Chicago; V.-Pres.,
A. D. Terreli, Chicago.
MINERAL RANGE R R . CO.— Main line owned. 60 miles; leased lines,
29 miles; total operated, 89 miles; owned but not operated, 9 miles; total,
98 miles.
’ " ix95 paid dividends of 10H % : in 1896, 7% : 18 97,7% ; 1898. 3 H % i
none since. Stock, $1,500,000: par, $100.
BONDS.— Consols for $1,000 are reserved for $3,000 old bonds. Of the
$593,000 outstanding, $339,000 are 5s; the Canadian Patlfic owns
the remaining $254,000 (which are 4s) and the $1,000,000 gen. mtge. 4s,
both of which it guar, as to int. V. 75. p. 554. See V. 73. p. 556, 616; V. 73.
p. 785.
RE PO RT.— For 1924, gross, $484,227; net oper. deficit, $12,998; other
income, $57,477; deductions. $83,682; bal., def., $39,203. V. 120, p. 2265.
OFFICERS.— Pres., C. T . Jaffray, Minneapolis; Sec., W . R. Harley,
Minneapolis; Treas., W. J. Ellison, Marquette, M ich. N . Y . office,
64 Wall St.— (Y. 120, p. 2265.)
MINNEAPOLIS RED LAKE & MANITOBA R Y .— Bemidji to Redby,
M inn., 3 3 Vi miles. Stock, $100,000; bonds (see table). For year ending
Dec. 31 1924, gross, $57,648; net oper. def., $3,163; int. and rentals, $35,954;
bal., def., $37,194. Sec., A. Ueland, Minneapolis; Treas., A. L. Molander,
Bemidji.
MINNEAPOLIS AND ST. LOUIS R A ILR O A D CO- (TH E).— Road
includes:
Road Owned (Continued)—
M iles.
Road Owned—
Miles
Minneapolis to Angus, la ____ 260
Winthrop, M inn., to Storm Lake. 154
Des Moines to Ruthveu, la __ 138
165
Branches ___________________
Tonkins, Minn., to Leola, S.D.329
T ra ck a g e __________________
114
Conde to Akaska, S. D ______ 103
Northwood to Albia. Iowa___ 189
Oskaloosa, la., to Iowa Jet.,Ia.186
Total owned and operated_______________________________________ 1,638
The line of road extending from Albert Lea, Minn., to Manly Junction,
Iowa (27.58 miles), is owned jointly with the Chicago Rock Island &
Pacific R y. Co.
ORGANIZATION.— Incorporated in Iowa June 30 1910 (V. 103, p . 145)
»* a consolidation o f Minn. & St. Louis R R . of Minn, and Iowa (V. 59.
t 371; V. 93. p. 1608). and Iowa Central & Western Ry. per plan o f I ab.
>
1916. V. 102. p. 522. 529’ V. 103. p. 2163: V. 104. p. 2240.
Receiver Appointed— Protective Committee for Bondholders.— W . H. Bremmer was appointed receiver July 26 1923 by Federal Judge W . F. Booth at
Minneapolis. Following the appointment of the receiver, the committee
named below was formed to protect the interest of the 1st & ref. mtge. 4%
50-yr. gold bonds and Iowa Central R y. 1st & ref. M . 4% 50-yr. gold bonds.
Committee.— Jules S. Bache of J. S. Bache & C o.; F. Q. Brown of Red­
mond & Co.; Charles Hayden of Hayden, Stone & Co.; De W itt Millhauser
of Speyer & C o.; with E. P. Goetz, Sec., 42 Broadway, N . Y ., and Alfred
A. Cook, counsel. Empire Trust C o., N . Y ., depositary. V . 117, p. 440,
554; V. 118, p. 2042.
In Oct. 1923 another committee was formed to protect the interest of the
1st & ref. mtge. 4% 50-year gold bonds. The committee is composed of
James H. Perkins, Pres, of Farmers’ Loan & Trust C o., New York; P. Le
Roy Harwood, V.-Pres. of Mariners’ Savings Bank; H. F. Whitcomb,
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,
22 William St., and depositary, Farmers Loan & Trust C o., New York.
V. 117, p. 1664; V. 118, p. 1135.
In Oct. 1924 a committee, composed o f L. Edmund Zacher, F. J. Lisman
and Walter H. Bennett, with W. C. Robertson, Sec., 128 Broadway, New
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
bonds, due 1934, and the Des Moines & Ft. Dodge R R . 1st mtge. 4s, due
1935. V . 119, p. 1184, 2064; V. 120, p. 1583.
In Oct. 1924 the following committee was formed for the protection of
the interests o f 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. Y ., depositary. V. 119, p. 2064.
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 C o.);
Daniel J. Glazier (Treas. Hartford Fire Insurance C o.); R . G. Page (Bank­
ers Trust Co.) with HalvarUtvik, Sec., 31 Nassau St., New York, and Root,
Clark, Buckner & Howland, Counsel, Bankers Trust C o., New York,
depositary.
Stockholders' Committee.— A stockholders’ committee has also been formed
consisting of Pierpont W . Davis, Chairman; W . P. Hawley, W . B. Davids.
S. B . November and Chas. E. Graham, with James McLean, Sec’y, 55 Wall
St., New York, and Marcus L. Bell, counsel, 25 Broad St., New York.
^ F o /la te s t earnings, see “ Railway Earnings Section” (issued monthly).
Pres., O. E. Ingersoll; Sec. & Treas., J. R K. Delany. Office. Lafay­ The National City Bank of New York, depositary, 55 Wall St., New York.
V. 117, p .5 5 4 .1884.
ette Building, Philadelphia.— (V. 120, p. 1455.)




May, 1925.]

47 SCELLA NEO US CO UPANIES
[For abbreviations, &c., see notes on page 6

Miles Date
Road Bonds

H inneap St P & S Ste/H— Com stock $28.000.non
Preferred stock 7% non-cutn $14,000,000 (see text)
Leased line ctfs $12,500,000 auth_______________
Minn S a u lt S t e M a r ie
A t 1st M g o l d _ Ce z c * & r *
_
505
1stOonM glut guar (end) ($6,148 000 5s)Ce.xc*Ar* 3.301
1st ref M s f g Ser “ A ” $15,000,000 auth. Oc*&r* 3.301
Second mtge $5,000,000 gold lnt guar --Ce.xc*& r* 3.301
Central Terminal tolnt 1st M g red text-(J.x<-* <vr‘
C ollateral tru st g old b o n d s _____________________ B a zo *

Collateral trust notes red 102 V$______________Bac*
2-year gold n o te s _________________________________
Oar trust Ser u due $76,000 s-a (V103 p 1888) .Em.t
do Ser H due $50,000 y r ly __________________c
do
Ser. I due $250,000 yrly___________Cexxxc
do Ser J due $240 0(10 yrly_________ Ce.xxxr
do Ser K due $118,000 s-a________ xxxc*&r*

1886
1888
1921
1899
1911
1921
1924
1924
1916
1920
1920
1921
1923

Par
Value

BONDS. AC.— Bonds due 1927, Nos. 1101 to 1400, for $500 each, add!
tlonal to those above, were assumed by B. C. R. & N. (now C. R. I. A P.)
First Refunding mtge. of 1899 Is limited to $13,244,000. The mtge. Is a
1st lien on 277 miles of road and on $299,500 stock of Railway Transfer Co
of Minneapolis; also a lien on property covered by the Merriam Jet. &
Albert Lea mortgage, 1st consol, mtge. and Des Moines & Ft. Dodge 1st
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,
p. 1420; V. 88, p. 295. 452. 506; V. 117. p. 1129. See V. 69. p. 32.
The “ Refunding and Extension” 50-year bonds, dated Jan. 1 1912 ($75,000,000 auth. issue) are secured by a general lien on properties now owned,
subject to existing liens, and have a first lien on 216.93 miles of road, viz..
Water town to Leola, S. D ., 113.85 miles, and Oonde to Akaska, S. D .,
103.08 miles. Issued to Dec. 31 1924. $8,985,000, of which $1,500,000
were pledged as security for note issued to Director-General of Railroads
covering Federal control settlement; $785,000 were pledged as security for
loans and bills payable; $2,377,000 were pledged as security for 10-year
loan from the United States Government; $318,044 were held in the
treasury unpledged, and $4,004,956 were outstanding in the hands of the
public. Of $66,015,000 unissued bonds, $37,354,000 are reserved to retire
an equal amount o f underlying bonds. $15,661,000 for impts., second
track, Ac., $3,000,000 to purchase rolling stock and $10,000.1.00 for addi
tional road, branches or terminals. Interest due Aug. 1 1923 was not paid.
The $3,072,000 Des Moines A Fort Dodge 4% bonds dated Jan. 1 1906
were guar., p & i. V. 79. p. 1704. 2696. The $100,000 Hocking Coal Co.
1st 6s ($600,000 auth. issue) are also guar. V. 96. p. 360.
Interest due Sept. 1 1923 on the Iowa Central 1st & ref. mtge. 4s, due
March 1 1951, was not paid. V. 117, p. 1129.
Interest due M ay 1 1924 on the 1st consol, mtge. 5% gold bonds, due
1934, was not paid. V . 118, p. 2179, 2437.
Interest due June 1 1924 on the Iowa Central 1st mtge. 5% gold bonds,
due 1938. was not paid. V. 118, p. 2824.
Interest due Dec. 1 1924 on the Merriam Junction-Albert Lea 1st mtge.
7% bonds, due 1927, was paid in April 1925.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3.
There were also outstanding as o f Dec. 311924 $1,220,725 notes held by
National R y. Service Corp., due $53,075 s.-a. (M ay 20 and N ov. 20).
Government loan, V. 112, p . 1519.
R E PO R T .— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings _____ $15,095,872 $16,605,121 $15,552,331 $16,171,727
Net, after taxes_______ defl84,313
1,525,433
1,368,611
488,507
386,014
414,175
295.646
275,088
Other incom__________
$1,939,608 $1,664,257
$763,595
$2,126,620 $2,092,296 $2,116,069
494,864
396,278
226,728
451,545
361,685
404,751

Balance, deficit-......... $3,003,314 $1,133,422 $1,186,002 $1,983,953
OFFICERS.— Pres., W . H. Bremner; V.-Pres., W . P. Hawley, F. B.
Townsend, E. E . Nash; Sec., F. M . Tompkins; Treas., W . B. Davids,
New York office, 25 Broad St.— (Y. 120, p. 2546.)
MINNEAPOLIS ST. PAUL & SAULT STE. MARIE R Y .— Mileage
covered by mortgages as o f Dec. 31 1924:
M . S. S. M . & A . First Mortgage—
Hies.
Minneapolis, M inn., to Sault Ste. Marie, M ich__________ 492.42
St. Paul, M inn., to Cardigan Jet., M inn________________
8.13
Dresser Jet., W is., to St. Croix Falls, W is_____________
4.40
504.95
Soo ls( Consol. Mortgages—
Minneapolis, Minn., to Portal, N. D ____________
548.99
Glenwood, M inn., to Noyes, M inn________________
265.05
T hief 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
Ashley, N . D ., to Bismarck, N . D ________________
97.57
Ashley, N . D ., to Pollock, S. D __________________
50.75
Bismarck, N . £)., to Max, N. D __________________
90.41
Flaxton, N . D ., to Whitetail, M ont_____________
136.62
Fairmount, N . £>., to Greenville, S. D _________ _
87.17
Egeland, N . D ., to Armourdaie, N. D ___________
21.88
Brooten, M inn., to Duluth, Minn________________
187.43
Moose Lake, M inn., to Plummer, Minn___________
192.47
Lawler Jet., M inn., to Cuyuna, Minn_____________
39.15
Cuyuna, M inn., to Kennedy Mine, Minn_________
0.93
Range Jet., M inn., to Riverton, Minn____________
5.56
Ironton Loop, M inn., and N. P. Connections_____
1.53
Iron Hub Jet., M inn., to Hoch M ine______________
8.22
Columbia Heights Jet., M inn., to Nilo Jet., Minn.
1.09
Summit Jet., W is., to Boylston Jet., W is__________
94.43
Superior Ore Dock Line, W is______________________
6.63




Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and daturity
Dividends are Payable

$100 $25,206,800 See text See text Dec 17 ’23 4% Minn office; checks mall
in
12,603.400 See text See text Dec 17 ’23 4%
do
do
A A O Apr 1 2008
100 11 247,000
4
do
do
Bank of Montreal. N Y
1,00(1 8,136,00c
4 8 J A J dan 1 1926
1,000 63.011,000 4 8 & 5 g J A J July 1 1938
(tank of Montreal. N Y
J & J July 1 1946
Bank of Montreal, N Y
1.000 2,416 000
6g
3.5(10 0OO
1.000
Bank of Montreal, N Y
4 g J & J Jan 1 1949
1.000 A i
vf A N Nov 1 1941
4,514,000
Bk of M ont, N Y A Lon
48
1 000 10.000.000
6
g M & 8 Sept 1 1931
Rank of Montreal, N Y
100 Ac
See text
New York
5J
-6 M A S Mar 1 1949
1,000
1.500.000
5 g J & D June 27 1926
New York
1.000
225.000
4V4 g M A N15 N ov '25-Nov '26 iauk of Montreal, N Y
1.000
250 000
A A O To Apr 1 1 30 vlinneapolis Tr Co, Minn
6
1,000
1.250 000
J A 1) To June 1 30
Bank of Montreal, N Y
7 g
1,000
2. 00.000
do
do
6 V g M A s 'vl ar i '26 to 35
s
1,000
1,888,000
M A s Sept ’25-Mar '33 Oil., Read, N Y ; A PeP
5

STOCK.— The new consolidated company has an authorized capita)
stock of $26,000,000 (par $100). all of one class, of which there was Issued
forthwith $25,792,600. the remainder to be reserved for future needs.
DIVIDS
1 ’97. ’98. '99. ’00. ’01. ’02. ’03. ’04. '05 to Jan.’ 10.
3
3H
5
5
5
5
5
5 yearly
None
Preferred____
Gcmmon______ j ----- None----- 1>4 4
5
5
244
0
since

Total net in c o m e ____
$201,701
Interest on funded debt. $2,079,994
Hire o f equipment_____
672,619
Miscell. deductions_____
452,402

79

R A IL W A Y STOCKS AND BONDS

Soo 1st Consol. Mortgages—
Barron, Wis., to Ridgeland, W is____________
Cameron, Wis., to Reserve, W is____________
Rex, M ich., to Meades Quarry, M ich______
Rapid River, M ich., to Eben Jet., M ich____
Gladstone Coal Docks, M ich________________
Wisconsin Jet., Wis., to Winnebago Jet., Wis.
North Wye, Wis., to Appleton, W is_________
Western Jet., Wis., to Western Siding, W is...
Hollister, Wis., to Camp No. 5, W is________
Spur Lines___________________________________
Thief River Falls, M inn., to Goodrich, M inn__________
(Owned but not operated)

Miles.
18.52
41.45
11.88

30.54
1.54
118.74
1.07
10.75
3.42
21.16
2 774.Ji
’ 18.67

T otal____________________ 2,793.61
2,793.61

Soo & Atl. M tge.— 1st lien on 504.95 miles.
3.298.56
1st Consol. Mtge.— 1st lien on 2,793.61 miles and 2d lien on 504.95 miles.
2d Mtge.— 2d lien on 2,793.61 miles and 3d lien on 504.95 miles.
1st Ref. Mtge.— 3d lien on 2,793.61 miles and 4th lien on 504.95 miles.
The I.-S. C. Commission has placed a tentative valuation of $104 674 000
on the properties of the company as of June 30 1916.
HISTORY.— A consolidation In 1888 of Minn. Sault Ste. Marie & Atl.
Minn. A Pac., Ac. See V. 46. p. 538, 609; V. 77, p. 628.
In 1909 51% of Wisconsin Cent. com. stock was purchased, affording a
S 1? 1
!
,011, the road being leased for 99 years from April 1 1909;
$11,247,000 4% leased line ctfs. have been issued (see Wis. Cent.) secured
Oy Wis Cent. pref. stock, $ for $. V. 88, p. 232, 564, 686; V. 98,’p. 1668.
tnt. on W ho. Cent 1st A ref. 4s ($5,816,OdOoutils guaranteed V 95 n 968
The company offered to take up at 4314 Wisconsin Central Common stock
issuing in exchange 5 H % notes secured by Wisconsin Central stock. The
offer expired Mar. 31 1924, 95% o f the minority stock having been deposited
in acceptance of the offer. V. 118, p. 1665, 2437.
Terminal R y., organized In 1911, on Apr. 1 1914 opened a
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.
a^ T^ R 1"^?nanadi an P,acif£ ° ? De5- 31 1924 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
ViDDPUJO.
, v/o. ut. uu.
v
i
u/.
4
Common_________ % /2
4
4
6
0
7 yearly
text
A dividend of 2% was declared payable April 15 1922, but payment of
this div. was enjoined by the U. S. District Court of Minnesota following
a suit brought by two stockholders involving the question of rights o f 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 M ay 1923 a decision
was rendered in favor of the directors. Y. 116, p. 2129: Y. 1 15 n 86Q
1429, 1532, 2581, 2685. On Oct. 15 1923 the U. S. Supreme Court denied
an appeal in the suit. Compare Y. 117, p. 1775. On Dec. 1 7 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 mt. to 4% ; also on 4% consols of 1888, but not on 5% consols.
(See V. 50, p. 784; V. 51, p. 239.) All but $4,000 Minn. S. S. M . & Atl.
bonds and practically all other issues assented. Abstract o f Minn. Sault
Ste. M ane & Atlantic mtge. in V. 45, p. 243; Can. Pac. R v. Co on Dec 31
1924 owned $3 993,000 of the M . St. P. & S. SteM . 1st 4s. 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 is, however, restricted to three
times the stock. V. 94, p. 351; V. 73, p. 185; V. 78, p. 820- V 79 p 1,332V. 80. p. 651; V. 87, p. 1011, 1664; V. 89, p. 779 V. 91 p 1026 V 95 n ’
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.
The Central Terminal 1st M. 30-year gold 4s ($20,000,000 auth.) are se­
ed ed under a joint mtge. with Central Terminal Ry. on Chicago terminals
of Minn. St. P. A S. S. M. and Can. Pac. system lines. They are subject
to call on any Interest date beginning Nov. 1 1916 as a whole at 105 and
omst be called yearly, beginning Nov. 1 1916, at 102 >4 by a sinking fund sufOolent to retire issue at or before maturity If not purchasable for less. The
$6,«)00.000 bonds sold represent cash investment equal at least to tbeir par
value, the remainder being reserves for not exceeding 80% o f cost o f exten­
sions and improvements; in sinking fund D ec. 31 1924, $1,486,000. Y. 93, p.
14oo; V. 9o, p. 745.
The ref. mtge. closes all prior bond issues o f the company, at the amount
now 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
in the mortgage, shall never exceed three times the 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
Interest11” V 114thp T i s o ’ W purchase bonds at not exceeding par and
’S
l11
The $10,000,000
collateral trust gold bonds due Sept. 1 1931 are
secured 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.

80




K A IL W A Y STOCKS AND BONDS

[V ol. 120

may ,

1925.]




B A IL W A Y STOCKS AND BONDS

81

82




R A IL W A Y STOCKS AN D BONDS

[V ol. 120

May, 1925.]
[F o r

RAILROAD COMPANIES
abbreviations, &c., s e e notes on page 6]

B lnn esota T ransf— 1st M g call 102 Vi 1922 ■ f c*&r*
Mla« Cent— 1st M S10.000.000 g gu red (text). .Q .xc*
Mo&lll Br& Belt— St CM 4 St L B 1st M red g.Sbt.rc*
Consolidated mortgage $2,500,000 authorized g_x
M issouri-Illinois RR— Stock $1,800.000---------------First mtge bonds_________________________________
Missouri-Kansas- Texas RR. C o.—
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_______ Cez< *
•
do
do
Series B red 100___________ Cezr*
do
do
Series O red 102 V i________ Cezc*
Convert adjust mtge bonds Series A red 100-Colzc*
Equipt trust notes due $84,100. ann______________
Katy Off Bldg Ou 1st M ________ ____________c*&r*
Bonds remaining unexchanged:
First mortgage gold b o n d s ___________________ Usz
Kansas City & Pacificist M gold assumed_Fr.cx*
M K & Okia 1st M $5,468,000 g assumed____Ce.xc"
Dallas & Waco 1st M $20,000 p m g gu p &L Ce.xxc*
Boonv Bridge 1st M g s f d V. 73, p. 494.Ce.zc*&r

M ile s
R oad

D a te
B onds

1916
1*14 1909
3.34 1901
3.34 1904
1921
1922
1922
1922
1922
1920
1912
1,377
127
247
68

1890
1890
1902
1890
1901

A m oun t
O u ts ta n d in g

Par
V a lu e

$ 1,000 $2,273,000
3,275.600
600 & c
716.250
1,000
l,00i>
709.000
1,500 000
100
492.000

Rate
%

W h en
P a y a b le

fig

it

6s

&
&
d
o

IS
F

None
100
100 &c
100 &c
100 &c
100 &c

A
J
J
J

L a s t D iv id e n d
a n d M a t u r it y

Aug
July
Jan
Jan

1
1
1
1

1946
1949
1951
1951

& A Feb 15 1931

876,755th
24 265 900 See text
5
£6 617 929
4
11.491 250
6
12.894.570
55.809.664
5g
841.000
6
170.000
600 &c
5 Vi g

Q— F
J & J
J & J
J & J
J & J
J & J15
J

&

500 &c 30,716.000
166.000
1.000
443.000
1.000
142.000
1,000
1U.000
1,000

J
F
M
M
M

& D June 1 1990
& A Aug 1 1990
& N May 1 1942
&
Nov 1 1940
&
Nov 1 1951

RE PO RT.— For 1924, In V. 120, p. 2396, showed:
1Q99
1923
1924
Total operating revenue_____________$28,724, 694 $28,957,095 $28,266,940
7,067,991
6,489,040
Net operating revenue______________ 7,463, 391
2,129,705
Railway tax accruals________________ 1,974. 515
1,838,311
7.002
Uncollectible railway revenue_______
10, 236
17,315
4,352.334
Railway operating income__________
5,478 639
5,212,365
Non-operating income______________
808, 924
1,549,707
1,509.963
5,402.995
Deductions_________________________ 5,443, 121
5,480,899
504,136
Preferred dividends_________________
_
_
504,136
1,008,272
1,008.272
Common dividends_________________
_
_
$844,441 def$271,079df$l,013.362
Balance, surplus_________________
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Substantially the entire amount of pref divs. of the Wisconsin Central
are paid to the “ Soo” company proper and included in its "other incom e."
Chairman, E. Pennington; Pres., C. T . Jaffray; V .-P ., G. W . Webster;
Sec., W . R . Harley: Treas., C. H. Bender; Comp., D . J. Bond, all of
Minneapolis.— (V. 120. p. 2564.)
MINNESOTA TRANSFER R Y.— Union road owning 13.33 miles, ex
tending from junction with Chic. Mllw. & St. Paul at Merrlam Park to Frid
ley (with stock yards, &c.); side tracks, 94.20 miles; total. 107.53 miles
V. 104. p. 1045. Stock. $63,000, equally owned by Ohio. Mllw. & St. Paul
Nor. Pac., Ohio. St Paul Minn. & Omaha, Minn. & St. Louis, Chic. Burl. &
Quincy, Great North.. Ohio. Great West . Minn. St. Paul & Sault Ste. Marie
and Chic. Rock Island & Pacific. In July 1916 made a new 1st M. for
$3,500,000. callable all or part at 102VS, beginning Feb. 1 1922; seral-ann
sinking fund from 1917, K o f 1% . Pres., J. H. Foster; Sec., F. S. Leavitt,
St. Paul, Minn.— (V. 117, p. 1347.)
MINNESOTA WESTERN R R .— (V. 119, p. 1395.)
MISSISSIPPI AN RA ILW A Y.— (Y. 117. p. 2653.)
MISSISSIPPI CENTRAL R R . CO.— Owns from a point 14 miles south
o f Hattiesburg, Miss., to Natchez, Miss. Operated main line, 245.25 miles
branch lines, 11.78 miles; sidings, &c., 29.26 miles. In 1921 acquired
under lease the Hattiesburg branch o f the Gulf Mobile & Northern RR.
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.
Bonds.— 1st M. bonds dated July 1 1909, limited to $10,000,000, are lssu
able at $25,000 p. m.; they are subj. to call by lot at 110 for yearly slekins
fund o f $49,200; also as an entire issue at same price. Retired by s. f.
to Jan. 7 1924, $950,400. They are guar., p. & i., by U. S. Lumber Co.
V. 88. p. 1561.
R E PO RT.— For 1923, in V. 118, p. 2700, showed;
Calendar
Cross
Net, after
Other
Int. &
Balance,
Years.
Earnings.
Taxes.
Income. Sink. Fd.
Surplus.
1923_______ $1,796,191
$278,858
______
______
def.$6.297
1922_______ 1,502,854
158,533
12,188 $323,110
def.152,389
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., F. L. Beck; Sec., G. F. Royce; Treas.. E. S. Peck; Gen. Mgr
L. E. Faulkner; Aud., Chas. Ehlers. Office, Hattiesburg. Miss. Fiscal
agents, Green, Ellis & Anderson, 100 Broadway, N .Y .— (V. 118. p. 2700.)
MISSISSIPPI RIVER & BONNE TERRE R Y — Owns Riverside, Mo.;
on Mississippi River, to Doe Run. Mo., 46.46 miles, with branches, 17.43 m.
also 30.75 miles of side tracks; total tracks 94.64 miles. Tentative
valuation, V. 113, p. 1053.
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% .
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.
EA R N IN G S.— For calendar years:
Net Op. Inc. Other Inc.
Charges.
Dividends.
Balance.
____$207,650
$106,339
$89,475
$180,000
1924
sur .$44,514
383,879
93.896
420,000
1923-- ____163,011
sur.32,994
114,529
1922 ___ 212,529
109,688
270.000
def.62,312
1921 — ____197,185
107,704
118,307
180.000
sur.27,728
Pres., Clinton H. Crane; 1st V .-P ., E. O. Smith; 2d V .-P., F. J. Thomure;
Treas. & Sec., F. H. Dearing. N . Y . office, 60 Wall St.— (V. 120,
p. 699.)
MISSOURI & ILLINOIS BRIDGE & BELT R R .— Has double track
bridge 2,100 feet long across the Mississippi River at Alton, 111.; also 3.34
miles o f road. Owned by C. C. O. & 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 R R . V. 79. p. 1642. 681; V. 103. p. 2156. Stock, $2.500,000; outstanding, $143,000. For 1924; gross, $84,058; net operating
income, $32,528; other income, $35,370; interest, $59,000; rentals, &c.,
$9,184; balance, def., $286. Pres., Henry Miller; Sec. & Treas., W . F.
Bender, Railway Exchange Bldg., St. Louis.— (V. 103, p. 2156.)
M IS SO U R I-ILL IN O IS R R .— This company acquired the railroad
formerly owned and operated by Illinois Southern R y ., which was foreclosed
Sept. 15 1920 (V. 112, p. 744), the purchaser subsequently having contracted
with St. Joseph Lead C o., Pittsburgh Plate Glass C o., American Smelting
& Refining C o., Desloge Consolidated Lead Co., and National Lead C o.,
to convey the property upon payment o f $900,000 to him by them, to a
corporation to be organized by them. Thereupon these companies caused




83

B A IL W A Y STOCKS A K D BONDS

4
4
5
5
4

g
g
g
g
g

D

P la c e s W h ere In terest and
D iv id e n d s a r e P a y a b l e

N Y and St Paul
N Y . Callaway. Fish AOo
St Louis Union Trust Co
do
do
First Trust & S Bk, Chic

M ay 1 1925 I K
Jan 1 19o2
New York
Jan 1 1962
do
do
ian 1 1932
.Tan 1 1967
Oct. 1 '24 paid 2Vi %
T o Jan 15 1935
Dec i 1932
61 Broadway. New York

the Incorporation in Missouri o f the above company.
The line extends
from Salem, ill., southwest to Kellogg, and from St. Genevieve. M o.,
southwest to Bismarck, a distance of 127 miles, with a branch from Collins,
Til., south to Chester, 11 miles. For 1924. gross, $1,157,177: net oper.
income. $215,019; other income, $5,972; Int., rentals, &e., $59,6J5; bal..
sur., $161 296.
M ISSOURLKANSAS-TEXAS R R . CO. (See M ap).— At midnight
March 31 1923 this co. took over the operation of the lines of the Missouri
Kansas & Texas Rv. Co. (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 . \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, M o., to Franklin Jet.
35 Denison to Hillsb., via D allas.. 172
K. C ., M o., to Parsons, K a n ..
94 Whitesboro & Henrietta______
87
Parsons, Kan., to Okla. C ity .. 203 Smithville to San Antonio_____
98
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 R y _____________
18
Other branches_______________ 156 Other lines___________________
39
Total operated Dec. 31 1924_____________________________________ 2,960
Owned but not operated_______________________________________
85
R e o r g a n i z a t i o n P l a n D a t e d N o v . 1 1921 (V. 113, p. 2311, 2505).— Pres.
Chas. B. Schaff was on Sept. 27 1915 appointed receiver for the company
by the U. S. Circuit Court at St. Louis. The Reorganization Managers,
J. & W. Seligman & Co. and Hallgarten & C o.. New York, announced a
Plan o f Reorganization, dated N ov. 1 1921, an outline of which is given
below (for details in full, see V. 113. p. 2311.) The plan was declared
operative in Jan. 1922. V. 114, p. 198. Sale o f road, V . 115, p. 2794:
V. 116, p. 616, 721.
The new company authorized the following securities:
P r i o r L i e n M o r t g a g e B o n d s . — 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 o f 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 hens 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.
C u m u l a t i v e A d j u s t m e n t M o r t g a g e G o ld B o n d s . — The adjustment mortgage
bonds are limited to the total authorized amount of $100,000,000 at any
one time outstanding. They are secured by mortgage and deed of trust
to Irving Bank-Columbia Trust Co. and Thomas S. M offitt 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
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 o f interest
shall not bear interest. At the maturity of the principal, all arrears of
cumulative interest shall be payable. The bonds 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, 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.
P r e f e r r e d S t o c k . — 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
art on such terms, on such notice and at such premium, if any, as may
e 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 $100 per share of their
stock and all arrears in 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 o f
the holders of a majority o f such part of the preferred stock at the time
outstanding.

g

84:
jFor

B A IL W A Y STOCKS AKD BONDS
R A IL R O A D C O M P A N IE S
a b b r e v ia tio n s , A c., s e e n o t e s o n p a g e

M il e s
R oad

61

K lu o u rl P acific RR. C o.—
Common stock (aut,t> tzOO.000.000) - .. ____ _______
Pref stock 5% convert cum 1918 call 107 34________
First & Ref Mtge gold___________________ G.c*&r*
Series A callable 1U7U A Int
y
Ser C call (all) par & int (to be red Aug 1 ’25—text)
Series | callable (all) 1(1, )* and Int___________ v
>
>
_ - ____ _y
_
Series E red (text) - _
_
Equip, gold notes Her. 41. d o e about $693.41)0
v e a r lv __
_
_ G_yc*
Equip trust certfs Ser “ A ” due $153,000 ann _ _y
Equip tr cl fsser ’ B due $266,M U yea rly______ y c *
O
do
Ser “ O ” due S 2i'l non ann___________ yc*
do
Ser “ D ” due $588,000 ann
. c*
Gen M $53,000.00(1 k can p*i aftivich 1’21 B ayc*fer»

D a te
B on ds

Par
V a lu e

$100 $3,000,000
3.500.000

1922
—
6,734 1917
6,738 1917
« 734 1O10
6,734 1925
__
_
_
6.738

500 A c 17,840,500
500 Ac h.044.000
firm fee 30 ioq nno
500 &c 25,000,000
1 nno

1,000

1.III 11
1
1 non

1923

Id 17

R a te

%

L a s t D iv id e n d
a n d M a t u r it y

W h en
P a y a b le

6

A

lg
6g
«
6g

F & A Feb 1 1965
K & A Aug 1 1926
K < A Fob 1 104Q
fe
M & N M ay 1 1955

o

P la c e s W h e r e I n t e r e s t and
D iv i d e n d s a r e P a y a b l e

St Louis Un Tr Co, St L

1937

100 82,839.500
100 71.800.100

1q?n
1921
1021
1925

A m oun t
O u ts ta n d in g

[V ol. 119,

6.931.son
1,683,000

3.724.01*11
3 nno one

1,000 8,820,000
600 .ve 61 .1.Ml,iJUl*
1 ,000 12.000.000

1924
Sinking fund notes N O Tex & M R y stock collatCol.zc*
eral $18,000,000 auth red 100 ___
1924
_ 1925 100 &c 3,000,000
Secured gold notes, participation ctfs red nar.
10,000
(l) M i s s o u r i Pacif ic H a llw a y s e c u r i t i e s o u t s ta n d i n g —
Pacific RR of Missouri 1st M ext In 1887 gold. Bazz
285 1868
1.000 6 996.00(1
Second mtge ext In 1891 In gold St L to K O .xc*
1.000 2,573.000
1871
First mtge St Louis real estate ext In 1892 gold.x
500 A c
1872
800.000
First, mtge Caron R m a u i i J i l 'end) ext 1893 _.z
500 &
237.500
13 1873
M o Pac R y third mtge ext 1896 red 105----- C e-z
1876
1,000 3,828.000
Yeralgrls Val Inuep a »v isi M g guar. _________ z
84 1886
l.OOC
806.00C
(2) F o r m e r S t. Louis Iron M t . A S o ., A c . —
1.000 42,874 0()n
Gen Cons & L’d Gr’t Mtge ($45,000,000) g Ba.zc* 1.538 ’ 81-’87
Dnlfying & Refund M gold $40,000 OOO-Mp-xc’ &r
l.ono 30,551.000
612 1899
1.000&- 34.548.000
River & Gulf Dlvs 1st M $50,000,000 g. Ba-xc*&r*
772 1903
Little Rock & Hot Sp W 1st M g. assumed_ SStxxx
_
1,000 1,140.000
67 1899

6 tr

634

5 Yj
5

5

4 K

5g

7
6g

1

F

A

.1 T o Jan. 15 1035
A T o Feb 1 1936
M
N r>> Nov 1 1V S
N To Nov 1 10qq
S T o Mar 1 1940
s Mar 1 IW7s
j July 1 1927

M
M
M
to

J

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&
fe
&
A
&

J

& D

M &

S Mar 1 1930

A
J A
J
M A N
4 H g A A. O
M A N
4
M A S
5 g

Go’s office.120 Bway.N Y
do
do
do
do
do
do
Guaranty Trust C o , N Y
do
do

G o’s office, 120Bway.N Y

"N ew Yo^k
T
New York

G o ’s office. 120Bway,N Y

New York

4 g
6g
6g

P

A

Aug 11938
July 1 1938
M a y l 1938
Oct 1 1938
July 1 1938
Mar 1 1920

Co’soffice, 120 Bway ,NY
do
do
do
do
do
do
do
do
Go’s office. 120 Bway,NY

6
4
4
4

A A
.1 A
M A

o Apr 1 1931
J July 1 1929
N M ay l 1933
J July i 1939

Co’s office, 120Bway,NY
do
do
On office. 120 B’ way.NY
St Louis Union Tr Oo

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J

A

\

C o m p a n i e s th e C a p i t a l S to c k o f

W h ic h

N a m e o f Com pany—

h a s be e n A c q u i r e d by N e w C o m p a n y
S lo c k
P a r V a lu e to
O u ts ta n d in g . B e A c q u ir e d

M is s o u r i-K a n s a s -T e x a s K K . C o . o f T e x a s ---------------- $ 1 , 4 0 0 ,0 0 0
T e x a s C en tra l K K . preferred s t o c k ___________________
1 . 3 2 5 ,0 0 0
do
co m m o n s to c k -------------------------------------------2 .6 7 5 .0 0 0
B o o n v ille R R . B rid ge C o ----------------------------------------------1 , 0 0 0 ,0 0 0
2 0 .0 0 0
W ic h ita F a lls R y . C o ___________________________________
W ic h ita F a lls & N o rth w estern R y . C o . o f T e x a s __
2 0 ,0 0 0
1 5 .0 0 0
W ith ita F a lls & W e llin g to n R y . C o . o f T e x a s _____
M isso u ri K a n sa s & T e x a s T e r m in a l C o . o f S t . L o u is
1 0 0 .0 0 0
Sari A n to n io B elt & T e rm in a l R y . C o _______________
1 1 7 .4 0 0
Joplin U n ion D e p o t C o ------------------------------------------------4 0 .0 0 0
T e r m in a l R R . A ssociation o f S t . L o u is _____________
3 ,0 8 7 .8 0 0
M isso u ri & lllin iois B rid ge & B e lt R R -------------------1 4 3 .0 0 0
U nion T e rm in a l C o . ( D a ll a s ) -------------------------------------4 8 .0 0 0
G a lv e sto n H ou ston & H en d erson R R _______________
1 , 0 0 0 ,0 0 0

$ 1 , 4 0 0 ,0 0 0
1 .3 2 5 0 0 0
2 .6 7 5 000
1 , 0 0 0 .0 0 0
2 0 .0 0 0
2 0 .0 0 0
1 5 .0 0 0
1 0 0 .0 0 0
117 4 0 0
10 0 0 0
2 0 5 ,8 0 0
1 3 ,0 0 0
6 .0 0 0
5 0 0 ,0 0 0

B o n d s o f O ld C o m p a n y U n e x c h a n g e d ( S e e ta b le a t h e a d o f p a g e ) . — T h e M . K
& T . R y . 1st m t g e . b o n d s, d u e 1 9 9 0 (a b stra c ts in V . 5 1 . p . 4 9 5 ) cover
besides righ t to lan d g r a n t, 1 ,3 7 7 m iles o f ro a d , in c lu d in g line H a n n ib a l'
M o . , to B o g g y T a n k (exce p t 71 m iles tr a c k a g e ), and su n d ry bran ch es'

D I V I D E N D S . — A n in itia l d iv id e n d o f 1 M % on th e preferred “ A ” sto c k
w a s p a id F e b . 2 1 9 2 5 ; sa m e a m o u n t p a id M a y 1 1 9 2 5 .
R E P O R T . — F o r 1 9 2 4 , in V . 1 2 0 , p . 2 3 0 2 , sh ow ed :
1924.
1923.
1922.
A v e r a g e m ile age o p e r a te d --------------------3 ,1 9 3 .1 4
3 ,3 5 9 .7 6
3 , 7 3 7 .4 6
O p e r a t in g R e v e n u e —
F r e ig h t ______________________________________ $ 4 2 ,3 3 1 ,7 0 5 $ 3 9 ,7 9 1 ,2 1 5 $ 3 9 ,1 9 8 ,4 0 1
P a sse n g e r ___________________________________ 1 0 ,4 5 7 ,0 7 1
1 1 ,2 9 5 ,4 5 6 1 0 ,9 5 8 ,4 1 2
M a i l _________________________________________
1 ,1 8 9 ,9 6 5
1 ,2 2 1 ,1 0 1
1 ,2 4 1 ,9 5 0
Exprfess_____________________________________
1 ,8 2 7 ,7 8 2
2 , 1 8 1 ,2 3 3
2 , 1 3 0 ,7 5 6
M isc e lla n e o u s______________________________
6 6 5 ,3 0 5
6 3 7 ,1 4 7
6 2 0 ,3 8 1
I n c id e n ta l__________________________________
7 9 1 ,3 5 2
7 8 8 ,6 3 4
7 1 0 ,0 7 5
J oin t fa c ilit y _______________________________
4 6 ,1 6 4
7 3 ,1 3 2
1 7 5 ,7 2 7
T o ta l op eratin g r e v e n u e -------------------- $ 5 7 ,3 0 9 ,3 4 5 $ 5 5 ,9 8 7 ,9 1 8 $ 5 5 ,0 3 5 ,7 0 2
O p e r a t in g E x p e n s e s —
M a in te n a n c e o f w a y an d str u c tu r e s . . $ 7 ,5 6 3 ,1 3 7
$ 7 ,3 9 3 ,3 0 7
$ 7 ,2 3 7 ,2 7 6
M a in te n a n c e o f e q u ip m e n t------------------ 1 1 ,5 1 7 ,4 7 5
1 4 ,6 3 6 ,7 2 4
1 0 ,5 4 8 ,0 9 4
T r a ffic exp en ses---------------------------------------1 ,1 3 8 ,9 6 2
1 ,1 5 1 ,3 5 3
1 ,0 4 1 ,4 3 5
T r a n sp o r ta tio n ex p e n se s----------------------- 1 7 ,3 6 3 ,7 7 4
1 8 ,3 8 0 ,2 6 8
1 8 ,7 8 0 ,0 0 7
3 8 1 ,0 9 9
3 6 2 ,2 3 2
3 3 7 ,5 0 9
M isc e lla n e o u s o p e r a tio n s_______________
G en era l e x p e n se s_________________________
1 ,9 1 9 ,7 7 7
2 , 0 5 3 ,3 7 3
2 ,0 2 3 ,7 0 9
T r a n sp o r ta tio n for in v e stm e n t— C r __
1 5 2 ,1 9 0
3 4 8 ,9 3 9
2 8 4 ,3 3 1
T o t a l o p e ra tin g exp en ses____________ $ 3 9 ,7 3 2 ,0 3 5 $ 4 3 ,6 2 8 ,3 1 8 $ 3 9 ,6 8 3 ,7 0 1
N e t o p era tin g r e v e n u e ________________ $ 1 7 ,5 7 7 ,3 1 0 $ 1 2 ,3 5 9 ,5 9 9 $ 1 5 ,3 5 2 ,0 0 0
R a ilw a y t a x a c c r u a ls______________________$ 3 ,2 1 5 ,6 8 7
$ 2 ,5 8 7 ,4 6 1 $ 2 ,9 2 6 ,3 7 6
U n c o lle c tib le ra ilw a y r e v e n u e --------------3 1 ,4 0 3
2 6 ,0 9 1
3 1 ,3 5 4
T o t a l _____________________________________ $ 3 ,2 4 7 ,0 9 0
T o ta l o p era tin g In c o m e -------------------- $ 1 4 ,3 3 0 ,2 2 0
O th er in c o m e _____________________________
8 7 7 ,1 5 5

$ 2 ,6 1 3 ,5 5 2

$ 2 ,9 5 7 ,7 3 1

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

G ro ss in c o m e ____________________________$ 1 5 ,2 0 7 ,3 7 5 $ 1 1 ,6 9 9 ,6 4 9 $ 1 3 ,3 9 3 ,8 4 0
$ 1 ,5 1 7 ,9 8 1 $ 2 ,5 6 5 ,6 5 2
4 ,7 2 5 ,9 5 5
4 ,7 8 1 ,9 7 4
4 , 9 0 1 ,8 4 6
2 ,7 9 0 ,0 8 5
2 ,7 9 1 .0 1 3
2 , 7 9 1 ,0 1 3
3 0 6 ,2 8 8
________
________

D e d u c t — R e n ta ls, & c _______________________ $ 2 ,1 8 2 ,8 9 7

F ix e d in terest ch a r g e s-------------------------In te r e st on a d ju s tm e n t b o n d s ----------P r e f. d iv . (1 M % ) p a id F e b . 2 1 9 2 5

B a la n c e , su r p lu s______________________ $ 5 ,2 0 2 ,1 5 0
$ 2 ,6 0 8 ,6 8 1
$ 3 ,1 3 5 ,3 2 9
F o r la te st earn in gs, see “ R a ilw a y E a r n in g s S e ction ” (issued m o n t h ly ).
O F F I C E R S .— H e n r y R u h le n d e r, C h a ir m a n , N e w Y o r k ; C . E . S c h a ff,
P r e s .' C . N . W h ite h e a d , E x e c u tiv e V ice -P res; C . H a ile , V ic e -P r e s. in
ch arge o f tr a ffic , S t . L o u is; W . M . W h it e n t o n , V ice -P res. in ch arge o f op era­
tio n , D a lla s ; Fran cis F . R a n d o lp h , V ic e -P r e s ., N e w Y o r k ; Joseph M .
B r y s o n , G en era l C o u n se l, S t . L o u is; A . O . R earick , C o u n se l, N e w Y o r k ;
J . G . L iv e n g o o d . C o m p tr o lle r ; F . J o h n so n . T r e a s .; E . W . P e a b o d y , S e c ..
S t . L o u is , J . B . B a rn e s, A s s t . S e c ., A s s t . T r e a s . a n d T r a n sfe r A g e n t , N e w
Y ork.
O ffices, 61 B r o a d w a y , N . Y . , an d R a ilw a y E x c h a n g e B u ild in g ,
S t . L o u is .— ( V . 1 2 0 , p . 2 2 6 6 .)
M I S S O U R I & N O R T H A R K A N S A S R Y . C O .— J op lin , M o . , to H e le n a ,
A r k ., 3 6 4 .5 7 m ile s, o f w hich N e o s h o M o . , to J op lin , 19 m . , an d S e lig m a n ,
M o . , to W a y n e , 9 m . , are tr a c k a g e . V . 8 6 , p . 1 6 8 ; V . 8 2 , p . 5 6 9 , 1 2 6 9 ;
V . 83, p . 39.
Su cceed ed th e M isso u ri & N o r t h A rk an sas R R . , w hich w as so ld a t re
c e iv e r ’s sa le in A p ril 1 9 2 2 .
O p eration s were resu m ed A p ril 2 4 1 9 2 2 .
O th e r
In te re s t,
E A R N I N G S .- G ro s s
N e t a fte r
B a la n c e ,
E a r n in g s .
Taxes.
In c o m e R e n ts , A c .
S u r. o r D e f.
Y e a rs E n d ed —
$ 1 6 9 ,0 9 7
$ 9 ,9 5 5
$ 3 2 0 ,2 8 8
d e f.$ 1 4 1 ,2 3 6
1 9 2 4 ______________ - $ 1 ,5 8 7 ,1 0 4
2 0 7 ,7 8 4
3 0 7 ,8 7 4
1 2 ,7 8 4
d e f.8 7 ,3 0 7
1 9 2 3 ______________ . 1 ,5 0 9 ,8 4 8
1 4 9 ,6 7 6
7 5 3 ,5 0 8
4 ,3 0 1
1 5 4 ,5 1 9
d e f .1 ,7 2 3
1 9 2 2 ______________ 6 6 1 ,9 7 3 d e f4 6 1 ,7 7 9
1 9 2 1 ______________ .
F o r la te s t earn in gs, see “ R a ilw a y E a rn in gs S e c t io n " (issued m o n t h ly ).

O F F I C E R S . — -P r e s., C h a rles G ilb e r t, S t . L o u is; V .-P r e s . & G e n . M g r . ,
J . C . M u r r a y , H a rriso n , A r k .; S e c. & T r e a s ., J . M . M c G a u g h e y .— (V .
1 1 7 . p . 2 8 9 0 .)
M I S S O U R I P A C I F I C R R . C O . — O p erates an im p o r ta n t sy ste m e x te n d ­
in g fr o m S t . L o u is, M o . , to O m a h a , N e b . , an d P u e b lo . C o lo ., via K a n sa s
C it y , M o . , an d also to T e x a r k a n a , A r k ., L a k e C h a rle s, L a ., an d Joh n ston
C it y , 111.
O w n s 6 ,8 3 5 m ile s o f fir st m a in tr a c k , o f w h ich 6 ,8 2 0 m ile s are
o p e r a te d , v i z .:

Missouri_____ 1,439 m. IColorado_________152 m. ILouisiana______ 556
Kansas_______ 2,213 m. Illinois__________194 m. [Oklahoma______ 162
Nebraska____ 349 m. 1Arkansas______ 1,754 m.l




n -.
n,

A ls o h a s leased lin es a n d tra ck a g e r ig h ts ag g re g a tin g 5 1 7 m ile s, m a k in g
th e to ta l m ile s o f m a in tr a c k D e c . 31 1 9 2 4 , 7 ,3 3 7 ; to ta l m ile s o f all tr a c k
op e ra te d , 9 ,9 1 9 .
T h e track age in clu d es 1 93 m ile s o f T e x a s P acific R y . in
L o u isia n a , a ffo rd in g en tra n ce to N e w O rle an s.
O R G A N I Z A T I O N . — ln c o r p . in M isso u r i M a r c h 5 1917 and a b o u t J u n e 1
succeeded t o th e p ro p erties o f M o . P a c . R y . an d its s u b s id ia r y , th e S t .L o u is
iron M t . , foreclosed per plan in V . 101 . p . 1 3 0 : V . 103 p 4 0 0 . 4 9 3 . 5 7 9 ;
V. 1 0 4 , p . 8 6 3 . 1 8 9 9 . ( A s to K O S: N W R K . , s e e V 104 . p. 1 5 9 1 .2 0 1 0 .)
U n d e r th e te r m s o f a reo r g a n iza tio n p la n fo r th e D e n v e r & R io G r a n d e
W e s te r n R R . , th e M is s o u r i P a cific a cq u ired fr o m th e W e ste r n P a cific R R .
C o r p . for $ 9 ,0 0 0 ,0 0 0 o n e -h a lf o f th e c o m m o n sto c k o f th e new c o m p a n y
( 1 5 0 ,0 0 0 sh a r e s).
F o r d e ta ils o f p la n , see D e n v e r & R io G ra n d e W e s t e r n
RR.
T h e c o m p a n y also ow n ed on D e c . 31 1 9 2 4 $ 9 4 8 ,8 0 0 o f th e p re fe rred
sto c k o f th e D e n v e r & R io G r a n d e W e s te r n R R .
A ls o o w n e d D e c . 31
1 9 2 4 , $ 1 0 ,0 0 0 ,0 U 0 c o m m o n s to c k , $v,3 , 7 0 3 ,0 0 0 p r t f . sto c k a n a $ 4 ,4 4 0 ,5 8 3
n o te s o f th e T e x a s & P a c ific R y .
T h e p r e f. sto c k is p le d g e d as p a r t se­
c u rity fo r th e u n ify in g & r e f. m t g e . 4 s o f th e fo rm er S t. L o u is Ir o n M o u n t a in
& S o u th ern R y . C o .
T h e c o m p a n y also ow n s 1 1 3 ,1 6 7 shares o f th e o u tsta n d in g 1 5 0 ,0 0 0 shares
o f sto c k o f N e w O rle an s T e x a s & M e x ic o R y .
In A p r il 1 9 2 5 o ffe re d to
p u rch ase a d d itio n a l shares o f stock a t $ 1 2 0 p e r sh a re, p a y a b le in M is s o u r i
P a cific R R . 1 5 -y e a r 7 % sin k in g fu n d n o te s, a t fa c e v a lu e , w ith a d ju s tm e n t
o f accru ed in te re st a n d d iv id e n d s.
V . 120, p . 1744.
O L D B O N D S . A L L I S S U E S .— See issue o f J u n e 2 6 1 9 1 5 .
R e m n a n ts
o f three old boDd Issues Included Id p ia n o )
org a n isa tio n are still b ein g ex­
ch anged under term s o f p la n , v i z .. C e n tr a l B ran ch R y . 1st 4s a n d L e x in g ­
ton D iv . 5s an d C e n tr a l B ran ch U n . P a c . 1st M t g e . 4 s.
V . 105, p . 498.
S T O C K . — (1 ) Convertible 5% Pref. Stock ( p . & d . ) — C u m u la t iv e fr o m
Ju ne 3 0 1 9 1 8 .
C o n v e r tib le a t h o ld e rs’ o p tio n a t p a r in to c o m m o n s to c k a t
p a r , su b je c t to a d ju s tm e n t o f d iv id e n d s.
C a lla b le b y c o m p a n y as a n e n tire
issue a t 1 07 34 % an d d iv id e n d , su b je c t t o co n v ersio n p r iv ile g e .
FU11 v o tin g
pow er.
A u th o r iz e d , $ 1 0 0 ,0 0 0 ,0 0 0 ; issu ed , $ 7 1 ,8 0 0 ,1 0 0 .
(2) Common Stock, a u th o r iz e d , $ 2 0 0 ,0 0 0 ,0 0 0 ; issu e d , $ 8 2 , 8 3 9 ,5 0 0 .
B O N D S — First A Ref. Mtge. Bonds— T o ta l issue
Includ ing amount
reserved for r e fu n d in g , Im p ro v em en ts ex te n sio n s, Ac... under restriction s
is lim ited (excep t w ith fu rth e r con sent o f a m a jo r ity In a m o u n t o f th e sto c k
holders) to $ 4 5 0 ,0 0 0 ,0 0 0 an d fu rth e r lim ite d so th a t trie to t a l a t a n y t im e
including a m o u n ts reserved for refu n d in g b on d s an d equipm ent, tr u sts
itogeth er a g g regatin g $ 1 3 5 ,9 4 5 ,5 0 0 in June 1 9 1 7 , e xc lu siv e o f th e e q u ip m e n t
trusts m atu rin g prior to J u ly 1 1 9 1 8 . w hich were provid ed for undei p la n ),
shall never exceed three tim e s th e c a p ita l sto c k at th e tim e o u ts ta n d in g ,
nor shall Issues ab o v e $ 4 5 0 ,0 0 0 ,0 0 0 exceed 8 0 % o f th e e xp en d itu res for Im­
p ro vem en ts and a d d itio n s.
F irst m ain track u p on which F irst A R e f. M . Is a fir st Hen, 3 , 2 9 9 miles;
2d lien , 1 ,7 1 2 m ile s; 3 d lie n , 1 ,4 3 8 m ile s; 4 t h lie n , 2 8 6 m ile s; to ta l 6.734
m iles: and all m ile age h ereafter b u ilt or pu rch ased w ith th ese b o n d s:
Series “ A , ” “ C ” a n d “ D ” b o n d s are r ed eem a b le as sh o w n in t a b le a t h e a d
o f page.
Series “ E ” b o n d s are r e d eem a b le as a w h ole o n ly o n a n y in terest
d a te on or b efor e M a y 1 1 9 4 0 a t 107J4 a n d in te re st, o r o n a n y in te r e st d a te
th ere afte r a t p a r an d in te re st, p lu s a p re m iu m o f ) 4 % fo r each, six m o n th s
b e tw e e n th e r e d e m p tio n d a te a n d th e d a te o f m a t u r it y , u p o n n o t less th a n
9 0 d a y s ’ n o tic e .
P roceed s o f th e S e rie s “ E ” b o n d s w ill b e u se d to p r o v id e
c o m p a n y w ith th e n ecessary fu n d s fo r th e r e d e m p tio n o f $ 9 ,0 4 4 ,0 0 0 fir s t &
r e f. m t g e . b o n d s , Series “ C , ” w h ic h h a v e b ee n ca lle d fo r r e d e m p tio n o n
A u g . 1 1 9 2 5 , t o reim b u rse th e c o m p a n y fo r c a p ita l e x p e n iit u r e s alre a d y
m a d e a n d to p r o v id e fu n d s for a d d itio n a l c a p ita l e x p e n d itu re s.
V . 120, p .
2008.
(2) General Mortgage Bonds— T o ta l a u th o r iz e d , $ 5 3 .0 < i0 ,0 0 0 , t o bear 4 %
iat and m atu re 1 9 7 5 , but, red eem ab le as a w hole (b u t not in p a rt) a t par
and ln t. on an d after M a r c h 1 1 9 2 1 .
A ju n io r Hen u p on all p r o p e r ty a t any
tim e su b je c t to the new First and R e fu n d in g M o r tg a g e
$ 5 1 ,3 5 0 ,0 0 0 were issued to th e R eo rg a n iza tio n M a n a g e r s In 1 9 1 7 fo r dis­
trib u tion under P lan a n d A g r e e m e n t o f R e o rg a n iztio n o f th e M isso u r i Pa­
cific R y . C o . and St. L o u is I r o n M o u n t a in & S o u th ern R y . G o .
E q u ip m e n t tru sts issued to D ire c to r-G e n e ra l for rollin g s t o c k allocated
to th is c o m p a n y .
See article o n p a g e 3 a n d V . 1 1 4 , p . 4 1 0 ; V . 1 1 8 , p . 3 1 9 7 .
E q u ip m e n t tr u s t c e r tific a te s. Series “ B . ” V . 1 1 7 , p . 1 8 8 4 ; Series “ C , ”
V . 1 1 9 , p . 2 0 6 4 ; Series “ D , ” V . 1 2 0 , p . 8 2 7 .
G o v e r n m e n t lo a n , V . I l l , p . 7 9 2 , 1 5 6 6 , 2 2 2 9 ; V . 1 1 2 , p . 3 7 2 .
N O T E S . — T h e 5 % secu red g o ld n o te s o f 1 9 2 4 are r e d e e m a b le as a w h ole
o n ly on 6 0 d a y s ’ n o tic e on J u ly 1 1 9 2 5 . or on a n y in t . d a te th ere afte r, u p on
p a y m e n t o f th e p rin c ip a l a m o u n t o f th e n o te s a n d a cc ru ed in terest, w ith a
p re m iu m o f
% o f su c h p rin cip a l a m o u n t fo r each six m o n th s fr o m th e d a te
o f r e d e m p tio n to J u ly 1 1 9 2 7 .
T h e n o te s are t o b e secu red b y th e d e p o sit
a n d p led ge w ith a tru ste e o f $ 1 5 ,5 0 0 ,0 0 0 1 st & r e f. m t g e . 6 % g o ld b o n d s,
Series “ D , ” d u e F e b . 1 1 9 4 9 .
V . 118, p . 3197.
T h e $ 3 , 0 0 0 ,0 0 0 6 % secu red g o ld n o te s, d u e M a r c h 1 1 9 3 0 , p a rticip a tion
certificates o f C h a t h a m & P h en ix N a t io n a l B a n k , N e w Y o r k , tru stee,
rep resen t shares in a p r o m isso r y n o te o f th e M isso u r i P a cific R R . o f th e
p rin cip al a m o u n t o f $ 3 ,0 0 0 ,0 0 0 d a te d A u g . 1 8 1 9 2 1 , d u e M a r c h 1 1 9 3 0 ,
b earin g in t. a t th e ra te o f 6 % p e r a n n u m , a n d secu red b y p led ge o f $ 4 ,0 0 0 ,0 0 0 1st & r e f. m t g e . 6 % g o ld b o n d s, Series “ D , ” d u e F e b . 1 1 9 4 9 .
T h e n o te an d th e c ollateral secu ring th e s a m e w ill b e h e ld b y th e tru stee
for th e b e n e fit o f certificate h o ld ers u n d er a tr u s t a g re em en t, d a te d M a r c h 2
1 9 2 5 , p ro v id in g th a t if p a r t o f th e d e p o site d n o te is called for r e d e m p tio n ,
th e tr u stee w ill c all a c o rresp on d in g p rin cip al a m o u n t o f certificates b y lo t
for re d e m p tio n a t p a r .
T h e railroad m a y re d e e m th e n o te in w h o le or in
p a r t on a n y in t . d a te .
W h e n e v e r a p a r t o f th e n o te is re d e e m e d , a p ro
r a ta a m o u n t o f th e p le d g e d c ollateral m u s t b e released to th e railroad
com p an y.
V . 120, p . 1087.
T h e 1 5 -y e a r 7 % sin k in g fu n d n o te s (issued in exchange fo r sto c k o f
N e w O rleans T e x a s & M e x ic o R y .) are secu red b y p le d g e o f all sto c k o f
N . O . T e x . & M e x . R y . acq u ired th r o u g h th e issu e o f n o te s.
T h e in d en tu re
p ro vid es for a sinkin g fu n d beg in n in g S e p t. 1 1 9 2 5 in th e a m o u n t o f $ 1 ,2 0 0 ,0 0 0 per a n n u m , su ch a m o u n t to b e p r o p o r tio n a te ly reduced in case less th a n ,
$ 1 8 ,0 0 0 ,0 0 0 o f n o te s are issu ed .
Y . 120, p. 1744.

M ay , 1925.]

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

85
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

J \ .1 July 1 1925 2% JPMorean&Co.N Y.&Lon
4
$100
*>00.00(
J P Morgan A Co, N V
Prior lien gold ?600,000-_ _______ - ____ Ce.c
600.000
5 g .1 A ,i July i 1945
150 1895 200. 1000
J A T T’Cv 1 1945
do
do
1.200.000
4
First mortgage $1.200,000............................-B a.c
150 1895 200.1000
100 6,016.800 See text ,T & D Dec 3 0 ’24 3 A Mobile, Ala.
Mobile & Ohio— S tock -. . _ ____________ ____
_
Farmers L A Tr Co. N 1
First M Mobile to Columbus (principal gold) __F.zo*
500 Ac
7,000,000
J & D Dec 1 1927
472 1879
6
do
do
1,000.000
First M exten Columbus to Cairo & branch g -.F .zc
1.000
Q— J July 1 1927
525 1883
6K
Hanover Nat Bank, N $
9.471,000
General mtge for 510.500,000 (now gold) s f.F zc*
500 Ac
M A S Sept 1 1938
4g
525 1888
do
do
Montgom Div 1st M 54,000,000 g(V66.p 1045>Ce.ze’
1,000
4,000,000
5 g F A A Feb 1 1947
189 1897
200,000.
First Nat Bk, Mobile, A Is
500 Ac
M obile A B Sb 1st M 5200,000 assumed go!d_F zf •
46 1899
5e
M A N May 1 1949
Hanover Nat Bk. N 1
M & O St Louis DivM $3.000,000gred 102H Cexc*
1,000 2,500,000
5 g J & D Dec 1 1927
159 1913
4.000 O I
K
Farmers Load A Tr, K V
St Louis & Cairo 1st M got'’ assumed.
. __ zc
500 Ac
159 1886
4 D .1 A .1 Jan 1 1931
T
i nno
1018
J A 1) Dec '25-June'2P Central Un T Co. N v
Equip tr 8er“ J” due s-a $47,000 Dec $48,000 J’ne Ce
95 one
4^
1.000
J A J T Jan 15 1935 Guaranty Trust Co, N Y
do
(Govt) due $40,500 annually. . . .
405 00C
6
<>
1920
1.000
288 oor
.1 < J Julv 1 '25 to 32 Anier Loco Co, N Y
fe
do
due $36,000 annually . . .
. . .
6
1922
1.000
1.384 O fl
O
do
ser “ L " due $54,000 s a _ __ . ____Ce
_
5 g M & S Sept '25-Mar '38 Central Un Tr Co, N Y
1923
.1 & J To Jan 1 1939 New York
do
Series ” M ” due $112.000 ann ___ Ce.c*
1.000
1.566.000
5
1924
1.595.000
414 M & N N ov '25-N ov'39 New York
do
Series “ N ” due $55,000 s-a .
. Ce.c*
1.000
- - - 1924
-Mobile Terminal & Ry— See Ala Tenn & Nor R y ...
Mohawk & Malone— See New York Cent & H R RR.
4K g J A J Jan. 1 1967
1.000 5.000.000
Monongahela Ry— 1st & Ref. M . $15,000,000 gUP!
1917
Treas. office. Pittsb, Pa
! 000
1.071,000
Monongahela RR IstM $1,500,000 joint guar___ k
37 1902
314 g A A O Oct 1 1942
Monongahela S outhern RR— See U S Steel Corp un der In dustrla Is below.
Monongahela River RR— Bonds— See B & O RR
M A s ■Sept 1 1939
Empire Tr Co. N Y
1,000
835.000
Montana Wyom & Sou— 1st M gred 110 text -E m x c
5r
33 1909
130 000
Goshen N Y
5
M A N May 1 1926
1.000
Montgomery & Erie Ry— 1st M (old 7e extended ! d’86
1866
Union Tr Co. Pitts' urgt1.000
2.027.000
5g F A A Feb 1 1963
Montour RR — lstM g$2,750.000redl05sftextU P.xc*
57 1913
Equipment bonds, see text.
Clearfield (Pa) Trust O
1,000
373.000
5 g F A A Feb 1 1958
Morehead & Nor Fork— 1H M g trust Clearf Tr O o .i 27.91 1908
50 15.000.00(
Morris & E ssex-S tock 7H % guaranteed D T A W
.
7 H J A J Jan 2 1925 4 H Dei Lack A Western, NY
Del Lack A West, N V
J A r Dee 1 2000
___ F.xc*Ar
1,000 35.000.00(1 3148
1st Ref M g $35,000,000 g u p & l . . .
119 1900
do
do
M A N M a y l 1925 2%
100
221,000
4
Morris & Essex Extension C o.— Stock guar 4 % ___
2

Mobile & Birmingham RR— Pref stock (1900.000)__

REPORT.— For 1924. in V. 120, p. 2300, showed:
1924.
1923.
1922.
1921.
Avge. mileage operated- .7.359.97
7.235.72
7,261.78
7,300.36
Operating Revenues—
$
$
$
$
Freight------------------------ 95,949,391 85,961,414 73,918,551 81,660,401
Passenger--------------------- 17,525,200 18,970,393 16,898,650 19,240,495
M a il--------------------------- 2,989,954
2,854,093
2,631,406 3,342,350
Express------------------------ 2,901,920
2,882,702
3,174,580 2,124,735
Miscellaneous_________ 2,279,219
2,006,868
1,917,157 1,807,729
Incidental------------------- 1,771,640
1,707,280
1,182,925 1,257,275
Joint facility__________
230,398
225,196
198,061
312,087
Total ry. oper. revs.. .123,647,724 114,607,948
Operating Expenses—•
M aint. o f way and struc. . 18,916,235 16,464,182
Maintenance o f equip’t. . 25,843,403 30,324,816
T ra ffic _______________ . 2,566,671
2,019,098
Transport’n—-Rail line-.. 46,725,525 45,101,683
Miscell. operations____ . 1.073,394
873,278
General_______________
3,713,741
3.385,243
Transp. for invest.— Cr.
372.604
228,335

99,921,331 109,745,072
17,282,957
20,996,699
1,841,419
41,’ 52,481
532,175
3,085,979
232,797

18,130,665
22,938,189
1,924,433
45,317,689
547,397
3,385,981
201,899

Total ry. oper. exps__. 98,466,365
. 20,445,464

97,939,966
12,185,417

84,658,915
11,208,433

92,042,456
13,364,877

Gross income______
24,857,679
Deductions—
Hire of fr’t cars-deb. bal.- 3,375,832
Rent for locomotives_
_
137,002
Rent for pass, train cars345.537
Rent for floating equip..
930
Rent for work equipment;
50,946
. 1,562,986
Rent for leased roads_
_
148,992
Miscellaneous rents___
49,466
Miscell. tax accruals___
19,961
Separatelyoper .prop ,-los s
92,554
Int. on funded debt___ . 12,268,266
Int. on unfunded debt-.
285,682
Miscell. income charges.
16,307

16,332,478

14,493,800

19,300,143

1,893,376
245,038
304,422
255
52,739
1,541,884
163,469
42,944
20,396
62,696
11,815,499
19,039
49,372

1,652,236
70,138
212,194
919
28,342
1,819,153
145,352
57,737
23,913
88,655
11,667,276
31,315
110,282

2,189,594
144,391
195,867
667
52,064
1,707,653
139,491
68,197
26,495
35,563
11,152,933
190,622
2,416,681

. 18,354,462 16,211,132 15,907,512 18,320,220
Net income—
. 6,503,218
121,346 def 1,413,712
979,923
OFFICERS.— Wm. H. Williams, Chairman; L. W. Baldwin, Pres.;
J. G. Drew, F. J. Shepard, E. J. White, C. E. Perkins, H. R. Safford,
V.-Ps.: O. B. Huntsman. V .-P., Asst. Sec. & Asst. Treas.; H. L. Utter,
Sec.-Troas.; F. P. Johnson, Gen. Aud.
D IR E C TO RS.— J. E. Davey, Arthur V. Davis, John J. Raskob,
H. Hobart Porter, Finley J. Shepard, Charles H. Sabin, Matthew C. Brush,
H. L. Utter and William H. Williams. New York; John G. Lonsdale, L. W.
Baldwin, Geo. W . Niedringhaus and B. F. Bush, St. Louis; Charles E.
Ingersoll, Philadelphia; R. Lancaster Williams, Baltimore; William T.
Kemper, Kansas City; James W. Gardiner, Lake Charles, La. Offices,
120 Broadway, New York, and Railway Exchange Bldg., St. Louis.— (V.
120, p. 2516.1
MOBILE & BIRMINGHAM R R , — (See Map Southern Ry.)— Mobile tr
Marlon Junction, Ala., with branches, 150 miles. Leased to Southern Ry.
from March 1 1899 tor 99 years, the latter agreeing to meet the Interest ot
bonds and to guarantee a dividend on the $900,000 pref. stock of 1% h r
first year, 2% for seoond year. 3% for third year and 4% for fourth yeai
and thereafter. Of the $900,000 common stock, $880,400 is owned tr.
Southern R y., and voting power on nref. assigned to Southern Ry. during
lease. V. 68, p. 429, 1134; V 69. p. 391: V. 71 p. 1013-— IV. 72. p. 137
MOBILE AND OHIO R R . C O .—-Owns from M obile. Ala., to East Cairo,
K y .. 490 m.; Cairo to East St. Louis. 148 in., with branch to
Millstadt. 7 m.; Montgomery Division, Artesia, Miss., to M ont­
gomery, Ala., 180 m.; Mobile & Bay Shore branch, 34 m.; other branches,
59 miles; total owned, 918 miles: Warrior Southern Ry. (all stock and bonds
owned), 14 m .; trackage rights. 191 miles; operated under agreement
Okolona to Calhoun City, Miss., 38 miles; total operated, 1.161 miles.
Valuation, V. 113, p. 1540.
STOCK.— Stock authorized, 510.000.000; outstanding, 56,016,800; pa
$100. The voting 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
LATE DIVS . . I ’ 14-’ 15. '15-T6. '16-’ 17. 18. ’ 19 ’ 20. '21. '22. ’23. ’24.
Per c e n t --------- \
4
4
4
4 4
4
4
4 7
7
The Southern Railway has acquired $8,3.55,000 o f the $9,471,000
general 4s and 55.651,200 of the 56,016,800 stock, issuing, 5 for $, Its col­
lateral trust 4% gold bonds In exchange for the M. & O. general 4s, secured
by a pledge o f the latter and had also issued stock trust certificates for stock,
dividends being payable (A. & O.) at 4% in perpetuity. V. 106. p. 2758BONDS.— General mortgage of 1888 abstract, V. 47. p. 83. V . 60. p. 967
The St. Louis Div. 5% gold bonds (limited to $3,000,000), dated Aug. 1
1913, are secured by a mortgage on the former St. Louis & Cairo R R .. sub­
ject to St. Louts & Cairo 1st M . 4a, due Jan. 1931. the latter o f which have
been assumed. V . 96, p. 554, 1022, 1365, 1773, 1840, and V. 70, p. 632.
Stockholders In Feb. 1918 authorized the creation of a mortgage to secure
not exceeding $50,000,000 bonds, whenever the board of directors may deem
It advisable. V. 106. p. 929: V. 104. p. 452; V. 102. p. 251: V. 100. jp 253.
Equipment bonds, series “ J,” V. 102, p. 1718; series “ L ,” V. 116. p. 721.
V. 117. p. 2770.
Guaranteed bonds: Warrior Southern Ry. 1st 4s of 1903 (all owned),
*603,000; Meridian Terminal 1st 4s (jointly). $250,000; Gulf Terminal
1st 4s (jointly). $600,000.
Equipment bonds, ser. “ J,” V. 102, p. 1718; ser. “ L .” V. 116. p. 721;
ser. “ M ,” V. 117, p. 2770; ser. “ N .” V. 119, p. 1844.




RE PO RT.— For 1924:
Calendar Years—
1924.
1923.
1922.
1921.
Total oper. revenue___ $19,464,38’ $20,112,416 $17,878,005 $18,190,180
Net over taxes_________ 3,532,155
3,289,496
3,280,909
1,325,983
Net, incl. other income- 3,653,421
3,441,869
3,372,558
2,289,054
Interest, rentals, &c___
1,572,250
2,313,901
2,353,597
2,087,348
Dividends paid_______ _
■
421,176
421,176
240,671
240.672
Balance, surplus_____$1,659,894
$706,792
$778,289 def.$38,996
For latest earnings, see •Railway Earnings Section” (issued monthly).
Pres., Fairfax Harrison: Sec., C. E. A. McCarthy; Treas., George A.
Cooke: Compt., E. H. Kemper. Offices, M obile, Ala., and 120 Broadway,
New York.— (V. 120. p. 2397.)
"MONON.” — See Chicago Indianapolis A Louisville Ry.
MONONGAHELA RAILW AY CO-— Brownsville Jet.. Pa. (connection
with Penn. RR. and Pitts. & Lake Erie RR.) to Fairmont, W. Va., 69 miles,
with branches aggregating 38 miles. In Nov. 1915 operations extended
from Penn.-W Va. State line to Fairmont, W. Va., 33 m
A consolidation
Julv 1 1915. See Pitts. & L. E report.. V. 102 p 1535: V 106. p. 2003.
The I.-S. C. Commission on Jan. 6 1925 authorized the company to ac­
quire control of the Scotts Run ry. by purchase of its capital stock and lease
of its properties, and the Monongahela & Ohio R R . by the purchase of its
capital stock.
atock authorized, $10,000,000; par, $50.
Outstanding, *5,000,000.
of which Pittsburgh & Lake Erie (N Y. Central System) owned $2,500,000
and Penn. R R . Co. $2,500,000 on Dec. 31 1924. First & ref. m tge. bonds
of 1917 auth. $15,000,000; issued in 1917 to company in N. Y. Central and
Pennsylvania systems in settlement of outstanding notes. &c.. $4,584,000.
V. 106. p. 2011. As of Dec. 31 1924, Pennsylvania R R . Co. owned $2,500.000 of outstanding bonds. Pitts. & L. E. and Pittsb. Va. & Charleston
(Penn. R R .) guarantee the S'As.
Equipment notes, V. 114, p. 854.
RESULTS.— For cal. year, 1923, gross Income, $581,929; deductions,
$710,461: bal., def., $128,532. For latest earnings, see “ Railway Earnings
Section” (issued monthly).
OFFICERS — Henry O. Nutt. Pres.; T . H. B. M cKnight. Treas.; S H
Church, Sec.. Pittsburgh.— (V. 120. p. 326.)
MONONGAHELA SOUTHERN R R .— Line extends from Monongahela
Jet. to Mifflin Jet., Pa., and from Clairton Jet. to Wilson, Pa.. 11.55miles
(leased to Union R .R . of Pennsylvania).
STOCK.— Auth. and outstanding, $3,000,000; par, $50, all owuea by
Union R R . of Pennsylvania.
BONDS.— First 5s, auth.. $3,000,000; outstanding, $3,000,000. Dated
Oct. 2 1905, due Oct. 1 1955. Gen. 6s, auth., $7,000,000; outstanding,
$2,500,000. Dated April 1 1920. due Oct. 1 1955
MONTANA WYOMING & SOUTHERN R R . CO.— Owns from Bridger,
M ont., on Northern Pacific, to Belfry, and westerly to Bear ( ’ reek, about
33 miles, serving a coal district. Stock outstanding. $1,000,000. Addi­
tional bonds at $25,000 per mile. V. 89, p. 470. Year 1923. gross, $299,574; net. $56,060; total inc., $107,399; fixed charges, $63,990; bal., sur..
$43,410. Pres.. M . A . Zook.— (V. 119. p. 1625.)
MONTGOMERY & E- RY.— (See Map Erie RR.)— Owns Montgomery
do Goshen, N. Y .. 10 miles.
Leased In 1872 to Erie R R . Rental now
$16,000 per an. Stock, $150,000. Divs. (4H % per an.) paid May 10 and
Vov. 10. S. fd.. $6,500 per an. There are $40,500 2d M . 5s due Oct. 1 1927.
MONTOUR R R .— Owns Montour Jet. to the MirfllD Yards of Bessemer
& Lake Erie R R . and branches. 51 miles. In Oct 1916 the Northern M on­
tour UR. C o., with $350,000 of auth. capital stock, was Incorporated.
Stock $5,100,000, owned by Pittsburgh Coal Co. V. 96. p. 286. 861.
Bonds, originally $2,750,000 1st 50-yr. 5s; retired by sinking fund, $723,000: redeem, at 105 as a whole on and after Feb. 1 1924 or at 1 0 2 for a
sinking fund of $55,000 yearly. Issue of 1916 guar, bv Pittsburgh Coal C o.,
due $20,000 yearly Jan. 1 1925 to 1926. $40,000. For year ended Dec. 31
1923, gross. $2 368 202: net. $542,326; total income, $1,031,825; fixed
charges $128,845: bal.. sur.. $902,980.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
— (V. 110. p. 2388.)
MOREHEAD & NO. FORK R R .— Morehcad to Redwlne. K y ., 24.44
m.; 3.17 m. branch. Stock, auth.. $500 O00; 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, &c.,
$20,122; bal., def., $56,433. Pres.. A . W . Lee, Clearfield, Pa.; Sec. &
Treas., A.W . Lee, Jr., Clearfield. Pa.
MORGAN’ S LOUISIANA & TEXAS RR. & STEAMSHIP CO — (See Map
'll Southern Pacific.)— ROAD.— Owns Algiers to Cheneyville, 205 miles;
branches. 119 m.; extensions to Port Allen. La.. Ac . 53 m.; trackage to
Alexandria, A c., 25 m.; total, 401 m.; ferries. 3 miles. Owns $300,000 stock
of Iberia & Vermillion R R ., 21 miles.
Sou. Pac. Co. owns $15,000,000 stock and of the $6,429,000 first mort­
gage bonds outstanding.
Dividends. 1906-07. 10%; 1907-08. 25% ;
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., $103,326; other income,
$104,651; deductions, $666,587; bal., def., $665,263. For latest earnings,
see “ Railway Earnings Section” (issued monthly).— V. 119, p. 2064.)
M ORRIS & ESSEX R R .— Owns from Hoboken, N. J., with Important
terminal facilities on N. Y . Harbor, to Pfiillipsburg, N. J., 85 miles; branch.
Denville to Hoboken. N. J.. 34 miles; leases. 38 miles; total oper., 157 miles.
Leased Dec. 10 1868 In perpetuity to Del. Lack. & West., which guaran
teed 7% per ann. on stock and, contingently. 1% extra. In May 1917.
following some litigation. It was agreed that in future the dividends under
the lease should be fixed at 7 M % . payable uncondltionady, the additional
rental (*A%) for year ]916 to be paid on July I 1917, and for subsequent
years on each succeeding Jan. 1. respectively. See V. 104. p. 2118.—
(V. 117. p. 87.)

86

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 6)

M il e s
R oad

D a te
B onds

Par
V a lu e

Am ount
O u ts ta n d in g

R a te

13 1903
$ .000
Morristown & Erie— First M S300.000 g s f red p ar..
$187,000
Mt Carbon & Port C RR— Stock (rental guar) text.
50
z«2,350
Mount Hood RR— 1st M 5500,000___________________
nrv\ono
07-' 11
Mt Royal Tunnel 5c Term— 1st M rent change_____
1914 £100. Ac tl .927,636
Muskegon Grand Rapids & Indiana— See Grand R aplds & Indl ana.
Nashua & Lowell— Stock 9 % rental 99 years B & M.
$!00
14M
$800,000
Nashville Chatt & St Louis— Stock $16.000.000autb
100 16,000,000
Cons mtge (S20.000.000) 520.000 p m gold_.lJs.so*
846 1888
1.000 16.100 000 •1
Equipment trusts due $86,500 yearly______
G
865 000
1920
do
do Series ,-B " due $120,000 annually___
1922
1.560.000
Nashville & Decatur— Stock guar 7 H% by L A N__
IIP
25 3,553,750
Nashville Florence & Sheffield— See Louisville A Nash vllle

_

2d pref stock $125,000,000 5% non-cum (p & d).

Mexican Central— Priority bonds gold red 110
First cons inc & scrip n-cum ($9,600 p m ) g AI
Car and locomotive rental notes.
Equipment 5s $50,000 redeemablt
do ($50,000 yrly par) red 102
do

Secured gold notes extended in 1914 and 1915Notes (for purchase o f notes of Pan-American Co).
t Additional amount pledged.

1,284
1,534
3,407
3,407
615
866
265
285
285

1907
1907
1902
1902
1889
1889
1889

$, £, &c
$, £, &C
$500 Ac
$500 Ac
1.000
1.000
1,000

1897
1899
1897
1897
1904
1903
1907
1913
1913
1913
1914
1914
1914

1,000
1,000
£100 &c
500 Ac
1.000
1.000
1.000
$. £, &c
45, &c
2, Ac

74.803,466
28.831,000
120.521,722
84,804,115
50,748.575
23,000,000
24,740,000
1,374.000
86,300
21,000
342,000
150.000
300.000
5.850.000
a4,206.500
7.000.000
2.003.000
1,484.000
26.730.000
2,460.325
746.000
1,509,752
813.055
1.403,000

%

6g
5
6
5

[V ol. 120.
Last

D iv id e n d
a n d M a tu r ity

W h en
P a y a b le

M
J
4
A

A
A
A
A

9
M A
K A
7
A A
fig
6g
J & J
4V* g A &
J A
7H

P la c e s W h e r e I n t e r e s t emit
D iv id e n d s a r e P a y a b l e .

R Sept 1 1933
Brooklyn Trust Co. N Y
J Jan 1519252K Reading Terminal. Phila
1st & Utah Nat Bk, Ogden
,1 Jan 1 1927
O Apr 15 1970
N
A
O
15
O
J

M ay 1925 4H
Feb 2 1925 3K
Apr 1 1928
To Jan 15 1935
To Oct 1 1937
July 1925 4%

Check from C o’s office
New York and Nashville
do
do
Guaranty Trust C o, N Y
New York.
Louisville, Ky

Feb 10 ’ 13, 2% Office. 25 Broad St, N Y
4H g J & J July 1 1957
A & () Oct 1 1977
4g
4H g J & J Oct 1 1926
A & o Oct 1 1951
4 g
5 g J & J July 1 1939
July 10 Jan 10 1939
3g
3
Jan 10 1939
A
5g
A
5g
4H g M
M
4g
4H g J
6g J
.1
5
J
6g
J
6
6
J
6
J
6

See text
See text
See text
See text
See text
None paid
do

A o Apr 1 1917
A. () Oct 1 1919
& s Sept 1 1947
A H Sept 1 1977
& J July 1 1934
& J Jan 1 1934
A J Jan 1 1937
A D Junel 1915
& J Jan 1 1917

See text
Mar 1915 coup not paid
do
do
Jan 1915 coup not paid
See text
See text
Dec 1914 coup not paid

J Jan 1 1917
J Jan 1 1917
July 1 1916

Dec 1914 coup not paid

A
A

Dec 1914 coup not paid

. 1st c onsol. M . 4s th ere was pled ged $3.0 00.000 u nder prior lien mtge. of the National
and $1 5,785,2 00 capita 1 stock pled ged undejr consol. m. o f Nat. R R . of Mex. of Mar. 15 1902.

MORRISTOW N & ERIE R R .— Owns Morristown. N . J.. to Essei
Fells, N. J., 10.64 miles; 2 branches. 2.32 m .. total 12.96 m. Stock
$400,000; par, $100. Bonds, see table. In 1924. gross, $139,764; net,
$21,870; Interest, rentals. &c., $20,503; bal., $2,039.
Pres., R . W.
McEwan, W hlppm y, N . J.— (V. 117, p. 1129.)
„ MOUNT CARBON & PORT CARBON RR.— Owns Mt. Carbon to Port
Carbon, Pa., 2.60 m .; total track, 13.45 m. Leased to Phila. & Reading
999 years from Mar. 1910 at 5% on stock, taxes. Ac. (V. 89. p. 42.)
MOUNT HOOD R R .— Hood River to Parkdale, Ore., ]2.2 miles.
Stock, $250,000; par, $100. Bonds, see table. Pres., J. M . Eccles,
Ogden, Utah; Sec., Jos. A. West, Brigham, Utah.
MOUNT ROYAL TUNNEL 5c TERMINAL CO.— A constituent com
pany of the Canadian Northern Ry. system, owning tunnel opened for traffic
Oct. 21 1918 through Mount Royal affording access to terminal j at Mon­
treal. V. 105. p. 1209. Cast to April 30 1917, V. 105, p. 1209.
Present bond Issue was limited (V. 103, p. 1889) to $20,000,000 til!
the $1,750,000 certain Can. Nor. Ry. notes (paid Dec. 1 1917) were re­
deemed (V. 105. p. 2271; V. 103, p. 1209). The bonds are callable at
105 and Interest (sinking fund
beginning in 1920)
Trustee British
Empire Trust C o.. Ltd. On Dec. 31 1923 $1,927,686 were outstanding, ex­
clusive of amount pledged. In Dec. 1917 made a mortgage to secure
demand loans from Canadian Government. V. 105, p. 2366.
By Act of Canadian Parliament in M ay 1916, rentals paid the company
by the Canadian Northern Ry., the Canadian Northern Ontario Ry. and
the Canadian Northern Quebec Ry. are included in their operating expenses
and thus rank ahead of their other fixed chargee. V. 103, p 1210; V. 102
n. 1987. Capital stock $5,000,000. owned bv Can. Nor. Rv. Sec.. B . P.
Ormsby, Montreal.— (Y. 104. p. 164, 1801; V. 105, p. 1209.)
MUSCLE SHOALS BIRMINGHAM & PENSACOLA R Y .— (V. 119.
p. 455.)
NARRAGANSETT PIER R R .— This road was formerly leased to thf
Rhode Island C o., but early in 1920 the lease was terminated by default
and on March 1 1920 the company received its property directly from the
U . 8. Railroad Administration. Stock, $133,800. First mtge. 5s, $70,000.
due Aug. 1 1936; lnt. F. & A. at Rhode Island Hospital Trust C o., Provi­
dence, trustee. Road extends from Narraganset.t Pier to Kingston. 8 ■!’
miles. The I.-S. C. Commission has placed a final valuation o f $310,000
upon the properties as o f June 30 1916.— (V. 119, p. 1844.
NASHUA & LOWELL RR.— Owns double-track road from Lowell, Mass.,
to Nashua, N. H., 14.26 miles. On Oct. 1 1880 leased for 99 years to Boston
4 Lowell. In 1887 lease was transferred to Boston & Maine, whloh pay#
a rental o f $73,000 (9% on stock) and $1,000 for annual expenses, and In
April 1911 received authority to purchase stock: in N ov. 1900 to 1912 inc!
H % extra was paid from accumulated cash surplus. Treas., Geo. O. Colt.
6 Beacon 8t.. Boston.— (V. 83, p. 970; V. 85. p. 1005.)
NASHVILLE CHATTANOOGA & ST. LOUIS R Y , (TH E ).— Owns
from Chattanooga, Tenn., to Hickman, Ivy., 325 miles; branches to Leban­
on, &c., 532 m .; leases Western & Atlantic, Chattanooga, Tenn.. to Atlanta,
Ga., 137 m. (Y. 104, p. 452; V. 110, p. 78); and Paducah & Memphis Divi­
sion o f the L. A N., 254 miles; trackage rights. 11 miles. See V. 71, p. 544,
664, 864. Total operated Dec. 31 1924. 1.259 miles.
The I.-S. C. Commission has placed a tentative valuation o f $69,262,133
on the company's property as o f June 30 1916.
ORGANIZATION.— A majority <s 11,484.100) of the stock Is owned by
the Lou. & Nash., of which 511.483 100 pledged under Its mtges. West.
4 Atl. was leased from State of Georgia till Dec. 27 1919 at $420,012 yrly
Under the lease as extended to Dec. 27 1969. the rental for the 50 years
will be $540,000 yearly with taxes of about $113,000 p a., while $60,000
yearly from Dec. 27 1919 will be applied to Improv'ts. V. 104. p. 664, 863
The Paducah & Memphis Dlv. of the Louisville & Nashv. R R . Co. Is
leased for 99 years from Dec. 14 1895: the annual rental Is 6% on the cost
of road and 5% on amounts paid by L. & N. RR. for additions, etc.
Owns jointly with the Chic. Burl. & Quincy the Paducah & Illinois R R .,
which has built a double track bridge over the Ohio River at Metropolis,
III., and has constructed a line from Metropolis to Paducah. Ky., 14 miles
and will Jointly guarantee Its bonds. See that company and V. 106, p. 1788

NASHVILLE & DECATUR R R .— (See Map Louisville <* Nashville.)—
Owns from Nashville, Tenn., to Decatur, Ala., 119 miles
Re-leased te
Lou. A Nash. In 1900 for 999 years, the rental being 74S% on stock. The
Lou. & Nash, owns $1,758,850 of the stock — (V. 70, p. 1195.)
NATIONAL RAILW AY SERVICE CORP.— (V 119 p 2176 >

NATIONAL RAILW AYS OF MEXICO.— On June 30 1914 this sys­
tem, including the Interoceanic and Mexican Southern Rys. (1,047 miles
controlled but operated separately), aggregated 8,027 miles of road (1,342
miles 3-ft. gauge). On Dec. 4 1914 the railway, telegraph and telephone
lines o f the republic were seized by the Mexican authorities.
ORGANIZATION.— Organized March 28 1908 under special Act of Con*
tress of Mexico, per plan In V 86. p 918. 982. The properties of Nat. R R *
of Mexico, Mex Central and Mex International were acquired by deeds
V. 88. p. 452, 1318; V. 89. D. 1601; V 90. p. 1554, Vera Cruz A Isthmu®
RR. (340 miles) was merged Nov. 1 1913 and Its bonds assumed and th.
Pan-American RR. In March 1914
V 97 p. 1740 1823: V 98 p. 1000s
The Mexican Government owns 100.000 shares of 1st pref., 302.783 shareof 2d pref. and 747,711 shares of common stock, and guarantees the prin­
cipal and Interest o f the general mortgage bonds. V. 87. p. 1533.
DIVS.— 1st preL, 1908. 1%; 1909 . 2% ; 1910 to 1912. 4 % ; 1913. 2 % .
BONDHOLDERS’ PROTECTIVE C O M M IT T E E .— (Representing
both the Prior Lien 414s and the 4 % bonds of Nat. Rys. and Nat. R R . of
Mexico, and Mex. Int. RR. and the secured notes of Nat. R ys.). Chair­
man Laurence Currie. Depositary, Glyn, Mills, Currie A G o., London.
V. 105, p. 716: V. 106, p. 396.
BONDS.— The prior lien 4 K % bonds ($225,000,000 auth.) were de­
scribed in V. 86, p. 1319, 919. and the guaranteed general mortgage 4%
bonds ($160,000,000 auth.) in V. 86. p. 1320, 919.
Additional bonds may be issued to retire Mex. Internat. R R . consols.
The General mtge. bonds will be subject to call at par after April 1 1927.
READJUSTM ENT OF D E B T. (Compare advertisement In “ Chron­
icle" of July 14 1923, page xxviii).
The International Committee o f Bankers for Mexico in July 1923 an­
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
their bonds with the authorized depositaries. The plan in brief provides
as follows;
(1) The Mexican Government undertakes to set aside annually toward
the payment o f Interest on the bonds after Jan. 2 1923: la) The entire pro­
ceeds of the oil export tax; (5) 10% of the gross revenues of National Rail­
ways o f Mexico; (c) the entire net operating revenues of such railways.
In any event the Government agrees to provide for such current interest
an annual fund amounting to not less than 30.000.000 pesos ($15,000,000
U. S. gold) during the first year; and increasing by 5,000.000 pesos ($2,500.000 U. S. gold) per annum for each of the ensuing four years, bringing
the annual fund up to 50.000.000 pesos ($25,000,000 U. 8. gold) in the fifth
year, to be used for the payment In cash of the interest due on the bonds
dealt with (compare table in “ Chronicle" of July 14 1923, p. xxviii). The
balance of such interest will be dealt witn in 20-year scrip, not bearing any
Interest during the first five years, but. for the balance of 15 years, bearing
interest at the rate of 3% per annum, payable half-yearly. Any excess o f
the allocated revenues over the minimum fund in any year may be applied
to the purchase or redemption of such scrip, but the committee has the
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
general plan during the year 1923.
(It was announced in March 1924 that the cash warrants maturing up to
and including Jan. 1 1924 would be paid upon presentation. The warrants
maturing July 1 1924 were not paid. Compare V. 120, p. 142.)
(2) The interest coupons maturing on or before Jan. 2 |923 and included
In the plan, with respect to bonds, are to he detached by the respective de­
positaries and lodged with Guaranty Trust Co. of N. Y. as depositary
against the issue of receipts to an equivalent face amount. Such receipts
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.
LATE DIVS.— f’07. '08. ’09. T 0-T 1. ’ 12. T3-'14. ’ 15. ’ 16. ’ 17toFeb 25. The receipts will be o f two kinds— Class " A " and Class “ B "; Class “ A ” to
P e r c e n t............... [ 6 6>4 5 6 yrly. 6H 7 yrly. 5 6 ^ 7yrly(FAA
be retired completely prior to Class “ B "— which will be issued in the
schedule
BONDS.— Consol, mtge. of 1888 provides that ail prior bonds shall be approximate proportions stated in theagreement(see table in “ Chronicle” of
July 14 1923, p. xxviii) to the deposit
and hereinbefore set forth.
paid off at maturity: sufficient of the 520.000 p.m. are reserved for them
(3) The Government is to make prompt return of the National Railways
V. 105. p. 607. V. 101. p. 131. 694. 1465; V. 103. p. 1301. 1593.
Jointly. with Lou. 4 Nash., guarantees $2,601,000 L. A N Ter. 4s; to private management. It recognizes its obligations to restore such rail­
ways. including rolling stock, to their condition at the time the Government
with the L. & N .. Southern Ry.. St. Louis I. M . & So. and St. Louis South
western $2,500,000 Memphis Union Station 5s, and with the Chic. Burl. & took over the railway lines. The Government has agreed to assume the
payment o f principal, interest and sinking fund of outstanding bonds o f the
Quincy R R . $4,428,000 Paducah A Illinois RR. 1st M. slaking fund 4 4 s .
Equipment trusts issued to Director-General for rolling stock allocated National Railway System, listed hereinbefore, subject to the provisions set
forth as to the payments during the five-year period. The liens created by
to this company
See article on page 3 and V. 113, p. 1471.
the existing mortgages are not to be enforced unless the Government fails
R E PO R T .— For 1924, in V. 120, p. 2542. showed:
to carry out its obligations under the plan; in which event such liens may be
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings__________$23,601,646 $24,801,787 $22,353,763 $20,924,602 enforced in favor of the respective bondholders.
(4) The matured 2-year notes o f the National Railways o f Mexico are to
Net after taxes_________ 3,465.103
2,642,169
2,709,083
758.638
Other income, &c______
258.871
757.285
847.243
882.933 be extended for a period o f ten years from Jan. 1 1923, with interest at 5%
per annum for the firt( five years beginning in 1923 and at 6% per annum
Total income_________ $3,723,974 $3,399,454 $3,556,326 $1,641,571 thereafter.
Interest-----------------------$942,280
$944,975
$900,932
$935,035
The following notes are to be extended to Jan. 1 1933, with Interest at
Rentals, &c-----------------826.185
825,673
974,871
966,338 the rate of 6% per annum: National Railways o f Mexico 6% Secured Gold
Dividends (7 % )------------ 1,120,000
1,120.000
1,120.000
1.120.000 Notes, maturing up to Jan. 1 1917.
The following issues are to be extended to Jan. 1 1933, with interest at
Balance, surplus_____
$835,509
$508,806
$560,5 22df$l,379,802
the rate of 6% per annum after maturity to Jan. 1 1933: National R R . Co.
of Mexico Prior Lien 4)4% Bonds (No. 17); Mexican Central R y. C o.,
For latest earnings, see "Railway Earnings Section" (issued monthly).
Pres.. Whitefoord R Cole: V .-P ,, H. F. Smith: Treas., J. B Hill; Sec . Ltd., 5% Equipment Notes (No. 24).
(5) All sinking funds are to be postponed for a period not to exceed five
T. A. Clarkson; Gen. M gr., W . P. Bruce. Office, Nashville, Tenn.— (V.
years from Jan. 1 1923.
120, p. 2542.)




M ay , 1925.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61

Nevada-C aiifornia-O regon—
Nevada Central— lsi
Nevada Co N G R R -

Miles Date
Road Bonds

1917
94 1888

2044
See N
New Jersey Indiana & Illinois— 1st M $250.00
12
New Jersey Ju ne— 1st M guar $4.000.000..G
5.62
New Jersey & New York— 1st mtge ext 1910-34
Second mortgage____________________________
34
General mortgage___________________________
34
New L ondon N orthern— Stock_______________
121
First mortgage_______________________ Ba.xcw
&r*
121
West River 1st mtge guar prin and int_______
36
New Mexico Ry & Coal— See El Paso & Northeastern Co.
Mew Orleans Great Northern— First M g __ Col.xo*&r
243
Mew Orleans & North Eastern—

Prior Hen mortgage g o ld ___________________Ce.xo*
Ref& Im p M $16,000,000 g SerA call 10744O.xc*&r*
Equip trusts—
Ser K g, due s a $18,000 June- $17,000 D e c .. Ba
New Orleans Term—-1st M $15,000,000 ggu.Q .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*
1st lien $15,000,000 gold Ser A call 10 5 --C o l yyc*&r*
Non-cum 5% Inc *25,000,000 g Ser A call par _c*G
Nat Ry Service C orp_______________________

Par
Value

Amount
Outstanding

$1,000
1,000

Rate

$$975 000
750,000

6g
5g

1,000
59,500
5
1914
ew Yo rk New Haven & H artford.
1,000
250.000
5g
1904
1.000
4
1886
1,700.000
500 &c
394.000
1880
5
100 &c
1,500
5
1885
500 &c
631.000
5
1892
100
1,500.000 See text
1910 1.000 &c 1,500.000
4g
75,000
4
1905

Last Dividend Places Where Interest anC
Dividends are Payable
and Maturity

When
Payable

M & N M a y l 1967
J & J July 2 1938

New York
4% paid Dec 1917

A

Union Tr Co, San Fran

&

O April 1943

J
F
M
J
J

& J July 1 1934
& A Feb l 1986
& N M ayl 1950
.1 Nov 27 1985
& J Dec 31 1932
Q— .1 See text
J & J July 1 1940
J & D 1990

Mech Tr Co.Bayonne.NJ
N Y Central RR
Office, 50 Church St.NY
do
do
do
do
New London office
Cp M&M Bk.N Y;regm ’d
New London office
^

1.000&C

8,140.000

6g

& A Aug 11955

Irv Bank-Col Tr Co, N /Y

1,000
196 1885
196 1917 1.000 &c

1.371,000
7,195.000

c
5 g M S N Nov 11940
444 g J & J Jan 1 1952

Central Union Trust, NY
J P Morgan & Co. N Y

1905

F

c
1,000
35.000
191H
444 g J S D Dec ’25-June’26
J & J July 1 1953
4g
1903 1.C00 &c 14,000,000
Q -M June 1 1925 1%
100 15,000,000 See text
100 &c 14,270,000
981 1924
544 g A & O Apr 1 1954
o Apr 1 1954
100 &c 7.826.100
5g A
981 1924
c
100 &c
5.703.000
6 g J S 1) Oct 1 1925
1915
ion &c
See te;t
A & o Oct 1 1935
5
1916
2,719,700 644 & 7 A & O 26 Apr 26 1936
1921 Various
M & N To N ov 1 1939
1,000
1,740,000
5
1924

Financial Statement for Years end. June 30 in Mexican Gold Pesos.
1923.
1922.
Expenses o f c o .’s Mexico, N. Y . & London offices.
534,801
528,781
Taxes in Paris and other sundry taxes___________
190,729
192,979
80,674
60,450
Interest on sundry obligations__________________
Int. on fund. debt, equip. & coll, trust & notes pay. 21,840,762 21,840,762
Debit balance o f exchange account_______________
3,468
481
Installment account sinking fund Prior Lien 4 44s-- 2,289,434 2,289,434
T o ta l------------------------------------------------------------- 24,939.868
Interest and dividend on securitiesowned_________
616,603
Int. on pending amts, spent in constr.o f new lines.
493,216
Miscellaneous earnings__________________________
564,489

24,912,887
595.218
469,729
537.274

Total credits__________________________
1,674.308
1.602.221
Balance, deficit_______________________________ 23,265,560 23,310,666
Total profit and loss deficit________________________239.520,461 216.231,317
Chairman o f Board, Alberto J. Pani; Vice-Chairman, Eduardo Ortiz;
Executive President, Leon Salinas; Sec., R. D . Carrion, all o f City of
Mexico; Executive V.-Pres. & Asst. Treas., E. E. Bashford; Asst. Sec.,
Bartolomi Carbajal, New York City. New York office, 25 Broad St.—
(V. 120, p. 206.)
NATIONAL TRANSCONTINENTAL R Y.—-See Grand Trunk Pacific.
NEVADA-CALIFORNIA-OREQON R Y .— (3-/1. gauge.-)— In June 1917
tfae Western Pacific R R . purchased 63 miles of the main line and the 41mile branch line in California, together with terminals in Reno, Nev..
leaving 171 miles Hackstaff, Cal., to Lake View, Ore. V. 107, p- 1379.
In Aug. 1922 the I.-S. C. Comm, authorized the abandonment of 16 miles
of railroad between Flaclc-taff and Wendel. Calif.
Of the $2,200,000 gold bonds o f 1917. $750,000 were used to redeem a
like amount o f 5% gold bonds of 1899. and $250,000 were Issuable on account
of additions and Improvements. Sinking fund to purchase bonds (or call
at 105 and m t.), 1922 to 1931, yearly U of 1% bonds then out, and there­
after « o f 1% . V. 101, p. 1592.
Stock, common. *1,450.000; pref., $750,000. After 5% on common, both
stocks share pro rata. Dlvs. on pref., l906, 3% ; 1907, 4% ; 1908 to 191C;
5% each; 1911, 3% ; Sept. 1912, 2 % ; on common. 1% . 1909; 1 % . 191f:
none since
V 102 p 154-0 1626
R E PO R T .— For calendar years:
Year Ended—
Gross.
Total Net.
Bond Int.
Miscell.
Balance.
1923-------------------$385,563
$20,342
$58,500
$1,085 def.$39,243
2,478 sur. 18.471
1922------------------ 338.765
79.450
58.500
4,972 def. 99.368
1921------------------ 431,299 def.35,896
58.500
Pres., Charles Moran; Treas., R . Rosa, 68 William St.. N . Y .— (V. 118.
p. 2305.)
NEVADA CENTRAL R R .— Battle M t. to Austin, N ev., 94 miles,
3-ft. gauge. Stock, $750.OOO, in $100 shares, largely owned by the Nevada
Company. Interest payments on the $750,000 income bonds in recent
years; July 1906.4% ; Jan. 1908. 244 % ; Feb. 1909. 1H % : July 1911, 1 H % ‘
,
Aug. 1914, 344%; March 1916, 1% ; Dec. 1917, 4% ; none since. For 1924,
gross, $52,453; net oper. income, $3,118; other income, $422; total income,
$3,540. Pres., J. G . Phelps Stokes, 100 William St., N . Y . City.— (V. 106,
p. 189.)
NEVADA COUNTY NARROW OAUQE R R .—Colfax to Nevada City
Cal.. 2044 miles. In May 19i3 control was acquired by Oakland Antioch
A Eastern (Elec.) Ry. Interests. V. 96, p. 1630. Stock, $250,200; par of
■hares. *100 each. Diva. paid. In 1882. 3% : 1883. 6% ; 1903 to 1905. 5%
1906. 10%; 1909 and 1910, 244%; 1911. 644%: 1912. June. 644%: 1913
5% : 1914, 16%; March 1915 to June 1917, 2% quar.; July 1917, 144%
Oct. 1917, 144%; N ov. 19 18,2 % . Bonds, see table and V. 98. p. 1157
V. 110. p. 360.
Year ending Dec. 31 1923, gross, $112,785; net, $5,116; other income
$2,078: deductions, $8,224: bal., def., $1,030.
NEW JERSEY INDIANA & ILLINOIS RR.— South Bend to Pine, Ind.,
11.32 miles. Stock (all owned by Wabash R y.), $100,000: par $100. Bonds,
$250,000. Mechanics’ Trust C o., Bayonne, N. J., trustee. Year end. Dec.
31 1922, gross, $362,113; net. $176,136: total income, $180,536: fixed
charges, $73,758; bal.. sur., $106,778. Pres., T . A. Hynes; Sec., H. O.
Weppler; Treas., H. J. Jackson. Office, South Bend. Ind.— (V. 118, p.
2042.)
NEW JERSEY JUNCTION R R .— Terminal road through Jersey City,
Hoboken and Weehawken, about 5.62 miles. Leased for 100 years in
1886 to N . Y . Central & II. R. RR. Co. (assumed by N . Y . Central),
which guarantees bonds and owns the $100,000 stock.
NEW JERSEY & NEW YORK RR.— Owns from Erie Jet., N. J.. to
Garnerville, N. Y., 29 miles; branches to New City, &o., 4 m.; operates tc
Haverstraw, &o., 13 m.; total operated. 46 miles. Erie R R . In April 1896
purchased oontrol. Stock, J 1.440.800 com.. $787,800 pref.; par, $100. Con­
trol Is with nrel. stock and 1st mtge till 6t?. has been paid on nref tor ttx-eyears at 5 % . For 1923. gross. $1,587,763: net oper. income, $223,785;
other income, $38,311; int., rentals, &c.. $415,131; bal., def., $153,035.
— (V. 114, p. 2116.)
NEW LONDON NORTHERN RR.— Owns from New London. Conn,
via Brattleboro, Vt., to South Londonderry. Vt., 158 miles.
LEASED for 99 years from Deo. 1 1891 to Central Vermont. The rentf 1
;■ *213,552 per annum, which leaves a small surplus after providing foi in­
terest, &c.. and 944% dlvs. An extra div oi 44% was paid July l 191V,
Jan. 2 1918, July 2 1920, Jan. 3 1921 and Jan. 2 1924. Taxes and Improve­
ments met by lessee. V. 90. p. 1677,
NEW M EXICO CENTRAL R Y .— 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. o f 115 B ’way, N. Y.
V. 105. p. 1708; V. 106, p. 499, 929. Capital stock authorized. $500,000
par $100. Pres., S. C. Munoz. N. Y .: V.-Pras.. A. F. Mack, N. Y .; V.-P.




87

E A IL W A Y STOCKS AND BONDS

Bankers Trust Co. N Y
Guaranty Trust Co, N Y
Irv Bank-Col Tr Co, N^Y
Irv Bk-Col Tr Co, N Y
Guaranty Tr Co, N Y
New York.
New York

& Gen. M gr., R. C. Ten Eyck, Santa Fe, N. M .; Sec., F. A. Wagner, N. Y . ’
Treas., W. M . Maule, N. Y. Executive office, 42 Broadway, New York,
operating office, Santa Fe, New Mexico.— (V. 106, p. 929.)
NEW ORLEANS GREAT NORTHERN RR.— Owns New Orleans, La..
to Jackson, Miss., 188 miles, with branohes, Rio, La., to Tylertown, Miss..
41 m.; Slidell, La., to Folsom, La., &o., 46 m., making a total of 275 miles
operated, Inol. 29 m. trackage from New Orleans to Slidell. La., and other
fa cka ge. 12 m Stock. $7,500,000. 1st M , *10,0(>0,()00 auth. Issue.
Tentative valuation, $7,201,388, as of June 30 1916.
RE PO RT.— For the years ended December 31:
Balance.
Gross. Net aft.Tax. Oth Inc. Rent.,ftc.
sur .$75,591
1924 .................. $2,925,031
$648,692 $29,609
$598,710
1923 ---------------- 2,841,010
716,656
7S.902
576.003
sur.219,554
1922 ................... 2.647,750
660,162
98.528
572,120
sur.186,570
1921
______ 2.528,529
93 179
59,467
558.402
def.405.766
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Chairman, Walter P. Cooke; Pres., A. C. Goodyear: V.-P. A Gen. M gr.,
Wm. E. Farris; V.-Ps.. F. H. Goodyear' C . I. James; Sec., J. M . Gieger:
Treas., C. W . Goodyear.— (V. 120. D. 2266.)
NEW ORLEANS & NORTH EASTERN R R .— New Orleans. L a., to
Meridian. Miss., 196 miles; trackage, 12 miles. Stock. $6,000,000 (par $100)
substantially all of which has been acquired by Southern R y. C o. V . 104,
p. 73; V. 103. p. 1792; V. 105, p. 1529.
D IV .— (% ) f-06. ’ 07. ’08. 09. TO. T l . T 2. T 3 . T 4-T 5. T6. T7 T8.-'24.
Yearly . . . . . . \ 5
6
4
5 644 644 5
5
1 yrly 4 4
6
In Mar. 1917 a mortgage was authorized 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 o f 1902 and
the cancelation of the $6,163,000 Gen. Mtge. bonds (or the deposit of cash
to redeem any uncanceled Gen. M tge. bonds). Bonds of $1,371,000 are
reserved to retire the Prior Lien 5s and $363,000 to retire that amount out
of $605,000 equipment trusts outstanding Jan. I 1917. The remaining
$6,603,000 new bonds are reserved for additions and Improvements tinder
restrictions The old bonds, except prior lien 5s, have all beeD 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 price0 as the directors shall determine.
RE PO RT.— For 1924;
Cal. Year— Total Income.
Interest, &c.
Dividends.
Balance.
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 (6%)360.000
def.293,656
1921......................
795.710
902.588 (6%)360.000
def.466,878
For latest earnings, see “ Railway Earnings Section" (issued monthly).
Pres., Fairfax Harrison; Sec.. O. E. A McOarthv. N. V .; Treas., Charles
Patton. Cincinnati; Compt., E. H. Kemper, Washington, D. C.— (V.
119, p. 320.)
NEW ORLEANS LO W ER CO AST R R .— Algiers to Buras. La.. 60 miles
Successor Dec. 1 1916 of New Orleans Fort Jackson & Grand Isle R y.. fore­
closed and bid In for a syndicate. V. 103. p. 407. Pres., H. Hall, New
Orleans; V.-Ps., Lee Benoist and T . G. Bush; Treas., Bernard McOloskey; Sec., A. O. Kammer.— (V. 103, p. 1392: V. 1.04, p. 2343.)
NEW ORLEANS TERM IN AL C O . — Owns extensive terminal prop­
erty at New Orleans . nd a belt railroad around the city, leased to the
Southern Railway fe." 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; Y. 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 R R . and Lou­
isiana Ry. & Nav. Co. Pres., Fairfax Harrison.— (V. 117, p. 2770.)
NEW

ORLEANS T E X A S

&

M EXICO

R A IL W A Y

C O — R O AD .

— 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 R y.
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 R R .) afford an operating connection to New Orleans.
Tentative valuation. V. 113, p. 1053.
Mileage Operated Dec. 31 1923 (Including Aforesaid Subsidiary Lines).
Main line: Anchorage to De Quincy, La., 137 miles; Beaumont to Hous­
ton. Tex., 83 miles; Algoa to Brownsville, Tex., 343 miles; branches and
■purs, 260 miles; operated under trackage rights. 99 miles; operated
under special traffic agreement: Y. & M. V. R R ., 93 miles; total operated,
1,015 mites; side track, 65 miles; yard track and spurs, 174 miles; total
track, 1.254 miles.
The company, in June 1924. acquired 74.991 shares o f common stock of
the International-Great Northern R R . 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 Missouri Pacific R R ., which owned 113,167 shares, or more than
75% , of the outstanding 150,000 shares of stock of New Orleans Texas &
Mexico R y., in April 1925 offered to purchase additional shares of stock
at $120 per share, payable in Missouri Pacific R R . 15-Year 7% Sinking
Fund notes.

88

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
(For abbreviations, cfee., see notes on page 6!

A lies Dale
1
Road Bonds

Par
Value

4 mourn
Outstanding

Rate
%

[V ol. 120

When
Payable

Last Dividend Places Where Interest an*
and Maturity
Dividends are Payable

11 1908
$ t .000 $5,201,000
Treasurer. Philadelphia
1 a J A J ■an 1 1948
i
Slew York Bay— First mortgage S6.000.000 gold.QPx
N Y Bklyn & Manhattan Beach— Pref stock non-oum. 1725
100
650.000
5
A A O Apr 1925 2 Vi% Checks mailed
1.726,000
First cons mtge (now 1st M) gold guar by L I . -Ce.o* 17.25 1885
1.000
Treasurer Penn RR N 5
A A n o -t l 1935
r i
'
ino 268.323 375
MY Central RR. Co.— Stock ($400,000,000 auth) Tr
7
c; — P M ay 1 1925 1M Grand Central Term . V '
Par
Convertible bonds call 110 $100.000.000........c*Ar*
1915
M A N May 1 1935
Grand Central Ter N v
99.913.00ii
6
1914 $ f A tr 49 090.00(1
RefAImpt M g . Series" A."assumed, see text G.e*Ar*
4H g A A O ( let ! 2013
N Y London A Paris
100 Ac 85 000.oor
do Series " C ” red 105 after Oct 1 '51.G.c*&r*
1921
A A n Oct 1 2013
New Y o r k
5g
Consolidation M ($167,102,500)
_Ba.xxxc*Ar
1.000 Ac 65.834.000
1913
F A A Feb 1 1998
Grand Central Tr. N Y
4g
(1) Underlying Main Line Mortgage—
N Y O S H R RR M $100 000,000 g. . .Ce.xc*Ar 1.82* 1897 1.000 Ac 94.000.000
c
3 * g ,1 A J July 1 1997
Grand Central Ter * Y
do
1909 1.000 Ac
2.500.000
do
do
M tge on Spuyten D A P M g.C e.
do
3 Vi g J A D June 1 1959
Lake Shore S M 3 1st M gold. a ss._____ Us.xc*Ar
c
82« 1897 1.000 Ac 5o.ooo,oon
do
do
3 V g J A D June 1 1997
i
1903 1.000 Ac 50.000.000
M A S Sept 1 1928
do
Debentures (sec by 2d M i g sss C e .s c 'ir *
do
j<
4g
1906 1.000 Ac 50.000 000
dr
do
do
do
gold assumed___ Ce,xc*Ar*
do
4 g M A N May 1 1931
(2) N Y C A H Riv bonds secured by Consol'n Mtge etc on line N Y to Buf falo. Ac., a nd (b) B uffalo to Chicago. Ac
4*
dn
Collateral 3H® (Mich Cent stock as collateral).G.x
1898 1.000 Ac 19.330.000
3 V g F A A Feb 1 1998
i
1898 1,000 Ac 24.744.000
3 V ff F A A Feb 1 1998
i
do
do
Lake Shore Collateral 3 Vis assumed ___ G.xc*Ar
1904
1 .OOOAe 48.000,000
Debentures] Junior liens under Con-1___ Us.xc*Ar*
M A N May 1 1934
tj»
do
4g
1912 1,090 Ac
9.188.000
if
do
do
f solidatlon M of 19131____G.sc*&r
4 g J A .1 Jan 1 1942
(3) Other New York Central A Hudson River RR Assum ed. Ac Issues—
19! Id
l bond
5.500.009
4c
3 M g J A J July 1 2009
do
Debentures (V 69. D 1102: V 71, p 502, 964)____ *
1.000
1.200.000
de
57 1887
t
5 K A S O Oct 1 1927
in
New York & Northern first mortgage gold_____z<
do
l .000
3.987.000
A A o Oct 1 1993
57 1894
do
N Y A Putnam cons g gu p S 1---------c
-Un.xc*Ar
4g
1.090
1
.
2 500 000
4 K M A s Sept 1 1991
182 1892
\0
Moh S Mai 1st M $15,000 p m g gu pAI(end)Col xc*
c
ir
18? 1902 1.000 Ac
3 V u M A s Mar 1 2002
i
3 900.000
Consolidated mtge g o ld ______________ G.xc*Ar
1.100.000
1.090
do
do
Carthage A Adirondack 1st M g guar___ Un.xc’ Ar
48 1892
4 g J A D Dec 1 1981
300.000
1.000
du
do
29 1891
J A .1 July 1 1931
Garth Water & Sack Har 1st M g gu p A 1 (end) .x
5g
1,000
do
300.000
13 1892
do
Gouverneur A Oawegatchle 1st M g gu p A I . U n f
5 8 J A D June 1 1942
950.000
!
U N V
3 A .1 July 1 1932
Am Rich N»i H
1902
3
Little Falls & Dolgevllle first mortgage______ . x
r
(4) Bonds of Other Companies Included in terger of Jan and V ar 1915
1.000 4.850.000
203 1901
Lincoln Nat Bank N '
Indiana Illinois A Iowa 1st M gold________ IC.xc*
* g J A J July 1 1950
337 1906 1 000 Ac 15 150.000
Treas Grand Gent T»rm
4 g J A J Jan 1 1950
Ohic Ind & South consol M gold_______ G.xc*&r
i .000
400.000
Treas, Graud Cent Thtu
J A J Jan 1 1940
37 1890
6
Kalamazoo A White Pigeon 1st M assum_ Un.xc
_
76 1885
1 000
3.600 000
dr
do
J A n Dec 1 1932
6
Pine Creek 1st M gu prln and tnt. endorsed_______ r
1.000
322.000
Sturgis Goshen A St, Louis 1st M gold p & 1 guar
29 1889
3 g J A D Dec 1 1989
Jamestown Franklin A Clearfield—
1909 1 (Vio v.r 11.000,009
Grsnd Cent Term ' Y
1st M $25,000,000 auth euar„ ______ Q .xc'A r*
4 g J A D June 1 1959
do
do and Loud
Cleveland Short Line Rv 1st M gold guar. G.xe'At
1911 1 ,000 Ac 11.800.000
4 V g A A O Apr | 1961
i
T.ake Erie A Pittsburgh— see that, eomoanv —
Equip trust (B A A) $500,000 due y r ly ..G .zc* A r
1912 $1 000Ac $1,500,000
4Vi g A A O Yrly to Oct 27 New York
--ORGA N IZA TIO N .— Formerly part of St Louis & San Francisco RR

but In 1916 separately reorganized, after foreclosure sale, per plan lr>

v

m i p. 774, 768, 1714; V. 102. p. 886. Incorporated In Louisiana
S E C U R IT IE S —These Include (see V 108, p. 493)'
First Lien Gold Bonds.— Total auth., $15,000,000. Int. rate, not exceeding
6% per annum, as determined at time of Issue. Issuable In series, due
at the same or different dates, not later than Oct 1 1925 and callable a»
a premium. Reserved under restrictions for future extensions. Improve
ments. &c., $7,928,500. Issued, S6.941.500. of which $355,000 were
Intreasury and S951.500 were pledged Dec. 31 1923
V. 103, p 61
15)93 °i 56
First Mtge. Gold Bonds.— Under the mtge., bonds may be issued in series
bearing such dates, rates o f 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 Ji %
for each year elansed thereafter until maturity. Series “ B ’ ’ bonds are red.
at 100 and int. $13,500,000 Series'* B ” bonds are to be reserved to exchange
or refund at anv time an equal face amount of income bonds due Oct. 1 1935.
As o f Apr. 6 1925 $7,826,100 o f 1st M . Series “ B ” bonds had been exchanged.
Proceeds o f the $7,734,000 Series " A ” 5Vi% bonds are to be deposited,
so far as necessary, with the trustee under the old first mortgage o f the
company, to provide for $5,733,000 1st mtge. 6s due Oct. 1 1925, and to
obtain the release o f the first mortgage; the balance o f such proceeds are to
be applied to reimburse in part the cost o f acquisition o f the securities of
Houston & Brazos Valley R y. V. 118, p. 2704.
5% Non-Cumulative Income Bonds.— Limited to $25,000,000 secured by a
trust Indenture. To bear non-cumulative interest payable semi-annual) >
at rate of 5% per annum, but payable only when and as authorized by
the board of directors according to provisions of tne indenture. Entitled
to share In tne security o f any new mortgage Issue on a parity with uns
such Indebtedness created In excess of $15,000,000 1st M. Initial lnteresi
payment, 1 H % . made April 1 1917, and further 3t$% Oct 1. making
for Tear thereafror * ”7 wm'-armnnllv 5*^ p a to and Ind
>
,
April 1 1925. Issued, $13,500,000; exchanged for 1st mtge. Series “ B ”
bonds (see above) as o f April 6 1925, $7,826,100.
oapna) Mock.— *26,000.000 issucu,.______________________ $15 000 000
Dividends.— Initial dlv. o f 1
on the capital stock was paid Dec I
1920; same amount paid quar. to Dec. 1 1922: Mar. 1 1923 to June 1 1925
paid. 1M % quar. On June 2 1924 also paid 161i % extra, payable 4 Vi % in
cash and 6% in scrip, due Sept. 1 1934, and 6% in scrip due Dec. 1 1924.
R E P O R T . — F o r 1 9 2 3 , in V . 1 1 8 , p . 2 7 0 0 , sh ow ed :
[In c l. N . O . T e x . & M e x . R y . , S t . L . B ro w n s. & M e x . R y . , B e a u m o n t
Sour L a k e & W . R y . , O ran ge A N . W . R R . , N e w Ib e r ia & N . R R . , an d
Ib e ria S t . M a r y & E a ste r n R y .]
------------- - Combined
-------------------------- C o r p o r a t e —
al921.
bl920.
C a le n d a r Y e a r s —
1923.
1922.
,159,444 $9,391,706
F r e ig h t_____________________ $ 9 ,0 1 9 ,9 4 3
$ 7 ,8 1 1 ,3 6 8
3,284,274
2,284,941
' ' i ’,914’,565
P a sse n g e r__________________
2 ,1 9 0 ,1 1 1
759,266
645,716
688,042
M a i l , e xp ress, & c ______
7 0 1 ,3 6 6
T o ta l o p er. reve n u es. .$ 1 1 ,9 1 1 .4 2 0
M a in te n a n e e o f w a y , & c . $ 1 ,7 9 3 ,5 2 9
M a in te n a n c e o f e q u ip ’t .
1 ,7 1 8 ,8 4 4
T r a f fic exp en ses_________
3 6 8 ,8 1 3
T r a n s p o r ta tio n ___________
3 , 1 3 2 ,7 6 1
G en era l____________________
4 4 2 .6 1 7
T o ta l o p e r. e x p e n s e s .. $ 7 , 4 5 6 ,5 6 4
N e t earn in gs_______________ $ 4 ,4 5 4 ,8 5 7
T a x e s , & c ________________
7 8 7 ,0 9 4
O p era tin g in c o m e _____ $ 3 , 6 6 7 ,7 6 2
E q u ip m e n t ren ts (net) _ .
C r . 4 6 ,1 3 1
J oin t fa c ility ren ts (net)
2 6 3 ,2 2 2
N e t op eratin g in c o m e . $ 3 ,4 5 0 ,6 7 1
I n c . fr o m lease o f r o a d . .
________
M is c e ll. ren t in c o m e _____
1 2 ,3 0 2
D iv id e n d in c o m e _________
________
In c o m e fr o m fu n d e d secs
400
I n c . fr o m u n fu n d e d s e c s .
1 0 4 .1 9 2
M isc e lla n e o u s in c o m e ___
2 0 8 ,2 3 2
T o ta l n o n -o p e r . in c ___
$ 3 2 5 ,1 2 6
G ro ss in c o m e _______________ $ 3 ,7 7 5 ,7 9 7
L o ss on sep a ra tely op er.
p r o p e r ty (N e w Ib eria
& N . R R . ) _____________
1 7 0 ,8 2 2
In te r e st on fu n d e d d e b t .
1 ,1 6 6 ,6 7 9
I n t . on u n fu n d e d d e b t . .
982
M isc e lla n e o u s ch arges. _________ 9 ,1 6 0
T o t a l d e d u c tio n s______ $ 1 ,3 4 7 ,6 4 4
N e t in c o m e _________________$ 2 ,4 2 8 ,1 5 3
D iv id e n d ap p ro p ria tio n s
1 ,0 5 0 ,5 5 7
A p p r o p . fo r in v e stm e n t
in p h y sic a l p r o p e r t y ..
7 9 6 ,6 5 5

$10,413,975 S U ,090,101 $13,435,246
$1,837,921 $1,999,098
1,767,844
1,586.517
311,555 11,141.034
319,891
3,697,160
2,785.312
439,818
397.133
$6,926,774 $5,215,473 $11,141,034
$3,487,201 $2,874,628 $2,294,218
382,960
431,378
554,366
$2,932,835 $2,443,249 $1,911,250
581,126
45,955
Cr. 140,887
320,694
255,586
257,873
$.2815,848 $2,141,708 $1,008,430
721,033
183,536
11,645
18,825
13,287
19,482
1,018
46,811
36.886
4,418
46,732
36.437
93,385
612,389
19,359
33,379
$891,189
$861,946
$145,487
$2,961,336 $3,003,655 $1,899,621
29,731
1,203,830
668
5,313
$1,239,543
$1,721,793
889,852

55,556
1,114,390
9.612
10,829
$1,190,386
$1,813,268
890,848

53.751
1,060,582
4,023
42,315
$1,161,571
$738,050
297.370

594,632

323,107

694,210

$599,312 def$253,531
$237,309
B a la n c e t o p r o fit & loss
$ 5 8 0 ,9 4 0
____ _____
.
a In c lu d e s a d ju s tm e n ts ap p lic ab le t o th e six m o n th s en d in g A u g . 31 1 9 2 0 .
b F o r c o m p a r a tiv e p u rposes th e en tire in co m e for th e y e a r 1 9 2 0 sh o w in g
resu lts i f th ere h a d been n o ch an ge in fo r m o f con trol d u rin g th e y e a r is used.
F o r la te st earn in gs, see “ R a ilw a y E a rn in g s S e ctio n ” (issued m o n t h ly ).
O F F I C E R S . — C h a ir m a n , W illia m H . W illia m s ; P r e s ., L . W . B a ld w in ;
E x e c . V . - P . , H . R . S a ffo r d ; V . - P . & S e c ., R o y T e rrell; T r e a s ., A . T . C o le .

D IR E C TO RS.— J. S. Pyeatt, G. II. Walker. Frank Andrews, Alexander
Berger, Stedman Buttrick, Carl A. de Gersdorff, J. D . O'Keefe. Willard V
King, G. E. Warren, E. N . Potter, M . E. Singleton, C. B. Fox, N. A
McMillan. W. K. Bixby and Elisha Walker. N . Y. office. 60 Broadway.
— V. 120, p. 2263.
NEW YORK B A Y R R .— Owns from Waverly, N . J., to Greenville, N . J..
and branches. 12-94 miles. Stock. $6,000,000, all owned by Penn. R R .,
which leases the property. V . 113, p. 849.




NEW

Y O R K

B R O O K L Y N

&

M A N H A TTA N

BEACH

R Y .— Owns

from Fresh Pond Junction to Bay Ridge, 11.93 miles: Manhattan Beach Jet
to Manhattan Beach, 3.73 miles: Evergreen Branch, Cooper Ave. Jet. to
junction Glendale & E. River R R . at Jefferson St. Brooklyn, 1.59 miles:
'oral. 17.25 miles. Leased for 99 years from Oct. 1 1885 to the Long Island
Railroad C o., which owns majority o f stock. Rental, interest on bonds
and 5% on preferred stock. Common stock, $350,000. Long Island
Railroad has attached to the bonds its unconditional guaranty of principal
and interest in addition to facts as to lease .In Jan. 1919 the Long Island
RR. C o., had agreed to the use of the line from Nostrand Ave. to Man­
hattan Beach as part of the Dual Rapid Transit system for operation by the
Interhorough Rapid Transit C o., provided other necessary details can be
arranged. V . 108. p. 379.— (V. 115, p. 2794.)
NEW YORK CENTRAL RAILROAD CO. (TH E)— (See Maps.)— Owns
in fee direct line from New York to Chicago, 953 miles of first and secon l
track. 724 mile*" of third ti*%ck. 046 ni'le*3 of fou-th track, 12 n il's of fifth
track and 6 miles of westbound fast-freight track in De W itt Yard, and
numerous branches, the total mileage owned Dec. 31 1923 aggregating
3,716 miles. Also owns stock control of the West Shore R R . (leased).
N. Y. to Buffalo, and thence to Chicago, via Michigan Central R R . and
Canada Southern R y. By similar control of the Pittsburgh A Lake Erie
R R . the Cleveland Chicago A St. Louis Ry. and other companies, has
close running connection to Pittsburgh, Columbus, Cincinnati, Indianapolis.
St. Louis. &c. Total system owned, controlled. &c., Dec. 31 1923, 6,890
miles of first track, and total trackage of 17.266 m.
Operated Directly
143
Beech Creek R R .*___________
Lines Owned—
Miles
New York to Chicago_________ 954 Beech C reek Exten. R R .. A c .* . 134
33
Branches____________________ 2.762 Watkill Valley.............................
70
Lines Leased.etc. (*See this co .)— Mahoning Coal R R * ________
65
•Vest Shore*_________________ 488 Detroit Hillsdale Sc 8 W * - _ _ - „
28
Troy & Greenbush*__________
6 L ike Erie & Pitts___ ________
98
New York A Harlem*________ 138 Fort Wayne Sc Jackson*____ 88
New Jersey Junction*________
5 Lake Erie Alliance Sc Wheeling22
Detroit Toledo A Milwaukee_
47 Erie Sc Kalamazoo R R ________
Kalamazoo A. S G. R ________
c
58 Trackage rights Sec_________- 444
Total In earnings Doc 31 23.5,700
St. Lawrence S Adirondack*_
c
56
Ottawa A New York_________
57
Leased—Operated separately—
c
Battle Creek S 8turgls________
c
7 Boston S. Alhanv svetem______ 394
Ohio Central Lines___________ 790
O R G A N IZ A T IO N .— The New York Central RR Go. was formed by
consolidation, effective Dec 23 1914. under laws of N . Y .. Penna., Ohio,
fnd., MIch. and III.. of the N Y . Central A Hudson River RR (as enlarged
In 1913 by the absorption of Rome Watertown A Ogdensburg and other
New York branch lines: see bood table above) and Its leading Western sub­
sidiary the Lake Shore A Mich. So Ry and 9 minor controlled properties
See 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 &
St. Louis RR. and in 1922 the Lake Erie A Western R R . 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 R R ., received
authority to build a bridge across the Hudson River 11 miles south of
Albany. Th9 i.-S. O. Commission on N ov. 14 1924 authorized the acquisi­
tion by the New York Central R R . o f control of the lines o f railroad o f the
Hudson River Connecting R R . Corp. and the franchises and facilities
aopurtenant thereto, by lease. V. 119, p. 2407. See that co. above.
Cleveland terminal, V. 113, p. 2505, 2614. Proposed new Niagara River
bridge, Y. 106. p. 1689, 2011. Court decision respecting Toledo & Ohio
Central, Ac., V. 105, p. 819, 998. Lease o f real estate in New York City.
V. 110, p. 2292. Tax decision, V. 110, p. 2658. Wins ejectment suit
V. i l l , p. 2229; Y. 113, p. 2313: V. 115, p. 308. Rate decision, V. I l l
p. 2424.
Ttie directors on Dec. 14 1921 authorized the making o f an offer to
purchase the stock of the Cleveland Cincinnati Chicago & St. Louis R y. Co
on the basis of one share of New York Central stock for one share of 5%
Cleveland Cincinnati Chicago & St. Louis preferred stock, and o f 80 shares
of New York Central stock for 100 shares of Cleveland Cincinnati Chicago
& St. Louis common stock. V. 113, p. 2614; V. 115, p. 308, 436, 1429.
The directors also authorized the lease o f the Toledo & Ohio Central,
including with it the Zanesville & Western, the Kanawha & Michigan and
the Kanawha & West Virginia railroads to the New York Central for a
rental o f fixed charges and taxes, and in addition thereto an amount equal
to the net earnings of the Toledo & Ohio Central for the year 1921, and in
the case of the Kanawha & Michigan o f 6% on its stock. V. 113, p. 2614;
V. 114, p. 627; V. 115, p. 544.
The T.-S. C. Commission in M ay 1922 authorized the company to acquire
control of the Chicago River & Indiana RR. by the purchase of not exceed
tr>g $750,000 stock, and also authorized the Chicago River company to
acquire control of the property of the Chicago Junction Ry. by lease,
v . 114, p. 2241.
Partial List of Stock Holdings Dec. 31 1923.
----- Amounts Owned------- — Total Outstanding---Pref. Stks. Com. Stock.
Pref. Stks. Com. Stock.
Michigan Central______
None $18,736,400
________ $17 761 700
None 35,985,600
Pittsburgh S Lake Erie.
c
17.993,100
661,367
1,500,000
Mahoning Coal R R ____
448.900
891.650
9.998.500 47.028,700
O C O & St Louis R y . 8.453.300 42,911 100
3,701.400
5.846,300
Toledo & Ohio Central.. 3,701.400
5.846.300
5,551,400
1,343.950
8,656.050
New York S H a rlem ... 1,142,950
c
0001 70,000,000
Reading Co , 1st p r e f ... 6.065.000
9,852.500 28.000.
42.000.
000/
Second preferred_____ 14,265,000
3.862.500 19,952,400
N Y State Railways___
600 13,604,300
None
7.500.000
5.114.300
Mohawk Valley C o_____
__________
10, 000,000
10. 000.000
West Shore R R ________
The New York State Railways Co. (see “ Electric Railway Section” ) Is
che company’s trolley ally. Compare V. 100. p. 399 475

M ay , 1925.]

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]

New York C entral RR (Concluded)—
Equip tr due $) .031 .Ot'O yrly due Jan 1____G.yc*Ar
Equipment trust $1,258,800 yearly April 15-G.c*
Eaulp trust No 43 due $911,600 yearly__________
Ten-year notes, Sec o f Treas o f U S______________
'e w York C entral Lines dncl various associated c
Joint eq tr g due $1,000,000 yearly____ G zo*&r
do
do
due $1,600,000 yearly_G.zc*Ar
do
do
due $1,117,000 yearly------------------do
do
due $2,415,000 yearly------------------do
do
due $428,000 yearly_______________
do
do
due $922,700 yearly_______________
do
do
d u e SI 8 1 3 0 0 0 y e a r ly _________ G .z c *
do
do
due $844,000 yearly_________ Gzc*
do
do
due $1,156,000 yearly_G.zc*
do
do
due $1,670,000 yearly_______ G.zc*
due $1.397,000 yearly_______ G.zc*
do
do
do
do
$702,000 yearly________ G.zc*

Miles Date
Road Bonds

O S ) ---

—

Par
Value

Amount
Outstanding

Rate
%

$7 905.000
12,58 ),000
9 116,090
609.000

4H
7g
6

2.000,000
1912 1,000 A(
1013 1.000 Ar
4.809.000
1917
8.936.000
1920
11,314.343
5 136 900
1920
1920
0.227.0 10
1 9 2 2 500tl00f 22 116 9 9 0
500 Ac 10.972,000
1922
1923 jOOAIOi)
15 0 >3,000
1.090 23.389.000
1924
1.09° >0 Q > non
5=
1924
1,000 10,530.000
1925

4H
4M
>
44

1917 $l.000Ac
500 Ac
1920
1920
1920

STOCK.— Dividends on stock regist. In London are pay. at 49 Hd. to $.
The authorized amount of the capital stock is $400,000,000 of which
on Dec. 31 1923 $268 323 375 was outstanding and $252,005 held by com­
pany; $100,000,000 is reserved for conversion o f debentures of 1915
Stockholders of record Jan. 2 1924 were given the right to subscribe to
additional stock at par to the extent o f 10% of holdings. The company
also offered to stockholders of record Feb. 1 1924 the 603,650 Reading rights
which it received at $3 per right, in proportion to holdings. V. 117, p.
2653; V. 118, p. 794.
Dec. 31 1923 the Oregon Short Line R R . Co. (Union Pacific) owned $21
000,000 N. Y . Central stock; also $3,000,000 Ref. & Impt. M . 4Ms and
$8,000,000 20-year 6% convertible bonds. V. 84. p. 52. 571; V. 89. p 41 1
D IV ID E N D S.—
1 T 5. ’ 16. T7. T8. ’ 19. ’ 20. ’21. ’22. ’23. ’ 24.
5
5
5
5
5
5
5
6
7
Per cent__________________ J 5
Paid in 1925: Feb. 2, 1M % ; M ay 1, 1 H % .
C onsolidation M ort. $167,102,400 Secures W ithou t Increasing Debt.
(1) Equally by Lien Prior to that Securing the Debentures and the 4 % bonds
(a) N . Y . Cent 3)* % Lake Shore coll, bonds of 1898-1998___ $90,578.01 0
(On Dec. 31 1923 $65,834,000 of these had been exchanged
for Consolidation Mtge. Series A 4s. See below.)
(b) N . Y .C e u t.3 H % Mich. Cent. coll, bonds of 1898-1998___ 19.336.00'
(2) Equally by Lien Subsequent to Lien of Aforesaid—
(c) N . Y . Cent, debentures of 1904, due 1934_________ - ______ $48,000,001
(d) N . Y . Cent, debentures o f 1912, due 1942_________________ 9.188.0O*
(e) 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 othe
bonds in the order Indicated above) covers by alien ranking ahead of t.he fitfund & Impt. Mtg (see below), the lines owned In 1913 (inc.. those thei
brought In by consolidation or merger). 75% (3.750 shares) of the stock o'
Hudson River Bridge Co. at Albany and the leases of Troy A Greenbush
New York A Harlem, West Shore and Beech Creek railroads. On the malr,
line between New York and Buffalo there is no lien ahead o f It except tbt
$100 000,000 1st M . of 1897; and on the railroads consolidated or merged lr
1913, such as the Rome Watertown A Ogdensburg, Mohawk A M h Io d p
A c., there are no prior liens except the old underlying mortgages therec
and the N. Y. Central’s $100,000,000 1st M. V. 102, p. 800. 1541
R efunding & Im pt. M tge. for New Capital and Debt Unification.

The purpose o f the Refunding and Impt Mtge. was to provide for futuri
financing of the N. Y. Cent. A Hud. River and the consolidated company
and for the unification o f the debt. The bonds are issuable In series, al
due Oct. I 2013. but bearing date of April 1 or Oct. 1 next preceding th>
date on which the series is authorized, and carrying Interest at such ratesubject to call at such dates, and prices, and with such provisions as to coo
version, A c., as shall be fixed for successive series. V. 96. p. 1424.
The amount of bonds which may be lasued under the Kef and Imp M
is not limited to a stated amount, but is determined bv standards set ut
in the mortgage Itself, and those standards are believed to be such that a
bondholder will be Indifferent as to the amount o f bonds which may be
outstanding under the mortgage, so long as the standards are complied
with. The amount of Ref A Trapt. M . bonds outstanding cannot exceed
three times the amount o f the capital stock as from tin e to time increased
After $500,000,000 o f the bonds shall have been Issued, not more that
80% of the cost o f Improvements, additions or new property can he paid
for from the proceeds of bonds. N ot more than one-third of the atrioun
of bonds can be used In the acquisition of bonds or stocks of otner com
panics. After $500,000,000 of bonds shall have been Issued no additional
bonds can be Issued without tne vote o f stockholders. Each issue of bond*
must receive approval of RR commissions and P. 8. Commissions. V 98
p. 387. 611. 690. 1245 1393- V 99. p 1052. 1131, 1367; V 100. p 1070;
V. 104. p. 1387; V. 106. p. 2757.
The Ref. A Impt. M. Is (1» a Itep next to the lien o f the Consolidation
Mtge, (see above) on the properties, A c., covered by the Consolidation
Mortgage. (2) A first lien on the leases o f the Beech Creek Extension
New Jersey Junction and Wailkfll Valley railroads, subject to the out
standing bonds of each
(3) A first collateral lien o d $500,000 2d M tge
bonds o f Beech Creek RR and $3,964,000 Consol Mtge. 4s of the Beeot
Creek Extension R R . companies. (4) A first collateral lien on—
Pledge of Stock owned in— Pref. Stock. Com. Stk Pref. Iss'd. Com.Iss’/
t
N. Y . A Harlem RR.(par $50)$1.142.950 $5,551,400 $1,343,950 $8,656,050
10.000.000
10.000,000
West Shore R R ...................
Beech Creek Extension R R ___________ 5.179,000
5,179.000
New Jersey Junction R R ____ ________
100.000
100,000
The Refunding A Impt Mtge. Is also a lien upon the properties deoerhed
in the supplemental Indenture (dated June 15 1915). assuming, as authorized
by the shareholders, the obligations of the Ref. A Impt. Mtge. and extend­
ing the lien thereof over the former Lake Shore A Mich So. R y.. Cbh a to
tnd. A So. R R .. Geneva Corning A So. RR., Dunkirk ASIeg Vp.l. & Pitts.
RR. ana all o f the other properties Included in the consolidation of 1914,
and also over the former Cleveland Short Line Rv. Jamestown Franklin A
Clearfield R R .. Sturgis Goshen A St,. Louis Ry and Elkhart A Western
R R .. acquired by conveyances In 1915 (see "Organization" above). Tne
•len created by thi« supplemental mortgage Is subject, as to parts or 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 i f % bonds, issued tinder this mortgage, were sold (V. 08. p. 124")'
None o f the Series B bonds are outstanding in hands o f 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.
Bonds for Retirement of which Ref. <£ Impt. Mortgage Bonds were Reserved
1st M . o f 1897, due 1997____________ ______ _______________ $100,000,001
Consolidation M tge. (see above) dated 1913, due 1998______ 167.102.40C
17 divisional issues o f N. Y. Cent. A Hud. River R R -------------- 29 509,001
Old bonds o f Lake Shore and other cos. absorbed in 1914-15
197.002.(Fit




6

6
6

When
Payable

£

f)

K

• g
5
4
4Vi

Last Dividend Places Where Interest a*»<
and Maturity
Dividends are Payable

3 A J To Jan
A & O To Apr
J & J 15 To Jan
J & D 23 Dec 23
J
J
J
A
.1

A J
*
J
& J
& O
A D

!

5

89

J

.1

&

&

i a n
M & S
.1 A D
D

'\T A 8
M &N15

1 1932 Guaranty Tr Oo. N Y
15 1935 Guaranty Trust Oo, N Y
15 1935
1930

Jan 1 1927
Jan 1 1928 New York and Londcn
July 1 1932
Oct 15 1935
Dec 23 1935
Jan 15 1935
June. 1 1 9 3 7
u a ra n ty T ru st O o , N Y
Sept 1 1937 Guaranty Trust Co, N Y
June 1 1938 G u a r a n t y T r u s t Oo, N Y
June 1 1939 G u a r a n t y T r u s t Oo. N Y
Sent. 15 103C Guaranty Trust Co, N Y
M ay 15 1940 Guaranty Trust C o ., N Y

-onvertible 6% 20-Year Bond Issue of $100,000,000 Dated May 11918

These bonds are convertible into stock at the rate o f $100 of stock for
$105 o f b o n d s, between M ay 1 1917 and May 1 1925. They may be called
fo r redemption on any interest date at 110 and int. upon 90 days’ notice,
but. if so called they mav bp converted in to s t o c k u p to 30 davs p r io r to
date of redemption. 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 . C E N TRAL A H U D80N RIVER R R .— First
nortgage Is for $100,000,000, covering the original road owned, and, by
moDlemental deed 930 miles of lines fRome Watertown A Ogdensourg. 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.
f Collateral trust 3 ^ s of 1898 were secured by deposit of stock of the Lake
ihore A Mich, Sou. and Mich. Central RRs., respectively, at the rate of
$100 of L. S A M . S. stock for each $200 of bonds and $100 of M ich. Cent,
stock for each $115 of bonds. The Lake Shore collateral 314s (75%)
exchanged for Consolidation Mortgage 4s, Series A, area direct (third) mtge
on the former Lake Shore A Mich. So. R y.. Detroit Monroe A Toledo R R ..
Northern Central Mich. R R .. Kalamazoo A White Pigeon RR. and Swan
Creek Ry. of Toledo. See the "Consolidation M ortgage" above. V. 96.
0 1424: V. 66, p.336.811; V. 102. p.522: V. 100. p 556. 2085: V. 101 .P.288.
The New York Central Railroad Co. has duly made an Indenture
00 secure the payment of (o) the 314% gold bonds. Lake Shore Col­
lar,eral and (b) by secondary lien thereunder so many of the 4% Consolida­
tion Mortgage Gold Bonds, Series A. as may be Issued to pay and retire
»n equal amount of 3>4 % gold bonds. Lake Shore collateral (the two issues
aggregating $90,578,400) .by a lien upon the railroads.Ac., formerly owned by
he Lake Shore, and also on the property of Its four former subsidiaries,
viz.: Det. Monroe A Tol. R R . C o., Nor. Central Mich. RR C o.. Kal. A
Vhite Pigeon RR. Co. and Swan Creek Ry. of T ol., such lien following the
len thereon of Lake Shore A Mich So. 1st M . 3 54s of 1897 and the $100,K10.000 Lake Shore debenture (now mortgage) bonds o f 1903 and 1906.
LAKE SHORE A M ICH. SOUTHERN BONDS.— The N. Y Centra
KR. by supplemental Indenture (dated Jan. I 1915) assumed the obliga­
tions of tne $50,000,000 3)4% 1st M . of 1897 (see V. 64. p. 1182). and has
ixtended the Hen of that mortgage over the railroads. A c., formerly
iwned by Det. Monroe A Toledo RR C o., Northern Central M ich. R R .
'o . Kal A White Pigeon RR. Co. and 9wan Creek Ry. Oo of Toledo, and
t has also executed a supplemental indenture dated Jan. 2 1915, assuming
he obligations of the mortgage dated Tulv 1 191 i seenrtne the 26-year
t°!c gold bonds of 1903 and 1906 aggregating $100,000,000 (two laaaeo,
I60.00o.000 each), and extending the Hen thereof to aald add’l properties.
As to guaranty of Kanawha A Hocking Coal A Cone ami Continental
1 loo 1 Co. bonds, see V. 109, p. 1527. Joint guaranty of Cleveland Union
rerininai Co. bonds. V. 114. p. 2716.
EQUIPMENT BONDS.— See "N . Y. Central Lines” below.
B. A A. equipment trust, see V. 95. p. 1040, 1332, 1403; V. 98, p. 1072*
it qu ip. Trust of 1917. V. 105. p. 1209; V. 106. p. 396: V. 104. p. 2235.
1598
Equipment trust of 1920. V. 110, p. 1526.
Equipment trusts Issued to Director-General for rolling stock allocated
o this company. See artielb on page 3 and V. 113. p. 1471.
Company's real estate holdings in N Y. City
V. 106. p 607.
R E PO RT.— For 1923, in V. 118, p. 2715. showed:
'

Miles operated_____________________

1923.

5,699.73

1922.

5,710.08

1921.

5,704.27

Rai/way^operating* revenues________ 365.175,188 316.620,098 292,130,995
Railway operating expenses________ 278,602,021 250,400,469 221,768,389
Net revenue from railway oper’ns__ 86,573,167
Percentage o f expenses to revenues..
(76 29)
Railway tax accruals_______________ 20,053.594
Uncollectible railway revenues______
98,159

66,219.628
(79.09)
17,361,159
53,416

70,362,605
(75.91)
18,132,163
54,085

Railway operating income________ 66,421,414
Equipment rents, net debit_________ 4,126.179
Joint facility rents, net credit_______ 3,520.566

48,805,052 52,176,357
1,233.223
961.047
2.999.716
3.722,724

Net railway operating income
65,815,799
Miscellaneous operating income_____
210,284

50,571,544
328,271

54,938,035
37,520

Total operating income_____ 66,026,083
50,899,814 54,975,555
Non-Operating Income—
Adjustment of standard return______
______
4,281.608
Income from lease o f road_____
120.947
131.725
367,389
Miscellaneous rent income_____ 2,114,061
1,985,592
3,423,369
Misc. non-operating physical prop___
781.772
661.867
511,893
Separately operated prop.— profit___ 3,460,024
1,520,309
32,195
Dividend income______________ 14,464,455
10,309,803
6.316,257
Income from funded secs. A accounts 3,250,635
3,418.231
3.171,613
Income from unfunded secs. A acc’ts. 1,208.878
1,682.201
2,783,073
Income from sinking A other res. funds
148.620
90.740 deb.71,475
Miscellaneous income_________ deb.232,088
deb.749,193 deb.836,928
Total nonoperating income______ 25,317.305 19.051.274 20.121,944
Gross income---------------------------------- 91,343,388 69,951.089 75,097,499
Deductions from Gross Income—
Rent for leased roads_______________ 7,738.544
6,690,585
6,703,481
Miscellaneous rents_________________
860,955
907,983
1,157,913
Miscellaneous tax accruals__________
281,945
278,196
269.686
Separately operated properties— loss. 1,702.825
1,323,143
3.613.258
Interest on funded debt_____________ 33,881,249 34,855.173 33,598,469
574,651
Interest on unfunded debt__________
7.196,207
1,062.568
Amortization of disc, on funded debt.
637,407
553,788
572,511
Maintenance of investment organiz’n
5.112
2,582
4.507
Miscellaneous income charges_______
321,274
1,988,034
1.339,631
Total deductions from gross income 46,003,961 49,315,903 52,801.813

90

[V ol. 120.

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]

N Y C hic & St L R R — C om stock $59,620,000auth._
Prof stock Ser“ A ” 6% cum $45,880,000 auth__kxxx
First mortgage gold (closed)_______ ____ Ce.xc*&r
2d& Impt Mtge $25,000,000 g Ser A,B & C.xxxkc*
R ef mtge gold Series “ A ” red 107
___G.xxxc*&r*
Debenture bonds gold sec by 2d M tge_ G.xc*&r*
_
Eqps o f ’ 16 $1,100,000 due$l 10.000 each Aug lQ .c*
Equipment trusts due $30,000 yrly Oct 1______ Q
do
do sink fd red 101 & lnt___________ xxc*
do
do due $225,000 yearly____________ xxxc*
do
do sink fund red 102 & int______________
do
do due $285,000 yearly___________ xxxc
do
do due $191,000 yearly_________ G.xxxc
Collateral trust note______________________________
Lake Erie A Western Bonds—
1st M ($10,000 per mile, see V 46. p 45) g-.C e.x c*
2d M (V 54. p 444) $3 625.000 ($5,000 p m) gCe.xc*
Equip trust due $110,000 yrly_______________
do
due $43,200 yearly____________
N>Y C serial notes due $130,000 yearly______
Toledo St Louis A Western bonds—
Prior lien mortgage $10,000,000 gold_____ F.xc&r
First mtge e $6,500,000 red a'ter July 1925 Eq -X0A
Equipment trust notes due $78,800 annually_____(
Collateral trust note_____________________________

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

a $30321994
100 b25,783 451
17 550.000
12,230.000
500 &c 26,058,000
1,000 1 0 , 0 0 0 ,0 0 0
$100

513 1887
513 1918
1924
1906
1916
1916
1917
1922
1922
1923
1924
. . . 1922

1 ,0 0 0
500 & c

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 .0 0 0

1,000
1.000
1,000

710 1887
710 1891
1917
1920
. . . 1922

1 ,0 0 0
1 .0 0 0

1900
19an
1920
1921

1 .0 0 0 &C
1 .0 0 0 A c

451
451
...

2 2 0 .0 0 0

69,000
3 035 000
2.925.000
291 000
3.990.000
2,671 000
1,000.000
7,250.000
3.695 non
2 2 0 .0 0 0

432 000
910 000
1,000,

9.575.00ft

6 ,5 0 0 OOP

788.000
554,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

6
Q—J July 1 1925 1H
6
Q— J July 1 1925 1H
4 g A & O Oct 11937
6 g M & N M ay 1 1931
& O Apr 1 1974
5H g
& N M ay 1 1931
4g
& A Aug 1 '25 to '26
4X g
& O Oct 1 25 to '26
M & N M ay 1 1931
5*
4
5 g vr & s Sept 1 ’25 to ’ 37
5H M & N To M ay 1 1932
5 g F & A To Aug 1 1938
5 g M & S To Mar 1 1939
Mar 1 1930
6

6g

5 ft
4H
6
6

tChase Nat Bk. N Y
do
do
Guaranty Trust C o, N Y
tt'hase Nat Bank. NY
Guaranty Tr Co, N Y
Guaranty Tr Co, N Y
New York and Cleveland
Un Tr. Clev; Gu T r, N Y
New York & Cleveland
UnTr.Olev: GuarTr.N Y
Guaranty Trust Co, N Y

Guaranty Trust C o, N Y
Jan 1 1937
do
do
July 1 1941
To Jan I 1927 Philadelphia
To Jan 15 1935 Guaranty Trust C o, N Y
Apr 26 1932

Irv Bk- Col Tr Co, N Y
3H i J & J July 1 1925
Trv Bk-Col Tr C o, N Y
4 g A & o Apr 1 1950
6 g J & J 15 To Jan 15 1935 Guaranty Trust C o, N Y
M ay 15 1936
6g

t Regis. Int. on 1st M 4sand deb.atTreas Office Clevel and.
a Does not include $15,781,756 in treasury,
b Does not include $6,841,699 in treasury.

1923
1922
1921.
45.339,427 20,63.5,’l86 22.295,686
Net income...........................
Dividends declared_________________ 17,432,978
12,876,985 12.479,641
Sinking funds___ _____
144,754
114,329
68,457
Investments In physical property____
12,917
______
______
Surplus for year carried to P. & L ._ 27.748,778
7^643,871 9.>47,588
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres.. Patrick E. Crowley: Chairman, Chauncey M . Depew; Chairman o f 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 John G. Walber; Gen.
Treas., Harry G. Snelling; Sec., E. F. Stephenson.
Directors: F. W . Vanderbilt, C. M . Depew, 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.
Jermone.— (V. 120, p. 1878.)
NEW YO R K CENTRAL LINES.— The N. Y . Central Lines equip,
trusts cover engines, passenger cars and freight cars used by various lines
o f the system, which jointly and severally acTee to pay prin. and int., the
larger part being for N. Y. Central— (V. 120 p. 2682.)
NEW Y O R K CHICAGO AND ST. LOUIS R R . CO. (T H E ).— This
company was formed in 1923 under laws o f N. Y ., Pa., Ohio, lnd. and 111.
as a consolidation o f the New York Chicago & St. Louis R R ., Chicago &
State Line R R ., Toledo St. Louis & Western R R ., Lake Erie & Western
R R . and Fort Wayne Cincinnati & Louisville R R . The consolidated
company operates 1,695 miles o f 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 o f Sandusky and Toledo and the company also owns
half the capital stock of the Detroit & Toledo Shore Line R y.. connecting
Toledo with Detroit.
The agreement and articles o f consolidation were entered into by the
directors o f the constituent companies on Dec. 28 1922. Ratification by the
stockholders, and compliances with the requirements o f State statutes,
were completed on April 11 1923, on which date the consolidation became
effective. On June 18 1923 the I.-S. C. Commission issued a certificate of
public convenience and necessity authorizing the acquisition, and operation
In inter-State commerce, o f the lines o f railroad o f the constituent com
panics by the consolidated corporation, and approved the necessary issue of
securities.
The total capital stock o f the consolidated company authorized by the
agreement and articles o f consolidation is $105,500,000, o f 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 o f the constituent companies is $78,967,900, o f which $32,720,000 is
preferred stock and $46,247,900 is common stock. On Dec. 31 1924
capital stock o f the constituent companies amounting to $78,728,900 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
dation o f $ 239,000. A part o f the stock which will be Issued to discharge
that liability will be contributed to the company pursuant to the agreement.
Because o f contributions by stockholders and other adjustments incident
to the consolidation, the company holds in its treasury, out of the total of
$78,728,900 issued and exchanged to Dec. 31 1924, fully paid preferred stock
of the par value of $6,841,699 and fully paid common stock of the par value
o f $15,781,756. V. 116, p. 721; V. 119, p. 1183.
_
„
Merger.
The following proposal by O. P. and M . J. Van Sweringen for the unified
control and operation o f the railroads o f the New York Chicago & St. Louis
R R . C o., the Chesapeake & Ohio Ry. C o., the Hocking Valley R y. C o.,
Erie R R . C o., and Pere Marquette Ry. C o., was made public in Sept. 1924:
Organization and Purpose of New Company.— A railroad corporation,
hereinafter called the new company, will be organized with an initially
authorized capital stock divided into shares of the following classes: 6%
cumulative pref. stock, Series A , o f the par value o f $100 each, preferred
both assets and dividends, without voting power, except as now or herafter
required by law or provided in its charter, and common stock with voting
power.
It is proposed that the new company shall acquire control of the railroads
and properties o f the above-mentioned companies, severally, by lease,
directly or indirectly, for 999 years, subject to their funded and other debt
and liabilities, and (or) by acquisition of at least a majority of all their out­
standing capital stock, or otherwise, according to the following plan:
Slock of the New York
Chicago < St. Louis
fc
---- Stock to Be Issued by New Co.x—
RR. Co., Which Is
—Ratios-AmountsCommon.
Not to Be Acquired Preferred.
Pref. Com. Preferred.
by the New Co.
The N. Y. Chic. &
St. L. RR. Co.*
Pref. stock outst’g$25,865,666
1.00
a$25,865,666
Pref. stk. In treas. 66,854,334
Com.stk. outst’g.
$30,406,464 . . . 1.00 ................. a$30,406,464
Com. stk. in treas.
615,841,436 .........................................................
Stock of Lessor Com­
panies Which Is to
Be Acquired by New
Company in Etch,
for Its Capital Stk.’
The Chesapeake &
Ohio Ry. Co.:
First pref. stock..
3,000
Second pref. stock
200
613% cum.pt.stk_ 12,558,500
cl4,445,955
$12,561,700
Com. stk. outst’g.
65,414,725
Com. stk. In treas.
11,000
$65,425,725 .55 .55 c35,985,149 c35,984,159




The Hocking Valley
Ry. Co.:
Com. stock owned
by Ches. &Ohlo
Com. stk. outst’g
owned by others
Com. stk. In treas.

Preferred.

---- Stock to Be Issued by New Co.*—
—Ratios----------------Amounts-----------Common. Pref. Com
Preferred.
Comma*.

d8,837,900 — . . .
2,161,600
500
$2,162,100 .50 5

.................

.................

d 1,081,500 d1,081,036
Erie RR. Co.:
First pref. stock..$47,904,400
Second preb stock 16,000.000
*31,952,200
.50
$63,904,400
*44,992,76*
Common stock__
.40
112,481,900
Pere Marquette Ry.
Co.:
/$11,200,000
Prior pref. stock..$11,200,000
1.00
/ l l , 186,100
Preferred stock__ 12,429,000
.90
/$38,289,1**
Common stock__
$45,046,000
.85
Total stock to be Issued under leases or In ex­
change for stock of lessor companies_______

$131 ,71 5,12 0 $150,753,838

S to c k to B e I s s u e d f o r C a s h o r R e s e r v e d f o r
C o n v e r t ib le B o n d s .

T o be Issued for cash upon organization____
T o be reserved for the Chesapeake & Ohio R y .
C o. convertible gold 5s convertible into
C . & O . common stock a t 90 to April 1 1926
and at par thereafter to April 1 1936 (par
value outstanding, $ 3 8 ,0 7 3 ,5 0 0 )____________

$50,000

Total stock of new company to be issued or
reserved for the purposes of the plan____

.55

.90
T o be reserved for Erie R R . C o . convertible
50-year gold 4s, Series D convertible into
Erie common stock at 50 to O ct. 1 1927
(par value outstanding, $ 1 9 ,6 2 8 ,0 0 0 )_____

.55

$50,008

23,267,139

23,267,13$

.90

.40
15,702,40*
. 5 0 ______________________________
$155,032,259 $189,773,0*2

x The pref. stock of the new company shall be of the par value of $100
per share. Its common stock shall be of the par value of $100 per share or
without par value; if it be without par value, the same number of share*
thereof shall be issued, exchanged, disposed of and reserved pursuant to the
plan as though such shares had a par value of $100 each.
* The amounts of stock shown for the New York Chicago & St. Loui* R R .
Co. include the following amounts carried as stock liability for conversion
which will be actually outstanding or in treasury when exchanges are com ­
pleted under the agreement and articles of consolidation dated Dec. 28 1922:
Preferred: outstanding. $103,565: in treasury, $12,635; Common: outstaad
ing, $133,870; in treasury, $72,030.
a Stockholders o f the New York Chicago & St. Louis R R . Co. will not
receive new company shares but the New York Chicago - St. Louis R R . Co.
will receive under its lease to the new company shares o f the pref. and
common stock of the new company equal in number to the shares o f the
pref. and common stock, respectively, of the New York Chicago & St.
Louis R R . C o., actually outstanding, including the amount which will be
actually outstanding on account of stock liability for conversion when ex­
changes are completed under the agreement and articles of consolidation
dated Dec. 28 1922.
6 No stock of the new company is to be issued in respect o f the treasury
stock of the New York Chicago & St. Louis RR. Co. This treasury stock,
including not only the amounts now in the treasury but the additional
amounts to be in treasury on account of stock liability for conversion wheo
exchanges are completed under the agreement and articles of consolidation
dated Dec. 28 1922, will be retained by the New York Chicago & St. Louis
RR. Co.
c Stock of the new company will be issued, at the ratios indicated, to the
stockholders of the Chesapeake & Ohio Ry. Co. upon acquirement of their
shares by the new company. The New York Chicago & St. Louis R R . Co.
will exchange its holdings of stock of the Chesapeake & Ohio Ry. C o., con­
sisting of 155,000 shares of common stock, for the stock of the new company,
upon the same basis as that provided for other stockholders and will retain
the stock of the new company issued in exchange therefor. The stock of the
new company, $6,050 par value of common and $6,050 par value of pref.,
exchanged for the common stock of the Chesapeake & Ohio Ry. Co. held in
its treasury and amounting to $11,000 par value, will be acquired by the
new company under the lease and will be held by it as fully paid treasury
stock.
d Unless required by the terms of existing mortgages, or otherwise re­
quired, no stock of the new company will be issued in respect of the stock of
the Hocking Valley Ry. Co. owned by the Chesapeake & Ohio R y. C o., but
this stock will be acquired by the new company under the lease, subject to
existing liens. The stock of the new company, $250 par value of common
and $250 par value of preferred, exchanged for the $500 par value o f common
treasury stock of the Hocking Valley R y. C o., will be acquired by the new
company under the lease and held by it as fully paid treasury stock.
e Stock of the new company will be issued, at the ratios indicated, to the
stockholders of Erie R R . Co. upon acquirement of their shares by the new
company.
/ Stock of the new company will be issued, at the ratios indicated, to the
stockholders o f Pere Marquette Ry. Co. upon acquirement o f their shares
by the new company. The New York Chicago & St. Louis R R . Co.will
exchange its holdings o f stock of Pere Marqtuete R y. C o ., 120,000 shares of
common stock, for the stock of the new company upon the same basis as that
provided for other stockholders and will retain the stock of the new company
issued in exchange therefor.
Committee.— J. ,J. Bernet, Pres, of the New York Chicago & St. Louis RR.
Co.; W. J. Harahan, Pres, of the Chesapeake & Ohio Ry. Co. and of the

M ay . 1925.]

R A IL R O A D C O M P A N IE S
[F o r a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e

61

M ile
R oad

N Y Conn R R — 1st M g red 105 begAug'18-G.yc*Ar*
N Y & G reen w Lake— Prior lien M g u p t l.N .gxc*
NewYork & Harlem— Common 10% guaranteed_____
Preferred stock 1 4 % , 10% guaranteed___________
Ref. mtge (now first) $12,000,000 gu ar.. Q.xo*Ar
!f Y Lackawanna & Western— Siook guari5%. (end)
_
1st & ref mtge Series B guar p & 1 (end)_ F.xxxc*

do

Series A ______________________________
New York Lake trie & Western— See Erie RR

Debentures not convertible_____________________ z
Debentures $39,029,000 gold conv (te x t)_ z c’ Ar
_
Gold coupon debentures_______________________xc*
Notes to U S Gov call (IT S nar, others 102)...t e x t
Note to Director-General o f Railroads___________
do
do
do
_____________________
Notes to Secretary o f Treasury__________________
N Y Pr A Boat gen M (now 1st) g ass. $4.000,000 zcAr
Housatonlo con M g (assumed)____________ P zc*
N Eng cons (now 1st) M $17,500,000 5s g gu.Ba.zo*
Danbury & Norwalk—
Gen mtge Danbury, Conn, to Wilson Pt, A c.zc*
First ref mtge V 82. p 210) gold assumed.xo*&i
Harlem R & Pott 1st M gold $15.000.000-Us.xc'&r
Naugatuck first mortgage gold assumed........ xc* Ar
Debentures___________________________________ z
Boston A N Y Air Line 1st M S5.000.000 (asnum) _.x
N B A Northampton ref M $10,000,000 guar p A 1.x
Providence Term 1st M $7,500,000 g assum ..xc*Ar
a Beg.Interest Amer. Exch.Nat.Bank; coup. Int. Tre as.

D a te
B onds

Amount
Outstanding

Par
V a lu e

1913 $ 1 .0 0 0 & C
54 1896
100 Ac
50
140
50
140
136 1900 l .000 Ac
ion
214
1,000
214 1923
1,000
. . .
1923
38 1891

N Y & Lons Br— Gen M (now 1st) $2,500,000 g-.C e.o*

New York New Haven & Hartford— Stook (see text).
Pref. aAd stock 7% cum $45,000,000 calll 10______
First and refunding mortgage— See text
15-year secured gold bonds red 105____ CoIxc*Ar*
Debentures ($5,000 000 are 4s) non convert, .zo&r
Debentures (for F H & W) (V 78, p 2335)_______ x
Debentures (for N Y O A W) (V 80. p 2458) _zo* Ar
Debentures convertible (see text)___________ xc*Ar

1,000

Rate
%

When
Payable

Aug 1 1953
M ay 1 1946
See text
See text
M ay 1 2000
5
Q— J Apr 1 1925 1M
414 g M A N M a y l 1973
M A N M a y l 1973
5

See text

10,000,000
13,639,000

2.500,000 4 g A 5 M

A

S Sept 1 1941

A

A

M
A
J

A
A
A
A

O
H M ar
() Apr
J July
J Jan

100

—

1925
’97-01
1904
1905
1906

100 &c 23,000,000
6g
i.OOd 9,991.1)0(1 334 A 4
600 Ac
9,997,900
334
1,000 15.000.000
4
100 Ac
8,912,850
334

1906
100 Ac
1908
1,000
1920
1920 1.000 Ac
1920
1922
’20--23
1,000
62 1892
87 1887
1,000
1,000
862 1895

15.000.000
4
38 541.200
6 s
12 326.000
4g
43.000,000
6
17.000,000
6 g
4,000,000
6g
27,230,000
6 g
1,000,000
4 g
2,839,000
5 e
17.500.000 4 g A 5 g

1,000
1885
150.000
1905
350.000
1904 1.000 Ac 15,000.000
1904 1.000AO 2.500.000
1902
234.000
1,000 3.777,000
1905
1906
2.400,000
1906 1 000Ac 4.000,000
of Penn. R R ., Phi 1
30
30
12
61

L a s t D iv id e n d
a n d M a t u r it y

$24,000,000
434 g F A A
1,471.900
5 g M A N
8.656.050 See text See text
1.343.950 See text See text
12.000.000
334 g M A N

100 157.117,900

Hocking Valley Ry. C o.; W . L. Ross, Pres, of Detroit A Toledo Shore Line
RR.. C o.; F. D. Underwood, Pres, of Erie R R . C o.; and E. N . Brown,
Chairman. o f the Board o f Pere Marquette Ry. C o., and Messrs. O. P.
Van Sweringen and M . J. Van Sweringen will act as a committee to carry
out the plan.
J. P. Morgan A C o., New York; Continental & Commercial Trust &
Savings Bank, Chicago; The Union Trust Co., Cleveland; and Old Colony
Trust C o., Boston, will receive deposits o f stock'and issue therefor trans­
ferable certificates o f deposit.
Provisions of Leases.— The new company will receive the entire gross
income from all leased properties subject to the provisions of the leases.
Each lease shall provide for the consolidation, merger, conveyance or
unification in other manner o f the properties o f the lessor and lessee com­
panies into one corporation for the ownership, management and operation
of such properties, when authorized by the I.-S. C. Commission, whereupon
the lease may be terminated. In the case of the New York Chicago & St.
Louis R R . C o., the lease shall provide in substance that.i f for any reason
whatsoever the lease should be terminated, then the lessor on request of the
lessee, either shall forthwith, for a nominal consideration, convey the fee
of its leased properties to the lessee, subject to the approval of the convey­
ance at such time by the I.-S. C. Commission, or shall, at the option of the
lessor, return the stock o f the new company given in consideration of the
lease, or the equivalent, at the time o f the termination o f the lease, of said
stock, as provided in the lease. I f for any reason whatsoever such convey­
ance should not be made at the time o f the termination o f the lease, the
lessor shall in any even treturn said stock,or its said equivalent; but nothing
herein shall be construed to limit or prevent the free use or disposition of
said stock by the lessor.
Each lease, except that from the New York Chicago A St. Louis R R . C o .,
will obligate the new company to issue its stock, in exchange for stock of the
lessor company, upon the bases set forth in the foregoing proposal, against
surrender o f such stock at any time within one year from the date of delivery
o f the lease.
The committee carrying out the unification proposal made public Feb. 2
1925 a statement and analysis o f the provisions relating to deposited and
non-exchanging shares o f these and other lessor companies embraced in
the plan. Under the terms three optional courses are open to shareholders
o f the Chesapeake A Ohio, Hocking Valley, Erie and Pere Marquette;
this analysis shows, as follows:
There is the choice, first, it is pointed out, o f assenting to the plan and
exchanging stocks on the basis set forth In the proposal o f O. P. and M . J.
Van Sweringen.
Secondly, a shareholder may withhold his stock. The status will then
be that o f stockholder in a lessor company, the corporate existence of which
will be maintained. Into the corporate treasury o f the lessor company
the new company will pay rental at rates set forth in the terms under which
the lessor companies are to be leased. The non-exchanging stockholder
will participate in this rental to the extent of such dividend rates as the
lessor company may declare on the basis o f the rental fund.
A third avenue is open to the shareholder through the offer of an average
market price for his non-exchanged shares, with the prerogative, if he
so elects, of determining the price through appraisers designated by the
Inter-State Commerce Commission or appointed by the U. S. District
Courts, or as otherwise set forth in the lease.
Higher Rates for Exchanged Shares.
Advantages in the form o f relatively larger dividends rest with shares
o f the lessor companies deposited for exchange as against non-exchanging
shares o f these companies. The latter, however, participate i*n rental,
potentially equivalent, in the majority o f instances, notably in the case of
Common stock, to a better yield than the present dividend rates of individual
lessor companies.
In the case o f the Chesapeake A Ohio, now paying 4% on Common, the
exchanging common shares, for illustration, will receive 6-6% , and non­
exchanging shares, 6% . Rental, with respect to the lessor companies,
is on a sliding scale. Six per cent dividend payment on new company
preferred and common is the basis. Rental increases or decreases propor­
tionately, if rates greater or less than 6% are paid on new company’s stock.
The following table contrasts rates on exchanged shares with rates on non­
exchanging stock of the Chesapeake A Ohio, Hocking Valley and Pere
Marquette, giving also the existing dividend rates of these companies.
Exchanging Non-Exch.
Present
Shares
Shares
Rate of
Received.
Received.
Dividend.
6.5%
6.5%
Chesapeake A Ohio—Preferred_________ 6-9%
Com m on________________
6.6%
6.0%
4.0%
Hocking Valley, Common______________ 6.0%
5.5%
4.0%
Pere Marquette— Prior Preference_____ 6.0%
5-0%
5.0%
Preferred------------------------------------------ 5.4%
5.0%
5.0%
Comm on-----------------------------------------5.1%
4.5%
4.0%
The basis o f rental payment to the Erie under the lease is $3 a share
on non-exchanged 1st and 2d preferred and $2 40 a share on non-exchanged
common. The Erie’s distribution of this rental would be in the order
o f priority o f stock, the 1st preferred having a preference of 4% before
distribution to the 2d preferred, and the latter having a 4% preference
before distribution to the common.
Because o f the preference and priority which Erie 1st preferred has over
2d preferred and common under the provisions of the Erie Charter, the in­
centive for the latter two classes of stock to exchange is declared apparent.
I f all o f the 2d preferred and common exchange the potential maximum
rate o f dividend on withheld 1st preferred shares, available from rental,
would be the same as the dividend rate that this first receives in exchange
for new company preferred, namely 3% per year. Moreover, for the first
year o f the lease, regardless o f the amount of outstanding 2d preferred
and common, the rental payment is limited to a rate o f 3% on the nonexchanged 1st preferred only.
The incentive to exchange in the instance o f the 1st preferred shareholders
is declared to be the better market which the preferred stock of the new
company will have as against the preferred of the non-operating Erie
Railroad Co., the larger security and preference as to assets on the cumu­
lative preference for the new preferred stock which does not exist for the
Erie 1st preferred under the Erie’s charter.




91

R A IL W A Y STOCKS AND BONDS

5

4 2
42
4 g
334
4 x
4
4 g

J

See text

1 1947
1 1954
1 1955
1 1956

M A N May 1 1956
J A 115 Jan 15 1948

M A N M a y l 1957
See text
M A S Mar 1 1930
Various Oct 31 1930
A A o T o 1935
A A o Apr 1 1942
M A N Nov 1 1937
J A J July 1 1945
A
J
M
M
A
F

J

M

o Apr 1 1925
D June 1 1955
N May 1 1954
N May 1 1954
O Oct 1 1930
A Aug 1 1955
A D June 1 1958
A S Mob 1 1956

A
A
A
A
A
A

P la ces W h ere In terest and
D iv id e n d s a r e P a y a ble

See “ a " below
50 Church St, New York
Grand Central Term,NY
do
do
do
do
Del Lack A West. N Y
do
do
do
do
New York Trust Co, N Y
C o’s office. New Haven
Irv Bk-Col T r, Line office
Second Nat Bank, N H
and 1st Nat Bk, Bost
Irv Bk-Col T r, Line office
Second Nat Bank, N H
Irv Bk-Col Tr, Line office
Second Nat Bk.NewHav
Equit Trust Co. N Y

CentUnion Tr Co. N Y
Farmers' L A T r C o, N Y
Safe Dep A Tr Co,Boston
Second Nat Bk. NewBav
do
do
Trv Bk-C©l Tr Co. N Y
8econd Nat Bk. N Haven
do
do
do
do
Second Nat Bk. N Haven
do
do

Stockholders Approve Plan.— The stockholders on April 2 1925 votod
in favor of leasing the old company to the new Nickel Plate. This was
the last of the stockholders’ meetings voting on the plan, stockholders at
the other four roads having approved the plan previously.
The I.-S. C. Commission on April 15 1925 began hearings on the pro­
posed merger.
New Company Organized.— The New York Chicago A St. Louis Railway
Co. has been incorporated under laws of Ohio for the purpose of acquiring
by lease the properties the New York Chicago A St. Louis R R . C o., Chesa­
peake A Ohio Ry. C o., Hocking Valley R y. C o., Brio R R . Co. and Pera
Marquette Ry. Co.
1)1 VS.— On July 16 1923 paid 3% on new pref. stock and 3% on new com­
mon stock; Oct. 1 1923 to July 1 1925 paid 134% qnar. on each class of
stock.
BONDS.— First m tge., ab stract. V . 45, p 541.
The stockholders on July 2 1918 authorized a “ Second A Tmpt. M tge.”
for $35,000,000, including the $10,000,000 debentures o f 1906, which are
equally secured, leaving $25,000,000 that may be issued for improvements.
The bonds are 'to be issued in series, e a c h series to bear such rate o f interest
as may be fixed by the directors. At D ec. 31 1924 $14,309,000 had been
issued, o f which $2,079,000 were pledged as security for $1,000,000 note
issued to U. S. R R . Administration. V. 108. n. 1061.579; V. 107. p. 1670.
In June 1924 sold $26,058,000 ref. mtge. 534% gold bonds, Series “ A ."
The authorized issue of refunding mortgage bonds is limited to an amount
which, including all bonds at the time reserved to retire prior debt, shaM
not exceed three times the par value of capital stock then outstanding.
V. 118, p. 2949.
Eouipment 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.
Joint guarant ee of Cleveland Union Terminal Co. bonds. V. 114, p. 2718.
V. 117. p. 208.
R E PO R T .— For 1924, in V. 120, p. 2569, showed:
Consolidated Income Account.
Calendar Years—
1924.
1923.
1922.
Railway operating revenues_________ $53,992,435 $57,477,379 $50,948,43$
Railway operating expenses_________ 40,276,956 43.938,162 39,060,607
Net revenue from railway oper____ $13,715,479 $13,539,217 $11,887,758
Railway tax accruals________________
2,737,033
2,852,483
2,604,454
18,730
7,690
5,891
Uncollectible railway revenue_______
Railway operating income________ $10,959,716 $10,679,044
1,305,171
Equipment rents (net)______________ 1,193,482
176,599
175,019
Joint facility rents (net)_____________

$9,277,413
815,958
87,612

Net railway operating income_____ $9,589,636
Non-operating income______________ 1,456,880

$9,198,854
1,243,510

$8,373,845
564,757

Gross income____________________ $11,046,515 $10,442,364
4,111,022
Deductions_________________________ 5,177,268

$8,938,608
3,598,638

Net income_______________________ $5,869,247
Income applied to skg. A oth. res. fd s.
$98,184
Dividend appropriations___________
3,361,775

$6,331,342
*98,482
3.556,648

$5,339,963
$98,228
1,499,365

Income bal. transf. to profit A loss. $2,409,288
Previous balance___________________ 35,883,692
Discount on bondspurch. andretired.
6,816

$2,676,211
17,421.930
10,517
487,131
4,496
9,310
16,637,422

$3,742,372
12,114,477

Profit on road and equipment sold___

Unrefundable overcharges__________
Donations__________________________
Miscellaneous credits and adjustments

8,695

11,193
8,670
7,836,905

20,34#
18,506
20,442
2,211,854

Total surplus_____________________$46,165,259 $37,247,019 $18,127,992
Surp. approp. for inv. in phys. prop.
8,670
9,310
20,442
Debt diset. exting. through surplus..
68,775
228,604
85,692
Loss on retired road and equipment. _
60,086
134,478
141,767
______
Premium on equip, trust certificates.
1,370
______
Miscellaneous debits________________
234,615
191,454
458,314
Profit and loss balance___________ $45,793,113 $36,883,692 $17,421,747
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.
Office, Cleveland, Ohio.— (V. 120, p. 2537.)
NEW Y ORK CHICAGO & ST. LOUIS R A ILW A Y CO — See New
York Chicago A St. Louis R R . Co. above.
NEW Y O R K CONNECTING R R . CO. (TH E).— Owns 4-track viaduct
bridge and connecting road forming a line 8.96 miles in length from Port
Morris, N. Y ., at Heli Gate, to Long Island City (with line to Fresh Pond
4.32 m .), a connecting link between the N. Y . N . H. A H. R R . and the
Pennsylvania R R ., 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 R R . station in N. Y .; frelghtralns 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 M . 434%
($30,000,000 auth.), $24,000,000 have been sold, guaranteed, principal and
jut., jointly and severally, by Pennsylvania R R . and N. Y. N. H. A H. R R .
RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
Operating revenues______________
$3,091,647 $3,278,057 $2,929,211
Net operating Income___________
1,287,007
1,477,939
1,487,490
Gross income___________________
1,520.432
1,282,324
1,502,055
Deductions from gross income____
1,281,564
1,303,014
1,651,817
Government guarantees (deb.)_
_
71,872
N etincom e______ ______ __________
— (V. 120, p. 1878.)

$759

$199,041 def$203,257

92

K A ILW A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[V ol. 120.
Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

May 1 1957
1925 to 1956
To Apr 1929
Dec '25-Dec '25
-Tpt 25-Sept '26
N ov 25-M iv'28
To Oct 1 1935
To Jan 15 1935
July ’25-Jan ’40

Equitable Trust Oo, N Y
Farm Loan A T rO o. N Y
Commercial Tr Co, PkQa
do
do
Commercial Tr Co, Phila
Old Colony Tr Oo, Bost
Oimrantv Trust Co. N v
J P Morgan & Co, N Y

July 1 1946

New York & London

w York New Haven & Hartford (Concluded)—
Providence Secur Oo debs g gu red 105 beg 1917.xc*
Bds of eleo roads. See text below A " Electric Ry
Equipment trusts. Ser. A due $166 000 yearly __F
do
ser BB due $123 & $122,000 s-a.CP
do
ser OO due $65,000 s - a _______ CP
do
ser DD due $171,000 s a _ C Pc*
_
do
ser EE Class A . . ______________ .
do
Govt No 53. due $295,900 vearly..
do
due $121,000 Jan, $122,000 July— „
Bonds o f Leading Proprietary. dkc. Lines (V 103. d
Boston RR Holding Oo— Boston Term Oo— Centra)
New York Connecting RR and Old Colony— See tb
N Y Wes & Bos 1st M $60,000,000 g red 110axo‘ &r*
Hew York & N orthern— See N Y Cent RR.
Note.— Certain property o f this company is subject
minal b on d s o f that company to the amount of $1,500,

1907
fi.0 00 See text
fc
4Z M < N
*
Sectlo □ *
4. 4 4 . 5
1914
A A O
1.001
$661,000
5
121.000
1 A 1)
1915
44
M A s
1916
195 000
4.4
1.000
1918
1.016,000
6
M & N15
1.000
A A o
1920
7
1.451.000
1920
1 A .)
3 959,090
6
_ - 1925
1,000
3,645,000
5g J & J
1604)
New
Engla nd R y— See those co tnpanlea
ose co mpani
$ &£
8ee text
1911
44 e J A J

to a lien un der a mo rtgage of tb e New Y ork & Ne w England RR. Co. to secure Boston T er000, d ue Apr 1 1939 bearing in ere-d. at 4%

NEW YORK & OKEENWOOD LAKE R Y .— (See M a p of Erie H R .)Owns from Croxton Jet., N. J., to Sterling Forest, 41 m ., andbranohes to
Rlngwood, &o., 8 m.; Watchung R y., Forest Hill to Orange, N. J., 4 m
total owned, 53 m. Stock, $100,000; par, $50. Leased to Erie R R . for
999 years from May 1 1896. Prior lien bonds are guaranteed, prln. and int
by Erie. See V. 63. p. 513: form of guaranty, V. 65. p. 463.
NEW Y O R K & HARLEM R R .— (See New York Central Railroad).—
Owns steam road N. Y . City to Chatham, N. Y ., 136 m. Also owns streo.
railroad on Fourth & Madison avenues. N .Y. City. 10 m. Assets, V. 95. p.47
The N . Y . Centra] R R . owned on Dec. 31 1923 $5,551,400 common and
$1,142,950 preferred of the $10,000,000 stock. V. 94, p. 208, 768; V. 93.
p. 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 R R . Co.; and the street railway
was leased July 1 1896 for 999 years to the Metropolitan Street R y. (now
N. Y . Railways C o.), at annual rental intended to provide dividends as
follows, the interest on the bonds being taken care o f under lease of the
steam road.
Rental—
Dividends.
Payable—
Steam road— 10% per annum guaranteed____________ Jan. 5% ; July 5%
■Streetrailway— $400,000 yearly— 4% p.a. (see below) .April 2% : Oct. 2%
These last dividends were not paid in 1919, the N. Y . Railways Co.
having defaulted on the street railway rental. By order o f Judge Julius
M . Mayer in Jan. 1920. the street railway line was returned to the com­
pany as o f Jan. 31 1920 V. 108. p. 79; V . 109. p. 1273; V. 110. p. 360.
R E PO RT.— For 1923, total income, $1,504,727; int. and rentals.
$589,328: pref. divs., $134,395 common divs, $865,605: bal., def., $84,601
OFFICERS.— Pres., P. E. Crowley; Sec.. E. F. Stephenson; Treas.,
M . S. Barger; Compt., W . C . Wishart.— (V. 118, p. 2573.)
NEW YORK LACKAWANNA & WESTERN RY.— Binghamton to Bui
falo and Internat. Bridge and branches, 214 m., of which the main line, 2Km., is double track; D L. & W. has a lease for duration of oharter from Oct
1882, giving a guaranty of the bonds and 5% yearly on the stock. See lorn
o f guaranty o f 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
o f Del. Lack. & West. R R .
NEW YORK & L i\u BkANCH RR.— Perth Amboy to Bay Head, N. J.
vy
88 miles. Operated under an agreement made in 1888 for a period of 9(
years with Penn. RK. «nd Cent. RR. of N. J.. which Jointly and severallj
guarantee Interest and 7% on the $2,000,000 stook, all owned by Centra;
R R . of N. J. Of the bonds $192,000 are 5s. Pres., George F. Baker
Yice-Pres., Robert W. de Forest, and Sec. A Treas., F. T . Dickerson.—
(V. 72. p. 438.
NEW Y O R K NEW HAVEN & H AR TFO RD RR . C O . (TH E ).— Cov­
ers s-A.i+bpru New England and the only direct routes between New York
and Boston.
uu,ned in Fee—
M iles. | Leased {part owned)—
Mile*.
_ 527
Woodlawn Jet. N . Y ., to ProvlOld Colony RR. (which see)_
dence, R . 1__________________ 1731 Lines Leased—
Boston, Mass., to Danbury,
[ Providence and Worcester_____
48
C o n n ________________________179|Norw & Worcester (which see)
71
New Haven. Conn., to Spring|Other lines____________________ 160
field. Mass__________________ 60|Track to New York City, Ac.
Lines to Pittsfield, Litchfield
I (V .8 8 .P .5 3 )...........................
Springfield, See_________
.7401
-----—■
Total operated Dec. 31 1924____________________________________ 1,958
Second track, 813 m.: third track. 126 m.: fourth track, 116 m.; all other
main tracks, 27 m .; yards and sidings, 1,691 m.
On Jan 17 1918 began operating N Y. Connecting R R . (which se«
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 aoqulred at $45 per $100 share and $2,200 of the $4,000 Dref
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 thi
majority pref. stock of the Rutland R R . V. 93, p. 1600. 1788; V. 94. p
1317; V. 95, p. 1608: V. 101, p. 1974.
O w n s greater nart o f stook o f C e n t r a l New E n g l a n d R y. (which see) anC
guarantees $14,014.000 gen. 4s. V. 92, p. 1179, 1375. 1436: V. 93. p. 866
O w n s oraotlcaiiy ali the stook of the N .Y . Westchester tie Boston. L77U
St., N. Y . C., and M t. Vernon, &c., and guarantees payment o f prin. & Int
o f the $19,200,000 4 4 % 1st M . 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
by directors on May 8 1917, (1) grants authority to retain possession ol
14 subsidiaries, but. requires the sale of the Rutland R R . 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. X04, p. 2010; V. 114, p . 1766.
SEGREGATION .— The stockholders on Apr. 21 1914 approved an agree
ment which had been reached with the Govt, for a surrender to lode
pendent control of certain parts of the system so as to prevent a suit unde:
the anti-trust law as follows: (1) The Boston RR. Holding Oo. stock own
ing 28.3% o f the stock o f the Boston A Maine RR. has 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 o f the bolding company, they shall
sell the Bos & Maine stock before ^as extended) Oct 1 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 o f Oct. 17 1914 by which the
New Haven was required to dispose o f the New England Street Ry. System
and o f holdings in the Boston & Maine R R . The modification restores
toth eN ew Haven its investment in the B. & M . SeeV. 116, p. 2637. 2884.
(2) The slocks 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,
trolley properties were disposed o f during 1920. V. 99, p. 1452; V. 108
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 R R .. has been sold
V. 98. p. 1320. 1396
(4) The minority stock of the Eastern Steamship Corporation, held by
the New Haven RR shall be sold by July 1 1921 (as extended in 1919). and
in the meantime shall be deprived o f 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 be 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 shall be sold by A pr, 1 1926. V. 108. p. 1275
(7) The stocks of companies owning or controlling street railways in
N. Y . shall be sold by Apr. 1 1926. V. 89 ;!). 1000, 1072, 1157, 1239, 1245
V. 99. p. 467. 270, 198, 120. 1131, 1221; \. 100. p. 642.




Report or Inter-State Commerce Commission July 1914 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 o f the following corporations or any of them, or tomerge or consolidate any or all o f them with this company: (a) Central New
England Ry.; (b) Harlem River & Port Chaster R R .; (c) New England S8.
Co.; (d) Hartford & New York Transportation Co.; (e) New Bedford Mar­
tha’s Vineyard & Nantucket Steamboat Co.
Report of Joint New England Railroad Committee suggesting plans to
rehabilitate the New England roads. V. 117, p. 87.
8TOCK.— 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 G ov’t loan below mentioned was granted. V. 105.
p 1413, 1420, 1708. 1820: V. 106. p. 1127. 1131. 1231. 1345.
D IV ID E N D S.—
j 1873-1895
1896 to 1912
1913
1914. None
f*Pr cent,
____ . 1 lOvearlv
8
74
1 4 since
GOVERNM ENT 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 due 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 vyas reduced by payment on account from $43,964,000 to
$43,026,500. A new note in this latter amount, dated N ov. 1 1920 and
payable Oct. 31 1930. was given to the Director-Genera! to replace the
note for $43,964,000, dated April 15 1918, since reduced by payments to
$43,000,000 and $50,620,000 of first & ref. mtge. bonds were deposited with
the United States as collateral security therefor. A note in the amount o f
$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 tothe Director-General o f Railroads during 1922, since reduced by paymentsto
$4,000,000 and extended to Oct. 31 1930. The company also issued its
notes, payable in 15 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 o f
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 the 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 o f $4,775,000 were
pledged as collateral security for tha $3,000,000 note, while certain stock
and bonds o f 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 “ E E ” 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 collateral security. $200,000 of the
above loan have since been paid off. releasing a corresponding amount o f
“ E ” trust certificates which were canceled.
On M ay 26 1922 a further loan o f $500,000. covering equipment purchased
under trust “ E .” was made and equipment notes Class “ A ,” amounting to
$400,000 deposited as collateral security. $100,000 of the above loan has
since 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 “ E E ,” was made and equipment notes
Class “ A ” and “ B ,” amounting to $600,000, deposited as collateral security.
Series “ C ,” aggregating $2,600,000, issued to secure loans from United
States Government, to secure following notes: May 1 1922. $2,100,000 6% ,
due M ay 1 1932: June 1 1922, $300,000 6 % . due .June 1 1932: Jau. 1 1923.
$200,000 6% , due Jan. 1 1933, on account of 10% installment European
loan maturing April 1 1925.
A Government loan o f $7,400,000 was authorized in June 1922. The first
Installment of this loan, $2,000,000. was received Feb. 1 1923: the second o f
$2,000,000, April 2 1923; the third, of $1 500,000, March 6 1924; and
$1,900,000 March 28 1924. These advances were principally for additions
and betterments and maturing obligations.
B O N D S . — The company has executed and delivered to the Bankers
Trust C o., trustee, its first and ref .mtge. dated Dec. 9 1920. This is an
open mortgage under which substantially all pre-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 o f 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 o f 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 th it may be made to the
company for equipment and betterments (as of Dec. 31 1924 a total of $102,768,000) (Series A, B, C, D and E) h id been issued and were owned or held
as lessee by the company, of which $99,168 000 were pledged.
Bonds to the principal amount of $176,824,000 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 BankColumbia Trust Co. whereunder company has pledged as security $23,000,000 1st & ref. mtge. 6% gold bonds, Series “ F ,” dated April 1 1925,
payable April 1 1940, issued under ard secured by company’s 1st & ref.
mtge. dated Dec. 9 1920. Beginning N ov. 1 1925 and semi-annually M ay 1
and Nov. 1 in each year thereafter, company will pay to the trustee as a
cumulative sinking fund to purchase the bonds at not exceeding 105%
and int., or to the redemption o f bonds selected by call at such price, 1%
o f the principal sum at any time issued, and in addition an amount equal
to the int. upon the bonds acquired for the sinking fund by purchase or call.
Proceed? o f this issue were used to retire the company’s “ European Loan”
debentures, which matured on April 1 1925. Holders o f 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 o f 1904, V. 85, p. 1143.
Debenture certfs. o f 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 Oo. had been acquired by tbe N. Y . N . H. A
H. R R ., which had assumed the issue, and its shareholders voted April
1917 to authorize not exceeding $16,758,000 4% debentures due in May

M ay , 1925.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Mew York Ontario & Western— Common stock ..
Refunding (first) mtge *20,000,000 gold.-B a.xc* As Text
•Gen M *12.000,000 gold red 110 (see text) . .N xo'A r
Equip notes Ser C $30,000 s-a (V 96,p 420 ..B a t
Naw York & Ottawa— See N Y Central RR.
New York Phila & N orfolk—
First mtge *3.000.000 g (V 68, p 773. 978) - FP.xc"
in
Income mtge g non-cum regls (V 68. p 978)
Fpx
in
Wew York & Putnam— See New York Central HR
71
N Y Sus & West— Midland RR 1st M g ext ’ 10-Ce.xo’
PatersoD Exten RR 1st M ext In 1910 at 5% * f g . xc*
)
New York Susq A Western first M ref g ____ Ce.zc*
12'
Second M (*1.000,000 gold) 3d M on 72 m-Ce.zc*
12)
General mortgage for *3.000.000 g old -. . Ce.xc*
121
Terminal first mtge for *2.000.000 gold- - Usx.c* A)
Wilkes-B & E’ n 1st M g gu p A 1 (V 60. p 481)
6/
Equip notes O due $28.000-527,000 seml-ann gua'
Allied Companies—
Passaic & N Y 1st M (999 years rental) ext 1910 >
3
Naw York Texas & Mexico— See Galveston Harrisburg A Sat
A
Newark & Bloomfield—Stock, 6% rental - ..............
Newport & Cincinnati Bridge— See Louisville A Nash vllle
Norfolk & Carolina— See Atlantic Coast Line RR
Norfolk Southern— Stock 516,000,000 authorized----First mortgage..................................... ........... ,Hp.io’
22?
First General mortgage gold redeemable at 115 - .(lx
22?
Suffolk A Carolina First Cons mtge gold red 110 xc*
7f
1st &Ref M *35.000.000 red 105 since 1915 Ce.xc* Ar*
789
Raleigh A Cape Fear 1st M g . _ _ _______ Col.xo*
_
31
Raleigh A Southport first mort *2,000,000 __ Colx
61
Aberdeen A Asheboro 1st M *164.000 g.M eBa.xc'
81
h Further amount pledaed. see t.eTr.

1892
1905
1913
1896
1893

Par
Value

500 A
<
1880
1881
1.00(
1887
1.001
1887
1,001
1,001
1890
1893 1,000 At:.
1.00 m
1892
1916
l.OOH
1885
Anton I»

1891
19(4
1902
1911
1903
1905
1910
1920
1923

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Set! text Jan 28 1925 1-/, Checks mailed
Office, Gr Cen Ter. N I
M A C June i 199z
J A r tune 1 1955
do
do
M & 8 Sept’25-Mar '2? (Jankers Trust Co. N Y
r & J Jan 1 1939
M & N Jan 1 1939
4

A
A
A
A

A

C Apr 1 1940

5g
5g
5g

1
J

5g
5g
5g

F & A
M & b
J A T
3 & j

4H > F

Broad St. Station, Phila
Checks mailed

Office, 50 Churoh Street
do
do
do
dc
Feb 1 1937
da
do
Aug 1 1940
d*
do
vfay 1 1943
do
do
fi'ne 1 1942
do
do
l'ly ’25 toJ’ly’ 21 Phila Trust Oo, Phila

r June 1 1950
j Ian 11937

70.001

*

J

A

r Deo 1 1940

X 600.001

s

A

A

0 Apr 1 1925, 39. 40 West St, New York

10(1 16,000.001
1,0011 l .655,001
1,001 •
825.006
1 001
6'2.00(
500 At h 10 991,001
1,001
137,001
1.001
374.001
1.001
164.O0C
88 0 )i
119.000

5
5
5
5
5
5
5
6
6

Operating income________________ 24,904,426 21,095,558 18,640,902
Hire of freight cars_________________Dr.l,038,376Dr.3,486,187Dr.2,436,824
Rent for equipment_______ _________ Dr. 11,220 D r.224,339
Cr.4,270
Joint facility rents_________________Dr.4,067,551Dr.4,107,304Z)r.4,134,188
13,277,728

12,074,160

2,505,506
1,134,663
1,219,624
1,197,513

1,666,885
1,120,607
1,232,285
1,197,000

1 ,1 7 2 ,3 9 7
1 2 7 ,5 2 9

1 ,0 9 5 ,8 7 2
3 9 ,0 5 4

1 ,1 0 1 ,8 0 8
6 ,3 2 2

Total non-operating income_______ 6,369 249
Gross income______________________ 26,156, 528
Deductions—Rent for leased roads________________ 5,915, 414
Interest on funded debt____________ 15,576, 807
Interest on unfunded debt__ I ______
178, 432
N. Y . W . B. Ry. guar, (bond interest)
864, 000
Separately operated property_______
113 ,189
Miscellaneous______________________
510, 036

7,192 233
20,469, 961

6,324,906
18,399,067

5,846 ,451
15,491,,206
497 ,999
864 ,000
112 ,588
574 ,823

5,853,452
15,148,699
649,118
864,000
112,000
682,734

2,998,650 def2,917,105def4,910,936
----------------45,168

Net corporate incom e...................... 2,998,650def2,9l7,105def4,865,768
x The figures shown against this item cover 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.— Pres., E. J. Pearson; V.-P. E. G. Buckland, B. Campbell,
A. P. Russell; Gen. M gr., Clinton L. Bardo; Sec., Arthur E. Clark; Treas.,
A . S. M ay; Com p., H. S. Palmer; Gen. Counsel, B. I. Spock; Gen.-Pur.
Agent, N. M . Rice.
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, YCity; Arthur T . Hadley, New Haven; W. B. Lashar, Bridgeport; Francis TMaxwell, Rockville, Conn.; Edward Milligan, Hartford, Conn.; Frank WMatteson, 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 O. Dumaine, Concord,
Mass.; George Dwight Pratt, Springfield, Mass. Offices, New Haven,
Conn.; South Station, Boston; Grand Central Terminal Bldg., New York.
— (V. 120. p. 2009.)
NEW Y O R K ON TARIO & WESTERN R Y . CO.— Operates from
Weehawken. opposite N. Y . City, to Oswego, on Lake Ontario, in all 569
miles, viz.;




3.488.501
200.00<
3.745,001
447,001
2.552.001
2,000.001
3.0OO.001
82,006

When
Payable

%

5U

T ota l____________________________ 97,480,323 107,816,094 99,988,856
Net operating revenue____________ 29,733,375
26,124,492 23,257,785
Tax accruals________________________ 4,807,973
4,934,004 4,586,324
Uncollectible revenues______________
20,976
94,929
30,558

Net income______________________
Government guarantees x__________

Rate

501 ‘

133,940,586 123,246,641
T ota l______________________ 127,213,698
Operating Expenses—•
Maintenance of way and structures.. 15,919,488 16,376,045 16,488,932
32,217,092 26,401,332
Maintenance o f equipment___ 27,539,883
657,359
Traffic_______________________
817,441
711,224
Transportation_______________ 47,941,947
53,037,109 51,082,709
1,952,509
Miscellaneous operations_____
1,886,747
2,076,259
3,405,297
General________________________
3,403,443
3,396,118
Cr. 2,282
Transportation for investment_ Cr.21,300
Cr. 5,078

Net railway operating income_____ 19,787,279
Non-operating Income—
Dividend income____________
1,262,900
Income from funded securities_______ 1,126,019
Income from unfunded securities___
1,301,680
Income from lease of road__________
1,378,724

Amount
Outstanding

$lOlf $58,113.98? See text
1,000 20.000.001
4g
8.680.001
1,000
4g
LOCK
180.006
4*
»
2.600. orw
$i.00(
4g
1.00!
1,000,00)
4

1957, to be exchanged $ for $ for the rest. In Dec. 1924 $12.321.000 had
been exchanged, leaving $4,432,000 outstanding. V. 106. p. 1577, 1689;
V. 110. p. 2488. 2658.
The I -S O Commission on Oct 16 1920 authorized the company to
1
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
o f 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 9. Treasury
In return for a loan o f $1,500.000 under terms o f 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. o f $100,000, are due each Oct. 1 1921
to 1927 inclusive. V. I l l , p. 1567.
Of t h e $21 .3 9 0 0 0 0 N Y W e s t c h e s t e r « B o s t o n 1 s t 4 V<8. t h is o o m p a n r
o w n e d $2,190,000 o n D e c . 31 1924.
S ee “ P u b lic U t ilit y C o m p e n d iu m .’ ’
Outstanding Consolidated Ry .C o. Debentures Assumed
4% 1904 ...$ 4,25 5,00 0 July 1 195414% 1906 ._ $2,011,000 Jan. 1 19fif
4% 1905 . . . 2.309,000 Jan. 1 1955] 4% 1905 . .
972,650 Peb. 1 1930
4% 1905 . . . 1.340.000 A p r .l 19551
Outstanding Street Railway Bonds Assumed as of Dec. 31 1924.
(All 5 per cents except as shown. See “ Public Utility Compendium.” )
W. & O. K. 4^1*$1,222,000 Jan. '43 Greeuw. Tram __ 320.000 July ’31
_ a57,500 Oct. ’37
N. H & C en t..
283,000 Sept. '33 Branford Elec_
Hartf. St. 4 s . . . $2,500.000 Sept. '3t M er.So.&Com p. 175,000 July '28
4% debs______ 165.000 Jan. ’3C Staff. Sp. St____ 400.000 July ’ 5f
a Prin. and int. to maturity deposited with Union & New Haven Trust Co.
Equipment trusts Issued to Director-General for rolling stock allocate®
to this company. See article on page 3 and V. 114, p. 2470.
R E PO RT.— For 1924, in V . 120, p. 1579, showed:
1922.
Calendar Years—•
1924.
1923.
2,003
Average miles operated_____________
1,986
2,001
Operating Revenues—
$
$
Freight______________
63,432,140 67,186,374 59,931,677
Passenger__________________________ 49.670,377 51,360,209 49,217,795
8,648,257
Mail, express, &c___________________
8,815,058
9,284,224
4,431,069
Incidental______________
4,188,399
4,949,794
1,017,843
Joint facility________________________ 1,107,723
1,159,985

M isc e lla n e o u s r e n t in c o m e _____________
M isc e lla n e o u s _____________________________

93

R A IL W A Y STOCKS AND BONDS

g
g
g

g
g

g

g

£
M “
1 A
1 A
F A
\f A
.
J A
J A
1& J

N
J
J
A
£
T
)
J
15

Ian 11914, H 9
May 1 1941
ruly 1 1954
luly 1 1952
Feb 1 1961
Vfch 1 1943
rune 1 1965
ran 1 1940
To .Tan 15 1935
To 1933

Offioe. 50 Church St, b Y

checks mailed Norf office
Ch & P N B & Tr Co,N Y
Guaranty Trust Co, N Y
International Tr Co, Balt
Gnntral Un Tr Co. N v
Irv Bk-Col Tr Co, N Y
Irv Bk-Col Tr Co, N Y
Merc Tr 4 S Dep Co,Balt
Guaranty Trust Co. N Y

Road Owned—
Miles.
Road Controlled, A c .—
Mites.
Oswego to Cornwall, N.Y _______272 tPecksport, Conn, (leased)______ 4
branch to New Berlin___________ 22 tOnt. Carb A S (leased) Cadosla,
do
to Delhi........................ 17
N. Y ., to Scranton P a .& c____73
do
to Ellenvllle, e t c ____
9 Rome & Clinton (leased)_______ *13
Utica Clinton A Bing (leased) ..*31
Total owned_______________ 320 tWbarton Valley (owned)______ 7
'•rackagettill 2079) W.Shore RR.
tEllenvllle A Kingston (leased) . . 2 8
O’nwall to W ’ken (V.61,p.425). 53 tP t. Jervis Hont. & Summitvllle
Other trackage________________
3
(lea sed)_______________________38
* See this onmpanv
t Entire stock and debt owned by N . Y . O. & W.
CON TROL— In Oct. 1904 N. Y. N. H. & H. RR acquired *29.160 000
?om. stock at $45 per share and $2,200 of the $4,000 pref. V. 95. p. 481.
7. 79. p. 2086. 2643: V 80. p. 1363. 2458: V Rl, p. 1044; V. 87. p. 1427.
Tentative valuation, V. 114, p. 522. 627, 1064.
STOCK.— There Is *4.000 old preferred. V 79, p. 977. 980, 1332.
COAL PROPERTIES— “ OTHER IN C O M E.’ ’— In 1899-1900 coal
properties having then a maximum output capacity of 2.700.000 tons
annually, were brought under friendly control with aid of loans from the
Railway Co. and are now owned by the Scranton Coal Co and the Elk
H 1 Coal & Iron Co., the Railway Co. owning the stock of both companies.
M
The $6,000,000 5% 1st mtge. notes issued by the rallwa> to enable these
coal companies to acquire the aforesaid properties were all paid off on or
before Dec. 1915, and on Dec. 31 1923 the railway held as first liens on
said properties former 2d mtges. for $1,000,000 and $2,225,000, espeotively. All interest on the mortgages to date has been paid.
DIVS. 'G6-T1.T2. T3. T 4-T5. T6. 1917.’ 18. T9. 20. ’ 21. ’ 22-24 Jan;’25,
C om .(% ) 2 y ’ly 0 2 None
1 None 2
1 1 2
None
1%
BONDS, AC.—Refunding mtge. tor *20.000.000 covers 319 miles of road
jwned, ail the securities of the Ont. Carb. & Scran. R y., 54 miles, and all
after-acquired property. V . 72, p. 87; V. 78, p. 2012; V. 80, p. 651. As
to the $12,000,000 Gen. M . 4s of 1904 see V. 79. p. 1332. 1432; V 92.
p. 462: V. 94, p. 1508; V. 96, p. 420. 653.
R E PO RT.— For 1924.
Year ending Dec. 31—1924.
1923.
Gross earnings-------------------------------------------------- $13,666,132 $13,937,366
Net operations inc_____________________________
1,675,368
1,006,955
Other income__________________________________
347,194
508,284
Deductions------------------------------------------------------- __________
1,395,061
1,392,454
$627,500
$122,785
Net income— ----------------- ---------------------------For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., John B. Kerr; V.-P., See. & Treas.. Richard D. Rickard. Office.
Grand Central Terminal, New York.— (V. 120. p. 581.)
NEW Y O R K PHILADELPHIA AND NORFOLK RR. CO.— Leased to
Penn. R R. for 999 years from July 1 1920. V. 113. p. 849. Penn. R R .
owns all of the $2,500,000 stock. Bonds, see table at head of page.
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 1924. 12% yearly.
EARNINGS.— For calendar year 1924; Gross income, $542 145; de­
ductions. $162,178: net income, $379,966; dividends paid, $300,000.
OFFICERS.—-Pres., A. J. County; Sec., Lewis Neilson; Treas., Henry
H. Lee. Office, Philadelphia, Pa.— (V. 120, p. 827.)
NEW YORK SUSQUEHANNA & WESTERN RR.— (See Erie Map.)
Owned (in fee) or entire stock. Miles. IWilkesbarre & Eastern_________ 64
Jersey City to Stroudsburg, P a .- 89 Susquehanna Connecting R R ___ 8
(Double track 19 miles.)
Other branches_________________ 24
Beaver Lake. N. J., to Unlonvilie. 20|Traokage______________________
8
Total road operated December 31 1923___________________________223
STOCK — Pref., $12,953,404; com ., *12,810.987, 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, 23-6% yearly; none since.
BONDS.—General 5s are reserved to retire 2d 4 Ms. See abstract, V. 52.
p. 84. The seconds are exchangeable for generals on payment of an assess’*.
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 40 years at same rate. V. 90, p 373. 91.
Equipment notes. 1916. V. 103. p. 61.
R EPO RT.— For fiscal year ending Dec. 31:
Calendar Years—
1923.
1922.
1921.
Gross operating revenues------------------- $5,482,001
$4,495,482 $4,513,812
Operating income---------------------------163,103 def.419,179 def.273,136
Other income---------------------------------192.349
234.884
391,842
Gross income------------------------------$355,452 def,$184,295
$118,706
Interest and rentals-------------------------966.428
782.231
788,106
6,852
39,172
53,732
Other deductions---------------------------Balance, surplus--------------------------def.$617,828df$l,005,698def.$723,132
For latest earnings, see “ Railway Earnings Section” (issued monthly).
— (V. I l l , p. 190.)
NIAGARA JUNCTION R Y .— A terminal and switching road extending
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.
1837. Stock, 10,000 shares of no par value, all owned by Niagara Falls
Power Co.
Pres., Paul A. Schoelkopf; Sec., Fred’k L. Lovelace; Treas.. W. Paxton
Little.— (V. 115, p. 2906.)
NORD R A ILW A Y.— (V. 119, p. 1733.)
NORFOLK SOUTHERN R R . CO.— Operated Dec. 31 1924 931.883
miles extending from Norfolk, Va., to Raleigh, Goldsboro and Beaufort and
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
City), and has trackage rights on 7.725 miles.
Owns entire capital stock and bonds of John L, Roper Lumber Co. and
entire stock ($175,000) of Carolina R R ., Snow Hill to Pink Hill, N O
35 miles, which company leased in 1921 the Kingston Carolina R R . Co!
until 1996. V. 95, p. 1684; V. 96, p. 863. Acquired the Durham & South
Carolina RR In 1920 V. 110, p. 2292.

M

E A IL W A Y STOCKS AN D BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations, A c., set notes on page 6J

Miles
Road

Date
Bonds

Par
Value

Amount
Outstanding

Rate

%

When
Payable

[V ol. 120,
Last Dividend
and Maturity

Places Where Interest ant
Dividends are Payable

$1,000 $1,000,000
Norfolk Terminal— 1st M $2,000,000 g gu r e d .. G.xc* 2.42 1911
Guaranty Trust Co. N Y
4 g M A N Mav 1 1961
- -Norfolk & Western— Common stook $250,000.000-Ox
100 134.794,300 See text
Q - M June 19 ’25 1 4 Office. Philadelphia
....
Adjust oref(pAd)4% stock non-cum $23,000.000-G j
-1
100 22.992,300
Q F M ay 1 9 ’25 1% Office. Philadelphia
428 1881
N A W geB (now 1st) M Norf to Brls Ac g --FP.xo*
1.000
Bankers Trust Co. N Y
7.235,000
M A N May 1 1931
6 g
194 1882
New River Division first mortgage g old.. .FP.xc*
2.000,00(
1.000
do
do
A A O Apr 1 1932
63
Improvement & extension mortgage gold-FP.xc*
566 1883
F A A Feb 1 )934
do
do
1.000 5,000,001
6g
Scioto Valley & New Bng 1st M assum gold-Ce.zo*
12- 1889
1.000 5.000.00)
do
do
4?
M
N Nov ) 1989
N & W First Oonsolmtge$62.500.000g.-Ba.xe*<fcr* 1.620 1896
100 Ac 41.053 500
Bankers Trust Co, N Y
4g
A A O Oct 1 1996
Dlv 1st lien & gen M (text) g red 105 beg 1929 l|x 1,932 1904 1.000AC 2 1.000.000
do
do
I A <
TJuiy 1 1944
4g
Pocah joint M $20,000,000 g call 105 s I-G P . xo*A j
1.000 14,138.000
1901
do
do
J A D Dec 11941
4g
28).000
Convertible bonds gold red text________________ (lx
1907 1,000 Ac
Bankers Trust Co, N Y
4 g J A D June 1 1932
41,000
do
do
13.300 000 gold red--Q xc*Ar*
1912 1,000 Ac
do
do
M A S Sept 1 1932
4g
do
do
see text gold r e d ___ G.xc*&r»
l.OOOAc
115.000
1913
do
do
i X g M A S Sept 1 1938
do
do
$17,945,000 g see text G.yc*&r*
1919 1,000 Ac
5.929,300
M A S Sept 1 1929
do
do
6g
l.Oon
I A •
Wlnston-Sal So’b ’d istM$5,OOn 00O g gu Us.xo*Ar*
United State* Tr Co. N Y
89 1010
5,0'>0 000
TJuly 1 1960
4g
Equip tr Series o f 1922 due $670,000 ann._ — CP
1922
1.000 4 690 .000
M A N To M ay 1 1932 Bk of N A & Tr C o. Phila
do Series o f 1923 due $800,000 ann_________
1923
1.000 6 400.000
F A A To Feb 1 1933
do
do
4)1
_
_ 1924
do
do
do Series o f 1924 due $000,000 s - a ______c*
1.000 10.700.000
4 X g A A O Oct '25-Apr ’34
___ 1925
do Series o f 1925 due $600,000 a n n _____ .
Ck of N A A Tr Co, Phila
1,000 6,000,000
4 x g J & J To Jan 1 1935
North Carolina— Stock 7% paid from rental----- 226
Burlington. N O
UK) 4,000,000
F A A See text
7
North East Penn— 1st M gold gu P A R (ext) red 105
after 1925 _ __ . _____ _____
_
- - --G uP kvc* 25.6 1890
400.000
Reading Terminal. Phila
1.000
A A O Anrll 1 1930
5g
.
North Penn— Stock 8% gu 990 yrs $6,000,OO auch.
P
88
50 5.522,650
F M ay 2 5 '25 2% Office, 240 S 3d St. Phila
8
0
67 1866
Old second M (now 1st) (7s extended In 1896). kvc
do
do
500 Ac
1.500,000
M & N May 1 1936
4
4,500.000
General mortgage extend. In gold In 1903-FP.kvcA)
88 1873
do
do
3.3g J A .1 Jan 1 1953
M A N Nov 1 1928
Reading Terminal, Phila
1898
408.000
4 g
North & South C arolina— See Seaboard Air Line
112 1896
1,000
Treas' office, Washington
Northern Alabama— 1st M($350,000 prior lien) Col xc
1,650.00(1
5
3 A J luly 1 1928
83
Northern (N H)— Stock 6% rental...................- .........
100
3.068.400
6
Q— J Apr 1 1925 I X 50 Congress St. Boston
Northern California Ry— See Southern Pacific RR—
Northern Central— Stock (see text)-------------------50 27.079.600
8
J A J Jan 15 1925 4% Treasurer’s Offloe, Balt.
do
do
First mortgage State of Maryland loan (V 74.p 1197)
144 1855
Q—J27 Irredeemable
1 .500.000
6
,T A ,T Jan 1 1926
1,000 3,441.000
do
do
Second Gen M Ser " A ” & " B ” (A $2,474,000) FPi
144 ’76-’82
5
Gen & ref mtge gold Series “ A ” ___________ xc*Ar*
142 1924
M & S Mar 1 1974
do
do
1,000 8,300,000
5g

As to Cumnock Coal Mining C o., an ally, see V. 106. p. 607. 822
cern*. subject to royalties. They are subject to call at 105 for a sinking
The I.-S. C. Commission has placed a final valuation of $21,622,000 on fund of 2)4 cts. per ton mined, V. 106. p. 1239. V. 73. p. 845, 902; V. 74,
the owned and used property o f the company as of June 30 1914 and $6,500 P 41, 380. 1197; V. 75. p. 502. These bonds are the joint and several
on its owned but not used property, and $2,804,465 on the used but not obligations of the Railway Co. and of the Coal & Coke C o., but as between
owned property. The valuation figure includes the properties of the A t­ the two companies the debt is to be paid by the latter company.
Divisional 1st Lien and Gen. Mtge. 4s of 1904 ($35,000,000) authorized for
lantic & North Carolina R R . and the Carthage & Pinehurst R R .
future capital requirements are a 1st lleD on extensions and branches and
Tentative valuation, V. 113, p. 1054.
ORGANIZATION.— Successor May 5 1910 to N. A S. Railway, foreclosed also a lien subject thereto upon properties covered by 1st Consol. M . V . 78,
p 1519: V 79. p .5 0 1 .6 2 8 973, 1642, 1704 21 48: V an p. 1175; V. 82.
Dec. 7 1909 per plan V 87. p 614. 678. Inoorp in Virginia May 2 1910
p. 510 V. 83, p. 1471 V . 88, p. 231, 453 V. 119, p. 2643.
BONDS.— Of the “ First A R ef.” $35,000,000 bonds. $3,981 000 were
I'he Oonv.4s of 1907. of wnion $z5.5ou.()00 were issueu 1907-10 (V. 83.
reserved to retire a like amount of underlying bonds. T o Dec 31 1924 U 380.435. 575) were convertible into common stock, $ for $, prior to June 1
retired by sinking fund. $2,358,000, held for company by Central Union 1917. and thereafter subject to call at 105 A Int.; $25,284,000 bonds were
Trust Co., $2,039,000, held by public. $10,981,000; as collateral for 3-year converted. V. 83. p. 1412, 1471; V. 84, p. 1248; V. 86, p. 109, 286; V. 90.
notes o f 1917 pledged. $1,577,000; held by U. S. Govt, and Dir. Gen. of p. 772. 1425; V. 93, p. 1324. 1534: V. 104. p 1592; V. 106. p. 1237.
RR. as collateral, $389,000: in treasury, $11,000. V. 107. p. 604.
Convertible bonds of 1912 were convertible into common stock, $ for $,
These bonds are secured by a Orst mortgage on 334 miles, and, subject prior to Sept. 1 1922, and thereafter subject to call at 105 and int. $13,to underlying Issues aggregating $3,805,000, on 455 additional miles, and 259.000 bonds were converted. V . 94. o 20$. 417' V. 95. p 687
also by a first lien on practically the entire equipment, valued at about $2,
The 25-year 4 )4 % convertible bonds o f 1913 were convertible Into com­
720,625; also by a 1st lien on the entire stock ($1,000,000) and 1st M . bonds mon stock, $ for $, prior to Sept. 1 1923, and thereafter are sub. to call at
o f the John L. Roper Lumber Co. 8inking fund $100,000 yearly, as long as 105 A Int. Converted, $18,238,000. V. 96. p. 360, 653, 948; V. 97, p. 666.
toe lumber company bonds are pledged, at least one-half for purchase or
To provide for capital requirements during 1919. A c.. Che holders of
redemption of bonds of this Issue, and the balance. If any, for construction. both classes of stock of record Dec. 18 1918 (see V. 107. p. 2098) had the
Impts., Ac. V. 93, p 1534: V 96. p. 487: V. 97 p. 1204: V 98. p 523
privilege of subscribing at par for $17,945,000 Convertible 10-year 6%
Equipment trust 6s. Series B. due on or before 1926. $2 600 (Dec. 31 1924'. gold bonds of 1919 in amounts equal to 12)3% of their respective holdings.
Equipment trusts Issued to Director-General for rolling stock allocated The bonds are convertible at any timp before maturity into common stock,
to this oampany. See article on page 3
$ for $. Converted to Dec. 31 1924. $12,015 700.
Government loan. V. 114, p. 307. 1651: V. 115, p. 2794.
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
DIV ID E N D S.— In 1911. 2% (quar.): 1912 to Jan. 1914. 2% (Q.-J.i
ginian Ry. and Norfolk Sou. R y., $1,000,000 Norfolk Term. Ry. 1st 4s,
None since. V 98. D 1000. 1072.
and, with Southern Ry. and Winston-Salem Southbound R y ., $10,000
R E PO R T .— For 1924, in V. 120, p. 2393, showed:
Winston-Salem Union Station Co. 1st 5s.
Net {after Total
Int.,rent,
Bal,
Calendar
Over
tares)
income
<%
c
ftnr.
Year—
Ren.
R E PO RT.— For 1924, in full in V. 120, p. 1761, showed:
$408,521
1924............$9,291,928 $1,839,144 $2,446,052 $2,037,531
Calendar Years—
1924.
1923.
1922.
1921.
$ 3 ,5 8 1 ,8 1 2 $ 2 ,2 0 7 ,4 6 2
$ 3 7 4 ,3 5 0
1923______ $ 9 ,3 8 6 ,6 5 3 $ 1 ,7 9 8 ,0 4 3
Total oper. revenues.--$97,707,310 $95,591,682 $90,352,887 $80,718,802
$2,049,601 $1,940,549
$109,051 Total oper. expenses_ 69,875,109 72,598,871 68,052,804 64,346,857
1922........... $8,412,957 $1,413,673
_
957.820
1.631,889
1,955,562 def323,674 Operating income______ 20,418,662 16,741,639 16,292,144 11,613,964
1921______ 8,056,795
For latest earnings, see "Railway Earnings Section” (issued monthly).
Net ry. oper. income_ 22,463,369 20.008,866 18,590,689 14,479,836
_
OFFICERS.— Marsden J. Perry, Chairman of Board; Geo. R. Loyall, Gross income___________ 23,546,593 23,613,076 19,774,166 15,590,120
Pres.: Ernest Williams and E. D. Kyle. V.-Prest’s: J. F. George, Treas.. Deductions fr. gross inc. 5,303,245
4,824,579
5,219,178
5,546,939
M . S. Hawkins, Sec.; L. V. Lockwood, Asst. Sec.; J. C. Nelms Jr., Gen. Divs. on adj. pref. stock
919,692
919,692
919,692
919,692
Aud. Office, Norfolk, Va.— (V. 120, p. 2682.)
Divs. on common stock. 10,608,539 10,327,616
9,960,778
8,506,190
NORFOLK TERMINAL RY.— Owns a union passenger station a'
Balance, surplus_____$6,715,117
$7,541,189 $3,674,519
$617,299
Norfolk, Va., with approaches, opened Juiie 1 1912, used by the Vlr
F o r la t e s t e a r n in g s , s e e •‘ R a il w a y E a r n i n g s S e c t i o n ” fis s u e d m o n t h l y ) .
glnlan Ry., Norfolk A Western Ry. and Norfolk Southern R R ., which
OFFICERS.— Pres., A. C. Needles: V.-Ps., W. J. Jenks, B. W . Herrman;
own the entire stock and undertake to meet all expenses, charges and
interest and principal of bonds. The I.-S. C. Commission has placed a C. S. Churchill. E H. Alden: Sec. & Asst. Treas.. I. YV. Booth; Treas..
final valuation of $995,000 on the owned and used property of the company, Joseph B. Lacy; Comp.. W. H. Wilson; Gen. M gr., J. E. Crawford. Offices,
as o f June 30 1914. Bonds authorized March 20 1911, $2,000,000, Roanoke. Va., and Commercial Trust Building, Philadelphia.
DIRECTO RS.— F. S. Royster, Norfolk, Va. David W . Flickwir,
guaranteed, principal and interest, by the three lessor companies, of
Roanoke, Va.; E. H. Alden, Samuel Rea, W . W . Atterbury, T . W . Reath;
which $1,000,000 have been sold. Redeemable at 105 after Nov 1 1925.
V. 92, p. 660, 1109: V. 93, p. 667, 1191. Pres., O. W . Huntington, New A. J. County, Phila.; S. P. Bush, Columbus, O.; M . C. Kennedy, Phila.,
York; Sec., T. E. Bristow; Treas., J. F. George; Gen. Counsel, W . H. T. N. D. Maher and A . C. Needles, Roanoke, Va.— (V. 120, p. 2547.)
Loyall, Norfolk, Va.— (V. 118. p. 2547.)
.NORTH CAROLINA R R .— Owns from Goldsboro to Charlotte, N. O .,
NORFOLK AND WESTERN R Y, CO.— {See M ap.)— System extends 222.44 m.; Carolelgh Jet., N. O ., to Carolelgb Mills, 1.90 m.; total, 22434.
from Norfolk, Va., westward to Columbus and Cincinnati, O., and north­ miles. Leased from Jan. 1 1896 to the Southern R y. for 99 years at $266.ward to Hagerstown, M d., with branches to the various coal fields in 000 (6 H % on stook) per year till Deo. 31 1901 and $286,000 (equal to 7%
on stock) balance of lease: also taxes. V .63 n. 361. State of North Caro­
Virginia and West Virginia.
M iles. lina holds $3,000,000 stock.— (V. 117, p. 325.)
Road Owned—
Miles.
_
Norfolk, Va., to Columbus, O _ 707 Roanoke to Winston__________ 122
NORTH PENNSYLVANIA RR.— Owns from Philadelphia, P a „ to Beth­
Radford, Va., to Bristol, T e n u .-lll Sundry branches______________ 661 lehem. Pa., 56.54 m . ; Delaware River branch. 21.10 m . ; Doylestown branch;
21 10 07 m.; total first track, 87.71 m.; total crack, tncl. 2d, 3d and 4th track
Roanoke, Va., to Hagerstown..2 38 Oper. under lease_____________
16 and sidings, 278.98 m. Leased for 990 years from May. 1 1879 to Phila.
Graham to Norton______________ 100 Traokage____________________
No. Caro. Junction to Fries_____44
A Reading R R . at 8% on stock, and lease assumed In 1896 by Phila. A
Total operated Dec. 31 1924.2,240 Reading Ry
Lynchburg to Durham, N. C----- 115
Pres.. Charles E. Ingersoll.— (V. 18. p. 668: V. 103. p 2429.)
Portsmouth Junction to Cincin­
NORTH
PENNSYLVANIA RR.—
road from Glenslde to
nati and I vorydale___ ________ 106 Double track________
_ 577 New Hope.EAST 25.64 miles; 2d track. 1.99Ownstotal tracks. 33.05 miles.
Pa.,
m.;
ORGANIZATION.— Successor In 1896 o f Norfolk A Western R R ., Ac.
Cap stock. $400,000, of which $328,950 owned by Reading Co.; par $50.
foreclosed per plan In V. 62, p- 641. As o f Dec. 31 1924 the Penn. RR
owned $41,698,200 common and $11,320,000 adjust, pref. V. 83. p. 502: The $400,000 1st Mtge. 5s due April 1 1920 were extended to April 1 1930.
V. 88, p. 1062; V. 98, p. 763; V. 95. p. 361,688. Boat lines, V. 105, p. 73. — (V. 113. p. 72.)
NORTH & SOUTH R Y . OF W YOM ING.— (V. 118, p. 1912.)
Tentative valuation as of June 30 1916, $237,392,000. Valuation protested, V. 119. p. 694.
NORTHERN ALABAMA RY,— Sheffield to Parrish, A l a . and D ra n o h e s ,
The’stockholders on M ay 23 1925 ratified, subject to any necessary 112.50 miles. In April 1899 a m a j o r i t y of stook and bonds purchased by
approval by public authorities, a contract of lease to this company the Southern R y. V. 68, p. 824, 873. See also V. 69. d 391.
o f the railroad, property and franchises o f the Virginian R y., for a term of
Stock Is $2,000,000, of which Southern Ry. owned $1,895,400 on Dec. 31
999 years. The terms of the proposed lease provide for the payment by 1923. Under supp. mtge. of 1898 $400,000 of the outstanding $1,700,000
this co. o f operating expenses, taxes, int. on funded debt, a reasonable 1st 5s were made prior liens. V 67. p. 1208
amount for the maintenance o f the corporate organization and divs. at the
For latest earnings, see “ Railway Earnings Section” (issued monthly).
rate of 6% per annum on the Virginian c o .’s outstanding pref. stock, 279,550
P re s
F a ir fa x H a r r is o n . Washington. D . C .— (V 69, p. 28.)
shares, and common stock, 312,715 shares. V. 120, p. 2143.
NORTHERN (N. H.) R R .—Owns Conoord, N. H „ to White River Jot.,
STOCK.— Provisions ot pret. stock were In the issue of April 1897,p .4
Vt.. 70 m.; branoh to Bristol, N. H ., 13 m.; total, 83 m. Subsidiary lines,
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 Conoord & Claremont R R ., 71 m.; Peterborough & Hillsborough RR .. 19 na
Lease to Boston A Lowell for 99 years from Jan. 1 1890 was assigned to
sion feature of new convertible bonds. V . 108. p.1512. See below.
Until July 1897 1% extra
D1V8—
J '04. 05. 06. 07 08. '09. ’ 10. ’ l l . ’ 12-’ 15 16 1917-25 Bos. A M e.; rental now 6 % , payable in gold
was paid regularly from contingent fund
Also in 1894, Jan., 5% extra
Common. - % 1 3
3H 4 X
5 4 4)4
5 544 6 y ’ ly.7J* Text
(n 1896. 2% ; in 1897. 5% ; in 1904. K % extra.— (V. 106, p. 924.)
In June 1916 dividend was increased to 1*4% quarterly and an extra of
NORTHERN CENTRAL RY — Owns Baltimore, Md . to Sunbury. P a.,
1% was paid. 1917. M ar., 1*4,% and 1% extra; June 1917 to June 1925.
Leases of
144% quar.; also paid 1% extra in Dec. 1922, Dec. 1923 and Dec. 1924. 134 miles, all double track; branch, 8 miles; total. 142 miles
Shamokin Valley A Pottsvllle R R . and Elmira A Williamsport RES were
Adjust, pref. receives 4% p. a. (1% Q.-F. 19).
BONDS.— TheFirstOonsolidated m tge.of 1896 is limited to $62,500,000, assumed by Penn. RR In 1914.
The stockholders on Nov. 2 1910 voted to lease road to Pennsylvania R R .
the balance 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. 229. See for 999 years from Jan. 1 1911, the holders of the $19,342,550 stook to
ab stract, V. 64, p. 376: V. 72. p . 137, 438, 532. 723, 1080; V. 75. p. 505: receive a stock dlv. of 40%: also 10% In cash from treasury assets and a
guaranty of 8% on all the stock during the lease, retroactive to Jan. 1 1911.
V. 79. p. 213: V. 81. p. 212.
The N. & W.-Pocahontas Joint bonds are secured by about 300,000 acres v 91. p. 154. 337 . 464. 871, 1026. The lease went Into effect in July 1914.
o f coal lands owned and held by the Pocahontas Goal A Coke C o., of V. 99. p. 343. 49: V. 91. p. 1768; V. 92, p. 527, 1109, 1179, 1243, 1566which about 78,632 acres have been leased to companies whose stock Is V. 93, p. 45, 286; V. 96. p. 572; V. 102, p. 2342. State of Maryland 1st M .
all owned by the United States Steel Corporation and 99,368 to other con­ of 1855. V. 102, p. 1060. 1250.




M

a y

, 1925.]

RAILW AY STOCKS AND BONDS

iet
a




RAILW AY STOCKS AND BONDS
[V
ol.

120.




to
a

M ay , 1925]

RAILW AY STOCKS AND BONDS




*0

98

[V ol. 120,

K A IL W A Y STOCKS AKD BONDS

R A IL R iA D COMPANIES
[For abbreviations. & c.. see notes on page 6]

M iles

Date

Road Bonds

4.954 1896
4.954 1896
239 1900
6.497 1914
6.497 1921
6.497 1922
6.497 1923
1920
1922

a b Incl. amounts In treasury, viz: a $5,448,500.

Places Where Interest eaci
Dividends are Payable

Outstanding

$100
100 &c
1.00(1
$1,000
100
1.000

$1,000,000
654.000
154.000
$2,500,000
248.000.000
b2.620,000

4
Q— M June 1925 1% 50 Church St. New York
do
do
J & J July 1 1927
4X
do
do
4 X g J 6c .1 Jan 1 2000
Cent Un Trust Co, N Y
5 g A & O Oct 1 1945
i
M ay 1 19:5 I X • P Mi rgan ft Co, N a
5
Office 34 Nassau St, N Y
4 g J & J [July 1 1935

500 Ac 108,852,600
500 AcabO.OuO.OCiu
1 (100
355 000
in o * c 20.0(10.000
100 Ac 106.959 600
100 Ac
8.702.300
100 Ac 10. nno. 000
1.000 2 25L0O0
3,600.000
l.roo

J P Morgan Co, New York
Q— J Jan 1 1997
4g
Q— F Jan 1 2047
do
do
3g
do
do
4 g J & n Deo 1 199B
New York, Ac.
4 X n J A J .July 1 2047
New York
J A J July 1 2047
6
New York.
5 g .1 & J July 1 2047
.1 A J July 1 2047
New York
5g
7 g y A N To Mav 15 1930 J P Morgan A C o..N .Y
K A A To Aug 15 1932 J P Morgan A Co, N Y
4X

1,000
1.000
500 Ac
*1.000

4g
4g

Rate

When
Payable

%

b 2.48 0.000.

21
162

1887
1900
1895

162 1895

165
226
130
40

1881
1898
1898
1883

STOCK.— Penn RR on Dec. 31 1924 owned $13,058,050 of $27,077,200
outstanding stork
The auth Issue was Increased in Nov 1910 frorr
*20.000,000 to $07,079,600. and in Feb. 1924 to $33,079,600. A.40% stork
dividend ($7,737,000) was paid Aug. 5 1914. V. 91. p. 1630; V. 98. p. 1695;
V. 99. p. 271. 538.
D.IV8.— ’88. ’89. ’90. *91. ’92. ’93. ’94-’00. ’01-’ 14.Since under Lease
Percent____ 7
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 stock 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 are to be
reserved to retire a like amount of underlying bonds which mature on
April 1 1925 and Jan. 1 1926, and which may not be extended, so that after
Jan. 1 1926 the gen. A ref. mtge. bonds will be a first mortgage, subject
only to a charge of $90,000 per annum, payable to the State of Maryland.
The balance of the authorized amount o f 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 mort­
gage. V. 119, p. 455.
REPO RT.— For cal. year 1924: Rental from lease o f road, $2 739,633,
Interest, &c., charges, $541,778; divs, $2,166,172; surplus, *22 683.
Pres., Samuel Rea; Treas., Jas. F. Fahnstock.— (V. 120. p. 2397.)
NORTHERN RR. OF NEW JERSEY.— Owns from Croxton, N. J., to
Sparkill, N. Y ., 21 m.; leases Sparklll to Nyaok. 5 m. Leased to the Erie
R R . from June 1 1899 for the term of Its corporate existence, for Interest
on 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% tnt.
V. 104, p. 2553.—
(V. 104. p. 2553.)
NORTHERN OHIO R Y .— Owns Coplay Jet. to Delphos, O., 152.34
miles. Was leased for 999 years to Lake Erie A Western R R ., which owned
the $3,580,000 common stock, but in Jan. 1920 the latter company disposed
o f the lease and stock to the Akron Canton & Youngstown R R . Y. 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.— (V. 66, p. 337.)
NORTHERN PACIFIC R Y . CO.— (See 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_
_ 179
Ashland, Wis.. to Portland, Ore.2,266 Operated by other companies_437
St. Paul to Staples and Brainerd 180 Industrial spurs_______________ 156
Other main lines____________ 524
Total system Dec. 31 1924._7.473
Total main line____________ 2,970 2 d , 3 d an d 4 th t r a c k _____________ 8 5 0
Various branch lines__________3,731 Yards tracks and sidings______ 3,019

1,000.000
1.000 000
7*8.000
1.864,000

&
4
1
O

northern of New Jersey— Stock guar (see V 69. p 81)
1st M ext at 4 X % 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 & l.Ce.xc*
Northern Pacific Ry— Stock $250.OOO.0O0 authorized
Wash & Columbia River 1st M gold assumed.F.xc*
Mortgages of Northern Pacific Railway—
Prior lien M $129,537,000 gold land gr.B a.xo’ Ar
General Hen M $190,000,000 gold land gr.F.xc* At
St Paul-Duluth Dlv pur money M *20,000.000 Q.xc*
Hex and lm pt M gold ($, £. fr) red text. Q.c*ftr»
do
do
Series B bonds red (text) _ _c*Ar»
do
do
Series C bonds red (text) _.Q.c*&r*
do
do
Series D bonds red (text)_.Qc*&r*
Equip, trust cert, due $450,000 yearly____Ba c*
do
do
Due $450,000 yearly____________
Bonds Underlying St Paul & Duluth Div Mtge
St Paul & Duluth first mortgage assumed-------- zc*
Consol mtge assumed *5,000,000 gold-.M p.zc*
Washington Central 1st M g $15,000 p m___ xCol
Northern Pac Term Co— First M gold red 110 . F.xo*
Northern Railway (Cal)— See Southern Paclflo RR

Amount

Last Dividend
and M aturity

Par
Value

5

6 g

F

A A Aug 1 1931
A D June 1 1968
Q— M Mar 1 1948
J A J Jan 1 1933
J

J P Morgan A Co. N Y
do
do
Bankers Trust C o. N Y
Winslow.Lanier A Co.N Y

Xn 1914 *20.000,000 Series A 4 X s were sold, callable as a whole at 110 and
interest on and after July 1 1919. V. 99. p. 120. 271; V. 105, p. 2366.
Series B 6% bonds were issued in conversion of the joint C . B. & Q.
collateral 6)4% bonds, due 1936. and the mortgage will also 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 may be redeemed on and after July 1 19.36
at 110 and interest. In July 1922 $8,702,300 Series O 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 C 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. 410
A bstracts of prior lien and general lien 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. Paut-Duluth Division mortgage secures $20,000,000 purohase
money bonds on the former St. Paul & Duluth, of which $9,215,000 were
Issued to acquire the road. $5.283.OOOwere reserved to retire existing St. P
A 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 1924 $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)4% Liberty bonds in exchange for these bonds. V . I l l , p. 693.
Government loan, V. I l l , p. 793, 1753; V. 113, p. 2614.
LAND G R A N T .— 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 1924, 5.435,793 acres, viz.:
Minn., N o. Dak. & W ise..
57,269|Tdaho____________________ 298 517
68 4*5 W ashington______________1,2 7,957
W yom ing________________
M ontana_________________3,638.6911Oregon-----------------------------84,924
Congressional investigation o 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 R R . 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 C. B. A 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.
R E PO R T .— For 1924, in 120, p. 2006, showed:
Operating Revenue—
1924.
1923.
1922.
Freight revenue____________________ $73,422,540 $77,610,570 $71,725,006
Passenger revenue___________________ 13,167,942 15,438,784 15,551,897
Other transportation revenue________ 6,224,083 6,290,815
6,279,749
2,477,839 2,661,891
2,519,414
Incidental and joint facility__________
Total operating revenues_________ $95,292,404$102,002,060 $96,076,066

O n p r n tin n Tx'.'rnpn'tpit___

W ay and structures____J___________$12,240,855 $14,022,694 $12,826,641
Equipment_________________________ 18,675,027 22,464,341 18,064,615
Traffic_____________________________
1,917,955
1,954,443
1,670,068
Transportation____________________ 34,190,334 38,535,417 36,801,628
Miscellaneous operations___________
1,614,992
1,822,139
1.664,962
General____________________________
2,731,154
2,644,625
2.565,956
Transportation forinvestment_______ 0838,154 01,078,849
0939,150

Total oper. directly________ 6,701 T ot. system track Dec.31 ‘ 24..11,342
The Manitoba branches, aggregating 355 m ., were leased for 999 years
from May 31 1901 to the Provincial Government and sub-let by the latter to
the Canadian Northern Ry. at a rental of $210,000 annually for the first 10
years, 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 & Se­
Total operating expenses_________ $70,533,064 $80,364,810 $72,654,711
attle R y ., extending from Portland to Spokane, Wash., with branches; Net operating revenues____________ $24,759,340 $21,637,250 $23,421,355
see V. 81. p. 1101; V. 83. p. 1111; V. 86, p 1530. The Sp. Port. & Seattle Taxes and uncollectible revenues___
8,563,154
8,482,319
8,455,566
owns majority of the stock o f the Oregon Electric and United R ys..of Port­
land. V . 91. p.1178. Twin City Belt R y ., org. in 1917. See V .104,p.560.
Railway operating income_________$16,196,186 $13,154,931 $14,965,790
In 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 Equipment rents, net________________ $2,130,763 $2,404,238 $2,566,626
1,541,389 1,918,099
Jan. 1918 began running its own trains into Vancouver, B. G.; discontinued Joint facility rents, net_____________ 1,534,128
Aug. 16 1918.
Net railway
In 1912 the Midland R y. of Manitoba, formed in the Joint Interest of the Non-operating operating income_____ $19,861,077 $17,100,557 $19,450,514
income______________ 11,483,432 11,181,676 11,271,729
oompany and the Great Northern, obtained trackage rights from the Cana­
dian Northern R y. between Emerson, Man., and Winnipeg, 66 miles, for
Gross income_____________________ $31,344,508
20 years, with provision for 999 years. V. 95. p. 298. 1129; V. 97. P. 1038. Interest on funded debt_____________ $14,767,619 $28,282,233 $30,722,244
$14,707,679 $14,992,473
In March 1921 organized the Absaroka Oil Development C o., in order
606,645
593,127
672,841
to further the development o f the railway’s oil and gas lands and rights in Other deductions from income______
North Dakota, Montana and Wyoming. V . 112, p. 933, 2759. In Jan.
Net income_______________________ $15,970,244 $12,981,426 $15,056,930
1922 acquired the Walla Walla Valley R y . V. 114, p . 410.
Dividend appropriations________ (5%) 12,400,000(5) 12400,000(5) 12400,000
H ISTORY.— This Wisconsin company on Sept. 1 1896 succeeded to the
Balance--------------------------------------- $3,570,244
$581,425 $2,656,930
railroads, land grant and other property of the Northern Pacific R R ,
For latest earnings, see ’ ’ Railway Earnings Section” (issued monthly).
foreclosed In July 1896 and reorganized per plan in V. 62, p. 550.
The original Northern Pacific Company was chartered by Congress July 2
OFFICERS.— Howard Elliott, Chairman; Charles Donnelly, Pres.
1864; 450 miles to Bismarck were foreclosed In 1875.
Chas. W . Bunn, V.-P. & Gen Counsel; H. A. Clifford, Treas.; E. A. Gay,
Sec. & Asst. Treas. N . Y . office, 34 Nassau St.— (V. 120, p. 2143.)
D IV ID E N D S.—
f ’05. ’06. ’07. ’08. ’09. ’ 10-’21. ’22. ’23.’ 24.
On common (% )----------------- 1 7
7 -7
7
7 7 yrly. 5)4 5
5
NORTHERN PACIFIC TERMINAL CO. OF OREGON— Owns terminals
•Also Deo 190* 11 26% from surplus of N W. Impt. Co. V. 87, p. 1238
>n the Willamette River, Ore., at Portland, East Portland and Albina,
Paid in 1925: Feb. 2, 1 K % ; M ay 1, 1)4% .
lamprising 270 acres land, 40 m track, dock frontage 7.904 feet.
LEASE.— Leased for 50 years from Jan. 1 1883 jointly and severally to
BONDS.— The Refunding and Improvement Mortgage o f 1914 covers
Northern Pacific, Oregon R y. A Navigation and Oregon A California, with
6,529 miles o f road, on 1,044 o f which it is a first lien. It is an open mortgage
guaranteed rental to pay Interest, sinking fund and taxes; leases assumed
and not limited to any specified amount, but the bonds at any time out­
a 1899 by new Nor. Pac and Oregon RR & Nav
V 69, p. 230.
standing are limited to three times the outstanding capital stock, now
STOCK.— Stock (*3.000,000) owned by said three companies (40% by
amounting to $248,0003)00. When the amount of bonds Issued thereunder
Iregon Ry. & Nav. Co., 40% by Nor. Pao and 20% by Oregon & Cal.
(bearing Interest at rates to be fixed) reaches $500,000,000. further issues
1R .), and held by Central Trust Co. of New York, to he delivered after
must be limited to 80% o f the cost o f new property placed under tfie mtge.
jayments to the sinking fund, which Is to cancel the bonds.
Bonds of any aeries may be made redeemable before maturity or convertible
at the election o f the holders Into capital stock on terms and dates to be
BONDS.— The first mortgage is for $5,000,000; to Dec. 31 1924 $4,323,fixed
Of the bonds, $421,492,500 are reserved to retire, * for $, prior 000 had been issued, of which $2,459,000 retired by sinking fund.— (V. 119,
bonds at or before maturity.
P- 455.)




RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Northern Securities— See Industrials.

Miles Date
Road Bonds

518
Cal Northw 1st M g sk fd —
- _
- ______- _z
40
1st ARef M $35,000,000 g red 110 aft 10 yrs.F.xc* &r
Northwestern RR o f S outh Caro— First cons M _x
76
Northw Term Ry— 1st M gold call at 1 0 2 )4 _____c*
72
Sorwich & Worcester— Preferred stock 8% rental —
.
Bonds (not mtge) Int guar under lease, c u r ___ zc&r
UPr «.„0(| * si L -1 « t m $300,000 g red 110 1912._Eux
20
Collateral trust note
.
. _
_
Ogdeu .nine I '* — ’*
‘■-00* to '4 rental Central of N J ). .
>
10
Ogdeasburg & Lane Champlain R y—See Rutland RR
Ohio Conn Ry— 1st M $2,000,000 g gu (text)___ Fxo*
9
Ohio & Kentucky— 1st M gold sk fd call at 110.Ce.zo*
26
Debenture certificates_______ __________________ z
5h!o & L ittle Kanawha Ry— See Balt A Ohio RR.
Ohio River— See Baltimore A Ohio
Oklahoma Central— See Atch Topeka A Santa Fe
J|d Colonv—Stock 7% guaranteed by rental
_ .e*
___
First mortgage gold bonds_____________ OB.c*&r*
Bonds not, mortgage_____________________
_zr
Bonds not m ortgage________________________ zc&r
Bonds not m ortgage________________________ zo&r
680
Oregon & Cai— 1st M e drawn at 100 gu p & 1-Un.ao*
Oregon P acific & E a s t Ry— 1st M $500,000 gold— 27.78
Orecon Short Line RR —
_
488
Utah & North 1st M ext 1908 (V 86. p 14 10)_ bo*
Cons M gu $15,000 p in s f not drawn g __AB.zo*
488
Cons 1st M $36,500,000 g (1st M on 400 m) ..G .x c* 1.178
Ref M $100,000,000 g gu red ( t e x t ) . . ___Eq.xo*&r
Income bonds Series A 5% aon-oumulatlve_ OBz
_

Par
Value

Amount
Outstanding

$100 $15,000,000
1,000
l"898
894.000
1907 1.000 Ac 28,871.000
1.000
1914
360.000
1906
1.000
2 217.000
100 3.000.000
1.000
1,200.000
1897
1009
RAO Ace
1 17 non
500 &c
1923
125,000
____.
ijO.OOO
luu
1903
1896
1914

1.000
1,000
1.000

b Ser "A.” *1.000; Ser “ B ." $5,000.

RR.— (See Map Atch. Top. <k 3 F .)—

Operates a system extending from Point Tlburon and Sausalito, Cal.
(whence ferry to San Francisco, 6 k miles), northerly to Eureka, with
branches, 518 miles in all. Inoorp. Jan 8 1907 In the Interest of Southern
Pac. aiiu Auoh. T op. & San. Fe, which each owns $17,500,000 stock. V.
95. p. I l l : V. 96. p. 1489.
BONDS.— Oal. N . W . 5s s. f. $5,000 yearly call, at 110 and int.

Of the 1st * Refund. 4 4 s o f 1907 ($35,000,000 auth.), $28,871,000 were
outstanding M ir. 31 1925. $26,78 2,000 being owned by Sou. Pac.; the mtge.
reserved $6,676,000 to retire a like amount o f underlying bonds, $5,000,000
for lmpts. and equip, and $13,324,000 for new construction, lncl. line from
Shively to Wlllits and from Wendllng to connection with main line at
Healdsburg; s. f. $10,000 yearly; bonds drawn at 110. V . 84. p. 221.
194; V. 85. p. 222; V. 96, p. 1773; V. 98. p. 1316.

Equipment trusts issued to Director-Cleneral for rolling stock allocated
to this company ($271.500. due $18,100 annually). See article on page 3.
R E P O R T . — F o r 1 9 2 4 , g r o s s . $7 128 195; n e t o n e r , in c o m e , $1 281.373;
o t h e r i n c o m e , $43,313; m t . , r e n t a ls , A c . , $1,458,371; b a l . . d e f . . $128,656.
For la t e s t earni gs, s e e “ R a i l w a y E a r n i n g s S e c t i o n ” (i s s u e d m o n t h l y ) .
—V . 120, p. 2397.)
NO R TH W ESTER N RR . OF SOUTH CAR O L IN A . — (.See Map Atlanta
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 1924, gross, $226,041; net oper. income,
$55,690; other income, $7,296; deductions, $41,920; bal., sur. (before
dividends), $21,085.
NORTHWESTERN TERMINAL R Y. — Owns terminals ooverlng 36 acre s
at Denver and 102 acres of right of way In that olty, and 100 acres of frelghterminals at Utah Junction, 3 miles north of Denver. Leased for 50 year
from Jan. 1 1914 to Denver & Salt Lake R R .. which owns the $3,000,000
■tock. rental covering Interest on bonds, operating expenses and taxes
V. 98. p. 913. Operated by Denver & Salt Lake R R . Co. by virtue o'
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 Internationa] 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 wa:
filed by the Bankers Trust Co , N. Y ., trustee, in Jan. 1920. V. 110. p
562. Bonds ( $ 2 500.000 auth. issue), see V. 89, p. 994; V. 90, p. 503
Henry McAllister Jr., receiver.— (V. 110, p. 562, 2658.)
NORWICH & WORCESTER R R .— Owns from Groton, Conn., to Wor
oester. Mass., 71.04 miles. Leased to New England R R . for 99 years from
Feb. 1 1869 (now N . Y. N. H. A H .); rental 8% on pref. stk.—V.106, p.924.
NORWOOD & ST. LAWRENCE R R .— Norwood to Waddlngton, N .Y .„
20 miles, incl. extension, 13 m., opened July 1909. Stock, $250,000; pa
of shares, $100. Bonds are subject to call at 110 since April 1 1912. V. 95r
p. 1542. Coll. tr. notes are secured b y $153,000 1st mtge. bonds. Fo
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 . BM altby; V .-P ., D. M . Anderson; Asst. Treas., C. B. Martin; Aud., P. FWqed.— (V. 118, p. 203.)
OCILLA SOUTHERN R R .— Sold in Jan. 1924. See V. 118, p. 203.
OGDEN MINE RR.— Owns Nolan’s Point (Lake Hopatoong) 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 vrly. for org. exp
OHIO CONNECTING R Y. — Owns bridge over Ohio River near Pitts­
burgh, Pa., and approaches, 9.11 miles. Leased to Pennsylvania R R .;
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 o f guaranty, V. 81, p. 669.— (V. 119, p. 1396.)
OHIO & KENTUCKY R Y . — Owns from Lex. & East. R y. at Jackson
K y., 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,
$200,000; pref. stock, $100,000. 1st M . bonds are guaranteed by Kentucky
Block Cannel Coal Co. Year ended Dec. 31 1923, gross, $144,233; net,
$30,385; other income, $312; fixed charges, $37,919; bal., def., $7,222.
O K LAH O M A CENTR AL R R .— See Atchison Topeka & Santa Fe.

OKLAHOM A C IT Y-A D A -A T O K A R Y .— (V. 120, p. 1878.)
OLD CO L O N Y R R . (MASS.)— Owns road from Boston to ProviDcetown,
Mass., Newport, R . I., &c., 533 miles; leases 101 miles In June 1907 a
bill was passed permitting purchase o f Boston & Providence (leased line).
1st mtge. bonds o f 1924, V. 117, p. 2110.
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 o f 7% per annum on stock not exchanged. V. 76, p. 247,
374; V . 93, p. 1726, 1789; V. 94, p. 68 — (V. 118, p. 552.)
OREGON & CALIFORNIA R R — (See Map Southern P ac.)— 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., to
Alrlee, Ore., 74 m .; Mohawk Jet. to Wendllng, 16 m .; Salem to Geer, 7 m.:
Springfield Jet. to Tollman, and branches. 54 m.: total mileage operated
Dec. 31 1924, 704 m. V. 103, p. 1217.
LEASE, Ac.— Leased to Southern Pacific Co. for 34 years from Aug. 1
1893, the lessee guaranteeing int. on the bonds and the lessor receiving any




4.991.000
1.307.000
28.752.000
45.000.000
272.500
23.380 O O
O
c54.692,940
1.326.400

Rate
%

When
Payable

Last Dividend
and Maturity

A A O Apr 1 1928
5g
4 k g M A S Mob 1 1957
4 A 5 A A O Aug 1 1964
5 g J A J Julv 1 192«
Q— J Apr 1 19:5 2%
8
S
4
M A v Men 1 192/
5a
r A A 0 A n r 1 10**9
& N Nov 1 1926
6g
J &J15 Jan 15’z5 3 k %
5
4 E
5g
5

M A
J A
J A

S Sept 1 1943
J July 1 1926
D July 1 1926

Places Where Interest and
Dividends are Payable
San Franclsoo
Safe Dep A Tr Co. Balto
Jan 1918 coupon not paid
Mech Nat Bk. Worcester
Company’s office, Boston
"'ntprtownfNV'
f Pic
Watertown (NY) Tr Co
517 Uhesuiut St, Phlla
P«Dn RR Go New York
■Seaboard Nat Bk, N Y
do
do

7
0 —J Apr 1 1925 1 H Treasurer’s Office, Bost
do
do
5 k g F A A Pco 1 1944
4
J A ,1 Jan 1 1938
do
do
4
J A D Deo 1 1925
do
do
J A J July 1 1932
do
do
3k
5 g J A J July 1 1927
Southern Paolflo Co. N Y
____
J
A J Jan 1 1934
5*
4
5
5
4
5

(7)
g
^
g

4g
4g
9

A
&
A
A
Sept
J A

J
J
J
J

J July
J July
.1 July
D Deo
July
D Deo

1 1933
1 1926
1 1946
1 1929
1 1946
1 i960

120 Broadway. NewYork
do
do
do
do
do
do
do
do

& D June 1 1946
j
do
do
J A J J*n 1 1961
New York and London
F A A 20 Feb 20 1925 4 k Del LaokA West R R .N Y

c Of which $ 1,844, 940 are sterling bonds at $4. 85 per £; an addi tional $16,994,0 00 is owned by U . P RR

NORTHERN SECU R ITIES C O .— See Industrials.
PACIFIC

1.795.000
250,000
175.000

100 22.294.000
1924 1.000 Ac 3.500.000
1,000 4*000.000
18»»
1895 1.000 Ao 5.598.000
1.000.000
1902 1,000 Ao
1.000 17,437.000
1887
330.000
1914
(b)

1,000
1878
1.000
1886
500 &o
1897
1904 1,000 Ao
500 Ao
1897
1910 1.000 Ao
100
1,000
Ore RR & Nav oons(now 1st) $24,312,800 g ..N .xo* 1.135 1896
A £
lit& R ef M $175,000,000 ggu p& 1red 105.F.xo*Ar* Text 1911
50
Oswego & Syracuse— Stock 9% guaranteed D L A W
35 —

NORTHWESTERN

99

R A IL W A Y STOCKS AKD BONDS

M ay , 1925.3

net profit and being charged with any deficit after payment o f 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 involving
2.300,000 acres in Western Oregon, permanently enjoined the sale o f 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. 929.
BONDS.— The Southern Pacific guaranty o f principal and Interest Is
printed on face of the 5% bonds. See V. 63. p. 754
EARN ING S.— For 1924, gross income, $123,649; deductions, $1,551,714; bal., def., $1,428,066— (V. 115, p. 1429.)
OR BOON PACIFIC & EASTERN R Y .— Cottage Grove to Disston,
20 m.; branches, 4 m. Successor Jan. 1914 to Oregon & Southeastern R R ..
foreclosed. V. 90, p. 1297. In Oct. 1917 J. H. Chambers of Cottage Grove
Ore., purchased control. V. 105, p. 1618. Stock auth., $700,000 com.
and $300,000 pref.; outstanding. $200,250 common, par $10. Bonds.
Union Trust C o., San Francisco, trustee. See table above.— V. 98, p. 237.
For year ending Dec. 311923, total oper. revenues, $93,546; net oper. def.,
$22,053; deductions, $19,800; bal., def., $41,853. Pres. & Gen. M gr., J.
H. Chambers; Sec. & Aud., A. N . Ward.— (V. 105, p. 1618.)

OREGON SHORT LINE R R .— (See fan TTnion Paci/tc.)Mileage ow ned.
Dec. 31 1924, Main line and branches, 2,218 m.; trackage rights, 13 m .;.
leased from Ore.-Wash. R R . & Nav Co., ^37 m.; total. 2.458 m.; deduct,
mileage owned but not operated, 54 m.; total operated Dec. 31 1924,
„,414 miles. Tentative valuation, V. 114, p. 2360.
HISTORY.— Successor Maroh 16 1897 of the Oregon Short Line S Utah
c
Northern R y., foreclosed per plan In V. 62. p. 504. 505. Controlled by On.
Pac.. which holds entire capital stock. V. 84, p. 52. 572. 932.
CAPITAL STOCK.— Stock. $100,000,000. all in the 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-oumulatlve 5 per cents, have received; In Sept.
1897, 4% ; Sept. yrly. slnee, full 5% , at N .Y . office or Old Col. Tr.. Boston.
The Ref. gold guar. 4s (collat- trust) of 1904 (authorized issue, $100,000.000) are subject to call at 102)4. The bonds, of which $45,000,000 have
been sold, are secured by pledge of $8,700,000 Illinois Central stock.
$4,018,700 Chicago & North Western Ry. c o m . stock. $1,845,000 Chicago
Milwaukee & St. Paul Ry. pref. stock. $27,577,000 Los Angela0 A Salt
Lake 4s and $20,000,000 New York Central R R . stock. The collat­
eral may be replaced by other of equal value. See abstract. V. 80. p. 2408:
V. 79. p. 2088; V. 80. p. 1913; V. 96. p. 1424.
Of the 1st and Consol.M. bonds ($150,000,000 auth. Issue, Interest lim­
ited to 5 % ). $34,422,000 are reserved to retire underlying bonds: Ser. A are
subject to call as 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. 1924,
but $41,487,000 were tben owned by Union Pacific R R . 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-W ASHINGTON RAILR O A D & NAVIGATION CO.— (See
M ap 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 R R .; leased from Des Chutes R R ., 95 m .;
owned jointly with Chic. Milw. & St. Paul R y., &c., 77 m.; trackage
rights, 306 miles; total operated Dec. 31 1924 (excl. 237 miles leased to
Oregon Short Line R R . and 11 miles owned but not operated), 2,236 miles.
Also operates 101 miles of water lines.
Tentative valuation as of June 30 1916, $129,810,913. V. 116, p. 2131.
ORGANIZATION.— Inoorp. In Oregon Nov. 23 1910 and on Deo. 23
1910 took over by purchase the Oregon R R . & Nav. Co.. North Coast R y .,
and affiliated lines controlled Dy the Union Pacific. V. 91, p. 1447, 1512,
1630. 1768. Stock auth., $50,000,000; $49,998,500 owned by Ore.Sh.Llne.
BONDS.— The 1st and Ref. 50-year gold 4s ($175,000,000 auth. Issue)
are guar. p. A 1. by U. P. Series A ” are dollar t >nds, Series “ B ” sterling
bonds, each redeemable (but not part of either) at 105 on any Int. day on
90 clays' 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,
subject to $23,380,000 Ore. R R . & Nav. 4s, on 1,135 additional miles, on
70 miles Jointly owned and 139 miles of trackage. See V. 92, p. 1500, 1566;
$23,380,000 are reserved to refund the Ore. R R . 4s; In Dec. 1923, $54,685,370 were held by public: $16,996,500 were held by Union Pac. R R ., $253,000
were In treasury and $79,688,865 were reserved for extensions. Improve­
ments, acquisitions, equipment, A 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 R R . & Nav. Consol. M was In V . 63, p 928For 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 charter and renewals
thereof to the Del. Lack. & Western R R . Co. for 9% per year on $1,320,400
stock and Interest on bonds.
The Inter-State Commerce Commission on Sept. 20 1923 authorized the
company to Issue not exceeding $1,193,000 1st & Ref. 5% 50-Year gold
bonds to be delivered to the Delaware Lackawanna & Western R R ., lessee.
In refundment of certain obligations. The Commission also granted author­
ity to the Delaware Lackawanna & Western R R . to assume obligations and
liability, as guarantor, In respect of said bonds.— (Y. 117, p. 1462.)

100
RAILWAY STOCKS AND BONDS
[V
o l.

120.




M at , 1925.]

BAILW AY STOCKS AND BONDS

101




103

[V ol. 120.

R A IL W A Y STOCKS AKD BONDS
R A ILR O A D C O M P A N IE S

[For abbreviations. &c., see notes on page 61

Miles Date
Road Bonds

Overton County RR— See Tennessee Kentucky & N orthei a RB
Ozark & Cher Cent— See St Louis * San Francisco
1912
Pacific Great Eastern— 1st M 4 4 % guar deb stock
2d charge ranking aft 1st M gu by Gov of B O 19151915
89*9 1899
Pacific & Idaho North Ry— 1st M g s f 1% yly__ G.zo
76 1907
2d M J3.000.000 gold......... .................................Ce.c
14 1915
Paducah & 111— 1st M gu $7,000,000 red..UC.c*<Str*
Pan-Amer (M ex-Guat)— See N at. Rys. of Mexico.
Paragould Southeastern— See St Louis Southw Ry
51 1912
__ FC.xo*
Paris A Mt Pleasant—I s tM e r e 'tlO * Parls-Lyons-Mediterranean RR Co— See text
Paris-Orleans RR Co— See text

Par
Value

£1 &C £2.925.000
£1 &C see text
$1,000 $1,027,000
1.000
956.000
1.000AC
5.000.000
1,000

Last Dividend
and Maturity

Amount
Outstanding

600,000

3 St J 15 July 15 1942
44
J & J 15 July 15 1942
44
Nov 1 1949
M &
£ 8
Feb 1 1937
5 g
July 1 1955
44 8
6 C

July 1 1932

Places Where Interest and
Dividends are Payabh

Brown,8 & Oo.Lon&Vict
do
do
Nov 1914 last paid
Not regularly paid
New York and Chicago

First Nat Bk, N T & Obk-

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 o f the railroad companies should
be Insufficient to meet the charges mentioned above, there will be paid to the
completed will give through connection between Squamish and the Cana
railroad out of the “ common fund” any sums necessary to make up the
dian National Ry. system and Fort George.
deficiency.
Under the settlement, which received royal assent April 23 1918, thf
The Government o f the French Republic has undertaken to provide the
Province of B. O. had in Oct. 1918 acquired the entire snare capital stock "common fund” with any sums by which the receipts of the "com mon
Of the railway ($25,000,000). the Pacific Great Eastern Equipment Co and fund” may fall short of its requirements; provided, however, that if the
the Pacific Great Eastern Development C o ., and had exercised its option Minister o f Public Works so requires, the railroads will issue bonds for
also on the lands and assets of the last-named, the promoters being released such purposes, the Government o f the French Republic guaranteeing
from their obligations. There has been no change in the bonded debt, the the interjBSt, amortization and actual expenses o f the service of such bonds
Province being fully liable for both principal and interest on bonds
until paid. The convention further provides for an adjustment of tariffs,
V. 107, p 1580. 1101, 182; V. 106, p. 929. 2123.
if necessary, in order to provide the railroads with sufficient revenue to
In Oct. 1917 the total securities guaranteed by the Province of B . C ..
meet expenditures. In regard to 1,673,000,000 francs of bonds issued
applying on the main line, amounted to $16,800,000, secured by a first
by the company under the special law of Dec. 26 1914 to cover its defi­
charge on the line, and $3,360,000 secured by a second charge, making a ciencies of 1,229,000,000 francs since the beginning o f the war, the conven­
total of $20,160,000, of which $14,234,805 (£2,925.000) have been issued.
tion provides that the Government will reimburse the company therefor by
The balance, $5,925,195, had been pledged to secure a loan of $4,800,000
the payment of annuities to cover the service for interest and amortization
The Legislative Assembly o f the Proviuce of British Columbia has passed of these bonds. Thus the Government o f the French Republic as above
the following Acts enabling the Province to borrow the following amounts described undertakes to provide, if necessary, funds sufficient to pay
to be loaned to the company for the construction, equipment and operation interest on the bonds of this issue and funds for sinking fund sufficient
of the road: Loan Act 1916. $6,000,000; Loan Act 1920, $4,000,000; Loan to retire the entire issue by maturity.
Act 1921. $4,000,000.
Goldman, Sachs & C o., Bankers Trust Go., Lehman Bros., Halsey,
E A R N IN G S.— For 1924, gross, $410,013; net oper. Income, def.. $271.- Stuart & C o., Inc., and Union Trust Co. of Pittsburgh in Sept. 1924 sold
768; other income, $21,144; deductions, $2,300,506; bal., def.,$2,551,120. at 9 3 4 and int. $20,000,000 7% external sinking fund gold bonds.
Dated Sept. 15 1924; maturing Sept. 15 1958. Denom. $1,000 and
— (V. 119, p. 1173.)
$500c*. Int. payable M . & S. Principal and int. payable in gold at the
PACIFIC & IDAHO NOR TH ER N R Y .— Owns Welser to New M ea­ office o f Bankers Trust C o., New York, fiscal agents for the loan, without
dows, Idaho, 90 miles. In June 1918 the receiver appointed in 1916 w»* deduction for any French taxes. Red. only as a whole on or after Sept. 15
discharged. V. 106, p. 2560. V. 101, p- 846. Stock, $2,929 800; par 1932 on any int. date at 103 and int., except for sinning fund.
$100. Bonds, 1st & 2d M tges., see table above. For year end. Dec. 3)
Sinking Fund.— Graduated annual sinking fund payments be ginning with
1923. gross. $188,525: net. after taxes $12,463: oth. Inc., $7,112; int. chgs. $248,000 on Sept. 15 1931 and progressively increasing to a maximum of
&c.i $148,348: bal.. def., $128 773. Pres., Samuel Norris; Treas., James B
$1,540,000, calculated to retire the entire issue by maturity through
Ford; Sec., John D . Oarberry; Asst. Treas., F . D . Stover; Gen. M gr..
purchase at not exceeding 100 and int. or by annual drawings for redemp­
Le Grand Young. Office, Welser, Idaho. N . Y . office, 1790 Broadway
_________
tion at 100 and interest.
— (V. 113. p. 1054.)
In March 1925 Kuhn, Loeb & Co. and National City Co. sold $40,000,000
PADUCAH & ILLINOIS R R .— Line from Metropolis, 111., to Paducah
6% external sinking fund gold bonds, due Aug. 15 1958.
K y ., 14 miles, including the double-track steel bridge over the Ohio River
Dated Feb. 15 1922. Not subject to redemption before Feb. 15 1932,
was completed Dec. 31 1917. Owned jointly by Nashv. Chatt. & St. L ., Ch. except for the sinking fund. Entire issue outstanding, but not any part,
Bur. & Q. and Illinois Central, which use same as part o f a route from will be redeemable at 103 and int., at the option o f the company on Feb. 15
Northern and Central points to the Gulf, and unconditionally guar,, prin., 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
Int. and sink. fd. (over $120,000 vrly.) on bonds. Stock auth., $5,000,000
pref. and $10,000 com., outstanding, $10,000, all, except directors' shares, fund calculated to redeem the entire issue by Aug. 15 1958. This sinking
owned by the guarantors and by them pledged with the mortgage trustee. fund will begin Aug. 15 1929, and is to operate by purchases o f the bonds at
V. 99, p. 609. The bonds ($7,000,000 auth.) are redeemable for sinking or below 100 and int. or by redemption on Aug. 15 1929, and any Aug. 15
fund beginning 1921 at 1 0 2 4 - See offering V. 102, p. 67, 251; V. 103, p. thereafter, at 100 and interest o f bonds to be drawn by lot.
EARNINGS.— The gross receipts of the lines in France_onlyJiave been
2342; V. 104. p. 664.— (V. 107. p. 1580.)
PARIS & MT. PLEASANT R R .— Owns Paris, T ex., to M t. Pleasant. as follows (in francs):
1913.
1914.
1921.
1922.
1923.
51.43 miles. Stock authorized. $75,000
The I.-S. C. Commission has placed a final valuation o f $813,771 on the 596,000,000 503.000,000 1,671,000.000 1,806.000,000 1,956,000.000
General office, Paris. France.— (V. 120, p . 1087.)
owned and used property o f the company as of June 30 1918.
Of the 1st gold 6s <$2,000,000 auth. issue*, $600,000 nave been sold
PARIS-ORLEANS RR. (COMPAGNIE DU CHEMIN DE FER DE
against the present property (53 miles), including terminals, rolling stock
PARIS A ORLEANS).— Organized in 1838 to operate a railroad line
&o., the remainder being reserved for future construction. Redeemabii between Paris and Orleans. As a result of subsequent mergers, pur­
since July 1 1915 at 105 and Int. Sinking fund 5 % of gross earnings
chases of other companies and construction, now owns and operates the
beginning Jan. 1 1915. to he Invested In Income-producing securities or ap
second largest system in France.
plied to redemption of bonds
V. 94, p. 1509.
Mileage-— System covers about 7,800 kilometers, or 4.848 miles. The
Receivership.— R. W . Wortham of Paris, Tex., was appointed receiver by lines serve (a) the central part o f France, providing a direct route between
Judge Ben H. Denton in March 1920 on the petition or T . D. Wilson and Paris and the important seaports of Bordeaux, Nantes and St. Nazaire and
8 . G. Norris of Detroit, alleging that the roaa was In a rundown condition forming part of the through lines between Paris and Southern France and
and there were 350 cars of freight awaiting transportation and delivery to Spain; (6) rich agricultural districts; (c) the industrial centres of Montlucon
consignees on which demurrage and other charges were accumulating
(iron),
(coal) and
(d) through the western ex­
The receiver was authorized, in ,Tulv 1920. to Issue *10O non r»<v>ivpr'“ tension Albi south coast Limoges (porcelain); Valley of the Liore and the
the
of Brittany; (e) the
certificates for repairs and equipment. As o f Dec. 31 1924 there was Aubergne Mountains, carrying a very heavy and profitable tourists’ traffic.
$82,500 outstanding.
Government Guaranty.— A law enacted on N ov. 20 1883 provides that the
For year ended Dec. 31 1924. gross, $193,419; net, $36,654; deductions,
$38,063; bal., def.. $1,409. Pres., R . F. Scott; Treas., T . J. Recard. French Government shall advance each year any amount necessary in addi­
EARN ING S.— The gross receipts o f the lines in France only have been 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
Office, Paris, Texas.— (V. 119, p. 1953.)
share of frs. 500 and frs. 45 on the beneficiary shares without par value.
PAR IS-LYONS-M EDITER R ANEAN RR .— Company was organized in Any amounts
are
at
1857. Its lines in France, comprising about 6,121 miles of road, consist of future surplusso advancedafterto be repaid with int.the 4% p. a. out of any
remaining
paying the div. on
stock. '
a main trunk line from Paris to Lyons and from Lyons to Marseilles; its
This agreement continues in
31 1956 (the end of
branches and extensions reach throughout the part of France southeast of concession of the company) andeffect until Dec. provisions to protect the
contains similar
the
Paris, through the French Riviera and to the Swiss and Italian frontiers. bondholders and stockholders in case the Government should take over the
In addition the company operates in Algeria 1,000 miles under lease.
Capitalization.-—Company has outstanding debenture bonds to the company’s property prior to that date.
New Convention■ Common Fund Established.— See Paris-Lyons-Med—
amount o f 8,886,688,125 francs, £5,000,000 and dollar bonds amounting iterranean R R . above.
to $60,000,000. None o f the above debentures or bonds carries any special
Capital
353,318 shares o frs. 500
security nor is any part of the company’s svstem or equipment mortgaged each, andStock.— Frs. 300,000,000, divided into par value. The f stock is
246,682 beneficiary shares without
or pledged in any way. The capital stock originally amounting to 400,000,- listed on the Paris Bourse.
000 francs, has, through amortization to date, been reduced to 333,871,500
Bonded Debt.— The bonded debt of the company consists of debentures
francs.
Guaranty of French Government.— Before the war the company paid sub­ to the amount of 6,100,000,000 francs; 2,000,000, 50,000,000 Swiss francs
stantial dividends on its capital stock in excess of the minimum rate o f 11 % and $10,000,000. Iselin & C o., Halsey, Stuart & C o., Inc., and Hemphill,
In Feb.
guaranteed by the Government under the Convention of 1883. In 1914, at Noyes & C 1921 A. York, offered frs. 50,000,000 6% bonds (Foreign Series),
o ., New
the outbreak o f the war, the French Government took control o f all French
by semi-annual
Interest
railroads in order to insure efficient co-or iination for military purposes. redeemable1at par,payable J. & D. drawings, not later than 1956. Wall St.,
from Dec. 1920,
& C o., 36
After the war a new convention was entered into on June 28 1921 by the N. Y . City, without deduction for at office of A. Iselinpresent or future, if
any French taxes,
French Government and the larger railroad companies, inclu :ing the held by non-residents of France. Denom. fr. 1,000.
inwwi < $
4
Paris-Lyons-Me iterranean R R ., revising the status of the railroads.
Tax Exemption.— Under a recent French law
This convention was approved by the law “ Regulating the Great Rail­ principal and interest, without any deduction of these bonds are payable,
French taxes, present or
road Systems” dated Oct. 29 1921.
Under the terms o f this convention and law there is established a “ com­ future, provided that are held by a non-resident of France.
Convertibility.— The company agrees to exchange any bond o f this issue
mon fund” for the purpose o f creating financial soliiarity of the large
companies and, if necessary, during any fiscal year, to orovide funds for at its Paris office at any time prior to the drawing of such bond for redemp­
the current treasury requirements o f the companies. The railroad com­ tion without expense for an equal face amount of 6% bonds (French series).
panies shall turn over to the “ commun fund” any balance of their gross These French Series bonds are listed on the Paris Stock Exchange, but
receipts available after providing for their operating expenses, interest I holders thereof are subject to French taxes.

PACIFIC G R EAT EASTERN R Y .— Incorporated in British Columbia
early In 1912. Operates from North Vancouver to Wbytecliff. 12.7 ni.
From Squamlsh, at the head of Howe Sound, to Quesnel, 348.5 m. Line
has been completed to Cottonwood River, 364 miles. Line under con
Btruction, Cottonwood River to Red Rock Creek, 46.8 miles, which when




RAILROAD COMPANIES
[For abbreviations, & c., see notes on page 6]

Paterson & Hudson Riv— Stock 8 % rent N Y L E 4 W
Paterson & Ramapo— Stook (rental guaranty)---------•'emicewasset Valley RR— Stook (rental guaranty)..
Pennsylvania R R —Stook autta $600,000.000______ Tr
Consolidated fGold coup s t 1% not d r ____kv.o*
$100,000.000ISterl (s f m 1900) not dr_kv.o*rAr*
(now 1st) | do stamped pay le In $_kv.c&r
M of 1873 (Sterling___________________ kv.c*Ar*
seoures all | do stamped payable In $kv.c*Ar*
equally
IGold dollar bonds________kv.c*Ar*
Q .P .
IG o ld ............................................xc*Ar*
New York Phlla & Norfolk stook trust cert_____ kv
General mortgage gold_________________ G P.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
ye*&r*
do
do
red (text)_____________ GP.zc*&r*
Collateral n o te ______________________________________

Bonds of Cos. Merged in Pennsylvania RR.—

Sunb Haz & Wllk first Series A drawn at 100____ zo
Second mortgage lnoome____________________ zoAr
Sunb & Lewis first mtge $600,000 p A l g -GuP.vo*
West Penn oonsol mortgage g assumed___ PIP.kvo*
Allegheny Valley gen (now 1st) M g . FPLkv.o*Ar
Junction (Phlla) Gen M (now first) g$725,000 _.k v
Pitts Va A Ch first mtge gold gu p A l.G P .k v o ’ Ar
Cambria* Clearfield 1st M (V 96,p .28 6 )g C P . kvo*
Oambrla & Clearfield Gen M $7.600,000_________ kv
Clearfield & Jefferson first m ortgage.. GuP.kvo*
Pennsylvania & N W gen M $2,500,000. auP.kvo*
Harrlsb Portsm M t J & L 1st M ext In 1 9 1 3 ..Gp kx
Hollldaysburg Bedf & Comb 1st M g gu ass. kxxc*
Girard Point Storage 1st M guar p & I by Penn., kr
Suaq Blooms A Berwick— First M g ____________FPx

Miles Date
Road Bonds

14
14
1463
1463
1463
1463
1463
1463
1463
2834
2834

2834

44
44

56
140
264

1893
1895
1895
1908
1908
1908
1915
1908
1915
1918
1920
1920
1921
1924
1878
1878
1896
1888

1892

3 ’0 0 -’07
91 1 9 0 4
102 1891
407 1905
57 1 8 8 6
87 1890
1853

”72
*42

1011
1890
1902

Par
Value

50
50
100
$50
1,000
£200
$1,000
£200
$1,000
1,000
1,000
1,000
1.000
1,000
l.oon
600 Ac
500 Ac
1,000

941,098,562 1,030,273,675
178,944,177
592,977,919
132,009,900
7,054,405

777,488,043

169,455,056
606,565,545
134,984,860
6,733,056

T o ta l._____1,094,361,387
910,984,403 917,738,519
681,055,783
N e t_________ — 170,554,133 +30,114,158 +112,535,156 +96,432,259
Int. on bond. d t. 200,510,905 247,671,490 305,484,730
160.920,506
* Taxes on freight transports paid to French Treasury being collected on
behalf o f the Government, they do not appear in the receipts or expend!
tures. In 1923 they amounted to Frs. 82,814,096.
OFFICER S.— Ch. Verge, Pres.; Comte Louis de Segur, Etienne Mallet,
Jules Cambon, V.-Pres.; Marcel Peschaud, Sec.; C . Mange, M gr., Paris,
France.— (V. 120, p. 828.)
PATERSON & HUDSON RIVER.— Owns from Marlon, Jersey City
N J. (south to Bergen Junotlon). to Paterson, N. J „ 14 miles; single-traok
Leased in perpetuity (at $48,400 per year for road, $5,000 for rent of lot
Ac.) to Erie R R .. 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-traok; part of main line of Erie R R ., to whlofc
leased Sept. 1862 daring legal existence, at $26,500. and which has built •
second track. Dividends have been paid at various rates. In 1906-07
8 2 % ; In 1907-08 and 1908-09. 8 % : in 1909-10 . 6 % : 1910-1) 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.)
PEM10EWASSET VALLEY RR.— Plymouth. N. H .. to Linooln N . H.
21.41 miles. Leased to Boston & Maine for 6 % on stock.

PENNSYLVANIA-DETROIT R R . CO.— Incorp. in Mich. Feb. 27 1917
with authority to construct and operate a line o f railroad tu that State. Its
outstanding capital stock is $5,000,000, all of which, except directors’ quali­
fying shares, is owned by the Pennsylvania R R
It has no bonds out­
standing. but as of May 31 1923 its non-negotiable debt to affiliated com­
panies amounted to $5,867,284, representing construction expenditures,
chiefly moneys advanced by tbe Pennsylvania. Construction work was
begun in 191? 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, M ich., in a northerly direction to a
connection with the Wabash Ry. at Detroit, a distance o f about 19.96 miles.
It also owns certain extensions and branches in and near Detroit, M ich.,
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 Fort Street Union
Depot railways amounting to about 21.11 miles. It also has trackage rights
over the Pere Marquette Ry. between Carleton, M ich ., and Alexis Junction.
O., a distance o f about 25-33 miles. Between Alexis Junction, O., and
Toledo, O., a distance o f about 4.37 miles, it operates over the Ann Arbor
R R . The total distance operated under trackage rights is about 50.81 miles.
To be merged into Pennsylvania Ohio & Detroit R R .— 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 may be agreed to upon
any additional capital stock that may be issued after Jan. 1 1923 by the
Detroit company with the approval o f the Pennsylvania. The Pennsylvania
Is also to pay all taxes as they shall accrue and a sum each year sufficient to




Amount
Outstanding

Rate
%

When

Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

8
J A J Jan 1925
4 % Paterson. N J
630.000
do
A J July 1 1924 2%
298.000 8ee text J
F
A A Feb 1925
541.500
3% Checks mailed
6
Q— F M a y 29 25 114 Office. Phila A N T
6
499 173,400
Treasurer, Phila A N Y
M & N May 1 1943
$->..’G7,0( 0
4 g
London, England
A J July 1 1945
3H g J
12.536.160/
Office, Phila A N Y
A J July 1 1945
)
3H g J
London, England
M A N M ay 1 1948
4
5.267.100
M A N M ay 11948
Office, Phils A N T
4 g
14 670.000
OWoo, PbU* *■ V V
M A N M ay 1 1948
4
19.994.000
Office, Phila A N Y
49 000.000
4 H g F A A Aug 11960
F i a e i i t y T r n o , Pnila
J
A D June 1 1948
7.478.250
4g
D June 1 1966
Office, Phlla A N T
A
125.000.000
4H g J
do
do
J A D Dec 1 1968
50,000.000
6 g
A A O Apr 1 1970
Pledged
6 g
Office, Phila A New T ork
A A O April 1 1930
7 g
50.000.000
6 0 ono noo
6 Vi g V A A Feb 1 1936
M
&
N N ov 1 1964
50,000.000
5g
Mar 1 1930
6
16 874.000

162,600
100 &o
1.349,500
100 &o
1,000
500,000
4.000,000
1,000
1.000 20,000.000
725.000
1.000
6,000.000
1.000
534.000
1,000
2,000.00ft
1,000
1.000,000
500 Ac
1,021,000
1.000
700,000
500 Ac
1.000
1.073.000
1,742,0(.0
1.000
700.000
1.000

Redemption.— The concessions of the French railroad companies stipulate
that at the expiration o f 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 o f amortization which provides for
the total redemption of their funded debt, and for the repayment of their
capital stock by the time o f the termination o f their concessions.
The amortization plan provides for semi-annual drawings at par of a
gradually increasing number o f 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 R R . Co. above.
See V. 112, p. 563.
A. Iselin & C o., Brown Brothers & C o., Halsey, Stuart & Co. and Hemp­
hill, Noyes & Co. in Sept. 1924 sold at 92 M 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 & C o., fiscal agents o f 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 —
9 Mbs. Ended
-Calendar YearsSept. 30 1924.
1921.
1923.
1922.
Francs.
Francs.
Francs.
Francs.
Rects. (aft. taxes) :*
268,363,930
Passengers
244,047,043 246,352,282
729,288,764
Freight______ 666,247,278 671,464,996
Miscellaneous.
13,512,931
32,620,980
23,281,282
T otal______ 923,807.254
Exp. (after taxes):
Gen. exp.,pen­
sions, &e_
_ 125,966,436
Oper. expenses 836,055,464
Maintenance . 128,956,922
Miscellaneous.
3,382,564

103

K A IL W A Y STOCKS AND BONDS

M ay , 1925.]

M A
5
M A
6
J
A
4 g
A
J
4 g
M A
4 g
3H t A &
M A
4 g
J A
58
4 K V A
A
3
6
A
3
5
3 A
4
3 A
4 g
3H A A

58

A

A

N May 1 1928
May 1 1938
July 1 1936
ID June 1 1928
S Moh 11942
o Apr 1 1930
N Nov 1 1943
J Jan 1 1941
A Feb 1 1956
3 Jan 1 1937
3 Jan 1 1930
3 July 1 1943
3 July 1 1951
O Apr 11940
O Oct 1 1962
N
J

Broad St Station. Phlla
do
do
do
do
do
do
Office Phlla A New Tark
Broad St Station. Phlla
Office Phlla A New York
Broad St Station, Phils
do
do
do
do
do
do
do
do
do
do
Treasurer’s Office. Phila
Fidelity Trust Oo, Phlla

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 C o.— (V .1 1 7 ,p .1 5 5 6 .)
PEN N SYLVANIA O H IO & D ET R O IT R R .— The Michigan P. U .
Commission has approved the consolidation of the Pennsylvania-Detroit
R R ., Cincinnati Lebanon & Northern R R ., Cleveland Akron & Cincinnati
R y., Toledo Columbus & Ohio River R R ., and the Manufacturers’ R y. of
Toledo. The consolidated company will be known as the Pennsylvania
Ohio & Detroit RR.
PEN N SYLVANIA R AIL R O AD C O . (TH E).— (See M aps.)— 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 1925 aggregated 11,672
miles. On Jan. 1 1925 the lines included In the company’s results aggre­
gated 10.575 miles.
Lines Aggregating on D ee. 31 *24 10.575 M iles Included in Penn. RR. Results
Rail lines owned______________________________________________ 3.032.17 miles
Rail lines under leases and contracts________________________ 6.981 62 “
Rail lines under trackage rights_____________________________ 494.21 "
T o ta l________________________________________
Canal and ferries______________________________
Mileage o f System.

Operating Companies—
Pennsylvania R R ___________________________
Baltimore, Chesapeake & Atlantic__________
Long Island________________________________
Ohio River & Western______________________
West Jersey & Seashore_____________________
Other lines__________________________________

10.508 00
67.00

"
“

Miles.
------- 10.575.00
____
130.76
-----397.10
-----110.47
-----362.34
-----148.05

Total_______ ___________________________________________ _______-*11,672.37
* Includes 70 miles of steamer lines, canals and ferries, but excludes
51.35 miles of system, intercorporate trackage rights.

Principal Leased Lines.

Miles.
M iles.
Belvidere Delaware R R ______ 80 35 Phlla. Balt. & Washington___416 04
Delaware R R _________________245 22 United N J. R R . & Canal____ 166 56
Cln., Lebanon & North___
76.17 Western N . Y . & Pennsylvania563 26
Grand Rapids & Ind______
476.69 Cleve. Akron & Cincinnati____ 335.20
N. Y .. Phila. A Norfolk—
122.28 Cleveland & Pittsburgh______ 204.75
Pitts., C in„ Chic. A St. L . 1,875.70 Erie & Pittsburgh____________ 82 99
Delaw Maryland & Virginia.. 97 64 Pitts. Ft. Wayne & Chicago.-471.23
Elmira & Lake Ontario______ 99.91 Pitts. Youngstown & A shtab.,140 47
Elmira & Williamsport_______ 73 49 Toledo Col. & Ohio River____ 345.14
Northern Central____________ 142.13
OR G AN IZATIO N , LEASES. * 0 .— The charter of the Pennsylvania RR.
was dated April 13 1846. As to agreement In 1917 to take over the prop­
erties and assume the obligations of tbe 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
ta might be determined, the leases of railroad property held by the Penn­
sylvania Co. should be reassigned to the Penn. R R .. and the lines west
of Pittsburgh operated directly by the Pennsylvania R R ., through the same
officials who bad heretofore been In charge of the operation of those lloes.
In pursuance of this plan the Penn. R R . Co. had resumed In Oct. 1918
operating under lease the Pitts. Ft. Wayne A Chicago Ry., Cleveland A
Pittsburgh R R ., Erie A Pittsburgh R R ., and Pitts. Youngs. A 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 ail the aforesaid lines, which were operated directly by the Penn. R R .
Co. as its "Western Lines."
System Operated as a Unit.— It was announced in Feb. ’20 that, effective
March 1 1920, the system would be operated as a unit instead of being
subdivided as formerly between the lines east and we«t of Pittsburgh.
The system will be divided Into four regions, each In charge of a Vice-Presi­
dent, the headquarters of the respective regions to be at Philadelphia,
Pittsburgh. Chicago and St. Louis, to be known as the Eastern, Central.
Northwestern and Southwestern regions. V . 110, p. 658
in May 1920 announced that the West Jersey & Seashore R R . and the
N. Y . Phila. & Norfolk R R . will hereafter be designated as the Atlantic
Division and the Norfolk Division, respectively. See V. 110, p. 2193.
Working agreement with men, V . 112. p. 162.
In March 1916 Incorporated the Penn .-Detroit R R . with $5,000,000 stock
to build a 52-mile road from Ohio-Mtchlgan 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 A Berwick RR..
• 42-mile line Watsontown to Berwick. P a„ Ac., with $700,000 First M i l l
gold 5 % bonds outstanding. V . 106, p. 2011.
On Jan. 1 1921 leased for 999 vears the Gra"d RaDids A Indiana k v . and
thePitts. Cin.Chic. A St. L. R R . V . I l l , p. 1753.1950; V . 115, p. 437, 760.
The stockholders on Mar. 4 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 . C. Commission to lease
n perpetuity the property of the New York Philadelphia A Norfolk R R .,
beginning July 1 1921. V . 113. p. 731. Has also been authorized to
purchase from the Pennsylvania Co. the stock of the Pitts., F t. Wayne
& Chicago Ry. V. 112, p. 2191; V . 117, p. 2324.
To Build New Terminal.— It was announced in Oct. 1924 that the co. will
build a new terminal in West Philadelphia, Pa., work on which was to begin
in 1925. It is expected that the entire project will be finished by 1930.
Valuation.—-The I.-S . C . Commission has placed a tentative valuation of
$284,676,670 on the total used property of Pennsylvania C o.’s Lines west of
Pittsburgh, Pa., as of June 30 1916. Companies included in the valuation
are: Pennsylvania Co., Pittsburgh F t. Wayne & Chicago R y ., Massilh>i»A

104

B A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

M ile s
R oad

B a te
B on ds

Par
V a lu e

A m oun t
O u ts ta n d in g

R a te

%

W h en
P a y a b le

[V ol. 120,
L a s t D iv id e n d
a n d M a t u r it y

P la c e s W h e r e I n t e r e s t an*
D iv id e n d s a r e P a y a b le

Pennsylvania RR (Concluded)—

Equipment Trusts—
Gold guar p & 1 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 “ O " due $1,050,000 ann____ FP.xc*

Pennsylvania Company—
Guar tr certs $5,000,000 z ass’d Pa R R Ser A - kvr
do
10,000,000
do Ser B QPkvo*
do
5.000,000
do Ser 0 ---k v o *
do
10,000,000
do SerD OPvkc*
do
10 000,000
do SerE.GPkvc*
Sold loan red after 15 yrs (zu V 83. p. 1229)-QPkvc*
Pennsylvania & North Western— See Penn. R R ____
Peoria & Bureau Valley— Stock rental (see text)____
Peoria & Eastern— Ind Bloom A W 1st M pf.Ce.zcAr
Ohio Indiana A West 1st M pref e int guar
Ce.xc*
• Peo A E 1st (oons) M $10,000,000 lnt guar.-Cex.c*
Income M lnt when earned non-cumulative__Ce.se

___

1920
1923
1924
1924

—

1897
1901
1902
1904
1912
1906

47
202
338
338
338

1879
1888
1890
1890

$1,000
1,000
1,000
1,000

$38,940,000
27,300,000
18,760,000
15,750,000

1.000 3,618,000
1,000 7 592,000
1,000 3,780,000
1,000 7,905,000
1,000 9,145,000
1,000 20.000,000
100
100 Ao
CO Ac
O
1.000
1.000

1.500.000
947,500
500,000
8.376,000
4,000.000 Up

6 g
5
5
4H

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 Oct 1 1939
do
do

3H Z M
3H Z F
3H Z J
3H Z J
4Z M
4Z A

A S
A A
A D
A D
A N
A O

Sept
Feb
Dec
Deo
May
Apr

1
1
1
1
1
1

1937
1941
1942
1944
1952
1931

F A A See text.
7H
A A O Apr 11940
4
Q— J Apr 1 1938
5 z
4
A A O Apr 1 1940
to 4
Apr 1 1990

Penna R R , New York
and Girard Tr Co.
Philadelphia
Bankers Trust C o, N Y
Treas office. N Y
do
do
4% paid Aprii 11913

Ry. Oper. Expenses—
1924.
1923.
1922.
1921.
Cleveland R R ., Erie & Pittsburgh R R ., Cleveland & Pittsburgh R R ., Pitts­
burgh, Youngstown & Ashtabula R y ., Youngstown & Ravenna R R ., Pitts­ Maint. of way & struc__ 74,025,530 85,383,281 78,536,995 76,548,215burgh Ohio Valley & Cincinnati R R ., Cleveland Akron & Cincinnati R y., Maintenance of e q u ip ...158,884,751 188,577,703 167,127,562 165,659,131
7,754,739
6,953,139 7,058,240'
Toledo Columbus & Ohio River R R ., and the South Chicago & Southern RR. T ra ffic ------------------------ 7,846,321
The Commission has up to the present time placed tentative valuations Transportation_________250,364,384 281,851,982 255,732,666 265,102,429
9,409,244 9,772,346
9,700,743 9,310,789
on four parts o f the Pennsylvania System as follows: Pennsylvania C o., Miscellaneous operations
17,345,432 16,128,117 16,976,455
1.681 miles, valued at $284,676,670, or $169,000 per mile; P . C. C. & St. General________________ 17,222,321
Transport, for investm’t 0301,878
0167,454
06 0,53 7
0 4 1,84 6
Louis, 2,222 miles, at $227,930,863, or $102,000 a mile; Long Island R R .
379 miles, at $93,201,517, or $234,000 a mile; West Jersey & Seashore R R .,
Total ry. oper. exps..517,450,673 590,518,030 534,118,684 540,613,410
361 miles, at $26,621,783, or $73,700 a mile; total mileage, 4,661, at
$632,430,833, or $135,600 a mile. This leaves 7,029 miles of system to be Net rev. from ry. op er..127,848,503 130,879,378 112,233,434 75,110,492
Railway tax accru als... 30,457,970 32,690,522 29,083,520 26,782,849
valued, chiefly between Pittsburgh and the Atlantic seaboard.
Uncollectible ry. revs—
212,947
124,598
114,132
120,150
OJJ-CUR1T1ES O W N ED .— T otal book value of these on D ec. 31 1924
was $544,991,855, many of which are pledged to secure Pennsylvania issues.
R y. oper. income------ 97,177,586 98,064,258 83.035,772 48,207,493
Revenue derived from these securities in 1924. *29,852,630. The securities Hire of eq.— Debit b a l.. 18,034,348 13,927,103
9,689,671 10,622,301
include $4,753,800 Sou. Pac. Co. stock. $41,698,2d0 (common) stock of tie Jt. facil. rents— Cr. bal. 7>343,325 Dr590,487
59,227
427,858
Norfolk & Western, and $5,312,500 stock of N V. N. H. & H. R R . Co.
With a view to complete stock control of the Pittsburgh Cincinnati Chi­
Net ry. oper. income. 78,799,913 83,546,667 73,405,328 37,157,334
cago & St. Louis R R ., the directors of the Penn, R R . Co. and of the Penn
Non-Operating Income—
Co. on Mar. 10 1920 offered to purchase the minority stock o f the Panhandle Income fr. lease of road.
5,890
5,736
13,570
81,435
Co. and to pay for the same, par for par, in new 50-year mtge. bonds of the Miscell. rent income____ 2,641,008
2,352,543
2,820,077 1,967,266
latter co. when issued to the Penn. Co , bearing int. at the rate of 5% p. a., Misc. non-op.phys.prop.
68,586
56,362
120,111
118,055
prin. & int. to be guaranteed by the Penn. R R . V. 110, p. 1188. See also Sep. oper. prop., profit115,682
66,806
191,287
____
Pitts. Oin. Chic. & St. L. R R . below.
Dividend income_______ 20,456,357
19,802,002 18,232,009 15,988,559
The Pennsylvania Co. also offered to acquire the minority shares of the Inc. from fund, securs..
2,208,528 2,588,627
2,266,209 2,297,795
Grand Rapids & Indiana R y., by exchanging therefor, par for par, 2d mtge, Inc. from unfunded sec.
4% bonds o f the latter company, held in its treasury.
and accounts________ 2,987,081
5,805,915
3,089,202 5,894,663
Inc. from sink. & other
D IV ID E N D S.—
1900-’05. '06. '07. ’08-’ 20. '21. '22 '23. 1924.
reserve funds________ 2,492,766
2,530,049
2,616,357
483,508
6 v ’rly 4H 4 >6 6
6
P ercen t____________ 6 yearly 6V$ 7
Release of premium on
Paid in 1925: Feb. 28, 1H % M ay 29,, 1 M % .
funded debt_________
3,921
3,921
3,921
3,921
_
29,100
50,648 D r.259,590 11,201,263
CAPITAL STOCK.— Stockholders o f record May 5 1913 subscribed for Miscellaneous income_
10% in new stock ($45,387,750) at par.
Total non-op. income.
31,008,921 33,262,610 29,092,153 38,036,467
BONDS.— Consolidated mortgage o f 1873 (see in V. 86. p. 1043, 1101) Id Gross income___________109,808,834 116,809,278 102,498,481 79,258,435
Deductions__
June 1915 covered 993.01 miles o f road by a first lien and by supplement
dated 1913, 409.47 miles by a subsequent lien. V. 100, p. 399, 475. 819. Rent for leased road s.. . 38,291,126 35,246,256 34,290,804 15,617,101
Oper. deficits of branch
1169. In 1916 majority o f 4% sterling bonds o f 1908 were stamped as "$
roads borne by P a.R R .
474,999 09 57,964
910,789 2,746,825
bonds. V. 101. p. 2072. 2255: V. 103. p. 321
1,163,997
1,064,717
1,014,709
The General Mortgage Bonds o f 1915 (V. 98, p. 695) are a direct obligation Miscellaneous rents____ 1,242,826
118,369
209,559
356,327
281,082
of the company and are secured by a mortgage on its property subject to Misc. tax accruals--------_
______
______
______
42,763
prior liens amounting to approximately $165,000,000. The prior liens Sep. oper. prop., loss_
28,062,553 25,571,853 25,808,688
mature from 1919 to 1960, cannot be increased and a sufficient amount of Int. on funded debt____ 30,527,956
Int. on unfunded d e b t ..
715,888
841,204
7,373,689 8,803,980
bonds authorized by this mortgage is reserved for their retirement.
Miscell. income charges.
302,991
705,594
548,243
635,617
Data Regarding Issuance of General Mortgage Bonds of 1915.
Total deductions------- 71,674,157
65,271,200 70,116,423 54,950,766
Authorized, limited to paid up capital stock of the company
Net income___________ 38,134,677
51,538,078 32,382,058 24,307,669
outstanding at the time of issue___________________________ $499,265,700
Tyj
f i r m n f 7\Tpf Ty ic ___
Outstanding including $60,000,000 sold in March 1917, and
Sink. & oth. res. funds.'.
3,871,837 5,112,397
3,923,490 3,907,626
bonds in sinking fund_____________________________________ 125,000,000
Dividends--------------------- 29,950,404
29,950,404 24,958,670 19,966,936
do series B issued in 1919, chiefly for additions and im­
provements and purchase of Trenton R R ________________ 50.000,001
Balance, surplus_____ 4,312,435
16,475,277
3,499,909
433,107
do Series C pledged as security for $50,000,000 10-year 7%
Secured gold bonds of 1920 and $60,000,000 6 H % gold bonds
x To make a
and
of 1921____________________________ _________ ____________ 110.000.000 expenses to and comparison with 1921, the railway operating revenuesas to
including net
Reserved to retire equal amount of priori lens_______________ 161.605.895 embrace the operating results railway operating income are restated so
of the same mileage of the various companies
Issuable when and as voted by stockholders________________ 112,659,805 in both years.
Of the Gen. Mtge. 4H s $65,000,000 was sold in M ay 1915 (V. 100, p
For latest earnings, see “ Railway Earnings Section” (issued monthly).
1593) and $60,000,000 in 1917 (V. 104, p. 1388; V. 105, p. 1105); $50,000.OFFICERS.— Pres., Samuel Rea; V.-Ps , W. W. Atterbury, M . C . Ken­
000 Gen. Mtge. Series B 5s were sold in Dec. 1918. V. 107, p. 2376.
The 3Hs of Girard Point Storage Co. became a direct obligation of Penn. nedy, G. L. Peck, Geo. D. Dixon, A. J. County, Elisha Lee, Thomas W.
Hulme and Henry Tatnall; V.-P. & Gen. Counsel, C. B. Heiserman: Treas.,
R R . on dissolution o f Storage co. in 1917. V 105. p. 1310. 1523. 2643
The 10-year 7% gold bonds due April 1 1930 are secured by deposit of Henry H. Lee; Sec., Lewis Neilson; V.-P. in charge of regions; Eastern.
$50,000,000 Penn. R R . gen. mtge 6s, series C, 1970, and $5,000,000 Phila. Charles S. Krick; Central, E. T . Whiter; Northwestern, T . B. Hamilton;
Southwestern, Benjamin M cKeen. New York office, 85 Cedar St.
Balt. & Wash, new gen. mtge. 6s. V. 110, p. 1527
The 15-year 6 H % gold bonds due Feb. 1 1936 are secured by deposit of
DIRECTORS.— Geo. H. McFadden, Charles E Ingersoll, Samuel Rea$60,000,000 Penn. R R . gen. mtge. 6s, Series C, 1970, and $6,000,000 Clement B. Newbold, Geo. W ood, Jay Cooke, W . W . Atterbury, Geo. DPhila. Bait. & Wash, gen mtge. 6s, Series A, 1960. Proceeds used Dixon. Henry Tatnall, A. J. County, Arthur W . Thompson, E , B. Morris,
for purchase o f equipment from Pennsylvania Co., purchase of $1,704,420 Levi L. Rue. Edgar C. Felton.— (V. 120, p. 2266.)
stock o f P. C. C . & St. L. R R . and $20,466,100 stock of Pitts. Ft. Wayne &
PENNSYLVANIA COMPANY.— (See Maps Pennsylvania RR.)— Oper­
Chicago R y.. &c. V 112, p. 1025.
Pitts, until Jan.
The 40-year 5% gold bonds due N ov. 1 1964 are secured by deposit of ated all the Pennsylvania Railroad lines west of acted solely as an 1 1918no road in fee, and since Jan. 1 1918 has
Invest­
.$15,000,000 Philadelphia Baltimore & Washington R R . capital stock. Owns company. (V. 108, p. 967).
ment
$10,000,000 Pittsburgh Cincinnati Chicago & St. Louis R R . capital stock,
To effect a closer unity of its
Penn.
Co. in 1917 entered
$7,500,000 Cleveland & Pittsburgh R R . special guaranteed betterment into an agreement to take oversystem, the 1 1918 R R . leases, business and
as of Jan.
the
4% stock, $4,750,000 West Jersey & Seashore RR. common stock, $8,500,- assets of the Pennsylvania Company, and assume its obligations, liabilities
000 Northern Central R y. capital stock, and $12,000,000 Pittsburgh Ft. and duties to the lines and properties in which it had an interest. The
Wayne & Chicago R y. guaranteed 7 % common stock.
Penn. RR. owns the entire capital stock of the Pennsylvania Co. and guar­
The bonds are redeemable all or part at 105 and interest upon 90 days'
bonds. V. 106, p. 1031:
107, p. 82.
notice on any interest date from N ov. 1 1929 to N ov. 1 1934, and thereafter antees its outstanding Grand Rapids & IndianaV. y. minority Acquisition
of "Panhandle” and
R
stock, see
on any interest date at a premium equal to % for each six months between
Pennsylvania R R . above.
date o f redemption and date o f maturity. V. 119, p. 1625.
ORGANIZATION.— Chartered in Penna. ADril 7 1870. Its $80,000,000
Equipment trusts issued to Director-General for rolling stock allocated
to tins company. See article on page 3 and V . 113, p. 1471; V . 114, p . 410. stook is owned by the Pennsylvania Railroad. On Dec. 31 ’23 the Penn. Co.
owned sundry stocks and bonds having value, per balance sheet, $136,858.Equip, trusts of 1923, V. 116. p- 1178.
878. yielding in 1923 income o f $7,093,288.
Equipment trusts o f 1924, V. 118. P . 1774: V. 119. p. 1510.
Government loan, V. i l l , p. 1753, 2229 V. 112, p. 1978, 2306.
DIVS.— V09 ’ 10toT3. '14. '15. '16. '17. ’ 18. * 19. '20. ’21. '22 '23. '24.
Per cent _ _ / 8 7 y ’ly
4
6 8 6 6
6
6 6
26 6
6
R E PO RT.— For 1924, in V. 120, p. 1870, showed:
BONDS.— The gold bonds of 1921, secured by leases of P. Ft. W . &
1924.
1923.
1922.
xl921.
Mileage (incl. 67 miles of
G., the Clevel. & Pittsb. and Erie & Pittsb. railroads and of bonds and:
canals and ferries)____
10,575
10,577
10,601
______
stocks having a par value of $20,448,450, as well as real estate, were paid
Railway Oper. Rev.—
$
$
$
$
off in 1921 and the collateral released.
Guaranteed trust certificates, “ A ,” “ B ,” “ D ,” and “ E ” were issued by
Freight________________ 440,567,310 502,698,606 439,528,929 405,210,980
Passenger______________ 147,523,905 155,516,003 147,424,247 155,065,297 Girard Trust Co., Philadelphia, as trustee, under a deed of trust made by
Mail, express, &c_____ 38,526,191 41,816,898 39,459,714 34,850,921 the Penn. Co. and the Penn. R R . C o., whereby the Penn. Co. pledged:
Incidental______________ 18,727,545 21,324,982 19,807,454 20,191,384 an equal amount at par of the 7% guar, special stock of the Pittsb. Ft. W.
Joint facility___________ Dr.45,776
Cr40,919 Crl31,763 0405,321 & Chic. Ry. Co. These certificates were assumed .by the Penna. R R . in
1921. See V. 65, p. 368, 572, 1116; V. 67, p - i m c V . 79, p. 2457; V.^94.
Total ry. oper. r e v s ..645,299,176 721,397,408 646,352,108 615,723,905 p. 768; V. 114, p. 1527.




M ay , 1925.]

105

R A IL W A Y STOCKS AND BONDS

R A IL R O A D C O M P A N IE S

IF o r a b b r e v ia tio n s , & c . , s e e n o te s o n p a g e 6]

Peoria & Peki n U n—1st M g Ser “ A ’ ’ red (text) Ce.c* Ar *
Debentures due $45,000 y ’ly (In 1930 $30.000)____ *
Peoria Ry Term— 1st M gu g red 102)4 beg T6.IC .xo*
1st A Ref M ft gu (owned by O R I & Pac B y )-B a .*
Pore M arquette R y., Common stock_______________
Prior prel (a & d) stock 5 % cum red at par S diva__
c
Pref (a S d) stk 5% cum aft Jan 1 ’ 19 red par & dlvs
c
1st mtge gold (Ser. A 5 % call at 105 S ln t.y c *A r*
c
*75.000.000Bal8er. B 4 % call at 100 S in t.y c*Ar*
c
Lake Erie & Detroit Riv Dlv coll tr M gold______ G

Equipment gold notes Ser 63 due $672,000 yly.G r*

M ile s
R oad

D a te
B on ds

1924
1911
1907
1911
1916
1916
199 1903
1920

Par
V a lu e

A m oun t
O u ts ta n d in g

1,000
1,000
1,000
1.000
100
100
100
1,000Ac

3,200,000
210.000
944,000
1.500.000
45.046,000
11.200.000
12.429,000
34,476,000
8.479.000
1,000 3,000,000
1,000 6,720,000

The gold loan 4s o f 1906, guaranteed, are secured by deposit of $33,500.000 Pitts. Cln. Chic. & St. Louis stock, and $1,000,000 Pitts. Youngstown
& Ashtabula pref. stock. $5,500,000 Cleveland & Pittsburgh R R . Co.
special guaranteed betterment stock, $500,000. The Little Miami R R .
Co. special guaranteed betterment stock $900,000, Erie & Pittsburgh R R .
Co. special guaranteed betterment stock, and $250,000 Norfolk & Western
R y. Co. common stock— total par value of collateral, $41,650,000. V. 92.
p. 335; V. 83, p. 1229.
R E PO R T .— For 1923, in V. 119, p. 1168, showed:
Calendar Years—
1923.
1922.
1921.
Gross income______________________ $7,219,536 $8,329,213 $7,926,806
Taxes, interest, &c_________________ 1,955,583
2,187,154
4,353,314

W h en
P a y a b le

sx g F

L a s t D iv id e n d
a n d M a tu r ity

& A Aug 1 1974
& N 1926 to 1930
do J Jan 21937
do D Dec 1 1941
Q— J Apr 1 1925 1%
4
Q— F M a y l 1925 I X
5
Q— F M a y l 1925 1 X
5
J & J July 1 1966
61
J & J July 1 1956
4 g
414 g F do A Aug 1 1932
J & J To Jan 15 1935
6g
M
6 g
J
4 g
414 g J

P la ces W h ere In terest a n d
D iv id e n d s a r e P a y a b l e

New York
Central Un Tr Co, N Y
First Nat Bank. N ?

do
de
Office o f company, N
Office o f company, N
do
do
Office of company, N
do
do
do
do
Guaranty Trust Co, N

Y
Y
Y
Y

PERE MARYUETTE R Y . CO.— Total system Dec. 31 1924 2,265
miles. The company’s lines gridiron the State of Michigan, serving Detroit

The company’s lines gridiron the State of Michigan, serving Detroit;
Port Huron, Bay City, Lansing, Grand Rapids, Muskegon, Manistee;
Traverse City, A c., 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 .), the Suspension Bridge at Niagara Falls, using the Michigan Cent
RR. from St. Thomas, Ont., east., Toledo. Ac. In Aug. 1921 was author­
ized to acquire control o f Flint Belt R R . V. 113. p. 1157.
Lines Owned—
Miles. | Trackage—
Main lines and branches______ 1,789 Leased and trackage rights____ 2.66
Controlled—
Miles. I
Net income . . . . . _ _
_
. . $5,263,952 $6,142,059 $3,573,492 Lake Erie A Detroit River______ 1991
571,334 Other lines_____________________ 111
Sinking, A c., reserve f u n d s .
49,933
7,367
Operates car ferries Ludlngton to Milwaukee and Manltowoo.
118,948
118,948
ORGAN IZATION .— Incorp. In Michigan March 12 1917 and took pos­
.
B a la n c e ._________
. $5,256,585 $5,973,178 $2,883,210 session of property as o f April 1 1917. A reorganization, per plan in V.103.
Dividends. . . ___________ ____
4,800,000 0, 1692, 2342. of Pere Marquette Railroad Co. after foreclosure sale unde*
. . 4,800,000
4,800,000
Consol. M . of 1901. Ref. 4% M . and Impt. A Ref. Gen. M .: Flint A Pere
Surplus for year__________________
$456,585 $l,173,178df$l,916,790 Marquette Consol. M . and 1st M .; Port Huron 1st M . 5s: Grand Rapid!
— (V. 119, p. 1845.)
Belding A Saginaw 1st M . 5s, and Chicago A West Michigan 1st M . 5s,
A North M ich.
Pere Marquette of
1st
PEORIA & BUREAU VALLEY R R — Peoria to Bureau Jet., III.. 47 Chicago Grand Rapids A 1st M . 5s;1st Consol. 4s. SaleInd.stockM . 4s. and
Detroit
Western
of
Interest of
miles. Leased In 1854 to 0. R. I. dcPao. Ry. tor $125,000 yly.: dlvs., usu­ J. P. Morgan A Co., see V. 109, p. 173, 73.
ally 8% yearly, and for some years occasionally more Feb. 1908 and Aug
Tentative valuation as of June 30 1915, $63,309,242. V. 115, p. 183.
1915, 1% extra. In 1919, 1920, 1921 and 1922. at the rate o f 714%, 3
being paid in Feb. and 4% in Aug. In 1923 and 1924 at rate of 7 % , 3 J4 %
M E R G E R .— In Sept. 1924 O. P. and M . J. Van Sweringen made a pro­
paid in Feb. and 3)4% in Aug. each year.— (V. 86, p. 169.)
posal for the unified control and operation of the railroads o f The New York
Chicago A St. Louis R R . C o., The Chesaneake A Ohio R y. C o., The Hock­
PEORIA & EASTERN R Y .— (See M ap New York Central L ines.)Owns from Pekin, 111., to Ili.-Ind. State line; holds lease In perpetuity. ing Valley Ry. C o., Erie R R . Co. and Pere Marquette R y. C o., for details
Ul.-Ind. State line to Indianapolis, also quit claim deed for same effective o f which see The New York Chicago A St. Louis R R . Co. above.
The stockholders on Mar. 21 1925 approved the lease of the road for 999
when mortgages on leasehold are satisfied, 202 m.; and holds a purchasemoney lien o f $5,000,000 from O. O. O. S St. Louis R y. Co. (owners on years to the new Nickel Plate.
c
Springfield D iv.. Indianapolis to Springfield, O,. 136 m.; trackage Pekin
The question of protecting the minority stockholders of the company who
to Peoria. 9 m.; trackage. 5 miles, at Indianapolis; total oper.. 210 miles. do not join in the Van Sweringen consolidation was decided Dec. 17 1924.
Under the terms agreed upon the new Van Sweringen property is to pay
OPERATIN G AGREEM EN T, &c.— Formerly Ohio Indiana & Western,
sold in foreclosure in 1890, reorganized per V. 49, p. 616. Has operating into the treasury of the Pere Marquette quarterly:
agreement till April 1 1940 with Clev. Cine. Chic. & St. L., which guar­
“ As and when dividends at the rate of 6% per annum are paid on Preferred
antees interest, but not principal, of the 1st consols and the underlying stock of the new Nickel Plate company, an amount equal to dividends at
bonds, and owns $5,000,100 of the $10,000,000 stock, par $100. See the rate of 5 % per annum on Prior Preference stock and Preferred stock of
“ Supplement” of Jan. 1894 as to provisions respecting any surplus over the Pere Marquette not owned by the new company— the amount so pay­
charges. Company owns $125,000 stock of Peoria & Pekin Union Ry.
able to be proportionately decreased in the case of the payment of dividends
Offer by “ Big Four” to purchase stock and income bonds, see Cleveland at the rate of less than 6% per annum on the Preferred stock o f the new
Cincinnati Chicago & St. Louis R R . above, and V. 116, p. 722.
company.
A committee (W. A. Carnegie Ewen, Chairman; Leroy B. Dorland,
“ As and when dividends at the rate of 6% per annum are paid on Common
2 Wall St., Sec.) asked deposits of income bonds with Empire Trust C « .
N . Y ., with a view to taking action, owing to the failure to pay interest rw stock o f the new Nickel Plate company, an amount equal to dividends at
*
the rate of 4)4 % per annum on the Common stock of the Pere Marquette
the bonds. On April 20 1920 the committee announced that it had effected
a settlement o f accounts with the “ Big Four,” the deposited bonds being not owned by the new company— the amount so payable to be propor­
returned on presentation o f certificates o f deposit on payment of $15 per tionately increased or decreased in case of the payment of dividends at the
rate of more or less than 6% per annum on Common stock o f the new
bond to cover expenses. V. 110, p. 1742.
company.”
BONDS.— See abstracts of mtges. of 1890 in V. 51, p. 246.
Regarding the exchange and purchase of stock, the new lease provides:
“ That in case of holders who may desire not to exchange their stock and
D IV ID E N D ON IN COM ES.— April 1 1902 to 1908, both incl., paid 4%
yearly; 1909. none; 1910 and 1911, 4% : 1912. none; 1913. 4% ; none since. who will notify the new Nickel Plate company in writing within a reasonable
time after lease becomes effective of their desire to receive the fair value of
R E P O R T — For 1924, in V . 120, p. 2397, showed: Gross, $4,671,714; their stock in cash, the new company will pay in cash to such stockholders
net ry. oper. deficit, .$64,145; other income, $265,640; int., rentals, &c., the fair value of their stock as determined by arbitration conducted in a
$423,695; bal., d ef., $222,200.
manner to be specified in the lease.”
OFFICERS.— Pres., Patrick E. Crowley; V .-P ., W . A . Carnegie Ewen;
CAPITAL STOCK.— The capital stock (V. 103, p . 1692) Includes:
Sec., E. F. Stephenson; Gen. T re a s.,-----------------------.— (V. 120, p. 2397.)
PEORIA AND PEKIN UNION R Y . CO.— Owns Pekin to Peoria, on Common stock______________________________________________ $45,046,000
both sides o f Illinois River, and yards at and opposite Feoria. Mileage Prior pref. stock 5% cumulative, 1st pref. as to prin. and divs.
Redeemable at par and dividends__________________________ 11,200.000
main track, 16.11: second main track, 10.51: total main track owned, 26.62
Pref. stock 5% cum. since Jan. 1 1919, 2d pref. as to prin. and
miles. Mileage o f side and yard tracks owned, 112.21.
divs. Redeemable at par and divs________________________ 12.429,000
Capital stock, $1,000,000. Owned by Peoria & Eastern (Cleveland Cin­
cinnati Chicago A St Louie system l. Chicago A North Western, Chicago
D IV ID E N D S.— N o. 1, of 1 2-3% . was paid Aug. 1 1917 on the Prior
Peoria & St. Louis, Illinois Central system, N. Y ., Chic. A St. L . R R . Co.
and Tol. Peo. A West, companies. Extension o f bonds and Govt, loan, V. Lien Pref. stock for the 4 mos. ended July 31 (V. 105, p. 73): N ov 1 1917
to M a y l 1925 1 X % quar. V. 109, p. 1367, 1793. On Jan. 3 1922 paid
112. Dividends: 1891, 4% ; 1895-1901, 6% per ann.; 1902, 4% ; 1905, 5% :
1906-16, none; Jan. 1917, 6% ; none since. Debentures, V. 93, p. 1260. In 10% on the preferred stock; on May 1 1922 paid 1 2-3% (for 4 months’
July 1924, $3,200,000 first mortgage 534% gold bonds, Series “ A ,” were period) and 1 % on account of accumulated divs, and on Aug. 1 and Nov. 1
On Feb.
sold, the proceeds to be applied to retiring U. S. Gov’t Loan, underlying 1922 paid 1 X % quar. and 1 % on account o f accumulated divs
issues and 1st, and 2nd mtge. 7% bonds, due Feb. 1 1926, all o f which have 1 1923 paid 1 X % quar. and 2% on account of accumulations, clearing up
been retired with the exception o f $310,000 1st mtge. bonds and $203,000 all back dividends: M ay 1 1923 to M ay 1 1925. paid 1 X % quar. On com.,
2nd mtge. bonds, which will be retired on or before Feb. 1 1926. V. 119, paid initial div. o f 1 % on July 2 1923; same amount paid quar. to April 1 '25.
p. 456. Cal. year 1924 gross, $1,815,863: oper. income, $158,439; other
BONDS.— The ftrst mtge of 1916 is a direct first lien on all the railroad
income, $314,728; interest, rentals, Ac., $250,742; net income, $222,425.
"Operty, equipment, A c., owned by the company In the U. S. and also
V. 120, p. 2009. For latest earnings, see “ Railway Earnings Section” (is­
overs securities owned In several subsidiaries. The mortgage Is for
sued m onthly). Pres., V. V. Boatner; V .-P ., S. M . Russell; Sec., C. Leber;
*75.000 000 (see V. 103, p. 1692 and offering in V. 104, p. 1265. 1388).
Treas., E . T . Gibbons. Office, Peoria, 111.— (V. 120, p. 2d09.)
Issuable in series, with, if desired, different maturities and call features, the
PEORIA R A I L W A Y TERMINAL CO. — Owns terminal road between interest rates to be fixed at not over 6% p. a. for the following purposes:
Peoria and Pekin, 111., 9 miles, over private right-of-way, and local lines;
Now Issued all equally secured, covering as a direct first lien
total, 11.4 miles; 32.22 miles o f track. Passenger service discontinued on
about 1.821 miles of main line and branches and as a sec­
Sept. 1 1924. Now operates steam freight service only. Has union depot
ond collateral lien 199 miles; total, about 2,020 miles ($6,in Pekin. Owns a 1,000-ft. steel drawbridge over the Illinois River. Capi­
000 000 Series A for sale to syndicate; rem. for exchange)—
tal stock, $1,000,000, all owned by Chicago R. I. A Pac. and Chicago A
Series A 5% , due July 1 1956, redeemable at 105 A int_ 34,476,009
Alton, which guaranteed the 1st M . bonds. The former owns the $1,500,000
Series B 4 % . due July 1 1956 redeemable at par A Int. _ 8.479.000
First A Ref. M . 4)4s. Valuation, V. 113, p. 1574. For year ending Dec.
R eserved to retire undisturbed bonds, viz.: $3,000,000 P. M .
31 1924, gross, $360,056; net, inc., $3,866 other income, $11,496; deductions,
(Lake Erie A Detroit River Ry. div.) Collateral Trust 4V<s 3,000,00.)
$140,743; bal., def., $125,381.
Reserved for issue, for acquisitions, additions, betterments and
W. G. Bierd and H. I. Battles were appointed receivers in Aug. 1922
improvements, under restrictions__________________________ 29,045,000
V. 115, p. 989.
Pres., W . G. Bierd; V .-P ., J .E . Gorman; Sec., CarlNyquist;Treas., James
Equipment trusts issued to Director-General for rolling stock allocated
Williams; Compt., E . S. Benson; M gr., H. I. Battles.— (V. 115, p. 989.)
co this company. See article on page 3 and V. 114. p. 410.




106




BAILW AY STOCKS AND BONDS

[V ol. 120.

M ay , 1925.]




RAILW AY STOCKS AND BONDS

107

108

E A IL W A Y STOCKS A K D BONDS

RAILROAD COMPANIES
lFor abbreviations, A c., see notes on page 61

Perklomen— 1st M Ser 1 gold callable 105 from

Jan 1 9 2 3 _________ _____________ ________ PeP.kv.c*
First M Ser 2 g call 105 from Jan 1 9 2 3 ..PeP.kv.c*
Peter borough RR— Stook (rental 4 % ) ________________
Petersburg RR— See Atlantic Coast Line RR.
Phlla & Baltimore Central— See Phila Balt Sc Wash
Phila Baltimore & Wash— Stock auth $ 2 9,900,450..
Plain bonds gold___________ I
secured by
\_xr
Plain bonds gold......... .......... l 1903 mortgage. J.xr
First mortgage $20,000,000 gold_______ Q.xo*&r*
General mortgage, Series A _____________________
do
do
Series B ________________ xc*&r*
Phila & Balt Cent— 1st M $10,000,000 g gu p&lFP.x
Columbia Sc Port Deposit first mortgage gold____ x
Chester Creek RR 1st M $185,000 gold___________
Phila & Ches V— 1st M pref old5s red'96g.P eP . kv.o*
1st mtge old 4s not pref int reduced In ’96 g PeP. kv o*
Philadelphia & Erie— See Pennsylvania RR
Phila Germ & Norristown— Stook rental P A R R y___
Phila Newtown & N Y— I s tM (3s first charge)-kv.c*
Philadelphia & Reading Ry— See Reading Company
Philadelphia & Trenton— Stook 10% rental Penn RR
Philippine Ry1—Stook $5,000,000 authorized_________
1st M $15,000,000 g lnt guar s f red H O -.B a .x o ’ &r*
Piedmont & Cumberland— See Western Maryland
Pine Creek— See New York Central

Pittsburg Shenango A Lake Erie 1st M g .Ce.xxo'

Miles

Par

Date
Bonds

Valut

1888
1888

$100 &c
1.000
100

$797,100
1.125.000
385.000

4

50
1.000
1891
1,000
1892
1904 1,000 &c
1920
1,000
1,000
1924
1,000
1911
1,000
1890
1868
1,000
500
1888
500
1888

29,836.950
930,000
1,000,000
16.070,000
11,000.000
10,000,000
2.200,000
1,500,000
185,000
280,500
100.000

6
4
4
4
6
5
4
4
6
4
3

30
22.18 1892

50
1,000

2.246,900
1,599.000

26.61
—-

100
100
1,000

See text
5,000,000
8.549.000

10

1907

119
136
178
20

1890
1893
1897
1892

50 10.000,000
50 2.000,000
1,000
2,983.000
1,000
574,000
6.443.000
1.000
1.000
125,000

3
3
5
5
5
4

Road

38.2
38.2
. . .

« --

229
413
86
43
6
24
24

—

Amount
Outstanding

Rate

%

52
5 2

g
g
g
g
g
g
g
S

12
3& 5

When
Payable

A

J
J

A
U
A
F
M
F
J

A
A
A

A
A
A

&
&
A
&
S
c
A
A

2

g

J

J

A

J
J

Places Where Interest and
Dividends are Payable

Reading Terminal, Phsit
do
do
Naihua, New Hampshire

Dec 30 ’24, 3% Broad St Station. Phlla
j Jan 1 1926
Broad St Station. Phils
db
do
1 1932
do
do
N Nov 1 1943
() Apr 1 1960
do
do
A Feb 1 1974
do
do
N Nov 1 1951
do
do
A Aug 1 1940
do
do
do
do
J Jan 1 1933
Reading Terminal. Phils
() Apr 11938
do
do
O Apr 1 1938
d

o Oot

Q— M June 4 1925 3% Mar & Mer Bldg. Phils
& O Oot 1 1942
Reading Terminal, PhUa

A

g
g

Last Dividend
and Maturity

Q— J Jan 1 1938
Q— J Jan 1 1938
S O Apr 1925 2%
s

A

O— J

4g

[V ol. 120,

A

A

A

A

A

A

A
A

Apr 10 ’25 2 H % Treas Penn R R Oo, Phlla
J July 1 1937

Bankers Trust Oo, N Y

O Apr 1 1925 V i
n June 1 1925 3%
1 1940
j July 1 1943
j Jan 1 1947
o Apr 1 1932

Gheok from Go’s Office
do
do
Central Union Trust N Y
do
do
United States Tr Oo, N Y
Office, Pittsburgh. Pa

o Oct

R E PO RT.— For 1924, in V . 120, t>. 2398, showed:
1924.
1923.
Freight revenue__________________________________$33,552,524 $36,345,428
Passenger______________________________________ 4,878,996
5,241,020
M ail_________________ ___________________________
480,281
499,038
Express_____ ___________________________________
938,098
985,544
Miscellaneous___________ ;______________________
1,948,016
2,794,707

PHILADELPH IA & CHESTER VALLEY R R .— Road from Bridgeport
to Downington, Pa., 23.96 miles. Chartered in 1888. Capital stock
(par $50) common, $550,000; preferred, $205,100; total, $755,100, o f which
Reading Co. owns $489,300 common and $205,100 preferred. Reading
Co. guarantees bonds, with int. reduced. See. V 63, p. 1064.
PHILADELPH IA G ER M AN TO W N & N O R R ISTO W N R R .— Phila.,
Pa., to Norristown and Germantown, Pa., 22.20 miles; second track, 20.11
Total oper. revenue____________________________ $41,797,915 $45,965,737 miles; third track, 3.82 miles; total track, 86.14 miles; leases Plymouth R R .,
Maint. o f way & s tru c t..__________________________$5,084,399 $5,949,529 8.93 miles. Leased on N ov. 10 1870 to Phila. & Reading for 999 years;
Maint. o f equipment____. _______________________
8,693,760 9,841,415 rental, $277,623, incl. $8,000 yearly for organization expenses.— (V. 119,
Traffic__________________________________________
629,430
598,623 p. 2177.)
Transportation___________________________________ 15,381,093 17,352,107
PHILAD ELPH IA N E W TO W N & N EW Y O R K R R .— Philadelphia to
M iscellaneous.._ 1 _____________________________ 1,380,971 1,420,643
_
Newtown, Pa., 22.18
track, 3.34 m .; 3d track, 2.15 .; sidings
Transportation for invoice_______________________ CV206.723 0291,220 and laterals, 5.14 m . miles; 2d common, $1,225,000; preferred,m$400,000.
Stock—
Total operating expenses______________________ $30,962,930 $34,871,097 Reading owns preferred, $382,450; common, $671,350; par, $50. Of
Net operating revenue___________________________ 10,834,985 11,094,640 the bonds, $849,100 (with coupons only partly paid— see V. 64, p. 331)
Railway tax accruals_____________________________ 2,028,020 1,848,822 are owned by the Reading Co. and deposited under its gen. mtge. of 1897,
Uncollectible railway revenues___________________
7,803
13,604 $282,100 additional being owned but not pledged. In Oct. 1898 int. on
Equipment rents, net____________________________
919,635 1,625,249 $507,000 bonds was reduced to 3 % from April 1 1897 and made a first
Joint facility rents, net______________________
678,697
520,593 charge; remainder 5 % , subject to said agreement. V . 68, p. 773.

T o ta l_________ ______________ ________ _______ $3,634,156 $4,008,268
Net railway operating income___________________
7,200,828 7,086,372
Other income, net______________________________
406,053
357,191
Balance before deduction o f interest_____________$7,606,881
Interest on bonds_________________________________$2,197,960
Interest on equipment notes_____________________
445,246
Miscellaneous interest___________________________
28,652

$7,443,563
$1,664,974
485,881
89,898

Surplus________________________________________ $4,935,022
Dividends on Prior Preference stock______________
560,000
Dividends on Preferred stock____________________
621,450
Dividends on Common stock____________________
1,801,840

$5,202,810
560,000
870,030
1,351,380

Balance, surplus_ ___________________________ $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, Y.-P. & Treas.; E. M . Heberd.
Sec.
Directors.— S. T . Crapo, F. H. Alfred, G. W. Currier, Francis R . Hart,
John W . Stedman, E. N . Brown, lYanklin Q. Brown, E. V. R . Thayer,
Walter W. Cnlpitts, Wm. J. Wilson, Matthew C. Brush, George C. Fraser
M . L. Bell, Thomas F. Woodlock and Wm. H. Porter. New York office,
120 Broadway. Detroit office. Fort St., Union Depot Bldg.— Y. 120,
p. 2398.)
PERKIOMEN R R .— Owns from Perkiomen Jet., P a., to Emaus Jet.
P a., 38.21 m .; trackage on P. & R. R y ., Emaus Jet. to East Penn Jet.
3.6 m. Stock ($1,500,000, par value o f 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 on
or after Jan. 1 192.3 at 105 and int. V. 105, p. 1802. For 1923, gross
$1,214,346: net after taxes, $440,487; other income, $39,290; interest and
rentals, $174,380: balance, surplus, $305 397 (to profit and loss).
For latest earnings, see “ Railway Earnings Section” (issued monthly)
PETERBOROUGH R R .— Wilton to Greenfield, N. H .. 10.64 ml»ee
Leased April 1 1893 to Boston S Maine for 93 years at 4% on stock and ex­
c
penses Gapital stock. $385 onn- par Sion- di*- a s- n
PHILADELPHIA BALTIMORE & WASHINGTON RR. CO. (THE).
— {See Map Pennsylvania RR.)
Lines controlled. Leased, Ac —
Lines owned—
Miles.
Delaware R R ______ ___ 245
Phila to Washington, D . O ., via
Balt., all double track________ 131 Delaware. Maryland A Virgin!* 98
Phila. to Octorara. M d.. & b r s ..' 93 Other lines (5). trackage Sec. „ . „ .
Psrryville. M d.. to Columbia.
Pa., & c______________________ 43
Bowie to Pope’s Creek. M d______ 49
Sundry branches. See_____________98
Total operated______________762
ORGAN IZATION .— A consolidation 1916-17. V. 104. p. 1586; V
103. p. 1033; V. 102. p. 1897; V. 107. p. 2009, 2188
Property leased to Penn. R R . Co. (V. 106, p. 1031) for 999 years from
Jan. 1 1918 at a fixed rental providing for dividends on stock at rate o'
6% per annum. V. 105. p. 1709. 1898, 2543.
STOCK.— Stock authorized, $29,900,450; outstanding, $29,836,950.
The Pennsylvania R R . on Dec. 31 1924 owned $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. 1924, 3% s. a.; 6% p. a
BONDS.— The first mortgage of 1904, ($20,000,000 authorized; Is a first
lien on the Phlladeiphia-Balttmore division. 117 miles, all double-tracked
and also seoures pari-passu the $2,930,000 debentures of the former P. VV. 4
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 R R . 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 6H % secured gold bonds due Feb. 1 1936. V. 111, p. 2424.
In Feb. 1924 $10,000,000 Series B 5% bonds were sold. V. 118, p. 665.
The authorized amount o f general mtge. bonds is limited to $60,000,000,
o f which $22,885,000 are reserved to retire a like amount o f prior lien obli­
gations, all o f which are closed at their outstanding amounts (except that
Phila. Balt. & Wash. R R . 1st mtge. 4s may be issued to refund $1,930,000
Philadelphia Wilmington & Baltimore R R . 4% debentures) and may
not be renewed or extended, but when due will be paid and canceled.
R E PO RT.— for 1924 shows: Income from lease o f road, $3,872,741
other income, $1,384; int., &c., charges, $1,826,723, dividends (6%)
$1,790,217; bal.. sur., $36,506.
Pres., Samuel Rea; Treas., Jas. F. Fahnestock; Sec., Lewis Neilson,
Broad St. Station, Philadelphia. Pa.— (V. 119, p. 456.)




PHILADELPHIA & READING R Y — See “ Reading Company."
PHILADELPHIA & TRENTON R R — Phila. (Kensington), Pa., to
Morrlsville, Pa , 30.66 m .t mostly four-tracked. On June 30 1871 leasedfor
999 years to Pennsylvania RR. at 10% on $494,100 stook, the balance,
$765,000. being owned by United New Jersey RR. A Canal Oo.
PHILIPPINE R Y . C O . (TH E ).— Under a concession granted July 13

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 of railroad in the Philippine Isl­
ands as follows; Island of Panay, 100 miles; Negros, 100 m .; and Cebu, 95 m.
O R G AN IZAT IO N .— 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 4 % gold bonds, which may be issued to extent of 95 % of cost or
construction. Any interest payments by the Government become a cumu­
lative Uen on the property, subject to the lien of the 1st M . bonds.

RE PO RT.— For 1924 showed:
Gross, $722,536; railway operating
income, $172,505; other income, $4,036; deductions, $347,816; bal., def.
$171,275.
DIRECTORS.— H. T. S. Green, J. H. Pardee, C. Lewis; George Lindsey,
Major-Gen. Frank McIntyre, Col. Wm. Barclay Parsons, J. G. White,
Alonzo Potter, Charles M . Swift, Gen. Cornelius Vanderbilt, Col. Chas. C.
Walcutt Jr. Chairman, J. G. White; Pres., Charles M . Swift; Sec. &
Treas., T. W. M offat. Office, 33 Liberty St., New York.— (V. 118, p.2301.)
PITTSBU RG H BESSEMER & LAKE ERIE R R .— 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,
6l3.23 miles, all of which is leased to Bessemer S Lake Erie RR. C o., who
c
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. &o.— A consolidation Jan. 14 1897. Boat lines to
Oanada, see V. 77. p. 1228; V. 76. p. 1358, 922; V 61, p. 241, 795.
Ot the stock, 55.5OO.5O0 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 S Lake Erie R R ., a subsidiary organization of the U. 8. Steel Corp.,
c
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.

BO N D S.— The mtge. of 1897 Is for $10,000,000; $3,568,000 reserved to
etlre Pittsburgh Shenango & Lake Erie bonds.— (V. 119, p. 1283.)
PITTSBURGH CHARTIERS & YOUGHIOGHENY R Y — Owns from
Ohartlers to Beechmont,20 miles; trackage (Chartiers R y., 1.40 m .; 22 m. In
all. STOOK outstanding, $1,390,000, owned jointly by guarantors men

tloned below. Auth. stock, $1,500,000. V. 82, p. 1269.
The I.-S. O. Commission has placed a tentative valuation of $1,976,543 on
the total owned and $1,950,350 on the total used property of the company,
as of June 30 1916.
D IVIDEN DS.— In 1895, 4% ; 1896, 11%; 1897, none; 1898, 7 % ; 1899.
1%; 1900, 4% ; 1906, 6% ; 1907, 10%; 1908, 4% ; 1909, 8% ; 1910, 4 % ; 1911.
none; 1912. 6% : 1913. 1914 and 1915, none; 1916. June 1, 5% : 1917, 12%:
1918, 5% ; 1919-21, none; 1922, 4% ; 1923, 4 % . Of the 4s, half are guaran­
teed (endorsed) by Pitts. Cin. Chic. P. St. Louis, the other half by Pitts.
& Lake Erie. See guaranty, V. 56, p. 650. In 1923, gross income, $763,864; net income, $257,514; other income, $2,514; deductions, $40,081;
divs., $55,600; sinking and other reserve funds, $11,650; bal., sur., $147,669.
Pres., Henry C. Nutt.— (V. 120, p. 2682.)
PITTS. CINCIN. CHIC. AND ST. LOUIS R R . CO. (TH E).— Main
Line:
Miles.
Pittsburgh, Pa., to East St. Louis, 111_________________________ 610.44
Bradford, Ohio, to Chicago, 111________________________________ 231.89
Rendcomb Jet., Ohio, to Anoka Jet., Ind_____________________ 166.11
Indianapolis to Clarksville, Ind________________________________ 104.39
Indianapolis to Vincennes, Ind_________________________________ 115-50
Rockville to South Bend, Ind__________________________________ 159.93
Logansport to Butler, Ind_____________________________________
93.10
Chartiers Branch— Carnegie to Washington, Pa__________________
23.62
New Cumberland Br.— New Cumberland Jet. to Chester, W . V a_
22.19
Wheeling Branch— Wheeling Jet. to Benwood, W . Va___________
27.80
Muncie Branch— Converse to M un cie,In d ------------------------43.02

M ay , 1925.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

Main Line
M iles■
Effner Branch— Peoria Jet. to Effner, Ind________________________
60.34
Cambridge City Branch— Columbus to Dublin Jet., Ind_________
62.01
Madison Branch— Columbus to Madison, Ind____________________
44.95
Sundry branches________________________________________________
91.14
Total mileage owned__________________________________________1,862.15
O R G A N IZA TIO N .— This railroad company completed its organization
on Jan. 1 1917 with $100,000,000 o f auth. capital stock, per plan in Y. 103.
p. 666, 844, 2429, as a consolidation o f the folio wing cos belonging to the
Pennsylvania RR. system: Pitts. Cine. Chic. & St. L. R y., Vandalia R R .,
Pitts Wheel. & K y.. Anderson Belt Ry. and Chic. Ind. & East R y.
The stockholders on Dec. 29 1920 approved the lease o f the road and
property to the Pennsylvania R R . for 999 years upon the general basis of
paving a rental sufficient to cover the fixed charges and a dividend at the
rate o f 4% per annum upon the stock for five years and thereafter at the
rate o f 5% . V. i l l p 1950: V. 112, p. 63: V. 115, p 437. 980
The I.-S. C. Commission has placed a tentative valuation o f $184,131,934
on the property o f the company and its subsidiaries, as o f June 30 1916.
STOCK.— On Dec. 31 1921 the Pennsylvania Co. owned $74,577,800 of
the outstanding stock and Pennsylvania R R . $10,000,000. In March 1920
the Pennsylvania R R . and Pennsylvania 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. Cln. 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
&c. They are guar, unconditionally as to prln. & int. by the Penn. Co
The ten series are all equally secured
See adv. in ‘ •Chronicle” May 21
1892 and guaranty on bonds. V. 96, p. 488: Y. 97, p 365, 596: V 90, p
303.1555; 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, $10,350,000.
T o retire the $1,899,000 old bonds of Terre Haute & Ind (old Vandalia
RR.) an equal amount of consols of 1905 was reserved. SeeV. 80. p. 1243.
'.236: V. 82, p. 162, 630; V. 86. p. 1531; Y. 90, p. 850, 915, 1426.
The stockholders on May 27 1920 authorized an issue of Gen. Mtge
bonds, $20,000,000 (Series “ A ” ) o f 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. M tge. dated June 1 1920, will be a direct mortgage upon
all the lines o f railroad and appurtenances thereto now owned and upon
all properties acquired b y the issuance o f any of the Gen. M tge. bonds.
These Gen. M tge. bonds are subject to $69,753,000 o f 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 o f 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.
R E PO RT.— For 1924 showed: Gross income, $8,980,857; deductions,
$5,512,277; dividends., $3,388,580.
Pres., Samuel Rea., Phila.; Sec.. S. H. Church; Treas., T . H. B. M o
Knight, Pittsburgh.— (V. 120, p. 2009.)
PITTSBURGH FORT W A Y N E & CHICAGO R Y — (See Maps Penn. RR.)
ROAD.— Owns from Pittsburgh, Pa., to Chicago, 111., and branches, 471
miles. Double track. 469 miles
Leased to Penn. RR. Co. for 999 years from July 1 1869, and is operated
directly 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 o f 2% was declared on both stocks, but on
guar, special stock only in case courts so decide. V. 72, p. 821, 1188. In
Jan. 1920 paid special dividend o f 5M % on both common and preferred in
addition to regular quarterly payments o f 1 % % . Compare V. 108, p. 1275
C A PITAL STOCK.— A pian was adopted Oct. 17 1917 (1) increasing
the limit o f capital stock to $100,000,000, thus permitting the issuance
from time to time as required o f $27,849,414 additional guaranteed
special stock, or as it is now known, common stock, with dividends pay­
able under lease at such rate as shall be fixed at time of issue; (2)
to rename the guaranteed special stock “ common stock” as above stated
and the “ original” guaranteed stock as pref. stock and the latter to continue
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
stated in V. 105, p. 716; (3) the distribution of fund o f approximately
$1,500,000, after meeting expenses of recapitalization, to all stockholders
other than Penna. R R . and Penna. Co. S eeV .105,p . 716. Undertheabove
plan the authorized capital stock was increased to $100,000,000, and there
had been issued to Dec. 31 1924 $17,591,300 o f pref. stock in exchange for
original guaranteed stock and $48,485,100 o f common stock in exchange for
guaranteed special stack and to Penna. R R . for additional betterments.
In M ay 1922 the authorized common stock was increased from $80,285,700
to $100,000,000.
On Dec. 31 1924 the Penna. Co. owned $32,700,000 guar, special stock,
$19,700 pref. stock and $44,654,800 common stock.
Capital Stock Dec. 31 1924 (Total Authorized $119,714,300).
Authorized.
Is s u e d .
R e s e rv e d for Conversion
Pref. stock________ $19,714,300 $17,591,300 $2,122,981 (original guar.)
Common stock____ 100.000.000
48,485,000 38,321,700 (special stock)
RE PO RT.— For 1924, gross income, $7,114,011; deductions, $34,515,
dividends, $7,078,968: balance, sur., $529.
Pres., Charles Lanur; V.-Pres., James F .D . Lanier and Charles A . Pea­
body; Sec. & Treas., R. M . Coleman, New York.— (V. 118, p. 795.)
PITTSBU RGH & LAKE ERIE RR. CO. (TH E ).— (See Maps N . Y.
Central RR.).— Owns from Pittsburgh, Pa., to Haselton, O., 65 m ., to be
4-tracked; branch lines to Newcastle. Elwood City, &c., Pa., 11 m .: total

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

J & J20 Jan 20 1925 2% Treas office. Pittsb, Pa
4
Reg Penn R R , N Y coup
A S O Oct 1 1932
c
5«
Penn RR C o.. N Y
c
4H g A S o Oot 1 1940
do
do
4 « g A & o Apr 1 1942
c
do
do
414 e M S N Nov 11942
c
do
do
4 S M S N Nov 11945
c
do
do
3H C P S A Aug 11949
c
do
do
4 g J S n Deo 1 1953
do
do
c
4 g At S N Nov 11957
do
do
c
4 S F S A Feb 1 1980
do
do
414 F & A Aug 1 1963
do
do
W c
4.14 1 S N M ay 1 1964
Pittsburgh and N Y
.1 & D June 1 1970
5g
5 g A & O Apr 1 1975
o
Go's office. Piets jUrga.Pa
6 li x A d () Oot l 1961
Pa RR Co, N Y
5 g J & .1 July 1 1925
Treasurer. Pittsburgh
K S A Fsb 1 1955
c
5g
fc
4 g M < N Nov 1 1957
Pa RR Co, N Y

$100 $84,714,000
C incinnati C hic & St L RR (new)— Stock___
Ohio St L & Pitts cons M (522.000,000) g.-U n.xo&r
1,000
1,394 000
681 1883
“ A ” gold.xo
1,000
9,528,000
1890
Plttsb OIn Chic S St Louis Ry—
c
“ B " gold.xc*
1892
1,000
8,342,000
1,000
1892
1,366,000
Consolidated mortgage 575,000,000 “ C” gold.xc*
gold guaranteed prln & lnt (end) by “ D” gold.xc* 1,144 1895
1,000 3,363.000
Pennsylvania Company uncondi­ ■E” gold.xc*
1,000
1899
1,225 000
tionally, all equally secured______ *F” gold.xc*
1903
1,000 7,538.000
‘ G” gold.xc*
1907
1,000 7,218.000
“ H " gold.xc*
1910
1,000
2,193,000
1913
1.000 6,274.000
“ I ” gold.xa*
“ J" gnld.xc*
1914
’ 000 3,444,000
Gen mtge Series “ A” guar____________ UPyc*&r 1.862 1920
500 Sec 20.000.000
Gen ntge Series “ B ” guar_________________yc*&r* 1,862 1920
1,000 26,000,000
Ohartieis nrst mortgage assum ed.. ............. ._xo*
23 1901
625,000
t.uoo
Terre H & Ind cons M (now first) gold assumed .Fa
1,000
99 1885
1,898 “ 00
Vandalia RRICons M Ser A sf asamd_F.xc*r&r*
651 1905
1,000 9,508 000
$25.000,000 fSeries B assumed________________ x
651 1907
1.000
5,836,000
Pittsburgh Cleveland & Toledo— See Baltimore S Oh lo RR
c
P itts Ft W ayne & C— Pref stock (orig’l guar stock)
100 17,591,300
471
Original guaranteed stock unexchanged___________
100 2 122,986
100 48,485.1 >
Common stock (gu spec stock) 7% gu $100,000,000
471
0
Guaranteed special stock unexchanged___________
... —
100 38.327,700
Pittsburgh J u n ctio n — See Baltimore & Ohio R R
50 35 985,600
75
Pittsburgh & Lake Erie— Stock auth $50,000,000__
First mortgage gold____________________________ sc
75 1878
1,000 2,000,000
Second mortgage gold Series A and B ________ N.sc
1.000 2.000,000
75 1889
Equipment Trust Certificates________________ c*&r
1913 1,000 &e
1 061 861
do
do
due $99,000 yearly_____G .c*___
1920
500 &c
1.089.000
do
do
due $38,800 yearly___________ G
1920
388,000
1920
do
do
(N Y C) due $31,856 yearly_____
318 560
do
do
( N Y C ) _______________________
1922
3,122,000
1882
50 3,959,650
Pittsburgh McKees & Yough— Stock guar (see text)
first mortgage guar bv P & L E and I, S & M S.xc
57 1882
1,000
2,250,000
M guar d A 1 (end) b v P & L E a n d L S & M S.xc
T.ono.ooo
57 1884
1.000
Equipment trusts due $186,700 yearly___________G
1920
1,867,000
do
do
( N Y C Lines)__________________
1922
3,122,000
do
do
( P & L E ) _____________________
232,000
■dttsburgh Palnesviile & Fair port— See Baltimore & Ohio RR




109

R A IL W A Y STOCKS AND BONDS

Q— J
O— J
Q— J
Q— J

7
7
7
7
10
6S
5 g
414
614 g
6 g
7
5
6
6
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6 g
5
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F
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&
&
&
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c
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& J
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&
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Apr
Apr
Apr
Apr

1 1925
1 1925
1 1925
1 1925

1H Winslow, Lanier &Co.NY
do
do
1H
H4
do
do
do
do
IH

A Feb 2 1925 5% Go’s

.1 Jan I 1928
O Jan 1 1928
J Jan 1 1928
J
A
o To Oct 1 1935
J
15 To Jan 15 1935
A
15 T o Apr 15 1935
J
J
3
J Jan 2 1925 3%
3
J July 1 1932
J July 1 1934
J
.1 & .1 15 To .Tan 15 1935
D 1937
A
& O Oct, 1 1935
A

Offlos, Pittsburgh
do
do
New York Trust Co, N Y
Guaranty Trust Co. N Y
Guaranty Tr Co. N Y
Guaranty Tr C o, N Y

Central On Tr Co, N Y
do
do
do
do
Guaranty Tr Co, N Y
Guaranty Trust Co, N Y

owned, 76 m. (of which 68 m. double track; 47 m. 3d and 45 m. 4th track;
leases Pitts. McKeesport & Yough. (which see), 122 m.; Mah. State Line
R R ., 3 m .; trackage rights, 34 m .; total, 234 m.
in Jan. 1910 a 99-year traffic agreement was made with the Western
Maryland. V. 90. p. 237: V. 92, p. 874.
STO C K .—Operated in harmony with the N . Y . Central, which, Dec. 31
1923 owned $17,993,100 of the $35,985,600 outstanding stock.
P.
S L. E. owns stock of Pitts. M cK . & Yough. Ry. (see below; stock
c
ind bonds in Monongabela Ry. C o., which see above); Mahoning State
ulne R R ., $96,150; Pittsburgh & Clearfield R R ., $107,000; Lake Erie Sc
Eastern R R .. see that co.
The Pittsburgh S Lake Erie and N. Y . Central R R . jointly own $3,136,c
850 of the $3,959,650 Pitts. McKeesport & Youghiogheny R R . stock.
Covenants to pay New York Central Lines equipment trusts of 1913, It*
share of the amount outstanding Dec. 31 1922 being $1,327,330.
Equipment trusts of 1920, V. I l l , p. 1473.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113. D. 1472.
LATE DIVS.— ( ’07. ‘ 08 ’09. ’ 10 ’ l l ’ 12 ‘ 1 3 -----1914 to Feb ’25.----*er cent ...............\12 11 10 50 35 22 15 10% yearly (F. & A .)
An extra dividend of 20% was paid Aug. 12 1916, and simultaneously
shareholders were allowed to subscribe at par for 20% ($5,997,680) new
stock, increasing outstanding amount to $35,985,600. V. 103, p. 494.
R E PO RT.— For calendar year 1924, in V. 120, p. 1447, showed:
Calendar
Gross
Net, afterTotal Net Interest, etc. Dividends
Balance,
Year— Earnings Taxes, &c. Income.
Charges.
(10% ).
Surplus.
$

$

$

$

$

$

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
1922____29,570,983 5,279,742
6,018,304 1,686,291 3,598,560
733,451
1921____23,226,059 4,066,871
4,023,274 1,638,312 3,598,56041,213,599
1 Deficit.
For latest earnings, see “ Railway Earnings Section" (issued monthly).
P r e s .,____________ ; Sec., Edw. F. Stephenson; Gen. Treas., Milton
S. Barger; Compt., W . C. Wishart.— (V. 120, p. 1447.)
PITTSBURGH McKEESPORT S YOUGHIOGHENY RR.— (.See Maps
c
lew York Central Lines).— Owns from Pittsburgh to Ooanellsville, Pa.,
6 70 miles; Belle Vernon Jot. to Brownsville Jot., Pa.. 38.52 m .; branches.
■
1.00 m .; leases, 2.00 m.; total, 118.22 m., of which 95.22 miles doable tr’k.
LEASE — Leased to Pittsburgh & Lake Erie RR. for 999 years. Rental
« 0% on the stock, principal and Interest ot the Pittsburgh McKeesport Sc
t oughiogheny bonds being guar, by Pitts. Sc L. Erie and Lake Sh. Sc Mich,
km. (now N. Y. Central R R .) companies, the guaranties being endorsed on
ihe share certificates and bonds. The guaranty of the stock is on the ex­
press condition that the holder shall accept par for the same on July 1
(934. See wording of guaranty In V. 56, p. 774. Stock authorized,
i4.000.000; first mortgage bonds authorized, $2,250,000; second mortgage
bonds authorized, $1,750,000.
The Pitts. &Lake Erie and Lake Shore & Mich. Sou. (now N .Y . Central
RR.) offered jointly to purchase the stock at $65 per $50 share; $3,136,800
icqulred up to Dec. 31 1923.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1472.
Pres., J. M . Schoonmaker; Sec., E. F. Stephenson; Treas., M . S. Barger.
- ( V . 113, p. 1472.)
PITTSBURGH & SHAWMUT R R .— Owns from Erie June.. Brock
wayvllle, Pa., to Freeport, Pa., main line. 102.96 miles; sidings, 57.06 miles.
BONDS AND NOTES.— In 1909 sold $4,000,000 of an authorized $12,900,000 of 50-yr. 5% g. bonds, callable at 105; ann. s. f., $100,000. bag.
Dec. l9 l4 . The bonds are secured on the 103 m. in operation; also pledge
of $11,953,000 of $14,491,600 Ref. 4s and $58,000 of $164,000 Pitts. S.&
Nor. 1st 5s outstanding, pledge of entire $3,608,362 stock and $2,019,703
5% notes of Allegheny River Mining C o.; also contract with last-named
company for minimum coal tonnage. Total bonds issued $11,000,000,
of which $2,283,000 outstanding, $1,717,000 have been canceled by sinking
fund and $8,000,000 pledged as collateral (see below).
Under plan of refinancing M ay 1 1917, $8,760,000 10-year 5% Trust
Notes were authorized, of which $7,260,000 were Issued together with com ­
pany’s $1,500,000 one-year 5% trust notes, to provide for bills payable and
demand notes then outstanding also to provide for cash payments on car
trust dated April 1 1917. These $7,260,000 10-year notes, which in June
1917 were held by the owners of the property, were on Jan. 1 1918 secured
by pledge of $7,000,000 of the company’s 1st M . 5s of 1909 and $3,000,000
1st M . bond3 of Allegheny River Mining C o. and “ $600,000 value of loco­
motives and cars borrowed for this purpose from the Alleg. Mining Co.
The remainder ($1,500,000) of the 10-year notes were reserved to retire the
$1,500,000 1-year issue due in M ay 1918; but in March 1918 $1,500,000
2-year notes were sold to take up the latter.
The one-year Collateral Notes ext. to Mar. 1 1922 are secured by $1,000,000 1st mtge. 5% bonds of Pittsburgh & Shawmut R R ., $339,771 6%
demand note of the receiver P. S. & N. R R . and $600,588 demand note of
Allegheny River Mining Co. V. 110, p. 2388. Announced in M ar. 1921
that the notes “ are held privately by majority stockholders of the co. and
are being carried as over-due company obligations, on which the int. will be
regularly paid but the principal may not be called for a year or m ore.”
R E PO RT.— For year ended Dec. 31 1924: Gross, $1,161,390 net oper
income, $43,174 other income, $351,046; int. & rentals, $585,729; bal.,
def., $191,509.
DIRECTO RS.— Arthur T . Walker (Chairman), W m. Shillaber Jr., John
Hubbard, Edwin E. Tait (Pres.), Herbert G. Gates, Nathan L. Strong,
A. C. Griffith (Treas. & A ud.), Lewis L. Delafield, E. E . Rudd, R . E .
Ball, W. W . Morrison, Edgar W . Tait (V .-P.), J. T . C olbert— (V. 117,
p. 2771.)

110

R A IL W A Y STOCKS AKD RONDS

RAILROAD COMPANIES
IFor abbreviations, A c., see notes on page 61

Mile.- Date
Road Bonds

First mortgage gold red 105________ _-CE.xc*Ar*
First Lien Trust 10-year notes *8.760.000 g_______
Equipment trusts $13 000 semi-annually------- Cob
ao
do
$7,000 semi-annually_____Cob
Pittsburgh Shawm ut & N orth— Receivers’ certlfic
Central N Y * Western RK l s t M . _______ _____
First mortgage gold $12,000,000...................Ea.xo*
Refunding mortgage gold $15.000.000-.........- - Pittsburgh Virginia & Charleston— See Pennsylvanl; RR
Pt*r*»...rrh * W e.« V irv l-i*
--West ftidfc tie it tat ta a____________________ UPb Text
do
F.onln
So- ' * " due 4“ S A 43 M o-« <
>
do
Equip tr ctf Ser “ B ” due $75,000 s-a FP c*
Equip trust cert due $300,000 ana red 10214------c*
Pittsourgb A Western— see Baltimore & Ohio RR
PIttsb W estm oreland & Somerset— See Cambria A Pittsl.
Pitts Ydungst & Ash— Com stk $2,100,000 7% guar
13>
Preferred stock 7% guaranteed $9,100,000_____
13>
Consol mtge sinking fund 1% not draw n.. . F.xe*
12’
140
First Genera' mortgage $15,000,000 g o ld sf- C e.rr’
140
do
Series T)___________ ___________ Ce.xe*
------- - - - - - Ce.xc*do
Series C ---140
Portland & Roencater— see Boston x Maine UK
Portland & Rumford Falls RR —Stook $1,000,000.
Portland & Rumford Falls Ry— Stook 8% guarantee!
Cons (now 1st) M $1,000,000 g o ld ............OB.xo" 95.9S
Debentures sinking fund gold $350,000 . . .
s<
Debenture bond? guar p A 1 by end by M e Cen Rh
Portland Term Co— P Un St Dds fnot M ser A AB g s 1
>
New M $10,000,000 gold guar $1,000,000 are .$<
£
(te x t)_____________________________________ xc*Ar*

Port Reading— 1st M g guar by oiu P A R .-P eP -xo* A*
21
Potom Fred A P— 1st M g red 105---------------PeP
3£
Potosi & Rio V— 1st M $15,000 p m call 110 G.xc»
32
Providence & Springfield— See New York New Havei AHa?
Providence Terminal— See New York New Haven A B srtfor

Par
Value

O
$ 0t $ 16,000 .O f
2,283,000
1,001
7 260,00'
1,00c
1,100,000
52,000
1,0(K
28,000
1.001
2,170.fWV
1.00c
1,00(
733.O f
O
1,00c
164.00c
1,00c 14,491,601

5
5
6
5
5
4

1897
1916
1917
1924

100 30,000.000
7,000
1.000
1 non
85 00^
1,090
300.000
1,000 3,000,000

irgh b R.
1887
1 0 AV

ions
1924
1896
1897
1916
87-'8v
1911
1891
1909
1898
cford
d

10<
10c
1.00<
1 nn.
l .non
1,000

10*
10c
1,00c
500 A
1,001.000 A.

1.00C
1,001
1.00C

PITTSBU RGH & SUSQUEHANNA R R .— (V. 113, p. 2615.)
PITTSBU RGH & WEST V IR G IN IA R Y . CO. (T H E ).— Owns road
extending from connection with Wheeling & Lake Erie R y.. near Jewett, O.
easterly to Pittsburgh, Pa., 60 miles: Longview, Pa., to Mifflin, Pa., 3
miles; Virginia, W . Va., to Bellfield, Pa., 3 miles; also extensive terminals
at Pittsburgh, and ownership o f the $1,080,000 capital stock of the West
Side Belt R R ., operating a belt line from Pittsburgh to Clairton, Pa., 21
miles, and branch of 2 mi'es. Total main line mileage operated (incl.
that leased from the West Side Belt R R .) at Dec. 31 1924 was 89 miles;
second main track, 5 miles; yard track, sidings, &c., 73 miles; total, 167 m.
On N ov. 15 1920 the stockholders approved the purchase o f the West Side
Belt R R ., which was taken over for operation as of Jan. 1 1921. V. I l l ,
p. 897 , 2041; V. 113, p. 2721. The f.-S. O. Commission on Feb. 6 1923
denied the application o f the company for authority to issue $3,000,000 pref.
and $4,400,000 common stock and to assume obligation and liability In
respect o f certain securities in connection with purchase o f property of
West Side Belt R R . The application for authority to control, by purchase,
the West Side Belt R R . was also denied. An appeal was taken to the
Supreme Court o f the District o f Columbia and carried through the Court
o f Appeals o f the District to the U. 8. Supreme Court. Compare V. 116,
p. 1050. 1412. 1893.
OR GA N IZA TION .— Incorporated in Penn, and W. Va. In Jan. 1917 as
•uccessor o f Wab. Pitts. Term. R y., foreclosed per plan in V. 103, p. 940.
V. 104, p- 74. 258.
STOCK.— All o f the outstanding $9,100,000 6% cumul. pref. stock (par
$100) was vital fa- rede nption Dec. 31 1924 at 105 and dividends at
the Chase National Bank, N. Y. City.
Holders o f com. stock o f record Sept. 30 1924 were offered the right to sub­
scribe for pref. stock (par $100) and com. stock (par $100) o f the Pittsburgh
Terminal Coal Co. to the extent o f 13 shares of said pref. stock and 26 shares
o f com. stock for each 100 shares of com. stock o f the Pittsburgh & West
Virginia R y. held, on payment o f $1,300. V. 119, p. 1511.
Dividends on pref. stock Sept. 1 1917 to Feb 28 1925, both inclusive
6% p. a. < m % Q .-M .).
R E PO RT.— For 1924, in V. 120, p. 2139, showed:
1924.
1923.
1922
1921
Gross earnings__________ $4,164,733 $3,844,587 $2,835,601 $2,808,939
Net ry. oper. in c o m e ,.. 1,576,950
1,322,584
797,704d e fl,173,230
D i v .P .T .R R . & C .C o .
220,000
720,000
560,000
480,000
M iscellaneous...............
652,816
86,834
265,958
1,705,614
$1,623,662 $1,012,382
224,305
62,384
544,242
544,242

Balance, surplus_____$1,577,762 $1,331,632
$855,115
$405,756
For latest earnings, see “ Railway Earnings Section" (Issued monthly).
OFFICERS.— Frank E. Taplin, Chairman and Pres.; F. H. Harvey,
Sec. A Gen. Aud.; H. C. Moore, Treas., Pittsburgh; Charles F. Taplin,
General Counsel, Cleveland. Office, Wabash Bldg., Pittsburgh, Pa.
Directors.— Charles F. Taplin, Francis W. Paine, Richard Sutro, H. W.
Nethken, Walter L. Haehnlen, George P. Smith. William C. Atwater,
Joseph R . Kraus, Frank E. Taplin, Wm. R . Nicholson, John Sherwin Jr.,
A . W. Thomson, Joseph Walker.— (V. 120, p. 2139.)
PITTSB U R G H YOUNGSTOW N & ASHTABULA R Y . CO.— Owns
West Rochester, Pa., to Ashtabular Harbor, O., 102 m.; Niles to Alliance
June., 0 ., 24 m.; Homewood to Wampum June., 6 m.; Lawrence June, to
New Castle, 3 m.; Bessemer Branch. 5 m.; trackage, 1 m. Total, 140
miles. Pennsylvania Company owns $5,875 000 of the pref. stock and also
the $2,100,000 common. Leased to the Pennsylvania Go. for 999 years
from July 1 1910. the rental to cover all charges, maintenance and 7%
dividends on both classes of stock, the oost of betterments to be represented
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. C o V. 90. p. 915, 1364; V. 92. p. 1243.
BON DS.— First Gen. mege. bonds o f 1908, $15,000,000 auth., of which
$4,409,000 Series A outstanding, $591,000 having been canceled by sinking
fund; also $4,995,000 Series B outstanding. V. 118, p. 665; V. 108, p.
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.)




Rate
%

1909
1917
1920
1916
1917
1924
1892
1899
1902

PITTSBU RGH SH4W M UT & NORTHERN R R .— Owns a road ex
tending from bituminous coal fields In Elk County. Pa., northerly to Way
land. N. Y . Total road owned. 161 miles: total operated. 210 miles.
Owned —
Mites
Leased—
Miles
Wayland, N . Y .. to Hyde, P a .144.50 Clarion River R y _____________ 11.83
Trackage—
Prosser to Olean. N. Y _______ 0.00
_ 6 1"
Kasson to Haxlehurst, P a___ 4 82 Hyde to Brockwayvllle. Pa_
Brown’s Run B ra n ch _______ 1.50 Wayland to Wayland J ct..N .Y . 1.26
Horton Oity to Drum m ond.. 1.27 8t. M ary’s, Depot to Junction 0.42
Leased—
Brockport, to Horton City. P a. 2.42
Moraine to Hornell. N. Y ___ 10-38
Kersey RR. to Cardiff, Pa___ 16.92
Total operated------------------210-48
REORGAN IZATION .— On Aug 1 1905 a receiver was appointed. V.
92 O 188- v « « n 864 V ini n 208 v m p. 2521.
Stock, $15,003,030 authorized and outstanding.
Receiver s certificate-, and promissory note, V. 118, p. 2180.
The $5,836,000 old firsts or 1899 exchanged for the bonds of 1902 have
not been canceled. V, 75. p. 291.
Protective committee for P. 8. & N . bonds, Howard Bayne. Chairman:
A. N. Hazeltlne. 8ec., 60 Broadway, N . V. In April 1916 a majority of
each class of bonds had been deposited with Columbia Trust Co. as dept si­
tary. V. 102. p. 438. For causes delaying reorganization, V. 105. p 389.
REPORT.-—For 1924, gross. $1.507,224 netoper. income, def.. $83,£87;
other income, $31,216 Int . rentds, &c., $141,717. btl., def., $197,418
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Receiver, John D. Dickson.— (V. 118, p. 2950.)

Gross income_________ $2,449,767 $2,129,418
Rentals, interest, & c ...
329,745
253,545
Dividends (6 % )_______
542,260
544,242

Amount
Outstandint

2,100,00'
9.089.00'
1.485.f"n'
>
4,400,000
4 ,9 9 5 .m
1,479,000

When
Payable

[V ol. 120.
Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity

g
ft

J A r.
M A N
M A £
J A J
A A o
Semi- an
j
A 3
F A A
K A A

rnternat Bank,
Deo 1959
May 1 1927
Irv Bk-Col Tr
Mar 1 1922
uly 25-Jan 27 Irv Bk-Col Tr
do
Oct 25 Apr '27
do
1927
Jan 1 1943
In default
Keb 1 1949
Feb 1905 Int
do
Feb 1 1952

5 g
5
5
4H g

M A e
vr a SI
A & o
M & N

pittsb’h. Colonial Tr Oe
Sept 1 1937
Sept 25 Mar ’2t M Y Blair A Co
Oct '25 -Apr '27 Fidelity Trust Co, Phila
To N ov 1 1934 N Y A Un Tr Co, Cleve

7
7
5
4 tr
5g
5

Q M
Q M
M A A
r
T
F A A
J & D

Tune 1 1925 1% Treasurer. Pittsburgh
do
do
Tune 1 19.5 I K
Yov 1 1927
“’ennsylv KK C o. N Y
r.inp 1
do
do
Feb 1 1062
do
do
do
do
June 1 1974

Sit
5g
g
g

New York
Co. N Y
Co. N Y
do
do
last paid
do

l.OOO.OOc See tex
2,000.00c
8
821,O f
O
4g
350.O f
O
4s
300,001
4
300.00'
4

Sea tex ■lee text
Q— F M iy 1 1925 2?<
M A N nov 2 1926
F A A Vug 1 1927
J A L lune 1 1935
J A 3 ' A J 19 27to’ 2v

Portland, Me
Portland, Me
Old Colony Trust, Bo»tor
Portland- Me
do
Portland. M e and Bos tot

7 300,000 4A 5 g
1.500.005«
397,001
4S
475.001
6 it

J
J
1
A

N Y . Boston A Portland
Reading Terminal, Phil*
Penn Co for Tns,&o. Phil*
See text

A 3 iuly 1 1991
A 3 Jan 1 1941
A t Tune 1 1949
A O See text

R E PO RT.— For 1924, gross. $1,277,944; deductions, $476,783; divi­
dends. $783,230.— (V. 119, p. 3007.)
PORTLAND & RUMFORD FALLS RR.— Leases for 1,000 years from
April 1 1907 the Portland & Rumford Falls Ry. and the Rumford Falls &
Rangeley Lakes R R .. together extending from Oquossoo, Me., to Rumford
Jet., 92.35 miles, with branch to Livermore Falls, 10.27 ra.; total, 102 62 m.
Lease provides for Interest on bonded debt or two companies ano 8% on
12,000,000 stock of P. & R. Falls Ry. and 2% 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 ddO.000 auth. stook
Dlvllends, 6% per annum since 1907. Of the $2,159,000 bonds of the R. F. A
R L. RR and P A R F Ry as above. .'$333 0 )0 » “ ! “> In sinklnsr fund* in
M ay 1925. Collateral trust 4% bonds were called for payment Feb. 1 1924.
Debentures o f 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-teases from Maine Central
the property belonging to the Portland A Rumford Falls RR. and
Portland A Ogdensburg R y. Furnishes terminal facilities at Portland
(Including passenger and freight stations, wharves, coal-discharging
plants, shoos and yard facilities' for the Maine Central and Boston A Maine.
Owns 23.88 mites and leasee 7.73 miles of Crack. 2d 3d A 4th tracks owned
12.68 m ; leased, 4,64 m.; yard tracks and sldlngs.owned 91.70 m.; teased.
12.54 miles. V. 95, p. 1202. Formerly Portland Union Ry. Station Co.
Y 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. D. 1540.
BONDS, E T C .— The Boston A M. andMalne Cent, fotntly guarantee the
$300,000 bonds of 1887-89. V. 93, p. 910. The 1st M . bonds of 1911
($10,000,000 auth. issue; Fidelity Trust C o., Portland, M e., trustee), are
guar, by Maine Central, prln. A Int.; $4,500,000 bear 4% and $2,800,000
5% 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. A Gen. M gr.. D . O. Douglass, Port
land. M e.— (V. 120, p. 700.)
PORT READING R R .— Owns 21.19 miles o f 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, 57.97 miles; total, 80.29 miles.
OapPal stock authorized. $2,000,000; par, $100, all owned by Reading
Go., $1,555,000 being deposited under Its general mortgage o f 1897 ana
$440,000 under its Jersey Central collateral msge.— ( V. 113, p. 2313.)
POTOMAC FREDERICKSBURO & PIEDMONT R R .— (3 Ft. Gauge.)
— Fredericksburg to Orange. Va.. 37.6 miles. 8tock auth., $1,460,001';
outstanding. $446,600. par $100. The Pennsylvania Co. for Insurances on
Lives and Granting Annuities, o f Philadelphia, trustee, in Feb. 1925 filed
suit for the foreclosure of the general mortgage deed securing $750,000 4%
bonds, of which $397,000 are outstanding. The trustee alleged that the
company had defaulted by failure to pay the semi-annual interest on the
bonds, due June 1 and Dec. 1 1924. For year ending Dec. 31 1924, gross,
$41,978; net income, $1,333; charges, $16,180: bal., def., $14,847. Pres.,
Geo. W . Richards, Fredericksburg, Va.; Sec., Gilbert W. Sheldon. Office,
Fredericksburg, Va.— V. 120, p. 1199.
POTOSI St RIO VERDE R Y .— San Luis, Potosl, on National Rys. o f
Mexico to Ahuacatal, 38 miles. As a result of the political disturbance*
In Mexico since 1910, it was found necessary to suspend payment of interest
on the company's bonds which became due on Oct 1 1914 and subse­
quently. The principal, amounting to $600,000, of which $78,000 are
held In the sinking fund, matured Oct. 1 1918, and in Sept. 1918 local
political conditions permitting operation at a fair profit It was proposed,
subject to acceptance by substantially the entire Issue, to extend the prin­
cipal of the bonds for 10 years, to pay in cash the coupons which matured
on Oct. 1 1914, April 1 1915 and Oct. 1 1915, and to pay In scrip, bearing
Interest at 6% , the remaining six coupons, such scrip to be secured by tbe
surrendered unpaid coupons, and to be payable In 10 years with the right
of prior redemption. Depositaries for assenting bonds, V. 107. p. 1193.
Spencer Trask A C o., N. Y ., or Isaac Jackson, E sq., of 50 Congress St..
Boston. President. George Foster Peabody. N . Y .— V . 107. p. 1193.
PROVIDENCE & WORCESTER RR.— Owns from Providence, R. I,, to
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 for
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. Stook auth., $300,000.
outstanding, $40,600; one-tifth being owned by each of the tenant roads,
Denver A Rio Grande Western, Atch. Top. A Santa Fe, Colorado A South.,
Missouri Pacific and Chic. Rock Island & Pacific which contribute $4,000
yearly to a sinking fund to redeem bonds. Latter were extended from
Sept. 1 1919 to Sept. 1 1921 and again to Sept. 1 1923, Mar. 1 1924 and
Sept. 1 1924, int. rate being raised from 6 to 6 14 %■ Operations are all at
cost for benefit of tenant lines. Pres., C. H. Bristol, La Junta, Colo.;
V .-P ., Robt. Rice, Denver, Colo.; Supt., C. W. Climenson; Sec. & Treas.,
A. S. Booth, Pueblo, C o lo — (V. 117, p. 1018.)
QUEBEC CENTRAL R Y .— (V. 107.p. 1670.2094; V. 109. p. 1793.2072.)
QUEBEC & LAKE ST. JOHN RY.— Owns Quebec, Can., to Roberval on
Lake St. John, 190 miles, with branches Chambard to Chlooutinl, 51 m .,
and La Tuque Jot. to La Tuque, 40 m.; Gasford branch, 5 H m.: total,
28614 m. V. 94. p. 279, 1186. Controlled by Canadian Northern R y.
V. 98, p. 1600, 1607. Stock outstanding, $4,508,000, of which $4,002,800
is owned by Canadian Northern R y.
Aa to debenture stock see Canadian Northern R y . (bond table) above
and also see V. 94, p. 279, 1186.— (V. 96, p. 361.)
QUEBEC MONTREAL & SOUTHERN R Y .— Owned lines; St. Lambert
to Fortierville, 109-69 miles; Bellevue Jet. to Noyau Jet., 81.09 miles;
trackage rights, 9.39 miles. Napierville Junction R y .. also owned by

111
RAILW AY STOCKS AND BONDS
Mir, 1925.1



112

R A IL R O A D C O M P A N IE S
IFor abbreviations, & c., see notes on page 6 ]

M ile s
R oad

D a te
B onds

51
Providence & Worcester— Stock (10% rental)----------51 1897
First M (rel) our 51,500,000 (V 63, p 1 0 6 4 )........ *o*
2.59 1889
Pueblo Union Depot & RR— First mtge ext------Mp.xo
Quebec & Lake St J o h n — 1st M deb stock guar------ 278.9 1912
43 1906
Raleigh & Chari— 1st M prior lien Dds g redtextg.xo*
43 1906
Consol mtge bonds $1,000,000 g guar red text— xo*
Raleigh & S o u th p o rt Ry.— See Norfolk Southern
Raritan River RR — Stock $1,000,000 auth-------------23 1889
First mortgage gold__________________________ --s c
R eading & C olum bia— 1st consol M g ---------PePkv 54.03 1912
1877
Debentures______________________________________c
1912
Debentures______________________________________
Reading Company— Common stock-------------------------First preferred stock 4% non-oumulative-----------Second preferred stock 4% nan-cumulative------- 1924
Gen & ref mtge g, Series A red 105___________ Ce
1901
Jersey Central ooll trust mtge g red 105-PeP.xo»&r
1900
Wllm & Nor stk tr otfs g red 105 (V 72, p 340) GP.xr
1916
Equip trust Ser F due $300,000 s-a___________PeP
1917
do
do Ser G due $450,000 s -a ___________PeP
1920
do
do
Ser H due $ 9 5 ,0 0 0 s - a ___________________
do
do Ser I ___________________________ PeP
1922
do
do
Ser J due $ 4 1 5 ,0 0 0 s - a ______________ P e P .c
1892
Delaware River Terminal purch money M gold _xo*
1892
Delaware River Term ext purch money M gold_xo*
148 1868
Mortgage loan of 1868 gold extended 1 8 9 3 — kvo&r
325 1873
Imp M gold ext ’97 (see V 65, p 870) g ..P e P , kvo&r
327 1882
C onsol m o r tg a g e 5s e x t 1897 (V 8 5 p 2 7 8 ) _ _ kvo& r
1891
T e rm in a l m o r tg a g e gold (see V 6 4 , p 85) - - k v c * & r
7.78 1900
R eading Belt 1st m t g e _______________________________ k v
2.55 1892
Phila & Frankford 1st m t g e --------------------- G u P .k v c *
46 1890
Phila, Harrisburg & Pitts 1st m tg e g ___ kvc*&r
48 1898
S chuylkill & Lehigh 1st m t g e ------------------------------k v
32 1882
Sham Sunb & Lewisb 1st M ext 1 9 1 2 ------- k v c * & r
32 1890
S e con d m tg e g o ld __________________________________ k v c
9.38 1907
N Y Short Line 1st m tg e g __________ PePkvc*
0.64 1902
N orristow n & Main L C onn 1st m tg e g ------- G P k v

Rate
%

W h en
P a y a b le

Q— M
10
$100 $3,500,000
4
A & O
1.500.000
1,000
1,000
225 000
64* g M & S
J & J
4,252,503
4
350,000
4 g F & A
200 &o
200.000 See text. F & A
200 &e
100
1,000
$1,000
50
50
50
100 &c
1,000
1,000
...... ■■
1,000
1,000
1,000
1,000
1,000
1,000
500 &o
l.nnn
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

te rin g a t P h ila d e lp h ia , e x ten d in g to H a z le to n an d W illia m s p o r t on th e n o rth
and w e ste r ly to H a r risb u r g , S h ip p en sb u rg an d G e tty s b u r g , in P e n n sy lv a n ia ,
and W ilm in g to n , D e l ., on th e s o u th ; also e asterly in N . J . to A t la n tic C it y
an d C a p e M a y on A tla n tic O cean a n d to P t . R e a d in g on N . Y . H a r b o r , v i z .:
Lines Owned, in Fee—
Miles. P h ila . & R e a d in g T e r m . R R .
1 .3
3 .1
E a s t T r e n to n R R _______________
P h ila d elp h ia to M t . C a r b o n ,
& c ., an d b ra n c h e s____________ 1 2 8 .3 2
Lines Leased (See each C o .) .
S h ain ok in S u n . & L e w isb u r g __ 3 1 .0 6 A lle n to w n T e r m in a l R R ______
3 .6
S c h u y lk ill & L e h ig h R R _________ 4 7 .2 1 M o u n t C a rm e l R R _____________
5 .8
P h ila . H a sb r o u c k & P i t t s .R y _ 4 4 .7 1 P h ila . W ilm . & B a ltim o r e R R .
1 0 .0
P e op les R a ilw a y C o ____________
3 . 5 P ly m o u t h R R ___________________
9 .2
L e b a n o n V a lle y b r a n c h ________6 1 .3 5
S w ed esford B r id g e C o _________
0 .3
L e b a n o n & T r e m o n t b r a n c h .. 5 1 .3 3
T o ta lle a s e d ( 2 d t r a c k 2 7 7 m .) 5 5 1 .7
M a h a n o y & S h am ok in b r a n c h . 8 4 .0 2
T r a c k a g e r ig h ts__________________
4 0 .1
S c h u y lk ill & S u sq . b r a n c h _____5 3 .5 5
W e s t R e a d in g b r a n c h ___________
1 .8 8
T o ta l D e c . 3 1 1 9 2 4 ________1 ,1 3 9 .3
O th e r b ra n ch lin e s______________ 1 6 7 .0 8

Controlled—
C e n tr a l R R . o f N e w J er sey ___ 6 4 4 .0
R e a d in g & C o lu m b ia R R * _____
6 0 .3
N o r t h E a s t P e n n . R R * ________
2 5 .6
P h ila . & C h ester V a lle y R R * .
2 4 .0
A tla n tic C it y R R . & b ra n ch e s 1 6 9 .5
C a ta sa u q u a & F o g e lsv ille R R *
3 1 .5
G e tty sb u r g & H arrisb u r g R y *
4 1 .6
P e rk iom en R R * ________________
3 8 .2
P h ila . N e w to w n & N . Y . R R *
2 2 .2
P o r t R ead in g R R * ______________
1 9 .7
P ick erin g V a lle y ________________
1 1 .2
S to n e y C reek R R _______________
1 0 .2
P h ila . H a r r . & P it t s b . B r _____4 4 .7 1
W illia m V a lle y R R _____________
11.1
(*S e e th is c o m p a n y .)
--------------T o ta l co n tro lle d _________________ 1 ,1 1 2 .6

From the company’s docks at the extensive terminal at Port Richmond
14 operates a line of steamers and barges In coastwise coal traffic and pro­
vides berths, with elevators, grain-drier and accommodations for several
trans-Atlantic steamship lines, new ore-unloader and concrete dock
capacity 600 tons per hour
Pursuant to the final decree o f the U. S. District Court for the Eastern
District o f Pennsylvania, entered June 28 192 3 on the mandate of the
U. S. Supreme Court in the suit by the Govt., Reading Co. merged and
acquired as o f Jan. 1 1924 the properties o f the following railroad cos.:




A m ount
O u ts ta n d in g

Par
V a lu e

Del. & H u d s o n , op erates from In te rn a tio n a l B o u n d a r y to Delson .Tct.
27.15 miles, west side o f loop to Delson Jet., 1.30 miles, and has 14.56
miles o f trackage rights over Canadian Pacific Ry.
Stock authorized, $2,000,000; outstanding, $1,000,000, all owned by the
Del. & Hudson. Certificates o f indebtedness, $6,000,000. For year end­
ing Dec. 31 1924, gross, $587,457; exp. & taxes, $881,171; other Income,
$450,282; charges, $348,732; balance, deficit, $192,164.
“ QUEEN & CRESCENT.” — Common name lor Cln. N. O. & Texas Pao
Ala. Gt. Sou.. Ala. & Vicks, and Vicks. Shreve. & Pac. lines.
RAHWAY VALLEY RR.— Owns Aldene, N. J., on Central R R of New
Jersey, to Roselle Park on Lehigh Va'ley R R ., and Summit, on the Del
Lack. & W est., 10 miles. V. 83, p. 380. Operated under lease by Rahway
Valley Co.
Stock auth.. $400,000; outstanding. $213,200. Bonds auth., $400,000
1st 25-year 5s due July 1 1931. Of the bonds, $328,000 with $164,000 stock
were at last accounts deposited as collateral for notes payable. Pres, of
R. V. C o.. O. J. Wittenberg, Springfield, N. J — (V. 90, p. 699.)
RALEIGH & CHARLESTON R R .— Owns Lumberton, N . O., to South
Marion, S.O., 42.58 m. V. 81, p. 1241, 1437. Owns stock o f Marion &
Southern R R ., 27.0 miles. Stock outstanding $574,500, all owned by Sea­
board Air Line Ry. V. 95, p. 892.
Of the bonds (Baltimore Trust Oo., Balt., M d.. trustee), $350,000
are 1st mtge. prior lien 4s and $1,000,000 consols, the first ten coupons on
the 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
oall at par. Of the consols, $350,000 are reserved to retire the prior Hem
and $450,000 for future extensions and Improvements. The Seaboard Ah
Line guarantees all of the bonds. V 95. p. 892.; V. 83. p. 97.
Year ending Dec. 31 1924, gross, $125 974; net, after taxes, $9,872;
gross income, $16,521; interest, &c., $57,682; bal., def., $41,161. Pres.,
S. Davies Warfield, Baltimore; Sec. & Treas., Robert L. Nutt, 24 Broad
St., New York — (V 95 p. 892 )
RARITAN RIVER R R .— South Amboy to New Brunswick, N. J., 13
miles; branches, 10 miles; total, 23 miles.
The I.-S. C. Commission has placed a final valuation o f $1,215,416 on
the company’s property, owned and used, as of June 30 1916, and used
but not owned, $148.
DIVS. (% ) ’08. ’09. ’10. ’ l l fo July'lb. ’ 16. '17 to ’ 20. 1922. 1923. 1924.
(C alyear)s. 5 54* 8 8% (J. & J .)
9
10 yrly.
1
4
54*
Dec. 1916. 8% extra; 1917, Dec., 12% extra; 1918, Sept. 3. 15% extra
For 1924, gross, $572,204; oper. income, $151,029; other income, $5,653
Int. & rentals, $77,671; com. divs., $50,600; bal., sur., $31,411. Pres..
E. W . Harrison; V .-P ., Geo. Holmes; Sec. & Treas., Chas. H. Sisson.—
(V. 119, p. 2408.)
READING & COLUMBIA R R .— 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 operates, 66.02 m. Stock, $958,373 (par $50), o f which $788,200,
together with $698,000 1st consol. 4s and $1,000,000 debentures of 1917
and $150,000 new debentures of 1962, are owned by Reading C o., all except
$3,200 stock, $150,000 debentures and $653,000 1st mtge. bonds deposited
under its general mortgage. The 1st consols, o f 1912 are guar., prin. & int.,
by the Reading Co. V. 93, p. 1789; V. 94, p. 632; V. 95, p. 833. Year
1924, gross, $790,682; net, $107,983; other income, $9,077; deductions,
$201,544; bal., def., $84.484.— (V. 94, p. 632.)
READING COM PANY.— (Sec M ap.)— O p erates a sy ste m o f ro a d s cen­

T o ta l (2d tr a c k , 2 6 5 m i l e s ) .5 4 7 .5 3
Leased Lines (See each C o .) —
C o le b r o o k d a le R R _____________
1 2 .8
E a s t P e n n sy lv a n ia R R * ________
3 5 .8
A lle n to w n R R * __________________
4 .2
L it t le S c h u ylk ill N a v . & R R * .
3 1 .8
M in e H ill & S c h u ylk ill H a v e n *
6 1 .8
M t . C arbon & P t. C arbon R R *
2 .6
M i ll C r e e k & M in e H . R R . . .
5 .9
S c h u y lk ill V a lle y N a v . & R R *
1 7 .2
E a s t M a h a n o y R R * ____________
1 1 .3
P h ila . G e r m a n t ’n & N o r . R R *
2 1 .9
C h e stn u t H ill R R * ______________
4 .0
C a ta w issa R R * ____________________ 1 0 3 .3
N o r t h P e n n sy lv a n ia R R * _____
8 7 .7
D e la w a r e & B o u n d B r o o k R R *
3 1 .6
W ilm in g to n & N o r t h . R R * ___
8 6 .5

[V ol. 120,

R A IL W A Y STOCKS AND BONDS
Last Dividend
and Maturity

Places Where Interest an*
Dividends are Payable

Mar 31 ’25, 24* C h e c k s m a ile d
R I hosp T r C o , P r o v , RI
Oot 1 1947
C hat & Ph N B & T r, N Y
Sept 1 1924
L o n d o n a n d T o r o n to
Perpetual
B a ltim o r e T r C o , M d
Feb 1 1956
do
do
Feb 1 1956

See text
920,000 See text
400,000
5 e J & J Jan 1 1939
$850,000
4 g M & S Mch 1 1982
J & D Deo 1 1917
1,000,000
6
150,000
5
M A S Mch 1 1962
Q— F M a y 14 '24 2%
69,980,100
8
27,991.200
4
Q—M (un e 11 '2 5 1 %
Q —J J u ly 9 1 9 2 5 1 %
4
41,970.650
58,594,667
44*g J & J Jan 1 1 9 9 7
21,534,000
4 & A & O Apr 1 195 1
4g
CJ—M W h e n draw n
1.289.030
900,000
44* s J & J July '25-July ’ 26
1,800,000
44* J & J iuly'25-Jan ’27
M & S S e p t '2 5 -S e p t ’ 3 0
927,000
t)
4,800,000
5
6,235,000
5
J & J J u ly '2 5 -J u ly ’3 2
500,000
a e M & N Hay 2u i94js
534,0)0
5 g J & J J u ly 1 1 9 4 2
2,6 14,000
5 g A & O Oot 1 1 9 3 3
9,178,000
4 E A & O Apr 1 1 9 4 7
5,725,717
4 S M & S Mch 1 1 9 3 7
8,498,000
Q— F May 1 i o n
5S
1950
750,000
4
M & S Sept
98,000
44* g F & A A u g 1 1 9 5 2
515,000
A & O 15 O c t 15 1 9 2 5
53
1 1948
488,000
4
M & N M ay
1 1925
53,000
4
M & N J u ly
991,000
J & J J u ly 1 1 9 2 5
6g
F & A Feb 1 1957
1,500,000
4g
250,000
M & S Sept 1 1952
4g

P h ilad elp h ia & R e a d in g R y .
C h ester & D e la w a r e R iv e r R R .
M id d le to w n & H u m m e ls to w n R R .
R u p e rt & B lo o m sb u r g R R .
T a m a q u a H a z le to n & N o r th e r n R R .
N o rristo w n J u n ction R R .
R e a d in g B e lt R R .

Jersey City
New Jersey Title & Tr
Reading Terminal, Phila
Interest not paid
Reading Terminal, Phils
do
do
do
do
J P M o r g a n & O .N Y & P h i l
G ira rd T r u s t C o , P h ila
P h ilad elp h ia

do
do

P h ila d elp h ia
G u a ra n tee T r u s t G o, P h il
do
do
Reading T e r m in a l, Phllc

do

do

do
do
P r o v T r u st C o , P h ila
R e a d in g T e r m in a l, Phila
do
do
do
do
do
do
do
do
do
do
do
do
do
do

P h ilad elp h ia & F r a n k fo r d R R .
P h ilad elp h ia
H arrisb u r g & Pitts­
bu rgh R R .
S c h u y lk ill & L e h igh R R .
S h a m o k in S u n b u ry & L e w isb u rg R R
N e w Y o r k S h ort L in e R R .
N o r r isto w n & M a in L in e Conn. R R .

ORGANIZATION.— The Philadelphia & Reading RR. (chartered April
* 1833) and the P. & R. Coai & 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 security
holdings, real estate, equipment, &c., of the old Phila. & Reading R R . Co.,
also the $20,000,000 stock and $20,000,000 bonds of the Phila. & Reading
Ry. and the $8,000,000 stock of the Goal & Iron Co
The right to mine
coal, given by oharter, Is protected by State Const of 1873
V. 82. p 393.
The U. S. Supreme Court on Dec. 16 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 Co. 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. 1684, 1652; 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. p. 1425; V. 97, p. 666; V. 99.
p. 821. The U. S. Supreme Court on April 26 1920 sustained most o f 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 o f the
dissolution decree. The motion, however, was dismissed by the Court od
June 7 1920. V. 110, p. 2358, 2488.
T hird M odified Segregation Plan.
The company on M ay 10 1923 filed with the C S. District Court for the
J.
Eastern District of Pennsylvania a third modified plan for the carrying
out of the decision of the U. S. Supreme Court, which provided as follows:
1. No additional general mortgage bonds shall be authenticated except
that, to refund underlying bonds and obligations [other than those men­
tioned in clause (a) of Section 5 below], additional general mortgage bonds
may be issued to the trustee of the new mortgage of the Reading Co. iprovided for in Section 10 below] and stamped to show that they represent
obligations of the Reading Co.
2. After payment by the Reading Iron Co. to the Reading Co. of a div.
or divs. of $6,000,000 in cash or marketable securities at market value, the
Reading Co. will sell all its right, title and interest in and to the stock of the
Iron Co., including the present right to vote and receive dividends thereon,
to the Coal Co. for $8,000,000. The stock of the Iron Co. will, however,
remain subject to the lien of the general mortgage but as security for the
obligation of the Coal Co. and not the obligation of the Reading Co.
3. The liability o f the Reading Co. on the $94,627,000 gen. mtge. bonds
outstanding on N ov. 30 1922 will be decreed to be two-thirds thereof and
the liability of the Coal Co. thereon one-third thereof.
4. (Section 4 deals with sinking fund payments, for details of which
compare plan published in full in V . 116, p. 2256.)
5. There are outstanding certain underlying bonds mentioned in the
Gen. Mtge
These bonds include (a) $810,000 of the Phila. & Reading
R R . Oo. 10-year Sinking Fund Coll. Gold bonds of 1892, extended to
Feb. 1 1932, which are secured by pledge of bonds of coal companies belong­
ing to the Coal C o., were assumed by the Coal Co. in 1896 and are in
effect guaranteed by the Reading Co.; (6) $5,766,717 o f the Phila. &
Reading R R . Co. 1st Series Consol. Mtge. bonds of 1882, extended to
March 1 1937, which are secured by property of the Railroad Oo. and of
the Coal Co. and are in effect guaranteed by the Reading Co. and the Coal
C o., and (c) certain other bonds which are not the obligation of the Coal
Co. and are not secured upon any property of the Coal Go. The final
decree will make provision so that the covenants of the companies in the
Gen. Mtge. in respect of these underlying bonds shall bind only the Reading
Co. In respect of the bonds described in (5) and (c) above and shall bind
only the Coal Co. in respect of the bonds described in (a) above; and, as
between the companies, the Coal Co. will remain ultimately liable on the
bonds described in (a) above, and the Reading Co. will remain ultimately
liable on the bonds described in (6) and (c) above.
6. (Section 6 deals with defaults, liens, &c., and is published in detail
In V. 116, p. 479.)
7. The Coal Co. will pay to the Reading Co. $10,000,000 in cash or
current assets at market value. General releases of all claims and liabilities
as between the Reading Co. and the Coal C o., including the claim of approxi­
mately $70,000,000 carried on the books of the Reading Co. as an asset
and on the books of the Coal Co. as a liability, will be exchanged. The
current indebtedness of the Reading Co. to the Coal Co. amounting to
$2,500,000 will first be paid.
8. The Reading Co. will, subject to the lien of the Gen. Mtge. (but as
security for the obligation of the Coal Co. and not the obligation of the
Reading C o.), sell, assign and transfer all its right, title and interest in
and to the stock of the Coal Co. to a new corporation to be formed with
appropriate powers, in consideration of the payment by the New Coal Oo.
to the Reading Co. of the sum of $5,600,000, and its agreement to issue its
shares to the stockholders of the Reading Co. as hereinafter provided. The
New Coal Co. will issue 1,400,000 shares of stock without par value. Such
no par value stock will be sold by the New Coal Co. to the stockholders of
the Reading C o., preferred and common, share and share alike, for $5,600,000, or $2 00 for each share o f Reading stock. Provision will be made for
the disposition by the Reading Co. of any rights to subscribe which may not
be availed of by the Reading stockholders within such period as may be
fixed by the Reading C o., with the approval of the Court, to the end that
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
cates of interest in stock of the New Coal Co., exchangeable for such stock
only when accompanied by an affidavit that the holder is not an owner of
any stock of the Reading C o.,

M ay , 1925.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Rcmselaer & Saratoga— Stock 8% guar D & H (end)
First mortgage, Interest guar D . & H ___USMxxx
Richmond Fredericksburg & Potom— Com stook----Dividend obligations (same dlv as common stook )..
Stook guar 7% except $19,300 guar 6 % __________
Com stock non-voting 6% (see text)_______________
Consolidated mortgage $500,000 gold_ Ce.xo* Ar
_
Genera) mortgage $4,000,000___________________i
Washington Southern Ry 1st Mtge bonds (assumed)
Equipment trusts due $93,700 yearly____________ G
Richmond & Petersburg— See Atlantic Coast Line RR
Rich-Wash Co— Coll trust gold guar red 105_N.xo*&r

Par
Value

$100 $10,000,000
2.000.000

1.000
10C
100

"82 1890
1903
1903
— - 1920

1.000
Various

--

100
100

03-’ 12 1.000 &c

B O N D S . — T h e fin al d ecree o f th e U . S . D istr ic t C o u r t fo r th e E a ste rn
D is tr ic t o f P e n n sy lv a n ia , en tered Ju n e 2 8 1 9 2 3 , p u rsu a n t to th e m a n d a te o f
th e U . S . Su prem e C o u r t, in th e su it o f th e U . S . o f A m e r ic a aga in st R ea d in g
C o . e t a l ., severed th e jo in t lia b ility o f R e a d in g C o . an d P h ilad elp h ia &
R e a d in g C o a l & Ir o n C o . u p o n th e G e n . M t g e . b o n d s a n d th e lien o f th e
gen eral m o rtg a g e u p on th e p ro p erties o f said com p an ies an d d ecreed th a t
th e lia b ility o f R ead in g C o . in resp ect th e re o f b e tw o -th ir d s th e r e o f a n d th e
lia b ility o f P h ilad elp h ia & R ea d in g C o a l & Iron C o . o n e-th ird th e r e o f.
As
fu r th e r d irected b y said fin a l decree, R ead in g C o . an d P h ilad elp h ia &
R e a d in g C o a l & Iro n C o . offered to th e hold ers o f G e n . M t g e . b o n d s th e
r ig h t to surrender their G e n . M t g e . b o n d s an d receive in exc h an g e: (a)
2 -3 p rin cip al a m o u n t o f G e n . & R e f . M t g e . 4
G o ld b o n d s, Series
“ A , ” o f R e a d in g C o ., issued un der th e m o rtg a g e an d d e ed o f tr u st d a te d
J a n . 2 1 9 2 4 , m a d e b y R ead in g C o . to C e n tra l U n io n T r u st C o ., SNew Y o r k ,
tr u ste e ; an d (b) $ 3 3 3 1 -3 prin cip al a m o u n t o f R e f . M t g e . 5 % Sin k in g F u n d
G o ld b o n d s o f th e P h ilad elp h ia & R e a d in g C o a l & Iro n C o . issued un der
th e m o r tg a g e and deed o f tru st d a te d J a n . 2 1 9 2 4 , m a d e b y P h ilad elp h ia &
R e a d in g C o a l & Ir o n C o . to C e n tra l U n io n T r u st C o ., N e w Y o r k , tru ste e ,
fo r ea c h $ 1 ,0 0 0 o f G e n . M t g e . b o n d s so surrendered.
T w o -th ir d s in prin­
cip al a m o u n t o f th e G e n . M t g e . b o n d s surrendered for exch an g e w ill b e
s ta m p e d to sh o w t h a t th e y are so lely o b ligation s o f R ea d in g C o . an d p led ged
u n d er th e m o r tg a g e securing th e new G e n . & R e f . b o n d s o f R e a d in g C o .
O n e -th ir d in p rin cip al a m o u n t o f said G e n . M t g e . b o n d s w ill b e sta m p e d to
sh o w th a t th e y are so lely ob lig a tio n s o f P h ilad elp h ia & R e a d in g C o a l & Iron
C o . an d p led ged un der th e m o rtg a g e secu ring th e new R efu n d in g b o n d s o f
P h ilad elp h ia & R e a d in g C o a l & Iron C o .— V . 1 1 8 , p . 2 0 3 , 2 3 0 5 .

13%

Improvement mortgage 6% bonds of 1873 due Oct. 1 189V were extendec
at 4% for 50 years from April 1 1897, payable in U. S. gold, and guaranteed
principal and Interest by th e Reading Co. V. 64, p. 470; V 65, p. 516.
The consol 5s of 1882 for $5,766,500 were also extended at 4% till Maroh 1
1937, the Reading Co. and the Ccal & Iron Co. becoming responsible. Se»
V. 65, p. 870, for oontract
V 65. p. 152. 870
Terminal mortgage bonds, see V 64, p. 85, and V. 60, p. 732




Amount
Outstanding

190 1921

9. The Reading Co. will merge the Railway Oo. under the authority
contained in the present charter o f the Reading C o., and will subject the
Railway C o.'s property to the direct lien of the Gen. Mtge. The name
of the Reading C o., after merger, will not be changed.
10. In order to compensate for any injury to the security which the modi
fication o f the terms of the gen. mtge. bonds and the general mortgage may
cause, and to leave the Reading Co. properly financed to meet its obligations
to the public, the Court will direct the Reading Co. and the Coal Co. to
tender for acceptance by the bondholders the following proposals for the
execution of new bonds and mortgage and the delivery of new bonds to
holders o f general mortgage bonds:
(a) The Reading Co. shall execute a new mortgage which will provide
for the creation o f a series o f bonds to be known as Series A, to be limited
to the aggregate principal amount o f $63,084,666 2-3, and to be issuable
only upon the surrender o f general mortgage bonds as hereinafter provided
Said bonds of Series A will bear interest at the rate o f 413 % 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 o f 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 o f issue.
(b) The Coal Co. shall execute a new mortgage which will provide for
an issue o f 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 as
hereinafter provided. Said bonds will bear interest at the rate of 5% per
annum, will mature Jan. 1 1973, and will be redeemable as a whole, but not
in part except for the sinking fund, at 105 and int. on any int. day on 60
days’ notice.
(c) The Reading Co. and the Coal Co. shall offer to the holders of gen.
mtge. bonds the right to surrender their bonds and receive in exchange
therefor an equal aggregate principal amount o f new bonds (with an adjust­
ment o f interest as o f the date o f the surrender o f the gen. mtge. bonds for
exchange) as follows:
Two-thirds of said principal amount in 413 % 74-year gen. (or, if and when
practicable, first) & ref. mtge. gold bonds, Series A, o f the Reading Co.
One-third thereof in 5% 50-year ref. mtge. sinking fund gold bonds of
the Coal Co.
(d) The exchanged bonds will be pledged under the new mortgages.
(For details, see V. 116, p. 2256.)
Plan Approved by Court.— Judges Buffington, Davis and Thompson filed
a final decree in the U. S. District Court June 28 1923 at Philadelphia,
directing the dissolution o f the Reading Co. and its subordinate concerns
within six months.
The decree adopted the third modified segregation plan submitted May
10 1923.
STOCK.— Reading Oo. has the right to convert the 2d pref. stook Into
one-half first pref. and one-half common stock. 8ee V 64. p. 709.
Pursuant to the final dissolution decree, the Reading Co. in Jan. 1924
offered to its stockholders, preferred and common, share and share alike,
the right to subscribe for certificates o f interest in 1,400,000 shares of the
capital stock (no par value) o f Philadelphia & Reading Coal & Iron Corp.
Stockholders of record Dec. 17 1923 have the right to subscribe for said
certificates of interest at the rate o f a certificate o f interest in one share of
stock of Philadelphia & Reading Coal & Iron Corp. for each two shares of
stock of Reading Co. pref. or com. held. This right o f subscription must
be exercised before Jan. 1 1926. The price o f subscription is $4 for each
share of stock o f Philadelphia & Reading Coal & Iron Corp. represented by
the certificates of interest subscribed for. or $2 for each share of Reading
stock. Compare V. 118, p. 203, and Segregation Plan above.
D IV 8.—
01. ’ 02. ’ 03. ’04. ’05. '06- 09. ‘ 10-T2. ’13 to 2ndquar.’25
4 yrly. 4 yrly. 4 yrly. (Q— M
4
4
4
3
First pref_ % f 4
_
4 yrly. 4 yrly. 4 yrly. (Q— ■)
4
Second pref. % 1 0
0
1H 4
J
(Q— F)
C om m on ___% 1 0
0
3H 4 yrly. 6 yrly. 8 yrly.
0
0

$666

113

R A IL W A Y STOCKS AND BONDS
Rate
%

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable.

8

J ft
M &
J &
J &
M ft
J &
A &
A &
J &
J & J

J
N
D
D
N
D
O
O
D
15

4g

J

D June 1 1943

6 g
1,316.900
9
9
9,017.500
500.400 See text
4.000.
000
6
500.000
4H g
2,680 000
3K
4.000.
000 g
4
937.000
6g

10 .000,000

When
Payable

Jan 2 1925 4%
May 1 1941
See text
see text
See text
See text
Apr 1 1940
Apr 11943
June 1 1943
To Jan 15 1935

Del & Hudson Co. N Y
do
do
Richmond. Vg
Richmond, Va
Richmond, Va
Klcnmond, Va
N Y, Phiia or Richmond
Richmond
Sav Dep & Tr Oo, Balt
Guaranty Tr Oo, N Y
New York Trust Co, N Y

The Jersey Central collateral trust bonds ($23,000,000 present issue) are
»ecured by deposit of $14,504,000 Cent. R R . of N J. (cost $23,200,000) of
She $27,436,800 stock outstanding, $1,495,000 Perklomen stock and $440,000 Port Reading R R . stock, the remainder of the $45,000,000 auth. being
reserved to acquire the minority stock of the Central Co. They are callable
an any int. day at 105 & Int. See abstract. V. 72, p. 487; V. 73, p. 847.
Equipment trust Series F, dated Jan. 1 1916. covers equipment described
in 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.
RE PO RT.— For 1924, in V. 120, p. 2287, showed:
Railway Operating Income—
1924.
1923.
Freight— Coal____________________________
--$36,056,193 $42,842,557
Freight— Merchandise___________________________ 40,860,078 45,480,722
-Passenger_______________________________________ 10,187,574 10,635,379
-Excess baggage___________________________
19,061
19,194
Parlor and chair car______________________
5,418
5,410
M ail_____________________________________
438,441
409,921
Express_________________________________________ 1,422,449
-1,538,223
Other passenger train____________________
162,502
177,759
M ilk_____________________________________
433,543
468,242
Switching________________________________
509,574
879,550
Special service___________________________
14,085
10,040
All other transportation__________________
937,848
1,556,691
Incidental______________________________________
-- 1,041,487
1,783,736
$92,088,258$105,807,431
Railway Operating Expenses—•
Maintenance of way and structures_______
.-$11,289,009 $10,778,239
Maintenance of equipment______________________. 21,798,358 23,940,443
.
Traffic
~
840,986
952,082
Transportation__________________________________ 34,030,945 38,271,934
.Miscellaneous operations________________________
137,606
245,908
General expenses________________________________ 2,261,209
..
2,645,903
Transportation for investment____________________ deb.51,560 deb.75,603
..
Net revenue from railway operations___________$21,782,702 $29,048,522
.-$21,782,702
Railway tax accruals____________________________ $4,284,017 $4,952,591
.Uncollectible railway revenues____________
6,010
26,239
Total operating income_________________
..$17,491,674 $24,069,691
Non-Operating Income—
Hire of freight cars—-net__________________________ $1,169,012 $2,254,341
.Other equipment rents— net______________
219,057
274,177
Joint facility rents— net__________________
87,997
57,214
Net railway operating income_________________ $18,967,741 $26,655,425
..$18,967,741
Other Non-Operating Income—
Miscellaneous rent income________________
.$526,350
$256,812
Miscellaneous non-operating physical property___
251,869
162,449
Dividend income__________________________
2,590,434 *5,955,118
Income from funded securities____________
477,432
818,879
Income from unfunded securities and accounts___
433,078
555,328
Income from sinking and other reserve funds
34,731
30,654
Release of premiums on funded debt_______
5,202
7,523
Miscellaneous income______________________
8,228
12,503
Gross income___________________________
..$23,636,516 $34,113,248
Deductions from Gross Income—
Rent for leased roads____________________________ $2,831,655
.. $2,831,655 $2,832,262
Miscellaneous rents______________________
2,840
1,954
Miscellaneous tax accruals________________
159,469
115,201
Interest on funded debt__________________
.. 5,213,930
5,059,157
Interest on unfunded debt________________
28,232
265,978
Amortization of discount on funded debt-27,007
27,007
Miscellaneous income charges____________
296,332
381,248
Net income____________________________
-$15,121,316 $25,386,171
Disposition of Net Income—
Income applied to sinking and other reserve funds.
i$47,031
$48,914
Inc. appropr. for investm’t in phys'cal property:•
\
Additions and betterments____________________
3,577,343
3,217,332
Income balance transferred to prol.t and loss..-$11,496,941 $22,119,924
* Includes $3,000,000 special dividend received from the Reading Iron
Co. in connection with the segregation of the coal and iron properties.
For latest earnings see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Chairman, Edward T. Stotesbury; Pres., Agnew T. Dice;
V.-P. in charge of operations and passenger traffic, Chas II. Ewing; V.-P.
in charge of freight traffic; E. D . Hilleary; Sec., Jay V. Hare; Treas., H. E.
Paisley.
D IR E C TO RS.— E. T. Stotesbury, Joseph E. Widener, Agnew T. Dice,
Daniel Willard, Charles H. Ewing, William A. Law, Samuel M . Curwen,
Ira A. Place, Patrick E. Crowley. Office, Reading Terminal, Philadelphia.
— (V. 120, p. 2261.)
RENSSELAER & SARATOGA R R .— (See Map Delaware Hudson.) —
Road Owned—
Miles. I Leased—
Miles.
Troy to Lake Station, Whitehall--72 Albany to Waterford Junction_ 12
_
Fort Edward to Lake George___ 15 Schenectady to Saratoga_________20
Eagle Bridge to Rutland. V t____ 631 Vermont Line to Castleton, V t___ 7
LEASE.— Leased in perpetuity M ay 1 1871 to The Delaware & Hudson,
which owns $800,000 of stock; rental, 8% on the stock and interest on bonds,
Dividends being paid less income tax, V. I l l , p. 1184. Guaranty on stock,
V. 56, p. 773. The $2,000,000 7% bonds due M ay 1 1921 were refunded
by a like amount of 6% bonds due M ay 1 1941. V. 112, p. 1867.— (V.
114, p. 1652.)

114

R A IL W A Y STOCKS AN D BONDS

R A IL R O A D C O M P A N IE S
[ F o r a b b r e v ia t io n s , A c . , s e e n o te s o n fir s t p a g e )

M ile s
R oad

Rio Orande Junction— Stock________________________
First mortgage gold guaranteed___________ Ce.xo*
62
Rio Orande Southern— First M g $2,277,000 are go x
175
Rio Orande Western— See Deny A Rio Grande West.
R oberval-Saguenay Ry—
Consolidated mortgage sinking f u n d ____________
Rochester & Oeaesee Val— Stook rental Erie R R ____
18
Rock Island Ark & Louisiana— See Ohio R I A Pacific
Rock Island-Frisco Term— 1st M gold guar Jolntly.xo*
Rome & Clinton— Stook (rental guaranteed) ________
12 >4
(The) Rome W atertow n & O kdensb— See New Yor k Cen
Roscoe Snyder & P acific—
1st ref M $5,000,000 gold red t e x t . ___________ Gy
Rumford Falls & R L— Stock $300,000--------- --------Rumford Falls A R L first mtge gold sink fund _zc*
.m
do
do
sinking fund g mtge __________ zc
First consol mortgage for $3.500,000 gold . . U » ,«c
120
Ogd A L Ch 1st M $4,400,000 gold assumed-Ce.xo*
127
Rut-Can (lrst M gold assumed $1,350,0Q0--OB.xo* 43H
Bennington * Rutland— 1st ref M g ass______ _ N.x
59
Ohatbam A Leb Val 1st M $500,000 g o A 1 guar.O
68
Equip trusts due $34,000 yrly (V 94. p l250)_G.zc*
do
do due $14 000 y e a r ly ------------------------ «
do
do
due $16,400 yea rly .. . . .
_.G
do
do
due $55,000 yearly . .
-G .zc*
Rutland Toluca & Nor— 1st M g gu red Oot 15-NC.xo*
27
Rutland & Whitehall RR— Stock (no bonds)________
6.75
St Clair Madison & St Louis Belt— S e e Missouri A Till Q0l« B
Saz Tuscola A Huron—See Pere Marquette RR.
St John & Quebec Ry— 1st M deb stk guar see text___
Prov Govt 4 V % bds *10.000 per m i le ___________
i;
170
Prov G o v t 5 K % bonds_____ I ____________________
Prov Govt 6 % bonds_____________________________

D a te
B on ds

Par
V a lu e

$ 100 $2,000,000
1.000
2,000.000
1,000 4.509,000

1889
1890

1907
tral R R.
1912

5g
4g

W hen
P a y a b le

3
3

L a s t D iv id e n d
a n d M a tu r ity

P la c e s W h e r e I n t e r e s t a n t
D iv id e n d s a r e P a y a b l e

A D Deo 1 1939
A J July 1 1940

\ 52 william St. N Y
Jan 1922 int unpaid
Erie RR Co. New York

A
A

J July 1 1955
J See text

1,000
100

3,390,000
5g J
345.360 See text 3

A
A

New York or St Louis
J Jan 1 1927
J July 1 1924 2M By eheok.

See text
300.000
400,000
288,000

A
A
<
&
&

1.090
100
500 Ac
1,000

6g
2
5g
6

M
M
A
M

1,000 3.499.000
1891
4K K J A
4.400.000
1.000
1898
4g J A
1,350.000
1899
1.000
4g J A
1.000
1897
500.000
4K g M A
1.000 In treasury
1901
4e J A
1912
1,000
68 000
4H g M A
1 000
42.008
A A
1913
4K
1.000
16',0)0
.1
1920
6
1924
1,000
770.000
5g J &
4g
A A
225,000
19)0 100AIOO0
100
255.700 See text. Q— F
A Belt RR
ridge
1912
1914

*Also in Jan. 1907 25% indlvldend obligations, and in Feb., 1916 50% I d
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 and 1S24.
STOCK.— The 6% non-voting common stock was Issued in exchange for
a like amount o f common stock o f Washington Southern Ry.
The stockholders on Feb. 5 1923 Increased the authorized capital stock
from $9,500,000 to $15,000,000. V. 116, p. 722.

BONDS.— OI the gen. 3)4* of 1903 due April 1943 ($4,000,000 author
Used), $3,500,000 were Issuable for double-tracking and Improvements (o
which $2,680.000,outstanding) are owned oy Richmond-Washington Co.and
pledged under Its mtge. (V. 81. p. 1178). the remaining $500,000 being re
served to retire the oonsol 4 K b at maturity. See V. 77, p 2388. 2391

Guarantees, jointly with Atlantic Coast Line R R ., $3,380,000 1st mtge

5 % gold bonds due Jan. 1 1952 of Richmond Terminal Ry. V. 114, p. 948
Equipment trusts Issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V. 113. p 1472

R E PO R T .— Year ending Dec. 31 1924, gross, $11,836,355; oper. income,
$2,627,874: other income, $160,429; deductions, $382,484: net income,
$2,405,819. Surplus for year, $1,514,572. For latest earnings, see “ Rail­
way Earnings Section” (issued monthly). Pres., Eppa Hunton, Jr.;
V .-P . A Sec., Norman Call.; Treas., D . K. Kellogg, all o f Richmond, Va.
Office, Richmond, Va.— (V. 120, p. 2266.)
RICH M ON^W ASHINGTON COMPANY.— Controls a “ union'’ line,
Washington, D. C.. to Richmond, Va . 1 1 7 miles, in the joint Interest of the
following roads, viz.; the Pennsylvania R R .. Baltimore A Ohio R R ., Atian
tic Coast Line Co.. Southern R y., Seaboard A. L. Ry. and Ches. A O. Ry
each of whloh owns 1 -6 of the $ 2 , 6 7 0 , 0 0 0 capital stock. Dlvs. in 1 9 0 2 . 3 %
1 9 0 3 to 1 9 0 5 . incl., 4 % yearly; 1 9 0 6 and 1 9 0 7 . n o n e ; 1 9 0 8 to 1 9 1 5 , 4 %
1 9 1 6 . 5 % ; 1 9 1 7 to 1 9 2 2 , 6 % yearly; 1 9 2 3 , 7 % ; 1 9 2 4 , 8 % .
Incorporated on Sept. 5 1901 and aoquired $947,200 of the voting capita
■took of the Richmond Fredericksburg & Potomac RR. and the entire stool
of Washington Southern R y .. Long Bridge to Quantlco, 36 miles.
The collateral trust 4s of 1903 ($11,000,000 autn. issue) are guaranteed
Jointly and severally, prln. and Int., by the six roads named above. Ofth«
bonds. $10,000,000 (Ser. A to E) have been sold. V. 77. D. 629. 695; V. 78
p. 684, 1393; V. 84. p. 932. This collateral consists of $2,680,000 Rich
mond Fred. & Potomac gen. 3 K s . $947,200 common. $2,604,800 dividend
obligations, $4,000,000 Washington Southern 1st 4s, $4,000,000 Rich.
Fred. A Pot. non-voting stock. See form of guaranty, V. 77. p. 2391; V . 81.
p. 1178.— (V. 84. p. 932.)
RIO ORANDE JUNCTION R Y.— Owns road Rifle Creek. Col., to a con
nection with the Denver & R. G . Western at Grande Jet., 62 miles. This is s
connecting link In the standard-gauge route between Ogden and Denvei
and Colorado Springs
Leased by Colorado Midland Railway (foreclosed)
and Denver A Rio Grande at 30% of gross earnings, which compmnlei
jointly and severally guaranteed the bonds, prln. and int. The Denver A
R . G . Western owns $1,958,300 of the $2,000,000 capital stock. V. 105. p
2457; V . 95, p. 1542; V. 97. p. 8 8 8 . Proposed consolidation into that sys­
tem. see Den. & R . G. West, reorganization plan in V. 116, p. 2881; also
statement of Den. & R . G . West, above.
D IV ID E N D S — 1905. 1906. 1907-12. 1913-14. 1915. 1916-17. 1918
4W
5 yrly.
Nil
15% 5 % y rly 51.6%
P e r c e n t_____ ______3 H
— (V. 114. p. 522.)
RIO GR AN D E SOUTHERN RR. CO. (TH E )— Ridgeway. Colo., to

Durango, 162 m ., and branches, 13 m. Stock, $4,509,000, of which $3,owned by Western Pacific Holding Co. Mortgage abstract,
V. 54, p. 163, and application to N . Y . Stock Exchange in V. 54, p. 446;
V. 61, p. 1014. Of the bonds, $2,277,000 were guar, by the old D. & R. G.,
which owned $1,779,000 o f the issue. V 70, p. 791. See guaranty,
V. 70. p . 1295. The interest due Jan. 1 1922 was not paid. V. 113, p.
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 A Rio
Grande Western reorganization plan. See V. 117, p. 1235.)
For 1924, gross, $601,041; net, def., $198,945; other income, $2,605; de­
ductions, $209,925; bal., def., $406,267. Pres., T . H. Marshall; Sec. &
Treas., R . F. Watkins.— (V. 114, p. 80, 199, 411.)
R O B ER VAL-SAGUENAY R R .— Main line. Port Alfred to Ha-Ha
Bay Jet., 19.2 miles.
Branches, 37 miles.
Stock, common. $500,000,
and pref. 6% non-cum.. $800,000; par, $100. The $536,400 consol, ref.
mtge. 5s, $723,600 Ha-Ha Bay Ry. 1st 5s, and the $70,000 bonds Issued
June 1 1919 were replaced by a single bond for $1,330,000 (7 % ), payable
to the General Trust o f Canada, Montreal on July 1 1955. For year ended
Dec. 31 1924: Gross, $229,172; net, $58,455; other Income, $1 011: deduc­
tions, $121,791; bal., def., $63,305. Pres., Hon. F. L. Beique, Montreal:
V .-P ., J. E. A. Dubuc.
ROCHESTER & GENESEE VALLEY RR. — Avon to Rochester, N. Y .,
18 m. Leased 1871 in perpet. to Erie R y. Rental, $34,012, paid by Erie
R R . direct to stockholders, $33,312, organlz’n, $700. See Y. 108, p. 580.




%

1.330,000
7g J
555.200 See text J

R ICH M OND FREDERICKSBURG & POTOMAC RR. C O .— Owns
from Richmond. Va., to South End Potomac River Bridge. 109.15 miles,
double-tracked; James River branch, 3.56 m.; other mileage, 4.91 m.; total,
117 62 miles. The div. obligations carry no voting power. The R. F. A P.
R R . guar, stock is secured by mtge. New station In Richmond, V. 107,
p. 270.
The Richmond-Washington Oo. (see below) In 1901 took over 5947,200
of the $1.316.900 common stock. V. 74, p. 149. Connection RR. franchise
suit, V. 107, p. 2188. The Washington Southern Ry. was merged in Feb
1920. V. 110. p. 168 872. 1416
The I.-S. C. Commission has placed a tentative valuation o f $11,384.700
on the company’s property and $7,108,460 on the property of former
Washington Southern R y. C o., as o f June 30 1916. Compare also V. 119,
p. 694.
D IV ID E N D on stock and(1905-16. 1917. 1918-22. 1923. 1923-24.
14
9 yearly
7
7 yearly
dividend obligations___ % (9 yearly

5 7 9 ,7 3 7

R a te

100

1919

1897
1923

Am ount
O u ts ta n d in g

[V ol. 120,

£560.543
1,700.000
1.268.000
1.416.000

4

J

A

N N ov l 1942
N M ay 1 1925 1%
O Oct 1 1937
N Nov 1 1948
j» u 23 la 2%
J July 1 1941
J July 1 1948
J July 1 1949
N Nov 1 1927
.1 July 1 1951
N To May 1927
O To Apr 1928
.1 To Jan 15 1935
D To June 1 1939
O »»ot I 19RO
15 M ay 15 ’25 IK

New York
Portland, Me
Old Colonv T rO o. Roston
UnionSDATr,Portl’d ,M e
do
do
do
do
Old Colony Truat Oo.Bos
466 Lexington Ave, N Y
do
do
Guaranty Truat O o, N Y
do
do
do
do
do
do
See text
United Nat Bank, Troy

D 1962

Bank of Montreal, Lone

ROCK ISLAND-FRISCO TERMINAL R Y — Furnishes part of St. L ouli
terminals of the Rook Island and St. Louls-San P'rancisoo systems, Inolud Ing freight station and yards In St. LouLs, M o., the Chicago R . I. A
Pao., St. Louls-San Fran, and Colo. & E. 111. contributing proportionate
amounts equal to operating expenses, taxes and fixed charges. Incorpo­
rated April 9 1906; V. 84, p. 929. Auth. stock. $5,000,000; outstanding,
1500,000, $300,000 being owned Dec. 31 1924 by Ch. R. I. & Pacific R y .
and $200,000 by St. Louis-San Fran. Ry. Co. The bonds (see above)
are Jointly guaranteed by endorsement by Chic. R. I. & Pac. Ry. and old
St. Louis & San Francisco RR. C o.. Merc Trust Oo of St. Louis Is trustee.
V. 84, p. 571, 749. Pres., J. M. Kurn; V.-P. & Gen. M gr.. A. D. Aiken;
Sec., Carl Nyquist, La Salle St. Station, Chicago. Office, St. Louis, M o.
— (V. 84. p. 749.)
ROME & CLINTON RR.— Owns road from Rome to Clinton, N. Y 13
utles. Organized In 1869. Leased in perpetuity in 1891 to Delaware S
c
Hudson Canal (now D & H.) Co. and sub-leased to N . Y . Ont. & Western.
Rentals, $22,375 yearly and taxes, except income tax. V. 118, p. 907.
Di vs. at 6K % P- a. (3K % J.-J.) paid to Jan. 1910, but payments reduced
thereafter on account of Federal income tax; 3% paid July 1910; 1911 &
1912, 6 K % : 1913, 6 K % : 1914 to July 1917. 6 K % : Jan. 1918 to Jan. 1919,
3% s-a.: July 1919, 2 % % ; Jan. 1920. 2 % % ; July 1920. 3% ; Jan. 1921,
2 7 %-, July 1921. 3% ; Jan. 1922 to July 1924, 2H % s.-a.; Jan. 1925, 3 % .
A
— (V. 118, p. 907.)
ROSCOE SNYDER & PACIFIC R Y — Owns Roscoe. Tex., to Flu­
vanna. 50 miles. Stock, $200,000. Dividends for year 1914-i5. 25% ;
1915-16. 15%; 1917, 15%; 1920, 33 1-3% In stock: 1921-22, none; 1923-24,
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 & 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
hWk-- of $1,000,000. V. 95, p. 1685. For year ending Dec. 31 1924, gross,
$287 310: net. $85,061; int., rentals. A c., $35,005; dlvs., $12,000; bal..
sur., $38,056.
RUTLAND R R . CO.— (See Maps N . Y. C. RR.)— 413 miles, viz.:
HR. Lines Owned—
Miles.
Leased, A c.—
M ile s .
lellow’s Falls, Vt., to OgdensLines to Tloonderoga, A c________ 17
tiurg, N. Y __________________ 282
iutiand, Vt., to Chatham, N. Y.114
Owns entire 8100,000 stook and $100,000 4% bondc of Rutland A Noyan
itR., entire $1,000,000 stock of Rutland Transit C o., entire $100,000 stock
Ogdensburg Term. C o., entire $500,000 Chatham & Lebanon Valley R R .
1st mtge. bonds. $495,900 (total $500,000) stock of Addison R R . Co. and
1149.500 stock (total $150,000) of Champlain Construction Co. V. 76.
9. 1029: V 73, p. 437: V. 72. p. 88, 822. In May 1915 the I .-8. Commerce
Commission ordered the company to sell the Rutland Transit Co by Dec. 1
1915: six of the Transit Co. ships were sold lo Aug 1915 V. 101 . p. 695’
V. 100, p. 1753; V. 104, p. 2637. Tentative valuation. $22,205,821 as of
June 30 1916.
STOOK.— In Dec. 1923 all but $189,400 com. stock had been exchanged
for pref.— 10 of common for 1 of preferred. V. 72, p. 439. On Dec. 31
1923 the Rutland R R . owned $102,200 and the N. Y. Central RR. and the
.V. Y. N. H. A H. R R . C o. each owned $2,352,050 of the company’s $9,057.100 pref. stock.
Dlvs. 1 ’98. ’99. ’00. 01. 02. ’03. ’04-’05. ’06-’08. ’09-15. 1917. 1018.
in p f .j 2
2
3
4
3
1
0
I K yrljr
0
Apr. 2 Jaa.,
Accumulated dividends on preferred aggregated about 286% Jan. 1925.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3. Govt, loan, V. I l l , p. 1950.
REPO RT.— For 1924, in Y. 120, p. 1447, showed:
1924.
1923.
1922.
Railway operating revenues_________ $6,509,063 $6,695,786 $5,803,158
Net railway operating income______
799,608
868,143
530,432
Gross income_______________________
878,694
919,741
604,562
Surplus after charges_______________
407,309
463,909
153,036
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— Pres., P. E . Crowley; Sec., Edw. F. Stephenson; Gen.
Treas.. Milton S. Barger: Compt., W. C. Wishart. Office, Rutland, Vt.
Gen’l Treasurer's office, 466 Lexington Ave., New York.— (V. 12.), p. 1447.)
RUTLAND TOLUCA A NORTHERN RR.— Rutland to MoNabb, III..
27 miles. Leased to Chicago A Alton R R ., whlob owns ail the $97,000
stock for 999 years from Oct. 1 1910. and guarantees the bonds, orln A int.
V. 93, p. 408. Default having occurred In the payment o f the Int. due
Oct. 1 1922 on the bonds. Clifford Bucknam (of Pynchon & C o.). Nathan
S. 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 M ay 1923 announced
that the Oct. 1922 coupon on the bonds had been paid. The Chicago &
Alton R R . having failed to pay the rental due on the Rutland Toluca &
Northern R R ., and the Rutland having defaulted in payment o f 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 & WHI TEH4LL R R .— N Y State Line to Casdeton, Vt.
J 75 m
Leased 1870 in perpetuity to Rensselaer A Saratoga RR. (rental
*15.342—6% on stock less U. S. income tax); operated by Del. A Hudson.
ST. JOHN & OUEBFC R Y .— Operated bv tne uaavliao 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 R y. to St. John.

M ay , 1925.]

RAILW AY STOCKS AKD BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]
it Johnsb & Lake Champ —1st M quar----------------xo*
St. Joseph & Grand Ul R y— Common stock--------1st pref stock 5% non-cumulative $5.500.000____
id pref stock 4% non-cumalatlve________________
First mtge $5,000,000 gold______________Ce.xc’ Ar
It Lawr & Adirondack Ry— 1st M $800,000 g --N.xo*
Second mortgage $400,000 g ______________- ___N-x
St Louis & Cairo— See Mobile & Ohio
It Louis Bridge— See Terminal Railroad Association
St Louis Iron Mt & S outhern— See Missouri Pacific
St Louis Memphis & S E— See St Louis & San Fra
It Louis Merchants’ Br Term— 1st M gu p A 1g.SSt.xo
Meroh Bridge 1st M red slnoe Feb 1 1909 at 110- SSt .x
It Louis & O'Fallon—
Seoond M $300,000 g red par beg Oct 1912____ _y
It Louis Peoria Sr N W Rv— See Chicago A North w
t t Louls-San Francisco Rv— Com atk $250,000,000
Pref stk non-cum $200,000,000 serA6% red par —
Prior Hen M $250,0 10.000 gold securing—
Series A 4% callable at par_________ Cexc*Ar»
Series B 5% callable at 105_________ Cexc*Ar*
Series C 6% callable at 10214________ Ce.xc*Ar*
Series D 534% callable at 102 34______ Ce.xc*Ar*
Adjust M cum $75,000,000: aer A, call par & lot Bax
Income M non-cum $75,000,000: aer A, call par.Un
Old Gen M gold(lston058 m $3,659.000are6sUs.xc*
<
Collateral gold notes red 100_____________________
Equip notes due $954 000 ann_________________ G
Equip trust certif due $400,000 yearly________ Gc*
Kansas City Ft Scott A Memphis System bonds—

Miles Date
Road Bonds
118

1894

251 1897
43j 1896
43 1896
of St
n

...

Par
Amount
Value |Outstanding
1.000
100
100
1.000
1.000
1.000

Rate
%

115

When
Payable
M A

Last Dividend
and Maturity

S Mch 1 1944

Places Where Interest and
Dividends Are Payable

1.328.000
4.O0U.OUO
5.499.400
3.500.000
4.000.000
800,000
400.000

4 x
5 *
6 ft

I
A

J

A

A
A

J Jan 1 1947
J July 1 lb 96
O Oct 1 1996

U 8 Mtge A TT Oo. N Y
New York Trust Go. N Y
Baultabie Trust Co. N Y

5g

Company’s office, Boston

1902. 5%

I.oul*
1890
1889

$100 Sec

1.000

3.500.000
2,000.000

5g
6

A
F

A
A

O Oct 1 1930
A Feb 1 1929

St Louis Union Tr Oo
Farmers I. A Tr Co. N Y

9 1903
estern Ry

500 Ac

300.000

6g

M A

8 Sep 1 1928

State Bank. Chicago

1916
1916
1918
1922
1916
1916
1881
1924
1920
1922
see tb at co
3.471
3.471
3.471
3.471
3.471
3.471
986

100 45 249 22« See text
6
100 6,975,200
100 Ac d91,559,350
100 Ac 24.950.000
100 Ac 10.598.000
500 Ac 15.432.000
1 0 0 a , d40,531,518
100 Ac 35.172.000
1 non 9.362.000 5
3,000,000
1,000
9.540.000
1.000
5,2ilU,UUU

4g
5g
6g
5M» g
6g
6g
A6g

6g
6g
5g

Q—J
li—-i?

July 1 1925 1}i
Nov 2 1925 l y 3

A J July 1 1950
A J July 1 1950
J
A J July 1 1928
J A J Jan 1 1942
A A O July 1 1955
Oct. 1 July 1 1960
J A J July 1 1931
M A S Mar 1 1930
J A J 15 To Jan 15 1936
M & S Sept 1 ’ 25 to '37

J
J

Office o f Company,
do
do
do
do
do
do
Paid in full to Apr
Paid in full to Oct
uankers Trust Co.
New York
Guaranty Trust Co,
New York

$16,300 A 6% ad justment bonds were hel d
4 On Dec 31 1924 an additional $1,749,150 Prior li en “ A "4% b onds and
managers for retirement of trust certificates f or K. O .F .8 .& M . R y. pref. stk. and und srlylng b onds.

The 1st M . debenture stock, unconditionally guaranteed, prlu. 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 tit 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

Centreviile aud Westfield, 157 miles. W. P. Jones, Pres.. Woodstock,
N. B.; Robert Bayley, Sec., Fredericton, N. B.— (V. 98, p. 1678; V. 112.
p. 2191.1.
ST. JO H N SBU R Y AND LAKE CHAMPLAIN RR. CO. (TH E).— Owns
Lunenburg, Vt., to Swanton, Vt., 118 miles (22 miles from Lunenburg to
St. Johnsbury, V t., is leased to the Maine Central R R . C o.). The road is
now being operated under local management, the Boston & Maine R R .
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 A Maine R R ., V. 119, p. 3037. Stock, com., $2,452,449; pref., $1,154,400; par, $50. Valuation, V. 113, p. 1540. In 1624, gross, $509,554; net
ry. oper. income, def. $26,543; other income, $23,385; deductions, $127,299;
bal., def. $130,457.— (V. 119, p. 3007.)
H ISTO R Y .— A reorganization Feb. 23 1897 (per plan In V. 62, p. 784.
950) of the St. Jos A Graad Island Railroad, soli in foreclosure. Union
Pacific Dec. 31 1923. owned $4,571,900 corn.. $5,361,490 first pref. and
$3,435,980 2d pref. V 84. p 62 571; V. 92. p. 597. 1244. On July 9 1916
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
U. S. Supreme Court was voluntarily dismissed June 12 1916. In June 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 first 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 at not. exceeding $6,000 per mile. See listings Ih V. 64. p. 1138
V. 94, p. 763. Action has been dropped on proposed new bond Issue, owing
to pending stockholders'suit
v . 9 5 p 4 2 0 .1 1 2 3 .1 5 3 6
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
REPORT.— For 1923. gross, $3,312,148; net oper. income. $346,048;
other income, $227,632; int., $221,308; rentals, A c., $251,780; bal., sur.,
$100,593.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., C . 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. Stock, $500,000 com. and $250,000 5%
pref. Leased to Ind. 111. A Iowa RR. (now New York Central RR.) for 50
rears from Feb. 23 1900, the Michigan Central assuming operation on Feb. 16
1905; 5 % per annum on pref. and 2% on com are paid yearly ( M A S 15)
since Sept. 1901. In 1905 and 1907 and March and Sept. 1909, Sept. 1911
Sept. 1913, Sept. 1915, Mar. 1918, and Mar. 1920 paid 14 %extra on com­
mon. No bonds. Officers: Jacob 8 . Farlee, Pres.; Colgate Hoyt, V.-Pres.;
Frank H. Carter, Sec. A Treas— (V. 106. p. 930. 1127 )

ST. LAWRENCE & ADIRONDACK RY.— (See M a p s N . Y . C . L in es

— Owns from Malone, N . Y .. to Adirondack Jet.. 43 67 miles. Leases from
Grand Trunk R y.. Valleyfield to Beauharnols. Que.. 12.7 m .. and ha#
trackage rights over Oan. Pac. from Adirondack Jet. to Montreal, One.,
8.80 m .; other lines, 5.46; total. 70.63mUes. New York Central RR. own#
entire stock, $1,016,000. 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
logs are now included with those of the lessee.— (V. 101. p. 775.)

ST. LOUIS & HANNIBAL RR.— Hannibal to Gilmore, M o .. 85.0 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 bond#
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 Ringilng Bros. Circus), who Intends
to improve the property and operate it. Auth. capital stock, $250,000
non-cum. 5% pref. 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).
— (V. 107, p. 1920; V. 108, p. 2123; V. I l l , p. 1279.)
ST. LOUIS IRON MOUNTAIN & SOUTHERN R Y .— (Bonds.)—

V. 119, p. 456.

ST. LOUIS KENNETT & SOUTHEASTERN R R .— Owns Kennett.
M o ., to Piggott, Ark., 20 miles. Stock, $300,000; par, $100. Pres.
W. D. Lasswell; V.-Pres., H. B. Pankev; Sec. & Treas., H. B. Pankey
Office, Kennett, M o — (V. 118, D- 1393 )
ST. LOUIS MERCHANTS’ BRIDGE TERMINAL R Y — ORGANI­
ZA TIO N .— Double track road from near Union Station, via Main St., Hall
St., A c., to Ferry St., opposite the Merchants’ Bridge, 4.01 m.; It owns and
controls the Madison 111. A St. L. Ry., 1.91 m.; total, 5.92 miles. The
property o f the Merchants' Bridge Co. (1.99 m.) was conveyed by deed
Aug. 24 1920 to the company subject to mortgage for $2,000,000.
Stock auth., $3,500,000; Issued. $2,939,500; par. $100; o f this the Ter­
minal Railroad Association owns a majority. In Nov. 1893 Term. RR.
Assn, o f 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
Suit. V. 91, p. 1448.
Year—
Gross.
Net.
Other Income. Charges.
Balance
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
1921 --------- 3 658 660
________
531 975
595,641
878.748 sur.248.868
For latest earnings, see "Railway Earnings Section” (Issued monthly).—
(V. 91. P. 1448: V. 108, p. 2241.)




N Y
1925
1924
N 1
NY

by reorganization

ST. LOUIS 5c O’ FALLON R Y .— East St Louis, 111., to Mine No 2

8.94 miles.

Incorporated In Illinois June 1 1896

Stock

$410,000. all

Issued. Pres., William Cotter, St. Louis, M o.; Treas., Philip Marsh.—
(V. 103. p. 62.)

ST. LOUIS-SAN FRANCISCO R A ILW A Y CO.— The company on
Dec. 31 1924 operated directly or through subsidiaries a total of 5.399 m. of
road of wbicn 3,936 miles are owned, 1 369 miles leased and 94 miles operated
under trackage rights. The mileage of me 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 R y .,
also has a direct through route from Kansas City to Memphis and Birming­
ham. V. 106. p 2006; V. 107. p. 2377
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 R y.
system, as of June 30 1918, and $186,337,063 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 1910 and suc­
ceeded on Nov. 1 1916. per plan In V. 102. p. 896. 1061, to certain proper­
ties of St. Louis A San Francisco RR., foreclosed under the General Lien
and also the Refunding Mortgage. V. 102. p. 2167. 1256. 1342
Securities of Present Co (compare V 104. p 452 1703' V 107 p 2477)
Prior Lien M tge., Series A 4% ; B 5% Bonds: C 6% Bonds: D 5 H % Bonds.
Limited to $250,000,000. Issuable In separate series bearing such Inter­
est rates not to exceed 6 % . maturing at different dates and redeemable at
tuch times, and premiums as may be determined. Including D ec.31 1024.
Series A 4% bonds In hands of public_______________________ $91,559,350
Held to retire remnants of old securities___________________
1,749,150
In Insurance fund____________________________________________
uo <
joo
Series B 5% Bonds, held by public (V. 103, p. 1889; V 106. p"
200«),— ......... - - - - - - .................................................................. 24.950,000
Hwd In Insurance fund____________________________________
50000
Held in treasury------------------------------------------------------------- 1 . 5,533,500
Senes C 6% bonds sold in Dec. 1918 (see V. 107. p. 2477; V. 108
P 2325)-----------------------------------10.5Q8.0O0
Pledged to secure the 6% coll, gold notes dated Sept. 1 1924- - 4,000,000
Series D bonds, sold in Apr. 1922 and Apr. 1924 (V. 114, p. 2013; V H 8,
P- 1666- - ---------------------------------------------------15,432,000
Held in treasury___________________________________________
500,000
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 A San Francisco
R y. Co. gen. mtge. 5% and 6% bonds maturing in 1931.
522.000 for the refunding of equipment obligations heretofore retired.
43.341.500 for the acquisition of other lines of railroad and terminals or the
capital stock and bonds representative thereof.
26.268,000 for new equipment at the cumulative rate of $4,000,000 bi­
ennially, but only for two-thirds of cost thereof.
15.922.500 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.
Cumulative Adjustment Mortgage Bonds.

Limited to $75,000,000. Bankers Trust Oo. and E . F. Swlnney, Trus­
tees. Interest payable at such rate not exceeding 0% per annum as fixed
at time of issue, but payable, prior to the maturity o f the principal, only out
of the ‘ ‘Available Net Incom e." 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 bonds
has been paid to and including Apr. 1 1925, and on Oct. 1 1910 to Oct. 1
1924. also the full 6% (annual) interest on the outstanding Income bonds.
V. 106. p. 822; V. 107. p. 1005: V. 108. p. 1166: V. 109, p. 888.
Outstanding as of Dec. 31 1924____________________________ .$40,531,518
Res. for part ref. stock trust certif. for pref. stock o f K. C . F. S.
A M Ry. C o---------------------------------------------------------------------16,300
Reserved for 33 1-3% of cost of equipment and improvement*

522.000 for the refunding of equipment obligations heretofore retired.
$4,000,000 biennially ($2,000,000 for equip, and $2,000,000
for improvements)-------------------------------------------------------------$20,000,000
Xeserved to be Issued at par after Jan. 1 1932, at the cumulative
rate of $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 Mtwe. bonds shall not be Issued.. 14.452.182
Non-Cum. Income Mtge. Bonds. $76,000,000: Now Issued. $35,172,000.
Limited to $75,000,000. Trustees, Central Union Trust Co. of N . Y . and
J. H. Smith. T o bear non-cumulative interest at such rate not ex<eedlng6% per annum as may be named at time of Issue, but only after the
uayment of all Interest on the Adjustment Bonds which see above.
Reserved for Issue at par for improvements, additions and equip­
ment. 1922 to 1931 $2 000.000: thereafter $3,000 000 yearfv 39 808 000
Southwestern Division Bonds.— All of the outstanding 1st Mtge. South­
western Division Gold bonds have been called for payment Oct. 1 1925 at
par and int. at the office of the company, 120 Broadway, N . Y . City.
Notes.— The 6% collateral gold notes of 1924 are secured by pledge of
$4,000,000 prior lien mtge. gold bonds. Series C, 6% , due July 1 1928.
V. 119, p. 2177.
STOCK.— The company’s share capital embraces:
Non-Cum. Pref. Stock. $200,000,000 Auth.: Now Issued ___. . .
7 f>00 000
Entitled to receive for any fiscal year such non-cumulative dividends
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. A c., as may be fixed at time of issue
Cnmmim Stock. $250,000,000 Authorised: $50,447,026 Now Issued.
Of the pref. and common stock issued, the reorganization managers on
Dec. 31 1924 held $524,800 pref. and $5,197,800 common.
Equipment trusts Issued to Director-General for roiling stock allocated
to this company. See article on page 3 and V. 114. p. 411; V. 119, p. 695.

116

R A IL W A Y STOCKS AN D BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

St Louis-San F rancisco Ry (Concluded)—
Remnants Old Bonds, Ac, still exchangeable under plan —
St Louis & San Francisco—
188 1896
Consol mtge (V 64, p 1861) gold, no option.Ba-x
Quanah Acme St Pac Ry 1st M call 105___________
79 1909
Kansas City Fort Scott & Memphis— See that co
KO Memphis & Birm— See K O Ft Scott St Memphis
Auxiliary Companies
223 1888
Ft Worth & Rio Gr 1st M gold old 5s int red.Ce.xc*
Preferred stock 5% non-cumulative $20,000.000—
First mortgage certs ($16,500 per mile) gold.Ce.xc*
Second M 4% Inc $10,000,000 non-cum g-.Ba.xo*
First Consolidated mtge $25,000,000 g--E a.xo*& r
First and Term Unifying M $100,000,000 g_Gxo*&r*
Stephenville Nor & Sou Tex 1st M g gu red 105_xo*
Paragould Southeastern 1st M $5,000,000 gu_____
Equipment gold notes—
do
Ser F, due $21,000 s-a__________ G.c*
do
Ser H due $90,000 s-a__________ Ba.c*
do
Ser I due $60.0(10 s - a _________ __ .c*
do
Ser J due $51,000 s-a -------------- --- - Ouaranteea Bonds, A c.—
Gray’ s Pt Term 1st M guar p & 1gold------- SSt.*o&r
1st Ref &Ext M$4,000,000 g red text gu p &!Eq,xc*
Cen Ar&E 1st M $3,000,000 g red 105 text SSxc* &r*
Shreveport Bdge A Term 1st M $500,000 g g u ----- x
St Louis T roy & Eastern—
Eauip trust cert SeriesA due semi-ann .
St Paul Bridge & Term Ry— 1st M $500,000--xxFCz
St Paul Eastern Grand Trunk— See Chic & North West
8t Paul & Kansas City Short Line RR— See Chicago R
8t Paul Union Depot— First M gold, Int as rental— x
Consol mtge gold ($100,000 are 4s), Int as rental ..x
1st & ref M Ser A gu $20,000,000 auth red (text) .zc*

Par
Value

$1,000
1,000

$8,000
120,000

1,000
100
100
1.000
500 &o
1,000
1,000
1.000
1,000

1.046.000
16.356,100
19.893.650
20.000,000
3.042,500
20,833750
8,063 000
2,423,000

1916
1923
1924
1925

1.000
1,000
1.000
1,000

63,000
2,340,000
1.680,000
1.530,000

16 1897
_
_ 1906
45 1910
1905

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

600,000
See text
1.085,000
450,000

_
_

1,000
1,000

240.000
400,000

- -- __
1,223 1891
1,223 1891
1,271 1902
_ 1912
• 106 1910
37

_
_
_
_
_

I <5»P

1923
1909

Operating Charges—
$ 4 ,2 8 9 ,3 3 7
3 1 ,7 5 7
4 7 9 ,9 9 6
2 4 3 ,5 6 0

$ 3 , 7 2 6 ,6 8 4
6 1 ,1 4 2
1 , 0 5 1 ,8 3 2
1 7 4 ,7 9 9

$ 3 ,6 7 2 ,7 0 3
3 3 ,8 4 8
4 2 7 ,9 8 1
2 3 7 ,6 0 2

O p era tin g in c o m e ______$ 2 1 ,0 7 2 ,8 9 0
O th e r in c o m e ______________
6 1 1 ,0 6 3

$ 1 8 ,6 5 3 ,8 8 1 $ 1 5 ,3 6 1 ,8 3 4 $ 1 7 ,5 3 4 ,7 4 2
4 5 1 ,8 2 7
4 9 4 ,6 5 0
3 9 7 ,9 8 0

G r o ss in c o m e ____________$ 2 1 ,6 8 3 ,9 5 3
D e d u c t — R e n t a l s ________
196 036
1 6 7 ,3 8 1
M i s c . in c o m e ch a r g e s____
M isc e lla n e o u s t a x e s _____
1 3 ,0 0 2
Si n k . & o th e r res. fu n d s
2 9 5 ,1 6 0
-----------S e p ar. o p e r. p r o p ’y — lo ss

$ 1 9 ,1 0 5 ,7 0 8 $ 1 5 ,8 5 6 ,4 8 4 $ 1 7 ,9 3 2 ,7 2 3
$ 2 3 6 ,3 0 7
$ 2 3 9 ,4 9 7
$ 2 2 6 ,9 3 4
1 6 1 ,9 7 7
1 7 1 ,1 6 3
1 5 ,1 1 1
1 3 ,4 2 9
1 6 ,3 6 8
1 6 4 ,9 8 4
2 7 1 ,9 2 7
2 4 5 ,2 4 4
1 3 0 ,8 6 5
8 2 ,6 0 1
------------

B a l. fo r b o n d i n t ., & c . $ 2 1 ,0 1 2 ,3 7 4 $ 1 8 ,3 3 9 ,4 6 7 $ 1 5 ,1 8 4 ,2 1 2 $ 1 7 ,3 9 4 ,8 2 9
In te r e s t o n —
F ix e d ch a rg e s__________ $ 1 0 ,4 3 9 ,7 4 0 $ 1 0 ,0 3 9 ,2 3 2
$ 9 ,8 8 7 ,7 9 5 $ 9 ,6 6 5 ,8 7 9
Cum. a d ju s t, b o n d s . . 2 , 4 3 2 ,1 1 2
2 ,4 2 7 ,6 5 6
2 ,4 3 1 ,8 8 4
2 , 3 9 1 ,7 5 0
In c o m e b o n d s __________
2 , 1 1 0 ,3 2 0
2 ,1 0 9 , 7 2 0
2 ,1 1 1 ,5 2 0
2 ,1 1 1 ,5 2 0
P r eferred d i v i d e n d s ..
1 0 4 ,6 2 8
----------------------------------

Balance of income____$5,925,574 $3,762,859
$753,013 $3,225,680
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 C. W . Michel.
DIR E C TO RS.— E. N . Brown, Frederick H Ecker, Walter S. Franklin,
C. W . Michel, Theodore G. Smith, Jesse Hirschman, George C. Fraser,
E. V. R. Thayer, Frank C. Wright, Robert M . Thompson, New York;
J. M . Kurn, Sam Lazarus, Festus J. Wade, St. Louis; B. F. Yoakum,
New York; David P. Bennett, Pittsburgh; Grant R. McCullough, Tulsa,
Okla. General office, Frisco Bldg., St. Louis, M o. New York office,
120 Broadway.— (V. 120, p. 2538.)
ST. LOUIS SOUTHWESTERN R Y. CO.— System embraces;
Shreveport Branch_______— 63.2
St. Louis S W. By. (970mlles).—
Main Line— Delta to Texarkana412.4 Paragould S. E. Ky. (leased).. 37.8
Main line trackage----------------- 1.9 St.L. 8 W. Ry. of Texas (807 miles).—
Illinois Division (trackage)___ 161.6 Main L— Texark to Comanche.373.9
Cairo and New Madrid Branches 63.7 Fort Worth & Dallas Branohesl71.6
Grays Point Term. R y. (leased) 13.3 Sherman St Hillsboro Branches 92.5
ranch----------------------- 130.9
Memphis Dlv. trackage, &o_ 68.6 Lufkin
_
Cent. Ark. & Eastern (leased). 43.3 Steph. N. & S. T . (leased)____38 3
Stuttgart*Little Rook Branches 78 8
Pine Bluff Ark. River (leased). 25.7 Total operated Dec. 31 1924.. 1.777
On Jan. 1 1918 leased Pine Bluff Ark.River R y .,26 miles.— V. 106,p.297
The Stephenvllle North St South Texas R y.. Stephenvtlle to Gatesville
75 in., 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
anytim e. V. 96. p. 1090. 1490. 1774: V. 98, p. 1841. Leases for 30 years .
from July 1 1910, with privilege of purchase on payment of bonds, the Cent.
Arkansas & Eastern, operating from Stuttgart, Ark., to England, and Rice
Jet to Hazen. total, 45 miles. See BONDS below. V . 90. p. 1045; V. 91.
p. 397; V. 93. p. 104, 228; V. 94, p. 417, 632. Leased the Valley Terminal
R y. Co. for a period of two years from Mar. 1 1920. V. I l l , p. 793
V. 107. p. 795: V 105. p. 384- Tentative valuation V. 113. p. 534. 1540.
On Nov. 22 1922 the I.-S. O. Commission authorized the company to
acquire control of the Valley Terminal R y. by lease. V . 115, p. 2581.
It was reported in March 1925 that the Chicago, Rock Island & Pacific
R y ., had acquired a dominant interest in the stock of the company.— V . 120,
p.^1323.
v? ORGAN.— Reorg. of St. Louis Ark. & Texas, foreclosed in Oct. 1890.
'09. TO. ' l l . T2. '13. '14. ’ 15-'21. '22. '23. '24
PR EF. DIVS. (% )____ 2
5
4 5M
1M None. 2M 5
5
Divs. on pref. stock were resumed on Dec. 30 1922 with a payment or
2 'A % April 2 1923 to Mar. 31 1925 paid 1A % 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 of 1912 ($100,000,000 auth. Issue)
cover all the property secured by existing mortgages and will also have a
flrst lien on all extensions, branches, equipment, &c., constructed or aoouired with the proceeds of the bonds. Of the bonds, $13,728,000 have
been issued, including $5,574,000 in treas. on Dec. 3181924. Of the remain­
ing bonds, $92,000 are held for company by trustees o f annuity trusts,
$38,191,000 are reserved to retire prior lien bonds of the company and
controlled companies maturing during the life of the mortgage, and $47,988 ,000 for additions, improvements, equipment, &c., under stringent pro­
visions. See V. 94, p) 1450, 1120, 560, 488; V. 95, p. 887; V. 98, p. 891;
v . 100, p. 1673; V. 102, p. 1718. Equip, trusts, series F. V. 103. n . 1211.
Series H, V. 116, p. 1650. Equip, trusts o f 1924, V. 118, p. 552, 1136.
Secured gold note participation certificates, V. 119, p. 326.
Guaranties.— Gray’s Point Term. guar, of 1st 5s, V. 69, p. 1062. St.
Louis So. W. owns all stock and leases road till Aug. 1958. V. 65, p. 413.




Rate
%

When
Payable

Last Dividend Places Where Interest and:
and Maturity Dividends are Payable.

4g •J
A
6g

A
St

J July 1 1996
O Oct 1 1939

Rankers Truxt Oo. N V
American Tr Oo, S t L

4g

J

S
t

J July 1 1928

Central Union Tr N Y

5
4
4
4
5
5
5

Q— J Mar 31 '25 1A Office, 501 5th Ave. N Y
M & N Nov 1 1989
Guaranty Trust Co, N Y
.1 & .1 Nov 1 1989
Bankers Trust Co, N Y
J & n June 1 1932
Equitable Tr Co, N Y
,1 ft
Jan 1 1952
New York, London. &«
J & j July 1 1940
New York and St Louis
1943

g
g
g
g

M & S15 Sept '25-Sept’26
4A s
5 A g A & o Oct '25-Apr '38
5 A g M & Si Sept '25-Mar'39
5 g M & S.Sept '25-Mar '40

Guaranty Trust Co. N Y
Bankers Trust C o, N Y
Nat Bk of Commerce,NY
New York

g
g
g
g

J
F
J
F

A D Deo 1 1947
& A Aug 11956
ft J July 1 1940
ft A Aug 11955

6
6 g

A
J

& O Oct ’25-Oct ’30 Liberty Cent Tr Co, St L
A
J Jan 1 1929
First Tr & Sav Bk, Ohio

5
5
5
6

1880
1.000
250,000
6g M &
1.000
1894
250,000 4 g S 5 g M ft
c
1922 500&1000 15,000,000
5g J &

D I V I D E N D S . — A n in itia l q u arterly d iv id e n d o f 1 A % on th e p re fe rred
s to c k w as p a id N o v . 1 1 9 2 4 ; sa m e a m o u n t p a id (or d eclared p a y a b le ) q u a r .
to N o v . 2 1 9 2 5 .
A n in itia l d iv id e n d o f 1 A % on th e c o m m o n sto ck w as p a id J a n . 15 1 9 2 5 ;
sa m e a m o u n t p a id A p r il 1 1 9 2 5 a n d J u ly 1 1 9 2 5 .
R E P O R T . — F o r 1 9 2 4 , in V . 1 2 0 , p . 2 5 6 3 , sh o w e d :
1924.
1923.
1922.
1921.
T o t a l o p e r . r e v e n u e _____ $ 9 0 ,5 0 9 ,1 3 9 $ 8 9 ,6 3 3 ,1 5 2 $ 8 3 ,0 0 8 ,0 2 3 $ 8 6 ,2 9 2 ,5 8 4
N e t o p era tin g r e v e n u e .. 2 6 ,4 1 7 ,1 2 7
2 3 ,6 9 8 ,5 3 2
2 0 ,3 7 6 ,2 9 1
2 1 , 9 0 6 ,8 7 8
T a x e s ________________________ $ 4 ,6 3 1 ,3 3 0
U n c o il, ra ilw a y r e v e n u e .)
f
H ir e o f eq u ip m en t-— n e t . !■
7 1 2 ,9 0 7 )
J o in t f a c ility r e n ts— n e t . )
(

Amount
Outstanding

[V ol. 120.

N May 1 1930
N May 1 1944
J Jan 1 1972

N Y. Eq Tr & St Louis
do
do
Guar Tr Co, N Y & St L
St Louis, Mo

Centra] Union Trust, NY
Northwest'n Tr Oo, St P
J P Morgan & Co. N Y

Of the Gray’s Point Term.Ry. 1st Ref, & E xt. 50-yr. gold 5s, redeemable
after 5 yrs. at 105 ($4,000,000 auth. lrsue), $500,000 are reserved to
retire (be first 5s, S600.000 to acquire $600,000 So. 111. & Mo. Bridge bonds
$843,030 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 & Terminal C o., which is controlled b y St. L.
S. W . R y. 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.
Oral. Ark.. A Eastern 1st 5s Issuable at *25,000 pet mile are guar. p. & t.;
also Stephensvllle N o. St So. Texas 1st 5s and Paragould Southeastern 1st
5s ($5,000,000 auth. issue; $511,000 issued, held by St. Louis S. W. Dec. 31
1922). V. 97, p. 366. 1025, 1824. Pine Bluffs Arkansas River R y.
(leased) 1st 5s, $126,000 issued, held by St. Louis S. W . Dec. 31 1923.
REPORT.-—-For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Freight revenues________ $21,783,501 $24,596,071 $22,297,231 $20,837,819
Passenger______________
2,918,929
3,390,917 2,686,794
3,089,890*
Mail, express, &c______
1,157,549
1,085,618
946,331
932,409
Incidental, & c ._ .............
466,312
478,514
229,557
293,343
$26,326 291 $29,551,120 $26,159,914 $25,153,462
. $4,232,984 $4,251,897 $4,299,438 $3,962,520
4,415,772
4,831,412
Maintenance of equip.. 5,878,093
6,798,326
800,443
848,087
784,522
740,968
Traffic expenses______
8,764,729
Transportation_______ . 7,770,502
8,984,543
9,091,609
General, &c___________ . 1,298,248
1,169,089
1,043,999
1,170,924
Net earnings_____
Tax accruals_____
Uncollectibles____

$20,027,914 $21,990,212 $20,007,425 $19,112,553
. $6,298,377 $7,560,908 $6,152,488 $6,040,909
1,155,912
. 1,286,014
1,630,624
1,261,882
3,708
4,960
5,855
5,066

Operating income____. $5,007,403
Hire of freight cars
184,619
Joint facility rents
252,762
_
197,170
Interest income_
Miscell. other income___
156,350

$5,924,429
249,766
254,777
217,397
149,129

$4,885,541
109.980
239,373
169,074
144,499

$4,881,289
329,679
236,396
138,936
120,559

. $5,798,304
Deductions—Joint facility rents___ . $698,396
Miscellaneous rents_
_
42,046
Interest on funded debt.. 2,649,714
Other interest___
13,873
29,113
Miscellaneous____

$6,795,498

$5,548,467

$5,706,858

$775,001
61,578
2,522,425
6,110
29,292

$787,116
20.259
2,449,192
2,874
32,346

$674,453
31,996
2,473,697
1,567
47,457

Net income_________ $2,365,162 $3,401,092 $2,256,679 $2,477,685
For latest earnings, see “ Railway Earnings Section” (Issued m onthly).
OFFICERS.— Chairman, Edwin Gould, N. Y .; Pres., Daniel Upthegrove,
St. Louis; V.-Pres., Dave H. Morris, F. W . Green and N . B. Burr; Sec.,
Paul J. Longua; Treas., Charlton Messick; Gen. Aud., J. H. Pahlmann,
St. Louis.
Directors.— Edwin Gould (Chairman), Dave H. Morris, Winslow S
Pierce, David H. Taylor, Frank Miller Gould, Franklin Q. Brown, Charles
Hayden, J. E. Gorman, Marcus L. Boll and W. L. Amster, New York;
Daniel Upthegrove, Harry B. Wallace and F. W . Green, St. Louis. Office,
Buder Bldg., St. Louis. N . Y . office, 501 Fifth Ave.— (V. 120, p. 2137.)
ST. LOUIS T R O Y & EASTERN R R .— East St. Louis, 111., to T roy, 111,,
with branch 1 mile to Donkville, 111.; total, 18.9 miles; leases St. Louis &
111. Belt, Edwardsville, 111., to near Formosa, 111., 7 m.; yard track and
sidings, 17.28 m .; total, 45-19 miles. Strictly a freight road. Stock,
$850,000. The Illinois Commerce Commission in March 1925 authorized
the Illinois Power & Light Corp. to acquire all of the outstanding stock o f
the company. Div. record: 12 A % in 1903 and 1904; 25% each year 1905
to 1909 incl.; 12A % in 1910 and 10% in 1912. None thereafter until 1918,
when a div. amounting to $403,649 was paid; none in 1919; l'2l % yearly,
A
1920 to 1924, inclusive. Equip, trusts. Series A, V. 117, p. 1557. For year
1924, gross, $548,630; net, $137,661; other income, $70,630; fixed charges,
$67,142; bal., sur., $141,148; dividends, $106,250. Pres., L. E. Fischer,
St. Louis.— (V. 120, p. 1323.)
ST PAUL-— See Chicago Milwaukee & St, Paul.
ST. PAUL BRIDGE & TERMINAL R Y .— Owns 2.31 miles of right-ofway from St. Paul terminals to stock yards at South St. Paul, with receiv­
ing yard and other tracks; total, 8.88 miles. Total owned and operated
under lease, 38.38 miles. V. 104. p. 953.
Bonds (auth. $500,000), see table above and V. 104. p. 953. For year
ending Dec. 31 1924, gross earnings were $526,298; net after taxes, $75,189;
rentals, interest, &c., $34,322; bal., sur., $40,867. Pres., L. F. Swift;
V.-P. & Gen. M gr., T . E. Good; Sec., A . A. McKechnie; Treas., H. A .
Barber. Office. South St. Paul, Minn.— (V. 107, p. 697; V. 108, p. 161L )
ST. PAUL UNION DEPOT CO. (THE)— owns Union Passenver Station
with 11.56 miles of track and is building a new station, the first unit of
which was placed in operation in April 1920. V. 110, p. 2293; V. 109,p.
1987; V. 107, p. 1838; V. 105, 2543; V. 104, p. 560, 2119; V. 100, p. 641.
Great Northern, Northern Pacific, Chic. St. Paul Minn. & Omaha, Chlo.
Mil. & St. Paul. Chlo. Great Western, Chic. Burl. & Quinoy, Minn. St.
Paul & S. Ste. Marie, Minn. & St. Louis and the Ohio. R . I. & Pacific,
own the entire capital stock equally.
The first & ref. mtge. 5% bonds Series “ A ” are guaranteed, principal and
Interest, by the nine railroads using the depot. They are redeemable as an
entirety at 110 and int. on any int. date from Jan. 1 1942 to July 1 1956,
both incl.. and at 105 and int. on any int. date thereafter. V. 117, p. 2543.
8tock authorized, $1,000,000; outstanding, $932,400; par, $100. Rentals
cover Int. on bonds, &c., and 4% on stock since M ay 1 1901. From 1881
to M ay 1901, 6% divs. were paid. Balance sheet as of Dec. 31 1924 in
V . 120, p. 2266. Pres., Ralph Budd; Sec., Charles Jensch.— (V. 120,
p. 2266.)

M ay , 1925.]

R A ILR O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 61

Salt LC Un Dep & RR— 1stM *1,500.000gred 105 Bax
Salt Lake Gar &W est Ry— 1st M $600,000 call 104CC

M iles Date
Road Bonds

4.38 1908
1916
1919

Par
Value

Amount
Outstanding

$ 1 ,0 0 0 $1,035,000
1 0 0 &C
267,000
165,000
150,000
100
1 ,0 0 0 ,0 0 0
1 ,0 0 0 17,544,000
1 .0 0 0
4.413.000

First M $21,600,000 g guar p & i (end)__.Ce,xo*&r 729.29 1893
San A ntonio Uvalde & G ulf— 1st M $13.500.000.gx
318 1913
1917
Guar, equip, trust certif. Series “A ” ______ xxxc*
500 &c
600,000
1921
San Francisco & Nor Pacific— See Northwest Pac RR
San Francisco & San Joaquin Valley— See Atchison T opeka & Sana Fe
1 .0 0 0
San Joaquin & Eastern— 1st M gold red text____ c*
1 .0 0 0 ,0 0 0
61 1912
32 1909
San Luis Southern Ry— First mtge $1,000,000 gold-.x
1 ,0 0 0
327,000
San Pedro Los Ann & Salt Lake RR— See Los Ang eles & Salt L ake RR above
1 .0 0 0
Santa Maria Val RR— 1st M $200,000 g red 1 0 5 -C*
134,000
18 1911
Santa Fe Prescott & Phoenix— See Atchison Topeka & Santa Fe
Saranac & Lake Placid— See Ghateaugay& Lake Placid
100
450,000
Saratoga & Schenectady— Stock, *450,000 guar 7 % - 1 .0 0 0
357,000
Sault Ste Marie Bridge— 1st M gold s f __ - ____ -xo
l k 1887
Savannah & Atlanta Ry — Brinson Ry 1st M g . _Fxc*
1.000
865.000
111 1910
1st 3c Consol M $5,000,000 conv par call 105____ c*
500 ate 2,500,000
144 1917
Pt W Ter Corp g bonds $2,000,000 not ffU-.x.Eq.c*
500 &c
1920
1.000.000
Savannah Florida & Western— See Atlantio Coast "Lin 0 RR
185,000
Sav & Statesboro— 1st M $500,000 gu p & 1 (end).xo*
1,000
33 1903
Savannah Union Station Co— 1st M $600,000 g — G.xr
1902
600,000
1 ,0 0 0 &c
Schenectady & Duanesburg— See Delaware & Hudson Oo
Schuylkill & Juniata RR— See Pennsylvania RR
Schuylkill Valley Navigation & RR— Stock__________
50
576.050

SALT LAKE C IT Y UNION DEPOT & R R .— Owns union depot and
facilities at Salt Lake City, opened Aug. 20 1910. Stock, $200,000,
equally owned by Denver & 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 R Y .— Salt Lake to Saltair
Beach, Garfield, Utah, &c., 16.73 miles. V. 65, p. 824. In Aug. 1919 elec­
trification o f line was completed, only electric power now used. The 1st M .
Is limited to $600,000 issued, $300,000 paid off, $33,000 call, at 104 and Int.
on any int. date in reverse o f numerical order. Remaining bonds are Issuable
for 80% o f cost o f extensions, &c., when net earns, are twice the int. charge,
Including the additional bonds. The Salt Air Beach C o., an amusement
resort, was purchased in 1918; property is pledged on both the first and
second mortgages. See particulars, V. 104, p. 560, 864; V. 109. p. 2074.
stock, $750,000: controlled by the Zion’s Savings Bank & Trust Co., Salt
Lake City. 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 R Y .— Owns from Kerrville to
Houston, 312.66 miles; Kenedy to Corpus Christi, Texas, 88.97 miles;
Yoakum to W aco, 171 miles; with branches, 156 miles; total, 729.29 miles.
The I.-S. C. Commission on Mar. 25 1925 approved and authorized (1)
the acquisition by the Southern Pacific Co. of control o f the San Antonio &
Aransas Pass R y. by purchase o f capital stock; and (2) the acquisition by
the Galveston Harrisburg & San Antonio R y. o f control of the railroad of
the San Antonio & Aransas Pass R y. by lease. V. 120, p. 1878.
BONDS.— Mortgage is for $21,600,000 (trustee, Central Union Trust
C o .), and the Sou. Pac. C o., 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 o f mtge., V . 56, p. 540.
In 1903-04 umder order of the Texas Railroad Commission) cancel3d
$1,356,000 of the outstanding $18,900,000 bonds, reduced the stock to
$1,000,000, and separated the management from the Southern Pacific.
V. 77. p. 90. 148, 401, 452, 2340: V. 78. p. 2600: V. 82, p. 453.
REPO RT.— For cal. yr. 1924, gross, $7,424,448; net after taxes, $946,494; other income, $78,655; deductions, $1,678,968; bal., def., $653,819.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W . H. McIntyre, N. Y ,; Aud., W. E. FitzGerald, San Antonio,
Tex.; Treas., Haden F. Smith.— (V. 120, p. 1878.)
SAN ANTONIO BELT & TERMINAL R Y .— Organized M ay 2 1912
Capital stock, $175,000 authorized; $117,400 outstanding (owned by
M .-K .-T . R R . C o.); $57,600 in company’s treasury. Owns freight and
passenger terminals at San Antonio, Texas. Property rented by the
M .-K .-T . R R . Co. o f Texas. V. 108, p. 1061; V. 102, p. 1718; V . 105,
p. 710. Pres., C. E . Schaff.— (V. 118, p. 2043.)
SAN ANTONIO & MEXICAN R Y .— (V. 119, p. 1626.)
SAN ANTONIO UVALDE & GULF RR. CO.— Owns San Antonio, Tex.,
to Crystal City, 144.43 miles; Uvalde Jet. to Carrizo Springs, 52.83 m.;
Pleasanton Jet. to Corpus Christi, 117.26 m.; total, 314.52 miles. The
Bankers Trust Co. o f St . Louis owned practically all the bonds, and these
following judicial sale o f same, were acquired by John T. Milliken about
Feb. 1 1917. Most o f the stock and bonds now belong to the Milliken
estate. A. R. Ponder o f San Antonio, Texas, is now receiver o f the road.
V. 99, p. 468; V. 100, p. 1259.
For 1923, gross, $1,219,654; net oper. income, $219,317; other Income,
$10,409; int., rentals, &c., $330,861; bal., def., $101,135.
For latest earnings, see “ Railway Earnings Section" (issued monthly).
— (V. 116, p. 1761.)
SAN DIEGO & ARIZONA R Y .— Owns and operates a standard gauge
steam railroad connecting San Diego with El Centro, Calif. Main and
branch line trackage owned aggregates 141.3 miles. In addition, company
leases or operates under trackage rights 19.32 miles o f line. Lines in lower
California aggregating 44.4 miles are controlled through stock ownership
o f Tijuana & Tecate Ry.
The ownership o f the stock is divided equally between Southern Pacific
Co. and J. D. & A. B. Spreckels Securities Co. The Southern Pacific Co.
owns $7,815,000 o f the total outstanding bonded debt o f $10,104,000.
In Dec. 1917 obtained authority to purchase physical properties of the
San Diego & Southeastern Ry. In March 1919 isued $1,500,000 of its own
bonds to make payment therefor. The San Diego & S. E. Ry. owns some
73 miles o f road in and about San Diego, Calif. V. 105, p. 2366; V. 106, p.
1231, 2758; V. 108, p. 80.
In Oct. 1918 the Calif. RR. Comm, authorized execution of a mtge.
securing $12,000,000 6% bonds, due July 1 1957, and also the issue of
$7,289,088 of the bonds. In June 1920 the California R R . Commission
authorized the issuance of $1,000,000 bonds to pay loan advanced by
Southern Pacific R R . V. 109, p. 1987; V. 108, p. 1275; V. 107, p. 1670
In July 1921 issued $600,000 guaranteed equipment trust certificates.
V. 113, p. 534. Stock auth.. $8,000,000: issued, $7,826,800. Income
account year ended Dec. 31 1924, gross, $1,338,061; oper. income. $257,719;
other income, $84,09); deductions. $1,06),017; bal., def., $718,208. Pres.,
John D . Spreckles; V.-Pres., R. C. Gillis; Sec., L. J. Masson; Treas., W. G.
Daniels; Gen. M gr., A. T . Mercier. Office, Spreckles Bldg., San Diego.
— (V. 119, p. 3007.)
SAN JOAQUIN & EASTERN R R .— El Prado, Cal., on the Southern
Pacific, to Cascada, on Big Creek, Cal., 55.9 miles; sidings. 5.8 miles.
Stock. $1,000,000. all owned 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
■inking fund of 1 % of outstanding bonds from Mar. 1 1917 to M ar. 1 1951.
Chairman, EL E. Huntington; Pres., J. B. Miller; Treas., W . L Percey.

Sec., O. V. Showers; Compt., D. M . Trott.

Office, Los Angeles, Cal.

— (V. 99, p. 1836.)
SAN LUIS SOUTHERN R Y .— Owns Blanca, Colo., on Denver & Rio

Grande to Jaroso, on New Mexico-Colorado State line, 31.53 m. A. C.
Robinson was appointed receiver in March 1924. V, 118, p. 1521. Com.




117

R A IL W A Y STOCKS A K D BONDS
Bate
%

When
Payable

Last Dividend
and Maturity

7

7

M & N Nov 11938
M & S To Sept 1941
(, — F
Q— M

4 g
5 g

J
F

5 g
g

6

6
6

H

&
Sc

J Jan 1 1943
A Feb 1 1943
July 1 1957
J & J15 June 15 1936

Places Where Interest and
Dividends are Payable

Bankers Trust Co, N Y
Cont & Com Tr & S B , Ohi«

Central Union Trust, N Y
St Louis, M e
San Francisco

5g

M
J

&
A

8

0 g

Mar 1 1952
J Dec 1 1939

Secur Tr * 8 av Bk, Los A
Internal Tr Co, Denver

6g

M

&

B Sept 1 1931

Sec Tr & Sav Bk. Lo« An

7

& J Jan 1 1925 3 Y Troy, N Y
%
Bank of Montreal. N Y
& J July 1 1937
M & N May 1 1935
May 1921 coup in default
J & J 15 M ay 1 1935
Bank of America, N Y
A & O Oct 1 1950

5g
5g

6
8

g
g

J

J

5g
4g

J
A

A J Jan 1 1953
& O Apr 1 1952

Savannah Bk & Tr, Sav’h
Guaranty Trust Co.N Y .

6

J

&

Reading Terminal. Phila

J See text

stock, $750,000; pref., $250,000. Receiver’s ctfs., $40,000. Y. 118, p.
2180. Bonds ($1,000,000) outstanding, $327,000. International Trust
C o., Denver, trustee. Cal. year 1922, gross, $29,691; net def., $2,214; int.,
rentals, &c., $17,520; bal., def., $19,734. Pres., Henry S. Thompson;
Sec., G. W . Brerbauer; Treas., Chas. A . Robinson. O ffice, San Acacio,
C olo.— (V. 118, p. 2180.)
SANTA MARIA VALLEY R R .— Bettaravia to Roadamite, Cal., 18 m .;
leases Guadalupe to Bettaravia, 5 m.; total, 23 miles. Has traffic arrange­
ment with Southern Pacific C o., which owns one-half of bonds. V. 101,
p. 132
Stock. $300,000; par, $100. Bonds. $200,000 1st 20-year 6s,
sinking fund 6% gross earnings yearlv: redeemable after 1915 at 105.
For year ended Dec. 31 1924, gross, $82,397; net oper. income, $16,417;
other income $1,745; int., rentals, &c., $16,495; bal., sur., $1,665. Pres.,
C. Allen Hancock; V .-P ., C. C. Magenheimer; Sec., Gerald Magenheimer,
Los Angeles, Cal.; Auditor, J. M . Davis, Santa Maria; Treas., Bertram
Hancock, Los Angeles, Cal.— (V. 101, p. 132.)
SARATOGA & SCHENECTADY RR.— (See Map Del. A Hudson.)—
Saratoga to Soheneotady 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. Stock, *450,000. Divs., 7 % yrly. (J. & J. 1).
—(V. 106 p. 924.)
SAULT STE. MARIE BRIDGE.— Owns Sault Ste Marie Bridge, includ­
ing 6,421 feet of main track. The Can. Pac., Dul. So Shore & Atl. and
Minn. St. P. & S. Ste. Marie R R . cos. agree to pay for use of bridge an
amount equal to operating expenses and interest and s. f. on debt
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 handa
of public (Dec. 31 1923), $357,000; held alive in sinking fund, $543,000.
Stock, $1,000,000.
SAVANNAH & ATLANTA R Y .— Owns and operates 144.7 miles of
railroad, extending from Camak, Ga., on Georgia R R ., to Savannah.
The Port Wentworth terminal, which Is owned by the Savannah & Atlanta
Ry. C o ., 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.
STOCK, &c.— In July 1917, to purchase the Savannah & Northwestern
tty., the company increased its authorized capital stock from $500,000 to
$2,250,000, or 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,
axcept the $865,000 Brinson R y. 5s and $46,198 equipment trusts, and
there was created a new $5,000,000 First & Consol. Mtge. to the Franklin
Trust Co. of N. Y ., as trustee, of which $2,500,000 Issued. Additional bonds
can be issued for only 85% of the cost of extensions, A c., when net earnings
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 . I l l , 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.
EARN ING S.— For cal. year 1924, gross, $1,084,102; ry. oper. incomel
$154,321; other income, $1,650; deductions, $602,425; bal., def., $446,454Office, Savannah, Ga.—-(V. 114, p. 628.)
SAVANNAH & STATESBORO R Y. CO.— Owns Cuyler to Statesboro.
Ga., 32.6 m.; sidings, 5.26 m.; trackage, Cuyler to Savannah, 20 m. Stock,
$206,000, all outstanding. Has traffic agreement with Seaboard Air Line,
which guarantees bonds by endorsement, principal and interest; Continental
Trust C o., Baltimore, trustee. V . 75, p. 1303; V. 77, p. 695. Form of
guaranty, V. 81, p. 614.
EARNING S.— For year ending Dec. 31 1924, gross, $81,661; net oper.
increase, $1,833; def. after charges, $18,340. Pres., J. Randolph Anderson;
Sec., Samuel A. Cann, Savannah, Ga.; Treas., T . W . Matthews, Ports­
mouth, Va. Office. Statesboro, Ga.— (V. 93, p. 1464.)
SAVANNAH UNION STATION CO.— Owns union pass, station and ter­
minal at Savannah, Ga., with 8 m. of track. Leased jy the Southern Ry.
Sav. Fla. < West, (now Atl. Coast Line RR.) and Seaboard A. L. R y .,
fc
whloh own the *300,000 stock,the rental providing for interest and s.f, on
oouds, maintenance, &o. Pres., J. R . Kenly; Treas., Savannah Tr. Co.
Sec., W. V. Davis.— (V. 71, p. 343; V. 74. p. 1039, 1253.)
SCHUYLKILL VALLEY NAVIGATION & RR.— Port Carbon to Reeveslaie Pa., 17.50 m.; 2d track, 5.26 m.; total track, 29.70 m. Leased July 25
1861 for 999 years to Phila. & Read. R R .; assumed by P. & R. R y. Dec. 1
1896 Rental. $29,450, which has paid 5% on stock (J&J) and State taxes.
SEABOARD AIR LINE R Y. 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 ILeased lines____________________ 259
Less leased to others__________
2 IOperated under contract_______ _ 4
Proprietary companies________
101 Trackage— To Atlanta, &c_______ 31
Also owns a 1-6 interest in the Richmond-Washington Co., controlling the
.oad from Richmond, Va., to Washington, D. C. (V. 73, p. 843), and under
jratfio agreement with the Penn. RR. maintains through oar servloe between
N. Y ., Phila., Washington and the South. In Jan. 1907 the entire stock of
-he Macon Dublin & Savannah, Macon to Vldalla, Ga., 93 m., was aoqulred
or secured under option, the *1,529,000 5% bonds (*1,840,000 auth. issue)
being guar., prin. and int. V. 84, p. 104, 451. Owns the entire capital stock
of the Balt. Steam Packet C o., operating a line of steamers between Balti­
more and Norfolk.

118

BAILW AY STOCKS AND BONDS

R A IL R O A D C O M P A N IE S
[For abbreviations. & c., see notes on page 6 ]

M iles Date
Road Bonds

••aboard Air Line Ry Co— Com stock $40,041,000Pref 4-2% (non-cu m) and partlo. $25.000,000_____
Pref stock 6 % non-cum A participating $2,373,100.
First mtge gold sub] to oall (see text) ...CoBa.xo& i 2,483
Refunding mtge $125,000,000 red 105___N.xo'Ar* 3.057
1 s t * ConsM $300,000,000 serA call 107 4 Q .c‘ Ar* Text
Adjust M (5% cum lnt) $25,000,000 red par.FBa.xo*
Divisional Bonds and Equipment Trusts.
Atlanta-Birm Division 1st M $10,000.000— Col.xc*
217
Florida West Shore first mortgage gold______ ...x
66
Equip mtge due $25,000 and $26,000 s -a ___OP.c*
do “ S " due $60,000 a a ______________________
do " T " due $87,500 s-a red 105_________ -c

do

do
do

“ U” due $81,000 s-a red 105- _____ xxxc*
“ V ” due $275,000 s-an red 105____ xxxc*
“ W ” due *60 0OO s-a red 105. . . xxxc*

271
Carolina Cent 1st cons M goia guar p A 1 (end) ..F *
Durham A Northern first mtge $150,000— MeBa*
42
Florida Cent A Penln second M (1st on ext. 92 mi
607
$5,226 p m g________— --------------------- Mpxo*
808
Consol mtge $7,800,000 ($10,000 p mi gold.Q.zo*
139
South Bound 1st M gold Interest rental.MeBaao*
Raleigh A Augusta Air Line Is tM ________________ *
107
Georgia A Ala 1st M cons $6,185,000 gold.BBa.xa*
400
2
Ga A Ala Term Co 1st M callable at 110 guar p A 1.x
Georgia Carolina A North 1st M gold guar.MeBa.se*
268
Raleigh & Gascon first mortgage gold____ MeBa.ac
99
81
Seaboard A Roanoke first mortgage..MeBa.zc*Ar
Fla. West A Nor 1st M s f “ A ” gu p A i (end)kxxx.c*
238
40
fhamokln Valley & PottsvlUe— Stock guar by Nor Cen
Sharon— Stook ($1,600,000) guar by rental text— F
33
Sharon first mtge gold (Sharon toPymat. Ao) .. F j
16
New Castle A Shen.V.— First M extended lnt guar.i
17
Shreveport Bridge & Terminal— See St Louis Southwe item

1900
1909
1915
1909

Par
Value

Amount
Outstanding

1 ,0 0 0
1 .0 0 0
1 ,0 0 0

1.000
1 ,000
! ,000

1922
1922
1923
1923
1925
1922

1 ,0 0 0
1 .000
1 ,0 0 0

1920
1898
1888

1890
1893
189)
1885
1895
1898
1889
1897
1886
1924

1 ,0 0 0
1 ,0 0 0
1 ,0 0 /
1 ,0 0 0

1889
1887

1 .0 0 0
1 .0 0 0

..

50
50

0 .0 0 0 .

V. 114, p. 522.

P referred Stock $27,280,000. Issued [without prefer­

37.300

23.894,100

BONDS.— The new First and Consol. Mtge. to the Guaranty Trust
Oo. 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 Hen on the
436 miles of main-line track between Hamlet and Savannah, via Charleston,
Lutes and Georgetown, S. O., and on the lines running from McBee, S. O..
located on the Hamlet-Oolumbla line, to Florence. Poston. Sumter and
Tlmmonsvllle. S. O. The mortgage has no direct lien on the former Sea
board Air Line Ry.’s property, but there are pledged under It a majority
($45,831.000 out of $65,181,000 outstanding) or bhe Refunding Mtge. bonds,
which gives it a collateral lien on 3,057 miles; and also all the stock of
Raleigh & Charleston R R . Co , Kissimmee River R y., Tampa A Gulf
Coast R R ., East & West Coast R y. and Tampa Northern R R . Co., Florida
Central & Gulf R R ., and one-third of the outstanding stock of Tampa
Union Station C o., and all refunding bonds hereafter issued will be pledged
thereunder.
On April 1 1925 $27,767,500 1st & consol. Mtge. 6s (Series A) were out­
standing and a further $27,617,500 were pledged or in treasury; $69,739,000
were reserved for refunding an equal amount o f Seaboard Refunding bonds
and various underlying bonds; the rest o f said issue are to be reserved for
betterments, improvements, additions and extensions, refunding or pay­
ment o f liens on after-acquired property a n d retirement o f equipment obit
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). $12,776,000 are in band*
of public and $27,000,000 are pledged as collateral under the Ref. mtge. o(
1909. Of the $12,775,000, $12,433,000 are stamped subject to call a« par
•n any Interest day. V. 89, p. 666.
The $125,000,000 R efu n d in g M o rtga g e of 1909 provided for the Issuing
of bonds as foUows: (a) To retire underlying and divisional bonds, except
some $10,728,000 maturing prior to 1959 and certain short-term obligation*
and equip, obligations not over $72,076,000; sundry Improvements, double
tracking. Ac., $8,424,000; further improvements and additions at not over
$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 of the
$65,181,000 Ref. Mtge. bonds outstanding had been pledged under the nee
First Sc Consol. Mtge.. as will also all further Ref. Mtge. bonds. V. 92
p. 189. 1110. 1179, 1244; Y . 93. p. 470. 956.
The Adjustment Mtge. bonds (issue limited to $25,000,000) are enti'led
to cumulative int. at 5% , to be payable as earned in installments of 1 4 %
or multiples thereof, and are redeemable at par and all unpaid cumulative
lnt. 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 a d j u s t m e n t bonds, 2*4% Ang 1 min- 1911 to Feb. 1921. incl .5% yearly;
then none until Feb. 1 1924, when 2>4 % was paid; same amount paid semi­
annually to Feb. 1 1925.
Atlanta & Birmingham division 4s of 1903 ($10,000,000 authorized i-suei
see V. 76 n. 1302- V. 77. p. 617: V 81. p. 1850 Equip. Tr. “ R .” V. 105
p. 2007; “ 9 .” V 105, p. 2273: “ T .” V. 115. p. 1101; “ U ,” V. 115, p. 1430;
“ W ,” Y. 117, p. 2433; ’ ’ X ,” Y. 119, p. 2758.
GU A R A N TIE S.— On Dec. 31 1924 the company was liable aa guarantor
of the Athens Terminal Oo. 1st M .. $100,000: Birmingham Term. Co. 1st
M . (Seaboard proportion, 1-6), $1,940,000; Fruit Growers Express C o.,
ayments. $474,204; Jacksonville Term. Co. 1st M . (Seaboard proportion,
-3), $400,000; 1st A gen. (Seaboard proportion, 4 ) , $100,000, and ref. A
ext. mtge., 14 o f $3,100,000; Macon Dublin A Savannah R R . 1st M .,
$1,529,000; Raleigh A Charleston R R . prior lien A consol, mtges., $550,000;
Richmond-Washington Co. coll, trust mtge. (Seaboard proportion, 1-6),
$10,000,000: Savannah A Statesboro R R . 1st M ., $185,000; Tampa A Gulf
Coast R R . 1st M ., $750,000; Wilmington R y. Bridge Co. (Seaboard pro­
portion, 4 ) , $217,006: S. E. Investment Co. notes, $150,600; SeaboardBay Line Co. payments, $250,000: notes to Secretary of Treasury of U. S.,
$3,925,000; Fla. West. A Nor. R R . 1st M tge., $7,000,000; Georgia A Ala.
Term. Co. 1st M tge., $1,000,000.




5.500,000

1 441.000
3,390.000
3.9.47,000
1,100,000

4,372.000
2.033 000
1 .0 0 0 .0 0 U
6.085.000
1 .0 0 0 .0 0 0
6.360,000
1 ,2 0 0 .0 0 0
2 500 O O
O
7.000,000
869,450
1.389,000
164,000
250.000

4 g
6 g
44

6
6
54
6g
6g
6

M
J
J
J
F
A
A
J
J

A

A

A

A

A
A
A

A

&
A
A
<
&

ra j
A
M A

4g

.1

5g
5g
5 v

J

6

8

J
A
J

J
J
J
J
J
M
F
6
5
M
54 g J
44 8 J

6 g
5g
5g
5 g
5
7 g

O
O
S
A

Last Dividend
and Maturity

Apr
Oct
Sept
Oct

1
1
1
1

1950
1959
1945
1949

Places Where Interest ant
Dividends are Payable.

24 Broad St. New York
24 Broad St, New York
Guaranty Trust Oo. w v
New York Trust Co, N Y

S May 1 1933
24 Broad St. New York
do
do
J Jan 1 1934
J J u ly ’25-July‘26 Girard Trust C o. Phlla
D D ec 25-Dec ’ 27 Com Tr Co, PUlla
A Aug ’25 Vug ’37 Chase Nat Bank, N Y
do
do
O Oct ’25-Oct ’32
O Oct ’25-Apr ’35
do
do
1) Dec’2 5 - Jrne’37
do
do
J July ’25-Jan *40
A
S To Jan 15 19.35
Blair A Co, New York
j Jan 1 1949
Mero Tr A Dep Co. Bali
N Nov 1 1928

24 Broad St. New York
do
do
Continental Tr Co. Balt
Continental Tr C o, Balt
A 3 Jan 1 1928
o*
st New v.»,k
A 3 Oot 1 1945
24 Broad St, New York
A T) Deo 1 1948
A 3 July 1 1929
24 Broau at. c* * ; A ball
Continental Tr Co, Balt
A 3 Jan 1 1947
24 Broad St. New York
A .1 July 1 lo w
Dillon, Read A Co, N Y
A N 1 5 May 151934
A A Feb 1925 3% Broad St station. PhHa
See text
A c
Sharon, Pa
Farmer* L A Tr Co; N Y
A r Tan 1 1937
A 3 Jan 1 1937
do
da
A
A
A

3 Jan 1 1930
3 Jan 11943
O Apr 1 1941

r $45,831,000 s $26,078 ,500; bon ds proprietary c os, $5,947,000

I n T rea su ry
H e ld by
CAPITAL STOCK.—
or P led oed .
P u b lic.
C om m on Stock (par $100)..............................................$3,021,900 $37,019,100

P

2,038,500
1,967,000

344.000

1 .0 0 0
1 ,0 0 0
1 .0 0 0
1 ,0 0 0
1 .0 0 0

The I.-8 . C. Commission on Aug. 13 1924 approved the acquisition by the
company o f control o f the Florida Western A Northern R R . under lease
and Dy purchase o f stock. Compare V. 118, p. 1774.

ence of one part over another] as follows:
(a) As 6% non-cumulative preferred_____ ______ 2,235,800
(b) As 4-2% non-cum. pref.. 1. e., entitled to noncum. pref. dlvs. at 4% p. a., and after 4% on
the common, to an additional 2% (with right of
conversion below stated)______________ - - ___ _ 1,105.900

5.910,000
755.000
76.000
390.000

$ ,006 Si.ooo.uxi
100.000

Owns entire stock o f Chesterfield A Lancaster R y ., 38 m .; also owns
entire capital stock o f Charlotte Monroe A Columbia R R ., McBee to Jef­
ferson, 8. O., 18 miles; East A West Coast R y ., Bradentown to Arcadia,
Fla., 51 miles; Florida Central A Gulf R y ., Hernando to Inglis, Fla., 29
miles, and Kissimmee River R y., Walinwa to Nalaca, Fla., 7 4 miles.
In July 1912 acquired all the stock of Raleigh & Charleston RR., extend­
ing from Lumberton, N. C„ to Marlon, S. 0 „ 43 miles, and. through stock
ownership, a 12-m. extension known as the Marlon A Southern RR.; also
of the Tampa Northern RR., extending from Tampa, Fla., to Brookvllle,
78 miles. V. 94 j ) . 49; V. 95. p. 908. 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 R R.”
In Jan. 1922 organized the Seaboard-Bay Line Oo.

When
Payable

$ l 0 $17,019,100
0
too 23,894,100
1 00
37,300
1.000 Ac ql2775.000
A
4g
1 .0 0 0 r19,350.000
4 g
A
100 Ac s27.767.500
6 g
M
1 .0 0 0 25.0o0.000 Up to 5 F

1903
1904
1916
1917

a r a Additional amounts outstanding aa collateral. vis. q $27,00

Rate
%

[V ol. 120,

Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
■Vntps to
of 'TVots. of tt q f ' t
*09,41 11! 957,400, due
1931-35; note to Director-General of Railroads, $2,000,000.
RE PO RT.— For 1924, in V . 120, p. 2392, showed:
Operating Revenues—
1924.
1923.
1922.
F reight................................................. .$38,293,401 $36,574,384 $31,998,052
P assen ger..________________
9,809,309 10,349,864 8,936,217
M ail...................
1,213,019
1,207,878
1,109,555
Express__________
2,251,396
2,303,766 2,045,575
Other transportation________________
596,505
533,528
428,700
1,220,540
1,279,695
1,160,949
Other than transportation__________
$52,249,110 $45,679,048
Total operating revenues___ $53,384,173
Operating Expenses—
Maintenance of way and structures.. $7,846,670 $6,972,362 $5,358,092
8,947,037
8,424,973
Maintenance of equipment___ 9,367,209
1,478,277
Traffic_____________
1,713,306
1,642,467
20,317,381 18,667,039
Transportation_______________ 19,974,912
378,041
465,441
Miscellaneous operations______
544,133
1,945,711
2,026.814
General______________________
2,004,681
Cr .29,249
Cr.29,243
Transportation for investment_ Cr.63,277
Total operating expenses_________ $41,387,634 $40,342,259 $36,222,884
Net operating revenues_____________$11,996,538 $11,906,851 $9,456,164
2,124,235
2,204,054
2,442,535
Taxes______________________________
3,776
Uncollectible railway revenues_________________ 17,808 12,314
Operating income___________
$9,536,196
Other Income—
$98,057
Joint facility rent income___________
Income from lease of road__________
73
Dividend income___________________
413,934
incom e from funded securities______
212,374
Income from unfunded secs. & accts.
170.987
Miscellaneous_______________________
237.951

$9,690,482

$7,328,153

$131,421
86
67,456
214,427
39,943
194,843

$113,459
1,278
49,409
197,048
88,096
153,244

Gross income_____________________$10,669,572 $10,338,660
Deductions— Hire of equip.— Dr. bal.
$412,865 $1,644,548
219,392
207,874
Joint facility rents________________
5,395,019
Interest on funded debt__________
5,572,736
679,742
Interest on equipment obligations.
990,709
59,068
Rent for leased road______________
59,569
68,510
Miscellaneous____________________
93,740

$7,930,686
$2,991,975
219,068
5,328,356
249,192
58,865
85,846

Net surplus_______________________$3,332,077
Int. on adjustment mortgage bon ds.. 1,250,000
Annual allotment of discount secure.
253,134

$2,272,379 (oss$1002617
625,000
______
252,939
155,613

Surplus for year__________________ $1,828,943

$l,394,441def$1158.230

DIR E C TO RS.— S. Davies Warfield (Chairman), J. W m. Mlddendorf*
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 ., C. 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, M d.,
and 24 Broad St., New York.— (V. 120, p. 2398.)
SHAMOKIN VALLEY & POTTSVILLE RR. C O .— (.See Maps Pa. R R .)
— Sunbury, Pa., to M t. Carmel, Pa., and branches, 40.86 miles. Leased
Feb. 27 1863 for 999 years to Northern Central Ry. C o., with a guaranty of
taxes, interest on bonds and 6% on stock, o f which N . C . owns $619,650.
The lease assumed in 1914 by the Penna. R R . C o.— (V. 97, p. 1735.)
SH ARON RY.— Owns from Newcastle, Pa., via Sharon to PymatuniDg,
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. Ia
1918 reduced to 5 4 % and in 1919 to 5% . due to refusal of lessee to pay
income tax. In 1922, 1923 and 1924 paid 5 4 % 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. Y. 108, p. 380.
The New O. A 8. V. 6% bonds were extended In 1917 at 4 4 % Int. and
he $164,000 414s due June 1 1919 until Jan. 1 1937 at 5 H % .— (V. I l l ,
0. 793.)
SIERRA RAILWAY (OF CALIFORNIA).— Owns road from Oakdale
in Stanislaus County,Cal.,to Tuolumne, Tuolumne County, 56 6" m : James­
town to Angels, 19.3 m.; total, 75.95 m.; yard, A c., track, 13.59 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 enuing D e c . 31 1924, gross. $649,595; net $229,509; other In­
come, $85 201; interest, A c., $149,753; bai . 164,957. Pres., R . H.
Downes, Sec., J. T . Bullock; Treas., O. N . Hamblin, Jamestown, Cal.—
(V. 115. p. 2047.)
SOUTH CAROLINA PACIFIC R Y . CO.— N o. Caro. State line to Bennettsville, S. C ., 10.58 miles. Common stock $100,000. $82,200 being

M ay , 1925.J

R A IL R O A D C O M P A N IE S
[For abbreviations, & c., see notes on page 6 ]

M ile s

Road

Sierra Railway (of California)— First mortgage gold-*
76
Second mortgage $860,000 gold.............................-•
76
Yosemlte Short Line 1st M gold guar____________ s
•Over Spring Ocala & Gulf— See Atlantlo Coast Line R R " "
Somerset Railway— See Maine Central RR
South Carolina & Ga— See Southern Ry Carolina Dlv
South Carolina Pacific— Pref stock 6% cum______
11
South Carolina Western— See Seaboard Air Line __
97
South Pacific Coast— 1st M gold gu (s f 1912) — F.zc
South & North Alabama— See Louisville A Nashvlll e.
Southern Illinois & Mo Br— 1st M $3,000,000 g.Ba.xo*
4.64
Southern Indiana— See Chic Terre H A Southeastern
Southern Pacific Co—Stock ($394,461,800 auth.)_
_
Ooll trust mtge gold subject to call par.-Un.xo'&r
Oonv bonds $82,000,000 gold redeem text-.xo*Ar*
Gold bds $100,000,000 call 106 slnoe July '12 . -G .x
8. Fr.Term. 1st M . g call 106 since ’15U«mxo*&r*
Oonv bonds *56.000.000 g call te x t_____yc’ Ar*
Collateral trust gold bonds________________________
Equip tr Ser D $511,000 due yearly; call 102 H ____
do Ser E SI ,260,000 due yearly______ ______yc*
do Ser F due $2,100,000 yearly beg 1928_____c*
do Ser G due $1,176,000 yearly__________ xxxc*
Equip gold notes due $187.600.yearly__________ -Q

Date

Bonds

1897
1904
1905

Amount
Outstanding

Rate

When

%

P a y a b le

SL.OOO $1,118,000
751 000
1.000
100
365,000

6g
5g

Par

Value

104.600
3.297,000

1901

1,000

3.000.000

4g

100
600 &o
1,000 Ac
1,000
100 Ac
500 Ac

372 380,905
34 ,100.600
63 811,000
227.000
24 ,877,600
3 185 000
29 490.000
511 000
12 500.000
24 100,090
16 ,464.000
1 ,876.000

A

4g

1.090
1.000
1,099
1,000

t

SOUTH PACIFIC COAST R Y .— Elmhurst to Santa Cruz, with
branches, total, 105 miles; ferry. 3 miles. Leased for 55 years from July 1
1887 to Southern Pacific C o., which guarantees the bonds and owns all the
$6,000,000 stock.
SOUTHERN ILLINOIS & MISSOURI BRIDGE CO.— Owns bridge
(and 4.64 miles o f track) across Mississippi River at Thebes, 111. Stock,
$50,000, all outstanding, equally owned by the St. Louis Southwestern,
Illinois Central, Chicago A Eastern 111. and Missouri Pacific, all o f which,
except the last-named, have a 50-year contract dated N ov. 1 1901 for use
o f the bridge, under which they agree to meet all charges. Pres., W . J.
Jackson; Sec. A Treas., F. P. Johnson.— (V. 119, p. 1283.)
SOUTHERN NEW ENGLAND R Y .— See Central Vermont R y . and
Y ^llO . p. 1416; V . 107. p . 2009; V. 106. p. 2758; V. 102, p. 1718; V. 96. p.
SOUTHERN PACIFIC COMPANY.— ( See M a p .) — This company own
only 564 m. in fee (operated by Oregon & California R R ., A c.), but prin
cipally through ownership o f stock, it controls a great system of road
extending from San Francisco to New Orleans (thence by company
steamers to N.Y..&C.) and to Portland, Ore.,to Ogden. Utah, with branches
System comprises the following, mostly described under their own titles:
(1) Controlled-, also leased.
Miles. C o n tr o lle d a s a b o v e ( C o n e I.)— Milhs.
Central Pacific Ry (see below) .2,359 Houston 4 Shreveport R R ___
41
South Pacific Coast R y ________ 105 Houston E. 4 W. Texas R y _
191
S o u t h e r n P a c lfl o R R ______________ 4 ,9 9 9 (3) Controlled by Morgan’s La. & Tex.
Oregon A California R R _______ 704 I b e r ia 4 V e r m il lio n R R _________
21
L e s s d u p li c a t io n s . A c . ( n e t ) ___
36
12) Controlled by So. Pac. Co -OpTotal in system Dec. 31 ’24.:12,447
erated by Cos. owning them.
O ther P r o p r i e t a r y C o m p a n ie s Galv. Harrlsb. 4 San Ant. R y . 1,380
(x Jointly controlled.)
Houston 4 Texas Central R R .. 929 Southern Pac. R R . of Mexico. 1,249
Louisiana Western R R ________ 208 Northwestern Pacific R R ___
x480
Morgan’s La. 4 Tex. R R .A S 3. 401 Sunset Railway (V i)_________
x63
Texas 4 New Orleans R R _____ 508 San Diego A Arizona R y _____
200
Lake Charles A No. R y _____
73 Affiliated companies.
1,094
Trackage agreement with Western Pacific, V. 118, p. 1270.
PR O PR IE T A R Y LTNE9.— 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
D ec. 31 1924 by the Southern Pacific Co.
O R G A N IZA TIO N .— Organized under laws o f Kentucky.
As to disposal made by Union Pacific o f its interests in company Id
1913 under order o f court, see V. 97. p. 60, 445, 667.
Suit by the Govt, to compel the company to dispose o f 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 o f the case. On May 29 1922 the U. S. Supreme
Court ordered the dissolution o f ownership and control o f the Central
Pacific R y. 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 o f the Central Pacific by lease and stock own­
ership, pending final determination by the Commission o f a plan for con­
solidation o f 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.
1
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;

Crocker Nat Bank. San F
do
do
do
do

A 12 A O Apr 12 1937
M 15 A S Sept 15 1944
Sept 1 1945

J

100
1,000

1899
1909
1909
1910
1914
1924
1916
1920
1923
1924
1920

Last Dividend P l a c e s W h e r e I n t e r e s t an*
D iv id e n d s a r e P a y a b l e .
and Maturity

4H g M A S

1887

owned by Atlantic Coast Line R R ., which leases the road for a term of
years from Jan. 11915 at a rental sufficient to pay 6% yearly on $104,600
eum. pref. stock and dividends on the $100,000 common stock as follows
4% for 4 years ending Jan. 1 1922. and 5% thereafter to end o f lease. The
pref. stock is convertible with all accumulated dividends, at option of bolder
at par into any bonds that may be Issued which would rank ahead o f the
prof, stock either as to prin. or divs. V. 99 p. 1675; V. 100. p. 142.— (V.
100. o. 142.)
SOUTH GEORGIA R Y . (THE).— Adel, Ga. to Hampton Springs, Fla.
82 miles. Tentative valuation, $657,800, as o f June 30 1917. Inc. Mar.
6 1896 in Georgia as the South Georgia R R ., 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 o f the road was changed from Heartpine to Adel, Ga., 1904, and in the same year an extension (built under the
charter o f 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 o f June 30 1924 the entire holdings o f the West Coast
Railway C o ., bought by permission o f the Interstate Commerce Commission
and the two companies consolidated under the name of The South Georgia
Railway Co.
The I.-S. C. C . in Dec. 1923 to issue $197,000 Common stock to be ex­
changed for stock o f West Coast Ry. Co. on a par for par basis after a 400%
stock dividend had been declared from the surplus o f the company. 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% ;
1919,4744%: 1920,24% ; 1921, 12%; 1922,40% ; 1923,35% ; 1924, 15% on
old capitalization and 1 44 % on new; also a stock dividend o f 400%. Year
ended Dec. 31 1924, gross, $270,138; net after taxes, $50,081; other income,
13,365; int., rentals, A c., $32,634; divs., pref. (7 % ), $13,930; divs., com.
16,005; bal. sur., $877. Pres., J. W . Oglesby; Sec. A Treas., O. T . Till­
man. Office, Quitman, Ga.— (V. 119, p. 326.)




119

R A IL W A Y STOCKS AND BONDS

J Jan

1924

3 % Wilmington, N O

July 1 1937
M A N

Nov 11951

6
Q— 3 July 1 1925 144
4g I
A D Aug 11949
4g
M A S June 1 1929
444 g J A J July 1 1929
A A O Apr 11950
4g
J A D June 11934
5 ft
1944
5g
444 M A N M ay 1926
J A D To June 1 1935
• T A D Dec 1 '28 to '38
5
5
M A N To M ay 1 1939
6
J & J 15 To Jan 15 1935

So Pac, 165 B*way. N Y
Bankers Trust Co. N 7
Checks mailed
165 Broadway, NewYorh
do
do
do
do
New York, London, As
N Y office and Phila
New York
New Yerk
New York

V. 110, p. 1090. Land grant suit, see Oregon A California and V . 103, p.
1222; V. 104, p. 1703; V. 107, p. 513.
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 R y. (Y. 104, p. 74). San Diego to Yuma. Oal.. 220 mile*
and branches. V. 104, p. 74; V. 105, p. 2367; V. 107. p. 814.
Southern Pacific R R . of Mexico, Incorporated 1909 with $75,000,000
stock (all owned Dec. 31 1924 by Southern Pacific Oo.), took over the 1,507
miles covered by Mexican concessions, extending from F.mpalme to Guada­
lajara, 815 miles, with branch lines 692 miles, o f which 1,249 miles had been
completed Dec. 31 1924. In Dec. 1910 obtained additional concession
from Guadalajara to Mexico Oity. 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 R R . (Jointly owned with
Atchison), see that company.
The Southern Pacific Equipment Oo. was lncorp. In M ay 1920. V .
110. p 2293.
The I.-S. C. Commission in Sept. 1924 authorized the acquisition b y the
Southern Pacific Co. o f control of the carriers comprising the El Paso A
Southwestern System by stock ownership through purchase of the interest
o f the El Paso & Southwestern Co. therein and by lease. Also granted
authority to the Southern Pacific Co. to issue not exceeding $28,000,090
common stock and not exceeding $29,400,000 5% 20-year collateral trust
bonds in payment for the interest o f the El Paso & Southwestern System
in the Nacozari R R . Co. The operation o f the properties of the El Paso
A Southwestern System was formally taken over on N ov. 1 1924. V . 119.
p. 1626. 2177.
E LEC T R IC R A ILW A YS.— The electric roads controlled include (a)
Pacific Electric R y ., 689 miles o f electric interurban road radiating from
Los Angeles; (b) Peninsular R y ., serving San Jose. Santa Clara. A c., 65 m.
Jose Railroads. 30 m.; (d) Stockton Electric Go., 13 m Visalia Riee­
rie R R ., 59 m ., and (e) Fresno Traction C o.. 31 m. Bee “ Public Utility
Compendium.”
C APITAL STOCK.— 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. A San Ant.
$27,005,600; La. West. R R .. $3,310,000. Morgan^ La. A Texas RR. A SS.
Oo., $4,994,000; Sou. Pac. R R .. $124,671,861; Texas A New Orl. R R .,
$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 Southrn Pacific Co. stock held. See Pacific Oil Co. under “ Industrials.”
DIVIDENDS.—
(Oct. ’06-Apr. ’07. J u ly ’07. Oct. ’07 to J u ly ’25.
(Common stook)----- jb % yrly. (2 H s.-a.) 11*% 6% yrly (1)4 quar.)
BONDS, Ac.— The funded and other Interest bearing debt o f 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 o f public.
$526,910,418; owned by Southern Pacific C o.. $102,549,951; owned by pro­
prietary cos., $4,880,000; held in sinking funds o f proprietary cos.. $ 1 6 256,000; owned by affiliated cos., $6,231,000; held In sinking funds of
affiliated cos., $218,000.
The 4% collateral trust gold bonds o f 1899 are limited to $38,819,000 and
*re 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!
stocks of the Cent. Pac. Ky. Co. See mtge. abstract. V. 69. p. *>59.
Collateral for Central Pacific Ry. 4% 35-year European Loan of 1911:
(a) Stocks: Houston E. A W. Texas. $1,919,000; Morgan’s La. A
Tex. R R . A 88. C o., $10,000,000; Oregon A Oal. R R . com .,
$6,900,000. and pref.. $11,991,000: So. Pac. R R .. $35,000,000:
Ho. Pac. Term. C o.. $1,999,500.
(6) Bonds: Galv. Har. A San
Ant. Ry. 1st M . East D lv., $4,728,000. and 2d D lv.. $1,000,000; Houston
A Texas Central Lampasas Exten. 5s, $450,000; Northwest Pac. 1st A ref.
4>4s, $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 lor $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 o f $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 X % 20-year gold bonds for “ corporate purposes” ; under option
then given $227,000 was exchanged, along with $20 per share in oash, for
$227,000 pref. stock; no others Issued. V. 88, p. 1501; V. 89, p. 1420.
“ San Francisco Terminal” bonds ($50,000,000 auth.; lnt. rate 5% or less)
lover Bay Shore line and terminals; $24,877,600 4s outstanding.
V. 90, p
373 448. 1555, 1615, 1678: V. 91, p. 1631: V. 92. 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.
Equipment trusts. V . 96. p. 1425; V . 97. p. 597,730; V . 99. p. 1599.1675
V. 110. p. 2488; V. 117, p. 2213.
Guaranty of Pacific Fruit Express Co. equipments. V. HO. p. 2082.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113. p. 1472.

120
RAILW AY STOCKS AND BONDS
[ V ol . 120.




M ay , 1925.]

131

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61

Miles Date
Road Bonds

So Pac Br 1st M gold s f $50,000 1897 not drawn . . »
240 1887
First Consol mtge guar gold s f not drawn.Ce.xo* Ar 1.685 1893
Northern Ry (Cal) cons(now 1st) M gold.U n.zc’ Ar
377 1888
Northern California first mortgage gold_________ z
54 1889
First Ref M g gu red 105 .
------- Ea.xo*&r* 3.109 1905
Southern Railway— Common stock $120,000,000___
Preferred 5% non-cumulatlve $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 -.G .x c ’ &r
do
do
__________________________
do
do
.
_
_
Monon JointMred 105 since 1907half share (l.xo*Ar
Col M g *9.500,000 s f (M ob & Ohio)____Q.xc*&r

. --

___

Par
Value

Amount
Outstanding

100 160,000 000
3,533,000
500 Ac
4,127,500
1,000 4.751,000
1,074.000
1,000
500 &o 143,758 500
700.000
100 120,000.000
100 60.000,000
100 5,650.200

4.943 1894 1,000 Ao 80 439.000
text
1906 1,000 Ao b61,333.000
text
1906 1,000 &c 30,000,000
text
1906 1,000 &c 20,000,000
5,892.500
1902 1.000 Ao
1901 1,000 Ao 8,355.000
—

1,000
Series T gold due $235,000 M & N . ...............PeP
1916
470,000
l.oon
1916
765,0>0
Series U gold due $255,000 M & N 1 5 ..........PeP
1,000 6.862,000
Series 67 due $686,200 y e a r ly _ ___________Gc*
_
1920
1,000
1922
Series W gold due $310,000 M & N ___________ c*
7,440,000
1.000
5,850.000
Series X due $225,000 A & O
. . .
PePc*
1923
1.000
Series Y due $220,000 M & S____________ Pep.c*
6,160,000
1924
_
_ 1924
1,000 6,815,000
Series Z due $235,000 A & O
. ..P e P .c*
A— Properties Merged in Southern Railway Co
1.000 3,368.000
RIohmA Danv deb M old 5s (no longer incomes) Ce*
1882
100 Ao 3.084,000
Virginia Mid— Mtges E due 26; F, 31__________ z
1881
1,000 4,859.000
403 1886
General mortgage__________ _______________ Cez
1.000 3.106.000
East Tenn Virginia A Georgia Div mtge g .U n .« o *
552 1880
1,000 12.770,000
E T Va A Ga cons M g (S20.000.0001 . . .Ce.xoAr 1,020 1886
1,000 2,000,000
Knoxville & Ohio 1st M g (V 79, p. 1466). Ce.xc*&r
66 1885
B— Southern Railway Divisional Securities.
1,000 4,500,000
East Tennessee lien gold_
_
. . . ____Ce.xc*&r 1,020 1894
1,000 6,883,000
292 1898
Memphis Div 1st M ($8,000,000) gold_ G.xc*&r
_
500
150,000
Aiken Branch first mtge gold (V 68, p. 826)_ Mp.x
_
24 1898
1,000 12.474,000
St Louis Division 1st M g $15,000,000..IC,xc*&r
365 1901
Mobile & Ohio bonds— See Mobile & Ohio RR Co
C— On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
1,000
315,000
aRichmond & Mecklenburg 1st M $315,000 g ____xc
31 1898
b Also on Dee 31 1923 $30 l*49 O'M In r.reasurv
l

Rate
%
6
5
5
5
4
6
5
5
4

g
6
g
g
g

When
Payable
A
M
A
J
J
M

&
A
&
A
A
A
Q-F
O-J
A A

J
5g
A
4e
6H g A
A
6g
48 J
M
4g

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

O Apr 1 1937
So Pao. 166 B'way, N Y
do
do
N Nov 11937
do
do
O Oct 1 1938
do
do
D June 1 1929
J Jan 1 1955
do
do
N Nov 1 1941
M ay 1 1925 I X 1 P Morgan A Co, N v
do
do
Apr 15 1925 I X
O Apr 1 1925 2%
do
do

& J July 1 1994
A o Apr 1 1956
& o Apr 1 1956
& <) Apr 1 1956
A J July 1 1952
A S Sept 1 1938

M
M
J
M
A
M
A

5
5
5
5g
5g
6g

A
M
M
J
M
J

A O Apr 1 1927
A S Mar ’26&’31
A N May 1 1936
A J July 1 1930
A N Nov 1 10$fi
& J July 1 1925

5
5
4
4

M
J
J
J

&
&
&
&

4g

Go
fic
do
do
do
do

& N N ov ’25-May’26 Pa Co for Tns, &c, Phils,
A N15 N ov '25-N ov’ 26
do
do
& J|To Jan 15 1935 Guaranty Trust Co, N Y
& N|Nov ’25-May’37 Pa Co for Ins, &c, Phils
& O Oct ’ 25-Apr ’38
do
do
do
& S Sept ’25-Mar '39
do
& O Oct ’25-Oct ’39
do
do

4H g
4H
6g
5«g
5g
5 g
4X g

g
g
g
g

do
do
do
do
do
do

J P Morgan & Co, N Y
Safe Dep & Ti Co, Balt
J P Morgan A Co, N Y
1
*t
do
do
J P Morgan & Co, N Y

1938
1996
1998
1951

do
do
do
do

do
do
do
do

M & N Nov 1 1948

do

da

S
J
J
J

Sept
July
July
Jan

1
1
1
1

Fa., to Danville, V a., Greensboro, N. O ., Norfolk, V a., Charlotte, N . O .,
Columbia, S. O. and Atlanta, Ga., thence northerly to Bristol, Tenn..
•outheasterly to the coast at Brunswick. G a.,and to Columbus. Miss.
Owned in fee—
Mites. Leased (*see this co .)—
Alexandria (near Washington)
•North Carolina R R .—
to Greensboro, N. C________ 279
Goldsb.,N. C., to Greensboro.
Charlotte, Ao _____ _______ 226
Charlotte, N. C., to Augusta,Ga 190
Columbia,S.Co.,toGreenv.,S.C. . 144 Atlantic A Danville R y.—
West Point, Va., to Neapolis.. 179
Norfolk to Danv., Va.. & br. 276
Salisbury, N. C., to Morristown,
•Virginia & S. W ....................... 189
Tenn _____________
231 North Carolina Midland_______
54
Memphis to Stevenson, Ala____ 272 O th e r________________________
20
Bristol to Chattanooga. T en n .. 242
Controlled by Securities—
64 Cumberland R y ______________
Total railway op. revs.275,904,111 287,204,635 262,519,170 269,494,365 Coster to Cumberland Gap, Ky_
11
Ooltewah Jot., Tenn., to Bruns­
Railway Oper. Exp.—
Iracicaoe Rigms—
wick, Ga___________________ 412 Hardeev’e, S. C., to Savan., Ga.
Maint. o f way & stru c.. 39,367,717 41,235,817 36,806,129 42,198,883
17
Maint. o f equ ipm ent... 47,213,238 50,451,491 48,264,068 49,188,143 Austell, Ga., to Mlss.State line. 261 Washington, D. C., to Alex.,Va.
9
5,239,731
4,990,768
4,417,409
4,182,340 Atlanta Jot., Ga., to York, Ala. 271 Stevenson,Ala.,to Chattanooga,
Traffic_______
102
Transportation________ 99,119,568 98,559,831 92,454,185 104,744,036 Atlanta, Ga.. to Ft. Valley, Ga
38
Tenn., Ao__________________
S.St.L., 111., to Ind. State Line 147 York, Ala., to Meridian, M iss..
Miscellaneous operations 4,105,406
4,347,543
3,928,319
4,153,651
27
General________________ 9.399,614
8,590,865
8,323,359
8,521,539 Branches, Ac_________________ 1,547 Kentucky & Indiana Term. RR.
8
Transp. for invest____ Cr.1,393,945
1,009,728
529,013
416,330
Selma, N.C., to Pinnert Pt., Va. 154
Total owned___ _____________4,341 Savannah,Ga.,to Jaoksonn. Fla. 152
Leased— (*see this oo.)—
Mues O th er_________________
Total railway op. exp.203,051,329 207,166,588 193,664,456 212,572,263
. . .__112
Net rev. from ry. o p e r.. 72,852,782 80,038,047 68,854,713 56,922,103 ’ Atlanta & Charlotte Air Line,
Total mileage Dec. 31 1924 .6,988
Chari., N C., to Armour, Ga. 263
Railway tax a ccru als... 19,867.104 20,365,328 18,859,356 15,539,469
Leased to other com p a n ie s__ 119
•Georgia Midland R y _________
98
Uncollectible railway rev
144,539
87,738
127,593
124,566
Balance oper. Dec. 31 1924 .6,869
Equipment rents— n e t .. 4,802,215
5,555,374
3,815,727
5,154,544 •Mobile & Birmingham R R .—
Mobile, Ala., to Marion J o t .. 150
Controlled—operated separately—
Joint facility rents— net. Cr.62,492 Cr.198,417 0.170,810
156,733
•Southern R y., Car. Div.—
Blue Ridge____________________ 44
Charleston, S. C., to Augusta,
Tallulah Falls...................................57
Net railway oper. inc. 48,101,416 54,228.023 46,222,846 35,S46,791
Ga., with branches to Co­
Danville & Western______________ 83
Non-Operating Income—
lumbia, S. C., Ac________ 217 Atlantic & Yadkin______________ 163
Inc. from lease o f r o a d ..
90,657
88,144
159,053
45,436
Camden,S.C.,to Marion,N.C. 208 Yadkin RR _____________________52
Standard return_______
______
______
1,587
852,740
Biltm., N. C., to Alston, S. C. 134 n . P R A A So. R R _________ 2»
Miscell. rent income____ 1,110,185
1,009,653
883,317
1,153,023
Other branches_____________ 188 State University______________
10
Misc. non-op. phys. prop
261,024
300,461
281,621
370,177
•Richmond & Meoklenburg R R .
3i Ensley Southern______________
33
Separatelyoperatedprop14 Tenn. Carolina Southern______
31
erties, profit_________
______
16,889
30,510
49,581 Lookbart R R . ________________
51 Seivern & Knoxville__________
25
Dividend income_______ 2,787,677
4,443,170
3,174,044 7,996,538 E l b e r t o n S o u t h e r n R y ______
Leased for 50 years from July 1 1912 Biueinont oranch 64 m, to W ash.A
Income from funded secs
5,852,059 6,045,373
3,252,044 2,557,148
Old Dominion Ry. Water tines— Chesapeake SS Co 200 miles.
Income from unfunded
Aiso nas one-sixth Interest in Richmond-Washington Co., owning line
securities & accounts.
1,084,931
509,276
875,035
1,965,145
between Richmond and Washington, 115 miles
V. 75, p, 449
Income from sinking,&c.,
reserve funds________
925,102
887,573
848,925
803,605
Affiliated— (See each company).
U. S. Govt, guaranty_
_
______
______
______
3,648,602 Alabama Great Southern_3> 8 1Northern Alabama______________________111
Other miscell. in c o m e ...
385,440
81,050
86,396 defCl,393 Cincinnati N. O. & Texas Pacific.3381Georgia Southern & Florida_____402
Mobile & Ohio ----------- --------- 1.1651New Orleans & Northeastern___ 208
Gross income________ 60,598,491
67,609,607 55,815,379 55,297,377
In July 1918 the Carolina & Northwestern RR. (V. 105, p. 605), with
Deductions—
lines from Chester. S. O ., to Edgemont, N. O., 134 miles, was acquired
Rent for leased r o a d s ...
232,968
239,108
238,399
204,436 by Southern Railway interests, but remains a separate corporation V.
Miscellaneous rents____
743,735
762,002
656,088
639,525 107. p . 1670.
Miscell. tax accruals____
130,092
542,567
478,234
680,010
ORGANIZATION.— Organ 1894. V 58. p. 363. 385.058. 874, 1016.1058
Interest on funded debt. 23,091,183 21,175,721 21,202.672 22,480,147
In 1903-04 jointly with Louisville
Nashville acquired $13,680,300 o f
Int. on unfunded d e b t ..
392,905
97,122
107,103
159,432 She $15,500,000 Chicago Indianapolis&& Louisvill.e stock in exohange for
Amortization o f discount
their joint 50-year 4% bonds. V. 74, p. 1029, 1090
on funded debt______
72,737
76,563
87,419
100,490
In 1916 purchased most of stock of N. O. & Northeastern R R .. which
Maint. o f invest’t org’n .
28,276
23,376
23,390
25,368
105. p 1530
Misc. income charges.. .
152,180
140,665
421,923
389,189 •ee: also V. 104. p. 74: V for the purposes of administration, the lines con­
Effective Mar 1 1920.
into two groups, viz.;
Total deductions_____ 24,844,076
23,057,125 23,215,229 24,678,599 stituting the Southern Railway system were divided Pacific R y., Alabama
(1) Lines West— Cincinnati New Orleans & Texas
Net income----------------- 35,754,415 44,552,482 32,600,150 30,618,778 Great Southern, New Orleans & Northeastern. Harriman & Northeastern,
Disposition of Net Income—
Cincinnati Burnside & Cumberland River, Northern Alabama, Georgia
Income applied to sinkand
Colum-.
tag, &c., funds_______ 1,203,379
1,165,183
1,128,116
1,081,559 Southern & Florida and the St. Louis Louisville, Memphis, Atlanta,Railway;
bus, Birmingham
Mobile operating divisions of Southern
Income appropriated for
invest, in phys. prop.
191,308
372,348
______
22,000 (2) Lines East— the following operating divisions of Southern Railway:
Washington. Danville, Charlotte.
Norfolk. Winston-Salem
Dividends (6 % )_______ 20,942,854 20,662,854 20,662,854 20,639,196 Columbia, Charleston, Spartanburg, Richmond, Coster, Appalachia, Asb*
Knoxville,
Balance_____________ 13,416,875 22,352,097 10,809,180
8,876,023 ville, Murphy and Transylvania
STOCK.— Authorized $120,000,000 com. and $60,000,000 5% non-cum
For latest earnings, see "Railway Earnings Section” (issued monthly).
pref stock. As to whether the pref Is callable see V 72. p 1136
D IR E C TO RS.— Julius Kruttschnitt, J. N. Jarvie, J. Horace Harding,
DIVS.— 1’ 12. ’ 13. T4. ’ 15-’ 16. T7. ’ 18. T9. ’20. ’ 21. ’22. ’23 to A p r.'25.
Paul Shoup, Henry W. De Forest, James S. Alexander, H. E. Huntington, O n p f_ _ % /4 ^ 5 443 None 2/3 5
5
5
0 2J3 5yly. (Q.-J.15)
Lewis J. Spence, Ogden Mills, Cleveland H. Dodge, Walter Douglas, Ed
On common stock, paid initial div. o f 1 X % quar. on M ay 1 1924; same
ward S. Harkness, William Sproule and Samuel Rea.
amount paid quar. to M ay 1 1825.
OFFICERS.— Chairman Exec. Comm., Henry W . de Forest: Pres.,
Preferred Stockholders’ Suit.— A suit to enforce payment by the company
William Sproule; Exec. V .-P ., Paul Shoup: Treas., A. K. Van Deventer of $29,900,000 in dividends to preferred stockholders was filed in Law and
V . -P. & Sec., Hugh Neill; Compt., G. W . Mulks. Offices, 165 Broadway,Equity Court at Richmond, Va., in Oct. 1924. Compare V. 119, p. 1734.
N . Y ., and 65 Market St., San Francisco.— (V. 120, p. 2392.)
2875.
BONDS AND NOTES.— In Feb. 1917 plan for creation of a refunding
SOUTHERN PACIFIC RR CO.— (See Maps.)— 4.999 m., embracing
• through line from east bank of Rio Grande River through New Mexico and and impt. mtge. V. 103, p. 1593, 2079; V. 104, p. 765; V. 105, p. 1530.
First Conset. Mtge. for $120,000,000, abstract, V.59, p. 783; see V.81,
Arizona, via Los Angeles, San Francisco and Oakland, to Tehama, ta No.
p. 1850; V. 84, p. 392; V. 89, p. 1598; V. 92, p. 796; V. 97, p. 300, 1205;
California, with branches (V 105. p. 18D: 24 m. are leased to other re ads.
STOCK.— Sou. Pao. Co. Dec. 31 1924 held all the $160,000,000 stock. V. 99, p. 1834; V . io o , p. 310; N. 102, p. 610; V. 103, p. 580; V.107, p. 1921.
The $1,000,000 1st mtge. 6s of Ala. Central R R ., due July 1 1918, were
Dlvs.: 4% ta 1906-07: 13%. 1907-08; 5 % , 1908-09: 6<2 from 1909-10 to
acquired by So. R y. Co. and pledged under its first consol, mtge.
June 1914, incl.; 5% 1914-15; 6% 191.5-16; 1917 to 1924. 6% yearly.
BONDS.— Consolidated Mortgage of 1894 abstract was in V. 57, p. 104.
Application of $120,000,000 First Consol. Mortgage 5s c f 1894.
The First Refunding 4s of 1905 ($160,000,000 auth. issue) will eventually Issued to date (of which $154,200 in treasury)_______________$80,593,200
be a first lien
Guaranty. V 8 2 .p 49. The mortgage is a Hen subject to Issuable only t o ( “ prior bonds” (see V. 59, p. 785)___________ 33,706,800
existing mortgages on the entire owned mileage. It is a first lien on 2,438
retire certain!stocks (see V. 59, p. 786)_________________
5,700.000
miles, save lien o f consol. 5s o f 1893 at less than $1,700 per mile (V. 87, p.
Application of $200,000,000 Development and General Mortgage Bonds.
1012). V. 88, p. 159 ; V. 89, p. 164; V. 98, p. 264. Sufficient of the issue Issuable fortwith and to retire coll. tr. 5s ($16,000,000) Apr.1909$31,000,000
is reserved to retire the underlying bonds.
for by consol, m ortgage..
On Dec. 31 1924 Union Pacific owned $6,027,000 and Southern Pacific (1) To retire prior liens not providedmaturing 1906-21________ 31,158,000
(2) To retire equipment obligations
18,008,000
Co. $6,425,500 o f the bonds. V. 106. p. 2758.
(3) T o acquire capital stocks of certain leased lines__________ 10,000,000
R E PO R T .— For year ending Dec. 31 1924 earnings were; Income from
For Eastern Division
lease o f road, $17,687,420; other income, $2,956,915; deductions, $6,548,938; (4) To provide for futureof Tennessee Central (option expired) 10,000,000
(5)
acquisitions and betterments under
divs., $9,600,000; bal., sur., $4,234,055.
stringent provisions (a) at not exceeding $5,000,000 yearly
Pres., William Sproule.— (V. 120, p. 2398.)
for improvements and equipment and (b) in exchange for
SOUTHERN R A ILW A Y .— (See M aps.)— System embraces 7,090
1st mtge. bonds not exceeding in amount the actual cost
miles, extending from Washington, D . C ., and West Point and Richmond,
thereof o f railroads and terminals hereafter acquired_____ 99,834,000
RE PO RT.— For 1924, in V. 120, p. 2415, showed:
[Southern Pacific Oo. and Proprietary Companies.]
1924.
1923.
1922.
1921.
Operating Income—
$
$
$
$
Freight________________ 193,692,958 199,591,192 180,438,952 181.409,692
Passenger______________ 56,566,134 62,158,876 59,003,550 63,442,251
M a il__________________ U l.64S.054/ 3,864,973
3,581,755
3,617,146
Express________________ /
\ 7,748,345
7,653,473
8,318,458
All other transportation. 7,430,607
6,802,889
5,797,645
5,638,563
Incidental_____________
6,459,204
6,921,630
5,878,419
6,958,344
Joint facility— C r e d it...
181,099
175,771
216,139
166.169
Joint facility— D e b it ...
74,946
59,041
50,763
56,258




122

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
For abbreviations. A c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[V ol.

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

Southern R ailway— {Concluded)—
aAtlanta & Charlotte— Stock
$100 $1,700,000
M & S Mar 1 '25 4H %
9
1st M $20,000,000 ($14,500,000 Ser B 5s)Ce.yc*&r
263 1914 1,000 &c 20,000.000 4H & 5 J
J July 1 1944
C— On Properties Practically Owned by {*) or Leased to (a) Southe rn Ry.
oGeorgia Midland first mortgage interest guar. . Ce.x
98 1896
1,000
1,650.000
A & o Apr 1 1946
3g
flNorth Carolina stock 7% guaranteed____________
100 4,000.000
F & A Feb 1925 3 bi%
7
aMobile & Birmingham RR prior lien gold___ Ce.xc
149 1895 2001.000
600.000
c
5 g J S J July 1 1945
First mortgage $1,200,000 ______________Ba.xc
149 1895 2001.000
1,200,000
4
J S J July 1 1945
c
Preferred stock
100
900,000
4
J S J •T 1925
c
an
2%
aNorth Carolina Midland R R 1st M bonds_ Ce.c*
_
53 1891
1,000
801,000
6 g J & J July 1 1931
S t o c k ______ - _ -_ - . ____________ ________
_
_
100
924,000
3
Dec 30 Dec 1924 3%
Northern Alabama Ry— See that company
aAtlantic & Danville first mortgage___________ Ba
278 1900
1,000 3.925.000
4 g J & J July 1 1948
Second mortgage gold __________________ ____ Eq
278 1904
1,000
1,525.000
4 g J S. J July 1 1948
c
Virginia & Southw— 1st M g gu by Va I C & C .-G .x
136 1903 1,000 Sec 2,000,000
5 g J & ,TJan 1 2003
First consol mtge $7,000,600 g o l d ____G.xc*&r*
209 1908 1,000 &c 5,000,000
5 g A & O Apr 1 1958
S outhern R ailway, Carolina Division—
aSo Car S Ga 1st M g ext gu call 107)^--Ce.xxxc*
c
248 1919
1,000 5,250.000
5H g M & N M ay 1 1929
♦Spar Union S Col $1.000,000_ ___________g.C.xc*
c
_
1,000
1895
1,000,000
4 g J & J Jan 1 1995
General mortgage $18,000,000 gold........................ N
1902
1,000 5,000,000
4 g J & J July 1 1952
S outhw est Penn RR— See Pennsylvania RR
333
100 5,191,100
Southw estern (G eorgia)— Stock (see text) - _______
J & J Jan 1925 2H %
5
Spartanburg U nion & C olum bus— See Southern Ry Carol! na Di vision.
S pokane Internatl— First M $4,200,000 g__Col.vc*
1,000 4,200,000
141 1905
c
5 g J S J July 1 1955
Coeur d ’A S Pend d'O 1st M $544,000 g gu.U s.vc*
c
1,000
22 1910
544,000
5 g J & J July 1 1960
Spok P & S— 1st M $125,000,000 g red text.Ce.c&r
495 1911 1,000 &c 73,710,000
4g
M & S Mar 1 1961
Spuyten Duyvil & Pt Morris— See New York Central RR
State Line & Sullivan— 1st M $300,000 g__Un.xc*
24 1898
1,000
272,000
4H g J & J July 1 1929
Staten Island Ry and Staten Island Rapid Transit — See Baltim ore & Oh lo
105 1910
1,000 2,607,000
Stephen Nor & Sou Texas RR — 1st M g gu red 105 c*
c
5 g J S J July 1 1940
S ton y Crk— lstM$350.000ext'07 gu (V85,p532)-FP.x
10 1872
1,000
350,000
4
A & o Oct 1 1957
_
_ 1924
1,000
Sullivan C ou n ty RR— First mortgage________ c*&r*
357,000
6 g A & o Apr 1 1944
Banbury Hazleton & Wilkes-Barre— Sunbury & Lewis town- See Pe nniylvan) a RK
Snncook Valley— S to c k ..................................................
100
341.700 See text 1 a J See text
Susquehanna Bloomsburx & Berwick— See Penn sylvan la
Syracuse Binghamton & N Y— Stock 12% re n ta l--81! .
100 2,500,000
Q— F M ay 1 1925 3%
12
5.8 1909
6
i
M * S Mob 1 1959
1,519.000
78 1913
Tam pa & G u lf Coast— 1st M g gu red 105.CoBa xc*
A S o Apr 1 1953
c
750,000
5t

On Dec. 31 1924 $61,333,000 of development S gen. mtge. 4% bond'1
c
were outstanding and a further $35,949,000 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 6 H % , and in N ov. 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 H % and 2 %.
respectively), thus making the total int. rate 6 H % 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 o f 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 6L£% and 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. S Chari. R y. Total auth. issue, $8,000,000. V. 67, p. 179; V. 81,
c
p. 1180; V. 83, p. 436; V. 84, p. 392. Second mtge. on former Mem. &
Chari, secures $2,506,000 o f 5s, all o f which are owned by Southern Ry.
and pledged under the development S gen. mtge. St. Louis Division Mtge..
c
V. 72, p. 138; V. 84, p. 392.
The collateral trust 4s o f 1901 have been Issued, $ for $, In exchange for
the M obile S Ohio gen. 4s as acquired, by a pledge of which they are secured.
c
Stock trust certificates for M . & O. stock are now entitled to dividends at
rate o f 4% per ann. in perpetuity (V. 72, p. 242. 822); $8,356,000 of the
$9,472,006 bonds and $5,670,200 o f the $6,017,000 stock have been depos­
ited. V . 72. d . 439: V. 73. p. 664. See M . S O. statement.
c
Jointly with St. Louis S San Francisco R R . guaranteed bonds o f New
c
Orleans Terminal C o., and subsequently acquired entire control o f 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. 1856; V. 82, p. 1323: V. 88. p. 1374: V. 96.
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. p. 1393: V. 119. p. 1396.
Atlanta S Chari. Air Line R y. (leased line) bonds, V. 102, p. 1058, 1162.
c
As to extension and guaranty o f South Carolina & Georgia R y. bonds in
1919 see Sou. R y., 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.
Government loan. V. 112, p 163. 470, 2538; V. 114, p. 522.
R E PO RT.— For 1924:
Years Ending
1924.
1923.
1922.
Dec. 31—
$
$
$
Gross operating revenues____________ 142,486,514 150,467,985 128,483,847
Net, after taxes_____________________ 30,442.720 28,128,137 20,472,778
Other income_______________________
4,842,661
3,584,167 4,483,467
Total gross income_______________ 35.285,381
Deduct—Rents, int. on debt, & c___ 17,516,241
Preferred dividends_______________ 3,000,000
Balance, surplus.

14,769,140

31,712,304 24,956,245
16,575,305 16,132,449
3,000,000 1,500.000
12,136,998

7,323,796

For latest earnings, see "Railw ay 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.
D IRECTO RS.— Fairfax Harrison, Belvoir, Va.; Henry W . Miller, Wash­
ington : Jonathan Bryan, John Kerr Branch. Richmond. Va.: Robert Jemison
Sr., Birmingham, Ala.; Adrian Iselin, Devereux Milburn, Jackson E.
Reynolds, Walter S. Case, Guy Cary, Jeremiah Milbank, New York;
Casper G. Bacon, Boston. General office, Washington, D . C . New York
office, 120 Broadway.— (V. 120, p. 1200.)
SOUTHERN RAILW AY CAROLINA DIVISION — Cayce, S. C .. to
Hardeeville, 129 miles; Charleston, S .C .,t o Augusta, Ga , 137 m.: Kingville, S. O.. to Mar on. N. C ., 208 m .; branches, &c., 273 m.: total, 747 m.
Leased to the Southern R y. Stock authorized, $7,798,700, o f which
$4,176,200 owned by the Southern R y. V. 75, p. 136. Holders o f $5,250.O OSouth Caro. & Georgia 1st M . 5s, due May 1 1919, had the privilege
O
o f extending their bonds for ten years at 5 H %, at the same time receiving
a cash bonus o f 2)4% • The extended bonds are guaranteed (endorsed) as
to principal and interest by the Southern Ry. C o., and are subject to cal
at 107)4 and int. V. 108, p. 1166, 1512, 2023.
SOUTHWESTERN RR. (G eorgia).— Owns Macon, Ga., to Eufaula;
Fort Valley to Columbus, Ga., &c., with branches, total 333 m. Leased
for 101 years from N ov. 1 1895 to Central of Georgia R y.; rental 5% on
stock. As to suit, see V. 71, p. 809; V. 73, p. 1062. Office, M acon, Ga.
— (V. 110, p. 872.)
SPOKANE INTERNATIONAL R Y .— Owns Spokane, Wash., to Eastport, Idaho, on Can. Pac. R y., 141.37 m.; leases for 50 yrs. Coeur d ’Alene &
Pend d ’Oreille R y., 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, $100. V. 81, p. 156, 1551. Tentative valuation, V. 113, p. 1054.
Year— Gross Earns. Net Earns.
Olh. Inc.
Int., Ac.
Balance.
1924 ...$ 1,08 8,66 4
$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
1921 — - 1,300.060
245,728
7,797
322,992
def.69,467
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., C. T. Jaffray; Sec., Geo. W . Webster, Minneapolis; Treas.,
O. William*. Spokane, Wash.— (V. 113, p. 1054.)




120.

U 8 Mtge S Trust, N Y
c
Central Un Tr Co, N Y
J P Morgan & Co, N
Burlington, No Caro
J P Morgan & Co, N
do
do
do
do
Treas, Washington, D
Bankers Trust Co, N

Y
Y
C
Y

Bankers Trust Co, N Y
Equitable Trust Co, N Y
Guaranty Trust Co, N Y
do
do
J P Morgan Sc Co, N Y
do
do
do
do
Macon and Savannah,Ga
Amer Exch Nat Bk, N Y
do
do
Central Union Trust,N Y
do

do

Guaranty Trust Co, N Y
Reading Terminal, Ptaila
Safe Dep S Tr Co .Boston
c
Manchester, N H, Nat Bk
D L & W RR Co, N Y
Guaranty Trust Co. N T
New York S Baltimore
c

SPOKANE PORTLAND & SEATTLE RY .— {See Map Northern Pacific.
Road Over. (554.60 m.)—
Miles.
Corporations Controlled—
Miles.
Spokane,Wash. ,to Portl. .Ore.369.47 Oregon Trk.Ry.(V . 89, p. beei-lSB.R
Goble, Ore., to Holiday, Ore. - 79.41 Oregon Elec. R y. (V. 92, p.
Lyle, Wash., to Goldendale, Wash42.21
323; V. 107, p. 2188)______156.26
Warrenton. Ore., to Ft.Stevens.- 3.54 United R ys.(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. R y.
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 o f 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.
REPO RT.— For calendar year 1924, gross oper. rev., $8,562,668; net
oper. Income, $2,445,777; other income, $792,552; interest rentals. See.,
$4,639,334; bal., def., $1,401,005.
For latest earnings, see "Railway Earnings Section” (Issued monthly).
Pres., W. F. Turner; V.-Pres., Geo. T . Reid; Sec. & Com pt., R obt.
Crosbie; Treas., J. E. Mang.— (V. 119, p. 326.)
SPOKANE TERMINAL C O — See “ Electric Railway Section.”
STATE LINE & SULLIVAN R R .— 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 105 after 1914 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 TE XA S R R .— Owns Gatesvilla
to Comanche, Texas, 68.50 m.; Edson to Stephenville, 37.02 m.; total,
105.52 m. Stock all owned by St. Louis Southwestern R y., which leases
the road (V. 118, p. 1912) and operates it as part o f its Waco division.
— (V. 118, p. 1912.)
STONY CREEK R R .— Norristown to Lansiale, Pa., 10.22 miles: total
tracks, 14.15 m. Stock, $300,000 auth. (par $50), o f which $176,100 out­
standing, the Reading Company owning $110,900. Bonds, principal and
interest, guaranteed by P. & R . R R . Co.— (V. 85, p. 532.)
SULLIVAN COUNTY RR. (T H E ).— Road from Bellows Falls to
Windsor, V t., 26.04 miles. Operated since April 1893 by Boston & Maine
as agent under lease of Conn. River R R . (consolidated with Boston & Maine
R R . 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 R R . First mtge. 6% bonds,
V. 118, p. 2825. For year 1924. gross, $934,254: net railway operating
income, $350,983; other income, $503; deductions, $22,338; dividends,
$40,000; bal., sur., $289,148— (V. 118, p. 2825.)
SUNCOOK VALLEY R R .— Owns Suncook to Pittsfield, N. H ., 17.55
miles. The lease to the Boston & Maine R R . 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 R R .— Stanhope to Franklin, N . J., and branch, 30 miles.
Operated under lease by Del. Lack. & Western, which owns a majority o f
the $1,638,000 stock. V. 118, p. 1013— (V. 118, p. 1013.)
SYRACUSE BINGHAMTON & NEW Y O R K R R .— 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 R R . for
12% on the $2,500,000 stock, of which the lessee at last advices owned
$2,165,900. 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.
On 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.— \ ’89. ’90. ’91. — 1892 to 1909— ’ 10-T2. Since to M ay ’25.
Per cent____ | 8
8 13 8 y’ ly (2% quar.) 10 y'ly
12 yearly (3iQ-F>
— (V. 94. p. 828; V. 95. p. 481; V. 103, p. 1982: V. 106. p. 601.)
TALLULAH FALLS R Y .— Owns Cornelia, G a., 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 R R .— Operates from St. Petersburg to
Tampa. Fla., 55.28 m., Including trackage. 7.82 miles; Tarpon Springs R R .,
Tarpon Junction to Port Richey, 28.68 miles. Has a 50-year trackage agree­
ment with Tampa Northern R R ., 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.

M ay , 1925.]

123

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Tampa & Jacksonville— First mtge (see t e x t ) --------Qx
Tampa Northern— First M *5.000,000 g red 10 6 .-OBx
Tampa Union Station Co— First mortgage_________
Tavares & Quit HR -1 s t M gold ___________ ______Bax
Tennessee Central Ry— Stock-------------------------------

First mtge bonds red 105 $3,000,000 auth______zc*

Collateral trust notes_____________________________
Terminal Railroad Association— First mtge gold 0 vc*
First Consolidated mtge *12,000.000 gold___Gxo*
Qen M Ref *50.000,000 g s f call (text) ..Ce,xo* Ar*
St Louis Bridge Co 1st pref stock guaranteed______
Second preferred stook guaranteed (endorsed). .
First mortgage gold_________________________ xo*
Tunnel RR of St Louis stock guaranteed (endorsed'

M ile s
R oad

D a te
B onds

1909
1906
1910
34 1890

m- -

295
_ --

_

...

Equipment trusts due *22,800 y early__________ O

A m oun t
O u ts ta n d in g

Par
V a lu e

1,000
1.000
1,000
1.000

1922
1,000
1922
1889
1,000
1894
1,000
1903 1,000 Ao
100
___
100
1879
500 Ac
1920

Terre Haute & Indianapolis; Terre Haute & Logan spor t —See Vanda 11a RR
Terre Haute & PeoriaFirst mtge *2.500.000 gold guar p A 1 (end).Un.xc*
1.000
145 1892
—
Texas Central— Common stook *2.675.000 authorized
..............
Preferred stock non-cumulatlve *1,325.000 a u th ..

Rate
%

520,000
1.258.000
225.000
299,000
3,000,000
a 1,500,000
1,500,000
7,000.000
5,000,000
23,790.000
2,490,000
3,000,000
5,000,000
1.250.000
228,000

5
6g
6
5 g

A
J

M
J

A O Apr
& J July
& N Nov
6c J July

6g
6

A

& O Apr 1 1947

W h en
P a y a b le

‘ ftf
4S
6

3
7 S

6

6

2,230,000
5K M A
2.675.000 See text
1.325.000 See text

L a s t D iv id e n d
a n d M a tu r ity

11949
1 1936
1 1940
1 1921

Oot 1' 1939
Aug 1 1944
Jan l 1953
Jan 1 1925 3%
Jan 1 ’25 1H %
Apr 1 1929
Jan 1 1925 3%
|
To Jan. 15 1935
S Sept 1 1942
See text
See text

P la c e s W h e e i n t e r e s t a n d
D iv id e n d s a r e P a y a b l e .

Oct 1914 int not paid
Old Colony Tr Go, Boston
Safe Dep & Tr Co, Batl
(Amer Tr Co.Nashv’e.or
\Chem Nat Bank, N Y

J P Morgan A Co, Si Y
do
do
do
do
do
do
do
do
New York and London
J P Morgan & Co. N T
Guaranty Tr. C o., N .Y

Penn RR Co. N Y

61 Broadway. N Y
do
do

a Also $1,500,000 pledged as collateral for the 6 % notes

Of the 1st 5s ($5,000,000 authorized Issue) the remainder is Issuable
for extensions or branches at $ 1 2 ,0 0 0 per mile. or. in case net earnings for
1 A times the interest on outstanding
bonds, additional bonds may be Issued to such an amount that the total
■hall 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 Warfield, Baltimore; Treas., R . L. Nutt, New York.— (V. 120, p. 2398.)
TAMPA St JACKSONVILLE R Y .— Sampson City to Kmachla, Fla., 6 6
m.
Stock auth.. $1,000,000; par. $100, Issued. $604,900.
The first
6 s are limited to $10,000 per mile.
V. 89. p. 1543. Coupons due Oct. 1
1914 In default. Bondholders' committee: Henry L. Cohen, 61 Bway.
Chairman. H. A . Smith. Hartford, and W m , Shillaber Jr., New York, with
Graham Adams. 61 Broadway. Sec.

a preceding year shall have been

Pres., F. J. Lisman, N . Y .: V .-P. & Gen. M gr., G. F. Allen, Gainesville.
Fla.; Sec., H. W . Waits, Gainesville, Fla.— (V. 89, p. 1543; V. 103. D. 1302,'
TAMPA NORTH ERN RR .— Owns Tampa, Fla., to Brooksville, 50 miles.

In July 1912 the Seaboard Air Line Ry. acquired entire stock. Y . 95, p. 49.
112. Stock, pref., *250,000: common, *500,000. Bonds authorized Issue
($6 ,0 0 0 ,0 0 0 ) are limited to $ 1 0 ,0 0 0 per mile of road, 80 % of the cost of new
equipment and the actual cost of terminals. V . 87, p. 814; V. 89, p. 1484.
Govt, loan, V. 112, p. 2759. Pres., S. Davies Warfield. Baltimore; Sec.
& Treas., R . L. Nutt, 24 Broad St., N . Y .— (V. 112, p. 2750.)
TAMPA SOUTHERN R AIL R O AD .— (V. 110, p. 872.)
TAMPA UNION ST ATIO N C O .— Property used Jointly by Atlantic
Coast Line R R ., Seaboard Air Line. Tampa Northern and Tampa St
Gulf Coast R R .
TAVARES & QU LF R R .— Owns Ellsworth Jet. to Ocoee. F la., 28.02
miles; W alt’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. Stock.
$$60,000; par. $100. Ronds $ 2 9 9 ,0 0 0 1st 5s (auth. *9.000 per mile);
see table. For year 1923, gross, *97,638: net oper. Income, *6,185:
lnt., rentals, Ac., $50,965: bal., def., *44,780. Pres., Henry H. Jackson;
Sec., S. H . Jackson, Now York. Office, Tavares, Fla.— (V. 112, p. 654.)

TENNESSEE ALABAMA & G E O R G IA R Y . — 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. M gr., Charles Hicks was
appointed receiver in Dec. 1920. V. I l l , 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 o f 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 o f *97,500 notes made by C. E. James. V. 115, p. 1533. Up to
M ay 1923 the entire preferred stock was held In treasury.
The I.-S . 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, gress, $272,218; net oper. def., $20,331; other income, *41;
Int., rentals, &c., *54,533; bal.. def., $74,824.
Pres., C. E. James; V .-P ., W . T. James; Sec. & Treas., J. L . Davies,
Chattanooga, Tenn.— (V. 120, p. 2143.)
TENNESSEE CENTR AL R Y . CO.— Incorp. in Tennessee Jan. 26
1922. Company purchased all the properties of the Tennessee Central
R R . and possession o f same was g.ven at midnight Jan. 31 1922. Mileage:
Main line owned and operated. 294.95 m.; leased, 1.40 m.: total operated.
296.35 m.; owned, not operated, 2.48 m.: total mileage, 298.83 miles.
STOCK.— Authorized and issued. *3,000,000.
BONDS.— See table at head o f page.
REPO RT.— For 1924, gross, $2,912,191: ry. oper. Income. *631.415;
other income, *18,418; deductions, *456.383; net income, $193,453.
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. 119, p. 689.)
TENNESSEE K EN TU C K Y & NORTH ERN R R . — Leases for long term
Cincinnati Nashville & Southern R y., which extends from Algood, Tenn., on
Tennessee Central R R . to Livingston, 17 miles. V 98, p. 238. The
Oincinnati-Nashville South. R y. is successor to Overton County R R ., 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, 111., trustee;
denomination *1,000 each. The Tenn. Kentucky & Northern has issued
*10,000 stock and no bonds. For 1923, gross, *88,489; net oper. income,
$26,489; deductions, *14,803; bal., sur., *11.686. Pres., Mrs. P. E. Clark;
V.-P. & Gen. M gr., C. P. Clark; Sec. & Treas., F. E. Gillis, Nashville,
Tenn.— (V. 112, p. 1868, 2191.)
TENNESSEE & NORTH CAROLINA RY. CO.— A reorganization, as

of June 26 1920, o f the Tennessee & North Carolina RR. Operates New­
port, Tenn., to Crestmont, N. C ., 19 A miles (2 miles over leased track).

Leases Pigeon River R y., West Canton to Spruce, 17 miles; total operated.
41.48 miles. Thf road was bought in on June 7 1920 for $200,000 by Fred
Ely o f Philadelphia on behalf of A. J. Stevens, representing the bondholders.
Capital stock authorized and outstanding, $250,000. Year 1923. gross.
$179,746; net oper. income *56,289; other income, *15 854; rentals, etc.,
$63,480; bal., sur. $8,663. Pres., C. Boice; V.-Pres., W . J. Parks; Sec. &
Treas., J. W . Bell.— (V. 113, p. 72, 418.)

TENNESSEE R R .— Organized in 1918 in Tennessee, following a receiver­
ship o f 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.
TERMINAL RR. ASSOCIATION OF ST.LOUIS.— PR O PER TY.— Owns
and operates extensive terminals at St. Louis, with belt lines and bridges,
and a tunnel 4,800 feet In length; owns and operates Bast St. Louis St
Oarondolet R y.. 7.78 m .. slnoe 1903. V. 74. p. 470: V . 83. p. 1168. Touch­
ing the Missouri & Illinois Bridge A Belt R R .. see that oo’s statement.
O R G AN IZATIO N .— Organized in 1889
The following oompanles are
sole owners: Cleveland Cincinnati Chioago A St. Louis. Louisville A Nash*
ville, St. Louis Iron Mountain A Southern, Baltimore A Ohio Southwestern,
Missouri Pacific, Wabash, Pitts. Cin. Chic. A St. Louis R R ., Chic. Rock
Isl. A Paolflo, St. Louis A San Fran., Chlo. A Alton, Chic. Burl. A Quincy,
Til. Cent.. Southern R y., Mo. Kan. A 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 oharges, eaoh line to contribute its proportion to the extent of
one-fifteenth to make up any deficiency from unforeseen ciroumstanoes.
See V . 79. p. 499. See also St. Louis Merchants' Bridge Terminal R R .
Government suit, V. 8 8 , p. 1374; V . 90, p. 373; V . 91. p. 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: VT98. 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 o f the Cir­
cuit Court of Appeals, en banc as District Judges, on Feb. 8 1923 banded
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. Commission 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 oorporats
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.
STOOK.— Authorized. *100.000.000: outstanding $3,087,800.

BONDS. Ac.— Of the Gen M. Ref. 4% s .f . 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; $1,900,000 bonds have been canceled by
sinking fund. The entire issue is subject to call at 110 and int. since Jan. 1
1910. SeeV. 76, p .2 6 7 .3 8 3 .4 8 1 , 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
RE PO RT.— For calendar years:
C h a rges
B a l.. S u rp .
Year—
Gross
hJet.
Other Inc
1924 . ............*5,103,883
*752,939 *1,709,929 *2,753,683 df$290,815
2.730.711 def39,196
1923 ................ 5,121,839
793.770
1,897,745
2,664,200 def67,732
1922
4,498,456
728,907
1,867,561
2.701
1921
4,527,866
588.330 (x) 1.438.612
______08Sdef674.146
(x) Includes compensation due from U. 8. Govt.(subject to amendment.)
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., Henry Miller; V.-P. & Gen. Counsel, T . M . Pierce; Sec., O. A .
Vtnnedge; Treas., G. H. Steinberg.— (V. 118, p. 2043.)
TERRE HAUTE AND PEORIA R R . CO.— (See Maps of Pennsylvania
RR.)— Road operated from Terre Haute, Ind., via Decatur, to Peoria, 111.,
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 o f the *1,837,400 pref. and *1,570,400 of the *1,926,800 com.,
and Pennsylvania Co. owns *1,168,700 pref. and $269,300 common.
BONDS.— The consols (Union Trust C o., N . Y ., trustee), carrythe
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.
EARN ING S.— For year 1924, gross, $323,701; deductions, *284,369;
dividends, $45,935; bal., sur., $39,335, before deducting dividends, charged
to profit and loss.
TE XA R K A N A , ASHDOWN & NASHVILLE.— (V. 115, p. 1211.)
TE XA S CENTRAL R R .— 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 M o.-Kan.-Tex. R R . Co. owns all of the stock.
M o.-Kan.-Tex. R R . o f Texas leases the road for 99 years from M ay 1 1914,
with authority to purchase the same. &c.
DIVS.— % — ’0 1 .’02 t o ’04. '05 to ’07. ’08 to ’ l l . ’ 12. T3. 1914. 1915-24.
C om m on..
2H 2 H y ’ ly. 5 yearly.
0
5 5 5 5-6
Below
Pref . %
7H 5 yearly 5y rly .
5 vrly. 5 5 8 1-3
Below
Dividends paid under lease, 5% on both classes. July 1914 to Jan. 1925.
T E X A S C IT Y TER M IN AL R Y . OF T E X A S .— (V. 112, p. 373.)

124

R A IL W A Y STOCKS AND BONDS

RAILROAD CO HP ANTES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road| Bonds

Texas Midland RR— First Refunding mtge $2,500,000
111
Texas & N O R R— Main line first mortgage_______
Consolidated mortgage for $4,195,000___ Q ic '& r
208
Dallas Dlv 1st M gold $20,000 per m (te x t'. Un.sc*
Burrs Ferry Rrowndell & Chester first mortgage-.
Texas & P acific 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) mtge g _______________FP.xc* 1.387
456
Louisiana Dlv Br lines 1st M geld $12,500 p m Ba>
Second Cons Inc Mtge g __________________ Ba.xc* 1.387
Secured and unsecured notes— See text.
ityulp bonds. Series DDdue $25,000 s-a _________
do
do
Series EE due $60 000 s-a__________
do
do
Series GG due $219,000 ann______y
do
do (U. S. R R . Adm.) due $159,500 ann.G
do
lease warrants (Pullman C o .)___________
do
do
(American Car & Foundry)_________
Receivers’ equip. 6% notes_____________________
Receivers' equip cert Series F F __________________
Texas Pacific-M issouri P acific Term RR o f New
Orleans—
1st mtge Series A (guar) red (text)__________ yc*&r *
Toiedo Cof & Ohio ki v— Cleve & Mar 1st M g gu F.xo"
103
Tol W V & O 1st MV’A ” guar p & 1 (end)_ F.xo
_
($15,700 per m )f" B "
do
do
___ xo
2411
$4,000 000 gold-J” Cr
do
do
sk.fd.xo*

Rate
%

1908
1875
1893
1900
1907

1.000

5 g
4 g

1888
1901
1888

1.000 24.989.000
1,000
4.970.000
1,000
285.000

1916
1917
1924
1920
1920
1920
1920
1922

1,000
1.000
1,000

When
Payable

4

1.000
1.000

1924
1895
1891
1893
1902

2.000,000
862,000
1.620,000
3.997.000
165.000
100 38,755,110
100 23.703.000

1,000
$ 1,000

1,000
1.000
1.000
1,000

T E XA SM ID L A N D RR. — Road from Ennis on Houston & Texas Central
R y. to Paris, Tex., 125 miles. Extension from Commerce to Greenville,
Tex., 14 miles, was completed and put in operation N ov. 15 1921. The
final valuation as o f 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.)
TEXAS & NEW ORLEANS RR.— (See Map So. Pac.)— Houston, Tex.,
to Orange (Sabine River), 111 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 R R . V. 113, p. 1472.
SECURITIES, &C.— The stock is $5,000,000. all but $800 owned by the
Southern Pacific. Dividend of 20% paid in 1909-10 from accumulated sur­
plus.

Of the $3,997,000 Dallas Dlv. 1st 4s, $466,000 are owned by the Sou.
Pac. Co. and the remainder are in sinking funds of proprietary companies.
Of the $862,000 main line first 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 . 113, p. 1472.)
S
TE XA S AND PACIFIC R Y . CO. (TH E).— 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 Texas & Pacific Ry. Co. and the Missouri Pacific R R . Co. each
owns one-half of the $2,000,000 stock of the Texas Pacific-Missouri Pacific
Terminal R R . o f New Orleans (formerly Trans-Mississippi Terminal Co.)
and guaranty an issue of 1st mtge. 5 % gold bonds, Series “ A ” — see
that company below.
O RGAN IZATION .— 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 M ay 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 o f an issue of new gen. & ref. mtge. bonds secured
by a new mortgage subordinate only to prior mortgages o f about $31,000,000 and subordinate as to equipment to outstanding equipment trust
obligations aggregating approximately $4,600,000.
STOCK.— The Missouri Pacific R R . Co. on Dec. 31 1924 owned $10,000,000 common stock, $23,703,000 preferred stock and $4,440,582 un­
secured coupon serial 6% notes.
The Pref. stock and the Common stock are to have equal voting power
and in addition provision is to be made that no mortgage to secure addi­
tional indebtedness shall be created (except the General & 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 haying a
priority, either as to dividends or assets, over the Pref. stock shall be issued
without, in each such case, the consent o f the holders o f a majority of the
outstanding Preferred stock.
DIVS.— Initial dividend on the 5% non-cum. pref. stock o f $2 91 a share
was paid Dec. 31 1924, covering the period from M ay 26 1924 to D ec. 31 ’24.
BONDS.— See 188a mortgage abstracts, V. 47, p. 82; V. 78, p. 1448
The Weatherford Mineral Wells & Northwestern ($660,000 5s of 1902) are
guaranteed, principal and interest, by endorsement. V. 78, p. 344. The
$100,000 Denison S Pacific Suburban 5s are also guaranteed.
l
Louisiana Branch Lines mtg. is limited to $7,000,000. V. 72, D. 577, 1189
The $5,000,000 5s due Apr. 1 1942 o f the Union Terminal C o., Dallas
Tex., are guaranteed Jointly with seven other proprietary companies.
General & Ref. Mtge. Bonds.— Authorized issue not to exceed 1 times
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 o f the new Gen. & Rep. 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 Diredtor-General of Railroads.— Such notes bear interest at the
rate o f 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 o f $5,600,000 gen. & ref. mtge. Series “ A ” bonds. Amount
issued, $4,400,000.
Unsecured Coupon Serial Notes.—-Unsecured coupon serial notes bear­
ing interest at rate o f 6 % per annum were issued to the amount of the
judgments on the unsecured notes o f the Texas & Pacific and int. thereon
to Jan. 1 1924. Such notes wil Ibe dated Jan. 1 1924, will mature in equal




Amount
Outstanding

Par
Value

75,000
240.000
3.285.000
1.595.000
892,985
157.345
285.000
702.000
$5,000,000
1,120,000
1,489.000
950.000
971.000

[V ol. 120.
Last Dividend Places Where Interest and'
Dividends are Payable
and Maturity

Aug
Aug
July
Aug
Apr

6
6

11938
1 1935
1 1943
1 1930
1 1937

None ever paid
So Pao, 165 B ’way, N T
do
do
Oommonw’th Tr Co, Stli

See text
5 g
5 g

3
J

5 g
5 g

&

J

5g
5
6
6
6
6
5

& J •Ian 1 1931
Mar 1 Dec 1 2000

& J July'25-July ’26
F & A Au g 25-Feb 27
M & N To N ov 1 1939
J & J15 To Jan. 15 1935
May 1 1930
Jan 1 1930
J &
Sept. 1 1930
M &
Oct 1 1938
A &

5H g M &
t
4 >* g M S
■
Oi g
4K g
4 g

Bankers Trust Co. N T
Bankers Trust Co, N Y

D June 1 2000

Sept
May
July
July
Sept

1
1
1
1
1

Blair & Co, NewYork
Equitable Tr Co, N Y
New York
Guaranty Tr C o, N Y

1964
1935
1931
1933
1942

Bankers Trust Co. N Y

Penn RR Co, N Y
do
do
do

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 o f 1917, see V. 104, p . 864. Equipment trusts, SeriesGG, V. 119, p. 2065.
The I.-S. C. Comm, in N ov. 1920 auth. the company to issue $477,000
6% Receivers’ Equipment notes, to be dated Sept. 1 1920 and maturing
semi-annually 1921 to 1930. V. I l l , p. 1853.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 1653.
R E PO RT.— For 1924, in V. 120, p. 2542, showed:
1921.
Operating Revenues—
1924.
1923.
1922.
Freight________________$23,930,347 $22,482,491 $2_1,738,482 $24,346,031
7,279,004
7,573.856
Passenger______________ 7,150,275
835,984
645,494
733,475
M a il__________________
794,916
736,776
945,643
934,413
Express________________ 1,047,445
317,960
216,987
302,309
Miscellaneous_________
314,414
676,763
556,185
565,945
Incidental, &c_________
547,183
T otal...______________$33,784,580 $32,592,489 $31,381,795 $35,600,474
Maintenance ofw ay, &c. $4,841,083 $4,571,382
Maintenance of equipt-- 6,471,081
7,273,178
Traffic expenses_______
700,031
625,094
Transportation exp_____ 11,589,114 11,485,278
General expenses_______ 1,767,090
1,157,622
Transportation for inv_ Cr.420,705 Cr.443,753
Miscellaneous operations
294,629
312,857

$5,051,050 $5,748,559
6,544,264
6,712,086
586,305
611,309
11,843,491 13,777,591
1,225,780
1,269,503Cr.76,123
Cr.50,975
319,319
356,831

Total oper. expenses.-$25,242,324 $24,981,658 $25,494,086 $28,424,905
Net earnings___________ $8,542,256 $7,610,831 $5,887,710 $7,175,570
Tax accruals, &c_______ 1,876,696
1,457,832
1,239,339
1,448,182
Operating income____$6,665,560
Other operating income.
714,804

$6,152,998
693,367

$4,648,370
621,590

$5,727,387
650,432

Total oper. in co m e .-. $7,380,364
Hire of equipment______
926,314
Rentals, &c___________
652,438

$6,846,365
979,935
628,896

$5,269,960
1,029,132
611,356

$6,377,819
1,253,238
578,892

Net inc. bef. fix. chgs. $5,801,611
Non-operating incom e-.
346,103

$5,237,535
371,812

$3,629,473
316,130

$4,545,689
341,322

Gross income_________ $6,147,714
Int. on funded debt____ 2,170,339
Int. on unfund, debt_
_
26,376
Misc. rents, taxes, &c_.
72,407

$5,609,347
1,778,841
235,987
161,407

$3,945,603
1,755,683
272,785
144,550

$4,887,011
1,792,166
253,116
101,005

Net income_________ $3,878,591
Pref. dividend------------707,798
Inc. appr. for inv. in
physical property-------------Misc. approp. of inc--------------

$3,433,111

$1,772,584

$2,740,724

2,871,610
561,501

1,262,025
510,559

2,089,447
332,650

$318,627
Income balance---------$3,170,793
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
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., C . W . Veitch. New York office, 120
Broadway.— (V. 120, p. 2542.
TEXAS PACIFIC-MISSOURI PACIFIC TERMINAL R R . OF NEW
ORLEANS.— New Orleans terminals, opened Feb. 15 1916. Formerly
known as Trans-Mississippi Terminal R R ., the stockholders on June 13
1924 changing the name as above.
STOCK.— The Texas & Pacific R y. and Missouri Pacific R R . each owns
one-half of the $2,000,000 stock.
BONDS.— Kuhn, Loeb & C o., N. Y ., in Sept. 1924 sold at 100 and int.
$5,000,000 1st mtge.
gold bonds, Series “ A .” Guaranteed jointly
and severally by endorsement by Texas & Pacific R y. and Missouri Pacific
R R . 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 107>5 and int., upon
not less than 60 days previous notice.
The first mtge.
% gold bonds, Series “ A ,” will be issued under a new
first mortgage of the Terminal R R . 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 fust
mortgage for the acquisition of additional properties to be subjected to the
lien thereof, additions and betterments to the properties owned by the
Terminal R R ., 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% or
the cost thereof.
____
...
The mortgage will provide for a sinking fund of 5% per annum ot the
amount of bonds issued in respect of equipment, for a period of twenty
years after such issue. Y . 119, p. 1283.
.
. „
For cal. year 1924, gross, $225,725; net oper. income, def., $240,742;
other income, $767,722; int., rentals, &c., $533,786; bal., def., $6,675.
Pres., J. L. Lancaster.— (V. 120, p. 1087.)
TIDEW ATER SOUTHERN R R .— See Western Pacific R R .
TOLEDO COLUMBUS & OHIO RIVER RY.— (See Maps Pennsylvania
SR .)— Owns road Toledo Jet. to Toledo, O., 81 miles, and Loudonville to
Coshocton, O.. 45 m.; Sandusky to Columbus, 108 m.; Marietta to Canal
Dover, 103 m ., branch, 8 m. Total owned 345 miles; trackage, Oleve. Oin.
Chic. & St. L. in Sandusky and Columbus, O., 2 miles; N. Y . O. Lines.
B. & O. Jet. to Union Station, Toledo. O.. 2 miles; total. 349 miles

M ay , 1925.]

125

R A IL W A Y STOCKS AND BONDS

R A ILR O A D C O M P A N IE S
\For abbreviations. & c.. see notes on page 6 ]

M iles Date
Road Bonds

Tol & O hio Central— Com stock ($6,500,000 auth).
Preferred stock ($3,708,000 auth)_ _______ _____
_
197
First Mortgage gold (V 53, p 436)__________ Ce.x
Western Division flrst mortgage gold________ N.xc* Text
395
General mtge (V 62, p 594) ($2,000,000) g -.Ce.xo*
60
St Mary’ s Division flrst mtge gold $500,000.-Q.xo*
60
do
flrst pref Inc $500,000 non-oum 4% -Q .r
Equipment trust certificates___________________
do
do
due $120,000 annually_______
do
do
N o. 52 due $144,800 annually.Q
Guaranteed Bonds— Kan & Mich R y— See that oo
230
Toledo Peoria & Western— 1st M (for $5,000,000.) F vo'
Toledo Terminal— First » $6,000,000 g Int guar .Col .x 31.27
>
Toledo Walhondinr Valley & Ohio— See Toledo Colum bus &
Yomblgbee Valley — S e Alabama Tennessee & Nort Uern
T on op ah & G old field — Common stock_________
Preferred stock 7% non-cum___________________
Tonopah & Tidewater R R .— 1st M deb stk certs g gu
Sterling bonds, guar, redeemable 105__________
Toronto Ham & Buff— 1st M g ---------------------- AB.zo* 104.31
Consol 1st M $10 000,000 sk fund guar_________ Gr
’ 42
Transylvania— First mtge gold $500,000 ___ 0.xo*&r
Traverse City RR— See Grand Rapids & Ind Ry—
67
_
Tremont & Gulf— First mtge gold red text_ IC.xo

1885
1892
1894
1901
1901
1913
1917
1920

$100 $5,846,300 See text
100 3,701,400 See text
3.000.
000 g
5
1.000 2.500.000
5
2.000.
000 g
1.000
4g
500.000
1.000
500.000 Oot 1 if
1.000
853,292
4*
240.000
4*
6g
1.448.000

1,000

1.000
1887
1.000 a
1907
Ohio River Ry
Ry
100
100
1905
£100
1907
1,000
1896
1,000
1916
1906 l.OOO&c
1908

When
Payable

Amount
Outstanding

Par
Value

1.000

4.895.000
4,707,000

and M aturity

& J July 1 1935
A & O Oot 1 1935
J & D June 1 1935
F & A Feb 1 1951
earned Feb 1 1951
J 8c J Jan 1 1928
J *
.1 Jan 1926-27
J & J 15 To Jan 15 1935

J

July 1 1917
Nov 1 1957

4g
4H g

1.650.000 See text Various
500.000 See text Various
A & O 15
£500.000
M & S
160.000
&
4 g
3.280.000
2,000.000
8c
41* g
A
434.000
15 s

1*

1.550.000

Last Dividend Places Where Interest and

V

Dividends are Payable

All owned by N Y O RB
All owned by N Y O RB
Oentral Union Tr, N Y
do
do
do
do
Guaranty Trust Co, N V
Second Nat Bank, Toledo
Guaranty Trust Oo, N Y
Guaranty Trust Oo. N Y
July 1 1917 int defaulted
Irv Bk-Col Tr Co. N Y

Mar 15 '24 3% Company's office, Phils
do
do
Mar 14 ’ 25 7%
Ind & Gen Inv Tr,London
July 1 1960
<
xlvn.Mills.Curr& Co, Lon
July 1 1960
/Treas., 466 Lexington
June 1 1946
lA ve., N . Y . City.
Aug 11966
Guaranty Trust Co, N T
Jan 1 1956

8c A Feb 1 1948

New York and Chloagc

a Additional 293,000 in treasury.

Pennsylvania Co. owns the entire $12,000,000 capital stock and leases
the property for net earnings, and guarantees the bonds o f the old cos
V. 92. p. 1702: V 93. p. 106.
To be merged into Pennsylvania Ohio & Detroit R R . See that company
above.
IN C O M E.— For calendar year 1924, gross income, $680,686; deductions,
$200,686; dividends, $480,000.— (V. 120, p. 2009.)
TOLEDO & OHIO CENTRAL R Y .— Mileage as o f Dec. 31 1923:
Miles Second Indus- Yard Tr'k. Total
Mile­
Main
trial
Sidings,
of
age.
Road.
Track. Tracks.
Ac.
287.90
Toledo to Bremen_____________ 160.09
121.44
1.63
4.74
Whitmore to Thurston________ 158.52
262.91
5.32
90.61
8.46
New Lexington to Corning______ 12.33
12.14
30.45
____
5.98
74.52
Peoria to St. M ary's____________59.92
13.65
____
.95
Truro to East Colum bus____________ 4.18
13.67
2.38
____
7.11
2.43
D oty to Mine 24_______________
.92
1.22
.................. 29
•Corning to Cbauncey__________ ____
39.98
23.67
____
16.31
At Carrington, Ohio___________ ____
____
____
.72
.72
Total mileage_______ _____ ..395.96
6.95
43.84
265.83
712.58
Owns all stuck and bonds of Zanesville & West. R y., 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 R y . stock, issuing therefor demand or one-year notes
for $8,719,012. V. 100. p. 1250.
New York Central R R . owns $3,701,400 pref. and $5,846,300 common
stock— all the capital stock outstanding— the balance authorized Is held
by the Toledo & Ohio Central Ry. V 90, p. 771, 1095: V, 92, p. 804.
The directors of the N . Y . Central R R . on Dec. 14 1921 authorized the
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.
D IV ID E N D S — (1909. 1910. 1911. 1912-13. 1913-21. 1922. 1923.
•Common (% )--------- ■ 1
{
71*
5
5 yearly
None
9
5
Preferred ( % ) --------- 1 5
7l
A
5
5 yearly
None
5
5
GU ARAN TIES.— 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. I l l , p. 2521; V. 112, p. 163.
R E PO R T .— For 1923, total income, $1,905,124; interest and rentals.
$1,300,519; pref. divs., $185,070; common divs., $292,315; bal., sur., $127,220.
Pres., P. E. Crowley; Sec., E. F. Stephenson; Gen. Treas., M . S. Barger;
Com pt., W . C . Wishart.— (V. 117, p. 81.)
TOLEDO PEORIA & WESTERN R Y. CO .— (See Maps of Penn. RR.)
— Owns from Ellner, Indiana State line, to Warsaw, lii., 220 miles; La
Harpe to Iowa, 111., 10 miles; jointly with Wabash, 1 mile; trackage at
Peoria and Burlington, la., 17 m.; total, 248 miles. Stock, $4,500,000
(par $100); outstanding, $4,076,900. of which the Pa. Co. and O. B. & Q.
each own about $2,011,200. Mortgage abstract, V. 45. p. 242.
In July 1917 Pres. E. 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 C o., N . Y . City
Majority deposited. V 104. p. 1046: V. 105. p. 73. 390.
The I.-S. C. Commission has placed a tentative valuation of $7,118,684
o n the total owned and $6,967,921 on the total used property of the com­
pany, as of June 30 1917.
R E PO RT.— For 1923, gross, $1,826,217; ry. oper. deficit, $282,475:
other income, $82,488; deductions, $266,444; bal., def., $466,431. V. 118,
p. 1269.
For latest earnings, see “ Railway Earnings Section” (issued monthly).—
(V. 120, p. 2682.)
TOLEDO SAGINAW & MUSKEGON R Y .— From Muskegon, Mich,
to Ashley, M ich., 95.91 miles. The Grand Trunk of Canada owns the
$1,600,000 stock and also the $1,662,000 bonds. V. 71, p. 85; V. 72, p. 338,
TOLEDO TERMINAL RR — Owns belt road, 28.77 miles (Including two
bridges), with 2 V*-mlie branch 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%
o f 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 1924, gross, $1,513,047; net oper. income, $341,615; other
income, $349,960; interest, rentals, &c., $344,809; bal., sin1 $346,766.
.,
A . B. Newall, Pres. & Gen. M gr.; D . C. Follas, Sec. & Aud.; C . H.
M cKeand, Treas.— (V. 120, p. 1745.)
TONOPAH AND GOLDFIELD RR. CO.— Owns Tonopah Junction
via Tonopah to Bullfrog Junction, N ev., 89 miles; trackage, 9 miles;
branches, &c., 14 miles. V. 82, p. 80. Tentative valuation, V. 113, p.1054
DIVS. '12. T 3. '14. T5. T6. T7. T 8 / ’ 19. '20. '21. '22. '23. ’24.Mar.’25
C o m . .. 2
74* 7 104* 7 34* 104* 7
7
0
0
7
3
P r e f... 7 7 7 7 7 7
7 7 7 0 0 7 7
7
A sink, fund retired to July 1 1917, all the $1,150,000 bonds theretofore
iwued under the $1,500,000 mortgage o f 1906. V. 105- p. 717; V . 82, p.80S.




REPO RT.— For years ending Dec. 31'
Oross
Total Net
Int.
Pf. Divs. Com. Div. Balance,
Earns. Income. Rents.Ac.(.7%p.a.) (7%p.a.) Sur. or Def
______
$36,694
1924
$360,218 $48,066 $11,372 ______
1923
412,746 336,116 10.875 $35,000 $115,500 sur.74,741
_________ sur.66.083
1922
420,997
77,809 11,726
1921 ................... 378.942
118,618 11,160
________ sur.107.459
1920 __________ 464,180
76.420 8.812
35.000 *115 500 def. 82 892
Pres. & Gen. M gr., M . B. Cutter; V .-P ., W . L. Haehnlen; Sec. & Treas.,
Wm. F. Henshaw, Bullitt Bldg., Philadelphia.— (V. 118, p. 1269.)
TONOPAH & TIDEW ATER R R .— Owns Ludlow, Cal., on the AtchJ
Top. & S. Fe., to Beatty, Nev., 169 miles; extension proposed to Tonopah,
Nev., 110 miles. Acquired the Bullfrog-Goldfield R R . in 1920. V. I l l , 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. & Gen M gr., O. B. Zabriskle;
Sec., M . R. Musser.— (V. 113. p. 1054.)
TORONTO HAMILTON & BUFFALO R Y .— Owns Welland Junction
to Waterford Junction, Ont., 80 miles; Port Maitland on Lake Erie. Ont.,
north about 20 miles to Smlthville: trackage, 4 miles. Operates car ferry
between Ashtabula and Port Maitland In connection with N. Y. Central
Lines. V. 106. p. 930.
STOCK.— Authorized, $5,500,000, $4,512,500 outstanding, held by
New York Central system and Canadian Pacific, the last named on
Dec. 31 1924 owning $1,224,600 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 14*% (quar.) was paid; 1914, Jan., April and July, 14*%;
none then to Jan. 1917, when 14*% was paid; April 1917 to Jan. 1919,
5% p. a. (14*% quar. J .). In April. July and Oct. 1919 and Jan 1920,
paid 14*%; 1921, 6% ; 1922, 6% ; 1923, 6% ; 1924, none.
BONDS. — Under traffic agreement with N. V. Central, Michigan Cent.
Canada 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 Ac
V 101, p 528;
V. 99, p. 1750. Canadian Pacific R y. Co. owns 1,000,000 of outstanding
bonds. The Michigan Central R R . C o., Canada Southern R y. Co.
and 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 Oentral might guarantee such of the Toronto Hamilton
8c Buffalo bonds as It may itself own or acquire, it is not permitted, under
the Ohio law, to make a Joint guaranty with the other proprietary com.
panies. See V. 101, p. 1975, and Oau. Pac. V. 103, p. 1508; V. 104. p.1148Col.
Gross
Net (after Other
Charges.
Balance.
Year— Revenue.
Taxes).
Income.
Ac.
Dividends.
Surplus
________ $178,275
1924— $2,530,475 $143,879 $286,487 $252,091
1 9 2 3 ... 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. 118, p. 2439.)
TRANSCONTINENTAL R Y .— See Grand Trunk Pacific R y. above.
TRANSYLVANIA R R .— Hendersonville to Lake Toxaway, N . O., 42
miles. Leased to Southern R y. 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 R Y .— Owns Tremont to Wiunfieid, La., 48 miles,
Menefee to Rochelle, 18.47 miles; total, 66.74 miles. Stock authorized,
$5,000,000: outstanding, $2,000,000; par. $100. Of the bonds ($5,000,000
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 improvements, &c., under restrictions contained in the
mortgage. V. 88, p. 1314. For 1923, gross, $613,492; net, $75,359; other
income, $16,450; fixed charges, $99,519; bal., def., $7,710. Pres., J. S.
Joyce. Chicago; Sec., Frank P. Stubbs. Jr.. Monroe, La.— ( V. 113, p. 1889.)
T R IN IT Y & BRAZOS VALLEY R Y . 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 .I. & 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. R y. Co. also agreed to pay for on May 1
1935 (date of maturity of Col. & Sou. refunding and extension mtge )
one-half of the 1st mtge. bonds and other securities of the Tr. 8c R V Rv
V. 80. p. 1423, 2622; V. 82, p. 930, 986; V. 99, p. 1529. This latter obliga­
tion was disavowed by receivers of the Oh. 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 half
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 R y.
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 $30,000 per mile, all to be deposited
as issued under Col. & South, refunding mortgage; outstanding Dec 1923
$8,760,000. During 1919 the Colorado & Southern R y . Co. and the Chicago
Rock Island 8c Pacific R y . Co. canceled all of the outstanding and unsecured
6% certificates of indebtedness theretofore issued by the Trinity 8c Brazos
Valley R y. Co. under the provisions of the agreement of March 31 1906 for
advances made to cover deficits in the Income of the Trinity 8c Brazos Valley
Ry. Co. from June 1 1907 to June 16 1914. Inclusive. The 5% equip, bonds
of 1007 are guar. Jointly, p. 8c 1., by Ool. 8c Sou. and Chic. R . I. A p
V. 84. p . 509.

126

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, <%c.. see notes on page 6]

Miles Date
Road Bonds

Troy & Green bush— Stock 7% rental New York Cent
6
29
Tuckerton RR— 1st M ext 1910 red 1920 at 105----- o’
Ulster & Delaware— Cons M for *2.000,000 -g-Ce.o*
101
Refunding mortgage *3,200,000__________ G.o*Ar
Unadilla Valley— First M *200.000 gold redeem at 110
19
Union Pacific RR— Common stock *296.178.700___
Pref stock 4% non-oum *200,000.000 (V 80. p 1364)
First M g RR A land grant *100,000.000 g ___ Bax 2.090
Bonds redeemable (text;______________________ Bax
FlrstLlen & Ref mtgered 107
Ea.xo’ &r* 3 SS«
do
do
do
_____________________ 3.556
do
do
do
sterling________________ 3.566
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 KR— See U f* Mteei Oorp under “ industrials'1
Union S tation Co o f C hicago— See Chicago Union 8tatto
Union Spiings & Northern— See Birmingham A South easter
Un Term C o, Dali— 1st M red 105 beg '22 text.CCyc*
—-

Par
Value

Amount
Outstanding

Rate
%

1897
1907
1908
1908
1908
1918
1920
1922
1923
1924

275.000
$100,000
2.000.000
1.000.000
200. non
l o o 222.291.600
100 99.543.500
500 &o 100.000.000
500 Ac 26 835 .225
b63 861 500
$
1,000 20.ooo.ooo
t
1,979,285
1.000 20.000.000
1.000 8,330.000
1.000 6.800.000
1.000
5 087 000
1,000 3,000,000

7
5
5g
4z
4g
10
4
4e
42
4a
5g
4g
6g
7
5
4*4
4'A

n Co
n
1912

$1,000 $5,000,000

6g

60
1880 $ >00 &o
1888
1.000
1.000
1902
1904 1,000 Ac

When
Payable

[V ol. 120,
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

J A D 15 June 15 ’ 25 3 X
J & J July 1 1940
S
./ <c D June 1 1928
A A O Oot 1 1952
J A J .Tan 1 1984
3—J July 1 ’25 21^%
A A O Apr 1 1 <25 2%
J A JlJuiy 1 1947
J A J|July 1 1927
N A 8|June 1 2008
T
M & S June 1 2008
M A SlJune 1 2008
J A J July t 1928
S
.7 <c D To June 1 1934
M < 8 Mar I '27 to '37
&
M A N 1928 to 1988
M & S 1929 to 1939
A

A

o Apr 1 1942

Troy. N Y
Camden (NJ'S D A Tr, Co
Central Un. Trust Co.N Y
do
do
Bankers Trust Oo. N Y
Office, 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

OontAOom TrA8 Bk. Ob

b Union Pacific RR on Dec 31 1923 owned an additi onal $ 14,098 ,000.

For year end. Dee 31 1924, gross, 82,665,186; oper. income. $174,100
other income, $16,808 deductions, $308,010; bal., def., $117,101. l’res.
Receiver A Gen. M gr., John A . Hulen; Sec., D . O. Haggart;Treas., R. G
Ballinger.

For latest earnings, see “ Railway Earnings Section” (issued monthly).
Office. Houston, Texas.— (V. 118, p._ 2706.)
mile;,

TROY S (1REENBUSH RR.— Owns from Troy to Rensselaer, 6
r
double track; leased to the Hudson River RR. Oo. in 1851 at 7 % on
OOOstock. lease assumed by N. Y . Gent. RR . Dec. 1914.— V . 106.
TUCKERTON RR.— Owns Whitings Station to Tuckerton. N. J.,

$275.p-924

29 m
Stock authorized, common. *12.6,000: pref *600.000- outstanding, com
mon. $106,868: pref., $445,375: par. $50. Year ending Dec 31 1923. gross
$130,831; net oper. income, $16,188; balance, $8,738. Pres., Theop. P.
Price, Tuckerton; Y.-P. & Treas., Wm. Selfridge, Phila.; Sec., G. J. Bause,
Philadelphia.— (V. 113, p. 2186.)
ULSTER AND DELAWARE RR. CO. (THE).— Owns from RingstonPoint (on Hudson River), N. Y ., to Oneonta, 107.03 miles, with branches,
a total o f 128.88 miles. V. 74, p. 42. Stock, $3,000,000; outstanding,
$1,900,000; par, $100. As to refunding 4s o f 1902, see Y. 75, p. 667; V.
D IV ID E N D S.— Divs. of 3% declared annually in Dec. 1914 to 1922. incl.
RE PO RT.— For calendar year 1924, in V. 120, p. 2144, showed: Gross,
$1,504,984; net after taxes, $223,978; deductions, $212,753; bal., sur.,
$11,125.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Edw. Coykendall; Sec., H. H. Flemming; Treas., Frank Coykendall. Office, Kingston. N. Y .— (V. 120, p. 2144.)
UNAD1LLA VALLEY R Y .— 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. n. 1499. Lewis R. Morris is trustee. Year 19 4.
ross, $94,920; net oper .def., $14,391; other inc., $3,060; int., rentals, &c.,
9,429; bal., def., $20,760. Pres., Lewis R . Morris, 27 Cedar St., N . Y .—
(V. 117, p. 440.)
UNION PACIFIC RR. CO.— (See M ap.)— The lines operated on Dec. 31
1924 aggregated 9,526 miles o f road (with 1,500 miles o f additional main
track and 3,648 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 DeducTotal
&c. Rights. tions- Operated
Dec. 31 1924—
Owned. t ntlij.
3.688
3
3
16
7
Union Pacific R R __________ 3,673
Capital Stock Owned (see each co.)13
2,414
x237
54
Oregon Short Line R R ______2,218
77
306
2.236
Ore.-Wash. R R . & N . C o .-.2,006
95
y248
...
1,208
1
132
Los Angeles & Salt Lake R R . 1,075

f

9.546
81
467
309
335
Total____________________ 8,972
x Leased from Oregon-Wash. R R . & N av. Oo. y Includes 237 miles
leased to Oregon Short Line.
H I S T O R Y . — I n o o r p . in Utah in 1897 p e r plan of Oot. 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 the sale o f 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
mtire holdings of $42,547,200 Baltimore A Ohio stock (one-half pref.) of
the Penn. R R . The remaining $88,357,600 So. Pac. stock formerly owned
was deposited with a trustee, which Issued certificates o f 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. In 1916 reported net profit of $16,099.290 from sale of Southern Pacific Co stock.
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. See V
#7. p. 177. 445 662. 730. 1288 1904: V. 99. p 895 1675' V Q p 1543
.5,
Relations with Southern Pacific in regard to Central Pacific R y., see
1,-8. O. Commission decision in V. 116, p. 685.
SECURITIES OW NED.— On Dec. 31 1924 the company and Its sub­
sidiaries held: (1) In affiliated companies: (a; stocks, $34,257 803: (b) bonds
and notes, $19,218,590; (2) In outside companies’ stock, $77,432,047, and
their bonds, notes and equipment trusts, $89,136,261; (3) U. S. Liberty
bonds, $34,309,800.
Some of Principal Securities Owned as Aforesaid Dec. 31 1924 Face Value.
‘
B.A O. R R . com. & pref. $5,400,027 Illinois Central (Concluded)—
Joint Ref. 5s ($5,Bonds A equip. 4 .
6,525,000
000,000), Sec............. 6.740.000
O. * Alt. RR. Gen.Mtge.
6s C$8 417.000). &c 9,228.000 N. Y . Cent. R R . stock.w$22.000,000
-----------Impt. ■ ■ ■ H s. 3,000,000
Ref. &
■ M. 4 "
Preferred stock_______ 9,093,100
Convertible 6s_______ 7.000.000
O. & N . W. R y. com. stk. v4,420,600
Gen.M. ($4,500,000). Ac. 7,070,200 Penn. R R . Var. b’nds, Ac 7.600.000
Oh.MU.A S t.P.R y.pref.. x l,845,000 BR. Secur. Co. stock s.. 5,423 320
Sundry bonds________ 4.975.000 So. Pacific Co. 48, 1949. 6.399.000
S o.P ac.R R .1st ret. 4s. 6.026.000
Oh. St. P. M . & O. deb. 5s 3.700,000
O
D. A H. gold notes. A c . 3,466.000 N Y . Conn. R R . Ist4)*s 3.0' 10. O P
_ 2,600,000
Illinois Cent. com .stock.y24,750,000 Wabash Ry. equip. 5s_
Preferred stock_______ 4,500.0001
v w x y z Amounts Pledged.— Oregon Short Line mtge. covers $4,018,700
of I tern “ v,” $20,000,000 of “ w ,” all o f “ x ” $8,700,000 of “ y .” . See also
"Secured gold bonds" below.
Complete control o f Los Angeles & Salt Lake R R . was acquired In May
1921. V. 112, p. 2307.
STOCK.— In 1901 common stock was authorized to be increased by
1100,000,000, to provide for conversion of First Lien 4s, and on June 15 1907
by *100,000,000, of which *42,857,200 was reserved for conversion of the
•75,000,000 4s of 1907: balanoe for future requirements. See BONDS
below. V. 82, p 1271; V. 84, p. 1115; V. 85, p. 1587.




LATE DIVS.—
f ’06. ’07-’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19-’ 24
Common ( % )_______________i 8 10 y ’ly
9 8
8
8 9H 10 y ’ly
Extra ( % )__________________ l __ ________ t e x t ___ ____ 3
M
______
Jan. 1917 paid 2% and 2% extra, Apr.. July »ud Oct.. 2% and H % extra.
Jan 1918, 2% & 54% ext.: April 1918 to July 1925 2 54% 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
2354% of B. A O. com. held in She treasury and also $3 per share in cash.
V 98. p 157. 238. 454. 525. 840 . 914. 1246. 1394 1531). 1847; Y. 99. p.
Igo
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.
Stockholiers 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 2)4 %> upon
90 days’ notice. V . 84, p. 1115, 1183; V. 85, p. 100, 161.
The 1st lien and refan ling 4s of 1908 are secured by first mortgage
on 1,466 miles of main track, inclu ling the line from Julesburg to La Salle,
Colo., a n i 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 reservel 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 & 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 .1illy 1918 sold an Issue or $20,000,000 lO-year 6% Secured Gold bonds.
Secured (V. 106, p. 2758) by deposit of the following collateral: $2,000,000
Chicago A N. W . R y. Gen. Mtge. 4s and $2,500,000 5s. due 1987; $3,000,000
N. Y Central R R . Ref. & Impt. 454s, due 2013; $1,000,000 Penna. R R .
Consol. Mtge. 454s, due 1960 and $2,500,000 Gen. Mtge. 454s, due 1965:
$6,000,000 Southern Pacific R R . 1st Ref. Mtge. 4s. due 1955; $4,000,000
Balt. & Ohio R R . Ref. & Gen. Mtge. 5s, due 1995: $5,000,000 Illinois
Central R R . Co. & Chic. St. Louis & New Orleans R R . Co. Joint First
Ref. Mtge. 5s, due 1963: $4,000,000 Denver Union Terminal R y. 1st M .
454s, due 1964 (guaranteed jointly and others).
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 n 1181.
In March 1924 sold $3,000,000 454% equip, trust certificates, Series
” D ,” due serially 1929 to 1939.
Guarantees $54,692,940 Ore.-Wash. R R . & Nav. 1st & ref. 4s ($175,000,000 auth. issue), not including $17,247,000 in treasury and $45,000,000
Oregon Shore Line R R . refunding 4s. See those companies above. V . 92,
p. 1437; V. 93, p. 1325.
RE PO RT.— For 1924, in V. 120, p. 2283, showed:
1924.
1923.
1922.
1921.
Average miles_________
9,510
9,483
9,406
9,352
Operating revenue____ 199,035,118 211,318,465 192,877,122 200,970,219
Oper. exp. & taxes____ 156,098,495 165,843,930 157,111,055 160,899,062
Net revenue_________ 42,936,623
Net from operations____ 37,913,161
Other income___________ (16,226,202
Income from inv., &c_ \
_
Total income________ 54,139,363
Fixed charges, &c______ 18,394,838
Preferred divs. (4 % )___ 3,981,740
Common divs. (1 0% )___ 22,229,160

45,474,535 35,766,067 40,071,156
39,660,246 33,496,318 35,316,410
17,513,566 15,749,563 11,941,268
57,173,812
17,270,343
3,981,740
22,229,160

49,245,881
16,915,574
3,981,740
22,229,160

47,257,678
17,204,998
3,981,740
22,229,160

3,841,780
Balance, surplus_____ 9,533,625 13,692,569 6,119,407
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
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 . & Compt., F. W . Charske; Sec., Thomas Price; Treas., Edward G.
Smith; Gen. Counsel, H. W . Clark.
DIRECTO RS.— Newcomb Carlton, Paul M . Warburg, James H.
Perkins. Marvin Hughitt Jr., 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. 120, p. 2283.)
UNION R R ., P ittsbu rgh .— Owns East Pittsburgh to Streets Run and
Duquesne, Pa., 9.92 m.; leased: North Bessemer to East Pittsburgh, Pa..
8.08 m.; P. B. A L. E. R R .; Monongaheia Jet. to Mifflin Jet., Pa., 6.77 m.:
Monongahela Southern R R .; total. 24.77 miles.
STOCK.— Auth. and outstanding, $2,000,000; par, $50; all or a majority
owned by U. S. Steel Oorp.
BONDS.— See U. S. Steel Oorp. under “ Industrial Companies” below
(THE) UNION TERMINAL CO., DALLAS, T E X .— Owns union passen­
ger station at Dallas, Tex., completed Oct. 1916, for use by the M o. Kan. A
Texas, Texas & Pacific, Houston & Texas Central, Gulf Colorado & Santa
Fe (Atchison T. & S. Fe system), Trinity & Brazos Valley, St. Louis & San
Franoisoo, Chicago Rock Island & Pacific and St. Louis Southwestern
lystems, each owning Hth of the $48,000 capital stock. Under 99-year
operating contract the company handles the passenger business of the aforetald companies, who discharge all its expenses, liabilities and receive all
income. In Dec. 1915 the Trinity A Brazos Valley Ry. Oo. had dis­
continued operating trains Into Dallas, but while it Is not released from
tny of Its obligations under the operating agreement, its obligations
will as agreed, be discharged by the remaining companies. V . 101. p. 1887.
Covers about 1 Vi city blocks on 10
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 o f the bonds ($5,000,£-

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128

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
United N J RR & Canal Co— Stock 10% guaranteed.
General mortgage of Loan of 1929 gold______xc&r
1871 for $20,000.- Loan of 1944 gold _
xc&r
000
(now first Loan o f 1951 gold guar____x)
mortgage) FP se- Loan o f 1948 g p & i gu.xc&r
-see New York Central RR
Utica & Black River—
Utica Chen & Susa Val —Stock 6% guar by D L & W
Utica Clinton & Binghamton— Common s t o c k ------First mtge guar p & 1 by Del * Hud (e n d )_ N xc
_

Miles Date
Road Bonds
167

1889
1894
1901
1908
1923

97

100 21,240,400
1,000
6.020,000
1,000
5,646,000
1,000 5,669.000
1,000
841.000
1,824,000

Rate
%

1910

100
50
1,000

3.193,000
i. o o o tnon
1.500,000

-___
1901
1923
1885

100
100
1,000
1,000
1,000

2.856,500 See text
2.142.800
5
677.000
5
1,845,000
6g
1.323.000
5g

1913

1.000

___

524.000

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

10
c — i Apr 1 ’25 214 Offices, Penn R R , Phila
s Sept 1 1929
do
do
4g M
do
do
4 g M & s Mar 1 1944
do
do
fc
3 A g M < s Mar 1 1951
M < s Sept 1 1948
do
do
fe
4g
4)4 g M & s Feb 1 1973

4.000.000
6
649,224 See text
5
800.000
5
200,000
750,000
5

M A
F AA
,T A
J
J A

A
6
J
4H g A

6g

1903 1,000 &c 2.000,000
5g
5.000.000
1908 1.000 Ac
5g
100 31,271,500 See text
100 27.955.000
6
1912
100 Ac 47 844.000
5g
l.n n o
1920
2 600.H O
O
6g
5g
1923
1,000 4.Q40 000
1920
6
1,08/,000

000) have been issued under said agreement, guaranteed prin. and int..
Jointly and severally, by the eight proprietary companies. V. 98, p. 1073.
1158, 1394; V. 103, p. 146. In 1915-16 William Salomon & C o., N. Y „
offered these bonds. V 101. p 1887; V 102, p 1164, 1898. Notes extended
V. I l l , p. 1662; V. 117, p. 89; V. 119, p. 199. Pres., J. L. Lancaster.
Dallas, Tex.; Sec., A. S. Steirer, Dallas, Tex.; Treas., M . L. Buckner.
Dallas, Tex.— (V. 119. p. 199.)
UNITED AMERICAN R Y S ., INC.— (Y. 118. p. 3080.)
UNITED NEVt JERSEY RAILROAD & CANAL CO.— (See Map Penn
RB .).— 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.; Dei. & Raritan Canal, from Bordentown to New Brunswick. Ac..
66 m.: Phila. A 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 stock. Interest on bonds, taxes. Ac.
Of the $21,240,400 stock outstanding, the Penn. RR. od Dec. 31 1924
owned $1.350.000.
E A R N IN G S.— For year 1924. gross, $2,969,823; deductions, $845,680.
dividends, $2,124,040; bal., surp., $103.— (V. 117, p. 1557.)
UNITED RAILROADS OF YUCATAN.— (V. 119 p. 2527.)
UNITED RAILW AYS OF THE HAVANA & REQLA WAREHOUSES
LTD.— (V. 117, p. 2105.)
UTICA CHENANGO A SUSQUEHANNA VALLEY R Y.— Owns Utica
N . Y .. to Greene, N. Y ., 75 miles; branch to Rlohfield Springs, 22 mile'Leasedto Delaware Lackawanna & Western at 6% on stock. No bonds
—(V . 106. p 601 >
UTICA CLINTON & BINGHAMTON R R .— Owns Utica, N. Y .. to
Randallville, 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 $1001. $200,000 of which
is guar, by Del. & Hudson 5% per ann. (guarantee endorsed on face of the
certificate); balance, variable— 3M % , 1898 to 1912, incl.; 1913, 4% ; 1914,
3M % ; 1915 and 1916, 3%%\ 1917, 3 K % ; 1918, 3 K % ; 1919, 3M % ; 1920,
3 % ; 1921, 3M % : 1922, 3% ; 1923, 3% ; 1924, 3% .— (V. 118, p. 907.)
VALLEY (N. Y.) R R .— Binghamton, N. Y., to State Line of Penna.,
11 miles. Leased to Delaware Lackawanna & Western at 5% per annum
on stock.— (V. 119, p. 1735.)
VANCOUVER, VICTORIA & EASTERN R Y . & N A V IG A T IO N .—
Passenger and freight terminal at Vancouver. B. C .— (V. 103, p. 2080.)
VERMONT & MASSACHUSETTS R R .— Road. Fitchburg to GreeD
field. Mass., 56 miles of double track branch, 3 miles. Leased to Boston &
Maine R R . for 999 years from Jan. 1 1874 at 6% on stock and organization
expenses.— (V. 79, p. 2589; V. 106, p. 818.)
VERMONT VALLEV R R .— Owns Bellows Falls to Brattleboro, Vt
24.69 miles. Controlled and operated by Boston & Maine R R ., which owns
entire stock, the Vermont Valley receiving earnings over charges with a
guaranty o f 4% on stock. V. 76, p. 214; V. 94, p. 1628. Owns all stock
of Sullivan County R R ., Bellows Falls to Windsor, Vt., 26.04 miles. In
March 1911 acquired control of the Montpelier & Wells River, Barre and
Chelsea RRs.. Incl., with spurs, 68 miles. V. 92. p. 528. 860. Dividend,
long 6% : 1904. 8% : 1905 to July '16. incl .10% yrly.; '17-T9, none; '20, 4% ;
1921,4% ; 1922, 4% ; 1923,4% ; 1924, 10%.
Bonds ($1,500,000 1st 4 yss of ittiui aie secured by first lien on road. 24
miles, and additionally by deposit of S700.000 Connecticut & Passumpslc
Rivers RR and $100,000 Massawippl Valley Ry stock. V 9] 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 o f the M ontp. &
Wells River and Barre and Chelsea roads; these are guaranteed by the
Connecticut River R R . and endorsed by B. & M. R R ., and were extended
to Aug. 31 1916. Entire issue owned by Boston & Maine R R . 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.)
Interest,
Balance,
Calendar
Gross
Net Railway
Other
Rents, &c.
Surplus.
Years—
Earnings.
Oper. Inc.
Income.
$206,020
$145,854
------ ~~ $221,335
$130,539
1924
.$855,160
$206,020
$43,969
$115,708
$134,281
1923 _______ $855,565
— (V. 115, p. 1733.)
VICKSBU RG SHREVEPORT & PACIFIC R Y . CO.— Delta, La., on
Mississippi River, to Lorraine, La., 188 miles.
The stockholders on April 1 1925 approved the lease of the road to the
Yazoo & Mississippi Valiev RR - under tne guarantee o f the Illinois Central.
BONDS, See.— Of the $3,500,000 general 5s, $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 cancelled. 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 l and int. on or prior to N ov. 1
A
1928 at 105 and int. after Nov. 1 1928 and on or prior to N ov. 1 1963, and
at A o f 1% less than 105 and int. for each succeeding year
Of the $1,845,000 series " A " bonds issued, $1,245,000 were issued in
exchange for a like amount o f 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.
D IV S.—
’13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18-’20. ’21. ’22. ’23. ’24.Apr.’25
Common__________
2
0 0
0 2 K 2 ^ y ly . 0
0 2A
4
lA
Preferred________ 5.5 5-5 0
5
5 5 yly. 2 ^ 5
5
5
2H
R E PO RT.— For 1924, in V. 120, p. 1743, showed:
Year—
Gross.
Total Inc. Int., &c. Pref. Divs. Com. Divs. Surplus.
1924 ____$4,259,264 $740,025 $419,896 $107,140 $114,260 $98,729
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
1921_____ 4,151.552
735,286
417,322
53,570
264,393
For latest earnings see “ Railway Earnings Section” (issued monthly).
Pres., L. A . Jones; Sec. & Treas., Udolpho W olfe.— V. 120, p. 1745.




Amount
Outstanding

100
100
1,000
100
100

31 1889

Valley (N Y)— Stook 5% guaranteed by D L A W ___
11
Van Buren Bridge— See Bangor & Aroostook RR
Vandalia R R — See PIttsb CIn Oh & St Louis RR
Vara Cruz 5c Isthm us— See National Railways o f M exlco
59
Vsrmont & Mass— Stock 6% guar by Bos & M aine..
24
24
First mortgage $1,500,000 g old --------------BB.zo&r
See Alabama & Vicksburg
Vicksburg & Meridian-—
Vicksburg Shreve & Pac Ry— Com stock $3,000,000188
Preferred stook 5% non-cumulative $2.200,000----General mortgage $ 3 .5 0 0 ,0 0 0 -.--.................. F.xo*
188
Ref & Impt mtge Series “ A ” red (text)________ zc*
§£§ Vicks Shrev A P RR prior Hen ext ’ 15 at 5% g.Ce.xc*
188
Virginia Air Line— See Chesapeake A 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 V a l C A C ........ Gx
136
First Consolidated mtg $7,000,000 gold . O.xo'&r*
209
_
_
Virginian Ry— Common stock auth $40,000,000____
_
_
Pref »*-nok $35,000,000 auth 6% cum red text___
First M $75 000,000 g S e r 'A " red at 110F.xc*Ar*
470
Equir> trust cert Ser “ C ” due $260,000 s-a______c*

Par
Value

[V ol. 120.

N M ay 1 1925 3%
10 See text
J .T'llv 1 1P39
D D ec 1924 2H %
j Jan 2 ’25. 2 A %

D L A W R R , New York
Utloa (N Y ) City Nat Bk
New York Trust Co. N 1
Del Lack AW estern.N 1

A o Apr 1925 3% 53 Devonshire St, Boston
(V J
Safe Dep A Tr Co. Boston
A o Got 1 1940

A
A
M
M
M

& o Apr 1 ’25 1)4
& o Apr 1 ’25 2 A
A N May 1 1941
N Nov 1 1973
A N Nov 1 1940

J

A

J July 1 1943

J A J Jan 1 2003
A A O Apr 1 1958
See text Dec 31 ’24 4%
F & A Feb 1 1925 3%
M A N May 1 1962
A & O Oct ’25-Apr ’30
M A. N
t
.T S. .T IS T o Jan 15 1935
r

Treas. office. New Or'
Treas office. New Orl
Farmers L & T Co, N Y
Nat Park Bank. N Y
Central Un Tr Co, N Y
Safe Dep & Tr.

Balt

Guaranty Trust Oo, N I
do
dc
. . . . . . . . . . ___ ___ _____
Farmers' L A T Co A Lon
New York and Phila

V IRGIN IA & CAROLINA SOUTHERN R R . CO.— Owns from Lumberton, N. C ., north to Hope Mills, 25.23 m .; St. Pauls. N. C ., to Eliza­
bethtown, 27.71 m.; Lumberton Jet. to North Lumberton and East Lum­
berton, 3.86 m .; sidings, &c., 7.42 m.; total, 64-66 m. Stock, $141,000;
majority owned by Atl. Coast Line. Year ended Dec. 31 1924. Gross,
$168,754; net oper. income, $32,505, int., &c., $26,924; bal., sur., $6,236.
Pres. & Treas., A. T . McLean; Sec., Dickson M e Lean. Office, Lumberton.
— (V. 118, p. 909.)
VIRGINIA & 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.; trackage, 22 m.; total,
225 miles. In 1908 Southern Ry. purchased the $2,(0),000 stock at $20C
per share and cn July 1 1916 took a lease of the road for one year and from
year to year thereafter until terminated by either party, at a rental equal
to Int. on bonds and equip, trust obligs. V. 87, p. 98; V 103, p. 321. D ivi­
dends 5% each paid June 1912, June 1913 »nd Feb.. June and Dec. 1914
Jure and Dec. 1916 and June 1916. Virginia Iron, Ooai & Coke Co. guar
1st M oonda, p. & 1. V. 75, p. 348, 398, 736; Y . 76. p 273. Of the first
consol 50-year 6s ($7,000,000 auth. Issue), dated April 1 1908, $2,000,006
are reserved to retire 1st 5s. V. 86, p. 1102, 1161. 1187; V . 87. p. 1606
V. 93. p. 1192.— (V. 115, p. 2478.)
VIRGINIAN RAILW AY CO. (THE)— (See mop.)— The main line of the
road extends from Deepwater, on the Kanawha River, in West Va., to
Sewall’s Point on Hampton Roads, near Norfolk, Va., a distance o f 441 miles.
Winding Gulf branch, Mullins, W. Va., to Willabet, 33 miles; other lines
owned and leased, 50 miles; trackage rights, 21 miles; total, 545 miles. On
Sept. 1 1922 leased for 999 years the Virginian & Western R y. V. 115, p.
870, 989.
Proposed lease to Norfolk & Western R y. C o.— See that company above.
Road taps the Pocahontas and New River coalfields, and forms ''the short
est possible route to tidewater over the lowest grades.” From Princeton,
the main coal-gathering yard, 350 miles west o f Sewell’s Point, the eastbound grade does not exceed 0.2 of 1% , or 10)4 ft. per mile, except for a
9-mile section over the Allegheny Mountains, where the maximum grade
is 0.6 of 1% , or 32 ft. per mile; on this section a pusher is used. On*
lo c o m o t iv e will haul 80 loaded 5 0 - t o n c o a l oars o r 4 .0 0 0 tons o f c o a l Der train
Tentative valuation as of June 30 1916. $55,862,622. To electrify 213
miles of track, V. 116, p. 2008; V. 120, p. 2264.
.
STOCK.— Pref. stock is redeemable as an entirety at any time after 3
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 on 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 31 1922. V. 115, p. 1101.
D IV ID E N D S.— On common initial div. of 4% was paid Dec. 31 1923
same amount paid Dec. 31 1924.
BONDS.— The first 5s of 1912 ($75,000,000 auth. issue) are a first lien
on all property owned or hereafter acquired, including terminals and
equipment. The remaining $27,156,000 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, P- (14. 1270;
V. 98. p. 454, 1539; V. 102,.p. 252; V. 105, p. 2186; V. 118, P - 3199.
Equipment trust 6% certificates of Apr. 1 1920, V. llO , p. 1291. Series
“ D, V. 116, p. 2008.
Equipment trusts issued to Director-General for rolling stock allocated
to this company, see article on page 3.
Government loan, V. I l l , p.794, 1371.
R E PO RT.— For 1924, in V. 120, p. 2264^showed:
1Q21
1924.
Freight revenues_______ $16,873,194 $18,093,633 $16,956,023 $15,681,361
1,133,681
970,592
1,089,195
Pass., mail & express______________ 1,041,575
1,101,034
1,082,829
1.253,801
Other transportation______________ 1,100,669
Railway oper. revenue$18,988,439 $20,328,348 $19,009,444 $18,024,357
M aint.ofw ay& stru ct.. $2,490,590 $2,219,868 $2,193,206 $2,547,898
3,902,349
4,838,605
5,344,302
Maint. of equipment_
_ 4,077,656
5,540,613
4,902,969
5,536,112
Transportation, rail line 5,141,383
414,868
504,610
511,139
Other expenses________
499,817
Net railway oper. rev . $6,778,992 $6,716,927 $6,570,052 $5,618,629
1,043,175
1,528,916
1,181,790
Taxes_________________
1,390,228
370
291
2,426
Uncollectible ry. rev____
916
Railway oper. incom e. $5,387,848
Rent of tracks, &c______
71,174
Dividend income_______
51,667
H ireof equip, (net)_____
102,049
Other income__________
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

$4,575,084
63,727
301,265
118,396
316,202

Gross Income_________ $6,948,833
Int. on funded debt, & C - 2,818,537
Disc, on bonds & n otes-.
114,452
Rent of tracks, &c______
665,026
Tax on bond int. & m isc.
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

$5,374,675
2,126,709
77.219
215,438
17,576

Net income_________ $3,315,141
$3,671,445 $3,408,033 $5,245,827
Preferred d ivid en d s..(6% )1,677,300 (6)1,677,300(8M)2306088 (6)1,677,300
Common dividends_ ($4) 1,250,860 ($4) 1250,860
_
----------------Balance, surplus_____
$386,981
$743,284 $1,101,745 $3,368,527
For latest earnings see “ Railway Earnings Section” (issued monthly).

129
RAILWAY STOCKS AND BONDS
May, 1925]



130

B A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
W abash Railway Co—
Common stock, $68,955 000 a u th ________________
Pref stock A 6% prof-shar. red 110 aft 6 yrs (text) _
Conv 5% pref stock B red 110___________________
First mortgage gold ($34,000.000)_________Ce.zc*
Second mortgage gold______________________ Mp.xc
Deben mtge Income non-cum Series B not red Ba
R ef & gen mtge gold Ser A red (text)______ xxxc*&r*
Detroit & Chicago Ext 1st Id g s I red 110 -,-C e.zo*
Dea Moines Dlv IstM g*l,800.000 (V68.p574)N xc*
Toledo A Chicago Dlv mtge g $3,000,000 ..C ol.xo*
Omaha Dlv $3,500,000 gold (V 75. p 686) --E a.xc»
1st lien terminal mtge $10,000,000) gold..B a.xc*& r
Kan City Exo Sp A Nor M g guar (V 79 p 2697) .«
Columbia * St Louis S30O noo gold guar p & l.SSt x
Secured gold notes red 100_______________ „_ .P h P
Equipment gold notes, due $755,400 yearly______ Q
do
do
due $283 000 yearly______ CP.c*
do
do
due $35,709 seml-ann____________
Equip trust ctfs due $134 000 ann_________ xxxc*
do
do
due $203,443 semi-ann___________
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*
N ote to Dir-Gen o f HR___________ ______________
Wabash Chester & Western— First mtge gold----- «o*
First consolidated mortgage *1.000.000 g ._ SSt.xo*
Warren (N J)— Stock 7% perpetual guar D L 4 W —
First ref mtge $2,000,000 g gu p & 1------- F.xo*&r
Washington & Columbia River— See Northern Paolflc
Washington County— See Maine Central RR
Washington & Franklin— 1st M $475,000 g lnt rent. .i
Washington Ohio & Western— See Southern Ry
Wash Ter— 1st M g gu($2.000,000 4s) (text) .Us.xo*&i
Wash & Vand— 1st M $1,500,000 g gu p&l.SBa.xc*
Weath Minn Wells & Nor— 1st M gu end itext)------Nx
West Chester— See Pennsylvania RR

Miles Date
Road Bonds

1.542
1,009
1.542
2,034
160
94
225
144
c
22

1889
1889
1889
1925
1891
1899
1901
1901
1904
1901
io n ?

1925
1920
1922
1922
1923
1924
1924
1924
1924
1922
42 1888
65 1893
18
18 1900

_

19 1901
400
41

1905
1907
1902

Par
Value
$106
106
100
1,000
1.000
i non
500&1000
1.000
1,000
1,000
500 dec
1.000 &
<
500
1 nn<
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
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$66,101,325
68,736,600 See texl See text M ay 2 5 ’25
3,655,041
33.891 .000
M A N May 1 1939
5g
13.993 .non
F A A Feb 1 1939
5g
,r A .1 lan 1 1925 3%
210.526
6
12.500,000
5% g M & S Mar 1 1975
A J July 1 1941
i
2,278,000
A J Jan 1 1939
1.600,000
4g j
M A s Mch 1 1941
3,000,000
4g
3.173,000
3H g A A 0 Oct 1 1941
3.923,909
J S .1 Jan 1 1954
c
4g
100.000
r A .1 Jan 1 1928
4g
200 000
4e
A N vfav 1 1942
fe
1,500,000
6 g M < S Mar 1 1930
J & J 15 To Jan 16 1935
7,554 000
6 g
1
7
3,679,000
A To Aug 1 1937
5
M < S Sept’25-Sept'27
fc
178 345
5
i <c .1 roJu lv 1 19.38
S
1.876,000
5H
1,627,542
M & S Sept ’25-Mar’29
5
A A () Oct ’25-Apr '29
273,119
5
J < D Dec 1 ’28 to '38
&
1,826,000
5
J & D To Dec 1 1939
2,565,000
5
6
M &
300.000
S g J A J July 1 1918
390,000
a Z J A J Jan 1 1928
A & O If Apr 15 1925 3M
1.800,000
7
3H g F A A Aug 12000
1.394,000

Co's off, 120 B ’way, N Y
do
do
do
do
do
de
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Guaranty Tr Co, N Y
Co’ s office, N Y
Co’s office, New York
New York
New York
New York
July 1913 coup last paid
July 1894 paid July 1 ’96
Del Lack A W R R , N Y
do
do

J

A

J Jan 1 1939

Reading Trust C o, Phila

1,000 &c 12.000,001 3 H A 4 g F
1,00(1
720.00(i
4H g F
F
1.000
660.000
5g

A
A
&

A Feb 1 1945
A Feb 1 1947
A Aug 11930

Washington & New York
U S Tr Co. N Y; A Balt
Bankers Trust Co. NY

1.000

OFFICERS.— Chairman, A . H. Larkin, 60 Wall St., N . Y .; Pres.,
Chas. H. Hix, Norfolk, Va.; Sec., James Clarke, 60 Wall St., N . Y .; Treas.,
G. H . Church; Asst. Treas., I. A . Browne, 55 Wall St., N . Y .
DIR E C TO RS.— William E. Benjamin, W. R. Coe, E. W. Knight,
C. W . Huntington, G. M . Hyams, Adrian H. Larkin, P. J. McIntosh,
H. H. Rogers, William H. Truesdale, Charles H. Hix, James H. Perkins.
— (V. 120, p. 2547.)
WABASH RAILW AY CO.— (See M ap.)— Embraces lines as follows, viz.:
Owned and operated—
Miles.
Owned and operated—
Miles.
Delray, M ich., to Butler, In d ._ 110 Pattonsburg, M o., to Council
Bluffs. Ia................................. 144
Montpelier, O., to Clarke Jet.,
451
I n d ____*___________________ 150 O th er_______________________
Toledo, O., to Aladdin, 111_____ 460
Total owned & operated____2,034
C ,& W . I. Jct.toE ffingham .Ill. 205 Leased
_____
79
Decatur to Bridge Jet________ 109 Oper. under trackage rights— ._411
8t. Louis to Harlem, M o ______ 274
Total operated Dec. 31 1924.2,524
Moberly, M o ., to Ottumwa, Ia. 131
Owned and not operated______
7
Entrance to Chicago is over Chic. & West. Indiana, o f whose stock this
company owns $1,000,000.
ORGA N IZA TIO N .— Incorporated in Indiana Oct. 22 1915 as successor
o f Wabash R R . (foreclosed) under First Ref. & Extension Mortgage, and
reorganized per plan in V. 100, p. 1599, 1594; V. 101, p. 1975. Took pos­
session N ov. 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.
Deficiency judgment in foreclosure affirmed. V. 109, p. 2074, 2173;
V. 110, p. 1090.
. ,
,
. ..
STOCK.— The pref. shares A and B are respectively p ref., pnn. and divs.
(non-cumulative) and are callable after 5 years at 110. The A shares are
entitled, after payment in any year o f 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 o f unsecured creditors claims
against old co. The pref. and common are issuable as needed for conversion
o f pref. B, and in Dec, 1924 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 top o f page. V. 108, p. 1929; V. 107, p. 182; V. 101, p. 2072,
1599: V 102. p. 1812.
The holders o f 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 o f 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
o f $50 o f profit-sharing pref. stock and $50 of com. stock for each $100 of
convertible pref. stock, with adjustment of unpaid dividends.
D IV ID E N D S .— N o. 1 on pref. “ A ” stock Jan. 29 1917, 1% ; April, July
and Oct., 1% : 1918, Jan. and April, 1% ; then none until M ay 25 1925,
when 1 l % was paid.
A
B O N D S , & c .— T h e p la n o f 1 9 1 5 le ft it to th e new c o ., a fte r reorgan iza­
tio n , t o p r o v id e , b y a first & r e f. m t g e ., or oth e rw ise, for refu n d in g th e
u n d e r ly in g b o n d s a t m a tu r ity a n d for fu tu r e cap ital r e q u ire m e n ts.

The stockholders on Dec. 29 1924 approved and authorized the creation
o f a ref. & gen. mortgage, the aggregate principal amount of which any at
one time outstanding, together with all prior obligations as defined in the
mortgage or deed o f trust securing the ref. & gen. mtge. bonds, shall be
limited to 1 X times the aggregate par value of the then outstanding capital
A
stock, determined as provided in the mortgage. The lines of railroad
covered by the mortgage comprise about 2,034 miles o f first main track,
322 miles of second main track and 909 miles o f other track, on various
parts of which the ref. & gen. mtge. is subject to prior obligations issued and
outstanding on Jan. 1 1925, in the aggregate principal amount of $61,999,435 for the retirement o f which at or before maturity ref. & gen. mtge.
bonds are reserved. None o f 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 o f additional bonds may be issued
under Wabash R R . 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
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 }nt. date thereafter at 105 and mt. upon
not less than 60 days’ previous notice. V. 120, p. 700.
Abstracts o f the mortgages o f 1889 were in V. 49, p. 270-273; Detroit
& Chicago Exten. mtge., V. 54, p. 1049. Des Moines Division bonds
o f 1889, see V. 68, p. 574; V. 69, p. 1248. Col. & St. L. RR., 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 R R . consol, mtge. 4% bonds, due 1952, and 1,217 shares (par $100)
American Refrigerator Transit Co. capital stock (out o f a total issue oi
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 . I l l , p. 794.
R E PO RT.— For 1924, in V. 120, p. 1899, showed:
1924.
1923.
1922.
xl921.
Aver, mileage operated2,489.93
2,476.59
2,472.96
2,472.96
Freight revenue________ $51,546,110 $51,698,168 $43,911,074 $45,668,528
Passenger______________ 9,328,465
9,794,594
9,087,894
9,931,246
1,146,484
832,169
905,714
Mail _ __________________
849,062
1,493,995
541,160
1,590,049
Express________________ 1,702,325
2,263,819
1,910,274
2,602,656
Miscellaneous__________ 2,354,967
Total oper. revenues. .$65,780,929 $66,617,636 $57,662,496 $59,217,692




Amount
Outstanding

[Y ol. 120..

378,000

5g

Expenses—
1924.
Maint. of way & struct. . $9,913,565
Maint. of equipment-- . 11,579,914
Traffic_______________ . 1,640,320
Transportation
. 24,973,374
Miscellaneous operations
346,745
General
_ _
. 1,844,499

1923.
$9,501,515
13,884,271
1,518,004
24,997,690
326,565
1,805,457

1921.
1922.
$8,270,927 $9,210,291
12,282,949 11,843,729
1,378,262 ’ 1,341.678
24,086,905 25,726.606
297,998
376,110
1,724,256
2,007,754

Total oper. expenses. .$50,298,418 $52,033,494 $48,041,297 $50,506,169
8,711,523
Net rev. from ry. oper . 15,482,512 14,584,141
9,621,199
1,860,487
Tax accruals,
2,262,675
____ . 3,036,367
2,470,800
4,232
23,871
Uncollectibles_____ __
14,182
16,384
Operating income _ .$12,431,963 $12,096,957
Other income. _
712,492
482,325
Non-operating income.
530,392
660,621

$7,334,653
335,759
1,165,159

$6,846,804
360,136
1,483,564

Gross income ____ .$13,674,846 $13,239,904
Hire of freight cars____ . 1,852,217
1,751,072
Joint facility rents____ . 1,710,086
1,623,654
Rent for leased roads
296,527
365,251
Interest on funded debt . 3,953,703
3,860,182
Rent of equipment ._
234,370
207,154
Miscellaneous_________
90,483
84,270

$8,835,571
1,673,894
1,677,026
250,462
3,689,392
212,071
122,338

$8,690,504
1,349,405
1,753,139
285,765
3,629,804
241,057
149,974

Total deductions . _. $8,199,898 $7,829,030 $7,625,183 $7,409,144
1,281,361
1,210,388
Balance___
- 5,474,949
5,410,873
x Includes unaudited guaranty period items aggregating $509,018 in
accordance with order of I.-S. C. Commission dated Dec. 15 1921.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Chairman, William H. Williams; Pres., J. E Taussig,
V -Pres, (in charge of traffic). W. C. Maxwell; V.-P. & Gen M gr.. 8. E.
Cotter; V.-P. & Gen. Solicitor, N. S. Brown; V .-P . & Com pt., J. W . Newell;
V .-P ., Sec. & Treas., J. C. Otteson; V .-P ., H. R . Winthrop; Gen. Counsel,
Winslow S. Pierce.
DIRECTO RS.— William H. Williams, J. E . Taussig, Alvin W . Krech.
H. K. Pomroy, 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 Broadway. New York.— (V. 120. p. 2682.)
W ABASH CHESTER & W ESTERN R R .— Menard, 111., to M t. Vernon.

111., 65 miles. The company passed into the hands of J. Fred Glister, re­
ceiver, on Jan. 4 1924. M r. Gilster formerly served as receiver from July 15
1914 to N ov. 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 1923, gross, $532,242; net., inc.,
$28,610; gross income, $20,517; charges, $204,378; bal., def., $183,861.—
(V. 118, p. 796.)
W A C O , BEAUM ONT, T R IN IT Y & SABIN E R Y .— (V. 120, p. 1879.)
WARREN RR., N. J.— New Hampton Jet. to Dela. Bridge, N . J., 19.9
m. Leased in perpetuity to Dela. L. A W . at 7% on stock and Interest
on bonds. See form of guaranty V. 72, p. 628.— (V. 106, p. 601.)
W AS H IN G T O N CEN TR AL R Y .— See Northern Pacific R y.
W ASH IN G TO N & FRANKLIN R Y .— Hagerstown, M d „ to Zumbro.
19-11 miles. Controlled by Phila. & Reading Ry. Leased to Western
Maryland for lnt. on bonds and 5% on $150,000 stock; par $50 per share,
(all owned by Reading C o.)— (V. 73. p. 392.)
W ASH IN G T O N POTOMAC & CHESAPEAKE R Y .— (V . 106. p . 8 8 .)

WASHINGTON TERMINAL CO.— Owns union station at Massachusetts
Ave., Washington, D. C., with terminal and approaches; opened Oct. 27
1907. V. 85, p. 1144. The Phila. Balt. * Wash. (Penn.RR. system) and
the Balt. A Ohio own the outstanding *4,252,000 stock (auth. amount
*5,000,000) and guarantee the bonds, of which *10,000,000 bear 3 H % int.
and *2,000,000 4% . V . 80, p. 1973; V. 76, p. 812, 5 ; 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 R y., Rich. Fred. & Potomac R R .
and Ches. & Ohio Ry. Equipt. trusts issued to Director-General for rolling
stock allocated to this co. See article on page 3. Pres., Samuel Rea,
Philadelphia; Sec., O. W . W oolford; Treas., E. M . Devereux, Baltimore.
— (V. 110, p. 972.)
W ASHINGTON & VANDEMERE R R .— Washington, N. C., to Vandemere on Pamlico Sound, 40 miles, completed Jan. 1909. Stock all owned by
Atlantic Coast Line R R .C o., which guarantees the bonds, prin. & int. Bonds
are issuable at $18,000 per mile, incl. $4,000 for equipt. V. 84, p. 1249.
Form of guaranty, V. 85, p. 347. For year Dec. 31 1924, gross, $84,109:
net oper income, def., $24,090; other income, $5,770; int., rentals, &c.,
$55,432; bal., def., $73,752.
WATERTOWN & SIOUX FALLS R Y .— Owns Sioux Falls, S. D ., to
Watertown, 102 miles. Successor of South Dakota Central R y.. foreclosed
June 12 1916. Capital stock, $1,500,000 authorized; $1,100,000 outst'd'g.
As of Jan. 1 1922 the line o f railway & properties of the Watertown &
Sioux Falls Ry. Co. were leased to the Great Northern Ry. Co. for a period
of 25 years and is now operated as a part of the Great Northern R y. System.
OFFICERS.— Pres., O. O. Kalman: Sec.-Treas., F. L. Paetzold.
— (V. 103. p. 62.)
W EATHERFORD MINERAL WELLS & NORTHWESTERN R Y .—
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. 1924, gross, $224,930; net oper. inc., $50,111;
other income, $11,386; interest, rentals, &c., $61,326; bal., $171. Pres.,
J. L. Lancaster, Dallas; S ec.,T . J.Burke, Dallas.— (V. 119, p. 326.)

131
RAILW AY STOCKS AND BONDS
, 1925.]
a y

M




132

R A IL W A Y STOCKS AND BONDS

R AILR O AD C O M P A N IE S
For abbreviations, A c ., see notes on page 61

M iles Date
Road Bonds

Par
Value

Amount
Outstanaing

Rate
%

When
Payable

[V ol. 120.
Last Dividend
and Maturity

V e s t Jersey St Seashore— Com stock__________ _
60 11.5X6.2.50 See text A A 0 1 5 Apr 1 1925 2H
First Consol Mortgage Series A g s f_________ zc*
33S 1896
1,503 000
1 .0 0 )
4 K J & J July 1 I960
Series B * 1.500.000 gjkd...................................... zo
693.000
338 1896
3 H e J & J July 1 1936
1 .0 0 .)
Gold Series C A D ($Jn4,000 Series C 3 Hs) .zo
338 1896
1,75.5 000 3 X 4 4 J A J July 1 1936
l.UUO
Gold Series E _________________________________ z
338 1896
1 .0 0 0
669 000
J A J July 1 1936
4 g
Gold Series F ----------------------------------------------------zo*
1896
822 0 0 0
4 i
J A J July 1 1936
West Shore— 1st M g n p & l end b y N Y C..Un.ao&i
470 1886 1 ,0 0 0 A $19,994,500
5
«
J <e J Jan 12361
West Virginia Central & Pittsburgh— See Western Ma ryland RR
West Virginia St Pittsburgh— See Baltimore St Ohio
W estern Maryland Ry Co—
Common stock 160,000.000______ __ _______________
1 0 0 49.426.098
First Pref (p & d) stock 7 % cum $18,000,000 autb.
1 0 0 17.742.050
9.996,000
1 00
2d Pref ( p i d) stock 4 % non-cum $10.000.000____
Pledged
1 s t * Ref M . $160,000,000 Ser A (see tezt)_Eqc*Ar*
616 1917 l .000 Ac
5 g J A J July 1 1967
1 .0 0 0 .0 0 0
A & O Oct 1 1931
Collateral trust notes_____________________ __________
6
21-'22
622.800
F A O Jan 1 1931
6
do
do
__________________________________
1921
6
M A s Mar 1 1930
1922
2 .0 0 0 .0 0 0
do
do
----------------------------------------------------F A A Aug 1 1928
do
do
__________________________________
1923
5.800.000
7 *
Underlying Bond and Equipment Issues—
1 .0 0 0 46.565 8 6 6
4 g A A O Oct 1 1952
First mortgage $50,000,000 gold______ Ba.xc* Ar_. Text 1902
1 .0 0 0
4 1.000
5
J A J July '25-Jan 26
1916
Eq tr " B " due 10 $22,000 s.-a ---------------------------- Eq
1923
do
“ O” due $ 7 5 ,0 0 0 s-a_____________ ______ c*
1.000
1.275 000
J A D To June 1.5 1933
6
M A 8 To March 1926
217 069
1916
■quip obligations due$100 844 s-a_______________
5
M A 8 To 8 ept 1926
169 423
1916
do
do
due $52 028 s -a ___ _______. . . .
5
F A A
640 237
4.52
1917
do
do
due $147 202 s-a______________
3
A
209 168
1917
4.52
do
do
due $48 0 *1 s-a____ __________
571.0 10
J A J 15 To Jan 15 1935
do
do
due $57,100 ann_____________
6
1920
iTn M m 1 1929
100 U 0
0
6
do
do
due $25,000 ann_______________
1920
A A O To Oct 15 1937
1.000
390.000
do
do
due $30,000 ann______________CP
5 g
1922
l.OOn 1 , 1 0 0 .0 0 0
M A 8 To Mar 1 1936
■quip gold notes pref series due $100,000 yrly . Eq.c*
7 g
1921
1.109.000
1 .0 0 0
do
do
due $ 1 0 0 ,0 0 0 y r ly _________________
6
M A S To Mar 1 1936
1921
Potomac Val 1st M *2,000.000 g assum.MeBa j o * &r
1,000
801 0 0 0
5 g J A J Jan 1 1941
31 1891
500
42 000
J A J July 1 1929
8 1879
Balt & Cumb Val Ry 1st mtge
6
100 &c
61 7 H
)
J A jlJuly 1 1929
6
Balt A Cumb Val RR 1st mtge.
5 1879
1,000
M A N Nov 1 1936
689.000
5 g
Balt A Harrisburg Ry mortgage gold.M eBa.s____
66 1886
1,000
M & N May 1 1938
Balt A Harrisburg Ry W Ext g guar___M eBa.*--o*
201,000
6g
15 1888
Securities o f Leased Line*—
Balt St Cum Val RR Ext and Washington St Franklin Ry— See sta|tements for those co mpanies
9.990.000
5 it J A J Jan 1 1937
676 1887 ,, 1 .0 0 0
Western N Y & Penn— 1st tl (*10.000.000) g.Ba.xc*
1 .0 0 0
1 0 .0 0 0 ,0 0 0
A A O Apr 1 1943
600 1895
General mortgage *10,000.000 gold................lln.zc*
4g
Vov 1 Apr 1 1943
9 60.5 000
1895
1 .0 0 0
Rs
r
Income bonds *10.000.000 gold non-cum ..F P .zc*
W E ST JERSEY AND SEA SHORE RR. C O .— (See M ap Pennsylvania
RR.)— Owns all the lines on the Pennsylvania system In southern New Jersey,
Including Camden, opp. Philadelphia to Atlantic City (59 miles), Camden
to Cape May, 81 miles, Ac., total, 362 34 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. C . Commission has placed a tentative valuation of $26,621,783
on the company's property as of June 30 1916.
STO CK .— The stockholders on Feb. 4 1916 authorized an Increase In tht
common stock from $10,000,000 to $13,000,000. On Dee 31 19 4 Penn
B R . owned $6,747,900 common and $45,360 special guaranteed stock.
D IV ID E N D S .— Common, Sept. 1896 to March 1906. lncl.. 6 % yearly)
Mien to '07. Incl . 8 % yrly: '08. 4 % ; '09. 4 *4 % ; '10 to Apr. 1 *20. 5% (A.-O '
In Oct. 1920 paid 2 H % ; then none until Anr. 16 1923. when 2 % was paid
game amount paid Oct. 15 1923, April 15 1924 and Oct. 15 1924. On
April 1 1925 paid 2 > * % .
BONDS.— First consol, mtge. Is for *7.000,000: *90,000 reserved for prloi
lien bonds when due. V . 62. p . 1179; V. 84, p. 160; V . 89. p. 995; V . 92
p. 1702: V. 100. p. 57. 311. 4?3: V . 102, p. 1158.
R EPOR T.— For 1924. In V . 120. p. 2140, showed:
C nt.Y. nrs. (Tress.
rMm .
Net
Pal
'Iotai Inc. FixedChys.
1924. .$12,932,368
$821,850 $1,099,128 $342,955 $521,381 $234,792
463.450
553.798
1923. - 14.142.520
990.825
1.547.494 530,246
868.083
1,533,986 434,177
231,725
1 9 2 2 -. 14.018.091 1,279.702
286,636
605.0 5 517.592
87.483
1 9 2 1 -. 12.929706
For latest earnings, see Railway Earnings Section" (Issued monthly).
— (V. 120, p. 2140.)
W E ST SHORE RR .— (See M a p s 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 tor 475 years to the New York Central A
Hudson River (now New York Central R R .), with tbs privilege of a furthei
term of 500 yean, and all earnings. A c .. Included In that company's report
The $10,000,000 of stock la owned by the New York Central RR.
BO N D S.— 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.)
W ESTE RN M AR YLAN D R A IL W A Y C O .— Embraces:
Main line—
M iles.
Fulton Junction, M d ., to Connellsvllle, Pa_____________________ 251.06
Emory Grove, M d ., to Hlghfield, M d __________ ________________
73 48
Rtdgely, W . V a., to Belington, W . Va----------------------------------------128.10
Soutb Elkins, W . V a., to Durbin, W . Va_______________________
46.38
Other main line___________________________________________________ 49.06

Places Where Interest a n t
Dividends A re Payabl

broau at Station. PnUa
do
do
do
do
do
do
do
do
do
do
Grand Central Term. N Y

New York

Bankers Trust Co, N Y
71 Broadway, New York
First National Bank
do
do
Guaranty Trust Oo. N T
Commercial Tr Oo. Phils

New York
New York

Nat Bank of Com.. Balt
do
do
do
do
do
do
do
do
Treas. Phil. St N. Y .
do
do
Fidelitv Tr— when ears

V 79. p. $69$. and V. 81. p. $ 6 6 : V. 80. p 473. 1914: V 81. p. 614: V . 83.
D. 273: V. 89 p. 6 6 6 : V. 9 2 .0 120. 1437: V 93 n. 1465
The 7 % equip, gold notes, pref. series, are followed by $1,500,000 notea
of a Junior series, wbicb were taken by the U. 8 . Govt, and whlcb will mature
aerially at the rate of $100,000 per annum. V. 112. p. 746.
For 5 % 10-yearserial equip, trust notes of 1917, see V 103. p. 2239. 2343
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 St ret. mtge.
bonds. V. 117. p. 1888.
R EP O R T.— For 1924, In V. 120, p. 2537. showed:
--------------------------------- Corporate--------------------------------1924.
192.3.
1922.
1921.
Gross oper. revenue____ $19,135,563 $23,055,036 $18,575,350 $17,619,972
Operating income............. 4.057.314
4,334.552
3.238.094 3.021.186
Other Income____________ D r.136,151
794.380
208.498 824.628
Total income__________ $3,921,163
Rentals, &c____________
325.491
Int. on funded debt____ 2,611.867
Int. on equip, obligations
402,697
Int. on unfunded d e b t..
5.956
Miscell. deductions_____
1,002

$5,128,933
388.852
2,642.036
420.532
5.530
814

$3,446,592
.302.849
2,602.968
413.739
76.239
1.051

$3,845,814
295,31®
2,500.370
423.748
122,727
82,357

Net income.......................
$574,148 $1,671,169
$49,745
$421,296
For latest earnings, see “ Railway Earnings Section" (Issued monthly).
OFFICERS.— Chairman, Lawrence Greer: Pres.. M . O. Byers: V .-P .,
Traffic, D . G. Gray: Sec., J. W . Broome: Treas.. S. R. Gehlert. Office*,
Standard Oil Bldg.. Baltimore, M d. and 71 Broadway. New York.
W ESTERN NEW Y O R K AND PEN NSYLVANIA R Y . C O .— (See Map
Pennsylvania RR.)— Owns Buffalo to Emporium. I’a.. 121 miles: Buffalo to
Oil City, Pa.. 137 miles; Oil C'lty to Olean. 110 miles: 8 toneboro to Mahoningtown, 37 miles: Hinsdale to Rochester, 98 miles: branches, including pro­
prietary lines. 8 8 miles: total owned and operated under contracts, 592 miles,
trackage rights. 6 6 miles; total. 657 miles.
O R G A N IZ A T IO N .— Reorganization Mar. 18 1895 (per plan In “ Sap*
pleineot' of Jan 1895* of the Railroad f >reclosed Feb 5 1895Penna. RR owned on Dec. 31 1924 $19,439,001 of tbe $2'l,000,000 stock
and $9,491,000 of tbe 5 % Income bonds and leases the road for 20 years
from Aug. 11903. subject to termination on 60 days’ notice. V . 75. p.1255.
BO N D S.— Abstract of 1st M . In V. 47. p. 109.
R EPO R T.— For 1924, gross income. $1,101,451; deductions, $2,288,426
b al.,d ef.. $1,186.975.— (V. 118. p. 2181.)
.

WESTERN PACIFIC RR . C O R P O R A T IO N .— A Delaware bolding
company owning all tbe stock of the Western Pacific RR. (of Cal.), whlcb
In turn owns tbe railroad running from San Francisco to Salt Lake C ity,
via Oakland, Stockton. Sacramento, Marysville and Orovllle. C a l., a dis­
tance of 930 miles (Including San Francisco Bay ferry, 3 miles); branch
lines, 116 miles. Total mileage Dec. 31 1923 1.046 miles, drosses the
mountains at maximum grade of 1 % . Trackage agreement with Southern
Total mileage operated Dec. 31 1924____________________________ 804.44 Pacific Co.. V. 118, p. 1270.
in October 1917 arrangements had been made to give financial assistSecond track. 86.83 miles; sidings, 394.59 miles.
ance to tbe following companies In the construction of tbelr projected
O R G A N IZA T IO N .— A consolidation Jan. 23 1917 per plan In V . 103, p. lines which will serve as feeders for the Western Pacific, tbe latter receiving
1700. of “ The Western Maryland Ry. (formed as stated In V. 89. p. 287). In return for tbe Investment a considerable Interest In their capital stock:
(1) Indian Valley R R ., Paxton Junction to Taylorsville and Engles Copper
•nd subsidiaries, Ac. (V . 104. p. 74, 766. 1047, 1265: V. 105. p. 717.)
Mine, Cal., 21 miles :(2) Deep Creek R R .. Wendover, Utah, southerly Into
This plan was to aflect the status of the coal, A c., properties as follows:
(a) The acquisition by the new company of all the system's terminal Gold Hill and Ferber Mining District, 46 miles; (3) In 1917 purchased
properties at Baltimore, Including grain elevator with storage capacity of $1,137,968 of the capital stock of the Tidewater Southern R y., an electric
railway, now 56 miles in length, extending from Stockton to beyond
1.900.000 bushels. Ac.
Turlock (see “ Electric Railway Section";. Tentative valuation, V . 113.
(ft) The underwriting and offer to shareholders at par of $18,000,000 7 %
1st pref. stock (cum. from July 1 1918) In amounts 3 0 % of their holdings, p. 1055.
the subscriber with each $100 of 1st pref. receiving also $22 stock of Davis
O R G AN IZAT IO N .— Both the bolding company (The Western Pacific
Goal A Coke Oo. and $25 stock of Monongalia Coal Lands Co., (V. 103. p.
RR. Corp.. Incorp. In Delaware), and the operating company (The Western
8167; V .1 0 4 . p .766), thus distributing the entire outstanding stocks of the Pacific R R .. Co. Incorp. In Calif) ., were formed In June 1616 per reorgani­
goal cos. In 1917 these coal properties were merged. V. 105. d . 1421. 717. zation plan of Western Pacific Ry. foreclosed. Possession taken July 13
(C) The lease to the Davis Coal A Coke Oo. for 99 years of all the rail­
1916. See plan. Ac.. V. 102, p. 155. 160, 2168. 2255; V . 103. p. 62. 240.
w ays coal mining properties and the transfer of the reserve coal lands to the
408: V. 104. p 165. 258. 560. V 103. p. 2080
Monongalia CoaJ Lands C o., this measure, with the distribution of tbelr
in 1917 the Equitable Tr. Co. of N . Y ., as mortgage trustee, brought suit
stock, removing danger of legal complications owing to ownership of coal against Denver A Rio Grande R R ., as guarantor of the 1st M . bonds of the
properties by the railway. The new railway co., under the lease, was to old (foreclosed) Western Pacific Ry. (the bolding co. owning $47,437,500
receive as rental 6 cts. per ton on coal mined and was to transport all tbe coal. of this $50,000,000 issue), and In Jan. 1918 obtained a judgment for $38.Davis O. A O. Co. was to operate 31 mines having an annual capacity of 270.343. V. 106, p. 1797. The judgment was followed by a receivership
for the D . A R. G . V . 106, p. 85. 192. 498; V . 107. p. 503. See Denver
3.500.000 tons.— V . 103, p. 1791.
A Rio Grande RR.
Description o f N ew $150,000,000 First and Refunding Mortgage.
In Sept. 1918, having realized to date about $7,771,395 on this judgment
(1) A direct first mtge. upon road from Cumberland, M d ., to Oonnells- Che Trustee made distribution of $1.50 per bond or old Western Pacific R y.,
vllle. Pa., together with branches, in all 119.49 miles; (2) a new First Lien over 90% of these bonds being owned In the Interest of the new Western
by pledge of all securities representing ownership of branch lines (V. 103. p
Pacific RR. V. 107, p. 1102. 1187.
1611). aggregating 17.82 miles; (3) a mortgage subject to existing $500,000
In June 1918 the equity In the $10,000,000 stock of Utah Fuel Oo.
mortgage upon Western Maryland R R . Terminal, and. subject to a $115,000 owned by D . A R. G . (subject to collateral lien of $15,080,000 Rio Grande
mortgage upon the Baltimore Fidelity Warehouse and Hazard Wharf;
Western Ry. 1st Consol. 4s) was sold in partial satisfaction of above judg­
(4 ) a blanket mortgage, subject only to existing underlying mortgages
ment and was bid In for the Western Pacific R R . Corp. for $4,000,000.
amounting to $50,177,000. on lines acquired In tbe consolidation as well as V. 106. p 2648.2759.
all extensions. A c ., hereafter constructed or acquired with tbe new bonds:
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.
(a) Reserved for corporate purposes____________________________ $1,000,000
(ft) For funding o f underlying and divisional bonds___________ 50,000.000
In April 1922, $25. V . 113. p. 732; V. 114. p. 1654.
The Denver A Rio Grande property was sold at public auction on N ov. 20
ic) Under restrictions for terminals and terminal facilities____ 25,000,000
1920 for $5,000,000 to John F. Bowie of New York, representative of the
id) Under restrictions for new equip., extensions A lmprov’ts__ 67.500.000
Western Pacific R R . For litigation over sale. A c., see Denver A Rio
On Dec. 31 1924 $15,924,000 of these bonds were pledged.
Grande Western RR.
The 1st M . 4s of 1902 cover some 522 miles of road, subject as to part,
A Delaware charter was granted N ov. 15 1920 to the Denver A Rio Grande
to $1,281,500 underlying issues and also coal and coke properties whlcb
Western RR . with an authorized capital of $150,000,000. authorizing It to
in 1917 were taken over under lease or otherwise by the coal companies
mentioned. Compare V . 103, p. 1700: V . 75. p. 550, 850; V . 79, p. 1024; own and operate railroads and railways outside of Delaware. The company

Total main line.
Branches and spurs.
Leased lines----------Operated lines_____
Trackage rights-----




548 08
75.64
45 63
21.27
113.82

133

R A IL W A Y STOCKS AND BONDS

M a y , 1925.]

RAILROAD COMPANIES
[For abbreviations, A c., see noleg on page 61

M iles Dale
Road Bonds

Par
Vatue

Amount
Outstanding

Rate
%

1916
1916
1920
1923
1924
133.42 1888

100 45 52tf 425
100 26JX4.512
100 Ac 23 825.800
2 950 non
100 Ac
5 057.000
1,000 4.850.000
l.oon 2.898,000
*1.0Ud *1.543,000

6
5g
6 g
4g
5 >4
5X
6 B

1.011
1,011

do
do
c;
Securednotes red par
do
W heeling and Lake Erie R.v—
Prior Lien 7% stock cum convert redeem__________
Pref stock (a & d) 0 % non-cum convert redeem____
Common stock (further amounts for conversion)___
Ref mtge *50.000.000 gold callable 102>4Ce-yc*Ar*
Ten-year gold notes_____________________________CC
Oertlfs of participation (In Lor & W Va R y)___CC1
Equip trust ctfs Ser B due$462,000 yly call 102V4 c*
Left Undisturbed (Issues closed by Ref M of 1916)
First mortgage Lake Erie Division gold____Ba.zc*
First M Wheel'd: Div * A £ (2d on 187 m) g__Ce.zc*
Exten and Imp’t mtge ($1,900,000) gold___Ce.zc*
First Oonsol mortgage gold $ 1 1.697.000____Ba.xc*
Equipment gold notes due $305,000 annually__ Q
U S Government Long-term notes ________________
Natl Ry Service, Eq Tr “ A " due $451,300 s a _____
W heeling Term — 1st M *2.000.000 g s f gu p Sc l.xc*
White & Black River Valley— 1st M g lnt guar.-F.xo*
White Pass & Yukon— Stock £ 1 .7 0 0 .0 0 0 .___________
“ A ” shares £10.000. pref rights to 80% profits_____
Prior Lien debenture stock £100,000_______________
Oons flrst mtge deb stock £794.802 red after 1920 .
Mortgage debentures (navigation) £273.440 red 105.
Secured notes 6 % £70,000 __________ ______________
Income debentures 6 % £168,430 red_______________

*100 $11,882,600
"100 10,344.953
100 33.641.300
1.000
4 .8 2 7 . 0 0 0
1,000.000
300 000
1 00(1
924 000

“
1916
1923
1017
187
50
260
451

1886
1888
1889
1899
1920

1.000
1.000
1.000
1,000

2,000.000
894.000
409.000
6 870 000

_

3,050 000

When
Payable

Q— J See text
9
M A $ Mar 1 1948
M & H Mar 1 1946
A A () Oct 1 1930
M A S To Mar 1 1938
J A D To Dec 1 1938
A A O Oct 1 1928

4)4 g M A
6
g
\ A
5
5
5
5
4
6

g
g
g
g
g

Last Dividend Places Where Interest and
Dividends A rt Payable
and Maturity

A
.1
F
Vf
J

A
A
A
A
A

Checks mailed
Equitable Trust
do
New York
Equitable Trust
do
Atlanta, Ga

Co, N Y
do
Co, N Y
do

s Sept 1 1966
Jan 1 1933
0 Ian t 1927
To Apr 1 1927

New York
Union Tr Co, Cleveland

o
J
A
s
J

Bankers Trust C o, N
Central Un. Trust N
do
do
Bankers Trust Co, N
Guaranty Trust C o. N

Oct 1 1926
July 1 1928
Feb l 1930
Sept 1 1949
To Jan 15 1935

Y
Y
Y
Y

4 3 60 non

10 1900
62 1900

....

110

1918
1900
1901

10.003 200
1.000
1.399 000
1.000
600.000
£10 £1.275.000
£1
(7)
(?)
(?)
£10 At
£582.870
£100
£273.385
£14.000
£168,430

4g
5Z
7
5
6
6

F A A Aug 1 1940
1 A J fune 30 1980
— — - Jan 15 1913 1%
Dec 1 Dec 1 1935
J A J Deo 31 1930
J A .1 Ian 1 1930

Winslow.LanlerAOa.N Y
First National Bank. N Y
Office 7 Moorgate St.Lon

______
See text
See text

organization independently. The three properties will be directed as t©
•>pcrm|.,n from Atlanta. Ga.
D IVS.—
1 '94-’96.'97. ’98. '99. '00. ’01. ’02-’06. '0 7 -'13. T 4-'23. ’24
Per cent______ / 2 yrly.
3
0
2
7
4 4 yrly. 5 yrly. 6 yrly.
7
For year ending Dec. 31 1924, gross, $3,159,931: net oper. Income,
$725,897; other income. $269,495; int., rentals, &e., $317,275; divs. (7 % ).
$2 1 0 .1100: bal., snr., $468,117For latest earnings, see “ Railway Earnings 8 ection” (issued monthly).
C A Wickersham. Pres.. Atlanta. Ga.— (V. 120. p. 2266 )
W H EELIN G AND LAKE ERIE R Y . CO . (T H E ).— 512 miles of road,
viz.:
cities owned—
Miles I
Miles.
foledo. O ., to Terminal Juno____210| ' 7ar1ons branches owned__________ 81
leveland to Zanesville, O _______ 144 ITrackage (C. O. O. & St. L .) Lln’ anton to Sherrodsvllle__________ 45
I
dale to Wellington________32
O R G A N IZ A T IO N .— Incorporated In Ohio Dec. 12 1916 as successor of
oldWheeling A Lake Erie R R ., per plan In V. 103, p. 1211, 1689.
lu May 1917 Kiitm, LoeO A Co and Blair A Co. sold tnelr large ho'dlng
if prior lien stock, said to aggregate $11,450,000, carrying control for five
years or more, to leading stockholders In the Western Maryland, supposed
to Include the Rockefellers, with a view to through traffic. Coal mines
served V. 107. n. 285.
Tentative Valuation.— The I.-S . C . Commission has placed a tentative
valuation of $40,956,740 ou the company's property as of June 30 1918.
STuO K . — Issued: Prior lien, $11,882,600: com .. $33,641,300; pref.J
*10.344.958.
Prior Lien 7 % Stock, entitled to (a) cumulative divs. from Nov. 1 1919
lay able quar. 4 (b) to priority over all other stock both as to divs. and
n 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 elec*
for first, five years a majority of the directors, and thereafter a majority
of the board, In case of failure to pay the full dlv. on the Prior Lien stock
for five consecutive years; otherwise the three basses of stock shall have
proportionately equal voting rights.
Preferrea 6 % Stock, entitled to non-cum. divs. from Nov. 1 1916. Pref.
over tbe com stock both as to divs. and n liquidation, and, so far aa
legal, redeemable on or after Nov. 1 1919 it $105. and convertible at any
time after N > 1 IUIQ into common sto:k, $ for $
v
BONDS — New Refunding Mtge V pV4. p 864, 1900: V. 103. p. 1211.
Purposes for Which the $50,000,000 Refu a ig Bonds Were Made Issuable»
(a) Issued In exchaage for such 1st Consol. 4 % bonds as
assented to olao: Gold. 4 V$s. callable on any Int. date at 102 14-$4.827,000
(ft) All other Ref. M . bonds to bear not over 6 % lnt., and Co be
redeemable on any Int. date, rate 6t Int., Int. dates and re­
demption prices to be fixed at time of Issue. Reserved:
aa) To pay or refund Che Lake Erie Dlv. bonds, the Wheeling
Div. bonds and the Extensions A Improvements bonds____ 3,303,000
(bb) An amount equal to the amoopt of First Oonsol. 4 % bonds
oot assenting to plan, reserved to pay or refund the s a m e ... 6,870,000
(CO Under restrictions for bette merits, extensions and new
properties, and to aid In refunding the above-mentioned
Loads, and to reel re equip, ohllg'ns of receiver or of old co___ 35.000.008
Of the Refunding mtge. 4(^s of 1916 there had been Issued to Dec. 31
Net Income................... $1,819,795 $1,105,345 $2,858,533 $2,130,408 1923. $15,423,000: held in treasury or temporarily pledged as collateral for
262.900
1,650.000
1,925.000 loans. $10,596,000; balance in hands of public. $4,827,000.
Preferred dividends____ 1.650.000
Sinking fu n d s.................
50.000
50.000
50.000
........
Equipment trusts of 1917. V. 104. p. 1047; of 1902. see V. 103. p 2429.
The $300,000 non-traosferable certificates of participation are payable
Balance, surplus.........
$119,795
$792,445 $1,158,533
$20.5.408
out of the earnings of the Lorain A West Virginia Ry. Co. All of the out­
For latest earuiugs, see “ Railway Earnings Section" (issued monthly).
standing securities of the L. & W . Va. R y., viz.: *1,999,300 stock and
*2 000.000 First Mtge. bonds of 1913 are owned.
Report of Holding Company.
July 1 '23 to ------------- Years Ended June 30------------ p. Government loan. V. i l l , p, 794, 1371, 2230; V . 112, p. 373; V . 113. *
851; V. 115, p. 2479.
Period—
Dec. 31 '24.
1923.
1922.
1921.
Equipment trusts issued to Director-General for rolling stock allocated
Dlvs. on pref. stock for
to this company. See article on page 3 and V. 114. p. 1654.
West. Pacific R R . C o . $2,475,000 $1,650,000 $1,650,000 $1,653,750
REPORT.— For year 1923. in V. 118, p. 2699, showed: Gross. *19.213,Divs. on stock o f Utah
...........
...........
2,928.813
______ 669; net operating Income. *3.131,724; other Income, $462,842: deductions,
Fuel C o . . . .................
Interest receipts_______
953.025
358.585
319.426
210,192 $1,846,740: balance, surplus, $1,747,826. For 9 months ended Sept. 30
1924: Gross. $13,695,637: net operating income, $1,969,475: other income.
Rental railroad equipm’t
10.459
167,431
30,783
____
$159,578; deductions, $1,193,830: balance, surplus. $915,223.
Profit on sec. sold______
76,624
______
______
______
For latest earnings, see "Railway Earnings Section" (Issued monthly).
OFFICERS.— Cnairman & Pres., W . M . Duncan: V.-P. A Gen. Mgr.,
Total Income.................$3,515,109 $2,176,016 $4,929,022 $1,863,942
General expenses_______
$182,485
$220,265 $164.6741
$248,825 Geo. Durham: Sec., C .E . Bahl; Treas., J.G . Stldger; Aud., H.H.Henderson.
T a x e s...............................
52.775
112.265
18.696/
D IRECTO RS.— H . E. Cooper. Thomas S. Grasselli, E. A. Langonbach,
Depr. on railroad equip.
3,374
63,158
13.802
____ A. Petrequin. George A . Coulton. W . M . Duncan. A . W . Calloway.
E.
ln t, on 4% sec. notes—
303.420
202.281
202.281
____
Frederick H. Ecker, W . F. Nash, G. A. Tomlinson, Warren Bicknell, Ber­
Interest, miscellaneous.
83
1,719
4,678
______
tram Cutler, J. A. House. Walter S. Bowler, L . F. Loree.— (V. 120. p. 207.)

is formed for the purpose o f taking over the Denver A Rio Grande RR.
plan o f reorganization of the Denver A Rio Grande RR was submitted
In Peb. 1922, but was subsequently withdrawn. A receiver for the Denver
& Rio Grande Western HI! was i ouoint -d in duly 1922 and a reorganization
plan dated June 15 1923 has been approved by the court. For details of
plan, see Denver & Rio Grande Western RR.
In 1921 acquired over 91% of the stock and bonds o f the Sacramento
Northern R R . V 112. p 564, 934. 1868, 2424; V. 113, p. 2081; V. 114
p. 949. 2361; V. 118, p. 552.
STOCK.— The two corporations have precisely similar capital stocks,
common and preferred, auth. and issued, the holding company owning
all the outstanding shares o f 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. o r the total capital $40,000,000
Is Preferred fpar $100' and $60,000,000 Common (par $1001, Comjare
details in V. 111 p i ««4
The stockholders on M ay 11 1925 approved the plan of the management
to make the Pref. stock cumulative to the extent of two years' dividends.
DIVIDEN DS.-—On pref., Feb. 1918 to Jan. 1919 paid 1)4% quar.: May
1919 to April 1920, 1% quar.; July 1920 to June 29 1925, 1)4% quar.
See also under “ Stock” above.
The directors have declared a cash dividend o f $5 per share on the Com­
mon stock, a cash dividend of $1,558 on the Preferred stock and a sto :U
dividend o f one share of Common and one share o f Preferred stock on each
six shares of either Common or Preferred stock outstanding.
The cash dividends are payable July 25 1925 to holders of record June 30
1925. Stock dividends are payable on or after July 15 1925 to holders of
record June 30 1925.
BONDS OF OPERATING COM PANY — Secured by a first mortgage
on the existing railway properties and all property hereafter acquired
Trustees, First Federal Trust Co., San Frail., 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
lnt. 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 o f holding company.
V. 113. p. 1573.
Equipment trust certificates, V. 116. p. 823: V. 118, p. 1270.
R E PO RT.— Of operating company for 1923 showed:
--------------------- Corporate------------ ;------- Combined,
1923.
1922.
1921.
1920.
Gross earnings................. $14,138,269 $12,505,348 $12,104,155 $15,012,843
Total income.....................$4,327,347 $3,150,102 $4,926,486 $4,985,818
Interest, rentals, A c____ 2.507.552
2,044.757
2.067.953 2.855.440

r

Miscellaneous charges..

67.864

______

______

______

Net income................. $2,905,110 $1,576,327 $4,524,891 $1,615,117
•Deduct divs. rec. on
Utah Fuel stk. transf.
to deferred income___
______
______
2,928,814
______
Preferred stock divs____ 2.749.373 1,571.070
1.571.070
1,571,055
B alan ce.......................
$155,738
$5,257
$25,007
$44,062
Officers of Operating Company.—Chairman. Alvin W. Krech: Pres..
Ohas. M . Levey; V.-F. & Gen. M gr., Edw. W. Mason; V.-P. & Treas.,
Charles Elsey; Sec., Wm. G. Bruen. Office, San Francisco, Calif.— (V.
120. p- 2682.)
WESTERN RY. OF ALABAMA (THE).— Selma to West Point. 133.42 m.
Central Trust Co. of N .Y ., as trustee under Central Railroad A banking
Co. coll, trust 5s of 1937. and Louisville A Nashville, as trustee for itself
and Atlantic Coast Line RR . each own one-half the $3,000,000 stock
The $1,543,000 4J4s of 1888 due Oct. 1 1918 were extended to Oct. 1 1928

at 6 % .

In March 1920 announced that the Georgia R R ., the Atlanta & West
Point and the Western R y. of Alabama would In future be operated In close




F

WHEELING TERMINAL R Y .— 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. o f bonds of which *400.000 are reserved for
additions and improvements: mtge. trustees Commercial Tr. Co. of Phlla.
V 98. p. 612, 1769. Form of guaranty, V. 76. p. 655. Divs. 2% paid In
1906. 1907, 1911. 1912 and 1913. 1916,2% ; 1917,3% ; 1918-1921,4% ann.
For the year 1924. gross income, *136,597; deductions, *56.597; dividends.
*80.000. Sec., S. H. Church.— (V. 119, p. 1284.)
W HITE & BLACK RIVER VALLEY RR.— Brinkley to lacksonport.
Ark., 56 miles; Wlville, Ark., to Gregory, 6 m .; total. 62 miles. Leased for
80 years from July 1 1900 to Choctaw Oklahoma A Gulf R R . (now Ohio.
R. 1 A Pac. Ry.) for guaranty of lnt., endorsed on bonds. Stock auth..
*1.875.000; paid in. *323,000.— (V. 90. p. 504.)
W H IT E PASS & Y U K O N R Y .— Owns a narrow-gauge line 110 miles In
length, extending from Skaguau, Alaska, to White Horse with branch to
White Horse copper mines, l2 miles (V. 69, p. 335; V . 67, p. 1162, 1138);
also operated steamers between White Horse and Dawson City and Caribou
and Atlln. V . 73. p. 443; V . 75, p. 1300.

134

R A IL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

W hite River RR— 1st M *250,000 auth gold____ AB
2 0 1903
W ichita Northwestern RR— 1st M g call__________ 1 0 0 2 1921
Wteh Un Term Ry— 1st M g gu red 108 H _________Ce*
9* 11 1911
4.2 1910
Wildwood and Delaware Bay Short Line RR— 1st M
Wilkes-Barre & Scranton— Stock 5 % rental________
4.27
First mortgage gold guar p & I by L O & N Co-.xxx
4.27 1888
Williams Valley— First mtge *120,000 a u th ______ kv
11 1903
Wilmington Columbia & Augusta— See Atlantic Coast Line RR.
Willmar & Sioux Falls— See Great Northern
Wilmington & Northern— 1 st M call 1907 lnt gu -_.x r
90 1887
Gen mtge *1,000.000 gold p & I guar (end) — PeP.xr
90 1892
Debenture bond____________________________________
Wilmington & Weldon— See Atlantic Coast Line RR
Wilmington Ry Bridge— M guar Jointly__________SBa
2.4 1893
Winston-SalemSouthbound— 1 st M g gu --Us.xo*&r*
89 1910
W ins-Salem Term Co— 1st M g(gu)red text F.c*&r*
1924
Wisconsin Cent Ry— Common stock S17.500.000-.
Pref stk 4 % n-cS12.500.000 auth..................................
• First General mortgage.................................... _Us.xc*
831 1899
Marsh & S E Dlv 1st M gold subj to callat 105Usxc*
3 3 1901
•Sup & Dul Dlv & Term M *7,500,000 g (text) Us.xo*
158 1906
First and Ret M g (*60,000,000au) lntguEm.xc*&r*
1022 1909
Secured gold notes (guar.) redeem (text)___Eq.c*
1924
Oar trusts various dates_____________________ _____
ll-’l

Par
Value

$ 1 .0 0 0
381.750
1 .0 0 0

550 & c
50
1 ,0 0 0

500
500
1 ,0 0 0

Rate
%

W IC H ITA FALLS & SOUTHERN R Y .— (V. 115, p. 1211. 2795.)
_ W IC H ITA NORTHWESTERN R R .— A reorganization o f the Anthony
& Northern R R . 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 o f 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 C o., Kansas City, M o., successor to Midwest Reserve Trust Co.
Is trustee under the terms o f 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 of its intention to retire the same
For 1924, gross, $158,694; net oper. income, $19,543;other income, $1,277;
Interest, rentals. &c., $34,266: bal.. def., $13,445. Pres., O. P. ByersSec., T . A. Fry.— (V. 119, p. 1066.)
W IC H ITA UNION TERMINAL R Y .— Owns railway terminal at
Wichita, Kan., including a passenger station with elevated track approaches
o f about 2 miles, including a 4-track main line, to be used by the Atchison,
Chic. R . I. & Pac., St. Louis & San Francisco and Kan. City Mex. & Orient
These 4 roads own the stock and guarantee jointly and severally the $2,300,000 30-year 4 * % gold bonds. V. 101, p. 1629. Pres., J. H. Fraser.
— (V. 101. p. 1629; V. 113, p. 629.)
W ILDW OOD AND DELAWARE BAY SHORT LINE R R .— 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
way Trust C o.. Camden. N . J.. trustee: see table above. For 1924, gross,
*132.986; net oper. income, $40,405; interest, rentals, &c., $42,922; bal.,
def., $4,565. Pres., L. R . Baker; V .-P . & Gen. M gr., E . G . Slaughter;
Treas., W . F. Short; Sec., O. I. Blackwell. Office, Wildwood, N . J.
— (V. 120, p. 2009.)
W ILKES-BARRE & SCRANTON R Y .— Owns from Scranton co
Minooka Jet., Pa., 4.27 m ., o f which 1.38 miles double track. Leased
from M ay 1 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 o f N .J . at 6% on cost o f road ($1,141,676) & taxes.
WILLIAMS VALLEY R R .— 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. V . 117, p. 2434.
W ILLIAMSPORT & NO. BRANCH R Y .— Hall’s to Satterfield, Pa.,
and branch, 46 miles.
On Mar. 9 1921, the road, equipment, &c., o f the Williamsport & North
Branch Railroad, was purchased by Joseph H. Emery, Edgar R. Kiess,
D . K . Townsend and J. K. Rishel, 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 C o., 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.
E A R N IN G S.— For 1923, gross, $152,803; net operating income, $17,714;
other income. $53; deductions, $20,892; bal., def., $3,125.
Pres., Edward Bailey; Sec., F. W . Corcoran; Treas., J. H. Emery.
Office, Hughesville, Pa.— (V. 113, p. 72.)
W ILM INGTON & NORTHERN R R .— Owns Wilmington, D el., to
Highs Farm, Pa., 90.44 miles; total track, 146.24 m. Leased to Phila. &
Read. R y. for 999 years from Feb. 1 1900 for int. on bonds and 3 * % 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 R Y. BRIDQE.— Owns Hilton to Navassa, N . 0 ., 2.4
miles. Stock, *40,0()0, owned by Seaboard Air Line R y. and Atlantic
Ooast Line R R ., whloh jointly guarantee the *217,000 bonds— see table
above. Pres., Geo. B. Elliott. Wilmington, N . 0 .; Sec. and Treas., R . L.
Nutt. 24 Broad St.. New York.

When
Payable

1 2 0 ,0 0 0

J A
J
6
J & I)
4* gM & N
J A D
5 g
5
Deo 31
4* gM & N
J & D
4

354,000
462.000
61,500

5

$ 2 0 0 ,0 0 0
381 750
2,300,000
470,600
500,000
500.000

5 g

6

5g

217,000
5
1,000 &c 5,000.000
4 g
1,000
800,000
5g
100 16 126 300
100 11.2651900 See text
1 ,0 0 0 22,064.000
4 g
1,000
309,000
4 g
1.000 7.500.000
4 g
* A £
5,816.000
4 g
1,000
6,000,000
5* g

R E ORGAN IZATION .— In 1918 the security holders formally approved
with some amendments, plan outlined in V. 107, p. 605, 2099. 2478
Interest due Jan. 1 1915 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, &c.). it was arranged under
the plan to issue £100,000 7% Prior Lien debenture stock.
Pres, o f local (subsidiary) cos., F. O. Elliott, 111 W. Washington Sq..
Chicago.— (V. 113, p. 2820.)
W HITE RIVER R R .— Owns Rochester to Bethel, V t.. 20 miles.
Stock. *250.000: par. *100
Bonds 1*250.000 auth Issue), see table
above. For 1924, gross, *65.437: net operating income, $15,217: other
ncome, *1,520; deductions, $27,187; balance, deficit, $10,450. Pres.,
Ohauncey D . Parker, Boston, Mass. Office, Rochester, V t.
W IC H ITA FALLS & NORTHWESTERN R Y.— All the property of
this company was sold under foreclosure; now owned and operated by
Missouri-Kansas-Texas R R . Co.




Amount
Outstanding

2,167,769 5 . 6 * . 7

J
J
A

J

A

[V ol. 120.
Last Dividend Places Where Interest and
amd Maturity Dividends Are Payable

Jan 1 1933
June 1 1931
Nov 11941
June 1 1940

See text

May 1 1938
Deo 1 1938

O D Parker & C o, Boston
M id w R esT rO o .K O M o
Dillon, Read & Co. N Y
B way Tr Co, Camden , N J
437 Chestnut St, Phila
do
do
Tower City (Pa) Nat Bk

& D Deo 1 1927
Quar
Aug 1 1932
& J

Reading Terminal. Phila
do
do

& O Apr 1 1943
& J July 1 1960
& O Apr 1 1966

Safe Dep & Tr Co, Balt
United States Tr Co. N I
New York

See text Oct
J & J July
M & N May
M & N May
A & () Apr
A & O Apr

1 1921 2% Checks mailed

1 1949
1 1951
1 1936

1 1959
15 1927

New York
Bank of Montreal
New York

To Mar 1 1935

WINSTON-SALEM SOUTHBOUND R Y . CO.— Owns Winston-Salem.
N. C ., on Norfolk & Western, to Wadesboro on Atlantic Ooast Line R R ..
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, aruarantee the $5 00(1.000 bonds, prin. &
int. See form, V. 92, p. 396: V. 105, p. 2367. The I.-S. C. Commission has
placed a final valuation of $5,788,067 on the property o f the company owned
and used as of June 30 1915. Report for 1924: Gross, $1,229,393; net
oper. inc., $245,604; other income, $53,516; deductions, $327,408; bal.,
def., $28,288. Valuation report, V. 107, p. 1194; V. 108, p. 2124, 2434;
V. 113, p. 1055. Pres., H. E. Fries, Winston-Salem, N. C .; Sec., J. F.
Post; Treas., Jno. 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. C. The terminal, when com­
pleted, will represent an investment of approximately $800,OO .
O
The Norfolk & Western R y., Southern Ry. and Winston-Salem South­
bound R y. 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 C o., and no other, for their passenger business to and
from Winston-Salem during the life of the bonds. As rental, the railway
companies will agree to pay to the Terminal C o., each in proportion to its
use, sums covering, in the aggregate, all operating expenses, taxes and
interest charges of the Terminal C o ., 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 whole 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 CENTRAL R Y . CO.— System extends from Chicago
to Ashland, Wis., and*'Lake Superior Iron mines; also to St. Paul and Mu neanolls and to Superior and Duluth. By oar ferry connects with the Pere
Marquette and has a short line to the East. V. 63, p. 117. System includes
Mileage Covered by Mortgages as of Dec. 31 1924.
Miles.
First Genera Mortgage—
Chicago, 111., to Withrow, M inn__________________
424.32
Cylon, Wis., to Downing, W is., cut o ff___________
14.64
Carnelian Jet., Minn., to Trout Brook Jet., Minn.
17.96
Neenah, Wis., to Manitowoc, W is________________
36.54
Stevens Point, Wis., to Portage, Wis_____________
70.76
Packwaukee, W is., to Montello, W is______________
7.86
Marshfield, Wis., to Greenwood, W is_____________
22.44
Chippewa Falls, W is., to Eau Claire, W is_________
9.88
Abbotsford, W is., to Goodrich, W is______________
25.41
Abbotsford, W is., to Owen, W is___________________
12.46
145.87
Spencer, W is., to Ashland. W is____________________
Chelsea, W is., to Rib Lake, Wis__________________
5.55
Mellen, W is., to Bessemer, M ich__________________
33.77
Ashland, Wis., Ore Dock Line_____________________
2.10
Ashland, Wis., Commercial Dock Line____________
1.14
830.70
Marshfield & Southeastern Div. P. M . Mtge.—
Marshfield, W is., to Nekoosa, W is_____________
32.65
32.65
Superior & Duluth Div. & Term. Mtge.—
Owen, W is., to Superior, W is___________________
153.40
Duluth Terminals________________________________
4.71
158.11

Total mileage______________________________________________ 1,021.46
1st gen. mtge.— 1st lien on 830.70 miles.
M . & S.E. Div. P. M . mtge. 1st lien on 32.65 miles.
S. & D. D. & T . mtge.— 1st lien on 15811 miles.
First & Refunding mtge.— 2d lien on 1021.46 miles..
ORGANIZATION.— Successor July 1899 of Wisconsin Cent. Co., fore­
closed per plan V 68. p. 725: V. 69. p. 29. 133; V. 70, p. 434. In Jan. 1909
Minn. St. Paul & S. S. M . acquired 51% of common stock, and in March
1924 acquired 95% of the remaining minority stock and operates the road
as its "Chicago Division,” the road being leased for 99 years from April 1
1909. Most of the pref. stock has been exchanged for M. St. P. & S. S. M .
leased line certificates, secured by Wisconsin Central pref. stock. As of
Dec. 31 1924, “ Soo” owned $15,908,000 common and $11,245,000 pref.
V. 88, p. 159, 232, 566, 626, 750, 1003, 1439: V. 89. p. 780; V. 118, p. 1667.
The I.-S. C. Commission has placed a tentative valuation of $50,284,398
on the total used and $44,445,800 on the total owned property of the com­
pany as of June 30 1917.
STOCK.— Stook. authorized, common, *17,500,000; pref., 4 % nonoum. *12,500,000. Outstanding, com., *16,126.300; pref., *11,265,900;
par of shares. *100. After 4 % dividends on both classes shall have been
paid In any year both shall participate equally in any further dividends
for suoh year. The preferred has the right to eleot a majority of the direc­
tors on failure for two successive years to reoelve 4 % per annum.
D IVID EN DS.— First dlv. on pref.. 4 % for the year, paid 1% Deo. 23
1908 and 1% each on Mob. 11 and July 15 and Oct. 15 1909
On June 15
1910, 2 % ; Oct. 1, 2 % ; 1911 to Oct. 1 1921, 4 % yearly; none since.
BONDS.— The 1st Gen. gold 4s of 1899 are seoured by a mtge. upon all
the lines of railway, terminals, equipm’t and other property aoqulred there­
by, and also by deposit of all securities owned or aoqulred under the plan.
V . 75. p. 734,1204; V . 77. p . 1238; V . 8 8 . p. 1591.

M ay , 1925.]

135

B AILW AY STOCKS AND BONDS

RAILROAD COMPANIES

[For abbreviations, &c., see notes on page 6]

Wise Minn & Pacific— Sea Chic Great West Ry
Worcester Nashua & Rochester— See Boston & Maine
Yosemite Short Line Ry— See Sierra Ry of California
Yosemite Valley— First mtge *3,000.000 gold s f.xo*

Miles Date
Road Bonds

78

1906

Par
Value

$ 1 ,0 0 0

•The Superior & Duluth Division & Term. 4s are limited to $7,500,000;

Amount
Outstanding

Rate
%

$ 1 ,0 0 0 ,0 0 0

6 g

When
Payable

J

A

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

J Jan 1 1936

Mercantile Tr Co, San Fr

Dividends paid out of accumulated surplus, but substantially paid dur­
ing respective years shown— see V. 93, p. 792.
OFFICERS.— Chairman, E. Pennington; Pres., O. T . Jaffray; V .-P .,
G. W . Webster; Sec., W. R. Harley; Treas., C. H. Bender; Com p., D . J.
85. D. 532: V. 86. p. 1411: V. 88. p. 824.
Bond.— (V. 120, p. 2547.)
The “ First and R e f." mtge. Is limited to *60,000,000. o f which *36,459.0(0
WISCONSIN & M ICHIGAN R R .— Operates from Falthorn June.,
la reserved to refund existing bonds and equipment obligations and the re­ M ich., to Iron Mountain, M ich., 70.25 miles. Successor, after foreclosure
mainder for general purposes; *5 816,000 have been sold. V. 88, p. 687 . sale, of the Wisconsin & Michigan R y. C o., acquiring or at least operating
824, 884; V. 89, p. 44. 1069; V. 94. p. 489; V. 98, p. 840. The Minn. 8*. only the portion of the road above mentioned. The I.-S. C. Commission
P. St Sault Ste. Marie guarantees interest on the bonds. V. 95. p. 969 . in Dec. 1920 authorized the company to rebuild 7.17 miles of road between
Fairhorn Jet.
Aragon
of 13.8
W NOTES.— The 3-year notes o f 1924 are secured by the deposit of $8,000," miles of road andDickinsonJet., Mich., and to resumep.operationTentative
in
County, Mich.
2522.
000 Wisconsin Central R y. 1st & Ref. M tge. 5% gold bonds, due April 1 valuation as of June 30 1916, $2,209,333. V. I l l ,
1959. Principal and interest guaranteed by endorsement by the Minn.
Pres., John Marsch, Chicago; V
St. Paul & S. S. Marie R y. Co. Redeemable, all or part, by lot, at any Treas., Nicolas Marsch. Chicago:.-Pres., W. H. Wright, Menominee, M ich,
Sec.,
time on 60 days’ notice, at 101 and interest to April 15 1926, and at 100 Office, Menominee, M ich.— (V. 119, p. Harry Goldman, Marinette, Wis.
3007.)
and Interest thereafter. V. 118, p. 1776.
W YOM ING NORTH & SOUTH R R .— (V. 119, p. 645.)
1 R E PO RT.— For 1924, In V. 120, p. 2538, showed:
r Calendar Years—
1924.
1923.
1922.
1921.
YOSEMITE VALLEY R R .— Merced, Cal., to the Yosemite Nationa.
Operating revenue______ $19,220,666 $20,388,242 $18,472,044 $16,559,636 Park, 78 miles, completed May 15 1907. Stock. $5,000,000. all outstand­
Operating income______
2,553,515
3,534,272
3,243,039
198,036 ing; par, $100. 1st M . bonds ($3,000,000 auth.). V. 82. p. 511, 930; V. 84,
Other income_________
318,094
230,999
172,217
358,587 p. 1553. Chairman of bondholders' committee, Charles K. McIntosh, care
Mercantile Trust C o., San Francisco. 1st M . coupons due Jan. 1 1919 were
$2,871,609 $3,765,271 $3,415,256 $556,623
Total income...........
met in June 1919, the stockholders providing at least a part of the funds.
Interest, taxes, &c_____ 3,695,226
3,331,708
2,918,886 3,322,138
V. 109, p. 74. On July 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
Balance, surplus_____def$823,616
$433,563
$496,370df$2,765,515 June 30 1914. Pres., Frank G. Drum, West Coast Life Bldg., San Fran­
Dividends on preferred.
______
______
______
450,630 cisco.— (Y. 117, p. 90.)
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.




Industrial ^ Miscellaneous
United States, Cuba, Canada, Mexico and Other Foreign Countries.
MISCELLANEOUS COMPANIES
[For abbreviations, <ftc., see notes on page 6]

Date
Bonds

Abitibi Power & Paper Co Ltd— Com stk 250,000 sh auth_.
Pref (a A d) stock 7 % cum $1,000,000 authorized_________
1st (closed) M ser bonds due $292,500 ann___________ zc*

1914

500 &c

Gen s f mtge bonds auth $5,000,000 red 105___________ zc*

1920

500 &c

3,647.000

Consol s f g bonds auth $14,000,000_______________ xxxxc

121

100 Ac

3,614.900

Adam* Express— Stock. 120,000 shares (20,000 held by co
Collateral trust mortgage gold__________________________Ba>
Collateral trust distribution mortgage g o ld ___________ Gj
Advance Rumely C o.— Debs $3,500,000 g sk fd call 1 0 2 H -.
Common stock authorized $13,750.000________________ ___
Pref (a A di 6 % cum after 1918; call 1 0 5 _________________
Air Reduction C o .. Inc.— Stock 293.334 shares auth____
Alax Rubber Co Inc— Stock 500.000 shares auth________
First mtge s f gold bonds callable I 10 __________kxxxc*Ar
Alaska Juneau Gold Min Co— Stock $15,000,000 auth____
First mortgage bonds $1,500,000 authorized_______ M S .f
Alsom a Steel Corporation— See Lake Superior Corp
Alliance Realty Co ( th e )— Stock $11,0 0 0 ,0 0 0 authorized..
Allied Chem A Ove Corp— Corn stock 3,143.455 shs auth
Pref (a & d) stock 7% cum red 120 $97.326.400 auth______

Par
V a lu e

None 250.000 shs
ion

W h en
P a y a b le

Last Dividend
and Maturity

P la c e s W h e r e I n t e r e s t and
D iv id e n d s a r e P a y a b l e

— QJ 20 Apr 20 '25 $1
Q—J Apr 1 '25 \H %
F A A To Feb 1 1934 /First Nat B k .N Y
1First Nat Bk, Chi
|Royal Bk of Canada
J A J Jan 2 1940
6
(Chase Nat Bk, N Y
/First Nat Bk, Chi
89
M A S 15 Mar 15 1931
(Chase Nat Bk, N Y
See texi Q— M June 30'25 $1H Chase Nat Bank, N Y
A & 7 Jen i 11*48
Bangers Trust Uo, N Y
4g
I & D 'one 1 1947
luaranty Trust Co. N Y
4g
Bankers Trust Oo. N 1
M A S Dec 1925
6g
$4
7
6

2.500.000 See text (J— J 15
None 2,178 Wish
See texi
$1
100 39 281,900
7
Q—J

Checks mailed
New York
W A HarrimanAOo. N Y
Mercantile Tr Co, San Fr

Checks mailed
Checks mailed
1 1925 I H Checks mailed

R E PO R T .— For 1924. in V. 120, p. 1084, showed:
(Adams Express Co. and Southern Express Co.)
Revenue—
1924.
1923.
1922.
Interest on balances____
$9,703
$5,968
$5,085
Int. on securities owned.
199.595
193.540
206.093
Divs. on securities owned
770.671
714.486
967.981
Inc. from collat. pledged
592.819
639 006
632.800
Miscellaneous income___
______
93.326
68.679
Total........................... $1,572,788 $1,646,325
Expenses—
Interest on loans_______
______
______
Interest on bonds______
$545,918
$579,881
Salaries, exp. & taxes_
_
65.730'
151.605
Dividends____________ (6%)600 000 (5)500.000

Light, Power, Gas, Telephone and
Telegraph
Formerly appearing in this publication
will now be found in our

PUBLIC UTILITY COMPENDIUM
Issued May 2, 1925

ABITIBI POW ER & PAPER C O ., LTD .— Incorp. under the Companies'
Act (Canada) by letters patent Feb. 9 1914. Company manufactures
ground-wood pulp, sulphite pulp and newsprint and is also a holding co.
Charter is perpetual. Owns 12 buildings at Iroquois Falls, Ont.; at Twin
Falls, a dam and power house, also timber and water power leases.
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 o f 7 % per annum; in event of liquidation or dissolution has preference
as to par and accrued dividends.
D IV ID E N D S .— lYef. stock: 1916, 1 H % : 1917-18, 7 % ; 1919. 7% and
19K % on account of accumulations; 1920-24, 7% ; 1925, Jan. 2 and April 1,
1 H % - Common; 1920, $4 50; 1921, $1; 1922, $2; 1923-24, $4; Jan. 20
and April 20 1925, $1.
BONDS.— Gen. mtge. bonds sinking fund amounts to sum equal to 3%
o f par value o f bonds outstanding plus int. at 6% per annum on par value
o f bonds previously purchased or redeemed. Consol, mtge. sinking fund
o f 10% o f annua) net profits avail, for divs. (not less than $300,000) to be
applied to purchase o f bonds at not over 110. Co. guarantees int. and
sinking fund o f $500,000 Abitibi Transportation Co., Ltd., 7)4s, 1942 and
principal and int. o f $200,000 Abitibi Lands & Forest, L td., 7s, 1927.
R E PO RT.— For 1924 showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Gross sales____________ $10,686,859 $11,047,668 $9,461,299 $8,861,810
Cost of sales & expenses. 6,301,307
6,768,088
5,846.462
4,183,637
Interest________________
762,260
882,625
929,123
849.743
Deprec. & depletion, A c .
625,505
803,391
930,186
989.763
Approp. for taxes--------190.000
Preferred divs. ( 7 % ) . . .
70.000
70.000
70.000
70.000
Common dividends.. . ($4) 1,000.000($4) 1000,000 ($2)500.000 ($1)250,000
$2,518,666
3.688.571
2,177.145
482.000

P ro fit* loss surplus.. $6,705,651 $6,204,007 $4,807,239 $3,548,093
OFFICERS.— Pres., A. Smith; Sec. & Treas., W . H. Smith. Genera*
office, Canada Cement Bldg., Montreal, Canada.— (V. 120, p. 1330).
ADAMS EXPRESS CO. CTHE).— ORGAN IZATION .— An unincor­
porated association formed in 1854. V. 100, p. 289, 371; V. 104, p. 2120.
As o f July 1 1918, at the behest o f the U. S. Govt., all the company’s
express business and equipment in the U . S ., together with a required amount
•t working capital, was turned over to the American Railway Express Co.
which see) in return for stock In that company, amounting in Dec.
924 to $11,914,300. (See Amer. R y . Exp. C o. for dividends declared by
that company.)
The I. 8. O. Commission in Dec. 1920. approved the permanent consoli­
dation o f the transportation business and properties o f the American. Adams,
Wells Fargo * Co. & Southern Express Co. into the American R y. Express
Oo. V. 111. p. 2522.
The Adams Express Building at 61 Broadway, N . Y .. was sold In May
1920.
In June 1923 the Adams Express Armored Car C o., a subsidiary, was
organized. V. 116, p. 2996.
CASH D IV S., &c.
1914. 1915. 1916. 1917.’ 18-’2 1 . ’22. '23. ’24.
Per share............................. $5 50
$4
$6 $5 50
none $1 $5 $6
Paid in 1925: Mar. 31, $1 50; June 30. $1 50.




%

ion

such as

J

2,939,000

R a te

$1(X $10,000,000
500 &
< 5 703.500
500 &c 7.689.0 V’
790,000
ion 13.750.001
inn 12.500.001
Q— j
3
Apr 1 1925 H %
None 191.014 sh See text
Q-J 15 Apr 15 '25. $1
Dec 15 '20. $2
None 500 000 sh. See tex i
2.514.60H
i A D Dec 1 1936
100 Ac
8g
1921
I" 1 4 . 0 0 0 .0 0 0
M A S 15 Mar 15 1929
7g
1919 500-1000 1,894.000

Statements of

$1,396,768 $1,312,323
4,807,238
3,548,093
_______
______
53.177

$ 1 ,0 0 0 ,0 0 0

1898
1907
1915

Public Utility Companies

Balance, surplus------- $1,737,787
Previous surplus----------- 6,204.007
Res. for depr. of inv------ 1,236,144
Adjust. Govt, taxes____
______

A m ount

> ts ta n d im
u

1921.
$2,650
189,157
709.478
689.424
______

$1,880,637

$1,590,708

$9,605
621.614
160.828
(1)100.000

$69,466
644.182
72,536
______

Balance, surplus_____
$361,141
$414 838 $988,590
$*04,524
Profit and loss surplus.. 5,309.628 3,600.107
3.074.502
383.096
OFFICERS.— lYes.. Wm. M . Barrett; Treas., Thos. J. Degnen; Sec.,
Horatio 11. Gates. Office. 61 Broadway, New York.— (V. 120. p. 1084.)
ADVANCE-RUM ELY C O .— ORGANIZATION — Incorp. In Indiana
Dec 15 1915, per plan In V. 101, p. 777, 851 . 1276. 2146
Business estabIshed In 1853. Has plants at La Porte, Ind . Battle Creek. Mleh., and
Toronto. Canada. Products, agricultural implements, such as tractors,
separators, plowing engines, &c. V. 102. p. 1626; V. 104. p. I486; V. 106,
p. 1575: V. 107, p. 2189. In Dec. 1923 purchased the business of the
Aultman & Taylor Machinery Co. of Mansfield. Ohio. V. 118. p. 86.
CAP STK & O B B B N .-(a ) $13,750,000 corn. stk.. par $100 <i» $12,
5*0 000 6% pref. (p. & d.) stock cum. after Jau. 1 1919. and callable any
time at 105 and divs., par $100; (r) $3,500,000 10-year 6% sinking fund
.ooenturee (callable l02H and Int.) protected by provisions of trust deed
»nd s sinking fund of $100,000 yearly for first 5 years and $200,000 per ann.
thereafter. To Dec. 31 1924 $2,710,000 debentures had been retired, leav­
ing $790,000 outstanding.
Preferred Dividends.— No. 1, 1V$% paid April 1 1919: to July 1 1921.
1 K % quar., Oct. 1 1921 to April 1 1925, % % quarterly. Accumulated
divs. on Dec. 31 1924 amounted to 10\ft%.
RE PO RT.— For 1924, in V. 120, p. 1634 and 1740, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross profits____________$1,738,187 $2,008,885 $1,804,980 $1,353,452
Net income..................... 1,014,609
319.667
261.226 loss435.784
Adjust, of inventory____
______
______
______
1,279.198
Bond interest, &c______
237.074
242.944
123.615
229,234
Depreciation reserve___
341.798
334.088
______
______
Preferred dividends____
374.253
374.253
374.253
561.380
Balance, surplus_____
$61,484 def$631,618 def$236,643df$2.525,59fl
OFFICERS.— Finley P. M ount, Pres.; A. H. Berger, V.-P. and Sec.{
W. I. Ballentine, V.-P.; J. Abrams, V .-P.; J. R . Kohne, Treas. Office,
La Porte, Ind.— (V. 120, p. 1740.)
AETNA EXPLOSIVES C O .. INC.— See Hercules Powder Oo.
AIR REDUCTION C O „ INC.— Incorp. In N Y . on Nov 26 1915.
Manufactures oxygen, acetylene, nitrogen and other gases, oxy-acetylene
welding and cutting apparatus and chemicals. Early In 1922 the company
purchased all the assets of the Davis-Bournonvllle Co. AJso owns over
50% of both the pref. and common stocks of the National Carbide Corp.
Interest In California Cyanide C o., V. 116. p. 825, 1414.
C A PITAL STOCK.— See table at head of page.
D IV ID E N D S .— Paid $1 per share quar. from July 14 1917 to Apr. 15
1925. Also paid an extra div. of 50c. per share in Second Liberty Loan
bonds on Oct. 15 1918 and $1 extra in cash per share on Oct. 15 1924,
BONDS.— The convertible debentures Series A bonds were redeemed on
April 1 1924 at 105 and int. V. 118. p. 433.
R E PO RT.— For 1924. in V. 120, p. 951, showed:
1924
1923
1922.
1921.
Gross income................... $9.204,836 $10.201.061 $7,021,209 $5,338,869
Operating incom e.......... 3.037.420
3.725.597
2,169.175 1,674.141
Reserves.......................... 1,102.807
1,031.168
958.971
903.616
Bond interest---------------5.387
118,138
142.963
140,000
Prem. on bds. redeemed.
______
23.265
______
______
Compens. to off. & empl.
101,874
112.500
64,034
____
Federal t a x e s ....______
192.131
302.503
120.338
59.079
Dividends paid...............
954,483
687,588
627.466
612.232
Balance, surplus.........
$680,739
3 Mas. end. Mar. 31—
1925.
Gross income------- ----------$2,349,138
Operating expenses------- 1,548.096
Addition to reserves____
284,956
Bond int. & expenses___
______

$1,450,435
$255,403 def$40,78«
1924.
1923.
1922.
$2,448,779 $2,381,519 $1,369,673
1,574.609
1,500.619
908,718
271.750
256.127
227.899
5,387
35.562
40,785

Net prof. bef. Fed. tax $516,086
$597,033
$589,212
$192,270
OFFICERS.— Chairman, F. B. Adams; Pres., O. E. Adams; 1st V.-Pres.,
in charge o f sales, A. R. Ludlow; V.-Pres., M . W. Randall; V.-Pres., O. S.
Munson; V.-P. & Oper. M gr., H. Van Fleet; V.-P. in charge o f devel. &
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. 120, p. 2271.)
A J A X RUBBER C O ., I N C — O RGAN IZATION .— Incorp. in N . Y .
Dec. 20 1915, succeeding Ajax-Grieb Rubber Oo., Trenton, N . J estab­
f
lished Sept. 11 1906. V. 101. p. 2073, 2146. Owns plants In Trentwm
N . J. ana Racine, W ls.

M a y , 1925.]

137

RAILW AY STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations, & c., see notes on page 8]

Date
Bonds

Allis-Chalmers M anufacturing Co— Common stock---------Preferred stock (a 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 120s f 2 % oflssue
First (closed) mtge s f gold call 105____________________xxxc* 1922

Par
Value

Amount

Dutstandino

Rate

%

When
Payable

$100 $26,000,000 See text
100 16 500.000
7
175.000 sh
100 $5,000,000
None
724.624 sh
ion
4.39 ) 400 See text See text
A A O
7g
100 A c
3.612.000

None

The stockholders on Jan. 11 1922 authorized the issuance of shares with­
out par value and the exchange of the outstanding 200 000 shares (par $50
each) 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 stockholders of record Feb. 9 1925 were given the right to subscribe
for 75.000 shares of capital stock at $10 epr share.
DIv. M ar. 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.
R EP O R T.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Gross sales_______________________
,$16,516,716 $16,068,710 $12,189,938
15.401.842 15.632.742 11.632.651
Cost of sales, lncl. Fed. taxes, Ac.
Net earnings...........................................$1,114,874
Miscellaneous Income________________
169.412

$435,968
116.917

*557 .287
108.537

Net profits............................................$1,284,286
Depreciation, int., A c_______________
620.158
Extraordinary adj____________________
______

$552,885
569,322
y543,953

$665,824
639.287
----------

S=5

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

M ay 15 ’25 1H
Apr 15 1925 1 X
July 1 1920. $1
Oct 1 1920, 1 *4
Anr 1 191$ 3%
M ay 1 1925 2%
April 1 1937

Irv Bk-Col Trust, N Y
do
do
Co's office. Ogden. Utah
Bankers Trust Co. N Y
MercTr. 8 F .B a T r .N Y

R EPO R T.— For 1924, in V. 120, p. 1735, showed:
1924.
1923.
1922.
1921.
Gross income after prov.
for deprec., obsof., all
_____ __ ___
State A local taxes, repairs and renew als...$21,059,690 $21,974,558 $17,280,368 $13,093,890
Reduc. of inven. to cost
or mkt., whichever was
_
___
lower as of Dec. 31___
_________
_________
_________
3,940.557
Loss fr. sale of securities _________
_________
_________
Z Z iM fl
Federal taxes..................... 2.519.729
2.826.086
2.165.413
733.010
Net income................... $18,539,961 $19,148,472 *15.114.955 $7,646,909
Previous surplus...............134.209,968 126.428.336 122.659.080 126.369.000
Total surplus.............. $152.749.929*145.576.808*137.774.035*134.015.915
Pref. divs. ($7 per share) 2.749.768
2.735.094
2.731.942
2.706.108
Com. diva. ($4 per share) 8.712.062
8.631.746
8.613.757
8,650.727
Profit A loss surplus.$141.288.099*134.209.968*126.428.336*122.659,080

OFFICERS.— Chairman. William H. Nichols; Pres., Orlando F. Weber;
V.-Pres.. W . H. Nichols Jr. and Clinton S. Lutklns; Sec.. V. D . Crisp;
Treas.. Thomas E. Casey; Comp., Frank Nay. Office. 61 Broadway. N . Y
Balance, sur. or def________________ sur$664,128 def$560,390 sur$26,537
Directors.— W . II. Nichols, w . H. Nichols Jr., diaries Robinson Smith,
y Includes loss from liquidation of certain subsidiary companies and Orlando F Weber. Wrn. G . Beckers, Walter E. Frew, Rowland Hazard,
___ _ _
Inventory adjustment. Ac. j
M i l
* t 4
< < * •
Arraand Solvay. Emmanuel Janssen and Roscoe Brunner.— ( V .120.p.1735.)
OFFICER S.— 3. C . Weston, Chairman A Pres.: E . L . Fries, V .-P ., 8 ec
ALQOMA STEEL CO R P O R A T IO N ,— See Lake Superior Corporation
te Treas.: O . E. Shipway, V .-P . A Gen. Mgr • L. T . Vance. W McMahon.
F . M . Hoblitt anil L. T. Van Riper. V .-P .; Chas. L. Morris, Asst. Sec. below.
A Asst. Treas. N . Y . office. 218 W . 57th St.— (V. 120, p. 1750.)
ALLIS-CHALM ERS M AN U FAC TU R IN G C O .— O R G A N IZ A T IO N .—
incorporated In Delaware on Mar 15 1913 as successor of the Allls-ChalALASK A JUNEAU Q O L D M INING C O .— Tncorp. under laws of West mers Co. (foreclosed) per plan V . 94, p 91.3. Manufactures heavy engines,
Virginia, Feb. 17 1897. Property of company Is situated near the town of mining and other machinery. V. 94. p. 913.
Juneau. Alaska. The company’s claims, it Is stated, have a length of
STO CK .— The 7 % cumul. pref. stock l« pref. both p. A d. It may elect
over a mile on the mineralized Juneau Gold Belt.
a majority of the directors and is redeemable at 110 and dive. V . 102, p.
1724: V. 106. p. 1128.
.
„
B O N D 8 .— The first mtge. 7s due M ar. 15 1929 are a first lien on all of
No mortgage lien while any pref. stock remains outstanding, unless 80%
the company’s property In the Territory of Alaska now owned or hereafter
acquired. No dividends shall be declared out of surplus profits, nor shall ef preferred consents.
any of the company’s properties or assets be distributed to stockholders
D IV ID E N D S —
1916. 1917. 1918. 1919. 1920. 1921-1924.
while these bonds are outstanding.
6
6%
7
7
7
7 yearly
Preferred (regular)___________
R EP O R T.— For 1924 showed:
On accumulations____________
3
3X
3
3
IX
---------C om m on_____________________ . .
___
..
..
2
4 yearly
Calendar Years—
1924.
1923.
1922.
1921.
In Jan. 1920 the accumulated preferred dividends were paid oft in full
Gross recovered gold, sil­
ver and lead values—
with a payment of 1 X % •
Initial dividend on common stock of 1% was paid Aug. 1« 1920: same
Bullion....................... $1,519,312 *1,173.078 $1,025,879
$797,075
Concentrates______
536.470
341.698
362.800
238.176 amount paid quarterly to Feb. 16 1925: on M ay 15 1925 paid I X % quar,
REPO RT.— For 1924, in V. 120. p. 2037. showed:
T o ta l.................... *2.055.782 $1,514,774 *1.388.679 $1,035,251
1924.
1923.
1922.
1921.
Total oper. costs A e x p .. 1.796.288
1.544.857 1.366.538
1.203.986
Sales billed......................... $27,855,524 $25,612,709 *20.794.046 $24,685,258
Cost (incl. deprec., A c .). 21.515.427
20.063.820 16.571.784 19.996.810
Net profit before depr.
*259.494 def$30.083
*22,141 def*168.736
Factory profit.................$6,340,097
$5,548,889 $4,222,622 $4,688,448
O FFICER S.— Pres., F. W . Bradley; V.-Pres., A . B. Davis and D. J.
632.504
654.924
920.375
549.659
Murphy: Sec. A Treas., J. W . Crosby. Main office, 1022 Crocker Bldg., Other income_____ ______
San Francisco. New York office, 80 Broadway.— (V. 120. p. 2403.)
Net profit....... ..................$6,972,601 $6,203,813 $5,142,637 *5.238.107
ALLIANCE R E A L TY CO. (TH E)— Tncorp. in N . Y . June 7 1899. En­ Sell., publicity, Ac., exp.
2.862,639
2.643.087
3,236,500 2,969,176
gaged in the business of holding, managing and dealing in real estate. Owns
Reserved for Federal
$1,250,000 out of $2,000,000 pref. stock and $1 .620.400 out of $2,000,600
160.000
300.000
taxes A contingencies.
515.000
531.000
com. stock of The Broad Exchange C o., and also stock interests In other Preferred divs. ( 7 % ) . . .
1.154.811
1.154,811
1.154.811 1.154.811
concerns.
1,030.830
1.030.830
Common divs. (4 % )____
1.030.830
1.030.830
C A P IT A L ST O C K .— Auth.. $3,000,000; outstanding, $2,500,000: par
Balance, surplus..........$1,035,461
$517,996
$22,908
$29,827
value. $ 1 0 0 .
Net Profit after Prov. fo r
D IV ID E N D S—
/ ’02-’05. ’06-’09. ’ 10. ’ 11-’13. ’ 14. ’ 15-’20. ’21-’24.
Month of—
----------Sales Billed---------Federal Taxes.
Per cent__________ 16 yearly 8 yearly 14 8 yearly 7>£6 yearly 8 yearly
January__________
$2,419,833
$2,252,104
$276,836
$283,567
Also paid 25% in stock on Dec. 15 1922.
February_________
2.413.802
2.279.596
281.455
275.977
Paid In 1925: Jan. 19, 2 % quar. and 2 % extra; April 17, 2 % quar.
March.................................
2.297.317
2,287.631
288.762
271.637
R EPO R T.— For 1924, in V. 120, p. 456. showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total......................... ..
$7,130,952 $6,819,331
$817,053
$831,181
Net income: real estate
Unfilled orders on hand as of March 31 1925 amount to $10,146,675.
o p e r . a n d i n v e s t ______
$ 4 8 8 ,2 5 4
$ 4 5 2 ,4 2 7
$ 2 8 0 ,4 3 2
$ 2 3 2 ,8 8 6
O FFICER S.— Pres., Otto II. Falk: V.-l*. A Gen. Attorney. Max W .
Oorp. exp., incl. taxes..
73.743
75.141
34,696
29.176
Babb: Sec. A Compr... W . A Thompson: Treas., R. Dill. Office. M il­
waukee, W is.— (V. 120, p. 2271.)
Net earnings................
$414,511
$377,286
$245,736
$203,711
AM ALGAMATED LEATHER COM PANIES, INC.— Tncorp- in March
O FFICER S.— Pres., Walter T . Rosen; V.-Pres., Harry S. Black and
F. Blumenthal Co.:
name adopted Nov. 17
Clarke O. Dailey: Sec. A Treas Howard W . Smith. Office, 115 Broad­ 1910 in Delaware as the of black and colored present kid and other classes of
1919.
Manufacturers
glazed
way, New York.— (Y. 120. p. 456.)
leather largely used in the manufacture of shoes. Plants are located in
Wilmington, Del.
ALLIED CHEMICAL & DYE C O R PO R AT IO N .— Tncorp. In N . Y . on
STO CK .— See table at head of page.
Dec. 17 1920 as a consolidation by means of stock ownership of the control
D IV ID E N D S .— On present capitalization payments have been made as
•f General Chemical Co.. Semet-So!vay Co.. The Solvay Process Co..
ollows: On pref., paid l % % quar. Jan. 1 1920 to Oct. 1 1920: none since.
The Barrett Co. and National Aniline A Chemical C o.. Inc. The plan
On common, initial payment of $1 per share was made Jan. 1 1920: April 1
provided for the exchange of the pref and com. stocks of the consolidating
companies by the holders thereof, based on their outstanding capitalizations and July 1 1920. $1 each: none since.
tor the stock of the “ new companv".
REPORT.— For 1924 showed:
The plan was declared operative in Dec. 1920. For details of plan,
Calendar Years—
1924.
1923.
1922.
1921.
terms of exchange, Ac., compare V. I l l , p. 1379.
Income from operations. $224,569
$842,077 loss$675,995 $1,363,920
General Chemical Co. was incorp. Feb. 15 1899 in N . Y . Its business Res. to reduce inventory
Is the production, manufacture and sale of acids and other chemicals
to cost value_________
______
______
______ 500,000
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
Total income..............
$224,569
$842,077 loss$675.995 $1.86.3,920
lants at Syracuse, N. Y ., Detroit, Mich., and Hutchinson. Kan. Semet- Previous balance_______
______
_____ adj.def805.463 sur.108,254
olvay Co. was incorporated Jan. 31 1916 in New York and is engaged in Capital surplus............._adj.918.766 a d j.161.557
1.712.831
1.712,831
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
Balanceofcap. surplus $1,143,335 $1,003,634
$231,372 def.$42.835
sale of coal tar products. National Aniline A Chemical Co. was incorpora­
O FFICER S.— Pres. A Treas., John B. Blatz: V.-P. A Sec., Louis Halle;
ted May 26 1917 in N Y
Business is m a n u fa c t u r e a n d s a le of d v e s t u c r «
V .-P ., William C. Blatz; Asst. Treas., P. H. Van Bloem. Office, 22 North
The company. In Dec. 1924, was cited by the Federal Trade Commission 5th St.. Philadelphia.— (V. 120. p. 1330.)
for alleged violation of certain provisions of the Clayton Act. Compare
AM ALGAMATED SUOAR CO. (T H E ).-O R G A N IZ A T IO N .— Incorp.
V. 119, p. 2882; V. 120. p. 960.
Jan. 1915 In Utah. Owns eight beet sugar plants at Ogden, Logan, LewlaCapital Stock.— The pref. stock has equal voting rights with common ton, Cornish and Smlthfield, Utah, and Burley, Twin Falls and Paul, Idaho.
stock and is redeemable In whole or in part at 1 2 0 .
V. 107. p. 804. (Statement to N . Y . Stock Exchange, V. 110. p. 2575.)
The authorized capital was increased on Mar. 7 1921 from 373,264 shares
C A P IT A L IZ A T IO N .— The stockholders in Nov. 1921 reduced the com.
of pref. stock (par $100) and 2.143,455 shares of common stock without stock from 2,500,000 shares, par $10. to 724.624 shares of no par value and
par value, to 973,264 shares of pref. stock (par $100) and 3,143,455 shares making it assessable, but limiting the assessments to $1 50 in five years.
of common stock without par value.
A majority of the common stock is held in a voting trust.
D ies.— Initial dlv. on com. stock of $1 per share was paid M ay 2 1921.
An assessment of $1 39 a share on the outstanding common stock was
same amount paid quar. to M ay 1 1925. On pref. paid I X % quar. from levied, payable N ov. 10 1921. Compare V. 113, p. 1474, 1677 . 2082.
April 1 1921 to April 1 1925An Issue of $4,000,000 7 % bonds was sold In M ay 1922. V . 114, p. 2243.

S




138

MISCELLANEOUS CO MPANIES
IFor abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

$100
American Agricul Chemical Co— Stock common 550,000,000
100
Pref (a & d) 6% oum $50,000,000-...........................
First mtge bonds conv 512.OO0.OOO red 1 0 3 - CoI.xc*&r* 1908 1.000 &c
First ref mtge s f gold bonds Ser A red (text).,OB.xxxc*& r* 1921
500 &c
American Bank Note Company— Com stock 5 1 0 ,0 0 0 ,0 0 0 ____
Preferred la & d) 6 % cum 55.000.000,
, ________
Am erican Beet Sugar— C o m m o n s to c k 2 6 0 ,0 0 0 sh s a u t h - P r e f (a & d) sto c k 7 % c u m red 1 1 0 $ 6 , 0 0 0 ,0 0 0 a u t h ---------10-yr (closed) conv sinking fund debs red (text) Ba.kxxx
Amer Bosch M agneto Corp— Stock 1 7 5 ,0 0 0 sh ares______
Sinking fund gold notes redeemable 105_______ ____ xxxc*

50
50
N one

loo
1925
192 1

500 &c

None
500 &c

Dividends.— The pref. div. due to be paid A uk. 1 1921 was omitted, no
payments being made until June 15 1923, when 2% quar. and 8% on
account o f accumulations was paid: Aug. 1 1923 to Feb. 1 1924 paid 2%
quar. On M ay 1 and Aug. 1 1924 paid 2% quar. and 3% on account of
accumulations, clearing up all back dividends. N ov. 1 1924 to M ay 1 1925
paid 2% quar.
Production and Net Earnings Years Ending Feb. 28.
Year—
1921-22.
1922-23.
1923-24.
1924-25.
Production (lbs.)______ 139,254,800 96,792.900 146,313,500 64,561.900
N et after Fed. taxes, _Ioss$3,388,499
$818,914 $2,398,172
$194,943
Chairman, A. W. Ivins; Pres., Henry H. Rolapp; V .-P . & Gen. M gr.,
E> S. Rolapp: V .-P .; M . S. Eccles and S. L . Richards; Sec., F .S. Young;
Treas., A. P. Bigelow. Office, Eccles Bldg., Ogden, Utah.— (V. 119, p.
696.)
A M E R I C A N A G R I C U L T U R A L C H E M I C A L C O . ( T H E ) . — O R G A N I­
ZA TION .— 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, 440V. 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, 10 misc. plants and 2 mining plants. Also owns and
operates the Charlotte Harbor & Northern R y.
BONDS.— The 1st M . bonds ($12,000,000 auth.) are convertible into
pref. stock at par. Sinking fund, 3 X % annually of all bonds issued;
retired by sinking fund to Mar. 12 1925, $5,738,000; conv. into pref. stock,
$1,213,000,
First ref. mtee. bonds are reserved to retire this Issue
V . 87, p . 741, 814, 874; V . 92, 264, 324. The company on May 20 1925
announced, that it would offer holders o f its 5% bonds due in 1928 102 M %
for the $5,481,000 outstanding issue.
The $30,000,000 first ref. mtge. 7 X s are secured by a mortgage on all real
estate, plants and equipment, now owned or hereafter acquired, subject
only to the first (closee) 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 I d
1928, the 1st ref mtge-. will 'become a first mtge. on all the properties.
N one'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 the 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
or fair value (whichever may be the less) o f property subsequently acquired
subject to the mortgage.
The total combined net assets o f 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.
I f the total com biped current assets fall below 160% o f total current
liabilities, the company shall declare no further dividends upon its common
stock until said ratio is restored:i f below 160% it will default under mtge.
N o further 1st refunding bonds shall be issued unless the average annual
net 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)4; next 5 years at 102)4; next 4 years at 101; last year at
100)4.

Three per cent annually o f 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 Dividends (Bate % .)
Jan.’ 12-July’ 16.
O ct.’16-July'17.
Oct.'17-July’ 18.
O ct.’ 18-Apr.’21
4% p .a .(l% q u .) 5% p .a .(l)* % qu.) (6% p .a .(l )4% 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.
R E P O R T . — F o r y e a r en d ed Ju n e 3 ) 1924, in V. 119, p. 1168, showed:
al922-23.
al921-22.
1920-21.
P r o f it s fr o m —
* a l 9 2 3 -2 4 .
C o n s o l’d in c o m e a fte r d e­
d u c tin g o p e r. c h g es. &
in t . o n n o te s p a y a b le . $ 5 , 9 5 3 ,2 2 0
L e ss reserved for fr e ig h ts,
d isc o u n ts, d o u b tfu l a c ­
c o u n ts, & c _______________ $ 1 ,8 6 3 ,9 0 9
In te r e st p a id & a c c r u e d .
2 , 4 4 1 ,3 6 7
P la n t d e p r . & m in es d e p i.
1 ,5 3 5 .4 8 1
T o t a l ______________________ $ 5 , 8 4 0 ,7 5 7
$ 1 1 2 ,4 6 3
P r o f it s ______________________
P r e v io u s su r p lu s______ d e f l 2 ,8 1 7 ,5 8 4
T o t a l su r p lu s ______ d e f$ 1 2 ,7 0 5 ,1 2 1
D e d u c t—
In v e n t o r y a d ju s tm e n t . .
________
B a d & d o u b tfu l r e c ___ $ 6 ,6 9 9 ,7 5 4
U n a m o r tiz e d bon d d is­
c o u n t & e x p e n s e s ..
________
F e d e ra l ta x e s , &c____
______
A d j . o f p r o p ’y v a lu e s .
-----------L o sse s o n su n d r y i n v .
________
M i s c . su rp lu s a d ju s t ’!
-----------P r eferred d iv s . ( 6 % ) .
________
C o m m o n d iv s . (c a s h )___
________
C o m m o n d iv s . ( s t o c k ) . .
------------

Rats
%

$ 3 3 ,3 2 2 ,1 2 6
2 8 ,4 5 5 .2 0 0
5 ,0 4 9 ,0 0 0
2 8 , 2 5 7 ,5 0 0

See text

$5,234,143 b $ l,912,208

$1,762,891 $2,335,445 $4,130,667
2,529.942
2,576,272
1,437,929
1,511,815
1,446,499
2,479,322
$5,804,648 $6,358,214 $8,047,918
$501,481 df$l, 124.071 df$6,135,710
1,545,880
2,669,950 18,105.306
$2,047,361 $1,645,880 $11,969,596
$1,802,262

______

$5,022,732

3,241,181

---------

---------

2,168.352
1,250,000
5,165,362
475,860

----------------______
______
----------------................................
1,707,312
(4)1,279,176
(4)1,290,426

When
Payable

Last Dividend Places, Where Interest and
and Maturity
Dividends are PayabU

See text
A p r 1 5 ’ 21
Oct 1 1 9 2 8
F eb 1 1941

IX

Checks mailed

I r v Bk-Col Tr, N Y & Bos
Lee, Higginson & Cm,
N Y , Bos & Chicago
4 . 9 4 5 .2 5 0 See text
Q— F M a y 1 5 ’ 2 5 2X Checks mauca
4 . 4 <)5 6 5 0
6
do
do
Q—J A p r 1 4925 I X
1 5 0 ,0 0 0 sh
Checks mailed
4
Q — J31 See text
5 , 0 0 0 ,0 0 0
7
Q— J A p r 1 ’2 5 S I 69 Checks malted
Bankers Trust Co, N Y
3.500.000
F & A Feb 1 1935
6
138,266 sh See text
Oct 1 ’21 Si .25 First Nat Bank, Boston
First Nat Bank, Boston
J & D Ju n e 1 1 9 3 6
2 .2 5 0 ,0 0 0
5

A

7X g F

&

O

& A

STOCK.— No lien or new stock without assent of 80% o f each class
The authorized common stock was increased from $5,000,000 to$10,000,000.
In March 1923. V. 116. p. 1053.
DIVS.—
/ ’ 12. T3. 14. ’ 15. ’ 16. 1917-19. ’ 20.'21. ’22. ’ 23. ’24.
Common
%\ 5
6 3)4
2
4
6
7
8 *30 19)4 25
* Also paid 10% In common stock.
Extra dividends o f 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 1925: Feb. 16, 2 )4 % ; M ay 15, 2 )4 % .
R E PO RT.— For 1924, in V . 120. p. 1092 and 1883, showed:
Balance,
Cal. Profits (aft. Miscel.
Pension Pref. Div. Common
Yr. Depr ,,&c.)
Income. Fd., A c. (6% p.a.) Dividends. Surplus.
1924. .$1,910,378 $305,874 $295,287 $269,739 $1,236,312 $414,914:
618,461
1923.. 1,988.689
155.370
291.757
269.739
964,101
16,019
200.346
269,637
269,739 1,348,710
1922_ 1,703,759
855.427
1921.. 1,333,742
451,940
300,861
269,739
359,656
Pres., D. E. Woodhull; Sec. & Comp., John P. Treadwell, Jr.; Treas.,Charles L. Lee. Office, 70 Broad St., N . Y .— (V. 120, p. 1883.)
A M E R I C A N B E E T S U G A R C O . — 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 in
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.
STOCK.—-The stockholders on Jan. 20 1925 changed the capital stock,
consisting of $15,000,000 common and $5,000,000 6% non-cumul. pref., to
$6,000,000 7% cumul. pref. stock, par $100, and 260,000 shares o f com.
stock of no par value.
The pref. shares shall be issued from time to time (a) 50,000 shares in
exchange for old shares of pref. stock at the rate of one share of new pref.
stock for each share of old pref. stock, and (6) the remainder in such amounts
and proportions and for such considerations as shall be determined by the
directors.
The com. shares shall be issued from time to time (a) 150,000 shares
in exchange for old shares of com. stock at the rate of one share o f new com .
stock for each share o f old com. stock, and (6) the remainder thereof in
such amounts and proportions and for such considerations as shall be
determined by the directors. V. 120, p. 89.
D IV ID E N D S—
( ’ l l . ’ 12. ’ 13-T5. T6. ’ 17. ’ 18-’20. ’21. ’ 22-’23. ’ 24.
Common__________ %\ I X 5
Nil
4)4 7)4 8 y r ly . 2 None text
ao

e x t r a __________i _ _

_____

__

ii

_____

__

--------

The directors in March 1925 declared (from accumulated profits) four
quarterly dividends o f 1% each on the common stock, payable April 30.
July 31, Oct. 31 1925 and Jan. 31 1926 to holders of record April 11, July 11,
Oct. 10 1925 and Jan. 2 1926, respectively.
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 X % 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. 585RE PO RT.— For year ending March 31 1925 showed:
Years end. Mar. 31— 1924-25.
1923-24.
1922-23.
1921-22.
Gross sugar sales________$10,192,815 $6,418,674 $5,656,794 $9,231,510
Net income____________ 1,224,097
1,515,973
888,699 df2,634,046
Preferred divs__________
309.720
300,000
300,000
300,000
Common dividends_____
600,000
600,000
----------------Bal., sur. or def_____sur$'H4,37S sur$615,973 sur$588,699df$2,955,455
Pres., R. Walter Leigh: V.-P. & Treas., Charles C. Duprat; Sec., Charles
E. Eller. Office, 62 William St., New York.— (V. 120, p. 2553.)
A M E R IC A N

$6,306,129

Profit & loss su r...def$19,404,875dfl2,817,584 $1,545,880 $2,669,950
a Including in 1923-24 and 1922-23 subsidiary companies and investments
in Charlotte Harbor & Northern R y. Co. and associated companies,
h After deducting operating charges and Federal taxes.
D IR E C TO RS.— Robert S. Bradley (Chmn.), Peter B. Bradley, 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
New York office, 2 Rector St.— (V. 120, p. 2685).
AMERICAN BANK NOTE CO.— O R GAN IZATION .— 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 plant in Bronx 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.




[V ol. 120:

IN DU STKIAL STOCKS AND BONDS

BOSCH

M A O N ETO

C O R P O R A T IO N .— O R G A N IZ A ­

TION.— Incorp. in N. Y . Jan. 9 1919, and acquired the assets o f every
character of the Bosch Magneto Co. of N. Y . City (previously Germ an
owned), including a plant at Chicopee, Mass., &c. Suits brought by
former interests. V 113 p. 296 5.37; V. 115, p. 1535, 1841, 2049, 2381,
2907; V . 117, p. 442; V. 118, p. 1913.
Merger.— The stockholders in Oct. 1924 approved plans whereby Gray &
Davis, Inc., was merged with the Bosch corporation.
CAPITAL STOCK.— The stockholders on Oct. 16 1924 increased the
authorized stock from 100,000 shares to 175,000 shares without par value.
D IV ID E N D S .— Dividends 1919: April 5, $1 50; June 30, $1 50; Oct. 1,
$2: 1920. Jan. 2. $2: Ap’-il 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, upon
the listing of the stock was printed in V. 108, p. 2042.
In M ay 1921 sold $2,500,000 8% sinking fund gold notes. V . 112, p. 2192
R E PO RT.— For cal. year 1924 showed:
1923.
1922.
1921.
Calendar Years—
1924.
$148,711
$25,914 def$236,177
Operating profit_______ a$491,479
--------------- N ot shown-------------------Interest on gold notes__
184,1671
Depreciation______ ’. ----199,686/
54,636
23,582
1,813,815
Reserve & adjust’t, &C---------N etprofit___________
Dividends_____________

$107,626
______

$94,075
______

$2,332df$2,049,992
______
120,000

$2,332 df$2,169,992
Surplus______________
$107,626
$94,075
a Operating profit before depreciation and gold note interest.
ggt
Three Months Ended March 31— " 1925.
1924.
1923.
Total sales__________________________ $2,950,655 $3,095,764 $2,661,905
Operating profits___________________
$171,268
$245,503
$147,255
Depreciation_______________________
$49,636
$50,474
-----Interest charges____________________
45,000
47,500
$50,000
Balance before taxes______________
$76,632
$147,529
.97,255
OFFICERS.— Arthur T . Murray, Pres.; Arthur H. D. Altree, Leon W .
Rosenthal and G. J. Lang, V.-Ps.- John A . MacMartin, Sec.; Morris
Metcalf, Treas.— (V. 120, p. 2271.)

May, 1925.']

:

IN D U STRIA L STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

A m e ric an B rake Shoe & F o u n d r y — C om stk 4 0 0 ,0 0 0 s h -a u th
P rel (a & d) stk 7 % cu m red 110 $ 1 0 ,0 0 0 ,0 0 0 a u t h _________
A m erican C an— C o m m o n stock $ 4 4 ,0 0 0 ,0 0 0 a u th o r iz e d ______
Preferred (a & d) sto ck 7 % c u m u la tiv e $ 44,000 0 0 0 _______
A m erican Car a n d F o u n d ry — C o m m o n stock 6 0 0 ,0 0 0 s h Q
Preferred (a ft dl stock n o n -r u m $ 3 0 , 000,01 mi
_____»j
A m e r ic a n C h a i n C o , I n c — C o m sto c k 3 5 7 ,1 4 3 shares au th
C la ss “ A ” stk 8% c u m & p a r tic red $ 3 0 $ 1 2 ,5 0 0 ,0 0 0 au th
S in k in g fu n d d e b e n tu r e b o n d s red 1 0 5 _______________k x x x c *
American C hicle — S toc k c o m m o n 1 6 2 ,5 0 0 shares a u th orized
P referred <a & d> stock 6 % c u m u la tiv e $3,0UU,0UU_______
N o te s $ 1 ,7 1 0 ,0 0 0 a u th (see t e x t ) _______________________________
D e fe rre d d e b e n tu r e s _______________________________________________
Sen Sen Chiclet. C o . s k .f d . b on d s call 107 ’4 V .1 0 6 . p 2 3 4 4 zz

For c a p i t a l i z a t i o n as p r o p o s e d u n d e r r e a d ju s t m e n t p l a n , see
American Cigar Co — C o m m o n sto c k $ 5 0 ,0 0 0 ,0 0 0 au th orized

1123
1922
1921
1009
text)

Par
Value

Amount
Outstanding

None
$100
100
100
None
1»H
None
25
500 &c
None
100

154,918 sh
$9,538,500
4l.233.JOU
41 233 300
600,000 sh
30 oiin olio
250,000 sh
$8,750,000
7.012.000
155 025 sh
3.000.000
609,000
100 &c
275.500
500 &c
1.720,000

too 15.000.000

100 10.000,000

P referred sto c k 6 % c u m u la tiv e $ 1 0 ,0 0 0 ,0 0 0 a u th o r iz e d _____

AMERICAN BRAKE SHOE AND FOUNDRY CO. (T H E ).— OR­
GAN IZATION .— Incorp. in N. J. on Jan. 29 1902. Reincorp. 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 C o., 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 S o u t h e r n
W heel C o.

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, (b) Holders o f 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 400,000 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 vofr
lng 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 o f the board, after dividends on the new pref. stock have been paid
The new common will not have voting rights until they shall be granted bj
a vote o f a majority of the new pref. stock. In case of liquidation, the new
ref. will be entitled to priority to the extent o f par and accumulated divlends, and the new common to the remaining assets.
DIVS.— On new common stock of no par value: 1920, $2 regular and a
special div. o f $2; 1921, $4: 1922, $4: Mar. 31 1923 to Mar. 31 1925, $1 25
quar.
R E PO R T .— For 1924 showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
*Net profits___________ $2,454,905 $2,727,097 $2,120,540 $1,329,371
Interest (net)__________
______
______
______
deb.9,100
Net profits___________ $2,454,905 $2,727,097 $2,120,540 $1,320,271
Dividends— Preferred—(7%) 667,695 (7)667,695 (7)667,725 (7)664,024
Common_____________ ($5)789,599 ($5)792,083 ($4)620,496 ($4)594,222
Employees’ common.
______
______
______
15,179
Divs. paid by sub. cos__
11,617
112
216
110

Bate
%

When
Payable

139
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

See text Q— M31
7
O— T 31
V
See text Q— F M ay 15 ’25 1)4.
7
Q— J Apr 1 1925 I H
12
Q— J Apr 1 1925 3%
Q— J Apr 1 1925 1H
7
June 26 ’24 50c
See text
Q-M 31 Mar 31 ’ 25 2%
8
A & O .April 1 1933
6
Nov 1 ’20 $1
See text
Apr 1 ’21 1)4%
See text
A & O Oct 1 1927
6
Q— J Oct 1 1928
8
6 g J & D June 14 1929
6
6

Q— F
Q— J

30 Church St. N Y
do
do
Checks mailed.
Checks mailed
Guaranty Trust Co, N Y
do
do
Chemical Nat Bank, N
Long Island City, N
do
<io
Bankers Trust Co, N
Company's office, N
Guaranty Trust C o, N

Y
Y
Y
Y
Y

M a y l ’25 1 Yt% Checks mailed
do
Apr 1 ’25 1)4%

R E PO R T .— For year ending April 30 1924, in V. 118. p. 3213:
1922-23.
1921-22.
1920-21.
1919-20.
1923-24.
1922-23.
1921-22.
1920-21.
Earns, from all sources—$10,786,574 $10,633,562 $9,051,721 $13,212,816
6,301,9.57
6,213.611
6.583.320 8,550,856
Net earnings__________
Preferred divs. (7%) — .
2,100,000
2,100.900
2,100.000 2,100,000
Divs. on Common (12%) 3,600,000
3,600,000
3,600,000 3,600,000
Balance, surplus_____
$604,967
$513,611
$883,320 $2,850,856
Profit and’loss surplus—$37,278’,466 $36,673’,499 $36,159^888 $35,276,568
OFFICERS.— Pres., William H. Woodin; Sec., H. C. W ick; Treas.,
S. A. Malletts. New York office, 165 Broadway.— (V. 120, p. 2271.)
AMERICAN CHAIN CO., INC.— Incorp. 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.
Government anti-trust suit, V. 117, p. 328.
STOCK.— After payment of 8% on class “ A ” stock and $2 per share on
com . stock, both classes of stock share equally in any further distributions.
D IV ID E N D S.— Initial quar. div. o f 2% on the class “ A” stock was
paid June 30 1923: same amount paid quarterly to Mar. 31 1925.
On common, paid initial dividend of $1 50 per share on Jan 2 1924;
March 26 and June 26 1924 paid 50 cents per share.
RE PO RT.— For 12 mos. end. Dec. 31 1924:
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1924.
1923.
$4,776,116*
Income from operations (net)_________ __________ $3,384,777
Deprec. of plants, mach., equip. & amort, of pats.
925,579
981,160
Interest on bonds and other interest____________
465,181
444,945
Income tax— Federal and foreign________________
240,251
251,327
Dividends on new Class “ A ” stock______________
700,000
525,000
Dividends on Common stock____________________
500,000
375,000,
Dividends on capital stock redeemed April 2 1923--------162,531
Surplus for year_________________________________
553,765
2,036,153
Cash approp. for divs. on class “ A ” stk. for 9 mos.
ended Sept. 30 1924________________ - ________
______
525,000
Balance, surplus______________________________
Surplus adjustments (credit)____________________
Previous surplus_________________________________

$553,765
25,281
7,929,465

$1,511,152,
21,485'
6,396,828

Balance at Dec. 31___________________________ $8,508,512
$7,929,465
O F F IC E R S — Pres., Walter B. Lashar; V .-P .. William T . Morris;
Sec., William M . Wheeler; Treas., Wilmot F. Wheeler. Office, Bridgeport,
Conn.— (V. 120, p. 1750.)
AMERICAN CHICLE CO.— ORGANIZATION.— Incorp. In N. J. on
June 2 1899 and consolidated chewing gum Interests (V. 71, p. 545): in
Lug. 1914 acquired Sen Sen Chiclet Co. V. 90, p. 238; V. 68. p. 871.
1130 V. 77. p 197; V. 83. p. 152; V. 84. p. 160; V. 86. p. 230; V. 90. p. 238;
V 99. p. 51. 122, 271, 409. In Oct 1916 Am. Chicle Co. o f N. Y . took
aver property of Sterling Gum Co. V. 103, p. 1594, 1890; V. 104. p. 258.
STOCK.— Pref. and common stocks have equal voting power.
Walter
Primley, Warren S. Hayden, Louis R. Adams, Harold Benja­
AMERICAN CAN CO.— ORGANIZATION — Incorp. in New Jersey on min ClarkS.and Silas B. Adams have been made voting trustees under a
March 19 1901 as a consolidation of about 100 concerns. See V. 72. p. 582
voting trust agreement dated June 16 1924 and terminating June 16 1929.
V. 84, p. 994; V. 90. p. 371,629; V. 96, p. 1841. Sanitary Can C o., acquired
The stockholders were to vote June 2 1925 on a plan of readjustment of
In 1908, has been dissolved. V. 85, p. 656; V. 86, p. 336. 422; V. 90
which,
payment of
p. 504, 1230; V. 105, p. 2367; V. 106, p. 88; V. 86, p. 796. Has arrange­ capitalization,dividendsamong other things, provides for the$750,000, or
ment with Goldschmidt Detinning C o., now Metal & Thermit Corporation. accumulated 1 1925). on the 6% preferred (aggregating
June
V. 88. p. 232, 373: V. 90. p. 371
Dissolution suit dismissed, V. 112, t . 25% , on the plan it is proposed (1) to change the capital allocated to the no
Under
2539; V. 118, p. 2181. Liberty Ordnance Co., V. 107. p.2190. Settlement par common stock to $20 a share; (2) authorize the issuance and sale of
o f munition contracts, V. 108, p 2435; V. 110, p. 655. Int. in Amer. Motor 24,670 additional common shares; (3) authorize a new issue of 37.500 shares
Body C o.. V. I l l , p. 794. Sale o f adding mach. business, V. 114, p. 2118. no par cumulative prior preference stock paying $7 a share, preferred as to
COM MON D IV ID E N D S.— Initial div. o f 1 M% on common stock was dividends and assets over all other classes, and (4) ratify the sale of 6,900
paid on Feb. 15 1923 (V. 115, p. 2480); same amount paid quar. to M ay 15 common shares to the management under terms recommended by the
directors. Compare V. 120, p. 2685.
1925. Also paid 1 % extra on Feb. 15 1924 and 2% extra on Feb. 16 1925.
DIVS.—
f ’01. ’02. ’03-’ 13. ’ 14. ’15. ’ 16. ’ 17-'18. ’ 19. ’20. ’21-’24.
DEBENTURES.— All the outstanding 5% debentures due Feb. 1 1928
Common________ • 8
!
11 18yly 20 11)4 1)4 Nil $4 $4
None
were redeemed on Feb. 1 1925 at 102)4 and interest.
Preferred________ [6% yearly [114% Q.-J.) to April 1 1921; none since.
RE PO RT.— For 1924, in V. 120, p. 1085, showed:
NOTES.— The noteholders’ committee in Sept. 1922 announced a plan
1924.
1923.
1922.
1921.
Earnings_______________$15,906,756 $15,423,202 $14,898,925 $7,020,262 for readjustment of debt of the company. The plan contemplated that
Reserve for Federal taxes
2,150,000 2,000,000
2,000,000
1,000,000 10% of the principal of the old serial notes be paid and that the remaining
Depreciation---------------- 2,000,000
2,000.000
2,000,000
1,500,000 90% be represented by new 6% notes ($1,710,000 authorized), maturing
Interest on deb. bonds —
414,825
440,108
465,575
492,400 Oct. 1 1927, but subject to earlier payment at the call of the company. The
Preferred dividends___ 2,886,331
2,886,331
2,886,331 2,886,331 plan was declared operative on Oct. 20 1922. Compare V. 115, p. 1212,
1841; V. 117. p. 671.
Common dividends_____ 2,886,331
2,473,998
515,416
-----RE PO RT.— For 1924, in V. 120, p. 824, showed:
Balance, surplus_____$5,569,269 $5,622,765 $7,031,603 $1,141,531
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
OFFICERS.— Chairman, F. S. Wheeler; Pres., H. W. Phelps; Sec. & Total income__________ $3,020,222 $2,473,973 $2,107,086 $1,985,670
Net income___________
1,363,364
960,546
454,485 def911,377
Treas., R . H. Ismon. Office, 120 Broadway, N . Y .— (V. 120, p. 1085.)
Interest, discount, &c—
280,282
460,747
623,701
466,639
Dividends______________
______
______
______
45,000
AMERICAN CAR AND FOUNDRY CO.— ORGAN IZATION, &c.— In
eorporated In New Jersey on Feb. 20 1899 as a consolidation. Manufac­
Balance, surplus_____$1,083,082
$499,799 def$169,215 d f$ l,423,016
tures freight and passenger cars of wood and steel. V 68. p. 2S0, 377, 1029;
Q u a r t e r E n d e d M a r c h 31—
1925.
1924.
V . 71, p. 86, 545; V. 73, p. 958; V. 83. p. 1413; V. 84. p. 1553
*$203,46
The A m e r i c a n C a r & F o u n d r y S e c u r it ie s C o r p . , a subsidiary, was incor­ Net profit after int. depreciation and Federal taxes $256,367
♦Before Federal taxes.
porated in Delaware on Jan. 24 1925 with an authorized capital stock of
$ 10 , 000 , 000 .
OFFICERS.— P.es. & Chairman o f the Board, Thomas H. Blodgett;
STOCK.— The stockholders on March 5 1925 changed the authorized V.-Pres., S. T . Britten; Sec., J. Hcppenfeld; Treas., A. A. Masterson.
and outstanding common stock from 300.000 shares, par $100, to 600,900 Office, Thomson Ave. & Manly St.. Long Island City, N .Y .— (V. 120, p.
shares o f no par value. The company will distribute two no-par shares in 2685.)
exchange for each $100 par share of common stock.
AMERICAN C IG A R CO.— The American Tobacco Co. owns a majority
The relative voting power of the pref. and com. stock will remain un­ of the $15,000,000 com. and $10,000,000 6% cum. pref. stock. See V. 73,
changed as the new no par value com. stock will be entitled to only half a p. 1113; V. 78, p. 1393; V. 93, p. 1122-24. Holds a large interest in Cuban
vote instead o f a full vote granted the old $100 stock.
Tobacco Co. common stock. V. 85, p. 285; V. 86, p. 110; V. 118, p. 672.
DIVS.—
f ’07. ’08. '09to 15. T6. '17. T8. ’ 19. ’20. ’21. ’22. ’23 ‘24. Properties, V. 72, p. 185, 284, 937, 1037; V . 73, p. 958; V. 75, p. 1255.
The stockholders voted on N ov. 24 1920 to increase the authorized
On com _ % 1 3
_
3
2 yriy. 2
8
8 9
12 12 12 12 12
common stock from $10,000,000 to $50,000,000. The outstanding amount
Paid in 1925; Jan., 3 % ; April, 3% .
Reserve for common dividends on April 30 1924 amounted to $10,800,000. was increased from $10,000,000 to $15,000,000 through the payment o f a
to be paid when and as declared by directors.
50% stock dividend on Dec. 15 1920.— V. I l l , p. 1853.
Balance, surplus_____

$985,994

$1,267,206

$832,103

$46,737

* Net profits from operation o f plants are shown after deducting manu­
facturing, administration and selling expenses and depreciation of plants
and equipment (and in 1921 after reduction of inventories to market value)
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, Win. F. Cutler, Wm B Given Jr., and Thomas
Finigan; Treas., George O. Ames; Sec. George M Judd; Comp., W m. M
M cC oy. Office, 30 Church St., N. Y.— (.V. 120, p. 1206.)




140

IN D U STRIA L STOCKS AN D BONDS
Date

M IS C E L L A N E O U S C O M P A N IE S

Bonds

[For abbreviations, A c., see notes on pane 6]

Par
Value

American Druggists S yndicate— Stock $10,000,000_______
treate d as
American Express— Shares __ _______ ...p a r not fixed.
American Hide & Leather— Common stock $17,500,000------Preferred (a & dl 7% cum $17.500.000.............................. See text for capital readjustment plan, approved by stockh olders M ar.
American Ice Co—
Pref stock (new) 6% non-cum $15,000,000 (V 104. p 561)-Real Est 1st a Gen M *6.500.000 e s f r e d _______PeP xx.c*
Convertible debenture notes $3,375,000 red (text)________
American Irit Corp— Common stock auth 750,000 shares—

io io
1924

Amount
Outstanding

Rate
%

When
Payable

A— O
Q— J

$10 $6,783,980 See text
100 18,000,000
6
lbO 11.500.000 None pd.
100 11,048,300
4 1 925.

7
100 7.500.000
100 15.000
000 6
1.non
5 19 > 000
« g
1,000 3.009.000
7 g
202,000
None 490.000 shs
100
900,000 See text

[V

Last Dividend
and M aturity

ol.

120.

Places Where Interest and
Dividends are Payable

Apr 15 '25 3 %
Apr 1 1925 $1 h iffice, 65 B’way. N Y
Jan 3 1921 1 3 Equitable T ru s t Oo, N *
A

0 — J 25 Apr 25 1925 154
Q — J 25 Apr 25 1925 1)4 New York
v pot v ork
F A A Ang 1 19aNew York
J & J July 15 1939

a

Phlladel'a

Sept30 20 $1 50 New York
do
Sept30 20,$1.50

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 o p portunity tt>
subm it offerings; (c) in the open m arket; (d) b y direct purchase a t private
sale.
A ll accumulated and accrued unpaid d iv s ., and the rig h t to receive the
same, on any of such shares of the outstanding pref. stock so as aforesaid
purchased for retirement b y the co. to be surrendered and extinguished.
T h e outstanding preferred stock had in this m anner been reduced t «
$11,048,300 in A p ril 19251.
(5) T h a t the directors be authorized from time to time to issue shares of
8%
up to 35.000
t not less
Balance, surplus_____
$132,899
$224,712
$61,268 $2,393 cum ul. pripr preference stockof outstanding shares, for cash a for share,
than par. or in exchange for shares
pref. stock, share
Pres., A . L . Sylvester; Tre a s ., Geo. G . F in c h , 111 F ifth A v e ., N . Y .
or upon any other basis of exchange which to the board m ay seem advisable,
— (V . 120, p . 2403.)
with such adjustments of divs. as shall be determined b y the board, or to sell
< T H E ) A M E R I C A N C O T T O N O I L C O .— See Gold D u st C o rp . below
the stock or any pa rt thereof and w ith the proceeds of such sale to purchase
shares of outstanding pref. stock for the com pany, for retirement, at not
A M E R I C A N D R U G G I S T S S Y N D I C A T E . — Has m anufacturing plant
above par, provided that for each share of said 8 % cum ul. prior preference
at Long Island C it y ; stock largely owned b y druggist* throughout U 8
D ividends paid regularly 1908-1920, rate in 1920, 8 % ; then none un til stock issued at least one share of outstanding pref. stock shall be purchased,
or acquired, b y the com pany, so that at no tim e shall there be issued and
A p r . 15 1925 when 3 % was paid.
outstanding more than a total of 100,000 shares in the aggregate of both
R E P O R T . — F o r 1924, in V . 120, p . 960, showed;
classes of 8 % cum ul. prior preference stock and pref. stock.
Calendar Years—
1924.
1923.
1922.
1921
F R E E . D IV S —
06-15. *16.
17. ’18.
19. ’20’21. ’22-*24.
Profits for year_________
$173,280
$189,472
$430,921 loss$883,569
Per cent c a s h ______ nil
5
5
5
9
7
1%
0
Surplus from revaluation
U . 8 . Lib erty b o n d s . ______ __
__
2
..
„
-0
or plant (n e t)________
640,734
-----Previous surplus________
3.062
defl86,410
def603,216288,046

D iv s . on pref. stock from J u ly 1906 to J u ly 1912, 6 % yearly (3 % s .-a -i,
O c t. 1912 to A p r . 1925, 1 )4 % quar. O n com. In 1912 to N o v . 1 1918.
% ye arly (1
Q . -F .) ; F eb. 1919 to Feb. 1922 paid 2 % quar.; M ay 1922
» M a y 1925 paid 1 H % q uar. Paid 5 0 % In common stock on D ec. 15 1920.
R E P O R T . — F o r 1924, in V . 120, p . 2403. showed:
Calendar Years—
1924.
1923.
1922.
1921.
K e t earns, aft. Fed. taxes $1,632,899 $1,724,712 $1,636,268 $1,802,393
Preferred dividends (6 % )
600.000
600.000
600,000
600.000
C o m m o n d iv id e n d s .. (6 % )90 0,0 00
(6 )900.000(6 ^ )975.000 (8) 1,200.000

t

T o t a l............ ............... .. _sur$817.076
Loss of liquidation of
Canadian branch____
80.896
Reserve for inventories.
150.000
A d d . pro v. for accts. rec.
45,000
______
F e d . income & prof. t a x .

sur$3,062 def$172.295 def$595,523

*14.114

7.693

Surplus a t end of y e a r.
$541,181
$3,062 der$186.410 def$603.216
* A dditional Federal income and profits taxes paid for the years 1917 to
1919. inclusive.— V . 120, p . 1092.
A M E R IC A N E X P R E S S C O .— A n “ Association” formed under the lawt
o f N e w Y o rk State N o v . 25 1868. N o t an Incorporated com pany.
On July 1 1918 the Am erican Railway Express C o . under G o v t, control
took over the domestic express operations of Am erican, A dam s, Wells Fargt
and Southern express cos. for duration of w ar. G o v t, control terminated
M a rc h 1 1920. T h e I.-S . C . Commission in D ec. 1920 approved thr
perm anent consolidation of the transportation business and propertieio f the four companies. V . I l l , p. 2522. T h e American Express C o ., how
ever, continues to transact a foreign forwarding business and foreign ex
change as well as its traveler’s checks, money orders and other financial
activities. Also arranges and conducts tours to all parts of the world.
(See American R y . E x p . C o . for divs. paid b y that co.)
T h e A m . Express C o ., In c ., was incorporated in C o nn , in Feb. 191fr
w ith $6,000,000 to facilitate the com pany's operation in foreign countries
V. 108. p . 880.
,
, ,
T h e com pany, it was announced in l a y 1925, has acquired control of
W ells, Fargo & C o . and intends to assume its assets, after distribution of
$8 a share and l-3 0 th of a share of American R ailw ay Express Co. stock
recently authorized. T h e consolidation of the offices of the two companies
Is expected.
T h e transaction followed an offer b y the W ells Fargo management to
stockholders to b u y all outstanding stock at $12.50 per share, a price which
the directors said in their opinion represented “ approxim ately the ultimate
liquidation value of the stock, w ith the advantage of immediate cash pay­
m e n t.” — V . 120, p. 2686.
D I V S .—
J *01. ’02 to ’05. '06. ’07 to T 3 . T 4 . 1915.
1916 to 1925.
11 1 2 % y rly . 5
4)4
text
Per c e n t_____ 1 7 8 % y rly .
Ja n . 1916 to O ct. 1920 paid 114% quar. (6 % per an n.j w ith special div
Of $2 in Jan. 1917 for investments. V . 103, p. 1793. Jan . 1921 to A p r
1923 paid 2 % quar.; J u ly 1923 to A p r. 1925 paid 1 )4 % quar. In Ju ly
1913 paid 2 5 % ($4,500,000) in W ells Fargo & C o . stock.
R E P O R T . — F o r 1924, showed:

Calendar Years—
1924.
Gross income____________$7,120,071
Oper. exp. (less tax es).. $5,333,337
Taxes, &c______________
55,910
Dividends______________ 1,080,000
Reserves---------------------419,351

1923.
1922.
1921.
$7,052,297 $7,438,889 $8,518,293
$5,756,817 $5,821,073 $7,059,850
117.574
617,537
411.039
1,170,000
1,439,996
1,440.000
......... ..
...........
...........

Surplus for year_____
$231,473
$7,906 def$439,717 def$362,596
Pres., Fred P. Small; V .-P ., Howard K. Brooks; V.-P. in charge of Tral
flc. Harry Gee; Treas., James F. Fargo: Sec., J. K. Livingston; Compt..
Ralph T. Reed. Office, 65 Broadway, N. Y .— (V. 120. p. 2686.)
AMERICAN HIDE AND LEATHER CO.— ORGANIZATION.—
Organized in New Jersey in 1899 as a merger o f upper leather interests.
ee V. 69, p. 493; V. 68, p. 925; V. 70, p. 77; V. 102, p. 1348; V. 103. p.
53, and application to list, V. 72, p. 673. War orders, 1917, V. 105,
p . 999. Government price fixing (ended Jan. 31 1919), V. 106, p. 1853,
1747; V. 107, p. 404, 804; V. 108, p. 81.)
Capital R eadjustm ent Plan (V. 119. p. 1955).
Plan.— The stockholders on March 4 1925 approved a capital readjust­
ment plan, which provides as follows:
(1) That 35,000 shares o f 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 o f 175,000 shares of pref. stock, par $100 each, and 175.000 shares of
common stock, par $100 each, to $25,000,000, to consist of 35.000 shares of
8% cumui. 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 o f the capital stock o f the company be effected by
la) cancelling and extinguishing 10,000 shares o f the unissued pref. stock,
being all o f the auth. pref. stock not heretofore issued, remaining after chang
Ing and re-classifying 35,000 shares thereof into 8% cumul. prior preference
Stock; (6) purchasing for retirement at not above par, and retiring, 30.000
Shares o f the outstanding pref. stock: (c) cancelling and extinguishing 60.000
shares o f the unissued common stock, being all o f the authorized common
Stock not heretofore issued.
(4 ) That the directors be authorized to purchase from time to time for
Ihe company, for retirement, at not above par, the 30,000 shares of pref.
Stock above referred to, by any one or more o f the following methods, as in
the discretion o f the board may seem advisable: (a) pro rata from each
holder of shares o f said stock; (o) from pref. stockholders offering said stock

?




None since. Overdue pref. divs. A p ril 1 1925, about 147>£%.
R E P O R T . — F o r 1924, in V . 120, p . 1197. showed:
Calendar Years—
1924.
1923.
1922.
1921.
xProfits from operations
$537,220 loss$38.998 $1,035,153 loss$550,92Q
Previous surplus............... 4,631.092
4.670.090
3,634,938
4,185,858
P rofit and loss surplus $5,168,312 $4,631,092 $4,670,091
x A fter all charges and provision for Federal taxes.
Quarters End. M a r. 31.
1925.
1924.
1923.
N e t earnings (see n o te ).
$316,136
$261,719 loss$49.511
D epreciation.....................
62,482
61,130
68,664
E xtra income from insur­
ance on plants de­
stroyed b y fire________
______
______
_______

$3,634,938
1922.
$44,276
67,498
495,000

Balance............................
$253,654
$200,589 def$l 18,175
$471,779
N ote.— Results from operations after charging repairs, interest on loana.
and reserves for taxes.
O F F I C E R S . — Pres., J . O . L illy : Sec. & Tre a s ., George A . H ill, Office.
17 East S t., Boston, M ass.— (V . 120, p . 2686.)
A M E R I C A N I C E C O . — O R G A N I Z A T I O N . — Incorporated In N e w
lersey M arch 11 1899. Transacts a wholesale and retail business In N . Y .
C it y . Long Island, N e w ark , Philadelphia. Boston. Baltim ore. W ashington,
D . C . . Camden and A tla ntic C it y . N . J . Operates in N ew Y o rk undedr
name of Knickerbocker Ice C o . V . 104. p . 165. 363. 453. 561.
T h e stockholders on Ja n . 9 1923 increased the authorized Com m on stock
from $7,500,000 to $15,000,000 and auth. a $10,000,000 bond issue to
run for 40 years, for 406years, bear 6 % knowand “ Consolidated Gold B on d”
run bear % int. and be int. n as
Issue. Com pare V . I l 5 , p. 2908.
D I V I D E N D S . — N o . l , on new pref., A p i . 25 1917 to O c t. 25 1919,
]
_______________
_
juar. also extra 1 % Oct. 25 1918 and 1919, making 6% for year. Jan. I
_
1920 to Apr. 25 1925 paid 1 )4 % quar. O d common declared 4 % for
1920. payable 1 % each on Jan. 24. Aoril 24. July 24 and Oct. 25. O n
Ian 25 III2I paid 1% quar and l"- «xtrs \onl 25 I 921, i %; July 25 1921.
1)i% : Oct. 25 1921 to Apr. 25 1925. \H % quar.

tfuNUS.— The Real instate First A General Mtge. sinking fund gold
4s ($6,500,000 auth. Issue) are a firs lien on real estate in Maine, New
Vork. New Jersey. Pennsylvania Maryland and District of Columbia,
laving an estimated value of $18,303,843 and a general lien , subject to existng encumbrances on substantially ad the remaining nroperty Of the bonds,
$5,192,000 In Dec. 1924 were outstanding, $106,000 in gen. ins. fund,
$1 .202,000 in sinking fund. Redeemable at 102 (y as a wholf on any in$.
date or for yearly sinking fund beginning Aug. 1 1913, viz : 2% for 10 years,
then ? '< % . V. 05 p 482: V 90 . p 1453: V . 101 p 520
NOTES.— Convertible debenture 7% gold ($3,375,000 auth. Issue)
Redeemable at 110 in whole or part on any interest date after July 15 1926,0*
are convertible into Common stock of the company at par at any t im e
before maturity. $3,009,000 outstanding. $366,000 in gen. ins. fund.
Preferred and Common stockholders of record May 20 1924 were entitled
to subscribe to the new 7% debenture issue to the extent of 15% o f their
holdings. V. 118. p. 2951.
R E PO RT.— For 14 mos. ended Dec. 31 1024, showed:
Year End. Years End. Years Eftd.
14 Mos. End.
Oct. 31
Oct. 31
Oct. 31
1922-23.
1921-22.
1920-21,
Dec. 31 '24.
$16,121,366 $16,000,404 $17,250,537
Income from investm’ts,
interest, discount, &c.
365,858
331,070
346,577
249,897
Less cost o f merchandise.

$16,452,436 $16,346,981 $17,500,433
12,934,967

12.439,512

13.291,250

Balance_______________$3,562,282
Bond int.. Fed. tax., & c.
854,448
Depreciation__________
956,097

$3,517,468
690,118
989,084

$3,907,469
759,052
861,128

$4,009,184
849,656
802,514

Net gain______________$1,751,738
Preferred divs. (6 % )_
_
899,763
Common dividends____(7%)524,823

$1,838,266
899,742
(7)524,806

$2,286,289
899,656
(7)524,755

$2,357,012
899,505
(6)449,730

Balance, surplus_____
$327,152!
.
._
. _______
$413,7181
861.878 $1,007,778
OFFICERS.— Pres., Wesley M . Oler; V.-Pres., Walter Lee; V.-Prea.,
Robert W. Kelly; V.-Pres. & Treas., Thomas Pettigrew; Sec., Henry O.
riairison: Asst. Sec.. Herman Jaeger. Offices, 15 Exchange Place, Jersey
City, and 41 East 42d St., New York.— (V. 120, p. 1462.)
AMERICAN INTERNATIONAL CORPO R ATIO N .— ORGANIZA­
T IO N .— Incorp. In N. Y . on N ov. 22 1915.
is financially Interested in following companies (V . 103. p . 2338): Pacific
M ail SS. C o . (V . 101, p . 2076); International M ercantile M arine Go.
U. S. R ubber C o ., Simms Petroleum C o ., N . Y . Shipbuilding C o rp . ( V . 103,
p. 2159, 1986), International Products C o . (V . 104, p . 2237), American
Balsa W ood C o rp .

May , 1925.]

141

IN D U STK IAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

American-La France Fire E ngine Co Inc—
Common stock $3,950,000 authorized_________________ _
Preferred (a A d) stock 7% cum red 120 $4,000,000 au th ..
8-year notes call 101 X __________________________________
American Linseed Co— Common stock $16.750.000______
Preferred $16,750,000 7% non-cumulatfve__________ . . .
American Locomotive C o — C o m m o n s t o c k ------------------------•Preferred (a ft d) 7% cum *25.000.000 (Bonds, see text).
Richmond lavcomotive Oonsol Mttie assumed ________z
American Metal Co. L td —Cum stock 1.000,000 shs auth
Pref (a & d) stock 7 % cum red 110 cony (text) $5,000,000 au

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

*1 0

1923

1889

*3.450 ooo
Q -F If May 15 ’ 25 2 X
10
5
7
4.000.
000
Q— J Apr 1 1925 1X
2 .000.
000
A & O o c t I 1926
6
100 16.750.000 S ee t e x t
Vi ar 15 ’21 X %
100 16.760.000 M«e tex t
0 — J (Oct 1 1925 IK
None 500 000 sh» S e e te x t
M 3 1 S ee text
25 'M M M
MM
7
i
Q— M 31 June 31 25 1 X
1.000
♦32.000
xpr 1 1929
. A
6s
None 5 1 1 .5 0 3 sh s
Q— M June 1 1925 75c.
$3
100 $5,000,000
Q— M June 1 1925 I X
7
100

Other Interests are: International Acceptance Bank, Baker, Kellogg &
C o., Inc.. Carter. Many C o.. Inc., Lockwood, Greene & C o., Inc., Depart­
ment El Valle del Cauca. Ulen & Co. For list o f investments Dec. 31 1924
see annual report published in full in V. 120, p. 1483.
STOCK.— The stockholders on N ov. 25 1924 readjusted the capital ac­
counts o f the corporation by changing the common shares from SI00 par
value to shares without par value. As a result o f such action the capital
now consists o f 9,000 shares preferred stock, $100 par value, and 490.000
■hares common stock, no par value. It is also provided that the preferred
stock shall be subject to redemption in whole or in part at $70 per share up
to an including Dec. 31 H)27. and thereafter at $100 per share, and any
partial redemption shall be made pro rata from all o f the holders o f the pre­
ferred stock: that no dividends shall be paid upon the Common stock prior tr>
Dec. 31 1925 unless one-third o f the authorized preferred stock shall havss
been redeemed, or shall be paid thereafter and prior to Dec. 31 1926. unless
two-thirds o f the authorized preferred stock shall have been redeemed or
shall have been redeemed: that the preferred stock shall be entitled to
receive out o f surplus profits dividends at the same rate as that paid on the
common stock until dividends aggregating $7 per share shall have been
paid or declared on both classes of stock during any one year; thereafter
the preferred stock sh ill be entitled to receive one-fifth o f any further dis­
tribution o f surplus profits during that year, and the common stock shall
be entitled to receive four-fifths thereof: that upon the liquidation of the
corporation and the distribution of its assets, the preferred stock shall be
entitled to receive an amount equal to the par value thereof before any dis­
tribution shall be made to the common stock, which shall be entitled
to receive out o f the assets then remaining $100 per share; after which the
preferred stock shall be entitled to receive one-fifth o f the assets, if any
then remaining undistributed, and the Common stock shall be entitled to
receive four-fifths thereof.
STOCK.— The stockholders on April 1 1925 increased the authorized
Common stock from 490.000 shares to 750.000 shares, this additional stock
to be sold from time to time under such terms and conditions as may be fixed
by the directors.
D I V I D E N D S . — Com. and pref., 75c., paid quar. Dec. 1916. to Sept
1917. Incl.: Dec. 1917 to Mar 1919, 90c. each quar.; June and Sept 1919
$1 20 quar. on 80% paid stock: Dec. 1919 to Sept. 1920, $1 50 quar
none since.
RE PO RT.— For 1924, in V. 120, p. 1449, showed:
Earnings—
1924.
1923.
xl 922.
x1921.
$1,567,312 $3,499,587
Operating profit_______
829.003
986.780
$305,396
$318,348
Interest_______________
Dividends_____________
342.474
295.585
1,100.830
711.916
Profit on sales of securs.
258.782
Profit on syndicate and
credit participations..
126.474
Miscellaneous income_
_
6.090
52,137

Equitable Tr. C o., N . Y
ClieuKt> in a lie u

Checks mailed
30 Church St. New York
Checks mailed
Checks mailed

NOTES.— The 6% notes of 1923 are callable at 101X . -(V. 117, p. 1994.)
R E PO RT.— For 1924, in V. 120, p. 1092, showed:
Calendar Years—
1924.
1922.
1923.
1921.
Net profits______________ $1,045,499
*937.424 *1,007,946
$897,800
Federal, &c., taxes_____
250.025
234.884
271.001
318.846
Preferred dividends (7% )
205.697
192,221
182.623
166.444
328,425
Common divs. (1 0% )___
286.451
290,115
248,148
Balance, surplus_____
Quarters End. Mar. 31.
Operating profit_______
Less— Interest_________

$261,353
1925.
$201.235
x42.908

$220,204
1924.
$198,957
14.623

$267,870
1923.
$222,061
3.222

$164,363
1922.
$205,217
9.168

Net income-------------$158,327 y$184,334 y$218.829 y$196,049
x Including taxes, y Before taxes.
OFFICERS.— ITes., J . R. Clarke; V .-P ., Paul Appenzellar: Sec. & Treas.,
A. E. Rhodes. Main office. Elmira, N . Y . N . Y . office, 250 W e d
54th St.— (V. 120. p. 2272.)
AMERICAN LINSEED CO.— ORGANIZATION. Ac.— Incorp. on
Dec. 5 1898 in N .J. V. 67, p. 1161: V. 69, p. 697. See V. 71. p. 545; V. 70,
p 631, V. 102. p. 1719. Stock. $33,500,000 (one-half 7% non-cam. pref.)
par. $100. V 76, p. 216. Divs. on preferred. 1899 to 1900, aggregated
1014%: none then till Nov 1916. when 3% was declared payable 114%
Jan. 1 1917 and 1 X % July 1 1917. In November 1917, 1918 and
1919 declared annua] dividends of 7 % , payable quarterly (Q.-J.) In
follmwina year* (V 107 p 201)
Jan. 3 and Apr 1 and July 1 1921 paid
1 X % : then none until July 1 1925 when 1 X % was paid: also declared 1 X %
payable Oct. 1 1925. In Nov. 1919 declared an initial div. o f 3% on the
common stock, payable K of 1 % Dec. 15 1919 and M ar., June and Sept1920. On Dec. 15 1920and Mar. 15 1921 paid X % I nonesince.
RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net profits...................
$2,141.549 loss$837.572 x$791.119Ioss$1043131
______
______
______
l*rov. for depreciation..
543.787
Federal taxes__________ :
28.882
______
______
_______
Interest________________
330,932
_____
_
Preferred dividends..
______
______
______
586.250
______
______
______
125.625
Common dividends_____
N etprofit.......................$1,237,947
Previous surplus________ 4,697,045
Reduction of inventory.
______
Profit on sale of invest.. Cr.250.361
Extraordinary charges.. D r.145,728
Adjustments__________ Dr.289,187

def$837.572
*791.119df*l.755.000
5,654,617
4,863.498 10.186.280
______
- ........Dr .3,125.009
______
______
D r.120.C01 ........... D r.442.767

Profit and loss, surplus $5,750,438 $4,697,044 $5,654,616 $4,863,498
x Surplus after all charges, &c.
OFFICERS.— Pres. & Gen. M gr., R . H. Adams; V .-P ., Thomas JL.
Debevoise; Treas., W. I. Branigan; Controller, W. B . Montgomery.
Office. 297 Fourth Ave., N. Y .— (V. 120, p. 2403.)
Total _______________
$335,766
$398,017 $3,086,886 $5,402,516
AMERICAN LOCOMOTIVE CO.— ORGANIZATION.— Incorp. In
Net earnings__________
$703,449
$268,053
$21,345
$184,681
N. Y . on June 10 1901 as a consolidation of various companies (see fist V.
Surp. at beginning o f yr. a4.358.547 def6.953.484 def5.899.458
2.407,847
73. p. 80). V. 72. p . 1189; V. 73. p. 84, 186, 724; V. 83, p. 686; V. 88. p.
Gross deficit_______ sur$5,061.997 $6,685,430 $5,878,113sr.$2.592.528 102: V. 89. p. 591; V. 78. p. 1111. 1393. 1448; V. 84. p. 1431; V. 80. p. 474{
p. 2454:
p 182. 906.
d . 1022.
a Surplus resulting from reduction o f Capital stock less revaluation of V 87, p. 675: V. 104. Plants are V. 105, at Schenectady,V. 79. Dunkirk.
4uit. V 105. p. 2096.
located
N. Y .:
investments and deficit at beginning o f year, x All the stock of G . Atnsinck N. Y .; Richmond. Va.; Paterson, N. J.; Montreal, Can., and Chester, Pa.
& Co., Inc., Allied Machinery Co. o f America, Carter & C o., Inc., Inter- Proposed new plant in St. Louis. M o. V . 112, p. 260, 935.
nationl Steel Corp., Rosin & Turpentine Export Co., and Balsa Refrig­
erator Corp. being owned by the corporation, the accounts o f these companies
STOCK.— The common stock was changed in June 1923 from $25,000,000
were included In the consolidated statements for the years 1921 and 1922. of $100 par value to 500,000 shares of no par value. Each share of old
During 1923, however, corporation sold its interests in Carter. Macy & stock was exchanged foi two shares of no par value. V . 116, p. 2769.
C o., Inc., receiving in payment therefor $650,000 in cash and $200,000
DIVS. (% )— 1908. 1909-15. 1916.
1917.
’ 18. ’ 19. ’20-’21. ’22-’25
7% Pref. stock in Carter, Macy & Co., Inc., the new corporation organized’
_ 3X
Nil
I X 5 4 1 R .O . 5
6X
6
text
by the purchasers. During 1923 Rosin & Turpentine Export Co. was On common_
On Sept. 30 1919 the quarterly dividend was Increased from I X to 1 X % .
liquidated, its assets having been sold. The holdings in Balsa Refrigaerator
Corp. were also written o ff the books in 1923 as bein o f problematical which rate was paid quar. to Mar. 31 1923:on June30 ’23 paid 2 X % quar.
value. These steps were taken in pursuance o f a policy, the object o f which Sept. 29 1923 to Dec. 31 1924. paid each quar $1 50 a share on new stock
25
was to withdraw the corporation from 100% ownership o f companies of no par value. On Mar. 31 and June 30 1Q paid $2 quar. Thedirectore
transcating a trading business and concentrate its resources in assets o f a on Mar. 5 1925 also declared an extra dividend of $10 per share on the
common stock, payable in four installments o f $2 50 each, through the
more profitable and liquid character.
year 1925, on Mar. 31, June 30, Sept. 30 and Dec. 31 to holders of record
Results for Three Months Ended March 31 1925.
Mar. 16, June 15, Sept. 14 and Dec. 14, respectively. V . 120, p. 1206.
Int. on current assets, $21 .ICO: int. on securities, $48,052; Divs. on
stocks owned, $122,595: profit on sale of securities, $280,009;
R E PO RT.— For 1924, in V. 120, p. 820, showed:
profit on syndicate and credit participations, $21,686; miscel­
1924.
1923.
1922.
1921.
laneous, $1,919; total income__________________________________$495,361
Unfilled orders Dec. 31-$12,532,462 $17,789,873 $49,349,140 $3,344,300
Expenses, $60,017; interest expense, $627; taxes, $7,745_________ 68.389 Gross earnings_________ $56,301,843 $90,180,176 $29,122,112 $35,711,607
Mfg..maint.&adm.exp. 47,410,441 74,311,250 26,288,361 28,696.641
Operating income_____________________________________________$426,972 Depreciation__________
1,445,890
1,581,364
1,447,274
1.409.838
OFFICERS.— Pres., Matthew C. Brush: V.-Pres. & Treas., Gordon H.
Manufacturing profit. $7,445,512 $14,287,562 $1,386,477 $5,605,029
Balch: Sec., William M . Crozier. N . Y . office, 120 Broadway.— (V. 120.
Int. on bonds of constit­
p.2151.)
uent companies, &c_.
$36,004
$85,998
$85,998
$86,243
AMERICAN-LA FRANCE FIRE ENGINE CO., INC.— Incorp. Dec.
S. and Canadian in­
12 1912 under laws o f New York as a reorganization o f American-La France U.come & profits taxes_
760,000
1.825,000
200,000
435,000
Fire Engine Co. Manufactures commercial trucks, motor fire apparatus,
1,750,000
chemical fire engines, aerial trucks, water towers and hand fire extinguishers. Pref. divs. (7% per an.). 1,750.000 ($7)1,750.000($6)1,750,000 ($6) 1500,000
Common
2500,000
1500,000
Plants are located at Elmira, N . Y ., and Bloomfield, N . J. Also owns Additions dividends. . ($6) 3,000,000
&betterm’ts.
875,000
4,500,000
1,000,000
the entire capital stock o f the American-La France Fire Engine Co. of
Canada, Ltd., with plant at Toronto, Ont.
Net to profit & loss
$1,024,507 $3,626,565df$2,149.521
$833,786
STOCK.— Pref. and common stock have equal voting power, the pref.
DIR E C TO RS, &c.— Andrew Fletcher (Pres.), Charles Hayden, Joseph
10 votes for each share (par $100) and the common one vote for each
Davis (V.-Pres.), John W . Griggs, Fred’k H. Stevens, W. H. W oodin,
share (par $10).
The stockholders on Jan. 4 1924 increased the auth. common stock from L. L. Clarke, Albert H. Wiggin, J. B. Ennis (V.-Pres.), D . W . Fraser
$2,950,000 to $3,950,000, and the authorized pref. stock from $3,000,000 (V.-Pres.), W . Spencer Robertson (Sec.). J. O. Hobby, Jr., is Treas.
to $4,000,000. Out o f the increased common stock $500,000 was offered at Office, 30 Church St., New York.— (V. 120, p. 1206.)
par ($10) to stockholders o f record, both preferred and common, Jan. 15
AMERICAN MALT & GR A IN CO.— Dissolved in 1922. All assets
1924. V. 118, p .205 .
The company offered to common and preferred stockholders o f record distributed; last in July 1923.
N ov. 14 1924 the right to subscribe to $1,000,000 7% cumul. pref. stock
AMERICAN METAL C O ., LTD . (TH E ).— Incorp. in New York in
at $100 a share in the ratio o f $16 worth for each share o f pref. held and May 1887. Owns or controls a number of subsidiary companies engaged in
$1 60 worth for each share o f com. held.
the production, refining and distribution o f electrolytic copper, zinc, lead,
D IV ID E N D S.— On pref., in full to date. On common, Feb. 15 1915 to silver and other metals; also coal mining, production of sulphuric acid, Ac,
STOCK.— Both classes o f stock have equal voting rights. The pref.
Aug. 15 1917, paid 1% quar.; N ov. 15 1917 to Feb. 15 1919, 1 X % quar.;
May 15 1919 to N ov. 15 1919, 2% quar. On new stock o f $10 par value stock is convertible into common stock on or before June 1 1927 at the rate
paid 2 X % quar. from Feb. 16 1820 to May 15 1925.
A dhr. o f 15% o f two shares o f common for one share o f pref. The eonversion basis Is
In preferred stock was paid on common June 1 1921.
subject to change in case o f future issues o f common stock or securities conTotal________________ $1,039,216
Deduct— Expenses______
$305,043
T a x e s_________________
28.159
Interest________________
2,565




$666,070
$367,648
27.732
2.637

$3,108,231
$2,615,676
89.788
381,422

$5,587,197
$4,306,287
169.812
926,417

142

IN D U STRIAL STOCKS AN D BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

American Pneumatic Service— Common1
stock $5,000,000. .
First preferred (a & d) $3,000,000 7% cumulative______
Preferred (a & d> 6% non-cumulative $7,000,000_______
Collateral trust mortgage $5,000,000 gold sinking fund.IB* 1903
American R adiator Co— Common stock $47,000,000 au th ..
Preferred stock (not as to assets) 7% cumulative $3.000,000
American Railway Express Co— Stock $40,000,000 auth_
_
American R olling Mill C o.— Common stock $30.000.000..
Preferred (a & d) stock 7% cum $29,700,800 call 1 1 0 ...
Sinking fund gold notes redeemable (text)___ G.xxxc* I§23

\
I

i
;

i

Par
Value

Amount
Outstanding

None
$>0
50
500 &c
25
loo
100
25
100
1.000

199,891 shs
1.498 050
7
6.274,350 See text
32,500
5 g
31,064.025
16
3.000,000
7
34.642.000
6
21.000,000
8
11,817,200
7
7,000,000
6g

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

M & S30 Mar 31 '25 3K
J & D 31 Dec 31 '24 1H
A
& u Oct ! tcr'S
Q— M June 30 ’25 4%
Q— F 15 M ay 15’25 1M
Q— M 31 June 30 1925 1 X
Q— J 15 See text
Q— J 1 July 1 1925 I X
J & J Jan 1 1938

By check
Pv check
First Nat Bank. Boston
Orr 816 So Mien Ave.Ohic
do
do
Check
Check

i

Balance, surplus_________________ $1,187,651
Profit and loss surplus_ ___________ $9,264,946
_

$710,739
$514,961
$8,152,175 $7,441,435

x Includes approximately 90% o f Cia Minera de Penoles, S. A ., earnings,
y 4% on $14,000,000 stock and $1 50 per share on 536,000 shares no par
value, z After deducting management's share o f profits under contracts
and provision for U. S. and Mexican Federal income taxes, but before de­
preciation, &c. a Includes $1,000,000 special appropriation to general
Preserve.
1924.
1923.
3 Months Ended March 31—
1925.
$897,383 $1,006,323
Net profits after all exp. & deprec____
$755,326
OFFICERS.— Chairman, Ludwig Vogelstein; Pres., C. M . Loeb; V .-P .,
Otto Sussman; V .-P. & Treas., J. Loeb; V.-P. & Sec., H. K. HochschildOffice, 61 Broadway, N . Y .— (V. 120, p. 2686.)
AMERICAN PNEUMATIC SERVICE C O .— ORGAN IZATION.— In­
corporated July 1 1899 in Delaware. V. 68, p. 1130, 1179. Owns the
entire capital stock o f The Lamson Co. (V. 68, p. 1073; V. 115, p. 439), the
Inter. Pneum. Service C o., &c.
The companies’ combined pneumatic tube systems total 46 miles of
double 8-inch pneumatic tubes, o f which only 27 miles in New York and
Brooklyn are in operation.
STOCK.— The 7% first pref. stock ranks ahead o f 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 M ay 1925 voted to
change the par value of the common stock from $25 to no par value. Sub.
co. stock out, $51,864.
D IV ID E N D S on old (now 2d) pref. stock to Jan. 20 1902, incl., 6% per
annum In 1906, 4t*% in 1907, Jan.. 1 4 % ; 1912. 2% ; 19)3 to March 30
1918, 3% ; then none until June 30 1923, when 1 % was paid; Dec. 31 1923
and June 30 1924 paid 1%; Dec. 31 1924 paid 1 4 % - Semi-annual div. on
first pref., Sept. 30 1910 to Mar. 31 1925, 7% yearly ( 3 4 % M . & S.).
First Mortgage Collateral Trust Sinking Fund.-—Of the $5,000,000 5% bond
issue, $1,849,000 has been issued, o f which $1,816,000 in treasury and
sinking fund.
R E PO R T .— For 1924 showed; Gross earnings, $668,212; interest on
bonds, $1,734; maintenance, &c., $42,223; depreciation, $111,944; reserve
for Federal income tax, $50,000; dividends paid, $263,241; bal., sur.,
$199,070. V. 120, p. 2403OFFICERS.— Pres., William F. Merrill; V.-Pres. & Sec., Merton L.
Emerson; Treas., Henry W . Robinson. Office, Syracuse, N . Y .— (V.
120, p. 2403.)
AMERICAN RADIATO R CO.— Incorporated in N . J. Feb. 10 1899.
V . 68. p. 329; V. 80. p. 2346; V. 90. p. 374. 629.
C A PIT A L STOCK.— The shareholders on Mar. 3 1920 voted to reduce
the par value of the common stock from $100 to $25, four Fbares of new
common being issued and exchanged for each share of old common stock
Stockholders (both pref. and com.) of record Mar. 5 1920 were offered the
privilege of subscribing to new common stock ($25 par) at $62 50 per share
to the extent of 10% o f 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. T 5. T6.
’ 17.'18.’ 19.’20-’25
_
11H 16 16 13
12 12 see
Common, cash_ 10 yrly. 10 yrly.
Extra, stock, & c . _____ 10 stock
10 s t k .— — 50stk. 4 bds. text
In Feb. 1918 paid extra 4% Liberty bonds; in Mar. 1919an extra 4%
in 4 H°7r. Liberty bonds; in Mar. 1920 an extra of 4% in cash. June 1920 to
June 1925 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.
R E PO R T .— For 1924 showed:
1924.
1923.
Calendar Years—
$12,877,554 $13,614,537
a P ro fit-------------------------------------438,469
314,099
Other income___________________
$13,316,023 $13,928,636
. $184,196 $103,677
201,630
159,798
. 1,776,469 2,696,184

Net profit_____________________________________$11,153,728 $10,968,977
b Preferred dividends___________________________
$486,332
$495,300
Common dividends______________________________ 3,313,496 3,313,353
Surplus______________________________________ $7,353,900 $7,160,324
Profit and loss surplus___________________________xl8,702,017 21,702,792
a Total consolidated profit from operations o f 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 o f subsidiary companies, x After deducting a 50% stock
dividend amounting to $10,354,675 on common stock.
Chairman, C. M . Woolley; Pres., Charles M . Parker; Exec. V.-P. &
Treas., Chas. K. Foster; V .-P . & Sec., Wetmore Hodges. Office, 40 West
40th St., New York.— (V. 120, p. 2014.)
AMERICAN RA ILW A Y 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 o f the country.




When
Payable

;

vertible into common stock, but in no event shall be less than two shares o f
common for each share o f preferred converted.
D IV ID E N D S .— On preferred in full to date. On new no par value
common stock paid 75c. quar. Sept. 1 1922 to June 1 1925.
R E PO RT.— For 1924, in V. 120, p. 1206, showed:
1922.
1924.
1923.
1922.
1924.
1923.
Income after expenses_____________ z$5,317,995 x$4,948,467 $3,215,569
1,194,664
Deprec., depletion, &c., reserve_____ 1,285,168 a2,245,261
Prov. for reduc. o f invest. & inventory
721,781
--------141,944
Preferred dividends_________________
350,000
350,000
“Common dividends_______________($3) 1,773.395 ($3)1642,467 y l ,364,000

Total income____________
Interest paid and exchange.
Pension fund, &c__________
Depreciation and depletion.

Rate
%

[V ol. 120.

The property devoted to the express business includes approximately
20,000 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. 111, 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 and properties of the American.
Adams, Wells Fargo and Southern Express cos. into the American R y.
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 5 0 4 % of gross transportation
earnings, but this resulted, after paying operating expenses, taxes, &c., in
a deficit which was met by the United States R R . 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.
D IV ID E N D S.— 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 1925 paid $1 50 quar.
R E PO R T .— For 1924 showed:
1924.
1923.
1922.
1921.
Calendar Years—
$
$
$
$
Chgs. for transport’n . .287,281,416 309,579,474 291,349,315 294,663,587
Express privileges______ 139,997,384 155,736,205 142,233,022 113,490,662
Rev. fr. tra n sp o rts.. 147.284,032 153,843,269 149,026,294 181,172,925
3,600,492
3,476,877
3,723,836
Other revenue_________ 3,355,751
Total operating r e v ..150,639,783 157,443,761 152,503,171 184,896,761
Operating expenses______147.446,609 154,446,244 149,142.021 182,265,283
Uncollectible revenue___
45,603
25,284
39,634
28,253
2,213,936
2,095,481
Express taxes___________ 2,102,103 2,138,362
Operating income____
Otherincome__________

1,045,468
1,458,258

Gross incom e..............
D eductions___________
D ividends_____________

2,503,726
221,727
2,078,520

833,871
1,851,290
2,685,161
225.303
2,078,520

1,107,579
1,956,038
3,063,617
289,897
2,078,520

507,743
2,073,845
2,581,588
272,368
1,558,890

Balance, surplus_____
203,479
381,248
695,199
750,330
OFFICERS.— Chairman, J. Horace Harding; Pres., Robert E. M .
Cowle; 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. Guyn; Sec., E. R . Merry Jr.; Gen. Counsel,
H. S. Marx.
DIRECTO RS.— Robert E. M . Cowie, Charles Hayden, W . M . Barrett,
C. A. Peabody, H. W. de Forest, M . L. Schiff. J. Horace Harding, J. S.
Alexander, Newcomb Carlton, W . Averell Harriman, J. G. Milburn, Albert
H. Wiggin. General offices, 65 Broadway, N . Y .— (V. 120, p. 1750.)
AMERICAN REPUBLICS CORPO R ATIO N .— (V. 120. p. 2272.)
AMERICAN ROLLING MILL CO. (TH E).— ORGA N IZA TIO N .—
Originally incorp. in N. J. in 1899; in 1917 consolidated with Columbus Iron
& Steel, per plan in V. 104, p. 1900, under laws of Ohio with present name.
Company is engaged in the manufacture and sale of a highly diversified line
of specialty sheets— olectric, 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, K y., consist of 4 blast furnaces having a total pig iron capacity of
442,800 gross tons per annum; 18 open hearth furnaces with a combined
capacity of 731,000 gross tons per annum; 2 blooming mills and 2 bar mills
with a capacity for semi-finished material (billets, slabs and bars) o f 334,000
gross tons per annum, 45 stands of hot mills with a finished sheet and light
plate capacity of about 300,000 net tons per annum, and factory buildings.
Company also owns over 30,000 acres o f 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 on the Great Lakes.
In April 1924 sold the Ashland Coal & Iron R y. 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 called for redemption on July 1 1923. The stock­
holders on May 15 1924 increased the authorized common stock from
$20,000,000 to $30,000,000. V. 118, p. 2440.
D IV ID E N D S.— Dividends on the common stock of the present company
have been paid as follows: Oct. 15 1917 to July 15 1925 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
5% were paid Feb. 1 1918. Feb. 1 1919, Jan. 10 1920. and Feb. 1 1921.
A stock dividend of 25% was paid Nov. 15 1920. The directors in May 1924
declared a 50% stock dividend on the common stock, payable in ten annual
installments of 5% each, the first payment being made July 15 1924 and
the second on July 15 1925.
NOTES.— The sinking fund 6% gold notes, due 1938, are red., all or part,
at 106 and int. to Jan. 1 1926; thereafter at 105 and int. to Jan. 1 1928
the premium decreasing thereafter 34 of 1% for each year or fraction
thereof elapsed subsequent to Jan. 1 1928. Sinking fund, commencing
April 1 1925, sufficient to retire each year 2K % of the total amount of notes
issued. V. 116, p. 79.
The company has guaranteed the principal and interest of $375,000
Portsmouth By-Product Coke Co. first mortgage 6% bonds.
RE PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Net sales____________________________ $28,679,818 $26,691,235 $20,294,205
Net profit___________________________ 2,124,761
3,387,483
2,417,557
Other income----------------------------------1,617,502
463,529
304,148
Interest paid_______________________
568,408
158,381
240,340
Federal taxes_______________________
328,800
219,733
____
Provision for inventory adjustments.
______
______
175,000

May, 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

$100 *20.000,000 See text
None
669,243 sh.
10-yr s f convertible notes $2,123,600 auth red 102_ G.c* 1920 100-1000
_
822,800
10
100 14,714.400
8
American Shipbuilding— Stock common S15.500.000_______
100
Preferred (a & d) 7 % non-cumulatlve 1785.600_________
785.600
7
100 60.998.000 See text
American Smelting & Refining— Common stock $65,000,000
100 50.000.000
Preferred stock (a & d) 7% cumulative $50.000.000_____
7
100 &c 40.529 100
1st M 8er A callable at par from Oct 1 '30____Cec.*&r* 1917
5 g
500 &c 9.571.000
6g
First mortgage Series B callable (text)________ Ce.vvc*&r*
$ioo $11,000,000
American Snurr— Stock common $11,000,000_______________
12
100 3,952,800
L- Preferred (a & d) 6% non-cum $4,000 000 ______________
6
A m e ric a n S a fe ty R a z o r C o rn — Stock auth $20,000,000_
_
Airier S h ip & Co m m erce Corp— Stk auth 1,500.000 shares.

Calendar Years—•
Cash divs.— On 6% preferred s to ck ..
On 7% debenture preferred stock. _
On common stock________________
On 7% cum. pref. stock__________

1924.
1,320
______
1,639,622
826,948

1923.
1,620
89,301
1,514,712
807,671

1922.
3,501
481,800
1,428,204
---------

Balance, surplus......... ......................
$377,165 $1,059,595
$392,861
OFFICERS.— Pres., G. M . Verity; 1st V .-P., J. H. Frants; V.-P. & Gen.
M gr., Chas. R. Hook; Sec., R. C. Phillips; Treas., C. W . Verity. Office
Middletown, Ohio.— (V. 120, p. 2151.)
AMERICAN SAFETY RAZOR CORP.— ORGAN IZATION .— Incorp.
In July 1919 in Virginia as a consolidation of the Gem Safety Razor Cor­
poration, American Safety Razor C o., Inc., Kampfe Bros., makers of the
Gem ,” “ Ever-Ready" and “ Star” safety razors. Also acquired at time
o f consolidation all of the capital stock of the Ever-Ready Safety Razor Co.,
Ltd. o f Canada, and the Ever-Ready Safety Razor C o., Ltd. of Great
Britain. Since organization has acquired a majority of the stock o f the
Jay & Johnson Box Corp. and the Lightfoot Schultz C o., mfrs. o f soaps
and toilet articles.
The American Safetee Soap Corp., a subsidiary was organized in D e c .
1919. See V. 109, p. 1181, 1611, 2441. British-American Safety Razor
C o., Ltd., V. 111. p. 2425. 2524.
C A PITAL STOCK.— The stockholders on Oct. 23 1924 changed the par
value o f the capital stock from $25 to $100. This decreases the number of
shares from 800,000 to 200,000. For each 4 shares o f $25 par stock, one
share o f $100 will be exchanged. No. preferred stock or bonds.
D IV ID E N D S (on $25 par value stock).— Initial div. o f 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 o f 13*% on the new stock
o f $100 par value.
R E PO R T .— For 1924, in V, 120, p. 1083, showed:
Calendar Years—
1924.
1923.
1922.
$906,394
$917,664
Net profit__________ _______________ a$l,170,972
Federal taxes reserve_______________
150,000
100,000
120,000
Depreciation________________________
See a
122,077
116,944
Dividends

400,000

Net income_______________________
$620,972
$684,317
$680,720
a After all depreciation and necessary reserves.
OFFICERS.— Chairman o f Board, Samuel Mundheim; Pres., Joseph
Kaufman; V .-P., N. W . Greenhut; Sec., Milton Dammann; Treas., Julius
B . de Mesquita.— (V. 120, p. 1588.)
AMERICAN SHIP AND COMMERCE CORP.— ORGAN IZATION .—
Incorporated in Delaware July 18 1919 as a holding company, principally for
steamship, shipbuilding and allied companies and to engage in commerce
and industry. Owns $11,304,500 capital stock (v. t. c.) total outstanding,
$15,245,000, o f W m. Cramp & Sons Ship & Engine Building Co. (see state­
ment 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%
o f Thirty-nine Broadway Corp.
NOTES.— The 10-year notes due Aug. 15 1930 are convertible at any
tame into stock at the rate o f 3 shares o f stock for each $100 of notes
V. 112. p 1027.
R E PO R T .— For 1924, in V. 120, p . 2272, showed:
1924
1923
1922
Total revenue_______________________ $25,726,'l00 $27,991 ,‘l40 $23,719,372
Net profit____________
1,172,120
3,507,966
4,812,591
Deduct— Depreciation_______________
1,440,294
1,412,939
1,294,805
Interest_____________________
401,529
1,048,550
972,016
Net profit_______________________ loss$669,703 $1,046,476 $2,545,770
Deduct proportion o f net profits appli­
cable to stocks o f sub. cos. in hands
o f p u blic............................................
260,703
365,975
755,161
Net profit for American Ship &
Commerce Corp_______________loss$930,406
$680,501 $1,790,610
OFFICERS.— Chairman, W . A. Harriman; Pres., R . H. M . Robinson!
V.-Pres. and Sec., Walter Camp Jr.; V.-P., W. L. Pemberton; Treas.,
A . W . Lishawa. Office, 39 Broadway, New York.— (V. 120, p. 2272.)
AMERICAN SHIPBUILDING C O .— Incorp. in N . J. March 16 1899,
V . 68, p. 770; V. 70, p. 896; V. 71, p .344, 1014; V. 73. p. 390; V. 83. p. 1172.
Decision. V. 94. p. 1765; V. 95, p. 1543; V. 96. p. 489. V. 103. p. 1890;
V. 104, p. 367. Full statement to N. Y. Stock Exchange In Oct. 1917 as
to properties, finances, &c.. on listing of stock, was given in V. 105. p. 1716,
C A PIT A L STOCK.— The directors on Mar. 1 1922 declared operative
the plan for exchanging the pref. stock for common stock, submitted In
D ec. 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
o f previous fiscal years for the purpose of more nearly equalizing the values
o f the pref. and common stocks for retirement. (3) Thereafter offer as re­
quired by law to all common stockholders pro rata the right to sub­
scribe for and purchase for cash at par (o) the unissued common stock
amounting to $7,400,000, and (ft) such proposed additional common stock
amounting to the aggregate par value o f $500,000. (4) Offer to all pref.
stockholders to purchase their stock at par. payment therefor to be made
share 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 be applied pro rata as nearly as possible without the issuance of frac­
tional shares to tne purchase price o f such pref. stock and the amount of
..common stock used in such purchase shall be corrsepondingly reduced
V. 114, p. 82; 951, 1410, 1655.
LATEST D IV S.
1*11. ’ 12. ’ 13. ’ 14. ’ 15. ’ IS. ’ 17. ’ 18. *19. ’ 2 0 .’21-24
Oommoncash_________ ( 4
0 0
0 0
0
12 16 16 See
. . __
15 ______ text
do Liberty bon ds._ I ______ ___
Preferred_____________ j 7 7
7 1^
0 7
7 7
7
7 7 y ‘ly.
In 1917, also 1% for Red Cross.
In cal. year 1919 paid each quarter on common beginning Feb. 1, I X %
and 2 } i % extra in cash. Same amount paid quar. from Feb. 1920 to Feb.
1922. On April 24 1922 paid 1J£% quar. and 20% extra. On June 20
1922 paid 10% extra; Aug. 1 1922 to Aug. 1 1923 paid 2% quar. The direc­
tors in June 1924 declared four regular divs. o f 2% each, payable N ov. 1
1924, Feb. 2 1925, M ay 1 1925 and Aug. 1 1925.




143

IN DU STKIAL STOCKS AN D BONDS
When
Payable

A

&

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

O Apr 1 1925 13*

F & A 15 Aug 15 1000
Q— F Aug 1 1925 2%
Q— F M r y l 1925 1*4
Q— F M a y l 1925 13*
Q— M June 1 1024 1 Ji
A & O Apr 1 1947
A & O Apr 1 1947
Apr 1 1925 3%
Q— J
Q — J Apr 1 1925 13*

Cleveland, Ohio
do
120 Broad way. New York
do
do
Central Un T rC o . N Y
Memphis. Tenn
do
do

R E PO R T .— For year ending June 30 1924, in V . 119, p. 1621, showed:
Years Ended June 30—
1923-24.
1922-23.
1921-22.
Total income________________________ $1,707,675 $2,701,319 $2,883,857
Deduct— General, &c., expenses_____
619,429
637,743
480,491
State, county & miscell. taxes_____
290,054
303.025
226,583
Sundry charges_________
52,499
75,896
74,736
Depreciation_______________________
333,446
505,165
466,258
341,672
353,843
125.343
Maintenance and repairs___________
Spec, allow, for exc. prof, tax., & c._
______
60,000
20.000
Common dividends_________________ 1,177.152
1,177,152 5,203,880
Preferred dividends_________________
54,992
54,992
428,498
■ Balance, surplus________________ def$l,161.568 def$467,030df$4,141,932
Pres., Alfred G. Smith; V .-P ., Sec. & Treas., James E . Davidson.
Office, Cleveland, Ohio.— (V. 120, p. 1588.)
AMERICAN SMELTERS SECURITIES CO.— Dissolved. See Ameri­
can Smelting & Refining Co. below.
AMERICAN SMELTING AND REFINING CO.— O RGAN IZATION ,
&c.— Incorp. April 4 1899 under laws of New Jersey; V. 68, p. 668. Owns
and operates plants for the smelting of ores anu the treatment of lead
bullion, copper bullion and copper matte in Utah, Montana, Colorado,
Nebraska, Illinois, New Jersey, Mexico and elsewhere. The principal mer­
chantable products are bar gold and silver, pig lead, electrolytic copper and
blue vitriol. V. 106, p. 1457. Plants rights of stock. &c., 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% of the Sabinas Coal Co. V. 110, p. 1286. In 1923 sold
its lead mines in Missouri to the St. Joseph Lead C o. V. 117, p. 1888.
Report of investigating committee. V. 114, p. 2244. Agreement with
Mexican Metallurgical C o., V. 116, p. 2773: V. 117, p. 210, 1354.
The stockholders of the American Smelters Securities Co. on Dec. 14
1922 voted to dissolve the company, all of the common stock and 89% of
the A and B Pref. stock having been acquired by the American Smelting &
Refining Co. The outstanding A and B pref. stock of the Securities Co.
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.
STOCK.— The common stock was increased in 1916-17 from $50,000,000
to $60,998,000 in connection with the retirement o f the remaining $10,998,000 6% debentures of American Smelters Secur. Co.
DIVS. |’08. ’09-T1. ’ 12. '13-T5. '16. T 7-T8. T9-'20. ’21. ’22. ’ 23 ’24.
Com__%-| 5 4 y ’rly 4 2-3 4 y ’rly 41* 6 y'rlv 4 y ’rly
1
0 23-i
5
Paid in 1925: Feb. 2, 13*%; M ay 1, 1 }* % .
BONDS.— In Jan. 1917 the company arranged to make a first mortgage
bond Issue, limited In amount to the par amount of the full paid prelerred
and common shares at any time outstanding, and Issuable under suitable
restrictions for Improvements, additions, the acquisition of securities, (tec
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
holdings in a Peruvian corporation and certain minority interests and in­
vestments in other companies), and on substantially the entire capital
stock of certain subsidiary companies. Also covers such additional real
property and additional shares of stock and obligations of any existing or
future subsidiary companies as may be acquired with the bonds or their
proceeds. V. 104, p. 363; V. 105, p. 608: V. 108, p. 880.
The initial $30,000,000 series “ A ” bonds were offered in Jan. 1917 in
exchange for the “ B ” stock of the American Smelters Securities Co., $ for $.
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 J* % of the maximum
amount of bonds at any time issued. In May 1917 holders of the Securities
C o.’s total uncalled series “ A ” pref. stock were offered in exchange at par
series " A ” bonds, plus $7 50 in cash. In Nov. 1921 pref. “ A ” stockhold­
ers were offered an opportunity to exchange then' stock for bonds on or
before Dec. 31 1921. V. 113, p. 2187.
In April 1923 $10,000,000 series “ B " 6% bonds were sold (V. 116, p.
1896). Series “ B ” bonds are redeemable, all or part, on or before April 1
1932 at 107)4% and int., and thereafter at a premium equal to 34 % for
each 6 months between redemption date and date of maturity. Mortgage
provides for annual sinking fund payment equal to 13*% of face value
of maximum amount of bonds outstanding for purchase or redemption of
bonds at not exceeding 110% and int.
R E PO RT.— For 1924, in V. 120, p. 1224, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
Smelting, refining, &c------------------------$18,390,081 $16,091,420 $12,381,844
Mining properties----------------------------- 3,081,425
3,465,580 2,458,695
Other income (net)--------------------------- 1,469,423
597,914
233,676
Gross income____________________ $22,940,929 $20,154,914 $15,074,215
Administration, &c., expenses________ $1,496,834 $1,378,976 $1,136,031
Taxes (including Federal taxes)________________ 1,612.369
1.459.350
732,211
Depreciation, &c___________________
6,025.884
5,914,562- 5,426,018
Bond interest (S. & R . C o .)________ 2,618,851
2,477,445
1,785,304
Interest on Rosita Co. & C. bon ds-.
______
33,426
Miscellaneous deductions___________
______
43,082
A m e r i c a n S m e lt e r s S e c u r it ie s C o .—
Preferred A dividend (6 % )_________
______
$30,029
$376,800
Preferred B dividend (5 % )_________
______
2,352
38,230
A m e r i c a n S m e l t i n g A R e f i n i n g C o .—

Preferred dividend (7 % )_____________ $3,500,000
Common dividend__________________
3,202,395

$3,500,000
2,287,425

$3,500,000

Surplus or deficit---------------------- sur$4,484,596sr$3,104,775sr$2,003,113
OFFICERS.— Pres., Simon Guggenheim; Treas., John C . Emison;
Sec., George A. Brockington; Comp., Lucius A . Chapin. Office, 120
Broadway, New York.— (V. 120, p. 2553.)
AMERICAN SNUFF CO.— Incorporated in N. J. on March 12 1900.
Under plan of disintegration of Am Tobaoco Co. (V. 93, p. 1122-4), the
assets remaining were large modern grinding factories at Yorklyn, Del. and
Clarksville, Tenn., and finishing works at Memphis, Tenn. Since disin­
tegration a new large and modern grinding plant has been erected at Mem­
phis, Tenn.. and the Yorklyn, D el., plant sold.
In May 1915 the auth.
stock was reduced. V. 93. p. 280; V. 93, p. 1603; V. 100. p. 1439.
LATE DIVS. f” l l . ’ 12. T 3. T4. T5 to 17. T 8. ’ 19. ’20. '21 ’22 '23 ‘24
Com m on------% (20 123* 12
9 12 yly.
10 12 11 11 12 12 12
do ex tra_____ [ 9
3
3 21* _____
__
_
_____
9
Paid in 1925: Jan., 3 % ; April, 3% .

144

nSTDUSTKIAL STOCKS AN D BONDS

M IS C E L L A N E O U S C O M P A N IE S
{F or abbreviation s, 3fcc.. see notes on page 61

D ate
B onds

A m e r i c a n S t e e l F o u n d r i e s — S to c k 1 .0 0 0 .0 0 0 sh ares a u t h ..
P r e f * a & .d j a l o c k 7 % c u m iiou- vul$25 iuiI c a ll l lOo.fd.l % _____
A m e r i c a n S t o r e s C o — S t o c k c o m m o n 1, 8 0 0 . 0 0 0 s h a r e s _______
S u g a r R e f i n i n g —Common s t o c k t4b.OOU.UU0—
P r e f s t o c k 7% dim inot pref a s t o a s s e t s ) $ 4 5 , 0 0 0 , 0 0 0 .
1 5 - y e a r g o ld b o n d s c a l l ( t e x t ) ...........................
kxxxc*
A m e r ic a n S u m a t r a T o b a c c o C o — C o m sto ck $ 2 5 .0 0 0 .0 0 0 ..
P r e f s t o c k 'p r e f A A D.) $ 2 , 0 0 0 , 0 0 0 7 % c u m c a ll 1 1 0 _____
S i n k i n g f u n d c o n v e r t i b l e g o l d n o t e s (s e e t e x t ) _____________ x c *

American

1922

1920

Par
V alu e

R E P O R T . — F o r 1924. I d V . 120, p . 1092, showed:
Calendar Years—
1924.
1923.
1922.
1921.
N e t earnings ................... *$1,868,588 *$2,082,520 *$2,193,955 *$1,811,680
Preferred dividends_____
237.168
237.168
237.168
237.168
Com m on dividends............ 1.320.000
1.540.000
1.320.000
1.320.000
$301,420

$305,352

$636,787

$254,512

• After deducting Federal taxes.
Pres., M a rtin J . Condon; Tre a s ., M . E . F in c h . Office. M em phis, Te n n .
— (V . 120. p. 1092.)
A M E R I C A N S T E E L F O U N D R IE S .— O R G A N I Z A T I O N . — In corpor­
ated in New Jersey on June 26 1902. V . 79, p. 1463; V 80. p. 224. 602.
V 83. p 685. 1575: V 103. p 495 V 101. p 1373. In J u ly 1919purchased
most of the $8,755,600 common stock of the Griffin Wheel C o . (V . 108
p. 2443 , 2331. 2435) leaving most of the latter's $5,849,300 6 % cum . pref
stock In the hands of the public. V 108. p. 2435. 2626, 2631. Formed
the American Autoparts C o In 1919 (practically entire stock owned) which
built a plant in Detroit for the manufacture of automobile springs. In Ju ly
1923 acquired the entire outstanding common stock of Damascus Brake
Beam C o .
W orks located at Chester. F ranklin. Sharon and Pittsburgh. P a.: Granite
C it y and East St. Louis, 111.; Indiana H arbo r and H am m ond, In d .; Alliance
and Cleveland, Ohio.
8 T O C K . — T h e pref. stock is callable at 110 and divs.; sinking fund
equal to 1 % of issue, began Dec. 31 1920. N o mortgage can be created
Without the consent of 66 2-3%, of this pref. stock. V . 108. p. 2350.
T h e stockholders on A pril 22 1925 changed the authorized common stock
from 750.000 shares, par $33 1-3 (722.196 shares outstanding)»to 1.000.000
shares of no par value. Five shares of the new common stock of no par
value will be issued in exchange for each four shares of the old common
stock. T h e unissued stock will be held in the treasury.
D1 V S .— i l . 12. 13. 14. 15. lb . 17. *1 8. 19. 2 0 .’2 1 .'2 2 . '2 3 .’24
C o m m o n .. 2)4 - 2
2 ..
Hi 6
7
6 4 t9 9
a9
9
9
Preferred . .
............................
. . .
3 U J 7 7
7 7
7
Paid on common in 1925: J a n ., 2 K % ; A p ril, 2 M % .
•Also 2 ) 4 % in Liberty bonds. tA lso $6 a share payable In
a Also 18% In common stock, payable D ec. 30 1922.
R E P O R T . — For 1924, in V . 120, p . 2140. showed:
Calendar Years—
1924.
1923.
1922.
Earns, from oner., after
deducting m fg .. selling
and adm in, expenses.. *$5,759,070 *$9,031,456 *$4,481,840
Deduct— D e p re c ia tio n .. 1.118.459
1.370.391
945.625

Rate

N o n e 9 0 2 ,7 4 5 sh . S ee
l(M) > •*(*51 .8 0 0
N o n e 1 8 0 0 .0 0 0 sb S ee
1 0 0 4 . . o o o .o o i . S e e
* 5 non non
100
500 A c 30 .fton oon
100
14 448 585 S e e
100
1.963 500 S e e
100 &c
3,255,500

Also I d Dec l u l l 34 4 -1 1 % tsacb In cum. stock of Geo. W . Helme ana
W e ym a n -B ru to n companies (V 94. p. 2SO): Id Ju ly 19 1 3 .1 0 % In Am er. T o ­
bacco C o pref stock and 4.6 4% of Am er Ciga r Co pref stock (V . 96. p
1631). I d O c t. 1914. distributed P. Lorlllard O o. and Lig gett & M y e rt
T o b . pref. stock out of surplus, m aking .02204 6-11 and .03127 3-11 of a
share, respectively. on each share of common stock. V . 99, p . 676,1676.

Balance, surplus..........

A m ou n t
O utstanding

stock

1921.
$1,428,188
512.735

%

W hen
P a y a b le

D ividend
a nd M a tu rity

L ast

[V ol. 120.
P la ces W h ere In terest ane
D ivid en d s are P a ya b le

See te x t
Checks mailed
Q— J
do
do
Q — M 3 1 M a r 3 1 '25 I V
J ly 1 1925 4 0 c P b l l a d e l p b l a
U —J
o c t 2 21 1 H % C b e c k s m a il e d
do
7
0 — 5 " * J u l y 2 25 1 V %
N a t i o n a l C i t y Bank.
J
& J Jan 1 1937
6 g
A u g 1 1921 2 %
tex t
tex t
Sept 1 2 1
3 >4
See text
A
D June 1 1925
7*4 g J
text

7

to x t
text

NT?

R E P O R T . — For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Gross sales.................................................. $98,178,602 $94,579,851 $85,866,395
Surplus (after deducting taxes, d iv s ..
and other adjustm ents)___________
3.825,714
4.020.337
3.215.705
O F F I C E R S . — Pres., Samuel Robinson; V .-P ., Robert H . C raw ford;
V .-P . & G en. M g r ., James K . Robinson; Sec. & Asst. Tre a s ., E . J . Flani­
gan: Tre a s ., W m . M . M . Robinson. Office, Philadelphia, P a .— (V .
120. p . 1750.)
A M E R IC A N S U O A R R E F IN IN G C O . ( T H E ).— O R G A N IZ A T IO N .—
Organized in New Jersey in Ja n . 1891. For plan, V . 51, p. 609 (see also V .
91, p. 1571). Holds (see description V . 90. p. 164: V . 88, p. 913; V . 104. p.
2454) by direct ownership, and ownership of subsidiary companies, re­
fineries at Boston. Brooklyn, Baltim ore. Chalm ette and Philadelphia.
T h e com pany 9 refineries in New Orleans, form erly held In reserve, nave
been dismantled. In N o v . 1919 acquired all the capital stock of a Cuban
corporation, Central Cunagua, a raw sugar prop erty in Camaguey Province,
Cuba. V . 109. p. 1988; V . 112. p. 1020; V . 113. p. 186.
T h e company's investments on Dec 31 1924 were carried at $25,981,421,
which is said to be much below actual value
T h e y inclu did:
Beet Stiff. Co. (minority) — Par val.
Beet Sug. Cos. (minority) — Par val.
Continental Sugar C o .—
M ichigan Sug C o . pref. .$2,043 800
Com m on (V . 106. p. 933)1.462.400
C o m m o n ____ ___________ 9.354 shs.
Spreokels Sugar C o ____ __ .2.5**0.000
W averly Sugar C~ com ..
300,000
D T V 8 .—
11891.1892. 1893. 1894 to 1899 1900.' i i t o '20. '21.'22-"24
Common % \ 8
9
22 12 y 'ly (3 Q -J ) 8 U
7 y 'ly
5 V None.

do

extra 1 . _

.

Ju lv'1« to Oct 20 3 % < V % q u a r .)

In Ja n ., A p ril and J u ly 1921 paid 1 H % on com mon; none since.
On preferred, in full to J u ly 2 1925.
Bunds— T h e 15-year 6 % gold bunds due Ja n . 1 1937 are callable as a
whole or by lot In amounts of not less than $1,000,000 at 105 If redeemed
on or before Jan. 1 1927, and thereafter at a premium decreasing Vi % for
each full vear until and incl. Ja n . 1 1931. and thereafter at 102 >4. V.
113 p 2721
R E P O R T . — F o r 1924, In V . 120, p 1321. showed: ^
Calendar Years—
1924.
‘
1923.
1922.
1921.
Profit from operation___ y $327.637 y $ l ,693.070x$10.083.833 y$2.177.276
In t. on loans & deposits. 1.644.615
>381.130 y 1.033.661
2.955.675
1,523.008
Income from investment 2.593.0 49
5.552.488
4.113.856
N e t profit from in v e s t.. 8.209.380
4,542.631
129.063 y l . 489.310
Excess res. former years. 1,000.000
Fro m sur. of former y rs .
5.311.368
T o ta l............ ................. .$13,119,407 $11,357,724 $11,354,773 $4,724,977
D e p r., renew. & replace.
______
$1,000,000 $1,000,000
...........
Sundry reserves_________________
4.542.631
Interest on bonds______
1,800.000
1.800.000
1.800.000
............
D ividends, pref. ( 7 % ) - - 3.149.986
3,149.986
3.149.986
3.150.000
Com m on______________
______
______
............ (3 H ) 1574977
To ta l deductions_____ $4,949,986 $10,492,617
Balance to surplus_____ $8,169,421
$865,107

$5,949,986
$5,404,787

$4,724,977
............

N e t profit from oper._ $4,640,611
Miscellaneous income___
437.044

$7,661,065
251,506

$3,536,215
552,678

$915,453
325.885

T o ta l profits_________$5,077,655
Federal taxes___________
See *
N e t earns, of sub. c o s ...
290.616
Interest charges, & c____

$7,912,571
See *
298.659
17.967

$4,088,893
See *
307.607
71.420

$1,241,338
126.026
281.262
156.012

x After provision for taxes, y Loss.
D I R E C T O R S . — Earl 1) Bahst, Charles Francis Adam s, G u y E . T r ip p
Van-Lear B l a c k , Gilbert 11. VViggin. James H . Douglas. Philip Stockton
Samuel M r Roberts, James L . Richards, W . E d w a rd Foster, Fre d Mason
and Newcom b C arlto n.

$675,009
593.691
1.836.090

O F F I C E R S . — Pres., E a rl D . -Baost; V .-P ., W . E dw ard Foster, R alph
S. Stubbs, Fred M ason; Sec., E dw in T . Gibson; Tre a s ., A rth u r B. W ollam ;
C o m p ., H en ry Edgcum be. N . Y . office, 117 W all St.— (V . 120. p . 2553.)

$1.287,0 8 5 d f$ l,754,772

A M E R I C A N S U M A T R A T O B A C C O C O — O R G A N I Z A T I O N . — Incor­
porated In G a . Feb. 12 1910 and Is engaged in the operation of tobacco
plantations, raising, curing, sorting and merchandising of cigar wrapper
tobacco. A t organ, acquired the facilities and business in Gadsden C o u n ty
Cin., and Decatur C o u n ty , G a ., of eight established tobacco plantation cos.
Has since purchased Connecticut property; also A . Cohn & C o . V . 108,
p. 2023. Co nn . Tobacco C o rp ., see V . 106, p. 1579. T h e G riffin Tobacco
Co. was acquired in O ct. 1919 and was subsequently dissolved, its property
having
<r transferred to this com pany. V . 119, p. 1628.
—— —
R E C E I V E R S H I P . — Receivers were appointed for the com pany on \4ay
7 1925 b y Federal Judge Goddard in an equity action instituted b y H arding,
T ilto n & C o ., a creditor w ith a claim of $14,400. T h e receivers appointed
are former Federal Judge Julius M . M a y e r, Robert H . G a y and George W .
Spitzner.— V . 120, p . 1 ' 03.
Noteholders' Protective Committee.— T h e 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, Chairm an
(V .-P re s . Chase Securities Co rp ) , N e w Y o rk ; Paul Buhlig (V -Pres.
Federal Securities Co rp ) , Chicago; O R Ford (T u c k e r, A nth ony & C o .),
N ew Y o rk ; J . Sanford Otis (Asst. V .-P re s. Central T r u s t C o . of Illinois),
Chicago; John H . Stewart (H am bleton & C o .), N e w Y o rk ; A . G . B . Steel
(G rah a m , Parsons & C o .), N e w Y o rk , with K a rl A . Panthen, Sec., 61
Broadw ay, N . Y . C it y , and Rushmore, Bisbee & Stern, counsel. Deposi­
ta ry , Chase N a t. B a n k , N e w Y o rk C it y .
Preferred Stockholders >rotective Committee.— T h e following have consented
to act as a committee to represent and protect the interests of the holders
of the Preferred stock; Joseph F . C u llm a n , J r . , Chairm an (C ullm an Bros.,
In c .); Theodore G . Sm ith (1st V .-P re s. Central Union T ru s t Co . of New
Y o r k ); H e n ry M . Sperry (V .-P re s . First National B a n k ), Hartford; M aurice
W ertheim (Hallgarten & C o .), w ith F . W olfe, Sec., 80 Broadw ay, N . Y .
C it y , and Cohen. Coie & Weiss, counsel, 61 Broadw ay, N . Y . C it y . D e ­
positary, Central Union T r u s t C o ., New Y o rk .
S T O C K , A.c.— F o r changes in capital stock prior to June 1920, see “ R y .
S In d . Section” for N o v . 1920.
c
T h e stockholders voted June 1 1920 to Increase the common stock from
$15,000,000 to $25,000,000. T h e directors authorized, subject to the
Increase of the common stock by the stockholders, an issue of $6,564,000
Five-Y e ar 7 ) 4 % Sinking Fund C o n v . gold notes. Convertible from O ct. 1
1920 to D ec. 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
each $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
at 105 and in t. during the first year a n d thereafter to m a tu rity at the

Balance, surplus_____ $4,787,039
Pref. dividends ( 7 % ) . . .
626.591
Com m on divs. ( 9 % ) ____ 2.166.588
Balance, surplus_____ $1,993,860

$7,595,944 $3,709,866
607.341
586.691
2.166,588 1.836.090
$4,822,015

* After deducting m anufacturing, selling and adm inistrative
and Federal taxes.
Results for Quarters Ended March 31 (V . 120, p. 2553).
1925
1924
1923
x N e t earnings___________ $1,627,700 $1,137,997 $1,883,449
D epreciation___________
296,287
250.255
320.380
O ther income___________ 0 1 3 1 .8 5 0
0 9 5 .0 2 8
0 4 9 .1 0 5
Interest, sink, fund, & c .
74.627
72.838
82,848
Federal taxes___________
See x
See x
See x
Balance, surplus_____ $1,388,636

$909,933

$1,529,326

expenses
1922
$738,728
167.541
0 7 9 .7 2 7
94.905
78.570
$447,439

x N e t earnings in 1924, 1923 and 1922 are after deducting Federal taxes.
D I R E C T O R S . — Charles M ille r, R . P . Lam ont, F . E . Patterson, K . L
Ames, W . D . Sargent, Geo. B . Leighton. M ax Pam , John M . H a rrl
son, E . F . G o ltra , Geo. E . Scott, R . H . R ip le y. President. R obert P
L a m o n t; F irs t Vice-Pres., Geo. E . Scott; Second Vlce-Pres., R . H . Ripley
3d V .-P ., W arren J . L yn ch ; 4th V .-P .. J . O . D avis; Treas. & Sec., F . E
Patterson; Asst. Sec. & Tre a s ., W . E pp le; C o m p t., O . C . Jarchow ; Gen.
Counsel, M a x P am . Office, Chicago, 111.— (V . 120, p . 2553.)
A M E R I C A N S T O R E S C O — O R G A N I Z A T I O N . — Incorp. in Dela
M arch 29 1917
Owns 34.700 shares of the 35,000 shares of common
stock of the Acm e Te a C o ., and also the business and assets of the following
chain store companies: Robinson & C ra w ford, the Bell C o ., Childs Grocery
C o ., George M . D unlap C o . and the M ullison Econom y Stores. Weekly
baking capacity about 2,000.000 loaves and 25 tons of cake. Operates a
chain of over 1,200 grocery stores in Pennsylvania, New Jersey. Delaware
and M a ryla n d . Deals in food products, coffees, groceries, meats, &c.
S T O C K . — T h e directors on M a r. 15 1922 decided to call for redemption
all of the oustanding 1st Pref. and 2d Pref. stock on June 1 1922 at office
of Com m ercial T ru s t C o .. Philadelphia, at 115 and div. to the date of re­
dem ption. V . 114, p. 1411. Com m on stock was Increased from 150.000
shares to 300.000 shares in Feb. 1922 and to ] ,800,000 shares in M a rc h 1923.
a 70 0% stock d iv . being paid June 15 1923.
D I V I D E N D S . — In itial d iv . of $1 on common stock paid A p ril 1 1920;
same am ount paid quar. to A p ril 1922; J u ly 1922 to A p ril 1923 paid $1 75
quar. O n June 15 1923 paid a 70 0% stock d iv . J u ly 1923 to Ja n . 1925
paid 25c. quarterly on increased capitalization; A p ril 1 and J u ly 1 1925
paid 40c. quar. O n M a y 1 1924 paid 25c. extra.




May , 3925.]

145

IN D U STR IA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
IFor abbreviations. A c . , see notes on page 61

American Tobacco Co— Com. stk ("A ") S50.000.000 auth.
Com stock B (non voting) $100 000.000_______________
Preterred (a A d) 6 \ Cum. $54,010,600 (see text)______
Gold bonds ,not mortgage) J5b.100.000 autb__ O.xc'Ar
Gold boDds (not mortgage)_________________ G.xcAr*
Consolidated Tobacco ooll trust mtge gold
O.xc’ Ar
American Type Founders— Common stock $6,000 000 ___
Preferred (a A d) stock 7 % cum *4.000,<)ou red 105_____
Deb gold $1,000,000 s ( *20000 y'lv began Sept 1900.Bat
Deb gold *2.000.000 red 106 s fd $30,000 y'ly (text).. G-*
Deb gold $1.000,000 g call 106 s fd *40.000 yearly.__ Q c*
inter Wholesale Corp— Common 160,000 shares . . . __ . . . .
Preferred (a A d) 7% cum call 110 s f autb $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 A d stock 7% cumulative $7.000.000_______

Date

Bonds

Par
V a lu e

A m ount
O utstanding

B ate
%

W hen
P a ya b le

L ast D ividend
a nd M a tu rity

$50 *40.242.400 See text
50 57 388 550 See text

1904
1904
1901
1996
1909
1917

$1U<) 52.600 7ri0

P la ces W here Interest and
D ivid en d s are P a ya b le

Q— M June 1 1925
Q— M June 1 19- 5
Q -J Apr 1 1925
A A O uct 1 1944
6z
F A A Aug 1 1951
4 z
o4v
F A
A An 1 19S1
See text Q— J Apr 17 1925
0 — J Apr 17 1925
7
6 g M A N May 1 192b
M A N May 1 1939
6*
6 S M A N May 1 1937

3 K r>h#»cir* mailed
3)4 Checks mailed
1)4 Chocks mailed
Guaranty Trust Co. N T
do
do
do
do
I K Checks mailed
do
1K
Bankers Trust Co, N V
Guaranty Trust Co, N f
do
do

1 1925
2 1925
1 1925
1 1925

I K Central Un Tr Oo. N V
3 4 By check from Pittsburgh
2)4 Pittsburgh. Pa
IK
do
do

6

6'* <c
Sc
297.100
60 Ac l
50 Ac 1 1.022.200
100 5 100 000
100 4.000,000
100 Ac
462 000
100 &0
746,400
100 Ac
701,300
None 96 50' tbs
1.000 7 069,590
7
Q— J Apr
100 4.000.000
M A S Mar
7
100 12.0' 8 600 See text See text Apr
100 6,999,600
7
Q— J Apr

DIRECTO RS.— Perdval 8. Hill (Pres.), Charles A. Penn, A. O. Mower*
decreasing rate o f 1% per annum. The notes were offered to prof, and
J. H. Mahler and G. W. Hill (V.-Ps.L A. L. Sylvester (V .-P .), J. 8 .
Common stockholders o f record May 24 1920 for subscription at 98 and Int
Lipscomb. O. S. Keene. Thomas W. Harris. T T. Harkrader. F. M.
The bolder o f each share of stock was entitled to subscribe to $40. face value
Da Costa, J. E. Archbell, Paul A. Noell, C. F. Nelley (Sec.), Jesse R. TajrOf notes. Compare V. HO. p. 2194, 2489.
The Preferred and Common stockholders o f record Aug. 18 1922 were lor (Treas.). _ Office, 111 Fifth A ve., N . Y .— (V. 120. p . 1462.)
offered the right to subscribe to 52.900 shares of the Common stock o f the
AMERICAN TYPEFOUNDERS^CO.— Incorp. In N . 3. in 1892 and
Consolidated Cigar Corp. at $36 per share on the basis o f 32-100 o f a share
o f such stock for each share o f stock o f the American Sumatra Tobacco C o., acquired the leading type foundries of the United States. Its manufactur­
ing plants are located in Jersey City and Elizabeth, N. J., and Franklin,
whether preferred or comm on. V . 115. p . 990
Mass. Company has 23 distributing branches in the leading cities In the
Divs.— Initial div. on common stock, 1% , Aug. 15 1917: Nov. 1 1917
1)4% : Feb. I 1918 1 K % :M a y 1918, 2 % : Aug. 1918 to Feb 1921. 2 H % United States and 1 In Winnipeg, Canada. In addition to the manufacture
quar.; M ay 1921. 2% ; Aug. 1921. 2% : none since. March 1922 and sub­ and sale of type, company manufactures and deals In printers' machinery,
materials and supplies. Also owns and manufactures Kelly printing press.
sequent divs. on pref. stock have been deferred.
Owns $1,000,000 Barnhart Bru->. & Spindlcr coin, slock anil guarantees
NOTES. <fec.— Convertible notes, see under “ Stock” above.
*1.250.000 7% 1st pref. (par $100; dividends (Q.-F.); also *750.000 7%
?d pref stock prln and divs. according to terms of an agreement with
R E PO R T .— For year ended July 31 1924. in V. 119, p. 1730. showed:
Years Ended July 31— 1924.
1923.
1922.
1921.
Guaranty Trust Co. o f N. Y . dated M ay 19 1911. V 92. p. 1501. Also
$498,280
$18,439 $2,257,682 owns (including the stock held by Barnhardt Bros. & Spindler) over 69%
Gross profits........ ..........loss$374 014
Operating expenses. A c.
373,773
657,388
904.066
724.910 of the common stock of the National Paper & Type Oo. and the entire
Operating income___ loss$747.787 loss$159.108 loss$885.627 $1.532.772 capital stock of the Klymax Feeder Co.
Other income__________
172,212
463.777
110,867
524.441
STOCK.— The stockholders on April 25 1923 authorized an Increase In
Gross income . . . ______ loss$575.575
$4 .669 loss$774.760 $2,057,213 the capital stock from $7,000 000 (consisting of $4,000,000 common and
Interest, discount. A c ..
797.869
513.269
857.332
1.014.976 $3,000 000 pref.) to $10,000,000 (consisting of $6.000.(K>0 common and
$4,000,000 pref.).
______
1,403.430
_____
Inventory adjust.. A c .. 866,295
Federal taxes, &c______
______
______
- .........
75.600
The common stockholders of record Jan. 10 1924 were given the right to
$966,637 subscribe on or before Feb 1 at par ($100) to *2.000.000 additional common
* Net income______loss$2.2.39,741 loss$508 600loss$3035522
stock in the ratio of one new share for each two shares held.
* Before providing for depreciation o f buildings.
6 Jos. End. Jan. 31— 1925.
1924.
1923.
1922.
DIV ID E N D S.— On common. Oct. 1898 to Jan. 1923, 1% quar.; Apr.
Gross prorit on sales____
$193,528 loss$72.824
$227.652 loss$675.737 1923 to Oct. 1923 paid 1 )4 % quar.; Jan. 1924 to Apr. 1925 paid 7 K % quar,
Other income__________
______
76.366
149.272
47.899 In addition, in Jan. 1902 6% scrip; in Apr. 1903, 3% scrip; Apr. 1909, 2%
Total Income..............
$49.3.528
$3,542
$376,924 loss$627.838 scrip; May 1913. 2% scrip was paid; Mar. 1917, 2% scrip, applicable in
104.747
203.082
306.422
420.868 payment for bonds of 1917. V. 104, p. 1265.
Operating expenses_____
Interest. A c..................
102.566
260.565
503.850
468.996
DEBENTURES.— Annual
Inventory adjustments.
______ ______ ______ ______ _________ 1,403,430 $20,000; debentures of 1909. sinking fund as follows: Debentures o f 1896,
$30,000 (to be Increased to $50,000 when
Net profit before depr.
all 1896 bonds have been retired); debentures o f 1917. $40,000.
and Federal taxes..
$285,215 loss$460.105 loss$433,348L.$2.921.132
RE PO RT.— For year ending Aug. 31 1924 In V. 119. p. 2062. showed:
OFFICERS.— Pres., Louis Leopold: V.-P., William A. Tucker and Frank
Years ended Aug. 31— 1923-24.
1922-23.
1921-22.
1920 21.
M . Arguimbau: Asst. Treas.. Emil Trueb: Asst Sec., P. Polumbaum. Net earn in gs................... $1,010,757
$990,972
$855,218
$829,616
Office, 131 Water S t„ New York.— (V. 120, p. 2553.)
Common dividend_____
290.493
200.000
160.000
160.000
AMERICAN TOBACCO CO. TH E)— O RGAN IZATION .— A merger Preferred dividend_____
256.761
197.897
179.242
179.242
0«t 19 1904 under New Jersey laws
V. 79. p. 1024, 1705; V. 80 p 16k.
On May 29 1911 the U . S. Supreme Court held the company a combination
Bal. for year, surplus$463,503
$593,075
$515,976
$490,374
in violation o f the Anti-Trust law (V 92, p. 1501) and required that various
The
for 6
•f Its properties be disposed of Properties and output remaining after the profits comnany reportedreserve months ended Feb. 28 1925 estimated net
of $515,000 after
for depreciation and Federal taxes.
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.
OFFICERS.— Pres. & Gen. M gr., Robert W. Nelson; V .-P ., Joseph W,
Owns a majority of the stock o f the American Cigar Co. See separate Phinney and Frank B. Berry; V.-P. & Sec., Walter S. Marder: Treas.,
statement for that company
J. Russell Merrick; Asst. Treas., Joseph F. Gillick; Asst. Sec., Wadsworth
In March 1923 purchased a substantial Interest In the Schulte Retail A. Parker; Gen. Counsel, Benjamin Kimball. Office, 300 Communipaw
Stores Corp. V. 116. p 1535.
Ave.. Jersey City.— (V. 120, p. 2014.)
Contract with Tobacco Products Corp. See that company below.
AMERICAN WHOLESALE CORP.— O R G A N IZA TIO N .— Incorp. June
STOCK.— The shareholders voted Jan. 7 1918 to change 500.000 of the
<7 1919 in Maryland. Its business started in 1881. Is conducted through
5
697.576 shares o f unissued common stock into "common shares Class B ,”
having the same rights to dividends and upon liquidation as any other catalogue instead of salesmen, and comprises nearly everything sold by
■hares o f common stock, but without, any voting rights. On Sept 15 1920 the average department store (except groceries). See V. 109, p. 272.
■tockholders voted to increase the authorized amount of Common " B "
STOCK.— Annual sinking fund for purchase or redemption of Pref. stock
stock from $50,000,000 to $100,000,000. V. i l l . p. 1185. See under commencing July 1 1920 is to receive 25% of net profits after Pref. divi­
‘•Dividends" below.
dends, but not less than 3% of the largert amount or Pref. stock at any one
The stockholders on N ov. 6 1924 voted to change the authorized common time outstanding. Redemption price, $110 and divs. No mortgage with­
stock from 500.000 shares o f $100 par to 1,000,000 shares of $50 par, and out consent of 75% of Pmf stock. Initial dividend of 1 K % paid on Pref.
the authorized 1 ,000.000 shares of common “ B " of $100 par to 2.000.000 stock Oct. 1 1919; to Apr. 1925. 1 K % quarterly.
shares o f $50 par value. Two shares of the new $50 par value stock were
issued in exchange for each share of $100 par value stock held.
R E PO RT.— For 1924, in V. 120, p. 448, showed:
The stockholders also voted to change the rights o f the holders of the
Calendar Years—
1924.
1923.
1922.
1921.
preferred stock so as to give them two votes for each share held instead of Gross sales_____________ $28,561,023 $32,600,408 $30,028,337 $34,855,330
one vote.
Total earnings__________ 1.236,734
2,113.584
1,068.487
411.965
156.000
265.000
134.000
41.000
Federal taxes (est.)____
D IV ID E N D S.— On common stock since "disintegration" of 1911-1912.
503.125
525.707
550.044
557.363
Year—
1912.
1913
1914.
1915 to Dec. 1917. 1918-'25. Preferred dividends____
Regular. cash(%) 714
20
20 (text)
2 0 (5 % Q .-M .)
text
Balance, surplus------$577,609 $1,322,876
$384,443 def$186.399
In 1914 paid. Mar. June and Dec., 5% In cash; Sept. 1914, 5% In 6%
Jacob Epstein. Pres.; A. Ray Katz. Sidney Lansburgh. V.-Prea., Nathan
■crip, paid off Sept. 1 1915. Also Sept. 1912 $20 per share from sale of
Epstein, Sec. & Asst. Treas.; Abraham I. Weinberg. Treas. St Asst. Sec.
certain securities under the disintegration plan, and 2.986% In Amer. Ma
chine & Foundry Co. stock, and in March 1913 a similar cash distribution of Office, Baltimore.— (V. 120. p. 448.)
$16 per share. V. 95. p. 362, 620; V. 96. p. 421. On April 20 1914 a dis­
AMERICAN WINDOW OLASS MACHINE CO.— O R G A N IZA TIO N .
tribution was made in restricted B deferred ordinary shares of Imperial
—Incorp.
p.
rights
Tob. Co. equaling about 215-240 or about 9-10 of a £1 share V .98. p 841. In certain In N. J. on Mar. 6 1903. V. 76. the596. S.Owns exclusivep. 372;
window-glass machine patents
U.
See V. 109,
The directors In Jan. 1918 decided that for a period the dividends upon V. 76. p. 596. 707; V. 107, p. 2010. Also tn
owns $12,999,200 o f the *13.000,the common stock should be paid In scrip, bearing Interest at rate of uixi com stoc k of Amer. Window Glass Co. (V. 107, p. 1668) and leases
6% per ann., Int. payable M A S . and maturing in 3 years from Mar. 1 patent rights to latter on royalty. In Oct. 1919 accrued royalties had a])
1918 and redeemable at maturity in cash or common stock “ B " at par
V. 76,
Cash option eliminated beginning March 1 1919. Option to exchange for been paid and royalty was being paid regularly. See V. 109, p. 372. Patent
V.
p . 2282; V. 79. p.
stock was extended from March 1 1921. Accordingly paid each quarter p. 707. 867;l l 0. 77.2489; V. 113. p. 2082; 2644; V. 91. p. 1027.
decrees, V.
p.
V. 114. p. 857.
5% In scrip March 1 1918 to June 1919.
D IVIDEN DS % .— 1918. 1919. 1920. 1921. 1922. 1923. 1924
In Sept, and Dec. 1919 and Mar. and June 1920 paid a quarterly 5% In
On cum. Pref. s to ck .. 20
7
7
7
7
7
7
cash. V. 109. p. 579; Y. 108. p. 582, 975; V. 106. p. 193, 298. 608, 1902
On Common, cash_ 10
_
_.
14
7)4
6
7
10
2452.
do Liberty bonds. 5
7
The stockholders on M ay 6 1920 approved the plan o f the directors for a
Paid on common in 1925: Jan. and April, 1)4% quar. and 1% extra.
76% stock dividend on common and common stock “ B ” by the distribution
o f authorized but unissued common stock “ B ” on Aug. 1 1920. The plan
R E PO RT.— For fiscal year ended Aug. 31 1924 showed:
carried with it the redemption of the outstanding scrip in exchange for stock
Sept. 1 ’23 Apr. 1 *22 -------- Years Ended--------In order that scrip holders may participate in the stock dividend. Compare
to
to
Larch 31
March 31
V. 110, p. 1644. On Sept. 1 and Dec. 1 1920 and Mar. 1 1921 paid 3% each
Aug. 31 ’24. Aug. 31 '23. 1921-22.
1920-21.
on common and common " B ” stock, payable in 8% scrip which was ex
Period Ending—
(12 Mos.)
(16 Mas.)
(12 Mos.)
(11 Mos.)
changed for common “ B” stock on March 1 1923. V. I l l , p. 591, 1854
Royalty received------$1,419,898 $3,092,634 $1,292,040 $1,932,668
V. 112, p. 565. June 1921 to Sept. 1924 paid each quarter 3% each or. Other income__________
44,670
29,754
5,168
14,207
common and common “ B ” stock in cash; Dec. 1 1924 to June 1 1925 paid Divs. on A .W .G .C o.stk.
______
______
162,490
649,960
3)4% quar. On Aug. 15 1921 paid 4 K % on par value of common stock
o f the Mengel Co. to common and common “ B ” stockholders. V. 113,
Total incom e................ $1,464,568 $3,122,388 $1,459,698 $2,596,835
p. 296.
General expenses----------$35,628
$45,525
$31,582
$26,840
T a x e s ..----------------------141.894
390.249
137,960 1,001,266
R E PO RT.— For 1924, in V. 120. p. 1331 and 1462, showed:
Preferred dividends____
489,965
612,450
489,965
489,965
Calendar
Net
Bond
Pref.
Common Balance,
Common divs. (c a s h )... 1,299,830
974,873
779,898 1,364,821
Year— Sales.
Income. Int., Ac.
Div.
Div.
Surplus.
150,000
. . ._
______
______
1924—
_______ *$20,839,694
$54,825$3,161,982$12,202,675$5,420,212 Com. divs. (Lib. bonds).
1 9 2 3 .. .138.473.340*17.942,544 134.405 3,161,982 11,470,695 3,175.462
Balance, sur. or def__def$652,749sr.$l,099,285 sur$20,293 def$286,057
1 9 2 2 .. .143.901.445*20.380.840 1,412,371 3,161,982 10,750,533 4.920.740
1921.-.155,963,762*20.068,774 1,814,110 3,161,982 10,748,733 4,343,949
Pres., W m. L. Munro; V .-P ., A. E. Braun; Sec. & Treas., E. J. Askey;
* After deducting provision for Federal income taxes.
Office, Farmers Bank Bldg., Pittsburgh, Pa.— (V. 120. p. 1330.)




146

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
(For abbreviations, &c., see notes on page 6]

1 Date
j Bonds

American W oolen — Common stock $40,000,000 auth______
Preferred stock 7% cum (a & d) $60,000,000 auth________
Shawsheen Mills gold notes (guar) redeemable; te x t.. . . c
Webster Mills 10-yr gold notes (guar p & l) red text____c

1921
1923

Par
Value

Amount
Outstanding

AMERICAN WOOLEN CO.— ORGAN IZATION .— 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.,
&c.; see V. 68, p. 472; see also p. 716; V. 69, p. 77; V. 73, p. 446; V. 71,
p. 545. List of properties, 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 o f Norwich. Conn., and the 'Yantic
Woolen Mills of Yantic, Conn. In 1923 acquired the Strathmore Worsted
Mills, o f 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 o f taking over this
Webster property. All o f the capital stock o f 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., ior 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. o. 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; Y. 104, p. 766.
Alliance with Consolidated Textile Corp., Y. 115, p. 2480.
C A PITA L STOCK.— The stockholders voted May 25 1920 to Increase
the authorized pref. stock from *40,000,000 to S60.000.000. and the com
stock from S20.000.000 to 140,000,000. The additional S20.000.000 com.
stock was offered to stockholders o f rceord June 7 1920 at S100 per share
In the rath o f one new share for each three shares o f stock held. Stockhold­
ers o f record April 20 1923 were given the right to subscribe for S10.000.000
pref. stock at par in the ratio o f one share of pref. for each eight shares
(whether com. or pref.) held. V. 116, p. 1652.
GU ARAN TEED NOTES.— The company guarantees, principal and in­
terest, S5,500,000 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. 6 A %
gold notes o f Webster Mills, due Dec. 1 1933, and redeemable as a whole or
in part at 103A in 1925, 103 in 1926. 102H in 1927, 102 in 1928, 101A in
1929, and 101 thereafter.
D IV ID E N D S.—
1916. 1917. 1918. 1919. 1920-23. 1924.
On common stock____ ______3H
5
5
5A
7
514
do in Liberty bonds___
—
—
— 15
------On pref. stock— July 1899 to Apr. 1925,7% per annum (1 H % Q.-J-).
In Oct. 1919 increased the common dividend from 1M % quarterly to
1 M % ‘. then to July 1924, 1 M % quarterly; none since.
R E PO RT.— For 1924, in V. 120, p. 949, showed:
xl924.
xl923.
yl922.
yl921.
Net profit aft .taxes (loss) $4,025,865 $9,326,623 $9,531,926 $9,192,622
Preferred dividend._(7%)3,500,000 3,120,833
2,800,000
2,800,000
Com. divs. (cash )..(3 A % )1 ,516,667 (7)2,800,000 (7)2,800,000 (7)2,800,000
Subsidiary dividends—
8,750
------------------------$3,405,790
32,606,354

$3,931,926 $3,592,622
31,915,381 31,508,733

Total________________ $25,036,454 $36,012,144 $35,847,307 $35,101,355
Res. restored to surplus. Cr.$9,457 Cr.$250,992 Cr.$36,372
--------Depreciation___________ 2,918,555
2,666,411
3,277,324 $3,185,973
P r o fit a n d loss s u r p lu s $ 2 2 ,1 2 7 ,3 5 6 $ 3 3 ,5 9 6 ,7 2 6 $ 3 2 ,6 0 6 ,3 5 4 $ 3 1 ,9 1 5 ,3 8 2
x Sh aw sh een M ills a n d W e b s t e r M ills o m itte d ,
y S h aw sheen M ills
o m it t e d .
O F F I C E R S . — A n d r e w G . P ierc e, P r e s .; F r an k H . C a r p e n te r , 1st V . - P . W h e a to n K ittr e d g e , 2 n d V . - P . ; P a rry C . W ig g in , 3 r d V . - P . ; W . H . D w e ll y ’
T r e a s . O ffic e , A n d o v e r , M a s s .— ( V . 1 2 0 , p . 1 7 5 0 .)
AMERICAN W RITIN G P A P E R CO. — O R G A N I Z A T I O N . — In c o r p o r ­
ated in N e w Jersey on Ju ne 2 5 1 8 9 9 as a co n so lid a tio n . H a s tw e n ty -fo u r
sep arate m a n u fa ctu rin g p la n ts. 15 o f these lo ca te d in H o ly o k e , M a s s ., and
the oth e r 9 in M ittin e a g u e , H u n tin g to n and S o u th L e e , M a s s ., M a n ­
chester, U n io n v ille an d W in d so r L o c k s , C o n n ., F r an k lin an d E x c e llo . O
and De P e re , W is e . D e p a r tm e n ts : W r itin g and led ger p a p e r s, specialties
and co v e r s, b oo k s an d p ap eteries an d e n v elo p e p a p e rs. V . 6 9 , p . 2 5 , 1 2 8 .
227; V . 7 0 , p . 9 9 8 ; V . 8 0 , p . 1 1 7 2 ; V . 9 0 , p . 6 2 5 ; V . 9 2 , p . 4 5 8 . I n F e b
1 9 1 7 im p o rta n t new interests b e c a m e directors. V 1 0 6 . p . 1 7 9 3 .
Receivership.— P r e s. S . L . W ills o n w as a p p o in te d receiver on O c t . 5 1 9 2 3 .
V. 117, p . 1 5 5 8 . A p r o te c tiv e c o m m itte e for the preferred an d co m m o n
stock was form ed S e p t. 12 1 9 2 3 . o f w hich B . W . Jon es ( V .-P r e s . o f B an k e rs
T r u s t C o .) is C h a ir m a n .
T n e o th e r m e m b e r s are M . C . B ra n c h (P r e s, o f
M e r c h a n t s ’ N a tio n a l B a n k ) , 'R ic h m o n d , V a .; M u r r a y H . C o g g esh a ll (o f
O oggesh all & H ic k s ) , Joh n T . G illesp ie (o f L . C . G illesp ie & S o n s ) , P e rc y H .
J oh n ston (P r e s. C h e m ic a l N a tio n a l B a n k ) , a n d R id le y W a t t s (o f R id le y
Watts & C o . ) . C . O . C o r n e ll, 16 W a ll S t . , N . Y . , is S e c r e ta r y . B a n k e r s
T r u s t C o . , d e p o s ita r y , 1 6 W a ll S t . , N e w Y o r k . V . 1 1 7 , p . 1 2 3 8 , 1 3 5 1 .
Foreclosure Suit.— T h e O ld C o lo n y T r u s t C o ., B o s t o n , in S e p t. 1 9 2 4 file d
a b ill in e q u ity in th e F ed eral C o u r t a t B o sto n a ga in st th e c o m p a n y , seek in g
to foreclose a m o r tg a g e on th e c o m p a n y ’s p r o p e r ty to th e a m o u n t o f $ 1 1 , 8 7 0 ,0 0 0 .
A n in terve n in g p e titio n w as also f ile d in th e C in c in n a ti F e d eral
Court in M a r c h 1 9 2 5 .
B O N D E D D E B T . — O f th e $ 1 2 ,0 0 0 ,0 0 0 fir st m t g e . sin k in g fu n d b o n d s
Issu ed , $ 2 ,0 4 3 ,0 0 0 w ere in treasu ry (p le d g e d ), $ 5 3 4 ,0 0 0 w ere in sin k in g fu n d
an d $ 1 3 0 ,0 0 0 h a d b ee n retired on D e c . 31 1 9 2 2 .
In te r e st on th e b o n d s w as a t th e ra te o f 7 % per a n n u m fr o m J a n . 1 1 9 1 9
to an d in clu d in g J a n . 1 1 9 2 2 ; th e r e a fte r , 6 % .
S in k in g f u n d : A n a n n u a l 1 % o f b o n d s o u tsta n d in g , p lu s : (1) 2 5 % of th e
net a v a ila b le su rp lu s earn ed in a n y on e y e a r , a fte r p ro v id in g for d ep recia­
tion, fix e d c h a rg es, & c ., u n til th e a m o u n t o f b o n d s o u tsta n d in g h as been
reduced to $ 1 0 , 0 0 0 ,0 0 0 , par v a lu e ; a n d (2 ) th ere afte r 1 5 % o f su ch n e t sur­
plus till th e b o n d s are all r e tire d .
Interest Defaulted..— T h e in terest d u e J a n . 1 1 9 2 4 w as n o t p a id .
Bondholders' Committee.— G e o r g e C . L e e , C h a ir m a n (L e e , H ig g in so n &
C o . ) , B o s to n ; P h ilip S to c k to n (O ld C o lo n y T r u s t C o .) , B o s t o n ; A . W illa r d
D a m o n (S p rin gfie ld F ire & M a r in e In s . C o .) , S p rin gfield , M a s s .; P h ilip R .
A lle n (B ir d & S o n , I n c . ) , E a s t W a lp o le , M a s s .: H . B . L a k e (L a d e n b u r g ,
T h a lm a n n & C o . ) , O tto M a r x , N e w Y o r k , w ith Josiah F . H i l l ., S e c ., 4 4 S ta te
St., B o s t o n , a n d R o p e s , G r a y , B o y d e n & P e r k in s, 60 S ta te S t . , B o s t o n ,

counsel.




When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payabtr

$100 $40,000,000 See text
July
ino 50.000.
000 i
Q— J 15 Apr
1,000 5.500.000
A & O Oct
7g
1,000
5.500.000
6 A e J & D Dec
100 9.500.000
100 12.500.000
Apr

Preferred (a t ill stock 7% cumulative $12,500.000______
New 1st M $12,000,000 sk fund from Jan 1 1919
1.000
call 1 0 5 ___ ___________________________ x x x O B c* & r
1919
25
American Zinc Lead & Smelting Co— Common stock----Pref stock cum 21% (entitled to $100 per share in liquidation)
25
Granby Mining & Smelting 1st M (closed) assumed call
1916
sk fd. $100,000 yearly (V 104, d 1492. 1486)_______ NC
500 &c
Silver Dyke Min s f debs (guar p & i) red 105_xxxc 1923
50
A naconda C opper Mining Co— Htk $300,000,000 auth----1.000
Secured gold bonds $50,000,000 Ser A ---------------------G .yc* 1919
500 &c
Istcon M SerA s f g bds red(t’t)$200,000.000 a’th.Gkxxxc*r 1923
Convertible debentures redeemable 110_
-- —
c* 1923 500&1000
1,000
Butte A & P 1st M s f call 105 (guar p & i ) ------yc*&r* 1914

Balance, surplus...def$9,051,282
Previous surplus_______ 34,087,736

Rate
%

9.293.000
J
6
4.828 000 See text
2.414.000 See text
1.019.200
5 g
439.000
7
150,000,000 See text
16.933.000
6 g
105,481.000
50.000.
000 7 *
5g
2.574.000

&

[V ol. 120.

15 1924 \H C o’s off, Andover, Mass
15 1925 1% C o’s off, Andover, Mass
1 1931
Brown Bros& Co, N Y , &c
1 1933
do
do
1 1913 1% Checks mailed

J Jan 1939
Jan 1924 interest unpaid
May 1 1917 4%
Nov 1 1920 6% Boston Mass

J
J

& D June 1926
& D •Tune 1 1928
Q —M M ay 25 25 1A
J & J Jan 1 1929
F & A Feb 1 1953
F & A Feb 1 1938
F & A Feb. 1 1944

Chicago Northern Tr Co
Nat Shawmut Bank, Bos
National City Bank. N Y
Nat City Bk & Gu T .N Y
Nat City Bk &GuTr,NY
do
do
Guaranty Tr Co, N Y

Depositaries.— Old Colony Trust C o., Boston; Central Union Trust C o.,
New York; Springfield Safe Deposit & Trust C o., Springfield, Mass.
V. 117, p. 1666, 1889, 2435; V. 118, p. 313.
R E PO RT.— For calendar year 1922, in V. 116, p. 1414, showed:
Gross Sales.
Net Income.
Bond Int.
Exp., &c.
Bal. Sur.
1 9 2 2 .. .$15,327,720
$151,412
$557,580
$154,212 def$560,380
1921.. . 12,069.346 lossl.101.457
650.760
192,558 defl.944,775
19 20-.. 34,339.813
3,058,898
650,569
720,656
1,687,673
1 9 1 9 .. . 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.
PR EF. DIVS.— June 1908, 2 % ; 1909, 1% ; 1910 to April 1913, 2% yrly
none since. V. 97, p. 367, 446. A ccum . pref. divs. to April 1925, about
170 < % ■
4
OFFICERS.— Chairman, Walter T . Rosen. Receiver, S. L. Willson,
Sec., James T. Robinson; Treas., L. S. Nold. Office, Holyoke, Mass.—
(V. 120. p. 1588.)
AMERICAN ZINC, LEAD AND SMELTING CO.— ORGAN IZATION .
— Incorporated Jan. 26 1899 in Maine as a mining and smelting company.
It is also a holding and operating company for certain subsidiaries (V. 102p. 73; V. 104, p. 1486) in Missouri, Tennessee, Wisconsin, Kansas and Illi,
nois. Settlement o f ore flotation suit, V . 105, p. 1804; V . 107, p. 858,1748.
2378; V. 106, p. 2295 , 2453.
STOCK.— The pref. shares are entitled to cumul. quar. divs. o f $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. 11 12. 13. 14-15.
1916.
’17 ’ 18-’24.
Com. d iv s ____$1.25 $1.50 $2 $2 $1
0
50% in.stk. 8 None
Quarterly dividend on pref shares, 6% each (24% yearly) was paid
Aug. 1 1916 to N ov. 1 1920; none since. V. 112, p. 374, 473.
BONDS.— Granby 5s $1 900 000 Dec. 31 1917; retired 1917-24, $880,800
balance outstanding, $1 019,200
Silver Dyke Mining Co. debentures, V. 116, p. 2647.
RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Operating profit_______
$426,233
$432,258
$516,313 loss$188,433
Interest on bonds, &c
66,295
$59,341
$73,075
$71,668
Balance, surplus_____
Previous surplus_______
Deduct—-Deprec’n and
depletion reserves____

$359,938
1,991,808

$372,917
2,032,035

425,090

413,144

$443,238 def$260,101
x2,010,135 x2,655,021
421,338

379,563

Total surplus Dec. 31. $1,926,655 $1,991,808 $2,032,035 $2,015,357
3 Mos. End. Mar. 31— 1925.
1924.
1923.
1922.
Net profits before deprec
and depletion________
$214,298
$67,834
$142,665
$50,152
OFFICERS.— C. W . Baker, Chairman; William A . Ogg, Pres.; F. W .
Batchelder, Sec. & Treas. Office, 55 Congress St., Boston.— (V. 120, p
2151.)
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 holding company d is­
solved in 1915, 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, M ont., 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, M ont., with an average annual
capacity of 216,000,000 lbs. Another refinery, located at Perth Am boy,
N. J., with an annual capacity of 450,000,000 lbs., is owned by 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 l’o s.
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 o f the Amer­
ican 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 o f Anaconda for each
share of Brass stock. To provide for part of the payment o f the American
Brass C o., 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 thecommitteefordelivery. 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. V. 116, p. 298.
During 1924 the company purchased, for the sum o f $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 o f the Butte, Anaconda &
Pacific R y. 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. T 4. ’ 15. T 6. T 7. ’ 18. ’ 19. ’ 2 0 .’ 21-’ 2 2 .’ 2 3 .’24. ’ 25.
6 14 17 16
9
8 None 4 K 1 A text
c e n t ____J 9 12 10
In Feb. 1919 dividend reduced from 4 to 3 % , and in M ay to 2% ($1 a
share); to N ov. 1920, 2% quar; then none until April 1923, when 1H %
was paid; July 1923 to Jan. 1924 paid 1 A % quar.; then none until Feb.
16 1925 when 1 A % was paid; same amount paid M ay 25 1925.
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 C o .,
Int. Lead Ref. Co., &c. No mortgage can be made without securing these
bonds as a prior lien thereunder. V. 108, p. 81.

May, 1925.]

147

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES

[F a r abbreviations, &c., see notes on page 6]

Date
Bonds

a u th ----------------------c u m u la tiv e £ 5 ,0 0 0 .0 0 0 a u th ___________________
S to c k c o m m o n 2 2 5 ,0 0 0 sh s a u
P r e f (a & d ) 7 % c u m red 1 1 5 s f $ 5 ,0 0 0 ,0 0 0 au th o riz e d ______
.Preferred 8 %

Armour & Co. o f Delaware—

F u n d e d D e b t o f M o r r i s A C o . ( A s s u m e d by N o r t h A m e r i c a n

F ir st m tg e a u th $ 2 5 ,0 0 0 ,0 0 0 g red 1 0 3 ________F C .x c & r
T e n -y e a r s f g o ld notes $ 1 5 ,0 0 0 ,0 0 0 a u th red t e x t _ _ x x x c *
W m P M o s s e r C o 1 0-yea r s f n o te s gu ar p & i ________x x x c *

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________
Ileal estate 1st M §50,000,000 gold red 102 H____xc*&r*

Amount
Outstanding

When
Payable

Last Dividend Places Where Interest end
Dividends are Pop able
and, Maturity

Guar TrCo, N Y, Lon.&c
£1, £3.000,000 See text See text M ay 25 '25 12
£1
None
Ouar.
8
None 200,000 shs.
$100 $4,850,000
Q— P
M ay 1 ’25, 1%

AOKlo>American Oil Co— Stock £5,000,000
.Archer=DanieIs=Midland Co —

G u a r p r e f (a & d) stk 7 % cu m red 1 1 0 au th $ 1 00 0 0 0 . 0 0 0 - .
P r e f sto c k N o r t h A m e r P r o v C o 7 % c u m $ 1 0 ,0 0 0 ,0 0 0 a u t h .
1st m tg e b on d s Ser A (gu ar) red 1 0 5 ________C C k .x x x c * & r *

Par
Value

1923

100 64.215,600
100 8,600,000
100 &c 60,000,000

7

1.000 17.147.000
100 &e 13.500.000
100 &c
1,900,000

446 g J &
7H g M &
8g A &

P r o v i s i o n C o .) —

1909
1920
1920

25
25
100
1909 1.000 &c

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 103)4 thereafter if redeemable on or before Feb. 1 1943, and at
102 thereafter and prior to maturity.
Secured by a direct mortgage lien on all the plants, real estate and equip­
ment owned by the Anaconda Copper Mining Co. at the date of the execu­
tion o f the mortgage and by the pledge thereunder o f 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
o f 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 o f bonds issued under the 1st consol, mtge. the following collateral,
which, on basis o f 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
o f 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% o f the issued capital
stock o f 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 ofSeriesA 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 o f 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
pany shall have the right to deliver bonds to the trustee at par in lieu of
cash. V. 116, 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
o f 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 , 0 0 0 debenture
is convertible at any time into 44 shares o f stock o f Andes Copper Mining
Co.
R E P O R T .— For 1924, in Y. 120, p. 2395, showed:
Y e a r s E n d i n g D e c . 31—
1924.
1923.
1922.
Fine copper produced (lbs.)________ 238,823,149 215,107,226 157,346,016
Silver produced (ounces)___________
8,383,591
9,279,770 7,367,859
Gold produced (ounces)____________ 37,688,812 30,063.534 26,026,110
Sales o f copper, silver and gold------- $157,657,107$171.282,496$123,501,639
Income from invest., sub. depts., &c_ 14,503,071
16,538,297 8,322,032
Copper, silver and gold on hand____ 46,645,598 46,402,343 43,672,793

7

5y3 g J

O— .1 July 1 1925 1 H
Q— J
Apr 1 1925 1 Vs
New York or Chicago
& JJan 1 1943
JlJuly 1 1939
S Sept 1 1930
OOct 1 1930

New York & Chicago
New York & Chicago
New York or Chicago

See
50.000
000 text
Q— J July 1 1925 50c
50.000.
000
59.298.400
Q—J July 1 1925 1 Y.
7
Farmers L & Tr Co, N Y
50.000.
000
g J & D June 1 1939

STOCK.-— In event of liquidation or winding up,voluntary or involuntary,
pref. stock is entitled to $115 per share. Sinking fund of 3% per annum
of largest amount of pref. stock at any time 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 M ay 1 1926 at $50 per share, 1 share o f common
for each 2 shares of pref. held.
D IV ID E N D S.— Preferred Stock: Initial dividend o f 1M % paid Aug.
1 1923; regularly quarterly since including M ay 1 1925. Common; None to
date.
R E PO RT.— For year ended Sept. 30 1924, in V. 119, p. 2765, showed:
Y e a r s E n d e d S e p t . 30—
1924.
1923.
Net profit------------------------------------------------------------ $1,091,288
x$254,767
Provision for depreciation_______________________
355,044
130,113
Provision for Federal tax________________________
92,031
15,582
Preferred stock dividends________________________
350,000
73,646
B a la n c e , s u r p lu s________________________________________
$ 2 9 4 ,2 1 4
$ 3 5 ,4 2 6
P r o fit a n d loss su r p lu s___________________________________
329,640
35,426
x B e in g th e p r o p o r tio n o f earn in gs a cc ru in g t o th e c o m p a n y f r o m its
in c o r p o r a tio n , M a y 10 1 9 2 3 , to S e p t. 3 0 1 9 2 3 .
T h e c o m p a n y re p o rte d fo r th e M a r c h 31 q u a rter o f 1 9 2 5 n e t p r o fits a fte r
a ll ch arges, in clu d in g ta x e s , o f $ 5 1 8 ,9 6 3 m a k in g n e t p r o fit s fo r th e fir s t 6
m o n th s en d ed M a r . 3 1 1 9 2 5 , $ 1 ,1 1 7 ,4 8 7 .
O F F I C E R S . — J . W . D a n ie ls , C h a ir m a n ; S . M . A r c h e s, P r e s .; A . F .
B e r g lu n d , S e c y .; L . M . L e ffin g w e ll, T r e a s .
O ff ic e , M in n e a p o lis , M i n n .
— ( V . 1 2 0 , p . 2 6 8 6 .)
A R M O U R A N D C O . O F D E L A W A R E . — In c o r p . in D e la w a r e D e c . 2 7
1 9 2 2 to a cq u ire fr o m A r m o u r & C o . o f Illinois certain o f its p roperties a n d as­
sets for th e purpose o f fa c ilita tin g th e a d m in istra tio n an d fin a n c in g o f its
bu sin ess.
T h e p rop erties and assets acq uired con sist gen erally o f certain
p a ck in g houses an d cold sto ra g e p la n ts, th e A r m o u r F ertilizer W o r k s a n d
variou s oth e r A m e ric a n su b sid ia rie s, all th e S o u th A m e ric an an d C u b a n
su b sid iaries, p la n ts d e v o te d to th e m an u fa c tu re an d d istrib u tion o f b y ­
p r o d u c ts, in clu d in g th e A r m o u r S oap W o r k s , an d a p p r o x im a te ly $23,000,000
o f in v e s tm e n ts .
F o r list o f p ro p erties a cq u ire d , see V . 1 1 6 , p . 8 0 ; V . 1 1 7 .
p . 1889.
Acquisition of Morris & Co.— J. O gd en A r m o u r , C h a ir m a n , o n M a r c h 2 8
1 9 2 3 a n n ou n ced th a t th e acq u isition o f th e business an d p h ysical assets of
M o rris & C o . b y th e N o r th A m e ric a n P r ovisio n C o ., a su b sid ia r y o f A r m o u r
& C o . o f D e l. h ad been e ffe c te d .
North American Provision Co.— C a p ita liz e d a t $ 1 0 ,0 0 0 ,0 0 0 7 % c u m .
p r e f. sto c k a n d $ 3 0 ,0 0 0 ,0 0 0 c o m m o n sto c k , all o f w h ich is ow n e d b y A r m o u r
& C o . o f D e l ., e xc ep t $ 8 ,6 0 0 ,0 0 0 o f p re f. s to c k , w h ic h w as issued to a cq u ire
a lik e a m o u n t o f th e p r e f. sto c k o f A r m o u r & C o . r eq u ired a s p a r t o f th e
p u rch a se p r ic e . T h e fu n d e d d e b t o f M o r r is & C o . h as been a ssu m e d b y th e
N o r t h A m e r ic a n P r o v isio n C o . C o m p a r e V . 1 1 6 , p . 1 4 1 5 , 2 8 8 7 .

S T O C K . — T h e entire $ 6 0 ,0 0 0 ,0 0 0 c o m . s to c k is o w n e d b y A r m o u r &
C o . o f Illin o is.
T h e p re f. s to c k is gu aran tee d as to p rin . d iv s . a n d sin k in g fu n d b y
A r m o u r & C o . o f 111.
R e d e e m a b le all or p a rt a t a n y t im e a t 1 1 0 an d d iv s .
on 6 0 d a y s ’ n o tice.
O n or before F e b . 1 1 9 2 5 and in each year th e re a fte r,
c o m p a n y s h a ll, o u t o f its n et earn in gs, after p a y m e n t o f fu ll d iv s. on th e
p re f. s t o c k , retire a t n o t exceeding 110 an d d iv s ., not less th a n 1 % o f th e
Total receipts___________________ $218,805,776$234.223,136$175,496,462
m a x im
am ou t o
ere
Copper, silver & gold on handJan. l-$46,402.343 $43,672,792 $17,817,364 sto ck pu mv isio n s,nco m f ap re f. . sto c k pth 8 0 . to fo re issu ed . F o r fu rth e r p re f.
ro
p re V 1 1 6 ,
.
Mining, trans., reduc., deprec.,&c-154,889,890 171,960,375 149,189,020
B O N D S . — T h e 1st m t g e . 5 H % gold b o n d s . Series A , are g u a ra n te e d ,
n .,
&
he
b y direct
Total net in com e--...........................$17,513,543 $18,589,969 $8,490,078 prin . an d ic otm b y A r m o u r rouC o . o f 111. T o f se b o n des, b on d or m o rtg a g e
new
th
gh
1st
tg .
ligation s
Interest_____________________________ 10,806,001 $9,830,294 $4,020,344 o f th e sid iaries,p a n y and secured bth ea pled gem o rtg ame u p on la s d s, ob u ild in gs,
o f su b
w ill b e
y
first
g
n
Expenses during shutdown________
_______
______
930,494 m a c h in e r y , fixed eq u ip m en t and properties a p p u rten a n t th e r e to , b p raised
ap
Dividends___________________________ 2,250,000
9,000,000
------t sou n d va lu e s exceeding $ 8 5 ,0 0 0 ,0 0 0 . V . 1 1 6 , p . 1 7 9 .
a

Balance for year________________ sur$4,457,542 def$240,325 sr$3,539,240
D I R E C T O R S . — Joh n D . R y a n (C h a ir m a n ), O . F . K elley ( P r e s .) , 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.).
O f f i c e s , — Anaconda, M ont., and 25 Broadway, N . Y .— (V. 120, p. 2404.)
ANGLO-AMERICAN OIL CO., LTD .— ORGANIZATION. &c.— Incorp.
In England In 1 8 8 8 . Markets m o s t of the oil of the Standard Oil Co. of
N. J. In the United Kingdom and is the largest marketing concern there.
Owns a large number of tank steamers, ohiefly used in trade with the United
Kingdom. Formerly controlled by Standard Oil Co. of N. J. but segre­
gated in 1911. See Standard Oil Co . V. 85. p 216. 790; V. 93, p. 1390.
The shareholders voted N ov. 21 1917 to increase the capital stock from
£2,000,000 to £3,000,000, holders having the right to subscribe for the 50%
new stock pro rata at $7.50 per share in the U. S. and at £1 11s. 6d. in the
United Kingdom (par £1)
The stockholders June 29 1921 approved an increase in the capital to £10,000,000 by the creation of 7,000,000 additional shares, par £1 each, of which
£5,000,000 is to be 8% cumulative Preferred. The Preferred shares are to
rank both as regards dividend and return o f capital in priority to all other
shares, but are not to confer any further right to participate in profits or
assets. The remaining 2,000.000 new shares are to be ordinary, ranking
for dividends and in all other respects with the £3,000,000 old stock.
Y. 113, p. 74; V. 118, p. 2182.
The stockholders were to vote June 5 1925 on a proposition calling for
the declaration o f a stock dividend o f 33 1-3% on the ordinary shares.
Compare V. 120, p. 2272.
D IV ID E N D S .— 1915. 1916. 1917. 1918-21. 1922. 1923. 1924.
Regular ( % )______ 15
15
15
3 0 y ’ly
15
20
20
Extra ( % ) ________
5
5
10
.................... .
.......
.......
Paid in 1925: M ay 25, 1 2 K % .
Cal. Year— Profits. Deprec’n. Int.,& c. Inc. Tax. Dividends. Surplus
1923-_£2,167,923
£756.641 £369,605 £419,787 £450,000
£171,888
1922. .£1,928,563 £745,768 ________ £435,730 £450,000
£297,063
1921—loss£31.833 £837,466
______ £182,609
£600,000df£l,651,908
Office, 36,38 Queen Anne’s Gate, London, S. W . England.— (V-. 120,
p. 2686.)
ANTILLA SU GAR CO.— (V. 119, p. 458.)
ARCHER-DAN IELS-MIDL AND CO.— ORGAN IZATION.— Incorp. in
Delaware M ay 2 1923 to take over business and properties of ArcherDaniels Linseed Co. and entire capital stocks of The Toledo Seed & Oil Co.
and Delliswood Elevator Co., Inc., and in addition the plants of Midland
Linseed Products Co. Production and sale of linseed oil o f all varieties,
linseed cake and meal, castor oil and pumice, &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.




Securities of Morris & Co. (Assumed by North Amer. Provision Co.).

B O N D S . — A u t h . issu e, $ 2 5 ,0 0 0 ,0 0 0 ; F irst T r u s t & S a v . B a n k a n d E m ile
K.
B o iso t o f C h ic a g o an d th e M e r c a n tile T r u s t C o . o f S t . L o u is, tr u ste e s;
A n n u a l sin k in g f u n d , b egin n in g J u ly 1 1 9 2 1 , $ 3 2 4 ,0 0 0 (sin k in g fu n d w as
$ 2 0 0 ,0 0 0 per an n u m fr o m J u ly 1 1 9 1 0 to J u ly 1 1 9 2 0 ) .— V . 9 1 , p . 1 5 1 0 :
V . 8 9 , p . 4 8 , 107; V . 108, p . 2 3 3 4 .
T h e 1 0 -y e a r sin k in g fu n d gold n o te s o f 1 9 2 0 are re d e e m a b le a t 1 0 7 d u rin g
fir st th ree y e a rs, 1 0 6 d u rin g n e x t th ree y e a r s, 1 05 du ring n e x t tw o y e a r s ,
an d 104 d u rin g la st tw o y e a r s.
A sin k in g fu n d begin ning S e p t. 1 1 9 2 2 will
retire in s . a . in sta llm e n ts $ 5 ,0 0 0 ,0 0 0 before m a tu r ity as fo llo w s: O n S e p t . 1
a n d M a r c h 1 o f each year fr o m S e p t. 1 1 9 2 2 to and in clu d in g M a r c h 1 1 9 2 8 ,
$ 2 5 0 ,0 0 0 , a n d on th e fo u r fo llo w in g se m i-a n n u a l d a te s $ 5 0 0 ,0 0 0 e a c h .
V . 111. p . 901.
O F F I C E R S .— C h a ir m a n , J . O gd en A r m o u r : P r e s ., F . E d s o n W h it e
1st V .- P r e s ., P h ilip D . A r m o u r .— (V 1 2 0 , p . 1 4 5 0 .)
A R M O U R A N D C O . ( O F I L L I N O I S ) . — O R G A N I Z A T I O N . — In c o r p .
in Illin o is A p r il 14 1 9 0 0 .
O w n s p lan ts in C h ic a g o , K a n s a s C i t y , S o u th
O m a h a , E a s t S t . L o u is, F o rt W o r t h , T e x ., S t . J o s e p h ., M o . , D e n v e r , C o l.,
S o u th S t . P a u l, H a m ilt o n , C a n ., E n g la n d an d A r g e n tin a , in c l. p a ck in g
houses, glu e w ork s, so a p w o rk s, w areh ou ses, refrig, s t a t io n s , tan n eries,
& c ., & c .
See a p p lic ation s to list, V . 9 0 , p . 3 7 0 . an d V . 9 5 , p . 5 4 6 ; V . 9 8 ,
p. 1002.
In J an . 1 9 1 7 acq uired four large tann eries in W e s te r n P e n n sy l­
v a n ia .
V . 104, p. 75, 2013, 2110.
A new p a c k in g p la n t a t S t . P a u l w as
op en ed in th e fall o f 1 9 1 9 .
In D e c . 1 9 2 3 pu rch ased th e soap p la n t in N e w
Y o r k fo rm e rly ow ned b y B T . B a b b iU C o . V . 1 1 7 . p . 2 8 9 3
T h e con sen t decree o f F e b . 2 7 1 9 2 0 , b y w h ic h th e B ig F iv e p a ck ers o f
C h ic a g o , A r m o u r & C o ., S w ift & C o ., M o r r is & C o ., C u d a h y P a c k in g C o .
an d W ils o n & C o ., I n c ., w ere d ire c te d to d iv e st th e m se lv e s o f all h o ld in gs
b u t th e m e a t b u sin ess un der a th re a t o f p ro secu tio n un der th e a n ti-tr u s t
law s, w as su sp en d ed in d e fin ite ly A p r il 2 3 1 9 2 5 b y J u stice B a ile y in th e
D is tr ic t o f C o lu m b ia S u p rem e C o u r t on m o tio n o f th e C a lifo r n ia C o .
op e ra tiv e C a n n e rie s.
C om pare V . 120, p . 2 1 5 1 , 2 2 7 2 .
On J a n . 14 1 9 2 0 an n o u n ce m e n t w as m a d e o f th e fo r m a tio n o f th e Armour
Leather C o ., w hich w ou ld ta k e ove r th e leath er and tan n in g p ro p erties of
A rm o u r & C o .
Preferred stock h old ers o f A r m o u r & C o . o f record F e b . 2
1920 w ere offered th e righ t to su b scribe to th e s to c k o f th e leath er c o m p a n y .
V
110. p . 263.
(See b e lo w .)
A r m o u r & C o . (111.) in D e c . 1 9 2 4 o ffe re d to exch an g e on e share o f 7 %
P referred sto c k for each share o f A r m o u r L e a th er C o . P referred . A r m o u r
& C o . (111.) h a s a c o n tr o llin g in terest in b o th th e P referred a n d C o m m o n
stock s o f A r m o u r L e a th e r C o . a n d is also th e p rin cip al cred ito r as r e su lt
o f m a k in g a d van ce s to th e c o m p a n y fr o m tim e to t im e .— C o m p a r e V . 1 1 9 ,
p. 3013.
T o sell co n tro l o f F r u it G r o w e r s’ E x p r e ss; sale o f grocery co n cern s.
V.
I l l , p . 2327. T h e C o u r t in F e b 1921 au th orized th e sale b y th e company
o f its in terests in th e C h ic a g o an d D e n v e r sto c k y a r d s. V. 112, p . 851.

Ordered to dispose o f Spokane plant.

V . 114, p. 2245, 2362.

148

IN D U STRIA L STOCKS AND BONDS
Dale
Bonds

M IS C E L L A N E O U S C O M P A N IE S
\For abbreviation * , A c . , see notes on p a c e 6]

lfet

U; >U irk 0 7c CUlu a l M

U ec t i« l7

$20.lH»U.tlO0

1923

Am ount
Outstanding

Rate
%

None 200 000 sh
$10 $i.206.700

A rnold. C onstable & C o.. In c.— Stock 200.000 shares auth.
Art Metal C on stru ction Co— Stock $6,000,000 auth_____
Associate** O r. ft ,M„1. C o r p o r a t io n ..__ . . . ____ . . . . . . . .
Common stock 800.000 shares auth_______________________
20 pref fa A d) stock 7% cum after Dec 1 1017 $10,000,000
A ssociated Oil Co— Stock $60 000.000 auth___
12-year gold ootea____________________________ AS.y.c*&r*

Par
Value

10

None 6v9 400 shs. See text
1U0 13 >IV7U»
6
ion
6 726 500
7
26 56.000.
000 6
1.000 24.000.
000 6 g

T e x t of M ea t Packers’ B ill, known as the Packers and Stockyards A ct of
1921. V . 113, p. 1422; V . 114, p. 2473. Public offering of interests in stock
yards, V . 114, p. 630.
A rm ou r A C o of Delaware was organized In Dec. 1922 to acquire certain
« f the com pany’s properties and assets. T h e ent ire common stock is owned
by A rm ou r & Co . (of Illinois). Proceeds of the issue of $50,000,000 1st
mtge. 20-year 6 4 % guar, gold bonds. Series A , and of $60,000,000 7 % guar
pref. stock of the Delaware com pany were received by A rm our & C o . of 1 1
1
and 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
of Its floating debt and for Its other corporate purposes. Com pare Arm our
A C o . of Delaware above and V . 116, p. 179.
Recapitali'atUm.— T h e stockholders on J u ly 28 1920 ratified a plan In
creasing the authorized capital stock from $160,000,000 to $400,000,000
T h e plan provided for an authorized Issue of $3(X),OOO.000 Com m on stock.
divided 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 Com m on
stock received for each share of Com m on stock of the par value of $100 held
two shares of class “ A " stock and two shares of class “ B ” Com m on stock
par value $26 each.
T h e Class A common stock has preference as to cash dividends up to 8 %
over Class B comtwm stock, and after 8 % has been paid on Class B stock in
any year both classes of common stock will share alike In percentage of
additional dividends paid during such year. Bach share of Class A common
stock shall be ent itled to all the rights of any share of com. stock of the co
D IV ID E N D S .—
1920. 1921-’24
Class “ A " stock------------------------------------------------------------------------------------- 4
None
Class “ R ” st.M-k_
. . ______ ___________________________
None
Paid In 1925: O n Clam " A ” stock, 50 cents quar. on Ja n . 2, A p ril 1
and J u ly 1.
O n preferred. O c t. 1 1918 to J u ly 1925, 1 X % quarterly.
B O N D S .— O f the “ Real Estate 1st M tg e .” 4 4 s ($50,000,000 authorize d
Issue), final $20,000,000 were sold In A p ril 1916
V . 102. p. 1642
The j
•re subject to call as a whole on any Interest day at 102 4 and Interest or
12 weeks' notice, and since D ec. 1 1914 In blocks of not less than 10 %
Y. 88. p. 1374: V . 104 , p. 665.
A ll of the outstanding 10-year 7 % conv. gold notes, dated J u ly 15 1920.
were redeemed at 105 and Int. on A pril 26 1923. T h e company also re
deemed on June 15 1923 all of the outstanding 6 % serial conv. gold deben­
tures of 1918 at 100 and Int. V . 116, p. 825.
R E P O R T . — F o r 1924, In V . 120. p. 1450, showed:

[Incl. Armour A Co. of III.. Armour A Co. of Del., No. American Provision
Co. and Subsidiaries.]
Cal. Year. Cal. Year. 6 Mos. End.
1924.
1923.
June 3 0 '2 3 .
In com e ..................................
$ 4 0 ,1 6 7 ,4 9 7 $ 3 8 , 5 8 3 , 2 1 7 $ 1 6 ,7 1 2 ,4 0 3
D e p r e d a t i o n (bldgs., m ach 'y & c a rs).
I n t e r e s t c h a r g e s . . . ................................... . . .
Preferred stock dividends. 9 .2 9 3 . 3 8 9

9 .0 6 4 . 5 7 5
1 2 .7 9 3 .1 8 3

7 .9 7 1 . 7 0 3
1 4 .9 2 0 .2 5 6
8 .3 5 7 . 6 2 5

3 .8 5 2 0 3 2
7 .6 6 0 8 6 5
3 ,7 1 0 . 9 3 0

Balance............................... ................$9,016,349 $7,333,632 $1,488,575
Write-offs and res. against securities.
______
1.919.232
______
Previous surplus___________________ 45,790.803 40.376.402
______
Total surplus____________________ $54,807,152 $45,790,803
--------OFFICERS.— Chairman, J. Ogden Armour: Pres.. F. Edson White: 1st
V .-P ., Philip D. Armour; V .-P ., G. M . Willetts: Treas., Philip L Reed;
Sec. & Coinpt., William P. Hemphill. Office, 208 La Salle St., Chicago,
111.— (V. 120. p. 2686.)
ARN OLD, CONSTABLE & CO., INC.— Tncorp. under laws of N. Y.
on June 29 1914. Conducts a general department store located at Fifth
Ave. and Fortieth Street, N . Y. City.
STOCK.— The entire outstanding stock is held in a voting trust dated
Nov. 20 1922 and expiring Nov. 20 1927, the voting trustees being Duncan
A. Holmes. Stephen J. Leonard and W. Forbes Morgan.
R E PO RT.— For the year ended Jan. 31 1925, showed:
Yr. Ended. 13 mos. end.
Period—
Jan. 31 '25. Jan. 31 ’24.
Net sales________________________ ____________— $4,810,258 $4,487,124
5,115.789
Cost of sales and other expenses__________________ 5.089.006
L o s s ........................................................ - ................
Other Income___________________________________

$278,747
______

$628,665
35.969

D e fid t.......................................................................
$278,747
$592,696
OFFICERS.— Pres., Ralph B. Peck: V .-P ., Frank Miller; Sec., James J.
Doran; Treas., Thomas W . Trimble. Office, Fifth Ave. and 40th St., New
Y ork.— (V. 120, p. 1884.)
A R T METAL CONSTRUCTION CO.— Incorp. March 24 1913 underlaws of Mass. and acquired the properties and assets o f the New York
company of similar name. On May 1 1918 acquired the Crown Metal
Construction C o., 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. 1921-1924.
Rate ( % )_________ 6
6
0
10
16 *13*4 10 yrly.
• Also 100% In stock on .Tune 16 1920.
Paid in 1925: Jan. 31.2*4 % ; April 30.2*4 %.
R E PO RT.— For 1924, showed:
1921.
1924.
1923.
1922.
Net shipments for year. $6,800,820 $5,705,107 $4,606,384 $4,661,492
4,058.303
Less cost goods shipped- 6,379.903
5.202,326
3,918,918
Gross profit_________
Admin. & selling expense
Inventory depreciation.
Int. & discount earned_
Taxes
Dividends-.......................
Balance, surplus.




$420,917

$502,780

$687,466

$603,189

______
Cr.6,088
54,700
320,570

$22,249
69.000
320,570

34.853
90.000
320.570

$129,617
15.158
75.000
320.570

$51,735

$162,598

$311,748

$93,160

Cr.27,139

W h en
P ayable

[V

L a st D ividend
and M a tu rity

ol.

120.

P laces W h e re In terest a n A
D ivid en d s a re P ayable

Q— .131 Apr 30 1925 2 *4
Q— P M ay
Q— M
Jun e
Q — M 'June
VI— J 16 A p r

M &

1 1925 1M
1 1925 *y Checks mailed
1 1925 1 V
*
26 25 1*4 Checks mailed

S Sept 1 1936

New York and San Fra*

Results fo r Quarter Ending M arch 31.
1925.
$1,567,045
Shipments.................
Costs of goods shipped___________________________
1,394.167
Estimated taxes_________________________________
21,000
Dividends______________________________________
80.143

1924.
$1.901.54*
1,729.940
29.000
80,143

Available for surplus__________________________
$71,735
$62,402
Earnings for the quarter include an estimated profit based on uncompleted
contracts, and is subject to any adjustment that may be necessary on
completion of these contracts.— V. 120. p. 1331.
OFFICERS.— Pres., Henry K. Smith: V .-P. & Gen. M gr., Frank G.
Riehl: Asst. Sec. & Treas., H. T . Swanson. Office, Jamestown, N . Y .
— (V. 120. p. 2404.)
ASSOCIATED DRY (JOODS C O R P .— ORGANIZATION.— Incor­
porated In Virginia May 24 1916 and In Aug. 1916 succeeded, per plan In
v 102. p. 69 . 64. to all tbe properties of tbe Associated Merchants Oo.
»nd United Dry Goods Oo.. viz. (V. 103. p. 1412): (a) Retail dry goods
«tore« wholly owned, with net tangible assets valued Dec 31 1924 at
$24,371,071, viz., James McCreery A C o., New York (V 105, p. 1421);
dhnne * Oo., Newark, N. J.; Stewart A C o., Baltimore; Win. Hen*
zerer Co., Buffalo; Powers Mercantile C o., Minneapolis: J. N. Adam A O o.,
Buffalo: Stewart Dry Goods Oo.. Louisville, Ky
(6) Adrlco Realty O o.
owning equity In McCreery real estate. West 34th St., N. Y .. $1 600.000
V 103. p 1208.) (c) Other Investments now Including Lord A Taylor,
st r»ref stork 21.517 shares, 2d pref. stock, 16 123 shares, common stock,
25 929 shares, par of each $100 a share; O. O Gunther's Sons. 2.100 shares
common stock; Surety Coupon C o., all capita) securities, $200,000: Asso­
ciated Dry Goods Gorp. of N Y ., all capital securities. $25,000.
The aforesaid seven retail dry goods companies, whose capital securities
*re wbollv owned, had on Dec. 31 ld"4 tangible assets, $30,185,486 llablll*
Hes. $ .814.415: oet assets. $24,371,071.
C A PITA LIZA TIO N .— The stockholders on M ay 18 1925 voted to
change the authorized common stock from 200.000 shares, par $100. t©
800.000 shares o f no par value. Four shares o f such stock without par value1
will be issued for each outstanding share o f common stock, par $100.
D IV ID E N D S — Dividends of 1*4% were paid on tbe 1st pref. stock
Dec. 1 1917 qutr t June 1 19.'5. On 2d pref stock (No 1) 1*4% Mar. 1
I91H, quar to June 1 1925. On com. Initial div of 1% naid Mav 1 1Q20;
same amount paid quar. to N ov. 1 1923; paid 1*1% quar. from Feb. 1
1924 to May 1 1925.
R EPO RT.— For 1924, in V. 120, p . 1084, showed:
1921.
1924.
1923.
1922.
Total profits................. $4,939,963 $4,576,339 $4,234,953 $3,501,952
Net cur. prof, (after de2.835.565
duct.res.for Fed. tax.)
4,262,865 3,975.406
3,760.695
829.122
First pre,'. div. (6% )
829,122
829.122
829.122
470.785
2d pref. div. (7 % )...........
470.785
470.785
470.785
599.400
Common divs. (4 % )____
749.250
599.400
599.400
Cr.2.721
Divs. on treasury stock.
Cr.2.821
Cr.2,721
Cr.2.721
Balance, surplus.........$2,216,529 $2,078,820 $1,864,109
$938,979
OFFICERS.— Samuel W. Reyburn, Pres.; Charles A. Could and O. P .
Perrie, V.-Ps.; Ralph M . Stauffen, Sec. A Treas.— (V. 120. p. 2686.)
ASSOCIATED OIL CO.— ORGANIZATION.— Incorp. in Oal. Oct. 7
1901
Owns and leases mineral locations in and adjacent, to various
producing fields in California. Also stockholdings In Associated Pipe Line
Co., California Coast Oil C o., Pantheon Oil Co.. Pioneer-Midway Oil C o.,
Consolidated, Reward Oil C o.. Sterling Oil & Dev. Co.. The Coalings Unity
Oil Co. West t’oast Oil C o., Associated Supply Co. and Miley-Keck OU
Co. The Amalgamated Oil Co. was merged in Dec. 1923.
STOCK.— 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.
DIVS.— 1905. 1906. 1907. '08-T2. ’ 13-T4. 1915. ’ 16. '17-’ 19 ’20-’24.
Percent_
_ 3 1*4% 1*4% None. 3 yrly. 4*4
4
5
6
In Jan. 1920 paid 1*4%, increasing annual rate from 5% to 6 % ; to April
1925. 1*4% auar.
BONDS.— All the outstanding first and refunding mortgage 5% bond*
due 1930 were redeemed on Jan. 15 1924 at par and interest.
NOTES.-The $21,000,000 12-year 6% gold notes were offered in Aug1923 (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 $1,230,000. 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 102 *4 and interest, or to the extent not so obtainable, by redemp­
tion at that price upon the next interest date.
R E PO RT.— For 1924, in V. 120, p. 2540, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total receipts.................. $71,529,457 $67,266,992 $37,863,290 $53.487.55^
8.457.578 12,718,147
Net earnings.................. 14,369,505 12,369.776
Interest, taxes, &c_____ 3,313,651
1.651,635
1.405.185 1.839.312
Depreciation, &c_______ 4,650,525
4,767,459
2,861.826 2,720.883
Dividends______________ 3,360.000 2,632.672(6)2,385.345(6)2,385,343
Balance, surplus_____ $3,045,329 $3,318,011 $1,805,223 $5,772,609
OFFICERS.— Pres., Paul Shoup: Exec. V .-P ., A. C. McLaughlin; V .-P.
F. R. Henderson and L. J. King: V.-P. & Treas., W. A. Sloan; Sec., P. G.
Williams. Office, Association Oil Bldg., San Francisco.— (V. 120, p . 2540.
ATLANTIC GULF AND WEST INDIES STEAMSHIP LINES.— Incorp.
in Maine Nov. 25 1908 as successor of the Consolidated SS. Llne8(V.87,p.287.
1013. 1090) and owns nearly all the stock of the Clyde. Mallory, N. Y . 4
Cuba Mail SS. Co..and all of the stock of tbe N . Y . & Porto Rico SS. Oo,
and the Southern Steamship Co. Also controls a number of smaller com 'ss. On Dec. 31 1923 a receiver was appointed for the N . Y . & Cuba.
SS. Co. See V. 118, p. 92, 440, 560; V. 119, p. 462.
In Dec. 1924 owned 64 ships.
The Atlantic Gulf Oil Oorp. o f Virginia, of which the company owns
63 *4 % , owns or controls several producing wells in Mexico located about 76
miles south of Tampico. Compare V . I l l , p. 601; V . 110, p. 2152.

B

Mat, 1925.]

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations. & c., see notes on page 6]

Date

Bonds

A t l Q & W I SS — Co m stk $20,000,000 Hated on N Y S tk E x .
Preferred (a A d ) stock $20,000,000 5 % no n-cum __________
Collateral T r u s t M g red text_______________________ E a .x x

Par
Value

1921
1922
1922
1924
1923
1923
1923
1922

Preferred stock 7 % cum $15,000,000 call 115 sinking fund

T h e C lyd e Steamship O o ., early In 1920, acquired b y purchase the steam
r t l p Interests of E d w M Raporel & C o ., Inc
V 110, p 766
Interest In pipe line to be built In France, V . I l l , p . 1795: V 112- p . 852.
S T O C K . — Both classes of stock were listed on the N ew Y o rk Stock E x ­
change In J u ly 1916. See official statement to the Exchange describing the
properties, stock rights. A c . V . 103. p . 157 to 101.
D I V I D E N D S . — O n pref. stock N o . I , A p r. 10 1910, 1 % : J u ly 1. 1 %

In O c t. 1910 a dividend of I H % was paid, tn;lu dln g M % for the A pr
and W % for the J u ly dividends, thus placing the pref. on a 5 % basts: Jan
1 1917 to Jan . 1 1920 both Incl. 5 % per ann. O If % q u a r.) V 108. p 881
In M a r 1920 declared 6 % . payable In quarterly installments. A p r. 1
J u ly 1 and O c t. 1 1920 and Jan . I 1921: none stnce. V . 112. p. 1869.
A n Initial dividend of 5 % was paid Feb. 1 1917 on the common stock
A ug. 1917 5 % and 1 % to Red Cross; Feb. 1918 to F e b . 19 2 1 .5 % seml-ann
none since.
B O N D S .— Th e antb. Issue of collateral trust 5 % gold bonds Is $15,000.000. Th e $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 b y lot
N o foreclso
ore proceedings can be brought for default In Int. for less than 2 years
V . 88, p . 160. A ll coupons free of Federal Income tax.
T h e stockholders on M a y 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 Agwlsm ith. In order to finance the
balance due the builders for the construction of the steamships. V 114.
P . 2245. 2363.
Bonds o f Sub. Companies. $6,093,000.
Int.
Outstanding. Maturity.
b C ly d e 8 8 . T e r m in a l C o l s t M . , 6
« N . V . A P o r to R ic o 8 8 . C o . 1st M . . 6
b C arotin s T e r m in a l C o I s t M _____ 5
c M a llo r y 8 8 . C o . I s t M ....................... 5
A tla n t 'c G u lf O il C o r p . 2 d M t g e ____ 0
c C ly d e 8 8 . C o 1st M .............................5
b C a lla b le a i 1 0 5 . c C a lla b le a t

A A O
M A N
M A N
J A J
J A D
F A A
110.

I ' M.OOO
1 .2 8 4 0 0 0
400 000
1 .9 5 3 .0 0 0
1 .5 0 0 .0 0 0
2 ,0 3 2 .0 0 0

R E P O R T . — F o r 1924 showed:
Calendar Years—
Operating revenue________________
T o ta l operating expenses________

O c t . 1 1 9 3 4 (V .9 1 ,p .l8 R 7 )
M a y 1 1 9 3 2 ( V .8 8 p 2 3 5 )
N o v . 1 1937 (V.95.P.I748)
J a n . 1 1 9 3 2 ( V .8 3 ,p . 194)
J u n e 1 19 2 9
F e b . 1 1 9 3 1 ( V .8 2 .p . 8 0 7 )

1924.
xl923 .
.$27,714,302 $25,288,202
. 24.351.959 23.417.112

N e t operating Income_________
Other Income____________________

$3,362,343
401.302

Gross income__________________
Interest, rentals, A c _____________

.

N e t Income for year____________

$1.871.089
462.688

$3,763,645
2,408.804

$2,333,778
2.475.127

$1.354.840 def.$141.349

x For comparative purposes the operations o f the New York A Cuba Mall
SS. Co. and Its subsidiaries are excluded for the year 1923.
Galen

L . Stone;

Pres.,

F.

D.

M ooney:

V .-P.. R K. Hoyt; Sec.. J. O Gredler: Treas., R. C. MacBain. Office
25 B roa dw a y. N . Y . — (V . 120. p . 2404.)
A T L A N T I C R E F I N I N G C O . ( T H E ) . — ORGANIZATION. A c.— Tncorp. In Pennsylvania In 1870. Has refining plants at Philadelphia. Frank­
lin and Pittsburgh, Pa., and Rrunswlck. Ga. Also owns an extensive sys­
tem of sales stations, warehouses and storage plants throughout Pa and Del.
with gasoline ard motor oil stations In New England States: a fleet of 14
tank steamers. Ac
Formerlv controlled hv Standard Oil Co of V .1
but segregated in 1911. Suit brought by stockholders o f Superior Oil
Corn., V. 119. p. 200. 328.
The subsidiaries of the company are: (1) Atlantic Oil Shipping Oo.
Which operates storage and shipping facilities In Mexico through an Interest
In the Producers Terminal Corp., which In turn owns the entire stock of
Ola Terminal <le Productores, S. A.: (2) Atlantic Oil Producing Oo., operat­
ing producing properties in Texas. Okla., Kansas and Kentucky: this sub­
sidiary owns 50% of the com. and pref. stock o f Atlantic Bobos Oil Co.: is
also interested in the Gulf Coast Oil Corp., the Panuco-Boston Oil Co. and
the Superior Oil Corp.; (3) Atlantic Refining A Asphalt Corp.; (4) A. R. Co
o f Brazil.
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 offered
for subscription at par on or before Nov. 1 1919 to shareholders of reeord
Oct. 6 1919. A 900% stock dlv. 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. On
Dec. 20 1922 paid 900% in common stock. V. 11.5, p. 2480. March 15
1923 to .bine 16 1924 paid 1% quar. on increased capitalization: none since.
Initial div. o f 1 % % on pref. paid Feb. 2 1920; same amount paid quar. to
May 1 1925.
N OTES.— The $15,000,000 414% serial gold notes are due as follows:
$4,000,000 July 1 1926, $4,000,000 Jan. 1 1927, $4,000,000 July I 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 1925. on a
4.20% basis: on Jan. 1 1926. on a 4.25% basis; 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.
R E PO R T .— For 1924, In V. 120, '. 1874, showed:
1922.
1921.
1924.
1923.
$
$
$
$
Gross income__________ 124,283,374 117.624.931 116,507,586 104,521,083
Raw materials, operating
and general expenses. 107,799,571 106.376.174 100.160,711 98.353.128
Net income from oper. 16.483.803
Other income__________
1,126.906

11,248.757
1.202.926

16.346.875
1,080.178

6,167.955
1,474.818

Profit before Fed. taxes 17,610,709
Interest on funded debt. 1,034,250
Depreciation A depletion 9,010,226
Inventory adjustm ent.. 1,410.744
Insur. and other reserve.
932,115
R es'vefor Fed. tax (est.)
525.000

12,451,683
783.608
7,656.500
2,233.930
986,433
45,577

17,427.053
864.495
7,860.365

7.642,773
856.060
7.122.437
2,625.106
779,432

Balance, surplus_____ $4,698,374




$835,634

1,056,531
570,000

Amount
Outstanding

Rate
%

$100 $14 963.400
100 13.742.900
500 fee 13 000.000
1.000
2.399 000
6.09.'i 000
5
1.000 2 340.000
7g
1.000
72 1.000
6
100 50.0)0.000
100 20.000.000
7
100 *r- 15.090.009
5g
1,000 12.135.000
4K g
180.000
5
180.000
5
137.333
5
150.000
6
None 261.438 sh.
$4
100 9.000 000
6
95.01 lOshs See text
None
150.000 shs
100
7
4.544,500

1908
1921

Marine equip trust cert due annually_________________ Q
Bonds of sub. cos. (less amts. In treas., A c.)____________
Marine Equipment gold bonds due yearly________________
1st pref mtge gold bonds due y early .____________________
A tlantic R efin in g Co (T h e )— Stock $50,000,000 autta.. Eq
Pref (a & d) stk 7 % cum $20,000,000 non-vot call text. Eq
15-year gold debentures_______________________ Eukxxxc*
Serial gold notes red (see text)________
_________ Eq.kc*
Marine equipment notes due $ 9 0 ,0 0 0 annually___________
do
do
due $ 9 0 , 0 9 0 annually______________
do
do
due $68,667 annually___________
Mortgage on real estate purchased_________ _____________
Atlas Powder Co— Common stock 5 0 0 .0 0 0 shares auth_____
Preferred stock (a A d) 6 % cum . $10,000,000 (see te x t)___
Atlas Tack Corp— Stock 100.000 shares authorized_______
Austi n N ichols & Co, I n c — Com stock 150.000 shares___

O F F I C E R S . — Ch a irm an ,

149

IN D U STK IAL STOCKS AND BONDS

—

$7,075,662df$3,740,261

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Feb 1 1921 5% New York
J
J

A
A

J Jan 1 10.59
J Jan 15 1934

Equitable Trust Co. N Y
Guaranty Tr Oo, N Y
New York
New York Trust Co, N Y
New York Trust Co N Y
Equitable Trust Co, N Y
do
do
do
do
do
do
Fidelity Trust Co. Phlta

M A N May 6 '26 to ’31
M A N May 6 '26 to 27
J u n e lfi :>4 1 < 7
Q— F M ay 1 1925 1 %
T A J J u l y 1 1937
J A J July ’26-Jan ’28
M A S 28 To 1926
A A O 6 To 1926
U S Shipping Board
J A J 19| To 1926
A A O 2.6 A nr 25 1927
P S F A T Co. Pittsb’gh
y — m J me 10 1925 ?1
O— F M a y 1 25 1 <
4
Text Nov 1 1921 75c. Checks mailed
Q— F

M a y l 1925 IH By check

Previous surplus.............. 20,695.166
D eficit of subsidiaries..
(x )

21.148.447
(x )

61.427.899
(x )

66.190.852
(x)

T o ta l surplus................. 25.393.540 21.984.081 68.503.561 62.450.691
Preferred divs. ( 7 % ) . . .
1.400.000
1.400.900
1.400.350
1.405.600
Com m on d ivs _______ ( 2 % ) l .000,350 (4)2.000.000(20) 1000.000(20)1000.000
Stk. d lv . on com. (9 0 0 % )
______
______
45,000.000
_________
A djustm ent prev. y e a rs .D r.3 3 1 .3 1 0 0 .2 .1 1 1 .0 8 5
0 .4 5 .2 3 5 0 .1 .3 8 2 .9 0 8
P . A L .s u r . Dec. 31 x . 22.661.879 20.695.166 21,148.447 61.427.899
x Deficit of m inority Interest In 1924 amounted to $125,003: In 1923
deficit of m inority interest am ounted to $181,546; In 1922, $171,173,
and in 1921, $281,150.
O F F I C E R S . — Pres., J . W . Van D yk e : Sec., W m . M . O 'C o n n o r: Tre a s .;
A lbe rt H ill. Office, 260 South Broad 8 t.. Philadelphia. P a .— (V . 120. p .
1874.)
A T L A S P O W D E R C O .— O R G A N I Z A T I O N . — In corp. O c t. 18 1912 to
Delaware, pursuant to decree of court in suit of U nited States of A meric*
vs. E . I. du Pont de Nemours Powder Oo. Commenced business Ja n . 1
1913. having taken over a number of the plants and a portion of the business
of E . 1. du Pont de Nemours Powder O o. T h e nature of the com pany’s
business is the m anufacture, storage and sale of explosives and blasting
supplies and allied chemicals.
S U B S I D I A R Y C O M P A N I E S . — T h e com pany owns the entire Issued
capital stock* of the following corporations; T h e G ian t Powder O o ., C o n ­
solidated a California corporation, engaged In the manufacture, storage
and sale of explosives: Richards A O o ., In c ., a Connecticut corporation
engaged In the m anufacture of leather cloth, lacquers and lacquer enamels:
T h e Zapon C o ., engaged in the sale of lacquers and lacquer enamels and
leather cloth.
C A P I T A L S T O C K . — T h e stockholders voted June 13 1923 to create
500.00(1 shares of com . stock without par value, of which 450.000 shares
shall be voting com. stock and 50.000 shares will be non-voting c o m . stock.
In lieu of the old 100.000 shares of com. stock, par $100. of which 90,000
shares were voting com . stock and 10.000shares non-voting com . stock. T h e
com . stock (p ar $100) outstanding was changed into shares of com . stock
without par value. In the ratio of 3 shares of voting com . stock w ithout par
value for each share of voting c o m . stock (p ar $100). and 3 shares of n o n -v o ttng com stock without par value for each Rhare of non-voting com . stock
(par $100). T h e pref. stock Is preferred as to assets and dividends and Ifl
redeemable In whole or In part on A u g . 1 1925 or on any A u g . 1 thereafter
at 110 plus accrued dividends.
D I V 8 . O N O L D O O M . M 3. M4. M5. M6. M 7. M8. M 9. ’20. ’21. ’22. *23.
Percent.............................. I K
6 1 1 « 25 26 21 12 »12 12 12
0
•Also paid 10% In stork In 1920.
O n new stock of no par value paid $1 quar. from Sept. 11 1923 to
Jun e 10 1925.
B O N D S .— T h e 15-year 7 K % convertible gold bonds were redeemed on
Aug. 1 1922 at 105 and In t. V . 115. p. 186.
R E P O R T . — F o r 1924, in V . 120. p . 823. showed
Common
Balance,
N et
N et"
Preferred
Dividends.
Surplus.
Cal. Year—
Sales.
Incom e. Dividends.
$ 2 4 ,3 '"
1924 ................. $19,462,295 $1,609,949 $540,000 $1,045,644
1,045.347
710.92
540 000
1923 .................. 19.616.170 2.296.271
-------------540.000
852.882
613.78
1922 ................. 16.723.735
2.006.663
660.360 def565,870
1921 ..................... 14.495.016
634.484
540.000
OFFICERS.— Pros., W. J. Webster; V.-Ps.. J F Van Lear. vv. A. L a j«
field and Leonard Richards Jr.: Soc.-Treas., Leland L y o n . General office.

Wilmington, Del.— (V. 120, p. 823.)
ATLAS T ACK CO R P.— Organ. In N. Y . on Jan. 30 1920 and Is engaged
In the business of manufacturing, buying, selling and generally dealing In
all kinds and varieties of tacks brads rivets, eyelets and other wares
manufactured from metals or alloys. Main factory at Fairhaven, M ass.:
branch at St. Louis, M o.
C A PITAL STOCK.— A u th ., 100,000 shares; outstanding, 95.000 share*:
no par value.
D I V S . — Quarterly divs. of 75 cents per share were paid in M a y , A u g ., and
Nov. 1920; none since.
R E PO RT.— For 1924, In V. 120, p. 1207, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net sales______________$2,145,218 $2,235,240 $2,367,237 $1,809,121
Net profit before ta x e s „ lossl07,756
555
130,270
104.099
Inventory write-off_____
______
______
______
403,213

Net profit__________ loss? 107,756 ____ 1*555
$130.270loss$299.1 14
The company reported for the quarter ended' Mar. 3 f 1925, sales of
$686,175, against $612,479 in same quarter o f 1924 and net profit before
taxes of $43,806, against deficit o f $49,997.
OFFICERS.— Wm. F Donovan, Pres.; W . E. Maxson. Vice-Pres.;
Ohas. K Holbrook. Treas.: Ralph Hornblower. Sec
Office. 140 Nassau
St.. New York.— (V. 120. D. 2686.)
A U S T I N , N I C H O L S & C O ., I N C — O R G A N IZ A T IO N — Incorp. In
Virginia. Aug. 23 1919, succeeding company of same name, incorp. in New
York, in 1912. Business established about, 1855. In Aug 1919 acquired
(a) the entire capital stock of the Fame Canning C o., owning eight vegetable
canning plants in the Middle West, (6) 51 % of theCapital 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 A C o.,
along with the privilege of using certain of the latter’s grocery product
brands. Tn One. 1919 purchased the William M Hoyt Co of Chicago,
wholesale grocers. Tn June 1923 acquired from Acker. Merrall A Condli
Oo. that firm's wholesale grocery business. Warehouses and factories in
N. Y. City. Utica. Watertown and Ogdensburg. N. Y .; New Haven, Waterbury, Bridgeport and Norwich, Conn., and Chicago.
STOCK.— 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. N o mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of 1 % % paid on the
Pref stock of the N . Y . Corporation, from Feb. 1 1912 to Aug. 1 1919; on
the pref. stock of the new company paid 1H % quar. Nov. 1 1919 to M a y 1
1925
The common stock Is held in a voting trust expiring A u g . 1 1929.
p . 459.

Y . 119,

150

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6}

A uto K n itter Hosier> Co, Inc— Stk 150,000shsauth--------Autosales Corp— Com auth $4,500,000___________________
Pref (a & d) stock 6% non-rum partic auth $3,000,000____
Weighing & Sales Co sinking fund 5s_________________ EM
Baldwin Locomotive Works— Common stock S20.000.000---Pref (a & d) stock 7% cum $20,000,000red 125,beg July’ 16
First mtge $15,000,000 goid redeem text _ _PeP.kvc* &r*
Standard Steel Works 1st Vf gold sink fund Pei’ kr*&r*
Barnet Leather C o., In c.— Common stock 40,000 shares___
Pref. (a. & d.) 7% cum. s. f . stock, call.115. $1,500,000 _
_
Barnsdall Corp— Class A voting stock $15,000,000 auth____
Class B non-voting stock $15,000,000 authorized_________
8 F conv bonds .$15,000,000 auth call(text)-kxxxc*&r*G

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

None 100,000 shs
$3
$50 $4,029, 569
50 2 , 886 , 514 See text
“
1911
100 &c
83 756
100 2 0 , 0 00 , 000!
7
100 20,000 000
7
1910 1,000 &c a7,408 900;
5 Z
1.000
1908
1,600, 000
5 sr
None
40.000 shs See text
100 1,500, 000!
7
25 14,000, 000 See text
25 3,713, 400 See text
100 &c
1921
8 g
5,710, 700 i

When
Payable

[V ol. 120.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payabte

See text
Checks mailed
None
Q— M See text
June 1 1931
Empire Trust C o, N Y
J & J Jan 11925 3 X Checks mailed
J & JjJan 1 1925 3H
do
Phila. & Brown Bros, NY
M & NIMay 1 1940
J & J Jan 1 1928
Penn Co for Ins,&o. Phila
-------------!Aug 15 ’20 31-50
Q— J Apr 1 ’25 1 H %
------------ Apr 30 '2l,2^ % , Checks mailed
________ Apr 30 '21, 2H Checks mailed
N Y , Boston & Chicago
J & JlJan 1 1931

a After deducting $2,591,100 in sinking fund.

R E PO R T .— For year ending Jan. 31 1925 showed:
1925.
1924.
1923.
Profits for the year_____$1,067,930 $1,054,885
$648,764
Previous surplus_______ 1,193,733
589,866
288,646
Capital surplus through
acquisition o f property
217,648
______
______
Total surplus_________ $2,479,311
Federal taxes__________
115.000
Pref. dividend (7 % )____
318,129
Sur. transf. to com. stock
217,648

1922.
$24,698
631,544
______

R E PO R T .— For 1924, in V. 120, p. 950, showed:
1924.
1923.
1922.
1921.
Gross sales_$26,080,352$102,762,075
$33,087,259 $49,945,506
Manufacturing profit. .loss$356,820 $10,184,755 $1,994,362 $8,112,694
Other income____________ 3,256,255 2,912,844
6,078,574 2,512,763
Deduct taxes, int., & c._
979,408
1,166,077
1,307,422 1,663,184

$1,644,751
$937,410$656,152
. $1,920,027 $11,931,521 $6,765,514 $8,962,273
125,000 —-—-—-not shown—
•
S p e c ia l D e d u c tio n s —
Res.
$600,000
$600,000 $1,000,000
326,018
347,543367,507for depr. & ad ju st..
$600,000
600,000
Res. for taxes & remov’ls
4,400.000
300,000
______
______
______
Deferred p rofits..
2,318,177
658,995
415,058
Profit & loss surplus.. $1,828,534 $1,193,733
$589,866
$288,645
Net profit______
$1,320,027 $6,516,464 $5,206,519 $5,044,096
C. W . Patterson, Pres. Main office, Kent Ave. and North 3d St.,
1,400,000
1,400.000
y l ,400.000 x2.800.000
Brooklyn, N . Y .— V. 120, p. 1884.
1,400,000
y l ,400,000 x2.800,000
1,400,000
AUTO KN ITTER HOSIERY CO., INC. (TH E ).— Incorp. Aug. 24
1921 in N . Y . Business consists of the manufacture and sale, for domestic
Surplus after d iv s ..d e f$ l,479,973
$916,464 $2,406,519 $2,244,096
use, o f hand operated knitting machines and the sale of yarn to the users
x Includes $1,400,000 special dividend reserve for year 1924, in addition
of these machines and the purchase from said users o f such quantities of to regular dividend, y Being dividend for the year 1925 transferred from
the finished hosiery produced by them as they may not need for personal dividend reserve.
or other use, and may choose to sell to the company, and the resale of such
OFFICERS.— Chairman, Thomas S. Gates; Pres., Samuel M . Vauclain;
finished hosiery. The machines are sold under tne registered trado-mark
“ Auto-Knitter,” and the hosiery sold under the registered trade-mark Senior V.-Pres., John P. Sykes; V.-P. & Treas., William de Krafft; Sec.,
Arthur L. Church; Oompt., A. B. Ehst.
“ Old Tyme' Wool Socks. Plants are located in Buffalo, N. Y.
DIRECTO RS.— William L. Austin, John M . Hansen, Samuel M . Vau­
STOCK.— Of the 150,000 shares authorized, 125,000 shares^ have been
clain, S. F. Pryor, Thomas S. Gates, Arthur W . Sewall, B. Dawson Cole­
issued, o f which 25,000 shares are held in treasury.
man, Thomas O Ashton. Harold T. White. Sidney F Tyler, William E .
D IV ID E N D S.— On new no par value stock paid initial div. of 75 cents Co-?y and Svdney E. Hutchinson. Office, 500 N . Broad St., Phila.—
a share on June 15 1923: on Oct. 15 1923 paid $1 a share; none since.
(V 120, p 1884 )
R E PO RT.— For 1924 showed:
BARNET LEATHER CO., INC.— ORGANIZATION.— Incorp. In Dela­
1Q Q
O
iqoo
Calendar Years—
1924.
ware Aug. 2 1919. succeeding Barnet Leather Co. Manufactures high-grade
Net sales___________________________
$678,202 $1,296,220 $2,491,273 calf leathers. Tannery and plant at Little Falls, N . Y .
644,659
1,241,622
Cost o f sales________________________
336,833
C A PITA LIZA TIO N .— The stockholders on Feb. 18 1924 voted to re­
792,272
502,336
623,272
Expenses___________________________
duce the authorized preferred stock from $2,000,000 to $1,500,000, par $100.
No mortgage without 75% of pref. stock outstanding. Callable at 115.
$140,710prof$747,315
$191,903
Sundry earnings .
10,030
25,328 Sink, fund 3% p. a. first three years and 5% thereafter. Initial quarterly
16,966
div. of 1% % paid on pref. stock Oct. 1 1919; to April 1 1925, 1M % quar.
$130,680prof$772,643 On com., initial quar. div. of $1 50 paid Aug. 15 1920; none since.
$174,937
Previous surplus_______________
221,801
527,481
281,471
R E PO R T .— For 1924, showed;
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
$396,801 $1,054,114 Sales (net)_____________$4,431,622 $3,330,326 $3,816,150
$46,864
Total surplus________________
$4,881,854
184.234 Net income___________
Federal taxes__________________
70,594
62,469
296,909
319,123.
212,700 Gross income____________
Loss on School o f Modern Dress.
111,070
99,758
355,477
344,174
29,499 Interest paid__________
Good-will written o ff___________
______
5,629
9,380
7,980
Dividends_____________________
______
175,000
100.200 Fed. & State tax reserve.
28,205
23,190
42,278
72,597
Contingency reserve____
______
______
______
58,839
Profit and loss, surplus___________
$46,864
$221,801
$527,481 Preferred dividends____
105,000
119,000
126,000
131,600
Sinking fund provision. ______
116,170
91,875
60,000
T h r e e M o n t h s E n d e d M a r c h 31—
1925.
1924.
1923.
Net income after charges and depre­
Balance, surplus_____def$22,135 def$164,232
$85,944
$13,158
ciation, but before Federal taxes. .
$21,140 loss$10,884
$108,614
C o n s o lid a t e d S t a t e m e n t o f E a r n i n g s f o r Q u a r t e r E n d e d M a r c h 31.
OFFICERS.— Pres.. Oscar F. C. Kunau; 1st V.-P., Lorenzo D. Perry:
1925.
1924.
2d V.-P., Henry Schneider; Sec. & Treas.. T. M . Funk. Office, 630 Genesee
xNet earnings from operation____________________
$68,448
$17,384
St., Buffalo, N. Y .— (V. 120, p. 2686 )
Dividends on preferred stock____________________
26,250
26,250
AUTOSALES CORP.— O R G A N IZA T IO N — Incorp. in N . Y .. N ov. 12
1917, successor to Autosales Gum & Chocolate Co., as per plan (V. 104,
Net for period_________________________________
$42,198
def$8,866
p . 2345; V. 105, p. 1900). Manufactures automatic vending and weighing
Surplus as of Jan. 1_____________________________
523,542
433,452
machines, chewing-gum and chicle products, chocolate, &c. Plants at Adjustments applicable to prior years___________
4,037
112,224
New York and Chicago.
STOCK.— The Pref. stock shares equally with the Common stock after
Surplus as of March 31________________________
$569,777
$536,811
x After deducting charges for maintenance and repairs to plants, deprecia­
6% has been paid in any year on that stock. No mortgage without consent
tion and estimated amount of Federal and State taxes, &c.
_
o f 2-3 of outstanding Pref. stock.
OFFICERS.— Pres., Sylvan M . Barnet; 1st. V .-P., Sigmund Rothschild;
D IV ID E N D S.— On Pref. stock, initial div. of 1% paid M ay 15 1918;
2d V.-P., R . L. White; Sec. & Treas., Mortimer H. Heyman. New York
July and Sept. 30 1918. 1% each, Dec. 30 1918, 2% ; March 31 and June 30
office, 360 Madison Ave.— (V. 120, p. 2151.)
1919, 1% each; Sept. 30 and Dec. 31 1919, 1M% regular and
% extra
March 31 1920, 1 l % ; Dec. 31 1920, 4H % payable in pref. stock. V i l l
A
BARNSDALL CORP.— Organ, in Del. Nov. 13 1916 as Pittsburgh
p. 2231. March 1921 dividend was omitted. On Dec. 31 1921 paid 4°/,
Investment Co.; name changed to present title in Jan. 1919. In M ay
in preferred stock. V. 113, p. 2408.
1919 merged with Union Metal Mines Co. and subsequently purchased the
assets of the United Investment C o ., which was dissolved. The corporation
R E PO RT.— For 1924, in V. 120, p. 961, showed:
1921.
is engaged in the production of petroleum and its products, the mining of
C a le n d a r Y e a r s —
1924.
1923.
1922.
Earns, after cost o f goods $1,211,874 $1,260,452 $1,226,640 $1,330,700 gold, silver, copper and zinc, etc. Also holds stocks and bonds of other
125,032
145,701
32.348
79.196 companies, t ’ omparc V. 110 p . 1204; V 112, p 1040; V 114. p. 1311.
Net earnings
158.656
208,109
80.003
147,034 V. 119, p. 1175; V. 120, p. 1350. In Jan. 1921 acquired control of the BigTotal income
6,600
1,000
4,940
6,635 heart Producing & Refining C o., giving in exchange 1 share o f class B stock
Federal taxes__________
89,974
198,237
40,482
44,088 for 5 shares of Bigheart stock. V. I l l , p. 2523; V. 112, p. 69, 1040. Organ­
Other charges_________
______
______
______ (4%)110,838
ized the Barnsdall-Foster Oil Co. in Jan. 1921 (V. 112, p. 473), the Barnsdall
xPreferred dividends_
_
___
62,082
8,872
34,581 defl4,527
Oil Co. of Maine in March 1921 (V. 112, p. 935), and the International
Balance, surplus
Previous surplus_______ adj.243,944 adj.235.270 adj.219.810
237,841 Barnsdall Corp. in October 1921 (.V. 113, p. 2618; V. 116, p. 518). Organ­
Profit and loss, surplus. _ $306,026
$244,142
$254,391
$223,315 ized the Barnsdall Tripoli Products Corp. in Feb. 1924 (name subsequently
changed to Barnsdall Products C orp., New Y ork). In Feb. 1925 organized
x Preferred divs. paid in pref. stock in 1921, 4% on full shares
OFFICERS.— O. F. Hurd, Chairman; John Brandt, Pres.; F. E. Lang, the Petroleum Chemical Corp. V. 120, p. 832.
CAPITAL STOCK.— Both classes of stock share equally in the distribu­
Sec. New York office, 13th St. & Van Alst Ave., Long Island City, N . Y .
tion of dividends or in the event of dissolution or liquidation. The author­
— (V. 120, p. 961.)
ized capita] stock was increased in Feb. 1920 from $14,000,000 to $30,000,000
BALDWIN LOCOMOTIVE W ORKS (TH E).— ORGANIZATION — divided into $15,000,000 Class “ A " Voting Stock and $15,000,000 Class “ B ”
Incorporated In Pennsylvania June 1911 as a consolidation. Works in Non-Voting Stock.
Philadelphia; foundries, shops, &c., at EddystoDe, Pa., and Burnham near
Stockholders of record M ay 6 1925 were given the right to purchase
Lewistown, Pa. Capacity 2.650 locomotives yearly. V. 88. d 1623. 177,134 shares of class A capital stock at $22 50 per share on the basis
See application to list, V. 92, p. 1105. and offering. V. 92, p. 1703
In of one share for each 4 shares of either class A or class B capital stock
1915 erected extensive new shops at Eddystone, Pa., which were turned over then held.
to the U. S. Government at the beginning of the war, but which reverted
DIVS.— Paid as follows: Oct. 15 1919, 14$%: Jan. 15 1920. m % ;
to the company on June 30 1920. V. 108, p. 875; V. 109, p. 75; V .
April 15 1920 to April 30 1921, 2>S% quar.; none since.
I l l , p. 75.
BONDS.— The 8% sinking fund convertible gold bonds are callable all
STOCK.— Pref. stock cannot be Increased without consent of malorlty of
or part at 105 prior to Jan. 1 1927, daring the next 3 years at 102 H and dur­
I
pref. shares outstanding. V. 92, p. 1703; V. 93. p. 47.
ing last year at 101.
D IV ID E N D S .— On pref., 1912 to Jan. 1925 . 7% (3>$% s.-a.). On
Sinking fund 25% of net income available for dividends, with minimum
com ., in 1912 to July 1915, 2% (J & J ): none thereafter until Jan. 1 1920, to retire $800,000 a year, to be used for purchase or call and retirement of
when 34$% was paid, then to Jan. 1925 3 4$% semi-annually.
bonds. If additional bonds issued, such larger annual minimum as to retire
BONDS.— Of the 1st 5s o f 1910 ($15,000,000), $5,000,000 are reserved Issue b-7 maturity. First payment Nov. 1 1921; thereafter semi-annually.
Convertible at any time prior to maturity or redemption, Into Class B
for 75% o f cost o f extensions and improvements. Redeemable as a whole
at 115 and by lot at 107 4$ for an annual sinking fund of 2 % of the maximum stock (par $25), at $40 per share ($1,000.in bonds convertible Into 25 shares
bonds theretofore issued. V. 91, p. 40; V. 90, p. 1104, 1046; V. 92, p. 1703); of stock), with adjustment of interest and dividends.
Corporation among other convenants, agrees that so long as any o f these
sinking fund installments, aggregating $2,591,100, were paid 1915 to 1924.
Standard Steel Works Co. has auth. $5,000,000 1st M . sinking fund 5s, of bonds are outstanding: (a) No mortgage or pledge of its property or that
which $5,000,000 have been issued, $3,400,000 having been retired by the of any controlled subsidiary company may be created (beyond existing
sinking fund. Sinking fund, $200,000 yearly. V. 86, p. 232; V. 89, funded debt of subsidiary companies, part of which is now secured by
mortgage). (6) Further bonds only issuable for not to exceed 50% of
p. 1416; V. 92, p. 1245, 1703.




May , 1925.]

Date
Bonds

Par
Value

B ayuk Cigars Inc— Common stock 250.000 shares auth____
1st pref (a & d) stock 7% cum & partic $5,000,000 auth____
2d pref stock non-cum (see text) $1,280,450 auth _______
B eech-N ut Packing Co— Common stock $7,500,000 auth_.
Preferred (a & d) stock Class B 7% cum red (text)________
do
do
Class A 7% cumulative_________________
B ethlehem Steel Corp—
Common stock S27O.0OO.OOO auth________________________
Pref Rtock 8% cum and convert call 115 $30,000,000 ______
Preferred stock 7% cumulative $77,000,000 authorized____
Cambria Iron Co stock 4% guaranteed___________________
Cons M $500,000,000 g; Ser A $70,000,000 call 105 s f 1020 1918
do
Series B callable (text)_________________G,c*&r* 1923
Ser gold bds (Spar Pt Dry Dk) $1,250,000 due 20% yrly_ 1918
Securities o f Controlled Companies—
Beth Steel purch money mtge for Beth Iron gold OP.xc*&r 1901
do
1st Ext M g guar red 105 $12,000,000-G.xc* 1906
do
First Lien & Kef M g gu red 105 s LEa.xc* &r* 1912
do Pur Mon & Imp M $60,000,000 call 105 s f_ Bakc*&r 1916
do Marine equip tr ctfs red 10216 (see text)___ G .c “ 1920
Eq tr ctfs due $266,000 ann redl00& 16 %ea yr unexp.Q .c.
1920
do
Series “ B ” due $75,000 annually.
1920
Cornwall Ore Banks purchase money mortgage__________
1921
Coleman Estate Pur M Mtge call par text..P ep .k c* 1919
Freeman Est Pur M Mtge call any int day text. Pep.kc* 1919
Cornwall Pur M Mtge call any int day text .Pep.kc* 1919
g Dec. 31 1924. $17 358 000 in treasurv and $9,882,500 in s ink ing
x $5,262,000 in treasury and $5,495,000 in sinking fund or cancel
y $6,330,000 outstanding Dec. 31 1924: $291,000 in treas u r v :$5
z Additional $11,000,000 pledged, $145,000 in treasury and $28,99

None

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

100 180,151,9°0 See text

100 14,288 600
100 45,143,910
50 8.465,625
See text z50,166.000
500 &c 24,174,500
1,227,524
1,000
1,000
500 dec
1.000 &c
1,000
1,000
1,000

$2,652,708
139,207

Total income_________ $3,168,516
Interest paid---------------746,050
Federal taxes__________
24,533
Depreciation & depletion 1,142,026
Drilling costs charged off
______

$2,219,187
793.889
64,662
1,176,747
______

$2,875,771
897,139
36,229
1,270,298
411,978

$2,791,915
899,839
______
1,471,806
365,120

$183,888
$260,126
7,373,885
7,175,674
Dr. 17,466 Dr.399,813

$55,150
6,122,485
1,713,044
$7,890,679

99,510
58,524
______ (2K)417,285

Profit & loss, surplus.x$8,372,607 $7,256,790 $7,175,674
Earnings Quarters Ended March 3 1 1925.
Gross sales and earnings from operations_________ . $3,222,285
Producing and operating expenses_______________ . 2,141,922

$7,373,885
1924.
$2,448,021
1,494,927

Net earnings.
Other income-.

. $1,080,363
3,077

$953,093
3,395

Total income___________
Interest charges__________
Federal taxes____________
Depreciation and depletion

- $1,083,440
175,819
24,055
333,416

$956,488
179,640
12.000
294,198

Net income____________
$550,150
$470,650
OFFICERS.— Pres., Robert Law Jr.; V .-P ., E . B. Reeser, F. H. Minard,
E. O. Bartlett and R. A. Broomfield Treas., J. T . Furlong: Sec., J. A.
Dunn; Gen. Aud., E. M . Skeehan. Office, 41 East 42d St., New York.
(V. 120, p. 2404.)
BAYU K C IG A R S. INC.— Incorp. under laws o f Maryland on M ay 24
1920 and acquired the property and business o f Bayuk Bros. C o., Mapacuba
Cigar Co. and Merchants’ Real Estate Co. The stockholders on July 12
1923 voted to change the name from Bayuk Bros., Inc., 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
each 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% of 1st pref.
stock issued, and equal to 5% each year after 1926, to be applied to the pur­
chase or retirement o f 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 for a reduction in the aivibend
rate on the 2d pref. stock from 8% per annum to 7% per annum.
Tne acceptance o f the reduction is optional with holders o f tnis stock,
but the amendment providing for the reduction further stipulates that in
consideration of the acceptance of tne reduction, nolders shall have the
privilege o f converting their shares at the redemption price ($110) into
common stock at $62 a share for common. On Dec. 31 1924 all except
$10,000 had been exchanged.
R EPO RT.— For 1924, in V. 120, p. 1207, showed:
1924.
1923.
1922.
1921.
Gross earnings_________ $2,225,991 $2,227,995 $2,346,775 $1,613,907
Other income__________
111,805
45,193
40,553
27,309
Total income_________ $2,337,796 $2,273,188
Expenses, interest, & c._
$1,346,123 $1,233,936
129,388
136,920
Federal taxes__________
First Preferred dividends
136,064
95,418
Second Pref. dividends._
87,190
98,868

$2,387,328
$1,102,842
160,560
91,280
102,440

$1,641,216
$966,874
180,000
76,680
102,440

Surplus_____________
3 M os. End. Mar. 31—
Net, after Fed.taxes, &c
Other income__________
Reserves_______________
Preferred dividends____
Pref. stock reserves____

$930,206
1923.
$251,212
.Cr.8,923
22,778
25,610
______

$315,222
1922.
$256,425
0.17,511
19,102
44,190
23,690

$639,030
1925.
$91,226
Cr. 19,536
34,060
54,881
______

$708,046
1924.
$127,003
Cr .8,410
25,236
56,357
______

8
7
4
6g
5J6 g F
6

Last Dividend jPlaces Where Interest and
and Maturity
Dividends Are Payable
Apr 15 1925 1 H
Apr 15 1925 2%
July 10 1925 3%
July 15 1925 1%
Jan 15 1925 1M

July 1 1924 1 K
July 1 1925 2
July 1 1925 1H
Apr 1 1924 2%
Aug 1 1948
& A Feb 1 1953
Dec 31 '28 t o ’32

Checks mailed
Checks mailed
Checks mailed
Guaranty Tr Co, N Y

7.500.000
Girard Trust Co, Phila
Q— F Aug 11998
6g
Harvey Fisk & Sons, N Y
y8.330,000
.Tan 1 1926
5 g J &
Equitable Trust C o, N Y
M d
e
gl2.759.500
May 1 1942
58
Bankers Trust C o, N Y
J &
x22.177.000
July 1 1936
Guaranty Trust C o, N Y
A &
13,204.000
Oct 1 1935
M &
1.330.000
To May 15 1930 Guaranty Trust C o, N Y
375 000
To June 1 1930
V .1 &
M ay 1 1941
1.877.000
516 M &
1.000
Pa Co Ins on Lives, Phila
274.000
July 1 1939
516 J &
1.000
do
do
July 1 1939
411.000
516 J &
1,000
do
do
1.382.000
516 J & J.July 1 1939
fund ore anceled.
led Dec. ,31 1924.
.379.000 I purchased for sinki ng fund o r cancelled,
6,000 in sinking fun d or canc eled.

$2,803,047
72,723

$7,234,198

When
Payable

77,121 shs.
Q— J 15
7
$1,920,600
Q— J 15
1.234.000 7& 8
7.500.000 See Text Q— J
100
7
1,119.500
Q— J
100
4,500
7
Q— J

$2,176,420
42,767

Total surplus________ $8,394,695 $7,342,096
Divs. paid minor, stock­
holders subsid. cos
22,088
85,306
D ividen d s_____________
______
______

Bate
%

100
20

Net income_________ $2,915,934
Other income__________
252.582

Net income________ _ $1,255,908
Previous surplus_______ 7,138,787
Adjustm ents__________
______
Sur.of subs.not prev.con.

Amount
Outstanding

$100

cost o f additions to property after Jan. 1 1921, or 50% o f additions to
working capital, and only provided (1) total net assets, including proceeds
o f proposed financing, at least 300% of total funded debt, and (2) net
earnings at least 3 times interest charges. V. 112, p. 374, 473, 565. 654,
747. 852. 935.
R E PO RT.— For 1924, in V. 120, p. 1349, showed:
1924.
1923.
1922.
1921.
Gross sales and earnings_$10,209,274 $9,288,885 $9,276,646 $8,304,090
Oper. & general expenses 7,293,340
7,112,465
6,473,599
5,651,382

Surplus______________
$2 1,821__ _ $53,820___ $211,747____ $186,954
OFFICERS.— Pres., Samuel Bayuk; V .-P., L. A. Kramer; Sec., H. L.
Hirst; Treas., Meyer Bayuk. Office, 3rd & Spruce Sts., Philadelphia.—
(V. 120, p. 2151.)
BEAVER BOARD COMPANIES.— (V. 120, p. 2405.)
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 anu accrued divs. The par value o f the com. stock was
reduced from $100 to $20 in M ay 1922.
D IV ID E N D S .— 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, 1716%; 1919, 12%; 1920, 11%; 1921, 10%; 1922, equiva­
lent to 96 cents per share on $5,000,000 common stock o f $20 par value
and 400% in stock; 1923, 12% regular (3% quar.) and extras o f 3% in
cash and 50% in common stock (payable Dec. 10). Paid in 1924: 12%
regular and 3% extra in cash. Paid in 1925: Jan. 15, 3% ; April 15, 3% ;
July 15. 3% .




151

IN D U STRIA L STOCKS AND BONDS

?g

RE PO RT.— For 1924, in V. 120, p. 1207, showed:
Calendar Years—
1924.
1923.
Net profits less (est.) Federal taxes.. $2,187,600 $2,013,696
1,219,719
910,142
Cash dividends____________________

1922.
$1,937,480
468,571

Balance, surplus_________________
$967,881
Previous surplus____________________ $1,412,200
Adjustments (net)__________________
Dr.3,694
Stock dividends____________________
______

$1,468,909
$5,384,239
D r.35,807
4,005,650

$1,103,554
$1,811,691
Dr.3,045
2,500,000

Profit and loss surplus____________ $2,376,387 $1,412,200 $2,811,691
3 Mos. End. Mar. 31—
1925.
1924.
1923.
1922.
Net profits (before Fed’l
tax provisions)______
$665,294
$562,258
$595,737
$392,291
D iv id e n d s ....________
243,798
244,670
169,670
48,441
Balance, surplus_____
$421,496
$317,588
$426,067
$343,850
OFFICERS.— Pres., Bartlett Arkell; V .-P., F. E. Barbour; Treas., J. S
Ellithorp; Sec., W . C . Arkell. Main office, Canajoharie, N . Y .— (V. 120.
p. 2273.)
BETHLEHEM STEEL C O R PO R ATIO N .— O RGAN IZATION .— In­
corporated in N. J. on Dec. 10 1904 as successor, per plan V. 78. p. 587, of
the U. S. Shipbuilding C o., and owns the entire stock of Bethlehem Steel
C o., with its great steel plants at Bethlehem. Lebanon and Steelton, Pa.,
Sparrows Point, M d.. Lackawanna, N. Y ., &c.: Cornwall iron ore properties
and numerous subsidiaries, notably Bethlehem-Cuba Iron Mines Co. and
Bethlehem Chile Iron Mines Co. Other subsidiary companies are as ,
follows: Bethlehem iron & St< el Corp. and subsidiaries, Bethlehem Mines
Corp. and subsidiaries, Bethlenem Steel Co. (Delaware), Union Tron Works
C o., Union Iron Works Dry Dock Co., Fore River Shipbuilding Corp., ‘
Bethlehem Shipbuilding Corp., Ltd., Redington Standard Fittings C o.,
Bethlehem Steel Products Co. and subsidiaries, Cambria Tron Co. and
subsidiaries, Betnelhem Steel Export Corp.. South Buffalo R y. C o.,
Philadelphia, Bethlehem & New England R R . Co.; Steelton & Highspire
R R . C o., Patapsco & Back Rivers R R . Co., Fore River R R . Corp.. Corn­
wall R R . C o., Service Stores Corp., Sparrow’s Point Store Co., Beaver
Steamship Co., Behtlehem Land & Improvement Corp., Bethlehem Leoading Co., Bethlehem Securities C o., Bethlehem Steel Bridge Corp., Bethle­
hem 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 C o., Citizens
Realty Co. of Bethlehem, Compania de Minas de Fierro “ Las Truchas,"
S. A., Conemaugh & Black Lick R R . Co., Cornwall Ore Banks Corp.,
Dundalk Co., Dundalk Sewerage Co., East Wheatfield Water C o., Franklin
Iron C o., Johnstown Steamship C o., Juniata Limestone C o., Ltd., Juragua
Iron C o., Lackawanna Iron & Steel Co., Lake Erie C o., Lebanon Consoli­
dated Water Co., Lebanon County Light, Heat & Fuel Co., Lebanon Water
C o., Manufacturers Water Co., Midvale Steel Co., Missouri Ore Co., North­
ampton County Water Co., Ore Steamship Corp., Penn Iron Mining Co.,
Penn Iron Mining Co. o f Wisconsin, Penn Store Co., Pine Township Water
C o., Possum Glory Water Co., Seneca Transportation C o., Sunday Lake
Iron Co., Worth Brothers Co.
In Oct. 1919 purchased from Elkins Coal & Coke Co. coal land in West
Virginia. During 1920 purchased bituminous coal lands from Jamison
Coal & 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, &c. Through the medium o f Penn
Mary Steel Co., for about $6,660,000, payable in bonds of 1917, acquired
the plants of American Iron & 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 C o., to operate the Tofo iron mines near
the coast of Coquimbo, Chile. Autb. 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
xuar. $339,000 1st 5s. V. 96, p. 1300. 1492; V. 98. p. 239; V. 105, p. 1619.
T h e agre em en t for th e acq u isition o f th e L a ck aw an n a Steel C o . (V. 115,
p - 8 7 2 ) w as co n su m m a te d in O c t. 1 9 2 2 , an d th e properties and assets of th e
L a ck a w a n n a c o m p a n y w ere tran sferred to B eth le h e m Steel C o . of N e w
Y r k , I n c . (n a m e sin ce ch an ged to B e th le h e m Tron & Steel C o r p .) , a su b ­
sid i 'ry c o m p a n y .
T h e pu rchase price paid in ad d ition to t h e a s su m p tio n
of all ob lig a tio n s w as $ 1 2 ,5 0 0 ,0 0 0 7 % C u m P r e f. sto c k a n d $ 2 2 ,6 0 8 ,5 0 0 in
C la ss B C o m m o n s to c k , togeth er w ith $ 3 0 8 6 8 0 in cash an i m a m o u n t
equ al to on e m o n t h ’s d ivid e n d s u p on th e sto ck s d e livere d . (T h is s to c k an d
cash w ere d istrib u ted pro rata a m o n g L a c k a w a n n a S tee l C o . s to c k h o ld e r s.
C o m p a r e V 1 1 5 . p 8 7 5 .)

The properties acquired from the Lackawanna Steel Co. are: (1) Plant
situated at Lackawanna, near Buffalo, N. Y .. manufactures bars, plates,
steel rails, structural steel and other materials, having at last advices a
capacity of 1 584.000 tons of finished product per annum: (2) ore properties
in Minnesota, 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 N ov. 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 & Ordnance Co. (except the plant at Nicetown, 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 Nicetown plant),
including outstanding bonds of the Midvale C o., and the delivery of $97,681,400, par amount, of Bethlehem Common Stock. The agreements were
consummated on March 30 1923, the Midvale properties having been on
that date transferred to. and the Midvale liabilities and obligations having
been assumed by, Bethlehem Steel C o., the Cambria properties transferred
to Bethlehem Steel Products C o., 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 shares 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 C o.), to which the Nice­
town plant and the assets appurtenant thereto are to be transferred (onetenth share of Midvale Co. stock, no par, for each share of Midvale Steel &
Ordnance C o.). The minority stockholders of the Cambria Steel C o, were

152

MISCELLANEOUS COMPANIES
IFor abbreviations, A c., see notes on page 8]
B e th le h e m Steel C o rp o r a t io n ( Continued) —
l^ackawanna Iron & Steel (Jo 1st M assumed_______________
Fore River 1st M g gu due $40,000 yly red 10 3-O B .xc*

Beth Shipbuilding pur money mtge sink fa (told______
do

[V ol. 120

IN D U STRIA L STOCKS AND BONDS

do

do

____________________________

Date
Bonds
1896
1913
1921
1925

Funded Debt of Lackawanna Steel Co. Assumed under Merger
ls tO o n M $36,000,000 g red 105 alt M.ch ’15 oonv. Ce.xc* 1910
Ellsw orth coll pur mon s fd 5s guar (p a rt due In 1927) , . F 3 1907
O ar trust due *62 .000 s-a M & S 15 cal) (all only) 102.
— 1910
Lacksw Bdge Wks Corp pur m notes (ass’d) due $200.0
Funded Debt of Midvale Steel & Ord. Co. Assumed under Mer Qer—
Collateral T ru s t conv g fd bonds, call at 106______ G c*A r*
1916
1916
1907
1909
1916
1916
Bonds of Penn-Mary Steel Properties Guaranteea—
Penn-M ary Steel Co cons mtge $7.000.O O O g ______QP.xxc*
1895
Spanish-Am erican Iron 1st M g guar red 102 W . G P .x
1907
1902
Collat trust loan (Cornw all) s f red 105: V 74. p 131
1917

Par
Value

Amount
Outstanding

$500 Ac $1,766,500
1.999
339 000
1.747 000
900.000

Rate
%

When
Payable

F
5g
J
6
5 g A
J
6g

A
A
A
A

6.891.000
1.816.000
124.000
400.000

fig
6
fi g
6

M
J
M
J

A S
A J
A S15
A J

500 Ac 40.037.500
2.732.000
2 731 000
2.202 000
114 000
390.000

fi 8
6g
fi g
6
i® .

M
M
J
J

M

8
N
N
D
A D

6g
6g
SK
fig

M
J
A
J

A
A
A

100 Ac
l.Ouu
1,000

500 Ac
1.000
1.000
1.000

3.931.000
c661.000
4.199.000
5.654,500

A

A
A
A

A

A
J
O
J

Last Dividend Places Whet e Interest and
and Maturity
Dividends are Payable
Feb
July
Oct
Jan

1 1926
1925 33
1 1036
1 1940

N Y Farm ers’ L & T O t
O ld C o lon y T r C o . Boat

Central U nion T r Co. N Y
Mch 1 1950
Farm ers’ L & T r Co, N Y
Jan 1 1927
Sept '25-Mar’26 Comm ercial T r C o , Phils
To Jan 3 1927

Mar 1 1936
New Y o rk
Nov 1 1940
M ay 1 1947
June 1 1939
Dec 19-'5-28
Dec ’25-Dec '27

S Sept 1
J July 1
o Oct 1
J Jan 1

1925
1927
1932
1937

G ira rd T r u s t Oo. Phils
G ua ra nty T r C o , N Y
G ira rd T r C o , Phils
Bankers T r u s t Oo. N Y

« $2,324,000 purchased for sink fund or canceled.

These bonds have a 2 4 % sinking fund from J u ly 1 1916.
in Jan . 1919 the Bethlehem Steel O o. arranged to purchase additional
Interests In the Cornwall Iron ore banks at Cornw all. Pa., and on account of
same Issued three series of Purchase M oney mortgage 5 4 % bonds dated
2441.
July 1 1919 and due Ju ly 1 1939. but callable all or part on any Int. d a y ,
T h e Federal Tra d e Commission In Ja n . 1923 filed a com plaint against the
viz.: (a) Coleman Estate, $310,000, at least $18,000 to be called each year
m erger. V . 116, p. 518. T h e com pany filed an answer to the com plaint in
M a rch 1923. V . 116. p. 1279.
after Ju ly 1 1922 (secured on undivided 50-1536 Interest In Cornw all O re
T h e steel Ingot capacity of the corporation on Dec. 31 1924 was 7.600.000
Banks. In d . bldgs., A c .; (b) Freeman Estate. $138,000, at least $27,000
gross tons per annum and the pig Iron capacity « 610.000 ions per annum .
to be redeemed yearly after Ju ly 1 1922. secured by 75-1530 Interest In
T h e U . 8. Governm ent, on A p ril 17 1925, filed a suit and complaint Cornwall Ore Banks; (c) Co rn w all, $1,474,000, at least $92,000 to be cal ed
against the company in the U . 8. D istrict Co urt at Philadelphia, claiming each year after Ju ly 1 1922, secured on 125-1596 undivided interest In C o r n ­
over $11,000,000 alleged overpayments on wartime ship contracts. In the
wall Ore Banks covered by aforesaid issues (a) and (0). and also secured on
U . 8. D istrict C o u rt at N e w Y ork Bethlehem Shipbuilding C o rp ., L td ., a 6.333 shares capital stock of Cornw all Iron O o. and 8.000 shares capita)
subsidiary, on A p ril 17 1925 filed a com plaint in a suit instituted against stock of Cornw all K K . See V . 108. p 173- D urin g 1921 the com pany
the U . 8. Shipping Board Em ergency Fleet C o rp . in M a y 1924. claiming purchased the remaining outstanding 19.78% undivided interest In the
S9.744.899 which it alleges is still owing it on the contracts in question. Cornwall O re Banks and M ine Hills and In part payment therefor Issued
V . 120. p . 2151. 2224. 2554.
$1,877,000 face am ount of Its Co rn w all O re Banks purchase money mtge.
S T O C K . — In Sept. 1922 amendments to certificate of incorporation pro­ 5 4 % 20-year bonds.
Equipm ent trusts of 1920. V . 110, p. 2078
vided for creation of a new class of 7 % O u m u l. Pref. stock, or which $77.T h e 7 % marine equipment trust certificates are redeemable b y p u r ­
900.000 was authorized and issuable for following purposes and in following
chase ur tty Call by lot It uu l obtaluable at not exceeding call price, at the
amounts so long as required for such purposes:
rate of $1,000,000 on or before each d iv . date from A p ril 1 1922 to O c t. 1
(D $34,500,000 lu exchange for existing s% Oumul. Conv. Pref. stock;
1927 Inch, and $500,000 on or before each d iv . date thereafter until m a­
(2) $15,000,000 in exchange for existing 7 % Non-Cumul. Pref. stock;
tu rity; these amounts to be ratably reduced if certificates are red. in ad­
(3 ) $12,500,000 in paym ent for the Lackawanna properties; and
vance of schedule. Certificates so retired to be canceled. V . 111. p. 1281.
(4) $15,000,000 for sale.
T h e mortgage of Penn M a ry Steel O o .. created on acquisition of proper­
A t the same time the holders of the existing 8 % C u m u l. C o n v . Pref. stock
ties of A m . Iron A Steel O o .. fa lim ited to $13 000.000. of which $6,600,000
were given the rig h t, after Ja n . 1 1923, and until termination b y the hoard
issued (incl. $1,005,500 retired to D ec. 31 1924) and $6,340,000 reserved
Of directors to exchange such stock for new 7 % C u m u l Pref stock
The
for future extensions to 7 6 % of cost of same. Callable all or any at 106.
basis o f said exchange u n til changed b y the board of directors w ill be $115.
Sinking fund beginning Dec. 31 1918 a sum equal to 2 4 % of the bonds at
par value, of 7% C u m u l. Pref. stock for each share of 8 % C u m . C o n v .
time outstanding. V. 104. p . !139. T h is Issue bas been assumed.
Pref. stock.
Eastern Coke O o. 1st M . cover 574 coke ovens, benzol plant. A c . StnkA t the same tim e the holders of the 7 % N o n -C u m u l. Pref. stock were
ng fund. $250,000 s.-a. Callable 101 A ln t on or before Feb. 1 1918.
lven the right, to exchange such stock after O ct. 1 1922 and nrior t j
thereafter 1 0 24 A ln t.; retired to Dec. 31 1924, $3,766,000. V.104. p . 1704
an. 1 1923, subject te extension b y the board, for new 7 % cum . pref.
T h e Union Iron Works D ry Dock C o ., a subsidiary of the Beth. Steel
stock on the basis of share for share. T h e 7 % uon-cum . pref. stock bas been
C o rp ., took over on N o v . 1 1908 the property of San Francisco D r y Dock
retired, substantially all of it having been exchanged.
C o ., and Issued 20-year 6 % purchase money bonds ($470,867 outstanding
T h e certiflc ite of incorporation of the corporation as last amended Sept
Dec. 31 1924), besides assuming $495,000 underlying 5s. v 88, p. 941.
1922, pro vld td that after 8 0 % of the 7 % N o n -C u m u l. Pref. stock shall have
T h e Penn M a ry Coal O o. 1st M 5 % bonds of O ct. 1 1919. $5,000,000
been exchanged for C u m u l. Pref. stock or otherwise retired Class B Co m .
stock shall be In -ill respects the same as the Com stock and sh ill cease to 4Uth. and Issued, have an annual sinking fund of $200,000 after N o v . 1
1920. and are callable at any time all or part at 102 4 and ln t. These
exist as a separate class of stock. Pursuant to such provision, on A pril 4
bonds. Issued, It is understood, in connection with purchase from Elkins
1923 the Class B common stock became In all respects the same as the com­
Coal A Coke C o . of coal lands and coal rights in M onongalia and Preston
mon stock am) ceased to exist as a separate class of stock.
m im 'l's W V a ., with bldgs, and im pts. Purchased for sinking fu n d to
L A T E D IV S .—
’14. '15. ’16. ’17. '18. '19. '20. '21. '22. '23. '24.
D ec. 31 1924. $1,090,000.
H
%% preferred____
8
8
8
8
8
R E P O R T . — F o r 1924. in V . 120. p . 1579 and 1632. showed:
7 % preferred____
7
3* 5
7
7
7
7
7
6H 7
7
7
1924.
al923 .
61922.
1921.
C o m m o n __________
___________ ^ _______ _ _ * „
_
-3*
. . 2 2 „ T e x t 10 8
5
5
5
5
Gross sales..........................243.904.266 275.213.423 131.866.111 147.794.T
In Ja n . and A p ril 1919 paid dividends on the common stock of 1 K %
T o ta l net earnings............ 33.996.490 x37.373.228 xl9.793.713 x25.754.01
regular and 1 \ i% extra. In J u ly 1919, H of 1% was paid extra along with
Bon d, & c.. interest_____ 13.233.418
12.322.998
8.689.193
9.419,11
the regular quarterly \ H % . but from O ct. 1919 to J u ly 1924 only the
Depreciation. A c . ............ 11.816.891
10.676.078
6.499.189
regular lV i% w ith no extra. N one since.
Preferred dividend ( 8 % )
1.515.454 1.623.613
2,400.000
In Jan 1917 a quarterly cash dlvldeud of 10% was declared on the $15.3.859.733 2.694.610
1.262.310
000.000 common stock, payable A p ril 2. and upon the authorization of Preferred dividend (7 % )
Com m on dividend..........1 4.494,785
7.767.074
3.275.706
$45.000.000-of new class “ B ” (non-vo ting) common stock the company
Com m on “ B " dividends/___________ ____________ ___________
paid a stock dividend of 200% on Feb 17 in said stock, and permitted tht
common shareholders to subscribe and pay in full at par on or before
Balance, surplus_____ def953.791
2.288.825 df2.332.685
M a rch 6 for cne remaining $15,000,000 class “ B " which had been under
0 Includes the results of the operations ot me properties acquired from
w ritten. 8ee V . 104. p. 364. 66o, 865. 1266. 2345. O n A ug. 1 1917 a Red Cam bria Steel C o . and M idvale Steel & Ordnance Co . after M arch 30 1923.
b Including the results of the operations of the properties of Lackawanna
Cross dividend of 1 % was paid on common stock. V . 104. p. 2554: V . 106,
p. 502.
Steel Co . after O ct. 10 1922.
x After providing for taxes (incl. war Income A war excess profits taxes.
B O N D S .— The Consolidated Mortgage authorized In 1918 Is limited to
$500,000,000. The mortgage, in which the Bethlehem Steel Corporation
P R O D U C T I O N . — (I n gross tons):
and Bethlehem Steel Company join, was to be secured (subject to $85,340,1923.
1924.

$181 a share
their holdings. V 116, p.
1898, 2260. In
‘eb. 1924 the m inority
S(eel
suit, to
ffTeredthe merger, butfor stockholders of the .CamMbria 1416. Co .. filed p. 668.
cancel
the suit was dismissed in a y 1924. V 118.

S

000 underlying Issues), either by direct mortgage lien, or collaterally through
pledge o f mortgage bonds and-or entire issues of stocks (excepting directors'
6hares), upon the real estate and plants o f the principal subsidiaries of the
Corporation, comprising in value over 95% o f such properties then owned;
also by $35,434,000 previously issued underlying bonds, which in respect to
important properties rank equally with certain o f the above-mentioned
underlying issues. No additional underlying bonds may be issued unless
pledged thereunder. V. 107. p. 293. 405
The Consolidated Mortgage bouds may be issued in series, differing a
t>
to dates, maturities, interest rates, redemption prices, sinking funds, coo
version privileges. Ac., but no such bouds shall be issued maturing prior tc
these Series A bonds. Of the total authorized issue of $70,000,000 Scries A
bonds, $50,166,000 in Doc.1924 were in hands of public, $11,145,000 in
treasury (of which $11,000,000 pledged); $28,996,000 purchased for sinking
fund or cancelled. Bonds not issued for refunding purposes may be issued
from time to time for not exceeding 80% o f the cost of investments in
properties or securities.
The Series A bonds are callable at 105, and will have the benefit ot
* 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 aplied to the purchase of such bonds at not exceeding 105 or to their redeinpon 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 4 of 1% for each full six months of unexpired life. Annual
sinking fund, beginning Feb. 1 1924, o f 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.
O f Bethlehem Steel Company's 30-year 5s of 1912 ($50,000,000 autb

8

issue) $12,759,500 on Dec.31 1924 were in the h a n d -o f the public.$9 882,500
In sinking fund or canceled and $17,358,000 (pledged) were in the treasury
O f the remaining bonds part Is reserved to provide for the retirement
Of the First Extension M ortgage bonds and the balance Is to be issued
from time to time, subject to proper restrictions, for additions and exten
sions, except that a moderate am ount may be used as necessary to assist
in refunding
A nnual sinking fund 2
of bonds outstanding (but no'
toss 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
T h e Bethlehem Steel Oo ‘s 1st Extension 5s are guaranteed, prin. & hit
b y the corporation; on D ec. 31 1924 $6,330,000 were held by public
$5,379,000 in sinking fund or canceled, and $291,000 in treasury; total
authorized. $12,000,000. V . 82. p. 282, 1050: V . 84. p . 573; V . 86. p . 470.
866; V . 91. p. 1771; V . 94. p. 1188.
Purch. Money A Impl Brmdsof 1916 (M ade Jointly with Penn-M ary Steel Co.)
As of D ec. 31 1924. $32,934,000 had been issued, of which $22,177,000 were
In hands of public, $5,262,000 were in treasury, and $5,495,000 had been
purchased for sinking fund o r cancelled.




Ore_________________________________________________4.753.889 5 .4 6 6 . 7 9 9
.4 . 7 5 3 . 8 8 9
Limestone__________________________________________.1 . 3 6 1 . 3 4 5 1 .1 9 0 ,9 7 $
1,361.345
C oal________________________________________________5.586.200 6 .5 9 3 , 6 6 $
.5 . 5 8 6 . 2 0 0
.3 . 4 4 6 . 7 2 8
Coke____________________
3.446.728 4 .2 6 1 , 9 7 0
Pig iron and ferro-manganese________________________.3 .4 3 5 .0 1 1 4 .0 3 3 . 0 1 5
3,435.011
Steel ingots (open-hearth, bessemer and electric)____ .4 ,4 1 9 .0 3 7 4 .7 6 1 , 2 5 4
4,419.037
Rolled steel and other finished products for sale_____ 3,266,245 3 ,5 4 1 . 7 1 3
3 .2 6 6 , 2 4 5
Results of Operation First Quarter of 1925 (V. 120. p. 2151).
1st Qu. ’25. 4th Qu. ’24. 1st Qu. ’24s
Total net earnings_____________ $10,399,316
---------------- $9,550,715 $10,549,149
Less— Int. charges incl. proportion of
3 .0 7 9 , 5 9 8
3 .4 9 8 . 5 3 9
disc, on & exp. of bond & note iss. 3.337.595
2 .9 4 9 . 6 7 8
3 .0 3 6 . 3 1 4
Prov. for depr., obsolescence & depl. 2.990.205
1 ,0 7 5 ,0 2 1
1 ,0 7 5 . 3 2 3
Dividends on preferred stock_____ 1.075.637
2 .2 4 7 .5 7 1
Dividends on common stock______
$ 1 ,1 9 7 ,2 8 $
$ 1 ,9 4 0 ,5 3 9
Surplus for the period________ $2,995,879
OFFICERS.— Chairman, Charles M. Schwab; Pres., Eugene G GraceV.-Pres., Archibald Johnston. Henry S. Snyder. H. E. Lewis. James BiWard: Sec., R. E. McMath; Treas.. W. F. Hartmann: Asst. Treas. A Asst.
Sec Win .1 Rrown: C om pt.. F. A. Shick.
DIRECTORS.— O. M . Schwab (Chairman). Archibald Johnston,
C. Austin Buck, John W. Griggs, G. M -P. Murphy. Henry S. Snyder,
E O. Grace, Moses Taylor. H. O. Dalton O. G. Jennings, W. E. Corey,
Percy A Rockefeller H. E. Lewis. Harold Stanley and Alvin Untermyer. New York office, 25 Broadway.— (V. 120, p. 2554.)
(SIDNEY) BLUMENTHAL & CO., INC. (T he S helton L oom s).—
Incorp. under laws of N. Y . on June 30 1819. Manufactures every variety
of pile fabrics, the chief of which are cornm nlv known as velvets, plushes,
velours and velvet brocades. Plants are located at Shelton, Conn., South
River. N. I., and Unionville, Conn.
D IV ID E N D S.— On pref. in full to April 1 1925; div. due to be paid ta
July 1925 was deferred. No payments 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
% for each full vear to maturity.
R E PO RT.— For calendar year 1924, in V. 120, p. 1207, showed:
[Including South River Spinning Co., Inc.]
1924.
1923.
Net Income______________________________________ loss$562,338 $1,449,916
Depreciation reserve_____________________________
281,247
279,410
Provision for doubtful accounts___________________
39,444
26,702
Federal tax reserve_____________________________
______
82,074

N e t balance of income forthe year_______________ loss$883,029 $1,061,730
O F F I C E R S . — Pres, and Tre a s ., Sidney Blum enthal; Sec., Eugene
Blum enthal. Office, 395 F o u rth A v e ., N e w Y o r k .— (V . 120, p . 12070

May , 1925.]

153

IN D U STK IAL STOCKS AN D BONDS

M ISC E L LA N E O U S SECU RITIES
[For abbreviations, <Ac., see notes on page 6]

Date
Bonds

Par
Value

Am ount
Outstanding

Steel C orporation — (Concluded)—
Bonds of Coal and Coke Companies also Dry Docks—
Eastern Coke Co 1st M (closed) call s f Joint guar-xxUpIc* 1917
$ 1,000 $3,234,000
Penn-Mary Coal 1st M gold gu red 102
(s f 101)_GP.xx 1909
1 . 010.000
3.900.000
1st M Elkins prop call 102J4 * fd $200 yearly___Fr.c* 1919
‘ i'o o o
495 000
San Francisco Dry Dock C o_____________________________
Union Iron Works Dry D ock____________________________ 1909
470.867
Finch Run Coal pur. money s. f ___________________ ___ __ 1920
4.200 000
Jamison O. A O. Dak. mtge. s. f. $1,364.000__________
939.000
496.000
do
Barracksvllle " p. m & Impt. 1st m____________
None 218,212 shs
(Sidney) Blument hal & Co. I nc— Com stock 220,000 shs au
100 2.500.000
Pref (a & d) stock 7% cum red 110 $6,000,000 auth________
1.794.500
First mortgage sinking fund gold bonds redeemable ftex t)-. 1921
See text
4.687.500
B oone (Daniel) W oolen /Wills, Inc— Stock $6,250,000 auth.
None 250.000 shi>
Booth F isheries—I'ommon stock 025.000 shrs authorized..
100 4.999.800
1st pref stock $10,000,000 (cum since Apr 1912) red 110
i on y 2 .286.000
Sink fd deb $5,000,000 e red 101 mnv Into 1st nf stk *e* 1011
Sink fd conv g notes red (text) auth $7,500.000-.CeCxxxc* 1922 500&1000
443.200
Bonds o d cold storage plants . . . . _________ . . . . . ___
677,500
50 24,254.900
Borden Co— Common stock $35,000,000 a u t h . . __________
10
Preferred la \ ill
cum $7,500,000 redeemable at 110
7 VI i .OOi
10<
Brill— ( T h e J G ) C o — Common stock ____________________
4 810 2Of
Preferred (a & d> stock 7% cumulative_________________
10'
4.580,001
British Empire Steel C orp.— 8ee text

Rate
%

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends A re Payable

B e th le h e m

5
5
5
5
6
5
5
5

g
g
g

F
A
A

A
A
A

g
g
g
g

J
J
J

A
A
&

A Feb 1 1931
C A pr 11939
C O ct 1 1939
M a r 1 1931
O ct 1 1929
D June 1 1950
J Ja n . 1 1934
J J u ly 1 1929

A p r 1 1925 Wi
D Dec 1 1936
J u ly 1 '24, 75c
• e tei»
se
A pr 1 19 50 t u
See text
Te xt
O ct 1 ’20 1 H *
\ A C A pr 1 1926
6 e
M A S Sept 15 1937
7 g
-lee text
J
7 g

See text
6
5
7

A

Q— M

W— M
Q— M
(j— F

Tune 1 1925
June 15 1925
J ne 1 19 ’5
Feb 2 1925

G ira rd T r u s t C o , Phlla
Bank of Am erica, N Y
Union T r O o, San F ra n

Cent U nion T r C o , N Y
Central T r C o of 111. Ghie
do
do
Vat O itv R t , N Y ' or C h it
Chase N a t B k . N Y ; C e C

2°/, Seaboard N a t B an k , N
do
do
1H
1 h Checks mailed
lh

ao

y In addition $2,714,000 held In sinking fund and treasury 'n A p r . 1925

B O O N E ( D A N I E L ) W O O L E N M IL L S , I N C .— tncorp. in Illinois on
Sept. 30 1919. M anufactures men's clothing, and also manufactures cloth
A ll the cloth manufactured by the company is used by itself in the manu­
facture of clothing. Plants are located in t hicago, Rock island, 111.:
M oline. 111.: East M oline. 111.: Davenport,. Towa. and Baltic Conn.
Receivers A ppointed.— E . J . Brundage was appointed receiver for the
com oany on Feb. 10 1925. V . 120. p. 962.
T h e Union Bank of Chicago and Daniel V . H a rk in , President of the
bank, were anpointei co-receivers for the company Feb. 28 1925.
Reorganization Plan.— A reorganization of the caoital structure of the
company was approved b y the stockholders M arch 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).
T h e present capital stock will be exchanged one share of the new common
for each share of the old stock outstanding. Th e new preferred stock w ill
be 7 % and convertible into common stock on or before M a y 1 1927 on the
basis of 20 shares of common for one of preferred.
T h e directors have been authorized to retain the services of Samuel
Rosenthal as General M anager for five years.
Contingent noon the ending of the present receivership M r . Rosenthal
Will take $1,000,000 of 7 % oref. stock. A n additional 50.000 shares of
common, together w ith 62.500 now in the treasury, w ill be offered to stock­
holders at $5 a share. A ll shares not subscribed for w ill be taken b y M r .
Rosenthal.
S T O C K . — See table at head of page.
D I V I D E N D S . — I’aid 75c. per snare quarterly from A p ril 1 1922 to
J u ly 1 1924: O ct. 1924 d iv . was om itted. V . 119, p . 1285. Also paid a
stock dividend of 2 5 % on Feb. 26 1923.
R E P O R T . — For calendar year 1923 showed:
Gross. $832,024; sell. & adm in, exp., $279,828: p ro fit___________ $552,196
Other incom e_______________________________________________________ 59.868
T o ta l incom e_____________________________________________________ $612,064
Interest, A c ., $78,677; Federal taxes, $66,194_____________________ $141,871
D ivid e n d s_______________________________________________________ :___312.358
Surplus___________________________________________________________ $154,835
O F F I C E R S .— Ch a irm an , Stephen S. Stratton: Pres., Joseph Byfield:
V .-P ., George Srere: Treas. & Gen. M g r ., Fra nk Solomon: Sec., D . M .
Zemans. Office. 1735 West Diversey P a rk w a y, Chicago, 111.— (V . 120,
p . 2686.)
BO O I Id F IS H E R I E S CO — O R G A N I Z A T I O N .— In corp. In Delawac.
May 10 1909 and purchased at receiver’s sale all the assets of A . Booth A
Go.. Chicago, per plan In V. 88. p. 1063. Is engaged In buying and selling
at wholesale and retail fish, oysters and all sea foods, and has a large flee'
Of Ashing boats on the Great Lakes and Pacific Ocean. On A pril 1 1911
purchased the N W Fisheries C o . V . 100, p. 2088: V. 101. p 530
Booth St. Louis Cold Storage Co . has a large cold and d ry storage plant In
St. Louts. V . 101 p. 1976. In Dec. 1916 purchased the Llndenbergei
Packing C o . and the Colum bia Salmon Co . through Its subsidiary, tht
Northwestern Fisheries Co . — V 103 p. 2430. E a rly In 1917 purchaser!
6 packing plants of the Luheck Sardine C o and also property of the M a
Chlasport Packing C o ., both on the M aine coast. V . 105. p 2000. New
Sardine factors at St. Johns. N B opened *n Ju ly 1918. V 107 p. 405
Physical properties consist of 17 salmon packing canneries (15 In Alaska,
1 on Puget Sound and 1 on Colum bia River) with combined annual capacity
Of 1,000,000 cases of salmon (48 l-lb . cans to the case): 8 sardine canning
plants, 6 in M aine and 2 in New Brunswick, annual capacity of 800.000
Cases: 6 publicc 44 -storage I . m.s, I icated at Chicago, Minneapolis. St Paul
Bt. Louis, Seattle and Buffalo; more than 100 lake, river and seaboard
producing and buying stations; 2 steamship lies and other properties.
Booth Fisheries Oo of Canada, L td ., was incorporated Ju ly 4 1916 with
$1 ,000,000 capital s to c k jirlm a rily to take over and operate the New Bruns
wick Sardine Canning C o ., with plant near St. Andrews, N . B . Name
changed to Booth Fisheries Canadian C o ., L t d ., In M a y 1920. V . 110
P. 2389: V . 112. p 2309. 1540
S T O C K . — T h e first pref. stock, cum . from A pril 1 1912. w ith no voting
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 the
first pref. V . 94. p. 125. 489- T o ta l pref. a u th ., $10,000,000. V . 107
p . 698. V . 105. p 2000. 502.
T h e common shareholders voted M a y 21 1917 to change the authorized
common stock from 100,000 shares of $100 each to 500.000 shares of no par
value; 250.000 of the new shares then being exchanged for the outstanding
common five new for one old. O n J u ly 14 1922 the authorized stock was
Increased to 625.000 shares.
A n additional $1.000.000 pref. stock was Issued In June 1919 on account of
Improvements. A c ., the amount authorized to be listed on N . Y . Stock
Exchange being Increased to $6,000,000 of which $1,000,200 was In treasury
In A p ril 1924.
D I V I D E N D S . — O n first pref. paid J u ly 1912 to O c t. 1920 1 %i % Q . J
Ja n . 1921 dividend deferred. V . I l l , p. 2231. O n common paid 4 %
A p ril 1913 In new pref stock and In M arch 1917 a cash dividend (N o . 1)
Of 2 % : A p ril 1 and Ju lv 2 1917. 1 % . Oct 1917 to A p ril 1 1919. In d .
paid 50 cents quar. ($2 per ann.) on new common stock (ste above):
noneslnce. V . 108. p 2244; V. 109, p. 890.
B O N D S .— O f debentures ($5,000,000) $2,707,000 were on A p r. 26 1924
in sinking fund and $2,293,000 were outstanding. C u m u la tive sinking
fund $150,000 yearly at outset. V . 96, p. 655; v . 101. p . 1191. Bonds
on cold storage plants A p ril 26 1924, $752,500.
T h e 7 % sinking fund convertible gold notes due Sept. 15 1937 are re­
deemable, all or part, at llO a n d int. on or before Sept. 15 1927. the premium
decreasing 1 % each year thereafter. Sinking fund, commencing A p ril 15
1925, 5 % of net earnings (after int. and deprec.). T h e unissued $2,500,000
notes shall be used to refund or retire the 6 % debentures, due A p ril 1 1926.
V . 115, p. 1536.
R E P O R T . — F o r fiscal year ended A p ril 26 1924,ln V . 11 9 ,p. 201:showed.
Year Ended 4 M os. to ---------Calendar Years--------Period—
A p r. 2 6 '2 4 . A p r. 2 8 ’23.
1922.
1921.
N e t profit............................
$942,177
$339,287 def$51.023dr$ l .214.852
In te r e s t__________ ______
659.281
196,259
736.356
827.093
Depreciation, A c ...............
171.704
56.483
186.711
197,009
B a la n c e ................... _ „ s u r $ ll l,1 9 2 sur$86,545 def$977,090df$2,239.044
O F F I C E R S . — K . L . Ames, Pres.; P . L . Smithers, V .-P . & Gen. M g r .;
W . G . W eil, Sec,, and P. L . Smithers, Treas. Chicago offices, 205 N o rth
M ichigan A v e — (V . 119, p . 1737.)




B O R D E N C O M P A N Y ( T H E ) . — Incorp. In N . J . In 1899 as Borden’s
Condensed M ilk Co. In O ct. 1919 present name was adopted, the former
title being considered restrictive in that It Implied the manufacture of but
me nroducf— condensed m ilk— whereas the com pany also produces evap­
orated m ilk, malted m ilk, dried m ilk, condensed coffee and m ilk , condensed
cocoa and milk and caramels. See annual report in V . 120, p. 1484.
S T O C K . — T h e stockholders on A p ril 15 1925 approved the change in the
par value of the common stock b y reducing it from $100 to $50 and the issue
of two new shares for each share outstanding. T o provide additional work­
ing capital, the com pany has offered stockholders the right to subscribe at
par to additional common stock to tbe extent of 1 0 % of their holdings of
preferred and common stock.
L A T E D IV S .—
’24
1904 1905 1906 1907 ’08 to M 6. 1917 *18 to '23.
On common ( % ) - 8
8
8
8
8 ye arly.
8
8 yearly.
10
Extra
_________________
1)4 2
2
2
..............
text
..........................
In Aug 19)7 pain
of I % to aid Red Cross contributions
T h e directors in N o v . 1924 declared a quarterly dividend of 2 % on the
common stock, payable D ec. 1 1924. Dividends on the common stock had
previously been oaid sem i-annually in installments of $4 each.
Paid in 1925: M arch 2, 2 % : June 1, 2 % .
R E P O R T . — F o r 1924. showed:
1924.
1923.
1922.
1921.
Gross sales____________ $109,666,633$100,245.160 $92,058,760 $99,879,887
N e t op. prof.(aft. deduc.
all op.chgs..incl.denr.,
insur. A prop'y taxes). 5.790,135
5.372.876
5.676.974
3.367.275
Interest (n e t)___________ C r.281.672 Cr.256.305 Cr. 132.620 Dr.346.604
Federal taxes (e st.)_____
662,101
605.885
635.844
95.925
N e t income___________ $5,412,706
Dividends— Preferred___
$450,000
C o m m o n _____________
2,136,800
Borden’s Farm Prod.O o.,
In c ., F irs t Pref. ( 7 % ) .
______

$5,023,297
$450,000
1,709.440

$5,173,750
$450,000
1,709,440

$2,924,747
$450,000
1,709.440

35.330

29.239

Balance, surplus_____ $2,825,906
8.650,773
Previous surplus_______

$2,863,857
7.817.532

$2,978,980
5.720.874

$736,068
6,604.777

T o ta l.......... ............
$11,476,679 $10,681,389
A p p ro p ’n for reserve____$1,950,633
$1,917,510
In t. on sub. to cap’l stock
65.985
113.106
Loss on prop. & sec. sold
149.080

$8,699,854
$730,871

$7,340,845
$1,506,610

151.449

113.361

P . & L . surp. D ec. 31 . $9,310,979 $8,650,773 $7,817,532 $5,720,874
('hairuiau Albert (J .VIflhairtc. Pres.. A rtn u r VV . M llh tiru ; V .-P <v I'reas.,
Shepard Rareshfde: Sec. & Asst. Tre a s ., W m . P . M a rs h . N . Y . office.
350 M adison Ave.— (V . 120. p. 2014.)
B O R D E N ’S F A R M P R O D U C T S C O . , I N C . — Incorporated at A lb a n y ,
N . Y , A p ril 24 1917
A subsidiary of the Borden C o . engaged In the
business of distributing fresh m ilk, cream and other farm products In N . Y .
C ity and adjacent, cities, Chicago, M on trea l. A c V. 107 p. 2478- A u th o r­
ized capltalstock. $17,918,000. v iz .: (a) $12 500.000common: (hi $5 000.000
8 % cum pref . callable at 105. Outstanding. $10 000 000 common and
$3,500,000 6 % pref., both owned b y the Borden C o .— (V . 119, p . 3013.)
B O R N E S C R V M S E R C O .— (V . 120. p . 1093.)
B R A D E N C O P P E R M IN E S C O . — incorp id Dela. In 1909. Own*
entire stock and bonds of Braden Copper O o. (M a in e corporation), which
awns and operates In Province of O ’ Higgins. Chile, extensive mlnlne proparty with mill capacity of about 10.000 tons of ore per day. K ennecotl
Copper Corporation (which see) owns 9 9 % of the 2.590.706 shares au th orzed and outstanding (reduced from 2,800.000 shares J u ly 14 1916). A ll of
the outstanding collateral trust 15-year 6 % sinking fund gold bonds dated
Feb 1 1916 were redeemed on A ug. 1 1924 at 105 and in t.
R E P O R T . — F o r year ending Dec. 31 1924:
Calendar Years—
1924.
1923.
1922.
1921.
Operating revenues.......... $19,865,349 $20,455,010 $11,485,180 $5,632,686
Operating profit________ 10.185.021
9.235.595
2.656.652
136.597
To ta l income____________ 10.255.875 9.279.309
2,693.647
212.572
Taxes, interest, & c_____
1.486,363
2.069.907
2.699.345
2.653 682
Depreciation........................
2,090.121 2.111.036
1,866.196
1,670.028
Loss on plants abandoned
4.142
32.886
233.292
114.478
D epletion............................ 3.446.149 3,119.835
1,909.540
915.671
O ther charges.............. ..
.............
128.462
128.462
128.461
Disc, on bonds p u rc h .(C r.) 1.413.745
4.155
31.683
256.028
Balance, sur. or def____surl,815,355surl,821,338def5,690.345def5,013,720
— (V . 129, p. 2152.)
B R IO O S M AN U FAC TU R IN G C O .— (V. 120, p. 2554.)
B R I L L t l t t b J . (J.) C O .— O R G A N I Z A T I O N . — Incorporated In Pennsyl*1
vania Aug 1 1906; organized Feb. 1907. Manufactures oars and tru cksprincipally electric. See V . 108, p . 681: V . 106. p . 766; V . 85. p . 1400*
V 86. p I 102
D I V I D E N D S . — O n 7 % pref., I H % quar. to A u g . 1914; N o v . 1914 t*
Aug 1 1919. 4 % (1 % Q . - F . ) . Also A ug. 1 1918 paid 1 % ; N o v . 1 1918 to
Aug. 1919 paid 3 % quar. and on N o v . 1 1919 1 % and 2 H % on accumula­
tions en**m'y discharging same as of date last named. Feb. 1920 to
M a y 1925 paid \ H % quar. On common, June 1907 to M arch 1908, 1 %
q uar.; June and Sept. 1908, H of 1 % : then none until M a r . 1 1923. when
1^
naid lunn ' 1023 in Ju n e 2 19 ’5 paid • H % quar.
R E P O R T . — F o r 1924, in V . 120. p. 1881. showed:
1924
1923
1922
1921.
To ta l income..................... $8,882,409 $18,269,423 $10,177,583 *7,647,899
O p e r., gen. & adm . exp. \
Depreciation r e s e r v e . 8.212.337 15.525,021
9.103.291
7.484,499
N e t profit-----------------------Less— Pref. d iv id e n d s ...
Com m on dividends___
Res. for Federal taxes.
Other reserves________

$670,072
320.600
240.510
92,311
_______

$2,744,402
320.600
240,510
347.896
250.000

$1,074,291
320.600
______
119,323
______

$163,400
320,600
______
______

Balance, surplus---------$16,651 $1,585,396
$634,368 def$157,200
Pres., Samuel M . Curw en; V .-P ., W illiam H . Heuhngs J r ., zu V .-lT e s .,
J . W . Rawle: Sec., Edm un d L . O erter; Tre a s ., E d w . P. Rawle. Office.
62d and W oodland A v e ., Philadelphia, P a .— (V . 120, p . 2686.)
B R I T I S H A M E R I C A N T O B A C C O C O .. L T D . — (V . 120, p . 2686.)
B R I r i S H E M P IR E S T E E L C O R P ., L T D . — T h e stockholders of the
D om inion Steel C o rp ., L t d ., and N o va Scotia Steel A Coal C o ., Ltd., Is
A p ril 1921, form ally ratified the m erger of those companies with the H alifax

154

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

_
Brown S hoe C o, Inc— Common stock $10,000,000 auth_
Pref stork fa * d >7 °Z cnm rod 120 _
_
— --------B runsw ick-B alke-C ollender 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
B uckeye Pipe Line Co tT h e)— Stock 510,000.000--------------

Par
Value

$250,000,000 $89,638,400
Deduct— Held by constituent cos.:
7% Cumul. 2d Preference stock_ $7,391,425
_
Common stock___________________
3,144.600
---------------- 10.536.025
---------------- $79,102,375
Note.— Out o f the total authorized issue o f 7% Cumul. 1st Preference
stock Series “ B ” $12,111,600 is reserved for exchange o f the outstanding
Preference stocks o f constituent companies.
Pref. Stocks of Constit. Cos. Outstanding:
Dominion Steel Corp., Ltd______________________ $4,705,500
Dominion Iron & Steel C o., L td _________________ 3,522,800
Dominion Coal Co., L td________________________ 2,799,400
814,000
Nova Scotia Steel & Coal C o., L td_______________
Eastern Car C o., Ltd------------------------------------------107,100
---------------11,948,800
Cap. Stock of the Acadia Coal Co., Ltd.. Outst’g—
_6% Non-Cumulative 2d Preferred stock---------------$5,500
Ordinary stock__________________________________
107,800
---------------113.300
$91,164,475
D IV ID E N D S.— The directors on March 31 1924 decided to defer the
dividends upon all the shares of the corporation and its subsidiaries, viz.:
Dominion Steel Corp., Dominion Iron & Steel Co., Ltd., Dominion Coal
C o., 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 Jan. 16
to practically March 1, while negotiations were being continued for a new
wage agreement with the coal miners.
R E PO R T .— For 1923. in V . 118, p. 1131, showed:
Year ended Year ended
Dec. 31 '23. Dec. 31 '22.
xTotal earnings________________________________ $4,444,346 $2,917,275
Amounts rec’d in settlement of claims against Gov­
ernment for cancell’n of contract for ship plates.
--------4,000,000
$6,917,275
3,627,799
1,676,906
1,344,298

Balance, surplus______________________________
$6,834
$268,271
x Total earnings o f properties after deducting all manufacturing, selling
and administrative expenses.
The plants o f the company were closed on July 19 1924 for an indefinite
period. Compare V . 119, p . 78-




Rate
%

$100 $8,400,000
4
100 4 675.000
7
None 500.000 shs See text
$100 $4,552,400
1,000
1,600,000
10,000,000 See text

Shipyards, Ltd., in the British Empire Steel Oorp., 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 Corp.
. Ltd., and its subsidiaries, Dominion Iron & Steel C o., Ltd., and Dominion
Coal C o., Ltd. (6) Nova Scotia Steel & Coal Co., Ltd., and its subsidiary.
Eastern Oar C o,, 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 & Steel C o., 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
o f 8% Cum. Preference stock Series “ A ,” which it has authority to Issue.
7% Cumulative Preference Series “ B ."— The 7% Cumulative Pref. shares
Series “ B ” are to be offered in exchange for outstanding Preference shares
of the companies which enter the consolidation. Such exchange of Prefer­
ence shares will be at the option of the holders and upon terms below
mentioned. The Cumulative Preference shares Series “ f i" rank with the
Cumulative Preference shares Series “ A " as a first preference both a*
regards dividend and distribution of assets on a winding up.
Bond Issues Remain Undisturbed.— The bond and debenture issues of the
various companies [$31,102,475 outstanding] are to remain undisturbed.
Basis of Exchange of Common Stocks.
(a) Each $100 fully paid Ordinary or Common share o f the Dominion
Steel Corp., Ltd., will be exchanged for $95 o f fully paid 7% Cumulative 2d
Pref. shares and $40 fully paid Common shares in the Empire Corp.
(6) 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
(e) Each $100 fully paid Ordinary or Common shares o f Halifax Shipyards
Ltd., will be exchanged for $60 fully paid 7% Cumulative 2d Pref. shares
and $25 fully paid Common shares in the Empire Corp.
^ ___
_
|n
S Basis of Exchange of Preferred Stocks.
'
” Ta) Each $100 6% Cumul. Pref. share of Dominion Steel Corp., Ltd.
and each 7% Cumul. Pref. share of Dominion Iron & Steel C o., Ltd., and
each 7% Cumul. Pref. share of Dominion Coal Co., Ltd., to be exchangeable
for one share of like amount o f Cumul. 7% Preference stock Series “ B ” of
the Empire Corp
(b) Each $100 8% Cumul. Pref. share of Nova Scotia Steel & Coal Co.
Ltd., to be exchangeable for 1 1-5 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 C o.. Ltd., to be exchangeable for one share of like amount
o f Cumul. 7% Pref. stock Series “ B ” o f 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 ” o f the Empire Corp
Capitalization o f New Corporation Dec. 31 1923.
Authorized.
Issued.
8% Cum. 1st Pref. stock Series “ A ” _-$60.000.000
7% Cum. 1st Pref. stock Series “ B ” - 40.000.000 $7,838,400
7% Cum. 2d Preference stock_______ 75.000.000 57.350,000
Common stock_____________________ 75,000,000 24,450.000

T o ta l______________________________________
$4,444,346
Deduct: Provision’ or sinking funds, depreciation
and depletion o f minerals (and appropriation to
write down value o f plate mill, in 1922)
1,112,515
Interest on bonds and debenture stock___________
1,978,473
First preference divs. o f corporation & pref. stocks
o f constituent and subsidiary companies_______ 1,346,524

Amount
Outstanding

When
Payable

Last Dividend
and Maturity

Q— M June 1 1925 1%
Q— F M ay 1 1925 1 H
Q— F 15 M ay 15 '25, 90c
Q— J
Apr 1 '25, 1 X %
J & J To Jan 1 1929
Q— M fune 15 ’ 25 2%

[V ol. 120
Places Where Interest and
Dividends are Payable

Checks mailed
Checks mailed
Cont & Com Tr&S B k , Chi
New York

OFFICERS.— Pres., R. M . Wolvin; Sec. & Treas., C. S. Cameron.
Office. Canada Cement Bldg., Phillips Square, Montreal, Que.— (V. 119.
p. 2067 )
BROWN SHOE CO., INC.— O RGAN IZATION .— Incorp. in N . J. Jan.
1913 and acquired the Brown Shoe Co. o f M o. Owns and operates 13 large
modern pianos, 5 in So. Louis, and one eaen in Moberly, Brookfield. M o.,
Mattoon, Murphysboro, Dixon, Litchfield and Charleston, 111, and Union
City, Tenn. Also leases and operates a plant for the manufacture o f paper
boxes. Aggregate net floor space, 31 }4 acres. Capacity, 45,000 pairs of
shoes per day. In Feb. 1913 acquired Barton Bros, of Kansas City. V.
96, p. 556. Owns and operates Central Shoe C o.. St. Louis.
STOCK.— The pref. stock is redeemable at any time, all or part (pro
rata), and also upon dissolution at 120 and divs. on 3 mos.' notice. No
mortgage (other than purchase money) can be authorized or pref. stock
increased or prior stock Issued by vote of less than 75% ° f each class, both
pref. and com. Sinking fund out of surplus profits to retire at least 2H %
annually of the maximum pref. stock at any time outstanding. V. 107, p.
2004. Pref. shall not vote for directors unless four quarterly dividends are
In default.
Pref. stock authorized, $6,000,000: outstanding, $4,675,000: retired by
sinking fund and canceled. $1,325,000.
D IV ID E N D S.— Div. on pref. from Feb. 1913 to M ay 1925, I X % quar.
Dividends on common, 1% paid Feb., M ay and Aug. 1 1914; none to D ec. 1
1916. when 1J^% was paid; Mar. 1917 to Sept. 1919, \\4% quar.; D ec.
1919 to Sept. 1920. I H % quar.; then none until June 1 1923. when 1%
was paid: then to June 1 1925 paid 1% qtiar.
Stockholders of record
Jure 19 1920 received a stock div. of 33 1-3%.
R E PO RT.— For year ended Oct. 31 1924, in V. 119, p. 2524, showed:
1923-24.
1922-23.
1921-22.
1920-21.
Net sales........................$28,926,632 $29,679,235 $27,191,698 $22,382,716
t Net profits__________
1,568,337
1,510,059
1,389,799 loss$758,428
Federal income, war and
excess profits tax (est.)
$196,800
$176,000
$100,000
331,188
Preferred dividends____
342,650
366,975
367,325
Common dividends_____
335,616
167,126
Balance_____________
$704,733
$824,283
$922,834df$l,125,754
tAfter deducting cost o f materials, exp., deprec. & inc. charges, bad
debts, &c.
Pres.. John A. Bush: V.-Pres., E. R. M cCarthy, P O’Brien, T . F.
James; Treas., H. S. Hutchins; Sec., W . E. Tarlton. Office, Washington
Ave., 16th to 17th Sts., St. Louis, M o.— (V. 119, p. 2524.)
BRUNSWICK=BALKE=COLLENDER CO. (T H E ).— ORGANIZA­
T IO N .— Inc. in 1907 in Delaware. Business established in 1874. Co.
manufactures billiard and pocket billiard tables, billiard supplies, bowling
alleys and incidentals thereto, phonogranhs, records and combination
phonograph-radios. Owns and operates 13 factories; leases and operates
2 factories. Products sold through jobbers and 27 branch houses.
STOCK.— Pref. stock S. F.— Co. shall retire by purchase, redemption
or otherwise $1,500,000 par value of pref. stock, such retirement to be
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. $1,447,600 retired as of Jan. 7 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 per 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.
D IV ID E N D S.— Pref. stock, 1914-1924, 7% per annum; Jan. 2 and Apr. 1
1925, 1 H % . Common, 1914-1915, 3% ; 1916, 4 ^ % ; 1917, 3 % ; 1918,
114%', 1919, 7% ; 1920. 7% in cash and 150% in Class “ B ” common on
class “ A ” common; 1921, 1M % ; 1922, 1H % 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 paid M ay 15 1925.
BONDS.— There were $374,999 purchase money obligations outstanding
as of Dec. 31 1924.
R E PO RT.— For year ended Dec. 31 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
a Profits from operations $2,987,390 $2,835,949 $2,367,355
$610,217
Excise taxes for year____
________
________
________
1,236,132
Shrinkage on inventories ________
________
________
1,355,293
Sundry exp. & chgs. (net)
________
________
Cr.218,223
298,483
Prov. for income tax____
426,000
322,000
________
________
Profit on sales of prop’ty Cr.240,333
_______ ________
________
Net in com e_________ $2,801,723 $2,513,949 $2,585,579df$2,279,691
Previous surplus_________ 8,839,576 7,523,948
7,659,839
309,326
Credit arising from con­
version of stock______
________
________
________ bl0,125,000
________ Cr.2,109,749
________
Appr. of properties (adj.) D r.519,907
Adj. of Fed. tax (pr.yrs.) D r.62,544
________
________
________
Total__________________$11,058,848 $10,037,897 $8,135,669 $8,154,634
Pref. divs. (7% per ann.)
329,878
332,071
336,096
337,295
Common divs. (cash). . (7 %) 866,250(7 %) 866,250 (1H ) 275,626 (1H ) 157,500
In com. stock (5 0 % )-. 6,187,500
________
________
________
P .& L . surplus Dec. 31. $3,675,219 $8,839,576 $7,523,948 $7,659,839
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,
b Credit arising from converting 135,000 shares old class “ B ” common
stock of $100 each into 33,570 shares new common stock of $100 each.
3 Months Ended March 31—
1925.
1924.
1923.
Net profit from operations__________
$65,999
$472,624
$631,631
OFFICERS.— B. E. Bensinger, Pres.; R. F. Bensinger, Treas.; T . M .
M cHale, Sec’y. Office, 623 S. Wabash Ave., Chicago.— (V. 120, p. 2686.)
BUCKEYE PIPE LINE CO. (T H E ).— O RGAN IZATION . &c.— Incorp.
In Ohio Mar. 31 1886. Owns pipe lines in Ohio. Formerly controlled by
Standard Oil Co. o f N. J., but segregated in 1911. See Standard Oil Co. of
N. J., V. 85, p. 216, 790; V . 93, p. 1300. Stock, $10,000,000; par. $50

May, 1925.]

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

6
]

Date
Bonds

Par
Value

Amount
Outstanding

Bate

R E PO RT.— For 1924, in V. 120, p. 962 and 1094, showed:
Calendar Years—
1924.
1923.
1922.
Net profits_____________
$938,000 $1,041,571 $1,744,396
D ividen d s_____________
800,000
1.350,000
7,000,000

1921.
$1,676,435
1,600,000

Balance, sur. or def.-sur$138,000 def$308,429df$5,255,604 sur$76,435
D IV ID E N D S.— ’ 13. T 4. T5. T6. T7.
T8. T9 to ’21. '22. '23 '24.
Regular, per cent. 40
28
16 16 16
16 16 yrly. 16 13>* 8
Extra, per cent_ _
_
-__
3
2 _______
54 _____ - Paid in 1925: March 14, 2% ; June 15, 2% .
Pres., D. 8. Busnnell; V.-P. & Gen. M gr., T. B. Greene: Sec., J. R
Fast; Treas., W F. Livingston. Main office, Lima, Ohio. N. Y . office
26 Broadway.— (V. 120, p . 1094.)
BURNS BROS.— Wholesale and retail coal dealers In N. Y . City. A
consolidation Dec. 31 1912 under laws of N J V .9 6 p .3 6 3 :V 103,p . 2081.
In Dec. 1921 acquired William Farrell & Son, Inc. For terms of acqui­
sition, see V. 113, p. 1986, 2408.
C A PITA L STOCK.— In connection with the acquisition in Dec. 1921
of Wm. Farrell & Son, Inc., the capital stock was changed to amounts
shown in table at head of page (compare V. 113, p. 1986, 2408).
The 7% cumulative pref. stock is entitled to benefit o f an annual sinking
fund of $120,000, after the payment o f dividends on stock, and after all
prior preference stock has been retired.
The Class A common stock will be entitled to receive cumulative divi­
dends at the rate o f $8 per share per annum before any dividends are
paid on the Class B common stock, and thereafter all dividends are to be
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
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
Class A common stock and Class B common stock, share and share alike.
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
voting power except when dividends are in default.!
The stockholders on June 14 1923 approved a plan to merge with the
National Coal Corp., but the plan, it was later announced, had been tem­
porarily abandoned following the granting to two stockholders o f an injunc­
tion restraining the company from putting the plan into effect. Compare
V. 116, p. 2392. 2997; V. 117, p. 329, 556.
D IV ID E N D S.— On Class “ A ” common stock paid $2 50 each quarter
from Feb. 15 1922 to M ay 15 1925- On Class “ B ” common stock paid
50c. quarterly from Feb. 15 1922 to M ay 15 1925.
REPO RT year ended March 31 1924, in V. 118, p. 2708 and 2828.
For
showed:
1923-24.
1922-23.
1921-22.
1920-21.
March 31 Years—
$30,295,586 $29,432,808 $31,373,520 $29,475,299
Net sales__________
1,530,921
1,376,134
723.081
Net profits____________
974,577
1,762,788
1,700,409
1,140,029
Total income______ ____ 1,305,311
Add—
2,347,239
1,757,759
Bal. beginning o f y e a r .. 2,577,163
2,684,300
223,260
W m. Farrell & Son sur__
Sur. ext. through retire­
791,400
244,300
95,000
ment of stock________
A dj. in book val. o f in v. 1,090,000
230.000
281,756
Gancel. o f res. not req_.
$4,201,085
$210,000
90,447
809,159
161,828
134,553
217.936

$5,062,309

$3,520,547

$52,064
22,612
202,233
40,381
$99,290
157.500
606.568 (10)808,518
97.388
85.000
1,199,262
180,501

Surplus______________$3,100,673
$2,577,163 $2,684,300 $2,347,239
President, F. L. Burns. Office, 50 Church St., New York City.—
(V. 119, p. 1846.)
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 and calculating machines.
Co. has its own sales agencies. Also owns about 450 U. S. and foreign
patents. Plant at Detroit.
STOCK.— Pref. Stock 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 $0 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.
S. f. o f 10% per annum, beginning 1925, o f net earnings, after preferred
dividends. Has no voting power, except when all other stock shall be
reduced to. less than one-half par value o f 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
o f preferred or issue any stock in any respect prior to or on a parity therewith.
D IV ID E N D S .— 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. 3 l 1924
and Mar. 31 1925, H * % . New common stock, initial dividend 75 cents,
Sept. 30 1924; same amount paid quar. to June 30 1925R E PO R T .— For year ended Dec. 31 1924, in V. 120, p. 2015, showed:
Calendar Years—
1924.
1923.
Gross income___________________________________ $11,061,151]
Operating expenses_____________________________ 5,969,133
Not
Operating income_______________________________
5,102,018 available
Federal taxes__________________________________
577.000J
Net income_____________________________________ 4,525,018 $4,443,927
2,602,564
2,398,882
D ividends__________________
Surplus for year________________
1,922,454
2,045,045
Profit and loss surplus__________________________ 9,529,432
7,506,966
OFFICERS.— Standish Backus, Pres.; L. A . Farquhar, Treas. & Compt.
G. W . Evans, Sec. Office, Detroit, M ic h — (V. 120, p. 2015.)




When
Payable

%

None
80,944 sh.
$10
None
Common stock Class B 100,000 shares auth____________
80,940 sh.
$2
100
Prior pref (a & d) stock 7% cum red 120 S I,292,100 auth_
759,000
7
Preferred (a & dl stock 7 % cum red 110 SS.onn nnn auth_
_
100
3.000 000
7
None 600.000 shs
B u r r o u g h s A d d in g M a c h in e Co— Com stk 600,000 shs auth
$3
$100 $15,000,000
Pref stock (a & d ) 7% cum ref (see text) s f S15.000.000 auth
7
None 137,852shs. See text
B u s h T e r m in a l C o — Common stock 260,000 shares a u th ..
l'« i
Preferred (a & d ) 6% cum redeemable at 110 text________
6
2.300.000
100 6,889,900
Debenture pref stock 7% cum $25,000,000 auth________
7
First M (V 7 6 , p 074) conv sink fund since 1907- Col.xc* 1902
l.OuU 2.774.000
4«
First consolidated mortgage $10,000,000____________ _xc* 1905
1,000
6.629.000
5 ff
Bush Term Bldgs Co M $12,000,000g gu s f .C o l, x. c*&r* 1910 1,000 &C 8.127.000
5g
do 7 % cum. pref. stock guar. call. 120_______________
100 7.000
000 7
5 3.000,000
B u t t e C o p p e r & Z in c C o . — Stock auth $3,000,000_________
10 2.901,977 See text
B u t t e & S u p e rio r M in in g C o , — Stock auth $3,500,000 -----

B u r n s Bros.— Common stock Class A 100.000 shares auth_

Total________________ $5,446,774
Deduct Dividends—
New preferred (7 % )____
$210,000
Prior preference (? % )._
74,935
Common Cl. “ A ” ($l0)_
809,165
161,757
Class “ B ” ($2)______
Old preferred (7 % )_____
Common (old)_________
Retire pref. stock (net) 150.065
940,180
Chges. not app. to oper.

155

IN D U STRIA L STOCKS AND BONDS

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— F M ay 15 25 $2.50
Q— F M ay 15 ’ 25 50c.
Q— F M ay 1 ’ 25 IH
O— T Apr 1 1925 1
Q— M 31 June 30 ’25, 75c.
t)
J

C
c
&

J See text
J
’25 3%

& O Apr 1 1952
Office, 100 Broad St, N V
& J Jan 1 1955
Office, 100 Broad St. N Y
& O Apr 1 1960
Q— J Apr 1 1925 1 H New York
Dec 24 1924 50c
See text

A
J
A

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
_^
leases to tenants, see V. 108, p. 2239.
STOCK.— The stockholders on M ay 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.
D IV ID S.—
’08. ’09. TO. ’ l l . ’ 12-T4. T 5. T 6. ’ 17-’21. ’22. ’23. ’24.
Common_______ f 0
0
2 4 4 yrly. 5
5
5
5
5
5
Do in stock .j . .
.. ..
...
24* 5
5
24* . . „
Paid in 1925: Jan. 17, 24*%; M ay 12, 14*%.
R E PO RT.— For 1924 showed:
1923.
1922.
Year Ended Dec. 31—
1924.
Gross earnings_____________________ $8,294,114 $8,096,883 $7,551,618
Operating expenses_________________ 4,457.891
4,256,225
4,011,148
1,098,078
1,101.620
Taxes______________________________
1,099,983
1,060.515
1,022,924
Interest____________________________
1,084.780
162.009
162,334
Depreciation_______________________
175,413
138.000
138,000
Preferred divs., Bush Terminal C o ..
138.000
462.893
408,532
Pref. divs. Bush Term. Bldgs. C o____
467.105
344,157
344,000
Common divs.. Bush Terminal C o_
_
344,277
Income tax_________________________
187,240
130,610
180.756
^Balance, surplus_________________
$345,908
$387,767
Results for Three Months Ended March 31.
1925.
Total gross earnings_____________________________ $2,160,054
Total operating expenses________________________ 1,170,676
Taxes___________________________________________
321,981
Depreciation____________________________________
43,243
Interest on bonded debt, &c____________________
272,398
Sinking fund____________________________________
______

$232,450
1924.
$2,066,078
1,094,048
223,079
272,137
40,461

Balance, surplus______________________________
$351,665
$336,353
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. 120, p. 2554.)
”■ BUTTE COPPER AND ZINC CO.— Organized under laws of Maine,
Nov. 22 1904. Is engaged in developing, mining and operating mines and
mineral lands, and in milling zinc and manganese ores. Property, conB
isting of ten claims, is owned in fee and is located in the centre of the City
„ f Butte, Silver Bow county, Montana, and is a compact group covering
^bout 3.000 feet along the Black Chief vein
C A PITAL STOCK.— Auth .rized and outstanding, $3,000,000. Par
value, $5. Voting trust expired Feb. 1 1920.
D IV ID E N D S.— A dividend of 50 cents per share was paid In July 1918:
then 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.
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.
RE PO RT.— For calendar years:
Calendar Years—
1924.
1923.
1922.
1921.
Proceeds of ore________
$145,951
$93,664
$17,591 def$70,135
Other income__________
32,436
22,354
34,361
43,962
Total income________
Expenses & taxes, &c_
_

$178,387
45,275

$116,018
40,697

$51,952 def$26,173
29,105
34,902

Net income_________
$133,112
$75,321
$22,847 def$61,075
OFFICERS.— Albert J. Seligman, Pres.; Albert Fries, V.-Pres.; A . I.
Bailey. Sec. & Treas.— (V. 120, p. 1332.)
BUTTE AND SUPERIOR MINING CO.— OR GA N IZA TION .— 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, &c. Output chiefly zinc spelter Flotation
separation, V . 105, p. 1211, 1422; V. 106, p. 1120, 2231.2446, 2759; V. 107,
p. 289, 606, 1103; V. 108, p. 588, 2530; V. 109, p. 373, 1082; V . 113, p.
1363, 2315; V. 115, p. 78. Ore body settlement. V . 109, p. 890.
Paid in 1925: Mar. 31, 50 cents (being the first payment since June 30
1923).
L A T E 'D IV ID E N D S — 1916. 1917.’ 18-’21. 1922. 1923. 1924. 1925.
Regular (% )____________
40 31 X _____
5
10 -----See
Extra (% )_______________ 300 35M ..................... ....... ....... text
RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total revenue_________ $2,969,261
$3,346,294 $2,902,633
x
Oper. costs and deprec-. 2,684,282
3,251,965
2,807,234
825,665
Net income_________
Other income__________

$284,979
40,678

$94,329
44,066

$95,399 loss$825,665
95,402
72,713

Total income________
$325,«57
$138,395
$190,801 loss$752,952
Res. for tax, conting.,&c
116,285
169,446
480,652
-----D ividen ds____________
________
$290,197
$145,098
________
Balance, d e fic it -.-.____
$209,372
$321,248
$434,949
$752,952
x The company’s mines resumed operations on Jan. 10 1922 after being
shut down since N ov. 10 1920.
OFFICERS.— Pres., D . C. Jackling; V .-P ., Ohas. Hayden; Sec., A . J.
Ronaghan; Treas., J. R . Dillon. Office, 25 Broad St., New York.— (V.
120, p. 2152.)

156

INDUSTRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES

{For abbreviations, & c., see notes on page 61

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

*100 $14,642,100 See text
None 168,500shrs
1919
4.336,600
6
Caddo Oil & Ref Co 1st M (closed mtge) s f call 105 - CP 1917
6g
1.496,500
Eoulpmant trusts due serially red ftPTt.)
_ CPxXX 1921
166 &c
180 000
8g
None 486./USshrs
$6
C alifornia Packing Corp — Com 500,000 shares (no par).
25 17 377 O' 0
C alifornia Petroleum Corp — Stock com $60,000,000 auth__ ___
7
W ) 11 955 100
7
Pref (a&d) stock 7 % cum & partic (to be retired— see text)
100 &c
10-year sinking fund gold bonds rec (text)____Ce.kxxxc* 1923
7,200,000
6H 8
Bonds of Controlled Companies—
American Oilfields Co 1st M g red 105 beg 1916 sink fund.x 1910
692 600
6e
............ 10
C a lla h a n Z in c -L e a d Co— Stock $10,000,000 authorized____
6.754.920 See text

When
Payable

Butterick Co ( T h e ) — Stock $15.000.000___________________
C a d d o C e n tr a l O il & R e fin in g — Stock 200,000 shares___

B U T TF R IC K CO. (THE).— O R G A N IZ A T IO N — Incorn, in New York
on Jan. 15 1902. Owns stock o f various companies publishing magazi es.
manufacturing paper patterns. &c. See V. 75. n. 237. Stock was on
Oct. 19 1909 authorizel to be increased from $12,000,000 to $15,000,000.
Acquired the $1.000,000 Ridgway Go. June 30 1919. V. 104, o. 1174. The
outstanding obligations on Dec. 31 1924 included: mortgages. $583,000;
Butterick Publishing Co. 8% cumulative preferred stock. $600,000.
D IV ID E N D S—
( ’03. ’01. ’05. ’06. ’07. ’08. ’09. ’ 10-T5. T6. ’ 17-’24.
Since 1902, 5 % ------- \ 4
4
4
4
3
IM, 2% 3 yrly. 2>£ None
REPO RT..— For 1924, showed:
’
'
Calendar Years—
1924.
1922.
1921.
1923.
Net profit after Fed’l tax
$810,091
$577,648
$629,262
$566,913
Preferred dividends____
50.000
_ 58,000
_ 66,000
74,000
Balance, surplus_____
$527,648
$766,091
$571,262
$500,913
Profit and loss_________ $4,294,187
$3,766,539 $3,195,278 $2,812,999
OFFICERS.— Pres., G. W . Wilder; Treas., C. D. Wilder; Sec.. T . S.
Mersereau. Office, Butterick Building, N. Y. City.— (V. 120. p. 2015.)
C A M O CENTRAL OIL AND REFININU CORPO R ATIO N .—
ORGAN IZATION .— Incorp. in New York State May 2 1919.
The ne« refinery m «Vrt-.ir Grove, h;ivirie h dailv eapacov > 5,000
f
barrels was completed in 1920 and is in operation. The operation of the
Small Shreveport refinery was discontinued on completion of the new re­
finery. This leaves the company with two refineries at Cedar Grove
having a combined daily refining capacity of 8,000 barrels.
I t s h o ld in g s in th e o il fie ld s c o m p ris e : (a) 30 400 acres in fee In Bosslei
L a .: (e) a p p ro x im a te !j
6 0 0 0 acres u n d e r lease d is t r ib u te d o v e r N o rth L o u is ia n a in C a d d o . H o m e r
R e d R o v e r. D e S o to , L i t t l e R iv e r , W e b s te r a n d B ie n v ille p a ris h e s a n d I d
T exas a n d A rk a n s a s .

Parish, L a .; (&) 2 ,2 0 0 acres in fee In C a d d o P a ris h

Digest of Proposed Reorganization Plan.
T The bondholders protective committee for the Caddo Oil & Refining Co.
o f La., Inc., 1st Mtge. 6% gold bonds, due 1927, and the Caddo Central
Oil & Refining Corp. 1st Consol. Mtge. 6% bonds, due 1930 (interest on
both issues being in default since Jan. 1924) propose the foreclosure of the
foregoing mortgages and the reorganization of the properties under a new
Company.
Capitalization of New Company.
(a) $500,000 Mortgage bonds. These bonds will be secured by a first
mortgage upon the entire property o f the new company, subject only to
the lien to secure outstanding Tank Car certificates. The amount of bonds
may be increased to $800,000 to retire these Tank Car certificates, in which
Case the bonds will be secured by a first mortgage on the entire property.
Including the cars. The maturity, interest rate, sinking fund and other
provisions of the bonds will be determined by the committee and incor­
porated in the final plan to be submitted.
(b) $2,602,935 6% Cum. Pref. stock to be issued in exchange for the
present bonds on the following basis: $1,301,955 Tor $1,496,500 Caddo Oil
& Refining Co. of La., Inc., bonds now outstanding: $1,300,908 for $4,336.600 Caddo Central Oil & Refining Corp. bonds now outstanding.
(c) 200,000 shares no par value Common stock to be issued as follows:
(1) 14,965 shares to Caddo Oil & Refining Co. o f La., Inc., bondholders; (2)
86.732 shares to Caddo Central Oil & Refining Corp. bondholders. Addi
tional shares, the amount not yet determined, to be given to the purchasers
Of the new bonds, and if an offer is made to the present stockholders addi
tional shares will be available for issue to them. Any o f said 200,000 shares
Of Common stock not issued for these purposes will remain unissued in the
treasury.
Under the above plan each holder o f a $1.000 Caddo Oil & Refining Co.
o f La., Inc., bond will receive: (a ).$870 Preferred stock and (6) 10 shares
no par value Common stock. Each holder of a $1,000 Caddo Central Oil
& Refining Corp. bond will receive (a) $300 Preferred stock and (b) 20
■ h a re s n o p a r v a l u e C o m m o n s t o c k .

Committee has not yet reached a definite conclusion on the question
Whether a proposition shall be made to the stockholders o f the company to
Join in the reorganization, but, if any such offer is made, it will require the
•tockholders to provide a portion of the new money.
Protective Committee.— E. W. Clark, J. M . Denison, H . B . Hagy, C. P.
Lineaweaver, R. L. Stringfellow.— (V. 120, p. 1208.)
R E PO R T .— For 1924, in V. 120. p. 2677. showed:
1924.
1923.
1922.
Refined oils (barrels)___ 2.6C5.122
2.419.788
1.959.455
Gross revenues_________ $5,948,163
Gross departmental prof.
608.757
Admin., &c., gen. e x p ..
162,444
Miscellaneous income_
_
21.607
Net admin., &c., exp.
$140,838
$165,057
Income before charges..
467.919
48.566
T axes------------109.311
152.892
Organization exp. and
discounts written o ff. . ________
15.525
15.525
15.525
Deprec., depletion and
abandoned leases___
426.703
494.744
528.051
576.896
Int. on bds. & car trusts
376,106
380.528
387.577
405.868
Taylor settlement______ ________
J7r.305.195
Final corp. deficit____
$444,201 $1,002,173
$184,092
$553,246
C A PITAL STOCK.. -On May 3 1920 stockholders auth. (1) change of
rtock to no par value; (2) increase o f shares from 150,000 to 200.000.
(3) sale o f 50.000 shares at discretion o f board o f directors. Stockholderto f record June 6 1921 were offered the right to subscribe at $15 per share
for 50,000 shares of capital stock (no par value) to the extent of one new
ah&re for each three shares held.— V. 112, p. 2540.
At the annual meeting in March 1923 the shareholders approved the
issuance and sale o f 31,500 shares o f treasury stock previously offered to
stockholders for subscription and not subscribed for.
OFFIC E R S.— Pres., Hugh K. Prichitt: V.-P. & Treas., James D.
Williams; Sec., R. A. Weatberby; Asst. Treas., D. E. Hall. Office,
Shreveport, La., and 61 Broadway. N. Y.— (V. 120. p. 2677.)
CALIFORNIA PACKING CORPORATION (OF N. Y.J.— O R G A N I­
SATION.— In Oct. 1916 incorporated In New York to acquire (V. 103. p
1212), free o f mortgage or other funded debt, the business, assets andproperti«s o f J. K. Armsby C o.; California Fruit Canners' Association: Central
California Canneries: Griffin A Skelley C o.; and about 80 ^ of the cap­
ita] stock o f 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 o f goods owned are “ Del
M onte,” "G old Bar,” “ Sun Kist” and “ Glass Jar.” The Alaska Packers’
Association is a large packer o f canned salmon. Hawaiian property, V . 104
P- 2454.




[V

Last Dividend
and M aturity

ol.

120.

Places Where Interest and
Dividends are Payable

Sept 1 *16 H % Checks mailed
J
J

&
&
&

j Jan 1 1930
J Jan 1 1927

M
S 1925 to 1926
Q— M June!6 25*1.50
Q— M Junel '25 1 M %
July 1 '25 t H %
0— J
A & O O ct 1 1933
F

& A Feb 1930

See text.

Jan . ’24 fnt. unpaid
Ja n . ’24 in t. unpaid
Bk ofNA&T, Phfia &Chi.

Checks mailed
l r v Bk-Col T r Co. N Y

do
do
B la ir & C o . N Y ; Los Ang
Southern Tr C o . Los Ang

STOC K — The pref. stock was called for redemption at 116 and accrued
dvidend on April 1 1920. Dlvs. on common, June 16 1917 to Mar. 1918
50 cts. each ($2 p a.l; June 15 1918 to Dec. 15 1919. $1 quar.; M ar. 15
1920 to June 15 19 ’ 5 $1 50 quar
RE PO RT.— For year ending Feb. 28 1925, showed:
Consolidated Results— Years Ending Feb. 28.
1924-25.
1923-24.
1922-23.
Profit (after all taxes)________________ $5,630,519 $4,479,212 $5,172,879
519,060
840,138
995,504
Income from investments___________
Total income.....................
$6,150,479 *5.319.350 $6,168,383
Common dividends_________________ ° r>>~ °*8
r '>
* 830,SD8 2,830,248
>
Sumlus--------------------------------------- *z,t8J,102 $3,338,135
O F F IC E R S .—J. K. Armsby, Chairman of the Board; R. I. Bentley,
Pres.; L. E. W ood, V.-P. & Gen. M gr.; L. A . Woolams, V .-P. & Treas.;
H. Z. Baldwin, Sec.— (V. 120, p. 2554.)
CALIFORNIA PETROLEUM C O R PO R ATIO N .— O RGAN IZATION .
— A hoi ling company incorporated in Virginia Sent. 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
Mi Iway Co., Lt h. which owns 580 acres and has leased about 4,200 acres
in thp Midway and olntr oil fields. Other subsidiary companies are tbs
Niles Lease Co. and the Midland Oil Fields C o.. Ltd. During 1920 the
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. On Dec. 31 1924 there was in hands of public $13,351 stock
an I also $692,600 bonds (s°e table above) of the subsidiary companies;
remainder owm d by California Petroleum Corporation.
STOCK.— The stockholders on April 21) 1923 increased the authorized
common stock from $17,500,000 to $60,000,000. and changed the par value
if the common shares from $100 to $25. the holders of common stock recelving 4 shares of new common stock, par $25, for each $100 share held.
V I 16. p. ISOS
The directors have approved a plan to retire the company’s 7% pref. stock.
The stock i* subject to redemption at 120 and divs., and is entitled to share
equ illy with the common stock in dividends above the 7% rate now being
pud on both pref. and common. The retirement of the pref. i« to be financed
by issuing an additional 527.978 shares of common (par $25) at $27 50 a
share to both pref. and common stockholders. The new stock will be of­
fered to the pref and common stockholders of record June 2 1925 in the
ratio of I 4-5 shares of such additional stock for each share of pref. stock
and 9-20 of a share of such additional stock for each share of common stock
held
Rights will expire on June 23 1925.
BONDS.—The 10-year 6t$% sinking fund gold bonds are redeemable
for sinking fund on any Interest date at 103 > and interest up to and Includ­
4
ing April 1 1927. the premium thereafter decreasing
of 1% on each suc­
ceeding interest date. O April 1 1924. and semi-annually thereafter until
11
ill 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 bi nds by maturity at the prices given above. V. 117, p. 1351.
n V 1 itiN I M. - I liv, mi nuinniiiu tan l Apr. land July 1 1913 1 H %
1
each; then none until Mar. 1 1923. when 1 % % wa*paid: June 1 1923 to
June 1 1925 paid I H % quar. On preferred, in 1913 and 1914, 7% ;
1915, 5 4 % 1° 16. 4 6 (1 % QJ-J ); 1917 49, : 1918. Tan and Apr. 1% : July
5
md Oct.. H i % : Jan., and again in April, 1919. 1 % % and 2% on accumuI rions
lolv 1010 paid | regular and 2H on aer-umolatinns
Tn Oct,
1919 paid 1 s regular and 2 '4 on accumulations, which cleared up all accu­
4
mulations on the pref. Paid 1 M % quar. Jan. 1920 to July 1925.
R E PO RT.— For 1924, In V. 120, p. 2541, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings............... .$17,680,521 $20,314,981 $11,835,760 $7,463,675
Net ea rn in g s..............
8.212.539
10.838,296
6,861,171 4.397.153
Depreciation. &c............ 3,792,479
3.161.885
2,282.563 1,166.421
Interest on bonds, &c_
_
592,628
186,620
49,452
51,220
Reserve for Federal taxes
and contingencies____
350,000
775.000
540,000
564,000
Preferred dividends____
836,787
863.550
705,150
715,029
Common dividends_____ 1,216.390
1,216,390
______
______
Sinking Fund__________
582,969
610.293
333,561
197,065
Balance, surplus.........
$841,285 $4,024,559 $2,905,444 $1,703,419
Chairman, Thos. A. O’Donnell; Pres. & Gen. M gr., R . L. Peeler; Sec. &
Treas., W. D . Steward. Office, Security Bldg., Los Angeles, Calif.— (V.
120, p. 2686.)
C a i .L a Ma N ZINC-LEAD CO.— Formerly Consolidated Interstate
Callahan Mining Co.
Name changed to present title on Apr. 12 1920.
ORGANIZATION.— Organized tn Arizona June 12 1912. and is engaged
n mining and milling zinc and lead ores In Shoshone County. Idaho Stook
zuth., *10,000,000, In $10 shares. Paid dividends regularly from April 1
.915 to June 30 1917. in all $13 50 per share, or $6,277,365 In diva.; Sept,
1917 none pending certain Improvements. See.: Jan. 2 1918 50cents (5% ).
June 15. 50 cents (5% ) quarterly. In Oct. 1918 paid 76 cents (7H %) quar.
none thereafter until Feb. 1920 when $2 was declared payable In quar. In< men ts of 50c. each on Mar. 30, June 30. Sept. 30 and Dec. 30 1920;
tall
none since.
STOCK.— The stockholders o f record Oct. 26 1922 were given the right
g subscribe to new stock at par ($10) on a basis o f one new share for each
o
five shares held. V. 115. p. 1842.
REPORT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net value of shipments.
y
$916,559
x$149.129
______
Miscellaneous income_
_
$48,772
64,424
19,065
10,118
Total income-----------$48,772
$980,983
$168,194
$10,118
Expenditures__________
240,107
988.917
318,455
166,396
Operating deficit_____
$191,335
$7,934
$150,261
$156,279
x Six weeks’ production, total output o f lead and zinc concentrates, 4,284
tons (production was resumed in Nov. 1922 after a shut-down o f 2 years),
y Mining and milling were discontinued in Oct. 1923.
OFFICERS.— Pres., John Borg; Sec. & Treas., H. T . McMeekin.
Offices, 61 Broadway, New York, and Wallace, Idaho.— (V. 120, p. 2686.)
CALUMET & ARIZONA MINING CO.— ORGANIZATION.— Incorp.
in Arizona In 1901 and owns mining properties in Bisbee, Ariz.; Lordsburg.
N. Mex.; Copper Creek, Ariz.; and Douglas, Ariz. On Dec. 31 1924 owned
also 1,229,741 of the 1,800.000 outstanding shares of $5 each of the New
Cornelia Copper Co.

Mat, 1925.]

Date
Bonds

MISCELLANEOUS COMPANIES
For abbreviations, A.C., see nates on page 6]

Calumet & Arizona Mining Co— Stock td.Rrtn.flOfl----Calum et & Hecla C onsol C opper Co— Stk $62,500,000 auth
( j |, oase Plow Works Co —com m on Mock IZh.UUU snarer
1st pref (a & d) 7% cum $6,000,000 call 110-----------------2d pref (a A d) 7% (n-o) * part.tr $5,000,000 call ftext).
CJ I) Case T hreshing M achine Co—Com stock $20,000,000
Pref stood a A di
num »2u OIHUHNi
---------C entral Aguirre Sugar Co— Stock $6,000,000 auth-----------Central Leather Co— Common stock 840 000,000------------ t
fen»d '* A > 7<% cnmulsMve 840.000.000
H
p
First lien s f gold bonds red 105---------------------- Ba.yc*&r*

1925

Par
Value

Balance, deficit...........
$856,433 $1,744,998 sur$50.1S9 $1,979,922
Pres., Gordon R. Campbell- Sec. A Treas., James E. Fisher. Office,
Calumet. M ich.— (V. 120. p. 2686 )
CALUMET AND HECLA CONSOLIDATED COPPER CO.— The
stockholders o f the Calumet A Hecla. Osceola, Ahmeek. Centennial and
Allouez raining companies Sept. 7 1923 approved the plans for consolidating
under this title (under the laws o f Michigan) the five companies named.
STOCK.— The auth. capitalization o f the new company Is 2.500.000
shares, par $25. o f which the new company issued a total of 2.005,502 shares
to the stockholders o f the constituent companies: the remaining 494.498
shares are to be reserved for general corporate purposes.
Allotment.— The shares o f the new company were alloted as follows:
Ahmeek C o ___________________________________ 2 and 68-1 OOtbs shares
Total Shares
New
Outstanding.
Shures.
536.000
Ahmeek C o__________ ___________________________
200.000
80.000
100.000
Allouez C o _______________________________________
Calumet A Hecla C o _____________________________
800 000
1,205.308
Centennial Copper C o ____________________________
90 000
34 200
149 994
Osceola Consolidated C o__________________________
96 150
T o ta l............................................................................................................
R E P O R T — F o r 1924:

2.005.502

---------------------------Quarters ended--------------------------Receipts—
Dec. 31 '24. Sept. 30 '24. June 30'24. Afar. 31'24.
Copper sales___________ $2,287,126 $2,250,814 $2,002,387 $2,688,924
Custom milling A smelt.
20.140
11.740
32,801
35.818
Dividends_____________
11.853
1.762
1.777
3.714
Interest........ ....................
97.125
44.363
45.111
6.098
Miscellaneous__________
9,078
19,969
3,418
6.722
Total receipts------------ $2,425,322 $2,328,649 $2,085,495 $2,741,276
Disbursements—
Copper on hand________ $6,101,438 $6,14S.993 $5,198,235 $4,816,495
Prod., sell., adm. A taxes 1.992.529
1.916.918
2,058.879
2,253.644
Deprecia'n A depletion. 1.012.512
777.236
936.582
966.862
M iscellaneous...............
80.526
41,300
145,589
53,016
Total expenditures... $9,187,006 $8,914,447 $8,339,286 $8,090,017
Less copper on hand_
_ 5,866.909
6,101,438
6.148,992
5.198.235
Net expenditures____'$3,320,097 $2,813,008 $2,190,294 $2,891,781
Loss for period.................
$894,776
$484,359
$104,799
$150,506
Balance sheet as o f Dec. 31 1924 In V. 120, p. 1751. Report for three
months ended Mar. 31 1925 in V. 120. p. 2273.
D IV ID E N D S.— An Initial dividend o f 50c. per share was paid Dec. 17
1923: same amount paid June 16 1924 and Mar. 4 1925.
OFFICERS.— Pres.. Rodolphe L. Agassiz: V.-P. A Gen. M gr., James
MacNaughton: Sec. A Treas., Alonzo D. Nicholas. Offices, 12 Ashburton
Place. Boston, Mass.— (V. 120, p. 2273.)
C A M B R IA S T E E L C O . — Properties taken over by Bethlehem Steel
-Corp on March 30 1923. See that company above.
( J . I.) C A S E P L O W W O R K S C O .— O R G A N I Z A T I O N . — In corp. In
Delaware June 29 1919 to acquire the property, business A c. of J . I . Case

P lo w W o rk s a n d W a llis T r a c t o r O o . o f R a c in e , W ls .

M a n u fa c tu re s p lo w s ,

tillage implements and Wallis tractors. V . 109. p. 1276, 1528.
S T O C K .-— T h e 1st Pref. is cum ulative. Redeemable at 110.

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$ir S4.495.S20 See text O— M 24 Tune 22 '25 10*^
25 50.137.550 See text See text Mar 4 '25. 2%
IzO.UPUsurr
None
\pr 1 *21 1X9.
*100 *3.500.001 -tee texi
Ian 3 '21 1«<B
1 M 3.500.001' See text
<
See text
See texi
001
10t 13.000.
O .O t
tan 2 '24 M l*
10< 13 O O O See text
$6
3,000.000
2t
Q
—J Apr 1 25 $1 50
tug 2 '20 1 h
lid 39.701.03i See texi
in.
ooo n't' 8ee 'ext
\pr 1 tnyt 1
000 6 g J & J Jan 1 1945----1.000 15.000.

DTVS.— ’ 12. '13. '14. '15. *16. '17. *18. '19. ’20. ’21. '22. '23. *24.
Per ce n t..4214 50 30 3 2 M 90 110 80 30 40
20 20
35 20
f Paid In 1925: Mar. 28. 5% : June 22, 5% quar. and 5% extra from
reserve for depreciation and depletion.
R E PO RT.— For 1924 showed:
1921.
Calendar Years—
1924.
1923.
1922.
$3,677,255
Total Income................... $8,173,310 $8,933,315 $7,378,692
Deduct—
•Oper. exp. at mines and
2.432.150
smelters, incl. deprec.
6,124.805
5,345.439 3.722.897
201.014
Salaries, office & gen.exp
114.747
277.788
128.325
Freight, refining A mar­
446.716
keting expense_______
823.236
1,023.226
770.229
600.007
_ 1,247.461
1,242.153
924.920
Ore depletion charges_
692.247
State & Federal taxes.. .
434.431
540.856
497.086
Dividends paid.........(20% ) 1.285.063 (35)2248.849 (20) 1285.046 (20) 1285.043

Annua)

sinking fund o f $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 o f such common div. No mortgage
without consent o f 75% o f 1st pref. stock. See offerings in V. 109, p.
1276. 1528.
D IV ID E N D S.— On 1st pref., 1 X % quar., Jan. 1920 to April 1921; none
•since. On 2d pref., 1 X % quar., Jan. 1920 to Jan. 1921; none since.
R E PO RT.—-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., A c.
400.490
329,202
586,204
Net s a le s ..._____ _______
$2,138,928 $1,849,806 $1,531,840
•Gost o f s a le s ...__________
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
O ther ch arg es..........................
305,708
454,259
212.517
$188,064
$749,681
$815,967
Total loss________________________
Other income........... ..................
88,757
152,245
173,519
Net loss__________________________
$99 308
$597,436
$642,448
Interest____________________________
$392,082
$398,210
$420,742
Depreciation________________________
208.285
206,975
207,310
T a x e s___________________
65,917
70,432
70,148
Balance, deficit__________________
$765,592 $1,273,054 $1,340,648
Previous deficit____________________
5,744,298
4,422,397 3,032,526
Total deficit_______________________ $6,509,890 $5,695,451 $4,373,174
Adjustments— D r __________________
147,489
48,847
49,222
Deficit Sept. 30___________________ $6,657,379 $5,744,298 $4,422,397
D IR E C TO RS.— G. O. Weyland (V .-P .), R. O. Hendrickson (V .-P .),
W . M . La Venture (Sec. A Treas.), Racine, Wis.; Jno. I. Beggs, W . C.
-Quarles, Milwaukee, Wis.; Wm. A. Tilden, W . B. Prickett.— (V. 119, p.
:3004).




157

IN D U STR IA L STOCKS AN D BONDS

Checks mailed
By check
do
Check* matted
1'hecks mailed
Checks malted
Jhecks mailed

(J. I.) CASE THRESHING MACHINE CO.— ORGAN IZATION .—
Incorporated in Wisconsin In 1880 as successor of a co-p-irtnership formed In
1842. Has plant at Racine. Wis., on navigable waters, covering over 40
acres of floor space. Manufactures threshing machines, clover hullera,
steam traction and farm engines, steam road rollers, oil tractors, both for
gasoline and kerosene, automobiles, Ac. 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
n ow Co. of Dixon. 111. V. 109, p. 273. Compagnie Case de France, a
subsidiary, operates in Western Europe and Northern Africa. Operated
64 branch houses on Dec. 31 1924.
STOCK.— The voting trust as extended expired by limitation Jan. 1
1918. V. 99, p. 1676, 1913: V. 105. p. 2545. Preferred stock has equal
votjng power with common stock.
Divs. on pref.. April 1912 to Jan. 2 1924. 1X % quar.; none since.
On Jan 28 1919. after an Interval of 8 years, dividends were resumed on
thecommon stock with paymentof 7% In Liberty bonds. V. 108. p. 271.
In Jan. 1920 paid 10% In cash. A common stock div. o f 39.000 shares of
new common stock was paid Dec. 15 1920. None since.
RE PO RT.— For 1924, In V. 120, p. 1453. showed:
1924.
1923.
1922.
1921
______ $18,587,952 $15,720,716 $17,255 198
Gross sales____________
Profits...............................$1,512,270
1,370.806
860.283
1.328 185
343.367
Interest, A c___________
405.848
367.584
746 425
Reduc. In Invent, value.
561.558
2,788. 459
Depreciation___________
459.634
330.326
171.429
175 846
Idle plant expense______
______
500 887
Res. for contingencies..
______
Cr2.300 000
910.000
Pref. dividends (7 % )_
_
______
910.000
910J000
Balance.........................sur$147,711 def$275.367 def$588.730df$1.493.431
OFFICERS.— Warren J. Davis. Chairman o f Board and Treasurer;
I.eon K. Clausen, Pres.; Ellis J. Oittins, D. P. Davies, Edwin E. Russell,
Wm. B. Brlnton. Vlce-ITesidents; Theo. Johnson, Sec. Office, Racine,
Wls.— (V. 120. p 1453.)
CENTRAL AGUIRRE SUGAR CO.— Tncorp. In Porto Rico Ded. 1§
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
A Guayama RR. Co. In Jan. 1920 purchased a controlling interest In the
Central Machete, a sugar mill situated within 5 miles of Aguirre. Prop*
srtlee are located at Jobos. Porto Rico.
Dividends.—
'09. '10. ' l l . '12. '15-'14. '15. *16. *17. '18. '19. '20-'25
Regular............... 7 10
5
6
0
10 43)4 10 10 10
See
E xtras.............................................................................. 60 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. 1 1925. $1 50 quar. Also paid $5 extra on July 2 1923.
R E PO RT.— For year ended July 31 1924. In V. 119, p. 3022, showed:
July 31 Years—
1923-24.
1922-23.
1921-22.
1920-21.
Total income------------------$5,004,925 $6,387,710 $4,363,497 $5,567,078
Net income------------------ 1,200.369
2,559.412
915.556
842.761
Depreciation. A c----------152.264
162.587
163.728
175.625
Dividends. .................(30 % )903.000 (55) 1660,000 (30)902.250 (40) 1209.601
Income A exc. prof, taxes
369.631
369.548
25.651
Other reserves.................
19,285
Cr5.298
7.189 02,141,999
Balance, surplus------- def$243,812
$372,575 def$183.252 $1,599,533
OFFICERS.— Pres.. Chas. G. Bancroft; V.-Pres., John Farr: 2d V.-P.
A Gen. M gr.. Chas. L. Carpenter: Treas., J. Brooks Keyes: Sec.. Richard
D. Coe. Main office. Aguirre, Porto Rico. New York office. 129 Front
St.— (V. 119. p. 3003.)

V. 90. p. 1173: V. 94. p. 624. Output, sole, belting and harness leather.
glue, grease, lumber, Ac.
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.— Stecured 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 R R . 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 anv 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 1 ]A
times the total indebtedness, including this issue o f bonds.— V. 119, p. 2884.
DIVS.—
1915. 1916. 1917. 1918. 1919. 1920. 1921-24.
3
5
5
5
3X
None.
Common---------------- 7
do
extra.............. ..
4
4
2
2
2
None.
Preferred dividends regular I X % quarterly Oct. 1905 to April 1921;
none since.
RE PO RT.— For 1924, in V. 120, p. 1083, showed:
1924.
1923.
1922.
1921.
$
$
S
$
Volume of business------- 41,483,792 52,826,920 55,249,114 43,189,552
♦Earns, after oper. exp.,
repairs, maintenance.
4,206,887df2.588,969
6.294,267 df3,832,733
Exp. & losses of aU c o s ..
2,962,995 3,291,390
3.311,310 5.737,156
Net income-------------- 1,243,892 df5,880,359
Income from investments
110,008
446.323
Total .........—
Deduct— Int. on 1st M 5s
Cent. Leath. pref. divs.

1,353,901 df5,434,036
1,838,208 1,838,208
-----------------

2.982,956 df9,565,888
383,460
339,402
3.366.417 df9,230,486
1,838,208 1,838.208
--------- (1^)582,738

Balance---------------------def484.307 df7.272.243 surl.528.209 d fl 1.651,426
♦ Expenses include yearly also provisions for plant abandonment and
stumpages; repair and maintenance (approximately $1,365,656 in 1924.
$2,228,452 in 1923. $1,845,952 in 1922 and $1,812,936 in 1921.

158

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 6]

Date
Bonds

R ib b on Mills— Common stock 100,000 shs auth _
Pref (a & d) stock 7% cum red 115 *2,000,000 auth_______

C e rro de Pasco C o p p e r C o rp — Stock 1,240 (IDO shares auth.
C e rta in -te e d P ro d u c ts C o rp — Com shares 500.000 (auth)__
F irs t preferred stock 7 % cum ulative *15.000.000 (a u t h ) ..
Second pref stock 7% *5 000.000 (auth)_________________

1st mtge serial coupon bonds call (text)_____________ kxxx

100 6.500,000
9
100 6.500,000
6
1,000 14 000,000 4 S 5 ft
c

1916

1,000

3 Mos. Ended Mar. 31.
1925.
1924.
1923.
aTot. net earns., all prop)
f $841,935 $2,643,995
loss of all|
cos., except bond int. I N ot
1
769,249
796,484
\ reported.
---------------Balance--------------------$72,688 $1,847,511
Add— Inc. from invest’tj
17,248
103,018

$195,733
33,602

Total-----------------------Deduct— Int. on b on ds..

$229,335
459,552

Balance,sur.forquar.

$578,726 def$369,618

$1,950,529
459,552

%

1900

Preferred fa & d) 6% cumulative . _

$89,934
459,552

Bate

When
Payable

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

None
1.122,662 shs. See text Q— F
None
132 0 >Usns. See text Q—J
100
4.670,000
7
Q— J
100
2 675 900
7
Q— J
100 &c
7,760,000
6)4 M & N
None 280 ooo shs See text Q — J

C h a n d le r M otor Car Co — Auth capital stk 300.000 shrs-C h e se b ro u g b M fg . C o C o n s o l— Stock $4,000,000 a u th .____
Pref stock 7% cum *1,000,000 non-voting call (te x t)______
C h e vro le t M o to r C o — See General Motors Co
Chicago Junction Rys & Union stock lards— Common stock

b$883,157
304,429

Am ount
Outstanding

None 100,000 shs See text Q— J 31 Apr 30 '25 50c
$100 $1,872,900
Q— M June 1 1925 1 54
7
M a y l 1925 $1 trv Bk-Col Tr Co, N Y
J . l y l 1925 $1
July 1 1925 154
T
T
« __, (
July 1 1925 154
M ay ’25 to ’43 S W Straus & Co, N Y
Apr 1 ’ 25 75c.
25 3,000,000 see text Q -M 31 June 30 ’25 2)4 Checks mailed
100
7
do
do
1,000.000
Q - M 31 June 30 ’25 154

C e n tu ry

M tge & Coll T r Rdf bds g (*10,000,000 5s)............ Q .xc*& r
Central M fg D iet 1st M *10.000,000 gu “ A " due *120,000
yearly call 105________________________________________ c*
Railroad issues guaranteed, see te xt_______________________

Par
Value

[V ol. 120,

1922.
$950,271
754,538

$1,490,977 def$230,217

a Total net earnings are stated after deducting expenses, including those
for repairs and maintenance, b Net income after all charges and reserves,
except interest on funded debt.
D IR E C TO R S.— Edward C. H oyt, Geo. D. Hallock, M ax J. H. Rossbach, Hiram S. Brown, Oliver C. H oyt, Warren G. Horton, Ernest Griess,
Geo. W . Childs, W m. M cAdoo Jr., William H. Harkness, Chas. Einsiedler,
Chas. S. Haight, Beyls ton A . Tompkins, Lewis L. Strauss and Madison
J. Beach.
OFFICERS.— Pres., Hiram S. Brown; 1st V .-P ., W m. H. Harkness;
2d V .-P ., W m. M cAdoo Jr.; 3d V.-P.,Madison J. Beach; Sec. and Treas.,
H. W . Hill. New York offices, Whitehall Building, 17 Battery Place.
— (V. 120, p. 2152.)

A

4,934,000 5, 5)4&6 M

See text
See text
& O Apr 1 1940

O ld C o lo n y Tr Oo, Boston

&

First Tr & Sav Bk, OhU

Q ~J
Q— J

8 M a r 1 1941

do
do
Guaranty Trust Co, N Y

RE PO RT.— For 1924, in V. 120, p. 1208, showed:
Calendar Years—
1924.
1923.
1922.
xGross operating profit. $5,255,679 $4,996,154 $3,439,869
Inc. from other sources.
32,587
62,321
24,455

1921.
$3,620,091
21,960

Gross income_________ $5,288,266 $5,058,475 $3,464,324
Sell., &c., exp. & i n t . . .
3,836,944 3,889,309
2,694,308
Inventory losses_______
______
______
______
Federal taxes__________
174,000
82,000
98,000
Sundry surplus ad ju st..
Cr. 10,163 D r.270,008
D r.220
1st Pref. divs. (7 % )____
330,925
321,650
249.900
2d Pref. divs. (7 % )____
187,250
187.250
187,250

$3,642,051
2,885,056
315,598
43,000
Cr.16,717
211,750
187,250

Balance, surplus_____
$769,310
$308,258
$234,646
$16,114
x After deducting repairs, maintenance and depreciation.
Pres., Geo. M . Brown; Sec. & Treas., Roht. M Nelson. Executive
offices, 100 East 42nd St., New Y o r k — (V. 120, p. 2686.
CHANDLER MOTOR CAR CO. (TH E)— O RGAN IZATION .— Incorp­
orated in Ohio on Nov. 16 1915 to succeed an Ohio corporation of the same
name. Capacity 2o,000 cars per annum. Plant andoffice at Cleveland. O.
STOCK.— Auth. capital 300,000 shares (no par); outstanding, 280.000
(hares. Company has no bonds or preferred stock.
The stockholders voted Oct. 6 1919 to change the capitalization from
100,000 shares (par $100) to 300,000 shares, no par value, each share of old
stock being exchanged for three shares of new stock.
DIVIDENDS.— In 1916: April (No. 1). 1)4% ; July. 2)4; from O ct. 2
1916to Apr. 1 1919, 3 % ,making 12% p. a., and in July 1917 1% for Red
Cross contributions; in July 1919 paid 4% quar. and in Oct. 6 % . An
initial dividend on the new no par stock of $2 a share was paid Jan. 2 1920.
On April 1 1920 paid $2.50 a share. Paid 33 1-3% in stock on June 10 1920.
July 1 1920 to April 1 1921 paid $2.50 quar. on increased stock; July 1 1921
to July 1 1924 paid $1.50 quar.; Oct. 1 1924 to April 1 1925 paid 75c. quar.
RE PO RT.— For 1924, in V. 120. p. 1333, showed:
1922.
1923.
1924.
Gross profit from sales _
_____$3,219,914
$4,012,189 $3,952,572
29,184
Interest earned, &c _
_____
21,560
43,206

CENTRAL TERESA SUOAR C O — (V. 119, p . 2173.)
CENTURY RIBBON MILLS, INC.— Incorp. under laws of N . Y . on
Dec. 16 1922. Manufactures silk and fabric ribbons, all o f the raw materials
for which are acquired by purchase. Also acts as factor and commission
merchant for the sale o f 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
City.
D IV ID E N D S.— Initial dividend on common stock o f 50 cents a share
was paid April 30 1924; same amount paid quar. to April 30 1925.
Total income_.
$4,041,373 $3,995,778
_____$3,241,474
RE PO RT.— For 1924, in V. 120, p. 1332, showed:
Selling, &c., expenses and other
1,470,904
charges, incl. depreciation_ _____ 1,719,732
_
1,690,354
Calendar Years—
1924.
1923.
$4,452,734 $5,172,731
xNet sales___ J____________________
Net profit
..
$2,351,019 $2,524,874
_____$1,521,741
898,056
1,114,731
General & selling expense-----------------------------------1,680,000
_
1,680,000
_____ 1,260,000
Inventory (net)_________________________________ 2,698,968
3,005,351 Dividends paid - _
295,752
242,179
_
_
_
_____
173,321
Other expenses--------------------------------------------------349,190
381,444 Federal taxes_
576,906
Depreciation_______________________________ *___
115,575
106,100 Adjustment of inventory, &c
Federal income tax_____________________________
52,276
74,066
Balance, surplus_________________
$88,420
$375,267
$25,788
Preferred dividend---------------------------------------------131,362
140,000
Common dividends_____________________________
150,000
____ OFFICERS.— Pres., F. C. Chandler; V.-Pres. , W . S. M . Mead, George
M. Graham, John R . Hall: Sec.. Isa dor Grossm an; Treas., Samuel Regar.
Surplus_______________________________________
$57,308
$351,040 Office, Cleveland, Ohio.— (V. 120, p. 1333.)
Surplus earned January 1---------------------------------$421,750
$70,340
Surplus available for preferred stock dividends &
CHESEBROUGH MANUFACTURING CO.. CONSOLIDATED.— ORredem. fund agreement-----------------------------------750,000
750,000 GANIZATION, &C.— Incorporated In 1880 In New York. Manufacturers
Discount on preferred stock purchased__________
7,094
2,022 of “ Vaseline” preparations. Formerly controlled by Standard Oil Cos
of N. J , but segregated In 1911. See Standard Oil Co. of N. J., V. 85, p.
P .& L . surplus_______________________________ $1,236,152
$1,173,402 216, 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
x Including other income o f $132,688 in 1924 and $162,792 in 1923. 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
3 Months Ended March 31—
1925.
1924.
1923.
of new $25 stock in exchange for each $100 share held. $1,500,000 of the
Net profits for dividends__________
$185,019
$175,983
$175,428
new stock was distributed M ay 2 1924 as a 100% stock dividend; the bal­
Dividends paid on preferred_______
32,098
32,900
35,000 ance ($1,000,000) will remain in the treasury.
The stockholders on Nov. 17 1919 ratified the creation of $1,000,000 7%
B a la n c e fo r c o m m o n .
$ 1 5 2 ,9 2 1
$ 1 4 3 ,0 8 3
$ 1 4 0 ,4 2 8
cum. non-voting pref. stock (par $100) redeem, at 112)4 after Jan. 1 1925.
*500,000 of this new pref. stock was offered to stockholders of record
OFFICERS.— Pres., Herman Levy; 1st V .-P., Ernest Levy; 2d V .-P .,
1
stockholders of record
Leo Platt; Sec. & Treas., Irving Levy. Office, 80 Madison A ve., New Dec. 15 1919 and the remaining $500,000 to (com.) 1-3% of their holdings.
Feb.
1921 at par and dividend to the extent of 33
York.— (V. 120, p. 2152.)
V. 109. p. 170, 1989; V. 112, p. 566, 655.
CERRO DE PASCO COPPER C O RPORATION .— See V 101, p
COM . DIVS. (% )—
’24.
1467, 1716. Incorp. in N. Y . State in Nov. 1915 and acquired extensive Regular____________________ ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23. 11
15 12
9
12 12 10)4 14 14
copper, &c., deposits in Andes Mountains. Peru.
Extra cash (stk, see above)- 5)4 2 1)4
2
2 ___ ___3)4 11
Paid in 1925: Mar. 31, 2 )4 % : June 30, 2)4% DIVS.— 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Initial dividend o f 1 54 % on new pref. stock paid March 31 1920; to
Regular ..$ 4 00 $4 00 $4 00 $4 00 $4 00
50c.
0
$3.00 $4.00
June 30 1925, 1)4% quar.
E x tra _________ $175 $1 00
---------------------* ---- - -----R E PO RT.— Balance sheet as o f Dec. 31 1923 in V . 119, p. 1958.
Paid in 1925; Feb. 2, $1; M ay 1, $1.
Pres., C. W. McGee; V .-P., R. S. Gill; Sec., T . J. Dobbins; Treas..
The 10-year conv. sinking fund 8% gold bonds, dated Jan. 1 1921, were
Fred’k H. Williams. Office, 17 State St., N . Y .— (V. 119, p. 1958.)
redeemed on July 1 1924 at 105 and interest. V. 118, p. 2308.
CHICAGO JUNCTION R AILW AYS AND UNION STOCK YARDS
R E PO R T .— For 1924 showed:
CO., (THE)— ORGA N IZA TIO N .— Incorp. in 1890 in New Jersey, and
Bond Dividend
Balance,
Calendar_ Sales o£ Net, after
Other
owns entire stock (132,000 shares) of Union Stock Yard & Transit Co. and
Taxes.&c. Income. Interest.
Paid.
Sur. or Def
Year. Copper,
54,991 shares of Chic. June. R y., incl., about 700 acres of land (with
$
$
$
*
one mile of water front), containing warehouses, sheds and pens to accom­
1924
22,266,595 7,573,181
524,361 43,000 4,413,608 sur.3,634 934 modate 75,000 cattle, 300,000 hogs, &c. V. 100, p. 1261. In 1907 New
1923” 20.982,085 5,483,481 1,775,228 373,000 2,971,686 sur.3,914.023 York Central R R . interests acquired the 46 miles outer belt line of the
192211117,805,585 3,561,837 1,628.320 595,360
--------- sur.4,594,798
Chicago Junction R y., assuming the $2,500,000 bonds, and giving $2,500,1921___ 17,592,080 1,707,331 1,333,128 635,5/0
449,115 sur. 1,955,774 000 new bonds in payment. V. 85, p- 159; V. 86, p. 664. In Dec. 1920 the
Pres L. T . Hagein; Sec. & Treas., H. Esk Moller. Office, 15 Broad N. Y . Central filed formal application with the I. S. C. Comm, for authority
to lease, operate and ultimately purchase the Chic. Jet. R y. terminal
St., N .’ Y .— (V. 120, p. 335.)
properties at Chicago. The lease became operative M ay 18 1922. V. 112,
CERTAIN-TEED PR ODU C TSC OR POR A TION .— ORGANIZATION. p. 62.
__Incorporated in M d. Jan. 30 1917 as successor o f the General Roofing
The Central Manufacturing District of Chicago trustees own about 375
M fg. Corp. Roofing plants located at East St. Louis and Marseilles, 111.. teres on which factories have been erected and used by about 150 industrial
York, Pa., Niagara Falls, N. Y ., and Richmond, Calif. Paint and varnish concerns. V . 99, p. 342; V. 100, p. 1261; V. 106, p. 2227. See bonds below.
plants, St.'Louis. M o. A new paint and varnish plant on the Pacific Coast
Chicago Stock Yards Co. (which see) owns all of the $6,500,000 com. stock.
was completed in 1920. Pm-chased the capital stock, &c., o f Thomas Potter
D
D S.—
Sons C o., Inc., of Phila., in Aug. 1920. V. I l l , p. 796, 992. In 1923 1892IV ID E N1 1915,On pref., 6% yearly (Q .-J.). On common, 1891, 10%;
to Jan.
incl., 8% yearly; 1915 to 1924, 9% (2)4% Q.-J),
acquired the plants and properties of Cook’s Linoleum Co., Trenton, N. J.,
BONDS.— The collateral trust bonds are secured by pledge of 131,803
and the Acme Cement Plaster C o., St. Louis, M o. V. 116, p. 1653. Pro­
duces prepared roofings, building papers, tarred felts, insulating papers, (hares of the stock of Union Stock Yards & Transit Co., $5,499,100 of the
paints, varnishes, linoleums, floor coverings, oil cloths, plaster, plaster *5,500,000 stock of Chicago Junction Ry. and $2,500,000 bonds of Indi­
blocks, &c.— V. 107, p. 1000, 1669. Divs. on 1st & 2d pref. in full to July ana Harbor Belt R R . Of the bonds, $4,000,000 are 4s and $10,000,0001925. Initial div. on com. Jan. 28 1918, $4 per share; none thereafter until Issued in 1915 are 5s. both being equally secured, except that under a sup­
plemental mortgage the 1% additional interest over the orlglnai 4% on the
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 *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.
$1 quar. was paid.
Central M fg.D ist.5s are issued by J. A . Spoor, Arthur G. Leonard and
The 1st mtge. 6 )4 % serial coupon bonds are callable at 105 and int.
within 5 years from date of issue; 104 and int. for next 7 years, and 103 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 estint. for remaining 8 years. V. 116, p. 1653.




May , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Chicago PneumaticToolCo— Stock auth $13.000.000----------C hicago Stock Yard* Co— Collat tr bonds a red 105_ OBx 1911
_
C h icago Y ellow Cab Co Inc— Stock 400,000 shares auth_Childs Co— Common stock 750,000 shares auth___________
Pref (a & d) 7% cum $5,000,000 auth___________________
Conv notes red 102 (see text) $2,000,000 auth__EmZ.c* 1924
Chile C o p p e r Co— atock »utb $135.UUU.OOO--. ---------------Convertible 15-year bonds. Ser A . (see text! call a O c * * r* 1917
C luett, Peabody & Co, Inc— Com stk 250,000 shares auth -----Pref (a & d) 7% cumulative $9,000.00u_________________ ____

Par
Value

Surplus after int., & c. $2,754,916 $2,554,733 $2,643,693 $2,490,040
D IR E C TO R S.— F. H. Prince (Pres.), Eugene V. R . Thayer (V .-P .),
Geo. P. Gardner (V .-P .), Guy W . Currier, C. B. Wiggin, John A. Spoor,
J. W . Powell, Philip Dexter, M . A. Taylor (Sec. & Treas.), Bradford
Norman Jr. N. Y . agency, 100 East 45th St.— V. 120, p. 1332.)
CHICAGO PNEUMATIC TOOL CO.— ORGAN IZATION.— Incorp.
in New Jersey on Dec. 28 1901. Manufactures pneumatic and electric
tools, air compressors, oil engines and rock drills; the commercial truck
dept, was liquidated in 1919. In 1918 and 1919 the output capacity was
largely increased. V. 107, p. 1483. Plants are located at Detroit, Cleve­
land, Franklin, Pa.; Montreal, Canada; Fraserburgh, 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 o f record Dec. 19
1919 were given the privilege o f subscribing until Jan. 20 1920 to the new
stock at par equivalent to their respective holdings. V. 109, p. 1794, 2266
LATE DIVS.— J'09. TO. ’ l l to T 7. T 8. T 9. '20. ’21. ’22. ’23. *24.
Per c e n t ............... { 0
3
4 yearly
5K 6
8 6
4 4M 5
Paid in 1925: Jan. 26, 1 }£ % ; April 25, 1H % .
R E PO R T .— For 1924, showed:
Calendar Years—■
1924.
1923.
1922.
1921.
Net income, after Fed.
taxes & depreciation..
$618,330
$819,218
$567,526
$158,107
Other income__________
102,673
63,897
41,571
101,747
Interest & other charges.
90;754
71,079
103,279
141,490
Dividends--------------------x618,804
471,685
455,276
617,650
Balance, surplus----------$11,445
$340,351
$50,542 def$499,286
x Approximate; inserted by Editor.
For 3 mos. ended March 31 1924: M fg. profit, after exp., deprec. &
Fed. taxes, $136,063; other income, $11,783; interest, $14,062; net profit,
$133,784.
OFFICERS.— Chairman o f Board, CharlesM. Schwab; Pres., Herbert A.
Jackson; V-.-Ps., A. E. Goodhue and W . H. Callan; Sec. & Treas., J. G.
Grimshaw. Directors; Chas. M . Schwab, James H. Ward, Carl J. Schmidlapp, J. R. M cGinley, W . A. Mitchell, H. A. Jackson, E. M . Richardson,
E. V. R. Thayer. New York office, 6 East 44th St.— (V. 120, p. 2273.)
C H ICAGO STOCK YARDS CO.— Incorp. In Sept. 1911 In Maine and
owns all o f the $6,500,000 common stock of Chicago Junction Rys. S Union
c
Stock Yards Oo.— 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. (2 H % J. & J.). and the
collateral trust bonds above described (auth.. $13,000,000). callable at
105. Pres., Fred’k H. Prince; Sec. & 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 the Walden W. Shaw Corp.; name changed to present title
in Aug. 1921. Owns the entire capital stock of Yellow Cab Co. and all
o f Class “ A ” stock of Yellow Cab M fg. Co., both doing business in Chicago.
Also owns the entire capital stock o f the Benzoline M otor Fuel Co. In
Sept. 1924 acquired a substantial interest in the Yellow-Drive-It-YourselfSystem, Inc. V. 119, p. 1285.
STOCK.—-See table at head o f page.
DIVS.— Initial div. of $1 25 per share was paid M ay 15 1917, which
rate was paid quarterly to and incl. N ov. 15 1918; Feb. 15, M ay 15, Aug. 15
and Nov. 15 1919 paid $1 50 each; Feb. 14 1920, $5; M ay 15 1920 to Feb. 15
1922, $1 quar.; April 1 1922 to Sept 1 1925, 33 1-3 cents each month.
Also paid $1 extra in 1918 and $1 extra on Dec. 24 1919. A stock dividend
o f 100% was paid Dec. 18 1923.
R E PO R T .— For 1924, showed:
1Q9Q
Calendar Years—
1924.
1922.
Net profit from operations_______
$5,287,205 $5,099A05 $4,255,708
Administrative expenses_________
1,119,898
1,276,221
1,141,165
D epreciation___________________
1,450,402
1,626,305
1,096,471
Provision for income tax_________
312,000
292,000
245,000
Dividends______________________
1,600,091
800,071
800,049
Balance, surplus-------------------------$628,910 $1,280,712
$973,023
Profit and loss surplus Dec. 31______ $2,939,832 $2,315,994 $1,426,307
Quarter Ended March 31—
1925.
1924.
Net after depreciation and Federal taxes_________
$605,052
$584,903
Other income----------------------------------------------------10,801
43,951
T o t a l------------------------------------------------------------D ividends----------------------------------------------------------

$615,853
400,000

Amount
Outstanding

Rate
%

When
Payable

Last Dividend
and Maturity

$100 $10,313,400 See text Q— J25 Apr 25 1925 1 M
fi|
a
A O <*«*l » lM
500 &c H.22H.U00
5g
M onthly Sept 1 ’25 331sc
None 400.000 sh.
$4
None 325,515 shs See text Q— M 10 See text
Q— M 10 M ay 10 ’25, 1
7
$100 5,000,000
J & D June 1 1929
6
1,000
1,980,000
10
Q— M June 29 '25 2 H
25 109,776 500
500 &c 35.000.000
A A O A p r i ' ov*>
6g
Q & F M ay 1 1925 1 M
None 180,000 shs
5
Q— J Apr 1 1925 1 %
100 8,482,000
7

mated in excess o f $12,000,000- Bonds are guaranteed, prin. & int., by
endorsement, by the Ch. June. Rys. & Union Stock Yards Co. Minin um
sinking fund 2% o f bonds out. V. 110, p. 1852; Y. 106, p. 2227; V. 102, p.
888, 978: V. 103, p. 1980, 2157; Y. 106, p. 1129; V. 107, p. 698. Union
Stock Yards & Trans. 4>£s due Jan. 1 1920 were refunded by an issue of
5Hs due Jan. 1930.
Also guarantees prln. and int. of (a) $765,000 Chicago River & Ind. RR.
5s; (6) $2,327,000 Chicago Junction RR. 4s. See R R . companies.
R E PO R T .— For 1924, in V . 120, p. 1332, showed;
1924.
1923.
1922.
1921.
Gross earnings_________ $7,328,069 $7,071,015 $8,358,610 $10,880,814
Taxes, int. & op. exp
4,573,153 4,516,282
5,714,916
8,390,774

$628,854
400,000

Balance, surplus---------------------------------------------$215,853
$228,854
OFFICERS.— Pres., John Hertz; V .-P ., C. A. McCulloch; V.-P. & M gr.,
C. W . Gray; Sec. & Gen. Counsel, E. N . d ’Ancona; Treas., C. H. Ritter;
Asst. Sec., Solomon H. Kesner; Asst. Sec. & Asst. Treas., A. N. Huttel.
Office, 165 Broadway, New York.— (V. 120, p. 2152.)
CHILDS CO.— Incorp. in 1906 in New York. Business started in 1889.
Co. owns and operates a chain o f restaurants in various cities throughout
the country. In Dec. 1924, 105 restaurants were being operated. Controls
through ownership o f majority of stock, Childs Dining Hall Co. and Childs
Co. o f Providence. Owns entire capital stock of Childs Bldg. & Improve­
ment Corp.
STOCK.— A reserve fund for the preferred is provided equal to 10% of
the net profits o f 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.




159

IN DU STKIAL STOCKS AND BONDS

Places Where Interest and
Dividends are Payable.

N Y Tr: C&C N Bk. Chic
T
Old Colony Tr Oo, Bost
Empire Trust Co, N Y
New York
Checks mailed
ao

D IV ID E N D S.— Pref. stock, 7% per annum, since organization to date.
Com. stock ($100 par), from organization to and including 1904, 3 % ;
1905, 3>£%; 1906, 414%; 1907, 5 H % ; 1908, 6% ; 1909, 7J^%; 1910, 8 H % :
1911, 10%; 1912, 10%, and 33y2% in com. stock; 1913, 10%; 1914, 7 14%;
1915, none; 1916, 3}4% and H % extra; 1917, 6% and 3 % Red Cross;
-3
1918, 3 !4 % ; 1919, 2M % and y2% extra; 1920, 734% and 34% extra;
1921-22, 8% ; 1923, 8.85%. Com. stock (no par), initial dividend 60 cents
March 10 1924; regularly quarterly thereafter, including March 10 1925.
Div. of 4% in com. stock payable in 4 quarterly installments, commencing
April 1 1925, was declared in Feb. 1925.
m *» fc
a
.
4
BONDS.— Are convertible into com. stock at rate o f 25 shares of stock
for each $1,000 bond. Direct obligation of co. subject to $4,440,250 real
estate mtge. On March 20 1925 there was also outstanding $597,000
Childs Bldg. & Impt. Corp. bonds convertible into Childs Co. com. and
$500,000 Carolina Boardwalk Corp. bonds, both of which are guaranteed
principal and interest by Childs Co.
R E PO RT.— For 1924, in V. 120, p. i208, showed;
Including Childs Dining Hall Co. and Childs Co. o f Providence.]
------ Calendar Years------------Year Ended Nov. 30—
1924.
1923.
1921-22.
1920-21.
Gross profits___________ $2,396,598 $2,244,381 $2,067,648 $2,139,523
Depreciation__________
$587,629
$681,712
$533,200
$525,993
Dividends, pref. (7 % )-350,000
350,000
311,149
307,091
do
Common
557,678
350,441
319,992
319,992
______
______
______
408
Dividends sub. cos_____
Balance, surplus_____
$901,291
$862,228
$903,307
$986,039
Total surplus__________ $5,782,250 $5,028,910 $3,927,480 $3,420,959
Earnings Quarter Ended March 31 1925.
Gross sales, $5,864,186; gross rentals, $273,428; gross incom e-. $6,137,615
Cost of sales and gen. exp., incl. provision for all taxes________ 5,738,059
Operating income--------------------------------------------------------------Other income___________________ _____________________________

$399,555
84,061

Total income______________________________________________
Depreciation (estimated)_____________________________________

483,617
150,000

Net income-----------------------------------------------------------------------$333,617
OFFICERS.-—William Childs, Pres.; C. L. Roberts, Sec-; C. J. Wimple,
Treas. Office, 200 Fifth Ave., New York.— (V. 120, p. 2273.)
CHILE COPPER CO.— Incorporated April 16 1913 In Delaware and
owns the entire 10.000 shares of rull-pald and non-assessable capital stock
of the Chile Exploration Oo. of N. J. Said company owns and operates
extensive deposits of low-grade copper ore and a plant for producing elec­
trolytic copper at or near Ohuquicamata, Northern Chile, on a branch of
the Antofagasta S Bolivia R y.. 163 miles northeast of Port of Antofagasta,
c
and has its own standard-gauge railroad connecting the plant with the m ine.
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 V. 116, p. 415.
STOCK.— In Jan. 1923 the Anaconda Copper Mining Co. 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.
DIV ID E N D S.— An initial dividend of 2 !4 % was paid on March 22 1923;
same amount Daid quar. to June 29 1925.
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) bonis convertible at
lower rate; (6) 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, 2430.
R E PO RT.— For 1924, in V. 120, p. 2543, showed:
Cross.
Net.
Oth. Inc.
Interest.
Miscel.
Bal.. Sur.
1924.28,289,013$16,476,513 $1,297,008$2,240,000$4,180.583$11,352,930
1923.29,911,105 17.516,417
1,108.611 2.384.093 3,330,308 12,910.626
1922-19,576,635 5,051,250
680,531 3,148,012 3,952,378 *1,368.609
192 1- 9.359,266 *1,049,366
846,702 3,150,000 2,326,278 *5,678,942
* Deficit.
. OFFICERS.— Chairman, John D . Ryan; Pres., O. F. Kelley; Sec. &
Treas.. C . W . Welch. Office, 25 Broadway, N . Y .— (V. 120, p. 2543.)
CHRYSLER CORP.— See Maxwell M otor Corp.
CLUETT, PEABODY & C O „ 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 C o., V. 106, p. 2454;
V. I l l , p. 796, 1373.
The company in Jan. 1925 purchased assets and trade-mark o f 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 corsclidation’ 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. 1924 $518,000 pref. stock was unissued, $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, 5% (1 H % quar.)
1917, 6% (1)4% quar. ; Feb. 1918 to Nov. 1919, 6% n. a ( I H % quar.)
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 M av 1 1925.

160

IN D U STRIA L STOCKS AN D BONDS

M ISC E L L A N E O U S C O M P A N IE S
[For abbreviations, A c ., see notes on page 6]

C o c a -C o la C o ( T h e ) — Com m on stock 500.000 shares______
Preferred stock 7 % cum nou-voting call par $10.000,000..
Colorado 1 uel ft Iron OumuiuD nock
o u iu ___
Preferred stock (not as to assets) 8 % cum $2,000,000____
Oolo Fuel & Iron Gen M $6,000,000 g s f red 105. Ce.o*&r
nolo Tndns '« t M rn d «er 1 * B ^uar n * » i>pl> IAR
*r
C o lu m b ia n C a rb o n C o — Stock (v t c) 500.000 shares auth
C o m m e rc ia l S o lve n ts C o rp — 1st pref stock 8 % c u m ______
C la s s " A " stock $4 cum red $50. convert (te x t)___________
Class “ n " stock 11 n oon shares a u th ____________ . . .
Convertible notes (see te x t)___________________ G.kxxxc*
C ongoleum -N airn. In c — Co m stock 1.750.000 shs a u th ___
F irs t pref (a & d ) stock 7 % cum $2,000,000 auth red 107 Second pref (a & d) stock 8 % cum $1.000.000 auth red 100.
F irs t mtge serial gold notes due $100,000 ann red 1 0 3 ..xc*
F irs t mtge serial gold bonds due $100,000 a n n ________ ____
Farr & Bailey M fg 1st s f g bonds (guar) red (te x t)..k x c *

Date
Bonds

i893

1904

1925

1919
1922

Par
Value

Rate
%

500.000 shs.
$7
$8,000,000
7
3<236.o00 See text
2 non .nun
8
5.344.000
6 g
31.568.000
« fS
402.081 sh
$4
1,000.000
8
40.000
sh
See text
4< non «u
i
3.200.000
1.641 02fi shs See text
1.737,800
7
In treasury
590.000
7g
800.000
68
100&1000
1.273,300
7 g
None
$100
tun
100
1.000
i non
None
100
None
None
100 & c
None
100
100
1.000

R E PO RT.— For 1924. in V. 120. p. 824, showed:
1924.
1923.
1922.
1921
Net sales........................Not reported $28.264.902 $23,656,125 $25,714,618
x$275.400
Net incom e....................$1,823,213 x$2.854.666 x$2,751.441
588.665
590.940
582.190
Preferred dividends (7% )
572 813
(51900 000
Common dividends____(5*% 1900 000
______(1)^)270.000
Balance, surplus_____
$350,400 $1,372,476 127162.776 def$585.540
_
y795.500
Appropriation 'd e b .)_
Previous surplus_______ 8 7?o 485
7.348 009
5.185.233
5.770,772
Total surplus Dec. 31. $8,275,385 $8,720,485 $7,318,009 $5,185,233
x After deducting raw materials, labor, supplies, operating expenses.
general and selling expenses, all administrative expenses, reserves for
taxes, &c.: interest and depreciation, and in 1923 $275,000 reduction in good­
will account, y Appropriated from surplus for settlement of parent suit.
President. G. A. Cluett; V.-Ps., E. Harold Cluett, A. E. Cluett, E. H.
Betts, A. Gillespie and W . H. Titus; Sec.. H. M . Grout; Treas., D. A.
Gillespie.— (V. 120. p. 1333.)
COCA-COLA CO. (THE).— ORGAN.— Tncorp. in Delaware on
Sept. 5 1919 as successor o f (The) Coca-Cola Co. o f Ga. Business started in
1886. Main plant at Atlanta. Ga., also has manufacturing plants at
New York. Chicago. Baltimore. Dallas, Kansas City. Los Angeles. New
Orleans, Havana and Santiago, and in Toronto. Montreal and Winnipeg,
Canada. Normal combined mfg capacity o f 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 Can­
ada. L td., was organized in Dec. 1923. V. 117, p. 2894. Tax suit against
old company. V. 119. p. 2068.
D IV ID E N D S.— Initial div. on com. stock o f $1 paid Apr. 2 1920; san e
amount paid July 15 1920: then none until Dec. I 1921. when $1 was pale;
April I. July 1 and Oct. 1 1922 paid $t each; Jan. 2 1923 paid $1 50; April 2
1923 paid $1 50 quar. and 50 cents extra; July 1 1923 to July 1 1925 paid
#1 75 quar.
R E PO R T .— For 1924, In V. 120, p . 963, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net sales......................... $25,444,197 $24,320,064 $21,053,834 $28,464,598
Operating profit............. 6,506.993 5.222.684
7.227.162
3.346.0C8
I .ess other deductions___
______
45.576
61.719
575.018
Federal taxes___________
806.000
648.000
897.000
425.000
700.000
700.000
I •referred dividends____
700.000
700.000
2.250.000
500.000
3.625.000
Com m on dividends_____ _3,500,000
Balance, surplus_____ $1,500,993
$204,108 $3,318,442 ' $1,145,990
1923.
1922.
1924.
3 M bs. End. Mar. 31—
1925.
Gross receipts___________ $5,785,799 $4,730,145 $5,068,561 $3,265,088
3.807.685
3.573,897
2.258.123
M fg . & general expenses 4.081,257
Operating profits____ $1,704,542
$922,460 $1,494,664' $1,006,965
__ 41.850
507
Miscellaneous deduc'ns.
127,109
N e t income......................$1,577,433 . $922,460 $1,494.15'
$965.115
O E E I C K R S .— Chairm an. W . O . Bradley; l*res.. Robert W Woodruff;
V .-P re s .. W m . P. H eath, H arrison Jones, Harold H irsch, B . N . Harris;
8ec. & Tre a s .. 8. F . Boyk in . M a in office. A tla nta, G a .— (V . 120. p. 2273.)
C O L O R A D O F U E L A N D IR O N C O . ( T H E ) . — A Colorado corporation
formed O ct. 21 1892. Re-chartered O ct. 1912. V . 9 3 .p. 1728. In J u n e l9 0 3
Rockefeller-Oould Interests assumed control. V . 76. p. 1410; V . 98, p.
1150. Annual capacity of finished steel products Is 550.000 tons. v .
78. p . 561; V . 76. p. 1149; V . 79. p . 736: V . 62. p. 461; V . 105. p. 1211:
▼. 108. p. 483. Industrial plan, V . 109. p. 581.
Under the reorganization plan of 1903 (V . 77. p. 2037. 2282, 2341; V . 79
p. 736. 1267) the Colorado Industrial C o ., whose entire capital stock is
owned, created an issue of $45,000,000 consol, first mtge. guaranteed bonds
(see below; also full statement in V . 80, p. 1726; V . 83. O- 378)
D I V I D E N D S . — Dividends on prof, in full to Feb. 1903. then none till
Ju ly 1912. 2 1 4 % ; Ja n . 1913. 2 ) 4 % . M a r . 20 1913. 3 5 % account 7 4 % ac
•emulated dividends; J u ly 1 1913, 4 % ; Ja n . 1 1914. 4 % ; then none till
A u g . 1916. when 3 0 % was paid; on Dec. 22 1916 also paid 3 0 % thus
Nearing up ail accumulations; 1917. F e b .. 4 % ; M a y 1917 to M a y 1925, 8 %
p. a. (2 % q u a r .). V . 103, p. 63, 2081.
A n initial dividend of 3 % was declared in J u ly 1917 on the common stock,
payable K of 1% on J u ly and O ct. 25 1917 and Jan . and A p ril 25 1918;
J u ly 1918 to M a y 1921. x of 1 % q uar.; none since.
4
b O N D S ,— Th e Col In d . guar, os v*45,0uu,u00 authorized Issue) cover all
the property of that com pany a n d ,b y supplemental mortgage of 1913 the
real estate transferred to the C o l. Fuel & Iron C o . and entire issue of securi­
ties of subsidiary cos. named, v iz .. $4,500,000 bonds and $100,000 steel- of
O o l.A W y o . R y .; $3,000,000 R ocky M tn . Coal & Iro n stock and $331,200
stock and $160,000 notes of Crystal R iv . R y . Series “ A " (lim ited to $14,067,000), Series “ ’B ’ (lim ited to $30,932,000), $6,000,000 to retire geD M .
6s of 1893. V 80. p . 1481. 1720: V . 83. p . 381. 377. 326; V . 96. p . 1492.
V . 97. p. 53. 630.
O f the total of $36,493,000 O o l. In d . 1st 5s outstanding D ec. 31 1924,
$4 ,925.000 were held in treasury of Colorado Fuel & Iro n C o .
R E P O R T . — For 1924. in V. 120, p . 1581, showed:
Calendar Years—
1924.
1923.
1922.
1921.
T o ta l gross earnings_____ $39,297,321 $38,656,580 $29,533,191 $27,485,938
T o ta l net income________
4,628,503
4,992.680
3,730.602
2,152,098
Interest, taxes, & c ______ 4,108,218
4,260,651
4,385,547
4,883,270
Preferred dividends____
160,000
160,000
160,000
160,000
D iv . on common stock__
______
______
______
513,497

Balance, surplus_____
$360,285
$572,029 def$814.945df$3,404,669
Results for Quarters Ended March 31—
1925.
1924.
Gross receipts___________________________________$10,995,761a$10,340,609
Operating expenses_____________________________ 9,559,555 a8,791,984
Net earnings______________________
Income from other sources___________

. $1,436,205
107,490

$1,548,624
101,531

Total_____________________________
Bond interest, taxes, sinking fund, &c.
Depreciation________________________

$1,543,695
716,761
257,182

$1,650,155
b744,353
c257,182

Surplus______ ______________ ______ ___________
$569,753
$648,621
a Inter-company transactions eliminated for purpose o f comparizon.
b Railroad deficit Included for purpose o f comparion. c Adjusted at
Dec. 31 1924.
OFFICERS.— Pres., J. F. Welborn; Exec. V.-P., Fred Farrar; V .-P .,
Arthur Woods; V .-P. & Gen. M gr., E. H. Weitzel; V.-P. & Treas., S. G.
Pierson; V .-P .. Industrial Relations, A. H. Lichty; Sec., Wendell Stephens.




Am ount
Outstanding

When
Payable

[V ol. 120

Last Dividend
and Maturity

J u ly
Q— J
&
J J u ly
M ay
Q -J2 5 M a y
F & A ft.
F * A A usr
Q -F
M ay
Q — J J u ly
Q — J J u ly

J

J

Places h ere Interest and
Dividends are Payable

1 ’25 $1 K
1 ’25 3)4
25 ’21 K %
25 *25 2 % Chase Nat Bank. N T
1 < t
14
Chase Nat Bank, N I
1 1934
New Y o rk T ru s t Oo. N ▼
1 19 >5 $1
1 1925 2 %
1 1925 $1

& J Jan 1 1930
New York
Q -.l 30 A p r .30 '25 75c
Q— M
Jun e l ‘25 I K

J

&

M

&

J T o J u ly 1 1929 G u a ra n ty T r u s t C o . N Y
Bankers T r u s t C o , N Y
T o 1932
S J u n e l 1942
Cam den S D A T r u s t Oo

D IRECTO RS.— J. F. Welborn. Fred Farrar. Thomas Debevoise,
John C. Mitchell. George B. Berger. S. O. Pierson. Arthur Woods, E. K.
Weitzel. Albert A. Reed. Wm. V. Hodges, E. T . Wilson and M . D. That­
cher. Office, Boston Building, Denver. Colo.— (V. 120, p. 2152.)
COLUMBIAN CARBON CO.— Tncorp. under laws o f Delaware on
Aug. 24 1921. Produces carbon black, lampblack, bone black, pigments,
gasoline and natural gas. For description o f plants, &c., compare annual
report in V. 118. p. 1424: V. 120, p. 1486.
STOCK.— AH the outstanding stock is deposited under a voting trust
agreement dated N ov. 1 1920 and expiring Nov. 1 1925, the voting trustee*
being F. F. Ourtze, F. M . Knapp, N . B. Bubb, Edwin Binney and O. Harold
Smith.
D IVID EN D S.— Payments have been made as follows: Feb. 15 1922,
$!■ May 1 1922. *1: Aug. I 1922, 75 cents; N ov. 1 1922, 75 cents; Feb. 1
1923 to M ay 1 1925. $1 quar.
R E PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
Net sales_______________________
$6,489,588 $8,596,718 $6,848,065
Net profits_____________________
2.442.418
3.866.254
2.127.641
Federal taxes (estimated)_______
275.000
480.000
250.000
Dividends paid_________________
1,601.170
1,602.254
1,119.973
Minority interest share_________
51.733
7.602
Balance, surplus_________________
$513,430
Three Months Ended Mar. 31—
1925.
Gross in c o m e _____________________ $1,787,097
Operating expenses and ch a rg es____
733.415
Depreciation and d ep letion ________
413.264
Reserve for Federal t a x e s __________
80 000
Adjustments prior years_____________
23.078
Dividends ($1 per s h a r e )__________
402.122

$1,777,482
1924.
$1,947,773
711.593
440.119
100.000

$757,668
1923.
$2,243,909
824.901
285.132
140,000

402.081

402.131

Balance, surplus_________________
$135,217
$293,979
$591,745
OFFICERS.— IYes., F. F. Curtze: V .-P ., F. M . Knanp; V .-P ., Edwin
Plnney; Treas., Geo. L. Bubb; Sec., Reid L. Carr. Office, Williamsport.
Pa.— (V. 120. p. 2554.)
COMMERCIAL SOLVENTS CORP.— Tncorp. under laws o f Maryland
Dec. 13 1919. Manufactures solvents, particularly butanol (butyl
alcohol) and other alcohol products under the Welzmann processes; also
manufactures acetone, ethyl alcohol and various important derivatives.
Plant is located In Terre Haute, Ind. During 1923 nurebased the Majestic
plant o f the U. S. Food Products Corp. at Peoria, 111.
STOCK.— Class “ A ” stock Is convertible into class “ B " stock, share
for share.
The Class “ A " and Class “ B " stockholders o f record Dec. 24 1924 were
given the right to subscribe at par to $3,200,000 5-year 6)6% notes (con­
vertible into Class “ B ” shares at $110) up to $40 principal amount o f notes
for each share o f stock held.
The stockholders also approved an Increase In the Class " B ” stock from
80,000 to 110.000 shares, to provide for the conversion o f the notes.
DIV ID E N D S.— An initial div. o f $1 per share was paid on class ‘ •A”
stock on July 1 1922: Oct. 1 1922 and Jan. 2 1923 paid $1 oer 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 1925 paid $1 quar.
NOTES.— The 6)6 % gold notes are convertible into Class “ B ” shares at
$110. They are callable as a whole at 105 during 1925, the premium there­
after decreasing 1% for each succeeding year. V. 120, p. 214.
R E PO RT.— For 1924 showed:
1924.
1923.
1922.
Gross profit___________________
.*$1,553,576
$165,828
$457,891
Depreciation___________________
See *
59,533
24,685
Administration expenses, &c___
317,425
114,152
185,168
Operating income___________
Other income__________________

. $1,236,151
183,044

loss$7,857
26,691

$248,038
30,348

Total Income________________
Interest, &c., charges__________
Federal tax reserve_____________
Preferred dividends_____________
Class “ A ” dividends___________

. $1,419,196
217.223
158,000
62,736
280,000

$18,834
78,708

$278,386
98.797
22,600

15.652
40,000

120,000

Balance...............................................
$701,237 def$l 15.526
$36,989
* After deducting production costs, laboratory expense, factory oper. exp.,
redistillation charges and returns and allowances (and depreciation in 1924).
OFFICERS.— Chairman, W . D . Ticknor; Pres., P. G. Mumford: Sec. &
Treas., T. F. Carty. Office, 17East42d St., New York.— (V. 120, p. 1464.)
COMPUTING-T ABU LATIN O-RECORDIN G CO.— See International
Business Machines Corp.
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% ,
o f the capital stock, both com. and pref., of “ The Nairn Linoleum C o.”
(of N. J.), by issuing and giving in exhange for each share, either com.
or pref. o f said stock o f “ The Nairn Linoleum C o.” (of N. J.) 6.80126
shares of the com. capital stock without par value o f Congoleum C o., Inc.
STOCK.— The stockholders on Sept. 8 1924 increased the authorized
common stock from 1,000,000 to 1,750,000 shares o f no par value.
D IV iD E N D S .— On both classes of pref. in full to date. On common,
paid $1 50 per share each on Oct. 15 1920 and Jan. 15 1921; April 15 1921
to Oct. 15 1922 paid $1 ouar.; Jan. 15 and April 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.
BONDS.— The Farr & Bailey M fg. 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 H o f 1% less until 1937, and thereafter 1% less until
maturity. Guaranteed as to principal and Interest by endorsement by the
Congoleum C o., Inc.

May , 1925.]

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations. &c.. see notes on page

Date
Bonds

6]

Par
Value

Amount
Outstanding

Rate
%

When
Payable

16 i

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

171.866 shs
See text
None 147.573 shs See text
____
Apr 15 '21 $1.75
$m n
$3 S06 500
7
Preferred (a & d) 7% cum (see text) auth $5,000,000 call 110
Q — M June ) - J5 1Ja 1
3-year gold notes red (text)
. _
. . Mp.kxxxc* 1925
1,000 2,500,000 o 6 g J & J Jan 1 1928
N one
1275 356 sn. Se« o«xi See ten Jen lo 2i 76c
C o i l a o I k I . i i ctl (e x ilic c o r p . —
gtock auth 2,00<J,UIH» siiare&
100 &c
« a
.1
A
D Jnnp ’ IQ11
Istmta’e ‘J F convert, gold bonds $5,000,000 auth.kxxxc* 1921
4.191.500
New York
1924
6.569.500
7g J & J
J & D
Income subordinated conv debentures (see text) red 100- - 1924 500&1000
6
550,000
B B * K ktiiirhr Inc— See r,hat. company
100 40,205,448 See text
C o n s o lid a tio n C o a l — Common stock auth $50,000,000____ . . . .
Jan 31 1925 1H Guaranty Trust
100 10,000,000
7
Q— M
Mar 2 1925 1M
0
Refunding mtge $< .ooo.otiti auth go'd s f red 105 U.xc**r 1904
1 > 00 4,196,0 >
Guaranty Trust
4 H g M & N May 1 1984
Fairmont Coal 1st M gold sinking fund assumed . . (i.xc* 1901
1.000 4,042,000
J July 1 1931
O S Mtge & Tr
5g J *
1st & Ref M $40,000,000 g auth red 107 H s f _Gkxc*&r* 1910
1 ,0 0 21,588,000
Guaranty Trust
5 g J & D Dec 11950
C o n s o l C ig a r C o r p — Common stock, 250,000 shares,

Calendar Years—

xl924.
1923.
.$16,691,710 $11,449,308
_
Selling, admin. & general expenses_ . 8,994,307
5,768,792

1922.
$7,445,852
3,933,818

. $7,697,403
Add— Int., royalties, dividends, &c__
612,802

$5,680,516
266,906

$3,512,034
115,652

. $8,310,205
$289,921
749,111
882,715

$5,947,422
$30.3,566
332.846
675,000

$3,627,686
$224,459
276,950
395,000

. $6,388,458
135,752

$4,646,010
129,036

$2,731,276
172,781
70,000
141,000

Total income_______________
Depreciation____________________
Fed’l & State income taxes (est.).
Dividends paid— Preferred stock.
Second preferred stock________

.

3,489,375

1,280,000

Balance, surplus_________________$2,763,332 $3,226,974 $2,347,495
Profit and loss surplus_____________ $12,648,709 $7,390,826 $5,181,492
x Congoleum C o., Inc., was merged with the Nairn Linoleum Co. during
1924 and the earnings o f both companies for the year are included in the
above report; however, the properties were jointly operated only for the
last two months o f the year.
OFFICERS.— Chairman, A. W . Erickson; Pres., F. B. Foster; Sec. &
Treas., L. W . Fogg. Office, Morris Building, Philadelphia.— (V. 120, p.
1752.)
CONLEY TIN FOIL CO R P.— A holding company, incorporated under
laws o f New York on Dec. 9 1919. Subsidiary corporations are engaged
in the business o f 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 o f $14 a share was paid on
Feb. 16 1925: a second dividend in liquidation of $2 50 a share was paid
on M ay 15 1925. Compare V. 120, p. 2555.
D IV ID E N D S.— Paid 50 cents per share on June 16 1920 and 50 cents
per share on Oct. 1 1920.
RE PO RT.— For 1923. in V. 118, p. 1778 and 2442. showed:
Calendar Years—
1923.
1922.
1921.
♦Netearnings___ _____
$145,750
$373,708
$134,013
Federal taxes______________________
17,500
52,106
19,006
Net incom e_____ ________
$128,250
$321,602
$115,007
* After expenses and reserves for inventory adjustment. &c.
For 9 mos. ended Sept. 30 1924: Manufacturing profit. &c., $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. DConley; Treas., Fred. D. Keithly.— (V. 120, p. 2555.)
CONSOLIDATED CIGAR CORP.— O R G A N IZA T IO N — Incorp. M ay
14 1919 in Delaware and acquired the properties and 27 factories oi six
long established concerns, namely (a) E. M. Schwarz & Co., Inc., Ne
York: (6) T. J Dunn & Co.. New York (c) Lilies Cigar C o.. Detroit, Mich
(d) El Sidelo Cigar Co. and (e) Jose Lovera C o., Tampa, Fla.; (/) Samuel I
Davis C o., Tampa. Fla. In Oct. 1919 acquired by purchase the G. J
Johnson Cigar C o., Grand Rapids Mich. V. 109, p. 1463. Plant*
(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 o f all the Common stock of “ 44”
Cigar C o., established in 1893 in Phila. and incorporated in 1905. make;
of 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 o f 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 on
Dec. 31 1924 $176,500 stocks o f subsidiary companies.
The stockholders in Feb. 1925 increased the auth. common stock from
150,000 shares to 250,000 shares.
D IV ID E N D S.— An initial dividend on pref. at the rate of 7% per annum
for the 3 Vi months ending Aug. 31 (about $2) was paid Sept. 1 1919; Dec
1919 to Dec. 1 1921, 1 H % quar.; then none until Dec. 1 1922, when 1 *4 %
was paid; Mar. 1 1923 to June 1 1925 paid 1M % quar.; also paid \% % on
account of accumulations on June 1 1925. Initial div. of $1 50 on. com.
stock paid Apr. 15 1920; July 15 1920 to Apr. 15 1921 paid $1 75 quar. July
1921 div. was omitted. V. 113, p. 75. On N ov. 1 1920 paid 15% in
common stock.
NOTES.— The 3-year 6% gold notes are call, all or part after 30 days’
notice at 102H and int. to and incl. July 1 1925, and thereafter at successive
reductions in call price o f H of 1 % during each 6 months’ period to maturity.
V. 120, p. 458.
R E PO R T .— For 1924, in V. 120, p. 1209, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross profit on sales____$3,342,622 $2,754,473 $3,225,653 $2,168,165
Selling, adm. & gen. exp. 1,620,630
1,769,896
1,697,867
1,428,650
Operating profit_____ $1,721,992
Int. on loans, discount &
miscell. losses (net)_
_
$475,560
Fed. & State taxes (est.)
165,000
In. depr. written o ff____
Bal. adv. exp. writ, off_
272,755
Preferred dividends____
12,005
do “ 44” Cigar C o_
_
Common dividends_____
Pref. stock sink, fund_
_

$984,577

$1,527,786

$739,515

$458,594
54,000

$357,496
115,000

$503,282

272,755
12,005

68,189
12,201

707,007
258.023
276,332
12.201

181,071
80,000

Balance, surplus_____
$796,672
$187,223
$974.9001oss$1278401
Quar. End. Mar. 31—
Net profits after expense,
interest, &c.................
$283,046
$191,586
$154,961
$112,545
OFFICERS.— Pres., Julius Lichtenstein; V.-Pres. & Sec., Louis Cahn.
General office, 730 Fifth Ave., N . Y . City.— (V. 120. p. 2406.)
CONSOLIDATED TEXTILE CORP.— O R G A N IZA T IO N — Incorp.
Id Delaware in Oct., 1919 to acquire all the properties, assets &c., of the
Pilot Cotton Mills C o., Raleigh, N . O.. James N . Williamson & Sons C o..




Co. N Y
Co. X Y
Co. N Y
Co. X Y

Burlington, N. C ., owners o f the Ossipee and Hopedale mills, and the Ella
V fg Co. of Shelby, N. C. In 1919 al o acquired all of the stock of Pelham
I
Vlfg. Co. and Lynchburg Cotton Mills; in 1920 Bonham Cotton Mills,
Windsor Print Works, Henderson Cotton Mills, Union Cotton Mills and
entire common stock of B. B. & R. Knight, Inc. See separate statement
for that company above
Also owns substantial interest in Exposition
Cotton Mill
A'lanta. Ga
For detailed capacity of mills «ee V. 112.
p 2411. Alliance with American Woolen Co., V. 115, p. 2482.
The corporation on Sept. 8 1924 announced that a plan for strengthening
the financial structure of the comp toy, which had been under consideration
for some time by the board of directors had been consummated. As con­
templated in the plan a new selling company, to be known as Consolidated
Selling Co., was organized as a subsidiary of Consolidated Textile Corp. for
the purpose of selling the goods of that company. Compare V. 119, p. 1288.
STOCK.— The stockholders June 12 1922 authorized an increase in the
capita] 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
at $12 50 a share for new stock on the basis o f one new share for each two
shares held. V. 114, p. 2474.
DIVIDEN DS.— Au initial dividend ot 75c. a share was paid in Jan. 1920.
same amount paid quar. to Jan. 15 1921; none since.
BONDS.— The 1st mtge. 8% sinking fund convertible gold bonds are
edeemable all or part at 110 ana int. on or before June 1 1922, and there­
after at H of 1% less for each 12 months or part thereof elapsed after
lune 1 1922 Convertible into no par value common stock on the basis of
aar for the bonds and $26.16 per share for the stock
V 112. p 2646
DEBENTURES.— Int. on the income subordinated convertible deben­
tures is payable only if and to the extent that the net income of the company
for the 6 months’ period ending 30 days preceding each int. payment date
shall be sufficient for the payment of said int., any deficiency in the payment
of int. at said rate for any period to be cumulative and made up when the
net income of the co. shall be sufficient. Conv. at any time after April 1
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
stituted, at the rate of $3 per share, with a proportionate adjustment of such
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
nated to the prior payment of the co.’s 5 year 7% secured gold notes dated
July 15 1924 at any time issued and outstanding.
Stockholders of record N ov. 29 1924 were given the privilege to subscribe
to these debentures at 95, on the basis of $500 of debentures for each 1,200
shares of stock owned.
RE PO RT.— For 1924, in V. 120, p. 1752, showed:
1924.
1923.
1922.
x Profits from operation_____________ loss$939,730 $2,591,320
$335,119
Depreciation------------------------------------248,320
543,565
635,000
Interest, discount, &c_______________
839,565
1,993,680 1,877,990
Balance for year_________________def$2,027,615sur$54.074df$2,177,871
x After deducting administration, selling and general expense.
The company reported net profit of $56,458 for the first quarter of 1925
after all expenses and reserves for depreciation, interest and sinking fund.
OFFICERS.— Chairman, Andrew G. Pierce Jr.; Pres., Frederick K.
Rupprecht; V .-P ., Allen F. Johnson and Alfred L. Ferguson; Sec. & Treas.,
Henry B. Stimson. Office, 88 Worth St., New York.—-(V. 120, p. 2273.)
CONSOLIDATION COAL CO. (TH E).— Inc. in M d. 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
only and has approximately 2,000 acres of surface under lease, located in
Maryland, Pennsylvania, West Virginia and Kentucky. The Development
consists of 82 modernly equipped mines with a developed capacity of 15,000,000 tons per annum, and through the ownership of the entire common
capital stock of the Carter Coal C o., controls in addition thereto, approxi­
m ately 33,700 acres fee lands underlaid with coal, the mineral rights to
approximately 2,300 acres and leasehold mineral rights in 2.300 acres in West
Virginia, Virginia and Kentucky, on which are located ten modernly
equipped mines with a developed capacity of 1,000,000 tons per annum.
The coals produced by this company are: Georges Creek Big Vein and
Cumberland: Somerset smokeless and steam; Fairmont gas, locomotive and
domestic; Millers Creek block; Elkhorn coking, by-product and gas, and
Pocahontas-New River Smokeless, steam and domestic coals.
Also owns: Entire capital stock as follows: $1,500,000 Cumberland &
Pennsylvania R R ., which see under “ Railroads” above; $4,000,000 Somer­
set Coal Co.; $650,000 Consolidation Coastwise Co.: $10,000 Fairmont Coal
Co.;$100,000 Monongah. Service Co.; $20,000 Cassv. & Monon. RR. Co.;
$5,000 Canal Towage Co.: $5,000 Pennmont Coal Mining Co ; $250,000
Fairmont Supply Co.; $500 Maryland Construction & Contracting Co.;
$2,500,000 pref. and $4,200,000 common of Northwestern Fuel Co., owning
large docks at Washburn, Green Bay and Superior, and yards at St. Paul
and Minneapolis; 50.000 shares of common stock (no par value) of Carter
Coal Co.; $500,000 The Sandy Valley & Elkhorn Ry. Co. V. 106. p 931.
V. 103, p. 2431; V. 78, p. 1271: V. 79, p. 502; V. 88. p 1200: V 95, p. 683.
Coal mined in 1924, including subsidiaries, 7,957,456 net tons, and 2,117,612 net tons mined by lessees. See 61-year record, V . 120, p. 1492.
STOCK.— The common stockholders of record March 29 1924 were
entitled to subscribe at par for a new issue o f $10,000,000 7% cumulative
preferred stock at the rate of one share o f new pref. for every four shares
of common stock held.
DIVS. (% ).’0 6 .’ 07. ’08. 1909. ’ 1 0 t o ’ 16 ’ 17
P ercen t_____ 6
6
6 6 & 2 e x . 6 yearly.
6
do extra
2
2
2
-----0
—
do

In s t o c k

__

__

69

..

5

’ 18. T 9toJan 31’25
6
1H quar.
3.
_______
14

April 1925 div. was passed. V. 120, p. 2015.
BONDS.— “ 1st & R ef.” M . 5% (V. 106. p. 1475; V. 91, p. 1514, 1330.
1256; V. 92. p. 464; V. 94. p. 1053, 1059: V. 95. p. 621; V. 96. p 949. 1705)
dad a 1st lien on 194,970 acres of coal lands or rights (Inc!. 100,000 acres pur­
chased Nov. 1910) and a general lien, subject to about $11,000,000 prior
bonds, on the remaining property, about 106,160 acres, and on other
tangible assets, including mining plant, tugs, barges, coal oars, securities.
&o., aggregating $21,469,075. Sinking fund, 2o. per ton mined in first
5 years, then 3c. for 15 years, 4o. for 10 years and 5o. for remaining 10
yra. Depredation charge of 2 Ho. per ton, <fec., also oharged agst. operation

162

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviations. & c., see notes on page 6]

C on tin en ta l Can C o, Inc— Common stock 500,000 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*
Copper R ange Co— Capital stock $10.000,000------------------Corn Products Refining.— Common stock $75,000,000.
Preferred (a A d) stock 7% cum $25,000,000____________
1st M . g sink, fa red 105_____________________________ xc*
N Y Glucose Co first mtge assumed gold s f (see text)___t
Guaranteed Debentures—
Nat Starch Co debs g guar p & 1 (V 04. p. 137)-------------- «

Date
Bond?

Par
Value

Amount
Outstanding

Rate

%

When
Payable

None 472,552 shs See text
$100 $5,654,000
7

None 1760,845 sh. See text Q— J30
100 &c
7,500,000
6H e M & S
25
9,867,750 See text See text
25 63,250,000 See text Q— J
10( 25,000,000
7
U— J
1909
1,00(
1,877,000
H A N
6g
H A S
1902 See text
63,120
6g
1910

1,00<

Status o f $40,000,000 First and Refunding Mortgage Bonds Dec 31 1024.
Reserved to retire prior Hen bonds (see table at head of page) $10,443,000
Purchased and held by company---------------------------------------------595.000
Retired by operation of sinking fu n d -------------------------------------- 2,057,000
H eld for future development, A c ., for most part to 75% o f c o s t..
998 .000
Held In treas., $4,319,000. and outstanding----------------------------- 21,588,000
Of Fairmont Coal Co. $6,000,000 1st M . 5s, $1,598,000 had on Dec. 31
1924 been retired by sinking fund and $360,000 were pledged under 1st &
Ref. Mtge. o f 1910. V. 106. p. 1475.
RE PO RT.— For 1924, in V. 120, p. 1491, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total earnings____$19,263,184
$31,298,373 $22,464,912 $25,179,347
Operating expenses, &c_ 18,960,261 26,009,884 17,776,469 20,095,303
1,436,388
1,453,508
1,258,762
Depreciation_____ 1,442,698
Depletion________
247,948
266,253
135,327
1,003.262

558,500

5g

r

A

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

M ay 15 1925 $1 Checks mailed
do
July 1 1925 I K

Q— F

(J--- J

1924

[V ol. 120.

Apr 30 ’25 20c
Mar 1 1939
May 4 1925 $1
Apr 20 1925 2%
Apr 15 1925 IK
May 1 1934
Sept 1 1927

J July 1 1930

By check
\Halsey, Stuart A C o.N Y
Boston
Title Gu m A Tr Co, N Y
do
do
Title Guar A Tr Co.Bklyn
Farmers’ L A Tr Co. N Y

1923-24.
Previous surplus_______ $7,617,248
Pref. stk. pur. for can’n .
______
Provision for add’l Fed'l
taxes (prior years)____
117,415
_
______
Property adjustment_

1922-23.
$6,106,926
______

1921-22.
$4,779,066
Cr.2,964

266,000
Cr.l 1,988

______
______

Total surplus________ $10,002,356
Loss in inventory value.
______
Prem. on pref. stk. ret’d
______
Preferred dividends (7%)
______
Common dividends (60c.) 1,056,507

$7,790,367
______
138,587
34,533
______

1920-21.
$6,345,309
Cr.3,751
______
______

$6,251,974 $5,977,526
______
$904,292
______
______
145,048
148,096
______ (1% ) 146,073

Profit and loss, surplus $8,945,848 $7,617,248 $6,106,926 $4,779,066
Pres., R . W . Judson; V .-P ., W . R . Angell, W . A. Frederick and Geo. W .
Yeoman; Sec., T . M . Simpson; Treas., R. M . Sloane;; V.-P. & Treas.,
$3,099,608 $2,822,021 G. W . Yeoman. Office, Detroit, M ich.— (V. 120, p. 1094.)
Net earnings______loss$l,387,723 $3,585,847
168,851
372,339
194,119
Prof. fr.sale of cap .assets
143,576
COPPER RANGE CO.— ORGA N IZA TIO N .— Incorp. in Mich. Jan. 26
130,623
111,122
_ ^899. See V. 105, p. 610; V. 101, p. 925. Has extensive land holdings
Insur. fund sur. cred it..
114,941
911,545
1,017,029 1,055,273 *nd mineral rights m Lake Superior district, Mich. Owns the stock o f
1,031,705
Other income__________
Atlantic Mining Co. and Copper Range R R . (see “ Railroads” ), 97% and
$4,796,867 $4,600,097 $4,071,413 100%, respectively, and 50% of Champion Copper C o.; also owns 9,200
Total surplus________ def$97,501
1,892,659
1,866,652
1,332,819 shares of Michigan Smelting Co. stock.
Int. on funded debt, & c. 1,791,144
Divs. on pref. stock of
Dividends.— Since Aug. 1915: 1915, 12%; 1916, 40% 1917. 40% (10%
218 923
Carter Coal C o______
237,004
Q.-M .); 1918, 24%; 1919, March 15 $1: June 1919 to Sept. 1920, 50 ct.»
991812
175,000
500,000
Federal taxes__________
______
(2 %) quar.; then none until Mar. 1 1022. when $1 was paid; M ay 10 1923
paid $1; M ay 20 1924, paid $1; M ay 4 1925, paid $1.
Surplus for year___ def$2,125,650 $2,585,474 $2,558,446 $2,238,594
RE PO RT.— For 1924 showed:
Realization of apprecia_____
_____ ____
1924
1923.
1922
1921
tion o f coal lands_____ 1,479,143
1,529,562
935,691
Cr917,892
Copper produced (lbs.). 25,109,175 23,571,360 29,029,474 32,669,738
------------------------Direct surplus charges..
44,663
Total revenue___________ $1,573,230 $3,687,763 $4,270,422 $4,457,306
Preferred dividends___
431,667
----------------— ...
331,683
235,185
Common dividends (6% ) 2,412,088
2,412,070
2,412,035
2,411,981 Net for dividends_______ *def476,101 *def570,745
394,727
394,422
394,422
____
Balance to surplus___ def$6,493,211def$1356,158 def$789.280
$744,505 Dividends paid_________
* After deducting $711,543 for depreciation and depletion and $107,321
Profit andloss, surplus..$87,800,386 $94,293,598 $95,649,757 $96,149,628 Trimountain shut-down expense in 1923 and $740,893 depletion and depre­
ciation in 1924.
Pres., Clarence VV. Watson; Sec., H. H. Snoderly. Office, 67 Wall St.
Pres., William A. Paine; V.-P. & Treas., F. W . Paine; Sec., J. A. Ackroyd.
New York.— (Y. 120, p. 2015.)
Office, 82 Devonshire St., Boston.— (V. 120, p. 1885.)
CONTINENTAL BAKING CO R P.— (V. 120, p. 2687.)
CORN PRODUCTS REFINING CO.— O RGAN IZATION .— IncorpCONTINENTAL CAN CO ., INC.— ORGAN IZATION.— Incorp. In Feb. 6 1906 per plan V. 82, p. 103. 1321; V. 85. p. 527; V. 86, p. 1412; V.
N . Y . Jan. 17 1913. Operates 24 mills at Canonsburg, Pa. V. 95, p
87, p. 42; V. 96, p. 996; V. 00, p. 845. Plants at Argo and Pekin, 111.;
1610; V. 96, p. 363; V. 104, p. 555, 2643. A new general line factory at
J., and
p.
84,
Jersey City, N . J., was completed and placed in operation during 1921. Edgewater, N.V. 88, p. Kansas City, M o.p. V. 105, 92, 501; V. 883;p. 696.
V. 87,
938;
845; V.
p. 465,
V. 98,
and during 1924 a new general line can factory at Chicago was completed. p. 915.p. New plant at 628, 1623: V. 90,
North Kansas City M o., was put in operation in
Agreement with Vulcan Detinning Co. See that company. In Sept. 1923 March 1922. V. I l l , p. 796; V. 114, p. 1201. Purchase of plants in
purchased the can and tube departments of the National Can Co. of De­ Europe, V. 112, p. 261. Forms German company, V. 114, p. 1895.
troit. V. 117, p. 1240. In April 1924 purchased the properties of the
In June 1916 the U. S. District Court In N . Y . held the company to have
Bucklen Food & Products Co. at Ida., Mich. V. 118, p. 1916.
yl dated the Sherman Anti-Trust Law, and on March 31 1919 a final decree
STOCK.— The stockholders on Dec. 29 1922 ratified a change in the com­ w filed, to which the company assented, ordering the dissolution of the
r,B
mon stock from $15,000,000 (par $100) to 500,000 shares o f no par value, merger not later than Jan. 1 1921 (subsequently changed to Jan. 1 1922:
each share o f the old stock receiving 2 2-3 shares o f new no par value V. 113, p. 1776). The decree ordered the company to dispose of its plants
common stock. V. 115, p. 2909.
at Granite City, 111.; Davenport, la.; its interest in the stock and other se­
The preferred is callable, all or part, at 125 and accrued div.: also, begin­ curities of the National Starch Co., with its plant at Oswego, N . Y ., and the
ning in 1915, for annual sink, fund o f 3% of issue, payable out of surplus stock and securities of the Novelty Candy Co., which had plants at Chicago,
profits. The pref. has no vote for directors unless 4 quarterly divs. are in 111., and Jersey City, N. J., to a person or persons, including corporations,
default, in which case the election is vested exclusively in the pref. until not controlled by or affiliated with the Corn Products Refining Co. and
all the defaults have been made good. Of the pref. stock, $1,846,000 had the company, or affiliated corporations, not to have any officers or directors
been redeemed to Dec. 31 1924. No mortgage or increase in pref. stock in common with such purchaser, nor any defendant be such purchaser. Only
without consent o f 75% o f each class o f stock.
persons or corporations intending to continue the business were eligible
The preferred and common stockholders of record N ov. 24 1924 were as purchasers.
given the right to subscribe to no par value common stock at $54 per share
Accordingly in M ay 1919 the Novelty Candy plants were sold to the
to the extent of 15% o f the number o f shares of preferred and (or) common Continental Candy Co. (V. 109, p. 687). In Sept. 1919 also the Granite
City plant was sold for $4,500,000. The Davenport, la., plant was sold
stock held.— (Y. 119, p. 2292.)
D IV ID E N D S.— Dividend on pref. from organization to July 1 1925. in Dec. 1919 for $250,000. In Dec. 1921 the Oswego, N . Y ., plant of the
inch, 1% % quar. (7% per ann.). On common Oct. 1 1915 to Jan. 1 1918, National Starch Co. was sold to the Oswego Factories Corp. See V. 109,
lncl., 5% per ann. ( 1 K % Q - J ) : also, Feb. 21 1918. 35% in com. stock: p. 1277. 1463, 1702, 2267; V. 112, p. 66.
April 1918 to July 1919, 1 K % quar.; Oct. 1919 to July 1921 paid 1 K %
CAPITAL STOCK.— The stockholders on
reduced
quar. On Feb. 15 and M ay 15 1923 paid each quar. 75 cents a share on the authorized pref. stock from $30,000,000 toMarch 25 1924 (1) formally
$25,000,000, thus
new stock of no par value: Aug. 15 1923 to M ay 15 1925 paid $1 a share completing the retirement of 50,000 shares which were purchased by the
each quar. On Feb. 15 1924 and Feb. 16 1925 also paid 5% in com. stock. company and cancelled in 1921, and (2) increased the authorized common
R E PO RT.— For 1924, in V . 120, p. 820, showed
stock from $50,000,000 to $75,000,000, and changed the par value of the
1922.
1921.
1924.
1923.
common shares from $100 each to $25 each.
Net earnings____________$5,317,370 $3,837,480 $4,438,508 $1,529,042
The directors declared a 25% stock div. on the com. stock, payable to
476,905
468,038 holders of record April 5 1924. The stockholders received 5 shares of the
Depreciation__________
741,888
519,750
250,000 new stock, par $25, in exchange for each share of the old com. stock, par
800,000
Res. for taxes & conting.
522,157
550,000
289,713
304,150 $100. The balance of the new com. stock will be held in the treasury,
Preferred dividends (7%)
405,256
411,574
270,000
472,500 from which sales may be made to employees.
Common dividends_____ 1,514,389
995,464
D IV ID
DS1917.
Surplus_____________ $2,133,680
$2,360,692 $2,601,890
$34,354 Preferred E N )____(f T3. ’ 14. T5. ’ 16. 26.16 T8. T9. ’20. ’21. ’22. ’23. ’24.
(%
5 5
5 5
7
7 7
7
7
7
7
Office, Pershing Square Bldg., New York.— (V. 120, p. 833.)
.
__
____ . . . .
6
6
6 U K 8K
Common (% )___ ( __
CONTINENTAL MOTORS C O R P.— ORGAN IZATION .— Incorp. In
With the regular 1 K % quarterly the pref. shares in 1917 received in
Virginia In Jan. 1917 (see V. 104, p. 259), and took over business and plants Jan., April and July each 5% and In Oct. 4 1-6% , extinguishing all
at Detroit and Muskegon, M ich., o f Continental Motors C o., makers of accumulations. V. 104, p. 1147, 2555; V. 105, P- 302. Initial quarterly
div. of 1% and K % extra on common paid Jan. 20 1920. V. 109. p. 2442“ Continental” gasoline motors.
STOCK.— The stockholders Oct. 18 1922 authorized an increase in the V. 110, p. 264. Same amount paid quar. to Oct. 1922. On Jan. 20 1923
capital stock to 3,000,000 no par value shares, of which 1,500,000 were paid 1)4% quar. and 3% extra; April 20 1923 paid 1)4% quar.; July 20
exchanged share for share for the old common stock, par $10. Outstanding 1923 paid 1)4% quar. and 1)4% extra; Oct. 20 1923 and Jan. 19 1924 paid
Oct 31 1924, 1,760,845 shared. The unissued shares will be held in the 1)4% quar. and % % extra; April 19 1924 paid 2)4% quar.; July 19 1924
treasury for issuance as the directors may determine. See V. 115, p. 1637. to April 20 1925 paid 2% quarterly. Common stockholders o f record April
Div. on common stock, No. 1, June 15 1917, 114%; Dec. 5 1917, 2% ; 5 1924 received a stock dividend o f 25% .
BONDS.— Of the New York Glucose 6s, 4% of each bond ($40) is retirFeb. 1918 to Aug. 15 1919, 1 % % ; quar.; Nov. 15 1919 to Aug. 15 1920
2% quar.; Dec. 15 1920, 1 %; then none until April 30 1924. when 20 cents able Sept. 1 yearly beginning 1902, but they are not subject to call. V. 74,
a snare was paid on stock o f no par value; same amount paid quarterly to p. 1086.
The first 25-year 5s of 1909 ($10,000,000 auth. issue) are secured by a first
April 30 1925.
,
J
„
The 1st mtge. 6 X % sinking fund gold bonds are redeemable all or part, lien on all the property of the company and its subsidiaries now owned or
A
at any time on not less than 30 days’ notice at the following prices and hereafter acquired, subject only to New York Glucose first 6s. Annual
interest: to and incl. March 1 1925 at 103 J4: thereafter at M of 1% less for sinking fund of 2% of total at any time issued may be used to draw bonds at
each succeeding year or part thereof to and incl. March 1 1938 and there­ 105 and interest. V. 106, p. 1034; V. 88, p. 1064, 1256, 1439; V. 90, p. 845,
after at 100. For sinking fund, &c.. compare V. 118, p. 1524.
846: V. 93, p. 348; V. 105, p. 1423.
R E PO RT.— For year ending Oct 31 1924, in V. 120, p. 324, showed:
RE PO RT.— For 1924, in V. 120, p. 1209, showed:
1923-24.
1922-23.
1921-22.
1920-21.
1924.
1923.
1922.
1921.
Calendar Years—
Profits for year_________ $4,654,374 $3,886,196 $2,955,691
$801,875 Profits from operations_$14,510,015 $13,078,966 $13,826,118 $9,451,410
Interest________________
610,370
497,547
506,092
631,359 Int. on dep., loans, & c._
241,445
688,736
532,227
584,220
Int. & divs. on securities
1,269,610
914,305
864,920
627,450
Premium on notes r e d ..
30,000
------------------------______
______
______
1,093
Depreciation__________
1,143,981
1,208,195
888,655
542,050 Rents real est. not in o p .
Federal tax reserve_____
367,500
243,000
91,000
-----Profit on securities sold.
134,078
122,401
230,644
78,201
Net earnings




$2,502,523

$1,937,453

$1,469,944 def$371,534

Total income.

$16,155,149 $15,704,408 $15,453,918 $10,742,374

163

IN D U STRIA L STOCKS AND BONDS

May, 1925.]

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

(Wm) C ra m o & Sons S h ip & E n g in e B ld g C o — See text
C re sc e n t Pipe L in e C o — Stock $1,500,000 ---------------------Crex Carpet Co— Stock $3,000,000 authorized____________
C r u c ib le Steel C o —Common stock autnorized $75,000,000
Preferred (a & d) 7% cumulative $25,000,000 authorized..
Pitts Cruc Steel Co 1st M $250,000 y ea rly ___ __ .U P i.xc*
C u b a Cane Sugar C orp— Com stk no par value (see text).
Pref stock 7% cum convert red 120 $50,000.000_______
Te n-year Debenture bonds convertible t e x t __________ Gc*

Eastern Cuba Sugar Corp mtge conv s f g bds red (text) gu

19li
1920
1922

a $17,551,100 bear 8% interest and $7,448,901 bear 7% i nterest

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Sept 16 '23 1H
$25 $1,500,000 See text
See text See text Apr 15 1925 1%
100 3.000.
000
100 65.000.
000 4
Q— J31 Apr 30 1925 1%
100 25.000.
000 7
Q— M June 30 '25 1 %
M & S To Mar 1945
5.000. 000 5
None 500.000 sns
100 50 000.000 See text
A p r ! 1921 l l i
j —j
Ja n 1 1930
100 &c a25.000.000 7 & 8
000 7)4 8 M Sc
100 &c 10.000.
622.000

Checks mailed

Union Trust d o . Pittsi,
do
do
Union Trust Co, P ltF b
G ua ra nty T r u s t O o . N Y

Guaranty Trust Co, N Y

S Sept 1 1937
To 1935

-

Interest on bonded debt.
Gen. & Fed. taxes______
Insurance______________
Preferred dividends___
Common dividends_____
Depreciation__________
Special & extraord. losses

1924.
$127,301
1,908,064
263,118
1,750,0C0
5,030,000
2,957,369
______

Balance, surplus_____$4,119,295
3 Mos. End. Mar. 31.
1925.
Net earnings*__________ $2,234,177
364,731
Other income__________

1923.
$136490
1,990,292
199,101
1,737,890
4,480,560
2,907,265
______

1922.
$11.3,’920
1.755,837
191.450
1,737,890
4,480,560
2,976,138
______

1921.
$120,694
1,157,409
192,268
1,737,890
2,987,040
2,440,261
505,385

$4,253,110 $4,198,123 $1,601,428
1924.
1923.
1922.
$3,943,457 $3,583,545 $2,621,287
258,059
240,488
198,020

Total income_________ $2,598,908
$4,201,516 $3,824,033 $2,819,307
Interest & depreciation.
819,618
969,456
778,804
655,918
Preferred divs. (1M % ) - 437,500
437,500
434,473
434,472
Common divs. qu ar__(2% )l,265,000(23^)1250000 (1)497,840 (1)497,840
do
extra_______
______
______ (M)248,920 0^)248,920
Surplus______________

$76,790

$1,544,560

$1,863,996

$982,157

*Net earnings from operations, after deducting charges for maintenance
and repairs and est. amount o f Fed. taxes, &c.
DIR E C TO RS.— E. T. Bedford (Pres.). W. J. Matheson (V .-P .), G. M .
M offett (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. H. Hall, Willis D. W ood, Preston Davie, E. E. Van Sickle, C. L. Camp­
bell. Office, 17 Battery Place, New York.— (V. 120, p. 2687.)
C R A D D O C K -T E R R Y CO.— (V. 118, p. 790.)
(WM.) CRAMP & SONS SHIP & ENGINE BUILDING CO. (TH E).—
Incorp. in Penna. March 26 1872. Properties owned, V. 78, p. 46; V. 90.
p. 916. In N ov. 1917 purchased for some $1,500,000 the 5 -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% o f the stock o f the Federal Steel Foundry Co. o f Chester, Pa.
In July 1919 American Ship & Commerce Corp. (see above) acquired a
majority o f the stock, issuing in place o f each $100 share acquired five shares
o f its own stock, with no par value. V. 109, p. 572, 479.
STOCK.— Authorized, $20,000,000; outstanding, $15,232,500; par of
shares, $100.
The stockholders voted July 1 1920 to increase the capital stock fron
$6,250,000 to $20,000,000. Part o f the increase was distributed as a 15035
stock dividend on Sept. 10 1920. V. I l l , p. 76, 497.
LATEST f ’98. ’99. ’00. ’ 01. ’02. '03-T6. 1917.
’ 18. ’ 19. ’ 20-’ '.'4.
DIVS
% 1 IK 5 5
5
3% None Aug., 3%
6
7)4
text
In May 1917 resumed dividends, 3% being paid Aug. 1; Feb. 1918 to
Aug. 1919, 3% s.-a. In Oct. 1919 and Jan., April and July 1920 pair)
1)4% . Paid 150% in stock on Sept. 10 1920. Oct. 15 1920 to M ar. 31
1925 paid 1% quar. On July 14 1922 paid an extra cash div. of 25%.
Funded Debt.
1st Mtge. 5% gold bonds o f 1899, due Mar. 1 1929, but call­
able $25,000 yearly at 110; interest M . & S_________________ $900,000
Real estate mortgage and ground rents_______________________ <
20.444
Notes payable U. S. Navy Dept, 1925-1942__________________
1,016.800
Notes payable. 1925. Pelton Wheel C o______________________
98,795
R E PO RT.—-For 1923, in V. 118. p. 2047 and 2443, showed:
Calendar Years—
1923.
1922.
1921.
Net all departments__________________ $1,817,261 $3,828,944 $2,359,570
Depreciation_________________________
766,612
756.793
836,776
Interest, &c__________________________
96,645
149,733
167,319
Netincome________________________ $954,003 $2,922,418
Dividends. . . . .....................................(4 %) 609,267 (29)4420,611

$1,355,475
(4) 609,772

Surplus for year___________________ $344,736df$l,498,193
$745,703
OFFICERS.— Pres., J. Harry Mull; V.-P., H. B. Taylor; Sec. & Treas.,
Geo. D. Martin: Asst. Sec., R. L. Howe; Asst. Treas., U. R. Peterson.—
(V. 120, p. 1095.)
f
CRANE CO.— (V. 120, p. 1752.)
CRESCENT PIPE L I N E C O .— ORGAN IZATION , &c.— IncorporateC
In Pennsylvania In 1891. Has pipe line from Gieggs, Pa., to Marcus Hook
Pa., 269 miles. Formerly controlled by Standard Oil Co. of N . J., but
segregated in 1911. See Standard Oil C o., V. 85, p. 216. 790; V. 93, p
1390. The stockholders on Feb. 5 1923 voted: (a) to decrease the authorized
capital stock from $3,000,000 to $1,500,000; and (6) to reduce the par value
o f the shares from $50 to $25. The company issued to stockholders of record
Feb. 20 1923 in exchange for outstanding certificates o f stock, par $50, new
certificates o f stock o f the par value o f $25 per share, together with a dis­
tribution o f $25 per share. Dividends, 3% quar., March 1912 to March
1914, incl.; June ±914,234%; Sep. 2% ; Dec. 1914 to Sept. 19 2 3 ,1 ^ % quar.
none since.
R E PO R T .— For 1924, in V. 120, p. 963, showed:
Cal. Years— 1924.
1923.
1922.
1921.
1920.
N et inco me . los.s$29,245
$44,464
$181,602
$168,666
$146,102
Dividends _ .
_____
67,500
180,000
180,000
180,000
B alance._def$29,245 def$23,036
sur$l,602 def$ll,334 def$33,898
Pres., L. E. Lockwood. Office, 323 Fourth Ave., Pittsburgh, Pa.—
(V. 120, p. 2555.)
C R E X 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 carpets and rugs for floor coverings; also cotton Chenille rugs,
wool Chenille rugs and plain wool velvet and plain tapestry carpets. Plants
are located at St. Paul, Minn., and Newburgh, N. Y .; also owns lands at
Oshkosh, W is., and over 50,000 acres o f grass lands in the northern parts
o f Wisconsin and Minnesota.
DIVS.—
( ’09. TO. T 1-T 3. T4. T5-T6. T7. T 8-’20. ’21. ’22-’23. ’24.
Per cent_____ \ 5 534 6 yrly. 3
0
2 6 yrly. 134
0
1
Paid in 1925: Jan. 15, 1% ; April 15, 1%.




RE PO RT.— For year ended June 30 1924, in V. 119, p. 1392, showed:
Years End. June 30—
1923-24.
1922-23.
1921-22.
1920-21.
Manufacturing profits.. $396,284
$418,853
$349,387
$359,757
Less— Selling, adminis­
tration, gen. exp., &c_ 201,803
274,943
359,647
303,834
_
__ . .
45,872
45,725
42,638
Reserved for deprec’n_
Doubtful accounts_____
______
______
2,081
______
Net earnings.. ____
Previous surplus_______
Refund Federal tax_____

a$194,481
610,835
Cr.5,740

Total surplus________
Dividends paid________
Inventory adjustment..
Cost of settlement of
Burt suit___________
Res. for Crex Carpet Co.
(Eng.),Ltd.,curr.acct.

$815,056
______
______

B a la n ce June 3 0 . . .

$98,038 loss$58,066
662,377
735,417
______
______

$13,285
1,122,068
______

$760,415
$677,351 $1,135,353
____ .
______
135,000
deb.30,735 deb.14,974 deb.264,937

______

43,845

______

______

10.000

75,000

______

______

$801,056

$610,835

$662,377

$735,417

a After depreciation and taxes.
OFFICERS.— Pres., James H, Baldwin; V .-P ., II. Esk. Moller and
R. C. Gambee; Sec. & Treas., W m. A. Pfeil; Asst. Sec. & Asst. Treas.,
Wm. B. Herbort; Gen. M gr., Geo. B. Fawley. Office, 295 Fifth Ave.,
New Y ork.— (V. 119, p. 2766.)
CRUCIBLE STEEL CO. OF AM ERICA.— ORGANIZATION.— Incqr.
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. V. 109,
p. 1789.
The Pittsburgh Crucible Steel Co., all of whose stock is owned by the
Crucible Steel 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. & 1. by Crucible Steel Co.,
maturing $250,000 annually beginning 1916. V. 92, p. 525. 728; V. 95. p.
1272: V. 99 p. 1449; V. 101. p. 1551; V. 105, p. 1895.
Halcomb Steel Co. o f 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 ($45,000 yearly) on Norwalk Steel 4>*8 or 1910,
me July 1 1929, having the option to purchase the same before maturity
80 and int. (V. 95, p. 424); also prin. and lnt. of bonds of the St. Clair
•Heel and St. Clair Furnace Co. jointly with U. S. Steel Corporation.
CAPITAL STOCK.— The stockholders voted Feb. 16 1920 to Increase
.he authorized limit of common stock from $25,000,000 to $75,000,000. with
t view to stock distributions to represent accumulated surplus when and
is the directors shall deem such distributions conservative. Pref. stock
• ill remain $25,000,000. V. 110. p. 767.
T
Stockholders of record Sept. 11 1922 were given the right to subscribe for
50.000 additional shares o f common stock at par. V. 115, p. 1104.
LATE D IV . 09. TO
11-Y3. ’ K
'15. Tfi., T 7. T8. 19
’20-’24.
>a p r e f..% 5H
7
7
7
7 yrly. 3)4 1H
7
7
7
See
>nac.c db.% [In 1910 H & 10scl
6 18 H
m Com ___
text
4
In July 1919 an initial div. of 134% was paid on the common stock, and
n Oct. 1919 and Jan. 1820 paid 3 % . V. 109. p. 1182; V. 108, p. 2632.
m April 30 1920 paid 3% in cash and 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. I l l , p. 392. Oct. 30 1920 to Apr. 30
'921 paid 2% quar. in cash. July 31 1921 to Jan. 31 1922 paid 1% quar
then none until July 31 1923, when 1% was paid; same amount paid quar
to April 30 1925.
R E PO RT.— For year ending Aug. 31 1924, in V. 119, p. 1622, showed:
1923-24.
1922-23.
1921-22.
1920-21.
y Profits________________ $7,703,076
$6,783,493 x$2,165,768 $6,969,424
Depreciation & renewals
1,200,000 1,200,000
1,250,000
____
Maintenance of plants.. 1,984,277
______
_____
______
Int. on bonds of sub. c os.
268,750
281,250
293,750
306,250
Deprec’n on foreign exch.
______
______
______
191,429
Inventory adjustments.
______
______
See x
924,499
Preferred dividends____ 1,750,000
1,750,000
1,750,000 1,750,000
Common dividends_____ 2,199,924
549,979
999,817 See below
Balance, sur. or def__sur$300,125 sr$3,002,264df$6,459,334sr$3,797,246
x Loss after depreciation in the value of inventories and loss from opera­
tions. y Profit after Federal taxes.
Balance sheet as of Feb. 28 1925 in V. 120, p. 1464.
OFFICERS.— Chairman, H. S. Wilkinson; Pres., E . C. Collins; V .-P .,
F. B. Hufnagel, J. M . McComb and John A. Mathews; Sec. & Treas.,
George E. Shaw; Asst. Treas., A . A. H. Niebaum; Asst. Sec. & Asst. Treas.,
H. F. Kress; Aud., H. L. Gellinger; Asst. A ud., W . K. Stehman. Office,
17 East 42d St., New York.— (V. 120, p. 1464.)
CUBA CANE SUGAR CO R P.—-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 Violeta, in Camaguey Province, Cuba. V. 110, p. 2196,
2052. Other acquisitions during 1920, V. I l l , p. 2052. Crops made by
the company: No. of bags (7 bags equal one ton or 2,240 lb s.), 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.
STOCK.— Authorized, $50,000,000 7% cum. conv. pref. (par $100). and
I , 600.000 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 int. and is preferred as to
assets and dividends. Convertible into common, share for share, at any
time, at option o f holder. V. 103, p. 64, ±794.
The Common and Preferred stockholders of record Aug. 24 1922 were
given the right to subscribe at par for $10,000,000 Eastern Cuba Corp.
15-year 7) 4% Mortgage Sinking Fund gold bonds. The issue will be
guaranteed, principal and interest, by the Cuba Cane Sugar Corp. and will
be convertible for the life o f the bond into Cuba Cane Sugar Corp. Common
stock at $20 per share. V . 115, p. 650.

164

INDUSTKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

C uban-Am er Sugar Co— Com stock $10,000,000 auth____
$10 $ 1 0 ooo non See text
Preferred (a & d) stock 7% cum ($10,000,000 auth)] 1M 7,893,800
7
First mtge coll s f gold bonds red 10714 $10,000,000- - c* 1921
600 Ac
9 o: o non
8g
'C u ban D om inican Sugar Co— Common s t o c k . __
_
_
1 .628.01 Ish
Preferred (a & d) stock 8% non-cum redeem 105
100 11.494 300
Sugar Estates of Oriente pref stock 8% cum $5,000,000 auth
100 4.000.
000
8
1st (closed) lien 20-year s f g bonds red (text)___ kxxxc* 1924 500-1000 14.695.500
7)4 g
Secured serial notes due $326,000 a n n u a lly .._ __
_
1.600.000
7g
Santa Ana Sugar 1st mtge s f bonds . . .
1921
3.500.000
8
Sug Est of Oriente 1st M s f g bds $7,500,000 auth..kxxxc* 1922 500-1000 6.200.000
7g
Cia Central America S A purchase money s f bonds _
2.250,000
6
■Cudahy P acking Co (T he)— Com stock $26,449,500 a u th ..
100 21.249.500 See text
Preferred stock 6% cum red 1 0 0 _
_
...
100 2.000. 000
6
Preferred stock 7 % cum red 105 _
_
.
_ _____
_
100 6.550.500
7
1st mtge $12,000,000 s f call 102)4_____ ______ _.c*&r*x
1916
1,000
9 600,000
5g
Sinking fund eold debentures red (text)
__ __ kxxxc*&r 1922
100 Ac 14,600,000
5)4 g
C um berland Pipe Line C o.— Stock $3,000,000 auth______
100 3.000,000 See text

BONDS, &c.— Tbe $25,000.000 10-year 7% debentures (offered in Jan
1920 at 100 A int.l arecon vertibleat any time into common stock ai 'Mo.8823
per share. Redeemable on 60 days’ notice at 107 14 during tbe 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 o f 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 or bankers to secure at once a loan of $10,000,000 under an arrange­
ment which required the subordination o f 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 o f 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 o ff and the subordination of the 8%
debentures had been terminated. The 8% debentures therefore now enjoy
the same position in point o f security as the 7% debentures, but they will
continue until maturity (Jan. 1 1930) to bear interest at the rate of 8% ner
ann. instead o f 7 % . V. 113.P. 1475.1986; V. 115. p.2682: V. 117, p. 1560
The Eastern Cuba Sugar Corp. 7)4% mortgage bonds are guaranteed
prln. and int., by Cuba Cane Sugar Corp. and are convertible for the life
o f the bonds into Cuba Cane Sugar Corp. common stock at $20 per share
Sinking fund will reture annually for five years, beginning in 1925 3% and
thereafter annually 5% o f the maximum amount o f bonds at any one time
outstanding; redeemable at any time after one year, all or part, on 60 days’
notice at a premium o f 7 M % if redeemed on or before Sept. 1 1924: if re­
S
deemed thereafter and on or before Sept. 1 1934. the premium shall decrease
)4 o f 1% for each year or fraction thereof elapsed from Sept. 1 1924 to date
o f 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.
D IV ID E N D S.— On pref. April 1916 to Apr. 1 1921.7% p. a. (\M % qu
none since.
R E PO R T .— For year ending Sept. 30 1924, in V. 119, p. 2403, showed
1 Q 9Q _9A

1 Q 9 9 -9 * }

1 Q 9 1 -9 9

Operating profit________
$12,511,719 $12,608,123 $3,599,491
1,750,000
1,750,000 1.750,000
Deduct— Depreciation reserve______
Interest and exchange_____________ 2,379,580
3,210,218 3,527,716
20,712
61,628
43.556
Taxes paid during year____________
Additional taxes and expenses_____
380,762
--------—
Other reserves____________________ 4,933,100
1,108,855
500,000

When
Payable

[V ol.

120.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Text July 1 ’25 75c 129 Front St. N Y
do
dr
Q - J July 1 ’25 H i
Nat City Bank, N Y
M & S15 Mar 15 1931
Q— F M iy 1 1925 2%
Nat City Bank, N Y
M & N iN ov 1 1944
A & O Apr 1 1931
M & S S ep tl 1942
1935
Q— J15 Oct 15 ’25.
M & N M ay 1 ’ 25.
M A N VIay 1 ’25,
J & D Dec 1 1946
A A O Oct 1 1937
Q— M 15 June 15 ’ 25

Nat City Bank, N Y
1M
3%
3)4

Boston and Chicago
New York and Chicago
3% Checks mailed

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.
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 (close!) lien 20-year sinking fund 7)4% gold bonds
are redeemable on any int. date, either as a whole or at the option of the
comoany, 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
[east $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 M ay 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. 7)4%
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.
RE PO RT.— For 1923-24, in V. 120, p. 588 and 833, showed:
Consolidated Income Account Years Ended Sept. 30.
1923-24.
1922-23.
Raw sugar produced____________________________ $10,884,563 $8,662,993
330,910
86,923
Molasses produced______________________________
Interest received________________________________
78,256
44,015
Profit on stores, cattle, &c_______________________
205,411
95,058
T otal_____ _______
$11,499,140 $8,888,988
Expenses of producing, manufacturing, &c-------------- $7,356,629 $5,808,238
Provision for depreciation________________________
970,258
972,115
Int. on first mtge. 8s of Santa Ana Sugar C o_______
280,000
262,511
620,509
436,218
Interest on bills payable, current accounts, A c____

Balance, surplus..............................$3,047,565 $6,477,422df$2,221,781
OFFICERS.—Albert Strauss, Chairman Bd. Dir.; Charles HaydenChairman Exec. Com.; W . E. Ogilvie, Pres.; F. Gerard Smith, Exec
Vice-Pres.: Manuel E. Rionda and Miguel Arango, Vice-Pros.; G. AKnapp, Sec.; B. A. Lyman, Treas. New York office, 123 Front St.—
(V . 120, p. 1209.)
CUBAN=AMERICAN SUOAR 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.
15. 18 ’ 17 ’ lb. ’ 19 •20-24
D IV S.—
|’09. TO. T1-T4.
7
14
7
7
7
On pref----------------- %\1H 8Ji 7 y ’ly
See
On common_________ [__ . .
____
10 10 10 10
text
Com extra___________ ___ _
____
10 10 __ . .
Com stock___________ ___
____
..
40 . .
In 1920: Jan. 1 and April 1, 2 )4 % each; In M ay 1920 two divs. of $1.76
oer 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. SI April 1 Si
July 1, 50c. None in 1922. In Sent. 1923 two divs. o f 75c. per share
were declared, one payable Nov. 15 1923 and the other payable Jan. 2 1924
April 1 1924 to July 1 1925 paid 75c. quar.
C A PITAL STOCK.— The stockholders on April 15 1920 authorized a
change o f 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 o f old common stock. Holders o f common stock will have one vote
for each ten shares held, holders o f 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
fche deposit o f (a) $13,000,000 (entire outstanding issues) first mtge. 6%
bends, all due Oct. 1 1929, of the following subsidiaries: $2,500,000 Chaparra
Sugar C o., $2,900,000 Chaparra R R ., $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.
R E PO R T .— For year ending Sept. 30 1924, in V . 119, p. 2893, showed:
1923-24.
1922-23.
1921-22.
1920-21.
Gross income__________ $36,647,841 $37,318,789 $25,393,293 $20,184,950
N et income___________ $9,887,260 $11,057,634 $4,662,215df$5,547,159
Reserve for Federal taxes 1,040,000
830,000
1,243,786
1,209,926
1,304,561
Depreciation______ - ___ 1,332,127
1,394,982
1,139,645
interest, discount, A c ..
939.350
919,925
552,566
552,566
Preferred dividends____
552,566
552,566
2,500,000
1,500,000
Common (cash) divs____ 2,250,000

Net profit for year____________________________ $2,271,744
$1,409,905
OFFICERS.— Pres., Thomas A. Howell; V .-P ., H. W . Wilmot; V .-P ..
Lorenzo D. Armstrong; Treas;, Arthur Kirstein, Jr.; Sec., M . S. Moyer
Asst. Sec., Harvey F. Phair. Office, 129 Front St., N. Y .— (V. 120, p1095.)
CUDAHY PACKING CO. (TH E ).— OR G A N .— Began business 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.
DIVIDEN DS ON COM MON STOCK.— In 1916, N ov., 1)4% cash and
50% In stock; March 1917 to July 5 1920, 1 X % quar. (cash); also from
accumulated surplus common shareholders of record Dec. 15 1918 received
a stock dividend of 25% . V. 107. p. 2191. No payments were made from
Pet. 1920 to Oct. 1923, incl.; Jan. 15 1924 to Jan. 15 1925 paid 1% quar.;
hpril 15 1925 to Oct. 15 1925 paid 1 H % quar.
The May and Nov. 1921 pref. divs. w e r e deferred: payments were re­
sumed on Mav 1 1922. when 3% and 314% was naid: same amounts paid
semi-ann. to M ay 1 1 9 2 5 . On Dec. 31 1923 paid 6 % on the 6 % pref. stock
and 7 % on the 7 % pref. stock in payment of dividends deferred in 1 9 2 1 .
BONDS, &C.— Auth. and issued, $12,000,000, of which $2,400,000 were
retired by sinking fund to Nov. 1924, leaving $9,600,000 outstanding.
Annual sinking fund, $325,000.
v
The $15,000,000 sinking fund 5)4% 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 107)4; after Oct 1 1927
to Oct. 1 1932 at 105; and thereafter at 102)4 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 trustee in cash, or in the debentures at par. Gash so deposited
with the trustee shall be applied to the purchase or redemption of these
debentures at not exceeding 162)4 and interest.
R EPO RT.— Year ending N ov. 1 1924, in V. 119, p . 3003, showed:
Income Account for Fiscal Years Ending.
Nov. 1 1924. Oct. 27 1923 Oct. 28 1922 Oct. 29 1921
$
$
$
$
Total sales____________ 203,750,000 190,289,000 160,164 000 173,695,000
Net profits____________
3,352,230
2,010.198
l,231,499defl,569,563
First pref. dividend____
120,000
120.000
120,000
--------Second pref. dividend_
_
458,535
458,535
458,535
--------Res. for 1921 pref. divs.
--------578,535
----------------Common dividend_____
689,980
-------------------------

$5,950,582 $1,470,881 df10.949,297
Balance, surplus------- $3,773,217
Production (total bags,
1,847,746
2,256,736
1,829,818
320 lbs.)_____________ 1,853,202
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;
Com p., Geo. E . Bush. Office, 129 Front St., N . Y .— (V. 119, p. 2766.)
CUBAN DOMINICAN SUGAR CO. (THE)— Co. was incorporated
£a Maryland March 22 1922 as a holding company. Owns stocks of
operating subsidiary companies (through 160% stock ownership), which
subsidiaries are engaged in the business o f 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

Balance_____________ $2,083,715
$853,128
$652,964 df$l ,569,563
Total profit & loss surp. $7,142,558 $5,058,843 $4,205,714 $3,552,750
Pres.. E. A . Cudahy; V .-P ., E. A . Cudahy Jr.; 2d V .-P ., G. O. Shepard;
3d V .-P ., F. E. Wilhelm; Treas., John E. Wagner; Sec., A . W . Anderson,
Chicago.— (V. 120, p. 2555.)
CUMBERLAND PIPE LINE CO.— ORG A N ., A c.— Incorp. In 1901 in
Kentucky. Owns pipe line in Kentucky. Formerly controlled by Stand­
ard Oil Co. of N. J.. segregated in 1911.
D IV ID E N D S.—
’ 12. ’ 13. ’ 14. T 5. T6. T7. ’ 18-’23. ’ 23. ’ 24.
Per cent____________________
6
6
5
5
5 10 12 yrly. 10 12
Also paid 100% In stock Dec. 30 1922.
Paid in 1925: Mar. 16, 3% ; June 15, 3 % .




M a y , 1925.]
M IS C E L L A N E O U S

IN D U STRIA L STOCKS AND BONDS
C O M P A N IE S

[For abbreviations, &c., see notes on page 6]

Date
Bonds

Cushm ans Sons, Inc— Common stock 200,000 shares auth7% cumulative preferred stock $3,000,000 auth
$8 cum div pref stock 40,000 shares auth red $110
Cuyamel Fruit Co— Stock 300.000 shares auth-1st mtge s f g bonds red (text)__
xxxc* 1925
Davison Chemical Co i'Fhe)— stock 235,000 shares auth
Davison Sulphur & Phosphate 1st mtge
19i7
L>e Beers C onsolidated Mines, Ltd— See text
Deere & C o — Common stock $25,000,000Preferred (a & d) stock 7% cum not callable .
FC
Gold notes redeemable (text) ______
_ Cec.xxxc* 1921
_
la) Additional $4,828,500 in treasury,

Par
Value

Hale
%

None
95,240 sh
$3
100 1,831,100
7
None
22.560 sh
$8
None 300.000 shs.
$4
100 &c 5,000,000
6g
None 235.000 sns. See text
6g
$774,000

When
Payable

Last Dividend
and Maturity

Where Interest and
Dividends are Payable

P la c e s

Q— M J u n e l 1925 75c
Q— M June 1 1925 1M
Q— M June 1 1925 $2
See text M ay 1 '25 $1
A & O Apr 1 1940
N Y , Chic & New Orl’nfl
See text Nov 15 1920 $1 Checks mailed
M & S Mar 1 1927
Merc Tr & Dep Co, BaM

$100 bi 7.904,400
100 a33 000,000 See text "q — M June 1 ’ 25 I K Go’s Office. Moline. IB
500 &c
New York or Chicago
7,516,000
7 X 8 M & N May 1 1931
(b) Additional $3, 668,40 0 in treas ury.

RE PO RT.— For 1924, in Y. 120, p. 833, showed:
1924
1923
1922
$439,446
$786,420
$723,605
360,000
300,000
179,999

Profits for the year______
Dividends_____________

1921
$301,012
179,999

$79,446
$486,420
$543,605
$121,013
Balance, surplus_____
Pres., Forrest M . Towl: V.-Pres. & Treas., E. R . Shepard; Sec., J. M.
Tussey. Office, Oil City. Pa.— (V. 120, p. 833.)
C U RTISS AEROPLANE & MOTOR CO.— (V. 120, p. 1464.)
CUSHMAN’ S SONS, INC.— Incorp. under laws o f 1 ew York Nov. 24
1914. Is engaged principally in the business o f 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 . Also operates a
chain o f 52 retail bakery stores, 49 o f which are situated in New York
City and 3 in Yonkers, N . Y .
STOCK.— The holders o f the 7% cumulative preferred stock and the
holders o f 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 o f 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 o f 2% annually of amount
o f 7% pref. stock at the time outstanding.
D IV ID E N D S .— On preferred stocks, in full to date. On common stock,
paid 75 cents quar., Dec 1 1923 to Jnne 1 1925.
R E PO R T .— For 1924, in V. 120, p. 834, showed:
Calendar Years—
1924.
1923.
1922.
Bread and cake sales (net)__________ $8,212,901 $7,220,657 $6,536,036
Baking and administrative expenses. 6,841.869
6,094,578
5.440.424
Other income-

$1,371,032
53,320

$1,126,079
57.264

$1,095,612
40,565

interest ______________________
Depreciation_________________
Federal taxes_________________
Preferred dividends____________
Common dividends___________

$1,424,352
18,257
322,046
133.164
311,275
285,720

$1,183,343
15,942
293,270
106,551
270.863
101,510

$1,136,177
25.913
2,86,386
103,484
93.331
120,320

$395,207
1925.
$290,865
83,464
25,457

$506,743
3924.
$352,751
78.755
33,664

Surplus--------------------------------------$353,890
3 Months Ended March 31—
Earnings before depreciation and Federal taxes__
Depreciation-----------------------------------------------------Federal taxes___________________________________

Net earnings--------------------------------------------------$181,944
$240,332
OFFICERS.— Pres., Lewis A. Cushman; V .-P ., E. St. John Taylor:
Sec., Walter R. Herschman; Treas., Benton E. Adams; Asst. Treas.,
William J. Verito. Office, 461 West 125th St., New York.— (V. 120,
p. 2153.)
CUYAMEL FRU IT CO.— Incorp. under laws of Delaware on Jan. 24
1923. Is engaged in the cultivation, transportation and marketing of
bananas, which are raised in Honduras and Nicaragua and sold in the
Vnited States and Canada.
Stock.— The stockholders on April 1 1925 increased the authorized capital
stock from 250,000 to 300,000 shares, no par value. The additional 50,000
shares were offered to stockholders of record April 15 1925 at $48 50 per
share in the ratio o f one new share for every five shares held.
D IV ID E N D S.— An initial div. of $1 per share was paid June 28 1923.
same amount paid quar. to Dec. 29 1924; on M ay 1 1925 paid $1 per share.
BONDS.— The 1st mtge. 6% sinking fund gold bonds are redeemable,
all or part, at 107K and int. to April 1 1926, thereafter the premium de­
creasing K o f 1% annually. The bonds are the joint and several obliga­
tions o f Cuyamel Fruit Co. and Cortes Development Co. Secured by a
1st mtge. upon all of the mortgageable property of both companies in Hon­
duras and by the pledge of notes and stock of the Cuyamel Steamship Co.,
which holds title to 7 steamships.
Mortgage will provide that the company commencing Oct. 1 1925, during
the life of this issue, will apply semi-annually as a sinking fund the sum of
$240,000 less interest requirements on the amount of this issue then out­
standing to the purchase of bonds at not exceeding the then current redemp­
tion price or to their redemption by lot. Through the operation of this
sinking fund provision will be made for the retirement of all but $957,000
o f this issue by maturity. The principal amount of bonds which will he
thus retired will steadily increase from a minimum of $169,000 in the first
year to a maximum of at least $402,000 in the last year. These calculations
are based on the retirement of bonds at the call price, which is 1073*2 in the
first year and K less in each succeeding year. V. 120, p. 1464.
R E PO R T .— Consolidated income account years ending Dec. 31:
1924.
1923.
x Consolidated earnings__________________________ $2,437,650 $4,274,160
Amortization o f concessions and depreciation y _
_
1,105,443
1,156,021
Prov. for deprec. on steamships under option of pur.
91,897
______
Interest paid____________________________________
523,963
497,627
Provision for Federal income tax_________________
8,296
236,204
Consolidated net earnings for year____________
$708,051
Previous capital & surplus o f consolidated cos____ 15,388,458

$2,384,307
13,936,572

T o ta l________________________________________ $16,096,508 $16,320,879
Deduct— N et earns, of predecessor co. before acquis.
______
126,183
A dj. o f values of invest, in sub. cos____________
______
56,239
Adj. o f equity in capital stock of the Sagamo SS.
Corp. as at Dec. 31 1923____________________
50,936
______
Loss o f SS. Jamaica by fire___________________
152.839
______
Dividends paid: Cuyamel Fruit C o___________
500,000
500,000
do
do
Cortes Development C o______
500,000
250.000
Capital and surplus o f combined cos. Dec. 31.-114,892,733 $15,388,458
x Aftqr deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses.
y Includes depreciation o f farms, railroads, machinery and equipment,
steamers and office building furniture and fixtures.




Amount
Outstanding

165

Quarter Ended March 31—
Net operating earnings_______
Amortization and depreciation.
Interest______________________
Dividends____________________

1925.
$646,478
275,025
100,948
250,000

1924.
$438,924
307,333
98,346
250,000

Surplus________________________________ ______
$20,505 def$216,754
OFFICERS.— Pres., Samuel Zemurray; Treas., P. E. Fulcher; Sec.,
Joseph W. Montgomery. Office, 410 Camp St., New Orleans.— (V.
120, p. 2274.)
DAVISON CHEMICAL CO. (TH E).— Incorp. in Maryland Jan .2 1902
»s the Davison Chemical Co. of Baltimore County; name changed to present
title on May 11 1920. Owns the entire capital stock of Davison Sulphur
& Phosphate C o. Business consists of the manufacture and sale of sulphuric
acid, acid phosphate, sodium silica fluoride, magnesium fluosilicate. Iron
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.
C APITAL STOCK.— Authorized and outstanding. 235,000 shares, no
par value. Majority of stock is deposited in a 5-year voting trust expiring
May 31 1925. Voting trustees are John J. Nelligan, C. Miller and Waldo
Newcomer. V. I l l , p. 695.
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 N ov .
1920.
BONDS.— 15-year sinking fund 8% debentures were redeemed on
Aug. 1 1924 at 106 and interest.
REPO RT.— For 1924 showed: Gross income, $366,943; net profit,
$177,231; interest and discount, $156,159; net income, $21.072; reserved for
contingencies, $18,621: reserved for depreciation, $189,680; non-oper. ex­
pend.: Cuban mines, $28,013; prem., disc., &c., in connection with retire­
ment of 8% debentures during 1924, $284,605; bal., def., $499,847.
OFFICERS.— Pres., C. Wilbur Miller; V.-Pres., Geo. W. Davison,
E. B. Miller and W . D . Huntington; Treas., T . J. Dee; Sec., J. R . Wilson.
— (V. 120, p. 1209.)
DE BEERS CONSOLIDATED MINES, LTD.— A registered company
of the Province of the Cape of Good Hope in the Union of South Africa.
Company is said to control about 80% of the world's output of diamonds.
Owns entire capital stock of Cape Explosives Works, Ltd.; a controlling
interest In the Premier (Transvaal) Diamond Mining C o., L td., and shares
In the South West Africa C o., Ltd.
C A PITAL STOCK.— Auth., £2,000,000 Preference and £2,750,000 de­
ferred shares; par, £2 10s. Outstanding, £2,000,000 preference and £2,628,610 deferred shares. Pref. shares are entitled to an annual cumulative
dividend of 40% and to priority for capital for the sum of £20 without further
participation.
American Shares.— Pursuant to a deposit agreement, dated Jan. 17 1920*
entered into with Central Union Trust. Co. of N. Y . as depositary, 32,000
Defeired shares have been deposited against which 80,000 ''American’ ’
shares have been issued in the ratio of five “ American” shares for each two
original shares on deposit. Additional “ American" shares may be issued in
■ same proportion against the deposit of further original Deferred shares.
he
The “ American" shares represent a proprietary interest in the deposited
shares and are entitled to their pro rata benefit of all dividends and other
accretions on such deposited shares. “ American” certificates are exchange­
able for original Deferred shares in the same proportion as the American
shares were issued. The deposit agreement is terminable by the written
request of 75% of “ American" shareholders.
D IV ID E N D S.— Divs. on deferred shares have been paid as follows (year
ending June 30): 1912. 40%; 1913. 60%; 1914. 50%; 1915 and 1916 none;
1917 and 1918, 40% each; 1919. 80%: 1920. 120%; 1921, 20%; 1922-23.
none. July 1924 paid 20%; Jan. 1925 paid 20% . Also paid a bonus of 10%
in each of the years 1912, 1913 and 1918. In Dec. 1922 declared a dividend
of 30% , and in 1923 80% on the preference shares in full payment of the
back dividends due on that issue.
DEBENTURES.— £1.635,495 4 K % South African Exploration Mortgr ge
Debentures, dated Jan. 23 1901; int. J. & J. Denominations, £5, £10,
£50. £100. £500. Auth. £1,750,000. Redeemable at par Jan. 1 1930 or
at 105 at any time earlier or in case of voluntary dissolution, &c.
R E PO RT.— For year ended June 30 1924, in V. 119, p. 2641 showed:
Years Ended June 30—
1923-24.
l922-23.
1921-22.
Previous year’s balance (diamonds
£
£
£
unsold, & c.)______________________
422,585
333,143
464,732
Diamond account during year_______ 3,452,541
2,818,438
401,816
Int. and divs. on investments, &c_
_
326,317
355,796
324,675
______
______
Transferred from general fund______
535,634
Stabiliment of diamond trade reserve
______
______
21,823
Total income____________________ £4,201,443 £3,507,377
Mining expenditure, &c_____________ 2,026,579
1,167,954
Int. on debentures and sinking fund.
256,644
253.080
Income tax— Union of South A frica._
191,280
64,994
Amount for stabiliment reserve_____
54,000
118,765
Preference dividends (after tax)_____(£)740,000(£2)1,480,000
Deferred dividends, tax free________
525.722
______

£1,748,680
1,077,600
251.430
86,507

Suspense profit acct. (diam. unsold)
407,218
422,584
333,143
OFFICERS.— P. Ross Frames, O .M .G ., Chairman; Edwin Samue®
Montagu, P.C ., Deputy Chairman; E. F. Raynham, Joseph Bruce, J. H.
Bovenizer, Secretaries. General office, Kimberley, South Africa. London
office, 15 St. Swithin’s Lane.— (V. 120, p. 335.)
DEERE & C O .—O R G A N IZA TIO N .— Business founded In 1837; Incorp.
in 1868 and again in 1 1 in 1911. Manuf steel plows, farm Implements and
1
vehicles
V 92. p. 959. 1245. 1313. 1502: V. 95. p. 238. 299. In March
1918 purchased Waterloo (Iowa) Gas Engine C o., manufacturer of tractors
and gas engines. V. 108, p. 969.
STOCK.— Pref. Stock. See V. 92, p. 1502; V. 95, p. 299, 820. Com­
mon stock voting trust expired N ov. 1 1920 and was not renewed.
Div. on pref. Sept. 1911 to Sept. 1921. incl.. 13 % quar.; Dec. 1921
4
to Dec. 1924, % % quar.; Mar. 1925, 1% ; June 1925, 1M %-

IN DU STRIAL STOCKS AND BONDS

166

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

D e l a w a r e L a c k & W e s t e r n C o a l — Stock $20,000.000---------Devoe & R a y n o ld sC o ., I n c . — Common stock $4,000,000 au.
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 M atch Co (T he)— Stock $25,000,000 auth---------

. .. .

Sinking fund gold debentures

.

--

Ce-kxxxc*

D om e
Mines, L t d — Stock 1,000.000 shares auth--------D o u g l a s - P e c t i n Corp— Stock 400,000 shares authorized----

Doug-Pkg Co s f gold deben red 105 $500,000 auth- - .

1925
i922

Par
Value

Amount
Outstanding

$50
100
100
100
$10'
None
None
None
100 &c
None
None

0 —3
$16,134,650 See text
4,000,000 See text Text
1,933,400
7
Q— J
935.500
7
Q—J
16,965,100
8
W M
—
1500000 shs.
500.000 shs.
850.000 shs.
Q— J
7
*75,000,000
6g M & N
953,334 shs See text Q— J 20
300.000 shs See text
Q— J
A & O
399,000
7g

NOTES.— The 7)4% gold notes are red., all or part, to M ay l 1922, at
105 and int., and thereafter at H % less for each full year or fraction thereof
from M ay 11922. A sinking fund beginning Feb. 11924 will retire $500,000
notes in each year 1924 to 1926, incl., and $625,000 each year 1927 to 1930
jncl., at not exceeding current redemption price. V. 112, p. 748.
R E PO R T .— Report for year ending Oct. 31 1924, in V. 120, p- 2544,
showed:
1923-24.
1922-23.
1921-22.
1920-21.
x Total earns, (all co s.). $2,968,777 $3,084,416(ossl ,019,328 Zoss$945,118
Admin., &c., expense_
_
499,674
511,401
568,397
821,547
Int. on deb., &c. (n e t)..
615,265
783,806
933,054
914,349
Depletion, &c_________
______
______
______
71,787
Preferred dividends____ 1,035,000
1,050,000
1,312,500 2,450,000
Balance, surplus_____
$818,838
$739,209def$3833,279def$5202,801
Total surplus__________ $9,759,456 $88,940,617 $8,201,408 $12,034,686
x After deducting all expenses for depreciation of property and equip­
ment, for all taxes, for cash discount, uncollectible notes and accounts, and
for other contingencies.
OFFICERS.— Pres., ff m . Butterworth; Sec. & Compt., T . F. Wharton;
Treas., Geo. W . Crampton. Office, Moline, 111.— (V. 120, p. 2544-)
DELAWARE LACKAWANNA & WESTERN COAL CO.— Incorporated
in New Jersey on June 30 1909. Purchases coal produced by the D. L. &W
HR. In Pennsylvania for 65% of the market value at time of sale (N. Y.
tidewater price), assuming all transportation charges from the mines.
C A PITAL STOCK.— The stockholders on Dec. 21 1920 ratified an in­
crease in the auth. capital stock from $6,800,000 to $20,000,000. V. 111.
p. 2525.
DIVS.— f’ 12. ’ 13. ’ 14. ’ 15. ’ 1 6 .’ 1 7 .’ 18. *19. ’20. ’21. ’22. .23 ‘24.
R egular_%\ 10 10 10
10 10 10 10 10
10 10
10 10 10
E x tra ___ % [ __
20 10
50
10 text text
text
text
5
Extra dividends in 1917, June, 50% cash; Dec. 28. 40% : In bonds and
notes at par, viz., 15% in British notes o f 1919 and 1921 and 25% in U. 8.
Liberty Loan 4s. due 1942- July 1918. 30% in U. S. Liberty Loan 4 Vis.
Paid 75% stock div. to holders o f record D ec. 21 1920 and 40% stock div.
to holders o f record Dec. 18 1922.
Paid in 1925: Jan. 15, 2)4% quar. and 5% extra; April 15, 2)4% quar.
The TJ. S. Supreme Court on June 21 1915 In the suit brought by the G ov­
ernment held that the company under the contract of Aug. 2 1909. with the
D . L. & W. R R . violated the commodities clause of the Inter-State Com
merce Act and the Sherman Anti-Trust Law. A new contract will be ar
ranged. V. 101, p. 1750. Balance sheet Dec. 31 1923, V. 119. p 1513.
Report for cal. year 1913, in V. 98, p. 1311 showed: Coa sales, $38,376,486
profit, $1,798,714: other Income. $298,067; divs. (30%1. $1.977.?10; bal
sur., $119,571. Pres., Eliot Farley; Treas., J. J. A. Owens. Office, 120
Broadway, N . Y .— (V. 120, p. 1095.)
DEVOE & RAYNOLDS CO., INC.— Incorp. In N . Y . on April 6 1917.
Manufactures paints, varnishes, brushes, artists’ supplies and other inci­
dental and kinared products.
D IV ID E N D S.— Paid on common: 1919 to 1922. 4% per ann.: 1923 5%
1924, 5% and H % extra. Paid in 1925: Jan. 2, 114% quar. and % %
extra: April 1, 1 )4 % quar.
R E PO R T .— For 11 mos. ended N ov. 30 1924, in V. 120, p. 963, showed:
11 Mbs. End. 12 Mos.End.
Nov. 30 ’24. Dec. 31 ’23.
Net sales_______________________________________ $10,593,166 $10,692,038
Cost o f sales and expenses_______________________ 9,539,046
9,456,873
Operating profit_________
Other income_____________

$1,054,120
91,638

$1,235,165
88,504

Total income____________
Discounts, adjustments, &c
Provision for Federal taxes.
First preferred dividends..
Second preferred dividends.
Common dividends-----------

$1,145,758
231,546
116,899
103,803
49,114
180,000

$1,323,669
294,573
133,416
105.000
65,485
200.000

Surplus______________________________________
$464,396 $525,192
Profit and loss, surplus__________________________ 1,630,350 1,166,479
OFFICERS.-—Chairman, I. W . Drummond; Pres., E. S. Phillips; Treas.,
De Lancey Kountze; Sec., A. F. Adams; Compt., D. Kiefer. Office, 101
Fulton St., New York.— (V. 120, p. 1334.)
DIAMOND MATCH CO. (TH E ).— ORGAN IZATION , &c.— Incorp.
Feb. 13 1889 in Illinois as successor to a Connecticut corporation. Owns
tracts o f timber lands in Massachusetts, New Hampshire, Vermont and
Maine, and has extensive holdings of timber lands in California, Idaho and
Washington; owns match and block factories located at Oswego, N . Y ., Bar­
berton, O., Chico, Calif., Savannah, Ga., Springfield, Mass., Spokane,
Wash., Athol, Mass., Biddeford, M e., and Stirling City, Calif.: machine
shop and foundry at Barberton, Ohio, together with plant employed in
lumber operation in California, consisting o f saw mills, power plants,
logging railroads, equipment, rolling stock retail lumber yards, &c. Owns
holdings o f pine lands in Maine, Massachusetts, New Hampshire, Vermont,
California, Idaho and Washington, and conducts selling branches in
New Y ork , Chicago, St. Louis, San Francisco, New Orleans and Atlanta. Is
Interested in the match business o f Great Britain (V. 108, p. 1821) and
Peru. Interest in new Canadian company. V. 113, p. 2084: V. 117, p. 1560.
STOCK.— The stockholders in Oct. 1922 approved an increase in the
auth. capital stock from $18,000,000 to $25,000,000.
DEBEN TU RES.— All o f the outstanding 15-year 714% sinking fund
gold debentures, dated N ov. 1 1920, were called for redemption N ov. 1
1923 at 105 and int. V. 117, p. 785.
DIVS.— (1896 to 1908. ’09. '10. ’ l l . ’ 12-’ 15. ’16. ’ 17. ’ 18 to June’25
Since 1893%\10(2Kquar.) 8
6
6 7 y ’ly 7*A 9 8 y ’ly (2 Q .-M )
R E PO R T .— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
Earnings________________ $4,277,215 $4,693,286 $4,732,787 $4,603,498
Gen., &c., depr., res’ve
2,207,409 2,640,966
2,733,310 2,672,089
Res. for Fed.taxes, &C-375,000
350,000
300,000
260,000
Dividends
________ 1,357,208
1,357,208
1,357,208 1,357,308
Balance, su rp lu s____
$337,498
$345,112
$342,269
$314,201
Total surplus__________ $4,395,060 $4,057,462 $3,712,350 $3,370,081




Rate
%

When
Payable

[V ol. 120.
Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Apr 1 5 ’25
See text
Apr 1 1925
Apr 1 1925
June 15'25,

2)4

C heoks

m a il e d

IH
1%
2 % By check from N Y office

Dillon, Read & Co, N Y
M ay 1 1940
Apr 20 '25 50c Checks mailed
June 30 ’25 25c
Apr 1 1932

OFFICERS.— Pres., W . A. Fairburn; 1 .-Pres., T . J. Reynolds & O. K .
Light; Sec. & Treas., H. F. Holman. General offices, 110 W. Kinzie St.,
Chicago. New York offices, 30 Church St.— (V. 119, p. 698.)
DODGE BROTHERS, INC.— Incorporated in Maryland to own the
business and all of the assets (excepting $14,000,000 cash) of Dodge Brothers,
incorporated July 7 1914 in 4ichigan. Manufactures the Dodge motor
car and accessories. Plant is located in Detroit, Mich.
STOCK.— Preference stock is entitled to $105 per share and divs. in
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
per share. Each share of preference stock carried as a bonus one share of
common stock, class “ A .” —- V. 120, p. 1885.
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 voting power for all purposes.
BONDS.-—The 15-year 6% debentures are redeemable all or part on
any int. date on 30 days’ notice at 110 and int. to and incl. M ay 1 1930,
the call price decreasing 1% per annum thereafter.
Sinking Fund.-—Company agrees to provide a sinking fund o f $1,000,000
per annum, available semi-annually, to buy debentures if available at not
exceeding par and int. during the succeeding 6 months, any unexpended
remainder to revert to the company.
Convertibility.— Debentures to a total face value o f $30,000,000 will be
convertible, at the option of the holder, into, common stock class “ A .”
In making conversion debentures shall be valued at face value, and stock
at $30 per share until a total of $5,000,000 debentures shall have been
converted. The conversion value per share of stock for each succeeding
$5,000,000 debentures converted thereafter shall be as follows: $35, $40,
$50, $60 and $70, respectively.
These debentures were offered in April 1925 by Dillon, Read & Co. and
associates at 99 and int. V. 120, p. 1885EARN ING S.— For calendar years:
No. of Cars
r
Net Earns, before
Calendar Years—
Sold.
Net Sales.
Fed. Taxes.
19 19
________________121,010
$129,970,810
$24,194,352
161,002,512
18,601,780
1920 _____________________ 145,389
_______________ 92,476
83,666,284
2,801,370
1 9 21
1922 _____________________ 164,037
130,625,774
19,054,098
141,332,685
11,590,637
1923 _____________________ 179,505
1924 _____________
-.222,236
191,652,446
19,965,440
Net earnings, before deducting Federal income taxes, for the quarter
ended March 31 1925, amounted to $6,291,544 (not including $564,054
profit from sale of real estate).
Balance sheet as of April 1 1925 was published in V. 120, p. 1885.
OFFICERS.— Pres., F. J. Haynes; V .-P ., A. T . Waterfall; Sec. & Treas.,
H. V. Popeney. Office, Detroit, M ich.— (V. 120, p. 2688.)
DOME MINES, LTD.— The stockholders of the Dome Mines C o.. Ltd.,
in Oct. 1923 were advised that the assets, rignts, credits and effects of the
company had been vested in Domes Mines, Ltd., incorporated under the
Companies Act of Canada July 7 1923 with an authorized capital of 1,000,000 snares of no par value. All dividends paid hereafter will be paid on the
shares of the new company. The stockholders o f the Dome Mines C o.,
L td ., were requested to deposit their stock with the Empire Trust C o ., New
York, and to receive in exchange two fully paid shares of no par value of
the new company for each share (par $9) of the old co.
Properties are located at South Porcupine, Ontario, Canada.
DIVS.— Jan. 1924 to April 1925 paid 50 cents quar. on stock o f new co.
RE PO RT.— For 1924, in V. 120, p. 1465, showed:
Cal. Year 9 Mos. end. — Years end. M ar. 31—
1924.
Dec. 31 ’23.
1923.
1922,
Operating earnings_____$2,049,071 $1,859,882 $2,371,197 $1,168,607
Other income__________
204,982
179,381
182,459
138,668
Total income_________ $2,254,053
Deprec. & depletion____
$431,035
Canadian taxes________
102,961
D ividen ds_____________ 1,906,668

$2,039,263 $2,553,655 $1,307,275
$454,089
$549,488
$616,384
104,979
126,798
57,582
1,453,334
953,334
476,667

Balance, surplus_____def$186,611
$26,861
$924,035
$156,642
Profit and loss surplus-- $2,419,278 $2,671,557 $1,126,694
$245,185
Pres. & Treas., Jules S. Bache; Sec., Alexander Fasken. Main office,
36 Toronto St., Toronto, Can. N. Y . office, 42 Broadway.— (V. 120,
p. 2407.)
DOUGLAS-PECTIN CO R P.— Incorp. under laws of N . Y . on April 1
1923. Manufactures Pectin, Certo, and pure apple vinegar.
DIVS.— An initial dividend of 25c. per share was paid July 1 1923; same
amount paid quar. to June 30 1925.
R E PO RT.— For 1924, in V. 120, p. 1209:
\Includes Packing Co., Ltd., and Oil Emulsion Corp.]
Calendar Years—1924.
1923.
Sales, less returns and allowances_______________$2,895,410 $2,463,459
Manufacturing cost_____________________________ $1,528,398 $1,004,435
Selling and administrative expenses____________
799,787
743,049
Balance______________________________________
Miscellaneous income___________________________

$567,225
33,824

$715,974
______

Total income__________________________________
$601,048
$715,974
Depreciation____________________________________
$92,021
$88,695
Interest ________________________________________
63,615
34,463
Provision for U. S. and Can. Govt, income taxes_
61,642
78,584
Dividends paid__________________________________ ($1)300,000(750225,000
Profit for year ending Dec. 31_________________
Quarter Ended March 31—
Net sales, less returns and allowances___________
Other income___________________________________

$83,771
1925.
$390,711
4,831

$289,232
1924.
$217,361
4,352

Total income__________________________________
Manufacturing costs, selling expenses, &c_______
Depreciation____________________________________
Interest_________________._______________________

$395,542
242,962
23,334
7,122

$221,713
89,256
22,682
17,453

$122,124

$92,322

Net profit

M a y , 1925.]

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations. A c., see notes on page 6]

<£ I) du P ont de Nemours & Co— Com stock (see te x t)..
Debenture stock 6% red at 126% cum voting $10.000.0001
do
do
do non-voting $150,000.000___ _______ I
10-year gold bonds red. (text!_________________ Be* & r*
(E I) du Pont deNetnours Pow(old co)— Ccm stk($2,942,728*
Preferred (a & d) stock 5 % oum (see text) $16,068,301_
_
Bonds (not M) $16,000,000 g red at 110: opt V 95, p 969.x
du Pont Bldg Corp 1st M $1,500,000 g lnt eu red 110 .xcDurham Hosiery Mills— Com Class “ A " auth $1,250,000_
_
Common Class “ B ” , non-voting, auth $3,750,000_________
Preferred. 7% cum (a & d) call 120. auth $5.000.000— .........
Eastman Kodak— Common stock 2,500,000 shares_________
Preferred (a & d) $10,000,000 6% cumulative..................
E aton Axle & Spring Co— Stock 250,000 shares auth______

Par
Value

Date
Bonds

Amount
Outstanding

Rate
%

When
Payable

167

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$100 $95,060 900 See text Q— M 15 June 16 ’25 2)4 Checks mailed
100 68,416,163
do
Q— J 25 July 25 25 l>u
6
New York
100 &C 10,074,000
7)4 g M & N May 1 1931
10 2,942,645
Q— F Aug 1 1925 1)4 Checks mailed
6
do
100
Q— F Aug 1 1925 1%
244,108
5
1,000
Guaranty Trust 0 «, N )
1.060,000
4 M g J A I June 1 193t>
1.000
1,460.000
J & 1 June 1 1940
5?
100 1,250,000 See text
See text
50 3,750,000 See text
See text
100 2,910.000 See text
Aug 4 1924 I K
None 2,037,950sh See text Q— J See text
Rochester, N Y & Lond
10(1 $6,165,700
do
do
6
Q J July 1 1925 1)4
None 229,500 sh. See text
July 1 ’24, 40c. Checks mailed

1921
1906
1910

i

D IRECTO RS.— 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, H . F. du Pont,
Irenee du Pont, Lammot du Pont, P. S. du Pont (Chair man), 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 . Yerkes. Office, Wilmington,
Del.— (V. 120, p. 2688.)
E. I. DU PONT DE NEMOURS POWDER C O .— O R G A N IZA T IO N .—
chased the Arlington Co. of N. J. for about $6,500,000. V. 101. p. 1888
incorporated In N. J. M ay 19 1903. V. 85, p. 342; V. 92. p. 1704; V. 94,
In May 1917 had acquired from the Government of Chile two large nltrat>
fields in the northern part of that country. V. 104. p. 1902: V. 106, p. 1034 p. 1386, 1629, 1698; V, 95. p. 51, 113, 969; V. 97, p. 1901. On Oct. 1 1916
In 1917 built at Deepwater. N. J., an extensive plant for manufacture o' die (E. I.) du Pont de Nemours & Co. purchased this company.
Common stock reduced to $10 par in Jan. 1918 and dividend paid of $90
coal tar dyes. V. 105, p. 610. The plant at Hopewell, Va., was closed in
jer share. V. 105. p. 2001.
Nov. 1918 because of cancellation of orders due to end of war. V. 107, p
2100: V. 108, p. 174.
D IV ID E N D S.— From Feb. 1916 to Aug. 1925, incl.. paid 1)4% quar.
In 1917 purchased the property of Harrison Bros. & Co., Inc., and other on common shares.— (V. 113, p. 2619.)
companies and had made substantia] progress In the manufacture and sale
DURANT MOTORS, INC.— (V. 118, p. 3202.)
of fabrikoid. Dyralin, lacquers, solvents, dyes and a variety of chemicals,
DURHAM HOSIERY MILLS.— Incorporated under laws of North
V . 106, p. 1034, 1347. In Oct. 1918 purchased New England Paint & Var­
Carolina, Feb. 17 1898. Business is the spinning, manufacturing and selling
nish Co. o f Everett, Mass. V. 107, p. 1671.
of hosiery and similar lines of cotton, woolen, silk or other materials. Mills
The E. I. du Pont de Nemours Export Co. was liquidated early in 1922
tre located at Durham, N . C ., High Point, N. C ., Carrboro, N. C.,Golds­
In M ay 1922 the Du Pont Chemical Co. was dissolved, the Industrial Sal
vage Co. being organized to purchase such o f the Chemical C o.’s assets as boro, N. O., and Mebane, N. C. Also owns 97.1 % of the capital stock of the
North State Knitting Mills, Inc., with property situated in Durham, N. C.
could not be readily disposed of.
Acquisition of interests in small hosiery mills during 1920, V. 112, p. 474.
In M ay 1920 purchased in connection with Flint Varnish & Color Works,
the plant and business o f the Chicago Varnish Co. V. 110. p. 2294.
C APITAL STOCK.— Pref. stock is redeemable at 120 and has no voting
The Flint Varnish & Color Works sold its entire assets to the du Pont Co. power except in the case of default in dividends for two quarterly periods,
as o f Oct. 31 1924.
V. 119, p. 2414. On Dec. 31 1924 owned $55,589,106 when it then has the sole voting power. A yearly sinking fund of 3% o f the
stock o f the General Motors Securities Co. (formerly Du Pont Amer. largest amount outstanding is provided for. Preferred as to 120% of assets
Industries, Inc.), representing 70% interest in 1.875,000 shraes o f General In case of dissolution. Common Class “ B ” stock has no voting power.
Motors Corp. common stock: also owned $25,791,200 preferred stock of V. 109. p. 891.
Managers Securities Co. Compare General Motors Corp. below and V.
Rights.— Stockholders received the right to subscribe until Jan. 10 1921
120, p. 697.
to additional Common “ B ” stock at $37 50 per share. V. 112, p. 66.
Investment in Du Pont Fibersilk Co. and Du Pont Cellophone C o.,
D IV ID E N D S.—-Dividends on the pref. stock were paid I K % quar. to
V . 119, p. 699.
N ov. 1924 was
The Du Pont-Pathe Film Manufacturing Corp. was formed in Oct. 1924 Aug. 1924; the payment due in 1913-17. 1918. deferred.
1912.
1919. 1920-21. 1922-24.
by E. I. du Pont de Nemours & C o., the Pa the Exchange, Inc., and the Common, Class “ A ” _7)4
7 yearly
12
12
See
None
Pathe Cinema Societe Anonume o f Paris. V. 119, p. 2414, 2886.
”_
_
6)4
text
None
The Du Pont Everdur Co. was organized in April 1925 to take over the Common, Class “ B4% . _ com. _______ 4% on com.12 B;“ Apr. 1 1920, paid
Feb. 1 1920 paid
on
“ A " and
“
manufacture and sale o f the metal alloy developed by chemists of the E. I.
l H % quar, and
on com,
“
1 and Oct, 1 1920
du Pont de Nemours & Co. and known as Everdur. Previously this had paid \H % quar. 4 % extra extra on “ A " and "; B” - July1921 paid l ? i % in
and 4 %
com. “ B Jan. 3
been handled by the Du Pont Engineering Co.
It was announced in April 1925 that plans had been completed for the scrip on com. “ B .”
R E PO R T .— For six months ended June 30 1924, in V . 119, p. 699:
formation o f the Du Pont-Viscoloid Co. to manufacture and deal in pyroxy­
-Calendar Years-----6 Mos. End.
lin plastic products and articles. V. 120, p. 1886.
1922.
June 3 0 ’ 24.
1923.
CA P ITA LIZA TIO N .— The auth. capital stock is $260,000,000 in share* Profits
operations____________
$670,554
$694,416
of $100 each, viz.: (a) $150,000,000 6% cumulative non-voting debenttiri Interestfrom depreciation------------------ $246,299
and
123,444
274,678
372,617
stock; (6) $10,000,000 6% cumulative voting debenture stock; (c) $100,- Inventory adjustm ent______________
______
66,274
000.006 common stock. V. 101. p. 616. 848. 1275.
The stockholders were to vote June 15 1925 on increasing the authorized
$321,799
Net profit________
$122,855
$329,602
Common stock from $100,000,000 to $150,000,000, par $100.
116,651
233,840
233,485
Bights of Debenture Stock.— Except as to voting powers tne rights of both Preferred dividends (all companies)_ .
OFFICERS.— Pres., Robert Douglas: V .-P ., Charles A . Douglas;
V .-P . & Treas., Watkin W. Kneath; Sec., Earl J. Neville. Office, Rochester, N. Y .— (V. 120, p. 2154.)
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 o f the E. I. 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 put

debenture stocks will be identical.

All debenture shares will bear cumuia

live dividends of 6% p. a., may be called Tor payment at $125 per share
and have preference as to assets for both principal and accumulated divi

Balance, surplus_________________
$6,203
$95,762$88,314
OFFICERS.—C. M . Carr, Pres.; H. C. Flower Jr., V.-P.; A. H. Carr,

dends. No mortgage or other specific lien may be placed upon any of tin V.-P. & Treas.; W. F. Carr, Sec. & Asst. Treas.
Main office, Durham, N. C.— (V. 119, p. 2184.
property without the consent of 75% of the total debenture stock outstand
tag, but this does not apply to purchase money mortgages or liens upon
EAST BUTTE COPPER MINING CO.— (V. 120, p. 709.)
property purchased, or collateral loans for cash advances In the ordinary
EASTMAN
in New
course of business, provided they do not run more than three years. Thf Oct. 24 1901 asKODAK CO.— O RGAN IZATION .— Incorp.of variousJersey
an amalgamation per plan in V. 73, p. 1114,
oper­
voting deb. stock has equal voting rights with the common stock.
ating companies, of which it owns practically all the stock. See list, V. 67.
The non-voting deb. stock has no voting privileges except that (a) in
ease of default for 6 mos. in the payment of any dividend thereon, the voting p. 1160, 1207; V. 69, p. 387; V. 75. p. 735, 613; V. 77, p. 253, 300; V. 89,
and non-voting debenture stockholders will have the sole right of voting p. 1225; application to list, V. 80, p. 1477; V. 93, p. 1728; V. 97, p. 731;
until the company shall pay all accrued dividends on said debenture stock V. 98, p. 1540.
The suit brought by the United States against the company under the
and (o) in case of the net earnings in any cal. year amounting to less than 9 5
<i
on the debenture stock, then the debenture stockholders of both classes wiT Sherman Anti-Trust law was settled and a decree in accordance with the
have equal voting rights with the common until the net earnings for some settlement entered in United States District Court of Feb. 1 1921. The
decree required the company to dispose of two of its camera manufacturing
tature year equal 9% on the debenture stock. V. 101. p. 616. 848.1275
plants, one of its brands of photographic paper and four of its brands of
B O N D S — The 10-year gold bonds o f 1921 are redeemable, In whole or
part, at 110 and lnt. prior to M ay 1 1922, the redemption price thereafter dry plates within two years.— V. 112, p. 566. V. 102, p. 440, 1063, 1438,
decreasing 1% each succeeding year ending April 30.— V.112, p. 2087, 2195. 1900; V. 101, p. 696; V. 96, p. 1705: V. 97, p. 731; V. 99, p. 1676; V. 100,

V . 118, p. 1017, 1397.
Bonds o f subsidiary cos. in hands o f public Dec. 31 1924, $2,533,500.
D IV ID E N D S (% )—
1919. 1920. 1921. 1922. 1923. 1924.
18
10H
8
8
6)4
8
Regular, cash----------------------------Extras, common stock__________
7)4
50
Paid in 1925: Mar. 16, 2)4%\ June 15, 2 l % .
A
R E PO RT.— For 1924, in V. 120, p. 696, showed:
_
1924.
1923.
1922.
TSiet sales---------------------------------------- $90,861,633 $94,069,319 $71,956,448
Net income from oper. & investments 18,660,468 21,134,656 12,920,459
Prof. & loss on sale of real est., sec., &c. Cr. I l l , 198
Cr.3.425 Cr.334.233
Total earnings----------------------------- $18,771,666 $21,138,081 $13,254,692
Deduct bond int., incl. prop, o f disc’t . 1,740,178
2,825,577
3.263,575
Balance o f income for the year____ $17,031,488 $18,312,505 $9,991,117
■Company’s portion thereof__________ 15,947,424 17,346,222 9,445,751
Surplus at beginning o f year------------- 54.642,476 37,652,211 y69,061,369
zProfit from sale o f Gen. Motors Secs.
sto ck -----------------------------------------------------9.926.086
________
Total surplus-------------------------------- $70,589,899 $64,924,519 $78,507,121
Deduct—-Deb. stock div. (cash)_______$4,104,868 $4,104,770 $4,103,432
Common stock dlv. (cash)_________ 7,603,540
6,177,274 5,068,878
Common stock div. (stock) (5 0% ). ________
________ 31,682,600
Approp. to prov. for prem. & disc.
on 7 H % bonds---------------------------

3,000,000

________

________

Profit and loss surplus----------------- $55,881,491 $54,642,476 $37,652,211
y Includes $2,980,710 surplus o f subsidiaries not heretofore included in
annual report, z Increase in surplus arising from sale by Gen. Motors
Securities Co. o f a 30% interest in its stock.
OFFICERS.— Pres., Irenee du Pont; Chairman o f Board, Pierre S. du
Pont; Vice-Presidents, J. P. Laffey, H. G. Haskell, Frank G. Tallman,
Lammot du Pont, 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 Cope­
land: Treas., Walter S. Carpenter Jr.




p. 1755: V. 105, p. 2098; V. 106, p. 90; V. 107, p. 1671. Patent suit
settled. V. 102, p. 1062; V. 98. p. 841. 1002. 1159. Damage suits V. 113.
p. 854: V. 114, p. 526. The Federal Trade Commission on April 21 1924
issued an order charging monopoly and unfair competition. Compare
V. 118. p. 2047.
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— '06. ’07. ’08. ’ 09. ’ 10-T3. T4. T 5. T 6. T 7. T 8. ’ 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 H % ; April, 7 H % - 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 1925. 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, 75 cents; July 1 1924, 75 cents;
Oct. 1 1924, 75 cents; Jan. 2 1925, 75 cents; April 1 1925, 75 cents; July 1
1925, 75 cents.
R EPO RT.— For 1924, in V. 120, p. 1873, showed:
Calendar
x Net (after Pref.Divs.
Common
Balance,
Total
Year—
Depreciation)
Dividends.
Surplus.
Surplus.
1924________ $17,201,815 $369,942 $16,267,400
----------------------- --- ---------------$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
1921________ 14,105,861
369.942
7,953,215
5,782,704 58,122,040
x Figures are after deducting Federal taxes.
OFFICERS.— Chairman, George Eastman; Pres., William G. Stuber;
Gen. M gr., Frank W. Lovejoy; Sec., James S..Havens. Office, Rochester,
N . Y .— (V. 120, p. 2655.)
EATON AXLE & SPRING CO. (TH E ).— Incorp. in 1923 in Ohio as
successor to the Torbensen Axle C o., which had previously acquired the
properties of the Eaton Axle Co. and the Perfection Spring Co. Manufac­
tures axles, bumpers and springs for automobiles and motor trucks. On
Aug. 1 1923 acquired the bumper business of Cox Bros. M fg. Co. Plants
located in Cleveland, Ohio, Pontiac, M ich., and Albany, N . Y ., and service
stations in Chicago, Cleveland, Boston, New York and Philadelphia.

168
[F o r

IN D U STRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES
abbreviations, <&c., see notes on page 6]

D a te
B on ds

E lectric S torage B attery Co— Common stock (see text)__ . . . .
Elk Horn Coal C orporation —
Com stk 6%&partic$22,000,000($10,000,000) conv of notes
Ten-year s f conv notes call 105 & int on any int date ____ 1915
Mineral Fuel Co 1st M sinking fund_________ __________ 1913
Em erson-Brantingham Co— Common stock $30,000,000. .
Preferred stock (a & d) 7% cum red 115 $20,000,000 auth.
E n d icott-Joh n son Corp— Common stock $21,000,000___
Pref (a & d) 7% cum (sink fund) call 125 auth $15,000,000
Eureka Pipe Line Co— Stock $5,000,000_ _____________ _
Exchange B u ffe t Corp— Stock 250,000 shares authorized..

Par
V a lu e

$50 $12,000,000
50 6.600.000
1,000 6,046.000
379.000
100 10,132,500
100 11.084.500
50 20.268,000
100 12,906,700
100 5,000,000
None 249,914 shs.

$45,014
6,006,716

Balance_____________________________________________________$5,961,702
Add— Recovery on account prior years Federal taxes_________
42,905
Recoveries on bad debts previously charged o ff_____________
6,787
Deduct— Elimination o f unearned surplus due to reappraisal o f
permanent assets_________________________________________
356,348
Surplus Dec. 31 1924.......... ..........................................................$5,655,047
Thtee Months Ended March 31—
1925.
1924.
Net before Federal taxes_________________________
$153,198
$113,103
OFFICERS.— Pres., J. O. Eaton; V.-P. & Gen. M gr., C. I. Ochs;
V .-P. D iv. o f Sales, R. C. Enos; Sec. & Treas., F. A . Buchda. Office,
Cleveland, Ohio.— (V. 120, p. 2688.)
EDMUNDS & JONES C O RPORATION .— V. 120, p. 1465.)
ELECTRIC STORAGE BATTERY CO. (THE)— Incorp. 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., 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 o f 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 o f 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.
D IV ID E N D S.— On com., 1901 to 1907, 5% yearly; 1908, 3 M%\ 1909,
354%; 1910 to 1918, 4% ; 1919, 5% ; Jan. 1920 to July 1920 paid 2 K % 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 April 1 1925 paid
$1 quar. Also paid extra divs. o f 75 cents on Jan. 2 1923, $1 on Jan. 2
1924, and $1 on Jan. 2 1925.
R E PO RT.— For 1924 showed:
[Including Willard Storage Battery Company.]
Calendar Years—
1924.
1923.
1922.
1921.
Sales, less mfg. cost. & c.$12,122,460 $11,836,030 $11,966,681 $10,015,812
Total net income____. . . $7,210,882 $7,216,522 $7,570,839 $5,602,383
D ividen d s____________
4,028,905
4,010,145
3,196,685
2,397,492
Balance, surplus_____$3,181,977 $3,206,377 $4,374,154 $3,204,891
Previous surplus_______ 18,103,661 21,957,765 19,041,211 17,466,192
Total surplus________ $21,285,638 $25,164,142 $23,415,365 $20,671,083
Sundry adjustments____Cr.l06,3l0
D r.96,540 D r.101,467
D r.165,260
Employees’ pension fund
25,000
150,000
350,000
Taxes paid previous year
826,569
813,941
1,006,132
1,464,613
xAdjust. o f patent acct.
______
6,000,000
______
Profit & loss, surplus.$20,540,379 $18,103,661 $21,957,765 $19,041,211
x Adjustment o f patents account to the approximate valuation allowed
by the U. S. Treasury Dept, for the purpose o f Federal taxation.
Note.— Federal income tax for year 1924 is estimated at $863,000.
OFFICERS.— Pres., Herbert Lloyd; Sec. & Treas., Walter G. Henderson,
Philadelphia. Office, Allegheny Ave. and 19th St., Philadelphia.— (V. 120
p. 1334.)
ELK HORN COAL C O R P O R A T IO N .— O R G A N IZA TIO N .— Incorp
in W. Va.. Nov. 18 1915, per plan In V. 101, p. 1716; V. 102, p. 348; and
took over the properties and business of Elk Horn Fuel Co. (V 98, p. 1762)
Elk Horn Mining Corn (V 98. p. 1618), and Mineral Fuel Co. (V 96. p
1427.) Nineteen mines nave been opened. 8ee V. 103, p. 668. Stocksowned.
V .1 0 4 .p 1706. Official statement to N. Y . Stock Exchange In May 1917
on listing of stock and notes was given at length In V. 104. d . 2140
The
assets on Dec. 31 1924 included 19,765.47 shares of stock o f Consolidation
Coal Co.
CAPITAL STOCK IN $50 SHARES.— Authorized (a) pref (6% and
articlpating; red. at 5654). $6,600,000. all out, with sole voting power
uring any default on full year's dividend. (6) Common. $22,000,000 (6%
and partlc.). outstanding, $12,000,000. V. 101. p 1716: V. 104. p. 2140
Pref. dividend No. 1. June 15 1916 to Dec. 1918: 3% semi-ann (J & D )
March 1919 to Dec. 1922. 154% quar.; March. 1923 dividend deferred.
June 11 1923 paid 154%: none since. Com. div., 2% , June, Sept, and
Dec. 1918; March, June and Sept., 1919, 154% each; none since.
NOTES.— The 10-year sinking fund notes of 1915 (V. 101, p. 1716
V. 102, p. 348) are secured by mortgage on the entire property. Sink­
ing fund, 2 cents per ton on all coal mined, commencing April 1 1916
(after April 1 1919. 3 cents per ton), will purchase or call and retire the
notes at not exceeding 105 and int. Convertible at option of holder into
common stock of the company at par. Through retirement in 1918 of
$4,000,000 underlying bonds, these notes are secured by a first mortgage
(closed) on the entire property owned, appraised in part, at over $18,6OO,OO0, subject only to $386,000 5% bonds below mentioned, on a small
portion o f property. Additionally secured by pledge of 19,765.47 shares
of $100 each Consolidation Coal Co. stock. See also V. 108, p. 483, 584
V. 106, p. 2013; V. 104, p. 2140. The only underlying liens are $475,000
Mineral Fuel Co. 1st s. f. 30-year 5s, due May 1 1943. incl $96,000 on
D e c .31 1924 held in sinking fund. V. 101, p. 1716; V. 96. p. 1427; V. 97
p. 731. 1507.
REPORT.-—For calendar year 1924 shows:
»#
1924.
1923.
1922.
1921.
Earnings (allsources)..
$3,840,136$4,689,375 $3,443,877
$2,195,158
Net, after taxes________
-429,288
570,610
304.786
26.205
Interest, sink, fund., &c.
390,843
402,309
404,692
407,195
Preferred dividends..
98,988
395,952
395,952

S

$38,445
$69,313 def$495,858 def$776,942
OFFICERS.— Chairman, C . W. Watson, Fairmont, W Va.; Pies .
George W . Fleming, N. Y .; Sec.. J. W . M . Stewart, Ashland. K y.; V.-P
& Treas., J. F. Caulfield, N . Y .; V .-P ., J. N. Camden, Versailles, K y
New York office, 67 Wall St.— (V. 118, p. 1525.)




R a te

W h en
P a y a b le

%

None 797,917 sh. See text

8TOCK.— See table at head o f page.
DIVS.— An initial div. o f 65 cents per share was paid July 2 1923; same
amount paid quar. to April 1 1924; July 1 1924 paid 40 c e n t s ; none since
R E P O R T — For 1924, showed:
Net profit from operations___________________________________
$195,451
Dividends paid ($1 05 per share)_____________________________
240,465
Net d eficit......................................................................................
Surplus Dec. 31 1923______ __________________________________

A m ount
O u ts ta n d in g

Q— J

See text
6g
5

j

[V ol. 120.

L a s t D iv id e n d
a n d M a t u r it y

Apr 1 1925

P la c e s W h e r e I n t e r e s t a n t
D iv i d e n d s a r e P a y a b le

$1 Checks mailed

Sept 11 T9 154
June 11 ’23 154
& D Dec 1 1925
Guaranty Trust Co, N Y
M ay 1 1943
Fidelity Trust Co, Balt

See text
10
Q— J
7
Q— J
See text • Q— F
See text Q— J 31

N ov 1 1920 l h Checks mailed
Apr 1 1925 2 54 Irv Bk-Col Tr Co, N Y
do
do
Anr 1 1925 154
M ay 1 1925 1% Checks mailed
Apr 30’25375*c.

EM ERSON-BRANTINGHAM
CO.— ORG A N IZA TIO N .— Owns a
Rockford, 111., (a) farm machinery plants located on 160 acres o f land;.
(5) harvester works; (c) gas engine works; (d) malleable and grey iron
foundries for manufacture of own castings and for jobbing work. In 1912"
purchased the Geiser M fg. Co. (established 1869), with plant at Waynes­
boro, Pa.; Reeves & C o., Columbus, Ind.; Gas Traction Co. (V. 94, p. 1189),
Minneapolis, M inn., and La Crosse Tool C o., Chicago Heights, 111.; Newton
Wagon C o., Batavia, 111.; American Drill C o., Marion, Ind.; Rockford
Engine C o., Rockford, 111. V. 95, p. 363. In Aug. 1918 purchased
Osborne line of harvesting machines (but not the Auburn plant) from
International Harvester Co. See V. 107, p. 700, 608.
STOCK.— As to pref. stock, see V. 95, p. 363: V. 97, p. 1507. No bonds.
D IV ID E N D S .— On pref., 1 54 % .paid quar. Nov. 1 1912 to Aug. 1 1914,
then none till Nov. 1918, 154%: Feb. 1919 to Nov. 1920, 15i% quar;
none since: overdue accumulated pref. div. N ov. 1 1924, 56%.
RE PO RT.— For year ending Oct. 31 1924, showed;
Oct. 31 Years—
1923-24. 1922-23.
1921-22
1920-21.
Profit from oper. after
Fed .taxes, exp.,&c.loss$l,183,1721oss$16082011oss$1690308
$72,743
Interest on loans_______
418.243
569,876
516,360
735,146
Depreciation_______ . . .
195,675
203,702
239,118
213,334
Inv. adjustment_______
______
______
______
2,432,989'
Balance, deficit...........$1,797,089

$2,381,779

$2,445,786

$3,308,726

P re s .. G . S. B ran tin gh am S ec. & T r e a s ., C e cil D\ S a n d ers.
R o c k fo r d Til — (V. 120 p 963 <

O ffic e .

ENDICOTT JOHNSON CORP.— ORGA N IZA TIO N .— Incorp, In
New York Mar. 31 1919. Business, principally manufacturing leather and
medium-priced staple shoes and footwear. Plants at Endlcott and Johnson
C ity, N . Y ., together with tanneries, shoe factories. Number o f employees
about 17,000. Average output, about 120,000 pairs of shoes dally.
STOCK.— Annually beginning Feb. 1 1921 the co. shall acquire out o f the
surplus profits 3 % of the largest amount of Pref stock at any time outstand­
ing. No mortgage without consent of 75% of each class of stock. Pref.
stock has equal voting power with the common stock.
Dividends.— An initial dividend of 1 44 % ou boih the pref. and com. stock
was paid July 1 1919; Oct. 1 1919. 1 54 % each Jan 1 1920, 1% % on pref.
and 254 % regular and 4% extra on com April 1 1920, 1 44 % on pref. and
2 54 % on com
On June 10 1920 common shareholders received a stock
dividend of 10%. July 1 1920 to Apr. 1 1925 paid quar. 1 44 % on pref. and
2)4% on common. On Feb. 15 1923 paid on common 20% in stock.
REPO RT.— For 1924, in V. 120, p. 447, showed:
1924.
1923.
1922.
Gross sales___________
.$66,378,177 $66,565,812 $63,659,076
Total profits..............
6,360.513
6,381,472 9,716,500
Retirement of preferredstock_______
450.000
450.000
450,000
Provision for taxes_________________
949.773
1,029,902
1,117,973
Profit-sharing plan_________________ 1,235.096
1,197,290 2,956,809
Additional profit share____________
______
______
24,187
Workmen’s compensation__________
______
______
250,000
914,874
932.517
974,990Preferred dividends_________________
Common dividends (10% )_________ 2,025,675
2.024,471 1,685,731
Balance______________________ _
$785,095
$747,290 $2,256,810
OFFICERS.— Pres., George F. Johnson; Sec., M . E. Page; Treas., John
E. Paden. Office, Endicott, N . Y .— (V. 120, p. 447.)
EUREKA PIPE LINE CO. (THE)— ORGANIZATION, &C.— Incorp
in 1890 In W. Va. Owns olpe line in W Va
Formerly controlled by
Standard Oil Co, of New Jersey, but segregated in 1911. Suit to test
validity of West Virginia Transportation Tax Act, V. 111. p. 1569: V. 112
0. 749
Stock. $5,000,000: par. $100. Div. 10% paid quar. from May 1912 to
Feb 1914: May & Aug., 8% ; N ov. 1914 to May 1918. Incl 24% (6% qu .).
Aug. and Nov. 1918 and Feb. 1919. 5% quar.; M ay, Aug. & Nov 1919. and
Feb 1920 4% : Mav 1920 to M av 1921 3% quar : Auk . 10*>1 to N ov. 1922.
2% quar.: Feb. 1923 to Aue. 1923 paid 3% quar.: Nov. 1923 to Aug. 1924
paid 2% quar.; Nov. 1 1924 to M ay 1 1925 paid 1% quar.
REPO RT.— For 1924, in V. 120, p. 709, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Profits for year_______
$32,061
$324,507
$632,603
$426,339
Dividends p a id ............ (7%)350,000 (11)550.001 (10)400.001 (10)500,001
Balance______________def$317,939 def$225,494 sur$232.602 def$73,662
Pres., Forrest M . Towl; Vice-Pres. & Treas.. E. K. Shepard; Vice-Pres.,
Alan T . Towl. Office. Oil City. Pa.— (V. 120. p. 709.)
EXCHANGE BUFFET C O R P .— Incorp. under laws of N. Y ., July 26
1913, and acquired the business of The Exchange Buffet Corp., incorp. in
1902, the business having been established in 1885. Operates restaurants
and cigar stands in various business centres of N. Y . City. Brooklyn, and
D ^ —k ’ N ' J ‘
f’ 14. ’ 15. T6. '17. ’ 18. T9. ’20. ’21. ’22. *23. ’24.
Regular______ . . . \ $4 $4 $4.50 $5 $5 $5.50$7.50 $8 $3.50 $2 $2
Extra---------------------1 __ 50c. 50c. 60c. I l
$1 . . . .
__ . .
Also paid 300% in stock on April 20 1922.
Paid in 1925: Jan. 31, 50 cents; April 30, 3754 cents.
R EPO RT.— For year ending April 30 1924, in V. 118. p. 3193, showed:
Years Ending April 30—
1924.
1923.
1922.
Gross profits.......................
$670,099
$732,953
$815,753
Deduct—Depreciation_______________
$104,087
$93,412
$89,375
Interest________
27,941
39,280
30,948
Amort, of debt discount & exp____
______
7,731
7,172
Provision for Federal income t a x ..
64.000
70,000
150,000Dividends _______ _____ ___________($2)497,790 ($2)485,2051$6 54)453584
Net profit___________ ____________ def$23,719
$37,325
$84,674
------ 3 Months Ended--------------- 6 Months Ended-----Period—
Jan. 31 ’25. Jan. 31 ’24. Oct. 31 '24. Oct. 31 ’23.
Gross profits...................
$175,606
$186,410
$288,906
$272,565
Federal taxes..................
18.528
19,965
29,268
27,698Depreciation__________
27,381
26,689
54.762
50,975
Dividends______ ___________ 125,000
124,500
249,739
248,657
Balance, surplus_____
$4,697
$15,256 def$44,863 def$54,766
OFFICERS.— Chairman, S. C. Millett; Pres., Henry de Jongh; Sec. &
Treas.. H. A. Fream. Office, 17 John St., New York.— (V. 120. P- 1886.)
FAIR (THE), (DEPARTMENT STORE), C H ICAGO.— (V. 120, p.
2407.

M a y , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Fairbanks Co.— Common stock SI .500,000_______________
1st Pref. (a. & d.) 8% cum. stock, call. 110, s.f. $1,000,000(2d) Pref (a & d 1 8% cum stk., call 110 *2.000.000____
F airbanks, Morse & Co— Com stk 375,000 shares auth____
Pref (a & d) stock 7% cum s f red 110 auth $12,500,000-Fairmont Coal
Net Consolidation coal i:o
Famous Players-Lasky Corp— Com stock 450,00U shares
Preferred (a & d) stock 8% cum conv s f auth $20,000,000
Federal Mining & Smelting— Common stock SIO.UUU.UUO-.
Preferred fa fe d' 7°* cumulative S20.000 000 authorized
Federal Sugar R efin in g Co— Common stock_____________
Preferred (a & d) stock 6% cum red conv (text)__________
Sinking fund gold bonds red (text)___________________ kxc* 1923

Par
Value

Amount
Outstanding

Rate

%

When
Payable

Last Dividend Places Where Interest an&
and Maturity
Dividends are P a y a b le

$25 $1,500,000 See t e x t
Apr 1 1921
100
1.000.
000 text
See
ion 7 .0 0 0 .
IM ay 1 1921
0 0 0 text
S ee
None368,977 shs See text Q— M 31 June 30 ’25,
Q— M
June 1 ’25,
$100 $7,507,825
7
None 235,931 shs $8
Q— J
100 8.300,000
Q— F
8
10d 6 uou.OOO
in, 1 non ooo
Q— M
7
100 12,913,100 See text
100 1.929,300 See text
500 &c 5,000,000
6g M & N

FAIRBANKS CO. (TH E ).— Incorporated in New Jersey, June 11
1891, to acquire the business, &c., o f the Fairbanks Co. o f New York, and
•other cities. Manufactures valves, trucks and barrows; also acts as selling
and distributing agents for manufacturers. Has the exclusive right until
1929 to sell the Fairbanks Scale throughout the entire world, except Can
ada and the western part o f the United States. Plants located at Rome.
Ga. and Binghamton. N Y
(V. 106, p. 2563).
STOCK — Sinking fund for the 1st Pref. beginning in 1918 10% o f net
earnings 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
$5O,O0O shall be set aside for the sinking fund. If such 10% is more than
flOC.OOO only $100,000 shall be set aside. See also under divs. below.
DIVS. ’97 ’99-'01. '02-’03. '04-’06. ’07-'08. TO. ' l l . '12. '13. 18 T 9. '24
Com .%10 15 9 6 8 y'ly. 10 v'ly.12 y'ly. 12
4
10
8 text
None
Dividends of 2% were regularly paid quarterly on the 1st Pref. from
June 7 1918 to M ay 1921; none since. On the (2d) Pref. stock 2% quarterly
7rom N ov. 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%)
issue 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 Deo
iv - i» • * 47, stork div. on the Common stock.
R E PO R T .— For 1924, showed:
Calendar Years—
1924.
1923.
Net sales________________________________________ $4,416,479 $5,680,564
Allowance and costs_____________________________ 3,264,102 4,381,765
Gross profit____________________________________ $1,152,378 $1,298,799
Other income___________________________________
75,766
77,445
Total income__________________________________$1,228.143
$1,376,244
$946,891 $1,260,768
E xpenses._______
Discount and miscellaneous charges______________
Cr27,497
60.507
Interest, reserve, &c
205,944
260.333
Depreciation___________________________________
181,159
189,097
Net loss_____________________________________
$78,354
$394,461
Earnings Quarters Ended March 31.
1925.
1924.
1923.
Gross profit________________________
$355,177
$333,008
Profit after expenses, &c____________
131,329
81,157 loss$84.358
Interest, depreciation, &c__________
80.214
98,279
124,102
$51,115 loss$17,122 loss$208,460
Net profit...........................................
OFFICERS.— Pres., Geo. M . Naylor; Treas., Jas. A. Cleary; Sec.,
E . Valentine. New York office, 416 Broome St.— (V. 120, p. 1591.)
FAIRBANKS, MORSE & CO.— Incorp. in Illinois in 1891, succeeding a
partnership of same name. Manufactures internal combustion engines for
industrial, marine and farm purposes, including practically all classes of
internal combustion engines except automobile engines. In addition,
company manufactures and sells Fairbanks scales, centrifugal, steam and
power pumps, railroad motor cars, hand and push cars and standpipes,
dynamos, motors and electrical equipment; windmills and water systems.
Business originated in Chicago in 1858 as the Western selling agency of
E. & T. Fairbanks & Co., manufacturers of the Fairbanks scale, produced
since 1830. During the years following 1858 the Western business was
extended to include manufacture and sale of internal combustion engines
and other lines of product, the company acquiring from time to time
manufacturing plants at Beloit, Wis., Three Rivers, M ich., and Indian­
apolis, Ind. In 1916 purchased all the Capital stock of E. & T. Fairbanks
& Co., with plants at St. Johnsbury, V t., and East Moline, 111., and
continues the manufacture of Fairbanks scales at these points, acting as
Western distributors.
STOCK.— Preferred stock is entitled in liquidation to 110 and div.
Has equal voting power with Common stock. Preferred stock sinking
fund, first payment April, 1926, annually at rate of 10% of net earnings for
preceding fiscal year remaining after payment of preferred stock dividend
(but not over 5% of maximum amount of preferred at any time outstanding)
for purchase or redemption of preferred at not over redeemable prices.
No cash dividends may be paid on stocks junior to preferred stock which
would reduce net current assets below 110% of par value of preferred stock
outstanding or which would aggregate more than $1,500,000 (except out
o f earnings accumulated since Dec. 31, 1923) or while any dividends on
preferred stock are unpaid.
D IVID EN D S.— Preferred Stock: Initial dividend of $1.17 June 1 1924;
Regularly quarterly 1 K % since to date. Common (no par) 1920, $3.75;
1921, $1.25; 1922, $2.25; 1923, $4; 1924, $2.95; 1925, Mar. 31, 65 cents.
REPO RT.— For 1924, in V. 120, p. 2016, showed:
Consolidated.---------------- Company Proper--------------Results— Cal. Years—
1924.
1923.
1922.
1921
Net shipments__________$24,621,894 $25,757,363 $20,011,200 $16,525,920
Operating profit______1 $3,317,900 f$3,478,192 $2,452,678df$l ,330,417
D iv., E T F’b'ks& C oJ
150,000
100,000
Profit from sale o f p r o p ._ _ 50,805
_
Total income_________ $3,368,705 $3,628,192 $2,552,678df$l ,330,417
Depr on bldgs & equip.
924,478
766,568
612,238
797,330
290.042
Federal taxes__________
Balance_______________ $2,154,185 $2,830,862 $1,776,110df$l,942,655
Surplus & undiv profits
brought forward_____al8,110,967 15,978,897 15,061,837 19,411,207
Prem on sale of Pf. stk.
3,450
______
Prov. for sinking fu n d ..
CrlOO.OOO 0100,000
Total surplus............-$20,268,602 $18,909,759 $16,937,947 $17,468,552
Contrib. to pension fund
97,347
108,522
81,391
73,143
Amount written o ff____
53,735
Reserve for transfer o f
“ c o .” engine mfr_____
96,867
Stock dividend________ b7,349,425
Exp. in sale o f cap. stk__
168,530
Prem. on red. o f 6% p fd .
85,000
A dj. o f sur. o f subs_____
13,188
Pref. stock sinking fund.
100,000
100,000
Res. for a d j. of for. exch.
200,000
A dj. o f val. of inventories
1,870.470
Preferred dividends____ C383.275 (6)108,000 (6)108,000 (6)112,500
D iv. Pref. stk. Moline
Scale Co13,455
------------------------Common divs_____($2.95)1,013,004($4) 1175,270 ($2K)669659
______
Balance o f surplus and
undivided p ro fits..$11,145,379 $17,417,967 $15,978,897 $15,061,837
a Including $693,000 undivided profits of subsidiaries, b 25% stock
■dividend paid on Common stock in 7% Preferred stock, c Dividends on




169

IN D U STRIAL STOCKS AND BONDS

July 1 1925
M a y l 1925
Jan 15 1909
June 15 ’25
Aug 1 ’24,
N ov 1 '24,

2%
2%
65c
1%
$2
2%
1 K Checks mailed
do
1%,
I K

IK

Amer Ex Nat Bk, N Y

the 6% Pref. stock were paid until date of redemption, June 1 1924, and the
divs. on the new 7% Pref. stock have been paid at the fixed rate since Apr. 1
1924 (paid on 6% Pref., $40,439 on 7% Pref. $342,840).
Three Months Ended March 3 l—
1925.
1924.
1923.
Net profits after taxes and all charges. $.379,710
$421,432
$389,321
OFFICERS.— Pres., C. H. Morse; V.-P. & Gen. M gr., W . S. Horey;
V.-P. & Treas., W . E. Miller; Secy. & Comptroller, F. M . Boughey.
General office, 900 So. Wabash Ave., Chicago 111.— (V. 120, p. 2688).
FAMOUS PLAYERS-LASKY CORP.— OR GA N IZA TION .— Incor­
porated In New York July 19 1916 as a holding and operating company
•vitb the right to produce, lease and exhibit motion pictures, operate theares, &c. Acquired the Famous Players Film C o., the Jesse L. Lasky
“■eature Play Co . Inc., the Paramount Pictures Corp. and its subsi­
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.
It was announced in April 1925 that the company had filed plans for a
29-story office structure and theatre on the west side of Broadway from 43d
to 44th Sts., N. Y . City. A total investment of $13,500,000 will be made,
$6,000,000 for land and $7,500,000 for building. Three floors will be
devoted to executive offices of Famous Players.— V. 120, p. 2016.
STOCK.— Stockholders Nov. 10 1919, authorized an issue of $20,000,000
8% Cumul. Convertible Pref. stock (par $100) and increased the Common
stock from 200,000 shares to 450,000 shares (no par value).
The Common stockholders of record Nov. 13 1919, were given the right
to subscribe at par ($100) for $10,000,000 Pref., in the ratio of one share o f
pref. for each two shares of common held. Of the 250.000 shares of addi­
tional common stock about 182,000 shares were set aside to provide for the
conversion not only of the $10,000,000 perf. stock issued, but also of the
unissued pref. stock. V. 109, p. 1612, 1703, 1894. Sinking fund of 3% o f
maximum issued pref. stock, less converted amount, began Nov. 30 1920.
Redeemable on 60 days’ notice (also for sinking fund) at 120. Convertible
at par at any time into common stock at $120 (with dividend adjustment).
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.
Recent Dividends— 1917 1918 1919 1920 1921 1922 1923 1924
0 $5.50 $8
$8
$8
$8
$8
Common_____________ $10
Paid in 1925: Jan. 2, $2; April 1, $2; July 1, $2.
Initial div. of 2% on new pref., paid Feb. 1 1920; same amount paid
quar. to M ay 1 1925.
R EPO RT.— For 1924, in V. 120, p. 1449, showed:
Calendar Years—
1924.
1923.
1922.
Operating profits___________________ $6,221,769 $4,605,785 $4,718,527
Provision for Federal taxes_________
799,420
360,001
607,540
Balance, operating profit;_________ $5,422,349
Common divs. (paid and reserved)-1,867,450
Preferred divs. (paid & reserved)_
_
683,800
Divs. of sub. cos. (to outside interests)
1,135

$4,245,784 $4,110,987
1,858,240 1,684,148
710,800
735,600
5,115
5,115

Balance, surplus_________________ $2,869,964 $1,671,629 $1,686,124
Profit and loss surplus___________ $12,350,077 $9,480,113 $9,350,113
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. 120, p. 2016.)
(W ILLIAM) FARRELL & SONS, Inc.— See Burns Bros, above.
FEDERAL MINING AND SMELTING CO.— ORGAN IZATION .—
Incorp. under laws of Delaware June 25 1903. Owns silver-lead mines In
Coeur 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.
D IV ID E N D S.— '13. '14.T5. T 6. '17. '18. T 9. '20. '21. '22. '23. *24
Common__________
0
0 0
0
0
0
___
Preferred__________
6
5 4 4K 7
7 354 6
4 454 7 7
Paid in 1925: On pref., March 15, 154%: June 15, 154%.
Accumulated dividends on pref. stock, 19)4% , as of Dec. 31 1924.
R E PO RT.— For 1924, in V. 120, p. 834 and 964, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Operating earnings_____$9,468,309
$6,662,327 $4,653,023 $3,848,687
Operating expenses_____ 6,882,063 5,127,048
3,655,424
3,316,527
Balance_____________ $2,586,246 $1,535,279
Other income__________
303,346
262,239

$997,599
208.214

Total income________ $2,889,592 $1,797,517 $1,205,813
Gen. exp., income tax,&c
882,922
339,942
235.482
Net earnings------------ $2,006,670 $1,457,575
Previous deficit------------ 6,566,548
6,291,985
Total deficit-............. $4,559,878
Add’l inc. tax, prin., &c______
Settle’t v ith Star M . Co.
______
Depreciation___________
346,205
( re depletion---------------756,790
Rev. of property accr_
_
1,122,756
Preferred dividends____
839,034

$970,331
5,933,614

$532,160
183,588
$715,748
241,096
$474,653
1,945,705

$4,834,410 $4,963,283 $1,471,052
$50,000
______
______
______
______
$350,000
149,204
101,627
99,784
693,899
657,731
734,644
______
______
2,798,686
839,034
569,344
479,448

Profit and loss, deficit. $7,624,662 $6,566,548 $6,291,986 $5,933,614
Chairman & Pres., Francis H. Brownell; Sec., J. L. Martin; Treas., F. C.
Druding. Office, 120 Broadway, N . Y .— (V. 120, p. 964.)
FEDERAL SUGAR REFINING CO.— ORGANIZATION.— Incorp. in
New Jersey June 1 1902; reincorp. in New York M ay 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 (Q.-J.); none then until June 15 1917, when X% %
was paid; Sept. 15 and Dec. 15 1917, 1 K % each; 1918 to 1922, inclusive,
7% per annum; 1923, 5% ; Feb. 1, M ay 1 and Aug. 1 1924, paid 1 K % each;
none since. Divs. on pref. paid in full to N ov. 1 1924; none since. An
extra cash dividend of 5% was paid on Aug. 2 1920. A stock dividend o f
60% was paid on N ov. 23 1922.

170
[F o r

IN D U STRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES

a b b r e v ia tio n s , & c ., s e e n o t e s o n p a g e

6]

D a te
B onds

PIrestone Tire & Rubber Co— Com stock $25.000,000___
First pref stock 6% cum $10,000,000 call HOskfd 1921
Second pref stock 7% cum $40.000,000 call 110________
Fisher Body Corp.— Com. stk.i$6O,OOO,OO0 auth . .
.
Serial gold notes (see text) red par_. . .
. Ba.xxxc* 1925
Plsher body Ohio Co— Pref (a & d 8% cum s f call 110____
PIsk Rubber Co— Common stock'1,250.000 shares_________
First pref (a & d) stock 7% cum $24,950,000 call 110 sk fd
Second pref 7% com $10,000,000 conv till Dec 31 1930__
1st (closed) mtge s f gold bonds call (text)____- ____ kc* 1921

Par
V a tu e

Am ount
O u ts ta n d in g

B a te

%

W h en
P a y a b le

L a s t D iv id e n d
an d M a tu r ity

[V ol. 120
P l a c e s W h e r e I n t e r e s t ahO
D iv i d e n d s a r e P a y a b l e

$10 $3,537,710 See text Q— J 20 Apr 20
100 8,451,200
6
V— J 15 Anr 15 ’25 1 H
100 8,912,800
7
Q— F M ay 15 ’ 25 1 %
25 60,000,000 See text Q— F M ay 1 ’ 25 $1-25
1,000 15,000,000
5 g J & J To Jan 1 1929 Bankers Trust Co, N Y
Q— J Apr 1 1925 2%
100 8 129,000
8
None 796 882 shs See text
Oct 1 1920 3% Bankers Trust Co. N Y
100 $18,951,500 See text Q— F M ay l ’25 1% New Eng T r Co, Boston
100 1.079.000 See text
June 15 ’21 1M Bankers Trust Co, N Y
500 &c 8.474.000
M & S Sept 1 1941
New York
8g

-

■
----- —3 Mos. Ended------------------ 9 Mos. Ended-------BONDS.— The sinking fund 6% gold bonds due M ay 1 1933 are callable
Period—Jan. 31 ’25. Jan. 31 '24. Jan. 31 ’25. Jan. 31 ’24.
as a whole or in part at 102\i on or before N ov. 1 1928, at 102 in 1929,
101H in 1930, 101 in 1931, and 100H in 1932, plus interest in each case. *Net earnings & income. $2,957,548 $6,775,205 $9,056,173 $18,857,721
288,826
306,526
813,938
971,220
Sinking fund, $200,000 in 1925, and increasing at the rate o f $50,000 each Deduct— Interest charges
Prov. for Fed’l income
succeeding year to a maximum o f $550,000 in 1932.
and profits taxes and
R E PO RT.— For 14 months ended June 3 1922: (latest rendered):
Can’n income taxes.
361,533
801,501
1,060,676
2,203,729
14 Mos. to 22 Mos. t o Years Ending--------------—•
June 3 1922. Apr. 2 1921. May 31 T9. May 25 T8Balance, surplus_____$2,307,188
$5,667,176 $7,181,558 $15,682,769
Profit__________________
$643,367 $5,540,875 $1,654,291 $2,172,945
* From all sources after deducting all expenses of the business, including
Interest________________
$333,722
$468,535
$328,001
$225,427
and maintenance of properties and an adequate
Inc. &exc. profits tax,&c
182,195
1,351,337
218,909
1,003,002 expenditures for repairs renewals and depreciation.
Dividends on stocks____
732,505
1,384,678
783,625
603,088 allowance for accruing
OFFICERS.— Pres., W m. A. Fisher; V .-P ., Edward F. Fisher and
Balance, surplus_____def$605,055 $2,336,325
$323,756
$341,428 Alfred J. Fisher; Chairman, Louis Mendelssohn; Treas., Louis Mendelssohn;
OFFICERS.— Chairman, C. A. Spreckels; Pres., P. J. Smith; V .-P ., Sec., Aaron Mendelson; Comp., William Butler. Office, Detroit, M ich.—
Lewis L. Clark; Sec., A . H. Platt; Asst. Treas., R . D. Smith. Office, (V. 120, p. 1096.)
FISHER BODY OHIO CO. (TH E).— ORGANIZATION.— Incorp. in
82 Wall St., New Y o r k — (V. 120, p. 834.)
Ohio about Oct. 18 1919. Fisher Body Corp. owns a controlling interest.
FIRESTONE TIRE & RUBBER CO. (T H E )— O R G A N IZA TIO N .— Plant is located in Cleveland, Ohio. Company owns in fee about 45 acres
Incorp. in W . Va. in Sept. 1900: in 1910 rcincorp. in Ohio. Manufactures o f property. The buildings are seven in number, having a total floor
automobile and truck tires. other rubber products and accessories and steel space o f about 25 acres.
rims. Factories are located at Akron, Ohio, Hudson, M ass., and Hamilton,
CAPITALIZATION.— Authorized, 8% cum. sinking fund pref. stock
Ont., and preparation mills at Fall River, Mass., and Singapore Straits (par $100), $10,000,000; less retired, $865,000; outstanding, $9,135,000, o f
Settlements. Canadian subsidiary, V . 114, p. 2723.
President Harvey S. Firestone announced on Nov. 11 1924 the purchase of which $8,129,000 held by public and $1,006,000 held by Fisher Body Corp.
for cancellation. Common
value), 100,000 shares; held by
the Sanford Cotton Mills in Fall River, Mass. The mills will be operated public, 1,738 scares; held by stock (no parCorp., 98,262 shares. No bonds.
Fisher Body
by a subsidiary o f the parent corporation to be known as the Firestone Cot­ No mortgages without consent o f % o f pref. stock outstanding. Sinking
ton Mills. This company has been incorporated in Massachusetts with a
Jan. 1 1923
capitalization o f $5,000,000 common stock, par $100. Bernard M . Robin­ fund beginningExchange o f4% o f largest amount o f pref. stock at any time
com. stock o f Fisher Body Corp., see that
son o f Akron, O., Secretary o f the Firestone Co., is President of the new outstanding.
company above.
company. V. 119, p. 2293.
R EPO RT.— For year ended April 30 1924 showed:
STOCK — In Aug. 1919 (V. 109, p. 681) increased the auth. issue of com.
Year ended Year ended Dec. 1 ’21 to
stock to $25,000,000 and auth. also $40,000,000 7% pref stock, of which
Period—
Apr. 30 ’24. Apr. 30 ’23. Apr. 30 ’22.
$10,000,000 was sold. See offering, V. 109, p. 1182.
Earnings after depreciation__________ $5,539,581 $3,705,519
$398,759
Divs on 1st pref., 1H % Q.-J. 15: 2d pref., 1M% Q -E 15
909,542
549,712
58,482
Interest, Federal taxes, &c_________
Dividend Record on Common Shares (Par Value $10 after 1916).
Portion o f com. on sale o f pref. stock______
120,000
50,000
1912 1913. 1914 1915. 1916.1917. 1918. 1919 ’20.'21. i22-’23. ’24
Organization expenses written o ff____
______
5$,$67
______
7
10
1?
16
20
40
60
80 60 15 None
40 Preferred dividends_________________
755,600
648,000
200,000
Paid in. 1925: 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 o f Firestone Park Land Co. Y . 117,
p °n .
RE PO RT.— For year ended Oct. 31 1924, in V. 119, p. 3004, showed:
1923-24.
1922-23.
1921-22.
Sales_______________________________$85,610,004 $77,583,149 $64,507,301
Net profit__________________________ z8,116,689 y6,104,992 y7,348,422
Preferred dividends paid---------------------x l ,123,968 x l ,194,296 xl ,270,000
Balance, surplus_________________ $6,992,721
$4,910,696 $6,078,422
x Approximate, inserted by Editor, y After providing for depreciation,
taxes, interest and other charges, z After depreciation, interest and other
charges, but before Federal taxes.
OFFICERS.— Pres., H. S. Firestone; V .-P ., A. C. Miller; V .-P ., J. W .
Thomas; Sec., S. G. Carkhuff; Treas., J. J. Shea. Offices at Akron, O.,
and 1871 Broadway, N . Y .— (V. 119, p. 3015.)
FISHER BODY CORPORATION (OF N. Y .).— O RGAN IZATION .—
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 C o., a controlling interest (approximately 97%)
In which is held by Fisher Body C o., was organized in Oct. 1919 to build an
additional plant with 1,500,000 sq. ft. o f floor space. See that co. below
V. 109, p. 1612, 480; V. 103, p- 1690. 1893. Owns all of the common
stock o f the National Plate Glass Co. Contract with National Plate Glass
C o., V . 110, p. 565. Acquisition o f plant at Memphis from Kelsey Wheel
C o.. V. 117, p. 1998.
The General Motors Corp. in N ov. 1919 entered into an agreement to
order and purchase from the company substantially all o f 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 o f 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 M ay 1
1923 at 120 and divs. At a special meeting o f stockholders Dec. 29 1924, it
was voted to authorize and issue 2,400,000 shares o f common stock, par
$25, to take the place of the present authorized and outstanding common
stock o f 600,000 shares of no par value, stockholders receiving the right to
exchange their stock on the basis of one share o f old stock for four shares of
new stock.
A plan for the exchange o f common stock of the Fisher Body Ohio Co. for
common stock o f Fisher Body Corp. was declared operative in M ay 1921
Under this plan (as modified) the holder o f each share of the Ohio Co
stock was entitled to $3 in cash and one-fifth o f a share of common stock in
the parent corporation. The Fisher Body Corp. also guaranteed the pay
ment o f current quarterly divs. upon the preferred stock of the Ohio Co
down to and including the dividend payable July 1 1922. It also agreed to
pay on or before that date the accrued unpaid dividends on the preferred
stock for 1920. Holders o f the Ohio common had until M ay 15 1921 t<
deposit their stock for exchange, at which time the privilege expired
V. 112, p. 2088.
DIV ID E N D S.— Initial dividend of $2 50 per share on com. paid Feb. 2
1920; same amount paid quarterly to Nov. 1 1924. On Feb. 2 and M ay 1
1925 paid $1 25 per share on new stock of $25 par value.
NOTES.— The 6% serial gold notes were all redeemed on Feb. 1 1925.
V . 119, p. 2651.
The 5% serial gold notes mature as follows: 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 o f 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.
R EPO RT.— Year end. April 30 1924, in V. 118, p. 2945, showed:
1923-24.
1922-23.
1921-22.
Net income after Federal taxes, &c_.$22,102,009 $17,172,176 $6,193,455
Preferred dividends_________________
______
182,038
228,781
Common dividends_________________ 5,981,408
5,000,000
5,000,000




Balance, surplus__________________ $3,874,439 $2,334,440
$90,278
------ 3 Months Ended—-—- ------ 9 Months Ended——
Period—
Jan. 31 ’25. Jan. 31 '24. Jan. 31 ’25. Jan. 31 ’24.
Net earn. aft. exp., &c_ *Zoss$129,401 $1,151,495
$637,569 $3,433,125
Interest charges_______
$375
$23,625
$375
$97,291
Prov. for Fed’l, &c.,taxes
______
140,983
103,371
416,987
Balance, surplus_____def$129,776
$986,887
$533,823 $2,918,855
x Net loss from operations after considering all ordinary expenses of the
business, including expenditures for repairs and maintenance of the proper­
ties and an adequate allowance for accruing renewals and depreciation.
Pres., Fred J. Fisher; V.-Pres., C. T . Fisher; Treas., L. Mendelssohn;
Sec., A. Mendelson; Compt., L. R. Scafe. Office, Cleveland, Ohio.—
(V. 120, p. 1096.)
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, W is., Pawtucket, R. I., Westerly, R. I.,
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 first preferred stock has an annual sinking fund equal to
15% of net profits after payment o f taxes and first pref. dividends. The
2d pref. is convertible into common 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 117H and int. from Sept. 1 1931 to Sept. 1 1936, and there•
fter at 112H and int. Sinking fund, $500,000 per ann. V. 113, p. 1160.
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 N ov. 1924, both incl.; on Feb. 2 and M ay 1
1925 paid 1% quar. The Sept. 1921 and subsequent divs. on 2d pref. were
deferred.
R E PO RT.— For year ended Oct. 31 1924, in V. 120, p. 80, showed:
Year Ended 10 Mos.end. Year Ended
Period—
Oct. 31 ’24. Oct. 31 ’23. Dec. 31 ’22.
Gross sales_________________________ $52,946,531 $44,862,744 $45,462,441
Selling & admin, exp., incl. d eprec.. 48,686,987 41,051,863 42,304,979
Operating profit__________________ $4,259,544
Int. charges & Fed. tax reserve, &c-_ 1,522,880

$3,810,881
1,727,268

$3,157,463
1,502,387

Net profit________________________ $2,736,664
Previous surplus___________________
5,612,107

$2,083,613
3,528,494

$1,655,076
1,873,418

Total surplus____________________ $8,348,770 $5,612,107 $3,528,494
Six Months Ended April 30—
1925.
1924.
Sales_______________________________ ____________$29,675,000 $23,200,000
Operating profit after depreciation__ _____________$2,800,000 $1,453,923
Interest and Federal'taxes__________
815,000
699,163
Net income.
$1,985,000
$754,760
Pres., H. T . Dunn; Treas., R . B. McGraw; Sec., Andrew A. Leiser Jr.;
Office, Fisk Building, New York.— (V. 120, p. 2555.)
FLEISCHMANN CO. (TH E).— Incorp. in Ohio in April 1905: certificate
of reorganization filed in Oct. 1922. Manufactures yeast and distilled
vinegar; also produces malt.
DIV ID E N D S.— The directors in Dec. 1922 declared a dividend of $2
per share on the common stock for 1923 to be paid in quarterly installments
of 50 cents each on April 1, July 1 and Oct. 1 1923 and Jan. 1 1924. Also
paid extra divs. o f 50 cents each on July 1 and Oct. 1 1923, 25 cents
on Jan. 1 1924 and 50 cents on Oct. 1 1924.
In Dec. 1923 the directors declared $3 per share, payable in quarterly
installments of 75c. per share on April 1, July 1, Oct. 1 1924 and Jan. 2 1925.
Also paid 50c. extra Jan. 2 1925. On April 1 1925 paid $1 quar.

M a y , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

Flelschmann Co— Common stock 1,500,000 shares auth__ _____
None l,500,000sh
Pref (a & d) stock 6% cum $3,000,OoO auth_____________ ___
$100 $1,246,900
Foundation Co— Common stock 100,000 shares authorized. ___
None 10,451 shs.
Freeport Texas Co— Stock 732,000 snares auth__________ ___
None
729,844 sh
Galena Signal Oi! Co.— Common $22,000,000 Auth______ ___
100 16.000.000
Preferred 8 % ___________________________ _________ ___
100 2.000,000
New pref (a & d) 8% cum $8,000,000 call 115___________ ____
100 4.000.000
Convertible debentures $6,000,000 auth red text_____ Ba 1920 100*1,000 4,819,700
Subsidiary C o ., en tire $7,500,000 stock ow ned —
Galena Signal Oil of Tex bonds_______________________ 1918
1.000 2.800.000
Gardner Motor Co, Inc— Stock 300,000 snares authorized.. ___
155,000 shs.
General Amer Tank Car Corp— Common stock_________ ___
None 252.872 shs.
Preferred (a & d) stock_____________________________ ___
100 8,843,000
Car trust certificates— See text.

RE PO RT.— For 1924, in Y. 120, p. 1082, showed:

1924.
1923.
Net sales_______________________________________ $46,442,692 $41,232,783
♦Deduct cost o f sales____________________________ 17,258,161 15,197,708
G ro ss p r o fit _____________________________________________ $29,184,531
♦ D e d u c t sellin g , a d m in istr a tiv e a n d gen eral e x p s . _ 18,575,475

$26,035,075
16,863,156

N e t p r o fit _______________________________________________ $10,609,056
in c o m e c r e d its____________________________
840,633

$9,171,919
796,434

G ro ss in c o m e __________________________________________ $11,449,689
c h a r g e s________________________________
229,615
F e d e r a l a n d C a n a d ia n ta x e s ________________________
1,376,840

$9,968,353
171,518
1,166,269

N e t in c o m e _____________________________________________
P r o fit a n d lo ss c re d its___________________________________

$9,843,233
18,627

$8,630,566
147,785

G r o ss s u r p lu s__________________________________________

Add— O th er

Deduct— In c o m e

$9,861,860

$8,778,351

P r e m . o n p referred sto c k p u r c h a se d ________________
G e n e ra l in su r an ce fu n d se t a sid e ______________________
A d j . o f p r o p , values-— a d d ’l a m o r t, o f w ar t im e fa c il.
M is c e lla n e o u s p r o fit a n d loss ch a rg e s________________

$8,300
300,858
90,880
64,383

$110,956
211,983
______
115,202

T o t a l p r o fit an d loss ch a rg e s________________________
N e t su rp lu s b efor e d iv id e n d s_______________________
d iv id e n d s __________________________
C o m m o n d iv id e n d s ___________________________________

$464,420
9,397,440
76,679
6,000,000

$438,141
8,340,210
82,743
4,875,000

S u rp lu s fo r th e y e a r __________________________________
S u rp lu s a t b e g in n in g o f y e a r ___________________________

$3,320,761
23,429,029

$3,382,467
20,046,563

Deduct Profit and Loss Charges—■

Deduct— P referred

Surplus at end o f year--------------------------------------$26,749,791 $23,429,029
* Depreciation has been charged off on plants and personal property
under these headings, aggregating $2,214,143.
The company reported for the quarter ended Mar. 31 1925 net income
o f $2,838,972 after charges and taxes, as compared with $2,190,598 in
the March 1924 quarter.-—V. 120. n. 2275.
OFFICERS.-—Pres., Joseph Wilshire; Chairman, M ax Fleischmann;
1st V .-P ., Paul Fleischmann; Treas., Carl F. Holmes; Sec., Hugo A.
Oswald. Office, 701 Washington St., New York.— (V. 120, p. 2275.)
FORD MOTOR CO.— (V. 120, p. 2688 )
FOUNDATION CO. (TH E ).— (S e e M a p . ) — 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
o f construction. Its engineering and construction work includes sub­
aqueous work o f 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 and France and South America. M uch of its
present business consists o f the construction o f power developments for
public utility corporations, but it is equipped for practically every type
o f construction. A large percentage o f its business is done on a cost-plus
basis.
STOCK.— All o f 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 o f 1 share for each share o f old stock held.
DIYS.— On common stock, initial div. o f $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 and June 15 1925 paid $2 quar.
REPO RT.— For 1924, in V. 120, p. 1465, showed:
Includes Foundation C o., Ltd.; Construction Equipment C o., Ltd.,
and Foundation Co. o f Canada, Ltd.]
Y e a r s E n d . D e c . 31—
1924.
1923.
1922.
1921.
Profit on contracts_____$1,657,115 $1,155,865
$931,251 $1,377,810
Other income__________
340,727
202,604
144,972
81,831
Gross income________ $1,997,842 $1,358,469 $1,076,223 $1,459,641
Federal taxes__________
50,000
______
______
______
Expenses, &c__________
951,542
865,171
844,401
1,022,866
Preferred dividends___
48,9281
297,115/
______
______
Common dividends_____
318,805/
\
197,720
191,326
Surplus_____________
$628,567
T h r e e M o n t h s E n d e d M a r c h 31—
Gross earnings_____________________
Expenses, charges and taxes________

$196,183
1925.
$322,800
287,577

$34,102
1924.
$286,756
256,128

$245,449
1923.
$205,437
192,590

Net income---------------------------------$35,223
$27,628
$12,847
OFFICERS.— Chariman, Franklin Remington; Pres., John W . Doty;
V .-P . & Gen. M gr., H. J. Deutschbein; V .-P ., Frank Quilter, Wm. Steele,
Walter C. Hebard, Geo. R. Johnson, Walter Rutherford and J. H. O’Brien;
Sec. & Treas., Ralph L. Dalton.
D IR E C TO R S.—-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. 120, p. 2688.)
FREEPORT TEXAS C O — 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 o f 2,000,000) o f Societe Pour LTmportation
et al Vente des Soufres Americains. Owns entire $250,000 stock of La
Espuela Oil C o., 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 March 31 1923.




171

IN DU STKIAL STOCKS AND BONDS
Rate
%

When
Payable

See text
Q— J
Q— J
6
See text Q-M 15
See text
See text Q— M
Q— M
8
8
Q— M
7
A & O
6

A

$3
7

J

&

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Apr 1 1925 $1
Jan 1 1925 1/4
June 15 ’25 $2
_ ____
Nov 28 1919 $1
Mar 31 '25 1% Checks mailed
do
Mar 31 '25 2%
Mar 31 ’25 2%
do
Apr 1 1930
Bankers Trust Co, N 1
Houston. Tex

O July 1 1933

J Jan 1 ’25 $1 50 Checks mailed
do
Q
—J Apr 1 1925 1%
&

D IV ID E N D S.— (On capital of $100 par.) N ov. 4 1915 to M ay 15 1917
incl., 10% quarterly; on capital no par value (per share); Aug. 15 1917, to
Nov. 15 1917, Feb. 15 and M ay 15 1918. $1.50 each; M ay 20 1919. $2
Aug. 20 1919, $1; N ov. 28 1919, $1; none since.
R E PO RT.— For fiscal year end. N ov. 30 1924, in V. 120, p. 1210:
N o v . 30 Y e a r s —
1923-24.
1922-23.
1921-22.
1920-21.
$439,395 $1,339,435
$290,781
$370,735
♦Net profits___________
Total income____________
458,425 1,374,437
422,273
395,606
Federal taxes____________
243,578
112,439
60,751
202,709
Int., depl’n, deprec., & c.
540,609
491,887
615,020
685,326
Balance_____________ def$325,762 su r$770,lll def$253,498 def$492,428
♦ 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., C. H. Findlay. New York
office, 61 Broadway.— (V. 120, p. 2275.)
QALENA-SIGNAL OIL CO.— O R G A N IZA TIO N . * C .— Incorp. in
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 wells
(daily capacity, 3,000 bbls.), with 24-mile pipe line, and remaining 50%
of the $1,500,000 stock of the Petroleum Refining Co. (name changed to
Galena Signal Oil of T exas), owning refinery at Houston. V. 106, p. 1233
V. 110, p. 968.
In connection with these acquisitions the shareholders voted M ay 211919
to Increase the authorized common stock from $12,000,000 to $20,000,000
and on creating $8,000,000 of 8% cumulative preferred (a. & d.) stock
(callable at 115 and divs.), ranking as to assets and dividends ahead of all
other stock except present $2,000,000 8% cum. pref. stock. Par of all $100.
The plan involved (1) the Issuing of $2,OOO,0OO of such new pref. stock
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 offered
for subscription to all stockholders o f record June 29 1919 at par. V. 107.
p. 85.
It was the intention of the board that the remaining $4,000,000 of new
common stock and $2,600,000 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 C o.,” &c., see V. 109, p. 1181. 1275.
Government suit, V. 118, p. 3161.
Stock— Debentures.— The stockholders in M ay 1920 approved the plan
to increase the common stock from $20,000,006 to $22,000,600 (par $106)
and to issue $6,000,000 7% convertible debenture bonds, convertible into
common stock, par for par. Stockholders were given the right to subscribe
to the debentures at the rate of $100 in principal sum thereof for every
3 2-3 shares held at $93 04 for each $100 of debentures. Debentures are
redeemable at 110 during 1920, at 109 during 1921, the premium decreasing
1% each subsequent year until maturity. Convertible into common stock
at rate of $100 in par value of stock for each $106 in principal of debenture
bonds. Compare V. I l l , p. 696.
SUB. OO.— BONDS.— A new company with title ‘ ‘Petroleum Refining
Co. o f Texas” (in 1919 name changed to Galena Signal Oil C o. of Texasl
took over the properties acquired in Texas and operates the same as
a separate organization. This new company issued $6,000,000 capital
stock (increased to $7,500,000 in 1920) all owned by the Galena Signal Oil
C o.: also $3,800.600 6% bonds dated July 1 1918, $1,000,000 of which are
In the treasury.
Galena Pipe Line Co. (of Texas), Galena Navigation C o., Societe
Anonyme des Huiles Galena (of France), Galena-Signal Oil C o., Ltd. (of
London, Eng.). Galena-Signal Oil Co. (of Brazil), Galena-Signal Oil Oo.
(of Canada). V. 110, p. 968, 1294; V . I l l , p. 2143.
COM M ON DIVS.— 1 ’ 12. ’ 13. 1914 to 1917. ’ 18. ’ 19-’21. ’ 22. ’23. ‘24
Cash ( % ) -------------------- J 16 14 12% (3% qu.) 10/4 None
1 4 4
Divs. on common stock were resumed Dec. 36 1922 with a payment of 1 %;
same amount paid quarterly to M ar. 31 1925.
Com. stock, $4,000,000 was distributed M ay 15 1913 as a 50% stock div.
RE PO RT.— Balance sheet as of Dec. 31 1924 in V. 120, p. 1887.
OFFICERS.— Pres., L. J. Drake; V.-Pres., L. F. Jordan, J. E . Linahen,
W. P. Wescott, Geo. L. Morton; W . A. Trubee, W. J. Walsh; Sec., J. French
Miller: Treas.. Wm. P. Wescott, N. Y . Office, Franklin. Pa.— (V. 120.
p. 1887.)
GARDNER MOTOR CO., INC. (THE)— Incorp. under laws o f New
York on July 14 1920. Plants are located in St. Louis, M o.
REPORT.-—Balance sheet as of Dec. 31 1924 in V. 120, p. 1591OFFICERS.— Pres., Russell E. Gardner, Jr.; Sec., W . H. Yeldell;
Treas., Fred W . Gardner. Office, St. Louis, M o.— (V. 120, p . 1591.)
GENERAL AMERICAN TANK CAR CO R P.— Incorp. In N . Y.
July 5 1916. A holding company owning the entire capital stock ($3,000,
000) of General Amer. Tank Car Corp., incorp. in W . Va. The latter com­
pany owns the entire capital stock of the General American M fg. C o.,
General American Car C o., General American Tank Car Corp. o f La. and
the Railway Equipment Securities Co.
C A PITAL STOCK.— Authorized, 400,000 shares Common o f no par
value and $10,000,000 7% cumulative preferred, par $100; outstanding.
252,872 shares common and $8,843,000 preferred. Pref. stock provisions
in V. 110. p. 2090.
D IV ID E N D S.— On common: April 1 1919 to April 1 1920, $1 50 quar.;
M ay 1 and July 1 1920, 50 cents each; Jan. 1 1921 to Jan. 1 1925, $1 50
semi-ann.
CAR TRUST C E R TIFIC A TE S.- -Outstanding June 30 1924, $11,112,000 as follows:
S e r ie s

14

GG

A

Due
D a te .

June
June
June
June
June
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Dec.
Dec.
Dec.
Dec.

15 ’25
15 ’26
15 ’27
15 ’28
15 ’29
1 ’25
1 ’26
1 ’27
1 ’28
1 ’29
1 ’30
1 ’31
1 ’24
1 ’25
1 ’26
1 ’27

R a te

%
6
6
6
6
6
7/4
7/4
7/4
7/4
7/4
7/4
7/4
6
6
6
6

D e ta il o f
A m ts . D u e .

S e r ie s

$100,000 A
175,000
175,000
175,000 B
175,000
288,000
288,000
288,000
288,000
288,000
288,000
584,000
300,000
300,000
400,000
500,000

Due
D a te .

Dec.
Dec.
Dec.
M ay
M ay
M ay
M ay
M ay
May
May
M ay
May
May

1 ’28
1 '29
1 '30
1 ’25
1 ’26
1 ’27
1 ’28
1 ’29
1 ’30
1 ’31
1 ’ 32
1 ’33
1 ’34

R a te

%
6
6
6
5/4
5/4
5/4
5/4
5/4
5/4
5/4
5/4
5/4
5/4

D e ta il o f
A m ts . D u e .

$500,000
500,000
500,000
300,000
300,000
300,000
300,000
300,000
500,000
600,000
700,000
800,000
900,000

$11,112,000

172
INDUSTRIAL STOCKS AND BONDS
[Yol. 120.




IN D U STRIA L STOCKS AN D BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

D ate
Bonds

Cieneral Asphalt— Common stock________________________

Pref (a < d) stk 5% cum convert (text) call 110 & d iv_ c .
fc
_
Convertible gold bonds red (text)___________________ kxxx
General Baking Co— Common stock 500,000 shares auth_.
Preferred (a & d) stock $8, cum 100,000 shares auth_____
First mtge gold bonds $5,000,000 auth red 105--------- Gxc*
Kolb Bakery first gold red 105 ____________________ Gxc*
Dillman Bakery first s f gold $500,000 auth red 105-Col.c*
General Cigar Co. Inc— Common stock $25.000.000______
Preferred stock (p & d) 7% cumulative $5.000.000____
Debent pref (a & d) stk “ B " 7% cum $5,000,000 call 110
sk fd convert Into common $ for $ __________________
Serial gold notes due $700,000 ann red (text)_______ kxxxc*
General Electric Co— Common Stock ($185,000,000 auth)
Special stock 6% cum $55,000,000 see te x t_______________
Debentures for Sprague stock g call 105 (V. 75, p. 139) .xc
Debentures $60,000,000 g red 107 H not oonv_ Ba.xc’ &r*
_

P ar
V alue

A m oun t
Outstanding

Bale

%

$100 $23,584,000
M
M
5
7.416,000
5,000,000
6g
429.719 sh. See text
90,775 sh.
$8
$1 906.000
6g
1,478,000
5g
236.000
6g
18.104,000 See text
5.000.000
7

1924 100&1000
None
None
1911 500&1000
1 ,000
1911
100 &c
1915
100
100
—
1923
1902
1912

100 3,500.000
7
100 &c 7.700,000
6g
10' 180,287.046 See text
10 26,706,675
100 &c
2.047,000
3 54 g
500 &c 15.136,500
5g

W h en
P ayable

L ast D ivid en d
and M a tu rity

Q— M June 1 1925 I X
& O Oct 1 1939
Q— J Apr 1 ’25. S IX
Q— J Apr 1 ’25, $2
J & D June 1 1936
J & J Jan 1 1937
M & S Mar 1 1935
Q— F M ay 1 1925 2%
Q— M June l 1925 154

A

0
1
c
-<

M a y , 1925.]

July 1 1925 I X
J & D Dec 1 ’25 to ’35
Q— J 15 July 15 '25 2%
See text July 15 '25 15c
F & A A u el 1942
M & S Sept 1 1952

Places W h ere In te rest and
D ivid en d s are Payable

Checks mailed
Bk o f No Am & T Co , Pfe'
Checks mailed
do
Harvey Fisk & Sons, N Y
Company’s office, N Y f
Irv Bk-Col Tr, N Y
Check from Co’s Office

do

do

New York
Corn Exch Bank, N Y
Check from c o s Office
Guar Tr Co, N Y; & Bost
N Y . Boston & London

and has since acquired the business o f Theobald & Oppenheimer C o. of
Phila.. M A. Gunst & C o.. Inc., Bondy & Lederer, of New York, the Best
% Russell Companies of Chicago, Memphis and Kansas City, and the
Conway Cigar Co. of Sioux City, la. Manufacturing department comprises
77 factories, located in 69 cities: warehouse department comprises 33 units,
located in 21 cities; distributing branches are established in 93 cities, ana
retail demonstration stores (a total of 73 in operation) are located in 23
cities. Output is approximately 500,000,000 cigars annually.
STOCK.— Neither pref. can be increased nor can mtge. other than pur:hase money mtge. be created without consent of 75% of that issue, and
neither has voting power except while default for at least two quarterly
Net income__________ $2,483,198 $2,243,256 $1,706,796 $1,339,018 iividends continues.
The $5,000,000 debenture pref. stock issued in July 1919 is entitled to
T a x es_________________
x436,199
X 4 2 5 .0 0 0
1 8 5 ,0 0 0
1 8 4 .4 0 4
625.142
637,439
500,330
345,652 »n annual cumulative sinking fund beginning with 1921, sufficient to
Preferred dividends___
Common dividends_____
760,200
760,200
760.203
760,710 purchase (or call) and cancel at not exceeding 110 & div. 1,500 shares of
said stock; it Is also exchangeable for common stock, share for share. V. 108,
Balance to surplus_
_
$661,656
$420,617
$261,262
$48,252 p. 2633: V. 109. p. 176. 375.
xlncludes in 1923 and 1924 reserves for contingencies.
NOTES.— The serial gold notes of 1923 are redeemable as a whole on 3®
OFFICERS.— Pres., Max Epstein; V.-Pres., David Copland; V.-P. &
notice
1
Compt., John M . Sweeny, Chicago; V.-P., Henry E. Butler, New York: days' on Dec.on any int. date, beginning Dec. the1925. The redemption
price
1
shall be 104 plus int. and
redemption
V . -P ., Le R oy Kramer; V.-P. & Sec., Elias Mayer; Treas. & Asst. Sec., decline X of 1%1925each succeeding Dec. 1. V. 117, p. 2439. price shall
on
W . J. Woodward, Chicago, Asst. Sec., Bennet Epstein, New York; Asst.
DIVIDENDS — On common, 1909, 5% ; 1910, 6% ; 1911, 454%; 1913
Compt., Sam Land, Chicago. N. Y . office, 17 Battery Place.— (V. 120,
M ay 1919, 4% yearlv (1% Q .-F.): Aug. 1919 to N ov. 1923, I X % quar.
p. 2017.)
Feb. 1924 to M ay 1925, paid 2% quar.
GENERAL ASPHALT CO.— ORGANIZATION — Incorp. in N. J. on
RE PO RT.— For 1924, in V. 120, p. 822, showed:
May 19 1903 as successor of the Nat. Asphalt C o., per plan V. 75, p. 188;
1924
1923
1922
1921
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“ Gross earnings_________ $9,211,413 $9,889,‘l29 $8,775,360 $7,724,61©
Selling, gen., admin.. &c.
tically all o f the business is conducted: The Barber Asphalt Co.; The Trin'
exp., incl. Fed. taxes. 6.344,436
6.642.254
6,151,133 5,956,26©
idad Lake Petroleum C o., Ltd.; The Uintah Ry. Co.: Gilson Asphaltum
Co.; The Petroleum Devel. C o., Ltd.; The New Trinidad Lake Asphalt
Net income_________ $2,866,977 $3,246,875 $2,624,227 $1,768,35©
C o., Ltd.; N . Y . & Bermudez C o.; the Bermudez Co.
421,323
6 ),278
227,607
678,791
Subsidiary companies own extensive asphalt deposits and petroleum Other income__________
lands in Trinidad and Venezuela and gilsonlte deposits in Colorado and
Total income_.$3 ,288 ,299
$3,316,152 $2,851,834 $2,447,141
Utah: operate important mining, refining and shipping properties, pro
Interest on notes & loans
524,429
377,867
119,625
333,256
duclng a great variety of asphaltic and other materials for paving, roofing
Preferred dividends___
350,000
350,000
350.000
350,000
painting. &c., and conduct a paving business.
Debenture Pf. divs____
223,123
279.611
293,650
300,474
Agreement with Royal Dutch C o., V. 115, p. 2691; V. 118, p. 1906.
Common dividends____
1,448,320
1,086,240
1,086,240 1,086,240
STOCK.— The total authorized capital stock (pref. & com.) was in­
creased to $40,000,000 in Sept. 1924. The pref. stock is convertible into
Surplus______________
$742,427 $1,222,434 $1,002,319
$377,171
com. stock as follows: $150 com. for $100 pref.
OFFICERS.— President, Fred Hirschhorn; Senior V.-Pres., R . O. Bondy;
DIVIDENDS.—
\ 06. 07 ’08 ’09 to 16 T7. 18 T 9 to June 25 Vice-Pres. & Treas., William Best; V.-Ps., Milton H. Esberg, B. G. Meyer;
On preferred________J 4 2
2 5 yly
5 5 IMauar (Q-M/
Sec.. H. V. Shick. Office. 119 W. 40th St.. N. Y .— (V. 120, p. 964.)
The accumulated dividends, 9 H % . were discharged In full In cash
1% in 1910 and balance, 8 X % , through payment in 1915 of debenture*
GENERAL ELECTRIC CO.— ORGA N IZA TIO N .— Organized under a
Issued representing same
special nai at oj .N
ew York April lo 1S9Z, and manufactures outfits for
CON VERTIBLE BONDS OF 1924.— Convertible after April 1 1927 eleotric railways and all kinds of electrical supplies. V. 85. p 155. 1648;
into com. stock at par. Call, all or part at 105 and int. up to and incl. V. 62. p 502. 635. 1040; V. 65. p. 151; V. 68. p. 1024. ( V. 108. p. 1837.)
Oct. 1 1929, and thereafter at H % less premium during each successive
70 p 680; V 80. p 1481; V 83 , p 689
Owns entire common stock of
year prior to the year o f maturity, together with accrued interest.
electrical Securities Corp. International General Electric Co. export
Each stockholder o f record Sept. 23 1924 had the right to subscribe to organization. V. 108, p. 83, 385; V. 110, p. 1435. In 1919 acquired
bonds o f the above issue in an amount face value equal to 18.4% of the
untrol of the Cooper-Hewitt Electric Co. and Trumbull Electric Co. V.
par value o f his holdings o f stock, including both pref. and com. stock,
108. p. 2437; V. 109, p. 375. Owns a substantial interest in Adirondack
at the price o f 973^ % o f their face value and accrued int. V. 119, p. 1513. Power & Light Corp., V. 109, p. 2441. Acquired a substantial interest la
The 10-year 6% debentures o f 1915 were redeemed on Oct. 1 1924 at the Locke Insulator Corp. in 1920, V. I l l , p. 1374. Victor X -R ay Corp.
par and int. The 8% convertible gold bonds, due Dec. 1 1930, were re­ organized, V. 111. p 1475. In Jan. 1921, acquired the lamp and wire
deemed on Dec. 1 1924 at 105 and int.
plants of the Independent Lamp & Wire Co., V. 112, p. 377. New lamp
plant. V. 112. p. 1287: V. 117. p. 1669.
R E PO R T .— For 1924, in V. 120, p. 2264, showed;
The company in Dec. 1924 decided to dispose o f all o f its shareholdings in
Calendar Years—
’
1924. ’
1923.
1922.
1921.
Trade income_________ $16,110,062 $14,015,652 $12,059,946 $9,915,790 the Electric Bond & Share C o., by organizing a new corporation under the
Expenses & depreciation 13,304,120 12,034,050 10,869.543
9,302,501 laws of the State of New York, with an authorized capital stock o f 1,802.870
shares without par value (being the same number of shares as the outstand­
ing Common stock o f the General Electric C o.), and by transferring to such
Gross profits________ $2,805,942 $1,981,602 $1,190,403
$613,289
Other income__________
333,251
213,160
502,431
53,524 new corporation:
(a) 300 shares o f the 6% Cumul. Pref. stock o f the Electric Bond & Share
Total income_________ $3,139,193
$2,194,762 $1,692,834
$666,813 C o., having a par value of $30,000, and
(b) 250,000 shares o f the Common stock of the Electric Bond & Share Co.
Int., gen. exp., &c_____ 1,432.914
1,024,626
1,050,120
1,357,358
Federal tax, &c________
133,750
92,030
31,587
50,397 (being the entire Common stock), having a par value o f $25,000,000.
The new corporation, in consideration of such transfer, distributed its
Preferred dividends (5% )
370,800
370,800
370,803
374,430
shares to the stockholders of record of the General Electric C o. as o f Jan.
Surplus______________$1,201,729
$707,306
$240,324df$l,115,372 15 1925, ratably in proportion to their holdings. V . 120, p. 91.
O i f V i1Uj R S . —lTob«, ATuIlU W Y I e W ll;1 VV ."r •i .• W .. DclvVlias, . •. D• As to organization ol Radio Corp. of America, see caption of that com­
P res.
A rth u r r V . w a 1 , .- P .. V
S
O
B a lis s . A A L
Ur r n R I\ .
H
o
jo 1
<
j
V
t
Robinson and Frank Seamans; C om pt., Ira Atkinson; Sec., E. Robert Riter; pany below. V. 109, p. 1704, 2412.
Owns the rights for the U. S under patents covering Curtis steam turbine
Treas., John A. MacPeak. Office, 306 Market St., Camden, N . J.—
engines. V. 76, p. 1195; V. 77, p. 2161; V. 82. p. 1272. Settlement ef
(V. 120, p. 2264.)
suit, V. 93. p.
GENERAL BAKING CO.— Incorp. June 6 1911 in N. Y . Owns Governmentthe former plant 1024, 1194: V. 92, p. 599.Co., Baltimore, in
Acquired
the Bartlett Hayward
bakery plants in New York, Phila., Boston, Detroit, Cleveland, Buffalo, May 1920. V. 110, p. 1976. ofPurchased
Co. plant
Providence, Washington, Rochester, Buffalo, New Orleans and other cities. at Bridgeport in June 1922. V. 115, p. the Remington Arms sustained,
188. Lamp patent
STOCK.— Both classes o f stock have equal voting rights.
V. 110, p. 2571. Agreement with Amer. Tel. & Tel. C o. to exchange
D IV ID E N D S.— On pref.. In full to date. On new com., paid $2 per licenses, patents. &c., V. I l l , p. 899. The directors in Oct. '23 approved
share quar. April 1 1922 to Dec. 30 1922; April 2 1923 to Oct. 1 1923 paid the company’s proposal to purchase control of the Canadian General Eleo­
tric Co. V. 117, p. 1908.
$1 quar.; Dec. 31 1923 to April 1 1925 paid $1 50 quar.
BONDS.— The first gold 6% bonds are secured by first lien upon all the
STOCK.— The stockholders on May 11 1921 authorized an increase is
property and assets except merchandise and raw material, which also the common stock from $175,000,000 to $185,000,000.
pass under the mortgage in case of default; additionally secured by deposit
The stockholders voted on M ay 10 1922 to increase the authorized
capital stock by $35,000,000 (subsequently increased to $55,000,000 by
of $2,000,000 common stock of Kolb Bakery Co.
The Kolb Bakery Co. first gold 5% bonds are guaranteed as to $40,000 vote of stockholders on M ay 12 1925), consisting of shares of a par value
of $10 each, such new shares to be issued without voting or subscription
yearly sinking fund and interest by General Baking Co.
rights but to be entitled in priority to the common stock to cumulative
R E PO R T .— For 1924, in V. 120, p. 844, showed:
----------- Consolidated Company----------- dividends at the rate of 16% per annum, and to no other preferential rights,
it being the purpose to use such $10 shares for the payment of 5% annual
1924.
1923.
1922.
Net after taxes and bond interest____$6,060,075
$6,205,598 $5,272,472 stock dividends on the common stock in lieu of the 2% semi-annual stock
Reserve for depreciation____________
783,957
680,039
571,050 dividends formerly paid in common stock. V. 114, p. 1770, 2122.
Preferred dividends_________________ ($8)726,200 ($8)719,720 ($8)703,796
COM . D IV ID E N D S.— 1899. 1900. 1901.
1902 to Julv 1925
Common dividends______________ ($6)2,578,314(4 50)1921807($8)1108,624
In cash, per cent_____________ 3 . 6 X - 9 ___
8 yearly (Q.-J.)
Kolb Bakery preferred dividends---------------------- (7%)13,990 In Common stock J. & J ___ . .
..
4% y ’ly J a n .'18 to Jan.’22
In Oct. 1922. Oct. 1923 and Oct. 1924 paid, in addition to the regular
Balance, surplus_________________ $1,971,604 $2,884,032 $2,875,012
quar. div. of 2% , an extra div. of 5% in 6% pref. stock, par $10.
OFFICERS.— Pres., William Deininger; V .-P., F. R . Shepard and F. H.
In 1902 distributed bb 2-4% stock, restoring 40% surrendered in 1898:
Frazier; Sec. & Treas., A . A . Clarke. Office, 342 Madison Ave., New and on Jan. 18 1913 30% ($23,297,000) to repay in part dividends passed
or reduced lu years since 1893. In Aug. 1917 1% extra was paid to aid
York.— (V. 120, p. 820.)
GENERAL CIGA R CO., INC.— ORGANIZATION.— Incorporated Red Cross contributions. V. 95, p. 2388,422.
April 28 1906 under laws o f N. Y . as the United Cigar Manufacturers Co.
DEBENTURES.— No mortgage can be made without equally securing
The name was changed by court order effective March 1 1917 to General the debentures except purchase money mortgages and pledges as security
for temporary loans or as indemnity. V. 95. p. 238. 752, 892 1611.
Cigar C o., Inc.
Business is that o f the manufacture and distribution o f cigars. Company
The outstanding $15,000,000 6% debenture bonds, due 1940, were re­
succeeded to the properties and business o f the United Cigar Manufacturers deemed at 105 and int. on Feb. 1 1923. V. 115, p . 2691.
also V. 110, p. 1853; V. I l l , p. 1954; V. 112, p. 1621: V. 113, p. 1160;
V. 115, p. 1435; V. 116, p. 2520; V. 117, p. 2328; V. 118. p. 1917. Certifi­
cates called for payment, V. 118, p. 2579; V. 119, p. 817, 1069.
R E PO R T .— For 1924, in V. 120, p. 1591, showed;
Calendar Years—
1924.
1923.
1922.
1921.
Gross sales and rentals. . -------------------- Not stated-------------------- $21,755.724
Net operating prof its___ N ot stated.
$3,347,510 $3,131,068 $2,907,473
Depreciation___________ Not stated
552,637
762,816
905,584
Interest on Tank Oar
Equipment notes_____Not stated
551,617
661,456
662,871




174

IN D U STRIA L STOCKS AN D BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, <%c., see notes on page 6]

Par
Value

General Electric Co. Germany— See text.
General Motors Corp— Common stock auth 10,000,000 shs- ____
Href stk 6% cum non-vot red 110 A dlvs________________ ___

Rate
%

None 5161.599-sh. See text
$2,795,300
100 4,869,900
100 102,250,800

$100

Debenture stock 6% cum non-voting call 115____________ ____
Pref stock 7% cum call 125 $500,000,000 auth __................... .......

R E PO R T .— For 1924, in V. 120, p . 1742, showed:
1924.
1923.
1922.
1921.
Receipts—
$
$
$
$
Sales billed_____________299,251,869 271,309,695 200,194,294 221,007,992
x C o sto f sales, &c______ 264,909,538 241,653,949 177,458,012 199,331,309
Profit from sales_____ 34,342,331
Interest and discount &
sundry profits_______ 4,059,580
Income from securities._ 6,733,772

29,655,746

22,736,282

21,676,683

3,145,348
5,200,434

3,208,814
4,849,871

3,511,066
2,967,919

Total________________ 45,135,683
Deduct—
Interest and discount_
_
1,096,107
Other interest payments
153,081
Excess profits tax (est.) _
(y)
Inv. secur. reserve_____
______
General reserve________ 4,650,946
Com. divs., cash (8 % )-_ 14,404,980
Cash divs. on special stk. 1,195,405

38,001,528

30,794,966

28,155,667

1,307,791
700,819

4,344,789
219,158

2,078,683
724,172

(y )

(y )

2,467 800
14,289,316
656,379

13,943,234
130,394

13,409",522

Balance, surplus_____ 23,635,163
Previous surplus_______ 82,762,096

18,579,423
73,167,048

12,157,391
70,126,922

8,243,290
70,048,610

(y )

3,700,000

Total surplus________ 106,397,259 91,746,470 82,284,312 78,291,900
zDividendsin sto ck ..(5 % )9 ,005,035 (5)8,984,375 (5)8,717,265 (4)6,746,114
______
1,418,865
Sundry adjustments____
______
______
Appropriation (Chas. A.
400,000
Coffin Foundation)..
______
______
--------Delivery o f El. Bond &
--------Share C o. stock ..:___ 25,030,000
Prof. & loss su rp lus..- 72,362,223 82,762,096 73,167,048 70,126,922
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. White-stone; Sec., Myron F. Westover. Main office, Schenectady, N . Y . N . Y . office, 120 Broadway.
— (V. 120, P- 2555.)
GENERAL ELECTRIC CO. (ALLGEMEINE ELEK TRICITATS
GESELLSCHAFT), GERM ANY.— Company was originally incorporated
in 1883 under the name o f the German Edison Co. to exploit the Thomas A.
Edison patents for incandescent lamps. In 1887 its corporate name was
changed to “ Allgemeine Elektricitats Gesellschaft,” since known the world
over as the “ A E G .” 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 o f patents, technical
knowledge and experience.
AEG manufactures all forms o f electrical apparatus from the largest
turbo-generator set to a flashlight bulb.
STOCK.— Outstanding, common, $28,560,000; preferred, $4,165,000;
preferred “ B ,” $4,462,500.
DEBE N TU R E S.— The National City C o., New York, in Jan. 1925
sold at 93M and int. $10,000,000 20-year sinking fund 7% gold debentures.
Dated Jan. 15 1925, due Jan. 15 1945. Int. payable J. & J. Denom.
$1,000 and $500 c*. Principal, interest and sinking fund payable in N. Y .
City in U. S. gold coin o f the present standard o f 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. at 105, on 30 days’ notice, either as a whole, on any interest date after
July 15 1929, or by lot, through the operation o f the sinking fund, on any
interest date after Jan. 15 1930.
Sinking Fund.— As a sinking fund for the redemption o f the debentures,
the company agrees to pay over to the trustee the sum o f $360,150 on or
before June 1 1930, and the sum o f $349,650 on or before each succeeding
Dec. 1 and June 1, so long as any o f the debentures remain outstanding.
The sums so received shall be applied by the trustee, on the respective
Interest dates next following the receipt thereof, to the redemption by lot,
at 105, o f $343,000 o f debentures on July 15 1930, and $333,000 principal
amount thereof on each subsequent interest date. The trust agreement
will provide that any debentures which shall not have been redeemed by
the sinking fund or otherwise retired prior to maturity on Jan. 15 194
will be paid on that date at 105.
Security.— Debentures will be the direct credit obligations o f the company
which will covenant in the trust agreement securing the debentures, that
so long as any o f the debentures remain outstanding and unpaid, the corncompany will not execute any mortgage upon or make any pledge of any part
o f its properties and assets either real or personal, unless such mortgage or
agreement o f pledge shall provide for the security o f these debentures either
equally and ratably With the bonds, notes or other obligations or liabilities,
o f whatsoever character, which are to be secured by such mortgage or
pledge, or, at the option o f the company, in priority thereto.
Except for the charge or lien in favor o f the so-called “ Dawes debentures,”
the capital amount o f which has now been fixed at the equivalent o f $7,732,620, the only outstanding liens on any o f the company’s properties are
small mortgages to the extent o f only $95,282. Company will also covenant
in the trust agreement not to take advantage o f the provision o f 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 o f net earnings.
EAR N IN G S.— 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:
1910.
1911.
1912.
1913.
1914.
$4,385,204
$5,269,493
$5,804,014
$6,879,267
$4,496,448
Diming the year ended Sept. 30 1924 the books o f 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,
o f $1,719,143.
(Balance sheet as o f Sept. 30 1924, in V. 120, p. 589.)




Amount
Outstanding

6

6

7

When
Payable

[V ol. 120.

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Q— M Junel2'25 $1 50 Checks mailed
Q— F Aug 1 HU 5 t H
do
do
Q— P Aug 1 192514
do
do
do
do
Q— P Aug 1 1925 I K

GENERAL MOTORS CORPORATION .— O R G A N IZA TIO N .— Incorp. in Del. Oct. 13 1916 as successor to Gen. Motors Co. (of N. J.)
On
Aug. 1 1917 the N . J. company was dissolved. For plan see V . 103. p .
1510.2346.
PR O PE R T Y .— Products include the Buick, Cadillac, Chevrolet, Oak­
land and Oldsmobile passenger cars and the Chevrolet, General Motors
and Oldsmobile trucks; also farm machines and implements, ice machines,
accessories and parts, &c. A detailed statement as to properties as o f
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.
Statement by Pres, du Pont in N ov. 1921 regarding company’s policies,
Ac., V. 113, p. 2084. Liquidation o f Scripps-Booth Corp., V. 114, p. 311.
ACQUISITIONS.— As of M ay 2 1918 all assets of Chevrolet M otor 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 o f Gen. Motors Corp. of Can­
ada.— V. 108. p. 272, 584; V. 107, p. 1923. In 1919 acquired the InterState Automobile C o., Muncie, Ind.
In Oct. 1919 announced that control had been acquired of the Delco
house light business and plant at Dayton, O., and the Sunnyhome Elec.
Co. o f Detroit. In 1919 also purchased for $27,600,000 60% o f the common
stock of Fisher Body Corp. On Dec. 31 1924 the corporation’s investment
in the Fisher Body Corp. was $32,151,825, represented by 1,441,920shares,
being a 60% interest in the common stock.
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, 1526V. 119, p. 585; V. 120, p. 835.
Gen. Motors Bldg. Corp.— bonds, &c., V . 113, p. 2189.
New subsidiaries, V. 116, p. 1184. 1767.
Interest in Ethyl Gasoline Corp., V. 119, p. 947.
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
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 o f 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 inclusive, 5% o f its net earnings in excess of 7% on the
capital employed. Od Jan. 1 of each year it will advance $2,000,000 to the
Managers Securities C o. on account of amount due under this contract,
or as a loan, cr both, ap 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 o f General Motors Corp. com. stock at
$15 per share, aggregating a total purchase price of $33,750,000. payable
$4,950,000 in cash and $28,800,000 in its 7% cumul. non-voting conv. 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 o f the
Managers Securities Co. theretofore purchased. Sales so made to these
managers will be secured by an agreement under which the General M otors
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 o f this plan up to 10% o f his total common stock holdings,
to be paid for at the rate o f $2 20 in cash and $12 80 in 7% cumul. non­
voting conv. pref. stock o f the Managers Securities Co. for each share of
General Motors Corp. common stock supplied.
(For further details o f plan, compare V. 117, p. 1998.)
CONTROL.— On Dec. 31 1924 E. I. du Pont de Nemours & Co. owned
$55,589,106 stock o f the General Motors Securities Co. (formerly Du Pont
Amer. Industries, Inc.), representing 70% interest in 1,875,000 shares of
General Motors Corp. common stock; also owned $25,791 200 preferred
stock of Managers Securities Co. V . 120, p. 697.
C APITAL STOCK.— The stockholders on June 16 1924 adopted the
charter amendments proposed by the directors for the purpose of simplifying
the capital structure of the corporation.
These amendments provided for the consolidation o f the three issues of
senior securities into one issue o f 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% debenturestockwere
accorded the right, upon payment of $10 per share, to exchange their shares
for a like number o f shares o f 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 o f the outstanding
common shares for new common shares on the basis of one new common
share for each 4 shares o f common stock outstanding, thus reducing the
20,646,400 common shares outstanding to 5,161,599 shares.
D IV ID E N D S.— On com., in 1917, Feb., 1% ; M ay 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 o f a share in stock on the
new com. stock without par value, and a dividend on the old com. stock of
the par value o f $100 a share at the rate o f $2 50 a share in cash and onefourth o f a share o f com. stock without par value, payable M ay 1 1920.
In Aug. and Nov. 1920, paid 25c. a share in cash and l-40th o f a share in
stock on the new com. In Feb., M ay, Aug. and N ov. 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. o f 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 o f one share o f new stock for four shares of
old stock. (See under “ Capital Stock” above.) On March 12 and June
12 1925 paid $1 50 per share.

M a y , 1925.]

Date
Bonds

MISCELLANEOUS SECURITIES
For abbreviations, A c., see notes on page 6]

General Petroleum Corp.— Com. stock $46,787,800______
Pref. (a. & d.) 7% cum. call, at par $3,212,200__________
Sinking fund gold notes red 105 $10,000,000 - - .-x x x c 1921
Convertible gold notes red (text) - _________
___________
1922
5-year gold notes red (text)____________________
xxxc* 1923
General R efractories Co— Com stk 225,000 shares auth-_
1st mtge s f g Ser “ A ” red (see text)
__FP.kxxxc*&r* 1922
G illette Safety R azor Co— Stock 2,000,000 shares auth_
_
Gimbel Bros., Inc.— Com stock 600,000 shares auth______
Pref (a ft dl stock 7% cum red 115 $18,000,000 auth_____
G inter Co (T he)— Com stk 200,000 shs authorized_ _____
_
Pref (a & d) stock 8 % cum $2,325,000 authorized______-

Par
Value

Balance___________________________$45,735,179 $62,386,899 $51,807,448
Oeneral Motors proportion__________ $45,330,888 $62,067,526 $51,496,136
6% preferred dividends_____________
611,380
971,117
970,722
7% preferred dividends_____________ 4,743,607
2,268,162 1,860,936
Debenture dividends________________
1,917,650
3,648,093 3,597,570
Common dividends__________________ 25,030,631 24,772,026 10,177,117
Balance, surplus_________ _____ _.$13,027,620 $30,408,129 $34,889,791
Report for 3 mos. ended March 31 1925, in V. 120, p. 2394, showed:
Oars and trucks sold, 155,432; net sales, $143,971,744; net income (after
Federal taxes, & c.), $18,015,046; Gen. Motors Corp. proportion, $17,811,239; debenture stock divs., $44,184; pref. divs., $1,866,176; com. divs.,
$7,741,802; bal., sur., $8,159,077.
OFFICERS.— Pierre S. du Pont, Chairman; J. J. Raskob, Chairman of
finance committee; Alfred P. Sloan Jr., Pres.; T. S. Merrill, Sec.; M . L
Prentis, Treas.; Frank Turner, Comptroller. Main office, Detroit; N . Y
office, 224 W. 57th St.— (Y. 120, p. 2688.)
QENERAL PETROLEUM CORP.— ORGAN IZATION .— Incorp. M ay
25 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. I l l , 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 ” ) o f General Pipe Line Co. o f California. V. 103, p. 1414.
It was announced in March 1924 that the company had entered into an
agreement with the stockholders o f the Midway Oil Co. to purchase the
entire capital stock o f that company for the sum o f $2,850,000, payable
in five installments o f $500,000 each, due on Mar. 1 each year from 1924 to
1928 in cl., and a final installment of $350,000 due Mar. 1 1929. A contract
was also made to purchase one-half o f the capital stock of the Republic
Supply Co. of California for the sum o f $750,000, payable $250,000 on
deposit of stock in escrow and $125,000 each month from April to July incl.
Notes.— Proceeds o f the 7% sinking fund gold notes o f 1921 were used
to retire all outstanding bonds o f Gen. Pipe Line Co. o f Calif, and to retire
all o f the Gen. Petroleum Corp. secured gold notes. Sinking fund o f 5%
to be used for purchase and redemption o f notes, commenced Feb. 15 1922
V. 112, p. 749.
The 6% convertible gold notes o f 1922 (offered to stockholders at par
are convertible Into common stock during the first year on the basis o f $100
for the notes and $115 for stock, during the second year $100 for the notes
and $120 for stock, while during the third, fourth and fifth years the notes
are convertible on a basis o f $100 for notes and $130 for stock. The con­
version privilege extends until 10 days after redemption date. The notes
cannot be called prior to 18 months after Sept. 15 1922, being redeemable
at 104 before Sept. 15 1924, 103 to 1925 and 102 to 1926, and at par there­
after. V. 115. p. 1105The 5-year 6% gold notes o f 1923 are redeemable at 102 H on or before
Oct. 15 1923, the premium thereafter decreasing )4. o f 1 % for each 6 months’
period or fraction thereof. Indenture is to provide for a purchase fund of
$500,000 annually, payable in equal quarterly 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.
STOCK.— The par value of the pref. and common shares was reduced
from $100 to $25 per share Sept. 14 1922.
D IV ID E N D S.— Initial div. o f 314% paid on Pref. stock 8ept. 1 1916
and 1M % quar. since. On common initial div. o f 10 % was declared payable
2 % % each on Oct. 1 1917, Jan. ,Apr. and July 1918; Oct. 11 1918, 214%',
Oct. 31 1918 to Aug. 31 1921, 1% monthly; Dec. 15 1921 to June 15 1925,
2% quar.
R E PO R T .— For fiscal year ended June 30 1924, in V. 119, p. 954:
Gross
Gross
Deprec.
Pref.
Com.
Bal.
Profit.
Income. Int. &c. Div. (7% ) Divs.
Surplus
$
$
$
$
$
*
1923-24____ 21,339,766 17,696,352 9,429,023 224,854 2,136,562 5,905,913
1922-23____ 18,313,544 15,423,826 9,432,429 224,854 1,878,766 3,887,777
1921-22_____10,502,963 7,782,534 5,014,837 224,854 1,959,667
583,176
1920-21____ 14,280,260 12,407,037 8,221,491 224,854 2,709,143 1,251,549
President John Barneson; Sec., O. R. Stevens; Treas., Robert Mitchell.
Office. Alaska Commercial Bldg., San Francisco.— (V. 120, p. 336.)
QENERAL REFRACTORIES CO.— Incorp. in Pennsylvania in 1922Consolidation o f the General Refractories Co. o f 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 o f which
furnaces, stacks and retaining vessels used in the manufacture o f iron and
steel, and the refining o f copper are made. Pottery, lime, cement manu­
facturing and glass industries are large users o f refractory brick. Company
has at the present time 15 plants, with a capacity o f 320,000,000 refractory
brick per annum. Value o f real estate, buildings, equipment, mineral
lands, &c., exceeds $27,500,000 according to conservative appraisal made
in 1922.
STOCK.— See table at head o f page.
D IV ID E N D S .— Initial dividend, 50 cents Jan. 1923; 1923, $2 25;
1924, $3; 1925, Jan. 15 and April 15, 50 cents each.
BONDS.—-Redeemable at 10714 prior to Aug. 1 1932; at 105 prior to
Aug. 1 1942; premium thereafter decreasing }4% annually to maturity.
Cumulative sinking fund semi-annually o f 1 % bonds o f bonds issued
plus 6% interest on bonds retired, plus premium paid for purchase or
redemption o f bonds.
R E PO R T .— For 1924 showed:
Calendar Years—
1924.
1923.
Sales, net returns and allowances__________________ $9,431,089 $9,785,376
Operating cost o f sales___________________________ 7,672,297
7,807,214
Gross earnings from operations_____________
Selling, administrative and general expenses___

L,758,792
456,896

$1,978,161
360,226

Net earnings from operations__________________ $1,301,896
Miscellaneous income___________
57,487

$1,617,934
76,665

Total income_________________________________ $1,359,383

Amount
Outstanding

Rate
%

$25 $28,856,050
8
25 3,212,200
7
500 &c
8.361.000
7 g
100 &c
6g
220,800
500 &c 9.297.000
6g
None 224,542 shs
$2
500 &c 3.866,500
6g
None 2000000shs. See text
None 600.000 sh.
100 18.000,000
7
None 150.000 shs
$1.50
10
8
1.675.000

R EPO RT.— For 1924, in V. 120, p. 1609, showed:
Calendar Years—
1924.
1923.
1922.
687,341
798,555
456,763
Oars and trucks sold________________
Net sales__________________________ $568,007,459$698,038,947$463,706,733
Net profit after depreciation, &c___ 51,462,179
70,521,899 58,057,448
War taxes, &c______________
5,727,000
8,135,000 6,250,000




175

IN D U STRIAL STOCKS AND BONDS

$1,694,600

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q— M15 June 15 1925 2%
Q— M June 1 1925 1M
F&A 15 Feb 15 19*1
M&S 15 Sept 15 1927
A & O Apr 15 1928
Q— J 15 Apr 15 ’25, 50c.
F & A Aug 1 1952
Q— M See text

New York or San Fran
do
do
San Fran & New York
Lee, Higg’n & C o.N Y.& c
Boston

Q— F May 1 1925 1 H
Q— J 20 Apr20’25,373^c
Q— J Apr 1 ’25, 2%

Extraordinary expenses o f reorganization, &c_____
Corporate, municipal and income taxes__________
Interest on bonded and floating debt_____________
Depreciation & depletion reserved from earnings,_
Dividends paid from earns, (net o f treasury stock) _

1024.
$81,600
116,990
330,142
203,555
560,870

Balance, surplus______________________________
$66,226
Previous surplus (adjusted)_____________________
6,280.701
Deprec’n & depletion res’d from paid in surplus_ Dr. 139,725
_

1923.
$112,244
87,276
367,356
311,850
628.350
$187,522
6,650,671
______

Total surplus_________________________________$6,207,202
$6,838,193
OFFICERS.—-Wm. C. Sproul, Pres.; H. Longstreth, Sec.; J! R . Sproul,
Treas.; G. O. Williams, Compt. Office, 117 South 16th St., Philadelphia.
— (V. 120, p. 2555.)
GILLETTE SAFETY R AZOR CO. (TH E).— Incorp. in Delaware
Sept. 10 1917 (V. 105, p. 1108, 1213), succeeding Mass, corporation.
Plants located at Boston, Mass., Montreal, Canada, and Slough, England.
C A PITAL STOCK.— The shareholders on Oct. 6 1924 increased the
authorized capital stock from 500,000 shares to 2,000,000 shares of no par
value. Stockholders 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 out­
standing. V. 119, p. 1401, 1740.
Canadian C o., see V. 109, p. 1464.
D IV ID E N D S—
’ 18.
’ 19. '20.
’21. '22.
'23.
’24.
Cash (regular)---------------------$714
$9
$10
$12
$12
$12
$12
Cash (extra)________________ $2
$1
$2
Stock--------------------------------------__
__
10% 10% 10% *10%
* Stockholders of record N ov. 1 1924 also received 4.7 additional shares
of stock for each share held.
Paid in 1925: On increased capitalization, March and June 1, 62>4c
quar. and 12>4c. extra.
R E PO RT.— For 1924, in V. 120, p. 819, showed:
Sales— Net Earnings Without Reserve for Taxes.
[The sales include the sales of subsidiaries in England, France and Canada.]
Tot. Sales (incl. Sub. Cos.) — Sales to U. S. Govt.-—- Company’s
No. Razors.Doz. Blades. No. Razors. Doz.Blades. Net Earns.
1924----------- 8,438,576 b42,604,498
_______
________ a$10,122,473
1923------------ 7,798,781
29,061,634
_______
______ _
8,411,776
1922------------ 3,420,895
24,082,970
_______
________
7,602,939
1921------------ 4,248,069
19,531,861
_______
________
7,008,564
1920------------ 2,090,616
19,051,268
_______
________
6,803,407
1919------------ 2,315,892
17,320,517447,457 2,214,566
6,025,350
1918------------ 4,580,987
12,895,6183,479,442 3,002,355
5,252,136
1917------------ 1,094,182
9,619,030
_______
________
4,603,782
1916-----------782,028
7,153,466
_______
________
3,192,832
1914-----------350,765
4,414,153
_______
________
1,673,436
a After reserves for taxes, &c. b Packets of ten blades.
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. 120, p. 1887.)
QIMBEL BROTHERS, INC.— Incorp. under laws o f New York on Aug.
22 1922. Conducts department stores in New York City, Philadelphia and
Milwaukee. In April 1923 acquired Saks & Co. Compare V. 116, p. 1901.
D IV ID E N D S.— On pref., in full to date. No payments on common.
R E PO RT.— For year ended Jan. 31 1925 showed:
Years Ending Jan. 31—
1925.
1924.
1923.
Net sales---------------------------------------$102,110,802$101,544,467 $72,664,768
Cost of goods sold, sell., oper. &
adm., exp., less miscell. earnings.. 96,078,439
93,215,821 66,911,163
Federal income tax_________________
550,000
950,000
710,000
Pref. divs. on stock of former cos____ ________
________
400,000
Com. divs. on stock of former cos_
_
________
________
1,275,000
Pref. divs. of new company_________
1,260,000
1,155,000
525,000
Balance to surplus_________________ $4,222,363 $6,223,646 $2,843,605
OFFICERS.— Chairman, Charles Gimbel; Pres., Isaac Gimbel; Sec.,
Richard Gimbel; Treas., Ellis A . Gimbel. Office, Broadway & 33d St..
New York.— (V. 120, p. 2017.)
QINTER CO. (TH E ).— Co. was organized in 1917 under laws of Mass.
Operates a chain of 343 grocery stores located in Boston, suburban Boston,
central and eastern Massachusetts and New Hampshire, and 9 large restau­
rants in Boston proper. Co. has a large administration and distribution
warehouse, a bakeshop, candy factory, manufacturing and auxiliary plants.
The business was originally founded in 1895. In 1901 Ginter Grocery Co.
(N. Y .) acquired the business. This company was dissolved in 1918 and
its assets and liabilities were taken over by the present company, formed
for the purpose.
STOCK.— Each preferred and each common share has one vote at stock­
holders’ meetings; corporation must set aside each fiscal year an amount
equal to 10% of net earnings of the preceding year, but not exceeding 10%
of aggregate par value of its pref. stock outstanding, as additional protection
to pref. stockholders; no appropriation is required under above provisions
in any fiscal year on the first day of which net quick assets do not equal or
exceed the aggregate par value of pref. stock outstanding.
D IV ID E N D S.— On pref. stock of company and its predecessor regular
quarterly 2% divs. from 1901 to date. On common of present co. ($10
par): 1918, 3 7 ^ % ; 1919, 50% ; 1920-22, 6 2 ^ %; 1923, 74)4% . (No par)
initial div. 15c. a share paid Dec. 1923; Jan. 20, 1924, 37Mc.; regularly
quarterly since including April 20 1925.
1924.
1923.
SALES.—
April 1925. April 1924. 4 Mos. 1925. 4 Mos. 1924.
$1,125,910
$1,031,120
$4,537,581
$4,194,379
R E PO RT.— For 1924 in V. 120, p. 2017, showed:
1924.
1923
1922.
1921
Net sales______________ $12,499,381 $11,476,859 $10,490,523 $9,629,315
Profit after exp. & depr.
716,357
615,028
502,872
497,246
Federal tax reserve_____
82,000
76,800
63,000
135,000
Preferred divs. ( 8 % )-- xl33,859
132,520
132,291
131,550
Common dividends_____
xl91,537
152,875
109,375
109,375
Balance_____________

$308,961

x Approximate: inserted by Editor.

$252,833

$198,205

$121,321

116

IN DU STKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

G lidden C o.— Common stock 360,000 shares authorized_
_
Prior Pref (a & d) stock 7% cum red 105 $7,500,000 authlst mtge serial gold bonds red 102_________________ kxxxc*
G old D ust C orporation — Common stock (v t c )________
Securities of Amer Cotton Oil Co guar under consol agreem't
Bonds $15,000,000 authorized gold red 105________Ce.xc*
Goodrich (B F) Co (T h e )— Common stock 750,000 shares.
Preferred (a & d) 7^0 cum ulative__________________
First mtge. red. 107. $25,000,000 auth_____________ Bac*
G oodyear Tire & R ubber Co— C om stk 1,450,000 shsauth.
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 _________kc*

Income Account— Quarter Ended March 31—
_
Operating profit_
Less— D epr eciation
Taxes__________

1925.
$3,411,668
239,864
39,294
25,070

D a te

Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

[V ol. 120.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

None 322,955 sh.
See text.
$mn $7 10,5 120 See text Q— J Apr 1 1925 1 M
1925 500&1000 3,000,000
6 g M & S To Mar 1 1940 /Union Tr Co, Cleve, or
\Chase Nat Bk, N Y
None 174,443 sh.
1,000 3,822,000
5 g M & N M ay 1 1931
None i01.400 aha See text
Feb 15’21 *1.50
1(X 34 848 000
7
Q— J July 1 1925 1 **
/
1922 500-1000 23,273,500
6 4$ g j & j July 1 1947
N o n e 830.973 h
see text
100 15,000,000
Apr 1 1925 2%
8
100 65 079,600 See text See text Apr 15 1925 1M
1921
8 g M & .N Vlay 1 1941
100
24,0 "0 000
1921
8
F & A May 1 1931
100 &. 23 500.000
1911

1924.
$3,163,259
220,341
33,588
21,320

$175,500
$165,433
Final net profits______________________________
OFFICERS.— A. F. Goodwin, Pres.; J. E. Elwell, Sec.; J. C. Duane,
Treas. Office, 365 Congress St., Boston.— (V. 120, p. 2555.)
OLIDDEN CO. (THE)— Incorp. under laws o f Ohio on Dec. 11 1917.
Manufactures paints, varnishes, dryers, japans, chemicals, oils and all
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 o f $7,500,000 7% prior preferred stock. The new stock was
offered to holders o f the old preferred stock in the ratio of 116 shares of new
stock for 100 shares o f old pref. stock, which included payment of all
accumulated dividends up to April 12 1924. Compare V. 117, p. 2776.
D IV ID E N D S.— On common stock of no par value paid 50 cents quar
from April 1 1920 to Jan. 3 1921; none since. Initial div. of 114% on
prior preferred stock (covering period from April 12 to July 1 1924) was paid
July 1 1924; same amount paid quar. to April 1 1925.
BONDS.— All of the outstanding 1st mtge. 8% sinking fund gold bonds
dated Sept. 1 1921 were redeemed on Mar. 1 1925 at 1074$ 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.
R E PO RT.— For 1924, in V. 120, p. 215 and 337, showed:
-------- Year Ending-------- 10 Mos. End. Year End'g
Oct. 31 ’24. Oct. 31 ’23. Oct. 31 ’22. Dec. 31 ’21.
Sales__________________ $19,614,396 $19,372,277 $14,113,495 $13,916,506
Cost o f sales, exp., & c .. 17,595,032 17,276,192 13,042,765 15,235.041

New York Trust Co, N Y
Checks mailed
Bankers Trust C o ., N . Y ,
New York & Cleveland

R E PO R T .— For 1924, In Y. 120, p. 1197, showed:
1924.
1923.
1922.
$

.$

$

Net sales.........................109,817,685 107,092,730 93,649,710
M fg., &c., expenses____ 95,952,161 99.947,324 86.631,164

1921.
$

86,687,339
96,764,010

N etprofit___________ 13,865,524
Miscellaneous income_
_
865,643

7,145,406
863,075

7,018,546defl0076,671
835.284
1,112,057

Total net income_____ 14,731,167
Depreciation------------------ 2,547,434
Interest on bonds, notes,
bills payable, &c_____ 2,361,228
Reserve for contingencies 1,000,000
Preferred dividends (7% ) 2,460,150
Common dividend_____ ________

8,008,481
2,088,386

7,853.830def8,964,614
2,094,188
1,956,445

2,894,711
________
2,543,310
________

2,711,872
4,746,225
________
________
2,605,680
2,626,470
________ (146)902,100

Balance, surplus_____ 6,362,354
Previous surplus_______ 11,106,950
Reserve credited b a ck -. ________

482,074
10,794,614
________

442,0901ossl9195854
10,194,527 22,706,499
________ xlO,OOO,O0O

Total------------------------ 17,469,304
Profit and Loss Items—
Pref. stock & bond red’n Cr.140,663
Material commitments. ________
Est. earthquake loss____ ________

11,276,688

10,636,617

13,510,645

Cr.330,262
________
y500,000

Cr. 157.997
________
-________

________
3,316,118
________

Total profit & loss sur. 17,609,966

11,106,950

10,794,614

10,194,527

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; Sec., F. C. Van Cleef;
Treas., L. D. Brown. Office, Akron, Ohio.— (V. 120, p. 2017.)
Operating profit_____$2,019,364 $2,096,085 $l,070.730Zoss$1318,535
Interest, &c___________
533.900
695,017
626,182
1,050,470
GOODYEAR TIRE & RUBBER CO. <THE)— O R G A N IZA TIO N .—
276,558
284,566
251,823
246,287 Incorp. in Ohio in 1898 Owns fireproof plantat Akron. O., canable (V. 109.
Depreciation__________
Federal tax___________
130,000
------------------------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
N e tp ro fit-...................$1,078,906 $1,116,502
$192,725Zoss$2615292 common stock of Goodyear Tire & Rubber Co. of Calif., which see below.
Six Months Ended April 30—
1925.
1924.
Also controls, through stock ownership, the Goodyear Tire & Rubber Co.
Sales........................................ ......................................$11,541,348 $9,784,978 of Canada, Ltd. Compare V. 120, p. 337. Acquisition of coal lands,
OFFICERS.— Pres., Adrian D . Joyce: Sec. & Treas., R . H. Horsburgh. V. 110, p. 875.
Office, Cleveland, Ohio.— (V. 120, p. 2688.)
The company’s principal products are automobile tires and tubes, solid,
GOLD DUST C O R P O R A T IO N — Organized in Sept. 1923 with an cushion ana pneumatic truck tires, motorcycle tires and tubes, airplane
tires, carriage tires, tire accessories and repair materials, aeronautical
authorized capital o f $5,000,000 non-cumul. 6% pref. stock, par $100, and goods, “ W ingfoot” rubber heels and soles, and mechanical rubber goods.
325,000 shares of com. stock, no par value. It succeeded to the soap and Products are distributed through 81 branches in the United States and
washing powder business (the manufacture and sale of Gold Dust, Fairy through branches and agencies in most o f the important business centres
Soap, Sunny Monday Soap and like products) formerly carried on by The
the world.
N. K. Fairbank C o., a subsidiary of American Cotton Oil C o., and all of o f The company announced on N
its then outstanding stock was issued to The N . K. Fairbank Co. and concluded with the Zeppelin Co.ov. 7 1923 that, negotiations having been
of Germany, a company, known as the
American Cotton Oil Co. for property.
Goodyear-Zeppelin Corp., would be formed in this country as a subsidiary
A plan for the exchange of stock of Gold Dust Corp. for stock of American of the Goodyear organization, to construct lighter-than-air craft o f the
Cotton Oil Co. was formulated under which pref. and com. stock of American Zeppelin type. The new company was organized Dec. 14 1923. Compare
Cotton Oil Co. were made exchangeable for stock o f Gold Dust Corp. in V. 117, p. 2116; V. 119, p. 1961.
the ratio o f one share of com. stock of Gold Dust for one share of the pref.
REFINANCING PLAN.— The stockholders on M ay 11 1921 ratified
stock o f American Cotton Oil Co. and one share o f com. stock of Gold Dust
Corp. for each three shares of the com. stock of American Cotton Oil Co. a refinancing plan under which stocks and bonds were issued as shown in
In furtherance of this plan there was organized in Dec. 1923 the F. S. Corp. table at head of page. For details of refinancing plan, compare V . 112,
in New Jersey. To this corporation were transferred the pref. and com. p. 656. 1735. Suits filed attacking legality o f refinancing plan, V. 115,
stock o f American Cotton Oil Co. deposited under the plan for exchange of p. 766; V. 116, p. 727.
stock o f Gold Dust Corp. By consolidation agreement, dated Jan. 22
D IV ID E N D S.— Divs. of 16% in cash on the outstanding prior prefer­
1924, the F. S. Corp. merged with and into Gold Dust Corp. This merger
accumulated unpaid dividends thereon
effected the transfer to Gold Dust Corp. o f the deposited stock of American ence stock, being the amount of16 1923. The regular quarterly dividends
1 1923, were paid on Feb.
Cotton Oil C o., consisting o f over 93% o f each class. The capital of Gold to Jan. were paid April 1 1923 to A pr. 1 1925.
of 2%
Dust Corp. continued the same. $1,000,000 of its pref. stock were reissued
On pref. stock, paid initial
of 1
to American Cotton Oil Co. and $4,000,000 pref. and approximately 50,000 issue have accrued since Oct.div.1920. % % on April 15 1925. Divs. on this
1
shares o f its com. stock to The N . K. Fairbank Co.
BONDS.— The first mtge. 20-year 8% sinking fund bonds have a sinking
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. fund of $750,000 semi-annually.
Bartow, Ray Morris, George K. Morrow and Royall Victor.
8% Sinking Fund Gold Debentures.— Subject to call as a whole or in part
RE PO RT.— For year ended Aug. 31 1924, in V. 119, p. 2175, showed:
for sinking fund at 110 and int. Sinking fund (annual) of either $1,500,000
P ro fit________________________________________________________$1,129,099 or 25% of net earnings after divs. on prior pref. stock commenced on Mar.
Depreciation, $156,767; interest, $367,882_____________________
524,649 15 1922. Any bonds not canceled through sinking fund to be redeemed
at maturity at 110. Compare V. 112, p. 2417, 2541.
B alan ce___________________________________________________
RE PO RT.— For 1924, in V. 120, p. 821, showed:
Other income_________________________________________________
68,648
1924.
1923.
1922.
Years
Dec. 31—
$
$
$
N etprofit__________________________________________________ $673,098 Net salesEnded returns, discounts and
(less
OFFICERS.— Pres., George K. Morrow; V .-P ., Alfred Jaretzki Jr.;
freights), incl. shipments to subsidi­
Sec. & Treas., Randolph Catlin; Director o f Sales & Advtg., A. C. Lang;
ary cos. and foreign branches_____115,323,173 106,026,109 102,904,177
Asst. Sec. & Asst. Treas., J. F. Forsyth. Offices, 239 West 30th St., New Deduct manufacturing cost of sales.ylO l,004,330 95,250,572 96,101,305
Y o r k — (V. 119, p. 2575.)
14,318,843 10,775,537
6,802,872
(B. F.) GOODRICH CO. (TH E ).— ORGAN IZATION .— The company
cos. and
was founded in 1870 and operated as an Ohio corporation until April 1 1912. Add surplus net profits of sub.income. 3,044,319
1,944,590
foreign branches and other
3,235,686
Reincorp. in N . Y . M ay 2 1912, and in June 1912 acquired Diamond Rubber
Co. (V. 93, p. 1262), having adjoining plant at Akron, O. V. 94, p. 829,
Total earnings___________________
1386, 1629. Manufactures a large variety of rubber goods, including Profits of California C o____________ 17,363,162 12,720.127 10,038,558
X641.397
x837,317
automobile tires.
„
.
, „ _ _
. . . _
_ , „„
In July 1921 organized the International B. F. Goodrich Co. V. 113,
Balance, surplus._________________
9,201,241
p. 188. In Jan. 1925 acquired control of the Ames-Holden Tire & Rubber Interest charges____________________ 17,363,162 12,078,730
4,410,787
4,795,817
C o., Ltd. (V. 120, p. 835); British Goodrich Rubber C o., Ltd. (V. 118, Loss on property liquidated, &c_____ 4,095.118
217,999
208,609
p. 3204).
Adjusted in respect of inv. in sub. cos.
STOCK, NOTES, &c.— Pref. may be redeemed at not exceeding 125 and Foreign exchange provision_________
359,017
diva. At least 3% o f pref. stock must be retired yearly after July 1 1913 Proportion of bonds & deben. disc. &
from surplus profits before divs. are paid on com. stock. Entire voting
reorganization expense written o ff.
1,234.469
854,242
888,505
power for election o f directors is vested In com. stock until four quarterly Dividends of prior preferred stock------ 1,149,100
2,729.652
pref. divs. are in default. V. 94, p. 1629.
The stockholders on April 16 1924 voted to reduce the authorized com.
3,551,182
11,012,440
3,136.196
stock from 1,500,000 shares to 750,000 shares.
Add profits of California Co. as above
641,397
837,317
Previous surplus.
8,008.543
3,620,043
11.786,136
BONDS.— First M tge. 64$% gold bonds, V. 115, p. 188.
Dividends on pref. have been declared regularly l% % quar. to and Incl.
___________ 22,798,577 11,786,136
Profit and loss surplus
8,008,542
July 1 1925. On common 1% was paid Aug. and Nov. i5 1912 and Feb. 1
y Includes Federal taxes in 1924.
1913; then none till Feb. 1916 to N ov. 1919, 4% per ann. (1% Q .-F.). In
x Applied in reduction of California deficit and consequently an addition
Feb. 1920 paid 1 % quar. and 4$ % extra, and in M ay 1920 to Feb. 1921 paid
to parent co. equity, but not available for interest, &c.
$1 50 quarterly; none since.




IN DU STKIAL STOCKS AND BONDS

Goodyear Tire & Rubber Co of California—
Pref (a&d) stock 7% cum $10,000,000 call 5 yrs 105,then 110
Granby Consol Min Smelt & Po» Co— Stock $50,000,000-

1«t M convertible bonds series A cold red wee text
-XCt
Convertible debenture bonds red 105 $4,000,000 auth-----Great A t l a n t i c & Pacific Tea Co Inc.— Common s t o c k —
Pref Rtock 7% cum *12.500.000 13% s fd) call 115--------GreatNorthern Iron Ore Prop— Trusteertsl .500,000shares
Great Western Sugar Co— Common stock $15,000,000 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 14 . , _ ---------- Upi.kxxxc
Ser deb gold bonds due $4,000,000 ann red 102. UPI .kxxxc*

1913
1925

__
__
__
1922
1924

Par
Value

Am ount
O u t s t a n d in g

B a te

%

$100 $7,995,700 See text
100 34,479,^65
1.429 000
100 Ac
6
2,500,000
7
None 250.000 shf- See text
100 12.500 000
7
None 1.500 OOOsh See text
25 15,000,000 See text
100 15,000,000
7
100 50.0u0.000 See text
None 405.000 shs. See text
100
1.990 000
8
$25 108.952,900
6
1,000 32,954,000
5g
1,000 12.000,000
514 g

OFFICERS.— Chairman, Edw. G. Wilmer; Pres., G. M . Stadelman,
1st V .-P ., P. W . Litchfield; V .-P ., F . K . Espenhain; Treas., P. H. Hart;
Sec., Chas. A. Stillman; Oompt., C. H. Brook. Office, Akron, O.— (V. 120,

p. 2275.)
GOODYEAR T IR E & RUBBER CO. OP CALIF.— Incorporated
in California July 11 1919. Entire outstanding common stock, $4,000,000.
owned by Goodyear Tire & Rubber Co. o f Akron, O .; total authorized

pref. stock, $10,000,000; sold in July 1919, $7,995,700. A quar. div. of
1 % % on the pref. stock was paid April 1 1924, this being the first payment
since Oct. 1 1920; same amount paid quar. to April 1925. Also paid 1 % %
on account o f accumulations in Jan. 1925 and April 1925. See V. 109, p.
275, 1083; V. 113, p. 1365; V. 114, p. 952. Report for 1924 in V. 120, p.
2017.
GRAN BY CONSOLIDATED MINING, SMELTING & POW ER CO.,
LTD. (TH E).— ORGANIZATION.— Incorp. March 29 1901 in British
Columbia. Owns low-grade copper,‘ &c., deposits. Y. 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 C o., Ltd. V . 116,
p. 2394.
C A PITA L STOCK.— The stockholders on Feb. 8 1923 approved an
Increase in the authorized capital stock from $25,000,000 to $50,000,000.
D I V .l ’13.'14. A mp.’16 to Afo»T6. A u g . & N o v l b . 17. ’18. 1919 1920-24

W hen
P a y a b le

177

L a s t D iv id e n d
a n d M a tu r ity

P la c e s W h e r e I n t e r e s t and
D i v i d e n d s a r e Payable

Q —J Apr 1 1925 3 M
M ay 1 1919 l l i Company’s office
M A N M ay 1 102S
Title Guar A T r O o .,N Y
M & N M ay 1 1930
Q— M June 15 '25 $1 M
Q— M June 1 25 1 ■>
4
See text Apr 30 ’25
$1 32 Nassau St. NewVcrk
Q— J Apr 2 1925 $2
Q— J A p j 2 1925 1%
Nov 22 ’ 20 14 New York
July 1 ’21. 25c. Checks mailed
do
July 1 1925 2%
Apr 1 1925 114
.1 A D Dec 1 1937
On Tr. Pitts: Ba Tr. N Y
J & J To Jan 1 1928
Union Trust Co, Pittsh-

&

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

CO

M a y , 192#.]

R E PO R T .— For year ended Feb. 28 1925, showed:
Y e a r s E n d e d F e b . 28—
1924-25.
1923-24.
1922-23.
Profits from operation---------------------- $11,614,119 $13,760,579 $8,056,092
Interest income-------------------------------278,738
211,369
247,508
Income from investments___________
527,896
450,734
146,273
Total income-------------------$12,420,753 $14,422,682 $8,449,873
Interest on money borrowed________
________
________
$93,113
Loss on farming, &c., side operations ________
1,162
48,125
Depreciation o f plants and railroad.. 1,224,511
1,202,520 1,176,765
Adjust, o f construe, in suspense_____
________
____
252,756
618,968
1,214,696
________
Federal income taxes________ _____ _
Surplus for y e a r ............................. .$10,577,274 $12,004,304 $6,879,114
Previous surplus------------------------------- 33,699,927 25,145,623 19,868,559
dividends_________ 1,050,000
1,050,000 1,002,050
Common dividends----------4,800,000
2,400,000
600,000

D e d u c t — Preferred

Total surplus-------------------..$38,427,201 $33,699,927 $25,145,623
OFFICERS.— Pres., W . L. Petrikin; Gen. Mgr. & V .-P ., W . D . Lippitt;
V .-P ., Chas. Boettcher; V .-P ., B. A. Tompkins; Treas., M . D. Thatcher:
Sec., S. P. Saunders. General offices, Sugar Building, Denver, Colo,
— (V. 119, p. 700.)

% ( 6 3 6% (114% Q.-F.) 2% each 2Hqu. 10
3 « . None
Stockholders in 1913 auth $5,000,000 15-year bonds, sub], to call after
10 years at 105 and Int., with sink. fd. of 4% of bonds issued. to purchase up
to 110 and then call at 105, and conv. into com. 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
oet earnings or 1% of copper ore mined (except at Phoenix). V. 96. p. 289,
718; V. 100. p 1513. 1596- V 98. p 1319. 1611: V. 101. d 1275

GREENFIELD TAP & DIE C O RPORATION .— (V. 120. p . 1466.)
GREENE CANANEA COPPER CO.— ORGA N IZA TIO N .— Incorp. 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.
In June 1917 arranged to purchase outright the properties of the last-named
company. See V. 105, p. 75, 184; V. 104, p. 2455.
DIVIDEN DS—
/1912. 1913. 1914. 1916. T 7. T 8. *19. 1920.
Per cent--------- ------------- \ 314
2^
2
8
8 8
\]A
1
A dividend of $1.50 was paid Feb. 24 1919: none thereafter until Aug. 23
1920, when 50c. was paid; same amount paid N ov. 22 1920; none since,
R EPO RT.— For 1923, in V. 118, p. 2831, showed:
C a le n d a r Y e a r s —
1923.
1922.
1921.
1920.
Gross income------------------$6,497,318 $2,494,130 $4,174,097 $7,299,919
6,129,483
6,380,345
Expenses, taxes, &c------ 6,192,055 3,601,939
Depreciation---------------376,036
___________
311,082
Interest paid---------------85,158
Cr.15,695
19,616
48,414
Shutdown expense--------------367,532
493,089
______
Dividends--------------------------------------------500,000

Net operating income- $1,087,076
Other income__________
31,056

$995,788
67,870

$1,028,604
66,796

$620,244
66,796

Total income_________ $1,118,132
Interest, &c___________
285,740
Deprec’n, depletion, fcc_ 1,604,765

$1,063,658
286,332
1,494,613

$1,095,400
287,300
781,790

$687,040
674.202
300,000

Balance, deficit______
$772,373
$717,287
Profit and loss, d e ficit-. $2,156,811 $1,423,366
Earnings for Three Months Ended March 31—
Value copper produced_________________________
Operating costs, including overhead_____________

sur$26,311
$738,007
1925$1,292,735
1,040,148

$287,162
$145,610
1924.
$1,172,942
835,730

Operating income______
Miscellaneous income____

$252,587
15,254

$337,212
54,386

Total income___________
Less accrued bond interest

$267,840
71,880

$391,598
71,435

Balance, sur. or def_.def$155,932df$l,459,647df$2,468,091 sur$60,078
N o t e . — Operations were suspended in Jan. 1921 and were not resumed
until July 15 1922.
Pres., Wm. D. Thornton: Sec. & Treas., Joseph W . Allen. Office.
25 Broadway, N . Y .— (V. 118, p. 2831.)
GUANTANAMO SUGAR CO.— Incorp. in N . J. Feb. 9 1905. Own8
about 100,000 acres of sugar lands situated at Guantanamo, Cuba, together
with a majority of the capital stock of the Guantanamo R R . Co. (Compare
stings application in V. 111, p. 701).
CAPITAL STOCK.— The stockholders voted on N ov. 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 o f record
Dec. 1 1924 at $100 per share. The no par common stock was offeredito
stockholders o f record Dec. 1 1924 at $1 per share.

The 5-year 7% convertible debentures o f 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 o f new 7% debentures at par
for every eight shares o f 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 M ay 1 1928.
RE PO RT.— For 1924 showed;
1923.
Calendar Years—
1924.
1922.
1921.
Gross income___________ $6,172,777 $7,691,856 $5,279,267 $7,234,519
Operating costs________ 4,699,849
6,185,448
3,759,332
6,309,215
Expenses, taxes, &c___
385,852
510,619
491,331
305,060

Net income___________________________________
$195,960
$320,163
The above net income is after all interest and other charges and credits,
but before depreciation and depletion.
Pres., J. T. Crabbs; Sec., Edward Everett; Gen. M gr., Charles Brocking.
Office, 718 Granville St., Vancouver, B. C.; New York office, 25 Broad St.
— (V. 120, p. 2408.)
O REAT A TL A N TIC & PACIFIC TEA CO., INC.— ORGANIZA­
TION ,— Established in 1859. Incorp, Mar, 4 1901 In New Jersey, In
M ay 1925 operated over 12,000 tea and grocery stores. •
STOCK.— Under the recapitalization plan the company authorized (a)
$12,500,000 7% cum. pref.; (6) also 250,000 shares o f common stock of
no par value. V. 103. p. 1795.
Years Ended—
Feb. 28 1925. Feb. 29 1924. Feb. 28 1923. Feb. 1922.
Sales______________$352,093,342 $302,888,369 $246,940,873 $202,433,531
Profit&los¥s"urpius 40’, 193’,206 3 l ’,18l’,140
24’,562’,361
19’,570! 325
OFFICERS.— Pres., Geo. L. Hartford; 1st V .-P ., John A. Hartford,
V .-P ., Arthur G. Hoffman; Treas., Geo. D . Clews; Sec., W m. G. Wrightson.— (V. 120, p. 2555.)
G R E A T NORTHERN IRON ORE PROPERTIES.— In July 1917
M . A. Hanna & Co. o f Cleveland, 0 ., took over under lease substantially
all the active controlled properties on the Mesaba range not theretofore
leased, leaving free only about 15% o f 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 o f stock held were issued Dec. 1906 to Great Northern Ry.
stockholders. Properties, &c., 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. ’ 13. ’ 14. ’ 15. 1916. 1917. T8. T9. ’20. ’21. ’22. ’ 23. ’24.
Per share-----------50c. 50c. 50c. $1.25 $1.50 $4 $4 $4 $4 $3 $3 $4
Paid in 1925: April, $1.
REPORT for year ending Dec. 31 1923, in V. 118, p. 2821. New York
office, 32 Nassau St.— (V. 120, p. 1754.)
GRE A T W ESTERN SUGAR C O . (THE)— Incorp. under laws of N . J.
on Jan. 12 1905. Manufactures beet sugar and by-products. Owns 16
plants, 10 o f which are in Colo., 4 in N eb., 1 in W yo. and 1 in M ont.
STOCK.— The holders o f the pref. stock are entitled to one vote for each
share o f such pref. stock, and the holders o f common stock to one-fourth
o f one vote for each share o f such common stock.
D IV ID E N D S .— A dividend of $1 per share was paid on the new common
stock o f $25 nar value on Jan. 2 1923; same amount paid quar. to Jan. 2
1924; April 2 1924 to April 2 1925 paid $2 quar.




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; M ay 31 1917, 214%: July 31 1917 to July 1920, 214% 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 value storar. On
Jan 3 and Apr. 1 1921 paid 50 cents quar. On July 1 1921 paid 25 cents,
none since. On new pref. an initial dividend of $1 09 was paid April 1 1922,
covering the period from Feb. 10 to Mar. 31 1922; July 1 1922 to July 1
1925 paid 2% quar.
RE PO RT.— Fo,r year ended Sept. 30 1924, in V. 119, p . 2774, showed:
S e p t . 30
G ro s s
T o ta l
D ed u cD iv iB a la n c e ,
Y e a rs —

S a le s .

P r o fits .

t io n s .

dends.

S u r.

or

D e f.

1 9 2 3 -2 4 --. $2,592,039
$438,336
$221,690
$114,000sur.$102,646
1 9 2 2 -2 3 -.1,637,727
2,038
246,330
120,000 def. 364,291
1 9 2 1 -2 2 --. 2,739,588
437,779
331.715
51.605 sur. 54,458
1920-21---- 2.855,444 loss549.135
369,329
375,000 d e f.l.293,464
Production o f sugar in bags of 320 lbs. each has been as follows: 1923-24.
197,693; 1922-23, 124,980; 1921-22, 351,936: 1920-21, 253,921.
OFFICERS.— Pres., James H. Post: V .-P ., George R . Bunker; Treas. &
Gen. M gr., G. H. Bunker; Sec., Malcolm McDougall. Office, 129 Front
St., New York.— (V. 119, p. 3016.)
GULF OIL CORP. OF PENNSYLVANIA.— Incorp. in 1922 under
incorp under laws of
New Jersey. The company conducts an active business in producing, ree
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; (6) 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 C o., which in March 1925 had completed
3 producing oil wells with a gross production of about 5,000 barrels per day
on leases adjacent to Lake Maracaibo.
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 o f Penna. Oorp. stock (par $25) for
one share of Gulf Oil Corp. stock (par $100).
laws of Pennsylvania to succeed the G u lf Oil Oorp

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 April 1 1925 paid
1 14% quar. on new stock of $25 par value.
BONDS.— Proceeds of the $35,000,000 5% debenture gold bonds, due
Dec. 1 1937, were used to provide funds for fhe retirement of the Gulf
Oil Corp. (N. J.) 12-year 7% sink, fund debenture gold bonds which were
called for redemption on Feb. 1 1923 at 1 0 3 and interest.

178

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

Gulf States Oil & Refining Corp— S e e t e x t .
Oulf States Steel t u —Common stock____________________
$100 $12,500,000 See text
Q— J
1st prof stock 7% cum call begin 1918 at 110_____________
Q— J
100
7
2 . 000,000
(M A) Hanna Co— Common stock 500.000 shares a u t h ____
None 282,844 sh.
First pref stock 7% cum $20,000,000 auth red 110______
100 11,620,000
Q-M 20
7
2d pref stock 8% cum $10,000,000 auth red 110 conv (text)
100
2.594.800
Sink fund gold debentures $15,000,000 auth red (tex t).-k c* 1924 500-1000 7.000.
F & A
000 g
6
See
Marbison-Walker Refractories Co— Common stock______
100 36.000.
000 text Q— M
Preferred stock 6% cumulative__________________________
Q—J
100
6
3.000.
000
■Hart. S ch affn er 8c Marx— Common stock $18,000.000___
100 15.000. 000
Q— M
6
Hartman Corporation (The)— Capital stock 400,000 shs au
None 393,615shs. See text Q— M

A purchase fund o f $2,000,000 per ann., commencing N ov. 1 1924, to
be used to purchase bonds upon tender during each Nov. at not exceeding
par and int. If in N ov. o f any year a sufficient number o f bonds shall not
nave been tendered at a price o f par or less and accrued int. to exhaust the
purchase fund o f that year, the trustee shall on Dec. 1 next thereafter repay
the balance in the fund to the company. V. 115, p. 2052.
R E PO R T .— For 1924, in V. 120, p. 1466, showed:
1921.
1924.
1923.
1922.
Calendar Years—
$
$
$
$
Gross earnings__________ 172,481,560 159,057,367 159,188,251 128,232,402
Total income (after other
income)______________ 68,755,767 66,479,256 61,476,767 45,889,579
Depletion, depreciation,
interest, taxes, &c____ 49,588,972 x52,155,914 x41,724,700 x36,820,792
Net earnings________ 19,166,795
Dividends (6% p. a .)—
6,523,230

14,323,342
6,523,229

19,572,067
2,173,950

9,068,787
2,167,926

Balance, surplus_____ 12,643,565

7,800,113

17,578,117

6,900,861

x Includes inventory adjustments o f $11,545,765 in 1921, $4,947,524 in
1922, $4,044,364 in 1923 and $1,873,820 in 1924.
Pres., W . L. Mellon. Office, Pittsburgh, Pa.— (V. 120, p. 1466.)
GULF STATES OIL & REFINING CORP.— Incorp. in Delaware.
The properties o f .the company are as follows: Number o f acres, 10,292;
number o f producing wells, 94; number o f 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 o f 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 o f its Class “ A ” stock (par $5) for shares
o f Island Oil & Transport Corp. (par $10) on a share-for-snare basis, each
shareholder o f Island Oil paying in addition to the exchange of bis shares
on the above basis $3 for each snare o f Class “ A ” stock o f Gulf States Oil
& Refining Corp. The latter company has also acquired the New Orleans
refinery o f the Island Refining Corp. and a $12,000,000 claim against the
Island Oil & Transport Co. Compare readjustment plan o f Island Oil &
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
100,000 shares Class B voting stock. Issued: Class “ A ,” 1,500,000 shares;
Class “ B ,” 100,000 shares.
OFFICERS.— P. D . Saklatvala, Pres.; Scott Ferris, V.-Pres.; W . E.
Allaun, Sec. & Treas.
D IR E C TO RS.— Scott Ferris (Pres. Southern States Oil C orp.), P. D.
Saklatvala (Pres. Middle States Oil Corp.), C. J. Haskell (Pres. Turman
Oil Co. (C. N . Haskell, Chairman, Middle States Oil C orp.), W . E . Alaim (V.-Pres. Southern States Oil Corp.).— (V. 117, p. 2896.)
GULF STATES STEEL CO.— ORGAN IZATION .— Incorp. in Dela­
ware N ov. 1 1913 as successor o f Southern Iron & Steel Co. (foreclosed),
per plan in V. 97. p. 1119. Owns blast furnaces, by-product coke ovens,
open-hearth steel plant, blooming mill, rod mill, merchant mill, wire mills,
machine shop, &c., at Alabama City, Ala., and also coal mines at Altoona,
Sayre 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.
In Jan. 1918 purchased Sayre coal property, 15,000 acres. V. 105, p.
2547; V. 106. p. 1457.
STOCK.— First pr*f., $3,000,000; in treasury Dec. 1924, $1,000,000
outstanding, $2,000,000. There was formerly $4,000,000 2d pref. stock;
but in Dec. 1924 all had been converted into common share for share.
V. 108, p. 1270. Common stock auth., $12,500,000; outstanding in Dec.
1924, $1»,214,000; in treasury, $286,000.
The voting trust agreement expired Dec. 1 1921.
r D IV ID E N D S.—
’ 16. ’ 17. ’ 18. ’ 19. ’20-’22. ’23. ’24. ’25.
Common ( % )____________________ __
8 10
1
0
3
5 See
Common (extra)_________________ __
2 X - - 25stk __
text
April 1919 a quarterly common dividend o f 1% was paid; then none until
April 2 1923, when 1 % was paid; same amount paid quar. to Jan. 2 1924.
On April 1 1924 paid I X % quar.; July 1 1924 to April 1 1925 paid I X %
quar.; also paid 11J^% in common stock on Mar. 13 1925. Divs. on 1st
pref. stock paid or declared in full to and incl. Jan. 3 1926.
R E PO RT.— For 1924, in V. 120, p. 1210, showed:
1922.
1921.
1924. "
1923.
Gross profits____________$1,493,972 $2,169,863 $1,406,083 def$242,921
447,876
348,994
Depr., taxes, &c., res’ves
514,657
593,342
140,000
140,000
First Pref. divs. (7 % )_140,000
140,000
Second Pref. divs. (6% )
123
2,194
Common dividends_____
560,663
448,520
$278,530
Balance, surplus------Quarter end. Mar. 31—■ 1925.
$454,584
Net operating income—
149,237
Taxes, depreciation, &C-

$985,807
1924.
$499,777
144,030

$818,207 def$731,915
1923.
1922.
$705,764
$166,966
171,786
86,650

$396,347
$355,747
533,978
$80,316
Net income_________
Chairman, James Bowron; Pres., Chas. A. M offett; V.-P. & Treas.;
A. R . Forsyth; Sec., P. R. Owens. Office, Brown-Marx Bldg., Birming­
ham, Ala.; New York office, 55 Cedar St.— (V. 120, p. 2154.)
H ABIRSH AW ELECTRIC CABLE CO.— (V. 120, p. 2689.)
(THE M. A.) HANNA CO.— Incorp. T>ec. 9 1922 in Ohio. Owns and
operates iron ore and coal mines, blast furnaces, coke ovens, by-product
plants and steamships.
STOCK.— The 2d pref. stock is convertible, prior to Jan. 1 1933, into
common shares on the basis o f 2 X shares o f common stock for one share
of 2d pref. stock.
FU N DED D E B T .— Tne 10-year 6% sinking fund gold debentures of
1924 are red., all or part., on any int. date at 102 and int. to and incl.
Aug 1 1929, and at 101 and int. thereafter. A sinking fund will be provided
to retire one-half o f the debentures b y maturity, in annual installments
commencing Aug. 1 1925 by purchase at or below the current redemption
price, or, if not so obtainable, by call by lot at that price. Minimum
annual retirements $350,000 debentures. V. 119, p. 461.




[V ol. 120

Last Dividend !Places Where Interest and
and Maturity
Dividends Are Payable

Apr 1 1925 I X
Jan 3 1926 I X Guar T r. N T . by check
M ar 20 '25, I X
Un
Ole; B o f C om , N Y
Aug 1 1934
Junel 1925 I X
July 20 ’25 1X
M ay 29 ’25 1 X
June 1 ’25 62J£c Chicago. Ill

RE PO RT.— For 1924, showed:
Calendar Years—Net income after all charges_____
Interest on funded debt__________
Depreciation and depletion______
Federal taxes___________________

1924.
$154,596
592,004
1,181,737
32,427

1923.
$4,276,753
514,792
1,382,039
52,080

Net corporate deficit__________________________ x$l,651,572prof$2327842
Previous surplus________________________________
4,693,095
3,545,004
Miscellaneous credits____________________________
42,142
______
Total surplus__________________________________ $3,083,665
Dividends paid by Co.:
On 1st Pref. 7% Cumul. stock________________
810,901
On 2d Conv. Pref. 8% Cumul. stock___________
207,584
Divs. paid by other controlled (but ,not wholly
owned) (net)__________________________________
yl79,638

$5,891,147
826,175
201,789
170,088

Balance carried to balance sheet_______________$1,885,542 $4,693,095
x Applicable to the M . A. Hanna Co. stock, $1,160,492; applicable to
minority stock holdings, $491,080. y After deducting $205,362 received
by M . A . Hanna Co.
OFFICERS.— Chairman, M . Andrews; Pres., H. M . Hanna Jr.; Sec. &
Treas., C. N. Osborne. Office, 1300 Leader-News Bldg., Cleveland, O.
— (V. 120, p. 1887.)
HARBISON-W ALKER REFRACTORIES CO.— ORGANIZATION .
—Incorporated June 30 1902 In Pa. Manufactures fire-clay products, &c.
Has 31 plants, embracing 400 kilns: total daily capacity, 1,500,000 brick
Plants are located 24 in Pa., 3 in Ohio, 2 in Ala., 1 in Ky. and 1 in Ind.
STOCK.— Authorized and issued $3,000,000 6% cumulative pref. and
36,000,000 common stock, par each $100. No bonded or funded debt.
.nnounced In September 1920 that the stockholders had adopted a reso­
lution empowering the directors to purchase the outstanding preferred stock
at such a time and to such an extent as surplus may permit. Stockholders
voted M ay 15 1922 to retire and cancel $6,600,000 of preferred stock held
in the treasury of the company.
D IV ID E N D S .— On preferred, 1902 in full to July 1925, 6% .
On Common—
f 1910T4. ’ 17. ’ 16. ’ 17. '18. ’ 19. ’20. 1921’24.
Regular___________________ 2% yrly. 2 X 5 X 6
6
6
6 6 yrly.
4 18
6
6 50 stk.
Extra ____________________ (_________
Paid in 1925: Jan. 31, 2% extra; March 2, 1 X % quar.; M ay l9 , 33 1-3%
n common stock; June 1, 1 X % quar.
RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
Net earnings, after all taxes_________ x$4,171,398 $4,358,708 $3,037,333
Net, after repairs and depreciation_
_ 3,496,113
3,651,582
2,479,539
Dividends on preferred stock________
159,576
160,723
167,832
Dividends on common stock________
1,524,849
1,522,761
1,508,136

t

Balance, surplus________________ $1,811,688 $1,968,098
$803,571
Total surplus______________________ $11,526,814 $7,715,126 $5,747,028
x After deducting $1,119,319 expenditures for ordinary repairs, also
Federal taxes.
OFFICERS.— H . W . Croft, Chairman; J. E. Lewis, Pres.; O. M . Reif,
Hamilton Stewart and Nln McQuiUen, Vice-Presidents; Wm. Walker. Treas.
and P. R. Hilleman. Sec. Office. Pittsburgh. Pa.— (V. 120, p. 2155.)
HART, SCHAFFNER & M A R X .— ORGANIZATION.— Incorp. in
N. Y . M ay 11 1911, succeeding firm manufacturing men’s clothing. V .
92, p. 1376. Also manufactures coats for women.
STOCK.— Common stock, $15,000,000; par, $100. The entire out­
standing preferred stock was retired on Mar. 31 1924.
D IV ID E N D S.— Com. div. March 1 1916 to Aug. 31 1922, 1% quar.;
Nov. 29 1922 to M ay 29 1925, paid 1 X % quar.
R E PO RT.— For year ending N ov. 30 1924, in V. 120, p. 822, showed:
1923-24.
1922-23.
1921-22.
1920-21.
x Net profits___________ $2,041,383
$2,541,249 $2,141,068 $1,756,827
Preferred dividends____
y$21,286
$ 102,260
$209,328
$226,086
Common dividends_____
900,000
900,000
675,000
600,000
Redemp. pref. stock, &c.
282,078
24,966
317,967
2,659
Balance, surplus_____
$838,018 $1,514,023
$938,774
$928,082
x Net profits after deducting manufacturing, marketing, administrative
expenses and interest on loans and provisions for depreciation of equip­
ment, doubtful accounts and Federal taxes, and also reserves for contingen­
cies for 1921 and 1923. y Preferred stock redeemed April 1 1924.
OFFICERS.— Pres., H. Hart; V.-Ps., M ax Hart and Alex M . Levy;
Sec. & Treas., M . W . Cresap.— (V. 120, p . 822.)
HARTMAN CORPORATION (TH E ).— O RGAN IZATION .— Incorp.in
Va. in Jan. 1916 and acquired the capital stock of the Hartman Furniture
& Carpet Co. of Chicago and affiliated companies. V. 103. p. 2337. Con­
ducts a mail order and retail business in the Middle West. Dividends
Sept. 3 1917 to Dec. 31 1919, 5% per annum (1 X % Q .-M .); Mar. 1920 to
Sept. 1923. 1 X % quar.; on Dec. 1 1923 paid $2 quar. on new stock of no
par value; March 1 1924 to Dec. 1 1924, paid $1 quar.; March 2 and June 1
1925 paid § 2 X cents quar.
Tne stockholders voted Oct. 15 1923 to change the par value o f the cap­
ital stock from shares of $100 to shares of no par value and to increase
the total authorized number of shares to 400,000 of no par value. Two no
par value shares were issued in exchange for each share of $100 par value.
An additional 120,000 shares was offered to stockholders of record Oct. 18
1923 at $37 50 oer share. V. 117, p. 1467, 1783, 2116.
R E PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total profits and income.*$1,276,643 $1,979,549 $1,670,448
$455,783
112,304
203,150
65,072
82,209
Interest charges_______
Dividends p a id ............- 1,574,460
870,000
840,000
840,000
Balance, surplus____ def$410,121
$906,399
$765,376 def$466,426
Total surplus Dec. 31__ y$4,463,792 $5,317,110 $5,062,059 $4,296,683
♦After depreciation, doubtful accounts receivable, taxes, commissions
and collection and other expenses, y After deducting $443,197 provision
for bad debts, prior years, less adjustment of taxes, &c.
OFFICERS.— Chairman, David M ay; Pres., Martin L. Straus; V .-P .,
I. H. Hartman and S. E. Kohn; Sec. & Treas., E . G. Felsenthal; Asst.
Sec. & Treas., Harry A. Cohen. Office, 3913 Wentworth Ave., Chicago.
— (V. 120, p. 2556.)

IN D U STRIA L STOCKS AND BONDS

M ay , 1925.]

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, cfee., see notes on first page]

Hayes Wheel Co— Stock 200,000 shares authorized________
Preferred stock 7 K % cumul $2,000,000 authorized--------First mortgage sinking fund Series A red (text)_____IC.c* 1919
do
Series B redeemable (text)________________IC.c* 1923
Helme (Geo W) Co— Common stock $8,000,000 authorized..
Preferred stock (a & d) $4,000,000 7% n o n -o u m -------------H ercules Powder Co— Common stock autb $20,000.000____
Pref stock 7% cum $20,000,000 red 120 Nov 15 beg 1915—
Womestake Minins Co— Stock *25.116.000 ________________
Household Products, Inc— Stock 500.000 snares auth____
Houston Oil Co— Common stock certif $25,000,000 auth_
Preferred stock certificates 6% cumulative...........................
10-year sinking fund gold notes red (text)___ MBa.xxxc*

1925

Par
Value

Amount
Outstanding

None
$100
100 &c
100 &c
25
100
100
100
100
None
100
100

197,044 shs.
$3
$1,838,200
7K
$492,300
7g
468,200
6g
6,''00,000 See text
4.000.
000
7
14.300.000 See text
7
10,406,100
25.116.000 See text
500.000 sh $3
24,968,600
8.947.600
6

Gross profit_______________
Other income________________

$909,954
100,038

$1,503,524
110,297

$1,103,473
82,051

Total income______________
Interest charges, &c_________
Profits o f companies acquired
Federal taxes________________
Preferred dividends__________
Common dividends__________

$1,009,992
$138,099
xDr.71.629
85,000
91.910
591,132

$1,613,821
$121,755
_
190,000

$1,185,524
$72,281

591,132

393,819

140,000

Surplus___________________
$32,222
$710,934
$579,424
x Being profit o f newly acquired companies from Jan. 1 to March 31,
•date of acquisition.— V. 120, p. 337, 92.
OFFICERS.— Pres. & Gen. M gr., C. B. Hayes; Treas. & V .-P ., R . H.
Loveland; Sec., C. G. Mackay. Office, Jackson, Mich.— (V. 120, p. 2262.)
HEARST PUBLICATIONS, INC.— (V. 119, p. 2415.)
(QEO. W .) HELME CO.— ORGAN IZATION .— Incorp. in New Jersey
Dec. 4 1911 and took over snuff factories at Yorklyn, Del., and Helmetta,
N. J., formerly owned by American Snuff Co. V . 93, p. 1605; V. 94, p. 282.
i* STOCK.— The stockholders on March 5 1923 voted to change the author­
ized common stock from 80.000 shares, par $100, to 320,000 shares, par $25.
D IV ID E N D S.—
f T 4. ’ 15. '16. ’ 17. T 8. T 9. ’20-'21. ’22. ’23. ’24On comm on_________ %\ 10 10 10 10 10 10
10 *10K 12 12
Extra in January_____1 2 2 4 4 4 __
4 4
4 7
* Also 50% in common stock paid Feb. 23 1922.
Paid in 1925: Jan. 2, 3% quar. and 15% extra; April 1, 3% quar.
R E PO RT.— For 1924, in V. 120, p. 823, showed:
1924
1923
1922
1921
Net earnings___________ *$2,199,749 *$2,096,307 *$2,005,612 *$1,538,463
Preferred dividends____
280,000
280,000
280,000
280,000
Common dividends_____
1,620,000
1,140,000
900,000
560,000
Balance, surplus_____

$299,749

$676,307

$825,612

$698,464

* After provision for estimated Federal taxes. &c.
Pres., J. C. Flynn; Treas., L. A . Bengert. Office, 111 Fifth Ave., N. Y .
— (V. 120, p. 823.)
HERCULES POWDER CO.— ORGAN IZATION .— Incorp. in Dela­
ware Oct. 17 1912. and took over,as of Jan. 1913, per plan o f disintegra­
tion, part of the properties o f the E . I. du Pont de Nemours Powder Co
(V. 94, p. 1386. 1629, 1698; V. 95. p .9 6 9 ). Half o f the stock received by
the 27 defendants in the dissolution suit is without voting power.
The stockholders o f the Aetna Explosives Co. on June 6 1921 approved
the sale o f the entire property, assets, privileges, franchises, &c.. to the
Hercules Explosives Corp., in accordance with a contract dated Feb. 12
1921, made by and between J. S. Bache & Co. and Hercules Powder Co.,
Inc. The sale was made subject to the mortgage dated Jan. 1 1919
made to the Bankers Trust Co. and now a lien on said property, and also
subject to the unpaid outstanding bonds o f the Jefferson Powder C o.,
and all the debts, contracts, just liabilities and obligations, all o f which are
to be assumed by the purchaser as set forth in the contract.
The consideration was $5,400,000 In cash and $2,160,000 Pref. 7% Cum.
stock o f Hercules Powder C o., Inc., at par. This consideration was paid
to J. S. Bache & Co. for the account o f the holders o f the Common stock to
be distributed by the bankers as follows: For each share o f Common stock
the holder received $10 in cash and $1 50 in Pref. 7 % Cum. stock of Hercules
Powder C o., Inc., at par, and in addition thereto an escrow receipt for
$2 50 in Pref. 7% Cum. stock o f Hercules Powder C o., Inc., at par. The
last-mentioned amount o f stock was held by J. S. Bache & Co. in escrow
pending the liquidation and discharge o f certain liabilities o f Aetna Explos.
C o., but on Sept. 6 1922 the escrow receipts were exchanged for certificates
o f 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 o f 80,000 no par value shares. The company
is a subsidiary o f Hercules Powder Co. and was organized to acquire the
assets and business o f Aetna Explosives C o., Inc., which it did June 7 1921The Aetna Explosives Co. 6% bonds, Series A. due Jan. 1 1931, and
Series B , due Jan. 1 1941 ($3,464,275 outstanding Dec. 31 1924) are solely
a liability o f 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 o f the surplus earnings a stock dividend o f 100% on the Common stock
payable N ov. 25 1922. Compare V. 115, p. 1327.
Common Dividends—
1917. 1918. 1919. 1920. 1921. 1922. ’23. 1924,
6
6
Regular (% )---------------8
8
8
8
8
10K
2
2
Extra, cash (% )----------- 14
8
8
8
4
do Red Cross ( % )-_
1
1
-Anglo-French bonds (% ) 47
do price at which taken 94
<
Extra, in common stock.
..
..
..
- - 100
Paid in 1925: March 25, I K % •




When
Payable

Last Dividend Places Where Interest and
and Maturity | Dividends are Payable

June 15 '25 75c.
June 15 ’ 25 1K
Feb 1 1929
Feb 1 1929
Apr 1 1925 3%
Apr 1 1925 I K
M ar 25 '25 I K
% - ¥ M ay 15 ’25 1%
M onthly May 25 ’25 50c.
Q— M June 1 ’25 75c.

F
F

Lee, Higginson & Co., N Y
do
do
Cheeks mailed
Checks mailed
Check* mailed
do

& A Feb 1 1925 3% Checks mailed
(Bankers Tr Co, N Y
& O Apr 11935
(Maryland Tr Co, Balt
[Boatmen’s Bank, St L

RE PO RT.— For 1924,
Calendar
Gross
Year—
Receipts.
1924______ $20,862,603
1923______ 22,260,796
1922--------- 18,728,887
1921--------- 16,091,391
Quarters Ended Mar. 31
Gross receipts_________
x Net earns., all sources.
Preferred div. { ! % % ) - -

in V. 120, p . 825, showed:
y Net (All
Preferred
Common
Balance,
Sources). Dividends. Dividends. Sur. or Def.
$2,156,902 $723,233 $1,144,000 sur.$289,669
2,508,670
711.050
1,144.000
sur653,619
2,264.895
667,620
858.000
sur739,276
820.965
572.030
858.000
def609.065
1925.
1924.
1923.
1922.
$5,503,369 $5,171,399 $5,503,261 $4,243,659
604,225
433,828
679,899
375,847
182,010
179,369 ___________
177,160
160,834

7.000.

F

Q— M
Q— M
& A
& A
O— J
Q— J

000
6K g A

500 &c

HAYES WHEEL CO.— ORGAN IZATION .— Incorp. under laws of
Micnigan on Oct. 20 1908. Manufactures automobile wheels, wheel ma­
terial, &c. Plants are located at Jackson, M ich., Anderson, Ind., and Al­
bion, Mich. The stockholders on March 25 1924 approved the plan for the
acquisition o f the Hayes M otor Truck Wheel C o., the Albion Bolt Co. and
the Morrison Metal Stamping Co. Compare Y. 118, p. 1019.
BONDS.— The first mtge. Series A bonds are callable at 102K and int.
to Feb. 1 1926; thereafter at 102 and int. to Feb. 1 1927; and thereafter at
101 and int. The Series B bonds are callable at 10214 and int. from
Feb. 1 1924 to Feb. 1 1926; thereafter at 102 and int. to Feb. 1 1927: and
thereafter at 101 and int. As of Dec. 31 1924, 8141,200 Series A and
8111,000 Series B bonds in treasury.
STOCK.— The company has filed an amendment increasing its authorized
capital stock by the addition o f $2,000,000 714% cumul. pref. stock, of
which $1,842,000 was issued for the acquisition o f the Haynes M otor Truck
Wheel Co., the Albion Bolt Co. and the Morrison Metal Stamping Co.
Dividends.— On stock o f no par value, paid as follows: Sept. 15 1922,
50 cents; Dec. 15 1922 to June 15 1925. 75 cents quar.
RE PO RT.— For 1924, in V. 120, p 2308. showed:
Calendar Years—
1924.
1923.
1922.
Sales_____ _________________________ $15,366,492 $19,737,725 $13,483,915
Cost o f sales, &c___________________ 14,456,538 18,234,201 12,380,442

Rate
%

179

Balance, surplus-------

$422,215

$254,460

$502,740

$215,013

x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
taxes, &c., also interest on Aetna bonds.
y After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation,
&c.; also interest on Aetna bonds.
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. Wil­
mington, Del.— (V. 120, p. 2276.)
HERSHEY CHOCOLATE CO.— (V. 119, p. 1631.)
HOMESTAKE MINING CO.— Incorp. in California Nov. 5 1877. Owns
over 4,000 acres, located in the White W ood Mining District, near Lead,
Lawrence County, So. Dak., where the company has a large gold mining
plant, including reductionworks. stamp mills, electric plants. &c.
D IV S flQ lO to 1912.
1913.
1914 to 1916.
1917.
1918 25.
Since'09(50c. monthly 65c. monthly 65c. monthly 65c. mthly
text
Extra — l
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 M ay 25 1921 with a dis­
tribution of 25 cents a share: then to Oct. 25 1922 paid 25 cents m onthly
N ov. 25 1922 to M ay 25 1925 paid 50 cents monthly; also paid $1 extra on
April 25 1924 and $1 extra on Jan. 25 1925.
RE PO RT.— For 1923, total income, $6,467,593; oper. & gen. expenses
$3,485,441; other charges, $707,049; depreciation, &c., $1,343,443; net in­
come, $931,660.
Pres., Edward H. Clark, N . Y .; V .-P ., Fred. T . Elsey, San FranciscoTreas., L. T. Haggin, N. Y .; Sec., R . A . Clark, San Francisco, Cal. Office
Room 910 American Bank Bldg., San Francisco.— (V. 120, p. 216 )
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. A t present the corporation is only a holding company
owning and holding all the issued and outstanding capital stock o f the
Centaur C o., manufacturers of “ Chas. H. Fletcher’s Castoria.”
In Feb. 1923 Sterling Products, Inc., purchased a one-fourth interesti n
Household Products, Inc., and has assumed the management o f the corp.
D IV ID E N D S.— An initial div. of 75 cents a share was paid M ay 31
1923; same amount paid quar .to June 1 1925. On Jan. 2 1925 paid 50c
extra.
RE PO RT.— For 1923. in V . 118, p. 913 and 1275, showed:
P rofit-------------------------------------------------------------------------------------$2,630 355
Deduct— Est. Fed. taxes, $311,635; divs., $1,125,000; total____ 1,436,635
Surpius .....................- ................................................................ . Z u l W m
Profit and loss surplus___________________________________
$959 027
Report for 6 months ended June 30 1924, in V. 119, p. 1288* showed- Net
profit after Federal taxes, $1,095,882; dividends, $750,000; surplus for
period, $345,882.
OFFICERS.— Pres., A . H. Diebold; V .-P . & Sec., Frank A . Blair
Treas., Albert Bryant; Gen. M gr., W . E . Weiss.— (V. 119, p. 1288.)
HOUSTON OIL CO. OF TE XA S.— 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 N ov. 1916 ratified the acquisition by the Federal
Petroleum C o. and the Republic Production Co. of an undivided half­
interest 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 Co
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 of 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. receives 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 C o.’s timber. Compare V. 112. p. 1982.
The company in April 1925 issued $7,000,000 10-year sinking fund 6 K %
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.— Certificates under the terms of a Readjustment
Plan dated July 1911, the Readjustment Managers assigned to the Mercan­
tile Trust & Deposit Co. of Baltimore, trustee, under a Readjustment and
Voting Trust Agreement, all the pref. and com. stock deposited with them
against which were issued Certificates of Beneficial 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 for pref. stock par for par (b) accrued div. certificate*
which were issued for the divs. unpaid to Jan. 1 1912. All o f the accrued
dividend certificates have been paid off.

180

IN D U STR IA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Dale
Bonds

H udson M otor Car Co— Stock 2,000,000 shs auth _ _____
Humble Oil & R efining— Capital stock $43,750,000______
Gold debenture bonds red (text)_______________G.c*&r* 1922
Hupp Motor Car Corp— < orrimon stock auth $10,000,000 _
Hydraulic Steel Co—-Common stock 500 000 sharesauth..
Preferred stock 7% cum conv red 102)4 $6,000,000 au th ..
Ten-year s f gold notes red 107)4- _______________xxxct 1920
Illinois Pipe Line Co— Stock $20.000.000..............................

Par
V alue

Amount
Outstanding

None
$25
100 &c
10
None
100
100 &c
100

1,320.050 sh
$43,750,000
25,000,000
9,138,090
294.518 sh.
5 998 900
2 851,300
20.UUU.U00

DIVS.— At the end o f 1911 accumulated divs. on pref. stock amounted to
64% . Payments were resumed on Aug. 1 1912 with a div. of 3 % , which
amount has been paid semi-annually to Feb. 1925. The 54% back divs.
were paid with an issue o f $2,394,065 6% Accrued Dividend Certificates
(See above).
The 10-year sinking fund 6)$ % gold notes are redeemable all or part on
any int. date on 60 days’ notice at par and int. plus a premium of H o f 1%
for each year or fractional year from date o f 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 tne business, while any
notes of this issue are outstanding. There will be deposited with the trustee
for the benefit o f these notes all the bonds and stocks o f the Houston Pipe
Line C o., including $7,000,000 6)4% bonds, which will constitute a first
mortgage on the entire 20 ( miles o f proposed pipe line.
The indenture will provide a sinking fund equal to 75% o f the net earnings
o f the Houston Pipe Line C o., after deducting int. charges on the latter’s
1st mtge. bonds, but before depreciation. Sinking fund to be applied to
redemption o f 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.
R E PO R T .— For 1924, in V. 120, p. 1211, showed:
Calendar Years—
1924.
1923.
1922.
Oil sales_ - _
____ $3,887,983 $3,480,144 $2,401,584
28,360
Royalties received
103,675
62,336
49,630
Misc. sales, oil trans. ,&c.
22,794
87,244
79,224
Incr. in inventory o f o il.
112,071
194,146
445,619

1921.
$2,216,158
164,391
450,251

$3,852,230

$2,640,124

$2,830,800

2,320,693
Cr28,618
30,986
536.856

1,457,877
057,374
16,302
536,856

2,118,825
Cr54,878

$981,936
3,358,447

$992,313
2,346,258

$686,463
1,659,795

$766,853
892,942

Profit & loss surplus_ $4,340,383

$3,338,571

$2,346,258

$1,659,795

1925.
$908,612
323,810

1924.
$1,918,880
745,578

Total income.
. . . $4,462,456
Oper. exp., depreciation,
depletion, taxes, &c
2,933,397
Income credits
Cr70,374
Income charges
80,641
Preferred divs. (6 % )___
536,856
Balance, surplus_____
Previous surplus (adj.)_ .

Quarter Ended March 31—
Gross earnings from oil and operation______ __ _
Oper. and general exp., incl. taxes for the period..

$584,802 $1,173,302
Net earns, before deducting deprec. & depletion.
OFFICERS.— Pres., E. H. Buckner: V.-P. & Treas., L. S. Zimmerman;
Sec.-Auditor, A. H. Kennerly. Office, Houston, Tex.— (V. 120, p. 2156.)
HUDSON MOTOR CAR CO.— Incorp. under laws o f 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.
D IV ID E N D S .— An initial quar. div. o f 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 July 1 1925
paid 75 cents quar. On April 15 1924 paid a stock dividend o f 10%.
R E PO RT.— For fiscal year ended N ov. 30 1924, in V . 120, p . 204, showed:
Consolidated Income Account Year Ended Mar. 30.
1922.
1924.
1923.
..$16,247,872 $14,472,351 $12,631,176
Gross p r o f i t _________ ________
380,675
317,666
396.195
Other income. _
___________
Total income__________________ ..$16,644,067 $14,853,026 $12,948,842
5,706.002
4,693.965
Expenses, depreciation, &c_______ . . 7,450,009
1,143,400
1,012.200
Provision for Federal taxes. _____ . 1,120,600
Net income____________
Dividends paid-----------------

. . $8,073,458
- . . . . 3,781,394

$8,003,624
3,601,255

$7,242,677
1,761.489

Balance, surplus_
_
—
. . . . . $4,292,064 $4,402,369 $5,481,188
9,459,979
5,289,475
Profit and loss surplus N ov. 30____ . . 10,201,418
1924.
1925.
Quarter Ended Feb. 28—
Net inc. after depr.. Fed. tax prov. & all charges... $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. McCormack;
Sec., A. Barit. Office, 12601 East Jefferson Ave., Detroit, M ich.—
(V. 120, p. 2556.)
HUMBLE OIL & REFINING CO.— O R G A N IZA T IO N — Incorp. in
1917 in Texas. Has large holdings of well selected leases upon lands in all
sections o f 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% o f the Capital stock.
The company in Oct. 1919 had arranged to increase its stock from $8,200,000 to $25,000,000. and having set aside $400,000 of the new stock for sub­
scription by employees, offered the remaining $16,400,000 to shareholders
o f record Oct. 28. $10,250,000 of it as Series “ A , at par, $100 a share, and
$6,150,000 Series “ B ” at $250 a share. V. 109, p. 1703. The stockhold­
ers on Dec. 18 1922 voted to increase the authorized capital stock from
$25,000,000 to $43,750,000, and to change the par value of the shares from
$100 to $25. A stock div. o f 75% was paid to holders of record Dec. 18
1922.
D IV ID E N D S .— Quarterly dividends o f 30c. a share on the outstanding
$43,750,000 capital stock, par $25, were paid April 1, 1923 to April 1,
1925. 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 $100.
The 54$ % gold debenture bonds o f 1922 are redeemable as a whole only
at 105 and int. to July 15 1925, and at 10244 and int. thereafter. Proceeds
were used to retire $25,000,000 7% notes which were called for redemption
on Sept. 15 1922. V. 115, p. 188.




Rate

%

W h en
P ayable

L a st D ivid en d
and M a tu rity

See text
Q— J July 1 ’25 75c.
See text
Text Apr 1 ‘25 30c
5 )4 g J & J 15 'uly 15 1932
Q— F M ay 1 1925 2)4
10
See text
Dec 31 ’20 75c
See text
Mar 31 '21 I X
M & N Nov 1 1930
8g
See text J & D June 30 ’25 6%

[V ol.

120.

P laces W h e re In terest a n c
D iv id en d s a re Payable

New York.
New York
New York
Findlay. Ohio

R E PO R T .— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total income_____$48,734,410
$40,356,536 $26,490,523 $24,247,867
Cost of oper. & interest. 28,486,860 26,466,642 19,760,643 17,147,236
Depreciation_____ 8,476,630
6,664,383
5,646,506 5,243,524
Depletion________
935,725
2,167,319 2,239,853
3,000,000
Federal taxes (est.)_____ 1,000,000
______
______
______
Dividends paid------------ 2,100,000
2,100,000
x
x
Balance_____________ $7,735,195su$2,958,192 d f$ l, 156,479 d f$ l, 142,893
x Dividends paid out of surplus in these years.
President, W. S. Farish, Houston, Texas.— (V. 120, p. 2156.)
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. and the H. & M . Body C orp.,
Racine Wis.
C A PITALIZATION .— Stockholders o f 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)4% paid in Feb. 1920; to M ay 1925, 2)4% quar. On March 15
1923 paid 10% in common stock.
R E PO RT.— For 1924, in V. 120, p. 1336 and 1754, showed:
Sales__________________ $32,320,706 $38,013,014 $34,122,847 $16,946,437
Net profits after taxes-. 1,095,160
2,635,788
3,763,984
890,278
Pref. dividends ( 7 % ) . . .
37,822
58,873
66,234
Common dividends_____
685,357
558,150
519,210
519,210Balance, surplus_____
$409,803 $2,039,816 $3,185,901
$304,834
Report for 3 mos. ended Mar. 31 1925, in V. 120, p. 2156, showed: Net
sales, $10,592,746; net profits after taxes, $852,963; dividends, $228,452;
balance, sin-plus, $624,511.
OFFICERS.— Chairman o f Board, J. W . Drake; Pres. & Gen. M gr.,
C. D. Hastings; V.-Pres., Dubois Young; V.-Pres., Sec. & Treas., A . von
Schlegell. Gen. office, Detroit, Mich. N . Y . office. 25 Broad St.— (V.
120. p. 2689.)
HYDRAULIC STEEL CO. (T H E ).— Incorp. in Ohio on D ec. 2 1919and took over the business, assets and liabilities of its predecessors. The
Hydraulic Pressed Steel C o. and the subsidiaries of The Hydraulic Pressed
8teel Co., i. e., the Canton Sheet Steel Co. (sold in 1922; V. 114, p. 2475),
the Cleveland Welding & Mfg. Co. and the Hydraulic Steelcraft C o., which
concerns were engaged in manufacturing hydraulically pressed steel prod­
ucts, &c. The company is directly engaged in manufacturing and fabricat­
ing and buying and selling and dealing in steel, and is authorized by its
charter to do the same with other metals and metal products, as well as a ll’
other things which may be incident thereto.
Receiver Appointed.— Federal Judge D. C. Westenhaver at Cleveland'
Oct. 26 1923 appointed Thomas P. Goodbody (V .-P.) receiver for the com­
pany. Compare V. 117, p. 2000.
Noteholders' Committee.— The following noteholders’ committee has been
formed: John H. Mason (Chairman Bank of North America & Trust C o.),
Wilfred H. Cunningham (Kurtz B ros.), Walter O. Janney (Chairman
Janney & C o .), with Stephen G. Duncan, Sec., 133 So. 4th St., Philadelphia,
and Roberts & Montgomery, Philadelphia, and Tolies, Hogsett, Ginn S
c
Morley, Cleveland, counsel.
Preferred Stockholders' Committee.— A committee consisting of James A .
Drain, Washington, Chairman; Lyman Spitzer, Toledo; George B. Johnson
and R . A. Wilbur, of Cleveland, has been organized to protect the interests «
of the preferred stockholders.
CA PITAL STOCK.— Pref. stock is pref. as to assets as well as to divs. and
is redeemable at 102)$. 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.
D IVIDEN DS.— Initial div. of 75c. quar. paid on common stock on Apr. 1
1920; same amounts paid June 30 1920. Oct. 1 1920 and Dec. 31 1920.
none since.
NOTES.— See V. I l l , p. 1857.
R E PO RT.— For 1923-24, in V. 119, p. 2768, showed:
Statement of Operations— Period Oct. 27 1923 to Oct. 31 1924.
Hydraulic Welding
Steelcraft
Division.
Division.
Division.
Combined.
Gross sales_____________$1,491,844 $3,633,893
$159,233 $5,284,970
Returns, allowances, dis­
22,364
107,495
5,611
135,470 •
count, &c___________
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
182,894Executive office exps_ _____ 51,066
_
76,121
2,933
130,120Operating profit_____loss$29,514
$345,381 loss$22,524 $293,343
Other income (net)_____ lossl7,051 _____ 13,279
loss8,179 lossll,951
Net profit before int.
$358,660 loss$30,703
$281,391'
on investment_____loss$46,565
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. 120. p. 459.)
ILLINOIS PIPE LINE CO. (THE)— ORGANIZATION.— Incorp. in
Ohio on Nov. 30 1914 and took over as of Jan. 1 1915 the pipe line owned by
Ohio Oil C o., extending from Wood River, 111., 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 C o.’s plant at Lima, O. Also has line from
Martinsville, 111., 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. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Per cent______ 22
14
16
18
16
14
11
12
Paid in 1925: June 30 6% .
R E P O R T — For 1924, in V. 120, p. 1467, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net profits____________$2,401,302
$2,233,199
$2,808,255 $4,399,863
Dividends____________
2,400,000
2,200,000
2,800,000 3,200,000
$1,302
$33,199
$8,255 $1,199,863
Surplus___________
Pres., W. A. Miller, Lima, O.; V.-P. & Treas., W . E. Badger; Sec., O. F.
Moore, Findlay. O.— (V. 120, p. 1467.)

181

IN D U STRIA L STOCKS AND BONDS

M a y , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

In d ep en d en t Oil and Qas Co— Stock 1,000.000 sharesauth
Indiana Pipe Line Co— Stock $5,000,000
_ . ____ .
Indian M otorcycle Co— Common stock 100,000 shares auth_
Pref (a & d) cumul convert call 125 $2,500,000 auth______
Indian R efin in g Co— Common stock $10,000,000 auth__
Pref (a & d) stock 7% cum convert (text) $3,000,000 a u th ..
Ing ersoll-Wand— Common stock S30.UOO.OUU authonzeu____
Pref stock 6% cum (a & d) option (see text)____________
First mtge $3,000 000 gold red 105 since 1911___ N.xc»&r 1906
Inland Steel C o.— Stock 1,200,000 shares_________________
Pref (a & d) stock 7 % cum. red 115 $30,000,000 auth______
1st Mtge g due $150,000 yearly April 1 . . . _______ FC.e* 1908

Par
Value

Amount
Outstanding

None
450.000 sh.
$10 $5,000,000
None 100.000 shs.
100
$807,500
10 7,850.680
100 2,296,400
1U 24,056.300
U
100 2.526.500
100 &c
1 000.000
None l,182.799sh
100 10, 000,000
1,000
450.000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q— M 31 July 1 ’25. 25c Checks mailed
$1
See text Q— F M ay 15 '25 2% New York
7
See text
See text
See text
6

5a
r
$2.50
7
6g

Q— J

Apr 1 1925 1M
See text
See text
Q— M June 1 1925 2% Checks mailed
J & J Jan 2 1925 3%
do
J & J Dec 31 1935
Office 11 B’ way, N Y
Q— M June 1 -25 6213c
Q— J July 1 1925 1%
A A O To Apr 1928
First Tr S S B. Chicago
c

I
INDEPENDENT OIL AND QAS CO.— Incorp. Oct. 18 1919 in Dela­
ware. Properties are located in Creek, Hughes, Kay, Lincoln, McIntoshOkfuskee, Okmulgee, Osage, Pottawatomie, Seminole and Tulsa counties,
Okla.; Cowley, Greenwood and Chase counties, Kansas, and Baylor
Oounty, Texas.
D IV ID E N D S.— Paid 25 cents a share quar. from March 31 1924 to
July 1 1925.
R EPO RT.— For calendar years:
Calendar Years—
1924.
1923.
Net sales__________________ ______ ______________ $2,251,849 $1,356,303
Cost o f production and sales_____________________
283,487
197.952
Gross profit on sales___________________________ $1,968,363
Operating, general and administrative expenses_
_
214,689

$1,158,351
162,094

Net operating income_________________________ $1,753,673
Other income___________ _____ _________ _______
590,893

$996,256
83.418

Total income_____________________ ____________ $2,344,566 $1,079,674
Deduct, (incl. cost o f dry holes, expired leases, &c.)
529,914
269,877
Net available for surplus and reserves_________ $1,814,652
$809,797
The surplus account Dec. 31 1924 shows: Earned surplus Dec. 31 1923,
$407,760; net income for 1924, $1,814,652: total, $2,222,412. Deduct,
reserved for depreciation and depletion, $1,160,636; cash dividends paid
during 1924, $447,425; total earned surplus, $614,351. Capital surplus:
App reciation resulting from appraisal o f producing leases, $3,639,283;
deduct, stock dividends paid, $2,043,824. Total surplus per balance sheet,
$2,209,811.
Three Months Ended March 31—
1925.
1924.
1923.
Total sales-------------------$1,324,415 $1,063,080
$492,060
Net profit--------------------------------------1,023,773
795,044
250,531
Other income_______________________
_
_
36,662
Income charges------------------------------2,813
671
51.734
Net income-------------------------------------- 1,020,960
794,373
235,459
OFFICERS.— Pres., E . H. Moore; 1st V .-P ., J. W . McCulloch; 2d
V .-P ., W . S. Bouvier; Sec., Wade H. James; Treas., R . M . Riggins; Asst.
Sec. & Treas., David D . Vincent. Office, Okmulgee, Okla.-— (V. 120,
p. 2557.)
INDIAHOMA CORPO R ATIO N .— (V. 119, p. 2653.)
INDIAN MOTOCYCLE CO.— Incorp. Oct. 4 1913 in Massachusetts
as Hendee Manufacturing Co.; name changed to present title Oct. 24 1923.
Manufactures the “ Indian M otocycle.” Plant is located at Springfield,
Mass. Also has a branch in London, Eng. The company owns 2,836
shares o f the pref. stock and 6,836 shares o f the common stock of the
Wire Wheel Corp. o f America.
STOCK.— Pref. stock is convertible into common share fcfr shareCallable as a whole only at 125. No mortgage without consent of 75% of
outstanding pref. stock. Both classes have equal voting power. A total
o f $1,500,000 pref. stock has been retired leaving $1,000,000. The differ­
ence between the original amount authorized, $2,500,000 and the $1,000,000
now outstanding was retired under the terms o f the sinking fund as provided
In the articles o f organization. During the fiscal year ending Aug. 31
1924 the company purchased 1,925 shares o f pref. stock, reducing the
amount outstanding to $807,500.
D IV ID E N D S.— Quarterly divs. o f \% % have been paid on the pref.
stock since Jan. 1 1914 to Apr. 1 1925. No payments have been made
on the common stock.
R E PO RT.— For fiscal year ended Aug. 31 1924, in V. 119, p. 1731,
showed:
Years End. Aug. 31—
1924.
1923.
1922.
1921.
Sales--------------------------- y$3,757,880 $4,687,797 $3,097,480 $4,139,445
Cost and expenses-------- 3,476,945 4,287,921 x4.370,718
5,051,523
Operating profit------Mam. E. Springf. prop.
Depreciation
..
Preferred dividends------

$280,935
14.044
178.880
70,000

$399.875df$l ,273,238 def$912,078
______
192,138
...........
...........
70,000
70,000
70,000

Surplus-------------------$18,012
$137,737df$l,343,238 def$982.078
x Includes loss on sale o f holdings in the Harley Co. y Includes $20,098
other income credits.
OFFICERS.— Pres. A Gen. M gr., Frank J. Weschler; V .-P ., Wm. E.
Gilbert: Sec. & Treas., Parrnly Hanford; Asst. Treas., John W . Leahy.
Office, 837 State St., Springfield, Mass.— (V. 119, p. 1731.)
INDIAN REFINING CO.— Incorp. in N ov. 1904 in Maine. Engaged
In transporting and refining crude oil. Owns the entire capital stock of the
Central Refining Co.
STOCK.— The pref. stock is convertible into common stock in the ratio
» f one share o f pref. for five shares o f common.
DIVS.— On pref., in full to Dec. 1921; none since. On common, July
1906 to Oct. 1911 at rate o f 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.
R E PO R T .— For 1923, in V. 119, p. 322. showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earns, from oper_ loss$286,196 loss$402,5381oss$3557117 $2,663,072
_
Deduct— Interest p a id ..
190,974
226,566
277,991
353,744
Deprec., deple., A c .- 1,564,217
______
______
y966,217
Pref. divs. (7% p. a .).
xl9,440
xl9,429
180,177
197,902
Common dividends_
_
______
______
______ (16)721,170
Balance___________ def$2,060,827 def$648,533df$4,015,285 sur$424,039
Prof. & loss sur. or def-df.$4,132,291df$2,071,464df$l,425,931 sr$2,592,354
x Central Refining Co. to Dec. 31 1923. y Includes taxes, $285,000;
Inventory shrinkage, $281,431; Central Refg. Co. (loss), $60,250; dry holes,
leases, &c., written off, $339,536.
Report for 6 mos. ended June 30 1924, in V. 119, p. 2061, showed: Gross
profit after deducting cost o f materials, $3,443,231; net profit, $608,666;
depreciation and depletion, $416,602; net income, $192,065.
OFFICERS.— Pres., James H. Graham; Sec., D. G. Siemer; Treas.,
C . F. W . Dillaway. Office, Lawrenceville, 111.— (V. 120, p. 2408.)




INDIANA PIPE LINE CO.— ORGANIZATION A C.— Incorporated in
Indiana In 1891. Owns pipe lines in State of Indiana. Formerly controlled
by Standard Oil Co. of N . J.. but segregated in 1911.
DIVS.—
1914. 1915. 1916. T 7. ’ 18. ’ 19 ’ 20 ’21 22 .23 ’ 24
Regular . % .
27
16
16
16 16 16 16
16 16 16
14
Extra - „ % ..
__
4
8
3
4
. . 44 —
On Dec. 30 1922 paid a special dividend o f 40% . Paid in 1925: Feb. 14,
2% ; May 15. 2% .
RE PO RT.— For 1924, in V. 120, p. 1097, showed:
1924.
1923
1922
1921
Profits for y ear..............
$599,433
$965,944 $1,532,856 $1,163,551
Dividends--------------------600,000
800,000
3.000,000
800,000
Balance, surplus_____
def$567
$165,944df$l,467,144
$363,551
OFFICERS.— D . S. Bushnell, Pres.: R. A. Miller. V.-Pres. A Gen. M gr.
J. R . Fast, Sec.; W . F. Livingston, Treas.
Main office. Huntington, Ind. New York office, 26 Broadway.— (V.
120, p. 1097.)
INGERSOLL-RAND CO.— ORGAN IZATION .— Incorporated in N . J.
bine 1 1905 and aoauired Ingersoli-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 C o., V. 105, p. 824.
STOCK.—-The stockholders voted Nov 9 1922 to increase the authorized
common stock from $15,000,000 to $30,000,000. On Dec. 5 1922 paid
100% in common stock, and on Jan. 5 1923 n-iid a special ca«h div. of 10%
od the common stock.
On Dec. 1 1923 paid an extra cash div. o f 20% ;
also declared 10% payable in stock on Jan. 10 1924.
DIVIDENDS—
’ l l . T2. T 3. ’ 14. T5. '16. ’ 17. ’ 18-’21. '22. ’23. ’24.
Common, cash----- %
5 5
5 5 15 50 30 10 yly. 10 38
8
do stock-------- % 25
25
- - 20
______ 100
__ 10
Paid in 1925: March 2, 2% ; June 1, 2% .
R EPO RT.— For 1924 showed:
1924
1923
1922
1921
Total income____________$6,138,042
$7,829,592 $4,982,949 $3,062,824
Depreciation__________
1,036,517
1,015,788
1,071,091
1,041,659
Reserve for Federal taxes
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____ 1,923,456
6,102,532 3,269,140
1,089,660
Inventory adjustment._
______
______
______
1,388,924
Balance, sur. or def.sur$2,379,650 def$282,912 sur$l57.604 def$658,938
OFFICERS.— Chairman, Wm. L. Saunders; Pres., George Doubleday;
1st V .-P., Wm. R. Grace; Sec., Fred. S. Overton; Treas., Richard D.
Pin-cell. Office. 11 Broadway, New York.— (V. 120, p. 1887.)
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, 111., and Milwaukee, Wis. In
April 1917 purchased 2,000 acres o f 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 (b) 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 will be outstanding. V. 116, p. 1655.
DIV ID E N D S.— On common: 1917, March, 5% ; June 1917 to Marchl920incl., 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 M ay 1911,
1912 and 1913, each 3 % . June 1 1923 to June 1 1925 paid each quarter
6244c. a share on hew stock of no par value.
R E PO RT.— For 1924, in V. 120, p. 1754, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Total income____________$8,044,563
$7,673,408 *$2,434,023 *$1,728,031
Depreciation, &c...........
1,507,296
1,321,270
1,004,336
911,993
58,667
162.180
288.510
305,310
Bond interest__________
Federal tax___________
716,000
650.000
______
______
Employees’ pension fund
288,000
265,000
______
______
Preferred dividends____
700,000
525,000
______
___ _
Common divs_________ 2,956,997
2,471,313
1,014,009 1,013,964
Balance, surplus_____$1,817,603
$2,278,645
* After reserve for Federal and other taxes.
Three Months Ended March 31—
Net profits after expenses_______________________
Depreciation and depletion______________________
Interest and Federal taxes______________________
Preferred dividend______________________________
Common dividend______________________________

$127,168 def$503,236
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______________________________
$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, 111.— (V. 120, p. 2276.)
INSPIRATION CONSOLIDATED COPPER CO.— ORGANIZA­
TION.— Incorp. In Maine Dec. 18 1911. Owns 4.216 acres, of which (a)
l 870 for mining lands, and (b) 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.
DIV ID E N D S.— An initial div. of 614% ($125 per share) was paid
May 1 1916; July 1916 to Jan. 1919, incl., 10% quar., also July 30 1917.
114% 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
t,o $1 50 (7 44 % ); to Apr. 1920, 714 % quar.: in July and Oct 1920 paid 5%
then none until April 1923, when 214% was paid; July 1923 to Jan. 1924
paid 214% quar.; none since.

182

IN DU STKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

inspiration Consol Copper Co— Stock S30.000.000______
International Agricultural Corp— Common stock_______

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 (200,000 shs auth)_
_
Sink fd gold bonds____________________________________ Gz

International Cement Corp.— Common stock auth.
400,000 shares___________________________________
Preferred stock cumulative $5.000.000 auth. red 105_____
Internat Combus Eng Corp— Stock auth 750,000 shs_____

Par
Value

1912
i§ ii

RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
xNet profit______________ $4,069,749 $3,659,537 $3,121,709 $1,852,021
Bond, & c., interest_____
349,542
387,255
464,852
553,409
Depreciation__________
979,810
813,372
777,701 (see x)
Develop. & patent e x p ..
315,060
297,535
247,339
252,099
D iv s .o n C .T .R . Stock($8) 1,205,416 ($6)874,573($5M)720616 ($4)524,084

Total surplus




%

When
Payable

Last Dividend Places Where Interest ant
Dividends are Payable
and Maturity

Jan 7 ’24 2J*%
450.000 sh.
10, 000,000
Bankers Trtfct C o, J* Y
M & N M ay 1 1942
8,228,300
See g
150,688 shs o 5text
Q— J Apr 10 ’25, $2
Guaranty Trust Co. N 1
6 g J & J July 1 1941
$5,603,500

None 400.000 sh. See text Q-M31 Mar 31 ’25 $1
100 $3,411,800
7
.
Q-M31 Mar 31 ’25 1 M
None 437,934 shs
$2
Q— J 31 M ay 31 ’25 50c

INTERNATIONAL BUSINESS MACHINES CORP.— The ComputingTabulating-Recording Co. was incorp. in 1911 as an amalgamation, per
plan in V. 93, p. 48, o f International Time-Recording C o., Tabulating M a­
chine Co. and Dayton Scale C o., Chicago, 111. See V. 94, p. 1254-5.
Capital stock and surplus o f subsidiary companies not owned Dec. 31 1924,
$263,438.
The directors on Jan. 30 1924 authorized the merger o f International
Business Machines Corp., all o f the stock o f which was owned by Comput­
ing-Tab ulating-Recording Co. into Computing-Tabulating-Recording C o.,,
and the assumption o f the name by the latter corporation o f International
Business Machines Corp. The merger and change o f name has in no way
affected the corporate identity o f the company or its rights, powers and
obligations.
CAPITAL STOCK.— The stockholders voted Mar. 16 1920 to change tin
authorized capital stock from 120,000 shares of $100 par value to 200,000
shares o f no par value, and to exchange the then outstanding 104,827
shares o f $100 par value for the same number o f shares o f no par value
The stockholders o f record April 27 1923 were given the right to subscribe
to 19,655 shares o f capital stock o f no par value at $75 per share in the ratio
o f 15 new shares for each 100 shares held. V. 116, p. 1766.
D IV ID E N D S.— 1% paid April, July and Oct. 10 1913. In 1916 and
again in 1917 4% was declared, payable 1% quarterly
Jan. 1918 to Apr
1922 paid $1 quar.: July 1922 to Jan. 1924 paid $1 50 quar.; April 1924
to April 1925 paid $2 quarterly.

$911,203
17,635,928

Bate

$20 $23,639,340 Sec text

None
100
100 &c
None
500 &c

RE PO RT.— For 1924, in V. 120, p. 2544, showed:
1924.
1923.
1922.
1921.
Copper produced (lb s.). 90,832,927 88,881,012 67,625,067 15,174,768
Sales o f copper_________ $12,430,177 $10,779,320 $10,236,894 $8,636,498
Operating expenses, & c.
10,037,528 8,203,026
9,229,967
9,019,722
Adm. & Fed. taxes_____
267,188
289,262
399,941
166,224
Other income__________
35,497
196,945
309
112,101
Dividends_____________
______
2,363,934
______
______
Depreciation, &c_______
457,365
399,965
352,049
264,008
Idle plant expenses_____
______
______
229,081
1,089,066
Balance, sin-, or def____ sr.1,703,593 def279,922 sur26,166d ef1,790,421
Net cost o f prod.copper.il.0251 cts. 11.6158 cts.
12.14 cts. 15.208 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 ., W m. D. Thornton and Wm.
Wraith; Sec. & Treas., J. W . Alien: Asst. Sec.& Asst. Treas., W . S. Harper;
Gen. M gr., Thos. H. O’Brien. Office, 25 Broadway, New York.— (Y. 120,
p. 2554.)
INTERNATIONAL AGRICU LTU RAL C O R P O R A T IO N — ORGAN­
IZATION .— Incorporated on June 14 1909 in New York. Owns one-half
o f the stock o f the Kaliwerke Sollstedt Gewerkschaft, owning potash 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 Copper Co. for
sulphuric acid. V. 110, p. 1419; V. 108, p. 2437; V. 106, 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. I l l , p. 1274.
Readjustment Plan.— The stockholders on Oct. 3 1923 approved a plan for
the readiustment o f the debt and capitalization o f the corporation. The
plan in brief provided as follows:
The capital stock was reclassified so as to consist o f $10,000,000 o f prior
preference cumulative 7% preferred stock and 450,000 shares of common
stock, o f no par value.
Holders o f the old preferred stock received 1 Vi shares o f new common stock
o f no par value for each share o f preferred stock held, in lieu o f the share
so held, and o f the accumulated dividends thereon. Holders of common
stock received one share o f new stock o f no par value for each six shares
o f old common stock.
A new issue o f $10,000,000 o f prior preference stock was underwritten at
90, carrying with it for each share o f prior preference stock so underwritten
2 M shares o f 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 245,000 shares of
common stock.
Under the plan the maturity o f the bonds was extended from M ay 1 1932
to M ay 1 1942; the annual sinking fund payments postponed until M ay 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 o f bonds available for future corporate purposes. (Com­
pare V. 117, p. 1241, 1669, 1783.)
R E PO RT.— For year ending June 30 1924, in V. 119, p . 1731, showed:
June 30
Gross
Net
Bond Reserve for Preferred Balance,
Year— Profits.
Income. Interest. Cont.,&c. Dividend. Surplus
1923—
24_$1,929,114 $673,706 $411,415 $811,299
df$549,008
df$1368,820
1922-23-$l ,650,092 $292,764 $429,322 $1,232,262
449,445 1,337,739
def388.363
1921-22. 2,654.726 1,398.820
470,950 1.249,624 $489,581 df2.722.550
1920-21. 1,798,511 df514,395
OFFICERS.— Pres. & Treas., John J. Watson, Jr.; V .-P ., Albert French;
V.-P. & Asst. Sec., F. F. Ward; Sec. & Asst. Treas., J. R . Floyd. Office,
61 Broadway, N . Y .— (V. 120, p. 591.)

Balance, surplus_____$1,219,921 $1,286,802
Previous surplus_______ 20,701,430 18,249,713

Amount
Outstanding

[V ol. 120.

$522,430
17,828,539

$21,921,351 $19,536,515 $18,547,131 $18,350,969

Calendar Years—
Federal taxes (est.)_____
Sale o f stock___________
Amt. rec’d in lawsuits..
Res. for contingencies..
Loss in liquid, o f Detroit
Auto Scale C o_______
Amortization o f patents.

1924.
1923.
$200,000
$200,000
______ Crl ,427,386
______
0513,818
______
500,000
______
74,265

______
76,289

1922.
$200,000
______
______
______

1921.
$429,517
______
______
______

21,130
76,289

216,189
69,334

Balance_____________ $21,647,086 $20,701,430 $18,249,713 $17,635,928
x Net profit o f subsidiary companies after writing down inventories of
raw materials to cost or market, whichever was lower, and deducting
maintenance repairs and in 1921 depreciation o f plants and equipment,
provision for doubtful accounts, the proportion o f net profit applicable to
unacquired shares, and expenses o f Computing-Tabulating-Recording C o.
is shown.
3 Mos. End. Mar. 31—
1925.
1924.
1923.
1922.
Net after bond interest,
res., deprec., &c_____
$747,481
$658,410
$558,063
$402,774
Estimated Fed. taxes_
_
93,481
82,410
110,063
50,774
Balance, surplus_____
$654,000
$576,000
$448,000
$352,000
OFFICERS.— Thomas J. Watson, Pres. & Gen. M gr.; W illiamF. Battion,
Treas. & Compt.; John G. Phillips, Sec. Office, 50 Broad St., N . Y .— (V.
120, p.2276.)
INTERNATIONAL CEMENT CO R P.— Organized on N ov. 15 1919
under the laws o f Maine. Through subsidiaries, is engaged in manufacture
of Portland cement in New York, Kansas, Texas, Virginia, Cuba, Argentina
and Uruguay. Owns (1) over 99% o f stock o f Knickerbocker Portland
Cement Co., Inc. (acquired July 1921); (2) all the stock of Texas Portland
Cement Co.; (3) all the stock of Uruguay Portland Cement C o.; (4) over
99% of the stock o f Cuban-Portland Cement Corp.; (5) over 99% o f the
stock of International Portland Cement Corp., which owns all o f the stock
o f Argentine Portland Cement Co.; (6) all the stock of the Kansas Portand Cement Co.; and (7) all o f the stock o f Virginia Portland Cement Co.
C APITAL STOCK.— The stockholders on July 1 1921 authorized an
issue o f $5,000,000 preferred stock. A s o fD e c .3 1 1924, $3,558,000 had been
issued o f which $146,200 had been retired through sinking fund and pur­
chased for retirement. Pref. and common shares have equal voting power.
D IV ID E N D S.— On common, initial div. of 62H cents per share was
paid Sept. 30 1920: same amount paid quar. to Sept an 10°2. Dec. 30
1922 to Sept. 29 1923 paid 75 cents quar.; Dec. 31 1923 to M ar. 31 1925,
paid $1 quarterly. Also paid 10% in com. stock on Dec. 31 1924.
R EPO RT.— For 1924, in V. 120, p . 2306, showed:
1922.
Calendar Years—
1924.
1923.
Sales, less discounts, &c__
. ___ $13,683,504 $11,289,117 $9,407,725
Manufacturing and shipping costs__ . 7,843,273
6,382,770
5,739,578
Prov. for deprec. and depletion
_
927,146
697,987
822,074
1,047,372
Selling, admin, and general expense-. 1,505,852
1,214,104
Net profit from operations
Miscellaneous income .

. $3,636,391
135,006

$2,870,169
102,261

$1,693,629
168,451

$3,771,397
723,890
193,591
1,476,006

$2,972,430
549,853
103,351
1,164,537

$1,862,080
437,033
107,016
850,633

Balance, s u r p lu s ,___
, _
3 Mos. End. Mar. 31.
1925.
1924.
Gross sales, less discount,
allowance, &c
_
$3,131,625 $2,431,957
1,202,455
Cost of sales___________
1,509,353
Depreciation. _
_
_
171,355
182,501

$1,154,689
1923.

$467,398
1922.

$2,184,773
1,050,846
179,633

$1,693,310
894,559
195,097

$1,047,002
504,079

$954,293
400,501

$603,654
343,745

$542,923
0 .1 9 5
101,106

$553,792
0 .6 ,7 7 1
100,353

$259,909
Cr. 10,360
72.449

Total income _____ __
_ _
Interest, taxes and miscellaneous___
Preferred dividends (7%) - .
Common dividends _

Manufacturing profit. $1,450,917
Selling, adm. & gen. exp.
573,433
Net profit
.
.
Miscellaneous income_
_
Int., res. for Fed. tax, &c

$877,483
Cr. 8,014
171,558

$713,938
$442,013
$460,210
$197,820
Net to surplus_______
OFFICERS.— Chairman, F. R . Bissell; Pres., H. Struckmann; Sec.,
B. D. McClain: Treas., John R. Dillon. Executive offices, 342 Madison
Ave., New York.— (V. 120, p. 2557.)
INTERNATIONAL COMBUSTION ENGINEERING CO R P.— 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 o f all kinds.
The subsidiary companies are as follows: Combustion Engineering Corp.,
Underfeed Stoker Co., Ltd., Societe Anonyme de Foyers Automatique,
Paris: International Pulverized Fuel Corn., Combustion Eng. Bldg.. Inc.,
and Raymond Bros. Impact Pulverizer Co. Plants are located at M onongahela, Pa., Port Carbon, Pa., East Chicago, Ind., Chicago, 111., Derby,
England, and Roubaix, France.
STOCK.— The stockholders o f record Dec. 1 1924 were given the right
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 M ay 29
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
M ay 31 1925 paid 50 cents quar. Also paid a div. of 200% in stock on
Jan. 6 1922.
R E PO RT.— For 1924, in V. 120, p. 2689, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net income from oper__ $1,448,432 $1,192,742
$513,160
$725,704
Other income__________
66,508
105,669
75,253
75,535
Total income_________ $1,514,940
Interest, deprec., &c_
_
300,216
Res. for Fed. taxes, & c -158,318
Dividends______________^ 789,822

$1,298,411
263,123
126,729
562,018

$588,413
108,879
43,752
434,587

$801,239
86,051
118,198
228,423

Balance, surplus_____
$266,584
$346,541
$1,195
$368,567
OFFICERS.— Pres., George E. Learnard; Sec. & Treas., George H. Han­
sel. Office, 43 Broad St., New York.— (V. 120, p. 2689.)

1916
1914

W h en
Payable

L ast D ivid en d
and M a tu rity

Places W h ere In terest a nt
D ivid en d s are Payable

Par
V alue

A m ount
Outstanding

$100
100
100
100
500 Ac

$99,876,772
Q— J 15 July 151925 1)4 Checks mailed
5
60.562.800
"Q M June 1 1925 1% Checks mailed
—
7
49.871.800
Feb 1 1923 1 )4 New York City
51.725.0 > See text
0
Co’s office. New York
Oct 1 1941
36,902,000
6g

£100 $6,144,465

Bate
%

4)4

25 41.834,600 See text
100
8.912.600
6

IN TER N A TIO N A L HARVESTER CO.— Originally incorporated
tn N . J. on Aug. 12 1002 and acquired five concerns manufacturing agri­
cultural machines: Deerlng Harvester Oo., McCormick Harvesting Machine
Oo.. Ac. Also has timber lands, coal, ore, blast furnace and steel proper­
ties. See full description of plants, organization, Ac., in Oct. 1918, V.
107. p. 1574. 1575; V . 108, p. 2038; V. 85, p. 104. Canadian Co.. V. 108,
. 385. In 1919 acquired Chattanooga Plow Co. and Parlin & Orendorff
o. of Canton. 111. 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 Co. o f Argentina (a subsidiary) was incorporated
in Delaware Sept. 29 1924 with a stated capital o f $5,000,000.

S

Plants are located at Chicago, 111.; Milwaukee. Wis.; Akron, Ohio; Auburn
N . Y .; Chattanooga, Tenn.; Ft. Wayne, Ind.; Canton, 111.; New Orleans,
La.; Richmond, Ind.; Rock Falls, 111.; Springfield, O.; Chatham, Ont.; Ham­
ilton, Ont.; Croix, France; Neuss, Germany, and Norrkoping, Sweden.
Manufactures binders, reapers, harvester threshers, mowers, rakes, hay
stackers, 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. 8. Govt, through Attorney-General Daugherty on July 17 1923
filed a petition in the Federal District Court at St. Paul, M inn., 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
(V. I l l , p. 1088).
The action was taken, the A tt’y-Gen. stated in his petition, because the
original decree dissolving the Harvester company which was entered N ov. 2
1918 (V. 107. p . 608, 699) was inadequate to achieve its purpose, viz.
" T o restore competitive conditions in the United States in the inter-State
business in harvesting machines and other agricultural implements.’ ’
The A tt’y-Gen. asks the Court to decree that the company is “ still a
combination in restraint o f inter-State trade and commerce, and still is
monopolizing and attempting to monopolize said trade and commerce in
violation o f the Sherman Anti-Trust Law, and contrary to several opinions,
orders and decrees o f 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 o f 1918
be reversed or ‘ *effective dissolution” ordered. Compare V . 119, p . 1962.
Holding that the decision o f 1918, divesting the company of three of its
manufacturing lines, had proved effective, a special Federal Court of Equity
at St. Paul, M inn., M ay 19 1925, denied the Government’s petition for
supplemental provisions to that decree. The Government, it is stated,
will appeal from the decision. Compare Y. 120, p. 2689.

STOCK.— 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* (6)
that $10,000,000 of the new Common will be used for the payment of
12)4 % 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.
D IV ID EN D S.— 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 Oorp. Dividends at rate of 5% per annum were paid on Inter
Harvester Oo. of N. J. common stock from 1913 to 1916; 7% in 1917 (5%
and 2% extra) and two dividends of 1*4. % each were paid 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
1)4% Oct, 25 1918- Jan, 1919 to April 1920, 1)4% quar,- July 1920, 1H %
Sept. 1920, 12)4% in com. stock; Oct. 1920. \% % ; Jan. 1921, 1 H % at 1
2% in com. stock; April 1921, 1 H % ' July 1921. 1)4% in cash and 2% In
stock (V. 112, p. 2418); Oct. 1921, 1 ) 4 % ;Jan. 1922, 1)4% in cash and 2%
In common stock; Apr. 1922, 1 )4 % : July 1922, 1)4% in cash and 2% In
common stock; Oct. 1922, D 4 % ; Jan. 1923, 1)4% in cash and 2% in
common stock; April 1923 to July 1925 paid 1)4% quar. in cask.
R E PO RT.— For 1924, in V. 120, p. 1735 and 1772, showed:
Consol. Income Acct. of Merged Cos.
1924.
1923.
1922.
Operating income after taxes_________ $23,633,236 $18,237,837 $11,417,484
Interest____________________________
645,968
767,194
916,812
Ore and timber extinguishment______
311,809
560,693
330,021
Reserve for depreciation_____________ 4,244,010
4,138,493 3,455,602
Special maintenance reserve_________
364,490
333,205
183,773
1,988,404
2,163,875
990,508
Reserve for losses on receivables_____
Russian plant investment__________
2,291,160
______
______
Pension funds______________________
750,000
______
______
Preferred dividends_________________
4,230,564
4,215,673 4,215,673
Common dividends_________________
4,993,835
4,993,835 4,847,920
Common dividend (stock)__________
______
1,958,368
3,802,290

Surplus__________________________ $3,812,996 def$893,500df$7,325,116
OFFICERS.— Pres., Alexander, Legge; V.-Ps., H. F. Perkins, A. E.
M cKinstry, H. B. Utley, Cyrus McCormick Jr.; V.-P. A Treas., George
A. Ranney; Gen. Counsel, William S. Elliott; Comp., William M . Reay;
Sec., William M . Gale. General office, 606 South Michigan A v e., Chicago.
— (V. 120, p. 2689.)
INTERNATIONAL MERCANTILE MARINE CO.— ORGANIZATION.
*C .— 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 o f the £1,414,350 5% cum. pref. stock and £1.184.
630 o f the £1,200,000 com. stock. V. 102. p. 2080. During 1920 acquired
the remaining com. stock and all except £5,700 o f the pref. stock of the
Leyland Line. During 1919 acquired, through the Oceanic Steam Naviga­
tion Oo.. L td., and the Shaw. Savill & Albion Co., Ltd., practically all of
the stock not already held of the George Thompson A C o., Ltd. V. I l l ,
p. 387. In N ov. 1916 joined In purchase o f New York Shipbuilding O orp..
v 103. 0, 1891: V. 105. p. 387.
On June 30 1924 the company’s fleet comprised 110 ships, having a gross
tonnage o f 1,171,055 tons.
In Oct. 1916 the company’s financial position haring 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 Oo. being reduced by $30,729,000 and its direct Interest charge*
from $3,248,330 as o f Dec. 31 1914 to $2,369,820. V. 105. p. 387. The

O

Preferred (a A d) 7 %cum. $100,000,000 --------- . --------International Mercantile Marine— Stock com $60,000,000- Pref (a & d) 6% cum $60,000,000 (V 84, p 1309, 1370)- lit M A Ool Tr $50,000,000 callable at 110 A Int.............. N
Securities o f Controlled C om panies —
Oceanic Stm Navi
lat M debenta JSer 2 a f 5% or £125,000. call p ar_______
Other i 88ues see text below
International Nickel C o.— Common stock $50,000,000auth
Preferred stock (a A d) 6% non-cum $12,000,000 auth—

D a te
B onds

>

M IS C E L L A N E O U S C O M P A N IE S
[F or abbreviations, A c . , see notes o n pa ge 6]




183

IN D U STRIA L STOCKS AN D BONDS

S
r

M a y , 1925.]

J A D 30 June 30 1943
Q— F

London

Mar 1 1919 2% Bankers Trust Oo, N Y
do
do
M ay 1 1925 1)4

plan left entirely undisturbed the existing common and preferred stock.
V. 103, p. 1214. The American International Corn. (V. 103. p. 2338; V.
106. p. 90) In 1918-17 acquired a considerable amount of the capital stock.
PREF. DIVS.—
1917. 1918. 1919. 1920. 1921. 1922. 1923
Regular dividends
6
6
6
6
6
6
1)4
_ _
_
10
On accumulations_
10
5
15
Paid in 1923: Feb. 1, 114%', none since. Accumulated dividends, 55)4%
as of Feb. 1 1925BONDS.— First M . A Coll. 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 per
annum beginning in 1917, and proportionately more if more than $40,000,000 bonds are issued. Total auth., $50,000,000. Present issue, bearing
6% int., $40,000,000.
Remaining $10,660,000 reserved for future
use under restrictions to meet not over 85% of the cost of additional shlpe,
equipment, &c., 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
1923, $3,098,600 had been retired by sinking fund. V. 105, p. 387.
SUBSIDIARY C O M PA N Y BONDS.— Oceanic Steam Nav. Co. 4 )4 %
debentures: on Dec. 31 1923, $6,144,465 were outstanding, see V. 87, p.
1091; V. 99, p. 202; V. 102, p. 2176; V. 105, p. 387. Number One Broadway
Corp. 6% bonds and mortgage outstanding Dec. 31 1923, $1,920,000.
R E PO R T .— For 1923, in V. 119, p. 321, showed:
Combined Income, Incl. Sub. Cos., 100% Owned, and Fred Leyland & Co.
1923 .
1922.
1921.
Gross earnings (after providing for
British excess profits duty), also
miscellaneous____________________ $76,099,824 $81,563,911 $99,632,697
Gross oper. exp., incl. U. S. war taxes,
British income tax, also interest on
debenture bonds of subsidiary c o s ._ 69,986,227 74,592,780 85,563,644
Net earnings_______________________ $6,113,597
$6,971,131 $14,069,053
Interest on I. M . M . Co. bonds_____$2,223,718
$2,256,254 $2,153,725
5,579,800
5,984,661 6,117,980
Depreciation on steamers___________
Preferred divs. I. M . M . C o ________
______ (4)4)2327625(6)3,103,515
Net result______________________def$l,689,922df$3,597,408 $2,693,833
The foregoing statement represents earnings of steamers directly operated
by the International Mercantile Marine C o ., together with earnings o f the
subsidiary companies (largely British), of which the entire issues o f capital
stock are owned by the International Mercantile Marine C o., except
Frederick Leyland A C o., Ltd., of which company 99.6% o f the pref.
shares and all o f the common shares are owned by the International
Mercantile Marine Co. For proper comparison with results of previous
years the earnings of the British companies have been converted at S4 8f
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% .
D IR E C TO RS.— Matthew O. 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, J. P. Morgan and Charles
Steele. Pres., P. A. S. Franklin; Treas., H. G. Philips; Sec., E. E. Parvin.
New York office, 1 Broadway.— (V. 120, p. 459.)
INTERNATIONAL NICKEL CO. (THE)— Incorp.lnN . J. Mch.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. o f Bayonne. N. J.: control Nickel Corn., Ltd., London and
Soclete Miniere New Caledonia. A c. V. 75. p. 1205, 1257. English con­
tract and new plants In Canada; see V. 102, p. 714; V. 103, p. 761. 2432;
V. 104, p. 2227: V. 105, p. 502; V. 106, p. 1581. Power development,
V. 107, p. 2012. New plant, Y. 111. p. 1756.
Large capital expenditures were made for new construction and improve­
ments in the three years 1915 to 1917 at the mines, smelter, power plant
and refinery in the U. S. and Canada, providing the additional productive
c a p a c ity n e ce ssa ry t o m e e t th e In crea sed w a r d e m a n d s .

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 Oo. of Canada, Ltd., increased its authorized
capital stock from $5,000,000 to $50,000,000 (the issued stock being owned
by the American company) and took over the assets of Canadian Copper Oo.
with its mining and smelting operations in Canada and the refining opera­
tions at the Port Colborne plant. V. 108, p. 2236; V. 106, o . 2348. A
rolling mill has been erected on the Guyandotte River near Huntington.
\V. Va.
STOCK.— Shareholders voted Jan. 1916 to decrease the par value of com.
ihares, each $100 share being exchanged for four $25 shares V .102, p .348 .71.
OIVS.—
1 1913. 1914.
1915.
1916. ’ 17.
'18. ’ 19. ’20-’24.
Oommon% f 10)4
10
17 )4 A 1 0 stk .
25
23
16
2
0
In March 1919 com. div. was reduced to 2% ; none since.
Pref. div., however, has been paid as usual. V . 108, p. 1940: V. 109, p. 582.
R E PO R T .— For fiscal year ended March 31 1924, in V. 118, p. 2821
showed:
March 31 Years—
1923-24.
1922-23.
1921-22.
1920-21.
Earnings of all properties
(mfg. and selling exp.,
A c ., deducted)______ $2,803,784 $1,153,322
$373,086 $4,059,607
Other income__________
221.870
128,950
234,267 1,106,973
Total income_________ $3,025,654 $1,282,272
General expenses_______
360,552
370,328
Federal, franchise, A c.,
taxes (estimated)____
202,830
644,854
Depreciation of plants—
1,138,457
394,728
Mineral exhaustion_____
______
______
Shutdown expenses_____
103,029
389,191
Foreign cos. not included
14,000
15,000
Preferred dividends (6%)
534,756
534,756

$607,353 $5,166,581
442,075
487,351
81,674
437,721
______
428,631
15,000
534,756

491,380
1,577,313
569,838
____
11,000
534,756

Balance, sur. or def_ sur$672,210 def$486,586df$l,332,503 sr$l,494,943
_
The stockholders will vote June 16 1925 on changing the company’s fiscal
year so that it will conform to the calendar year, and on changing the date
of the annual meeting to the third Tuesday of March instead of the third
Tuesday of June.

184

IN D U STRIA L STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]
In tern ation a l Papei—
Stock common $2(1.000,000_____________________________
Preferred (not as to assets! 6% cum *25.000.non _____
Preferred (a & d) stock 7% cum red 115 $50,000,000 auth
lit & Kef M 5s s f call 1 0 2 Ser A _______________Baxxxc
do
do
Series B _________________________
Ref mtge s f g Series A red 1 0 5 ____________ Ba.kxxxc*&r*
international Salt— Stock *6,077,130 (V 96, p 1025)______
roll tr M void SI 2,000,000 red 105 s f S200.000 yrly.Usmx
Detroit Rock Salt, Co (sub co) 1st M g _______________________
International Shoe Co— Common stock 1,400,000 sh auth
Preferred (a & d) stock 8% cum red 115 $25,000,000 auth

Par
Value

$ 10( $25,000,000

1917

1917

to' 25.000,000
100 5.370.000
1,01M 18,356000
1.0 0 0

1925

500 &c

1901
1912

500 &c

100

None
100

9 Los. to Dee. 31—
1924.
1923.
Earnings_______________$3,033,945 $1,992,175
152.357
153.513
Other income__________

1922.
$696,959
81.661

1921.
$143,714
220,561

Total income________ $3,186,302 $2,145,688
Admin, and general exp.
288.822
282.548
Res. for U. S., &c., tax.
294.277
143.354
Maint. & shutdown exp.
887.463
856.0351
Depr. & mineral exhaust
81.766
75,5591
Pref. dividends (4J*% )401.067
401,067

$778,620
261.318
44,872
454,494

$364,275
311.874
70.128
J228.266
1395.685
401,067

401,067

Balance, sur. or d ef.su r$ l.232,907 sur$387,124 def$383,130df$l,042,745
Profit and loss surplus..$11,982,749 $10,423,792 $9,632,710 $10,843,432
OFFICERS.— Chairman, Charles Hayden; Pres., Robert C. Stanley;
V .-P., Sec. & Treas., James L. Ashley. Office, 67 Wall St., N. Y .—
(V. 120, p. 2408.)
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 o f all or substantially all
o f 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 o f Oumul. 7% Pref. stock, and not less than $6,912,250 of new
6% 30-Year Sinking Fund Gold bonds o f the company and the further
payment o f a large sum in cash.
Through the acquisition of the securities of the Canadian International
Paper, Ltd., the company acquired indirectly all, or substantially all,
o f the properties formerly owned by the Riordon Co., Ltd., of Canada,
purchased at a foreclosure and liquidation sale o f the properties of the
Riordon C o., L td., held in Montreal, Canada, on Sept. 8 1924, by the
committee representing holders of 20-Year Sinking Fund 1st Mtge. & Ref.
Gold bonds of the Riordon Co., Ltd., and by the committee representing
holders of 10-Year 6% Gen. Mtge. Sinking Fund Gold bonds o f the Riordon
Pulp & Paper C o., Ltd.
Company also controls Continental Paper & Bag Mills Corp., manu­
facturer o f wrapping and bag papers and a producer of paper bags and
specialties.
M ill Properties.— Company and wholly owned subsidiaries will own 24
paper and pulp mills located in Maine,New Hampshire, Vermont, Massa­
chusetts, New York and the Provinces o f Quebec and Ontario, Can. These
mills have a daily capacity of 1,800 tons o f various classes of paper, which is
being increased to approximately 2,000 tons.
The most important plant is the Three Rivers (Que.) mill, which has a
daily capacity of 320 tons o f newsprint. This mill was completed in 1922
and is being enlarged so that by the end of 1925 it will have a capacity of
500 tons per day. The Kipawa mill, a bleached sulphite plant formerly
owned by Riordon C o., Ltd., is located in the Province o f Quebec.
Including the above mills International Paper Co. and wholly owned
subsidiaries will own and operate 5 ground wood mills for the manufacture
o f 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 o f kraft or sulphate pulp, one combination paper and
soda pulp mill and two bleached sulphite mills.
Timber Limits
Water Powers.— Company and wholly owned subsidiaries
will own in fee 1,604,000 acres o f 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 o f developed and undeveloped water powers on the Continent.
The developed water power sites have an installed capacity o f 180.000 h.p.,
capable o f being increased through further development and through the
utilization o f undeveloped sites to over 600.000 h.p. on a hydro-electric
basis. Most o f the company’s mills are located adjacent to and utilize the
•utput o f 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 incorporat­
ed for the purpose o f segregating the company’s properties from the manu­
facturing end o f the business.—-V. 120, p. 2689.
STOCK.— The stockholders on March 24 1925 voted to increase the
amount o f capital stock of the company and to reclassify its shares so that
the total number of shares authorized will be 1,250,000 shares (par $100
each) consisting of 500,000 shares of Common stock, 256,000 shares of 6%
Pref. stock, and 500,000 shares o f Cumul. 7% Pref. stock.
The Cumul. 7% Pref. stock will be entitled to cumulative dividends at
the rate o f 7% per annum, preferred over the 6% Pref. stock and Com.
stock, Red. at 115 on any div. payment date, will be preferred as to assets
over the present 6% Pref. stock and Com. stock in the event of voluntary
or involuntary liquidation to the extent of $100 par share and divs., and will
be entitled to full voting powers. The holders of the present 6% Pref. stock
are to be given the privilege o f exchanging their stock, share for share,
for the new 7% Pref. stock on payment o f $10 per share.
DIVS.— 1898. 1899. ’00 to ’07 . 08. ’09 t o ’ 14. 15. 161917 to A pr. 1925
Pref. ( % ) . 414
6
6 yearly
4 2 yearly
2 2346 yrly(lH Q-J15)
Com. ( % ) . 1
2
None
None None
Under the terms o f the financial plan o f Jan. 31 1917 the 3334% accum.
divs. were discharged with 734% in cash, 14% in 6% cum. pref. stock and
12% In common stock.
Series A, Issued to retire 6% bonds o f 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 % o f the total amount o f bonds at any time
Issued (plus interest on bonds so retired). Callable at option of company,
all or nart on am? interest
at. 102V and int. V. 104. p 563
4
BON DS.— First ~&Ref. 5% Sk. Fd. Mtge. Bonds.— See V. 107, p. 1575.
<
Ref. Mtge. Sinking Fund. 6% Gold Bonds, Series “ A ” .— Secured by a
mortgage, subject only to the 1st & Ref. (Closed) M tge., on all the plants
and real estate, and all the capital stock o f 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.




Amount
Outstanding

Bate
%

6

7
5g
5g
22.500.000
6g
6.077.130 See text
3.763.000
5g
625 000
6g
920.000 sh
See text
17.800.000
8

When
Payable

[V ol. 120,

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

.July 1 1 8 9 9
O— J July] 5 1925 i H
Q— J July 15 ’25, 1H
J & J Jan 1 1947
J & J J a n 1 1947
M & S Mar 1 1955
< — J July 1 1925 1H
3
A * O Oct 1 1951
J & J J u ly 1 1 9 3 ?
Q— J Apr 1 1925*1M
See text See text

Checks mailed
Bankers Trust C o, N
do
do
New York
Umpire Trust Go. N Y
Security Tr C o, Detroit

The mortgage will provide 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 C o., Harris,
Forbes & C o., Lee, Higginson & Co., Blair & C o., Inc., Union Trust Co.
(Pittsburgh), Continental & Commercial Trust & Savings Bank of Chicago,
Halsey, Stuart & C o., Inc., and Redmond & Co. at 96 and int.— V . 120,
p. 1592.
R E PO RT.— For 1924, in Y. 120, p. 2018, showed:
Consolidated Profit and Loss Statement for Years Ended December 31.
1924.
1923.
1922.
1921.
Total revenue__________ $7,815,504$8,074,5771oss$1047128
$1,542,642
Depreciation__________
3,176.208
3,144.737
2,715,726 2,379,966
Bond interest__________
938.640
962.799
962.845
328,958
Reserved for taxes_____x l ,168,000
157.500
______
______
Preferred dividends____ 1,500.000
1,500,000
1,500,000 1,500,000
Surplus increased____$1,032,656
Surplus Jan. 1_________ 17,112,330
Inventory adjustment-______

$2,309,541 loss$62256991oss$2666282
14,802,789 23.875,180 32,818,070
______ de62,846,691 de66,276,607

Surplus Dec. 31______ $18,144,986 $17,112,330 $14,802,789 $23,875,180
x Including reserves for contingencies.
OFFICERS.— Chairman, Philip T . Dodge; Pres., A . R. Graustein
Treas., Owen Shepherd; Sec,. F. G. Simons: Aud., B. O. Booth. Office,
100 East 42d St., New York.— (Y. 120, p. 2689.)
INTERNATIONAL SALT C O — O RGAN IZATION .— Incorp. in New
Jersey in 1901. Owns (a) all of the $2,501,000 capital stock of Retsof
Mining Co., rock salt, Retsof, Livingston C o., N. Y ., which company
owns $300,000 stock (entire issue) of Avery Rock Salt Mining C o., with
mine at Avery Island, La. (this stock is in treasury of Retsof Mining C o.);
(6) 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
comoany owns $1,159,200 of $1,500,000 Detroit Rock Salt Co. common
stock; (c) $131,700 bonds of International Salt Co. of N . J.
LATE DIVS. 1907-14. 1915. 1916.
1917.
’ 18. ’ 19 to ‘23
’24
Percent_________ none 134% 434 6 34 + 34R.O. 10
6 yrly
7
Paid in 1925: Jan. 2, 134%; April 1, 134%; July 1, 134%.
BONDS.— Of the 5s of 1901 (*12,900,000 auth Issue), one-sixtieth of
amount issued to be retired each year by sinking fund and canceled In
vc»roh 1910 *2,420.000 were retired as the result of the sale of the West­
ern properties. Of the $9,095,900 bonds Issued to Dec. 31 1924, $5,332,900
had been retired, leaving $3,763,000 outstanding. V. 82, p. 1443; V 90.
p. 852; V. 99, p. 273.
RE PO RT.— For 1924, shows:
Calendar Years—
1924.
Total income__________
$759,928
Admin. & legal expenses,
taxes, &c___________
$35,770
Bond interest, &c______
353.339
Dividends--------------------364,628
Balance, surplus_____
$6,191
3 Months Ended March 31—

x T o t a l e a r n i n g s ___________________________

Fixed charges and sinking fund-------

1923.
$1,088,548

1922.
1,381,420

1921.
$1,285,475

$37,535
393.634
425.399

$68,057
373.258
364.628

$47,939
383,895
364,628

$231,970
1925.

$541,457
1924.

95,022

96,396

$489,013
1923.
$241,706
97,814

$ 1 4 5 ,3 9 6

* 5 2 ,2 9 1

ef$44,104
$143,892
N et earnings_____________________
$50,374
x After all expenses but before Federal taxes.
OFFICERS.— Pres., M . B. Fuller; Sec., H. J. Osborn; Treas., W . H.
Barnard. Office, Scranton, Pa.; N. Y . office, 2 Rector St.— (V. 120, p.
2156.)
INTERNATIONAL SHOE CO.— Incorporated under laws of Delaware
March 16 1921. The company is engaged in the business o f manufacturing
and selling boots, shoes and kindred articles and of tanning leather, hides,
skins, &c.
CAPITAL STOCK.— Divs. on the pref. stock are payable as follows:
1% each on Jan. 1, Apr. 1, July 1 and Oct. 1; )4 of 1 % each on Feb. 1,
Mar. 1, May 1, June 1, Aug. 1, Sept. 1, N ov. 1 and Dec. 1. Payments
have been made regularly since organization on pref. as above and on
common at rate of 82 ner ann. (50c. O -J.) to Jan. 1923: Apr. to Oct. 1923
paid 75c. quar.; Jan. 2 1924 to Oct. 1 1924 paid $1 quar.; Jan. 1 and April 1
1925 paid $1.25 quar.
R EPO RT.— For fiscal year ended N ov. 30 1924, in V. 120, p. 92:
Years ended Nov. 30—
1924.
1923.
1922.
x Net sales of shoes & other manu­
factured merchandise----------------$110,240,651 $109,922,738 $97,366,404
y Cost of shoes & merchandise sold 94,968,963 100,498,151 87,315,254
Operating profit_______ _______ $15,271,688
z Miscellaneous earnings_________
______

$9,424,587 $10,051,150
2,766,151
2,145,581

Gross earnings_________
$15,271,687
Interest charges on notes payable..
148,424
2,062,468
Provision for income taxes________
Preferred dividends (8 % )________
1,424,000
3,680,000
Common dividends_______________

$12,190,738 $12,196,731
$486,750
$456,910
1,465,347
1,502,864
1,421,753
1,414,945
2,523,539
1,825,788

Surplus for year.

$7,956,795

$6,353,351

$6,996,224

x After deducting returns and allowances for prepayments, y After
charging operating expenses, deprec. and maintenance of physical properties;
selling, admin, and warehouse expenses, and credit losses, z Discounts on
purchases, int. and dividends received, rentals charged to f a c t o r i e s anri
other receipts.
OFFICERS.— Chairman, Jackson Johnson; Pres., F. C. Rand; Treas.,
F. A. Sudholt; Sec., D . E. Woods; Auditor, B. A . Gray. Office, St. Louis
M o.— (V. 120, p. 710.)

IN D U STRIA L STOCKS AND BONDS

M a y , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bon as

International Silver Co— Common stock (issued. $9,944,700: In treasury. $9,009.338)__________________________
Stock pref 7% <a & di *9,000.000 (Issued $0,607 500)____
First mtge S4.5OO.O00 ft f called at 110 since 1 9 0 1 ..N.xo*
Debentures $2,000,000 gold redeemable at par_________x
International Steam Pum p 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
Invin cible Oil Corp— Stock auth 1.100.000 no par shares..
_
Jewel Tea Co Inc— Common stock 120,000 shares auth_
Pref stock 7% cum $4,000,000 call 125 & divs___________
Jones Bros Tea Co Inc— Common stock__________________
Pref stock 7% cum call 110_____________________________
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*
Shannopin Coal Co serial notes due $600,000 annually___
Jordan M otor Car Co, Inc— Com stock 200,000 shs auth_
_
Preferred (a & d) stock 7% cum red 110__________________

Par
Value

100
100
1.000
1898
1.000
1903
Macb Inerv Cor
None
100
100
1.000
1922
N on e
None

1909

$450,723 $1,090,128 def$848,093
$31,448
Balance--------------------Total surplus Dec 31— $5,593,884 $5,143,161 $4,104,090 $4,952,183
x Earnings, less depreciation, taxes and bond interest.’
Pres., Geo. H Wilcox, Meriden, Conn.; Treas., G. H. Yeamans, Meriden.
Conn.— (V. 120. p. 1467.)
IN TERTYPE CO R PO R ATIO N .— Incorp. under laws o f New York on
Feb. 1 1916. Manufactures intertype machines which are sold to the
publishers o f newspapers, general publishers and related businesses. Also
produces the line-casting m acline matrix, which is the counterpart of the
type necessary for use in the intertype machines.
STOCK.— The second pref. stock may be exchanged for common stock
at the ratio o f one share of second pref. stock for five shares of common
stock.
D IV ID E N D S .— On old common: In 1920, $1: 1921, none: 1922. $4 and
10% in common stock: Feb. 1923. $1. On new common (exchanged five
shares o f new for one o f old) paid 25 cents quar. M ay 15 1923 to May 15
1925. Also paid 10% in stock on N ov. 15 1923 and N ov. 17 1924 and 25
cents extra in cash on Feb. 15 1924, Aug. 15 1924 and Feb. 16 1925.
D EBEN TU RES.— The 7% debenture notes are redeemable at 105 and
lnt. to April 1 1927. the premium decreasing 1% each year to maturity.
R EPO RT.— For 1924, showed:
Earnings—Cal. Years
1924.
1923.
1922.
1921.
Profits . _ . ________ $1,217,653 $1,317,383 $1,318,497
$600,745
Depreciation . .
__
$204,503
$209,192
$213,291
$203,891
Taxes, including Federal
160,000
142.000
161.000
90.000
1st pref. dividends. _ _
86,470
85,152
83,134
83.107
2d pref. dividends . . .
326
1,370
34.750
60,000
Common dividends_____
271,511
154,885
88,817
1st pref. stock retirement
appropriation. ______
30.000
30,000
30,000
30,000
Disct. in 7% Deb. notes
61.875
$694,783
1925.
$415,711

$707,505
1924.
$468,247

$133,747
1923.
$432,277

163,502
33.092
34,000

168,003
50.686
42,500

155,464
53.423
20.000

Net to surplus----------------------------$185,118
$207,058
$203,389
OFFICERS.— Chairman. Richard H. Swartwout: Pres.. H. R. Swartz:
Sec., A. F. J. Wheatley: Treas., H. A. Grube. Executive offices, 1440
Broadway, New York. Factory. 50 Court St., Brooklyn, N . Y .— (V. 120,
p. 1888.)
IRON PRODUCTS C O R PO R ATIO N .— See Universal Pipe & Radiator
Co. and V. 120, p. 1755.
ISLAND CREEK COAL CO.— (V. 120. p. 1888.)
ISLAND OIL & TR AN SPO R T CORPO R ATIO N .— See Gulf States
Oil & Refining Corporation.
JEWEL TEA CO., INC.— ORGAN IZATION .— Incorp. in N. Y . on
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.
V. 108, p. 2026. Large shipping station leased in Hoboken. N. J.
STOCK.— The stockholders on Jan. 27 1925 voted to change the author­
ized common stock from $12,000,000, par $100, to 120,000 shares of no
par value, the outstanding stock to be exchanged on a share-for share basis,
and to reclassify the pref. stock so as to fix July 1 1926 instead of July 11917
as the date governing the acquisition o f pref. stock o f the company and its
retirement pursuant to the provisions o f the certificate of incorporation
3,600 shares, 3 years’ requirement, already retired]. Compare V. 120, p.337.
Pref. redeemable at option of directors on 90 days’ notice at 125 and accrued
divs. Property cannot be mortgaged: pref. stock cannot be increased with­
out consent o f % in interest in both classes of outstanding stock, taken
separately.
D IV ID E N D S .— On pref. paid 1% % quar. from April 1 1916 to Oct. 1
1919; then none until April 1 1925, when 1H % quar. and 2 H % on account
o f accumulations was paid, leaving accumulated dividends of 3434%;
July 1 1925 paid 1M %R E PO R T .— For 1924, in V. 120, p. 1212, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net sales______________ $13,602,745 $12,554,875 $10,240,810 $11,210,388
773.808
Operating profit_______
713,906
f 101,700
383,143
Other income__________
210,589
1121,374
167,950
Total income________
Interest, inv. adj., & c._
Federal tax reserve_____

$984,397
______
129,321

$713,906

Balance______________
Bad debts res. notrequir.

$855,076
______

$624,201
208,959

89,705

$223,074
49,189
217,736

$551,093
257,899

$152,149

$293,194
28,263

Surplus______________
$855,076
$833,160
$152,149
$321,457
Profit & loss, surplus_
_
654,555 def200,520 def1,033,681 defl ,185,831
Note.— Preferred stock dividends ii arrears since Oct. 1 1919: cumulative
amount at Jan. 1 1925, $1,337,700.




Bate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

935.362
S ee te x t
6.028.588 See text O —J
2.571.000
g 8 J & V Deo 1 1 9 4 6
J A J J aB 1 1933
1.867.000
6r

199,133 sh. See text
8
$1,108,500
6
5,430
7
645.000
1.100,00041
120.000 shs
ion 3.640,(lift) See text
None 100.000 shs See text
100 3.760 000 See text
100 57,332 000 Dividend
inn 55 928.400
7
1,000 15.357.000
5g
6
3,000.000
126.000 shs $3
None
7
100 $ 1 ,200,000

INTERNATIONAL SILVER CO.— ORGAN IZATION . &C.— Incor. In
N ov. 1898 under laws of N. J and acquired silver-plating properties see
V. 67, p. 1160: also V 68, p 232. 334. 1024: V. 76. p. 106 Also has a large
sterling silver output
See V 68. p 334 b» to r!edits of •'spits’ stockplants & c., V. 67. p. 1160: V. 68, p. 1024; V. 71. p. 545: V. 82, p. 9.
STOCK Sec.— Com. stock issued, $9,944,700 o f which $9,009,338 in
treasury, pref., $6,607,500, o f which $578,912 in treasury.
P R EP.—
/ ’ 12. '13. T4. T5. T0. T7. T8. T9. '20. ’21. ’22. ’23. ’ 24.
DIVS. (% )
110
9 7V* 7 514 6 X 7
7 7 7H 7 8H 8
Paid In 1925: Jan., April, 1% % quar. and M % on account of accumula­
tions.
R E PO R T .— For 1924. in V. 120, p. 1467, showed.
1924
1923
1922.
1921.
x Net, after in t., &c ____$1,008,620 $1,572,416
$1,139,132
$470,516
______
Adjust, o f plants & lnv. Dr.75,609
Dr .4,937
13,077
Tr.-mks. & pats. writ, o ff
______
______
1,500,000
Divs. on pref. stock____
482,288
482,288
482,288
452', 145

Balance, surplus
$402,973
Quarter Ending March 31—
Gross profits before depreciation___
Less— Head and branch office selling
Expenses _ _______
Depreciation ______ __
Reserve for taxes . . .

Amount
Outstanding

185

Checks m a ile d
Am Ex Nat Bank. N Y
dc
do

Q— F 15 See text
Q— J J a n 2 1925 2%
& J J a n 2 1925 3%
,
Equitable Trust Co, N Y
& O Apr 1 1932

J
A

Dividends not reported
A
J Tulyl 1925 1S New York
O c t 15 '23
1 % New York
do
July 1 1924 1H
s not rep on ed
Q— J Apr 1 1925 \Vt
M & ft May 1 1939
New York and Chicaga
M & N To Nov 15 1929
Q-M 31 Mar 31 ’25,75c.
Q-M 31 M a r 31 ’25, IH
Q

&

OFFICERS.— Chairman, John M . Hancock; Pres., M . H. Karker;
Sec., A. Vernon Jannotta; Treas., F. M . Kasch. Office, 5 North Wabash
Ave., Chicago.— (V. 120, p. 2409.)
JONES BROTHERS TEA CO ., INC.— ORGAN IZATION . Estab*
as a co-partmership in 1872. Incorp. in New York State in 1910 as Jone8
Bros. Co.; present name adopted in 1916. V. 103, p. 2346. The Jones
Bros. Tea Co. of New York, a subsidiary, has been incorp. in Delaware with
an 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 .,
a plant covering a full block for preparing and packing tea, coffee, spices,
baking powder, soap, &c.; also does importing and jobbing business at
107 Front St., N . Y. Controls (a) Globe Grocery Stores, Inc., operating
stores in Ohio; (6) Grand Union Grocery Stores, Inc., operating stores in
New York, Pennsylvania and New Jersey; (c) Grand Union Tea C o., Inc.,
operating stores in the principal cities of the country; (d) Anchor Pottery,
Trenton, N. J.; (e) Grand Union Grocery Stores, Inc., of Missouri; (/) Prog­
ressive Grocery Stores, Inc. In July 1923 acquired the chain of grocery
stores operated by John T . Tomich, Inc. The latter co. operated 47 stores
and one warehouse in the northern section of New York City and in West­
chester County.
STOCK.— No bonds or mortgages without the consent o f 75% of the
pref. stock; the pref. is redeemable at 110 and is subject to a yearly sinking
fund of 2 %.
The stockholders on Dec. 23 1924 approved a change in the common
stock from shares of $100 par to shares of no par value.
D IV ID E N D S.— Paid on pref. stock in full to July 1924: none since.
Divs. of 3^ of 1% each were paid on common stock Oct. 15 1917 to Oct. 15
1920; then none until Oct. 16 1922, when 1% was paid; Jan. 15 1923 to
Oct. 15 1923 paid 1% quar.; none since.
RE PO RT.— For 1924 showed:
Calendar Years—
1924.
1923.
1922.
1921.
Sales--------------------------- $24,295,885 $31,368,545 $24,203,540 $21,889,045
Net profits before taxes. ________
________
$727,652
$562,054
Net profits after taxes.. *$284,880
$165,905
$635,652
$502,054
Preferred dividends.. (3 H % ) 134,225 (7)266.350 (7)271,600 (7)280,000
Common dividends_____
________
(3)300,000 (2)200,000
______
Balance, surplus...def$l,419,105
$400,445
$164,052
$222,054
* Net loss.
Three Months Ended March 31'—
1925.
1924.
Store sales_______________________________________ $5,569,368 $5,509,106
248,759
1,027,059
Jobbing sales____________________________________
Total sales____________________________________ $5,818,127 $6,536,165
Net, after charges but before Federal taxes______
$48,493
$77,526
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. 120, p. 2276.)
JONES & LAUQHLIN STEEL CO R P.— O RGAN IZATION .— Organ­
ized in Dec. 1922 as successor to the Jones & Laughlin Steel Co which was
Incorp. in Penn. June 1902. succeeding the limited partnership of Jones &
Laughlin, Ltd. Owns plants and property at Pittsburgh and Wood!awn,
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 div. 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.OO0.OO0 Jones & Laughlin Steel Co. 1st Mtge. 5s); (b) 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.
BONDS.— The first 5s o f 1909 ($25,000,000 of which were issued) are
secured by the plants and properties of the corporation in AIleabony and
Beaver counties, Pa., and Chicago, 111., and further by pledge -fr stocks of
subsidiaries owning coal mines, ore lands and railways. Net quick 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.
R E PO RT.— For 1924 showed:
[Jones & Laughlin Steel Corp. and Subsidiary Companies■
]
Calendar Years—
1924.
1923.
Total earnings--------------------------------------------------- x$13,864,353 $16,727,176
Interest charges------------------------------------------------$999,675 $1,066,430
4,238,449 4,746,868
Depreciation and depletion______________________
Preferred dividends paid (7 % )___________________ 3,921,937 3,879,872
Surplus for year---------------------------------------------- $4,704,291 $7,034,006
Previous surplus-------------------------------------------------- 30,808,275 24,384,620
Total surplus------------------------ ----------- ------------- $35,512,566 $31,418,626
Less— Adjustments, &c--------------------------------------431,845
610,350
Profit and loss, surplus________________________ $35,080,722 $30,808,275
x After deducting all expenses incident to operations, incl. repairs and
maint. of plants and est. provision for all local, State and Federal taxes.
OFFICERS.— B. F. Jones Jr., Chairman o f Board; William Larimer
Jones, Pres.; Willis L. King. G. M . Laughlin Jr., W. C. Moreland, Charles
A. Fisher and S. E. Hackett, V.-Pres.: B. F. Jones 3d, Sec.; J .C Watson,
Treas. Office, Pittsburgh, Pa.— (V. 120, p. 1212.)
JORDAN MOTOR CAR CO., INC.— Incorp. under laws of Delaware
on June 11 1919 as successor to the Jordan M otor Car C o., which was
organized on March 13 1916. Plant is located at Cleveland, Ohio.
STOCK.— On Dec. 24 1923 the authorized common stock was increased
to 200,000 shares without par value. A 600% stock dividend was paid
on Dec. 29 1923, increasing the amount outstanding to 84,000 shares. A
further 42,000 shares were sold in Jan. and Feb. 1924, stockholders receiving
the right to subscribe for this stock at $30 per share.
D IV ID E N D S.— On increased common stock (see above) paid 75 cents
per share quarterly March 31 1924 to M ar. 31 1925.

186

IN DU STKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
For abbreviations, &c., see notes on page 6]

(Julius) Kayser & Co— Common stock 150,000shares 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*
ttelly-Springfield T ire Co— Common stock $10,000.000_
_
Pref stock 6 % cum auth $3,900.300 call 110 sf 2 % ...............

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 divs. ______
Kennecott Cooper Corp— Stock 5,000,000 shares_______

D a te
B on ds

__
—
__
1921
....
....

1922

Par
V a lu e

None
None
$190 &c
25
100
100
100 &c
100
100
None

A m ount
O u ts ta n d in g

R a te

%

W h en
P a y a b le

115,700 shs See text
66,115 shs
$8
$3,692,000
F & A
7g
9.096.002 See text
2,950 000
5.264,700 See text
7,500.000
8g M & N
l o .o o o .o n n
6
Q— J
2.365.300
7
Q— F
4,267,353sli
$3
Q— J

L a s t D iv i d e n d
a n d M a t u r it y

See text
Apr 1 1925 $2
Feb 15 1942
See text
Apr 1 1924. 1 H
Feb 15 1924 2%
May 15 1931
Apr 1 1925 1 H
M ay 1 1925 1 V*.
July 1 '25 75c

[V ol. 120,
P la ces W h ere In terest a n a
D iv i d e n d s a r e P a y a b l e

Guaranty Tr O o, N Y
New
New
New
New

York
York.
York.
York

New York
New York

R E PO RT.— For 1923 showed:
From M ay 1 1919 to Feb. 1 1921 paid a stock dividend of 3% along with
the regular auarterly cash dividend o f $1. In M ay, Aug. and N ov. 1921
Calendar Years—
1923.
1922.
1921.
Sales o f passenger cars, parts, &c_ $13,253,829 $11,535,863 $6,492,494 I paid 3 % in stock, the cash dividend being omitted; none since.
_
Cost o f sales________________________ 11,553,614 10,194,577
5,897,914
The July 1924 div.
stock was deferred. V . 118,p-3085. The
Selling, administrative & gen. exps__
878,396
664,841
486,491 M ay 1924 div. on 2d on 1st pref. was deferred.
pref. stock
Interest paid______________________
29,577
50,635
66,334
Rents paid_________________________
7,062
______
R E PO RT.— For 1924, in V. 120, p. 950, showed:
Sundry losses______________________
27,573
51,362
44,096
1924
1923
1922
1921
Miscellaneous items________________
Cr.353
Cr.4,584
Cr.10,099 Gross profits----------------a$7,255,746 a$9,559,’804a$12,531,’379 $6,004,521
Provision for Federal taxes (est.)_
_
89,000
78,000
1,700 Total operating income.
717,658
1,107,536
5,577,846 1,883,009
Int. on 10-year 8% notes
690,000
770,000
800,000
477,778
Net income_______________________
$668,958
$501,032
$6,059 Int. & misc. deductions.
301,033
354,062
464,465 1,912,192
535,054
116,800
Previous surplus___________________
193,235 Depreciation_____ _____
1,252,374
1,149,759
1,168,832
____
Federal taxes credited back_________
Cr.4,586
Cr. 1,095
Cr. 1,506
Excess provision for loss on glass___
______
125
Net income________ def$1,525,749 d f$1,166,284 $3,144,549 def$506,960
Total surplus________
$1,208,599
$619,052
$200,800 Divs. on pref. (6 % )____
44,250
177,900
181,113
190,776
Balance in motor devel. acct. writ, o ff
51,694
______
Divs. on pref. (8 % )____
10.5,294
424,376
437,186
459,416
_
______
______
______
322,776
84:666 Common divs. (cash)_
Preferred dividends (7 % )___________
84,000
84,000
Common divs. (stock )..
______
______
______
1,011,761
Common divs. ($10 per sh. on 12,000
shares issued)____________________
120,000
_______
a Before depreciation, but after deduction (in 1924) o f refunds on account
Total surplus____________________
$952,904
$535,053
$116,800 o f price changes.
For 1924, gross sales were $12,009,596 and earnings before taxes and
OFFICERS.— Arnold L . Scheuer, Chairman & Pres.; F. A . Seaman,
adjustments were $858,469.
1st V.-P.; Maurice Switzer, T .
The company reported sales for the first quarter of 1925 amounting to C. P. Stewart-Sutherland, Sec.; C. Marshall and C. A . Brown, V.-Pres.;
H. B. Delapierre, Treas.; M . C. Lachen$2,422,256 and net profit before taxes and depreciation, $205,138.
bruch, Aud. N. Y . office, 250 W . 57th St.— (V. 120, p. 1888.)
OFFICERS.— Pres., Edward S. Jordan; V .-P ., Charles L. Bradley:
KELSEY WHEEL C O .. INC.— ORGANIZATION.— Incorporated In
Sec. & Treas., Paul Zens; Asst. Sec. & Asst. Treas., Harrison B. McGraw.
N . Y. on Aug. 23 1916, and took over as of Dec 31 1915 the entire assets
Office, 1070 East 152d St., Cleveland, Ohio.— (V. 120, p. 2689.)
Co. of
Co.
M ich.,
(JULIUS) KAYSER & CO.— ORGAN IZATION .— A re-incorporation and business of Kelsey Wheelcapital Mich, and Herbert Mfg. C o.. of td., of
stock of Kelsey Wheel
L
(in N . Y .) June 1911. The company is said to be the largest manufacturer as going concerns, and the Wheel Co. of Tenn. Owns one f the largest
of the Kelsey
of silk gloves in the world; also manufactures lisle and silk gloves, silk Canada andwheel plants in the world. V. 103. o 411. 848: V o 105, p. 75.
hosiery, silk and cotton-ribbed underwear, dress nets and veiling. Plants automobile
at Brooklyn, Amsterdam, Sidney, Oneonta, Bainbridge, Walton, Cherry p. Sale of portion of interests at Memphis to Fisher Body Corp., V. 117.
2000.
Valley, Rockville Center, Monticello, Cobleskill, Hornell, Syracuse and
Owego, N . Y ., and Sherbrooke, Que. V. 95, p. 1405: V. 92, p. 1568; V
STOCK.— Auth. and Issued. $10,000,000 com. and *3,000,000 (par $100)
107. p .185 .
7% cum. pref.: pref. redeemed to Dec. 31 1924, $634 700. Pref. is redeemSTOCK.— Under the terms o f a recapitalization plan ratified by the stock­ %ble, all or part, at any time on 90 days' notice, at $125 and divs. No
holders March 8 1922 the authorized stock was changed to 70,000 shares of mortgage or funded debt. See stock offering, V. 103, p 411
Div. on
no par value preferred and 150,000 shares o f no par value common.
pref. Nov. 1 1916 to M ay 1 1925. 7% per annum (1*4% quar.). On com­
The new (no par value) pref. and common stock was exchanged for the mon, initial dividend of 1M % paid Jan. 2 1922; same amount paid quar. to
old stock at the rate o f 4 shares o f new no par value preferred and one share Apr. 1 1925.
o f new no par value common for each 4 shares o f old common stock out­
RE PO RT.— For 1924 showed:
standing. The old first and second preferred stock was called for redemp­
Earns. Cal. Years—
1924.
1923.
1922.
1921.
tion on July 5 1922 at 120 and int. at Guaranty Trust C o., New York.
D IV ID E N D S.— On old common ($100 par) April 1912 to Jan. 1913, 1% Sales, less returns, &c___ $14,856,825 $20,078,435 $16,938,924 $17,487,598
1,412,453
2,007,157
2,046,345 3,554,931
quar.; April 1913 to Oct. 1916, 1}£% quar.; Jan. 1917, 1H % and 1% extra; Total income__________
_
______
______
______
1,130,997
April, July and Oct. 1917, 1 M % : Jan. 1918, 2% and 1% extra; April 1918 Reserve for deprec’n_
294,084
249,133
244,833
527,614
to April 1922, 2% quar. On new no par value common no dividends had Provision for Fed’l taxes
______
______
_____
103,458
been paid to date. On new preferred (no par value) paid $2 quar., July Int. on borrowed money
Preferred dividends____
168,665
173,089
178,211
186,753
1922 to Apr. 1925.1
BONDS.— The first mortgage s. f. gold bonds due 1942 are redeemable Common dividends_____
600,000
600,000
600,000
150,000
all or part up to and incl. Feb. 15 1927, at 110 and int.; thereafter up to
Balance, surplus_____
and incl. Feb. 15 1932 at 10714 and int.; thereafter up to and incl. Feb. 15
$349,704
$984,934 $1,023,301 $1,456,109
1937 at 105 and int., and thereafter at 10246 and int.
Pres., John Kelsey. Office, Detroit, M ich.— (V. 120, p. 1592.)
Sinking fund payable annually, commencing Feb. 15 1923, will pro
vide for the retirement, through redemption or purchase, annually of 246 %
KENNECOTT COPPER C O R PO R ATIO N .— ORGANIZATION —
o f the largest amount o f 1st Mtge. bonds issued. V. 114, p.743.
lncorp. on April 29 1915 in N . Y . and took over the Kennecott and Beatson
R E PO RT.— Year ending Aug. 31 1924, in V. 119. p. 1840, showed:
properties in Alaska. V. 100, p. 1922.
1923-24.
1922-23.
1921-22.
Profits (after depreciation)_________ x$206,954 x$l,714,630 x $ l,685,058
On Dec. 31 1924 owned (a) 2,582,792 shares o f stock o f Braden Copper
Deductions—
Mines Co
See caption of Braden Copper Mines Co
(6) $4,202,937
Loss on inventory, less reserve______
633,475
______
out of $4,500,000 stock o f Alaska SS. Co. (c) Entire $4,817,400 stock and
Federal income & excess profits tax
____________ See Note x—
$23,020,000 1st mtge. 5s o f Copper River & N . W . R y. (d) $14,358,390
Amount added to reserve for market
stock of Utah Copper C o., out o f $16,244,900. (e) 500 shares o f stock of
fluctuations in raw silk___________
______
250,000
Alaska Development & Mineral Co.
220,383
New preferred stock dividends______
528,920
528,920
STOCK.— The stockholders on April 9 1923 increased the authorized
Dividends on old preferred stock_____
______
______
99,008
396,690 stock from 3,000,000 to 5,000,000 shares and approved an offer to exchange
Dividends on old common stocks____
______
______
shares of stock of the Kennecott Copper Corp. for shares o f capital stock
of the Utah Copper Co. on the basis of 1M shares of stock o f Kennecott
Total deductions_________________ $1,162,395
$778,920
$716,081
for 1 share o f stock of Utah.
$935,710
$968,977
Balance, surplus___________________ def$955,441
x Profits in 1924, 1923 and 1922 are after provision for bond interest,
D IV ID E N D S.— An Initial dividend of $1 per share was declared Id Feb
depreciation and taxes on income.
1916. payable March 31. V. 102, p. 526; June 1916 to Sept. 1917, $1 50
OFFICERS.— Pres., Edwin S. Bayer; V.-P. & Treas., L. Lewinsohn', quar. ($6 yearly); Dec. 1917 to Dec. 1918. $1 quar. March 1919 to Dec.
V .-P ., H. L. Van Praag; V.-P. & Sec., C. W . Sinn; Compt., A. Flume. 1920 paid 50 cents quar.: then none until Jan. 15 1923, when 75 cents was
Office. 353 Fourth Ave., New York.— (V. 119, p. 2416.)
paid; Apr. 1923 to July 1 1925 paid 75 cents quar. In July 1917 paid a
KELLY-SPR1NQF1ELD TIRE CO.— ORGAN IZATION.— lncorp. in Red Cross dividend of 20c.
N .J., April 15 1899 as Consolidated Rubber Tire C o.; name changed ian. 2
BONDS.— The 10-year secured 7s, due Feb. 1 1930, were redeemed on
1914.Manufactures a full and complete line o f pneumatic tires and tubes
Is one o f the largest producers in the country of solid truck tires.Product* N ov. 1 1924 at 106 and int.
are distributed through 30 branches established in important business cen­
R E PO RT.— For 1924 showed:
tres o f the country and approximately 40,000 active accounts with dealers
Calendar Years—
1924.
1923.
1922.
1921.
Owns plants located in Akron, O. and Cumberland, M d. V. 108, p. 1835
Copper prod.&sold (lbs.) 42,985,532 50.945,719 63,604,194 32,404,985
2634. Compare also V. I l l , p. 1374; V. 112, p. 854, 945. 1872.
Avge. selling price per lb. 13.342 cts. 14.896 cts. 13.605 cts. 12.102 cts.
STOCK.— On N ov. 30 1915 the par value of the common shares was Silver prod. & sold (oz.)_ 326,578.13 378,572.46
413,093
390,012
changed from $100 to $25 by increasing the number o f shares fourfold
Avge. selling price per oz 66.869 cts. 80.587 cts. 99.515 cts. 99.438 cts.
First pref. has a 2% sinking fund which to Dec. 31 1924 had retired and
Income Account—
canceled $808,200 of the $3,758,200 first pref. theretofore issued.
$7,588,723 $8,653,921 $4,245,687
In July 1919 shareholders had the right to subscribe at par for $5,860,200 Copper revenues_______ $5,735,057
218,380
305,081
o f an issue of $7,000,000 8% cum. (2d) pref. stock, underwritten. This 8 % Silver revenues________
411,090
387,817
______
pref. is redeemable at $125 & divs., and has a sinking fund equal each year Ins. for ore lost in transit
449,910
to 3% o f maximum amount issued, payable before any dividend is paid on
common stock. The 6% pref. has voting power; the 8% pref. has no such
Total revenues______ $5,953,437
$8,343,714 $9,065,011 $4,633,504
power unless two o f its quarterly dividends remain unpaid. To Dec. 31
Expenses—
1924 $595,500 had been purchased for redemption. V. 108, p. 2634;
Mining and milling_____ 1,975,380
2,565,595
2,583,725
1,545,813
V. 109, p. 683.
2,148,947
2,880,738
1,481,603
Common stockholders of record Oct. 15 1920 had the right to subscribe Treatment, ref. & freight 1,656,400
225,356
Selling and delivery___
186,243
327,204
211,937
to additional common stock (par $25) at $50 per share to the extent of 35 $5
361,607
General expense_______
262,881
121,780
119,719
o f holdings. V. I l l , p. 1284. 1374; V. 112, p. 854.
NOTES.— The 10-year 8% notes o f 1921 have a sinking fund providing
Net earnings_________ $1,872,533 $3,042,208 $3,151,564 $1,274,432
for the retirement of the entire issue at 110 and int. by drawing by lo
Distributions received on
$1,000,000 p. a. ($500,000 on each int. date) beginning M ay 15 1923, an
securities owned_____ 8,513,951
4,486,786
2,141,604
xl43,125
continuing until M ay 15 1931, when the remaining $2,000,000 will be Interest, discount, & c_. 1.869,067
2,092,443
2,123,494
2,342,534
paid at 110 and int. V. 112, p 2088
Income from mines_____
35,526
28,486
loss5,908
19,302
CASH DIVS. f ’99. ’00.
1914.
1915. 1916. 1917 to Feb ’21
Gross income________ $12,291,076 $9,649,923 $7,410,755 $3,779,392
Com. stock._ l ..........................
746
16
16 (4%Q-P)




M a y , 1925.]

187

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
1
For abbreviations, &c., see notes on page 6]

Date
Bonds

K eyston e Tire & R ubber Co— Stock auth 500,000 shs_____
(G . R.) K inney C o., In c.— Common stock 60,000 shs au th ..
Pref (a & d) stock 8% cum $8,000,000 auth-- ______ Secured gold coupon notes convert & red (text) - - Eq.c* 1921
(B B & R) K n igh t. Inc— Common stock auth 125,000 shrs_
Pref (a & d) stock 8% cum auth $5,000,000 red 110____
Second preferred $3,000,000 authorized. ______ _______
1st mtge s f gold bonds auth $10,000,000 red text)..xx x 1920
(S S) Kresge Co— Common stk $50,000,000 a u t h ...............
________
Pref (a & d! stock 7% cum auth $5.000.000_
Kresge D ept Stores, Inc— Common stock 200,000 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 7% cum $5,000,000 auth.; s fd 1918 call at 125

Par
Value

Amount
Outstanding

Kate
%

. When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

None 455,851 shs See text
Oct 1 1920
None 59,027 shs See text See text July 1 1925
$100 $5,378,800
Q— M June 1 1925
8
100 &c 2.104.000
7 « g J & D Dec 1 1936
None
102.000 sh.
100 2.500.000 See text
Jan 3 1922
100 2.325.000
7
100 & • 7,356,500
<
7 g M & S Sept 1 1930
Q— J Apr 1 1925
100 36,776,900
8
100 2,000,000
7
W J Apr 1 1925
—
None 114,000 shs
100 83.500.000
8
Q— J Apr 1 1925
q — F M ay 1 1925
>
4
100 12,000,000
7
100 2,985,700
Q— J Apr 1 1925

3% New York
$1
2%
Equitable Trust Co, N Y
2% Checks mailed
Sept 1924 int in default
2 r0 Checks mailed
do
1M
2%
.. *
1%
1U LawyersTitl*? & T rO oN l

The authorized capital stock was increased in Aug. 1921 from $5,000,000
to $8,000,000 through the authorization of 25.000 additional shares of no
par Common and 30.000 shares of a new issue of 7% 2d Pref., $100 par,
V. 113, p. 736.
D IV ID E N D S.— Initial div. of 2% on pref. stock was paid Jan. I 1921; to
Jan. 3 1922, 2% quar.; none since.
4,281,741
1,233,008
______
b
______
______
BONDS.— The 1st mtge. bonds are redeemable in whole or in part at
a premium of 5% to Sept.
Balance, deficit______
$30,937
$575,340
$428,832
$389,858 par and int. plusless each year or part thereof 1 1921, and thereafterf at a
down to a premium
%.
Profit & loss, surplus...$14,698,708 $14,729,645 $15,304,985 $15,733,818 premium of )£ % provided beginning Dec. 1 1923, payable s. a., equalot »1Z.%
A sinking fund is
a Not including capital distributions amounting to $9,552,920. b During
1923 distributions amounting to $9,990,071 were made from capital stock, per annum of the maximum amount of bonds at any time issued, plus an
which
been
all
x In addition to $1,541,260 capital distributions received from Utah Copper amount equal to the interest fund. would have a firstpayable onon abonds
previously retired by sinking
Secured by
mortgage
Ureal
Co. credited investment account, y Credited to investment account
estate, plants, machinery. &c. which w e r e acquired by t b ecorporatfom
OFFICERS.— Pres., Stephen Birch; V .-P ., E. T . Stannard; Sec. &
The interest due Sept. 1 1924 on these bonds remains unpaid. The
Treas., Carl T . Ulrich. New York office, 120 Broadway.— (Y. 120, following have been appointed a protective committee to look after the
p. 2409.)
interests of the bondholders: George W . Treat, Chairman; T. J. Walsh,
KEYSTONE TIRE AND RUBBER CO.— O R G A N IZA T IO N — Incorp. W . E. McGregor, C . W. Beall and R. L. Clarkson. Sec. to the com­
in New York Sept .261911. The chief business o f this company is the man­ mittee, J. Lathrop M otley, 53 State St., Boston. Chase National Bank,
ufacture and sale o f Keystone cord and fabric tires which are manufactured New York, and the First National Bank, Boston, are depositaries.
REPO RT.— The company and its subsidiaries, Converse & Co. and the
at the plant located at Kingsbridge, New York City.
Terry Textile
a loss
STOCK.— On Oct. 11 1922 the stockholders voted to change the capital­ after provisionCorporation, report for the year ended Dec. 31 1924&c., of
for depreciation
borrowed
ization from 500,000 shares, par $10, to 500,000 no par value. Each holder $4,148,110. Balance sheet as of and interest on V. 120, p. money, (V. 120,
Dec. 31 1924, in
1755.—
o f the outstanding shares, par $10, received one new share, no par value, for p. 1755.)
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
(S. S.) KRESOE CO.— O RGAN IZATION .— In March 1910 Incor­
value) to the extent o f 1 share o f new stock for each 2 shares of stock held
Initial div. o f 2% % paid on com. stock in Oct. 1916; in 1917, 12%; in 1918, porated in Michigan to succeed, per plan V. lC*, p. 1555, 1717. the 8. S.
Kresge Co. incorporated in
April 1912. In Dec. 1924 operated
12%, and 15% in stock; in 1919, Jan., 3% : Ap^il, 3% ; M ay, 15% in stock: 256 retail stores in Chicago, Delaware St. Louis, Greater New York, Phila­
Detroit,
July, 3% : Sept.. 15% in stock: Oc .. 3 % ; 1920, Jan., 3% ; April, 3%
delphia, Pittsburgh, Boston, and other cities north of Washington, D . C .,
July, 3 % ; Oct., 3 % . None since.
and east o f St. Joseph, M o. V. 94, p. 1319; V. 104, p. 366.
R E PO RT.— For 1924 showed:
CAPITAL STOCK.— The stockholders voted on Dec. 4 1922 to increase
Calendar Years—
1924.
1923.
1922.
1921.
authorized common stock from $20,000,000 to $50,000,000. V. 115,
Gross loss on sales______
$141,586
$59,664
$110,131
$60,899 the2589.
Operating, &c., expenses
103,459
260,509
364,785
514,765 p. All of the outstanding 7% serial gold notes due Jan. 1 1923 to 1926. incl.
on Jan. 1
Operating loss_______
$245,045
$320,173
$474,916
$575,664 were redeemedmtges. and 1923. contract payable Dec. 31 1924. $7,342,500.
Pur. money
land
Miscellaneous income_
_
12,572
18,572
32,322
57,364
Deductions—
1924.
215,613
Taxes_____________ 1___
Int. & disc, on bds., & c. 2,491,250
249,493
Depreciation_
Depletion account______ 2,006,972
y Cap. distrib. fr. Utah
Copper C o_ 5,070,898
Dividends_____________ a2,287,787

1923.
275,510
1,125,000
237,527
4,305,487

1922.
122,885
1,125,000
222,747
5,135,947

1921.
131,010
1,125,000
223,178
2,690,062

Loss_________________
Interest, taxes, &c____
Previous deficit________
Refund o f Fed. taxes, &c
Reserve for doubtful ac­
counts, &c__________

$232,473
45,380
3,036,067
0 8 ,489

$301,601
106,146
2,538.578

$442,594
456,712
1,468,128

$518,300
159,739
384,624

51,168

89,742

171,144

405,465

Profit & loss deficit_ $3,356,599
_
$3,036,067 $2,538,578 $1,468,128
OFFICERS.— Pres., G. A . Dorfman; V.-P. & Treas., Joel Jacobs; Sec.'
Isidore Brenner. Office, Bailey Ave. at 192d St., Kingsbridge, N . Y .—
(V. 120, p. 2277.)
(Q . R.) KINNEY CO., INC.— Incorp. under laws o f 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 1924 owned and operated 207 stores
in 33 States, mostly east o f the Mississippi River. Also owns and operates
six factories, five which are located in the vicinity o f Harrisburg, Pa.,
and one at Huntington, W . Va.
DIVS.— On pref., in full to date, a special payment o f 3% having been
made on Feb. 15 1924, clearing up all accumulations.
On common paid $1 a share July 1 1925, this being the first payment to
be made on this issue since 1921, when $2 a share was paid.
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.
R EPO RT.— For 1924 showed:
1924

1923

1922

Net sales-----------------------------------------$17,068,905 $15,321,009 $13,741,966
Cost o f sales------------------------------------ 11,212,846 10,541,564
9,768,810
Gross profit_____________________ $5,856,059
Selling, admin, and general expense.. 4,370,399

$4,779,445
3,524,512

$3,973,155
2,912,866

Net operating profit.
Miscellaneous incom e..

$1,485,660

$1,254,933
______

$1,060,289
208,994

Net profits---------------------------------- $1,485,660
Interest------------------------------------------197,609
Bad debts,less recoveries & misc. chgs.
58,331
Deduct Fed’l & State inc. tax, est____
152,172
Preferred dividends_________________
591,639

$1,254,933
186,420
4,038
140,000

$1,269,284
182,606
85,694
90,000

$415,908

$924,475

$910,983

Balance, surplus_________________
SALES-

1925.
1924.
April------------------------------------------------------------------ $1,921,923
$1,861,053
Four months------------------------------------------------------ 5,259,555
4,782,252
OFFICERS.— Pres. & Treas., Edwin H. Krom; 1st V .-P ., Fran Payne;
2d V .-P ., F. S. W oodford; Sec., Edward Holloway; Asst. Treas., ffm .
Herbert; Asst. Sec., E. M . Kinney. Office, 233 Broadway, New York.
— (V. 120, p. 2689.)
B. B. & R. KN IQ H T, INC.— Incorp. Sept. 1920 In Mass, as success©!
to B. B. & R. Knight, Inc., a Rhode island corporation which had been
conducting business since 1848. Products are combed yarns, print cloths,
wide sheetings and twills, both gray and bleached. Operates 14 mill'
located In Rhode Island and Massachusetts. In Sept. 1921 acquired alt
the outstanding stock o f Converse & Co. V. 113. p. 1257

CA P ITA L STOCK.— Common stock is all owned by the Consolidated

Textile Corp. Pref. stock is entitled to receive $110 a share and accrued
divs. in case of voluntary liquidation and $100 a share and accrued divs. Id
case of involuntary liquidation. On or before Oct. 1 1923 and semi-ann
thereafter the corp. is to pay to a sink, fund trustee an amount in cash oi
stock at cost plus accrued divs. equal to 1 % of the largest aggregate par
amount o f pref. stock at any time issued, and to this fund shall be added a
sum equal to divs. on all pref. stock previously retired by sink. fund. Nr
future mortgage and no bonds or notes having more than one year to run
without consent of 75% of pref. stock.




DIVIDENDS.— On new pref., \ M % quar. (Q.-J.
On new common.
--------- . . 1 1916 to Jam 1918, 4%
. . . .
No. 1.16c. (1)4%). July - '^16 to Jan. 1918.4“ yearly: July 1918. 2 H
1919. Jan. and July, 2)4%: Dec. 31 1919, 2)4%; regular and 1% ex
1919. 2
.
nd
July 1 1920, 3%; July 1 1921, 3%; Dec. 31 1921, 3% in cash and 54%

payable in common stock (V. 113, p. 1580); Julv 1 1922. 3V4%: Dec. 30
1922, 3 )4 % ; Mar. 1 1923, 33 1-3% in com. stock; Apr. 2 1923 to Apr. 1
1925, paid 2% quar. On Apr. 1 1925 also paid 50% in com. stock.
1925------ April------ 1924. 1925— 4 Mos.----- 1924.
SALES—
$8,150,225 $7,369,780 $28,919,825 $25,720,669
R E PO RT.— For 1924, in V. 120, p. 711, showed:
1924.
1923.
1922.
1921.
Stores__________________
256
233
213
200
Sales___________________ $90,096,248 $81,843,233 $65,191,467 $55,859,011
Net income x - - - - _______ 10,114,163
9,493,988
6,616,417 3,402,033
Preferred dividends____
140,000
141,350
141,445
141,446
Common divs., cash____
1,961,450
1,958,257
1,168,557
600,590
Balance, surplus_____$8,012,713
$7,394,381
Quarter Ended March 31—
1925.
Profit________________________________$2,479,890
Federal taxes_______________________
309,986
Preferred dividends_________________
35,000

$5,306,415
1924.
$2,303,036
287,879
35,000

$2,659,997
1923.
$2,248,719
281,090
35,000

Surplus---------------------------------------$2,134,904 $1,980,157 $1,932,629
x After providing for Federal taxes and contingencies.
OFFICERS.— Chairman, S. S. Kresge; Pres., O. 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, M ich.— (V. 120,
p. 2557.)
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 & C o., Newark, N . J., and The Palais
Royal, Inc., Washington, D. C. The latter owns the entire stock o f the
Royal Stores Corp., Washington, D . C.
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.
DIVIDENDS..—-Initial dividend of 2% quar. on the preferred stock
was paid July 1 1924; same amount paid quar. to April 1 1925.
R E PO RT.— 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 & C o., 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
OFFICERS.— Pres., Sebastian S. Kresge; V .-P ., Louis Kamm and
Charles B. Van Dusen; Treas., E. W. Glover; Sec., S. J. Ryan. Office,
715 Broad St.,-Newark, N. J.— (V. 120, p. 2019.)

(S. H.) KRESS & CO.— ORGANIZATION.— Incorporated In N . Y . In
iune 1916 to take over the 5-10-25-cent chain store business of S. H . Kress
* f 'o of N. Y . and 8 H. Kress & Co. of Tex. In Jan 1925 was operating
161 stores. Full official statement to N. Y . Stock Exchange In V. 104,
p. 2143.
STOCK.— Pref. 7% cum., auth., $5,000,000; $4,000,000 issued; retired
to Dec. 31 1924, $1,014,300, leaving $2,985,700 outstanding. Common,
$12,000,000 auth. and outstanding. The pref. will have no voting power

188

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

1904
1904

$100 $40,000,000
1.000
5.278.000
5 g J A D June 1 1944
500 &c a2,432,500 Up to5% Got 1 See text

Bank of Mont. N Y, Sec
No pay ment In 1924

1912
1911

$&£

See text
Fidelity Trust Oo. Phil*

K rupp (F ried.), Ltd, Essen, Germ any— See text.
First and collateral trust mortgage gold_________________
Inoome mortgage $2,500,000 gold________________ _______
Bonds.
of Controlled Companies Held by Public
Ale Steel 1st A Ref M $30,000,000 g gu sf red 105 - Usm.e*
Cannelton Coal A Coke 1st M Int gu sk fd 5c per t o n ___
Algoma C A H Hay R ylSee these cos. under " R R s .”
Algoma Fast f
_ . f
Lanston Monoi.vpe M achine Co— Stock $10,000,000 auth.

[V ol. 120.

106

Amount
Outstanding

15,446,233
229,000
6,000,000

Rate
%

5g
5
6

When
Payable

A
J

Last Dividend Places Where Interest an6
Dividends are Payable
and Maturity

& O Apr 1 1962
A J July 1 1950

Q— M

M ay 31 ’25 U i Checks mailed

a $67,500 additional in treasury.

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 o f the foreign exchange requisite to permit the company to meet
the external obligations evidenced by these notes.— (V. 120, p. 92.)
LACKAWANNA STEEL CO.— See Bethlehem Steel Corp.
LAKE SUPERIOR CORPORATION (T H E ).— OR G A N IZA TIO N .—
Incorporated in N . J. on M ay 19 1904 as successor, per plan, Y . 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.
Ttie pla its include: Open-heann steel works and rail mill; 4 blast furnaces
f about 1,300 tons dally capac.; 8 50-ton open-hearth furnaces and 3 75-ton
urn aces 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 .Tan. 1909 the Fleming syndicate acquired control and undertook ex*
KRUPP (F R IF D .), LTD. (FRIED. KRUPP AKTIFNQFSFLL*
enslve Improvements. (See V. 87, p. 938; V. 88, p. 234, 1065; V. 89, p. 916)
SCH A FT), ESSEN, GERM ANY.— HISTORY A N D BUSINESS.—
Fried. Krupp Aktiengesellschaft (Fried. Krupp, Ltd.) was organized in
Lake Superior Goal Oo. and Oannelton Goal S Ooke Go. own extensive
c
1903 to continue the industrial enterprises theretofore conducted for nearly joal properties in West Va. V . 96, p. 1493; V . 101, p. 921; V . 109, p . 1075:
100 years under the firm name of Fried. Krupp.
V . l l l . p . 1079.
Company is one of the largest coal-producers in Germany and its produc­
tion o f coal is more than sufficient for its own requirements. The mines
BONDS.— As to 1st mortgage and coll, trust 5s of 1904 (reduced to
controlled and worked are equipped with coking plants for the recuperation $5 278,000). see Consolidated Lake Superior Go., V. 77, p. 771, 1290;
o f by-products. Under the allotment o f the “ Ruhrkohle” (Federation of V. 78. p. 1784. 1900; V. 88, p. 1065; V. 90, p. 1105; V. 92, p. 529, and
Ruhr Coal Mine Owners), the company’s coal production is placed at below. First dividend on incomas, 5% . Oct. 1 1906; 1907 to 1909, none;
9,500,000 tons a year. In addition to its control of fuel, the company also 1910 2H % 1911, 2>4%: 1912 and 1913. 5% : 1014, 1915 to 1916, none;
controls and works important deposits o f high-grade iron ore.
1917 to 1920 incl., 5% yearly in Oct.; 1921 to 1924, none.
The blast furnace plants, comprising 10 furnaces at Rheinhausen on
The corporation requested the holders o f the income bonds which matured
the lower Rhine and 7 on the middle Rhine, have a total daily output Oct. 1 1924 to agree to an extension of time for the payment of the principal
capacity o f between five and six thousand tons. The steel plants are
of five years from Oct. 1 1924. The plan submitted protects the
equipped mainly with open-hearth furnaces with capacities of up to 80 tons, for a period the bondholders by providing that if events shall occur which
in addition to converters and electric and crucible shops. Their total position of
may prejudice the rights of the bondholders, the extension agreement shall
yearly steel output capacity is 2.200.000 tons.
terminate
to proceed as if
The main plants for casting, fbrging, rolling and finishing are located at agreement and the bondholders shall be free terms of the planthe extension
had never been made. Under the
the corpora­
Essen and Rheinhausen.
tion surrendered for cancellation $500,000 par value of bonds, thus reducing
The company’s activities cover virtually every important steel and iron
issue to $2,500,000 par value. V.
product in its various phases o f manufacture. Among the products the the outstanding Corporation’s $15,000,000 common 119, p. 1177, 2186.
Algoma
and $10,000,000 7%
following may be specified: Structural steel (construction of bridges and cumulativeSteel stock is all owned by tbe Lake Superior C orp., which guar­
pref.
steel structures o f any dimensions), rails, locomotives o f all sizes and kinds,
prin. and
auth.
rolling stock, ship building material, forging and steel castings of largest antees as to2076. The int. the 1st & ref. M . 5s of 1912. $30,000,000 bonds
V.
Steel Corporation issued its purchase money
sizes, Diesel engines, motors and motor trucks, excavators, machinery for for 103. p.
$5,800,000 to secure L. S. Corp. 1st 5s.
money bonds
the textile and paper industries, agricultural machinery and implements, rank prior to 1st & ref. bonds as to certain o f These purchase$5,800,000 are
the properties;
cash registers and many other kinds o f machinery and apparatus. The
5s; callable at 105. Cum. skg.
Works own facilities for transport as well by river and canal as by rail, there reserved to retire the L. S. Corp. 1st 1253. 1387, 1569, 1697; V. 95, p. fund
yearly on bonds out.
421,
being besides for the circulation within the works a well-developed network of 1% V. 97, p. 1118; V. 101,V. 94, p.V. 104, p. 665.
p. 920;
o f lines with corresponding rolling stock. The company also owns about 1747; Algoma Ueutral & Hudson Bay Ry. and Algoma Eastern R y ., see
For
140 miles of railroad, 91 locomotives and 3,780 cars. For inland water KR Dept. Status as to guarantee in D ec.1920. see report of Algoma Cen­
and oversea transport, the company has its own shipping department.
tral & Hudson Bay Ry. in V. 112, p. 157. Cannelton Coal S Ooke. Y.
c
NOTES.— In Dec. 1924 Goldman, Sachs & C o., Kleinwort Sons & Co. 43. p. 804
(London), Lehman Brothers, White, Weld & C o., Hallgarten & Co.,
RE PO RT.— For year ending June 30 1924, in V. 119, p. 1169:
Halsey, Stuart & Co., Inc., and J. & W . Seligman & Co. sold at 99K and
int. $10,000,000 7 % 5-year merchandise secured gold dollar notes.
Earnings
Int. < Divs. Other
ft
General 1st Mtge.
Balance,
L. S. Corp.—
Sub. Cos. Income. Exp.,&c. Bond Int. S ur.orD ef.
Description of Notes.— Dated Dec. 15 1924, due Dec. 15 1929. Notes
Will be the direct obligations o f Fried. Krupp. Ltd. The notes will be in 1923-24______________$295,000 $32,711 $67,532 $263,900 def. $3,721
69,328
263,900 sur. 7,078
bearer form in denom. of $1.000 and $500 and will bear int. payable J. & D. 1922-23_____________ 293,500 46,806
263.900 sur. 26,390
at the rate o f 7% per annum, such interest to be represented by coupons. 1921-22_____________ 293,500 100.391 103.595
263.900 def. 36,949
Principal and int., and premium, if any, will be payable at the New York 1920-21______________ 295,000 97,815 165,864
office o f Goldman, Sachs & Co., fiscal agents for the loan, in U. S. gold
Operations of Subsidiary Companies for Years Ended June 30.
coin o f the present standard of weight and fineness. Company covenants
that net interest receivable from it by the holders of these notes shall not
JExcluding the earnings of the Algoma Central & Hudson B ay Ry.]
fall below 7% per annum, and that net payments by way of principal and
1922-23.
1921-22.
1920-21.
sinking fund shall not fall below the amounts specified, by reason of any a Net earns, from oper. 1923-24.
German taxes, present or future, which the company may be required or
of all sub. cos________ $1,169,018
$1,004,792
$335,592 $1,746,050
permitted to deduct or withhold. The notes will be issued pursuant to the
Deduct Charges, Divs.,
terms of an agreement with the National Bank o f Commerce in New York, Int. on bonds of sub. cos. &c., Paid by Sub. Cos.—
defining the obligations of the company, and an agreement with the Dresdner
and on bank and other
Bank, Germany, as trustee o f pledged assets.
advances, divs., & c ...
The company will covenant to retire $750,000 o f notes on or before Dividend paid_________ $1,306,034 $1,331,219 $1,412,571 $1,501,004
5,000
116,000
3,500
195,000
Dec. 15 in each o f the years 1925 to 1928, incl. To the extent that the
depreciation
86,164
92,246
87,703
98,131
company shall not purchase such notes at not to exceed 102 and int., Depletion & possible bad
Reserve for
notes will be called for redemption at 102 and int., all as provided in the
8,704
______
______
______
debts and taxes______
trust agreements. Except as redeemed for this purpose, the notes may be
368
9,463
445
____
redeemed only as a whole on any interest date at 102 and int. and on three Income tax____________
months’ prior notice. Notes not retired nor redeemed as above are payable
Deficit for year______
$237,251
$544,136 $1,168,628
$48,085
at par on Dec. 15 1929.
OFFICERS.— Pres., Wilfred H. Cunningham; V.-Pres., Herbert Cop­
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 pell and W. C. Franz; V.-P. & Treas., James Hawson: Sec.. Alex. Taylor.
cost or market, whichever is lower, of at least 150% o f the amount of the Office, Sault Ste. Marie, Ont. Secretary’s office, Bank of Hamilton Bldg.,
outstanding notes, all as defined in the trust agreements pursuant to which Toronto.— (V. 120, p. 711.)
the notes are issued. Company will covenant to maintain at all times
LANSTON MONOTYPE MACHINE CO.— ORGANIZATION.— Incor­
this ratio between the pledged security and the amount of outstanding
porated in Virginia in 1892. Manufactures for sale or rental automatic ma­
notes. The pledge of assets to secure the notes will be made in favor of
rines tor composing and casting type. Controls Lanston Monotype
the Dresdner Bank, as trustee o f pledged assets.
Corporation of London. V. 78, p. 2440; V. 84, p. 994. In Jan. 1922 pur­
Relation to “ Dawes Plan."— The obligations o f the company with respect chased the business, machinery, &c.. o f the Barrett Adding Machine Co.
to the payment o f reparation ("Dawes Plan” ) will take the form of a V. 114, p. 312.
requirement that the company pay annually an amount not exceeding 6%
upon a capital sum which has not yet been definitely determined but
LATE / ’09. ’ 10-’ 13. '14. 1915.
1916.
1917 to M ay 1925.
which in all probability will not exceed 30,000,000 gold marks, or about
OIVS — % ] 1)4
6 yly 3
0
414
6 yly (114 Q-F)— see below
97 ,200,000. No payment whatever is required for the first year ending
The div. of 114% M ay 31 1918 was paid in 6% div. ctfs. due M ay 31
Aug. 31 1925. For the second year the rate is 2)4 %; for the third year, 5% .
See V . 106, p. 2125; V. 109, p . 121.
For the fourth year, it attains 6% whereof 1 % is as amortization of principal. 1919, which were paid at maturity.
As there is no provision for accelerating the maturity o f the capital sum,
RE PO RT.— For year ending Feb. 29 1924, showed:
the average annual payment required o f the company for account of
ryzr-zz.
iuzo- z i .
reparation during the life o f these notes would thus not exceed $306,000. Net earnings__________ j.uzo-z'*.
$715,531
$614,091
$786,680 $1,663,530
The burden o f the company’s liability for reparation will, furthermore,
85,913
76.856
308,803
224,685
be considerably reduced, as, under a special German law, part o f the T axes__________________
360,000
360 010
360,000
360,000
annual payments in respect o f industrial reparation bonds will be refunded Dividends (6 % )_______
69,541
49,840
41,451
130,257
to the obligors of such bonds by branches of German industry, banking Written off_____________
and commerce which under the “ Dawes Plan” do not themselves assume
Balance, surplus_____
$200,076
$127,395
$76,426
$943,588
a direct responsibility for reparation payments. The liability of the
company for reparation will be secured by a charge in the nature of a
Pres., Harvey D. Best; Sec., Jehn A. Ferguson; Treas., Joel G. Clemmer.
first mortgage upon the fixed assets o f the company, but such charge Office and factory, 24th and Locust Sts., Philadelphia.— (V. 120, p. 2557.)
unless and until two quarterly dividends are in default. M ay be redeemed*
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.
No mortgage possible without consent o f 75% o f each class of stock. V.
102, p. 2080; V. 104, p. 2143.
.
Dividends.— On pref., 1 % % quar. Oct. 1916 to April 1925. On common
stock Aug. 1 1919 to M ay 1 1925, 1% quarterly.
SALES—
1925.
1924.
Month o f April.............................................................$3,412,057 $3,012,854
4 months ended April 30............................... ............. 12,352,047 10,240,949
R E PO RT.— For 1923. in V. 118, p. 661, showed:
Pf. Divs. Com.Divs. Bal., Sur
Cal.
No.
Sales.
Profits.
Stores.
Years.
$
$
$
$
$
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
1922 . . . _____145 30.646.938 *3.088.641 232.024 480.000 2.376,617
548,904
1921 . . . _____142 28.908.981 *1,258.142 229,238 480,000
* After providing for Federal taxes.
OFFICERS.— Chairman, S. H. Kress; Pres., Claude W . Kress. Office,
114 Fifth Ave., New York.-—(V. 120. P- 2409.)




M ay , 1925.]
[F o r

189

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
a b b r e v ia tio n s, & c ., se e n o te s o n p a g e

6]

Lee R ubber & Tire Corp — Stock auth 300.000 shares (text)
LeMgb Coal * N a viga tio n — Stock anthorv.prl *29 2*3 400
Fund & impt mtge gold Ser A $2,691,000 (closed)-PIP.xc*
Consol M * 4 0 , 6 0 0 . 0 0 0 . « s f r e d t e x t . . .
P eP k c*r*
L ehigh Valley Coal Sales Co— Stock auth S I O.OOO.OOO.
L igg ett & Myers T o b a cco Co — Com stock $21.406.400 auth
Common stock Class B non voting, $44,363 800 auth_____
Preferred stock (a & d) 7% cumulative J34 139,800_____
Gold bonds (not mortgage) $15,507,800 auth .. .G .xo’ &r*
do
do
do
do
15.059.600 auth. G.xc’ &r*
Lima L o c o m o t i v e W orks. Inc— Com stock 300,000 sh. auth.
Loew s Inc— Stock authorized 4,000,000 shares____________

D a te
Bonds

1898
1914

...
1911
1911

Par
V a lu e

A m ount
O u ts ta n d in g

R a te
%

None 214.837sbrs See text
$50 $29,243 400
8
1,000 3,816,000
4g
1.000 Ac 14,434.000
4H e
5<>
9 .8 0 1 .4 3 5
$8
$25 21 496.400
12
25 32 281.475
12
100 22 614.100
7
60 & c 13 857 000
7g
5g
50 & c 15.069.600
$4
None 211.057 sh.
None 1,060,780 shs.
$2

LEE RUBBER & TIRE CORP.— ORGAN IZATION .— Incorporated
In N . Y . on Dec. 14 1915 to take over the assets of the Lee Tire & Rubber
■Oo. o f Conshohocken, Pa. In M ay 1923 acquired the Republic Rubber Co
V . 116, p. 2395. Product consists of cord, puncture proof and fabric tires.
The stockholders on June 6 1923 authorized an 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- 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.
RE PO RT.— For 1924, in V. 120, p. 1467, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net sales_______________$12,586,371 $ 9,390,397 $6,468,208 $7,358,436
Operating profit_______ loss99,610
182,586
442,734
291,205
Interest, &c____________
134,863
254,399
72.241
41.699
D ividends............................................
256,904
300.000
300.000

W h en
P a ya b le

L a st D iv id e n d
a n d M a tu r ity

Sept 1 '23
Q— F 28 M ay 29 ’25
J & J July 1 1948
J &
J Jan 1 1954
Q— J
July 1 1925
Q — vr
June 1 1925
Q—M J ne 1 1925
Q— J Apr 1 1925
A & O Oct 1 1944
F * A Aug 1 1951
Q— M June 1 1925
Q— M31 Mar 31 ’25

Places Where Interest ant
Dividends are Payable

60c New York
2% Office, Philadelphia
do
do
New York & Phlla
$2 Checks mailed
3-/, Cheeks from Cen Un Tr
3%
do
do
do
do
IH
Guaranty Trust Go, N T
do
do
$1 Checks mailed
50c

ties. Compare Y. I l l , p 2292; V. 117, p. 2117. See also Lehigh Valley
RR. Stock autb., $10,000,000 (par $50), of which $9,801,435 has been
issued
A $12.50 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.
D IV S —
’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’ 21. ’22. 23. '24.
Regular------- $5 $5
$5
$6.50 $8
$8 $8
$8
$8 $8
$8
Ex.(seeabove)$12.50
- - 15.00
Lib. L’n bds. . . __
__
. . $5 $ 2 . 5 0 _
_
From July 1917 to July 1925 paid $2 quarterly.
OFFICERS.— Pres.. Geo. N. Wilson; V.-P A Gen. Sales A gt.. W . B
Evans; Sec. & Treas.. W J. Burton.— IV. 117 p 2117.)
LEHIGH & W ILKES-BARRE C O R P.— (V. 119, p. 2416 )
LIBBV, McNEILL & LIBBY.— (V. 120. p. 2156.)
LIO G E TT & MYERS TOBACCO CO.— O RGAN IZATION .— Incorp.
In New Jersey N ov. 24 1911 and under order of U. S. Circuit Court dated
Balance, sur. or def..def$234,473 def$328,717 sur$70,493 def$50.494 Nov. 161911 took over under plan o f disintegration of American Tobacco Co.
Three Months Ended March 31—
1925.
1924.
1923.
(V. 93, p. 1122-24) certain of its plug, smoking, cigarette and little cigar
$5,374 def$112,217
$52,559
Net inc. after exp., int., deprec., &c____
factories. V. 93, p. 1537; V. 94, p. 282; V. 100. p. 896: V. 107, p. 2012.
OFFICERS.— Chairman & Pres., John J. Watson Jr.; V.-Pres. & Treas.,
STOCK.— The stockholders on Jan. 8 1923 increased the authorized
Albert A . Garthwaite; Sec., Henry Hopkins Jr. N. Y . office, 33 West capital stock from $65,752,700 ($21,496,400 common stock; $21,496,400
60th St.— (V. 120, p. 2410.)
common stock. Class “ B ,” and $22,759,800 pref stock) to $100,000,000,
par $100,
$21,496,400 common, $44,363,800 Common “ B ”
LEHIGH COAL AND N AVIGATION CO. (TH E).— Owns canal from stock and to consist of preferred.
$34,139,800
■Coalport to Easton, Pa., 46 m., and leases Delaware Division Canal, 60 m
The stockholders voted on o v . 12
Also owns Lehigh & Susquehanna R R ., Phillips burg,N. J., to Union Junc­ shares of common stock from N214,964 1923 to (1) increase the number of
shares, par $100, to 859,856, and
tion, Pa., 105 m., with branches, 58 m ., and leases for 999 years Nesque- the number
from 443.638 shares, par $100,
'honing Valley R R ., 17 m.; Treskow R R ., 7 m.; other lines, 17 m.; total. 206 to 1,774,552 of shares of common stock “ B ” the shares of common stock and
and to
miles, o f which 115 miles double crack; but all these roads are leased from common stock “ B ” change the par value of of $100; and (2) to authorize
to $25 each, instead
1871 to Central o f N. J. R R . for and during the term o f the charters of the the directors to
the necessary
to have new common stock
parties (excepting that the lease o f the Nesquehoning Valley R R . is for 999 common stock “take exchanged for steps outstanding common stock and
and
years from 1868), rental being 33 1-3% or gross receipts, with a mini­ common stock “ BB ”o f the company. the
”
Four shares of the new $25 par value
mum rental o f $1,414,400, and maximum of $2,043,000 plus 7% on Im­
of $100.
provements made since Dec. 31 1882. Delaware Division Canal leased stock were exchanged for each share to issue $8,598,550 additional common
The
in Jan. 1924
for 99 years from 1866. In 1904 majority o f capital stock of Lehigh & stock “directors $25 a share).decided new stock was offered to all holders of
B ” (par
This
New England RR. was acquired
V. 78, p 1785: V. 79. d 2646: V 97 p
and common
Feb
•668. 1587; V. 100, p. 731. Allentown Terminal RR. 1st M . were extended common stock the proportionstock “ B ” of recordpar) of11 1924 for subscrip­
tion at par in
of one share ($25
such common
■from July 1 1919 to July 1 1929 at 6% and company’s guarantee cancelled “ B " for each $100 par value of common stock and (or) common stock stock
“ B ,”
as of July 1 1919. V. 108, p. 2634.
held by them, to be paid for in cash on March 10 1924.
As to decision in Oct. 1915 in anti-trust suit by U. 8. Dtst. Court (sub
The holders of common stock and common stock “ B " of record Feb. 16
Ject to appeal), see V. 101, p. 1473). U S. Supreme Court decision V
1925 were
“ B"
the
110, p. 1816. Rebate suit March 1916 appealed in April 1916 before the proportion offered $10,810,700 additional commonBstock each at par in par
of one share of such common stock “ " for
four $25
U. 8. Circuit Court. V. 102, p. 1063, 1350, 1440.
value shares of common stock and (or) common stock “ B " held by them,
In 1917 the company sold its stock Interest in the Lehigh Nav. Electric
C o., owning a large power plant 10 miles west of Mauch Chunk. Pa., and to be paid for in cash on March 16 1925.
DIVS. (% )— 1913 to 1919.
1920 to 1924.
Mar. ’25. June ’25.
^obtaining Its coal supply from the c o .’s mines, to the Lehigh Power Securities
3
3
Corn, for $1,500,000 cash and 61,000 shares of the last-named company’s On com m on...1 2 % (3% Q.-M .) 12% (3% Q.-M .)
extra dividend
4
305,000 shares of capital stock (V. 105, p. 498), 50-year contracts being Common, extra 4% extra ann.
in April.
omitted.
made to furnish coal for the plant and to receive the electricity needed to
Initial dividend of 3% on Class “ B " common stock was paid June 1 1920:
operate the mines. V. 96, p. 1367; V. 100, p. 645, 731same amount paid quar. to June 1 1925; also paid 4% extra on Mar. 2 1925.
STOCK.— Shareholders o f record Oct. 31 1917 were allowed to subscribe
BONDS.— The rights of the 7s are prior
tnose of
os.
at par for $2,655,750 o f new stock. V. 105, p. 1713.
Stock for em­ without making these bonds a prior claim toSee V 94,the 282. No mortgage
p.
ployees, V. 112, p. 938; V. 115, p. 2275.
R E PO R T .— For 1924, in V. 120, p. 578, showed:
DIVS.— 1900. 1901. 1902. 1903. 1904. 1905-08. 1909. 1910-M ay 25
Net
Bond
P r e f . D io s .
C om m on
Balance,
Per c e n t.. 5H
6
5
6
7 8yearly
9 8yearly(2Q-F28)
P r o fits .
In t.& c .
(7% ).
D iv id e n d s .
Survlus
Also 15% in scrip March 1 1910. V. 90, d 55. V. 92. p. 265
1924---------$13,714,197 $1,744,368 $1,575,987 (12%)$4.898.455 $5,495,386
BONDS.— For mtge. o f 1898, see V. 67, p. 125; V. 70, p. 428; V. 81, 1923-------- 11,375.627 1,753,231 1.575.087 U2%14.038.993 4.007,417
,p. 720; V. 84. p. 106.
1922--------- 11,483,679 1,759,385 1,575.982 (12% )3,965.775 4,182,536
The Consol, mtge. 4J4s ($40,000,000 auth. issue) are secured by about
1 9 2 1 ----------- 1 2 ,6 5 0 ,7 4 0
2 , 7 9 6 .5 8 3
1 ,5 7 5 ,9 8 0
( 1 2 7 0 1 3 ,8 9 4 ,3 0 9 4,383,868
12,734 acres of anthracite lands In Carbon and Schuylkill counties, Pa., and
OFFICERS.— Pres., C. C. Dula; V.-Pres. & Treas., T. T . Anderson;
canal and railroad properties, and all except 100 shares o f Lehigh & New
V .-P ’s, W . W . Flowers, E. B. M cDonald. C. W. Toms-and H. A. Walker.
England RR. stock and stocks and bonds of other affiliated companies
Of Sec E. H.
Asst.
S.
and
Brenn. Office,
the $18,000,000 Series A, $14,000,000 were sold to retire $10,054,333 prioi 4241, Folsom Thurston; Louis; Sec., W . 212 Tisdel Ave., E. O. York.— (V. 120,
Ave., St.
branch,
Fifth
New
lien bonds and secured gold notes outstanding, and for general purposes
p. 837.)
and $4,000,000 held in treasury or pledged as collateral for bonds. $3 390.
LIMA LOCOMOTIVE W ORKS, INC.— Incorp. in Virginia, April 25
000 Series B Issued in 1917 and taken into treasury as reimbursement foi
improvements made in years 1914, 1915 and 1916. Of the bonds un­ 1916. Plant located at Lima, Ohio.
issued, sufficient are reserved to retire prior bonds maturing after July 1
C A PITAL STOCK.— The directors voted to retire on June 1 1923 all of
1914 and the balance under restrictions for future purposes. Redeem­ the outstanding preferred stock at 107K and divs.
able on any July 1 at 102
and interest by sinkim fund of 5 cents per
The stockholders voted on July 14 1922 to create an authorized issue
ton of pea and larger coal mined and shipped. Callable at 105 and int.
of 300,000 no par value shares of common stock. Tne new stock was issued
To Dec. 1924, $1,241,000 had been retired by sinking and other funds, for the purpose of exchanging two shares for each share of pref. stock out­
making $14,434,000 outstanding, and $5,715,000 in treasury pledged or standing and two shares of new common stock for one share o f the out­
unpledged, being $2,325,000 Series “ A ” and $3,390,000 Series " B . " V. standing common stock.
103, p. 324: V. 104, p. 1149, 2456; V. 107, p. 506; V. 109, p. 177.
Thecom m on 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
R E P O R T .— For 1924, in V. 120, p. 950, showed:
share of the existing common stock.
Calendar Years—
1924.
1923.
1922.
1921.
Coal production (ton s)..
3,523,671 4,206,961
2,276,964 3,640.428
D IV ID E N D S.— On common paid 1 % % quar. from Dec. 1 1920 to Sept. 1
Gross earnings_________ $24,462,782 $27,098,022 $18,786,432 $22,801,907 1922; Dec. 1 1922 to June 1 1925, paid $1 per share quar on new no par
Net earnings__________ 3,969,617
5,285,533
3,179,037 4,905,862 value stock.
General taxes__________
339,377
604,535
381,105
529,556
BONDS.— A ll of the outstanding 1st mtge. 6% sinking fund gold bonds
General, &c., expenses_
215,687
202.851
201,887
227.903
Interest on funded debt.
863,364
986.035
992.497
1,093.675 dated July 1 1912 were called for payment Nov. 1 1922 at 110 and int.
Miscellaneous__________
3,121
18,604
16.524
20.964
R E PO RT.— For 1924, in V. 120, p. 1097, showed:
Calendar Years—
1924.
19231922.
1921.
Dividends (8 % )_______ 2,339,472
2,339,472
2,339,472 2,338,083
Gross income---------------- $14,577,135 $20,286,867 $6,476,953 $12,528,154
$208,596 $1,134,036 def$752,448
$695,682 Net income___________
1,725,043
2,902,605
175,446
1,136,592
Surplus for year______
225,000
500,000
_____
Note.— The mines were idle from April 1 to Sept. 10 1922, due to a Reserve for Fed’l taxes..
Pref. dividends ( 7 % ) - . .
--------30,326
130,985
200,550
general strike o f the anthracite mine workers.
Common dividends (7% )
844,228
809,570
189,211
304,500
OFFICERS.— Pres., S. D. Warriner; V .-P ., H. F. Baker; V .-P. & Sec., Balance, surplus----------655,815
1,562,709 defl44,750
631,541
H. H. Pease; Treas., O. E. Neff; Compt., Edward Hughes. Office, 437 Profit and loss surplus..
4,671,692
4,015,876
2,453,167 2,470,994
Chestnut St., Philadelphia.— (V. 120, p. 950.)
OFFICERS.— Chairman of Board, Joel S. Coffin; Chairman, Exec. Com.*
LEHIGH VALLEY COAL CO.— See Lehigh Valley Coal Sales Oo
Samuel G. Allen; Pres., Joel S. Coffin; Treas., L. A. Larsen; Sec., E. N,
below; also Lehigh Valley R R . under “ Railroads" above; compare also Pierce. Offices, Lima, Ohio, and 17 East 42nd St., N. Y .— (V. 120, p. 1097.<
V. 118, p. 673. for details of $15,000,000 1st & ref. mtge. bond issue
•
description of property, &c. An initial dividendlof $1 25 per share was paid
L i n d s a y l i g h t c o .. C h i c a g o — (v . 120, p. 966.)
Jan. 31 1925. V. 119, p. 2888.
LOEW’ S INCORPORATED.— O RGAN IZATION .— Incorp. in Dela­
LEHIGH VALLEY COAL SALES CO.— Incorporated in New Jersey ware Oct. 18 1919 to take over the business of Loew’s Theatrical Enterprises
Jan. 22 1912. Purchases from the Lehigh Valley Coal Co. coal mined, pur
(incorp. under New York laws on April 17 1911).
ohased or otherwise acquired by the Leh. Val. Coal Co. and affiliated com
C A PITA L STOCK.— Auth., 4,000,000 shares; outstanding, 1,060,780
panies, and ships and markets the same. The lower Federal Court on Dec,
21 1914 dismissed the Govt, suit against the company and the Lehigh Valley shares of no par value. Initial dividend of 50c. per share paid Feb. 1 1920;
R R ., &c., for alleged violation or the anti-trust law and the commodities then to May 1921 paid 50c. quar.: then none until Dec. 31 1923, when
50c. was paid; March 31 1924 to March 31 1925 paid 50c. quar.
clause o f the Inter-State Commerce law. V. 99, p. 1914; V. 98, p. 916
This decision was reversed on Dec. 6 1920 by the U. S. Supreme Court,
BONDS.— Obligations of subsidiary corporations outs anding Aug. 31
which ordered a separation o f the Lehigh Valley R R . from its coal proper1924, $9,216,378.




190

[Vol. 120.

IN D U STRIAL STOCKS AND BONDS
MISCELLANEOUS COMPANIES
For abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

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 JL Ser B g s f red (text)_ CeC.xxxkc* 1923
Loose-Wiles Biscuit Co— 1st pref (p & d) 7% cum red 120-.
Second pref (a & d) 7% cum 52,000,000 conv into oommon

Lorlllard (P/ Co—-Common stock $50,000,000 auth______
Pref stock (a & d) 7% cum 511.307,600_______________
Gold bonds (not mortgage) 510,933,500 auth__ G.xc’ &r* 1911
do
do
do
do in « i 7.450 auth. fl.xc’ &r* 1911
Ludlum Steel Co— Stock 200,000 shares authorized______
First mtge s f g ($6,000,000 auth) Ser “ A ” red (text)___ c*

None 542,569 shs
None
$593,921 See text
$100 &c 9,327,100
6g
100 &c 7.500.000
6g
100 4,165,500
7
100 2.000,000 See text
100 8.000
000
183,900
6 g
12
25 30.3U5.550
7
100 11 307,600
50 Ac 9,827.700
SO tec 10.617.450
6g
None 135.000 shs.
$2
500 &c $1,194,000
7g

RE PO RT.— For fiscal year ended Aug. 31 1924 in V. 119, p. 2173, showed
G oss Income—
1923-24.
1922-23.
1921-22.
1920-21.
Thea re receipts, tentals
and sales o f films, &c.$40,628,928 $16,860,161 $16,801,424 $16,473,747
--------Rentals of stores & offices 1,448,049
1,363,238
1,250,106
Booking fees & commis’s
630,181
623,623
606,437
667,217
Divs. rec. from affil.corp
_______
515,657
696,081
534,221
Miscellaneous income_
_
230,110
271,678
254,254
420,916
$42,937,269 $19,634,355 $19,608,302 $18,096,102
Expenses—
Operation of theatres and
office buildings______$24,182,952 $8,320,486 $9,874,405 $8,474,262
Operation o f film distri­
2,030,257
bution offices________ 4,327,420
2,010,870
2,958,355
Amortiz’n of films pro­
3,964,224
3,521,339
duced and released_
_ 2,766,547
2,118.832
Cost o f film advertising
245,075
226,673
accessories sold______
436,177
366,657
Producers’ share of film
1,367,059
1,512,894
5,862,032
2,793,634
rentals______________
214,676
194,250
825,031
409,712
Depr. o f bldgs. & equip.
450,674
251,192
Federal income taxes—
M inority interests, shares
946,351
affiliated corporations.
______
Loew’s, Inc., share undis­
112,858
______
tributed affil’d cor’ns.
Divs. on subsidiary stock
78,174
______
(Met-Goldwin pref.). _
Total expenses________$39,988,217 $17,218,866 $17,340,431 $16,295,551
Operating profits_______ $2,949,053 $2,415,488 $2,267,871 $1,800,550
Previous surplus_______
2,961,486
545,998
100,413
563,169
Total surplus________ $5,910,538 $2,961,486 $2,368,284 $2,363,719
Dividends_____________ $2,121,560
______
______ $1,426,694
Extraordinary charges..
----------------1,822,287
836,612
Profit and loss surplus $3,788,978 $2,961,486
$545,997
$100,413
N o t e . - —Operating statement this year includes all enterprises owned or
managed b y Loew’s, Inc.
Report for period from Sept. 1 1924 to Mar. 15 1925, in V. 120, p. 22(7,
showed: Gross income, $30,177,121; expenses, $27,231,977; dividends,
$1,060,780; bal., sur., $1,884,364.
D IR E C TO RS.— David Bernstein (Treas.), David Warfield, W . C,
Durant, David L. Loew, Marcus Loew (Pres.), Daniel E. Pomeroy.
N . M . Schenck (V .-P .), Lee Shubert, Charles M . Schwab, Arthur M
Loew (V .-P .), William Hamlin Childs. Sec. is Leopold Friedman. Office,
Broadway and 45th St., New York.— (V. 120, p. 2277.)
LOFT, INC.— ORGAN IZATION .— Incorp. in Delaware Sept. 24 1919
and succeeded to a company o f 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 34 retail stores in Greater
New York, New Jersey, Hartford and New Haven, Conn., Baltimore and
Philadelphia.
D IV ID E N D S.— Initial dividend of 25 cents per share was paid March 31
1921; the same amount paid quarterly to Dec. 30 1922; none since.
RE PO RT.— For 1924, in V. 120, p. 1212, showed:
1921.
1922.
19231924.
C a le n d a r Y e a r s —
$7,720,589 $7,406,292 $6,738,262 $6,760,222
Net sales
-Raw materials, labor ,&c.
5,964,433
7,045,474
6,713,215
5,768,779
expenses _
379,062
377,957
360,634
Depreciation

Profit for year
Dividends paid
Balance, surplus -Previous surplus-----------

$296,052
123,617

$315,120
90,079

$419,669
52,303

$405,199
50,477

$367,366
1,697,965

$354,722
1,343,242

$608,849
55,184

$795,789
56.761

$852,550
$664,033
122,200
82,208
($1)645,000 ($1)645,025
def$63,174
1,406,416

$85,325
1,321,091

Profit & loss surplus
$2,065,331 $1,697,965 $1,343,242 $1,406,416
1922.
1924.
1923.
1925.
Q u a r t e r E n d e d M a r . 31
$1,796,571 $1,701,463 $1,772,504 $1,441,561
Sales OFFICERS.— Geo. W. Loft, Pres.; W . J. Miller, Chairman; G. L. Loft,
James J. Newman and Paul Hungelmann, V.-Ps.; J. R . Haas, Treas.: D. C.
Kennedy, Sec.; T. F. Flynn, Asst. Treas. & Asst. Sec. Office, 400 Broome
St., New York.— (V. 120, p. 1808.)
LONG=BELL LUMBER CORP. (T H E ).—Inc. in Maryland in 1924 as
a holding company for a business started in 1875 under the name R. A.
Long & C o., Subsequently incorporated in Missouri in 1884 as
the Long-Bell Lumber Co. Corporation owns about 99% of capital
stock o f Long-Bell Lumber C o., which in turn owns entire capital stocks
of Long-Bell C o., Weed Lumder C o., Long-Bell Farm Land Corporation,
Longview C o., and Longview Suburban Co. Company’s property is dis­
tributed over 12 States of the West, Middle West and South, and comprises,
among other things, 12 modern lumber manufacturing plants, with a ca­
pacity o f 800,000,000 ft. per annum; 8 sash and door, box, veneer and other
wood products plants; 122 retail lumber yards; 371.5 miles of railroad, to­
gether with equipment; 11,267,961,739 ft., log scale, o f standing timber;
1,092,-000 acres o f 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




Rate
%

When
Payable

None 650.000 shs See text

Long=Bell Lumber Corp (The)— Class B stk 550,000 shs au

Operating income
Miscellaneous income_
_

Amount
Outstanding

Last Dividend Places Where Interest and
and Maturity
Dividends Are Pdyable

Dec 30 ’22 25c
Q— M 31
J & J
A & O
Q— J
Q— F

Mar 31 ’ 25, $1
July 1 1942
New York or Chicago
New York or Chicago
Apr 1 1943
Apr 1 1925 1H Checks mailed
do
M a y l 1925 1 3
A

& A To Feb 15 1931
Apr 1 1925 3% New York Trust Oo. N Y
Apr 1 1925 1H
do
A & O Oct 1 1944
Guaranty Trait Co, N Y
F & A Aug 1 1951
do
do
Q— J July 1 1925 50c.
F & A Feb 1 1943
Chemical NatBank, N Y
F

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. I f 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%.
Long-Bell Lumber Corp. initial dividend Class “ A ” stock, $1 per share
paid Mar. 31 1925. 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 bonds
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 fo r
sinking fund.
Series “ B ” bonds— Sinking fund same as Series “ A ,” commencing, how­
ever, Oct. 1 1926, and ending April 1 1943.
On Dec. 31 1924, in addition, there were outstanding obligations of the
company’s subsidiaries to an amount of $16,786,534 timber land and
sundry purchase money obligations and $2,213,587 other notes payable, of"
the total amount of which about $2,765,854 were to mature within one
year and $352,301 were to mature in same period, but were subject to
renewal.
R E PO RT.— For 1924 showed:
Profit for year_______________________________________________ $10,736,972'
L e s s — Depletion, $3,289,189; depreciation, $1,413,416; total______________ 4,702,605
Oper. int. charges, $1,487,006; inc. taxes, $541,321; total____ 2,028,326
Dividends paid____________________________________
1,161,773
Balance, surplus___________________________________________$2,844,267
C o n s o lid a t e d I n c o m e A c c o u n t f o r Q u a r t e r E n d e d M a r c h 31 1925.
Total income_________________________________________________ $3,350,682
Depl. & deprec.* $1,182,116; in t., $505,872; Fedrl taxes’; $192",924 1,880,912
Net income________________________________________________ $1,469,770
OFFIC E R S.— Chairman, R. A. Long; Pres., M . B. Nelson; Sec., R. W .
Stith; Treas., R. P. Combs. Office, R. A. Long Bldg., Kansas City, M o.—
(V. 120, p. 2557.)
LOOSE-WILES BISCUIT CO.— ORGANIZATION.— Incorp. 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.— Com. stock ($8,000,000) was in a voting trust extending to
May 8 1917. but extended as to a majority until M ay 8 1922 and again
to M ay 8 1927, with right to terminate vested in 75% . V. 104, p. 1903;
V. 94, p. 1768.
D IVIDEN DS.— On first pref., 1 % % quar. July 1912 to April 1 1925.
On 2d pref.. Aug 1912 to Feb. 1915. 1 % % quar.; none thereafter until
A
May 1920 when 5 H% was paid on accumulated dividends; N ov. 1 1920
to N ov. 1 1922 paid 194% each quar.: Feb. 1 1923 to M ay 1 1924 paid
7% each quar.; Aug. 1 1924 paid 314%, clearing up all accumulations.
Nov. 1 1924 to M ay 1 1925, paid 1% % quar.
RE PO RT.— For 1924, in V. 120, p. 1083, showed:
1921.
1922.
C a le n d a r Y e a r s —•
1924.
1923.
$ 208,773
$820,967
Net profits*_____________$1,177,205
$914,325
311,826
308,630
First pref. div. (7 % )____
293,204
304,500
175.000
245.000
Second preferred div
420,000
420,000
150.000
150.000
Sink. fd. of 1st pfd. stock
150,000
150,000
Prem. on 1st pfd. redeem
3,281
10,217
$310,720
$29,608
$117,337 def$428,053
Balance, surplus_____
Profit and loss, surplus-. $4,184,298 $3,873,578 $3,843,970 $3,726,63
* Net profits from operations after deducting all expenses, interes
charges, depreciation and Federal taxes.
Pres., B. L. Hupp; V.-P. & Treas., John H. Wiles; Sec., R . W . Castle.
Office, Kansas City, M o.— (V. 120, p. 1083.)
(P.) LOR1LLARD CO.— O R G A N IZA TIO N .— Incorporated in N»w Jer­
sey N ov. 24 1911 and, under order of U. S. Circuit Court dated N ov. 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 o f
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 D IV .— f T4. T5. T6. 17. T8. T9. ’20. '21 ’22 ‘23. 24
Regular...........................(10 10 12 12
12
12 12
12 12 12 12
Sxtra_________________[ 5
3 5
6 20 stk. —
. . . .
Paid regularly in cash 3% quar., April 1916 to April 1925, 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 1924, in V . 120, p. 697, showed:
1924.
1923.
1922.
1921.
Net income after Fed.tax $6,439,196 $6,277,634 $8,133,398 $7,616,545
Premium on 7% bon ds-15,150
14,345
13,791
5,864
Loss on Lib. bonds sold.
______
______
______
93,497
Bondinterest__________
1,219,209
1,225,248
1,231,163 1,238,861
Preferred divs. ( 7 % ) . . 791,532
791,532
791,532
791,532
Common divs. (1 2% )_
_ 3,803,834
4,088,938
4,017,002 3,636,570
Surplus after dividends $609,471
Adjustments_________ D r . 3,000,000
Previous surplus_______ 14,830,902

$157,572
--------14,673,330

$2,079,910
--------12,593,420

$1,850,222
--------10,743,197

Profit and loss surplus.$12,440,373 $14,830,902 $14,673,330 $12,593,419
OFFICERS.— Pres., B. L. Belt; Sec., G. T. Minnigerode; Treas., H. A..
Stout. Office, 119 West 40th St., New York.— (V. 120, p. 1593.)

M ay , 1925.]

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
IFor abbreviations, A c . , see notes o n fir s t page.]

D ate
B onds

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_
Mclntyre-Porcupine Mines, Ltd.— Stock $4,000,000 authMack Trucks, 1nc— Com stock 500,000 shares auth . - 1st pref (a Sc d) 7% cum $10,921,900 auth call 110_______
2d pref (a & d) 7% cum $5,347,800 autb call 105_______
(R H) Macy & Co. Inc.— Common stock 350,000 sh auth__
Preferred (a & d) stock 7% cum $10,000,000 auth______ __
Magma Copper Co— Stock 410,000 shares auth-- -Magnolia Petroleum Co— Stock $188,000,000 -------------- Co
Serial gold debentures due $1,500,000 ann red_____xxxc*

1925

Par
V alue

D e d u c t■
—

$83,907
11,135
1,133
55,460
240,000

$82,573
11,115
15,894
58,546

$50,829
10,100
55,189

48,783

$438,940
Balance, surplus_________________ def$15,576
Profit and loss surplus______________$1,845,010 $2,210,486
T h r e e M o n t h s E n d e d M a r c h 31—
1925.
Net sales-----------------------------------------------------------$912,550
Net operating income__________________________
133,529
Other income___________________________________
12,610
In t., amortization& reserve for taxes_____________
47,021

Rate

%

None 362,008 shs. See text
None *49.3’ 6 sns. See text
$100 3,000,000
7
5 3.990.000 See text
None 339,730 sh See text
100 10.921.891
7
100 5.331,700
7
None 350.000 shs See text
100 9.380.000
7
None 305,150 sh. See text
*100 180.2 17,100 see text
1,000 15,000.000
4l g
A

LUDLUM STEEL CO.— Incorp. 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* page. In Nov. 1920 the capital stock
was changed from par value o f $100 per share to no par value stock. .
DIVS.—-On stock o f no par value paid 50c. per share quarterly, Jan. 2
1924 to July 1 1925. On old stock o f $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 107X to Feb. 1 1933, and at 105 thereafter. The
A
mortgage indenture provides for an annual sinking fund payment, beginning
in 1924, equal to 10% o f the net earnings o f the last preceding calendar
year with a minimum amount of 2.8% o f the face value o f the bonds out­
standing at the end o f the calendar year last ended.
R E PO R T .— For 1924 showed:
C o n s o lid a t e d S t a t e m e n t o f E a r n i n g s — Y e a r E n d e d D e c . 31.
1922.
1923.
1924.
$3,418,258 $2,511,213
Net sales___________________________ $2,886,345
2,062,721
Material, labor and operating expense 2,445,582
2,688,660
Depreciation_______________________
100,989
105,105
99,587
$348,905
$339,774
$624,491
Other income.
36.285
31.360
23,477
$372,381
*376,059
$655,851
Interest on bonds______________
Amortization bond discount_
_
Other interest_________________
Adjustment prior years_______
Reserve for Federal, & c., taxes.
Dividends paid______________

A m oun t
Outstanding

$256,264
1,777,049
1924.
$944,500
130,136
8,490
48,495

W h en
Payable

Q— M
Q— M
Q— F
Q— M
Q— J
Q— J
Q— J

L ast D ivid en d
and M a tu rity

191
P laces W h ere Interest and
D ividend s are Payable

See text
See text
Nov 1 1925 1 H
June 1 ’25 5% Checks mailed
Mar 31 ’ 25 $1A Guaranty T r Co, N Y
do
do
Mar 31 ’25 1 M
do
do
Mar 31 ’25 1%

Q— F M ay 1 ’25 1%
See text July 15 ’25 75c
See text
By check
y —J 6
F & A To Feb 15 1935 / Galveston or National
\ City Bank, New York

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. 120, p. 2690.)
MACK TRUCKS, INC.— Incorp. Nov. 8 1916 in N. Y . as the Interna­
tional M otor Truck Corp., as a result of the refinancing o f the International
Motor Co. of Delaware. Name was changed to present title in March 1922Acquired approximately $8,000,000 of the assets of Wright-Martin Aircraft
Corp. in Dec. 1919. Plants are located at Allentown, Pa., Plainfield,
V. J., and New Brunswick, N. J.
C A PITAL STOCK.— The stockholders on March 26 1924 increased the
authorized common stock from 320,000 shares to 500,000 shares, no par
value.
The directors on Aug. 21 1924 authorized the offering to stockholders o f
record of Sept. 2 1924 the right to subscribe to one share of stock at $80 a
share for each five shares held by them.
Dividends,— 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 1925 paid 1M % 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 1923; Oct. 1 1923 to M ar. 31 1925 paid $1 50 quar.
Also paid 100% in common stock in M ay 1920.
R E PO RT.— For 1924, in V. 120, p. 1351, showed:
1924.
1923.
1922.
1921.
Sales___________________ $46,622,622 $43,866,958 $31,070,289 $24,849,268
$8,146,186
$8,897,620 $5,122,275
$895,564
N etprofit____________
Federal tax reserve_____
935,000
1,050,000
565,000
______
Depreciation___________
990,913
843,955
604,966
437,275
Inventory shrinkage____
______
______
______
331,357
1st pref. dividends_____
764,533
764,533
764,533
764,533
2d pref. dividends______
373,219
373,219
372,084
372,084
1,698,653
1,415,540
283,109
____
Common dividends_____

Balance, surplus____ $3,383,868 $4,450,373 $2,532.554df$l,009,686
3 M o s . E n d . M a r . 31.—
1925.
1924.
1923.
1922.
Net profits after deprec.,
m aint., repairs and est.
Federal taxes________x$l,754,869 $1,430,308 $1,514,933
$255,198
x After allowing for dividends on the 1st and 2d Pref. stock the balance
Net income----------------------------------------------------$99,119
$90,131
OFFICERS.— Pres. Edwin Corning; V .-P. & Treas., Parker Corning; is equal to $4 33 a share earned on the 339,730 shares of common stock
Y .-P ., H . G . Batcheller; Sec., E . Palmer Gavit. Office, Watervliet, N . Y .—■ outstanding.
Balance sheet as of March 31 1925 in V. 120, p. 2410.
(V. 120, p. 2557.)
OFFICERS.— A. J. Brosseau, Pres.; R. E. Fulton, E. C. Fink, A. F.
McCRORY STORES CORPORATION.— ORGANIZATION — Incorp
In M ay 1915 Irf Del., successor of J. G. McCrory Co. Owns and operates a Masury, W . R. Edson, V.-Pres.; J. E. Savacool, V.-Pres. & Compt.;
C. W . Haseltine, Sec. & Treas. Office, 25 Broadway, N . Y .— (V. 120,
chain o f 172 5 and 10-cent stores in the Eastern and Southern States
STOCK.— The stockholders on M ay 21 1923: (1) Authorized the issue p. 2410.)
ance o f $3,000,000 new 7% cumul. pref. stock. The old ($924,700) pref(R. H.)
on M ay 28
stock was called for redemption on July 1 1923; (2) authorized the issuance of Conducts aMACY & CO., INC. — Incorp. in New York 34th & 35th 1919department store located on Broadway and
S ts.,
500,000 shares of no par value common stock. This stock was exchanged
for the old common stock (par $100) on the basis o f 4 shares of new stock New York City. In Dec. 1923 acquired an interest in the La Salle & Koch
for 1 share o f the old stock. (3) Authorized the issuance o f 150,000 shares Co. of Toledo. V. 118, p. 91.
D IV ID E N D S.— On preferred stock in full to date. On common, paid
o f 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 a stock div. in com. stock of 150,000 shares to stockholders of record Aug
31 1922.
stock. This stock may be issued as determined by the directors.
Stock P u r c h a s e W a r r a n t s . — Each pref. stock certificate, at the time of
R E P O R T .— For year ended Jan. 31 1925 showed:
Issue, will be accompanied by a stock purchase warrant entitling the holder
Y e a rs E nd ed — ■
J a n . 31 ’25. F e b . 2 ’24.
F e b . 3 ’ 23. J a n . 28 ’ 22.
o f such warrant to purchase on or before Dec. 31 1930 new non-voting Net sales_____________ $56,369,795 $51,232,360 $49,615,229 $46,671,763
class B common stock at $40 per share on the basis o f 2 A shares of class Cost of goods sold, selling,
B common stock for each share of pref. stock represented by each such
oper. & adm. exp., less
pref. stock certificate. Compare V. 117, p. 95.
miscell. earnings_____ 53,014,097 47,494,473 46,068,287 44,043,401
Initial div. o f 1 % on com. stock paid Dec. 15 1920. On Mar. 15 1921 the ProvisionforFed. inc. tax
350,000
400,000
410,000
328,545
regular 1% div. was paid in stock, plus a special stock div. o f 20% . V. 112, Preferred divs. (7 % ) - - 659,330
683,914
577,928
514,500
p. 938. June 15 1921 to Dec. 1 1923 paid each quarter 1% in com. stock,
with the exception o f Mar. 1 1923 when 1% in cash was paid. On Dec.
Balance, surplus_____$2,346,368 $2,653,973
$2,559,014 $1,785,316
15 1922 paid 10% in com. stock; also paid 10% in com. stock on Mar. 1 Profit and loss surplus.. 9,190,041
6,679,499
5,448,231
3,549,868
1923 and 5% extra in com. stock on Dec. 1 1923. On Mar. 1 1924 paid
OFFICERS.— Pres., Jesse Isidor Straus; V .-P ., Percy S. Straus; Sec. &
40 cents a share in cash and 5% in com. stock and on June 2 1924 paid 40
cents in cash and 1 % in com. stock on class “ A ” and class “ B " com. stocks. Treas.. Herbert N. Straus.— (V. 120, p. 1756.)
On Sept. 1 and Dec. 1 1924 paid 1% in stock, on Mar. 2 1925 paid 40 cents
MAGMA COPPER CO.— Incorp. M ay 7 1910 in Maine. Owns a group
in cash and on June 1 1925 paid 1 % in stock on Class “ A ” and “ B ” common of mining claims of 2,075 acres, of which 539 acres have been patented,
stocks. On pref., paid (or declared payable) in full to Nov. 1 1925.
and also owns an adjoining group of mill sites containing 392 acres, o f
Mortgages and purchase money obligations secured by real estate and which 31 acres have been patented and 297 acres of patented farm lands.
leaseholds, $2,791,571 (as of Dec. 31 1924).
STOCK.— The stockholders on Jan. 26 1925 increased the authorized
SALES.— 1925-----A p r i l -----1924.
1925— 4 M o s . — 1924.
stock from
$2,255,113
$2,086,711
$7,743,891
$6,888,288 capitalstockholders 350,000 to 410,000 shares without par value.subscribe
The
of record Jan. 31 1925 were given the right to
R E PO R T .— For 1924 showed:
at $36 50 per share for the 60,000 additional shares.
C a le n d a r Y e a r s —
1924.
1923.
1922
1921
D IV ID E N D S.— Dividends of 50 cents a share were paid
from
Sales__________________
.?
$21,367,824 $17,123,253 $14,406,404 Sept. 30 1915 to Jan. 6 1919; then none until July 15 1925, quarterly cents
Cost of sales___________
?
14,888,936 11,797,154 10,006,087 a share was paid. Also paid a special Red Cross dividend when 75
of 10 cents a
Gen. exp., taxes, &c___
?
4,807,849
4,141,029
3,712,546 share on July 27 1917.
Preferred dividends___
$208,516
99,214
66,504
67,333
Common divs. (cash)_
_
177,916
BONDS.— All of the outstanding 10-Year 7% Conv. gold bonds, dated
______
104,599
36,731
Common divs. (stock)-- 1,193,680
1,700,699
852,300
1,232,567 June 1 1922, were redeemed on June 1 1925 at 105 and interest.
Retirem’t o f pref. stock93,832
54,970
54,830
RE PO RT.— For calendar years:
( In c lu d in g M a g m a A r iz o n a R R .).
Balance, surplus------$408,876 def$327,305
$174,564 def$666,959
C a le n d a r Y e a r s —•
1924.
1923.
1922.
OFFICERS.— Pres., J. G. McCrory; V.-Pres., J. M . McCullough, P. A.
$419,669 $1,022,822
Prior, Van C. McCrory; Treas., F. D. Jolly; Sec., B. H. Stenzel. N. Y . Sales of copper_____________________ $2,555,774
Cost of sales, &c____________________
1,500,319
520,719
1,422,460
office, 1107 Broadway.— (V. 120, p. 2410.)
Gen., selling, adm. exp., taxes, &C-110,344
102,796
161,545
M cIN TYRE PORCUPINE MINES, LTD.— Incorp. March 16 1911 in Interest and other income__________
C r . 34,574
C r . 58,049
C r . 74,056
Ontario. Properties are located in the Porcupine District near Schu­ Railway operating loss (net)________
44,779
6,256
36,721
macher. Ont.
Interest on bonds, discount, &c_____
395,255
362,427
177,915
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
Surplus for year__________________
$539,651 def$514,480 def$701,762
par value constituted one share of $5 par value.
OFFICERS.—-Pres., Chas. F. Ayer; V .-P ., A. J. M cNab and Walter H.
D IV ID E N D S .—
1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Filor; Sec. & Treas., H. E. Dodge. Office, 14 Wall St., New York. Mine
Per cent---------------------- 15
15
10
15
15
15
15
20
office, Superior, Ariz.— (V. 120, p. 2277.)
Paid in 1925: Mar. 1, 5% ; June 1, 5% .
R E PO RT.— For year ended June 30 1924 in V. 119, p. 1177, showed:
MAGNOLIA PETROLEUM CO.— ORGANIZATION.— A joint stock
Y e a ^ s e n d e d J u n e 30—
1924.
1923.
1922.
1921.
association
1911 under common law
Income-------------------------- $3,368,715 $2,306,360 $2,103,897 $2,177,278 by contract (unincorporated) organized on April 24 oil wells in Texas, Okla­
in
of Texas. Owns and controls
C o s t s -------------------------- 1,788,332
1,334,517
1,242,537
1,088,764 homa, Kansas State Arkansas, with refineries located at Beaumont, Fort
and
Reserves &appropriat’ns
387,543
232,335
308,614
272,984 Worth, Corsicana and Luling, Texas. The company owns 2,300 miles of
Dividends (1 5% )_____
559,639
546,042
546,042
546,042 pipe lines and tank farms with storage facilities for 25,000,000 bbls. of crude
Balance, surplus------$633,201
$193,466
$6,705
$269,488 oil; also owns 1,005 tank cars and operates 879 distributing stations in
For 9 mos. ended Mar. 31 1925, in V. 120, p. 2690, showed: Gross, Texas, Oklahoma, Arkansas and New Mexico. The company also owns
$2,665,516; net after taxes, but before plant deprec., $1,254,346.
a 29-story office building in the City of Dallas, recently erected.




192

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b re v ia tio n s , & c . , see n otes o n p a g e 6 ]

D a te
B onds

<'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,(100,000 auth_______ ___
Preferred (a & d) 7% cum call 1 2 0 $.',,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 fa & d) 1 % 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________
Two-year gold notes red (text)_________________________ G 1924

Par
V a lu e

None

$1,646,446
183,897
185,000

$986,525
245.200
90,000

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la ces W h e re In te re s t a n d
D iv id e n d s A r e P a y a b le

shs

7
Q— J Apr 1 1925 I X
Q— M
5
See text
100 3 , -n o ,000
7
Q— J Apr 1 1925 1X
100 &c
7 629.000
& O Apr 1 1942
7 \4 g
None 70,000 sh.
$4
1
Q— J Apr 1 1925, $
Q— M June 1 1925 1)4 Checks mailed
25 7,090,173 See text
100
1 600.000
7
do
y — j Apr 1 1925 1 %
None 300 500 sh.
Non 1549961 shs See text
June 30 ’25, 75c
1,000 2 0 ,0 0 0 ,0 0 0
5 g M & N Nov 1 1926

♦Net earnings_______ $8,456,977
$8,110,660 $6,472,010 $10,226,460
* Before Federal taxes.
OFFICERS.— Chairman, John Sealy, Galveston; Pres., E. R. Brown,
Dallas; Sec., Courtenay Marshall. Beaumont: V.-P. & Treas., W . C.
Proctor, Dallas. Office, Dallas, Texas.— (Y. 120, p. 2690.)
(H. R.) MALLINSON & CO.. I N C — Incorp. 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 year ended Oct. 31 1924, in V. 120, p. 592, showed:
Y e a rs E n d . O ct. 31— - 1924.
1923.
1922.
1921.
Operating income______ loss$2.246 $1,556,595
$838,401
$459,441
Other income__________
36,233
89,851
148,124
51,855
$33,987
195,442
______

2 0 0 ,0 0 0

Rate

$100 $2,501,500

STOCK.— The Standard Oil Co. of New York owns approximately
09% of the capital stock, such stock being non-voting.
DIVS.—
1916-17. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Regular divs., % . 6 p. a.
6
6
6
6
6
4 )4
4
1
2
2
)4
Extras in cash, % . ____
Stock divs., % _ ______
_
..
100
-50
Paid in 1925, Jan. 5, 1% in cash; April 5, 1% in stock; July 5, 1% in
cash; Oct. 5, 1% in stock.
BONDS.— The serial gold debentures are redeemable all or part on any
int. date upon 30 days’ notice at face value plus a premium of X % for each
6 months Intervening between date of redemption and maturity in the case
of debentures of each series.
Proceeds will be used to redeem on July 1 1925 the company’s $8,500,000
1st mtge. 6 % bonds outstanding, and to increase working capital.
V.
120, p. 712.
REPORT.— For 1924, in V. 120, p. 2019, showed:
1924.
1923.
1922.
1921.
Gross earnings_________ $57,335,550 $52,013,916 $46,577,128 $55,139,890
Exp., depl’n & deprec’n. 48,878,573 43,903,256 40,105,118 44,913,430

Total income________
Int., tax., depr., &c____
Est. Federal taxes______

A m ount
O u ts ta n d in g

[V ol. 120.

$511,296
172,939
32.500

100

10.000.000

D IV ID E ND S — Initial div. ef $1 50 per share on the 30,000 shares of
ao par value stock was paid Oct. 15 1920. A stock div. of 10% was also
paid on that date. On Jan. 1 1921 paid $1 50 and from April 1 1921 to
April 1 1925 paid $1 quarterly.
REPORT.— For 1924 showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Sales (net)____________ $9,036,624
$8,283,463 $7,016,370 $5,523,968
Cost of sales___________
7,129,743
6,366,107
5,130,923
4,235,521
Gross profit_________ $1,906,881
Miscellaneous profits
172,509

$1,917,367
143,643

$1,885.447 $1,288,447
$104,872 Not shown.

$2,079,390 $2,061,000 $1,990,319 $1,288,446
Adver., taxes, deprec.,
gen. exp., eng.&devel. $1,628,505 $1,966,824 x$l ,538,891 x$l,136.126
Special depreciation____
110,495
Federal income tax_____
39.897
Dividends______________ ($4)280,000 ($4)280,000 ($4)280.000 ($1)280,000
Balance, deficit______
$20,493
$185,823 sur$171,42S
$127,680
x Does not include depreciations.
OFFICERS.— Pres., Chas. T. Baisley; 1st V.-P. & Sec., W . W . Templin
2d V.-P., J. F. Baisley; 3d V.-P., W. F. Hendry; Treas., A. W . Renz.
N . Y. office. 17 Park Place.— (V. 120, p. 1336.)
MANHATTAN SHIRT CO. (TH E )— O RG AN IZATIO N .— Incorp. in
New York June 16 1912 as successor of New Jersey company of same name.
Manufactures men's shirts, collars, underwear, pajamas.Ac. Application
to list showing properties owned, rights of stock Ac.. V. 100. p. 405.
STOCK.— Total pref. stock Issued $3,000,000; amount redeemed to
Dec. 1924. $1,400,000. Pref. is redeemable (also In liquidation) as a whole
or in part at 120 and accrued div. Cumulative yearly sinking fund, $90,000, to purchase or call pref. stock. For further rights, see V. 100. p. 405
DIV ID E ND S (% )—
(1915.1910.1917 1918. 1919. 1920-21.22-’2$
On common------------------- ( X
2 )4
4
4
6X
7 yrly. Text
do in Liberty bonds_ ( __
_
__
2
.____________
•)n pref. stock 7% p. a. (1 X Q.-J) Oct. 1 1912 to April 1925. In Dec. 1918
an extra 2% was paid on com. in 4 X % Liberty bonds. V, 107, p. 1924.
In March 1919 paid 1% on com.; June 1919 to Dec. 1921, I X % quar.; on
March 1 1922 paid 2% quar. in cash, 2 ) 4 % quar, in com. stock, and a
■peci d div. of 10% payable in com. stock (V. 114 p. 635); on rune 1 and
Sept. 1 1922 paid 2% quar. in cash and 2 )4 % in com. stock; on Dec. 1 1922
paid 3% ouar. in cash, 2 ) 4 % quar. stock div and a special stock div. of
1TX% Mar. 1 1923 to Dec. 1 1924 paid 3% quar. in cash; Mar. 2 and
June 1 1925 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 1924, in V. 120, p. 324:
Y e a rs E n d . N o v . 30.—
1924.
1923.
1922.
1921.
Total net------------------$464,190 $2,070,427 $1,949,696 $1,452,817
Interest_________________deb.65,538
69.975
52.996
97,823
Federal taxes__________
49,750
250,000
265.000
329,617
Preferred dividends____
106,533
106,565
107,026
112,000
Common dividends----847,801
846,695
502.567
350,000

xNet income________ loss$161,455 $1,277,549
$651,325
$305,857
x Before deductions for dividends on the 7% Pref. stock, which have been
regularly paid.
OFFICERS.— Pres., Hiram R. Mallinson; V.-P. & Treas., E. I. Hanson;
Sec., I. E. Tallman. Office, 299 Fifth Ave., New York.— (V. 120, p. 2020 >
MANATI SUGAR CO.— O RGANIZATION.— Organized under laws of
New York, April 30 1912. Engage.I 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 •net*
sugar. Owns, leases and controls 289,866 acres of land, of which 64,932
acres are planted in cane.
CAPITAL STOCK.—The stockholders on June 9 1920 approved an
Increase in the authorized common stock from $10,000,000 to $15,000,000
Balance, surplus_____def$605,432
$797,192 $1,022,107
$563,375
and In the preferred from $3,500,000 to $5,000,000; outstanding. $3,500,000
7% cumulative pref. (a. & d.) and $10,000,000 com. Par value, $100
Pres., Abram L. Leeds; Treas., Silas Thomas; Sec., L. O. Leeds. Office.
Pref. stock is redeemable at 120 and accrued divs., and has equal voting 385 Madison Ave., New York.— (V. 120, p. 712.)
power with com. stock
MARACAIBO OIL EXPLORATION C O R P — Incorp. Sept. 8 1919 in
D IV ID E N D S.— Beginning April 1 1915. the company has paid regularly
Delaware.
by acquiring all the
quarterly dividends on the pref. stock at the rate of 7% per annum. On capital stockThe company began business Mara Exploration Co authorized
of the following corporations:
, Miranda
common paid 2 )4 % , quar. Dec. 1 1916 to June 1 1921; then none until Exploration Co., Paez Exploration Co. and Perija Exploration Co., each of
Dec. 1 1923 when 1 ) 4 % was paid; same amount paid quar. (or declared which is a corporation organized under the laws of Delaware. Each of these
payable) to Sept. 1 1925. Paid extra divs. as follows: Nov. 8 1916, 20% companies owned contracts or rights for the exploration and exploitation
in com. stock: July 23 1917, 1% in cash (Red Cross); Sept. 8 1919, 2 ) 4 %
of petroleum and similar substances in the Republic of Venezuela. These
in cash and 5% in common stock.
companies are now engaged in the development of the concessions and rights
BONDS.— The first mtge. 20-year 1 ) 4 % sinking fund gold bonds are which they hold In Venezuela.
callable as a whole or for sinking fund at 110 through 1936 and decreasing
Since its organization the corporation has also acquired all the outstand­
1% annually thereafter
As a dnking fund oompanv will pav to the trustee ing stock of Sucre Exploration Co. and Urdaneta Exploration Co. The
semi-annual payments a sum sufficient to retire $335,000 of bonds annually Sucre Exploration Co. and the Urdaneta Exploration Co. have, since their
through purchases in the market up to the prevailing call price. Secured acquisition by the corporation, been similarly engaged in the development
by a direct closed first mortgage on all the fixed property owned and on of the rights and concessions held by them in Venezuela.
interest in lands held under contract, less $631,511 purchase money debt,
The corporation has entered into an agreement with the Standard
payable in installments between 1924 and 1933 and by a first lien on the Co. (N. J.) whereby the Standard Oil Co. undertakes the developmentOil
of
Tunas RR. through the pledge of all its stock. V. 114, p. 1414.
three concessions belonging to the Maracaibo Oil Explor. Corp. other than
those upon which the corporation is now drilling and will share with the
REPORT.— For year ended Oct. 31 1924, in V. 120, p. 81, showed:
Standard Oil Co. the results of these additional operations. V. 112. p.
Y e a rs E n d e d O ct. 31—
1923-24.
1922-23.
1921-22.
1920-21.
Production (bags)______
540.526
534,628
450.391
400,400 1746; V. 113, p. 189. The corporation has also entered into an agreement
Operating profit________ $2,624,295 $2,692,707
$629,546
$648,432 with the South American Gulf Oil Co. whereby the Gulf acquired for $800,Interest (net)__________
371,857
279,468
498,253
105,894 000 and a royalty 1 0 0 ,0 0 0 acres of exploitation lands.
135,000
100,000
10,807
------ STOCK.— See table at head of page.
Tax reserve___________
Adjustments, &c_______
______
525,025
21,828
56,908
Reserves_______________
931,176
660,000
54,236 1,255,000
DIVS.— No dividends have been paid by the corporation or any of its
Divs. on preferred (7% ).
$245,000
245,000
245,000
245,000 subsidiaries.
Divs. on common______
______
______
______ (7M)750,000
REPORT.— The company for 1924 reported an addition of $456,984 to
Balances, sur. or def--_--Sur$941,262 j>ur.S915,087 def$660,577 df$ 1764,369
surplus account. Balance sheet as of Dec. 31 1924 in V. 120, p. 2277.
"O F F IC E R S .— RegincTTruffinT Pres.'; Manuel RiondaT"Albert Strauss,
OFFICERS.— Pres., John
& Treas., T. J.
Alfred Jaretzki, Manuel E. Rionda, E. D. de Ulzurrun, Vice-Presidents; V.-P. & Consulting Geologist, L. Weeks; V.-P. Sec., S. Rossiter. Megear;
L. G. Donnelly;
Offices,
B . Braga Rionda, Treas.; Wm. F. Corliss, Sec. N. Y. office, 106 Wall St.
Wilmington, Del., and 14 Wall St., New York.— (V. 120. p. 2277.)
— (V. 120, p. 460.)
;.J «
3
MARLAND OIL CO.— ORGANIZATION.— Incorp. Oct. 9 1920 In
“ MANHATTAN ELECTRICAL S U P P L Y C O T INCt— IncdrpTin Mas¥7; Delaware with an authorized capital of 2,000,000 shares of no par value’
Nov. 8 1916. On July 1 1916 took over the business and assets of the Man­ The company acquired by consolidation the Marland Refining Co. and
hattan Electrical Supply Co. of N. J. Manufacturers and jobbers in elec­ the Kay County Gas Co. by exchanging its shares for shares of the old com­
trical supplies and apparatus. Plants are located in Jersey City, N. J., panies on the following basis: One no par value share in the new company
Ravenna, O. Stores located in New York City, Chicago and St. Louis, for each ten shares of Marland Refining Co., par $5 each, and one share in
and a sales branch at San Francisco.
_____
the new company for each 20 shares of Kay County Gas stock, par $1 each.
Company’s subsidiaries collectively owned on Aug. 31 1924
STOCK.— On Aug. 10 1920 the stockholders voted to change the out­ holdings in Mexico and gas leases owned in Oklahoma) leases(exclusive of
standing 30,000 shares of common stock of $100 par value into 30,000 shares acres, of which 7,874 acres are proven, 4,950 acres are probably on 573,387
productive
of no par value, and to increase the authorized number of shares to 250,000. and 560,563 acres comprise carefully selected prospective oil properties.
The company on Aug. 20 1920 notified its common stockholders that each
M a r la n d R e f in in g C o .— Owns a complete modern refinery and lubricating
$ 10 0 share of outstanding common stock could be exchanged for one share
ef no par value common stock. No time limit was placed upon the exchange. plant at Ponca City, Okla., processing an average of 12,000 bbls. per day.
On Dec. 31 1924 all except 31 shares had been thus exchanged. All out­
STOCK.— Stockholders of record June 20 1923 were given the right to
standing 1st pref. and 2 d pref. stock not e«changed for no par value stock was subscribe for additional shares at $40 per share up to 25% of holdings.
redeemed in cash at $ 1 1 2 )4 and $100 respectively on Oct. 1 1920.




M ay , 1925.]

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b re v ia tio n s , & c . , see n otes o n p a ge 6 ]

Marlin-Rockwell Corp— Common stock 222,805 shs auth__
Preferred (a & d) stock cum 7% red 110 auth $2,722,800_
_
Martin-Parry Corp— Stock auth 2 0 0 .0 0 0 shares,. ______
Mathieson Alkali— Common stock 200,0 0 i> shares auth____
Preferred fa & d) stock cum 7^ *3.500.000.____
___
Maxwell Motor Corp— Cl A(pref)stk 8 % n-cum&partic(text)

D a te
B onds

—

1st M ser gold bds due $350,000 ann red (text)Ce.kxxxc*r* 1924

Par
V a lu e

Am ount
O u ts ta n d in g

R a te
%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

193
P la c e s W h e re In te re s t a n d
D iv id e n d s A r e P a y a b le

None 222,805 shs See text
Q— F May 1 ’25, 25c.
$100 $2,722,800
7
Q— J Apr 1 ’25, 194%
None 125.000 sh. See text Q— M June 1 1925, $1 ................................ None 141,257 sh. See text
Jan 2 T9 1 ^
lOO $2,812,401 See text Q— J Apr 1 ’25 154
100 23,937.300
None 617,948 sh.
500 &c 3,500,000
59* g J&D 15 To Dec 15 1934 New York and Detroit

D IV ID E N D S.— Initial quar. div. of 50c. per share was paid Mar. 1 1920:
It was announced in Jan. 1925 that J. P. Morgan & Co. had exercised part
of an option to take over 335,000 shares of capital stock of the company at wme amount paid quar. to Mar. 1 1923: June 1 1923 to Mar. 1 1924 paid
$39 a share, an initial payment of $1 a share having been made to acquire 75c. quar., June 1 1924 to June 1 1925, paid $1 quar.
the shares at that price.
REPORT.— For 1924, in V. 120, p. 1889, showed;
According to the announcement the bankers took over 100,000 shares at
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
the price mentioned, and the Marland company on its part extended for Net sales_______________$4,577,043 $5,951,166 $4,327,685 $2,424,879
another 6 months the option on the balance of the stock.
Cost of goods sold___ \ 4,187,672
5,183,842
3,881,911 /1,898,359
D IV ID E N D S .— An initial dividend of $1 per share was paid Sept. 30 Selling, adm.& gen. exp./
t 461,810
C r . 72,642
C r . 53,356
1922; same amount paid quar. to July 2 1923; then none until June 30 Disc, on purch. & oth. lnc.Cr.111,159
Cr.63,353
Miscellaneous charges..
75,364
94,830
39,417
1925 when 75 cents per share was paid.
12.350
43,988
92,070
57,464
Federal taxes............
10,791
NOTES.— The two-year 5% gold notes are redeemable as a whole or Inventory adjustment_
______
______
______
104,102
May 1 1925 at 10114 and int.; on Nov. 1 1925 at 101 and int., and on May 1 Dividends_____________
375,000
275,000
200,000
200,000
1926 at 10094 and int. Proceeds were used to retire on Peb. 1 1925 and
on April 1 1925, respectively, $2,295,000 7H% and $2,710,000 8 % sink­
$6,178
$378,065
$202,248 def$199.180
Balance, surplus_____
ing fund gold bonds due 1931, which were called for redemption at 105 Profit and loss, surplus. $707,034
$718,723
$350,217
$160,016
and int., to pay off $3,021,498 purchase money lease obligations, to liqui­
OFFICERS.— Chairman, John J. Watson Jr.; Pres., Frederick M.
date bank loans and for other corporate purposes. V. 119. p. 2072.
Small: V.-P & Gen. Mgr., John A. Callahan; V.-P., R. P. Henderson
On Dec. 31 1924 there were also outstanding $521,000 8 % equipment trust
and Joseph N. Coppinger; Sec. & Treas., Henry Hopkins Jr.; Compt., H. F.
certificates and $178,213 stock of subsidiaries— minority interests.
Quinn. Office, York, Pa.— (V. 120, p. 2690.)
(THE) MATHIESON ALKALI W ORKS (IN C .).— ORGANIZATTON1924.
1923.
.$33,205,451 $32,937,410 — Incorp. in Va. in 1892 and manufactures soda ash, caustic soda, bicarbon­
27,952,940 30,432,962 ate of soda, &c. In July 1917 merged the Castner Electrolytic Alkali
Co., all stock previously owned.
The stockholders on Jan. 21 1925 approved an increase in the authorized
$5,252,511 $2,504,447
common shares to 200,000 from 130,000 shares and changed the par value
5 ,0 0 0 ,0 0 0
3,750,000
Dividends Romarti Gasoline Co.
12,033 from $50 to no par value. Common stockholders of record Jan. 26 1925
Miscellaneous income__________
255.507
127,609 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.
$9,258,017 $7,644,090
REPORT.— For 1924 showed:
Interest and amortization of bond discount..
1,418,583
1,148,574
C a le n d a r Y e a rs —
1924.
1923.
1922.
2,183.869
1,702,111 x Total earnings from operations____$1,521,477
$1,833,734 $1,644,186
1,573,795
648.398 Provision for depreciation & depletion $553,336
$549,238
$524,903
1,752,407
801.796 Income charges (net)_______________
21,295
37,551
44,882
Federal income tax_________________
73,780
150,000
96,000
$2,599,373 $3,073,203 Preferred dividends_________________
344,634
250,549
155,036
Reduction of crude oil inventory to market_______ 1,077,166
1,350,203
Discount and premiums on bonds retired____
876.750
Balance, surplus.
$846,394
$823,365
$528,430
Investments charged off___________________
291,151
x After deducting manufacturing, selling & general admin, expenses.
$354,306 $1,723,000
T h re e M o n t h s E n d e d M a r c h 31—
1925.
1924.
T h re e M o n t h s E n d e d M a r c h 31—
1925.
1924.
1923.
$586,788
$236,635
Total earnings from operations__________________
Gross earnings_______________ $16,039,305
$9,568,259 $5,787,698 Provision for depreciation and depletion_________
164,290
138,21$
Netearnings_________________
3,239,335
3,857,835
3,206.346
Miscellaneous income_________ 1,816,508
46,284
23,385
Net earnings from operations__________________
$422,498
$98,421
Interest and amortization discount..
352,778
274,045
264,947 Income charges (net)____________________________
1,987
5,163
Depreciation, depletion, &c___ 1,080,995
737,237
Provision for Federal income tax_________________
44,859
11,141
Net income___________________ 3,622,070
2,892,837
2,964,784
Net income transferred to surplus______________
$375,652
$82,118
OFFICERS.- -Pres., E. W. Marland; Treas., S. R. Sheldon; Sec., Chas.
D IV ID E N D S.— On the pref. at rate of 7% yearly, from organization
E . Stephenson. Office, Ponca City, Okla.— (V. 120, p. 2558.)
to April 1921; then none until July 1 1922, when 194 % was paid; Oct. 2
M ARLIN-ROCKW ELL CORP.— Incorp. in N . Y. in 1915 under name 1922 to Oct. 1 1923 paid 194 % quar.; Jan. 2, April 1, July 1 and Oct. 1 1924
of Marlin Arms Corp., its name being changed to present title in March paid 1 % % quar. and 1 94 % on account of accumulations, clearing up all
1917. Co. is engaged in manufacture of iron and steel articles and particu­ back dividends; Jan. 2 and April 1 1925 paid 154% quar.
larly ball and roller bearings, wire wheels, also tool and electric furnace steel.
On common no payments have been made since Jan. 1919.
On April 1 1924 purchased the assets of the Gurney Ball Bearing Co. with Common divds.. ’09. TO. 1 1 . T2. 13. 14’. T 6 . 16. 17. 18. T9. ’20-24.
plant at Jamestown, N. Y. Gurney Co. was subsequently dissolved.
Per cent........... 4M 6 K 6
7K 69* 4
4
69* 6
6
19*
0
STOCK.— In liquidation or dissolution or winding up of the company,
Pres., E. M. Allen; Sec. & Treas., F. B. Richards. N . Y. office. 25 W .
pref. stock is entitled to receive $11 0 per share and accrued and accumulated 43d St.— (V. 120. p. 2156.)
divs. Each share of stock of whatever class has one vote; in addition for
MAXWELL MOTOR CORPO R ATIO N .— ORGANIZATION.— Incorp.
election of directors, each stockholder has as many votes as he has shares
multiplied by maximum number of directors to be elected, distributable May 7 1921 in West Virginia as a reorganization and merger of Maxwell
as he may see fit. Shareholders have no pre-emptive right to subscribe Motor Co.. Inc., and Chalmers Motor Corp. Manufactures the Maxwell,
Chalmers and Chrysler cars
to new stock issues.
In Nov. 1919 a readjustment of capitalization and a merger with the
D IV ID E N D S.— On 7% pref., created in May 1924, initial quarterly
Corp.
div. of 194 % was paid July 1 1924; regularly quarterly since, incl. April 1 Chalmers Motor (2) the was proposed. Committees representing (1) the
merchandise and
banking
Maxwell
(3) the
1925. Common, 1918, $2; 1919 (incl. June 17), $6 ; 1920-24, none; 1925, stockholders of the Maxwell and creditors of thecompaniesCo. and upon a
the Chalmers
agreed
Feb. 2 and May 1, 25c.
plan and agreement of reorganization bearing date Sept. 1 1920 (V. I l l ,
REPORT.— For 1924 showed:
p. 1375). This plan succeeded the plan of Aug. 30 1919, which was aban­
C a le n d a r Y ea rs —
1924.
1923.
1922.
doned. V. 109, p. 985, 978, 985, 1700. The plan was declared operative
Net sales___________________________ $3,839.8771
Not
/$4,124,610 in Jan. 1921. V. 112, p. 263.
Cost of sales--------------------------------- 3,425,872/ stated.
1 2,687,520
New Company— Plan Dated April 15 1925.
With the approval of the directors and the holders of large amounts of
$414,005
Gross profits_____________________
$487,838 $1,437,090
Other income______________________
49,862
17,601
58.635 Class “A ” and of Class “B ” stock a plan has been formulated which provides
for the creation of a new company to be called the “ C h ry s le r C o r p . " which
Total income______________
$463,867
$505,439 $1,495,725 shall acquire the properties of the Maxwell Motor Corp. The new company
x General expenses, &c_______
142.661
2,485,625 shall issue: (1) Cum. pref. stock entitled to pref. divs. at the rate of $8 per
2,165,377
share per annum from Jan. 1 1925. The shares are to be callable at 115,
Preferred dividends_____________ (5>£%) 142,947
and a sinking fund of not less than 1 0 % of the amount of divs. paid on the
Common dividends_________ ($0-25)55,701
common shares is to be created to provide for the retirement of the pref.
Reserve for premium on pref. stock. .
5,000
stock. (2) Common shares of no par value.
Class A shares of Maxwell Motor Corp. will be exchangeable, share for
Surplus for year__________________
$117.558def$1659.938 def$989,900
share, for the cum. pre . stock of the Chrysler Corp., and in addition will
Profit and loss, surplus____________ $2,468,713 def$336,388 $1,323,962
receive one share of common stock of the Chrysler Corp. for every 10 shares
x Incl. in 1924 extraordinary charges not applicable to operations, and in of Class A stock of the Maxwell Corp. so exchanged.
Class B shares of Maxwell Motor Corp. will be exchangeable, share for
1923 and 1922 incl. interest paid, depreciation, inventory, adjustment, idle
plant expense, moving expense, loss on sale of securities, misc. adjust., &c. share, for common stock of the Chrysler Corp.
The new
shares required for delivery to Class A stockholders
OFFICERS.— S. W. Gurney, Chairman; H. K. Smith, Pres.; A. C- not require common of common shares of the Chrysler Corp. in excess of wil
an issue
the
Davis, V.-P. & Gen. Mgr.; J. H. Walters. Treas.; R. A. Gamble, Sec
number of Class B shares of the Maxewll Motor Corp. outstanding, as
Office, Jamestown, N . Y .— (V. 120, p. 2690.)
arrangements have been made for the retirement of an equivalent number
M ARTIN -PARRY CORP.— ORGANIZATION.— Incorp. In Delaware of Class B shares of the Maxwell Corp. in case the stockholders shall carry
May 26 1919 and has acquired Martin Truck & Body Corp., York, Pa., through the suggested plan.
and Parry Manufacturing Co., of Indianapolis. Manufacturers of com
At the request of the directors the following have consented to act as a
mercial automobile bodies. Plants at York, Pa.; Indianapolis, Ind., and committee under the plan and agreement dated April 15 1925:George W.
Lumberton, Miss. Branch assembly plants in 32 principal cities. In Davison, Chairman; C. A. Boody, Leo M. Butzel, with Charles J. Farrell,
May 1920 the truck business was taken over by the Atlas Truck Corp., a Sec., 80 Broadway, N. Y. City. Depositary, Central Union Trust Co.,
new corporation, stockholders being given the privilege of subscribing to New York.
25,000 shares of the latter company’s stock at $5 a share. V. 110, p. 1647.
STOCK—
A
re fe rre d )— Par value $100 a share. Pref. over Class
In Jan. 1924 acquired the plant and property of the Oakes Co., Indianap­ B as to assetsClass100 (Pshare (in Case of liq uidation voluntary or involuntary)
of $
a
olis, Ind. V. 118, p. 318.
and as to non-cumulative dividends at rate of $8 per share per annum, with
STOCK.— The stockholders on Jan. 26 1925 increased the authorized right to participate equally with the common stock, share for share. In
capital stock from 1 0 0 ,000 shares of no par value (all outstanding) to 2 0 0 ,0 0 0 any further dividends declared in any year after $8 per share has been paid
shares of no par value. Stockholders of record Feb. 17 1925 were given the In that year on both classes of stock. Also possessing equal voting rights
right to subscribe to 25,000 shares of additional capital stock (no par value) with Class B stock, share for share. Total authorized, $27,500,000; out­
atj$30 per share at the rate of M of a share of stock for each share held.
standing in hands of public Dec. 31 1924, $23,937,300.




194

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S S E C U R IT IE S
[F o r a b b re v ia tio n s , & c . , see n otes o n p a ge 6 ]

May Department Stores Co (The)— Common stock______
Prel ( a <* d ) 7 % cum redeem 125 (text)__________________
May Ftldg 1st M leasehold serial M gold red text________
do
2d M.
do
do
________
Mergenthaler Linotype— Stock autnonzed *15.000.000____
Mexican Seaboard Oil Co.— Stock 1,000,000 shares auth-10-year debentures red 105 $15,000,000 auth____________
Miami Copper Co— Capital stock J4 .0 0 0 .ntkt auth . ____
Mid=Continent Petrol Corp— Com stk 3,000,000 shs auth
Pref stock 7% cumulative convertible red 120__________
1 st mtge s f gold bonds red (text)__________ xxxc*&r*

D a te
B onds

1013
1913
1919
1925

Par
V a lu e

r Total income______________________________________________ $15,254,034
D e d u c t — Admin., eng., selling, adv., service & gen. expenses- $6,777,700
f’* and premium on debentures to be redeemed for cash_____
Portion of deferred devel. exp. of Chrysler cars charged off__
Depreciation and amortization of permanent tools and dies£ Loss from machinery sold or scrapped_____________________
Provision for estimated U. S. and Canadian taxes-----------

931,620
424,124
2,474,493
41,211
489,346

Net income for year______________________________________ $4,115,540
C a le n d a r Y e a rs —
1923.
1922.
Passenger cars sold, Maxwell___________________
58,000
48,900
Passenger cars sold, Chalmers___________________
8,300
6,000
800
750
Trucks sold, Maxwell___________________________
Profit after interest and depreciation____________ $3,556,310 $2,018,265
878,459
1,186,603
Net loss, Chalmers Motor and subsidiaries______
f Net profit____________________________________$2,677,851
Adjustments (credit)____________________________
17,300
Chalmers readjustment expenses_________________
________

$831,662
27,972
138,920

D r.

Balance, surplus______________________________ $2,695,151
$720,714
OFFICERS.— Chairman & Pres., Walter P. Chrysler; V.-P. & S p c ., W.
Ledyard Mitchell; V.-P. & Treas., B. E. Hutchinson. Office, Detroit,
Mich. New York headquarters, 347 Madison Ave.— (V. 120. p. 2558.)
MAY DEPARTMENT STORES CO. (THE).— O RG ANIZATION .—
Jncorp. in N. Y. on June 4 1910 and took over the Shoenberg Mercantile Co.
of St. Louis operating tbe“ Famous,” May Shoe & Clothing Co. of Denver,
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
St. Lou o and Denver stores. V. 90. p. 1617. On Feb. 25 1911 ac­
quired entire stock ($1 .0 0 0 ,0 0 0 each of common ana pref.) of »n i 1 art
Dry Goods Co. of St. Louis. V. 92, p. 876; V. 100. p 2075. In July 1912
purchased department store business of M. O’Nell A Co of Akron O.—
see below. V. 94, p. 1569; V. 95, p. 484. It was announced in Feb. 1923
that the company had closed a contract for the purchase of Hamberger &
Sons, the largest department store in Los Angeles. V. 116, p. 945.
Owns entire stock of May Building Co. (Cleveland) and leases property
for 30 years, rental providing for int. and prin of *1,220.000 6 % serial
bonds, maturing $100,000 in 1925 to 1927, $120,000 in 1928 and 1929,
140.000 in 1930 and 1931, and $200,000 in 1932 and 1933. Bonds red. at
03 on any int. date beginning March 1 1918; also $500,000 2d 6 % serial
bonds maturing yearly to 1933, red. beginning Sept. 1 1913. V. 97,
p. 54; V. 98, p. 993.
STOCK.— As to stock provisions, see V. 94, p. 1569. 1768; V. 95, p. 484.
Pref. stock retired by sink, fund to Jan. 1925, $3,006,900. The stock­
holders voted on Dec. 6 1922: (1) to increase the com. stock by $6,000,000.
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 .
115, p. 2165, 2589.
DIV ID E ND S on 11914. '15. ’16. ’17. ’18. ’19. ’20. ’21. ’22. ’23. ’24.
Common stock-%\ 6
2 « 2 « 5 5 6 *7 H
8
+8
10 10
* Shareholders of record June 25 1920 received a stock divid’d of 33 1-3%.
t Also 30% in stock paid Dec. 20 1922.
Paid in 1925: Mar. 2, 2)4%; June 1, 2 H % ; Sept. 1, 2)4%.
REPORT.-—-For year ending Jan. 31 1925, in V. 120, p. 1593, showed:
J a n . 31 Y e a rs —
1924-25.
1923-24.
1922-23.
1921-22.
Net sales________ $89,932,915
$90,997,655 $61,685,253 $58,981,639
Net income______ _____ 6,759,608
7,588,625 6,279,233 5,107,784
Federal taxes____
850,000
1,175,000
775,000 1,100,000
Shrinkage in inventories ________
________
________ C r. 1,250,000
Pref. dividends (7 % )--376,250
389,375
406,875
424,375
Common dividends.(10%)2,599,711 (10)2,599,625(8)1.599,748 (8)1,599,648

f

Balance, surplus_____$2,933,647
$3,424,625 $3,497,610 $3,233,761
Pres., Morton J. May. Office, St. Louis, Mo.— (V. 120, p. 2558.)
MERGENTHALER LINOTYPE CO.— Incorp. under laws of New York
Dec. 16 1895. Owns plant at Brooklyn, N . Y., and controls British Lino­
type & Machinery, Ltd., and Mergenthaler Setzmaschinen Fabrik. V. 8 8 ,
p. 509, 567, 948, 689. Decisions, V. 100, p. 58, 234; V. 104, p. 1149.
DIVS.
J 99- 00. 01. ’02-T3. *14. T 6 . T 6 . 1917. ’18. ’19-’24.
Percent______ 120 y’ly 13)4 15 y’ly 14)4 10 12)4 12)4 12V* 10 yrly
Paid in 1925: Mar. 30, 2)4% quar. and 1 K % extra; June 30, 2)4 %•
REPORT.— For year ended Sept. 30 1924, in V. 119, p. 2417, showed:
S e p t. 30 Y e a rs —
1923-24.
1922-23.
1921-22.
1920-21.
Net, after depreciation.. $2,336,755 $2,669,276 $2,304,771 $2,313,469
Dividends (about)_____ 1,280,000
1,280,000
1,280,000 1,280,000
(10%)
(10%)
(10%)
(10%)
Rate per cent________
Pres., Philip T. Dodge; V.-P., Ogden Mills; 2d V.-P. & Gen. Mgr.,
Norman Dodge; Sec. & Treas., Jos. T. Mackey. Office, 29 Ryerson St.,
Brooklyn, N. Y .— (V. 120, p. 2156.)
METRO-GOLDWIN (PICTURES) Corp.— (V. 120, p. 2156 )
MEXICAN PETROLEUM CO., LTD., OF DEL.— See Pan American
Petroleum & Transport Co. below.




R a te

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la c e s W h e re In te re s t a n d
D iv id e n d s A r e P a y a b le

$50 $26,000,000
Q—M Sept 1 1925 2 H Checks mailed
10
1<
0
do
6,354,100
7
Q— J Oct 1 1925 1 b
500 &r
vr & p To Mar 1 1933 Cleveland and Chicago
1.120,000
500 &c
M & S To Mar 1 193: 'leveland
500.000
lOt 12,800.000 See text
Q— M June 30 '25 2 3 29 Ryerson St.. Bklyn
4
None 945,939 sh. See text
Nov 15 '24 50c.
3,500.000
M & S Sept 1 1929
7
Bankers Trust Co, N Y
3.735 570 See text
Q— F May 15'25 5%
None 1357,412sh. See text
Aug 1 '23 $1 Baltimore, Md
100 $6,718,000
7
Q— M June 1 1925 1M
do
do
1,000 12,500,000
New York
6 X 8 M & S Mar 1 1940

C la s s B (o r C o m m o n ) Stock of no par value. Total authorized, *00,000
shares; outstanding in hands of public Dec. 31 1924, 617,948 shares.
r DEBENTURES.— The 7% gold debentures of 1924 were redeemed on
Jan. 26 1925 at 105 and int.
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 & int. if called for red. on or before Dec. 15 1925, and
thereafter at 105 and int. less )4 % for each 12 months or part thereof
elapsed after Dec. 15 1925. V. 119, p. 2769.
REPORT.— For 1924, in V. 120, p. 2167, showed:
C o n s o lid a te d In c o m e S u m m a ry Y e a r E n d e d D e c . 31 1924.
Maxwell Motor Corporation and Subsidiaries.
Gross profit from sales of automobiles and parts____________ $15,076,495
Interest and brokerage______________________________ _______
177,539

V Interest paid, balance of unamortized debenture discount
.

Am ount
O u ts ta n d in g

[V ol. 120.

MEXICAN SEABOARD OIL CO.— Incorp. under laws of Delaware,
Sept. 12 1919. Owns $5,979,320 of the $5,999,320 capital stock of the
International Petroleum Co.
STOCK.— See table at head of page.
DIVS.-—-Paid as follows: June 15 and Sept. 15 1920, $1 12)4 each;
Nov. 1 and Dec. 15 1921. $ 25 each: Jan. 16 and Mar. 16 1922 $1 each;
1
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 $15,000,000 7% debentures, $10,700,000 have been issued, of which $7,206,000 have been redeemed and are
held in the company’s treasury, leaving $3,500,000 outstanding in the
hands of the public.
REPORT.— For 1924 showed:
[Including International Petroleum Co.l
C a le n d a r Y e a rs —
1924.
1923.
1922.
Gross earnings_____________________ $10,717,494 $4,893,361 $23,781,633
Costs and expenses_________________ 5,076,942
4,821,977 14,076,954
Gross profits_____________________ $5,640,552
Other income______ _______ ________
324,482
Total income______________________$5,965,034
Interest, depreciation, &c____________$3,283,891
Dividends paid____________________
1,423,655

$71,384
810,458

$9,704,679
623,055

$881,842 $10,327,734
$1,589,884 $1,928,320
947,211 2,820,556

Balance, surplus------------------------x$l,257,488 xdf$l655253 x$5,578,858
x Before providing depletion reserve.
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
’I’reas., T. J. Broidrick; Asst. Sec., W. L. Pratt. Office, 120 Broadway
New York.— (V. 120, p. 460.)
MIAMI COPPER CO.— ORGANIZATION.— Incorp. Nov. 29 1907 in
Delaware. Property totals 2.273 acres near Globe. Ariz. Minerals Sepa­
ration Co. suit settled. V. 114, p. 2124, 2247.
REPORT.— For 1924 showed;
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Gross income__________ $7,958,397 $9,669,022 $8,767,260 $6,758,640
Expenses, taxes, &c____ 6,790,388
7,065,149
6,561,559 6,008,287
Depreciation___________
427,403, w506,287
404,601
336,267
Depletion______________
x
x
x
x
Balance_____________
Other income...............

$740,606 $2,097,586
370,400
203,800

$1,801,100
172,344

Total income________ $1,111,006 $2,301,386 $1,973,444
Dividends___________
1,494,228
1,494,228 1,494,228

$414,086
y515,898
$929,984
1,494,228

Balance, surplus-------def$383,222
$807,158
$479,216 def$564,244
w Includes loss in value of securities, $100,987.
x Depletion charges of $2,091,491 for 1924, $2,124,166 for 1923, $2,138,904 for 1922 and $1,719,288 for 1921 were made against profit and loss
account, y Includes $315,134 difference in value of securities on Dec. 31
1921.
D iv id e n d s —
’14. ’15. ’16- ’17. ’18. T9 ’20. ’21. ’22. ’23. ’24.
Percent_______________ 30 45 115 175 90 50 40 40 40 40 40
Paid in 1925: Feb. 16, 10%; May 15, 5%.
Pres., Adolph Lewisohn; V.-P. & Cons. Engr., J. Parke Channing; Sec.,
Herman Cook; Treas., Sam A. Lewisohn. Office, 61 Broadway, New York.
— (V. 120, p. 2020.)
MID=CONTINENT PETROLEUM C O R P .— O R G A N IZ A T IO N — 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, &c., including 10,000 acres in Cushing District; (b) pipe
line system, about 1,2 00 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; this refinery is carried on the books at over $15,000,000. 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
shares of Atlantic Petroleum stock, par $25. for two shares of Cosden & Co.
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 $5 to
$100 a share and (y) 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 $75 of pref. for each no par value common share. Sinking
fund sufficient to retire pref. stock the rate of $140,000 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 of $5 each for one share of stocl
of no par value.
Pref. and common stockholders of record Oct. 3 1922 were entitled to sub­
scribe at $41 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.
D IVIDEND S.— 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
ra lroad congestion the common dividend of 5% was paid In common stock
in lieu of cash and this was repeated in May: Aug. 1918, 214% was paid In
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 H
cents a share quarterly from May 1920 to Aug. 1922; Nov. 1922 to Aug.
1923 paid $1 quarterly; none since.
On preferred, in full to date.

M ay , 1925.]

IN D U STRIA L STOCKS AND RONDS

M IS C E L L A N E O U S C O M P A N IE S
a b b re v ia tio n s , & c . , see n otes o n p a g e

fF o r

6
1

D a te
B on d s

Par
V a lu e

A m ount
O u ts ta n d in g

R a te

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

195
P la c e s W h e re In te re s t a n d
D iv id e n d s a re P a y a b le

Checks mailed
$10 $29 796.030 See text
See text
M iddle State* Oil C o r v — Stock *30.000.000.............
Serial notes due quar beg May 1 1924____________
Q— F To Feb 1 1929 Aug. ’24 instal. unpaid
5,143,033
7
1924
10 1 4 .2 1 ^hs.
.1 1 5
M ontgomery Ward & C o —Com. stk., 1.285.000 sh autta
Prer. stock 7 % cum. *1,249.800 auth. red. text_
_
100 4.249.800
7
4
Q— J July 1 1925 l s
Class “A " stock $7 cum. (see text)_____________________
None 205.000 sh See text Q— J July 1 ’25 $1 %
Montgomery Ward Warehouse Co 1st M ser g bds due
$150,000 ann red (text)________________________kxxxc* 1924 500&1000 1,500,000
& O Oct 1 ’26 to '35 Lee ,Higginson&Oo .Boat,
514 g A

BONDS.— The 1st Mtge. 614 % Sinking Fund Gold bonds are redeemable 1% extra; Oct. 1 1921 to Apr. 1 1923 paid 3% quar. On Jan. 1 1923 also
as a whole (or in part for sinking fund) at 105 and int. upon not less than 42 paid an additional div. of three shares of Oil Lease Development no par
days' notice on any int. date on or before Mar. 1 1935, and thereafter on like stock on each 100 shares of Middle States Oil stock. V. 115, p. 2485.
notice on any int. date at their principal amount and accrued interest with in addition, eight stock divs., aggregating 124%, have been paid, viz.:
a premium equal to 14 % for each 6 months between the redemption date Aug. 1 1918. 4%; Nov. 1, 8 %; Feb. 1 1919. 8 %; May l. Sept. 1. Dec. 1
1919, 10% each; Mar. 1 1920, 20%; July 10 1920, 50%; July 1 1923. 4%.
and the date of maturity.
The corporation will covenant in the first mortgage to pay as a sinking Oct. 1923 div. was omitted. V. 117, p. 1243.
fund an amount of at least $875,000 per annum, being sufficient to retire
CONSOLIDATED INCOM E ACCOUNT.— For 1922, in V. 116. p.
the entire issue at or before maturity. The payments on account of this 1059 and 1186, showed:
sinking fund are to be made in monthly installments of (a) $28,000 and (b)
C a le n d a r Y ea rs —
1922.
1921.
an additional amount of 10 cents per barrel of the net production of crude oil Total gross income______________________________ $10,477,824 $8,617,709
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 D e d u ct — Field oper., new constr., lease rentals, ad­
month, beginning Mar. 18 1925. V. 120, p. 460.
ministrative and general expenses______________ 3.638.441
2,323.817
Dividends paid__________________________________ 2,720.899
3,774.580
REPORT.— For 1924 showed:
Divs. paid minority interests in Dominion Oil Co.,
1924
1923.
1922.
1921.
Texas Chief Oil Co. and Ranger Texas OH Co_
_
______
208.576
Total income__________ Not shown $34,602!549 $44,436!39l $36,500,606
Reserves, Including Federal taxes_______________
150.000
160.000
Net income___________ $9,687,246 $6,502,983 $14,182,801 $8,232,266
Provision for deprec____ 3.722.1661 6,827,403 x6,928,872/ 3.334,967
Balance, surplus______________________________ x$3,968,484 $2,150,735
Depletion reserve______ 3,009.307/
t x2,924,106
Leaseholds abandoned &
x Subject to depletion.
857,876
______
______
______
surrendered, &c______
For 6 mos. ended June 30 1923, In V. 117. p. 1671, showed: Gross in­
Interest.......................
672,934
459,205
499,803
633,345
Int. on bonds (Cosden &
come. $4,897,282; expenses. Fed. taxes. &c., $2.011.732; net profit.$699,821.
Co., Delaware)______
948.643
916.193
OFFICERS.— Pres., P. D. Saklatvala; Sec. & Treas., C. A. Eastman.
Federal income tax_____
______
______
330,453
______
Office. 383 Madison Ave., New York.— V. 120. p. 1468.)
Inventory adjustments.
______
489,111
______
______
Dividends on pref. stock
479,262
2,441,925
393,337
251,858
MIDLAND STEEL PRODUCTS CO.— (V. 120. p. 2156.)
Common dividends_____
3.467,159
2,283,686
MIDVALE C O — (V. 120. p. 15~4.)
Balance, surplus_____
$945.702df$6,714,761 $1.614,532df$2,lll,890
MIDVALE STEEL & ORDNANCE CO.— Properties taken over by
x Includes leasehold development cost and carrying charges.
Bethlehem Steel Corp. on Mar. 30 1923. See that company above.
C o n so lid a te d In c o m e A c c o u n t T h re e M o n t h s E n d e d M a r c h 31 1925.
Net income before depreciation and denletion________________ $4,068,874
MOLINE PLOW CO., I N C — (V. 120. p. 1593.)
D e d u ct — Leaseholds surrendered, $183,465: dry hole contributions
MONTGOMERY WARD & CO., INC.— ORGANTZATTON.— Incorpo­
and cost of abandoning wells, $18,782_____________________
202,247
Interest on bonds and notes payable__________________________
171,737 rated In Illinois In Dec. 1919 as successor to a company of the same nam®
Incorporated under laws of New York in Jan. 1913. Mall order buslnes8
rS'ablisbed in 1872. Owns plants at Chicago. Kansas City. Mo.. St. Paul,
Net income for period_____________________________________ $3,694,890
Surplus at beginning of period_______________________________
7,430,248 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
Gross surplus_____________________________________________ $11,125,138
1
Dividends on preferred stock________________________________
117,558 and will hold title in fee to 1 % acres of land located in Baltimore, Md.,
adjacent to Baltimore & Ohio RR. Company will erect modern, fireproof,
Surplus March 31 1925____________________________________$11,007,580 steel and concrete eight-story building, with about 700,000 sq. ft. (over
OFFICERS.— Pres., Jacob France; Vice-Presidents, A. W . Gieske, L. A. 16 acres) floor space and about 9,700,000 cu. ft. capacity. V. 119, p. 1515.
Merchandise Is bought directly from manufacturers and sold by mall,
Keidel; Sec., E. M. Rouzer; Treas., Charles Klein. Offices, Tulsa, Okla.,
directly to consumers, largely eliminating intermediate profits. The
and 1125 Calvert Bldg., Baltimore, Md.— (Y. 120, p. 2558.)
company is engaged in the manufacture of many of Its merchandise Items,
MIDDLE STATES OIL CORP.— ORGANIZATION — Incorp. in Del- such as food products, harness and saddles, lubricating oil, paints, gas
Feb. 24 1917. A holding company. Owns entire issued stocks of the engines, agricultural implements and many other items.
following companies: NumberOne Oil Co.. $200,000: Number Seventy-seven
Oil Co., *200.000: Peters Oil On $2,000 0 0 0 : Corona Oil Co , $4 ,0 0 0 000
Leases until Mar. 31 1932 building at Portland, Ore., from Montgomery
Number Nine Oil Co. and over 95.4% of Ranger Texas Oil Co., 95.8% of Ward Warehouse Corp. The latter company has outstanding $630,000
Dominion Oil Co. and 98.6% of Texas Chief Oil Co. Subsidiary com­ bonds (6 % serial first mortgage) which are guaranteed principal and interest
panies reported to have a daily settled producing capacity of over 24.000 by Montgomery Ward & Co., who pay in rental a sum sufficient to redeem.
Dbls. In July 1921 acquired $2,000X00 capital stock of the United Oil $90,000 annually.
Producers Corp., the Imperial Oil Oorp., owning the remaining $4,000,000.
Leases until Oct. 31 1925 building at Kansas City. Mo., rrom MontgomV. 113, p. 635. It was announced in March 1922 that Chairman C. N.
*ry Ward Warehouse Associates (of which entire common stock is owned)
Haskell had purchased, in the interest of nis companies, the Louisiana & *he rental being $48,000 yearly plus $75,000 to retire the $760,000 6 % cum
Northwest RR. V. 114, p. 1187. In Aug. 1922 the Oil Lease Develop­ pref. stock, redeemable at 110 and dividend. V. 98, p. 240.
ment Co. was organized for tne purpose of developing 12,000 acres of the
company’s unproved oil and gas leases: in Oct. 1923 controlled leases on
STOCK.— Sinking fund 2 1 4 % of amount outstanding to redeem ref.
about 200,000 acres. V. 115. p. 677, 1106. In Dec. 1922 organized the stock at not over $112 50. The entire issue can be called at $115 per
Wyoming North & South RR. and the Montana Ry. as a step toward share. No mortgage may be placed on the company’s property without
entering tne Montana and Wyoming oil fields; in Oct. 1923. 48 miles of the ttie consent of CUree-quarters of all pref. stock outsiauumg. The stock­
330-mile line were in operation. V. 116, p. 623. 1284; V. 117, p. 96. In holders on Feb. 20 1922 voted to reduce the authorized pref. stock from
Sept. 1923 acquired a controlling interest in the Maar Oil Co. V. 117. p. 100.000 to 42,498 shares, par $100, by retiring 20.000 shares of unissued
1135. In Feb. 1924 acquired 372,821 shares of stock (a controlling interest) stock and by cancelling and retiring 37,502 shares of pref. stock in the treas­
of Southern States Oil Corp. See V. 118, p. 915, 1277.
ury. (Compare V. 114. p. 635.)
The Gulf States Oil & Refining Corp. was organized in Sept. 1923. V.
The stockholders voted Feb. 20 1922 to change the par value of the
117, p. 1562.
In Nov. 1923 the corporation and the Turman Oil Co., through articles common stock to $10 per share (formerly no par value).
of agreement, acquired control of the Foreign States Oil Corp., which owns
Class “ A ” S tock . — 205,000 shares having no par value. Preferred as to
large oil and gas leases in Cuba. The property acquired consists of 30,000 cumulative dividends of $7 per share and preferred up to $100 per share of
acres located in Havana Province.
assets in event of liquidation.
R ece iv ers A p p o in t e d .— Federal Judge John C. Knox on Aug. 15 1924
C lass “ B " S to ck
stock on the basis of three
appointed former Judge Julius M. Mayer and Joseph P. Tumulty, former shares of common.— Exchangeable for common Dec. 31 1924 all except 60
for
Secretary to President Wilson, receivers. V. 119, p. 819. Judge Franklin shares had been thus one of class B stock. On
exchanged.
E. Kennamer, at Tulsa. Okla.. on Sept. 3 1924 announced the appointment
Ail shares of stock have the same voting rights.
of Julius M . Mayer of New York as a co-anciilary receiver with N . T. Gil­
bert of Tulsa, for the Oklahoma properties of the corporation.
D IV ID E N D S (on stock of old company).— On pref., 1.18% Apr. 1 1913,
and day. July 1913 to Dec.
STOCK.— The stockholders Jan. 7 1922 approved a proposal to increase covering 2 mos.share,1was paid on common 1919. 1% % quar. Dividend
per
the authorized capital stock from $16,000,000 to $30,000,000, and the con­ No. 1. $3dividend No. 2 $3.50 in Feb. 1916 stock out of earnings of year
1914
out of earnings of 1915. No.
solidation plans of the various subsidiary companies as outlined in V. 113, 3, $5 and
in Feb. 1917; No. 4, $5 in 1918; No. 5, $5 in Feb. 1919; No. 6 . $5 in
p. 2623.
company), pref. 1 % quar. paid April 1920
Stockholders of record Jan. 29 1923 were given the right to subscribe at Jan. 1920. (On stock of newD e c.il 1922, when% % was pai l, representing
to Oct. 1921;
7
$11 per share for 579,533 shares of capital stock (par $10) to the extent of divs. accruedthen none until
during the year; Jan. 1 1923 to July I 1925 13 % quar.
4
2 3 1 4 % o f their holdings.
V. 116, p. 304.
On class A stock paid $1 75 quar. from April 1920 to Oct. 1920; then none
until Feb. 9 1924 when $1 75 was paid: same amount paid quar. April 1
S tock h o ld ers’ P ro te c tiv e C o m m itte e .— The following stockholders’ protective
committee was formed in August 1924: Wm .Shivers (Chairman), Robert S. 1924toJulvl 1925. On Nov. 5 1924 paid $3 50 and on Jan. 26 and May 1
Johnstone, Robert Carey. Horace A. Davis, W. S. Fanning, H. C. Hequem- 1925 paid $5 25 on account of accumulations, reducing the latter to $7.
bourg, with Henry F. Whitney, Sec., 120 Broadway, N. Y., and Olcott,
BONDS.— The 1st mtge. 5 1 4 % serial gold bonds of Montgomery Ward
Olcott & Glass, 170 Broadway, counsel. Compare V. 119, p. 702, 1850.
Warehouse Co. are redeemable as a whole at 103 and int. on or before Oct. 1
N o te h o ld e rs ’ P ro te c tiv e C o m m itte e .— Announcement was made Aug. 12 1924
1926, the premium decreasing thereafter 14 of 1% each two years to 100/4
of the formation of a protective committee to look after the interests of on April 1 1935.
holders of the 7 % secured serial gold notes as a result of default in the pay­
The bonds are a first closed
on
building costing not
ment of interest due on Aug. 1 1924. The committee consists of Chauncey less than $1,900,000, which will mortgage for land and(one year longer than
be leased
H. Murphey, Chairman, Joesph M . Byrne Jr., Frank B. Cahn, William J. last maturity of bonds) to Montgomery Ward12 years Inc., by lease pledged
& Co.,
Ehrich and Henry Feuchtwanger, with Cook, Nathan & Lehman, and under the
pay maturing principal and
Merrill, Rodgers, Gifford '& Woody, counsel. The committee asked all interest on mortgage for rental sufficient to Warehouse company, Mont­
bonds and incidental expenses of
holders of notes to deposit the same with the Metropolitan Trust Co., 120 gomery Ward & Co., Inc., assuming payment of all maintenance, necessary
Broadway, N . Y . City. W . W. Sniffin, Sec., 120 Broadway. V. 119, p. renewals, taxes and other operating expenses of the property. V. 119,
819.
p. 1515.
D IV ID E N D S.— Cash dividends were paid since Nov. 1 1917 as follows:
SALES—
1925.
1924.
In c re a s e .
From November 1 1917 to March 1 1918, both inclusive, one-naif of 1%
monthly from April 1 1918 to April 1 1920, 1% monthly: on July 1 and Oct. Monthof April............... ................$14,528,116 $13,736,692 $791,424
1 1920 paid 4% quar. On Jan l,A p r 1 and July 1 1921 paid 3% quar and First four months of year___________ 55,935,281 51.600.624 4.334,657




196

IN D U STR IA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[ F o r a b b re v ia tio n s , & c . , see notes o n p a g e 6 ]

D a te
B on d s

Moon Motor Car Co— Common stock 180,000 shares auth__
(Philip) Morris & Co.. Ltd., Inc— Stock $3.000.000auth_
_
Mother Lode Coalition Mines Co— Stock 2,500,000 shsauth
M ullins Body Corp— Com auth 100,000 shares____________
Pref (a & d) stock 8 % cum call for s f auth $1.000.000____
Munsingwear, Inc— Stock 200.000 shares authorized______
Murray 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*
a

__

1924

Par
V a lu e

A m ount
O u ts ta n d in g

R a te

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

[V ol. 120.
P la c e s W h e re In terest+ a n d
D iv id e n d s a re P a y a b le

None 180,000 shs. See text. Q— F May 1 1925 75c
$10 $2,760,000 See text
Oct 3 1923. 5%
None 2,500,000sh See text J & D 30 June30 25 37 )3c
100.000 sh.
Feb 12 1921 $ Nat Bk of Comm, N Y
1
100
964.000
Q— F May 1 1925 2%
8
do
do
None 2 0 0 .0 0 0 sh.
Q— M June l ’25 75c
$3
None al52 250shs See text
Q— J See text
100
2.500,000
8
Q— J Apr 1 ’25, 2%
(Detroit Tr Co, Detroit
& D Dec 1 1934
100 &c
4,000,000
6H g J
\Guaranty Tr Co, N Y

Does not include 78,874 shares issuable in exchange for st ock of J W Mur ray Mfg Co

REPORT.— For 1924, in V. 120, p. 579, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Sales......... ............ --$150.045.065$123,702.043 $84,733,826 $68,523,244
Net, after depreciation.. 10,433,501
7,702,625 a4,562.607 *df9,887,396
Reserve for income tax.. 1,200,000
500,000
______
______
Preferred dividends____
244,223
254,354
344,619
220,017
Common dividends_____
______
______
______
______
Class A dividends______ 2,499,207
______
______
______
Surplus for year______$16,490,071 $6,948,271

$4,217,988df$10107,413

OFFICERS.— Pres., Charles Karl: V.-P.. F. R. Foraker; Treas., James
Dean; Sec., C. T. Ulrich.— (V 120, p. 2558.)
MULLINS BODY CORP.— O RG ANIZATION.— Tncorp. In New York
July 19 1919 Successor to W H. Mullins Co. of Onlo. Tncorp. 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 until Dec. 9 at $44 a share for 30.000 shares of new stock In pro­
portion to 3 to 7 Increasing the total outstanding to 100,000 shares or 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.
Both classes of stock listed on N. Y. Stock Exchange in Oct 1919. Initial
dividends of 75 cents per share on the com 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. Preferred
dividend, paid regularly to Nov. 1924

•The operating loss for the year 1921 was $2,954,370. The remainder of
the loss is made up of depreciation and loss in inventories, $4,725,929:
depreciation in factory plants, $361,000: loss in value of securities held in
the treasury of the company, $562,437; loss on and allowance for accounts
receivable, $890,000; deferred reorganization expenses, $170,574, and mis­
cellaneous adjustments, $223,085.
a After providing for taxes, bad and doubtful accounts and depreciation
on capital assets and inventories.
OFFICERS.— Chairman, Silas H. Strawn; Pres.. Theodore F. Merseles
V.-P., Sec. & Treas., Albert S. Scott. D ir e c t o r s . — Charles H. Schweppe,
REPORT.— For 1924, in V. 120, p. 713, showed:
D. R. McLennon, Francis D. Bartow, S. H. Strawn, John A. Spoor, B. A.
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Eckhart, E. C. Maher, Theodore F. Merseles, Robt. P. Lamont, Chas. H.
Thorne and R. J. Thorne. Office, 618 W. Chicago Ave., Chicago.— Net sales_______________$2,922,570 $3,486,805 $2,144,470 $1,431,243
Net income____________ sur302,797 surl06,202 surl 16,304 defl 10.393
(V. 120, p. 2558.)
Preferred dividends____
77,360
77,600
77,600
78,400
______
______
______
100,000
MOON MOTOR CAR CO.— Incorp. under laws of Delaware July 5 1917. Common dividends_____
Plant located in St. Louis, Mo
Balance...................
$225,437
$28,602 sur$38,704 def$288,793
D IV ID E N D S.— Initial dividend on common stock of 25 cents a share
Report for 3 mos. ended March 31 1925, in V. 120, p. 2410, showed:
was paid Aug. 1 1922; Nov. 1 1922 paid 25 cents; Feb. 1 1923 paid 37)4 Gross profit, $176,020; net income, $104,096; dividends, $19,320; balance,
cents quar. and 12)4 cents extra: May 1 1923 paid 50 cents quar.; Aug. 1 surplus, $84,776.
and Nov. 1 1923 paid 75 cents quar. and 25 cents extra; Feb. 1 1924 to
OFFICERS.— Chairman, W. H. Mullins; Pres., C. O. Gibson; V.-P. St,
May 1 1925 paid 75 cents quar.
Sec.. F. P. Mullins; V.-P. & Treas.. W. P. Carpenter. Main office, 120
REPORT.— For 1924 showed:
Broadway, N . Y .— (V. 120, p. 2410.)
1922.
C a le n d a r Y e a rs —
1924.
1923.
Net sales, &c______________________ $9,287,671 $9,741,857 $6,877,159
MUNSINGWEAR, INC.— Incorp. In Delaware May 8 1923. Owns,
C o s t ______________________________ 8,767,950
8,923,844
6.159.655 through stock ownership. The Munsingwear Corp. of Minneapolis and the
Wayne Knitting Mills of Fort Wayne, Ind. The former company is the
Operating profit_______ ______ ____
$818,012
$717,504 manufacturer of “ Munsingwear” underwear and the latter o f" Wayne
$519,721
Other income______________________
196.661 Knit" hosiery.
148.726
127,294
Gross income____________________
Income taxes_________ ._ ________

$647,016
87,430

$966,739
124,730

$914,164
119,025

___________

$559,585

$842,009
386,805

$795,140

Total income. . ________________
Preferred dividends________
____

$559,585
405,000

$1,228,814
5,449
585,000

$795,140
21.798
154,213

Surplus for year________
_______
Previous surplus, adjustment_______

$154,585
2,233,287

$620,651
1,612,019

$619,129
992,890

Net income..

.

Total surplus____________________ $2,387,872 $2,232,670 $1,612,019
OFFICERS.— Pres., Stewart McDonald; V.-P., A. F. Moberly; Sec.,
S ta n le y M o o n ; T r ''- 's ., H . W . K le m m e . O ffic e , Main a n d D o u g la s S ts .,
St. Louis.— (V. 120, p. 2690.)
(PH ILIP) MORRIS & CO., LTD., INC.— Tncorp. 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.
D IV ID E N D S.— 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 1925, showed:
Y e a r E n d . 15 M o s .E n d . Y e a r E n d .
M a r . 31 '25. Afar.31 ’24. D e c . 30 ’22.
Net income..... ................... ...........
$140,650
$84,860
$139,041
Dividends (50c.)___________________
______
138,000
______
Surplus.................. ...................
Previous surplus (adjusted)_________
Profit and loss, surplus___________

$140,650 def$53,140
94,377
147,516
$235,027

$94,377

$139,041
7,578
$146,619

OFFICERS.— Pres., Ruben M . Ellis; V.-P., Frank Swick and Herbert
W. Coe; Sec. & Treas., Otway H. Chalkley. Offices, 909 East Main St.,
Richmond, and 44 West 18th St., New York.— (V. 119, p. 1515.)
MOTHER LODE COALITION MINES C O — Incorp. April 17 1919
under laws of Delaware. Owns twelve patented lode mining claims near
Kennecott, Alaska, having an area of 186)3 acres.
D IV ID E N D S.— Paid 50 cents per share semi-annually from .Tune 30
1922 to Doc. 31 1923; June 30 1924 to June 30 1925 paid 37)3 cents per share
semi-annually.
REPORT.— For 1924 showed:
1922.
1921.
C a le n d a r Y e a rs —
1924.
1923.
Operating revenue_____$4,447,034
$4,203,193 $3,465,959 $2,788,810
Operating costs________ 2,195.672
1,939,802
1,701.532
1,591.103
Other income__________
C r . 1,960
C r . 6,095
C r . 33.170
Cr. 16.389
Taxes_________________
51,637
52,278
35,704
33,310
Interest, &c., paid_____
1,082
69,207
Balance, surplus_____$2,200,603
Previous deficit________ 1,098,846

$2,217,208
1,022,332

$1,761,892
750,082

$1,111,579
92,816

Total surplus________ $1,101,756
Depreciation & depletion 2,651,186

$1,194,876
2,293,722

$1,011,810
2,034,143

$1,018,763
1,768,845

Debit balance Dec. 31 $1,549,430

$1,098,846

$1,022,332

$750,082




STOCK.— See table at head of page.
DIVS.— Initial dlv. of 75 cents a share was paid Sept. 1 1923; same
amount paid quar. to June 1 1925.
REPORT.— For 1924, in V. 120, p. 217, showed:
Y e a r Ended 8 M o s . E n d .

N o v . 30 '24. N o v . 30 '24.
a Net sales___________________________ ___________$13,384,923 $10,419,899
b Cost of merchandise produced and sold________ 12,595,431
9,103,795

Net operating profit___
c Miscellaneous earnings. ..

$789,491
73,796

$1,316,104
110,043

Gross earnings_________

$863 287
285.913
90,000

$1,426,147
132,927
175,000

In te r e s t c h a r g e s ____________

Provision for Federal taxes.

Net income (consolidated)_____________________
$487,374 $1,118,220
Capital and surplus (Munsingwear, Inc., as at
Nov. 30 1923)________________________________ $13,706,217
Miscellaneous credits_____________________________
6,549 •
Total capital and surplus_____________________ $14,200,142
Proportion of net income applicable to minority
stockholders of Wayne Knitting Mills_________
______
Dividends on preferred stock of subsidiaries______
87,202
Dividends paid by Munsingwear, Inc____________
600,000

456
61,333
150,000

Capital and surplus Nov. 30__________________ $13,512,940 $13,706,217
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), x Co. was organized May 8 1923.
OFFICERS.— Pres., F. M . Stowell; V.-P., G. E. Rutledge; V.-P., J. A.
Faye; Sec., J. R. Van Derlip; Treas,. C. L. Pillsbury; Asst. Sec. William
Ferrer; Asst. Treas., C. A. Kirschstein. Office, Minneapolis, Minn.—
(V. 120, p. 217.)
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 2 0 ,0 0 0 closed bodies and 1 0,000 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 C. 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)3 shares of Murray Mfg. Co. common stock, the exchange to be
made on or after April 1.
STOCK.— In event of voluntary dissolution, liquidation, merger, con­
solidation or sale of assets, pref. stock is entitled to $11 0 per share and
unpaid accrued divs.; in event of insolvency or involuntary dissolution,
liquidation or sale of assets, it is entitled to $1 0 0 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 1 0 % of net profits of the

May , 1925.]

197

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
F o r a b b re v ia tio n s , d ie ., see notes o n page

61

| D a te
B on d s

Nash Motors Co— Com stock anth 300.090 shares--------------Pref A stock 7% cumulative $22,500,000 authorized______
N ational Acme Co. (T h e ' —Stock $6,000,000 . _________
First mtge sinking fund gold bonds red (text). .CLCL.xxxc* 1921
Rational Biscuit Co Common stock >60.000,000 auth_____
Preferred (as to dividends) 7% cum $25.060,000________
N ational Carbon Co, Inc—
Pref (a A d) stock 8% cum $5.600.000call 140------------------N ational Cloak & Suit Co— Common stock $17,000,000 aut ___
Pref (a & d ) stock 7% cum red 125 $7,051,700 auth______
N ational Dairy P rod u cts Corp— Stock 1,000,000sh sau th ..

Par
V a lu e

1 A m ount
! O u ts ta n d in g '

R ate
%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

None 273.000 shs. See text F & A Feb 1 1925 $6
Q— F M a y l 1925 1 H
$100 $15,005,200
7
Dec 1 1920 1 %
10 5 000.000 See text
& D Dec 1 1931
100 &c 4.194.000
7<4 g j
25 51 163 000 See text Q— J 15 July 15 '25 3%
Q— F M ay 29 ’ 25 1 %
100 24,804.500
7
100 5.600.000
Q— F M a y l 1995 2%
8
Apr 15 25 1%
100 12.000.000 See text
Q— M June I '25 1 *4
7
100 7.054.700
Q— J July 1 1925 75c.
None
309,717 sh
$3

P la c e s W h e re In te re s t a n d
D iv id e n d s A r e P a y a b le

Commonw Atl Nat Bk
Bost, & Guar Tr Go, NY
Checks mailed
New York & Cleveland
First National Bank, N Y
do
do
Company’s office. N Y
Checks mailed

OFFICERS.— A. W. Henn, Pres. & Treas.; N. W. Foster, V.-P. & Gen.
previous fiscal year but in no case less than $125,000. out of which the co.
shall retire at not over $ 11 0 per share and accrued divs., an amount of pref. Mgr.; N. S. Rathburn, Sec. & Asst. Treas.; O. F. Douglas, Asst. Sec.;
stock sufficient to exhaust such amount set aside. Pref. stock is not entitled D. H. Parker, Asst. Treas. at Windsor, Vt. Main office, Cleveland, O.—
to vote except in event 3 consecutive quarterly divs. are in default, or, (V. 120, p. 2157.)
either net quick assets are less than 1 0 0 % or total net assets are less than
NATIONAL BISCUIT CO.— Incorp. in New Jersey in 1898. Operates
2 0 0 % of outstanding pref. stock, in which case pref. has exclusive voting
plants in various cities throughout the country. V. 6 6 , p. 288, 901; V. 71,
power in the election of directors.
545; V.77,p.
V. 97. p.599; V. 106,
D IV ID E N D S.— On common stock: Initial quarterly div. of 60c. cash p. In May 191992; V. 93, p.669; real estate covering p. 292; V. 112, p.253.
purchased the
and 1H shares of stock per 100 shares paid April 1 1925. Stock divs. of West 15th St., New York City, occupied by its New the entire block on
York plants.
1H shares per 100 shares have been declared payable July and Oct. 1 1925
STOCK.— The stockholders voted on Nov. 15 1922 C increase the
o
and Jan. 1 1926. Pref. stock: Initial quarterly div. of 2% paid April 1
authorized common stock from $30,000,000 to $60,000,000 and to change
1925.
the par
a share. Under the
of
BONDS.— Red. at 105 to and incl. Dec. 1 1925, the premium thereafter share of value from $100 to $25 par value were given nian holdersneweach
common stock of $100
7 shares of
$25
decreasing )4 o f 1 % for each year or fraction thereof elapsed subsequent to
Dec. 1 1925. Sinking fund, payable semi-annually, commencing Mar. 15 stock, amounting to a stock dividend of 75%. V. 115, p. 2276.
D IV ID E N D * — 1 1900-05. '06. 07. ’08. 09. TO. ’l l . 1912 to O rt. 14 ’22.
1926, to be sufficient to retire $250,000 principal amount of bonds annually.
4
Secured by a closed first mortgage on its entire fixed assets now or hereafter Com $100 par stk. 1 yearly 5 5V 6 5*4 6 6*4 7%(1<4%Q-J)
On Dec. 30 1922 paid a stock dividend of 75%. On new $25 par value
owned (subject to only existing serial purchase money obligations aggregating
$225,000), and by pledge of the entire capital stock (except directors’ shares) stock paid 3% quar. from Jan. 15 1923 to July 15 1925. Also paid 4%
extra on Nov. 15 1924.
of Wilson Building Co.
REPORT.— For year ending Dec. 31 1924, in V. 120, p. 324, showed:
REPORT.—
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
C o m b in e d N e t E a r n in g s , a fte r D e p r e c ia t io n , o f the P r o p e r tie s A c q u ir e d .
Net pro its_____________ $12,881,530 $12,092,828 $11,024,980 $5,677,461
Common dividends_____
8,186,080
6,139,560
3,069.780 2,046,520
C a le n d a r Y e a rs —
1920.
1921.
1922.
1923.
1,736,315
1,736,315
1,736.315 1,736,315
$258,868 $1,493,755 $3,246,056 Preferred dividends____
Net earns, after deprec_$1,705,722
For the nine months ended Sept. 30 1924, net earnings, after similar
Balance, surplus_____$2,959,135 $4,216,953
$6,218,885 $1,894,626
deductions, were $1,048,062.
3 M o n t h s E n d e d M a r c h 31—
1925.
1924.
1923.
OFFICERS.— Chairman. J. W. Murray: Pres., Allan Sheldon; V.-P. &
Gen. Mgr., Gordon D. Fairgrieve; Sec. & Treas., J. E. J. Keane. Office, Net after taxes, &c., charges________ $2,877,031 $2,957,311 $2,813,700
OFFICERS.— R. E. Tomlinson, Pres.; W. W. Graves, J. G. Zeller,
Detroit, Mich.— (V. 120, p. 1594.)
NASH MOTORS CO. (THE).— ORGANIZATION.— Incorp. in Mary­ A. G. Bixler and O. F. Bliss, Vice-Presidents; G. P. Wells, Sec. & Treas.
land July 28 1916 at direction of Lee, Higginson & Co. Took over property Office, 85 Ninth Ave., New York.— (V. 120, p. 202).)
and business of the Thomas B. Jeffrey Co. of Kenosha, Wis., manufacturers
NATIONAL CARBON CO., INC.— ORGANIZATION — Incorp. Jan.
of motor cars and trucks. See full statement in V. 103, p. 597. In 1910 15 1917 under laws of New York State for the purpose of manufacturing,
purchased a half-interest in the Seaman Body Corp. of Milwaukee.
buying and selling carbon in all its various forms, as well as dry batteries,
Purchased 41 acres of land in Milwaukee in 1919 for the purpose of storage batteries, starters, lamps, machinery, devices and appliances of
erecting a new plant for the production of four-cylinder cars. The first every nature, &c. Succeeded through exchange of stock to the property
units of this new plant had been placed in operation in Jan. 1921. Addi­ and business of the National Carbon Co., a New Jersey corporation, which
tional units were added during 1922 and 1923. Also has been making latter company has been dissolved. V. 104, p. 261. 858.
additions to its main factory at Kenosha, Wis. V. 112. p. 367.
Plants at Cleveland, Fremont, Fostoria, Ohio; East St. Louis, 1 1 San
1 .;
In Jan. 1924 purchased the plant of the Mitchell Motors Co. at Racine. Francisco, Calif.; Clarksburg, W. Va.; Jersey City, N. J.; Chicago, 1 1
1 .;
Wis. In June 1924 the Ajax Motors Co., a subsidiary, was incorporated Pittsburgh, Pa.; Niagara Falls, Long Island City and New York, N. Y.
to operate this plant. V. 119, p. 81.
The company owns the entire capital stock of the Canadian National
STOCK.— The stockholders on Dec. 16 1922 reclassified the auth..capital Carbon Co., Ltd., Toronto; authorized issue, 30,000 shares of no par value:
stock as follows: (a) Pref. A stock, $22,500,000 (par $100): (6 ) pref. stock, issued, 6,000 shares. V. 106, p. 1581.
$5,000,000 (par $ 100); (c) com. stock, 300,000 shares without par value.
C APITAL STOCK.— Preferred, see table above. All of the Issued
The stockholders also authorized the issuance of $16,380,000 prei. “ A ” common stock (419.250 shares) is owned by the Union Carbide & Carbon
stock and 218,400 shares of common stock, and authorized the directors to Corp . which see below, and V. 105. p. 1425.
distribute the stock pro rata to the common stockholders as a stock dividend.
D IV ID E ND S.— These have been paid quarterly from May 1 1917 to
All the old outstanding $3,500,000 7% cum. pref. stock was called for
May 1 1925 tnci. at the rate of 2% per quarter on the preferred. Dividends
retirement on Feb. 1 1923 at 110 and dividend. V. 115, p. 2802.
on common no longer made public.
Initial dividend of $6 on common stock paid Feb. 1918; May 31 1918,
OFFICERS.— Chairman, James Parmelee; Pros . E. F. Price: Treas..
$15; 1919 to 1922. paid $16 yearly ($10 in Feb. and $6 in Aug.). Pursuant
to a plan reclassifying the capita) stock and capitalizing the surplus, each O. T. Ayres; Sec., A. C. Cornell.— (V. 114, p. 1070.)
common stockholder of record Dec. 26 1922 received on account of each
NATIONAL CLOAK & SUIT CO.— Incorp. May 29 1914 in N . Y „
share of common stock then held 3 shares of pref. A stock and 4 shares of
common stock. V. 115, p. 2802. On Feb. 1 1923 paid $2 50 a share on successor to company of same name incorporated in 1903. Business is the
new common stock: Aug. 1 1923 paid $3 50 a share: Feb. 1 1924 paid $3 50 retailing by mail of all kinds of wearing apparel for men. women and chil­
and $1 50 extra; Aug. I 1924 paid $3 50 and $1 50 extra; Feb. 1 1925 paid dren, and also certain household furnishings, such as curtains, blankets,
linens, &c.
$3 50 and $2 50 extra.
STOCK.— See table at head of page.
REPORT.— For fiscal year ended Nov. 30 1924, in V. 120, p. 821, showed:
DIVS.— On pref., in full to date. On common, paid 1\ i % quar. from
Y e a rs en d. N o v . 30—
1923-24.
1922-23.
1921-22.
1920-21.
Net income__________y$10,532,399y$10,722,263 y$8,845.509
Not
Apr. 14 1917 to July 15 1920; then none until Apr. 15 1925, when 1% was
paid.
Prov. for Federal taxes.. 1,251,858
1,442,231
1,232,263
stated
Net income after exp.,
REPORT.— For 1924, in V. 120, p. 823, showed:
reserves and taxes____$9,280,541
$9,280,032 $7,613,246 $2,226,078
Y
D e c . 31 ’24. D e c . 27 ’23. D e c . 28 '22. D e c . 28 ’21.
Preferred dividends____z l,103.262
1,207,850
262,500
288,750 Nete a rs ended —
sales------------------- $49,225,804 $52,399,783 $45,357,566 $37,481,210
Common dividends_____ 2,730,000
1,638,000
873,600
873,600 Profit before deducting
bonus and taxes------- 2,332,090
2,764,6662,047,473 loss2439,902
Balance, surplus_____$5,447,279 $6,434,182 $6,477,146 $1,063,728
Federal taxes__________
260,000
224,000
Adjustments.............................. . D r . 295,668 Cr.231,931 D r.177,471 Bonus----------209,551
379,821
256,856
III
Previous surplus_______ 8,793,686 20,127,172 13,418,095 12,531,837 Sundry adjustments___
______
60,022
59,089
___
Preferred divs. (7% )_
_
508,266
480,419
292,600
292,600
Total surplus________ $14,240,965 $26,265,686 $20,127,172 $13,418,095 Discount on pref. stock.
9,787
______
______
______
Stock divs.—Com. stock—
Paid in pref. A ______
______ 16,380,000
______
______
Balance, surplus-------$1,364,060 $1,620,404 $1,438,929df$2,732,502
Paid in common stock
______
1 ,0 9 2 ,0 0 0
_______
_______
Profit and loss surplus.. $5,376,239 $4,012,179 $3,007,522 $1,568,593
OFFICERS!— Pres., S. G. Rosenbaum: V.-P. & Gen. Mgr., H. O.
Profit & loss surplus..$14,240,965 $8,793,686 $20,127,172 $13,418,095
Freeman; V.-P., H. S. Rosenbaum, F. Boker and Z. D. Bernstein; Treas.,
Q u a rte r E n d e d —
F e b . 28 ’25. F e b . 29 ’24. F e b . 28 ’23.
M. J. Biehn; Sec., William Rosenbaum. Office, 207 West 24th St.. New
Net profit after deprec. & Fed. taxes. $3,099,293 $1,618,475 $1,513,241
Pres., Charles W. Nash; Chairman, James J. Storrow; V.-P. & Oompt., York.— (V. 120, p. 2558.)
Walter H. Alford; Treas., George H. Eddy; Sec., Horace J. Mellum. Of­
NATIO NAL COND UIT & CABLE CO., INC.— (V. 120, p. 2558.)
fice. Kenosha, Wis.— (V. 120, P- 1890.)
N A TIO NA L DAIRY PRODUCTS
Dec.
NATIONAL ACME CO. (TH E).— ORGANIZATION.— Incorp. in Corporation holds the common stocks ofCORP.— Incorp. Dairy 8 1923.
Rieck-McJunkin
Co. and
Ohio (about Dec. 1 1916) to take over the assets, &c., of the National Acme Hydrox Corp. Rieck-McJunkin Dairy Co. is engaged in the gathering
Mfg. Co. of Cleveland (incorp. in Ohio Sept. 20 1901), manufacturers of
of ice cream and
automatic screw machines and milled screw products. Owns and operates and distribution of milk, the manufacture and distribution condensed milk,
other dairy products, principal among which are cream,
two plants located at Cleveland, Ohio, and Windsor, Vt.
milk powder, casein, milk sugar, butter, cheese and eggs. Hydrox Corp.
STOCK.— The stockholders on Oct. 24 1924 voted to reduce the capital is engaged in the manufacture and distribution of ice cream and beverages,
stock from $25,000,000 to $5,000,000 by changing the par value of shares such as ginger ale, root beer and sarsaparilla.
from $50 to $10.
In Aug. 1924 the corporation acquired the business of the J. T. Castles
D IV ID E N D S.— March 1917 to Dec. 1 1919, 1 )4 % quar.; March 1920 to Ice Cream Co. of Newark, N. J., and of Castles Ice Cream Co. of Perth
Amboy, N. J., through an exchange of capital stock of the National Dairy
Dec. 1920, 1M % quar.; none since.
BONDS.— The first mtge. 7 ) 4 % sink, fund gold bonds are redeemable, Products Corp. for the entire common stocks of these two companies.
Also, during 1924, acquired the entire common stock of the W. E.
all or part, at 105 aDd int. up to Dec. 1 1926; thereafter at 104 and int. to
Dec. 1 1928; thereafter at 103 and int. to Dec. 1 1930, and thereafter at 102 Hoffman Co., which operates plants in Altoona, Philipsburgh, Tyrone and
Barnesboro, Pa., and the assets and business of the Durkin Ice Cream Co.
and Int. Sinking fund payable semi-annually commencing Sept. 1 1923.
of Waukegan, 1 1 Since Jan. 1 1925 the entire common stock of Moore
1.
will provide for the retirement of $360,000 annually. V. 113, p. 2510.
Brothers Co. of Oil City and Meadville, Pa., the assets and business of
REPORT.— For 1924, In V. 120, p. 1468, showed:
William Ohlhaver Co. of Aurora, 1 1 and the business of the Chapelle
1 .,
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Thompson Ice Cream Co. of Chicago, have been acquired. These acqui­
Net sales..................... $7,300,403 $9,586,306 $5,618,237 $3,879,072 sitions involved no further issue of National Dairy Products Corp. capital
Net profit______________loss626,649
240,717 loss805,011 lossl412,360 stock, the purchases having been financed out of earnings.
Q u a r . E n d . M a r . 31—
1925.
1924.
1923.
1922.
STOCK.— See table at head of page.
Net sales____________
$1,917,710$2,396,467 $2,583,448
$687,825
Net profits after all exp.
D iv id e n d s . — Initial dividend of 75 cents per share was paid April 1 1924;
same amount paid quarterly to July 1 1925
and bond Interest____
64,284
81,211
339,126
______




198

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
IF o r a b b re v ia tio n s , <fec., see n otes o n p a g e

D ate

6]

Bonds

Preferred stock (a A d) 7% cumulative, $10.000,000-----Refund 1st M real estate sink fund g red text.
Ce.xoAr*
Rational Fireproofing— CommoD stock $4,500,000_________
preferred stock 7% non-cumulative $8,000.000___ _____
1st M and CollTr g due $125,000 yrly red 10243 UPl.xo*
Rational Lead Co— Stock common $25,000,000 authorized..
Pref (also & to assets) 7% cum $25,000,000 red since 1910..
b

A m ount
O u ts ta n d irn

R a te

%

500.000 shs
$'•.608 200
7
5.400.000
7
None'168.000 shs
None 116.000 shs
100 &c $2,862 200
7g
100 15 591,800 See text
100 10 ,0 0 0 ,0 0
7
1 119,000
5g
1909 1,000 Ac
50 4.461 .31*
50 7 quo 5ru See text
1 ,0 00
888 000
1912
100 20.b65.4b<
100 24.367,60(
7

N ational Dept Stores, In c— Com stock 725,000 sh*fauth_
First pref(a & d) stoc k7 % cum red 115 SlO.OOO.OOO'auth.Second pref (a & d) stock 7% cum red 115 17.500.000 auth'
Nat Distill Prod Corp— Com stk (v t c) 200,000 shs auth.I
Pref (a & d) stock (v t c) $7 cum from May 1 ’29 red 110J
Convertible gold notes red (text)____________ Eq.kxxxc* 1924
Rational tuaiiiciiiutA Mam pin it— uotntuon slock JZU.iWb.uOO

Par
V a lu e

$100
100

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

Q— F
Q— M

[V ol. 120.

May 1 1925 143
June 1 1925 143

P la ce s W h e re In te re s t a n *
D iv id e n d s a re P a y a b le

M & N
See text
Q— M
» A D

May 1 1930
New York
Nov 30 ’23 1% Duaranty Trust Co, N Y
See text
do
do
June 1 1929
Central Union Tr Co.NY
Aug 25 ’03 143 Checks mailed
Q— FI 5 Apr 15 ’25 143
do
V A s Sept 1 ’25-’32
I
Q— M June 30 ’25 2% t il Broadway .New York
Q— M June 15 ’25 143
do
do

NATIONAL ENAMELINO AND STAMPING CO., INC.— ORGAN­
IZATION.— Incorp. in N. J. on Jan. 21 1899. See prospectus, &c., V. 6 8 ,
p. 18<; V. 76. p. 1405; V. 77, p. 403; V. 82, p. 755; V. 104. p. 859, 768.
Decision Dec. 1906. V. 81. p. 215; V. 82, p. 755: V. 83. p. 1415.
The St. Louis Coke & Iron Co., in which the company owns a substantial
Gross profit_____________________________________$4,472,433 $2,900,343 interest, was placed in receivership in Sept. 1924. V. 119, p. 1291.
Other income___________________________________
193,924
125,416
STOCK.— See table at head of page.
D IV ID E N D S — 1902-04. 1905. 1906-16. 1917. 1918-21. ’22. ’23. *24.
Total income___________________________________ $4,666,357 $3,025,759
143 None.
4
6(143qu’)143 543 0
On common (% )----- 4 yrly.
Administration expenses, interest, &c---------------- 2,015,369
1,148,069
Federal taxes___________________________________
297,774
231,562 On preferred in full declared to Dec. 31 1925, 143% quar.
In Feb. 1921 a dividend of 6 % was declared on tbe common stock, pay­
§^33,979
Other deductions-------------------------------------------Dividends on stocks of subsidiaries_______________
352,721
269,288 able m '7f quarterly Mar. 19. May 31. Aug. 31 and Nov. 30 1921: then
none until Nov. 29 1922, when 143% was paid; Feb. 28 1923 to Aug. 30
Common dividends_____________________________
836,311
-----1923, paid 143% quar.; Nov. 30 1923 paid 1%; none since.
Surplus______________________________________
$830,203 $1,371,056
BONDS.— Subject to annual drawings at 105 in amounts increasing
yearly from $108,000 to $263,000. Original issue, $3,500,000; $2,301,000
x Includes W . E. Hoffman Co., J. T. Castles Ice Cream Co., and Castles retired to Dec. 31 1924.
Ice Cream Co. of Perth Amboy, prior to date of acquisition, y Includes
REPORT.— For 1924, in V. 120, p. 971, showed:
the figures for the Rieck-McJunkin Dairy Co. for the nine months ended
1924.
1923.
1922.
1921.
Dec 31 1923 and for the Hvdrox Corp. for the fiscal year ended on the same Total income____________$1,862,646 $2,538,554 $2,856,187 loss$218,510
date. § Profits of subsidiaries before date of acquisition.
936,698
1,026,227
689,341766,895
Depreciation, &c_______
OFFICERS.— Chairman, E. E. Rieck; Pres., Thomas H. Mclnnerney; Bond interest__________
51,966
59,032
75,25187,710
V.-P. & Treas., James G. Lewis; Sec., Frederick J. Bridges; Asst. Sec., Reserve for Federal taxes
______
182,000
lOO.OOO
______
H. R. Birmingham. Office, 25 Broad St., New York.— (V. IzO, p. 1890.)
Sinking fund--------------------------------------185.500
700,000
700.CC0
700.000
700,000
NATIONAL DEPARTMENT STORES, INC.— Incorp. under laws of Pref. dividends (7 % )-.______ (53-3)857,549(1 43)233,877 (6)935,508
Delaware on Dec. 22 1922. Owns (excepting directors’ qualifying shares) Common dividends_____
entire outstanding stock of The Bailey Co., The Rosenbaum Co., B. Nugent
Balance, surplus_____
$173,982 def$286,254 $1,048,718df$2,894,123
& Bro., Dry Goods Co. and Geo. E. Stifel Co., operating stores, respectively,
in Cleveland, Pittsburgh, St. Louis and Wheeling, W. Va. In Nov. 1923 Profit and loss, surplus._x$7,248,129 $9,310,705 $9,910,842 $7,063,125
completed negotiations for the purchase of the Frank & Seder department
x After deducting $2,236,558, cost of preferred and common stocks of
store group. V. 117, p. 2118, 2220. In 1924 acquired the Atkinson stores
in Minneapolis and St. Paul. Goldberg’s in Trenton and Kauffman’s in St. Louis Coke & Iron Co. written off account receivership of company.
Richmond. In May 1925 purchased the Lipman, Wolfe & Co. department
OFFICERS.— Chairman, George W. Niedringhaus; Pres., Alfred J.
Kieckhefer; 1st V.-P. & Treas., George V. Hagerty; 2d V.-P., William H.
store in Portland, Ore. Stores owned and operated, 15.
The Na ional Department Stores Realty Corp., a subsidiary, was in­ Matthai: Sec., G. Hayward Niedringhaus. New York office. 411 Fifth
corporated in Delaware Nov. 7 1924 to acquire lands and develop the same. Ave.— (V. 120, p. 1337.)
STOCK.— The second pref. stock is convertible until Jan. 1 1929 into
NATIONAL FIREPROOFING CO.— Incorporated in 1889: name was
common stock, share for share.
. . . . .
„
___
changed in 1899 from Pittsburgh Terra Cotta Lumber Co. Controls 22
The stockholders on Nov. 12 1923 authorized the issuance of $3,000,000 plants adjacent to various cities between Boston and Chicago, about 5,000
1 st pref. stock, par $1 0 0 , $2 ,0 0 0 ,0 0 0 2 d pref. stock, par $100 and 20 0 ,0 0 0
acres of coal and clay lands, patent rights, &c. Manufactures porous terra
shares of com. stock, no par value, in connection with the acquisition of cotta, fireproofing, hollow tile, building blocks, &c. In Feb. 1923 proper­
the Frank & Seder department store group.
ties of American Clay Products Co. were acquired by Atlantic Clay Products
REPORT.— Consolidated income account, years ended Jan. 31^
Co., whose stock is owned by National Fireproofing Co. Properties owned,
see V. 72, p. 296, 1191; V. 76, p. 651; V. 94, p. 6 8 , 766; 1060, V. 95. p. 53.
Net sales____________ _________________________ x$74,368,556 $72,331,456
BONDS.— The stockholders July 25 1912 authorised $2,500,000 ref uud g
Cost of goods sold & selling, admin. & oper exp.
bonds maturing $125,000 yearly. V 94. p 1452; V. 95. p 53. 424, 893.
(less misc. income), incl. depreciation and amortiU IV S .i’06. 06 07. 08. 09. TO- 14 15. 16-’ 19.’20. 21.-’22. ’23. ’24.
zation of leasehold improvements------------------- 70,682,667 67,101,538
5
2
0 4 yrly.
1
0
1
0
1
443
Interest charges (incl. amortlz’n of bond discount).
264,997
318,259 Pref-- % (5 43 1
0
0
0
0
0
0
0 0
0
0
0
Provision for Federal income taxes--------------------388,574
601,878 Com % i 0
On Dec. 31 1920 and Jan. 10 1924 paid a special “Christmas” dl / of 1%
First preferred dividends--------------------------------547,337
385,000
Second preferred dividends_____________________
371,000
254,332 on pref. stock. In Oct. 1923 declared 3%, payable 1% on Nov. 15 1923,
1% on Feb. 15 1924 and 1% on May 15 1924. On July 15 1924 paid 1%;
Oct. 15 1924 paid 143%; Jan. 15 1925 paid 2%; April 15 1925 paid 143%.
Balance, surplus______________________________ $2,113,980 $3,670,448
Profit and loss surplus Jan. 31__________________ $3,652,186 $1,775,414
REPORT.— For 1924, in V. 120, p. 967, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
x Including the results of the operations of E. E. Atkinson & Co. stores
Net earnings__________
$971,338 $1,066,289
$29,316
$108,834
prior to April 30 1924.
Depreciation, &c_______
299,591
301,425
100,000
100,000
OFFICERS.— Chairman, L. A. Behr; Pres., Victor W . Sincere; Treas., Dividends_____________
474,030
316,020
______
______
Morton ‘Rein: Sec., Walter Rosenbaum. New York office, 1328 Broad­
way.— (V. 120, p. 2558.)
Balance, sur. or def_ sur$197,717 sur$448,844 def$70,684
_
sur$8.834
NATIONAL DISTILLERS PRODUCTS CORPORATION .— ORGAN­
OFFICERS.— Chairman,
H. M . Keasbey;
IZATIO N — Incorp. in Virginia, succeeding in 1924 to the business for­ Sec., C. G . Jones; Treas., Sidney S. Heckert; Pres., Pittsburgh, Pa.—
J. P. Robbins. Office,
merly conducted by U. S. Food Products Corp. It controls, through stock (V. 120, p. 2411.)
ownership, subsidiary operating companies engaged, respectively, in the
following businesses: Kentucky Alcohol Corp., with two plants, manufac­
NATIONAL LEAD CO.— O RGANIZATION.— Organized In New Jer
tures industrial alcohol. Liberty Yeast Corp., owning two plants. Old sey on Dec. 7 1891. It controls extensive plants In different States for
Time Molasses Co. purchases molasses in Cuba from sugar centrals, and the manufacture of white lead, &c. V. 89, p. 223: V. 106, p. 1572, 1581. Also
greater part of its product is shipped to this country for use in the manufac­ United Lead Co. (V. 84, p. 697, 160). Magnus Co. (V. 100, p. 402),
ture of industrial alcohol and feeding molasses. Henry H. Shufeldt & Co. U. S. Cartridge Co. of Lowell (V. 90, p. 631; V. 104, p. 1383; V. 110, p.
prepares, packs and sells maraschino cherries, glace fruits and olives. 1524) and Matheson Lead Do. (V 95 p 115): Rass-Hueter Paint Do.
Kentucky Distilleries & Warehouse Co. and Hannis Distilling Co. own (V. 104, p. 1383), Carter White Lead Co., St. Louis Smelting & Refining
bonded warehouses. U. S. Food Products Car Line Corp. owns and oper­ Co., and National Pigments & Chemical Co. Has an interest in Williams
ates tank cars.
.
. . . . . .
Harvey Corp., and Williams Harvey & Co., Ltd., tin smelters; Baker Castor
STOCK — The preferred stock has no voting power, except that during Oil Co., Cinch Expansion Bolt & Eng. Do., River Smelting & Refining Co.
the existence of the voting trust, both preferred and common stocks have Titanium Pigment Co., Inc. During 1919 sold all of the capital stock of
eaual voting power. Sinking fund on or before April 1 1931, and annually Heath & Milligan Mfg. Co. and purchased the property of Hirst & Begley
each April 1 thereafter, cumulative, of 20% of consolidated net earnings, for Works. V. 110, p. 1524. In 1922 acquired an interest in the Compania
purchase or redemption of preferred stock at not over redeemable prices. Minera de Llallagua Mines of Bolivia. V. 115, p. 1639; V. 119, p. 1072.
Voting trust for preferred and common shares is dated May 1 1924 and ex­ In 1923 purchased the National Pigments & Chemical Co. V. 117, p. 900.
pires May 1 1930, unless sooner terminated by trustees; voting trustees are In April 1925 purchased the plant and business of the Metallurgical & Chem­
A. W. Lcasby, B. W . Jones and R. L. Clarkson, New York.
ical Corp., with works at Matawan, N . J. V. 120, p. 2157.
NOTES — The convertible 7% gold notes are convertible into common
STOCK.— Preferred is callable at par. V. 60, p. 349; V. 8 8 , p. 1376.
stock on the basis of one share of common stock for each $10 0 principal
DIVS.— ’08. ’09. TO. T1-T5. ’16-T7. T 8 . T9. ’20. ’21. ’22. ’23. ’24.
amount of notes. Redeemable, all or part, on 30 days’ notice on or before Common (%) 5 5 443 3 yrly. 4 yrly. 5
5
6
6 643
8
8
April 30 1926 at 104 and interest; thereafter on or before April 30 1927 at
Also in July 1917 and 1918 1% extra to aid Red Cross distributions.
103- thereafter on or before April 30 1928 at 102; and thereafter to maturity In Nov. 1918 paid 43% extra to aid United War Work Campaign.
at 1 0 1 , together with accrued interest in each case.
. .
Paid in 1925: Mar. 31, 2%; June 30, 2%.
Indenture provides that corporation shall pay to the trustee a^a sinking
REPORT.— For 1924, in V. 120, p. 1452, showed:
fund commencing Nov. 1 1924, cash to the amount of $320,000 i*)r annum
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
payable semi-annually for the purchase or redemption and retirement of
Net earnings--------------- a$4,454,979 $5,296,413 $4,927,549 $3,481,513
these notes at not exceeding the then cuiTent redemption price.
Guaranteed unconditionally as to principal, mterest and sinking fund, Preferred dividends (7%) $1,705,732 $1,705,732 $1,705,732 $1,705,732
jointly and severally by Kentucky Distilleries & Warehouse Co., Liberty Common dividends-.(8%)l,652,432 (8)1,652,432(643)1342601 (6)1,239,324
Yeast Corp., and Kentucky Alcohol Corp.
Surplus_______________ $1,096,815 $1,938,249 $1,879,216
$536,457
REPORT.— For 1924 showed:
Net sales_____________________________ _______________________ *7,272,371 Previous surplus_______ 24,698,340 22,760,091 20,880,875 20,344,418
Cost and expenses--------------------------------------------------------------° ’Son oqq
Remaining surplus— $25,795,155 $24,698,340 $22,760,091 $20,880,875
Operating profit---------------------------------------------------------( oo’qq?
a Net earnings are after deduction of all expenses, taxes, reserves, &c.
Total income---------------------------------------------------------------------Interest..-----------------------------------------------------------------oqn’foR
DIRECTORS.— E. J. Cornish (Pres.), G. O. Carpenter, N . B. Gregg
and E. F. Beale (Vice-Presidents), Evans McCarty, R. R. Colgate, Chas. E.
Federal tax provisions-------------------------------------------------i5’coi
Field, Geo. W . Fortmeyer, Fred. M. Carter, G. D. Dorsey, G. W. Thomp­
son, W. N. Taylor, J. R. Wettstein, W . C. Beschorman, A. H. Brodrick.
Net profit-----------------------------------964,981 Sec’y is M. Douglas Cole; Treas., F. R. Fortmeyer. N . Y. office. 111
OFFICERS.— Pres., Setoi-i Porter; V.-P., F. A. Rogers; Sec. & Treas , Broadway.— (V. 120, p. 2157.)
T A Clark; Asst. Sec. & Treas., J. A. Pertie. Office, 30 Broad St.,
NATIONAL LEATHER CO.— See Swift & Co. below and V. 120, p.1337.
Nbw York.— (V. 120, p. 2278.)

REPORT.— For 1924, in V. 120, p. 1213, showed:
C a le n d a r Y e a rs —
xl924.
yl923.
Net sales.................
$20,180,892 $13,568,668
Costs ancf depreciation__________________________ 15,708,459 10,668,325




M IS C E L L A N E O U S
[F o r a b b r e v ia t io n s ,

199

IN D U STRIA L STOCKS AND BONDS

M ay , 1925.]

C O M P A N IE S

& c . , see n o tes o n p a g e

6]

Date
Bonds

National Sugar R efining Co o f N J— Stock *15 noo.nno
____
N ational Supply Co o f Dela— Com stk $17,000,000 auth-- ____
Pref (a & d) stock 7% cum $8,000,000 auth red 115______ ____
N ational Transit Co— Stock $6,362.500__________________ ____
Nevada C onsolidated C opper Co— $10,000,000 stock_____ ____
New Vork -\ir uraKe— C muuuuu Miuuk 4UU.U0U -iiare-i auth___
Class A preferred stock $4 cum conv red & nartic (see text)
___
First M $3 nnn non gold nnnvart teTt to Tilly 1 1014 t C 1908
<
New York Canners, In c— Com stock 200,000 shares a u th .. ____
let pref (a & d) stock 7% cum red 110 $2,000,000 auth___ ____
2d pref (a & d) stock 8% cum red 110 $1,250,000 a u th .. ____
New York Dock Co— Common stock $ 7 .OOP,OOP______ ___
___
Preferred stock 6% non-oum (text)_________ _______ U*rr ____
First mortg&zc S13.000.000 gold call at 105____Usm.xc&i 1901

Par
V a lu e

Am ount
O u ts ta n d in g

B a te
%

15.000.00t
7
50 13.295.025
6
7.095 160
7
12.50 6.362.500 See text
$5 $9,997,285 See text
Non 200 .000 su
$4
Non- 100.000 sh$4
8 O O 00 <
O
6a
10 »> *•
None 123,600 sh See text
100
1,553,200
7
100
850.000
8
101
$7,000,000 See ten
10 < 10 .000.001
5
500 & 12.550.00t
<
4g
100

100

NATIO NAL SUGAR REFINING CO. OF NEW JERSEY (THE).—
Incorp. in New Jersey on June 2 1900 and took over the NewYorkSugar
Refining Co.’s (Doscher) refinery, Long Island City, the Mollenhauer
refinery, Brooklyn, N . Y. (dismantled as a refinery in 1918 and leased for
warehouse purposes, Y. 109, p. 178), and the National refinery, Yonkers,
N . Y . V. 91, p. 1577; V. 92, p. 1377; V. 93, p. 535; V. 98, p. 307.
STOCK.— The stockholders voted Nov. 15 1922 to Increase the authorized
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
Nov. 20. Divs. of 14 % paid April 1913 to Oct. 1917: Jan. 1918 to April
1920, 144 % quar.; July and Oct. 1920, 3>f%: Jan., April and July 1921
244 %; Oct. 1921 to July 1925, 144 % quar.
Divs. on old pref. 144 % (Q.-J..
paid Oct. 1900 to Jan. 1913 incl.; divs. on old com.. 10 % in 1903 and 1 *5
5 1
in 1904. No bonds. Balance sheet Dec. 31 1924, V. 120, p. 1890. Chair­
man, George R. Bunker; Pres., J. H. Post; V.-P., J. Adolph Mollenhauer;
Sec. & Treas., H. F. Mollenhauer.— (V. 120, p. 1890.)
NATIO NAL SUPPLY CO. OF DELAWARE (THE).— Incorp. in
Delaware in 1922 to acquire the capital stock of the National Supply Co.
(of Ohio). Furnishes equipment, machinery and supplies to all branches
of the oil industry. Also controls through stock ownership the Dayton
Pipe Coupling Co., the Fort Worth Drilling Tool Co. and the Union Tool
Co.
STOCK.— See table at head of page.
DIV ID E ND S. On preferred, in fail to date. On common, paid 1 4 4 %
quar. Feb. 15 1923 to May 15 1925. On June 16 1924 paid 10% in com.
REPORT.— For 1924, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Gross income__________ $3,385,243
$5,961,756 $5,220,668 $2,855,047
Int., taxes, deprec’n, &c. 1,260,896
1,253,394
990,006
751,710
Federal taxes.......... .
277,077
672,497
540,312
217,447
Minority interest______
______
1,596
350,568
498,759
Preferred dividends____
494,669
494,423
581,463
568,144
758,317
714,591
263,199
377,018
Common dividends_____
Balance, surplus_____
$594,284 $2,825,255 $2,495,121
$441,969
OFFICERS.— Chairman, James H. Barr; Pres., John M . Wilson;
Sec. & Treas., Chas. R. Clapp. Office, Toledo, Ohio.— (V. 119, p. 2297.)
NATIONAL TRANSIT CO.— ORGANIZATION ,&c.— Incorp lu Penn
«ylvania in 1881 Owns pipe line In Penna. Formerly controlled by 8 tand
ard Oil Co of N J.. segregated In 1911
V 85. p 216. 790; V 93. p. 1390
On Feb. 2 1916 shareholders voted to reduce the capital stock from
$12,727,575 to $6,362,500 by the retirement of 103 shares and the reduction
Of the par value of the remainder from $25 to $12 50 per share and the
payment of $12 50 In cash to the stockholders. The National Transit
Pump & MachineCo was Incorporated in Penn, on Nov. 26 1915; capita1
stock, $2,545,000 (Increased on April 1 1918 to $3.1*’ oo i) In $25 shares
to take over the company's plant at Oil City, Pa., for the manufacture of
pumps, engines, compressors, tools, fittings, &c.: all of the capital stock will
be held by the National Transit Co. V. 101. p. 1890. 2149; V. 93, p. 669.
D IV ID E N D S.— 1912 to 1914, 12% per ann.; 1915, 8 %: then none to
Dec. 15 1916, when 4% was paid; 1917. 8 %: 1918, 16% (8 % s -a ); 19U-,
40%; 1920. 30%: March 1921. 4%: June 1921. 4% and 4% extra; Sept
1921. 8 % extra; Dec. 1921, 4% and 4% extra; March 1922. 4% extra
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
1924,
extra; Tune 14 1924. 4%: Sent. 15 1924, 2% extra; Dec. 15
1924, 4%; Mar. 16 1925, 2%: June 15 1925, 4%.
1924
1923
1922
1921
Net earnings.......... .
$774,740 $1,024',572
$930,203 $1,853,459
Dividends...................
763,500
1,018,000
890,750
1,781,500
Pres. & Gen. Mgr., F. D. Williams; Treas., Lewis C. Longaker; Sec..
F. G. Zimmerman. Directors: C. C. Baker, T. L. Blair, C. T. McClintock.
C. E. Martin, Joseoh H. Contino and L. C. Longaker. Office. Oil City,
Pa.— (V. 120, p. 2653.)
NEVADA CONSOLIDATED COPPER CO.— ORGANIZATION.—
Incorp. Nov. 17 1904 in Maine as a consolidation. Of the outstanding
stock, $5,002,500 on Dec. 31 1924 was owned by Utah Copper Co. (see
below). Flotation suit. V. 109. p 1084: V. 114. p 2124.)
REPORT.— For 1924, in V. 120, p. 2020, showed;
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Total revenues__________$9,920,822 $9,445,306 $3,400,961 $1,280,147
Operating expenses_____ 8,128,932
7,231,813
4,205,836 1,263,744
Depreciation___________
601,719
526,120
879,194
857,341
Miscellaneous income_ C r . 485,338
_
C r . 407,304 C r . 560,446
C r . 34,121

W hen
P a y a b le

L a s t D iv id e n d
a n d M a tu rity

Q— J July 2 1925 1 H
Q -F 15 May 15 ’25 144
Q-M31 Mar 31 ’25 1%
See text June 15 ’25 4%
_________Sept 30'20, 5%
Q— F May 1 1925 $1
Q— J lJuly 1 1925 $)
V * N|May 11925
f
Q— M 15 June 15 25 50c
F & A Feb 1 1925 344
F & A Feb 1 1925 4%
----------- Feb 16 ’22 2 4 i
J & J 15 Jan 15 ’25 244
F & A Aug 1 1951

P la c e s W h e re In t e r e s t a n d
D i v i d e n d s a re P a y a b l e

Checks mailed
Checks mailed
Checks mailed
Jffice 165 B ’way, N Y
do
do
Central Union Tr Co.NY
U S Mtge" * T r O o N T
do
do
do
do

The old stockholders were given the right to subscribe at $50 per share to
the new Class " A ” stock, share for share.
C lass A P re fe re n ce Stock P r o v is io n s . — (1) Entitled to cumulative quarterly
dividends at the rate of $4 per share per annum out of surplus or net profits
before any div. on the common stock, and in addition thereto divs. in excess
of $4 per share may be paid upon the common stock only concurrently with
the payment of a similar amount per share upon the Class A stock.
(2) A sinking fund amounting to $1 per share of the issued Class A stock,
less convened amounts, shall be applied out of surplus or net profits and af­
ter the payment of all Class A stock divs. annually, beginning Jan. 1 1925.
to the purchase of Class A stock at not exceeding $50 per share, and to the
extent to which the same cannot be so applied within one year from the date
upon which it is so set aside it shall revert to the company.
(3) Class A stock shall be preferred as to assets to the extent of $60 per
share In voluntary dissolution or winding up and to $50 per share if such
dissolution or winding up be involuntary.
(4) Class A stock shal be redeemable all or part on or after Jan. 1 1920
on any div. date after 061 days’ notice at $60 per share.
(5) Class A stock may be converted at $50 per share at any time (up to
and Incl. redemption date if called) into common stock at $50 per share,
with an adjustment of divs. Provision will also be made for reduction of
conversion price of common stock if common stock in addition to the present
200,000 shares is issued (except for conversion of Class A stock) at less than
$50 per share.
(6 ) Without the consent of the holders of at least 75% of the outstanding
Class A stock, corporation may not (a) create any mortgage or other lien
(except purchase money mortgages) except for the purpose of refunding
the present issue of bonds; (6 ) create or issue any.stock having any priority
over the authorized Class A stock; (c) create or issue any shares of stock
ranking equally with the authorized Class A stock or increase the same unless
the net quick assets shall be equal to $50 per share upon such outstanding
stock, plus the amount to be issued.
(7) Class A stock shall be non-voting except that it shall be entitled to
exclusive voting power after default of three dividends upon the Class A
stock until default is cured. V. 115, p. 995.
DIVS. ’99- 07. ’08- 09. TO. T l. T2. T3-T5. T0. T7. T 8 . T9-20 ’21-‘25
Percent- 8 yrly. None 3
444 144
0
U H 20 20
10
text
In 1921: Mar. 25. 2 M % (for 6 mos. ppriod); Sept. 20. 14 4 % payable In
j
6 % scrip, then none until Aug. 1 1923, when $1 per share was paid on new
com. stock of no par value; same amount paid quar. to May 1 1925.
Initial div. of 84c. a share on new class “A ” pref. stock was paid Jan. 1
1923; Apr. 2 1923 to July 1 1925. paid $1 quar.
BONDS.— V. 8 6 , p. 725, 797, 921, 1104.
REPORT.— For 1924, showed:
C a le n d a r Y ea rs —1924.
1923.
1922.
1921.
Sales_________________ 1
Not
Not
1 $6,711,462 $2,434,743
Cost of manufac’g, &C- / stated
stated \ 4,502,826
1,975,079
Gross profit_________ $2,164,068
Other income__________
194,130

$3,592,359
421,339

$2,208,636
34,355

$459,664
48,114

Total income_________ $2,358,198 $4,013,698 $2,242,991
Admin., &c., expenses-467,307
458,397
353,278
Taxes, franchises, &c___
203,828
376,511
56,504
Royalties------------------246,879
413,428
437,997
Coupons on bonds______
______
Interest paid_________ 1
197,179
191,991
(229,394
Bond int. & discount J
1200,787
Class “A ” dividends____($4)400,000 ($5)500,000 (84c.)84,000
Common “B ” dividends ($4)800,000 ($3)600,000
______
Sundry charges, &c_____
3,606
46,883
6,288

$507,778
374,030
72,829
43,906
180,000
295,714
y375,000

Balance, surplus_____
$39,398 $1,426,488
$874,741 def$833,699
OFFICERS.— Pres., Charles A. Starbuck; V.-P., B. J. Minnier, Richard
B. Sheridan and E. K. Conneely; Asst. Treas. & Asst. Sec., E. A. Johnson;
Compt., Charles B. Lesser. Office, 165 Broadway, New York.— (V. 120.
p. 2 0 2 0 .)
NEW YORK CANNERS, INC.— Incorp. under laws of N . Y. on
Sept. 3 1919. Manufactures and sells canned vegetables, fruits, milk,
ketchup, chili sauce and other food products and condiments, and through
its subsidiaries operates farms for raising part of its vegetables.
STOCK.— The stockholders on March 17 1925 increased the authorized
Common stock from 120,000 shares to 200,000 shares no par value. The
Balance, surplus_____x$l,675,509 $2,094,677df$l,123,623 def$840,938 Common stockholders of record March 20 1925 were given the right to sub­
scribe
Profit and loss surplus._ $7,552,001 $5,876,492 $3,781,816 $4,905,438 of one to 20,600 shares additional Common stock at $28 a share, in the ratio
new share for every five held.
x Before deduction for depletion.
N o t e .— Operations were suspended on March 31 1921 and were not re­
DIVIDENDS.-— On common, paid $2 50 a share in 1920; then none until
sumed until April 1922.
Dec. 15 1923, when 50 cents a share was paid; Mar. 15 1924 to June 15
Report for 1st quar. of 1925 in V. 120, p. 2558.
1925paid 50 cents quarterly. Also paid 3 % in common stock on Feb. 21925.
DIVS.—
( ’10.
’l l .
T3.
’13. ’14.T5.T 6 .
T7.
’18.
’19. ’20.’21-’24.
REPORT.— For 1924, in V. 120, p. 1226, showed:
Regular . . . % \ 30 30 30 30 2244 2744 35 40 65 30 15
None
1924.
1923.
1922.
Sales________________________
E x tra _______ l — . . 10 10 - 244 40 40 - -—
--------$11,512,815 $11,183,832 $7,768,752
Gross manufacturing profit_
_
Of the 10% extra dividend paid June 30 1917. one-half was capital dls
. 3,546,941
2,990,792
1,575,489
trlbution. A special div. of 15 cents was declared payable July 25 for Other income________________
79,590
110,696
Red Cross contributions. In Mar. 1919 paid 3744 cents (.7 4 4 % ) quar. D e d u c tio n s — Selling expenses
1,905,437
1,676,690
418,367
V. 108 p. 977. In Mar. 1920 div. was reduced to 25 cents (5%) quar
Administration expenses___
247,735
Interest____________________
Dec. 1920 div. passed; none since.
196',599
180,758
92,239
Depreciation_______________
486,153
289,635
OFFICERS.— Pres., D. C. Jackling; V.-P., Charles Hayden and W. E.
164,399
17,234
Bennett; Sec. & Treas., O. V. Jenkins. Office, 25 Broad St., N . Y .— Miscellaneous________________
Federal taxes________________
127'005
llb ',5 6 o
35,000
(V. 120, p. 2558.)
T. A. Snyder Preserve Co. divs.
-------35,733
NEW CORNELIA COPPER CO.— See Calumet & Arizona Copper Co
and V. 120. p. 2411.
Balance, surplus-----------------------$894,104
$808,172
$617,748
NEW JERSEY ZINC C O — (V. 120, p. 2278.)
OFFICERS.— Pres., John M. Prophet; V.-P., James Moor*- Treas
NEW YORK AIR BRAKE CO. (THE)— Incorp. under laws of New Jer­ GeorgfvG. Bailey; Sec., Amos H. Cobb. Office, 75 State St.. Rochester.
’
sey. Works at Watertown, N. Y.; capacity 1.000 sets of car brakes a day; N. Y .«V V . 120, p. 1757.)
also new plant built in 1917, 100 x 802 ft. V. 105, p. 2460. In 1912 the
NEW YORK DOCK CO.— ORGANIZATION.— Incorporated in N Y
Westinghouse Air Brake Co. granted a general license under its U . S. patents.
State on July 18 1901 as successor of the Brooklyn Wharf & Warehouse Co- *
V. 95, p. 748; V. 96, p. 531. Sale of war plants, V. I l l , p. 1477.
foreclosed and reorganized per plan V. 72, p. 937. V. 73, jp. 239, 1 3 5 5 ,'
CAPITAL STOCK.— The stockholder on Sept. 15 1922 approved a Owns water frontage in Brooklyn, about 2 44 miles in length; 159 bonded\ n<I
plan of recapitalization providing for the creation of 100,000 shares of Class A free warehouses, with floor space of approximately 5,000,000 sq. ft.; 34 piers
pref. of no par value and 300,000 no par value common shares. The old of various sizes, with wharves, and 20 manufacturing buildings. V. 90 n
$10 ,0 00 ,000 common stock (par $100 ) was exchanged for 2 0 0 ,0 0 0 shares of 1365: V. 103, p. 1794.
,p ‘
no par value common stock in the ratio of 2 no par value shares for each
The railroad department was acquired Oct. 1 1912 by New York Dock
$ 1 0 0 par value share.
Ry. V. 95, p. 1217. 1477; V. 96. p. 1026.




300

M IS C E L L A N E O U S C O M P A N IE S .
[ F o r a b b r e v ia t io n s , A c . , see n otes o n p a g e

0.1

New York S h ip bu ild in g Corn— Stk (no par val) 200.000 she
1st M $25,000,000 « call 102H: s k fd 2 H % beK 18. UPi.z< *
Niles-Bement-Pond Co—Stock com $8,500,000 (V 83. p 1360/
Prel (a & d) stock 6% cum $3,000,000 call at 105_________
Pratt A Whitney new 6% cum pref stock guar Jan 1 1921
Niles T o o l W ork s 6 % cu m preferred stock not guaranteed
N orthern Pipe Line Co— Stock___________________________
N orthern Securities— Stock $3,954,000___________________
Nova S cotia Steel & C oal— Ordinary shares $15,000.000—
Preferred (a A d) stock cum not callable--------------------------First mtge (closed) gold s f } 4 % call 105-------------------------M tge debenture stock callable 105 after July 1 1919--------Eastern Car Co 1st M (closed) guar s f 1% call 105.c*Ar
do
do
Preferred stock 6% cum _________________
N unnally Co (T h e )— Stock 160,000 shares auth---------------Ohio Oil Co— Stock------------------------------------------------------------

D a te
Bonds

1910

1
1009
1909
1912

Par
V a lu e

C ross
E a r n in g s .

T o ta l
N e t In c o m e .

P re fe rre d C o m m o n
B a la n ce
D iv id e n d s . D iv id e n d s . S u r p lu s

1 9 2 4 ....................... $3,370,909
$554,031 $500,000
$54,031
1923...................
3.297,713 622‘ 869
500,000
122.869
1922......................... 3,827.322
649.267
500.000
149,267
1921......................... 5.114.724
1,021,344
500,000 $>75,000
346.344
OFFICERS.— Chairman. F. S. Landstreet: Pres., William E. Halm
V .-P s.,C . D. Hoagland, D. L. Tilly andC . O'D. Iselin: Sec., Edwin Thorne;
Treas., V. A Wheeler. Office, 44 Whitehall St. (Manhattan), N . Y .—
(V . 120, p. 2690.)
NEW Y O R K SHIPBUILDING CORP.— O R G A N IZA TIO N .— Incorp.
in N . Y. N ov. 28 1910 and took over (V. 103, p. 2159) the entire assets, Ac.
of the New York Shipbuilding C o . o f N. J., with modem plant on the Dela
ware River near Camden, N . J. V. 107, p. 507; V. 108, p. 1821. Purchase
rom United States Shipping Board, V. 110. p. 267.
C o n t r o l. —Controlled by American International Oorp. (V. 103, p. 2338)
the International Mercantile Marine C o., W. R. Grace A Co. and the
Pacific Mall SS. C o., which concerns control directly or Indirectly American
Line. Atlantic Transport C o., Pacific Mall and W. R. Grace A Co. steamers
STOCK.— Offered in N. Y. In Dec. 1910 at $47 50 per share. V. 103
O, 2169. Auth. and Issued. 200.000 shares, no par value.
Dividend No. 1 paid Mar. 1 1919. $1; July 15 1919. $1; Nov. 15 1919. $1
then from Mar. 1 1920 to Mar. 1 1922. $1 quar.: Juno 1 1922 paid 50 ■m
nt«
then none until Nov. 6 1923 when $1 was paid; Nov. 6 1924 paid $2; Mar. 10
1925 paid $1.
BONDS.— Of the total authorized Issue of $25,000,000 bonds, $7 500.000
were issued in payment for the purchase of the predecessor company’s prop
ertles, &c. Remaining bonds may be issued from time to time for addi­
tions or improvements at not in excess of 75% of actual cost, only when net
earnings are twice bond interest (V. 105, p. 1109) $1,521,200 retired to
Dec. 31 1923.
REPORT.— For 1923, in V. 118, p. 1673 and 2313, showed:
C a le n d a r Y ea rs —
1923.
1922.
1921.
1920.
$795,920 $1,060,182 $4,733,723 $4,321,417
Net profit from oper____
Other income credits...
277,469
124,336
165,948
77.342
Gross income_________ $1,073,389 $1,184,517
Net income___________
$92,040
$962,866
Dlvs. declared and paid.
200,000
300,000

$4,899,672 $4,398,759
$1,996,560 $2,395,408
800,000
800,000

Surplus for the year..def$107,960
$662,866 $1,196,560 $1,595,403
OFFICERS.— P. A. S. Franklin, Chairman; Marvin A. Neeland, Pres.;
H. A. Magoun. V.-P.: N. de Taube. V.-P.: W. G. Groesbeck, V P.; J. T.
Wickersham, Treas. & Sec. Offices, Camden, N . J., and 1 Broadway,
New York.— (V. 120, p. 967.)
NILES-BEMENT-POND CO.— ORGANIZATION.— Incorporated In
New Jersey Aug 11 1899; makers of heavy machines. V. 69. p. 388;
Y. 105. p. 2370.
CONTROLLED CO M PANIES— 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.
D i v a — I’04. ’05-T2. 13. T4. T5. T6. T7. T8. T9. ’20. ’21. ’22-’24.
Com. (% )- l 7 0 yrly I H 0
144 8
12 12 814 8 414
0
A ls o 40% In common stock ($2,000,000) paid on com stock Jan 2 1907
On pref., in full to Aug. 30 1924; div. due to be paid in Nov. 1924 was
deferred. V. 119, p. 2418.
REPORT.— For 1924, in V. 120. p. 838, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Manufacturing profits..
______
*$860,083 *$1,676,585 *$1,150,866
Miscellaneous income----------304,696
156,212
308,450
Net profits____________ *1,185,808
*555,387 *2,993,455 *2,737,433
Preferred dividends (6%)
193,635
238,604
238,248
238,425
Common dividends_____
______
______
______ (414)382,500
Balance, deficit______ $1,379,443
$793,991 $3,271,703 $3,358,358
* Loss.
Pres., James K. Cullen; V.-P., C. L. Cornell; Treas., E. J. Edwards;
Sec., Charles K. Seymour, 111 B'way, N. Y .— (V. 120, p. 967.)
NIPISSING MINES CO.. LTD,— (V. 120, p. 1595).
NORTHERN PIPE LINE CO.— O RGANIZATION. Ac— Incorp. In
Pennsylvania in 1889. Owns pipe lines in State of Pennsylvania. For
merly controlled by Standard OH Co. of N. J.r but segregated In 1911. See
Standard Oil Co.. 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 July 1925 paid 3% semi-annually. Also paid extra divs. of 4% in Jan.
1918 and 15% in Jan. 1923.
REPORT.— For 1924. in V. 120, p. 967. showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net income___________
$214,205
$308,155
$482,167
$453,050
Dividends_____________ (6)240,000 (10)400,000(25)1000,000 (10)400,000
Balance_____________ def$25,795 def$91,845 def$517,833 sur$53,050
OFFICERS.— D. 8. Bushnell, Pres.; J. A. Bartlett, V.-P. A Gen. Mgr ;
J. R . Fast, Sec.; W. F. Livingston. Treas. Main office. Oil City, Pa.
N . Y. office, 26 Broadway— (V. 120, p. 967.)
NORTHERN SECURITIES CO.— In 1904 the capital stock was reduced
from $395,400,000 to *3.954.060. the par value of shares to remain at *100
pending completion of dissolution. V. 78, p. HOB. 1223,1275, 1392: V. 76.
p7811. 919, 1249.




Am ount
O u t s t a n d in i

B a te

%

W hen
P a y a b le

2O0.nn0shr8 See texi
Text
Sloo A' *5.978.80C
58 M A N
IH)I See text
101
' 672 200 See text
101
100 '2,295,000/ See text
1
100 1
4.000.000 See text J A J
1IK
100
3.954.00O See text See text
10' 15.000 ooo
100
1.000 O O
O
100 A<
5.580.232
5 g J A J
<1 Ac
4.500 000
J A J
0
100 A.
J A J
927 900
6
750 O O
O
10<
None 160.000 «hs
$1
I A D 31
25 60.000.000 See text Q— M 3 )

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 stock*
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 1924 with further $12,550,000 outstanding.
D IV ID E N D S ( 09. ’10. ’l l . ’12-Tb. ’17. ’18. T9. ’20. '21. ’22. '23. ’24.
On preferred, %| 4 4 2 M None
2
5 5 5 6
5
5
_
____
______ 2t< 2H 2V4 2V< .. . .
On common, % \ _ ____ ____
Dlv. No. 1 was paid on common stock Feb. 15 1919, 2V£%: Feb. 16 1920
paid 2 H %; Feb. 15 1921 paid 2 % % and Feb. 16 1922 paid 2 V i %; none since
R E PO R T .— For 1924, in V. 120, p. 2279. showed:
C a le n d a r
Y e a rs —

[Vo i.. 120.

IN D U STRIA L STOCKS AND BONDS
L a s t D t v id e n o
a n d M a tu r ity

P la c e s W h e r e In te r e s t and
D i v i d e n d s a re P a y a b l e

Mar 10 1925 $1
Bankers Tr. N Y A Pitts
N > l 194b
hv
Oec 20 1021 1% Checks mailed
do
Aug 30 24 1H
do
Aug 30 24 1H
'Uiy 1 ’25 3Y, Vew York
an 10 ’25 4 9i Checks mailed
an 15 1924 2%
luly 1 1059
'Callable only
luly 1 1952
n«<- 31 1Q>
6
Dec 31 1924 50,
Mar 31 ’25 2%

Tor, M tl, Bos. London
8 Y . London. Montreal
V Y, London. M ont..A c
Checks mailed

DIV ID E N D S.— On stock as reduced 5% yearly 1900 to 1908: 1909. 4%;
1910. 2 4 % : ’l l . 4%: 1912. 3%; 1913 to 1916. Incl yearly Jan 1 2%;
1
1917 Jan..314%: 1918, Jan. 3 H % ; June. 3%; Jan 1919. 4%; July 1919, 3%;
Jan. 1920, 4%: July 1920 3%: Jan 1921 1%: Julv 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%.
REPORT.— For 1924, in V. 120, p. 325. showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
$405,345
$405,905
Total receipts------------- x$363.806
$778,472
Taxes------ -------21.725
22.060
16.477
17.736
Administration expenses
13.680
13.838
13,727
13,852
Interest on loans, Ac__
3.311
3.993
1.687
17.921
Dividends.................. (10)395,380 (10)395,380 (14)553,532 (8)316,304
Prem. on cost of U. S.
ctfs. of indebtedness..
______
______
194
25
Balance, sur. or def— def$70.289 def$29,926 def$179.711 $412,634
x Total receipts in 1924 include dividends from C .B .S Q . RR., $230,630;
dividends from Crow’s Nest Pass Coal Co., Ltd., $123,948; and interest
$9,193.
OFFICERS.— Pres., E. T . Nichols; Sec. A Treas., Nicholas Terhune.
Office. 28 Liberty St.. N. Y.— (V 120. p 325 )
NOVA SCOTIA STEEL & COAL CO.—ORG AN IZATION — Incorp.
In N 8. in 1898. Owns steel plant, blast furnaces, collieries, and Iron mines
In Cape Breton County. N. 8. Also owns *800.000 of the *1.550.000 stock
of Eastern Car Co.. Ltd. See full statement to N Y. Stock Exchange
In 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.
STOCK.— To provide ample working capital, all shareholders of record
m of June 30 1917 were allowed to subscribe at par pro rata for *5.000.000
new 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 *2.500.066, distributed to
sommoo shareholders Nov. 20 1917, raised the issued common stock to the
full authorized *15.000.000. V. 104, p 2557; V 105 p 76
LATE CASH DIV.— T4. T5. T6. T7. T8. T9. ’20. ’21. ’22. ’23. *24.
Preferred stock______ % 4 12 8 8
8 8
8 8 8 8 2
Common------------------% 3 0
0
2 !4 Q M 5
5 text 0
0
0
The April 1924 dividend on preferred stock was deferred.
Dividends on the common stock were resumed In 1917 with a declaration
of 214%. payable July 14: on Jan 15 1918 paid 2K%: April 1918 to Apr,
1921 paid 1 1 4 % quar. On Aug. 10 1921 paid 21 cents; none since.
in 1909 a 20% dividend in stock was paid. V. it)2. p. 106 4 . in Nov.
1917 stock dividend of 20% In common stock. See above and V.105.p.2099,
BONDS. Ac.— First mtge. auth., *6.000.000; redeemed. *688,056. V.
88. p. 1563.
Debenture stock is limited to amount of paid-up capital. Eastern Car
Co. 1st 6s. V. 94, p. 1698.
Pres.. R. M. Wolvin; Sec., C. S. Cameron. Office, New Glasgow, N . S.
— (V. 120. p. 1099.)
NUN NALLY CO (THE).— Organ, in Del. on Nov. 20 1919. Engaged
In the manufacture and sale, both at wholesale and at retail, of candies and
confectioneries of all kinds, ice cream and flavoring syrups, and in leasing
»nd operating shops for the sale of candy, soda water and ice cream. Fac­
tory located at Atlanta. Ga., has a capacity of about 20.060 pounds of
candy and 500 gallons of ice cream per day. Operates 9 stores in Atlanta
and Savannah, Ga.; Jacksonville, Fla.; Birmingham, Ala.; Norfolk. Va.;
and Washington, D. O.
STOCK.— 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 Dec. 31 1924, paid 50c. semi-annually.
REPORT.— For 1924, in V. 120, p. 822, showed:
1924.
1923.
1922.
1921.
_____ ____
Net sales.
Not
$1,553,589 $1,444,933 $1,775,538
Expenses, deprec., A c..
stated
1,383,066
1.312,559
1,627,398
Operating p ro fit____
$177,345
$170,523
$132,374
$148,140
Other income (net)_____
39,421
Dr.2,645
1,246
D r . 2.146
Total income___
Reserve for Fed. taxes

$216,766
26,275

$167,878
20,470

$133,620
16,175

$145,994
12,928

Net profit ___________
$190,491
$147,408
$117,445
$133,066
Dividends. ________
($1)160,000 ($1)160,000 (50c.)80,000 ($1)160,000
Surplus_______ ____
$30,491 def$12,592
$37,445 def$26,934
Profit and loss, surplus..
58,408
27,917
40,508
3,063
OFFICERS.— Chairman, James H. Nunnally; Pres., Winship Nunnally!
V.-P.. E. R. Rogers; Sec. A Treas., H. G. Fairman. Office, Atlanta, Ga.
—(V. 120, p. 822.)
OHIO BODY & BLOWER CO. (THE).— See “ Railway A Industrial
Compendium” for Nov. 1924.
OHIO OIL CO.— ORGANIZATION. Ac.— incorporated in Ohio in
1887. Owns extensive tracw of oil lands in Ohio. Indiana and Illinois.
Produces crude oil. See Standard Oil Co. of New Jersey. V. 85 D.
210. 790; V. 86. p. 984. 1227; V. 93. p. 1390.
The pipe line*’ In
Pennsylvania. Ohio, Indiana and Illinois, about 1,100 miles in length were
In Dec. 1914 transferred to the Illinois Pipe Line Co., the latter’s *20 *
000,000 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 $60,0003)00^ (par $25), A stock div. of 300% was paid in Dec. 1922.
DIV ID E ND S.— 1917. 1918.
Regular------------- % 20
20
Extra................ % 76
76
♦Also 300% in stock.
Paid in 1925: March 31, 2%.
Balance sheet Dec. 31 1924, in

1919. 1920. 1921. 1922. 1923 1924.
20
20
20
20
9
0
68
60
23
*20
____
V. 120, p. 1890,

Nov., 1924.]

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[ F o r a b b r e v ia tio n s , A c . , see n o te s o n p a g e

6
1

D a te
Bonds

O n tario Silver M ining Co— Stock 150,000 shares auth_
_
“ O nyx” Hosiery. In c.— Common stock 160,000 shares auth.
Pref (a & d) stock 7% cum red 115 S3.500.000 auth______
Orpheum Circuit. Inc—Common stock l .000.000 shares._
Pref (a & d) stock 8% cumulative convertible $10.00 ) 000.
Oonv s f gold notes red 103 $2 000.000 auth-.CeCxxxc* 1921
Otis Elevator—Stock common $25.000.000________________
Stock (a & d) preferred 6% non-cu m $6 500.000________
Otis Steel Co— Stock common 1 000,000 shares.. . . . . . ____
Pref (a & d) stock 7% cum call 110 $15.000,000__________
First mtgesinkfd gold bonds Ser "A"'red (text) _.kxxxc*&r* 1921
do
do
Ser " B " red (text)_________________ xxxc* 1922

Par
V a lu e

B a te
%

None 150.000 shs See text
None 160.000 shs. <
________
$100 $3,325,700
7
I 54H i70sh See text
100 6,700.000!
8
100 *c
1500.0 >
0
7Kb
$50 16 118 800 See text
lot) 6,500 0001 6
None 741.002 shs1
............
100 8.830.000 See text
100 & ■ 4,533 000
<
8g
100 &c 4,752.800
7^ g

Has entered the North Central Texas field through its subsidiary, the
Mid-Kansas Oil & Gas Co. V. 107, p. 1007.
DIRECTORS.— Pres., James O. Donnell: V.-P., James K. Kerr. Mar
■hall III.: O D. Donnell V.-P.; F E Hurley, V -P.; and R. J. Berry, alt
o f Findlay. Ohio. 8ec. is O. L. Fleming.— (V. 120. p. 1890.)
OLD DOMINION CO. (OF MAINE).— (V. 120, p. 1890.)
ONTARIO SILVER MINING CO.— Organized under the laws of
Delaware on Aug. 29 1923, with an authorized capital stock of 150.000
shares without nominal or par value. It was organized to take over the
business conducted by Ontario Silver Mining Co., a California corporation,
by an exchange, share for share, of its stock for the stock of the California
corporation. Owns and operates the Ontario mine near Park City. Utah;
also owns a four-sevenths interest in the Weber Coal Co., a one-third
interest in the Nail-driver Mining Co. and the Silver Lake Water Co., and
75,000 shares of stock of New Quincy Mining Co.
D IV ID E N D S (Paid by California company).— To Dec. 31 1902 paid
$13,932,500: then none until July 5 1918, when 50 cents per share was paid;
Oct. 5 1918 and Jan. 4 1919 paid 50 cents each quar.: none since.
In c o m e A c c o u n t f o r Q u a rte r E n d e d M a r c h 31 1925.
Operating income, $112,195: refund 1918 income tax, $20,309.. $132,503
Oper. exp., $74,888; New Quincy Mfg. Co. assets, $750______
75,63
Balance--------------------------------------------------------- --------- -----Balances Jan. 1______________________________________________
Bills payable________________________________________________

A m ount
O u ts ta n d in g

$56.86
21,055
20,000

W hen
P a y a b le

201

L a s t D iv id e n d
a n d M a tu r ity

P la c e s W h e re I n t e -e s t a n d
D i v i d e n d s a r e P a y a b le

Jan 4 1919 50c
Q— M June 1 1925 l \
See text July I 1325 15; Checks mailed
Q— J |Apr 1 1925 2% Checks mailed
VI & 8 Scot 1 1020
CTofIll.Chic:Cbase.NY
J—J 15 Apr 15 1925 3% Office. 26th St & 11th Av
J J 15 Apr 15 1925 I X
—
do
do
-.Ju ly 1 1921 1H
A Aug 1 1941
New York and Cleveland
A Aug 1 1947
Blair & Co. N Y & Oleve

D IV ID E N D S.—
*12. ’13. '14. 1915-19. '20.
4 4Ji
5
7X
On common (cash)------------ 4
On common (stock)______ __
..
..
..
An extra div. of 3% was paid Dec. 29 1924. Paid in
April 15. 3%.

*21. ’22 ’23
10 8
8
50 ..
__
1925: Jan. 15,

*24.
11
|Q
2%:

REPORT.— For 1924, showed:
1924.
1923.
1922.
1921.
Net earns, aft. maint..&c $6,286,510 $4,008,705 $3,025,244 $2,925,546
Preferred divs. ( 6 % ) - 3 9 0 , 0 0 0
390.000
390,000
390,000
Common dividends.(11%)1,702,440 (8)1,138,158 (8)1,138,142 (10)948,434
Reserved forFed’l taxes f 2,125,000 (
575,000
360,000
725,000
Reserved for pensionfdl
1 100,000
100,000
100,000
[
350,000
______
Contingency reserve____l
$2,069,070 $1,455,547
1,702.440
1.246.892

$1,037,102
1.209,790

$762,112
1,000,000

$2,702,439
1.000.000

$2,246,892
1,000.000

$1,762,112
552,322

; $1,998,710 $1,702,439
31—
1925.
1924.
_
Net after deprec., &c_ $1,642,843 $1,642,096
Reserve for Fed’l taxes.
190,000
165.000
Pension fund__________
50,000
50,000
Contingent reserve_____
250,000
425,000

$1,246,892
1923.
$815,009
80,000
25,000
80,000

$1,209,790
1922.
$905,806
100,000
25,000

Previous surplus_______

Total surplus________ $3,771,510
Res’ve for working cap’l. 1.772,800
Q u a r. E n d . M a r .

$1,152,843
$724,096
$630,009
$780,806
Balances April 1 1925______________________________________
$57,920
Chairman, W. D. Baldwin; Pres., J. H. Van Alstyne; Sec., T. M . Logan:
OFFICERS.— Pres., George W. Lambourne; 1st V.-P., D. M. Hyman;
2d V.-P., Moylan C. Fox; Sec. & Asst. Treas., James L. Tilton; Asst. Sec. Treas., R. H. Pepper; Aud., C. K. Kirkbride. Office, 11th Ave. between
& Treas.. D. C. Murphy. Offices, Salt Lake City, Utah, and 32 Broadway, 26th and 27th Sts., N . Y .— (V. 120. p. 2559.)
New York.— (V. 120, p. 2279.)
OTIS STEEL CO. (THE).— ORGANIZATION.— Incorporated in
“ O N Y X ” HOSIERY, INC.— Incorp. under laws of New York on Feb. Ohio Jan. 3 1912 and acquired the Otis Steel Co., Ltd., an English company,
24 1923. Manufactures silks and textiles, especially hosiery. Plants are registered in 1895. In July 1919 reorganized and acquired the Cleveland
located at Dover. Passaic and Wharton. N. J.
Furnace Co. Properties comprise: (a ) the Riv irside Works occupying some
360 acres, on which are 2 blast furnaces. 100 Semet-Solvay by-product
REPORT.— For 1924, in V. 120, p. 2279, showed:
coke ovens, mills, ore docks, &c.; (b ) The Lakeside works, on about 22
C a le n d a r Y e a rs —
1924.
1923.
Profit from operations___________________________
$232,356 $1,249,569 acres, on which are 5 open-hearth steel furnaces, mills and foundry. Com­
D e d u c t — Depreciation_____________________________
280,728 251,747 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
Interest----------------------------------------110,771145,633
Provision for Federal taxes____________________
______
90.707 tons strips. 336.000 tons coke and 250.000 tons ingots.
Organization expense written off_______________
______
50,237
STOCK.— Pref. stock is callable at 110. 81nk. fund. 3% of total Pref.
of profits after pref. divs. beginning 1925. No mortgage
Net profit________ ______ _______________ _____ loss$159,143
$711,245 itock issued out of 2-3 of outstanding pref. stock.
without consent
T h re e M o n t h s E n d e d M a r c h 31—
1925.
1924.
-Gross profit_______ _____________________________
$624,858
$574,609
Common stockholders of record Sept. 20 1922 were given the right to
Expenses, int., Federal taxes and depreciation____
450,453
518,326 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
Net profit.
$174,405
$56,283 mon stock held. V. 115, p. 1437.
OFFICERS.— Pres., Joseph H. Emery; V.-P. & Sec., Edwin W . Emery:
DIVIDEND S.— Since Incorporation had paid the regular s-a divs. on
V.-P. & Treas., Paul Guenther. Office, 1107 Broadway, N . Y.— (V. 120, Its old pref stock, called for payment on Oct 1 1919. Divs. of
%
p. 2279.)
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:
ORPHEUM CIRCUIT. INC.— Organized Dec. 22 1919 in Del. and ac
’ ea r..................... 1913
1914
1915-16
1917
1918
1919
quired the capital stock of a number of theatrical companies in the U. S
% .......................... 1
1
None
12X 10 ( + 10 ext) 6
and Canada.
CAP. STOCK.— Pref stock is convertible into common stock at any time
BONDS.— The first mtge. 8% s. f. gold bonds, Series “A ," are redeemable
on the basis of two shares of com. for one share of pref. Sinking fund, 5% of all or part to Aug. 1 1924 at 110 and int.: thereafter at 107 and int. up to
, net earnings after pref. divs. and Federal income taxes for preceding year to and Including Aug. 1 1926: thereafter at 107 H and int. less ^ % for each
be applied to purchase of stock at not over 110 and div. V. 117, p. 1092. 12 months or part thereof elapsed after Aug. 1 1926. The Series “ B”
DIVS.— Initial div of 50 cents per share on the common stock was oaid bonds are redeemable all or part at 105 and int. to Aug. 1 1924, and there­
April 1 1920; same amount paid quar. to Oct. 1 1921; then none until Feb. 1 after at 10214 and int.
1924, when 12H cents per share was paid; same amount paid monthly
An amount sufficient to retire and cancel 24 % of the maximum amount
4
of Series “A ” bonds semi-annually by purchase.up to, or by call by lot at, the
to April 1 1925. Feb. 1 1925 to July 1 1925 paid 15 cents monthly.
NOTES.— The 7V£% convert, s. f. gold notes of 1921 are convertible at redemption price; first installment due on May 1 1923. V. 113, p. 633.
any time prior to maturity into 8 % cumulative pref. stock on basis of one
The Series *‘B ” bonds are to have a sinking fund as follows: (1) A regular
share of $100 par pref. for each $100 par of notes. V. 113, p. 1258.
sinking fund sufficient to retire $200,000 of Series “B " bonds annually.
BONDS.— Principal bonded indebtedness of subsidiary companies od (2) An additional sinking fund calculated as follows: If 15% of net earnings
Dec. 31 1921 was as follows: Orpheum Theatre & Realty Co. 6s, due Sept. 1 (as defined) of any fiscal year commencing with 1923. after interest and the
1946, $2,111,000. State-Lake Theatre & Realty Co. 6s, due Dec. 29 regular sinking funds, exceeds the amount required to retire $200,000
1927, $503,000; Junior Orpheum. San Francisco, 7s, due Jan. 1 1936, Series “B” bonds, then such excess shall constitute an additional sinking
$900,000; Junior Orpheum, Los Angeles, 7s, due Nov. 15 1935, $1,275,000; fund. The regular sinking fund sufficient to retire $200,000 Series “B”
Kansas City Junior Orpheum Co. 714s, due Aug. 1 1931, $350,000; Henne­ bonds annually is to be used to purchase bonds in the open market if ob­
pin Ave. Theatre & Realty Co. 8s, due May 1 1931, $390,000.
tainable at not exceeding redemption price, or to call bonds by lot at the
redemption price. V. 115, p. 552.
REPORT.— For 1924, showed:
C a le n d a r Y e a r —
1924.
1923.
1922.
1921.
REPORT.— For 1924, showed:
Gross income_________ x$19,136,223 $16,759,001 $14,405,058 $14,089,630
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Expenses_____________ $14,683,049 $13,836,965 $12,797,334 $12,498,329 Operating profits______
$151,473 $2,110,756
$82,0571oss$1288394
Amortiz. of leaseholds
207,426
220,066
232,840/
702,157 Depreciation..............
763,355
350,000
_______
765,832
Depr. of bldgs. & equip.
922,433
907,645
740,4471
Canadian taxes (est.)_
_
4,350
Operating profit____ loss$611,882 $1,760,756
$82,057Ioss$2054226
421,652
Federal taxes__________
225,630
104,000 Other income_________
80,000
175,158
114,753
100,399
116,803
Minority int. divs______
______
2,893
Preferred dividends____
531,960
542,308
543,008
541,107
Gross profit_________ loss$436,724 $1,875,509
$182,456df$l,937,423
822,358
Common dividends_____
823,755 Other deductions______ 1,042,417
514,616
610,115
645,295
Adjustment of inventory
______
______
______
2,606,825
Balance, surplus_____$1,542,996 $1,026,386
$11,428 def$582,611
Pref. dividends (7% )_
_
______
______
______
309,071
Total surplus__________ $3,105,185 $1,536,683
$607,588
$571,023
x Includes $1,028,269 profit on sale of stock of other corporations and
Deficit_______________$1,479,141 sr$l,360,893
$427,659 $5,498,616
Profit and loss surplus.. $1,340,341 $2,876,757 $1,173,440 $1,531,168
$4,169 profit on sale of property.
OFFICERS.— Chairman, Martin Beck; Pres., Marcus Heiman; Sec. &
3 M o s . E n d . M a r . 31—
1925.
1924.
Treas., B. B. Kahane. Office, State-Lake Bldg., Chicago. N . Y. office, Manufacturing profits___
$844,861
$706,622
1564 Broadway.— (V. 120, p. 1890.)
Expenses, taxes, &c-------271,415
291,145
OTIS ELEVATOR CO.— Incorp. Nov. 28 1898 under laws of N. J. and
Operating profit------------------$573,446
$415,477
took over about 13 plants. See V. 67, p. 1161; V. 74, p. 274; V. 75. p. 552:
20,671
33,622
V. 83. p.441; V. 91, p.399; V. 94, p. 825; V. 100, p. 1076. Owns all of Other income_________________
the $2 01),0 )0 Otl-i-Fensom Elevator Co. of Toronto stock, which has
"r Total income----------------------$594,117
$449,099
also outstanding $1,000,000 7% cum. pref. stock. V. 96, p. 1093.
Interest, discount, &c__________
285,459
281,644
STOCK.— The stockholders on April 28 1924 (a) changed the par value Subsidiary companies-------------C r . 14,605
Cr.6,616
of the common stock from $100 to $50 per share, and (6) increased the
authorized capital stock from $15,000,000 to $25,000,000. New shares of
Net profit before depreciation.
$323,263
$174,071
common stock, par $50. were issued in exchange for the old common stock
OFFICERS.— William G. Mather, Chairman; E. J. Kulas, Pres,; H. B.
on a basis of two new shares for each $100 share held. A div. of 10% in
Miller, Sec. Office, 3341 Jennings Road, Cleveland.— (V. 120, p. 2279.)
common stock was declared payable June 21 1924.




202

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[F o r a b b r e v ia tio n s , Ac., see n o te s o n p a g e

6.]

D a te
Bonds

Owen* Bottle Co. (The)— Com stock $30,000,000..........
Pref stk (a & d) 7% cum callable at 115 & dlvs $17,512 300
Pacific Coast Co— Stock common $7,000,000 (see text)____
First pref (a & d) stock $1,525,000 5% non-cumulative..
Second pref <a&d) stk $4,000,000 4% non-cum (see text'
1997
First mortgage $5 non ooo gold__________________ Ba.xxc*
1919
Pacific /Veil FJ- c.o— C oiDinoii stock______________________
Pacific Oil Co— See text
Packard Motor Car Co— Common stock $30,000,000 auth..
Pref stock 7% cum $20,000,000 callable 110 & div * ______

Par
V a lu e

A m ount
O u ts ta n d in g

B a te

%

W hen
P a y a b le

$25 $16 513,750
12
100 8 381.800
7
100 7.000 000 See text
100 1.525.000 see text See text
100 4.000 000 See text
1.000 5,000.000
5g J & D
55.000
6 1.600,000 See text J & D

[V ol. 120.

L a s t 7>i+4/fmrf
a n d M a t u r it y

Tuly 1 1925
'uly 1 1f>25
Nov 1 192"
Feb 1 1925
May 1 1921
tune 1 1946
1926
See text

P la t e s W h e r e In t e r e s t a n t
D i v i d e n d s a r e P a y a b le

3% By check
1*4
do
1% Bankers Trust Oo. N Y
2 )4
do
do
1%
do
do
do
do

10 23.770 200 See text Q— J 3 Apr 30 '25 3'w
1
100 11,057,500
7
Q— M June 15 ’25 1 %

New York
Detroit
do

♦(Called for redemption Aug. 31. 1925.)

OWENS BOTTLE CO. (TH E).— O R G A N IZA T IO N — Incorporated
In Ohio od Dec. 16 1907, succeeding a N . J corporation o f the same name
Incorporated Sept. 3 1903. The word “ Machine” was dropped from name
In May 1919. V. 108, p. 2027. Owns the U. S. rights to use and license
Other manufacturers to use the Owens bottle-making machine, the patents
covering which are held by the Toledo Glass C o., an Ohio corporation.
Plants at Toledo O.. Clarksburg, Fairmont and Charleston, W. Va.. and
Glassboro, N. J. Output includes bottles for catsup, chili sauce, salad
dressings «yrup, perfun e, proprietary rredltitips. druggists’ bottles * r
In July 1917 purchased property of Kanawha Mfrs. Gas Co. and July 1 1918
the Whitney Glass Works. In Dec. 1919 acquired control of the Chas.
Boldt Glass Co. through exchange of stock. Y. 109, p. 2270. Other
purchases, V. 109, p. 773; V. 118, p. 1279.
89 01 K .— Ttie preP rred stock is entitled to cumulative pref. dividends
o f 7% per annum; to priority as to assets to Its par value plus accrued divi­
dend; and Is subject to redemption, all or part, at 115 and dlvs. on 90
days’ notice. Recapitalized In 1916. old pref., $500,000. being retired
and $7,267,400 new pref.. also $1,550,000 new common, being issued.
V. 103. p. 935. 669. 1596; V. 104. p. 2122. 2016. 2456. To reimburse the
treasury for construction of new plants at Glasboro, N . J., and Charleston,
W. Va.. common stockholders o f record April 21 1919 were offered the
right to subscribe at parfor $3,000,000 new pref. stock issued June 111919
D IV ID E N D S ON COMMON STOCK.—
TO-’ l l . T 1-T2. T 2-T 3. T 3-1 4. T 4-T 5. T 5-T 6.
T 6-’ 25
Paid In cash.. % 10
12
12
12
12
12
text
Paid In stock. __
-50
33 1-3 25
20
On Oct. 1 1116 paid on common shares regular 3% and anextra 89.
V. 103, p. 1122. From Jan. 1 1917 to Jan. 1918. Inrl paid 209 p. a.
Incl. for each quar. regular 3% and 2% extra. In April, July and Oct
1918 raid regular quarterly 3% In cash and extra dlvs. of 2% on the commor
stock in 8e,,n<l Libor'y I.oau 41 at par. Jan 1919 to Apr. 1921 paid 39
quar.; Julv 1921 to Jan. 1923 paid 2% quar.; Apr. 1923 paid 2% quar. and
19 extra: July 1923 to July 1925. paid 3% quar. A stock dividend of 5%
Was paid July 1 1920 and a stock dividend of 50% was paid June 1 1921.
REPORT.— For 1924, in V. 120, p. 1890, showed:
C a le n d a r Y e a rs —
1924.
1923.
Manufacturing profit and royalties.. $5,643,463 $5,064,738
1.025.508
Other income______________________
Total income______________________$6,668,971
Expenses and othercharges------------ 2,558.927
Federal taxes andcontingencies____
399,500
Net profit_________________________ $3,710,544
3 M o s . E n d . M a r . 31—
1925.
Mfg. profit & royalties. $1,549,938
Other income-------------59,340
Total income_________ $1,609,279
Gen. sell. & con’t exp—
514.088
Federal taxes (est.)----153,500
$802,454
Net profit___________
$941,690
OFFICERS.— Pres., E. D. Libbey: Sec., F. L. Geddes; Treas.,
Baker. Office, Toledo, Ohio.— (V. 120. p. 2279.)
PACIFIC COAST COMPANY (THE).— This company owns all the
securities of Pacific Coast RR. (old Col. & Puget Sound RR.), Seattle tc
Franklin, Wash., &c., with branches, 57 miles; Pacific Coast Ry. narrow
gauge). Port San Luis, Cal., to Los Alivos, &c., with branches, 103 miles
Pacific Coast Coal Co., owning Franklin mines, with 3,850 acres at Frank
lin. Wash., Black Diamond mines, with 4.670 acres at Black Diamond
Wash., Newcastle mines with 2,520 acres at Newcastle, Wash., Issaquat
mine with 1,600 acres at Issaquah, Wash., and South Prairie mine, with
1,140 acres at Burnett Wash, and coal-hand line plants at Seattle. Tacoma
and Portland, Ore. During 1924 acquired the Carbonado mine, located in
the vicinity of the company’s South Prairie mine.
DIVS.—
I '13. '14. T5. T6. T7. T8. T9. ’20. ’2 ’2 2 -’23.
1
1924.
Common_ 6 5 2 0 4 4 4 2 0
_
0
0
First pref _. % I 5
5
5
5
5
5
6 5
3H
0
2 Vi
Second pref. % ( 6 5 4 4 4 4 4 4
2
0
0
After 4% on 2d pref. and com., these share equally. V. 92, p. 122.
The common div. was resumed Feb. 1 1917 at 1% quar., which rate was
paid to and including Nov. 1 1919; thereafter none until Aug. 2 1920, when
1% was paid; Nov. 1920, 1%; none since.
No payments were made on 1st pref. from Aug. 1921 (when \ M % quar
was paid) until Oct. 1 1924, when 2 ) 4 % was paid; on Feb. 1 1925 paid 2 )4 % ■
On 2d pref. no payments have been made since May 1921.
REPORT.— For 1924, in V. 120, p. 1890, showed:
Y e a r E n d e d 6 M o s . end. — Y e a rs ended J u n e 30—
D e c . 31 ’24. D e c . 31 ’23. 1922-23.
1921-22.
Gross earnings--------------- $5,670,372 $2,679,770 $6,021,516 $4,448,779
177,289
252,883 def456,040
Net after taxes-----------527,729
186.544
269,791 def428,241
Total income__________
553,212
148,879
310,114
284,165
Int. on bonds, and misc.
268,271
Div. on 1st preferred--._____ 38,125
$246,816
$37,664 def$40,323 def$712,406
Balance, surplus_____
OFFICERS.— Chairman, Wm. M . Barnum, N . Y.; Pres., Walter
Barnum, N. Y.; V.-P. & Gen. Mgr., E. C. Ward, Seattle; Sec. & Treas.,
John H. Kelly, N. Y. Offices, 30 Church St., New York, and 508 Second
Ave., Seattle, Wash.— (V. 120, p. 2191.)
PACIFIC MAIL STEAMSHIP CO.— Incorp. in April 1848 in N. Y .
On Dec. 31 1924 owned 8 steamers having an aggregate gross tonnage of
35,090 tons. Operates from San Francisco (a) to Hawaii, Japan, China
and the Philippines; ( b j via Central American ports to Panama; (c) via the
Panama Canalbetween New York. Philadelphia, Baltimore and Norfolk on
the Atlantic, and Seattle, San Francisco and Los Angeles on the Pacific
Coast), all under the United States flag.
REPORT.— For 1924 showed:
1922.
1921.
1923.
R esu lts f o r C a l. Y e a rs —
1924.
Revenues_______ - -- $4,548,260 $4,437,181 $4,616,514 $5,948,932
Expenses
_______ - $3,839,152 $3,768,154 $3,739,156 $5,781,921
428,842
469,715
481,687
Depreciation.________
284,740
2,534
4,436
17,036
Tax accruals .
..
2,878
$421,489
$237,651
$403,206 loss$331,712
Total oper. income—
55.771
33,307
28.858
56,187
Inc. from sec. & accts..
$293,422
$477,676
$436,513 def$302,854
Gross income._______
$60,633
$60,526
$78,360
$89,163
D e d u c t — Miscell. rents—
48,774
78.841
80,987
103,573
Interest and discount—
$184,016
$338,310
$277,167 def$495,591
Balance, surplus_____




In June 1917 a dividend of 50 cents per share (10%) was declared on
the common stock, payable July 16. In Dec. 50 cents a share (10%) with
an extra of $2 50 (50%).
In June and Dec. 1918 and 1919 paid s.-a.
div of50c a share (10%) with an extra of $ (20%). In 1920: June. 10%.
1
with extra of 20%; Dec.. 10% and 10% extra. None since.
Pres., Gale H. Carter, N . Y.; V.-P., Gordon H. Balch, N . Y.; Sec.,
Arthur B. Gaites; Treas., Henry S. Brophy. Office, 10 Hanover Square.
N. Y.— (V. 120, p. 2157.)
PACIFIC MILLS.— (V. 120, p. 2691.)
PACIFIC OIL cO .— lueorp. in Dela. Dec. 3 1920 with a capital stock
of 3,500.000 shares of no par value, which the Southern Pacific Company
subscribed for at $15 per share, or $52,500,000. From the amount so reall’ed the new company purchased from the Southern Pacific Land Co., as
of Jan 11921 for $43,750 000:
(a) About 259,000 acres of land situate In the State of California, of
which about 25,000 acres are proven oil lands and the remainder lands
theretofore withdrawn from sale by the Land Co. as possible oil lands,
together with existing field improvements, materials and supplies;
(b ) 200,690 shares, par value $20,069,000. representing 50.48% of the
outstanding capital stock of the Associated Oil Co. (Compare V.
112. p. 650).
By the sale of these properties the Southern Pacific Land Co., the entire
capital stock of which Is owned by the Southern Pacific Co. received
$43,750,000 in cash and the Pacific Oil Co. retained $8,750,000 as working
capital.
On Dec. 31 1924 the company owned $30,739,319 of the capital stock of
Associated Oil Co., equivalent to 54-89% of the aggregate $56,000,000 issued
and outstanding, or substantially 58% of $52,999 620 balance of stock in
hands of public after deducting $3,000,380 stock in Associated Oil Co.’s
treasury. Also owns a third interest (35.000 shares of stock) in the Asso­
ciated Pipe I ine Co., the other owners being Associated Oil Co. and
Southern Pacific Co., each of whom also has a third interest. Also owns
a half interest ($250,000) in the $500,000 capital stock of the Associated
Suoply Co. (the Associated Oil Co. owning the other $250,000), and $433,900 of the $1,000,000 capital stock of the Miley-Keck Oil Co. (the Associated
Oil Co. owning the remainder).
There were 927 wells in operation in the San Joaquin Valley fields on
Dec. 31 1924, comnared with 595 wells as of Dec. 31 1923. On Dec. 31
1924, nine new wells were being drilled in the San Joaquin Valley fields
and 13 wells were being redrilled. Seventeen wells were being operated
jointly with Associated Oil Co. in California and Texas and 12 new wells
were being drilled on joint leases.
Contract with Southern Pacific Co. for supply of fuel oil has been sus­
pended owing to possible conflict with prohibitions of Clayton Act. Mean­
while, Southern Pacific Co. is purchasing its fuel oil requirements from
Pacific Oil Co at market prices after competitive bidding
STOCK.— Holders of the capital stock of the Southern Pacific Co., at
the close of business on Jan. 14 1921 were given the right to purchase at
$15 per share one share of stock of the new company for each share of
Southern Pacific Co. stock so held.
DIVIDEND S — A n initial Itv of $1.50 per share was paid on July 20 '21:
same amount paid semi annually to Tan. 20 1923: on July 20 1Q23 .Tan. 21
1924, July 21 1924 and Jan. 20 1925 paid $1 per share; July 20 1925 paid
$1 50 per share.
REPORT.— For 1924, in V. 120, p. 2568, showed:
!
1924.
1923.
1922.
Gross earnings from operations______$23,448,932 $19,876,001 $21,422,004
L ess — Operating expenses_________ 1$10,982,489/ $8,806,340
$7,222,671
Taxes (excl. Federal income taxes) /
___________ \_ 1,233,899
990,152
Net profit from operations________ $12,466,443 $9,835,762 $13,209,182
Other income_____________________ ^ 3,230,978
2,564,045 2,187,325
Gross income____________________ $15,697,421 $12,399,806 $15,396,502,
L ess — Reserve for deprec’n & depl’n .. $3,133,850 $2,904,579 $3,094,975
Reserve for Federal income taxes-._ 669,805 _ 557,116 ___ 509,306
_
Surplus income for period_________ $11,893,766 $8,938,111 $11,792,226
3 M o s . E n d . M a r . 31.
1925.
1924.
1923.
1922.
Gross earns, from oper-- $7,857,224 $5,466,768 $4,606,540 $5,195,956
Net profit from oper____ 4,495,660
3,008,398
2,450,094 3,186,293
Gross income__________
5,128,237
3,789,974
2,982,440 3,662,443
Res. for deprec. & depl-721,863
703,461
760,730
786,649
Res. for Fed. inc. taxes356,175
169,440
42,810
50,000
Surplus income for 3 mos.
2,917,074
2,178,900 2,825,794
ended March 31_____ 4,050,199
OFFICERS.—Chairman of Exec. Comm., Henry VV. lie Forest; Pres.,
Paul Shoup; Sec. & Treas., Hugh Neill. N . Y . office, 165 Broadway.—
(V. 120, p. 2631.)
P a c k a r d MOTOR CAR CO.— ORG AN IZATION .— Incorp. in Mich.
S»pt. 1 1909 as successor of West Virginia co. of same name. Plant at
Detroit. V. 103. p. 576: V. 109. p. 77
STOCK.— All of the outstanding preferred stock has been called for
redemption Aug. 31 1925. at 110 and divs
D IVIDEND S.— On pref. in full to date. On common as follows:
F is c a l years ended A u g . 31—
’09. TO.T1-T3. T4. T5. T6. T7. T8. T9. ’20. ’21. '22. ’23. ’24.
C ash -. 10
6
0
0 0 5K 75/ 6 13 12^ 2 )4
0 13 12
Stock_____ - .
„40 - - 60
— -- --- -- - 100 - REPORT.— For year ending Aug. 31 1924 in V. 119, p. 2061:
Y e a rs e n d in g A u g . 31—
1923-24.
1922-23.
1921-22.
Sales— Carriages, trucks, parts, ma­
rine and aviation engines__________$46,003,679 $55,670,465 $37,988,499
Cost of sales________________________ 39,463,111 44.321,931 33.627,887
Gross profit_______________________ $6,540,568 $11,348,534 $4,360,612
Other income--_______
1.015.114
857.360
599,263
Gross income______________________ $7,555,682 $12,205,893 $4,959,874
Selling, general and admin, expenses. 2,636,937
2,558,375 1,622,258
11,178
424,848
753,162
Interest on borrowed money_________
Proportion of bond diset. & expense.
-------889,022
111,499
Federal tax provision_______________
590,699
648,715
-------Contingencies_______________________
912,804
2,000,000
-----Profit from factory operation______ $3,404,064 $5,684,934 $2,472,955
Profit from oper. of branches and subs 1,401,110
1,396,945 def357,l27
Net profit_________________________ $4,805,174 $7,081,879 $2,115,828
Previous surplus____________________ 8,676,023 17,004,438 15,923,895
Total surplus_____________________ $13,481,197 $24,086,317 $18,039,723
Preferred dividends__________________ 1,140,331
1,029,322 1,035,286
Common dividends (cash)---------(12%)2,852,424 (10)^)2495871
--------Stock (100%)____________________
______ 11,885,100
______
Profit and loss surplus_____________ $9,488,442 $8,676,024 $17,004,438

M ay , 1925.]
IF o r

M IS C E L L A N E O U S C O M P A N IE S .
a b b r e v ia tio n s , & c . , see n otes o n p a g e

6.]

D a te
Bonds

Petrol & T ra n sp ort— Com st.k $55,000.000____ ____
Class B Don-votlng com stock $150.000.000_____________
___
First, lien 10-yr marine enuip onnv Iminis red 105 Colkxxxxc* 1920
10-yr conv s f gold bonds red (text)_______________ kxxxc 1924
Panhandle Producing & R efin in g— Com stock 300,000 sh ____
Pref (a & d) cumul convertible (s.f) $4,000,000 call 110 -- ____

Pan Am er

La st D iv id e n d
an d M a tu rity

Par
V a lu e

A m ount
O u ts ta n d in g

$5f
5(
500
100 &r
Norn
$100

’150,077,800 See text Q-J 20 Apr 20 ’25 3% New York
78.730.700 See text Q - J 20 Ap-20 25 3% New York
F & A Aug 1 1930
New York
7g
5.246.500
12 OT! ooo
Blair & Co. N Y
6 g M & N Nov 1 1934
198.770 shn.
$2,935,200 See text
luly 2 1923 2% trv Bk-Ool Tr Co, N Y

OFFICERS.— Pres., Alvan Macauley; V.-P., R. A.. Alger; M. A.
Cudlip; Treas., Richard P. Joy. Office. Detroit.— (V. 120, p. 2691.)
PAN AMERICAN EASTERN PETROLEUM CORP.— See Pan Ameri­
can Petroleum & Transport Co. below:
PAN AMERICAN PETROLEUM & TRANSPORT CO.— O R G A N IZA ­
TIO N.— 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.
S u b s id ia ry C o m p a n ie s .— The following is a list of the subsidiary companies
whose accounts are consolidated with those of the parent company and the
percentages of stock of the respective subsidiary companies held by the
parent company:
Pan Am. Petroleum Co_______ 100%
Huasteca Petroleum Co____100%
Pan A. Southern Petroleum Co. 100%
Tuxpam Petroleum Co------ 100%
Petroleum Carriers Co________ 100%
Tamiahua Petroleum Co----- 100%
Caloric Co___________________ 81%
Mexican Petrol. Corp. of La. 100%
Mexican Petroleum Co., Ltd.
Mexican Petroleum Corp_gl00%
Subsid. of Mexican Petrol. Coro.—
Subsid. of Mex. Petrol. Co., Ltd.—
Mex. Petrol. Co. (Calif.)..99H %
Boston Harbor Oil Co___ 100%
In addition, the investment of the company in stocks of other companies
at June 30 1924 was as follows:
American Oil Co______________________________________________ $1,750,000
250,000
Bankers & Shippers Insurance Co_____________________________
Miscellaneous________________________________________________
145,002
S te a m s h ip s .— The fleet of oil carrying steamers owned by the company
consists of 31 vessels of a dead weight tonnage of 272,500 tons and carrying
capacity of 1,800,000 barrels. These vessels are leased to the Huasteca
Petroleum Co. and together with six vessels leased from outsiders, are
employed in transporting the companies’ oil from Tampico, Mexico. Destrehan. La., and Los Angeles, Calif., to the various stations of the companies,
located principally along the Atlantic and Gulf coasts of the United States
and in Panama and South America.
Mexico Properties.
O il L a n d s .— Through the subsidiaries of the Mexican Petroleum Co.,
Ltd. (principally the Huasteca Petroleum Co., Mexican Petroleum Co.
(Calif.), Tuxpam Petroleum Co. and Tamiahua Petroleum Co.), it owns or
leases approximately 1,500,000 acres located principally in the Tampico
district. These lands have produced upwards of 275,000.000 barrels of oil,
the production for the year 1923 being approximately 40,000,000 barrels.
P ip e L in e s .— There is owned and operated approximately 600 miles of
pipe lines with a capacity of 130,000 barrels per day, carrying oil from the
southern fields to Tampico and, in addition, 40 miles of pipe lines carrying
oil of 30,000 barrels per day from the Panuco fields to Tamnico. The
capacity of the pipe lines from the Panuco fields is being increased to 90,000
barrels per day.
R e fin e r ie s .— There is owned and operated at the Terminal (Tampico) a
complete refinery with a capacity of 130,000 barrels of crude per day.
O ther P ro p e r tie s .— In addition to the foregoing properties, there are
owned in Mexico storage facilties of approximately 10,000,000 barrels: a
railroad 40 miles long running from San Geronimo to Creo Azul, together
with necessary shoos, warehouses, camps, dwellings, facilities for loading
four 10,000-ton tankers at one time, compressor plants, tank cars, &c.
United States Properties.
O il L a n d s .— In California there is owned or leased 57,000 acres in oil lands.
R e fin e r ie s .— There is owned and operated at Destrehan, La., through the
Mexican Petroleum Corp. of Louisiana a refinery with a capacity of ap­
proximately 30,000 barrels per day. Through the Pan American Petroleum
Co. (Calif.) there is owned and operated at Los Angeles, Calif., a refinery
with a capacity of approximately 40,000 barrels per day, and also com­
pressor plants.
M a r k e t in g F a c ilit ie s .— 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. .1., Norfolk,
Va., Jacksonville and Tampa, Fla., New Orleans, La., Galveston, Tex.,
and Los Angeles, Calif. In addition, there is leased and owned gasoline
and kerosene bulk and service stations, operated in Maine, New Hampshire,
Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Vir­
ginia, Georgia, Florida, Tennessee, Louisiana and California. There is
also owned some 1,700 tank cars.
South American Properties.
M a r k e t in g F a c ilit ie s .— Through the Caloric Co., marketing stations are
operated at Rio de Janeiro, Santos, Para, Pernambuco and Bahia, Brazil.
The Mexican Petroleum Co. operates stations at Buenos Aires, Argentine,
Montevideo, Uruguay, and Cristobal, C. Z.
Subsidiary Companies.
P a n A m e r ic a n P e tro le u m C o .— Incorporated Sept. 11 1916 in California.
Authorized capital $3,000,000, increased to $20,000,000 Jan. 28 1924.
Produces, refines and markets oil in California and Western States.
P e tro le u m C a rrie rs , L t d .-—Incorporated Feb. 25 1913 in England. Au­
thorized capital, £52,000. In course of dissolution.
P a n A m e r ic a n S o u th ern P e tr o le u m C o .— Incorporated Nov. 5 1923 in
Delaware. Authorized capital, $100,000. Operates bulk and service
stations in Georgia and Tennessee.
C a lo r ic C o .— Incorporated Oct. 4 1911 in New York. Authorized capital,
$2,000,000. Operates marketing stations in Brazil.
M e x ic a n P e tro le u m C o ., L t d .-— Incorporated Feb. 16 1907 in Delaware.
Authorized capital, $60,000,000. A holding company.
M e x ic a n P e tro le u m C o . o f C a lif o r n ia .— Incorporated Dec. 20 1900 in Calif.
Authorized capital, $10,000,000. Produces, refines and markets oil.
H u a s te c a P e tro le u m C o .—-Incorporated Feb. 12 1907 in Maine. Authorized
capital, $15,000,000. Produces, refines and markets oil.
T a m ia h u a P e tro le u m C o .-—Incorporated Oct. 3 1906 in Maine. Autho­
rized capital, $1,000,000. Owns Mexican oil lands.
T u x p a m P e tro le u m C o .-— Incorporated June 26 1906 in Maine. Au­
thorized capital, $1,000,000. Owns Mexican oil lands.
M e x ic a n P e tro le u m C o r p . o f L o u is ia n a .—Incorporated Feb. 6 1918 in
Louisiana. Authorized capital, $1,594,600. Refines and markets oil.
M e x ic a n P e tro le u m C o r p .— Incorporated May 17 1915 in Maine. Auth.
capital, $10,000,000. Markets oil in Gulf and Atlantic Coast States.
B o sto n H a r b o r O il C o .—-Incorporated in Massachusetts. Authorized
capital, $150,000. Markets oil in Boston and vicinity.
Change In Control.
Control of the company passed April 1 1925 to the Standard Oil Co. of
Indiana, Blair & Co., Inc., the Chase Securities Corp. and their asso­
ciates when Edward L. Doheny signed a contract for the sale of 501,000
shares of the voting stock of the company.
Control will pass to the Standard Oil of Indiana interests through the
Pan American Eastern Petroleum Corp., organized in Delaware, March 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,
p. 1757.
The Pan American Western Petroleum Co. was incorporated in Delaware
May 7 1925 with an authorized capital of 1,000,000 shares of no par value,
divided into 200,000 shares of Class “A ” stock and 800,000 shares of Class
“B ” stock.
The new company is being organized to take over the California and other
Western properties of the Pan American Petroleum & Transport Co., which
is being split up under the recent change in control. Edward L. Doheny,
formerly head of Pan American Petroleum & Transport Co., will head the




303

IN DU STKIAL STOCKS AND BONDS
R a te

%

W hen
P a y a b le

P la ces W h e r e In t e r e s t a n d
D iv id e n d s a r e P a y a b le

Pan American Western Petroleum Co. The Eastern properties and the
Mexican properties of the Pan American are now controlled by Standard
Oil Co. of Indiana, Blair & Co., Inc., and their associates through the Pan
American Eastern Co.
Besides the Western properties of the Pan American organization, the new
Pan American Western Co. will also acquire other oil properties, some of
which are understood to be owned by Mr. Doheny. The new company also
will operate a fleet of tankers. See also V. 120, p. 1757.
STOCK.— Ou Oct. 22 1919 $70,000,000 or cne $125,000,000 auth. com
stock was made Class B com. with no voting power but in all other respect*
having the same rights, &c., as the other com. The Initial block or this
Cli*s B < -*s offered ill Dec. 22 1919 v $100 n r $50 o i-e. n all stockhold­
v
o
ers of record Nov. 25, in amounts equal to 10% of holdings. The author­
ized Class B com. stock was increased to $150,000,000 in Jan. 1923. V. 116,
p. 420.
DIVIDENDS,— On com No, 1.194%. Oct. 10 1917-Jan. 10 1918,194%.
April 1918 to July 1919 paid each quar. 294%. half in Liberty bonds, Oct.
1919 to Oct. 1922 paid 3% quar.; Jan. 1923 to Jan. 1924 paid 4% quar.t
April 1924 to Jan. 1925 paid 2% quar.; April 1925 paid 3% quar. Also paid
10% in Class B stock in July 1920, 25% in Jan. 1923 and 20% in Feb. 1923.
On common B initial div. of 3% paid Jan. 10 1920: 3% paid April 10 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% in
com. B stock; Jan. 1923 paid 4% in cash; in Feb. paid 20% in common B
stock: April 1923 to Jan. 1924 paid 4% quar.; April 1924 to Jan. 1925
paid 2% quar. in cash; April 1925 paid 3% quar. in cash.
BONDS.— There were outstanding Oct. 7 1924 $421,733 mortgages
secured by lands.
The first lien 10-year marine equipment bonds are a first mtge, on a fleet
of 10 steel tank steamships aggregating about 100,670 tons dead weight
capacity, providing marine transportation facilities for the Mexican Pe­
troleum Co,, Ltd,, of Delaware, Convertible Into Class B common stock
at $145 per share— that Is, at the rate of $2,900 of bonds for $1,000 of
Ciass B common stock (20 shares of $50 par value each), with provision for
a reduction of the conversion price under certain conditions if additional
common stock or Class B common stock shall be issue 1 at prices lower than
$145 per share. V. I l l , p. 394. The conversion price after giving effect
to the two recent stock divs. mentioned above is $106.45, 1 e., at the
.
rate of $106.45 value of bonds for 1 share of common Class “ B” stock.]
The lO-yr. conv. 6% s. f. gold bonds of 1924 are red. as a whole (or in
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 % % for each
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
$1,400 face amount of bonds for $1,000 par value of stock (20 shares of $50
par value each) with provision for reduction of the conversion rate if under
certain conditions additional common stock or Class ’’B ” common stock
(other than 200,000 shares and any stock issued in exchange for Mohican
Petroleum Co. stock), shall be issued or sold at prices lower than $70 per
share. Company will covenant to retire l-10th of these bonds in eacn year,
the first installment to be payable on Nov. 1 1925; the sinking fund pay­
ments to be payable semi-ann. thereafter on May 1 and Nov. 1. Company
is to be credited on its sinking fund obligation with bonds retired by con­
versions. Company may anticipate its sinking fund installments. V.
119, p. 1744.
Guarantees, prin. & int., 8% s. f. gold bonds of Mexican Petroleum Co.,
of which $7,664,200 are outstanding. V. 112, p. 1622.
REPORT.— For 1923, in V. 118, p. 2944, showed:
C a le n d a r Y e a rs —
1923.
1922.
1921.
1920.
Profit from operation...$32,412,906 $48,049,737 $13,490,983 $8,835,535
809,962 1,108,622
950.261
201,426
D e d u c t —Interest, & c ...
2,598.812 1,797,637
Depreciation, &c_____ 8,359,269 10,785,178
Federal taxes________ 2,500.000
4,580,000
900,000 1,000,000
Appl. to min. interests-.
391.288
-----------------------Net income_________ $20,352,387 $31,575,937 $9,041,910 $5,836,472
Other income__________
______
______
9,120,703
7,151,281
Total income________ $20,352,387 $31,575,937 $18,162,613 $12,987,753
Pref. divs. (7% approx.)
---------------------z4G,000
Common divs., approx.. zS,012,448 z6,510,101 z6,007,985 z6,008,000
do
Cl. B approxzl2.445.062 z l,051,407 z2,411,910 z l,985,673
Balance, surplus_____def$105,123 $21,014,429 $9,742,718 $4,954,080
Previous surplus_______ 30.830,122 25,457,423 15,560,971 16,159,192
Total surplus________ $30,724,999 $46,471,852 $25,303,689 $21,113,272
Invest., &c., adjust----- Drl.215,994 05,590,170 0153,733 0 826,084
Stock dividend----------- 21,232 088 21,231,900
______
6,378,385
Profit & loss surplus.. $8,276,917 $30,830,122 $25,457,423 $15,560,971
z Approximation inserted by Editor.
C o n so lid a te d In c o m e A c c o u n t 9 M o n t h s E n d e d S e p t. 30 1924.
[Pan American Petroleum & Transport Co. Owned and Controlled Cos.}
_
Profit from operations_ $21,720,256 |
Surplus Dec. 31 1923____$8,276,918
Int.& amort, charges(net) 1,196,105 Adj. of val. of investm’ts C r . 183,189
Prov. for deprec. & depl. 7,632,419
Prov. for Federal taxes._ 1,607,000
Total surplus________ $19,640,327
Proportion of inc. applic­
Divs.pd. oraccr. to pub. 7,697,154
able to minor’y interest
104,513
Net profit for 9 mos..$ll,180,219 Consol, surp. Sept.30 ’24$11,943,173
OFFICERS.— Chairman, F. H. Wickett; Pres., H. G. Wylie; V.-P. &
Treas., E. L. Doheny Jr.; Sec., O. D. Bennett; V.-Ps., C. E. Harwood,
J. M. Danziger, J. S. Wood, P. H. Harwood, J. J. Cotter; Compt., A. R.
Pointer.
DIRECTORS.— F. H. Wickett, Herbert G. Wylie, 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. N . Y. office, 120 Broadway.— (V. 120.
p. 2411.)
PAN AMERICAN WESTERN PETROLEUM C O — See Pan American
Petroleum & Transport Co. above.
PANHANDLE PRODUCING & REFINING C O — O R G AN IZA ­
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 leases covering about 1,000 acres in Wichita County.
Texas; also 1068 acres in Archer County; 267 acres in Young County; 552
acres in Eastland County; also 81 acres in Cotton County, Okla.; the
company also holds approximately 30,000 acres undeveloped leases located
in various counties in Texas; also refinery, pipe lines, &c. As at Dec. 31
1924 the company owned 227 producing 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 less
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

304

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[ F o r a b b r e v ia tio n s , A c . , see n otes o n p a g e

6.1

D a te
Bonds

Debenture s f gold bonds. - .. ____________ _________ xc 1906
Feerles* Truth & Motor Corp— Capsfkanth $20.(100.000.
Penn Seaboard Steel— Stock 3,000,000 shares auth (v t c)
J C Penny Co— Classified common authorized $10,000,000
1st pref (a & d) stock 7% cum call 105 auth $10,000,000
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
1916

Par
V a lu e

A m ount
O u t s t a n d in g

R a te

%

W hen
P a y a b le

200.000 sh.
6g J
500 &c $2,180,000
1
50 1 429 450 See text
100

2,226,300

7

50
1,000
1,000

8.630.300
1,336 000
39,000

5 14
6

L a st D iv id e n d
a n d M a tu rity

& D Junel 1936
June30 24

P la c e s W h e r e In te r e s t a n *
D i v i d e n d s a re P a y a b l e

Mech & Met Nat Bk.NY
1%

9.244.500

100

[V ol. 120.

and thereafter not less than $200,000 per annum until the pref. stock has
be<n 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 1924, in V. 120, p. 2691, showed:
1921.
C a le n d a r Y e a rs —
1924.
1923.
1922.
Gross earnings_________ $4,665,167 $3,460,700 $4,522,451 $4,810,172
Oper., gen. & adm. exp.
and taxes__________ 4,124,029
2,929,008 3,689,391
3,424,785
Other income credits . . C r . 40.403
C r . 10,038
C r . 7,949
C r . 9.267
47,373
Interest, discount, &c_.
76,290
55,068
29,306
Inventory adjustments
97,012
186,844
73,435
316,917
(crude oil, &c.)______
511,401
Depreciation........ ......
242,837
192,649
270.119
889,875
Deple’n & amortization
542,243
400.814
355,895
261,300
Preferred divs. (8%) . .
x228,816
X234.816
243,500

Q— M

Mar 31 ’25 l s
4

Nov 10 ’24 2%
M & N 1 5 Nov ’25-Nov’37 Bk of N O & Tr Co.Phlla
Germantown Tr Co.Phlla
J & J Jan 1 1941

Name changed to present title June 24 1916. Merged Penn. Steel Castings
& Machine Co., Baldt Steel Co. and Seaboard Steel Castings Co. V. 102,
p. 1631. Plants 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 Co. (V. 109, p. 484; V. 110, p. 567, 472,
3671.
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 $2C0 in cash and $900 in 1st mtge. 7% bonds of a new subsidiary
company, the Penn Steel Castings Co. The latter company was organized
in Delaware Nov. 24 1923 with an authorized capital of $500,000 8% cumul.
pref. stock and 10.000 shares of common stock of no par value, and acquired
title to the steel casting plant at Chester. Pa.
STOCK.— Agreement expiring June 26 1926, the voting trustees being
W. P. Barba, Chas. Hart, J. B. Warren, O. F. Jemison and .1 G. Weiss.
.
Balance, deficit______
$605,657
$528,460
$131,247
$632211 The authorized capital stock was increased from 1,500.000 shares to
x No dividends were paid upon the Preferred stock during the year. This 3.000.000 shares on Dec 12 1924. V. 119, p. 2771.
DIVIDENDS (Per Share).— May 1 1916, $1 25 Aug. 1 1916 to May 1
sum was charged against income and credited to reserve for preferred divi­
1
dends. As dividends are cumulative, this is an obligation of the company. 1918. tncl., $ quarterly; Aug. 1 and Nov. 1 1918 and Feb 1 1919. $1 50
each- none sin ce
V 108. p 2349.
C o n s o lid a te d I n c o m e A c c o u n t f o r Q u a rte rs E n d e d M a r c h 31.
REPORT.— For 1924 showed:
1923.
1922.
1921.
C a le n d a r Y e a rs —
1924.
1923.
1922.
1925.
1924,
$4,387,771
Operating revenues..
$996,755 Net sales______________$2,309,550
$858,052
$1,312,224 $1,024,839
2,500,116
4,209,103
Net earnings__________
203,674
163,190
142.161 Cost of sales___________
204,875
Other income__________
2,123
1,490
1,283
2.076
Deductions __________
Gross profit_________loss$190,566
$178,668 def$177,200 def$207.188
21.733
23,234
18.528
13.257
Preferred dividends____
16,992
20,846
................... ........
62,838 Other income_________
X47.204
58.704
58,704
Net income available for
surplus & reserves___
________
__ ____
_____
Total income_______ loss$173,574
$199,514 def$ 177.200 def$207,188
yl35.720
127,931
59.711
93,305
x This amount has not been paid but has been carried to a reserve. Interest_______________
156,229
232.522
338,248
541,857
y This does not include a gain on crude oil inventories of $146,870 arising Idle plant expense______
______
86,279
214.277
______
from advances in posted prices. The amount will be held in suspense until
the end of the year.
Deficit______________
$329,803
$119,287
$729,725
$749,045
OFFICERS.— Roy B. Jones, Pres.: B. J. Shaw and Thomas Morrissey,
OFFICERS.— J. B. Warren, Pres.; C. F. Jemison, V.-P. & Treas.;
V.-P.; M . A. Chambers, Sec. & Treas. Office, Staley Bldg., Wichita M. S. Hager, Sec. & Asst. Treas.; M. B. Perrem, Asst. Sec. Office,
Franklin Bank Building, Philadelphia, Pa.— (V. 120, p. 1338.)
Falls, Texas.— (V. 120, p. 2691.)
J. C. PENNEY CO., INC.— ORGANIZATION.— Incorp. in Utah in
PARK & TILFORD, INC.— Incorporated under laws of Delaware on
Aug. 6 1923. Manufactures and sells at both wholesale and retail packaged 1913: reincorporated under laws of Delaware on Dec. 15 1924. Business
started in 1902. Operates 571 department stores in 40 States.
groceries, candy, perfumery, cigars, &c., and also holds the stock of the
STOCK.— The company was organized in Delaware, with a charter
Melita Realty Co. In Sept. 1924 purchased the stock of V. Vivaudou, Inc.,
held by Mr. Vivaudou, President of that company. The products of the providing for perpetual existence on Dec. 15 1924. with an authorized
capitalization as follows: 100,000 shares of 1st pref. stock (par $100),
corporation are sold throughout the United States and exported to many
foreign countries. Operates two large retail grocery stores in N. Y. City— 100,000 shares of classified common stock (par $100), 150,000 shares of
class A pref. stock (par $100) (which is entirely subordinate to the 1st pref.
one at 26th St. and 5th Ave. and the other at 59th St. and Madison Ave.
stock), and 100,000 shares of unclassified common stock without par value.
STOCK.— See table at head of page.
BONDS.— On June 1 1906 there was issued and sold $3,000,000 worth It was organized to take over the assets, assume the liabilities and conduct
of 6% debenture sinking fund gold bonds, maturing June 1 1936. These the business heretofore conducted by J. C. Penney Co. of Utah, by an ex­
bonds were to be retired at the rate of $40,000 par value annually for seven change of stock, the rate of exchange of which, as to 1st pref. stock of the
years from June 1 1909: at the rate of $80,000 par value annually for ten Delaware company, is share for share for the pref. stock of the Utah co.
By resolution of the directors June 30 1925 has been set as the last date
years from June 1 1916, and at the rate of $100,000 per value annually for
exchange.
the ten years from June 1 1926. The bonds to be retired either by purchase for such pref. div. of $0,816 per share for the portion of the quarter from
Initial
in the open market at not more than 110 and int. or to be drawn by lot
Aug. 19 to Sept. 30 1919 was paid Sept. 30; Sept. 30 1919 to March 31 1925,
at 110 and int. Outstanding July 31 1924, $2,180,000.
On July 31 1924 there was a first mortgage for $395,000 due Sept. 1 1% % quar.
Sa l e s —
1925 ------ A p r i l ------ 19 2 4 . 1925— 4 M o s . — 1 9 2 4 .
1925 on the property at 541 W. 43d St., New York.
$7,240,189 $5,961,371 $21,477,416 $17,892,816
REPORT.— The company reported net profit for the fiscal year ended
REPORT.— For 1924, in V. 120, p. 2412, showed:
July 31 1924 of $558,371. which with previous surplus of $611,492, make
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
a total surplus of $1,169,863. V. 119, p. 1404.
OFFICERS.— Pres., David A. Schulte: V.-P., Louis Goldvogel and Sales___________________ $74,261,343$62,188,979 $49,035,729 $46,641,928
45,415,154
Joseph M . Schulte; Treas., Joseph M. Schulte; Asst. Treas., Jerome Eisner; Gen. exp., deprec’n, &C-170,083,69358,277,160/ 45,636,050
__________
Sec., Udo M. Reinach. Office, 541 W. 43d St., New York.— (V. 119, p. Reserve for Federal tax. /
Net income__________ $4,177,650
1516.)
Other income__________
508,922
PEERLESS TRUCK AND MOTOR CORP.— O RGANIZATION.—
Incorporated in Nov. 1915 in Virginia and acquired 20,789 shares of pre­
Total income_________ $4,686,572 $4,490,294
ferred and 20.855 shares of common (being entire stock except 218 of pref.) Preferred dividends_______________ $163,224
$171,008
of the Peerless Motor Car Co. of Cleveland, Ohio.
731,470
400,500
_____
____
Common dividends_____
DIV ID E ND S.— The directors on uci 2 1919 declared an Initial dividend
OFFICERS.— Chairman, J. C. Penney; Pres., E. C. Sams; V.-P. &
Comp., Geo. H. Bushnell; V.-P., J. M . McDonald and G. G. Hoag; Sec.,
®f 114 % and also an extra dividend of 14 of 1%, both payable Jan. 2 1
920
They also passed a resolution to the effect that In so far as the earnings per­ L. A. Bahner; Treas., J. I. H. Herbert. Office, 370 Seventh Ave., New
mit the policy of paying regular quarterly dividends of 114 % be established York.— (V. 120, p. 2412.)
with such extra dividends from time to time as conditions of the business
PENNSYLVANIA COAL AND COKE C O R P — Incorp. in Pennsyl­
will permit. V. 109. p. 1466. In Apr. 1920. paid 1 1 4 % and ! 4 % extra.
vania Nov. 1 1911. Is engaged in the business of owning, leasing and
1
July and Oct. 1920, 2 1 4 % . In Jan. 1921 paid 1 1 4 % . In Feb. 1921 de­ operating coal mines and the mining, shipping, buying and selling of bitum­
clared 4 % . payable in quar. installments of 1% each on Mar. 31, June 30
inous coal. Is not at present engaged in the manufacture or sale of coke,
Sept. 30 and Dec. 31 1921. In Feb. 1922 declared 6%, payable in quar. operates certain electric light and water companies which serve communities
Installments of 114 % each on Mar. .31, June 30. Sept. 30 and Dec. 31 1922
in the vicinity of its operations; also, through a subsidiary, is interested in a
Mar. 31 1923 to Dec. 31 1923 paid 2% quar.; Mar. 31 and June 30 1924 wharf company doing business in New York Harbor.
paid 1 % quar.; none since.
STOCK.— See table at head of page.
NOTES.— All of the outstanding 10-year 6% secured conv. gold notes,
DIV ID E ND S.—
1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
due Nov 10 1925. were called for redemption May 10 1923 at 102 and int.
Cash (% ).................... 4 1014
8
8
8
8
8
8
REPORT.— For 1924, in V. 120, p. 2021, showed:
Stock_____________________ ____ ____ ____ ____ ____
40
____
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
The Feb. 1925 div. was omitted. V. 120, p. 594.
Net sales_____________ $15,491,596
Not
$16,001,986 $12,055,904
REPORT.— For 1924 showed:
Costof sales___________ 12,867,984
Stated
14,827,216 11,821,110
1Q99
1921.
C a le n d a r Y e a rs —
1924.
1923.
200,775
255,752
295,903
282,527 Gross sales________$5,959,581
Depreciation__________
$8,428,034 $5,384,826 $6,039,670
Operating expenses, &c_ 6.338,883
4,846,681
7,610,500
5,218,946
$878,866 def$47,732
Net profit___________ $2,422,837
$3,907,814
Net earnings___ loss$ 379,302
$817,534
$538,145
$820,724
211,292
334,284
273,665
Other income__________
126,561
Oth. income(incl. propor.
share of net earns, of
Total income_________ $2,549,398 $4,119,106 $1,213,150
$225,933
sub. cos. oper. under
Sell.,gen.& adm.exp.,&c 3,389,109
3,244,027 — Incl. in cost of sales—
collat. agreement with
Int. & miscell. deducts__
94,699
92,062
132,359
88,611
Clearfield Bituminous
Extraordinary charges..
759,768
251,982
Coal Corporation)___
246,469
289,988
216,503
Inventory adjustment. _
______
lOb',915
Federal taxes__________
______
80,000
101,500
$790,127 $1,037,227
,def$132,833 $1,107,522
Depr. of invest.,&c.(net)
113,308
82,334
82,600
72,279
Dividends____________ (2 % )228,589 (8)935,511 (6) 624’,140 (4)400,000 Misc. deduc. & Fed. tax.
a
292,402
283,218
196,985
195,317
Preferred divs. of Peer­
less Motor Car Co____
______
1,526
1,526
$510,808
$741,704
$769,631
.def$425,235
Disc’t on 10 year notes..
______
C r . 16,983
Dividends________
690,424
493,560
493,560
Loss on sale of real estate
______
14',476
Surplus for year_def$425,235
$51,280
$17,248
$276,071
------M o n t h o f M a r c h ------ — 3 M o s . E n d . M a r . 31—
Balance, surplus_ def$l,922,767 def$229,042
_
$379,447 def$505,191
1925.
1924.
P e r io d —
1925.
1924.
OFFICERS.— Edward Ver Linden, Pres.; D. A. Burke, V.-P.; G. H. Gross earnings___
$475,197
$547,353 $1,552,432 $1,774,615
Layng, V.-P.; L. R. German, V.-P.; F. A. Trester, Sec.; John F. Porter, Operating income_ lossl4,115
4,259 lossl06,481
48,135
Treas. Office, Cleveland, Ohio.— (V. 120, p. 2021.)
50,724
Miscellaneous income___
16,569
17,479
56,752
PENN SEABOARD STEEL CORP.— ORGANIZATION.— Incorp
Charges....... .......
33,364
33,512
102,928
103,885
Net inc. before Fed. tax. def30,910 defll,774 defl58,685
1,002
Dec. 6 1915 In New York, as Penn. Marine & Ordnance Castings Co




M ay , 1925.]
1 or
F

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
a b b r e v ia t io n s . & c . . see n o tes o n p a g e

6.]

D a te
Bonds

$100 $6,708,900
100
689.900
196 600
100
100 50,000,000

Philadelphia & Reading Coal & Iron Co— Bonds— see text
Philadelphia & Reading Coal & Iron Corp— Stock— see text
Gold deben bonds red (text) $7,000,000 auth.CeCkxxxc*

A m ount
O u t s t a n d in g

1921

None
85.000 sh
100
2.200.000
None 1875.666sh.
500 Ac 3,200,000

B a te

%

W hen
P a y a b le

111
OOG

Pennsylvania Steel Co— See Bethlehem Steel Co.
I^ttibone Mulliken Co—Common stock, $7,000,000______

Par
V a lu e

7

7
4
7
$2
7 >4 S

A

L a st D iv id e n d
an d M a tu rity

305
P la c e s W h e re In t e r e s t a n d
D i v i d e n d s a r e P a y a b le

Apr 1 ’25 1X % Checks mailed
do
Apr 1 '25 14* %
Apr 2 1925 1% Office 99 John St. N Y

Q— F May 1 1925 1H
Q— J Apr 1 1925 50c. Guaranty Trust Co, N Y
Chat A Phen N Bk, N Y
A O Oct 1 1931

OFFICERS.— Chairman. Fairfax S. Landstreet; Pres., J. W . Searles; by Philadelphia A Reading Coal A Iron Corp. prior to the issue of all of its
V.-P., C. Law Watkins; Treas. & Asst. Sec., E. B. Houser; Sec. & Asst. authorized 1.400.000 shares of capital stock.
Treas , J. M. Townsend Jr.; Compt., O. H. Memory. Offices, Land Title
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
Bldg., Philadelphia, and 17 Battery Place, New York.— (V. 120. p. 2559.)
Newton H. Fairbanks and Joseph B. McCall, individual trustees appointed
PENNSYLVANIA STEEL CO.— See Bethlehem Steel Corp. above.
by the District Court for the purpose, and will hold all dividends payable
PETTIBONE MULLIKEN CO .— OR G A N IZA TIO N .— Incorporated in respect of the shares of stock held by it until paid over to the owners of
In New York June 21 1912. Has plant on 32 acres of land aboat 6 milet the respective certificates of interest upon exchange thereof for shares of
from heart of Chicago. Manufactures frogs, crossings, switches, guard 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
rails. Ac.. for steam railroads. V. 94. p. 1511. No bonds
in its discretion, after a hearing upon
of certificates
STOCK.— As to pref. stock provisions, see V. 94, p. 1511. The second of interest as it may direct, may order such notice to holdersPhiladelphia A
the shares of stock of
pref. has no voting power and is subject to call at par after all the first pref
Reading Coal A Iron Corp. represented by said certificates of interest
Shall have been retired. V 94. p 1511. First pref. originally $2,250.000
to be sold and the proceeds distributed to the registered owners of such
canceled by sinking fund and In treasury Dec.31 1923. $1,560,100; 2d pref
certificates of interest.
stock, $750,000. of which $553,400 was In treasury Dec. 31 1923
The corporation during the year ended Dec 31 1924 issued to Wilming­
D IV ID E N D S.— On 1st and 2d pref., 1H% quar.. Oct. 1912 to Apr. 1925
ton Trust Co , trustee, of the total of 1,400.000 of its no par shares, 595,862
shares in the manner provided in said decree There was received in pay­
REPORT.— For 1923. In V. 118, p. 791, showed:
ment therefor $2,383,448 This amount was paid to Reading Co on
Y e a r—
N e l I n c . 1st P fd . D iv . 2d P fd . D iv . D e p . & S . F . S u rp lu s .
1923 ____________ *$551,642 (7)$48.902 (7)$14.088 $175,000 $313,653 account of the purchase price of the capital stock of the Philadelphia A
Reading Coal A Iron Co.
1922 _____________ *338,834
(7)52.605
(7)15.519
175,00095.710
Advices from Wilmington Trust Co., trustee, state that during the year
1921 ---------------*18.644
(7)54.031
(7)20,160 141,280defl96,827
ended Dec. 31 1924, of the above 595.862 shares issued to it, 498,697 shares
* After Federal taxes.
had been issued to holders of certificates of interest who had filed affidavits
OFFICERS.— A. H. Mulliken, Pres.: O. H. Eib. V.-Pras.; H. R. Prest, as required by the terms of the decree.
Sec.; J. H. Mulliken, Treas. Offices, 725 Marquette Bldg., Chicago, and
For details as to new refunding mortgage 5% sinking fund gold bonds, see
165 Broadway, New York.— (V. 118. p. 791.)
Philadelphia A Reading Coal A Iron Co. below and Reading Co. under
PHELPS DODCJE CORP.— O R G A N I Z A T I O N .— Incorporated in New “Railroads.” also outstanding on Dec. 31 1924 obligations of the company
York Aug. 10 1885 as the Copper Queen Consol. Mining Co. and from as There were
follows: $750,000 Phila. A Reading collateral sinking fund 4% bonds, due
Dec. 1908 to April 1917 acted as the leading operating subsidiary of Phelps
Dodge A Co. (a holding company.) Incorporated in N e w York State on 1932, and $50,000 first mortgage bonds of subsidiary coal companies.
Dec. 1 1908 per plan V «7 d 1536: V 88. p 149: V 89 p. 1545. In
1
REPORT.— For 1924, in V. 120, p. 2541, showed:
1917 the name was changed to Phelps. Dodge Corp., and the auth. stock
C a le n d a r Y ea rs —
1924.
1923.
1922.
1921.
was Increased from $2,000,000 to $50,000,000. of which $45,000,000 was Coal sales..... ..............$83,511,650 $89,195,635 $52,786,120 $71,088,983
then applied to taking up share for share the $45,000,000 stock of the bold­ Oper. A other exp. (less
ing corporation. The subsidiaries whose properties were absorbed by
rentals, Ac__________ 77.641,497 78,682.660 50,524.705 63.897,354
Phelps. Dodge Corp. in such reorganization, were as follows: Detroit
Copper Mining Co. of Arizona, Burro Mtn Copper Co. and Stag Canon
Operating revenue... $5,870,153 $10,512,975 $2,261,415 $7,191,628
612,406
1,270,936
937.479
755,512
Fuel Co. Other subsidiaries whose physical assets were not taken over, Otherinc.— int. A divs..
but all of whose Issued stock was acquired in such reorganization, are
Gross income............ $6,482,559 $11,783,911 $3,198,893 $7,947,140
Moctezuma Copper Co., $2,600,000 stock; Phelps Dodge Mercantile Co..
D e d u c t—
$2,000,000 stock; and Bunker Hill Mines Co., $750,000 stock. In Oct.
Depletion of coal lands
1921 acquired the Arizona Copper Co.. Ltd. V. 113, p. 1582.
and leasehold_________
$729,421 $1,195,341
DIVIDEND S.— Until Mar. 30 1917 of Phelps, Dodge A Co. (holding co.). Fed’1 State A local taxes $1,504,503 $1,623,974
,
4.784.651
2,530,502 2,353,266
•13 14 15 16. 17. 18. ’19. 20. '21 22. 23. ’24. Interest on funded debt. 2.346,771
1,610,692
1.306,592
32.400
33,608
4
4
Regular, % ---------- 10 10 10 10 10 7Wy 10 10 544 4
Extra
........ 644 4 10 2244 14 10)4 3 1 4 ...............................
Net income................ $1,020,593 $4,068,694 1 $93,430 $4,364,926
obs
Account depletion. . . ..
..
8 4x 2x
______
..
OFFICERS.— Pres., W . J. Richards; V.-P. A Gen. Coal Agent, R. J.
x 2% payable In 444 % Liberty bonds, y Only three quarterly dividends,
MacEwan; Treas., Chas. A. Hurff.
244% each, due to chang« In dividend period from Q .-M . 31 to Q.-J. 2, Montgomery; Y.-P. A Sec., W. H.p. 2541.)
Office, Philadelphia, Pa.— (Y. 120,
Paid in 1925: Jan. 2, 1%; April 2, 1%.
PHILADELPHIA AND READING COAL AND IRON CO. (THE).—
REPORT.— For 1924 showed:
The New York Stock Exchange in Jan. 1924 authorized the listing of $31,( I n c lu d in g O p e ra tio n s o f S u b s id ia ry C o m p a n ie s O u m ed .)
542.333 1-3 refunding mortgage 5% sinking fund gold bonds dated Jan. 2
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
1924, due Jan. 1 1973, in the denom. of $1,000, $500 and $100.
Sales of copper, silver A
$
$
$
$
The bonds are
pursuant to the provisions of the final decree of
gold, coal, coke A mdse. 35,611,015 29,445,619 24,888,047 18,491,602 the U. S. District issued fn exchange for general mortgage 4% bonds issued
Court
Income from investments
and misc. earnings...
227,474
290,001
260,221
280,720 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
Gross income________ 35,838,489 29,735,620 25,148,268 18,772,322
Cost offuel, metal A mdse. 30,646,445 26,431,055 24,155,062 21,313,031 company to offer to the holders of general mortgage bonds the right to
surrender their bonds and receive in exchange therefor an equal aggregate
Depreciation of plants.. 2,335,653
2,181,347
1,825,746 principal amount of new bonds as follows: 2-3 of said principal amount In
1,946,055
Suspension expenditures ________
............
838,194
4 4 % gold bonds,
4
Interest___ _____
765,116
832,932
735,154
822,005 gen. A ref. mtge. 1-3 thereof n ref. series A (or scrip certificates) of the
Reading Co.; and
Dividends (4% )_______ 2,000,000
2 , 0 0 0 ,0 0 0
2,000,000
1,850,000 scrip certificates) of the company. mtge. 5% sinking fund gold bonds (or
Depletion of mines_____ 6,029,274
4,409,094
3,902,336
2,512,415
On Dec. 31 1924 $30,838,667 refunding mortgage bonds had been issued
bonds:
Balance, deficit______ 5,937,998
5,883,516
7,825,631 10,389,068 in exchange for the joint general mortgage leaving of this amount, $546,000
sinking fund,
$30,292,667 outstanding.
Balance forward_______ 86,876,531 92,760,047 100,585,679x110,974,747 had been retired through theCo. of New York has been appointed trustee of
The Central Union Trust
the refunding mtge. bonds. Compare also Reading Co. under “ Railroads.”
Profit A loss surplus.. 80.938,533 86,876,531 92,760,047 100,585,679
OFFICERS.— Pres., W. J. Richards; V.-P. A Gen. Coal Agent. R. J.
x This surplus is after adjustment of mines and depletion reserve to Montgomery; V.-P. A Sec., W. H. MacEwan; Treas., David Wilson.
Government valuation, amounting to $20,722,294; plus $11,669,868 surplus Office, Philadelphia, Pa.— (V. 118, p. 2701.)
acquired through purchase of the Arizona Copper Co., Ltd., for properties.
PHILLIPS-JONES CORP.— Incorp. in N . Y . Aug. 15 1919. The
company is engaged in the business of manufacturing, producing, adapting,
N o t e .— Operations were suspended in April 1921 and were not resumed
preparing, buying, selling and otherwise dealing in fabrics and textiles, and
until Feb. 1922.
OFFICERS.— Chairman, Cleveland H. Dodge; Pres., Walter Douglas; manufacturing and selling at wholesale throughout the country to jobbers
V.-Ps., Arthur Curtiss James, E. Hayward Ferry and Cleveland E. Dodge; and retail stores, shirts, underwear and pajamas.
CAPITAL STOCK.— 7% cumulative pref., auth. $4,000,000: outstand­
8ec. A Treas., A. T. Thomson.
Directors.— Cleveland H. Dodge, Arthur Curtiss James, Matthew C. ing, $2,200,000; par $100; common, auth., 100.000 shares; outstandingFleming, George B. Agnew, E. Hayward Ferry, Francis L. Hlne. Walter 85.000 shares of no par value.
REPORT.— For 1924, in V. 120, p. 823, showed:
Douglas, Wm. Church Osborn, Norman Carmichael. N . Y. office, 99 John
1924
1923
1922
St.— (V. 129, p. 18 1.)
Net profits.................................. a$139.015
b$86.434 c$932.'l57
PH ILADELPH IA AND READING COAL AND IRON CORP.— This Preferred dividends..........
154.122
159,687
164.500
company, incorp. in Delaware Dec. 20 1923, was formed in accordance Special expenses and sundry ............
losses_
_
18.083
287,596
____
with the final decree in the Govt, suit against the Heading Co. The latter
sold to the new company all its right, title and I nterest in the capital stock
Balance, deficit__________________
$28,190
$360,849 sur$767,657
of the Philadelphia A Reading Coal A Iron Co., subject to the lien of the
general mortgage of Reading C o . and the Philadelphia A Reading Coal A
a After adjustment of prior years’ Federal taxes, b After inventoryIron Co. (as modified bv the final decree) for the sum of $5,600,000
part
Philadelphia A Reading Coal A Iron Corp., pursuant to the final decree adjustment of $820,501 chargeable in taxes.to operations of prior years,
c After deducting reserve for Federal
and the order modifying the final decree entered by the District Court
OFFICERS.— Pres., Max Phillips; V.-P. A Treas., A. S. Phillips; Sec.,
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 Arthur L. Phillips. Office, 1225 Broadway, New York.— (V. 120, p. 1757.)
Trust Co. of Wilmington, Del. (the trustee) as trustee under a trust agree­
PHILLIPS PETROLEUM CO.— O R G A N IZA T IO N — Tncorp. in June
ment dated Dec. 28 1923 between Philadelphia A Reading Coal A Iron 1917 in Delaware. At the end of 1924 the company had 235 producing
Corp., Reading Co., Newton H. Fairbanks and Joseph B. McCall as properties, containing 31,616 acres, on which there were 1,456 producing
trustees, and Wilmington Trust Co. as trustee. The trustee will issue wells. Land owned and leased amounted to approximately 479,000 acres,
certificates of interest in said stock and each certificate of interest will located in Kansas, Oklahoma, Texas, Kentucky and Louisiana.
entitle the registered owner thereof, or his assigns, upon surrender thereof
CAPITALIZATION.— The stockholders on April 2 1925
1
accompanied by an affidavit in substantially the form required by the auth. capital stock from 2,000,000 shares to 2,500,000 shares ofincreased the
no par value
final decree (to the effect, in substance, that the applicant does not own
BONDS.— The 746 % debentures are callable as a whole at 107 and inter­
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 est, for first year, 106 and interest the second year, 105 and interest the
capital stock without nominal or par value of Philadelphia A Reading Coal third year, the premium decreasing 44% annually thereafter.
Commencing July 1 1922 the company will proviile an annual sinking
A Iron Corp. represented by such certificate of interest, together with all
dividends (but without interest thereon) collected by the trustee in respect fund of 10% of maximum amount of debentures ever issued, payable 5%
of said shares of stock after the date of such certificate of interest and prior semi-annually, to be applied to the purchase of bonds in the open market
to such exchange, and a dividend order or assignment for any dividends at or below 10214 and int. for the first two years, and after two years the
sinking fund shall purchase bonds up to 105 and int., and if not purchasable
declared but not then payable in respect of said shares.
All the certificates of interest will be dated Jan. 2 1924, except as other­ at this price, the bonds must be called by lot at 105 and Int., and at a pre­
4
wise provided in the trust agreement in case of the declaration of dividends mium of 1 of 1% less in each succeeding year.




[V ol. 120.

IN D U STRIA L STOCKS AND BONDS

206

M IS C E L L A N E O U S C O M P A N IE S
l F o r a b b r e v ia tio n s . A c . , s ee n o te s o n p a g e

D a te

6]

Bonds

P hoen ix 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___________________
P ierce-A rrow M otor Car Co— Com 328,750 shares a u th ..
Pref fa & d) 8 % cum $10,000,000 s f call 125 convertible..
Prior pref (a & d) $8 cum call $100 convert (text)________
First mortgage gold bonds (see text).
Debentures (see text) call 110_____________________ kxxx
Pierce Oil C orporation— Common stock ($33.000.000)___
Common stock Class B non-voting $2 0 ,0 0 0 ,6 0 0 __________
Pref (a & d) stock 8% cumul $15,000,000 callable-----------Pierce Petroleum Corn— Stock 2.500.000 shares auth______
Sink fund gold deb (Pierce Oil Corp) call 107 K ___ kxxc*
P ittsburgh Coal Co. (of Penn)— Com stock 6% and partic.
Participating pref stock 6% cum (also as to assets, s fcall 110
1st M SI.500.000 g guar red 102 X s f ___________ UPi.xc*
Mon River Cons Coal & Coke 1st M g ■ f (see text).U PI.sc*
Midland Coal purchase 1st M $1,200,000 gred 102 )4-UPixc
Debentures $6 350,000 g ant.h redeemable par_________ x

Par
V a lu e

Am ount
O u ts ta n d in g

R a te

%

$875,000
3,75 >,700
500.000
None 250.000 sbs
100 10.000.000 See text
None 15,750 shs.
$8
$5

100
100

1923

1921
1910
1899
1912
1911

4.200.000
8
2 5 29.622.831 See text
None
See text
25
100 i s nun non See text
None 2 .500 OOOsh
8g
500 &c 1,395.500
100 a32.xb9.200 See text
6
100 35.000.000
1,000
545.000
5g
1,000 4.886.000
6g
1,000
5 g
536.000
5g
500 d
ec 1.810.000

B o n d s o f S u b s id ia r y C o m p a n i e s .

1.853.000
2.141.000

Montour RR red 105 begin 1924_________________________
Pitts Coal Dock & Wh 1st M guar a&d red. 102 X ________

5 g
5.4

W hen
P a y a b le

Q— M
Q— M

Q—J
M &

L a s t D iv id e n d P la c e s W h e r e I n t e r e s t a n d
a n d M a t u r it y
D i v i d e n d s a re P a y a b le

Central Trust Co, Chic
June 1 1925 1 %
June 1 1925 1V*
Mayl '19. $125 Check mailed
do
A prl 192' 2%
Apr 1 1925 $2
S Mar 1 1943
See text
See text
Feb 1 1922 2%

J & D 15 Dec 15 1931
Oct 25 1924 1%
Q— J25 Apr 25|'25 1>*%
Jan x 1935
J &
A d O Oct 1 1949
o
M & N May 15 1932
M & S July 1 1931

New A ork
By check
do
Union Trust Co, Plttsb
Union Trust Co .Plttsb lx
do
do

F
A

Union T n st Co of Pitts
Union Tr Co o f Pitts

& A Feb 1 1963
dc O Apr 1 1938

a Excluding $7,830,800 com. stock in treasury Dec. 31 19 23

Each $l.nno of honds carries a detachable warrant entitling the hnldc
(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, 10 shares, and
thereafter one share less during each succeeding year. V. 113, p. 1583.
► Initial div. of 50 cents a share paid Dec. 31 1921; same amount paid quar.
toMar. 3 1923. On June 30 1923 paid 50cents quar. and $1 extra. Oct. 1
1
1 J 3 to Apr. 1 1925 paid 50 cents quar.
J2
*TTe P 0RT.— For 1924, in V. 120, p. 1595 and 1774, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
Income---------------------------------------$24,832,973 $19,372,585 $12,594,726
Oper., gen. and admin, expenses____ 7,351,231
5,185,158
2,368,127
Interest and taxes (incl. Fed’l tax).. 1,782,143
1,735,396
1,026,564
Net income..................
...$15,699,599 $12,452,030 $9,200,035
Depletion, deprec'n,&c., reserve____ $8,538,819
$7,809,535 $4,230,205
Dividends paid_____________________ 3,328.964
2,719,739 1,357.810
--------------- ----------------------------------1*
Balance, surplus___________________$3,831,816 $1,922,755 $3,612,020
Capital surplus Dec. 31____________ $63,260,340 $38,673,943 $38,324,167
R esu lts f o r T h re e M o n t h s E n d e d M a r c h 31—
1925.
1924.
Net earnings after expenses, taxes, &c., but before
depreciation and depletion____________________ $4,366,401 x$6,098,977
_ x l n eludes $2,426,331 inventory appreciation written off later in year,
i d)FFICERS.— Pres., Frank Phillips; V.-P. & Gen. Supt., Clyde Alexan­
der: V.-P., John H. Kane: Sec. & Treas., H. E. Koopman. Office, Bartlesville, Okla.— (V. 120, p. 2157.)
► PHOENIX HOSIERY CO.— Incorp. under laws of Wisconsin on July
r
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 1924, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
Net income_________________________
$480,722 $1,008,991 $1,925,400
Interest paid_______________________
167,694
______
______
Federal and State taxes____________
42,800
______
______
Dividends on 7% preferred stock____
305,893
308,875
26,250
Common dividends_________________
______
(2)^)75,000
def$35,665
3,982,511
Unused portion res’ve for conting. (Cr)i
Profit on redemp. of pref. stock (Cr.).
Depreciation for year on appreciation
of machinery and equipment______

$700,116
3,314,911

$1,824,150
1,490,761

S3,946,846
______
16,753

$4,015,027
$53,669
7,012

$3,314,911

93,197

93,197

$3,870,402 $3,982,511 $3,314,911
OFFICERS.— Pres., Herman Gardner; Y.-P. & Gen. Mgr., John E
Fitzgibbon; Sec., Theodore Friedlander; Treas., Edwin C. Mason. Office,
Milwaukee, Wis.— (V. 120, p. 967.)
PIERCE-ARROW MOTOR CAR CO. (THE)—ORGANIZATION.—
Incorp. Dec. 2 1916 in N. Y. State as successor of the original company of
similar name. Plant at Buffalo, N . Y . covers 43 acres.
F IN A N C IN G PLA N.— The stockholders on Feb. 19 1923 approved a
financing plan which provide I as follows:
(1) Company to create an issue of $6,000,000 1st mtge. 7% gold bonds.
They 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.
(2) Company created an issue of $4,200,000 8% debentures, dated
Mar. 1 1923, due Mar. 1 1943. 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 an­
nually on April 1 thereafter for the year ending the preceding Dec. 31.
(3) Company created an issue of 15,750 shares of prior preference stock
of no par value, convertible at any time up to date of redemption into com.
stock of no par value at the rate of 5 shares of com. stock for 1 share of
prior preference stock. Callable all or part at $100 per share and dividends
on 60 days' notice.
(4) Company authorized 78,750 shares of additional common stock
to be used for the purpose of the above described conversion privilege.
D IVIDEND S. — At rate of 8% per annum (2% Q.-J.) on pref. stock
Jan. 2 1917 to April 1 1921, incl.; none since. On common. Aug 1917 to
May 1919, both incl., $ 25 quar.; none since. On prior pref. stock, paid
1
Initial div. of $2 per share on July 2 1923; same amount paid quar. to
Apr. 1 1925.
REPORT.— For 1924, in V. 120, p. 1488, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
xNet earns., after deprec $1,155,584
$952,564
$571,9911ossl,810,498
Other income__________
37,194
______
______
______
Interest________________
441,718
579,852
561,182
509,316
______
______
Prior preferred dividend*
126,000
94,500
Preferred dividends____
______
______
______ (2%)200,000
Balance, surplus_____

$625,060

$278,212

$10,809 *df8,963,712

♦Deficit after deducting inventory losses, &c. (est.), $4,197,022: and
operating expenses in addition to manufacturing costs, $2,246,875.
x After providing for depreciation of $737,931 in 1924 and $779,827 in
1923.
T h re e M o n t h s E n d . M a r c h 31—
1925.
1924.
1923.
x Net earnings_____________________
$550,964
$378,110
$430,527
Depreciation--------------------------------192,984
175,569
190,204
Net earnings_____________________
Misc. income charges and provision
for interest on notes and debentures

$357,980

Net income for period_____________

$200,416

157,564

$202,541
123,812
$78,729

$240,323
135,265
$105,058

x After deducting all expenses of operation, including those for repairs
and maintenance, but before deductions for depreciation of property and
equipment.




In c o m e A c c o u n t f o r Q u a rte r E n d e d M a r c h 31 1925.
Gross profit_________________________________________________ $1,958,400
1,620,212
General administrative expenses, &c__________________________
Interest and expenses on funded and floating debt___________
36,903
Provision for uncollectible accounts__________________________
34,300
Depreciation_________________________________________________
157,948

Netprofit__________________________________________________ $109,037
OFFICERS.— Charles Clifton, Chairman; M . E. Forbes. Pres. & Gen.
Mgr.; S. O. Fellows, Treas.- E. C. Pparson. Sec. Office. 1695 Elmwood
Ave.. Buffalo, N . Y.— (V. 120, p. 2279.)
PIERCE OIL CORPORATION.— Incorp. in Virginia June 21 1913.
Under a plan of refinancing adopted May 7 1924, all of the corporation’s
property was conveyed to Pierce Petroleum Corp. (see below) for 1,103,679
shares of the latter’s stock, and all of the old company’s liabilities were
assumed by the new company. All pref. and common stock of the old
company remains outstanding (see terms of plan under Pierce Petroleum
Corp. below) and all dividends received on the 1 10 : 67’> shares of stock
of Pierce Petroleum Corp. held will be available for the general corporate
purposes of the old company, including the payment of dividends on the
old preferred and common stock.
STOCK.— The pref. stock is redeemable at option of company, all or
part, to July 1 1949 at 115 and dividends: sinking fund beginning July 1
1922, not less each year than 3% of the issue (or $450,000) to cancel same.
This stock has no voting power unless a year’s dividends remain unpaid
thereon. The consent of a 66 2-3 interest is necessary to the making of a
mortgage, &c.
The Class B common stock is in all respects of the same character and
has the same rights and is subject to the same conditions as the common
stock, except that the Class B stock has no voting power.
The Pierce Oil Corp. stockholders in May 1925 voted to decrease the pref.
and com. capital stock by the purchase for retirement of any multiple of one
share of preF. stock and eight shares of com. stock tendered for purchase
July 1 1925, but such decrease not to be effective unless a total of 25,000
shares of pref. and 200,000 shares of com. stock tendered for the effect of
which is that for approximately one share of pref. and eight shares of com.
stock the stockholders electing to make the exchange will be entitled to
7.45 shares of the com. stock of the Pierce Petroleum Corp.
D IV ID E N D S.— On preferred stock 2% quar., Oct. 1919 to July 1921;
then none until Feb. 1922. when 2% was paid: none since.
The directors in May 1920 declared a stock dividend on the common stock
payable in common stock as follows: 2 X % on July 1 and 2 X % on Oct. 1
1920. V. 110, p. 2198.
OFFICERS.— Chairman, W. H. Coverdale; Pres., O. A. Pierce. New
York office. 111 Broadway.— (V. 120, p. 2559.)
PIERCE PETROLEUM CORPORATION.— ORGANIZATION.— In­
corp. April 25 1924 under laws of Delaware and acquired all of the property
of the Pierce Oil Corp. The latter company owned directly, or through
the entire capital stock of subsidiary companies: (a) Five modern refineries
at Fort Worth and Texas City, Tex., Sand Springs, Okla., Tampico and
Vera Cruz, Mexico. Total average daily capacity 4-8,000 bbis. of crude oil.
( b) 25.360 acres of oil lands, principally held under lease, partly owned in
fee, in Oklahoma, Texas, Arkansas and Tampico, Mexico, including hold­
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
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.
(entire stock owned), an 8-inch pipe line 100 miles in length from Healdton
field, Okla., to Fort Worth refinery. V. 101, p. 2077: V. 105, p. 2461;
V. 106, p. 196: V. 107, p. 611.
Tn May 1918. having obtained authority to operate in Texas, took title
to the properties of the Pierce-Fordyce Co. V 106, p. 196, 1905. 2014.
F in a n c in g P la n (V. 118, p. 1675. 2315 )
The stockholders of Pierce Oil Corp. on May 9 1924 approved the proposal
submitted by the management calling for the transfer of the company’s
assets to the newly organized Pierce Petroleum Corp. The new company
has an authorized capital of 2,500,000 shares, of which 1,103,679 shares were
1issued to the Pierce Oil Corp. in exchange for its holdings. The remaining
1,396,321 shares were offered to Pierce Oil stockholders at $7 a share, the
issue having been underwritten by a banking syndicate including Lehman
Bros., Goldman, Sachs & Co., and Hornblower & Weeks. Proceeds from
the sale of the stock were used to liquidate current obligations, including
the settlement of the judgment held by the International & Great Northern
RR. (See V. 119, p. 588.)
DEBENTURES.-—The sinking fund gold debentures of 1921 have a
sinking fund of $200,000 annually, operating semi-ann. V. 113, p. 2511
REPORT.— For 1924, in V. 120, p. 2021, showed:
[During first 4 mos. Pierce Oil Corp. & remaining 8 mos. Pierce Petr. Corp.]
P r o f i t a n d L o s s , Y e a r E n d e d D e ce m b e r 31 1924.
Gross profit__________________________________________________ $6,903,461
Marketing, generaland administrative expenses_______________ 6,299,068
I nterest______________________________________________________
273,249
Provisions for uncollectible accountsreceivable________________
99,000
Depreciation_________________________________________________
609,613
Loss for the year______________________________ ___________ a$377,471
a This amount comprises a loss of $511,187 for the period May 1 1924 to
Dec. 31 1924, subsequent to the reorganization of the company, less a profit
of $133,716 for the period Jan. 1 1924 to April 30 1924.
OFFICERS.— Chairman, W. H. Coverdale; Pres., C. A. Pierce; V.-P. A
Treas., H. B. Thorne; Sec. & Comp., J. L. Spear; Asst. Sec., P. T. Vise.
New York office. 111 Broadway.— (V. 120, p. 2021.)
PITTSBURGH COAL CO. (OF PENNA.)— ORG ANIZATION.—
This company’s stock was issued to the public in July 1917 in exchange for
the stock of the Pittsburgh Coal Co. of N. J. (holding company), per plan
Id V. 102. p. 804, 1166. V. 105, p. 1527. Compare full statement, V. 105.
p. 1101. Montour RR.. see “Railroad Cos."
On Dec. 31 1923 owned 175,364 acres and leased 1127 acres of unmined
coal. Contract with U. S. Steel Corp.. V. 105. p. 1003: V. 106, p. 1338.
In Jan. 1924 organized the New Pittsburgh Coal Co. V. 118, p. 441.
STOCK.— The pref. stock is entitled: (a) T o cumulative dividends at
rate of 6% payable quarterly with interest at 5% on any accumulations,
(b) T o participate equally with the common shares in any year in which
each stock has received 6% ; (c) T o share in a sinking fund effective from
Jan. 1 1916, based on the sale of mine-run coal, said fund to be applied

307

IN D U STR IA L STOCKS AND BONDS

M ay , 1925.]

M IS C E L L A N E O U S C O M P A N IE S .
[ F o r a b b r e v ia tio n s , & c „ s ee n otes o n p a g e

6.]

D a te
Bonds

Par
V a lu e

Am ount
O u ts ta n d in g

B a te

%

W hen
P a y a b le

P la c e s W h e r e In t e r e s t and
D i v i d e n d s a r e Payable

L a s t D iv id e n d
an d M a tu rity

m

Pittsburgh Steel— Common stock $19,500,000 auth______
Pref (a <e d> 7% cum Sl0.500.000 red 120 (V. M p.65).
s
b.
Portb Rlcan-American Tobacco— Class A stock 7% cum..

....

10-year gold bonds redeemable (text)_________________ kc* 1921
Postum Cereal Co, Inc— Common stock 400,000 sh auth
Pref (a & d) stock 8% cum red 115 $6,500,000 auth______
Prairie Oil & Gas Co— Stock $70,000,000 auth___ _____

$100 $17,500,000
4
Q—J June 2 1925 1%
inn 10.500 non
O —M June 1 ’25 l * A %
7
100 $6,310,250 See text Text Mar 3 ’21, 3 sc
None
M & N May 15 1931
500 &c 1,750,500
8g
Q— F May 1 1925 $1
None 400.000 sh. See text
100 5.402 400
Q— F Feb 1 1925 2%
8
Q— J 31 Apr 30 ’25 2%
25 60.000,000
8
Q— J Apr 30 1925 2%
8
100 81.000.000

as the directors may direct, as follows (but subject to the resolution of
July 9 1917’, V. 106, p. 1338. by which sufficient amounts of the Issue shall
t>e retired from time to time to preserve the relation of value of unmined
coal to the amount of outstanding pref stock taken at its call price of 110),
viz.: (a) fcr payment of debt, (ft) additions, (c) retirement of preferred
shares bv purchase (or call) at not exceeding 110 and dividends; (d) to pre
ferred payment of principal at 110 and dividends In case of liquidation
(el To the restriction that no Indebtedness secured -» mortgage or pledge
Of the great,er part of the property shall be created without the ronseni a
a meeting of at least 2-3 of the outstanding pref. shares. Auth. pref
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. $40,000,000.
D IV ID E N D S .— On pref. stock of old Pitts Goal Co. of N. J.. 1900 to
Apr. 1905. 7% yrly.; 'O to '09. none; 10. 5%: 'l l to Apr 25 1919. 5%
ft
p. a. ( l k % quar.). On Pittsburgh Coal Co. of Penn., pref. stock April
1916 to July 1917. In all. 5 H % (to Pitts. Coal Co. of N . J.); to public Id
July 1917 In settlement of accumulations 3.48% cash with 33 1-3% of
prer. stock; Oct. 25 1917 to Apr. 25 1925, quarterly, 114% cash.
In March 1918 an Initial dividend of $5 per share was declared on thf
common stock, payable In four quarterly installments on Apr., July and
Oct. 25 1918 and Jan. 25 1919. Apr' |n|0 t July 1922, 114% auar.; Jan.
,0
1923 to Oct. 1924. paid 1% auar: none since.
BONDS.— Plttsbu-gn Coal Co of Penna. 1st 5s of 1910 are guar by
Pittsburgh Coal Cc. of N. J. Sinking fund, 10c. per ton, not less than
$60,000 yearly. V. 90, p. 1494
First M on Pitts. Coal Dock A Wharf Co. property at Duluth, Minn.,
$3,600,000 V 94. p 1052, V. 96. D 861: V 89. p. 1284.
Pittsburgh Coal Co. of Penn. (Midland Coal Co. purchase) 5s have a
minimum sink, fund of $50,000 yrly. V. 95. p. 893, 1043; V. 96, p. 861.
The Monongahela River Consol. O. & O. bonds have a sinking fund of
6c. per ton of 1(4 -Inch, coal mined, and shipped, which retires bonds an­
nually about Dec. 1 If purchasable at a reasonable price .
REPORT.— For 1924 showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Gross receipts_________ $44,025,345 $6.3.069.472 $34,268,650 $37,638,991
Profits, after all exp____$3,885,401 $11,358,556 $6,381,676 $6,567,485
Depletion coal lands. &c.
974.527
1.509.847
516.597
786,186
Deprec’n plant & equip. 1,831.241
1,792.569
1,358,349
1,271,857
Interest paid & accrued.
746,055
746,978
791.778
835,900
Net profits...............
Federal taxes__________
Preferred dividends____
Common dividends_____

$333,577
$787,660
2,100.000
965.076

$7,309,162
$394,608
2,100.000
1,286,768

$3,714,953 $3,673,543
$340,208 $1,163,020
2,100,000 2,100,000
1,125,922 1,608,460

Undivided profits____def$3.519.159 a$3,527,786
$148,823df$l,197.937
Total surplus__________ $19,701,975 $23,281,492 $29,320,714 $29,171,891
a Subject to Federal taxes.
OFFICERS.— Chairman, William G. Warden; Pres., W. K. Field; Sec.,
Aaron Westlake; Treas., A. F. Fell. Office, Henry W . Oliver Bldg.,
Pittsburgh.— (V. 120, p. 1469.)
PITTSBUR GH PLATE GLASS CO.— (V. 120, p. 1338.)
PITTSBURGH STEEL CO.— ORGANIZATION.— Incorp. in Penna*
July 1 1901. Owns works at Monessen and Glassport, Pa., and coal prop­
erties at Monessen, Alicia, and Grays Landing, Pa. Manufactures pig
iron, open hearth basic steel blooms, billets, bars, wire rods, wire, wire nails,
wire fencing, steel hoops, bands, cotton ties, &c.
In March 1919 purchased the Alicia Coal & Coke properties, consisting
of 660 acres of coal land and 400 rectangular coke ovens located at Alicia,
Fayette County, Pa., known as Alicia Mine No. 1, and 1,761 acres of coal
land in Greene County, Pa., known as Alicia Mine No. 2; also floating
equipment for river transportation.
Subsidiaries, Pittsburgh Steel Ore Co., Monessen Coal & Coke Co.,
Standard Land & Improvement Co., Monessen Southwestern Ry. Co.,
Pittsburgh Project Fence Co., Ltd., of Canada, Daly Gas Co. and Na­
tional Steel Fabric Co.; and a substantial interest in the Bennett Mining
Co., Mesabi Cliffs Iron Mining Co. and the Plymouth Mining Co.
STOCK.— The stockholders on Oct. 30 1923 increased the authorized
common stock from $14,000,000 (all outstanding) to $19,500,000, par $100,
and authorized the distribution of a 25% stock dividend.
No mtge. or additional pref. stock without consent of % of outstanding
preferred. V. 91, p. 1388, 1451.
DIVS. ’13. T4.
T5. T6.1917. 1918.
T9. ’20. ’21. ’22. ’23. ’24.
Com., % 8
00
6 8&20ex. 8&25ex.
8 *8
5
4
5 *4
Pref., % 7
3H
7
\ 0 'A 7
7
7 7 7 7 7 7
* On common also 100% in common stock in 1920 and 25% in common
stock in 1923.
Paid on common in 1925: Jan. 2, 1%.
REPORT.— Year 1923-24, in V. 119, p. 1840, showed:
J u n e 30 Y e a rs —
1923-24.
1922-23.
1921-22.
1920-19.
Net sales--------------------$23,641,998 $28,833,133 $15,656,960 $22,978,788
♦Netpr if.aft.depr.,&c__
1,558,680
2,022,473
861,883
1,722,527
Pref. dividends (7 % )-..
735,000
735,000
735,000
735,000
Common dividends_____
804,994
560,000
560,000
840,000
Surplus for year______
$18,686
$727,473 def$433,117 ~~~$147,527
* After deducting reserve for income and profits taxes, inventory adjust­
ment, depreciation, &c.
— —— -3 M o n t h s ---------------------- 9 M o n t h s ----------P e r io d E n d . M a r . 31—
1925.
1924.
1925.
1924.
Sales------------------------ $8,937,270 $7,431,048 $17,707,290 $18,920,610
Net profits_____________
752.556
424,235
607 200
1,317,006
Pres., D. P. Bennett; V.-P., Emil Winter; V.-P., C. E. Beeson; V.-P.,
E. H. Bindley; Sec., Henry J. Miller; Treas., Clayton Snyder; Asst. Sec.,
Ray Maxwell; Asst. Treas., Chas. E. Reichenbach. Office, Union Trust
Bldg., Pittsburgh, Pa.— (V. 120, P- 839.)
PITTSBURGH TERMINAL COAL CORP.— (V. 120, p. 1100.)
PORTO RICAN-AMERICAN TOBACCO CO.— O RGANIZATION.—
Incorp. Sept. 22 1899 in N . J. and manufactures cigars and cigarettes.
Owns entire capital stock of the Porto Rlcan-American Tobacco Co. of
Porto Rico, which operates 14 factories In Porto Rico, and owns and controls
2,000 acres of farming lands in Porto Rico: also a majority of the capital
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
Porto Rican Leaf Tobacco Co. V. 113. p. 1896.




Checks mailed
Ohecks mailed
Guaranty Tr Co, N Y
National City Bank, N Y
Chase Nat Bk. N Y

STOCK.— The shareholders on Nov. 23 1923 approved a recapitalization
plan changing the 100.000 shares of capital stock (par $100) auth. to
cumul. 7% class A stock, and auth. the issuance of 100.000 shares of stock
to he known as class B common stock without par value and without voting
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).
DIV ID E ND S.— f T2. T3. T4. T5. T6. 17. T8. T9. ’20. ’21. ’22-’24.
. . ..
4 16 8 ................................
Tn cash (% )_____1 16
In 6% scrip or stock l 20
20 20 15 10 8 13 6 12 3
Tn Feb. 1918 a stock dlv. of 4% was declared payable March 7 In lieu of
Che regular quarterly cash dlv. From June 1918 to June 1919 the quarterly
3% dividend was paid in 3-year 6% scrip, callable but without convertible
feature
V. 107. p. 611, 1843. T Sept, and Dec. 1919, owing to strike
n
then endel) none. V 109. p. 790. Mar. 1920 to Mar. 1921. 3% quar
In scrip: none since. The $1,342,754 scrip (Series 1 to 9) issued between
Tune 1 1918 and Dec. 3 1920 was redeemed in stock at par on and after
1
March 31 1921. V. 112, p. 1511. The scrip No. 10 was redeemed on or
before Feb. 26 1924 in stock at par. V. 118, p. 804.
BONDS.— The 10-year 8% gold bonds, due 1931, are redeemable as a
whole only at 107 tj on or before May 15 1926. and at 105 thereafter. For
•ecurit.y. sinking fund. &c.. compare V. 112. p. 2090.
REPORT.— For 1924, in V. 120, p. 2412. showed:
1924.
1923.
1922.
1921.
Gross profit on sales____$1,201,390 $1,4it "■'S $9,935,760
$7,990,294
Operating profit_______
132,362
478,779
93.691 df2,392,363
Other income--------------151.319
155,045
130.422
-----Interest, taxes, &c_____
263,757
333,414
614,351
312,032
Dividends (scrip)______
______
______
______
149,306
Net profits__________
$19,924
$301,310 def$C99,390if$2,853,701
OFFICERS.— Luis Tora, Pres.; John Frese, 1st V.-P.; F. L. Kenney»
2d V.-P.; Arihu- H. Notde, Treas.: H. Cat.lin, Sec. & Asst. Treas. N. Y.
office. 185 Madison Ave.— (V. 120. p. 2412.)
POSTUM CEREAL CO., INC.— Tncorp. under laws of Delaware in
Feh. 1022. Manufactures Post.nm Cerenl Instant Postum. Grape-Nuts,
Post Toasties, Post’s Bran Flakes. Malted Grape-Nuts. Plants are
located at Battle Creek, Mich., and Windsor, Ont.
STOCK.— On Nov. 1 1924 the company redeemed 10.000 shares of pre­
erred stock at 115 and div. The directors also approved the retirement
on Feb. 1 1925 of an additional 10,000 shares of preferred stock at 115 a
share and dividends.
D IV ID E N D S.— Initial div. of $1 25 a share on the common stock was
paid May 1 1922: same amount paid quar. to May 1 1923. A 100% stock
div. was naid June 19 1923. On Aug. 1 and Nov. 1 1923 paid 75 cents per
share; Feb. 1 1924 to May 1 1925 paid $1 quar.
REPORT.— For 1924, in Y. 120, p. 1196 and 1338, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
Net salas to customers______________ $24,247,940 $22,205,410 $17,877,365
xCost of sales and expenses__________ 19,555.863 18,923.948 14,587,967
Provision for income taxes___________
586,720
399,996
410,675
Propor. accr. to predecessor cos_____
______
______
382,184
Net profit________________________ $4,105,357 $2,881,466 $2,496,538
Previous surplus___________________
1,799.831
1,402,338
______
Adjustments________________________
183.969
Dr31.522
______
Total surplus..__________________ $5,721,219 $4,253,282 $2,496,538
Divs. on pref. stock (8% )__________
325,875
357,200
343,200
Dividends on common stock_______ ($4)1,585,296($4)1096.250($3M)750000
do
stock (100%)___________
______
1,000.000
______
Surplus at Dec. 31_______________ $3,810,048

$1,799,832 $1,403,338

x Including all manufacturing, selling, administrative and general ex­
penses (less miscellaneous income) but before providing for income taxes.
Q u a rte r E n d e d M a r c h 31—
1925.
1924.
1923.
Net sales---------------------------------------- $6,069,647 $5,263,535 $5,019,660
Cost of sales, gen. admin, exp., &c__ 4,735.023
4,183,692 3,969,856
168,196
135,620
134,551
Income taxes----------------- --------------Net profits-------------------------------- $1,166,528
$944,223
$915,253
OFFICERS.— Chairman of Board, Edw. F. Hutton; Pres., Colby M l
Chester Jr.; V.-P., H. C. Hawk, R. G. Coburn and E. E. Taylor; Sec. &
Treas., John S. Prescott. Office, 250 Park Ave., N . Y .— (V. 120, p. 2022.)
PRAIRIE OIL & GAS CO.— ORGANIZATION, &c.— Incorp. in
Kansas in 1900. Formerly controlled by Standard Oil Co. of N. J., but
segregated in 1911. Controls oil and gas leaseholds on approximately
500,000 acres in the leading producing sections of Oklahoma, Kansas,
Texas and Wyoming and is extending its operations into Colorado and
New Mexico. In Nov. 1923 the company offered to exchange shares of its
stock for stock of the Producers & Refiners Corp. on the basis of one share
of Prairie Oil & Gas stock (par $100) for 10 shares of Prod. & Ref. common
stock (par $50 each).
STOCK.— The stockholders voted Dec. 9 1924 to increase the authorized
capital stock from $60,000,000 to $70,000,000 and to change the par value
of each share from $100 to $25. V. 119. p. 2074.
4
CASH DIV. f 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924
Regular .__%
12
13
12
12
12
12
12
8
8
Extra-------% l 6
7
8
14
20
10
11
Also paid 2t»0% in stock to stockholders of record Dec. 27 1922.
Paid in 1925: Jan. 31. 2%; April 30, 2%.
Stockholders of record Feb. 9 1916 received as 150% div. the $27,000,000
can. stock of Prairie Pipe Line Co.— which see below and V. 100, p. 403.
Balance sheet as of Dec. 31 1924 in V. 120. p. 2022.
Chairman, W . S. Fitzpatrick; Pres., Nelson K. Moody: V.-P. & Gen.
Mgr., Dana H. Kelsey; Sec.. John Hallihan. Office, Tulsa, Okla.—
(V. 119. p. 2022.)
PRAIRIE PIPE LINE CO.— O RG ANIZATION.— Incorporated in Kan­
sas in Jan. 1915 and took over as of Feb. 1 1915 the pipe line of the Prairie
Oil & Gas Co. Company acts as a common carrier of crude oil in the States
of Kansas, Oklahoma, Arkansas, Missouri, Iowa, Illinois, Indiana and
Texas.

20$
IF o r

IN D U STR IA L STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S .
a b b r e v ia tio n s , A c . , see n o tes o n p a g e

0.]

D a te
Bonds

Par
V a lu e

Am ount
O u t s t a n d in g

B a te

$100 $12 500,000
Pressed Steel Car Co— Stock common $50,000,000 auth..Q
100 12.500,o(V See text
Preferred stock (a & d) 7% non-cum $12,500,000 auth_ Q
_
Convertible gold bonds red (.text)_______________Nkxxxc* 1922 500&1000 6.000.000
5g
Equipment notes due $110 000 s-an red 102H-. N.xxxc* 1920
l.OOOi 1.210 000
7
20 24 000.000 See text
Procter & Gamble Co— Common stock $25,000,000 auth..
100 2.250.000
8
Pref stock m cum, <See term* in minortal. May ’93 Supp)
-v,
100, 9.866.000
Pref (a & d) stock (6% cum) $45,750,000 autb call 1 1 0 6
50 37.435.150 See text
Producers & Refiners Corp— Com stock $47,000,000 auth.
50 2 845.350
7
Pref (a & d) stk 7% cum & particred 107H auth $3,000,000
100 Sec 3.916.000
8g
IstM sf gold bds (text) $5,000,000 an red 110. Cekxxxc*&r 192i
100 135.000,000
8
Pullman Company (The)— Stock $135,000,000 auth--------

DIV ID E ND S.— 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
3% quar.; July 1922 paid 3% and 2% extra; Oct. 1922 paid 3% quar.:
Jan. 1923 to Apr. 1925 paid 2 % quar. A 200% stock div. was paid to stock­
holders of record Dec. 27 1922. Balance sheet as of Dec. 31 1924 in V. 120,
p. 2022.
OFFICERS.— Pres., W. F. Gates; V.-P. O. F. Kountze; Treas., R. G.
Hare; Sec., F. M. Wilhelm. Office, Independence, Kansas.— (V. 120, p.
2412.)
PRESSED STEEL CAR C O — ORGANIZATION.— Incorporated h New
Jersey on Jan 1 1899 as a consolidation of the Sohoen and Fox pressed
3
steel equipment companies. Is one of the leading manufacturers in tne
steel car business, the capacity of plants being from 15% to 20% of the
estimated total production of cars in this country. Customers are railroads
and industries of the United States and foreign countries. Business con­
sists of the manufacture of steel freight and passenger cars, trucks, truck
frames, bolsters and other pressed steel specialties for cars. Plants lo ca te d
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 Western Steel Car & Foundry Co.,
Koppel Industrial Car & Equipment Co.. American Steel Co. of Cuba,
and the Lincoln Gas Coal Co.
CAPITAL STUCK.— The stockholders on Mar. 30 1921 approved the
recapitalization plan providing for an increase in the common stock frotr
$12,500,000 to $50,000,000 and the conversion of the $12,500,000 pref
stock for common stock, share for share, and the declaration of a 20% stock
dividend on the common stock. The directors in April 1921 deferred action
on the declaration of the 20% stock dividend and also on the proposal to
exchange preferred for common shares. Compare V. 112. p. 1874. 1406
DIVS.
f’04. ’05-’13. ’14. 1915. *16. ’17. ’18. ’19. ’20. ’21. ’22. ’23. ’24.
Com_ %•) 3 None
_
3 None 2** 7 7H ' 8
8
4 0
1 2
P re f___% 17% p. a. (1M% Q -F .) to June 10 ’24; then none until June 9
1925 when 1% % was paid; also declared 1M % payable Sept. 8 1925 and
1 % % payable Dec. 8 1925. Compare V. 120, p. 594.
Divs. on com. stock were resumed Dec. 18 1923 with a payment of 1%
quar.; same amount paid March 18 and June 17 1924; none since.
BONDS.— The 5% conv. gold bonds due Jan. 1 1933 are conv. into com,
stock in the ratio of 10 shares of stock for each $1,000 bond. Redeemable,
all or part at 100 and interest. V. 116, p. 85.
REPORT.— For 1924, in V 120, p. 714, showed:
C a l.

T o ta l G r o s s

R e p a ir s ,

P L D iv s

C o m . D iv .

B a la n c e ,
S u r p lu s .

P a id
Y r .— E a r n i n g s .
"
R eneur.. A c .
(7%)
$54,355
____ 000
1924 ---$2,085,110
$905,755 $875,000
706.862
1923 . . . 2,799,974
125.000
875.000
(1
1,093,112
defl .216,6»s
1922--58,312
875.000
............
400.000
def443,094
1921— - 1.081.906
875.000
(2%)250,000
400.000
OFFICERS.— F. N. Hoffstot, Pres.; N. S. Reeder, V.-P., N. Y.; J. F.
MacEnulty, V.-P., N . Y.; Henry P. Hoffstot, V.-P., Pittsburgh; C. E.
Church, Sec. & Treas., N . Y.; W. A. Chamberlain, Compt., Pittsburgh.—
(V. 120, p. 714.)
PROCTER & GAMBLE CO. (THE).— Formed in 1890 under laws of
New Jersey to carry on soap, candle, oils and glycerine business of firm of
Procter & Gamble. Reincorporated in Ohio in 1905; V. 80, p. 655, 1916.
The plants of the company and its subsidiaries, in addition to 12 cotton-seed
oil mills in the South, are located at Ivorydale, Ohio; Macon, Ga.; Kansas
City. Kans., P o r i I v o r y , » la t e u Isla n d , N . Y ., D a lla s, T e x ., an d H am ilton
O u t. V. 109. p 986. V. 81. p 1243, 1562: V. 83. p. 498; V. 90. p. 1047
It was reported in Aug 1920. that the company baa purchased 54 acres of
land in San Francisco where it will build a plant at an estimated cost of
$3,000 000. About SOW, of the value of the companv's output consist,
of well-known soaps (Ivory Soap, &c.) and the remaining 70% includes ,it
is claimed, about 39% of the country’s production of hydrogenated lard
substitutes (“Crisco, &c.) and about 40% of Its glycerine. See full data,
V. 106, p. 1040.
STOCK.— The stockholders on July 28 1919 authorized an Increase in
the capital stock from $26,250,000 (made up of $2,250,000 8% Cumulative
Pref. and $24,000,000 common) to $72,000,000, the new stock to consist of
$45,760,000 6% cumulative pref. (par $100). of which $9,866,000 bavins
been underwritten was offered to common stockholders of Aug. 30 1919.
V. 109. p. 780, 483.
The new pref. stock is in effect a second preference issue, ranking subse­
quent to the 8% pref. and is to be callable at 110 and divs. The holders
will not have the right to subscribe to new stock issues. Neither Issue of pref
stock shall be increased nor shall any additional stock be authorized to be
Issued with rights equal with or prior to the rights of the 6% pref. stock
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 so to
be Issued will be offered first to the holders of the common stock. V. 108
p. 2636; V. 109, p. 483, 780. 986.
The stockholders voted Dec. 22 1919 to change the par value of the
Common stock from S1 O to $20. Issuing in exchange for each share of *100
G
now outstanding five shares each of the par value of $20. The stockholders
on Nov. 19 1924 increased the authorized common stock from $24,000,000
to $25,000,000.
COM. DIVS.—
f ’01-’12.
’13. ’14.
*15.
’16. ’17-’24.
In cash_________ ______ — • *12 yly.
!
16
16
16
18
20 yly.
In stock_________ (
____
_____
4
4
4
4
4 yly.
“'“* Also extra dividend of 14 2-7%, paid Jan. 2 1904, and 25% Dec. 1905.
V. 95, p. 1334; V. 96, p. 1776.
Paid in 1925: Feb. 14, 5%; May 15, 5%.
Future dividend policy, V. 118, p. 3207.
E a r n i n g s .— For year ending June 30 1924, in V. 119, p. 940:
J u n e 30 Y e a rs —
1923-24.
1922-23.
1921-22.
1920-21.
Volume of business___ $121.372.681$109,776.389$105.655,386$120.019,727
Operating profit_____
_____ __
______
______
3,729,559
Net aft. res., dep., & C -. 8,629.447
8,532,826
7,340,327
______
Pres., Wm. Cooper Procter; V.-P., J. N. Gamble and H. G. French; Sec.,
Ralph F. Rogan; Treas., Geo. S. Woodward. Office, Cincinnati.— V. 120,
p. 1338.)
PRODUCERS AND REFINERS CORPORATION.— ORGANIZA­
TIO N.— 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,




W hen
P a y a b le

%

[V ol. 120.

L a s t D iv id e n d
an d M a tu r ity

P l a c e s W h e r e In t e r e s t and
D i v i d e n d s a re P a y a b l e

June 17 ’24 1 % N Y Trust Go. N Y
Q— M Dec 8 ’25 1%
do
do
J & J Jan 1 1933
Chicago or New York
A & O Oct ’25-Oct ’30 New York Trust Co.
0 — F 15 May 15 ’25 5% Co.’s Office, Cincinnati.O
(J— .T 1 Apr 15 1925 2%
do
do
Q— M 15 Mar 14 ’25 1H
Sept 15 ’23 1%
Q— F May 4 1925 I H
Blair & Co, New York
J & D June 1 1931
Q— F May 15 ’25 2% NY, Chicago 8c Boston

Texas, Arkansas and Louisiana fields, on which properties there are 275producing oil wells, 24 gas wells and approximately 1.000 proven oil and
gas well locations. Compare V 116. p 625
Subsidiary companies are: KDtler Refining Co., Pan-American Oil Corp.,
Pan-American Refining Co., Hawkeye Oil Co., Pike’s Peak Petroleum
Products Go., Hudson Oil Oo.. Lyons Petroleum Co., Sand Draw Pipe
Line Co., Fremont Natural Gas Co., Prod. & Ref. Corp. of Tenn., Crystal
Oil Corp. and Fensland Oil Co.
CAPITAL 8TOCK.— The preferred stock has equal voting rights with
the 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 am. 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 Co. in Nov. 1923 offered to exchange shares of its
capital stock for capital stock of the Producers & Refiners Corp.. on the
basis of one sh ire 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, $1.084,000.
D IV ID E ND S.— Pref. divs. have been regularly paid to date; on Aug. 6
1923 M % extra was paid. On common, paid \ \ i % 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 1923, in V. 118, p. 3074, showed:
1923.
1922.
Gross sales and earnings from operations_________ $12,816,319 $10,910,725
Producing, oper., gen. and administrative exps.. 8.833.221
6.783,106
Gross earnings_______________________________ $3,983,098 $4,127,620
Other income_________________________________
191.917
249,438
Total earnings.................................................$4,175,015
712,041
Interest and bond expense____________________
523.716
Federal tax provision_____________________
„
120.000

D e d u c t — Depreciation___________________________

$4,377,058
499,759
549,304
63,312

Net income before depreciation________________ $2,819,257 $3,264,684
Previous surplus_ ___________________________
_
16.052,631 12,991,360
Total surplus...................... ........................$18,871,888 $16,256,044
Adjustments prior years_________________________ D r . 254,647
______
I’referred dividends____________________________
206.288
203,413
1,776.309
______
Common dividends_________
Minority interest in subsidiaries_____________
13.851
______
Total surplus Dec. 31

$16,620,792 $16,052,631

S u r p lu s — Earned

(sub. to depletion deduction)___$5,963,289 $5,395,128
From appreciation of developed leaseholds_____ 10,657.503 10,657,503
For 6 mos. ended June 30 1924: Gross sales, $6,907,116; total income,
$2,207,394; deprec., int. & Fed. taxes, $946,579; pref. divs., $99,587; bal.,
sur., $1,161,228. V. 119, p. 1517.
OFFICERS.— Chairman, F. E. Kistler; P res.,_____________ ; V.-P. Sc
Treas., W. E. Lockhart; Sec., David R. Thomas.— (V. 120, p. 1596.)
PULLMAN CO. (TH E ).— On Jan. 1 1900 the Wagner Palace Car Co.
sold its assets to the Pullman Company. V. 69, p. 854; V. 70, p. 40. In
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. Tax case. V. 108, p. 885.
The stockholders on Dec. 20 1921 authorized the purchase of all the assets
of the Haskell & Barker Car Co., 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,
1 1 and at Michigan City, Ind. The entire $50,000,000 capital stock is
1 .,
owned by the Pullman Co. 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 OOtoMay’25
Since 1877 (% )------------------- J8 yearly 9 M yly. 8 yearly 6M 8 yly (Q-F)
Also in 1898 and 1906 and co stooknolders of record Aprn 30 1910 (last
20 ) extra dividends to distribute surplus assets. V. 67, p. 75, 789, 840.
902: V 83 p. 1174. 1233: V. 90. p. 451. 506. 854.
REPORT.— For year ending July 31 1924, in V. 119, p. 1392, showed;
1923-24.
1922-23.
1921-22.
1920-21.
Earnings of cars___ — $81,240,688 $76,9067665 $62!548,406a$60‘315.7is
Federal compensation. _
______
______
______
y979,167
Returns from mfg. int.,
&c_____ _____________ 7,904,426
5,967,678
3,944.631
5,947,182
Gross income________ $89,145,114 $82,874,343 $66,493,037 $67,242,066
Oper. expenses & taxes_.$47,286,330 $40,548,901 $55,182,022 $54,853,524
Depreciation in general. 7,264,565
7,004,633
7,039,248 x6,267,559
Res’ve for def’d maint..
______
3,000,000
Propor’n of rev. accrued
to railroad cos. under
8,433,329
operating agreement.. 8,991,156
Reserve for pensions____ 1,000,000
Reserve for excess cost of
replacement of cars___ 1,000,000
C670.633
______
______
Add to res’ve for deprec.
--------Dividends (8% )_______ 10,703,221 10,799,852 10,499,840 9,599,820
______ C r . 7.399,367
______
b U. S. Railroad Admin.
--------Balance, surplus....... $2,899,842

$2,417,084 $l,I71,294df$3,478,836

M ay , 1925.]
IF o r

M IS C E L L A N E O U S C O M P A N IE S .
a b b re v ia tio n s , cfee., see n otes o n p a g e

Par
V a lu e

6.1

Punta Alegre Sugar Co— Stock $25,000,000_______________
Convertible debentures redeemable (text)________________
Gold notes red 102 )4_____________________________ kxxxc*
Pure Oil Co— Common stock $100,000,000________________
Pref stock, 5)4% cum. $10,000,000_____________________
Preferred 6% cumulative, reserved for exchange (see text)
Oonvpref cum 8% (see text) red 110 *10,000,000 auth__
S F gold notes ser A red (text) $20.000.000 auth_ _CeCxxxc*
Purmonlstmsergbdsdue$3,000, OOOs-ared(text) G.xxxc*&r*
G u a ra n teed B o n d s —
Pure Oil SS Co 1st M ser gold bonds guar p & i.CeC.xxxc*
Quaker Oats Co (The)— Common stock 1,000,000 shares..
Preferred va & ai stock 6% cumulative $26,000.000_____
Railway Steel-Spring Co— Common *13,500,000--------------Preferred (* <c d) 7% cumulative $13,500,000__________
f

A m ount

Bate

O u ts ta n d in g

%

50
19,076,850 See text
1922
5,245,300
7
1925 500&1000 2 ,000,000
6g
25 71,504,900 See text
100
921,900
100 9,078,100
i*
100 13.000.000
8
1923 500&1000 11,038,500
6)4 g
1924 1,000 &c 9,000,000
5)4 g

1923

1.000
525,000
6g
None 450,000 shs
$3
100 18.000.
000 6
100 13.500.000
8
100 13.500.000
7

a For 11 months ending July 31 1921. b 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, c Addi­
tion to reserve for depreciation to complete provision for depreciation
on cars in service prior to 1910. x The provision for depreciation during
Federal control accrued under the contract with the Director-General of
Railroads, and did not appear in the income account. This includes
depreciation for the month of August 1920. y “Guaranteed compen­
sation under Transportation Act (August 1920).”
DIRECTORS.— John S. Runnells (Chairman), Edward F. Carry (Pres.),
J. P. Morgan, W. Seward Webb, John J. Mitchell, Chauncey Keep, George
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. 1 1 (V. 120. P. 1084.)
1 .—
PUNTA ALEGRE SUGAR CO.— O RGANIZATIO N.— Incorp. in Dela"
ware on Aug. 3 1915. Owns all the stock ($1,450,000) of the Florida Sugar
Co., which in turn owns all the stock of the 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 of 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 Compania
Azucarera Antilla S. A ., issuing in payment 50,000 shares of its own treasury
stock.
STOCK, &C.— 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.
D IV ID E N D S.— The directors In Sept. 1919 reserved for the payment of
dividends upon the Common 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 Jan., April 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% ($1 25 per share) was paid; same amount paid
quarterly to May. 15 1925.
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 15 1937, authorized and issued by the Baragua Sugar Co.,
$4,050,000; first mtge. 8% gold bonds, due Jan. 1 1938, of the Canasi
Sugar Co., $80,000.
NOTES.— 6% gold notes of 1925, V. 120, p. 2559.
REPORT.— For year ended May 31 1924, in V. 119, p. 1839, showed:
1922-23.
Y e a r s E n d e d M a y 31—
1923-24.
1921-22.
Output of estates, bags______________ 1,267,910
1,205,605
738,712
Operating profits___________________ $3,523,216
$5,894,936 $1,267,897
Interest on bonds and loans________
505,100
572,929
285,729
1,309,493
Depreciation on plant_______________ 1,096,214
838,059
General expenses, &c., net__________
______
2,379
Est. U. S. & Cuban inc. & war prof, tax 260,000
360,883
Available profit for year__________ $1,661,902
$3,651,631
$135,729
The stockholders on Nov. 5 1924 voted to change the fiscal year to end
Sept. 30 instead of May 31.
Pres., Edwin F. Atkins; V.-Ps., R. W. Atkins, E. V. R. Thayer, E. L.
Ponvert and William C. Douglas; Treas., Louis Irvine; Sec., John E.
Thayer Jr. Office, Corporation Trust Co., Wilmington, Del. New York
agents, E. Atkins & Co., 90 Wall St.— (V. 120, p. 2559.)
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., 100% of the Pure Oil Pipe Line
Co. (Texas); owning 2,694 miles of pipe line connected to 9,600 wells and
operated by 89 pump stations; 100% 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 the 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.




209

IN B U STK IA L STOCKS AND BONDS
W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la ces W h e re In te r e s t a n d
D iv id e n d s a re P a y a b le

Q— F 15 May 15 '25 $1)4
J & J July 1 1937
Boston or New York
M & N Nov 1 1927
June 1 1925 1)4 Central Trust Co, Ohio
July 1 1925 1H Central Union Tr. N Y
Q— J July 1 1925 1)4
Q— J July 1 1925 2%
OeC .Chic ;ChaseNat ,N Y .
J & D June 1 1933
F & A Aug ’25-Aug ’26 Guaranty Trust Co, N Y
& O Oct ’25-Apr
Q— J July 15 ’25
Aug 1925
Q— M 31 June 30 '25
Q—M 20 June 20 ’25
A

Q— F

’26
75c Checks mailed
do
1X
2% Bankers Tr Co. N Y
do
do
1%

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 X % pref. stock. The remaining $70,000,000 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.
D IV ID E N D S —
(% )f ’15. T6. ’17. T8. ’19. ’20. ’21. ’22. ’23. ’24.
Common, cash________ ------ 5)4 8)4 19)4 20 17 12 8
8
7
6
do
in stock____ ------ { . . . 5
----- 5 —
4 4 . .
Paid in 1925: Mar. 1, 1)4%; June 1, 1)4%.
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 rund 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 of
notes by lot; all purchased or called notes to be cancelled. The sinking
fund is calculated to retire 50% of the total series “A " note issue before
maturity.
BONDS.— The first mortgage serial gold bonds of 1924 are redeemable,
all or part, at any time on 30 days’ notice at par and int. plus a premium
of )4 of 1% for each 6 months or part thereof by which maturity is antici­
pated. For security, &c., compare V. 118, p. 676.
REPORT.— For year ending Mar. 31 1925, in V. 120, p. 2412, showed:
Y e a rs E n d . M a r . 31— 1924-25.
1923-24.
1922-23.
1921-22.
Gross earnings________ $104,397,303 $87,432,424 $69,153,736 $60,722,417
Oper. exp., taxes, &c.._ 84,441,313 68,250,558 57,693,197 51,779,290
Operating income----- $19,955,991 $19,181,866 $11,460,538 $8,943,127
255,083
Federal taxes__________
Interest on notes, & c--. 1,671,019
906,259
247,672
741,346
Amort, disc, on ser. notes
______
834,034
215,755
Depletion, &c_________ 1 7,477,029/ 3,775,379
3,036,844
3,174,988
D epreciation__________ /
( 2,824,729
2,331,633
3,019,244
Preferred divs. (cash)___ 1,668,890
1,667,693
1,427,755
1,291,180
Com. divs. (cash).._(6%)4,263,591(6)4)4544885 (8)5;i62;839 (8)4,034',94l
Com. divs. (stock)_____
______
______
______ (5%)987,875
Surplus---------------------- $4,620,378$5,462,921df$l,580,238df$4,522,202
Previous surplus----------- 49,279,739 44,806,309 46,414,482 52,151,758
Premium and discount-.
______
______
______
Crl26,816
Total surplus------------- $53,900,117 $50,269,230 $44,834,244 $47,756,372
Surplus adjustments----771,577
989,491
27,935
65,835
Inv. loss on finished oil
______
______
______
1,276,056
Profit & loss surplus..$53,128,541 $49,279,739 $44,806,309 $46,414,482
Chairman, Beman G. Dawes; Pres., Henry M. Dawes; V.-Ps., R. W .
Mcllvain, W. E. Hutton, C. B. Watson, N. H. Weber, H. N. Cole, C. C.
B iut ; Sec. & Treas., F. S. Heath; Compt., C. H. Jay. Office, Columbus,
Ohio.— (V. 120, p. 2539.)
QUAKER OATS CO. (THE)— O RGANIZATION.— Incorp. inNewJer*ey on Sept. 211901. Owns and operates plants for the production of cereal
eod products (notably Quaker oats. Puffed wheat, &c.) at Akron, O.
Cedar Rapids, la.; Memphis, Tenn.; Battle Creek, Mich.; Tecumseh
Mich.; Peterborough, Ont.; Saskatoon, Sask.; and until the outbreak of the
war, Hamburg, Germany. Some of these plants also produce commerical
mixed feed. Plants for the production of feed alone are operated at
Memphis, Tenn., and Richfora, Vt. Flour mills are owned ana operated
at Akron, Ohio; Cedar Rapids, Iowa; Peterborough, Ont., and Saskatoon,
Sask. Macaroni and spaghetti are manufactured at Tecumseh, Mich.
In addition, owns and operates 59 country elevators, a veneer boxboard
plant at Foxworth, Miss., and a strawboard plant at Pekin, 1 1 The com­
1.
pany has 49 sales offices in the U. S. and Canada.
STOCK.— Pref. stock has no voting power (except as regards increase
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
shares from $100 to no par and approved the issuance of four shares of new no
par value stock in exchange for each share of com. stock of $100 par owned.
D IV ID E ND S (%){1907-09. 1910. 1911-16. 1917. 1918. 1919-25
On common (cash)_.\ 8 yrly.
9)4
10 yrly. 10)4 15
See text
In 1918, Jan., 3%; April 15 1918 to April 15 1919 paid each quarter 3%
and 1% extra. July 1919 to Jan. 1921 paid 3%; no extra; April 1921, 1)4%.
then none unti Ju Jjl 1922, when 2% was paid; Oct. 1 1922, 2%; Jan. 15
1923, 2)4%; April 16 1923, 2)4%; July 16 1923 to Apr. 15 1925 paid 3%
quar.; on July 15 1925 paid 75 cents quar. on new stock of no par value.
Also paid extra cash divs. of 16)4% on Apr. 15 1924 and 10% on Apr. 15
1925. On Sept. 30 1920 paid 25% in com. stock. V. I l l , p. 699, 799.
Also com. stock, 50% ($2,500,000) 1912 and 10% ($750,000) in 1916.
REPORT.— For 1924, in V. 120, p. 1100, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Profits for year----------- Not stated x$4,992,005 x$5,222,274 $3,284,945
Depreciation__________ Not stated
$602,699
$588,995
$652,229
Net income------------- y$5,286,923 $4,389,306 $4,633,279 $2,632,716
Divs. on preferred--.(6 % ) 1,080,000 (6)1,080,000(7)4)1350000 (6)1,080,000
Divs. on com --.z(28)4% )3,206,250(11)4)1293750(6)4)731,250(4)4)506,250
Surplus for year-------$2,856,923 $2,015,556 $2,552,029 $1,046,466
x After reserve appropriations, y After provision for depreciation and
taxes, z Includes special div. of 16)4% ($1,856,250) paid April 15 1924
out of surplus as of Dec. 31 1923.
OFFICERS.— Chairman of Board, Henry P. Crowell; Chairman of Exec.
Comm., Robert Stuart; Pres., John Stuart; 1st V.-P., James H. Douglas;
Treas., Robert Gordon; Sec., W . L. Templeton. Office, 1600 Railway
Exchange, Chicago, 1 1 (V. 120, p. 2691.)
1 .—

IN DU STKIAL STOCKS AND BONDS

210

M IS C E L L A N E O U S S E C U R IT IE S
[F o r a b b re via tio n s, & c ., see n otes o n p a ge

D a te
Bonds

6]

Rand Mines, Ltd— See text
Ray Consolidated Cooper Co— Capital stock $31,000,000.
Reis (Robert) & Co—Common stock auth 125,000 shares_
First preferred stock cumulative authorized $2,250,000_
_
Second preferred stock cumulative authorized 7,500 shares
Remington Typewriter— Common stock $10,000,000------First 7% pref (a & d) stock cum $4,000,000______________
First 7% pref (a & d) Ser “S" (special) stock cum call 110
Second pref (a & d) stock 8% cum $6,000,000 auth___
Reologle Steel Co— Stock auth 500,000 shares____________

j
!

Par
V a lu e

$10 $30,771,790
None 100,900 shs
100 2.250.000
None 7,500 shs
100 9.996.000
1 < 3.998.000
0
1,212,400
100 4.994.000
None 500,000 shs

RADIO CORP. OF AMERICA.— See “Public Utility Compendium.”
RAILW AY STEEL-SPRINQ CO.— Incorp. in New Jersey on Feb. 25
1902 as a consolidation (V. 74, p. 382, 482); enlarged by subsequent acquisiticns. V.66.P 185: V. 72, p.444: V. 74, p.1041. 1200; V. 75, P.80: V 93.
p. 942, 734. The company’s works are located at Latrobe, Pa.; Chicago
Heights, 1 1 and East St. Louis, 1 1 The subsidiary Canadian Steel-Tire
1 .,
1 .;
& Wheel Co., Ltd., has a plant at Montreal, Canada.
D IV ID E N D S on pref., l % % quar., paid June 1902 to June 1925, lncl
Common, 2% 1904; 1905 to 1907.4% yearly; 1908, 3%; 1913,2%; 1914-15
none. Dec. 1916 to Sept. 1918, 5% yearly (1)4% Q.-M.); Dec. 1918 to
June 1925 paid 2% quar.
BEPORT.—-For 1924, in V. 120, p. 1596, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net earns., all sources..x$1,841,159 $3,341,271 $2,327,294 $1,551,636
Preferred divs. (7%) — .
945,000
945,000
945,000
945,000
Common divs. (8% )____ 1,080,000
1,080,000
1,080,000
1,080,000
Balance, surplus____ def$183,841 $1,316,271
Previous surplus______ 14,087,555 12,771,284

$302,294 def$473,364
12,468,990 12,942.354

Profit & loss surplus. .$13,903,714 $14,087,555 $12,771,284 $12,468,990
x After deducting manufacturing, operating, maintenance, repairs,
admin, expenses, deprec., reserve for taxes, &c.
Pres., F. F. Fitzpatrick; V.-Pres., A. S. Henry, F. J. Foley and E. Me.
Oormick; Sec., M. B. Parker: Treas., H. S. Banghart. Office, 30 Church
St.. N . Y — (V 120. p 1596.)
RAND MINES, LTD.— A holding company, Incorp. 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
shillings.
. .
A M ER IC A N SHARES.— Pursuant to a deposit agreement made be­
tween Bernhard, Scholle & Co., N . Y., the Bankers Trust Co., N . Y., as
depositary, and the registered holders of certificates, 150,000 ordinary
shares have been delivered to the agency of the depositary in London, Eng.
against which the Bankers Trust Co., N . Y., has issued certificates for 60,000 “American Shares,” each "American Share" representing 2 )4 ordinary
shares of the par value of 5 shillings each. “American 8hares” may be
exchanged for ordinary shares on the foregoing basis. The Deposit Agree­
ment may be terminated at any time on approval of 75% in interest of the
holders of certificates.
DIVS.— An interim div. of 85% was paid in Feb. 1921. making a total of
145% paid during the fiscal year, against 100% in 1919-20, In Feb. 1922
paid 35% and in Aug. 1922 paid 20%. In Feb. 1923 paid 80%; Aug. 1923
to Feb. 1925 paid 60% semi-annually. 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 paid $2 35 and on Aug. 29 1923 paid $1 71.
On Feb. 26 1924 paid $1 61 and on Aug. 23 1924 paid $1 71. On Feb. 25
1925 paid $1 79.
REPORT.— For 1924 showed:
1922.
1921.
1923.
C a le n d a r Y e a rs —
1924.
£391,923
£502,837
£599,050
Dividends received_____
£648,928
241,316
461,626
103,551
Other income__________
209,454
_ _
Total income_ _
Administration! expenses
Taxes, depreciation, &c.
Dividends_____________

£858,382
£35,551
51,201
613,545

£840:366
£25,606
49,707
612,295

£853,549
£27,166
37,912
512,537

Am ount
I
O u ts ta n d in g

£606,388
£30,261
57,902
372,049

R ate

%

See text

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

[V ol. 120.
P la c e s W h e re In te re s t a n d
D iv id e n d s A r e P a y a b le

|

Dec 31 ’20 25c.

See text
See text

See text
See text
A & O See text
Check from Co's office
do
See text See text July 1 ’25, 1*A
do
do
do
See text See text July 1 ’25, 1Vx
do
See text See text See text
do

REPORT.— For 1924 showed:
C a le n d a r Y e a rs —
1924.
Net profit from operations____________$170,061
Interest paid, net received_____________ 35,716
19,117
Federal tax reserves__________________

1923.
$499,686
60,439
55,500

1922.
$337,838
37,19#
13,930

$383,747
$286,709
Balance, surplus___________________ $115,228
Q u a r. E n d . M a r . 31—
1925.
1924.
1923.
1922.
Gross sales------------------ $1,924,705 $1,945,213 $1,926,307 $1,464,159
OFFICERS.— Pres. & Sec., Arthur M . Reis; V.-P. & Treas., Leslie R.
Reis. Office, 889 Broadway, New York.— (V. 120, p. 2559.)
REMINGTON ARMS CO., INC.— (V. 120, p. 2692.)
REMINGTON TYPEW RITER CO.— Organized in 1893 in N . J. as
Union Typewriter Co.; reincorporated in New York in May 1909. V. 88
p. 752, 1377; V. 89, p. 925. in March 1913 changed name to Remington
Typewriter Co. after taking title to the plants of the controlled companies,
viz.: Wyckoff, Seamans & Benedict, Yost Writing Machine, American
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
Co. in Apr. 1920. V. I l l , p. 500. In Jan. 1924 combined forces with the
Noiseless Typewriter Co. and formed the Remington Noiseless Corn.
The new corporation issued securities as follows: Preferred stock, 12,500
shares, $100 par value, 7% cumulative and convertible into common;
common stock, 115,000 shares, no par value.
Noiseless shareholders received all the preferred stock and 50,000 shares of
common. The Remington Co. received 65.000 shares of common. The
Remington-Noiseless Corp. will have its awn factory at Middletown, Conn.,
producing both standard and portable typewriters, which will be sold on its
account through the Remington distributing points throughout the world.
V. 118, p. 676.
Near the close of 1924 the company’s new model accounting and book­
keeping machines were placed on the market.
STOCK.— The five-year voting trust expired Dec. 31 1920 and was not
renewed. V. I l l , p. 2332. The Series “S (i. e., "special") stock has all
the privileges of the other 1st pref., but is subject to call at any time at 110
and divs. V. 107, p. 1927, 1925, 1750, 2194.
LATE D IV S .f’08-T2. ’13. T 4 .’15-T8. ’19. ’20. ’21. ’22. 1923-’24.
Firstpref. % ___ 7 yrly. 7
7 See 7fSee
7 3 )4 3 )4
See
Second pref.,%. 8 yrly. 8
8 text 6] text 8 4
____
text
Common, % _
_
_____
1
0 None 01
______ ___
The pref. divs. due to be paid July 1 1921 were deferred. On Dec. 15
1922 paid 3 ) 4 % on 1st pref.; on Mar. 5 1923 paid 3 ) 4 % ; on May 1 1923 paid
5 ) 4 % , and on Aug. 6 1923 paid 3 ) 4 % , clearing up all accumulations.
Apr. 1 1923 to July 1 1925 paid 1 % % quar. Divs. on 2d pref. were re­
sumed with a payment of 2% quar. on Dec. 20 1923, this being the first
payment on that issue since April 1921; same amount paid March 28 1924
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,
June 12, July 14 and Aug. 14 1925 paid 2% on each date; reducing the
amount of accumulated dividends to 4%.
The accumulated dividends on Oct. 1 lyl8, amounting to 28% on 1st
pref.. were paid, half in cash and half in Liberty bonds: the div. of 32% on
the 2d pref. was paid (during 1919) 6% in cash, 6% in Liberty bonds, and
20% in first pref. Series “S” stock obtained by buying $1,000,000 6% bonds
and converting the same into stock which was then distributed as a dividend
V. 108. p. 177, 1065, 1185.
BONDS.— All of the outstanding 1st mtge. 6% gold bonds, 1926 sariest
were redeemed on Jan. 1 1925 at 102H and int.
REPORT.— For 1924, in V. 120, p. 1735, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net after taxes & deprec. $1,754,747 $1,678,657 $1,166,272 y$2,657,920
Interest________________
56,072
75,840
124,412
192,226

Balance, surplus_____
£158,085
£152,758
£275,933
£146,176
Office, Johannesburg, South Africa. London office, 1, London Wall
Buildings, London, E. C.— (V. 120, p. 2559.)
R A Y C O N S O L I D A T E D COPPER C O .— O RGANIZATION.— Incorp.
in Maine in May 1907. Land holdings of the Ray mines Dec. 31 1924
consisted of 6,684 acres with full title and half interest in 49 acres, segre­
Net income__________ $1,698,674 $1,602,817 $1,041,860 y$2,850,146
gated as follows: 2,057 acres and half interest in 49 acres of mineral land at 1st preferred dividends __
354,001 $x810,099
$182,441
$91,221
Ray, 4,500 acres used for milling and smelting purposes at Hayden. 127 2d preferred dividends. _ x598,788
99,798
100,000
acres used for railroad yards, &c., at Ray Junction. Land holdings of the
Ohino mines Dec. 31 1924 consisted of 216 mining claims, comprising a total
Surplus------------------$745,885 $692,920
$859,419 y$3,041,367
area of 3,625 acres in the Santa Rita mining district, Grant County, N. Mex. Previous surplus_______ 4,911,525 4,702,870
3,843,451
6,884,818
also owns 120 acres of agricultural lands adjacent thereto and 19,891 acres Add items applied to
of non-mineral land in connection with its milling operations at Hurley,
prior years__________
225,542
______
______
______
its various water supplies and for disposal of tailings. Owns $l,2OO,O0O
capital stock (total outstanding) of Ray Sc Gila Valley RR. Minerals
Total surplus________ $5,882,952 $5,395,790 $4,702,870 $3,843,451
Separation Co. suit settled. V. 114, p. 2125.
______
484,265
______
______
The stockholders of the Ray Consolidated Copper Co. and the Chino Loss Flushing plant____
Copper Co. on Feb. 15 1924 approved the merger of the Chino Copper Co.
P . & L . surplus-------- $5,882,952 $4,911,525 $4,702,870 $3,843,451
into Ray Consolidated Copper Co. The Chino stock (900,000 shares, par
x Including dividends paid on account of accumulations, y Loss.
$5, outstanding) was exchanged for $15,000,000 Ray stock, par $10, or in
the ratio of one Chino share for 1 2-3 shares of Ray. The stockholders of
OFFICERS.— Pres., B. L. Winchell; V.-P., A. A. Forrest and Ceeil S.
Ray Consolidated Conper Co. also increased the authorized capital stock Ashdown; Sec., Harold E. Smith; Treas., E. J. Saxer. Office, 374 Broad­
from $16,000,000 to $31,000,000. Compare V. 118, p. 212, 319.
way, New York.— (V. 120, p. 2559.)
REPORT.— For 1924, in V. 120, p. 2022, showed:
REPLOGLE STEEL CO.— ORG ANIZATION.— Ineorp. under laws «f
*1924.
1923.
1922.
1921.
Delaware Oct. 30 1919 as a holding
The company proposed to
Copper produced (lbs.).133,592,467 61,385,205 27,953,408 10,110,131 become an operating company and company. in the mining of iron ore,
to engage
5,991,376 $3,821,957 $1,337,570 manufacture of pig iron, quarrying of limestone, and to carry on business
Total oper. revenues_ $17,477,907
_
343,714 loss227,735 incidental thereto or connected therewith, upon acquisition of all outstand­
1,589,538
Gross inqome__________ 2,418,689
776,828
1.370,583 ing notes and bonds of Wharton Steel Co. The latter company was dis­
______________
553,015
Depreciation, &c_______ x_______
l,444,545
x Depreciation, $944,468; loss on property retired, &c., $500,076solved during 1922, all of the outstanding bonds of $3,000,000 having been
* Figures for 1924 include both the Ray and Chino properties.
acquired and canceled.
N o t e .— The mine was shut down April 8 1921 out reopened April 1 1922.
The company owns in fee about 5,000 acres of iron ore land near Wharton,
Report for first quarter of 1924 in V. 120, p. 2559.
Hibernia,
and in
D IV ID E N D S — 1914. 1915. 1916. 1917. 1918. 1919. 1920 1921-24 ern New Oreland and Mine Hill,contain Morris County, which is in North­
Jersey. These lands
29 mines, two of which are in
Percent____________ 1 )4 12K 2 7 )4 42
3 2 )4
20
17
None process of development.
Pres., Sherwood Aldrich; Man. Dir., D. C. Jackling; 1st V.-P., Richard
A new plant atWharton, N. J., was completed early in 1922. V.114,p.530.
F. Hoyt; Sec. & Treas., E. P. Shove. Office 25 Broad St., New York.
The company announced in April 1922 that it had acquired the property of
— (V. 120, p. 2559.)
the Empire Steel & Iron Co. Compare V. 114, p. 1661, 1773, 1898. 2125.
ROBERT REIS & CO.— O RG ANIZATIO N.— Incorp. in N . Y. May 1
3
In Aug. 1924 acquired the Warren Foundry & Pipe Co., which was
1885. The company produces and distributes throughout the world men’s consolidated with Empire Steel Sc Iron Co. V. 119, p. 589, 1074, 1408.
underwear, hosiery and kindred lines, the products being sold under the
Ore reserves estimated at 100,000,000 tons of high-grade ore. V.109,p.2271
trademarks “Reis” and other well-known brands and in certain territories
CAPITAL STOCK.— The holders of common stock of record Aug. 8
is the sole sales agent for “B .V.D .” and “Glastenbury” mills.
S
STOCK.— 7% cum. 1st pref., auth. and outstand., $2,250,000; par $100. 19 Lt were offered the right to subscribe at $14 a share to new common stock
$7 cum. 2d pref., auth. and outstanding, 7,500 shares of no par value; of n o par value to the extent of one share for each three shares held.
BONDS.— The company itself has no funded debt.
common, auth., 125,000 shares; outstanding, 100,000 shares of no par value.
Through ownership of the entire $500,000 capital stock, controls the
D IV ID E N D S.— The directors in March 1921 deferred for an indefinite
period action on tbe quarterly dividends on the 1st & 2d pref. stocks. The Wharton & Northern RR. Co. The latter company has outstanding the
co. had been paying divs. at rate of 1H % and $1 75 per share quarterly on following indebtedness: $300,000 Morris County RR 6% bonds due
Sept. 1 1925 (all owned by Wharton Steel Co.)
1st Pref. ($100 par) and 2d Pref. (no par) stock since Dec. 31 1919.




M ay , 1925.]
[F o r

M IS C E L L A N E O U S C O M P A N IE S .
a b b re v ia tio n s , & c . , see n otes o n p a g e

D a te
Bonds

6.1

Par
V a lu e

A m ount
O u ts ta n d in g

R a te
%

$100 $30,000,000 See text
100 25.000.
Pref 7% (a & d) oum (V 69, p 850) $25,000,000______ . . .
000
See text
rc
Sinking fund gold (ls t)M $25,000,000 red par_Ce.xe*&r» 1910 1 000 A 11,428,000
5e
Ref & gen M s f Ser A red (text) . . - -_USM.xxxc*Ar* 1923 500A1000 9,478,000
54$ g
4,000,000
1925
5g
32,500
Potter Ore first mortgage gold guaranteed (text) s f ______ x 1906
1,000
5£
Bessemer Coal A Coke Co 1st M gold due $100,000 yly.Peh
300.000
6g
Reynolds Spring Co— Common stock 500,000 shares auth.
None 387,958 sh. See text
Pref A (a & d) stock 7% cum red 105 $2,600,000 auth____
140.000
7
100
Pref B (a & d) stock 7% cum red 100 $2,000,000 auth___ ____
19,100
7
100
276,200
100
00012
25 10.000.
Reynold* (R J) Tobacco Co— Com stock $10,000,000_____
None
100
New Class B common stock $70,000,000 auth____________
00012
25 70.000.
Pref stock 7% cum $50,000,000 auth___- _______________
000 7
100 20.000.

In 1924 issued $2,500,000 Warren Foundry & Pipe Co. 1st mtge. 15-year
64$% gold bonds, of which $150,000 are in treasury, leaving $2,350,000
outstanding.
There are also outstanding $276,000 Crane Iron Works 1st mtge. 6%
gold bonds.
REPORT.— For 1924 showed:
[Incl. Replogle Steel Co., Ferro Monte RR. and Wharton & Northern
RR. (and also in 1924 the Empire Steel & Iron Co., Crane Iron Works and
Warren Foundry St Pipe Co.)]
C a le n d a r Y earn—
1924.
1923.
1922.
1921.
Sales & railway oper. rev. $7,232,313
________
________
________
Cost of production, gen.
________
________
________
and admin, exp... &c__ 6,053,416
Net operating income. $1,178,897
Miscellaneous income_
_
182,761
Total income_________ $1,361,658
Miscellaneous charges..
218,735
Deprec’n & Fed. taxes..
550,454
________
Interest________________
Loss Wharton Steel Co.
oper. prior liquidation ________

x$76,362

$x35,422

$x85,029

y471,612
22,560

y261,§36
25,672

y221,763
27,034

151,490

Net profit___________
$592,469 def$417,810 def$403,276 def$163,768
Capital Asurp. Dec. 31 z$17,330,516 $14,605,190 $15,020,339 $12,012,659
x After deducting taxes, y Does not include taxes. .
3 M o s . E n d e d M a r c h 31—
1925.
1924.
1923.
Sales, ry. oper. r v. & other income.. $1,107,6441____Not available_____
Costs and expenses________ _____ ___
924,239/
Total income____________________
Miscellaneous charges_______________
Depreciation_______________________

$183,405
99,390
65,791

loss$91,549 loss$19,774
---------------91,500
73,759

Net income______________________
$18,224 loss$183,049 loss$93,533
OFFICERS.— Pres., Leonard Peckitt, V.-P., L. P. Ross, Sec. & A s s t.
Treas., S. H. Bell; Treas., L. R. Dohm; Asst. Sec. & Asst. Treas., E. F.
Nickerson.
Main office, Wharton, N . J.— (Y. 120, p. 2280.)
REPUBLIC IRON & STEEL CO.— O RGANIZATIO N.— Incorp. in
N. J. May 3 1899 to consolidate 29 plants making bar and forge iron.
Since the date of the organization, the property has been completely re­
organized and the character of the business changed to the production of
steel, now operatinglO blast furnaces. Bessemer steel plant, open-hearth
steel works, tube works, &c., mining properties in Mesaba, Marquette and
Menominee, extensive iron and coal lands in Alabama, Ac.. by-product coke
plant, Youngstown, coke plants at Republic, Martin and Bowood, Pa.,
and Thomas, Ala. See V. 71, p. 545. Acquired the properties of the
Palos Coal A Coke Co. and the Bessemer Coal & Coke Co., known as
Bessemer Shafts No. 1 and No. 2. For properties, see Y. 68, p. 674,
V. 70. p. 228; V. 71. p. 454; V. 77. p. 455; V. 79. p. 1480. 1702; V. 81. p.
1562; V. 83, p. 1035; V. 84, p. 342; V. 87, p. 1303. Compare also annual
report in V. 120, p. 841. In Jan. 1918 the Woodside Coke Co., a sub­
sidiary, purchased some 4,000 acres of coal lands in Allegheny and Butler
counties, Pa. Export combine, V. 107, p. 2482. On May 1 1919 took
over the property of the De Forest Sheet & Tin Plate Co., which has 10
sheet mills near Niles, O. V. 108, p. 1614, 1491; V. 110, p. 867.
In Nov. 1906 Republic Iron & Steel and Tenn. Coal & Iron jointly guar
anteed $700,000 5% bonds of Potter Ore Co. ($32,500 outstanding Dec.
81 1924). V. 83, p. 973, 1417.
STOCK.— 28,480 shares of unissued common stock were offered to stock
holders of record Dec. 26 1919, at par to the extent of 10% of holdings
Y . 109, P- 2177, 2270.
LATE DIVS.—
’14. ’15. ’16. ’17. ’18. ’19. ’20. ’21. ’22. ’23 - ’25.
On preferred
7
7
154
See
7
7
7
4
544 1“ 7
On accumulations_____ 1
text
4
4 8
On common__________
--4 -- 6 6 6 6 3
No divs. have been paid on common since May 2 1921, when 14$% was
paid. On pref. no payments were made from Apr. 1922 to Jan. 1923, both
inclusive; payments were resumed on April 2 1923, when 154 % was paid,
same amount paid quar. to July 1 1925. Also paid on account of accumu­
lations 2% each quar. from July 2 1924 to Jan. 2 1924 and 1% on April 1
1924, clearing up all accumulated dividends.
BONDS.— The 5s of 1910, now a first lien on the entire property, are
callable for sinking fund (minimum $250,000) and also on and after Apr. 1
1920 as an entire issue at 105 and int,- $20,869,000 have been Issued to
retire the 5s of 1904 and for general purposes (of which $8,910,000 pur­
chased for sinking fund and $522,000 held in treasury). The remaining
$4,131,000 of the $25,000,000 auth. are reserved for acquisitions and
betterments under restrictions. V. 90, p. 451, 703, 854, 1048] V. 92, p.
1182; V. 93, p. 516; V. 95, p. 622, 822; V. 100, p. 1353, 1442.
The ref. & gen. mtge. Series A bonds are redeemable as a whole only
(except for sinking fund) at 105 and interest on any interest date on or
before Jan. 1 1933; at 104 thereafter and on or before Jan. 1 1938; at 103
thereafter and on or before Jan. 1 1943; at 102 thereafter and on or before
Jan. 1 1948; at 101 thereafter and on or before July 1 1952. For security,
sinking fund, A g., compare V. 116, p. 421.
In 1917 $1,000,000 6% serial gold bonds were assumed on purchase of
the Bessemer Coal A Coke Co.’s property (Bessemer mines Nos. 1 and 2)
having a capacity of 600.000 tons of coal yearly. ($300,000 of these bonds
outstanding in May 1925.)
REPORT.— For 1924, in V. 120, p . 841, showed:
1923.
1922.
1921.
1924.
141,911
219,948
91,570
UnfilledordersDec.31 (tons) 296,839
Gross business___ $43,982,523
>9,043.131 $39,123,708 $20,756,749
9,267,796
2,520,862
685,010
Gross profits_____ 4,414,657
_
______
Expenses, idle plants_
______
1,494,130
1,788,938
1,225,183 3,665,590
Depreciation..____ 1,374,'088
Int. on bonds and notes. 1J.22,632
1,226,640
877,367
806,974
______
Loss on Liberty bd. sales
______
383,558
Preferred dividends_ 2,000,000
3,250,000
1,750,000
Common dividends_____
______
-------450,000
Balance, surplus_____def.$82,064




211

IN D U STRIA L STOCKS AND BONDS

$3,002,218

$418,312df$7,865,242

W hen
P a y a b le

A
J
J
J

L a s t D iv id e n d
a n d M a t u r it y

P la ce s W h e re In te re s t an d
D iv id e n d s a re P a y a b le

May 2 1921 14$
July 1 1925 154 New York Trust Co, N
& O Oct 1 1940
Cent Union Tr Co. N
& J Jan 1 1953
New York
& J To Jan 2 1928
& D Dec 1 1931
Hanover Nat Bank, N
To Jan 1 1928
Q— F May 1 1925 25c American Trust Co, N
Q— J .Tan 1 1925 154 Amer Exch Nat Bk, N
Q— J Jan 1 1925 154 Amer Exch Nat Bk, N
Q— J

Q— J

V
Y
Y
Y

Apr 1 1925 3% Cheeks mailed

Q— J
Q— J

Y
Y

Apr 1 1925 3% Checks mailed
Apr 1 1925 154 Checks mailed

3 M o s . en d . M a r . 31—
1925.
1924.
1923.
1922.
aNet earnings---------------$1,527,764 $2,080,809 $2,234,988 loss$277,064
Depreciation & renewals
305,214
331,311
350,625
153,856
Exhaustion of minerals.
81,026
102,536
102,961
59,404
Interest charges..........
328,964
290,803
247,559
221,758
Preferred dividends___
437,500
687,500
437,500
____
Balance, surplus------$375,060
$688,657 $1,096,343 def$712,082
a These are the net earnings from operations, after deducting charges in
maintenance and repairs of plants, amounting to $1,148,678 in 1925,
$1,166,870 in 1924, $1,015,541 in 1923 and $455,391 in 1922, respectively,
and also provision for excess profits, taxes, &c.
The report shows unfilled orders aggregating 140,055 tons carried on the
company’s books on Mar. 31 1925, against 228,965 tons reported at the
close of 1924.
OFFICERS.— Chairman, John A. Topping; Pres., Thos. J. Bray
Y.-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. 120, p. 2022.)
REYNOLDS SPRING CO.— Incorp. under laws of Delaware on July 1
1910 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
trade and radio manufacturers and jobbers. Has 2 plants located a
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.
DIV ID E ND S.— On pref. A & B stock, in full to date. On common stoek
pnid 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 25c. quar.
REPORT.— For 1924, in V. 120, p. 462, showed:
Y e a rs ended D e c . 31—
1924.
1923.
1922.
1921.
Net earnings--------------$688,078
$391,255
$334,553
$128,058
Depreciation--------------161,617
60,000
43,628
41,17,1
Federal taxes--------------56,876
41,020
33,500
7,590
Net income------------$469,585
$290,234
$257,425
$89,297
OFFICERS.— Pres., Wiley R. Reynolds: Sec. & Treas., Harold D.
Kesselring. Office, Bridge and South Water Sts., Jackson, Mich.—
(V. 120. p. 2692.)
REYNOLDS (R. J.) TOBACCO CO.— O RG ANIZATION. &c.— In ­
corporated In New Jersey Apr. 3 1899. Manufactures plug, twist and
amoklng tobacco and cigarettes. Manufacturing plants at Winston-Salem.
N. C., 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. C., Lexington.
Maysville and Springfield, Ky.,
STOCK.— See table at head of page.
C O M .D IV .1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922-’24.
In cash... 16
22
23
28
14
12
10
8
12 yrly.
Aug. 16 1920 paid 200% stock div. od com. and Class B com. On Dec. 2
1922 paid on com. stocks 33 1-3%. payable in new Class B com. stock.
Paid in 1925: Jan., 3%; Apr., 3%REPORT.— For calendar year 1924, in V. 120, p. 324, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
x Net profit___________ $23,777,717 $23,039,876 $20,479,234 $16,258,323
Dividends................. 11,000",000 11,000,000
9,200,000
6,200,000
x After deducting all charges, expenses of management, provisions for
maximum Federal taxes, allowances, depreciation, advertising, Ac.
OFFIOERS.— 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. 120, p. 324.
RIMA STEEL CORP.— (V. 120, p. 839).
ROYAL DUTCH CO.— ORGANIZATION.— Incorp. in The Hague
Holland. In 1890, with a capital of 1,300,000 florins ($522,600). Through
its subsidiaries it is now the largest international producer and distributor
of mineral oil and its by-products of Europe. V. 107, p. 2243. Started
as a local enterprise of the Dutch East Iiidies. After 1900 developed
rapidly. In 1902 entered the international field and in conjunction with
the “Shell” Transport A Trading Co. of London (which see) and the de
Rothschild (Paris) group, founded the Asiatic Petroleum Co. as a distribut­
ing concern. Subsequently absorbed the principal other oil producing
enterprises in Dutch East Indies and amalgamated its interests with those
of the “Shell,” the combined assets of both being turned over to two new
companies, viz., the “Bataafsche Petroleum Co. and the Anglo-Saxon
Petroleum Co. The “Royal Dutch” holds 60% In these two concerns (the
“Shell” 40%); also 124$ % 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.
Company’s shareholdings at Dec. 31 1923, V. 119, p. 453.
A M ER ICA N INTERESTS.— The combination ewns a predominating
Interest in the Shell Co. of California. V. 109, p. 377. Also owns $2,247,000 Ordinary shares and $8,40,000 Preference shares of the Roxana Petroleum
Oorp. of Virginia and $179,760 Ordinary shares of the Ozark Pipe Line Corp.
The “Roxana” ewns field’ in the well-known jil districts of Cushing1
s
.
Healdton and Bartelsville. Also constructed a large refinery in St. Louis
and one at New Orleans. At Martinez, on the Pacific Coast near San
Francisco, a refinery capable of handling 25,000 bbls. a day and storage
facilities at Martinez and on the fields for 4,250,000 bbfc. have been estabf sbed, as well as an 8-ihch pipe line 170 miles long from the field to the
refinery. In Mexico the allied companies, besides owning otheF valuable
property, control the Mexican Eagle OS Co., Ltd.
Has also established
large storage facilities and a refinery of exceptionally great capacity in
Curacao, West Indies, in the immediate vicinity of the Panama Canal.
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.

212

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[ F o r a b b re v ia tio n s , & c . , sec n otes o n p a g e

6.1

Date
B onds

Par
V a lu e

A m ount
O u ts ta n d in g

R a te
%

St Joseph Lead Co— Stock $20,000,000___________________ ____
$10 $15,494,126
20
None 105.000 shs See text
Santa Cecilia Sugar Corp— Com stock, 105,000 shs auth_______
Preferred (a & d) stock 7% cum red 110 auth $1 000,000-- ____
$100 $1,000,000 See text
First mortgage sinking fund bonds red 105________ Col.c* 1917
1,000
500,000
6g
Ref mtge bonds redeemable 105 $1,200,000 auth_______ xxx 1921 500-1000
850,000
8g
Savage Arms Corp— Common authorized $10,000,000_____ ____
100 8,502,400 See text
First pref 7% cum auth $500,000 convertible (text)______ ____
100
122,800
7
Second preferred 6% non-cum conv $500.000___________ ____
100
6
222,200
Schulte Retail Stores Corp— Com stock 500,000 shs auth__ ____
375,000 shs
Pref (a & d) stock 8% cum red 120 $15,000,000 auth______ ____
100 $7,850,000
8
ears. Roebuck & Co— Com stock $105,000,000 auth______ ____
100 100,000.000 See text

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.”
Capitalization (n o fu n d e d ---- I n D u tc h G u ild e rs -------------- I n U . S . G o ld ------d e b to r fix e d ch a rg es) — O u ts ta n d in g .
A u t h o r ’d . O u ts ta n d in g . A u th o r iz e d
FI.
FI.
$
$
Common shares............ 321,457,000 570,000,000 129,225,714 229,140,000
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 230,000.000 guilders ($92,460,000) to 370,000,000 guilders ($148,740,000) and in
April 1921 to 570,000,000 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.
DIV ID E ND S.— In addition to the cash dividends the company in 1907
distributed its surolus by a stock bonus of 200%. In 1918 paid a 50%
stock dividend. The cash dividend record (%) is as follows:
’07. ’08-10. ’l l . '12. ’13. ’14-16. ’17. ’18. ’19. ’20 '21 '22. ’23. 1924.
2 1 H 28 yrly. 19 41 48 49 yrly. 38 z48 40 45
40 31 26)4 35
* Plus 200% stock dividend.
x Plus 50% stock dividend.
REPORT.— For 1923, in V. 119, p. 451, showed:
( I n F lo r in s )—
1923.
1922.
1921.
1920.
Income............... ........ 85,585,361 89,155,122 107,169,943 138,736,206
Expenses, taxes, &c___
728,570 1,424,645
3,071,765
9,285,842
Profit_______________ 84,856,791
Divs. on pref. shs. (4 %) 60,000
Priority shares (4)4 %) 1,282,500
Ordinary shares (6 %) - 19,287,420

87,730,477 104,098,178 129.450,364
60,000
60,000
60,000
1,282,500
1,282.500
1,282,500
19,287,420 19,287,420 19,243,620

Surplus------------------Available for ord’y div.:
93% of above surplus.
6% on ord’y as above.
Brought forward---------Bonus share issue______
Commlssaires’ proport’n

67,100,557

64,226,871

83,468,258 108,864,244

59,730,990 62,403,518 77,625,480 101,243,747
19,287,420 19,287,420 19,287,420 19,243,620
771,113
927,664
666,815
1,168,574
______
3,472,312
______
508,135
3,136,230 4,174,570
2.374.075
2,485,272

82.059,300 85,852,919 100,820,243 129,061,913
Amount of ordinary div- 80.364,250 85,186,105 99,651,670 128,290,800
Ratepercent....... ........
(25%)
(26)4%)
(31%)
(40%)

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

[V ol. 120
P la c e s W h ere In te re s t a n d
D iv id e n d s a re P a y o t le

Q -M 20 Dec 21 ’25 5%
Text
See text
Text See text
F & A Aug 11927
Irving Bk-Col Tr Co,N Y
M & N May 1 1931
Sept 15 ’20 V 4 Bank of America, N Y
do
Q— J July 1 1925 1 H
do
Q— F 15 Aug 15 1925 V 4
Q— J
Q— F

Apr 1 1925 2%
May 1 1925 1M Checks mailed

REPORT.— For year ending July 31 1924, in V. 119. p. 2061, showed:
Y e a rs E n d . J u ly 31—
1923-24.
1922-23.
1921-22.
1920-21.
Output— Sugar (bags)_
42,532
40,081
88,334
59,960
Gross revenue_________
$649,981
$617,795
$695,988
$702,026
Operating, &c., expenses
596,097
532,864
670,201 1,132,184
Interest, &c___________
128,103
138,074
172,181
103,332
Depreciation__________
121,649
119,588
166,929
74,466
Preferred dividends____
______
______
______ (lM)14,8t5
Common dividends_____
______
______
______
26,250
Balance, deficit______
$195,868
$172,731
$313,223
$649,080
Profit and loss deficit— $1,396,380 $1,032,929
$873,408
$430,709
OFFICERS.— Pres., C. B. Goodrich; V.-P., Robert L. Dean and Henry
J. Schuler; Sec. & Treas., Robert H. Caplan. N . Y. office, 67 Wall St.
— (V. 119, p. 2657.)
SAVAGE ARMS CORP.— O RGANIZATION.— Incorp. in Delaware
on Aug. 16 1915 as Driggs-Seabory Ordnance Corp., and purchased the
assets of the Driggs-Seabury Go., and in Dec. 1915 the Savage Arms Co.
of tJtica, 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. Manufactures rifles, shotguns, pistols, ammuni­
tion and electrical household devices. Plants located at Utica, N. Y .,
Name was changed to Savage Arms Corp. in May 1917 on merger of prop­
erties. V. 104, p. 2014; V. 105, p. 1715; V. 106, p. 196: V. 107, p. 1673.
2194; V. 108, p. 982. Peace conditions, V. 108, p. 84, l77.
STOCK.— First pref., auth. and issued, $500,000, of which $377,200 held
in treasury; 2d pref., issued, $260,700, of which $38,500 held in treasury;
common, issued, $9,239,300, of which $736,900 held in treasury. The first
pref. stock is convertible at any time 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 or the directors.
D IV ID E N D S.— On common: In 1916, Mar. 15, 2 % %; June 15, 5%; then
none till June 15 1917 to Sept. 15 1920, 6% p. a. ( 1 ) 4 % Q.-M.). On Jan. 15
and Apr. 30 1920 extra divs. of 5% each were paid. V. 110, p. 472. The
Dec. 1920 dividend on com. stock was omitted; no payments since.
On 1st pref., in full to July 1 1925. On 2d pref., paid initial div. of 3%
on March 15 1916; June 15 1916 to Dec. 15 1920 paid 1) 4 % quar.; none
thereafter until July 1 1923, when 1 1 4 % quar. was paid, which amount
has been paid each quarter to Aug. 15 1925.
REPORT.— For 1924, in V. 120, p. 1214, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
x Profit________________
$693,799
$404,044 loss$168,165 loss$559,950
Inventory adjustments.
-----------------------674,061
Profit_______________
$693,799
$404,044 loss$168,1651oss$l,234,011
x After maintenance, repairs, deprec. and ordinary taxes.
The company for the first quarter of 1925 reported a net loss of $20,176
after all expenses and reserves for taxes and depreciation as compared with
a net profit of $79,549 in the previous quarter and a net profit of $67,099 in
the first quarter of 1924.
OFFICERS.— Pres., W . L. Wright; V.-P., F. R. Phillips; Sec., J. H.
Cook; Treas., C. T. Myers. N . Y. office, 100 East 42d St.— CV.120,p.1892.)
SCHULTE RETAIL STORES CORP.— Incorp. under laws of Delaware
on Sept. 5 1919 for the purpose of acquiring the stock issued 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. 12 1924 increased the authorized
preferred stock from $5,000,000 to $15,000,000. On July 14 1924 the
authorized common stock was increased from 300,000 shares to 500,000

Carried forward....... 1,695,050
666,814
1,168,573
771,113
— (V. 119, p. 821.)
ST. JOSEPH LEAD CO.— ORGANIZATION.— Incorp. 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 Run districts.
Mo.; ( b ) modem smelter at Herculaneum, Jefferson County, Mo., capacity
120,000 tons of pig lead yearly; (c) practically entire capital stock of Miss
River & Bonne Terre Ry., 46 miles: (d) control of 14-mile interurban electric
line, &c. V. 108, p. 1831. In Oct. 1923 purchased from the American
D I V S . — On common paid stock divs. as follows: Aug. 9 1920, 50%
Smelt. & Refin. Co. the lead mines owned by that company in Missouri. 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
V. 117, p. 1898.
The Missouri Supreme Court on June 19 1920 halted the efforts of the pref. stock; June 1 1923 to June 1 1925, 2% quar. payable in pref. stock; also
company to take over the property of the Doe Run Lead Co. (controlled paid 25% in common stock on Sept. 1 1924.
through ownership of 96.43% of stock). V. 110, p. 2663.
REPORT.— For 1924 showed:
CAPITAL STOCK.— $20,000,000 auth., par $10; $15,494,126 outstand
C a le n d a r Y e a rs —
1924.
1923.
1922.
ing. Listed on N . Y. Stock Exchange in April 1919 (see full statement. Net profit before taxes_______________ $4,341,616 $3,763,637 $2,844,096
Preferred dividend (8% )___________
376,000
166,000
40,000
V. 108, p. 1831; V. 111. p. 1095.)
DIVS.— ’95-’12. ’13. ’14. ’15. ’16. '17.
*18.
’19.
’20.
’21.
'22.’23-‘25.
Surplus___________________________ $3,965,616 $3,597,637 $2,804,096
2,447,735 1,960,043
Cash (% ._ 6 y’ly
6 2)4 6 10 25 20 11 20 10 12)4 20 yrly. Previous surplus and reserve________ 3,882,949
Stock________________
—
—
—
—
—
—
10
— $7,848,565 $6,045,372 $4,064,139
Total surplus and reserve_________ -----------The trustees in Dec. 1926 declared a dividend
of $2 per share forthe year taxes paid__________________
Federal
$444,396
$256,620
$116,404
1924, payable in four quarterly installments of 50c. each on March 20, Adjustments, debits________________
44,718
l65,803
____
June 20, Sept. 21 and Dec. 21 to holders of record March 9, June 9, Sept. 9 Stock dividend on common-----------3,300,Q00
l,8O0.QO0 1,500,000
and Dec. 9, respectively.
Profit and loss surplus and reserve. $4,059,450 $3,882,948 $2,447,735
REPORT.— For 1924, in V. 120, p. 2023, showed:
OFFICERS.— Pres., David A. Schulte; V.-P. & Treas., Joseph M .
Calendar Y e a rs —
1924.
1923.
1922.
1921.
Schulte; V.-P., Louis Goldvogel, Arthur S. Meyer, Charles C. Nicholls Jr.
alncome_________ $11,212,433
x$6,654,318 $5,972,333 $1,096,723 and Harry Goldvogel; V.-P. & Sec., Udo M. Reinach; Asst. Treas., Geo.
Depletion, &c___ 2,384,163
1,537,324
1,378,394 1,281,285 W. L. Jarman. Office, 384 Broadway, N . Y .— (V. 120, p. 2560.)
Federal taxes__________
1,030,941
689,470
500,000
224,453
SEARS, ROEBUCK AND CO.— ORG ANIZATION.— Incorp in 1906 in
Dividends________ b5,563,586
3,263,069
2,781,894 1,784,442
New York as successor to an Illinois corporation of the same name which
Miscellaneous charges..
237,983
47,670
99,614
-----had theretofore transacted the same business for over ten years. Business
Balance, sur. or def.sur$l,995,759sr$l,116,785sr$l,212,431df$2,193,906 Is the retailing of all classes of merchandise direct to the consumer through
catalogues; has over 8,000,000 customers. Business is transacted mainly
x Includes $269,491 received from U. S. Government to settle claims,
from Chicago, with important branches in Dallas. Seattle and Philadelphia.
a After providing for depreciation of plant and equipment,
b Includes $2,464,824 declared and paid in 1924 and $3,098,762 declared The company maintains and owns warerooms, warehouses and various
factories m a number of other cities throughout the country. In Dec.
Deo. 16 1924 and payable during 1925.
1921 President Rosenwald purchased a portion of the company’s Chicago
OFFICERS.— Pres. & Treas., Clinton H. Crane; V.-Pres. & Sales Mgr., real estate for $16,000,000. See V. 113. p. 2828.
Irwin H. Cornell; V.-P. & Sec., Leonidas H. Besson; Asst. Treas., H. B.
President Charles M. Kittle announced on Dec. 17 1924 plans for the
McGown; Asst. Sec., Robert Bennett. N. Y. office, 60 Wall St.— (V. launching of a chain of retail stores by the company. The first store of the
120, p. 2023.)
chain will be opened in Chicago. It will be operated as a department store
SANTA CECILIA SUGAR CORP.— Organ, in Del., July 16 1917. and will include a separate department for men. Other stores will be
opened later by the company in Philadelphia, Dallas and Seattle.
Owns and operates sugar estates and a sugar factory on the Island of Cuba
STOCK.— All the outstanding ($8,000,000) preferred stock was retired
CAPITAL STOCK.— See table at head of page.
on Nov. 15 1924 at 125 and divs.
DIVS.— On common stock as follows: Nov. 1 1919 and Feb. 1 1920 1 H %
The shareholders voted June 1 1920 to increase the auth. common stock
($100 par); May 1 1920 to Nov. 1 1920 paid quar. 25 cents per share (no from $75,000,000 to $105,000,000, in connection with the plan announced
par value); none since. Pref. divs. regularly paid to Nov. 1920; none since. by the board on April 20, for paying a stock dividend of 40% in common
BONDS.— The 1st mtge. 6s are a first lien on all of the property now. stock on July 15 to common shareholders of record June 15’ This payment
owned or hereafter acquired. A sinking fund is provided of 20% of net Increased the outstanding common stock to $105,000,000. In Dec. 1921
earnings but in any event not less than $25,000 or more than $75,000 for President Rosenwald donated 50,000 shares of stock which are being held in
purchase of bonds at not exceeding 105 and int. Auth. and issued. $750,- treasury not to be sold at less than par, reducing the amount outstanding
000; retired by sinking fund. $250,000; outstanding, $500,000.
to $100,000,000.




M IS C E L L A N E O U S C O M P A N IE S .
[F o r a b b re v ia tio n s , & c . , see n otes o n p a g e

Par
V a lu e

D a te
Bonds

6.J

Seneca Copper Corp— Stock 450,000 shares authorized_
_
5-year conv debenture bonds red 110 $500,000 (see text).c*
1st mtge bonds convert red 110 $1,500,000 auth._Ce.xxxc*
Shaffer Oil & Refining Co— Common stock 460,000 shares.
Class A Common stock 40,000 shares____________________
Pref stock 7% cum and participating $50,000,000 ________
1st M (closed) conv 6% s f gold bds (guar) $15,000,000
call__________________________________________ xxxc*&r*K
8% convertible gold notes_______________________ xxxc*K
Shattuck Arizona Copper Co— Stock___________________
Shattuck (Frank G) Co— Stock 400,000 shares auth--------

$

Gross sales_____________ 222,174,744
Total income___________ 206,430,527
Purchases and expenses.183,517,334
Repairs and renewals___
848,913
Depreciation reserve___ 1,379,157
Reserve for taxes________ 3,158,530
Other reserves_________
______
Profit sharing, &c., fund 3,172,196
Common dividend_____ 2,999,758
Preferred dividend_____
489,204

$

$

A m ount
O u ts ta n d in g

R ate

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la c e s W h ere In te re s t an
D iv id e n d s a re P a y a b le

None 350.000 sh.
Co’s office. New York
A & O 15 Apr 15 1925
$500,000
$100 &c
Cent Un Trust Co, N Y
J & J July 1 1933
597,900
100 &c
None
120,000 sh
Norn. $1 40.000 sh
100 6,000.000 See text
July 25 1923 1 %

1920
1923

New York and Chicago
DJune 1929
100 &c 9,130,700
6g
do
do
N May 1 1941
31,900
100 &c
8g
..J an 20 ’20, 2 K
10 3.500.000 See text
None 300.000 shs See text Q -J 10 Apr 10 ’25, 50c.

1919
1921

D IV ID E N D S.— On common, 1909, 4H% ; 1910 to Feb. 1917,7% { 1 H %
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 K % quar. was paid; Nov. 1 1924 to May 1 1925 paid 1M% quar. Also
April 1 1911a 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%.
Sales—
1925.
1924.
Month of April_________________________________ $21,747,112 $20,098,994
First four months of year_______________________ 84,678,376 74,660,908
REPORT.— For 1924, in V. 120, p. 578, showed:
1921.
1924.
1923.
1922.
$

215,540,604 182,165,825 178,014,981
198,482,946 166,514,110 164,039,720
184,445,023 157,385,331 177,963,577
816,050
600,484
690,542
1,133,624 1,321,368
594,199
_______
______
1,500,000
1,226,871
575,631
271,758
_______
2,099,470
■ 559,188
559,188
559,188

4,875,980dfl9,094,127
Balance, surplus_____ 10.865,435 10,953,430
OFFICERS.—Chairman, Julius Rosenwald; Pres., Charles M . Kittle,
V.-P., O. C. Doering, Robt. E. Wood, Max Adler and L. J. Rosenwald;
Treas.. W. O. Lewis: Sec.. John Higgins.— (V. 120, p. 2280.)
SENECA COPPER CORP.— Incorp. in N . Y. Dec. 27 1916. Property
Is located in Keweenaw County, Mich., and consists of 1,864.6 acres owned
in fee Owns the entire outstanding 20,500 shares of capital stock of Gratiot
Mining Co. Balance of payments due Calumet & Hecla is as follows:
June 1 1924, $50,000; Dec. 1 1924, $360,000.
In order to protect its interests Calumet & Hecla Consolidated Copper Co.
in July 1924 filed suit against the Seneca Copper Corp. for return of the
Gratiot Mining Co. The receivers of Seneca obtained a temporary injunc­
tion in New York restraining the Bankers Trust Co. of that city from turning
over to Calumet & Hecla any of the Gratiot Mining Co.’s stock.
Receivers A p p o in t e d .— Guy W. Currier and William J. Uren were appointed
receivers on April 12 1924. V. 118, p. 1924. Operations suspended,
receivers’ certificates. &c., V. 118, p. 2191, 2713.
Protective committees, V. 118, p. 2316.
Reorganization Plan Dated Nov. 15 1924.—
Bondholders owning or representing more than a majority in amount of
the bonds issued under the first mortgage dated July 1 1923 and of the
debenture bonds dated April 15 1920 and stockholders having large holdings
of stock, have agreed upon and approved a plan of reorganization.
Thomas F. Cole, William F. Bartholomew, J. Parke Channing, William
B. Anderson, John W . Sparks, Edwin A. Carter, Harold Peirce and
William H. Colvin have been appointed and have agreed to serve as the
reorganization committee to carry out the plan.
Central Union Trust Co., 80 Broadway, N. Y. City, and Old Colony
Trust Co., 17 Court St., Boston, have been appointed depositaries under
the plan for the deposit of bonds, coupons, stock, claims and obligations.
The plan of reorganization is as follows:
F o re clo s e F ir s t M o r tg a g e .— Foreclose the existing first mortgage upon
all of the property of the corporation covered thereby, or, at the option
of the reorganization committee, sell in the pending receivership pro­
ceedings all such property expressly subject to the existing first mortgage
and have such property acquired by the reorganization committee.
Sell in the pending receivership proceedings or otherwise all the property
in New York and elsewhere not covered by the first mortgage and have
such property acquired by the reorganization committee.
O rga n iz e N e w C o m p a n y .— Organize a new company in New York, with
an authorized capital of 500,000 Common shares without par value. The
name of new company will be Seneca Copper Mining Co.
The reorganization committee shall sell and convey the property acquired
by it to the new company for approximately 350,000 Common no par
shares, or so much thereof as may be required, subject to the existing
first mortgage or to the new first mortgage.
N e w F ir s t M o r tg a g e .— If the existing first mortgage be foreclosed, have
the new company give a new first mortgage upon all its property, real
and personal, situated in Michigan and upon all subsequently acquired
property, and upon all stock of any subsidiary company so acquired by
the new company to secure proposed bonds of the new company amounting
to $1,500,000, payable Jan. 1 1935, with 7% interest from Jan. 1 1925,
payable J. & J. Red., all or part, on any interest day at 105 and int.
Convertible at any time into shares of the new company on the basis of
the par value of the bonds and $15 per share for the stock. Mortgage
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.
E x c h a n g e o f B on d s o r D e b e n tu re s f o r N e w B o n d s .— Deliver under the
plan (if the existing first mortgage be foreclosed) to the depositors of the
existing 1st Mtge. bonds and of the debenture bonds 1st Mtge. bonds of
the new company on the basis of par for par. If a sale be had in the
receivership proceedings subject to the existing first mortgage, deliver
under the plan to the depositors of the Debenture bonds existing 1st Mtge.
bonds on the basis of par for par. Deliver under the plan to the depositors
for the aggregate amount of the unpaid July 1 1924 and Jan. 1 1925 interest
coupons on'the existing 1st Mtge. bonds and for unpaid interest to Jan. 1
1925 on the Debenture bonds, existing or new 1st Mtge. bonds at par,
with cash adjustments for fractions.
It is estimated that 1st Mtge. bonds approximating at par about
$1,200,000 will be so required.
O ffe r Stock f o r S u b s c rip tio n to Sh areholders at $6 p e r S h a re .— Offer 350,000
no par shares of the stock of the new company so acquired by the reorganiza­
tion committee to the shareholders of the corporation on the basis of one
share of the stock of the new company for one share of the stock of the
corporation plus $6 cash, payable as follows: $2 on the date which shall
be designated by the reorganization committee and $2 on or before each
two months thereafter until paid in full.
Stock U n d e r w r itte n .— All such offered stock of the new company will be
underwritten at the time and at the same cash price of $6 per share subject
to the pro rata subscription rights of the shareholders of the corporation.
The proceeds of the sale of such 350,000 shares of stock shall be paid to
the new company.




213

IN D U STRIA L STOCKS AND BONDS

M ay , 1925.]

P a y m e n t o f C la im s , & c .— Pay in full, without interest, all the open
accounts and claims of the general creditors and all outstanding secured
promissory notes, principal and interest, if any.
P a y m e n t o f P u rc h a s e P r ic e o f C r a tio t M i n i n g C o . S to c k .— Pay the balance
of the purchase price of 79,500 shares of the stock of Gratiot Mining Co.,
purchased by the corporation from the Calumet & Hecla Mining Co. by
agreement of Nov. 4 1919 as follows: $210,000 in cash and $250,000 in
1st Mtge. bonds at par.
P a y m e n t o f R ece iv er's C e r tific a te s .— Pay all outstanding receiver’s cer­
tificates and all the charges and expenses of the receivership proceedings,
and all charges and expenses incident to its reorganization and the con­
summation of the plan of reorganization, and wind up the receivership.
P a y m e n t to U n d e r w r ite r s .— Pay to the underwriters as the consideration
for such underwriting and to cover all charges, commissions and expenses
thereof, the sum of $350,000.
C ash R e q u irem e n ts o f N e w C o m p a n y .— This will put in the treasury of the
new company ample funds (about $900,000) for immediate company
purposes.
U n is s u e d B on d s & S to ck .— Approximately $50,000 of existing or new
1st Mtge. bonds and 150,000 shares of the new company will remain
unissued for bond conversions and any future corporate requirements.
CA PITAL STOCK.— The stockholders voted June 30 1923 to increase
the authorized capital stock from 350,000 shares to 450,000 shares. V . 117,
p. 97 No dividends had been paid up to date, the company still being
in the development stage. The corporation began production the latter
part of January 1923.
REPORT.— Balance sheet as of Jan. 1 1924, In V. 118, p. 1023.
DEBENTURES.— The 8% convertible debentures are convertible Into
common stock at the rate of 5 shares of stock for each $100 debenture bond.
BONDS.— The first mtge. 7% bonds are convertible at any time before
maturity at par into capital stock at $15 per share. V. 117, p. 217.
OFFICERS.— Pres., Thomas F. Cole: Treas., F. R. Kennedy; Sec . E. J.
Macnamara. Office, 120 Broadway, N. Y.— (V. 120, p. 2692.)
SHAFFER OIL & REFININO CO.— O RGANIZATION.— Incorp In
Delaware in May 1919 to acquire the oil interest of C. B. Shaffer and
associates. Controlled through ownership of a majority of the com. stock
(which has sole voting power) by Standard Gas & Elec. Co. The properties
comprise 9,001 acres in proven oil territory with over 2,800 barrels average
daily production and 19 producing gas wells; also 43,894 acres of unde­
veloped oil lands in Oklahoma, Kansas, Louisiana, Montana, Texas and
Arkansas. The pipe lines comprise 150 miles of gathering lines and 52 miles
of main pipe lines connecting the production in Oklahoma with the com­
pany's modern refinery of about 6,600 barrels daily capacity, 27 steel
storage tanks; total storage capacity over 2,000,000 barrels, and 634
modern steel tank cars, also 6 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 240 distributing stations located in 230
communities, 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 over 98% of the com­
mon stock. The pref. stock is entitled to cumulative dividends at the rate
of 7% per annum and will participate ratably with the common and com­
mon “A " stock up to 10% p. a. In addition, will participate at the rate
of \ i of 1% for each dollar paid on the common stock in excess of $10 per
share during any one fiscal year. The common “A ” stock does not partici­
pate in any dividends over $10 per annum. Class “A ” common is con­
vertible, share for share, into common stock
D IV ID E ND S.— An initial dividend of 1 * 4 % was paid on the pref. stock
Oct. 25 1919; then to July 1923 paid \ % % quar.; Oct. 1923 div. was de­
ferred.
BONDS.— Guaranteed, p., i. & s. f., bv Standard Gas & Elec. Co.
Callable In whole or in part for the sink, fund on 4 weeks’ notice at 103 and
int. for the first five years, 102 }4 and int. for the following 2 K years, and
thereafter at 102 and int. Convertible at par into participating pref. 7%
cum. stock at 105. Sinking fund payable semi-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,
I K % s.-a.; Dec. 1 1923 to June 1 1925, 5% s.-a.; Dec. 1 1925 to June i 1927,
5K % 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, $9,130,700; retired by sinking fund, $5,869,300.
REPORT.— For 1923, gross earnings, $7,677,313; operating expenses,
$6,501,713; net earnings, $1,175,600.
OFFICERS.— Pres., H. C. Cummings; V.-Ps., W. H. Cannady and
John L. Gray; Sec., W . R. Francisco.— (V. 120, p. 2023.)
SHARON STEEL HOOP CO.— (V. 120, p. 968.)
SHATTUCK ARIZONA COPPER C O — O R G A N IZ A T IO N — Incor­
porated March 22 1904 in Minnesota. Properties (owned in fee) comprise
109 acres in Cochise County. Ariz. Flotation license. V. 105. p. 1215.
CA PITALIZATIO N.— Authorized and outstanding, $3.500.000; par.
$10 No bonds or preferred stock.
DIV ID E ND S— 12. ’13. ’14. *15. ’16. ’17. ’18., ’19. .20. ’21. ’24.
15 20
Per cent..............0 15
None
20 20
10
10 2 K
do extra________ _
_
5 27 K 30
10
2K
----- —
In Jan. 1920, 2 K %: none since.
C a le n d a r Y ea rs —
1924.
1923.
1922.
1921.
$885,242
Gross income____________$1,219,011
$37,994
$41,826
Expenses, &c__________
1,078,925
745,547
64,912
46,998
Depletion & depreciation
129,865
141,959
2,006
28,690

Balance______________sur.$10,221
* Deficit.

N o t e .— Production was suspended

*$2,264

*$28,925

*$33,862

early in Nov. 1920 and resumed April 1

1923
OFFICERS.— Pres., L. O. Shattuck; V.-Pres., H. L. Mundy, Thomas
Bardon Jr.; V.-P. & Sec., Norman E. La Mond; Treas., A. M. Chisholm.
Offices. 1£0 Broadway, N. Y.. and Bisbee, Ariz.— (V. 123, p. 2560.)
SHATTUCK (FRANK G.) CO.— Incorporated in 1906 in Mass.
Operates a chain of 21 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. These
restaurants and stores serve an average of 60,000 customers daily.
STOCK.— See table at head of page.
D IV ID E N D .— Initial quarterly dividend of 50 cents per share paid April
10 1925.

214

IN D U STRIA L STOCKS AN D BONDS

M IS C E L L A N E O U S C O M P A N IE S
[F o r a b b re v ia tio n s , A c . , see notes o n f i r s t p a g e]

D a te
B onds

Par
V a lu e

Am ount
O u ts ta n d in g

Rate
%

W h en
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

[V ol. 120.
P la c e s W h e re In te r e s t a n d
D iv id e n d s a re P a y a b le

£ £19,365,144 See text J & . See text
1
Shell Transport & Trading— Common stock £30,000,000-.
1
First preferred shares 5% cum £3,000,000. ____________
A & O
£10 £2,000,000
5
Second preferred shares,"7 . cum. £10,000.000. see text_
£ £5.000,000
1
7
None 1 ,0 0 0 shs. See text Q— M31 Mar 31 ’25 35c.
0 0 .0 0
Shell Union Oil Corp— Com stock auth 10,000,000 shares. .
Pref (a & d)stock Ser A 6% cum call 110 auth $20,000,000
$100 $17,880,400
Q— F May 15 ’25 1y3
6
Siemens & Halske (A G)-Siemens Schuckertwerke (Q m b" ~H)- See text

REPORT.— For 1924, showed:
In c o m e A c c o u n t Y e a rs E n d in g D e c .

31.
1924.

1923.
Stores’ gross trading profit on sales of lunch, candy
ice cream, &c________________________________ $4,039,187 $3,034,245
247,603
222,662
Other income— Rents, interest and discount______
Total stores’ gross trading profit________________ $4,286,790
General and administrative expenses____________
$461,643
Interest paid__________________
18,664
Rent, taxes (other than Federal), insurance, &c_
_ 2,293,276
Depreciation and pro-rated impts. on leased prop.
301,656
Federal income taxes____________________________
15i,444
Preferred dividends_____________________________
82,408

$3,256,907
$407,124
18,556
2,051,273
227,355
71,507
6,300

Balance, surplus______________________________
$977,698
$474,793
OFFICERS.— Pres., Frank G. Shattuck; Treas., G. F. Schrafft. Office,
16 West St., Boston.— (V. 120, p. 1597.)
“ SHELL” TRANSPORT AND T RADIN G CO. (TH E).— ORGANIZA­
T IO N .— Incorp. in London in 1897 as successor of M. Samuel & Co. in
London and some other important oil houses; wholesalers, distributors and
transporters of petroleum products, owning a large number of tank steamers
and 40 large and more than 300 small tank installations, including can
factories, &c., 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.
A m a lg a m a tio n w ith R o y a l D u tc h C o ., A c . — In 1902, in conjunction with
the 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 Co.” 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. 107
p. 1381; V 108, p. p. 2636; V. 103, p. 2243.)
CAPITAL.— The pref. shares have no voting power unless their div. la
affected or in arrears. In Julj 1919 277.000 of a total of 375.000 “American
shares” were offered by Kuhn, Loeb & Co. 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. 111. p. 79.
ORD INARY
1 1910. 1911. 1912. 1913 to 1921. 1922. 1923.
1924.
D IV ID E N D S )2234 % 20% 30% 35% y’rly. 27% 2234% 2234%
Paid in 1925: 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, $1.85% per share
In July 1921, 8334c. per share in Jan. 1922, $1 55W ner share in July
1922, 9234c. per share in Jan. 1923, $1 1334 in July 1923, 8534c. in Jan.
1924, $1,075 in July 1924 and 95c. in Jan. 1925.
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.
V a lu a b le S u b s c rip tio n B ig h ts — A m o u n t a n d P r ic e o f N e w Stock O ffe re d H o ld e rs

1907.
1909.
1912.
1913.
1917.
1919.
1920.
No. shares._300.000 200,000 508,773 367,964 915,717 4,054,490 6.408,925
Price...........£134
£234
£334
£334
£1
£1
£1
In 1918 the company distributed a stock bonus of 60% by Issuing to
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 1923, in V. 119, p. 71, showed:
C a le n d a r Y e a rs —
1923.
1922.
1921.
1920.
Profits_________________ £3,048,669 £4,938,084 £5,626,672 £7,668,642
Expenses, &c__________
40,484
304,924
139,251
41,222
Preferred dividend_____
450,000
316,542
100,000
100,000
Ordinary dividend_____ 4,357,157
4,357,157 5,325,414 6,762,453
do
do
rate.
2234%
2234%
2734%
35%
Bal., surplus for yr.def.£l ,798,972 def£40,539
£62,007
£764,967
P .& L .b a l. forward____
£230,085 £2,029,057 £2,069.596 £2,007,589
Chairman, Hon. Walter H. Samuel, M. C.: Sec., E. A. Smith-Rewse.
Office, St. Helen’s Court, 22 Great St. Helen’s, London, E. C. 3, Eng.—
(V. 120, p. 218.)
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 the Mid-Continent and California fields.
The corporation received all the outstanding stock of the Shell Co. of
California, Roxana Petroleum Corp., Ozark Pipe Line Corp. and Matador
Petroleum Co.; also 130,869 shares of stock of Union Oil Co. of California.
The Shell Co. of California received (1) all of the property and assets of the
Columbia Oil Producing Co., Western Union Oil Co., United Western Con­
solidated Oil Co. and Dunlop Oil Co.; (2) all of the oil and gas properties,
stocks of oil, &c., situated in California, of the Eddystone Oil Corp., Com­
monwealth Petroleum Corp. and National Exploration Co. The Roxana
Petroleum Corp. received all of the property and assets outside of California
and Kentucky of the National Exploration Co., all of the oil and gas
properties, &c., situated in Oklahoma and Kansas of the Eddystone Oil
Corp., and all of the oil properties and facilities in Texas of the Common­
wealth Petroleum Corp.
During 1924 the company sold its holdings in the Union Oil Co. of
California.
STOCK.— 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 to
subscribe to 2,000,000 shares of common stock (without par value) at $10 a
share in cash at the rate of 3 of 1 share of new stock for each share of
4
common stock held. V. 117, p. 1672.
D IV ID E N D S.— On common, paid initial dividend of 25 cents per share
on Sept. 30 1922; same amount pa/'ri quar. to Dec. 31 1924; on Mar. 31 1925
paid 35 cents quarj




REPORT.— For 1924, showed:
(Including income of Wolverine Petroleum Corp., successor to Central
Petroleum Co. from May 1 1923.]
C a le n d a r Y e a rs —
1924.
1923.
1922.
Gross income_____________________ x$50,984,588x$38,9C9,833 $19,324,808
Investment income_________________
______
______
2,120,824
Miscellaneous income_______________
______
______
678,951
Total income____________________ $50,984,584 $38,909,833 $22,124,583
Depletion, depreciation, &c________ $26,060,516 $20,626,750 $12,141,232
Provision for contingencies________
_______
1,200,000
______
Provision for income tax___________
______
______
387,000
Prop, applic. to minerity st’kholders
in sub. cos______________________
361,334
223,926
______
Add’l approp. for spec, res_________
6,000,000
Net income_______________________ $18,562,738 $16,859,156 $9,596,351
Previous surplus____________________ 12,005,507 4,846,351
Total surplus_____________________ $30,568,245 $21,705,507 $9,596,351
Preferred dividends___________________ $1,147,890 $1,200,000
$750,000
Common dividends__________________ 10,000,000 8,500,000
4,000,000
Balance surplus_________________ $19,420,355 $12,005,507 $4,846,351
x Including a half interest in the income of Comar Oil Co. and also in
1924 profit on sale of investment in Union Oil Co. of California.
3 M o n t h s E n d e d M a r . 31—
1925.
1924.
1923.
Gross inc. (incl. a half int. in inc. of
Comar Oil Co.)___________ $10,146,650
$11,059,938 $6,786,591
D e d u c t — Depl., depr., drill, exp., &c
5,641,445
5,697,842 3,368,447
Bal. bef. providing for income tax.. $4,505,205 $5,362,096 $3,418,143
Surplus at Dec. 31___________ 19,420,356
12,005,507 4,846,350
Total surplus_________________ .-. $23,925,561 $17,367,603 $8,264,494
263,481
300,000
300,000
Preferred dividend_________________
Common stock dividend_____
3,500,000
2,500,000 2,000,000
Surplus Mar. 31 1924, before pro­
viding for Federal taxes________ $20,162,080 $14,567,603 $5,964,494
OFFICERS.— Chairman, Sir Henri W . A. Deterding; Pres., J. C.
Van Eck; Sec. & Treas., James H. Brookmire. Office, 65 Broadway,
New York.— (V. 120, p. 25C0.)
SHERW IN-W ILLIAM S CO. (THE).— (V. 120, p. 2023.)
SIEMENS & HALSKE (A. G.) SIEMENS SCHUCKERTWERKE
(G. 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 of 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
Co. of Illinois, Chicago, sold $10,000,000 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 9614 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.
S e c u rity . — 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 life 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.

E

Mat , 1925.]

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[F o r a b b re v ia tio n s , & c . , see n otes o n page

D a te
B on d s

6.]

Simmons Co— Common stock 1,000,000 shares authorized-Pref (a & d) stock 7% cum red 110 $20,000,000 auth______
Simms Petroleum Co—-Stock $10,000,000 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
V a lu e

S ie m e n s
Schuckertw erks
G . m . b. H .

S ie m e n s
& H a ls k e
A . G.

R ate
%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la ces W h e re In te re s t a n d
D iv id e n d s a re P a y a b le

None 984,529 shs. See text Q— J Apr 1 ’25 50c.
$100 $6,301,600
Q— F May 1 1925 1*
7
3
2
4
10 6,832,510 See text J & J July 1 ’25 50c
1923
1922
1923
1924

1,000
490,009
7g
None 4.491,892sb See text
100 18,541,100
8
100 &c 47.875.000
7g
100 &c 24.432.000
6^ g
100 &c 15,000,000
6g

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.
S in k in g F u n d .— 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 102 and interest.
BALES A N D EAR NINGS.— 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):
------------------ S a le s -------------------— — — N e t E a r n in g s --------------S ie m e n s
& H a ls k e
A . G.

Am ount
O u ts ta n d in g

315

S ie m e n s
Schuckertw erke
G . m . b. H .

F

& A Aug ’25-Aug’31 Equitable Trust Co.,N .Y
May31 1924 50c
Q— F May 15 ’25 2%
M & S Mar 151937
J & D June 1 1938
J & D Dec 1 1927

SINCLAIR CONSOLIDATED OIL C O RPORATION .— O RGANI­
ZATION.— Incorp. In New York Sept. 23 1919 as a holding company.
Consolidation of Sinclair Oil & Refining Corp., Sinclair Gulf Coro, (sfe
statements in April 1919 issue) and Sinclair Consolidated Oil Corp., undtr
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:
S u b s id ia rie s . — (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 East Chicago, tnd.; Kansas City, Kan.: Coffeyville, 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.
A f f ilia t e d C o m p a n ie s . — 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. Total miles of trunk and gathering lines
in Dec. 1924. 5,724.
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 %; (6) 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 A % 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 1925, 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 A and int. on or before Mar. 15 1927;
thereafter at 105 and int. on or before Mar. 15 1932: thereafter at 102 A
and int., less A % 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 107A and int. on or before March 14 1927;
thereafter at 105 and int. on or before March 14 1932; thereafter at 102 A
and int. less A % for each 12 months elapsed after March 14 1932, up to and
including March 14 1937; and thereafter at 100 and int. The Series C
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 or 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); (b ) 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 aDy time theretofore issued and outstanding 2% p. a. from
Dec. 15 1922 to June 15 1926 inch; 3% p. a. from Dec. 15 1926 to Dec. 15
1929 incl.; 4% p. a. from June 15 1930 to June 15 1933 inch, 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 1934, 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-

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
_
21,750,000
72,100,000
4,930,000
6,941,000
1914 _
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 mentioned dollar amounts are calculated
on the basis of 4.20 gold marks equal to $1.— (Y. 120, p. 968.)
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, Limited.
D IV ID E N D S.— 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 and April 1 1925 paid 50
cents quar.; 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 1924, showed: Net sales, $31,667,742; mfg. cost, selling & admin, expenses, $26,362,078; other deductions,
less miscell. income, $537,500; reserved for depreciation, $1,110,763;
extraordinary deductions, $501,527; reserved for Federal taxes, $388,400;
balance available for dividends and surplus, $2,767,473.
OFFICERS.— Pres., Z. G. Simmons; Senior Vice-Pres., A. H. Lance;
Sec. & Treas., Grant G. Simmons. Office, 110 East 42d St., N . Y .—
(V. 120. p. 2413.)
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,
293 producing oil and gas wells, 91.7 miles of pipe line in northern Louisiana,
at Mexia, Texas, and 1,825,000 bbls. of steel storage capacity, tank cars,
warehouses, &c. Compare annual report in V. 120, p. 1629.
CAPITAL STOCK.— Of the 1,000.000 snares authorized, 720,526 shares
have been issued, of which 683,251 shares are outstanding in hands of
public and 37,275 shares have been acquired and are held in the treasury of
the company.
D IVIDEND S.— An initial dividend of 50 cents per share was paid
Jan. 2 1925; same amount paid July 1 1925.
REPORT.— For 1924, in V. 120, p. 1629, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
Production (bbls.)__________________ 4,054,362
3,959,057 2,678,114
Production revenue__________________ $6,288,510 $4,050,342 $3,850,263
Operating expenses__________________ $2,019,569 $1,620,539 $1,192,302
Development expense______________ ____________
784,754
1,194,710
Net profit from operations___ ____ $4,268,941
$1,645,049 $1,463,251
Tank car earnings, interest, &c______
110,976
276,057
286,729
Gross income_______________
$4,379,916 $1,921,106 $1,749,980
Rentals, taxes, interest, &c_________
$240,640
$208,131
$177,093
Labor and production drilling cost_
_
595,327
______
______
Miscellaneous adjustments_________
238,452
252,347
189,165
Depreciation_______________________
872,821
670,768
541,972
Depletion__________________________
510,459
448,452
651,874
atE r.u ip . T ru s ts . & c . — On Dec. 31 1924 there were outstanding $2,998,787
341,611
---------------Dividend payable Jan. 2 1925______
obligations. In Oct. 1924 National Steel Car Lines Co.
Surplus for year___________________ $1,580,607
$341,408
$199,876 purchase money6% equip, trust gold certificates, series “E ,” due in semi­
sold $6,000,000
E a r n in g s T h re e M o n t h s E n d e d M a r c h 31—
1925.
1924.
Net production, barrels_________________________
1,255,465
1,099,577 annual installments of $375,000 each. May 15 1925 to Nov. 15 1932 and
Gross revenue____________________________________$2,523,394 $1,945,040 guaranteed, prin. and divs., by Sinclair Cons. Oil Corp. V. 119, p. 2073.
REPORT.— For 1924, in V. 120, p. 2138, showed:
Net revenue___________________________________
1,938,391
1,457,107
C a le n d a r Y e a rs —
1924.
1923.
1922
1921.
Other income__________________________________
74,932
9,456
earnings__________
Interest, rents, &c______________________________
51,493
65,673 Netu c t — Int & discount$16,426,930 $13,436,504 $30,943,794 $10,785,313
D
6,036,137 3,435,880
4,435,809 5,633,756
Federal income tax______________________________
100,000
------e d
12,540,080
Development expense___________________________
409,393
186,001 Reserve for deprec., &c_ 1,512,990 11,289,673 11,746,242 12,038,335
1,571,172
204,382
21,232
427,497
422,703 Pref. div. (8% cash)____ 4,486,384
Depreciation, depletion and abandonment_______
Com. div in cash______
8,970,999
4,329,094
-----Net income______________________________________ $1,024,940
$792,186
----------------- -------- -------- -------787,836
OFFICERS.— Chairman, Thomas W. Streeter; Pres., Edward T. Moore; Com. div. in stock------Surplus_________ def$8,148,641df$l 1831,220 $10,171,752df$7,699,973
Sec., John J. Heffernan. Office. 120 Broadway, N . Y .— (V. 120, p. 2560.)




316

IN DU STKIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S
[ F o r a b b re v ia tio n s , & c .. see notes o n f i r s t p a ce]

Singer (Sewing Machine) Mfg— Stock $120,000,000 authSkeily Oil Co— Stock $35,000,000 authorized_____________
1st & coll s f gold bonds red 105________________ Upi.x*
Convertible gold notes red (text)____________________ Nc*
Sloss-Sheffieid Steel & Iron— Common stock 510,000,000. .
Preferred (a & d) 7% non-cum 510.000.000___________
Sink fd gold notes $6,000,000 call 105 s f_C e.vw v.c*& r*
Purchase money lien notes red (text)_____________ Ce.xxxc*
Serial purchase money notes due $400,000 ann__________ .
•
Solar Refining Co— S to ck ----------------------------------------------Sooth Penn Oil Co— Stook 520.000,000-------- --------- - .... -Sooth Porto Rico Sugar Co— Common stook $12,500,000-Preferred stook (a & d) 8% oum 55.000,000.....................
1st coll mtge s f gold bonds red (text)_________ Ba.xxxc *

Par
V a lu e

$7,183,214
6,059,483

$5,757,615
4,116,555

Net income_______________________
$41,734 $1,123,731 $1,641,060
Q u a rte r E n d e d M a r c h 3 1 1924.
1923.
1925.
Gross earnings_____________________ $3,948,370 $4,085,457 $5,378,348
Expenses, general taxes, &c________
1,659,432
1,891,354
2,872,213
Interest and discount_______________
256,266
221,891
163,516
Depletion and depreciation_________
1,050,616
1,300,222 Not given.
Net income before Federal taxes_
_
$750,134
$903,912 $2,342,619
OFFICERS.— Pres., W . G. Skelly; V.-P., C. C. Herndon and F. APielsticker; Sec. & Treas., F. T. Hopp; Gen. Aud., H. G. HumphreysOffice, Tulsa, Okla.— V. 120, p. 2280.
SLOSS-SHEFFIELD STEEL AND IRON CO.— O RGANIZATION.—
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; 1 well-developed coal mines on four of the best known
1
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 operation in April 1920.
During 1923 purchased the entire properties of the Sheffield Iron Corp.
In Oct. 1924 acquired the properties of the Alabama Co., V. 119, p. 1852.
LATE D1 VS | 08. 09 TO. 11-T4. 15-T6. T 7.T 8. T9. ’20. ’21-25.
Common______ 1 4 H 5_H 3 X None None 134 text 6
6
text
7
7 7 yly See below.
Preferred ___ I 7
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 dividend
scrip (3 Yi %) was redeemed and there was paid in cash 1M % and also an
extra 1% % as deferred dividend for 1915, April 1916 to Jan. 1922, inclusive,
paid full 1 % % quarterly; then none until April 1923, when \ % % was
paid; July '23 to July '25 paid 154% quarterly. Common dividends Feb.
1917, 1)4%, then none until 1918, when quarterly distributions of 1>4 %
each were resumed, beginning May 10; Aug. 10 and Nov. 11, 1J %; in
4
1918, Feb. to Nov., inclusive, paid 134 % 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, 134% quar.; then none until March 20
1924 when 134% quar. was paid; June 20 1924 to June 20 1925 paid 134%
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 property
cannot be mortgaged. V. 109, p. 378.




R ate

%

W hen
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la c e s W h e re In te re s t a ru
D iv id e n d s a re P a y able

100 90,000,000 See text Q—M Mar 31 ’25 2 Y 2 New York
$25 $20,579,090
Union Trust Co. Pittsb
1921
1,000 2,525,000
7)4 g J & D Dec 1 1931
New York Trust Co, N Y
1924 500-1000 6,775,000
6)4 g A & O Oct 1 1927
100 10,000,000 See text Q— M 20 June20 1925 1)4 Central Union Tr Co N Y
do
do
5 -*
100 6,700.000
7
Q—J July 2 1925 1J
New York
F & A Aug 1 1929
1919
1.000 4,477,000
6g
F & A Aug 1 1929
New York
1924
1,000 2.500.000
6
M & N To Nov 1 1928
1.200.000
5
100 4,000,000 See text J Sc D June 20 ’25 5% Checks mailed
-—
100 20.000.000
Sept 30 1922 1)4 Pittsburgh P a.
100 11,205,600 See text Q— J July 1 1925 1)4 Checks mailed
do
100 5.000.000
8
Q—J July 1 1925 2%
Bankers Trust Co. N Y
1921
500 & (
5,687,000
7 g J & D Dec 1 1941

OFFICERS.— Chairman, H. F. Sinclair; Pres., E. W . Sinclair; Sec.,
A. Steinmetz; Treas., J. F. Farrell. N . Y. office, 45 Nassau St.— (V. 120.
p. 2692.)
SINQER (SEWINQ MACHINE) MFQ. CO. (THE)— ORGANIZA­
TIO N.— Incorp. in 1873 in New Jersey under special Act. Plants located
at Elizabeth, N. J., Bridgeport. Conn.. St. Johns, Que., &c.
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 stock holders voted Dec. 6 1922 to increase the authorized capital
stock from $90,000,000 to $120,000,000.
LATE D IV S .-l 'l l . '12. '13. ’14. 16. T6. ’17. '18. T9. ‘20. ’21-24
Since 1908 l
12 13 16 12 8
9 11
10 10 7
text
N o t e . — 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 nor share. In March, .Tune and Sept. 1922 paid *1 25 per share
Dec. 1922 to Dec. 1924 paid 1 % % quar. Also paid 2% extra on Dec. 31
1924. On March 31 1925 paid 2)4% quar.
In July 1917 paid an extra dividend of $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, 1,500,000 of the 2,000,000 £1 shares of the Singe*
Mfg. Co., Ltd., of Great Britain & Ireland (owning plant at Singer, Clyde­
bank, Scotland, in the proportion of 214 shares of £1 each of the British co. to
•ne ($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. Y. 112, p. 379.
1921. 50%; Y. I l l , p. 1859.
REPORT.— For 1922, in V. 117, p. 1565. showed:
C a le n d a r Y e a rs —
1922.
1921.
..$21,568,981 $11,938,800
Net income............................
Dividends_______________________________________ 4,949,842 5,129,674
Balance............................
..$16,619,139 $6,809,126
Previous surplus_________________________________ 13,501,881 6,692,755
Profit and loss, surplus________________________ $30,121,020 $13,501,881
Pres., Douglas Alexander; V.-P., F. A. Park. Office. 149 Broadway
N. Y .— (V. 120, p. 1339.)
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 1924 the company
owned 174 producing properties, comprising 18,456 acres and 996 producing
wells; also owned 16 properties on which initial wells were being drilled and
1,742 properties (embracing 250,793 acres) wholly undeveloped.
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 the
capital stock at the rate of 1 share of the par value of $25 for each $25 of
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.
D IV ID E N D S.— Initial dividend of 2% was paid April 22 1920: July 31
1920, 2%: Oct. 30 1920, 2%; Feb. 10 1921. 2%; none since.
REPORT.— For 1924 showed:
C a le n d a r Y ea rs —
1924.
1923.
1922.
Gross______________________________ $18,296,828 $19,592,357 $16,683,365
Expenses, taxes, &c________________ 12,613,271 11,559,429 10,443,698
482,052
976,503
849,714
Interest charges____________________
Balance__________________________ $4,707,054
Depreciation, depletion, &c_________
4,665,320

A m ount
O u ts ta n d in g

[V ol. 120.

The purchase money lien notes of 1924 are red. all or part on 30 days’
notice at any time on or after Aug. 1 1925 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 interest, or by drawings for redemption at 105 and
interest. V. 119, p. 2299.
REPORT.— For 1924 showed:
1921.
1923.
1922.
C a le n d a r Y e a rs —
1924.
$3,773,876 $1,394,109 $1,150,289
Operating profits______ $2,807,953
334,500
Interest_______________
346,806
321,229
316,575
301,432
Depreciation & depletion
718,871
721,628
498,641
Federal & State taxes_
_
226,000
240,000
1,627,774
Inventory adjustment-______
469,000
Preferred dividends (7%)
469,000
469,000
(134)150,000
Common dividends____(6%) 600,000
Balance, surplus_____
$447,277 $2,022,019
$578,893df$l,732,417
Profit and loss surplus.. $8,584,361 $8,385,007 $6,962,988 $6,384,094
Chairman, Waddill Catchings; Pres., Hugh Morrow; Sec. & Treas.,
Russell Hunt, Birmingham, Ala.— (V. 120, p. 2692.)
SOLAR REFININU CO.— ORGANIZATION, < .— Incorporated in Ohio
sco
in 1886. Has refining plant at Lima. O. Formerly oontrolled by Standard
nil Co. of N J.. but segregated In 1911. See Standard Oil Co., V. 85, p.
316, 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 of 100% was paid to stockholders of record Dec. 23 1922.
D IV ID E N D S.— On Dec. 20 1912, 20% div. was paid; June 16 1913,
300% in stock; June 20 1913, 20%; Dec. 20, 5% and 30% extra; from
June 1914 to June 1917, l0% (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 paid 5%.
REPORT.— For 1924, in V. 120, p. 1340, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
♦Net profits___________
$685,128
$496,482
$879,227 loss$103,648
Cash dividends________
600,000
400,000
300,000
200,000
Balance, surplus_____
$85,128
$96,482
$579,227 def$303,648
* After Federal taxes.
Pres., F. T. Cuthbert; V.-Pres., F. G. Borges; V.-P. & Treas., N . D.
Keys; Sec., Howard A. Graham. Office, Lima, Ohio.— (V. 120, p. 1340.)
SOUTH PENN OIL CO.— ORGANIZATION, &C.— Incorporated n
Pennsylvania in 1889. Produces crude oil. Early in 1913 acquired 51%
of the $10,000,000 Penn-Mex Fuel Company stock, controlling 180.000
acres leases and fees along the Gulf Coast of Mexico, and in 1917 properties
in W. Va. and Ky. V 107, p. 2481. V. 105. p. 722: V. 96. p. 657.
in Aug. 1917 purchased for about $3,500,000 the holdings of the Big
Jreek 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 daily, 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 OH Company of New Jersey, but
segregated in 1911. See Standard Oil Company, V. 85, p. 216. 790; V. 93,
p. 1390 The shareholders voted Feb. 14 1917 to Increase the author­
ized capital stock from $12,500,000 to $20,000,000 in order topay a stock
div. of 60% to shareholders of record Feb. 14. V .103.p.2244: V.104,p.769
DIVS.—
1913. 1914. 1915. 1916. 1917. 1918-19. 1920. 1921 1922.
Cash, regular. 11 6
12
20
20
20
20
13
4)4
Extra, stock-. 300 _
—
_
__
60
--____ ____
4 ojish
*
2
4
2
12
Paid in 1922, March 31, 1)4%: June 30, 134%VSept.~30. l")4%; none
since.
REPORT.— For 1924, in V, 120, p. 1598, showed;
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Gross income for year— $13,508,804 $13,435,658 $13,363,426 $15,183,827
Op. exp., tax., depr., &c.$11,981,336 $14,374,643 $14,628,763 $14,779,174
Dividends_____________ ________
________ (4)4)900,000(13)2600,000
Bal., sur. or def____sur$l,527,468 def$938,985df$2,165,337df$2,195,347
Previous surplus.......... 10,941,908 11,880,893 14,046,230 16,241,578
P . & L . surplus....... .$12,469,376 $10,941,908 $11,880,893 $14,046,230
Pres., L. W. Young Jr.; Sec., R. W . Cummins; Treas., S. G. Hartman.
Office, 545 William Penn Way, Pittsburgh, Pa.— (V. 120, p. 2159.)
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 250,000 bags capacity. Also owns all of the out­
standing capital stock of South Porto Rico Sugar Co. of Porto Rico which
owns the Guanlca Central sugar factory at Guanica, P. R.. capacity 450.000 bags
CAPITAL STOCK.— The stockholders voted June 14 1917 to Increase
the authorized common capital stock from $4,000,000 to $6,000,000. Of
the new stock $500,000 was offered at par (V. 104, p. 2239) to stockholders
in 1917. In Feb. 1919 the company sold $1,005,000 new preferred stock.
Increasing the outstanding to $5,000,000. V. 108, p. 386, 486. Holders
of the $4,500,000 common stock of record June 22 1918 were entitled to
subscribe at par on or before July 16 for $1,125,000 new common stock,
the proceeds to be used in connection with the payment for the new $4,000,000 sugar factory and other improvements at La Romana. V. 106, p
2654, 2763. The stockholders on July 1 1920 approved an increase in the
auth. com. stock from $6,000,000 to $12,500,000. Stockholders of record
July 24 1920 received on Aug. 6 1920 a stock div. of 100%. V. I l l , p. 80,
Dividends on common were paid from 1910 to 1915 incl. at an average
rate of nearly 6X % per annum. From Jan. 1916 to Dec. 1917 at the rate
of 20% with occasional extra cash and stock dlvs. In Dec. 1917 and April
1918,5%: July 1918 to April 1919, 6% quar. in 3-year 7% scrip, all of which
was redeemed In cash in July and Oct. 1919. In July 19 to July '20 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. On
Deo 31 1920 paid 3%; April 1 1921, 1)4%; then none until April 1 1924,
whi 114% was paid; same amount paid quar. to July 1 1925. Divs. os
pre
the rate of 8% have been paid since 1902. V. 106, p. 2654: V. 107.
p.
015, 2104; V. 108, p. 885, 2130.

M ay , 1925.]

217

IN D U STRIA L STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[F o r a b b re v ia tio n s , & c . , see n otes o n page

6.]

Southern Pipe Line Co— Stook $10,000,000__________
SouthW est Pennsylvania Pipe Lines— Stook S3.500,000__
{A G) 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
Spicer Mfg Corp— Common stock 600,000 shares authorized
Pref (a & d) stock 8% cum $10,000,000 authorized_______
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*
3-year notes_____________________________________________
Standard Oil Co (California)— Stock auth $250,000,000-Serial gold notes red (text) due $2,500,000 ann.-AS.xxxc*

D a te
B onds

Par
V a lu e

A m ount
O u ts ta n d in g

R ate
%

W h en
P a y a b le

L a s t D iv id e n d
a n d M a t u r it y

P la ces W h e re In e r e s t ana
D iv id e n d s a re P c y a b e

$100 $10,000,000 See text Q— M June 1 1925 1% Checks mailed
100
3.500,000 See text Q— .1 Apr 1 1925 1% Checks mailed
100 5,313,300
8
Q— J15 Apr 15 1925 2%
100 4,453,300
Q— M June 1 1925 1A
7
Q— M June 1 1925 2
100 1,000,000
8
—
Aug 1 1920 50c
313,750 sh.
100 $3,000,000
8
Q— J Apr 1 1925 2%
/Bk of NA&Tr, Phila, or
1921 500&1000
499,000
8 g J & JJuly 1 1931
1Guaranty Tr Co, N Y
Miners Bk, Wilkes-B, Pa
244,000
1900 500&1000
5 g J & D Dec 1 1930
100 12,488,042
5
Q— F May 29 ’25 1A Chath & Phen N B & T Co
do
do
100 6,488,000
Q— F May 29 ’25 1A
6
1.000
do
do
3,663,000
M & N Nov 1 1930
1900
5g
Nat Bk of Comm, N Y
S lar 1 1945
1925 500&1000 2.500.000
5A g M &
6
1.500.000
J & J
1924
Q— M June 15’25 2% Checks mailed
25 235,228,447
8
F & A Aug 1 ’25 to ’33 New York and San Fran
1,000 22,500,000
1923
6g

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 1924, in V. 119, p. 2173,
showed:
Y e a rs E n d e d S e p t. 30—
1923-24.
1922-23.
1921-22.
1920-21.
Sugar made (tons)_____
97,000
83,000
86,500
111,000
Total receipts.......... --$11,446,394 $10,532,258 $6,396,945 $10,525,128
Manufac., &c., expenses,
taxes, interest, &c____ 8,235,707
6,761,829 6,739,032 10,078,679
Net earnings_________ $3,210,687 $3,770,430 toss$342,087
$446,449
Bond interest__________
$400,107
$420,000
$350,000
Disc. & exp. on coll.mtge
bond issue prorated___
32,616
32,616
48,019
Reserve for depreciation
904,536
1,150,868
472,109
Reserve for income and
excess profits taxes_
_
400,000
400.000
Preferred divs. (8% )___
400,000
400.000
400,000
400,000
Common divs. (cash)..(4^)504,252
______ (4^)504.252

R E P O R T — For 1924, in V, 120, p. 2023, showed:
C a le n d a r Y ea rs —
1924.
1923.
1922.
Net sales, including other income____
Not
$12,675,785 $9,829,176
Cost of sales, adm., selling, &c., exp.- available.
11,329,665
8,853,836
Balance, profit_____________
and discount _
Provision for Federal taxes-

D e d u c t — Interest

D e d u c t — Prov.

for reduc. of inv.
Sundry adjustments (net)_
_
Loss on sale of capital assets.

.. $1,280,534
206,699
105,000

$1,346,120
270,446

$975,340
343,668

$968,835
$1,820,241

$1,075,674
$1,017,863

$631,672
$745,118

240,000

33,295
240.000

240,000

118,928

'- $2,549,077 SI,820,241 $1,017,863
120, p. 2692.
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. 120, p. 2692.)
STANDARD M ILLING CO.— ORG ANIZATION.— Incorp. In N J.
Balance, surplus_____
$569,175 $1,366,945df$l,612,215 def$457,803 Oct. 31 1900. Consolidated with Colonial Milling Co. May 25 1916, per
Totalp. &l.sur. Sept. 30 $4,786,205 $4,217,030 $2,850,085
$953,756 plan in V. 103, p. 65, and owns directly or through subsidiary cos. mill*
in Minneapolis, West Superior, Buffalo, Kansas City and New York;
OFFICERS.— William Schall, Chairman of Board; F. A. Dillingham’ total daily capacity, 38.000 bbls. of flour. V. 75, p. 1252; V 68 p. 873.
President: Julius A. Stursberg, V-Pres.; F. M. Wdty. Treas.: Edward S
i?9, V. 69, p. 29. 1010; V. 71. p. 817; V. 84. p. 697.
Paine, Sec. Office, 62 Cedar St., New York.— (V. 119, p. 2173.)
CAPITAL STOCK.— On Dec. 22 1922 paid on common 60% stock divi­
SOUTHERN PIPE LINE CO.— ORGANIZATION, &C.— Incorro-atec dend payable in common stock.
in Pennsylvania in 1890. Has pipe line extending from Pennsylvania State
COM. DIVS.— ’12-13. T4. T5. T6. T7. T8. '19-20. ’21. '22. ’23 '24.
2
3 3 5 4 6
10
8 8 5 5
line to P ‘ladelphia. Pa., 263.15 miles. Formerly controlled by Standard Percent.............
do in stock___ ____
-_
4
4 ____ __ 60 -Oil Co. of N. J., blit segregated in 1911. Dividends: 1912. 28%: 1913
Paid in 1925: Feb. 28, I H % : May 29, \ M % .
32%: 1914, 30%: Mar. 1915 to June 1918. 24% p. a. (6% Q.-M.). I d
Sept. 1918 to Mar. 1920 paid 5% quar. In June, Sept, and Dec. 1920.
BONDS.— The first & ref. mtge. lien r > A % gold bonds are redeemabla
4%: March 1921, 3%: June 1921. 3%: Sept. 1921 to Dec. 1922, 2% quar
all or part, on 30 days’ notice at 103 A and interest during the first two
Mar. 1 1923 paid 4%; June 1 1923 to Dec. 1 1924 paid 2% quar.; Mar. 2 years, thereafter at 103 A and interest less A % for each two full years
and June 1 1925 paid 1% quar.
which shall have expired after March 1 1925, up to and including March 1
1935, and thereafter at 10214 and interest less A, % for each full year after
REPORT.— For 1924, in V. 120, p. 715 and 839, showed:
March 1 1934.
1924.
1923.
1922.
1921.
As
company will agree
or before March
$280,092
$547,707
$982,239 $1,090,997 1926, a sinking fund forMarch 1 of each yearto retire on $75,000 bonds (by
Profits for year________
and on or before
thereafter,
Dividends paid....... _(8%)799,999 (10)999,999 (8)799,999(10)1000,000
redemption by lot or by purchase at not exceeding the current redemption
Balance_____________ def$519,907 def$452,292 sur$182,240 sur$90,997 price).
Authorized, $12,000,000. Additional bonds may be issued to the extent
of $5,380,500 for the retirement of $3,618,000 mortgage bonds and $1,500,Pres., Forrest M. Towl; V.-P. & Treas., E. R. Shepard; V.-P. & Gen
Mgr., J. W. Vandergrift; Sec., V. S. Swisher. Office, Oil City, Pa.— 000 3-year notes and of the $262,500 subsidiary company bonds. The
remaining authorized bonds may be issued for not to exceed 75% of the cost
(V. 120, p. 839.)
or fair value of subsequent acquisitions or improvements, provided that the
SOUTH WEST PENNSYLVANIA PIPE LINES.— ORGANIZATION average annual consolidated net earnings for the three years preceding the
Ac.—Incorporated in Pennsylvania in 1886.
Own pipe lines in Penn­ issue of bonds shall be not less than twice the annual interest charges on the
sylvania. Formerly controlled by Standard Oil Company of New Jer
mortgage debt, including the bonds to be issued, and in each of such years
sey, but segregated in 1911. See Standard Oil Co., V. 85, p. 216, 790 shall be not less than one and one-half times such interest charges.— V. 120
V, 93, p. 1390. Dividends paid Apr. 1912 to July 1914, 5% quar.; Oct., p. 1214.
4%; Dec. 31, 3%; 1915, 12% (3% Q.-J. and 3% in Dec.). Jan. 1916 to
REPORT.— For year ending Aug. 31 1924, in V. 119, p. 1731:
Dec. 31 1919, 12%yrly. (3% Q.-J.). April 1920 to July 1921 paid 2% quar
A
1923-24.
1922-23.
1921-22.
1920-21.
Oct 1921 to Oct. 1922 paid 1% quar. On Dec. 30 1922 paid 4%: April Netu g . 31 Y e a rs —
1923 to Oct. 1924 paid 2% quar.; Dec. 31 1924 and April 1 1925 paid 1% Div.profits, aft. int.,&C- $1,047,356 $1,022,152 $1,007,715 $1,199,018
on pref. stock_____
389,196
389,178
389,178
389,178
quar.
Div. on com. stock_____
624,532
601,600
593,007
592,190
REPORT.— For 1924, in V. 120, p. 715, showed:
Balance, surplus_____
$33,627
$31,374
$25,531
$217,650
1924.
1923.
1922.
1921.
Profits for calendar year
$91,199
$268,464
$315,871
$161,970
OFFICERS.— Pres., A. P. Walker; V.-P., F. L. Rodewald and G. K.
Dividends------------------(7%)245,000 (7)279,999 (7)245,000 (6)210,001 Morrow; Sec. & Treas., J. A. Neville; Asst. Sec. & Asst. Treas., Geo.
Macdonald. Office, 49 Wall St., N . Y .— (V. 120, p. 1470.)
Balance, sur. or def.-def$153,801 def$ll,535 sur$70,861 def$48,031
CO. (CALIFO
Pres., Forrest M. Towl; V.-Pres. & Treas., E. R. Shepard: V.-Pres., in STANDARD OIL 10 1879 as theRN IA).— ORGANIZATION.— Incorp
California Sept.
Pacific Coast Oil Co. Present name
Allan T. Towl; Sec., V. S. Swisher, Oil City, Pa.— (V. 120, p. 715 )
adopted July 23 1906. Owns and operates producing properties, pipe lines
refineries at
(A. G.) SPALDING & BROS.— Incorp. under laws of N. J. on Feb. 2 for the transportation of oil, tank steamersRichmond, El Segundo and
Bakersfield, Calif. Also owns
and barges for the transpor­
1892. Manufactures athletic goods and related articles of merchandise.
tation of its products and sales stations in principal cities and towns on
STOCK.— The 1st pref. stock is redeemable after three years from date Pacific Coast and in Nevada, Arizona, Hawaii and Alaska (compare V. 110,
of issue at 115 and div. A sinking fund of at least 3% per ann. of the p. 1080; V. 114, p. 1647). Government suit, V. 118, p. 3161.
total amount issued provides for purchase up to the redemption price.
CAPITAL STOCK.— The stockholders voted Dec. 5 1922 to increase
D IVIDEND S.— On common, paid 3% quar. from Jan. 15 1921 to July 15 the authorized capital stock from $115,000,000 to $250,000,000, par $25.
1922. A 100% stock div. was paid Sept. 19 1922. Oct. 16 1922 to Apr. 16 The directors declared a 100% stock dividend, payable Dec. 30 1922.
1923 paid 1 A % quar. on increased capitalization; July 15 1923 to Apr. 15 V. 115, p. 2592. Stockholders of record Mar. 26 1923 were offered 1,024,1925 paid 2% quar.
079 additional shares of stock at $25 per share in the proportion of one share
for each eight shares held. V. 116, p. 1190.
REPORT.— For 1924 showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
LATE DIVS.(% )— ’15. ’16. 1917. ’18 ’19. ’20. ’21. ’22. ’23. ’24.
Regular cash________ 10
Net sales___________________________ $20,065,981 $19,859,125 $19,908,075
10
10
10 10
10 14 A
16
8 8
Net operating profit________________
$942,881 $1,676,220 $2,286,682 Extra cash__________
1
4 1
In stock____________
Other income............ ....................
516,495
170,531
171,973
50 33 1-3
100
rn Liberty bonds____ - -2A
-2A
Total income____________________ $1,459,376
$1,846,751 $2,458,655
Paid in 1925: Mar. 15, 2%; June 15, 2%.
228,105
203,203
Interest paid______________________
151,694
NOTES.— The 5% serial gold notes (V. 116, p. 2779) are redeemable as a
United States and foreign taxes_____
149,589
231,890
326,464
First preferred dividends (7% )______
309,243
321,216
276,729 whole or in part in amounts of $2,500,000 or multiples thereof and consti­
Second preferred dividends (8% )____
80,000
80,000
80,000 tuting single maturities, on any interest date on 30 days’ notice; at 100 and
■Common dividends_________________
412,956
328,771
285,155 interest plus a premium of A % for each six months' period unexpired. Pro­
Provision for redemption of first pref150,000
150,000 ceeds were used to redeem on Aug. 1 1923 the outstanding $25,000,000 10150,000
Reserve for contingencies___________
______
43,779 year 7% gold debentures, due Jan. 1 1931.
REPORT.— For 1924, showed:
Surplus______ _______
$129,484
$531,670 $1,144,835
1924.
1923.
1922.
1921.
Earnings for year_____ $44,354,798 $38,330,936 $42,822,825 $50,530,409
Report for quarter ended Mar. 31 1925 in V. 120, p. 2692.
OFFICERS.— Chairman, J. W. Spalding; Pres., J. W. Curtiss; V.-P., Depreciation, &c_______ 13,535,368 11,756,830 12,853,012 14,192,397
Interest charges_______
1,541,667
1,750,000
1,670,782
Chas. F. Robbins and C. S. Lincoln; V.-P. & Treas., H. Boardman Spald­ Excess profits & income 1,197,917
ing; Sec., John T. Doyle. Main office, 105 Nassau St., New York.—
taxes (estimated)___
3,020,000
590,000
1 , 200,000
1,079,000
(V. 120, p. 2692.)
Dividends (cash)_______ 18,720,029 18,016,273 16,285,659 15,499,546
SPICER M ANUFACTURING CORP.— Organized under laws of Va.
Balance,'surplus-------$7,881,484 $6,426,166 $10,734,154 $18,088,684
Oct. 12 1916. Manufactures universal joints, propeller shafts, frames,
axles and springs for automobiles, and other automobile parts. Plants are
OFFICERS.— Pres., K. R. Kingsbury; V.-Pres., F. H. Hillman,
J.
located at South Plainfield, N. J.; Pottstown, Pa.; Reading, Pa.; Wilkes- Hanna, H. M. Storey and II. T. Harper; Treas., R. C. Warner; Sec., R. H.
J.
Barre, Pa., and Jamestown, N . Y.
Tuttle.
D IV ID E N D S.— On common paid 50c. per share on Aug. 1 1920; none
New York office, 37 Wall St.; head office, Standard Oil Bldg., San Fran­
since. On prefered in full to date.
cisco.— (V. 120, p. 2280.)




218

IN D U STRIAL STOCKS AND BONDS

M IS C E L L A N E O U S C O M P A N IE S .
[F u r a b b re v ia tio n s , & c . , see notes o n p a g e

6.]

Date
Bonds

Standard Oil Co of Indiana—-Stock $250,000,000 autli_
_
Karpen Bldg 1st M bonds______________________________ 1910
Standard Oil Co of Kansas— Stock $8,000,000 auth______
Standard Oil Co (Kentucky)— Stock $17,500,000 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 $235,000,000 auth..
12-year gold debentures red (text)_____________ Ba.xxxc*

Par
V a lu e

Surplus for year______ $18,504,118 $19,431,660 $31,927,110 $5,602,225
Chairman, Robert W . Stewart; Pres., W m .M . Burton; Sec. & Treas.,
E. G. Seubert. Office, 910 So. Michigan Ave., Chicago, 1 1 (V. 120,
1 .—
p. 2561.)
STANDARD OIL CO. OF KANSAS.— ORGANIZATION, &c.— In­
corporated in Kansas in 1892. Owns refining plant at Neodesha, Kan.,
with 165 stills and a crude distilling capacity of about 4,750,000 bbls.
V . 103, p . 1512; Y . 96, p . 1093, 142 8.

G o v t , su it, V . 118, p . 316 1.

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.
T4. T5. T6. ’17-’21.
1922.
1923.
Regular______ % \
12
6 12 12 12 yly.
12
8
E x tra________ % (28 & 100 stk. 7 —
4 12 yly. 3 & 300 stock
Paid in 1924: March 15, 2%; June 16, 2%; Sept. div. was passed. V. 119,
p. 822.
REPORT.— For calendar year 1924, in V. 120, p. 1598, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net profits___________ loss$480,742 loss$280,382 $1,232,154
$207,789
320,000
640,000
300,000
480,000
Dividends_____________
Pres., J. C. McDonald; V.-P., Thomas Black and A. S. Hopkins; Sec.
& Treas., E. A. Warren. Office, Neodesha, Kan.— (V. 120, p. 1598.)
STANDARD OIL CO. (K ENT U CK Y .)— O RGANIZATION, &C —
Incorp. 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 D IV ID E N D S.— T5. T6. T7. T8.T9. ’20. '21. ’22.
’23. ’24.
Regular________________ % 16 16 14
12 12 12 12 *20
16 16
Extra___________________% 0
4
2
- - - - - - - - *20
— ..
* Also pa d stock d v dends of 33 1-3% in April and 66 2-3% in Dec
Paid in 1925: Mar. 31,4%.
REPORT.— For calendar year 1924, in V. 120, p. 1598, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net profits______________ $6,151,941
$6,286,182 $5,086,875 $3,377,542
Cash dividends________ 2,693,723
2,681,796 3,763,725
720,000
Res. Fed. tax. cur. year.
$769,000
767,000
625,000
660,000
Balance, surplus_____$2,689,218 $2,837,386
$698,150 $1,997,542
Chairman, C. T. Collings; Pres., S. W. Coons; V.-P., Wm. E. Smith,
W. G. Violette and A. K. Whitelaw; Sec. & Treas., Jos. O. Steidle; Asst.
8ec., J. W. Beil; Asst. Sec. & Asst. Treas., T. Q. McGoodwin. Office,
Louisville, Ky.— (V. 120. p. 1598.)
STANDARD OIL CO. OF LOUISIANA.— (V. 118, p. 3209 )




R a te
%

When
Payable

Last Dividend,
and Maturity

$25 223.756.25S 10
Q— M June 15 ’25 2 'A
500 &c
79,500
5 g J & D Dec 1925
25 8.000.000 See text S ee text Tune 16 ’24 2%
25 16,864.435 See text Q— M31 Mar 31 ’25 4%
100 3,000,000 See text J & D June 20 ’25 5%
25 507,301,775 See text Q — M June 15 ’25 1%
100 199,972,900
O— M 15 June 15 ’25 I K
7
25 227,535,300 See text Q— M 15 June 15 ’25 35c.
100 &c 20,000,000
6>* g M & N May 1 1933

STANDARD OIL CO. OF IND IANA.— O RGANIZATION, &C.— In
eorporated in 1889 in Indiana. Has refineries at Whiting, Ind., Sugar
Creek, Mo., Wood River, 1 1 and Casper, Wyo. Also markets oil, it*
1 .,
distributing territory comprising extensive areas in Middle West and North
west. Owns about 33% of stock of Midwest Refining Co. V. 112 p. 369
Early in 1921 purchased 50% of the capital stock of the Sinclair Pipe Linr
Co. V. 112, p. 660. Formerly controlled by Standard Oil Co. of N. J.
but segregated in 1911. V. 105. o. 1216. See Standard on Co. of N J.
Y. 85, p. 216, 790; V. 93, p. 1390; V. 95, p. 1750; Y. 97, p. 1290. Govern­
ment suit, V. 118, p. 3161; Y. 119, p. 1966. Suit by State of Missouri,
V. 119, p. 1635, 1746.
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; Y. 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 will involve no new financing. Neither will there be any ex­
change 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.
D IV ID E N D S (% )—
f T2. T3. T4. T5. T6. T7. T8. T9. ’20-25.
Regular................................ \ 6 12 12 12 12 12 12
12 See
Extra________________________ [ 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%. Mar. 15 1923
to June 15 1925 paid 2 A % quar. on increased capitalization.
REPORT.— For 1924, in V. 120, p. 1340, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
Net earnings__________ $46,088,868 $46,938,499 $55,881,104 $23,288,348
Reserve for Fed. taxes.. 5,300,000
5,400,000
6,500,000
2,000,000
Dividends_____________ 22,284,750 22,106,839 17,453,994 15,686,123

y e a r ly .

A m ount
O u ts ta n d in g

[V ol. 120,
P la c e s W h e re In te re s t a n t
D iv id e n d s are P a y a b le

Checks mailed
Checks mailed
Louisville Ky
Omaha, Neb
Guaranty Tr Co, N Y
Mech & M Nat Bk, N Y
B’nkersTrorBl’r&Co ,N Y

STANDARD OIL CO. OF N E B R A S K A .— ORGANIZATION.— Inoorp
in Nebraska In 1906. A marketing company
Formerly controlled by
Standard Oil Co. of N J.. but segregated In 1911. See Standard Oil Co.
of N. J.. V. 85, p. 216, 790; V. 93. p. 1390. On Apr. 15 1912 a 33 1-3%
stock div. was paid. On June 20 1913 25% in stock was paid, and on May
16 1921 paid 200% in stock, raising amount outstanding to $3,000,000; par
$100. In Jan. 1919 the auth. issue was increased to $5,000,000. Div.,
10%, paid June 20 and Dec. 20 1912; June 20 and Dec. 20 1913, 10% and
5% extra. June 1914 to Dec. 1920. 10% semi-annually. In June and
Dec. 1921 and June 1922 paid 5% on increased stock. In Dec. 1922 paid
5% and 10% extra. June 1923 to June 1925 paid 5% semi-ann.
REPORT.— For 1924, in V. 120, p. 1101, showed:
C a le n d a r Y e a rs —
1924.
1923.
1922.
1921.
$879,019
$661,051
963,546
$561,702
Net profits_____________
Federal taxes, &c______
111,108
90,962
118,450
94,396
Dividends_______________(10)300,000 (10)300,000 (20)600,000 (10)300,000
Surplus______________
$467,911
$271,090
$245,096
$167,306
Pres. A. H. Richardson. Office, Omaha, Neb. Sec., H. W . Pierpont.—
V. 120, p. 1101.
STANDARD OIL CO. (OF N. J.).— O RGANIZATION.— 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 oompany for violation of the anti-trust laws (V. 92. p. 1343. 1378,)
the oompany on Deo. 1 1911 distributed Its holdings In 33 subsidiary
oil gas, pipe line and allied companies In the amounts given in V. 93.
p. 1390. The large refineries at Bayonne, Baltimore and Parkersburg,
W. Va., were retained. Owns a large majority of the capital stock of the
East Ohio Gas Co., Hope Natural Gas Co., Carter Oil Co. of Okla., Stand­
ard 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. Govt, suit, V. 118, p. 3161.
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 O. 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.
STOCK.— The stockholders Nov. 8 1922 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.)— f ’01. ’02. ’03. ’04. ’05-T0. ’ll. ’12-’22. 1923-’24Since 1898_________ % l 48 45 44 36 40 y’ly 37 20 y’ly 4 ylyAlso 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.
Y. 115, p. 2279.
Paid in 1925: Mar. 16 1%; June 15 1%.
REPORT.— For 1923, in V. 118, p. 2433, showed:
n ;1922.
1923
1924
ft $
s
$
Gross earnings_________________ x409,995
806x367,334, 410x328,286,827
2,451,976
Net earnings___________________ 10,481
523
7,016, 736
Income from other sources______ 8,768
8,265, 677 10,404,084
044
Gross income__________________ 19,249
566 15,282, 413 12,856,060
31,680
Divs. from other than affiliated cos__ 1,017 386
224, 568
Proportion of earnings of affil. cos_ 60,749
618 40,788, 300 33,354,695
Total income___________________ 81,016
570 56,295,,282 46,242,436
Dividends paid, pref., 7% per annum 13,998. 103 13,998, 103 13,855,205
Dividend, common, 20%________ 20,181
570 20,013, 718 19,842,485
Balance, surplus________________ _ 46,836,897 22,283,461 12,544,746
--------«««•
x Gross income from operations with all departmental transactions
eliminated.
T a b le S h o w in g P ro d u c ts o f C o m p a n y ’s O w n R e fin e r ie s , 1915-1919, V. 118,
p. 1296.
DIRECTORS.— Chairman, A. C. Bedford; Pres., Walter O. Teagle!
V.-P., F. II. Bedford, J. A. Moffett Jr., S. B. Hunt; V.-P. & Treas.,
Geo. H. Jones, Chas. G. Black, Edgar M . Clark, E. J. Sadler, Walter
Jennings and Geo. W. Mayer. Sec. is Charles T.j,White.&_Office, 26
Broadway, N . Y .— (V. 120, p 2540.)
*.
STANDARD OIL CO. OF NEW YORK.— ORGANIZATION, &c.—
incorp. in New York in 1882. Has several refining plants at New York,
Buffalo and East Providence, and also markets oil. Also conducts a
’'umber 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 . J. V. 85, p. 216, 790; V. 93, p. 1300.
Owns 69% (non-voting) interest in the $180,247,100 capital stock of
the Magnolia Petroleum Co., a petroleum producing and refining organiza­
tion. operating in the oil fields of Oklahoma, Kansas, Northwest Texas and
Mexico. New office building, V. 112, p. 1031, 1748, 2091. In Oct. 1923
organized the Socony Burner Corp., a subsidiary. V. 118, p. 213.n.Govt.
suit, V . 118, p. 3161. , .
STOCK.— The stockholders on Sept. 12 1923 voted to Increase the au­
thorized capital stock from $225,000,000 to $235,000,000. V. 117, p. 1248.
DEBENTURES.— The $20,000,000 6 A % 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.

M ay , 1925.]

MISCELLANEOUS COMPANIES.
[For abbreviations, &c., see notes on page 6.]

Date
Bonds

Standard Oil Co (of O h io)— Com stock $14,000,000-.
1921
Pref (a & d) stock 7% cum call 115 beg 1925-. ________
Sterling P roducts Inc— Stock 1,000,000 shares auth______
Stern Bros— See text.
Stew art-W arner Speedom eter Corp— Com stock 600.000 sh
Strom berg C arburetor Co— Stock 150.000 shares auth____
S tudebaker Corp (T he)— Com stock 2,500,000 shares____
Pref stock (a & d) 7% cum $15,000,000 red 125(ailorpart)

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Q— J

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

July 1 ’ 25 2H Checks mailed
June 1 1925 1 M
M ay 1 1925 $1

$100 $14,000,000
10
100
7,000,000
7
None 625,000 shs See text

Q— M
Q— F

None 599,990shrs See text
N ods 80,000 shrs See text
None l,875,000sh See text
100 8,400,000
7

M ay 15 '25$1H Checks mailed
Q—
-J Apr 1 1925S114
Q— M June 1 ’25, $1
Check mailed
Q— M June 1 1925 1U Checks mailed

Restrictions.— (1) Total funded debt, incl. this issue, shall never while
any o f these debentures are outstanding exceed 50% o f total net assets;
(2) company will not create any mortgage unless debentures share equally
and ratably in lien o f such mortgage (this shall not apply to purchase money
mortgages, &c., to secure temporary loans). V. 112, p. 2091.
DIVS.— ( T2 T3 '14 '15 T0 ’ 17. ’ 18. *19. ’20. ’21.’22. ’23-’25.
Per c e n t ..] 8 t8
8
8 8
11
12 16
16 16 *16
text
♦Also 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 duar. Mar. 15 1923 to June 15 1925.
RE PO RT.— For 1924, in Y . 120, p. 2561, showed:
Calendar Years—
1924.
1923.
1922.
1921.
xTotal earnings________$38,671,197 $30,827,578 $34,548,542 $23,373,821
Depreciation & insurance 13,340,600 12,464,240 11,713,807 10,708,183
Interest on debentures.. 3,310,554 3,400,000
3,400,000
2,966,667
Dividends paid________ 12,690,527 12,601,745 12,000,000 12,000,000
Balance, surplus_____$9,329,516
$2,361,593 $7,434,735df$2,301,029
x Total earnings are after deducting expenses incident to operations, in­
cluding taxes.
Chairman, H. C. Folger; Pres., H. L. Pratt; Sec., F. S. Fales; Treas.,
R . P. Tinsley. Office, 26 Broadway, N . Y .— V. 120, p. 2561.
(THE) STANDARD OIL CO. (OF OH IO).— O RGAN IZATION .—
Inoorp. 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. .3 , p. 1390. Shareholders on M ay 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 o f record July 12 1920 were given the privilege o f subscribing to
one share o f new preferred stock at par ($100) for each share of common
stock held.
Divs., 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 1925 paid 2J4 %
quar. On pref., 1^4% quar. paid Sept. 1 1920 to June 1 1925.
R E PO RT.— For 1924, in V. 120, p. 1892, showed:
Calendar Years—
1924.
1923.
1922.
Net profits________________________ $3,731,822 $3,143,166
$6,214,837
Preferred dividends (7 % )___________
490,000
490,000
490,000
Common dividends_________________ 1,400,000 1,400,000
1,120,000

g

$1,253,166 $4,604,837
Surplus_______ , _________________ $1,841,822
Office, East Ohio Gas Bldg., Cleveland, O.— (V. 120, p. 1892.)
STERLING PRODUCTS, INC.— Incorporated under laws of West
Virginia on M ay 14 1901. The business o f the corporation and its sub­
sidiaries Is chiefly the production and sale o f medicines and pharmaceutical
preparations. The various products manufactured and sold include the
following: Bayer’s Tablets o f Aspirin, Oascarets, California Syrup of Figs,
Danderine, Pape’s Diapepsin, Pape’s Cold Compound, Diamond Dyes,
Dandelion Butter Color. Dodson’s Llvert.one, Drake’s Palmetto Compound,
Phillips Milk o f Magnesia, Dr. James’ Family Remedies and Neuralgyline.
In Feb. 1923 purchased a one-fourth interest in and assumed the manage­
ment o f Household Products, Inc., manufacturers o f “ Chas. H. Fletcher’s
Castoria.” Y. 116, p. 731.
STOCK.— See table at head o f page.
D IV ID E N D S.— On stock o f no par value paid div. o f 62)4 cents a
share on May 1 1922; Aug. 1 and N ov. 1 1922 paid 75 cents each; Dec. 22
1922 paid 75 cents extra; Feb. 1 1923 to May 1 1925 paid $1 quar.; Dec. 10
1923 and Dec. 15 1924 paid $1 extra.
R E PO RT.— For 1924, in V . 120, p. 840, showed:
Calendar Years—
1924.
1923.
1922.
Net profits after Fed’l & State taxes. $4,734,697 $4,642,255 $3,312,194
Previous period adjustments________
Dr.6,668 D r.153,886 D r.418,631
$4,728,029
Dividends paid____________________ $3,125,000
Contingencies______________________
8,159
Sterling Remedy C o . pref. divs_____

$4,488,369
$3,038,128
8,233

14,535

Balance, surplus_________________ $1,594,870
Previous surplus___________________ 4,710,225

$1,442,008
3,268,217

$712,896
2,555,321

$2,893,563
$2,166,132

Profit and loss, surplus___________ $6,305,095 $4,710,225 $3,268,217
OFFICERS.— P r e s ., H. F. B eh ren s; V . - P . , C h arles A. A u l; Sec. & T r e a s .,
A. H. Diebold; Gen. M g r . , W . E . W e is s . O ffic e , 8 8 N in e te e n th S t .,
Wheeling, W . Va.— (V. 120, p. 840.)
STERN BROTHERS— Organized in N .Y .o n Jan. 31 1910 for the pur
pose o f taking over and continuing the business o f Stern Brothers, a co­
partnership organized in March 1867 and conducting a general department
and dry-goods store in New York City.
STOCK.— Ladenburg, Thalmann & Co., Hornblower & Weeks, Merrill,
Lynch & C o., Tucker, Anthony & Co., A. G. Becker & C o., H. M . Byllesby
& C o., Inc., and Paine, Webber & Co. in April 1925 offered at $55 50 per
Class “ A ” share 180,000 Class “ A ” shares, carrying voting trust ctfs. for
60,000 common shares (V. 120, p. 1893). Class “ A ” shares are entitled to
receive pref. cum. divs. at the rate o f $4 per share annually, and after com­
mon shares have received divs. o f $2 in any year all further divs. declared
in such year are to be declared share and share alike to both classes until
Class “ A ” shares have received $2 additional per share for any year, after
which all further declared divs. for that year will belong to the common
shares. Divs. payable Q.-J. Class “ A ” shares non-voting unless divs. aggre­
gating $6 per share shall have accumulated. Callable as a whole or in part
(in blocks o f 5,000 shares or more) at any time upon 60 days’ notice at $70
per share and divs. Entitled in dissolution or voluntary liquidation to
$60 per share and accrued divs.
Capitalization (N o Bonds)—
Authorized.
Issued.
Class “ A ” shares (no par value)______________ 200,000 shs. 180,000 shs.
Common shares (no par value)________________ 220,000 shs. 200,000 shs.
[After giving effect to (a) retirement at $115 per share of the pref. stock
(redeemed on M ay 25 1925); (6) recapitalization of the company, to consist




219

IN D U STRIA L STOCKS AND BONDS

of an authorized issue of 200,000 Class “ A ” shares without par value and
220,000 common shares without par value, in lieu of 75,000 shares of par
value common stock now authorized; (c) exchange of 150,000 Class “ A ”
shares and 200,000 common shares for 75,000 shares of no par value common
stock now outstanding and sale of 30,000 Class “ A ” shares for cash.]
D IV ID E N D S.— It is planned on July 1 1925 to commence payment o f
dividends on the Class “ A ” shares at the $4 rate.
R E PO RT.— For year ended Jan. 31 1925 showed:
Jan. 31 Years—
1924-25.
1923-24.
1922-23.
1921-22.
Gross income_________ 1 Not
N ot
N ot
($1,491,834
Gen., admin., &c., exp_J shown
shown
shown
\
457,450
Net profit___________
Federal taxes__________
Net prem. & expense on
purchase of pref. stock
Preferred dividends____
Common dividends_____
Pref. dividend (stock)x.

$864,704
159,730
________
114,544
300,000
________

$1,062,320 $1,014,717 $1,034,384
150,995
160,000
105,000
________
192,382
75,000
________

85,769
258,398
________
________

________
257,581
________
997,500

Balance, surplus_____
$290,430
$643,943
$510,550 def$325,697
x Stock dividends, covering accumulations unpaid to Sept. 1 1921,
33M % ; paid in 8% pref. stock, 981,800; cash fractions, $15,600.
OFFICERS.— Pres., Samuel D . Mundheim; Treas., Richard A . Koegler;
Sec., E. H. Rosenstock.— (V. 120, p. 2281.)
STEW ART-W ARNER SPEEDOMETER C O R P . — ORGANIZATION
Incorp. in Virginia on Dec. 20 1912. Factories, Chicago and Elgin, 111.
Full data, V. 104, p. 450; V. 96, p. 207, 140, 66: V. 101, p. 45; V. 103,
p. 499- As to allied Stewart M fg. C o., see V. 107, p. 1198, 1673, 2104,
2295; V. 108, p. 978: V. 112, p. 856.
It was announced on N ov. 11 1924 that the corporation had acquired
control o f the Bassick Alemite Corp. V. 119, p. 2300, 2120.
President C. B. Smith in Jan. 1925 announced that arrangements were
being completed for the company to manufacture and market radio sets.
V. 120, p. 343.
STOCK.— Stockholders voted June 4 1920 to increase the common
stock to 600,000 shares, no par value.
BONDS.— The 8% Convertible Gold bonds due Mar. 1 1926 were called
for payment Sept. 1 1922 at 104 and interest.
D IV ID E N D S—
1920.
1921.
1922.
1923.
1924.
Per share________________________$4
$2.50
$4
$9
$7J£
Paid in 1925. Feb. 16, $1 25; M ay 15, $1 25.
RE PO RT.— For 1924, in V. 120, p. 1083, showed:
1924.
1923.
1922.
1921.
P rofit& in c. (seen ote).. $3,898,164 $7,586,499 $6,019,725 $1,106,573
397,057
858,380
684,563
67,000
Federal taxes_________ I
Dividends paid________ 3,463,413
4,244,233
1,875,085
1,172,105
Prem. on pref. stk. ret’d ________
25,374
________
________
Surplus net in c o m e .,.
$37,694 $2,458,512 $3,460,077 def$132,532
Note.— “ Profits and income” are shown, “ after deducting all manufactur­
ing, selling and administrative expenses, including adequate provisions for
discounts and losses on doubtful accounts, depreciation on plant equipment,
&C^*
3 Mos. End. Mar. 31— 1925.
1924.
1923.
1922.
’N afterdepr. & Fed. tax$l,303,972 $1,496,700 $1,827,974
ret
$451,551
OFFICERS.— Pres.. O. B. Smith;V.-Pres., V. R . Bucklin; V.-Pres. &
Sec., W . J. Zucker; V.-Pres. & Treas., T . T . Sullivan. Directors: O. B.
Smith, V. R. Bucklin, W . J. Zucker, L . H. La Chance. J. E . Otis, Chicago.
— (V. 120, p. 2692.)
STROMBERG CARBURETOR CO. OF AMERICA, INC.— ORGAN­
IZA TIO N .— Incorp. in N. Y . on July 21 1916 and acquired the capital
stock ($50,000) of the Stromberg M otor Devices C o., an Illinois corporation
(V. 103, p. 417) with factory in Chicago and branches in N. Y ., Boston,
Detroit, Indianapolis and Minneapolis. In N ov. 1924 acquired the entire
capital stock o f the Stromberg Research Corp. V. 119, p. 2300.
In Jan. 1919 obtained contract supplying carburetors for all new Stude­
baker motor cars. V. 108, p. 282.
STOCK.— The stockholders on Jan. 10 1923 increased the authorized
capital stock from 75,000 shares (all outstanding) to 150,000 shares, no
par value.
D IVIDEN DS.—No. 1, April 2 1917 to July 1 1918, 75 cents quar.; Oct.
1918 to April 1919, paid 75 cents and 25 cents extra. July 1919 to Oct. 1920
$1 quar. Jan. 1921, 50 cents: then none until Oct. 1922. when $1 was
paid; Jan. 1923 paid $1 25; April 1923 to Oct. 1923 paid $1 75 quar.; Jan.
1924 paid $2 quar. and $1 50 extra; April 1924 to Oct. 1924 paid $2 quar.;
Jan. and April 1925 paid $1 50 quar.
RE PO RT.— For 1924 showed:
Calendar Years—1924.
1923.
1922.
1921.
Gross profit on sales____$1,253,461
$1,656,376 $1,217,474
$422,236
Selling & admin, expens.
634,199
631,049
446,891
302,253
Oth. deduc., less oth. inc. 0 .2 2 ,5 3 5
28,852
86,320
28,312
Profits for year______
Federal taxes (est.)_____
D ividen ds____________

$641,797
80,000
580,000

$996,475
125,000
656,250

$690,263
86,000
168,750

$91,670
10,000
____

Balance, surplus_____def$18,203
$215,225
$435,513
$81,670
DIRECTO RS.— Charles W . Stiger, Oak Park, 111., Pres.; Hicks A .
Weatherbee, N. Y . City; George H. Saylor, N . Y . City, Treas.; George F.
Lewis, Sec.; Harland B. Tibbetts, N. Y . City; William L. O’Neill, V .-P .,
and Chas. A . Brown, Chicago. Office, 37 Wall St., New York.— (V. 120,
p. 1893.)
STUDEBAKER CORP. (TH E)— ORGANIZATION.— Incorporated in
New Jersey Feb. 14 1911 and took over the Studebaker Bros, (wagons and
carriages, &c.) M fg. C o., South Bend, Ind., and “ E. M . F. (automobile)
C q ." of Detroit, V. 92, p. 534, 602; V. 98, p. 834; V. 103, p. 1046. Plants
are located at South Bend, Ind.; Detroit, M ich., and Walkerville. Ont.
The completion of the new automobile plant at South Bend begun in 1916,
and buildings erected since, gives the company a capacity of 180,000 auto­
mobiles per annum. The wagon business was sold to the Kentucky Wagon
M fg. Co. early in 1921. V. 112, p. 477.
The Industrial Acceptance Corp. has been organized to take over and
continue financing the sales of Studebaker automobiles from factory to
dealer and from dealer to individual purchasers.
lvj ■
>

230

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
For abbreviations, &c., see notes on page 6

ft u t z M otor Car Co— 8tock 263,000 snares auth__________
Convertible gold debs red (text) $1,500,000 auth-Gk.xxxc*
Subm arine Eoat Corp— Stock 800.000 shs no D a r v a lu e ____
Superior Oil C orp.— Stock 2.500,000 shares auth__________
1st mortgage s f g bonds red 105 (see text)____________ Ce.
Superior Steel C orp— $11.500,00(1 common stock-------------First mortgage s f bonds red 105_____________UPi.kxxxc*
Sweets Co of America (T h e )— Stock auth $5.000.000______

D a te

Bonds

1922
1924
1923

Par
Value

When
Payable

Last Dividend Places Where Interest and
and Maturity | Dividends are Payable

None 229.889shrs See text
Jan 12 ’ 21 $1.25 New York
$1,000
$950,000 !
7)4 g A & O jOct 1 1937
None 766.920shrs See text
Feb 7 1921 50c
Dec 20 1920 50c Checks mailed
None 982,208shrs See text
$100 &c
1.000.000
7g
F & A Feb 15 1929
100 10,000,000 See text Q— F Feb 2 ’25 54
Union Trust Co, Pittsb
J & D Dec 15 1938
1,000 2.606.000,
6
50 5,000,000

STOCK.— A special surplus account, which on Dec. 31 1924 amounted to
$5,265,000, retires 3% or pref. stock yearly at not exceeding 125; the
amount issued, $13,500,000, had on D ec. 31 1924 thus been reduced to
$8,400,000. No mortgage or preferred stock increase, except by consent
o f at least 75% o f each class. See V. 101, p. 1482; Y. 102, p. 527, 894.
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
value. Of the new stock, 1,875,000 shares were issued in exchange for the
old common stock, par $100, in the ratio o l 2)4 shares of no par value stock
for each $100 share held. The remaining 625,000 shares will be held in
the treasury.
Voting rights o f the 7% pref. stock will not be affected in any way by
the change in the common stock, as an amendment provides that holders of
the new common shall be entitled to only one vote for each 2 )4 shares and th«
holders o f less than 2 14 shares of common stock shall not be entitled to vot«
D IV ID E N D S.—
1915.
1916.
1917.
1918.
1919.
1920-25
On common_____%
5
10
7
4
7
text
Sept. 1 1917 to Sept. 2 1919, 4% annually (1% Q.-M .); Dec. 1 T9, IM %
& 2)4 extra. V. 109, p. 1800. Mar. 1 1920, 154%; M ay 5 1920, 33 1-3%,
payable in common stock; June 1920 to June 1922, 154 % quar. On Sept. 1
1922 paid 2)4% quar. and 1)4% extra; Dec. 1 1922, 2)4%', Dec. 29 1922
paid 25% in com. stock. V. 115, p. 2592. Mar. 1 1923 to Mar. 1 1924
paid 2)4 % quar. June 2 1924 to June 1 1925 paid $1 per share each quar.
on new stock o f no par value.
KEPORT.— For 1924, V. 120, p. 1198, showed:
1924.
1923.
1922.
1921.
Automobiles sold______
110,240
145,167
110,269
66,643
Net sales____________ $135,406,055S166,153,6838133,178,881 $96,690,644
M fg ., &c., gen. exp., & cll8,624,654 144,704,833 112,110,183 83,453,241
Res. for depreciation,. . 1,392,809
1,141,045
1,024,741
705,106
Net earnings on sales,$15,388,592 $20,307,805 $20,043,957 $12,532,297
Deduct— Interest, n e t ,,.C r .$369,835 Cr.$606,936 Cr.$615,135 Cr.$138,149
Fed. & Canadian taxes,_ 1,984,557
2,572,518
2,572,897
2,260,755
Preferred divs. (7% ) — ,
595,000
638,758
673,750
686,000
Common d ivid en d s..,($4)7,500,000(10)7500,000(10)6000,000 (7)4,200,000
Balance, surplus_____$5,678,869 $10,203,473 $11,412,445 $5,523,691
Results For Three Months Ended Mar. 31— (V. 120, p. 2262.)
1925.
1924.
19231922N o. automobiles sold_
_
29,937
29,435
38,211
22,801
Net sales--------------------- $35,205,221 $35,603,490 $43,278,454 $27,816,818
Net profits, before taxes
4,113,817 4,036,620
7,085,454 4,575,837
Less reserve for inc. taxes
508,036
494,361
914,483
505,988
Net prof., all sources_x$3,605,781 $3,542,259 $6,170,971 $4,069,849
x After deducting Pref. div. of 1)4% , amounting to $147,000 and Com­
mon div. o f $1 per share, amounting to $1,875,000, the balance carried to
surplus amounted to $1,583,781.
OFFICERS.— Chairman, Frederick S. Fish; Pres.. A. R . Erskine; Treas.,
N . R . Feltes; Sec., A. G. Rumpf; Gen. Aud., H. E. Dalton. Office, South
Bend, Ind.— (V. 120, p. 2262.)
STUTZ MOTOR CAR CO. OF AMERICA. INC.— ORGANIZATION
— Incorporated In N. Y. on June 22 1916 (V. 102. p. 2347) and took over
the entire capital stock and in 1917 the property of the Stutz M otor Car
C o. of Ind., manufacturing motor cars at Its plant In Indianapolis.
C A PITA L STOCK.— The auth. capital stock was increased in M ay 1920
from 120.000 shares to 200.000 shares, and in Nov. 1922 to 263.000 shares.
D IV ID E N D S.— An Initial dividend of $1 25 was paid Oct. 2 1916 and
paid the same rate to Jan. 1 1920. In Apr. 1920 paid $1 25 in cash and
one-fifth o f a share in stock. On June 29 1920 paid a 66 2-3% stock div
In July and Oct. 1920 and Jan. 1921, paid $1 25 in cash.
BONDS.— 7)4 % debenture bonds, maturing Oct. 1 1937, are convertible
Into stock on the basis of 33 shares o f stock for each $1,000 bond held
They are redeemable at 107)4 and Int. until Oct. 1 1927 and therearter
at 105 and int. V. 116, p. 188.
R E P O R T .— For 1923, in V. 118, p . 3073, showed:
Results Cal. Years—
1923.
1922.
1921.
1920.
Net sales_______________ $4,297,133 $2,737,218 $3,071,411 $8,168,356
Net earnings__________
74,150 def278,964
def26,006 1,357,385
Interest, &c., deductions
114,684
______
______
______
Federal taxes__________
______
______
______
330,000
Net profit______________def$40,534 def$278,964 def$26,006 $1,027,385
Inventory losses, &c_
_
______
383,415
606,365
______
Dividends (cash)_______
______
______
______
900,000
do
(stock )_______
______
______
______
500,000
OFFICERS.-—Chairman, E. V. R . Thayer; Pres., Frederick E. M oskovics; V.-P. & Sec., Willard A. Mitchell; Treas., Anthony F. Cassidy.
Office, 141 Broadway, New York.— V. 120, p. 1758.)
SUBMARINE BOAT C O R P O R A T IO N — ORGA N IZA TIO N .— In­
corporated at Albany, N . Y ., Aug. 4 1915 with 800,000 shares of capital
stock with no par value, and in Dec. 1924 had issued 766.920 thereof
(on a ten for one basis) for 76.692 o f the 76,721 shares of the com. and pref
stock o f the Electric Boat Co. V. 101, p. 215, 373, 451, 530, 851. Divi­
dends 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, 50 cents;
none since.
The Corporation’s plant is located at Port Newark, N. J., and is directly
connected b y private railway with the main lines of the Pennsylvania RR
Central R R . of N. J. and Lehigh Valley RR. and occupies approximately
130 acres leased from the City of Newark, N. J. The product of the
corporation consists o f the following: Standardized steel ships, frabricated
ship parts and equipment, repairing, submarine torpedo boats, motor boats,
motors, dynamos and electric equipment, &c.
Pres. Henry R . Carse in the report for 1924 stated:
“ The growth of our steamship operations and the development of our ter­
minal properties on Newark Bay have been very steady and encouraging
during the year 1924, and we are entering the year 1925 handling a very
much increased volume o f freight compared with the same period last year .During 1924 we had in operation all o f our 32 ships so as to keep them in first
class condition, an average for the year of 18 ships running to Gulf points
and to Pacific Coast points, and at the present time [March 1925] we have
in active operation 24 ships either on berth or on charter, holding the other
vessels ready for prompt service as required. Freights have improved over
last year and it is possible by economical management and operation to show
a fair profit in this trade.”




Amount \ Bate
Outstanding
%

[V ol. 120,

R E PO R T .— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings from con­
_
struction and sales_ $7,797,324 $8,668,546 $10,505,516 $5,855,591
Cost of constr. & ex ps.. 6,503,101
7,333,246
9,472,492
7,830,217
Net income_________ $1,294,223 $1,335,300 $l,033,0241oss$1974626
Other income...................
162,272
622,703
1,160,747
8,410,504
Gross income________ $1,456,495 $1,958,003 $2,193,771 $6,435,878
Other deductions______ 1,295,685- 1,723,770
577,938
8,635,354
Balance, surplus_____
Previous surplus_______
Fed. taxes, prior years..
Dividends paid________

$160,810
7,610,162
______
______

$234,233 $1,615,833df$2,199,475
7,375,929
5,760,096
8,472,324
______
______
$160,092
______
______
352,660

Profit & loss surplus.. $7,770,972 $7,610,162 $7,375,929 $5,760,096
OFFICERS.— Henry R . Carse, Pres.; L. Y . Spear, Henry R. Sutphcn•
F.-P.; H. A. G. Taylor, Treas.,; Frank Wallace Sec. N . Y . office. 11
Pine St.— (V. 120, p. 2561.)
SUPERIOR OIL CORPO R ATIO N .— Incorp. in Delaware on Oct. 25
1917. Holdings aggregate nearly 29,000 acres, of which 20,028 acres are in
Kentucky.
DIVS.— The Mar. 1921 div. was omitted. Payments had previously
been made at the rate of $2 per annum. (Q -M 50c.).— V. I l l , 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 be­
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 (6) 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 of 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.
R E PO R T .— For 1924, showed:
Calendar Years— ____
1924.
1923.
1922.
1921.
Gross income____________$1,375,799 $1,359,146 $1,869,398 $1,816,893
Operating expenses, &c_
334,218
548,163
684,371
672,561
Gen. & admin, expenses.
215,296
213,111
194,371
278,525
A d j. of warehouse invent
______
______
______
47,225
Depletion______________
606,688
813,996
1,138,530 1,546,563
Depreciation__________
569,628
475,739
606,477
822,049
Net loss_____________
$350,032
$691,863
$754,352 $1,550,032
Report for 1st quar. o f 1925 in V. 120, p. 2692.
OFFICERS.— Pres., H. G. Davies; Treas., Robert H. Colley; Sec., E . J.
Henry. Main office. Lexington, K y.— (V. 120. p. 2392.)
SUPERIOR STEEL CORP.— ORGANIZATION.— Incorp. 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 Id
making pressed steel parts, replacing castings and machine parts for auto­
mobiles, furniture, buildings, &c. Plant covers 24 acres.
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. &c.
STOCK.— The entire outstanding 1st and 2d pref. stock was redeemed
on Feb. 15 1924 at 115 and divs. V. 117, p. 2662.
D IV ID E N D S.— On com., N o. 1, 1)4% on Nov. 1 1917: Feb 1918 to
May 1919 paid 1)4% quar ; Aug. and N ov. 1919 paid *4 %; Feb. 1920, *4 %
and 14 % extra: May 1920 to May 1921. 1 14 % quar.: \ug 1921. *4%'
then none until M ay 1 1924, when 54 % quar. was paid; Aug. 1 1924 to
Feb. 2 1925 paid 54% quar.
BONDS.— The 1st mtge. bonds have a sinking fund o f $150,000 per
annum, commencing Oct. 15 1924, to be used to purchase bonds upon tender
during each Oct. 15 to N ov. 15 at less than 105 and int. V. 117, p. 2899.
R E PO RT.— For 1924 in V. 120, p. 840, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross sales______________$5,626,752 $8,749,442 $6,248,551 $2,286,561
52,096
904,566
572,642 def273,335
Net income___________
Federal taxes__________
42,435
169,687
56,780
____
Sinking fund__________
165,000
165,000
432,408
Other charges_________
71,509
------------------------Dividends_____________
300,000
196,404
267,594
409,570
Surplus_____________ def$381,848
$373,475
$83,268df$l,115,373
Total surplus__________
531,967
803,010
361,852
278,399
3 Months Ended March 31—
1925.
1924.
Net sales_________________________________________$1,486,784 $2,081,169
Net operating income----------------------------------------50,217
207,136
Total income______.._____________________________
68,591
228,331
Reserve Federal taxes----------------------------------------8,700
29,885
Reserve for depreciation-------------------------------------45,000
____
Reserve for interest--------------------------------------------39,090
35,200
Other reserves___ _______________________________
3,060
____
Amortization, bond discount, &c_ '______________
_
4,050
3,208
Dividends______________________________________
______
75,000
Balance, surplus---------------------------------------------- def$31,309
$85,038
OFFICERS.— Chairman, James II. Hammond; Pres., R. Edson Emery:
V .-P ., Frank R. Frost; Sec. & Treas., C. D. Clancy; Asst. Sec. & Asst.
Treas., Donald M . Liddell.— (V. 120, p. 2281.)
SWEETS CO. OF AMERICA, INC (THE) — OR GA N IZA TION .—
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 C o., 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 C o., and other large chain stores for the distribution of its products.

M a y , 1925.]

221

IN D U STRIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
tFor abbreviations. &c., see notes on page 6.]

Swift & Co— Stock auth $150.000.000_____________________
1st M sold a f red 102*4______________ ____ FC i r * t r *
10-year sinking fund gold notes red. (text)__ I C.xxxc* _
Swift International (Comp Swift in te rn a cio n a l) — S to c k
Telautograph Corp — C o m m o n sto c k 2 0 7 ,5 0 0 shares a u t h . .
P r e f (a & d) sto c k 7% c u m red (text) $ 7 5 0 ,0 0 0 a u t h ______
Tennessee Coal Iron & RR Co — S tk c o m $ 5 0 ,0 0 0 ,0 0 0 a u th
P referred sto c k 8 % c u m u la t iv e _________________________________
G en era l go ld b o n d M $ 1 5 ,0 0 0 ,0 0 0 g ___________________ U n .x c *
A la b a m a Steel & S h ip b u ild in g p r e f 6 % cu m g u a r ___________
F ir st m tg e go ld gu ar s f red 1 10 since Jan 1 9 0 7 _____ B a .x
O re >81 M >711(1 000 v om ar 1
*
<
f
sio*
t
Tennessee C opper & Chem Corp — -8 0 0 ,0 0 0 shs cap s t o c k . .
Sub Co— T e n n C o p C o 1st M g red N o v 1 ’ 18 a t 1 1 0 & i n t . .

Date
Bonds

1914
1922

—

1901
1898
101)0
1915

Par
Value

Amount
Outstanding

Rat6
%

$100 $150,000,000
8
500 &c 26,921,000
5g
100 &c 49.000,000
5g
15 l,500,000sh See text
None 189,000 shs See text
100
$750,000
7
$100 $32,528,698 See text
100
75,200
1,000
6,702,000
5K
118,300
6
T.OOO
730,000
6 ?
* (V0
.* S
>'
54,000
None 794,508 shs See text
500 & 1,000 a$513,000
6 g

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— J Apr 1 1925 2%
J A .1July 1 1944
A & O 15 Oct 15 1932
F & A Feb 14 ’25 6%
M ay 1 ’25 25c
Q— J Apr 10 i925 1M
May 1 1914 i
Nov 1 1919 2%
j
& j Tuly 1 1951
J & J Jan 1 1925 3%
J & J fan 1 1930
,r * r> Hpp 1
See text Tan 15 1924 25c
M & N Nov 1 1925

New York and Chicago
\m P i N B k. N V A PC
Am Ex N Bk, N Y & IC
Checks mailed
Offlc-

Birmingham Ala
do
do
71 Broadway. New York
do
do
do
do
3anover Nat Bank N|Y

Company'8 office, N Y

a N o t in clu d in g $ 1 ,0 0 0 ,0 0 0 p le d g e d as c ollateral w ith T e n n Cop & Chem Co rp and $170 ,500 own ed by Te nn Cop & Chemi

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 o f old stock.
R E PO RT.— For 1924, in V. 120, p. 1340, showed:
Calendar Years—
1924.
1923.
1922.
1921.
$1,697,193 $1,341,041 $1,694,992
Net sales_______________ $1,781,890
Net profit______________
35,983
106,113
83,164
252,854
34,617
21,783
16,049
23,740
Other income__________
Deprec., Federal tax, &c
59,895
66,212
93,134
260,228
Balance surplus______
$10,704
$61,684
$6,079
$16,366
The company reported for the quarter ended Mar. 31 1925 a loss o f $8,208
before depreciation, &c. In the same period o f 1924 the company reported
a profit o f $32,278 after reserve for depreciation and other deductions.
OFFICERS.— Chairman, Lewis L. Clarke; Pres., Ray L. Skofield; V.-P.
& Treas., E. Stanley Clarke: Sec., Henry A . Fehn. Office, 414 West 45th
St., New York.— (V. 120, p. 2023.)
SW IFT & CO.— O RGAN IZATION .— Incorp. 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 41
plants for the manufacture o f creamery butter and the collection of poultry
and eggs for sale through its distributing agencies. Branch houses and
sales agencies number over 500 and serve practically every important city
in the world. Owns and operates over 7,000 refrigerator cars essential to
its business. V. 95. p. 547, 1547: V. 96, p. 1133; V . 101, p. 698; V. 108, p.
688. Canadian C o., V. 105, p. 1809, 1198.
In Aug. 1918 the South American and Australian properties were organ­
ized as Compania Swift Internacional Ltd. under the laws of the Argen­
tine Republic, with a stock o f $22,500,000 Argentine gold, divided into
1.500,000 shares o f $15 each, all one class, fully paid and non-assessable, all
outstanding. Each stockholder o f Swift & Co. o f record Aug. 31 1918
was given until Oct. 15 the opportunity of exchanging 15% of his holdings
in Swift & Co. at par for equivalent amount o f capital stock in Interna­
cional at par, evidenced by the First Trust of Chicago certificates of de­
posit. The company by thus exchanging $22,500,000 o f stocks in foreign
subsidiaries for equal amount o f stock of Swift & Co.obtained the latter as a
quick asset, since sold (see below) for requirements o f 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% semi­
annually. -Swift International annual report for 1924 in V. 120, p . 1470.
The aforesaid exchange In Oct. I9 is had reduced the outstanding capital
stock to $127,500,000 when the holders of record Oct. 26 were offered
until and Incl. Nov. 30 the further option of exchanging one-teuth of their
($100) shares for an equal par value in the $10 shares of the $12,750,000
•took of Libby. McNeill & Libby (canners). held in Swift & C o .’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 May
1919- V. 108, p. 2130, 688.
In Aug. 1919 the National Leather Co. was incorporated in Maine with
$30,000,000 o f authorized capital stock in shares of $10 each, to take over
the company’s tanning and leather interests, &c. Swift shareholders of
record Sept. 10 1919 were allowed to subscribe at par in ca/?h for two of the
$10 shares for each $100 share held in Swift & Co. V. 109, p. 782. For
Nat. Leather Co. refinancing plan, compare V. 113. p. 2191.
Packers’ consent decree suspended— See Armour & Co. above
D IV ID E N D S.— 1883 to 1894 inch, 8% ; 1895 to July 1898 inch, 6% :
Oct. 1898 to July 1915, 7% : Oct. 1915 to and Incl. Apr. 1 1925. 8% p .a .,
(2% Q.-J.) On Oct. 20 1917 paid 2% extra.
On N ov. 25 1916 there was paid to shareholders of record N ov. 8 a cash
dividend of 33 1-3% in order to distribute $25,000,000 of accumulated earn­
ings. See V. 103, p. 1416. and “ STOCK” above. V. 108, p. 1420.
On July 15 1918 a stock dividend o f 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 ($50,000,000 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
N ov. 1 1924 there had been issued and retired by s .f . $6,449,000; $26,921,000 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
ing fund 2% per annum.
NOTES.— The 10-year 5% sinking fund gold notes o f 1922 are redeemable
all or part on payment o f a premium o f 214 % if redeemed during 1923, such
premium decreasing K o f 1% each succeeding year thereafter.
Provisions.-—(1) Company covenants to apply $500,000 annually to the
purchase and retirement o f these notes if available in the market at not
to exceed par and interest. (2) While any o f these notes are outstanding
and unpaid no new mortgage except purchase money mortgages for the
acquisition o f additional properties shall be placed on the property and
assets o f company, this provision, however, shall not prevent the emission
o f 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 o f these notes are outstanding, company will at all times
maintain current assets equal to an aggregate amount o f 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 H and int.) and $25,000,000
7 % gold notes, due Aug. 15 1931 (called for payment Feb. 15 1923 at
102 H and int.). V. 115. p. 1332.
R E PO R T .— For year ending N ov. 1 1924, in V. 120, p. 204, showed:
Nov. 1 1924. Nov. 3 1923 Nov. 4 1922. Nov. 5 1921,
12 Mos. Ending—
$
$
$
$
Business d o n e ..... ......... 775,000,000 750,000,000 650,000,000 800,000.000
Trading profit___________
(?)
(?)
(?)
12,187,708
Loss on inventory______
______
______
______ 20,000,000
Net earnings________ al4,125,988
Cash dividends ( 8 % ) .- - 12,000,000

13,184,619
12,000,000

13,049,2171oss7,812,292
12,000,000 12,000,000

Balance_____________sur2,125,988surl,184,619surl,049,217dfl9,812,292
a After interest and depreciation.
Pres., Louis F. Swift; Treas., L. A . Carton; Sec., C. A. Peacock. Office,
C hicago— (V. 120, p. 2413.)




SW IFT INTERNATIONAL (Com pania Sw ift In tern a cion a l).— See
Swift & Co. above.
TELAUTOGRAPH C O R PO R ATIO N .— Incorp. under laws of Virginia
on N ov. 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, liner or characters drawn or written at one place are
simultaneously reproduced in fac-simile by another.
The corporation reported that Telautograph instruments in service Jan. 1
1925 totaled 10,152, against 9,162 Jan. 1 1924. Annual rentals based on
machines in service Jan. 1 1925 amounted to $559,245, against $500,049 on
Jan. 1 1924.
STOCK.— The preferred stock is redeemable after three years from date
of issue at 105.
D IV ID E N D S.— An initial semi-annual dividend of 3 14 % was paid on the
preferred stock July 10 1924; Oct. 10 1924 to April 10 1925 paid 1M % Quar.
On common stock, paid initial dividend of 25 cents per share on M ay 1 1925
R E P O R T . — F o r calen d ar y e a rs:
R e n t a ls _____________________________________
P a p e r s a le s________________________________
M isc e lla n e o u s in c o m e ___________________

1924.
$518,976
. 5,589
9,721

1923.
$453,432
5,716
10,508

1922.
$405,648
6,670
4,066

T o t a l in c o m e __________________________
E x p e n se s— A d m in is t r a t io n _____________
S e llin g ___________________________________
In s ta lla tio n _____________________________
M a in t e n a n c e ___________________________
E n g in e e r in g _____________________________
D e p r e c ia tio n ____________________________
E x p e r im e n t a l___________________________
L e g a l_____________________________________
S p ecial___________________________________
M isc e lla n e o u s ta x e s ___________________
I n t e r e s t __________________________________

$534,286
$39,325
75,891
3,0296
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

$416,384
$35,026
62,373
24,611
111,148
13,923
79,991
12,428
3,652
4,249
8,762
28,040

P r o fits b efore F e d eral t a x e s______
F e d e ra l ta x es p a id or ac c ru e d _________
P referred d iv id e n d s ______________________

$121,185
15,023
52,920

$76,220
9,419

$32,183
3,799

$66,800
1925.
$142,766
9,608
19,819
7,842
33,863
3,732
21,338
1,981
1,374
5,401

$28,383
1924.
$127,661
9,979
17,201
6,801
32,273
4,067
24,732
3,449
3,267
3,789

Calendar Years—

N e t p r o fit _______________________________
$53,242
Quarters Ended March 31—
Gross income___________________________________
Administrative expense__________________________
Selling expense__________________________________
Installation_____________________________________
Maintenance____________________________________
Engineering_____________________________________
Depreciation____________________________________
Miscellaneous expenses and extraordinary items_
_
Interest and taxes other than Federal taxes_______
Federal taxes (estimated)________________________

$37,806
$22,102
Net profit____________________________________
OFFICERS.— Pres., C. H. George; V .-P ., J. V. Mitchell; Sec. & Treas.1
W . H. Nash. Office, 448 West 37th St., New York.— (V. 120, p. 2281.)
TEMTOR CORN & FRU IT PRODUCTS CO.— (V. 118, p. 93.)
TENNESSEE COAL, IRON & R AILROAD COMPANY.— ORGAN;
IZATION .— Owns rail, plate, bar and steel mill, blast furnaces, coal mines
Iron mines, foundries, &c., In Tennessee and Alabama. V. 70. p. 558,
V. 84, p. 1179; V. 105, p. 295. In 1906 Tenn. Coal & Iron and Republic
Iron & Steel companies Jointly purchased about 1,800 acres of iron ore
lands near Birmingham, Jointly guaranteeing $700,000 Potter Ore 5% bonds
V. 83, p. 1416, 973. Shipyard, V. 105, p. 825; V. 106, p. 1583.
On N ov. 30 1899 the Alabama Steel & Shipbuilding Co. plant was opened!
at Ensley City. The plant has 9 open-hearth furnaces, and is leased to*'
the Tennessee Coal, Iron & Railroad C o., which guarantees its 6% bonds,
of which $730,000 are outstanding and $70,000 in the Tennessee Coal A
Iron treasury and its preferred 6% stock, of which $118,300 is outstand­
ing and $312,700 in Tenn. O. & I. treasury. V .7 0 ,p 591. The common
stock, all owned by Tenn. Coal, Iron & R R . C o., carries control. V. 66p. 1002. 1235: V . 67. D. 127. 801; V. 70 p. 1196; V . 72. p. 584.
In Nov. 1907 the United States Steel Corp. acquired substantially all ol'
the Common stock. V. 85, p. 1212, 1282; V. 86. p. 730; V. 104. p. 2457
V. 92, p. 735; V. 94. p. 844; V. 96. p. 871; V. 98, p. 923; V 100, p. 991.
BONDS.— Of the $15,000,000 Gen. gold 5s of 1901. $6,702,000 were out­
standing Dec. 31 1923 in the hands o f the public the $5,104,000 under­
lying 6s matured and were paid Jan. 1 1917. leaving the Generals as straight
1st mtge. on all the properties covered by that mortgage, excepting only
those included in the lien o f the $213,000 Cahaba Coal Mining Co. 1st M .
6s of 1892 and the $730,000 Alabama Steel & Shipbldg. Co. 1st M . 6s of 1898.
for both o f which issues Gen. M tge. bonds are reserved. V. 103, p. 2244. V'
72. p. 876, 940, 989; V. 73. p. 86. 554.1217: V. 77. p. 93. 2162; V. 80, p. 169.
OFFICERS.— Pres., George G. Crawford; V .-P ., H. O. Ryding; Sec. &
rTreas., L. T . Beecher. Birmingham. Ala.— (V. 116, p. 1424.)
TENNESSEE COPPER AND C H E M CAL CORP.— O R G A N IZA TIO N ,
—Incorp. in N. Y . Oct. 14 1916. Organized as a holding company (per
plan in V. 103. p. 1512). with power also to do a mining and chemical busi­
ness. Owns 194,436 shares of the 200,000 shares o f 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
portion of its output of sulphuric acid (approximately 350,000 tons
of 60 degrees Baume per annum), had out of the $5,000,000 pro­
ceeds of the new stock issue below mentioned bought a phosphate prop­
erty in 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
organized with a capital 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. 1920 the Southern Agricultural Tank Line was formed with a capital
of $1,000,000. V. 113, p. 1898.

222

IN D U STRIA L STOCKS AN D BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

I Date
Bonds

Texas Com pany (T h e)— Stock $164,450,000 a u th ________
Texas G u lf S ulphu r Co— Stock $6,350,000 auth__________
Texas P acific Coal & Oil Co— Stock $10.000.000................
T hyssen (A ugust) Iron & Steel W orks— See text.
T ide W ater Oil o f N J— Capital stock 4,000,000 s h ______
10-year gold bonds redeemable (see text)___________ xxxc* 1921

Par
Value

Balance, surplus_____def$90,523
Total p .& 1 . surplus___ $1,470,536

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$
12
$25 164.450,000
Q-M 31 Mar 31 ’25 3% Checks mailed
10 6,350,000 See text Q— M 15 June]15 ’ 25 $2J4
10 8,448,048 See text
June 30 ’23 2JS
None 2,000,180 sh See text Q— M 31 M ar 31 ’25 1%
500 «fcc 12,000.000
6H g F A A 15 Feb 15 1931

STOCK.— The stockholders on M ay 28 1919 auth. an Increase In the
capital stock from 400,000 shares to 800,000 shares (no par value). The
bold ers of v. t. c. o f record June 9 1919 were given the right to subscribs
at $12 50 per share for the 40<>.000 new shares of stock. V. 108, p. 1732
1819, 2028, 2439. Initial dividend o f $1 paid in M ay 1918; then none until
April 16 1923, when 25 cents was paid; same amount paid quar. to Jan. 15
1924; none since.
R E PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Sales__________________ $6,431,558 $5,947,651 $3,948,886 $4,805,478
Miscellaneous income_
_
327,515
347,052
398,109
345,616
Gross income_________ $6,759,073
Operating expenses_____ 5,979,687
Miscellaneous expenses.
237,424
42,860
Bondinterest__________
D epreciation__________
385,752
D ividen d s_____________
203,873

Amount
Outstanding

[V ol. 120,

$6,294,703 $4,346,995 $5,151,094
4,931,007
3,414,705 4,413,079
234,456
225,243
211,667
53,315
60,865
70,335
298,780
308,761
308,838
607,946
______
______
$169,198
$337,421
$147,175
$1,561,058 $1,505,727 $1,197,421

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. 120, p. 219.)
TEXAS COMPANY (TH E ).— ORGAN IZATION .— 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 W yo. 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;
Lockport, 111.; Casper, W yo.; Ardis, La.; Norfolk, Va.; Marcus Hook,
Pa.; Providence, R . I.; also roofing plant, case and can factory, 2 barrel
factories, shook mill, fullers earth plant, 25 tank steamers and motor
vessels, 5 tugs, 4 ocean barges, &c. The Freeport Sulphur Co. has taken
over the sulphur lease o f the Texas Co. at Hoskins Mound in Brazoria
County, Texas.
The $14,000,000 stock o f the Texas Pipe Line Co. and the $6,000,000
stock o f the Texas Pipe Line Co. o f Oklahoma is all owned (V. 106, p. 186).
These companies took title to the Texas C o .’s pipe lines, now totaling
2,289 miles, exclusive o f gathering lines, in Texas, Louisiana and Arkansas,
and 631 miles, exclusive o f gathering lines, in Oklahoma, respectively.
In Oct. 1918 the Texas Pipe Line Co. had completed the 8-inch oil_j>lp«
line from Fort Worth, Tex., to its producing properties near Ranger, Tex.,
•bout 100 miles. Extensions, V 107 p. 1389; V. 106, p. 1692.
In July 1920 sold control o f the Central Petroleum Co. to the Union
Oil Co. o f Delaware. V. I l l , p. 385. 500.
In July 1921 acquired an option for 5 years dating from Aug. 1 1921 to
purchase 51% o f stock o f Carib C o., Inc., o f Maine (Carib Syndicate, L td.).
— (V. 113, p. 187, 964; V. 115, p. 770; V. 117, p. 562; V. 119, p. 1074, 1181.)
Texas Production C o., a subsidiary, was organized in Aug. 1922. V. 115,
p. 110s.
The Texas Petroleum C o., an exploration and producing subsidiary,
was incorporated in New Jersey on Jan. 6 1925 with an authorized capital
o f $1,000,000, to operate in South America.
Govt, suit, V. 118, p. 3161; V. 119, p. 1636.
STOCK.— For changes in capitalization prior to 1920, see “ Railway &
Industrial” Section for N ov. 1920.
The stockholders on N ov. 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 29 1921 on the basis o f 15% o f holdings. V. 112, p. 1626.
1914-1919. 1920. 1921. 1922-1924.
D IV ID E N D S.—
. 10 yearly l l H
12
12 yearly.
C a sh ________________________
.............................
10
...............
In s t o c k _____________________
Paid in 1925: Mar. 31, 3 % .
R E PO RT.— For 1924, in V . 120, p. 1322, showed;
Calendar Years—
1924.
19231922.
Gross earnings __________________ $139,613,622$118,422,367$130,996,907
Net earnings?_______________________ 50,548,568 30,875,791 50,420,005
S in k in g f u n d & depreciation account- 19,228,321
16,182,727 14,928,514
Provision for taxes_________________
_____
_ --------1,500,000
Inventory adjustment_______________ 4,861,972 6,495.482
7,402,518
D M d e n d s ....______________________ 19,734,000 19,734,000 19,734,000

Quar. End. Mar. 31—
1925.
1924.
1923.
Net earnings__________ $1,413,093 $1,155,868 $1,102,066
Dividends paid-----------1,111,250
1,111,250
793,750

1922.
$805,095
635,000

Balance, surplus_____
$301,843
$44,618
$308,316
$170,095
Surp.&res’v eford ep l’n. $7,409,127 $7,100,386 $6,595,812 $5,779,429
OFFICERS.— Pres., Walter H. Aldridge; V.-Pres., Theodore Schulze;
Sec. & Treas., Henry F. J. Knobloch. Main office. Bay City, Texas.
New York office, 41 East42d St.— (V. 120, p. 2692.)
TE XA S COAL AND OIL CO.— Incorp. under laws of Texas in
October, 1888. Owns in fee 69,108.47 acres and leases on 153,988.89 acres.
Also owns a net interest of 29,538.41 acres in leases held under joint operat­
ing agreements. On Dec. 31 1923 there were 442 oil wells, 85 gas wells and
3 drilling wells on the properties operated by the company, and 247 oil wells,
26 gas wells and 3 drilling wells on leases operated by its associates. Daily
gross production as of Jan. 1 1924, 7,038 bbls. In April 1918 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 M ay 1 1919. V. 108, p. 1615, 1516. The
stockholders voted N ov. 11 1919 to subdivide the $100 shares into ten shares
of $10 each. V. 109, p. 1468, 1898.
The stockholders on April 21 1920 authorized 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 o f record M ay 22 1920 at par. v . 110. p.
2199.
In Nov. 1919 the shareholders were given the right to subscribe at par,
110 a share, for the $600,000 stock of a new earthen products company,
probably to be known as the Thurber Earthem Products Co. V. 109. p.
1898

RE PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Gross earnings__________ $5,080,915 $5,625,306 $7,316,287 $9,227,910
Operating profits___ _
2,447,447
2,926,028
4,421,811
5,490,724
Other income__________
60,554
79,707
296,156
561,021
Depreciation, &c_______ 1,727,516
1,905,609
2,640,231
3,974,226
Inventory adjust., &c__
747,819
1,379,364
______
______
Divs.-(cash and stock ).
______
422,282
844,561
1,005,999
32,665 def701,520
1,233,175
1,071,520
Surplus for year________
3 7 onths Ended H arch 31—
1925.
1924.
Gross income___________________________________ $1,313,799 $1,491,058
Expenses_______________________________________
823,448
891,250
Operating profit______________________________
Other income___________________________________

$490,351
44,190

$599,808
29,880

Total income__________________________________
Deductions_____________________________________

$534,541
41,415

$629,688
48,014

Net income, before deprec. & depletion________
$493,126
$581,674
DIV ID E N D S. (1911-13. 1914-17. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Per cent_____{ 7 yrly. 6 yrly. ) 16
35 *14)4 10
10 7H none
* Also paid 6% in stock.
Paid in 1923: Jan. 2, 2 K % ; Mar. 3 1 ,2K % ; June 30, 2M % ; none since.
OFFICERS.— Chairman, Edgar L. Marston; Pres., J. Roby Penn;
V.-P. & Treas., Edgar J. Marston; V .-P ., R . S. King; Sec., Herman W.
Knox. Executive office, Fort Worth, Texas. N . Y . office, 24 Broad St.
General office, Thurber, Texas.— (V. 120, p. 2281.).
THYSSEN (AUGUST) IRON & STEEL W ORKS (AUGUST T H Y S SEN=HUTTE GEW ERKSCHAFT) 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 & C o., New York, in Jan. 1925 sold at 9846
and int. $12,000,000 5-year 7% Sinking Fund (closed) M tge. 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 o f 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 1 0 2 and int., with successive reductions in
call price of J 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
Balance to surplus________________ $6,724,275df$11536,418 $6,854,972
100 and int., any unexpended balances to revert periodically to the com­
Total profit and loss surplus________ $95,201,709 $88,477,435 $94,476,397 panies. Principal, interest and sinking fund payable without deduction
Chairman, E. C. Lufkin; Pres., Amos L. Beaty; V .-Ps., T . J. Donoghue! for any taxes levied by German Governmental authorities.
These bonds will be the joint and serveral obligations of August Thyssen
R . C . Holmes, G. L. Noble, W . W . Bruce, D. J. Moran; Sec., C. P. Dodge;
Treas., O. E . Woodbridge. N . Y . office, 17 Battery Place.— (V. 120, p. Iron & Steel Works (August Thyssen-Hutte Gewerkschaft) and affiliated
mining and sales companies. They will be secured by closed mortgage lien
1893.)
on properties valued by H. A. Brassert, American consulting engineer, at
TE XA S GULF SULPHUR CO.— Incorp. under laws of Texas on Dec. $117,183,500 (based on German costs).
The mortgage will be subject to underlying liens securing less than
23 1909
Company is engaged in the mining o f crude sulphur or brimstone
$1,250,000 of obligations, and to reparation charges under the Dawes plan,
a t Gulf in Matagorda County, Texas, and in selling it in the United States
which, under existing arrangements, are to be met by annual payments
a n d other countries.
Owns in fee over 2,950 acres o f land at Gulf, Texas.
estimated at not exceeding $152,000 for the year ending Aug. 31 1926,
D IV ID E N D S . —
1921.
1922.
1923.
1924.
increasing to a maximum annual amount estimated at not exceeding $330,Regular
_______ _____ 50c.
$3 75
$5 75
$6 50 000 for the year ending Aug. 31 1928 and for each year thereafter.
Brtra __________ _____________ 50c.
1 25
i50c.
1 00
EARNING S.— Annual net earnings available for bond interest, after all
Paid In 1925: Iv la r .l4 ,$ l 75 quar.; June 15, $1 75 quar. and 50 cts. extra. charges including reparation payments, as at present estimated, taxes and
depreciation, are estimated by M r. Brassert at $6,500,000, on the basis of
R E PO R T .— For 1924, in V. 120, p. 6'^ s h o w e d : ^ ^
an annual production of 5,000,000 tons of coal and 1,000,000 tons of
1Q 99
Gross income_____________________ - $ 9 , 8 1 4 , 9 7 6 $ 1 0 , 7 4 6 , 1 6 0 $9,074,877 finished steel. in the 6 months ended Dec. 31 1924 were at the annual rate
5,221,715 of Export sales
C o s t o f s a le s , & c . , e x p s . , i n c l . F e d . t a x 5 ,0 0 0 , 9 6 0
6 ,0 0 9 , 1 4 0
approximately $12,000,000.— (V. 120, p. 219).
TIDE W ATER OIL CO.— ORGA N IZA TIO N .— Incorp. in N . J. in
. $4,814,017 $4,737,021 $3,853,162
Balance, surplus----------------------N ov. 1888. Producing, transporting and refining crude oil. Owns: (1)
6,287,497
7,055,767
5,609,334
Previous surplus___________________ . 7,Uoo,7o/
through subsidiaries, producing properties in Pa., W . Va., Ohio, Illinois,
$11,869,784 $11,024,517 $9,462,497 Okla., K y., Kan. and Texas; (2) refinery at Bayonne, N . J., on New York
3,968,750
3,175,000 Harbor (capacity 35.000 bbls. daily), with private docks to accommodate
Dividends p a id ____________________ . 4,762,500
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
T o t a l surplus, incl. deprec. reserve. $7,107,284 $7,055,767 $6,287,497




May , 1025.]

IN DU STKIAL STOCKS AND BONDS
Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Timken R oller Bearing Co— Stock 1,250.000 shares auth__
Tobacco P rod u ctsC orp — ( ’ om stock $100,000,000 ...
Common stock Class “ A” 7% non-cum $49,354,000 auth_
T ranscontinen tal Oil Co— Com stock 4,000,000 shs auth-_
^ Pref (a & d) stock 7% cum red 110 $25,000,000 auth_____
1st mtge & col tr s f gold bonds $10,000,000 auth red.(test)
5-year gold notes red (text)_______________CLPi.kxxxc*

Par
Value

$8,802,028
3,826,060

$1,913,339
3,933,727

52,651

6,442
(10)4171,534

—

$2,408,249 $4,923,317df$6,198,364
1925.
1924.
1923.
S15,158,006 $13,251,415 $10,963,636
9,577,114
9,291,855
Expenses___________________________ 12,099,943
Balance, surplus_____$1,898,268
3 Months Ended March 31—

Other income—
Total income.
Federal taxes.
Dividends------

$3,058,063
85,698

$3,674,301
153,198

$1,671,781
446,073

$3,143,761
1,405,981
D r.12,017
217,223
504,429

$3,827,499
1,403,349
Dr. 1,751
250,000
500,020

$2,117,854
993,851
Dr. 1,843

Surplus__________________________ $1,028,145 $1,675,881 $1,125,846
OFFICERS.— Chairman, Robert D . Benson; Pres., Axtell J. Byles;
V.-P. & Asst. Treas.. D. Q. Brown; V .-P ., Robert M cKelvy: V .-P ., Frank
Haskell; Sec., Byron D. Benson; Treas., F. A. Marsellus. Offices, Bayonne
N . J., and 11 Broadway, N. Y . City.— (V. 120, p. 2693.)
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 Walkerville, Ont. In M ay 1925 acquired the Gilliam Bearing Co. o f Canton, Ohio
DIVS.— On stock o f no par value: Sept. 1922 to June 1923 paid 75 cents
quar.; Sept. 1923 to June 1925 paid 75 cents quar. and 25 cents extra each
quar.
R E PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
a Manufacturing profit____________ $9,616,655 $12,523,903 $10,925,159
Selling, admin. & gen., &c., expenses. 2,578,503
2,524,183
1,613,450
$7,038,152
376,744

$9,999,720
385,063

$9,311,709
443,250

$7,414,896 $10,384,783
834,210
1,162,980
Depreciation_______________________
775,000
1,125,000
Federal taxes______________________
Dividends— Preferred stock (retired).
Old common--------------------------- . . .
4,801,328
4,200,672
New common____________________

$9,754,959
930,930
1,100,000
286,427
645,000
1,800,000

Other income.

$1,004,358
Surplus__________________________ $1,004,358

$3,896,131

$4,992,602

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 . T.
Lothrop; V .-P . & Treas., Heman Ely; V .-P ., J. G. Obermier; Sec., J. F.
Strough. Office, Canton, Ohio.— (V. 120, p. 2561.)
TOBACCO PRODUCTS CORPO R ATIO N .— O R G A N IZA TIO N .—
Incorporated in Virginia Oct. 1912 and has taken over concerns manufac­
turing cigarettes, smoking tobacco and little cigars. Owns entire capita'
stock o f M . Melachrino & C o., Inc. (N. Y .), Melachrino Tobacco Trading
C o .. Inc. (N . Y .), Nestor-GIanaclis Co. (M e.), the Surbrug Co. (N. J.)
Khedivial Co. (N. Y .), Sehinasi Bros., Inc. (N. Y .), Prudential Tobacco
C o ., Inc. (N. Y .), Falk Tobacco C o., Inc. (Va.), and approximately 50% of
the capital stock of Stephano Bros,. Inc. (Va.), which companies own,
among others, such well-known brands of cigarettes as Melachrino, Sehinasi
Aros. Naturals, Ramese3. Milo, Nestors and Herbert Tareyton, and also
own prominent brands of smoking tobaccos and little cigars. In Jan. 1919
purchased Robert Harris & Bro., Inc. V. 108, p. 282. In Jan. 1923 pur­
chased the John J. Bagley & Co. o f 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.




Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

None 1.200,332 sh See text Q— M June 5 1925 $1
100 51,490,400 See text Q—J 15 Aor 15 '25 1
.7
100 44.808.500
Q— P 15 M ay 15 ’25
N odp 3.13 !,529sh
Q— M
100 $15,750,000
7
See test
8g
7 g A & O Apr 1 1930
1925 500&1000 4,000,000
Pittsburgh or New York

Bayonne through the Bradford oil regions of Pennsylvania, to Stoy, 111.,
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 o f 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 o f gasoline. See financial statement to N. Y . Stock
Exchange in 1917 upon listing o f stock, in V. 105, p . 79, 82, 1426, 2100,
2372. In April 1921 acquired control o f the Guffey-Gillespie Oil Co.
V. 112, p. 1985, 2762; V. 113, p. 301, 634. Govt. suit. Y. 118, p. 3161.
STOCK.— The stockholders on M ay 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 will be issued in exchange for
eachTshare o f old stock outstanding. Stock o f subsidiaries held by out­
siders $706,100.
D IV ID E N D S.—
1918. 1919. 1920. 1921. 1922. 1923.
1924.
R egular____________
8%
8%
12
10
None
1
4
Extra______________ 11%
8%
4
—
------Paid in 1925: Mar. 31, 1% .
BONDS.— The 10-year gold bonds are redeemable, all or In lots of $500.
000 or more, at 103H and int. on or before Feb. 15 1922, and thereafter at
]ri% less for each half-year or part thereof elapsed, but not less than 100X
and interest.
Security.— Bonds are the sole funded debt of the company. The trust
agreement provides among other things that no subsequent funded obliga­
tions can be issued which will have priority as to present assets over those
bonds, nor can the total funded debt exceed 50% o f net assets.— V. 112, p.
669R E PO R T .— For 1924, in V. 120, p. 1599, showed:
Calendar Years—
1924.
19231922.
1921.
Total business__________ $66,256,620 $58,274,731 $52,426,025 $46,255,290
9,049,224
6,362,530
6,673,734
960,846
Operating income______
Other income___________
697,892
926,431
2,128,294
952,493
Total income_________ $9,747,116 $7,288,961
Deprec’n & deple’n ----------------------- 5,358,924
4,476,775
Federal taxes__________
548,524
096,031
Outside stockholders______________ Dr58,744
Dividends (cash)____ (4%)2,000,145 (1)499,968

Amount
Outstanding

223

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 o f $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 o f 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% o f the common stock of
the United Cigar Stores Co. of America.
Contract with American Tobacco Co.— The stockholders on N ov 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 C o., o f 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 book value thereof
as of N ov. 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 Co. 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 ” in
the aggregate amount o f $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
Holders of Common stock o f record July 10 1922 were entitled either (o)
to retain the same, or (6) to exchange the same for an equal number o f 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 o f the Common stock.
The entire outstanding preferred stock was redeemed on July 1 1924
The common and preferred stockholders of record July 1 1919 had the
right to subscribe at $10 per share for 256,000 shares v. t. c. of no par value
#f the Tobacco Products Export Corp. (of N. Y .) , total auth. issue 450 000
shs., in a voting trust for five years; voting trustees, L. B. McKitterick
Sidney Whelan and Charles R . Stoddard. V. 108, D. 2336 78 9-V 110 n 967: V. I l l , p. 1573. 1957; V. 113, p. 738.
' AiU’ p ’
DIVIDEN DS— 1913. 1914. 1915. 1916.
'17. T8. '19 ‘20-’25
Preferred-------------- ----------- 7% annually (1J^% Q.-J.)-------------------- See
Common (cash )....................................................$1 50 $150 $3 00 text
Common (scrip).x. ___
. . . $4 50 $3 00
Common (stock)______
—
— Jan.,10 _
_
x 2-year 7% scrip. Series “ A ” div. certlf.Issued M ay 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 “ O” certifs
were paid at maturity, N ov. 15 1920. Series " D ” certifs. were paid on
Feb. 15 1921: Series “ E ” certifs. were paid M ay 16 1921. In Feb and May
1920 paid 1H % quar. In Aug. and N ov. 1920 and Feb., M ay Au» and
Nov. 1921. \
payable in 2-year scrip. V. I l l , p. 500. 1573-V H2 p
477; V. 113. p. 1780. In Feb.. M ay and Aug. 1922 paid m % in cash
then none untd Jan. ’24, when 134% was paid; Apr. ’24 to Apr ’25 paid
134% quar.
v
On class “ A ” stock paid 1 % % quar. from Nov. 15 1922 to M ay.15 1925
NOTES.— The sinking fund 7% gold notes of 1921 were called for
payment Dec. 20 1923 at 108 and int.
0
R E PO RT.— For 1924, in V. 120, p. 1894, showed:
1Q93
Calendar Years—
1924.
1922.
1921.
Net income------------------- $7,766,832 $4,529,556 $5,587,519 $2,148,431
Pref. dividends (7 % )_
_
______
560,000
560,000
560,000
Common divs. (cash)_
_ 6,221,563
3,894,978
1,668,904
do
do
(scrip)____
______
--------- (6)1,127,703
Federal taxes (est.)_____
150,000
150,000
Balance, surplus_____$1,395,269
Previous surplus_______ 4,641,536
Exc. prof, tax, prev. y r.
28,329
Contingency reserve____
______
Premiums, &c_________
______
Agreement with A. T. Co
13,555
Prem. on pf. stk. retired, xl ,880,000

def$75.422
5,428,059
122,412
487,077
101,611

$3,358,615
2,506,978
87,534
350,000

$460,728
2,662,620
181,370
435,000

Total profit & loss sur. $4,114,920 $4,641,536 $5,428,059 $2,506,978
x Includes final dividends on pref. stock.
DIRECTO RS.—James M . Dixon, L. B. M cKitterick, William H
Butler Francis M . Collier, J. B. Jeffress Jr., Geo. A. Harder, Albert
Falk, J. L. Hoffman, Norman E. Oliver, Leo Michaels, E R Tinker
S' 4'
.E l l l o t ,t Averett W. P. Conway, Harold Stanley and Thomas
B . Yuille (Chairman). New York office, 1767 Broadway. Pres Thomai
B. Yuille. Treas., J. B. Jeffress Jr.— (V. 120, p. 18947)
TRANSCONTINENTAL OIL CO.— ORGANIZATION.— Incorp 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 company nave a capacity of 14,000 barrels daily. Company’s net daily crude
production in March 1925 was approximately 6,000 barrels from 255 produemg weHs Owns or has an interest in leases aggregating 1,200,000 acres,
situated m 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 m Jan 1921
V 112, p 264 380. Carpathian Oil Co was organOildC o Ji1 F1b22i923: “ v / Flfi^p.
n e
n
h° ldingS ° f the RockweU
Arrangement with Arkansas Natural Gas C o., V. 110, p. 977. Acquisi­
tion of holdings of Latin-American Petroleum Corp. of Colombia and
disposal of 51 % of stock interest therein to Standard Oil Co of California
V. I l l , P- 1480; V 112, p. 169; V 113, p. 2513. In Jam °1922 purchased
the^propertws of the Continental Petroleum Corp. in Oklahoma. V. 114,
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 <£) 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 votes and
each share of common stock shall entitle the holder to one vote.

3M

IN DU STBIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Transue S W illiams Steel Forging C orp— Stk 110,000 shs
c
5 n tier wood Typewriter Co— Common stock ilO 000,000 au_
—
Preferred 7% cum (a & d) red 125 $5.000.000____
U nion Bag Sc Paper C orporation— Stock $20,000,000 auth. -- First mtge gold Series A red (text)________ Emk.xxxc*&r* 1922
U nion C arbide S Carbon Corp-—Stock 3,000.000shs no par
c.
Union Oil Co of California— Stock autn $125,000,000First Lien M $20,000,000 g callable see text _Eo xxc'& r*
20-year non-callable gold $25,000,000 auth_.LLo.xxxc*
Serial gold bonds Ser B due $2,500,000 yrly red (text)xxxc*
10-year sinking fund gold bonds red (text)
xxxc*

1911
1922
1923
1925

Secured gold notes due $75,000 semi-annually__________ c

1922

Par
Value

1091

1no1
?

1Q99

Bale
%

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payablt

None 100,000 shs See text
Q— J Apr 15 1925 50c Guaranty Trust Co, N V
$25 $10,000,000
12
Q —J Oct 1 1925 3% Checks mailed
7
100 3,600.000
x
do
Q— J Oct 1 1925 1 Y
100 14 604,350 See text
July 15 '24 1A
500 &c
5,980,000
6 g M & N M ay 1 1942
— ................................. 6
To 1934
100.000
None 2,659,733 sh
$5
Q— J July 1 ’25 $1M By check
25 94,500,000 See text Q— J M ay 10 ’25 45c Los Angeles
'90 Ac
5s
r J & J Jan 2 1931
6,173,000
N Y , Los Angeles. See
500&1000 8,937,500
Los Angeles Tr & Sav Bk
6 g F & A M ay 1 1942
500 &c 2,500,000
6 g A & O To Apr 1 1926 Central Union Tr Co.NY
/Pac-S W Tr & S B, LosA
500&1000 10 ,000,000
5 g A & O Feb 1 1935
[Cent Union Tr Co, N Y
500 &c
150,000
5 g J & D To Dec 28 1925 Citizens Nat Bk.Los Ang

The stockholders o f record March 11 1924 were given the right to sub
scribe, share for share, to 2,000,000 additional shares o f common stock, no
par value, at $4 per share.
BONDS.— O f the $10,000,000 authorized first mortgage and collateral
trust sinking fund gold 8s, due Dec. 1 1931, $8,657,000 have been issued,
o f which $6,657,000 have been retired and the remaining $2,000,000 are
held by Standard Oil Co. o f California. Callable at 105 and int. to Dec. 1
1926, and at 102A thereafter.
NOTES.— The 5-year 7% gold notes are redeemable, all or part, at 102 46
and int. on or before April 1 1926, the premium decreasing A of 1 % each
year thereafter.
W ARRAN TS.— Each note will carry a detachable warrant which will
entitle the holder to purchase 100 shares o f Transcontinental Oil Co. com.
stock for each $1,000 o f 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.
R E PO R T .— For 1924 showed:
Calnnrfnr "Yea rs _
_

Amount
Outstanding

[V ol. 120.

1Q91

OFFICERS.— Pres., John T . Underwood; V .-P ., Clinton L. Rosslter
Treas., De W itt Bergen: Asst. Treas., John J. Hinchman; Sec., L. W .Quern
sey. Office, 30 Vesey St.. N . Y .— (V. 120. p. 2561.)
UNION BAG & PAPER CORP.— ORGANIZATION.— Incorporated
in New Jersey Oct. 4 1916 as a consolidation, per plan in V. 103, p.
1
44, 762, of Union Bag Sc Paper Oo. and its sales agent, the Rlegel Bag Sc
Paper Oo. In this merger the $27,000,000 stock of old Union Bag Sc Paper
Go. ($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 for
cash Badger Bag & Paper Co. of Wausau, Wis. V. 104, p. 262. In
Dec 1916 purchased the Cheboygan (M ich.) Paper Oo. and guaranteed
t» $1,000,000 bonds, d . Sc 1. V. 103, p. 2436, 2161; also then purchased
for cash Badger Bag & Paper Co. o f Wausau, Wis. V. 104, p. 262. In
Dec. 1923 acquired the capital stock o f Columbia Paper Bag Co. o f Long
Island City, N. Y . Mills and factories are located at Hudson Falls, N . Y .f
Chicago, 111., Kaukauna, Wis., Cheboygan, M ich., Long Island City, N . Y .,
and Bogalusa, La.
Owns 60,989 shares of a total of 95,393 shares of capital stock of the St.
Maurice Paper C o., Ltd., a company which in Dec. 1915 took over the prop­
erties including water powers of the Canadian subsidiaries of the Union Bag
Sc Paper C o., and undertook the erection of a newspaper mill, Jcc., at Cap
Madeleine, P. Q. The St. Maurice Paper Oo. sold in 1916 $1,500,000 1st M ,
conv. sinking fund 6s, part of a $5,000,000 issue due Jan. 1 1946. All
bonds Issued have since been either converted into stock or redeemed. V.
103. p. 148; V. 109. p. 1085.
8 T O C K — The stockholders voted May 4 1920 to Increase the capital
•took from $10,000,000 to $29,000,000. Of the new stock $4,977,850 was
distributed as a 50% stock dividend on M ay 20 1920.
D IV ID E N D S.— Dec. 15 1916 to Sept. 15 1919, 6% p. a. (114% Q .-M .);
Dec. 1919 to Dec. 15 1921, 2% quar.: Mar. 15 1922 to July 15 194, I A %
quar.; none since. Also extra div., Feb. 1917, 2% cash, and on Nov. 15
1917, Jan. 25 1918 and Feb. 15 1919, each 2% in Liberty Loan bonds.
Paid 50% stock dividend on M ay 20 1920.
BONDS.— The first mtge. gold 6% bonds. Series A, are redeemable, all
or part, at 105 if redeemed on or before M ay 1 1932, and thereafter at face
value plus a premium o f 4$ % for each full year between the date of redemp­
tion and maturity. The mortgage provides for a sinking fund equivalent
In each year to not less than 4 % of the maximum principal amount of bonds
Issued under the mortgage. V. 114, p. 2024.
REPORT.-—For 1924 showed:
1Q99
iqoi
Calendar Years—
1924.
1923.
Net earnings___________x$l,014,849 $1,580,827 $1,744,389
$797,192
296,214
Depreciation___________
244,196
415,848
266,978
Prop, of bd. disc. & exp_
30,741
25,396
______
Interest________________
369,836
385,922
273,281
146,461
Dividends____________ (3%) 433,141
(6)869,658 (6)867,834 (8)1,164,866

Gross earns., all sources.$14,100,722 $14,218,657 $13,593,947 $12,079,986
Material cost & oper.exp. 12,210,972 13,476,573 11,528,727 12,785,362
Operating income____$1,889,750
$742,084 $2,065,220 loss$705,376
Admin, exp., int., &c_-_ 1,391,145
1,888,734
1,617,139
1,381,895
Loss on drilling non-pro­
ducing wells_________
1,120,370
1,216,571
916,055
717,990
______ ____________
______ ______ 97,113
Loss on sale o f cap. assets
Net deficit_________ “
$621,765 $2,363,221
$467,973 $2,902,374
Profit and loss, deficit-- $6,254,401 $5,632,636 $3,269,415
$2,208,166
Three Months Ended. March 31—
1925.
1924.
Gross income____________________________________ $4,127,051 $2,899,499
Material and operating cost_____________________
2,949,080
2,532,173
Expenses and interest___________________________
339,301
493,989
Reserve for depreciation and depletion__________ ____ 250,000
______
Net income___________________________________
$588,669 loss$126,663
OFFICERS.— Chairman, M . L. Benedum; Pres.. F. B. Parriott; Sec. &
Treas., E. D. Robinson.
Office, Benedum Trees Bldg., Pittsburgh, Pa.—
(V. 120, p. 2281.)
TRANSUE Sc WILLIAMS STEEL FORGINQ CO R P.— ORGAN IZA­
TION .— Incorp. In N. Y . Oct. 26 1916 as successor o f company of similai
name (organ. In 1898). Manufactures steel forgings.stamping form s,etc.
STOCK.— Capital stock, auth. issue, 110,000 shares; no par value:
100,000 shares (outstanding In hands of public) listed on N. Y . Stock
Exchange In Jan. 1917 (V. 104, p. 368); remaining 10,000 shares reserved
for sale to employees. No funded debt.
D IV ID E N D S.— 1917, Jan. and April, $1. In July 1917 Increased the
quar. div. to $1 25. Oct. 1917 to Jan. 1921, $1 25 quar.: April and .Tub
1921, $1 quar.: Oct. 1921 to Apr. 1923. 50 cents quar.; July 1923 to Jan. 1925
Balance, surplus_____def$115,083
$81,051
$162,031 def$781,113
paid 75 cents quar.; Apr. 15 1925 paid 50 cents, quar.
Profit & loss, surplus.-. $1,164,041 y$l,279,124 $1,228,073 $1,176,042
x Net earnings, including dividends from sub. cos. (and profit on sale
R E PO R T .— For 1924, in V. 120, p. 715, showed:
of capital assets $308,869 in 1924), and after deducting ordinary repairs
Gross
Net
Other Federal Dividends
Balance.
and maintenance, but before providing for depreciation, y After deducting
Sales.
Earnings. Income. Taxes.
Paid.
Surplus.
1924 --$4,423,676
$6,028 $70,513
$1,500
$300,000 def$224,957 $30,000 for taxes and contingencies.
1923 --$6,246,922
$473,054 $35,837 $50,000
$275,000
$183,891
OFFICERS.— Chairman, August Heckscher; Pres., M . B. Wallace;
1922 ..$4,170,183 loss$133.863 $62,726
$200,000
def$271,137 V .-P ., C. R. McMillen, E. B. Murray and Alexander Calder; Treas.,
1921 — 3.665.444
lossl0,315 53,453
3OO.000
def 256.862 M . B. Wallace; Sec., Charles B. Sanders. Office, Woolworth Building,
Three Months Ended March 31—
1925.
1924.
N. Y .— (V. 120, p. 2024.)
Gross sales______________________________________
$954,242 $1,698,697
UNION CARBIDE AND CARBON CO R PO R ATIO N .— ORGANIZA­
Net after taxes and charges_____________________ loss22,062 prof.62,628
T I O N . — Incorporated in New York N ov. 1 1917 (V. 105, p. 1426, 1718;
Pres., O. F. Transue: V .-P ., Frank Transue; V .-P ., Sec. & Treas.,
v 106. p. 507) to
F. E. Dussel. New York office, 14 Wall St.; general office and factory, producing materialsmanufacture and deal in calcium carbide and all gaaand gas. especially acetylene gas, and all machinery
Alliance, Ohio.-— (V. 120, p. 1599.)
.•elating thereto; also metallurgical and chemical substances and com­
UNDERWOOD T Y P E W R IT E R CO., INC.— ORGANIZATION.— pounds. &
<•.; coal, coke, oil, lumber, &c.; iron, steel, silicon, chromium,
Incorporated in Delaware. V . 90, p. 632. Plants at Hartford and Bridge­ molybdenum, vanadium, titanium, tungsten, manganese, calcium,carbon,
port. Conn.
copper, aluminum, nickel and other elementary substances, and any and
STOCK.— Preferred stock, see V. 90, p. 788. In 1917 retired $100,000 all alloys, compounds. Sec.: also to manufacture and deal in electrical
pref. and in April 1922, 1923 and 1924 retired $100,000 each, making $1,- batteries, starters, lamps, machinery and other electrical appliances;
oxygen, hydrogen, nitrogen and other gases separated from air, etc.
400,000 o f the $5,000,000 pref. acquired and canceled. V. 103, p. 1797.
The Corporation owns directly or indirectly substantially all of the com­
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 mon capital stock of Union Carbide Oo. (V. 105, p. 9l6, 722), National
and issue o f an additional $1,000,000 common stock. The stockholders of Carbon Co , Inc., the Linde Air Products Oo. (V. 104, p. 668), the Prest-Orecord o f June 15 1923 were given the right to subscribe to the new stock Lite C o., Inc. (V. 104, p. 458), Electrio Metallurgical C o.. Michigan North­
ern Power C o., Union Carbide Oo. of Canada, Ltd., Electric Furnace
(par $25) at $40 per share.
Products o., Ltd.. Oxweld Acetylene C
DIV ID E N D S.— On pref., July 1 1910 to Oct. 1 1925, 1H % quar. On and otherC subsidiary companies. [The o., Oxweld Railroad Service Oorp.
outstanding pref. shares include:
com stk, July 1 1911 to Oct. 1916, 1% quar.; Jan., April, July and Oct
1917. 114%; 1918, Jan., 1>4% and 5% extra from accumulated surplus: National Carbon, Inc., $5,600,000 8% cum. pref., callable at 140 (pat $100);
April, July and Oct., 114% quar. 1919, Jan., 114% and 5% extra; April, Linde Air Products Co. 6% pref., $750,000; Dominion Oxygen C o., Ltd.,
1921 acquired the Carbide & Carbon Cliamical
2% ; July, 2 % . and 5% extra in U. S. Victory bonds; Oct., 2% cash; In pref., $121,000.] In April Gasoline Co. V. 112, p. 1748.
1920, Jan.. 2% and 5% extra in casn; April. 2% ; July. 2% cash and 5% Corp. and the Clendennin
CAPITAL STOCK.— Stockholders of record Dec. 12 1918 had the right
In Victory notes; Oct., 2% cash; Jan. 1921 to July 1923 paid 214% quar. to subscribe for 406,857 shares of additional stock at $40 per share to the
Oct. 1923 to Oct. 1925 paid 3% quar.
amount of 20% of their holdings. Stockholders of record Oct. 20 1920
R E PO R T .— For 1924, in V. 120, p. 820, showed:
had the right to subscribe to additional stock at $40 a share to the extent
1924.
1923.
1922.
1921.
of 10% of their holdings. V. I l l , p. 1480; V. 107, p. 2195. 2482.
Net earnings__________ $2,355,587 $2,881,968 $1,972,937 $1,219,976
D IVIDEN DS.— An Initial dividend of $1 per share was paid Jan. 2 1918.
Other net income, inter­
Dividend N o. 2, $1 per share, paid April 2 1918; July 1918. $1.
Oct.
est received, &c______
203,407
219,937
311,274
269,546 1918 to April 1920, paid $1 25 quar. July 1920 to Apr. 1921 paid $1 50
uar. July 1921 to Jan. 1924 paid $1 quar., April 1924 to July 1925 paid
Total net incom e-____$2,558,994
$3,101,905 $2,284,212 $1,489,522
1 25 quar.
Deduct— Deprec. charged
R EPO RT.— For 1924 showed:
off, &c___________
$263,784
$250,112
$199,381
$183,343
Calendar Y ears— 1924
1923
1922
Reserve for employees’
Net earns, aft chgs., taxes & pf. divs.S16.771,312 $16,204,415 $11,716,114
profit-sharing plan.
90,972
218,209
108,416
________
Dividends__________________________ 13,298,665 10,638,932 10,638,932
Res. for Federal taxes286,600
350,000
275,000
120,000
Preferred divs. (7% )_
253,750
260,750
267,750
273,000
Balance, surplus_________________ $3,472,647 $5,565,483 $1,077,182
Common divs____(12%) 1,200,000(11)1050,000 (10)900,000 (10)900,000 Profit and loss, surplus____________ $75,334,931 $71,450,857 $66,550,374
The amount set aside for depreciation, bad debts and other reserves in
Trans, to surp. acct._ $463,888
$972,835
$533,665
$13,179
1924 was $6,178,215, against $6,504,044 in 1923.
3 Months Ended March 31—
1925.
1924.
1923.
OFFICERS.— Chairman of board, Myron T. Herrick; Pres., George O.
Net earnings________________________ $1,121,643
$810,497
$814,691
Other net income___________________
94,831
95,452
95,934 Knapp: Vice-Presidents, Edgar F. Price. G. W. Mead, M. J. Carney,
Jesse J. Ricks; Sec., G. W . Mead; Treas., W . M . Beard. Office, Carbide
$1,216,475
$905,949
$910,625 & Carbon Building, 30 East 42d St., N . Y .— (V. 120, p. 1758.)
UNION OIL CO. OF CALIFORNIA.—ORGANIZATION.— IncorpDepreciation-----------------------------------60,632
64!020
68i236
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
xNet profits_____________________ $1,155,842
$841,929
$842,389
x The above profits are subject to deduction for Federal income tax.
proximately 619,506 acres, and has under lease approximately 182,871 acres,




t

M ay , 1925.]

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES.
IFor abbreviations, &c., see notes on page 6.1

nion Steel— First & coll rntge S45,0no onn e r a s f_N.xc*&r
U nion Tank Car Co— Com. Stock S25.000.000________ ___
Preferred stock (non-voting) $12,000,000 authorized____
Equip, trust notes red. 1 0 2 ______ _________________ Eqc
United Alloy Steel— Stock 905.000 shares---------------------Preferred stock 7% cum $10,000,000 auth______________
United Cigar Stores Co o f Amer— Com $60,000,000 auth—
Preferred stock fa & d) 7% cum $5,000,000 see text______
Guaranteed Bonds—
United Stores Realty Corp s f g debs call (text) kxxxc*
United Drug C o,— Auth common §55,000,000 ____________
1st pref (a & d> 7% cum $35,000,000 call any time at $60 .
2d pref (a & d) 6% cum $10,000,000 call at 105_________
Pref stocks o f sub companies outstanding________________
20-year gold bonds red 10714__________________ xxxc*&r*
534-year gold notes_______________________________ AB.c*
Real estate mtge bonds all sub c o s ____________________
United Dry G oods Cos— See Associated Dry Goods Gorp

Date
Bonds

Par
Value

Amount
Outstanding

1902 $1,000Ac
100
100
500 &c
1920
None
100
25
100
1922

1924
1920

Rate
%

When
Payable

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

al 5.000.000
J & D Dec 1 1952
$18,115,000
Q— M une 1 1925 I X
7
12.000,000
Q— M June 1 1925 1X
1.500.000 c, 7 g
P & A Aug 1 1930
800.000 sh See text ________ Apr 10 1924 50c
3.300.000
7
Q— J |Apr 1 1925 I X
34.536,913 See text Q— M 31|See text
4.091.100
7
Q— M June 15 ’25 I X

5.880.000
100 &c.
100 36.746.600
50 29,356,700
127.300
100
801,700
100 &c 12.500.000
1,000 2,002,003
1.029.000

6g
6
7
6
(T)
6g
8g

A

225

& O Oct 1 1942
Q— M June 1 1925 1X
O— P M ay 1 1925 1X
Q— M June 1 1925 134
(T)
A & O Oct 15 1944
J a D15 June 15 1926

New Fork Trust Co, N Y
Checks mailed
Guaranty Trust O o . N ^
Checks mailed
do
Amer Trust Co, Boston
Amer Trust Co. Bostoa*
Amer Trust Co, Boston
Chase Nat Bank, N Y
Amer Trust Co, Boston

« An additional $28,935,000 held by trustees of sinking fu nd.

as follows: California, 193,640 acres; Wyoming, 15,180 acres: Texas, 2,198
acres; Colorado, 34,743 acres; Utah, 2,560 acres: Mexico, 470 acres; Colom­
bia, S. A ., 425,746 acres; New Mexico, 124,000 acres; British Columbia,.
3,840 acres.
Owns 99.81% o f Producers’ Transportation C o.’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 o f Union Oil Co. o f California Stockholding C o., V. 113
p. 2193: V. 114. p. 956, 1072. 1296. 1417, V. 115. p. 191
The Fort Collins Producers’ Corp., a subsidiary, was incorporated in
Colorado in July 1924'with an authorized capital stock o f $10,000,000, par
$25 per share, to take over the operations in Colorado o f the Union Oil Co.
of California. All o f the stock o f the Port Collins company except directors
shares 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. Y. 101. p. 523; V. 100, p. 1353
1516. 897; V. 102, p. 1065; V: 103, p. 762.
The stockholders voted on Peb. 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
o f new stock being issued for one share of old stock.
LATE D IV 8 ril-*12. ’ 1 3 .’ 14-T5. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21.
1922-25
48 None..
6 6
6
6 6H 8
See
C ash -----------( yly.
E x tra ______ I ___________ _______
__ 3
4
4 4
4
text
In s to c k ___ l _______ ____ _______
____ M ar.,10
On Jan. 19 1918. 134% and 1% extra; Mar. 15 1918. 10% in stock
April 1918 to July 1920, 134% cash and 1% extra (Q.-J.): Oct. 1920, to
Oct. 1922, 2% quar. and 1% extra. On Dee. 20 1922 paid 80% in stock.
On Jan. 27 1923 paid 1 X % on increased capitalization: April 28 1923 to
Oct. 28 1924 paid $1 80 quarterly. On Feb. 10 and M ay 10 1925 paid
45 cents a share on new stock o f $25 par value, which was exchanged for
old stock of,.$100;par value on the basis o f four shares o f new stock for one
share of old stock.
BONDS.— First Lien 5% 20-year bonds. Sinking fund retires yearlj
at 102 34 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 o f these bonds in the market if obtainable at or
below a 5 X % 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, 10134 and int. up to and incl.
April 1 1929, 101 and int. up to and incl. April 1 1931, and 10034 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.
The Series B serial notes are callable as a whole or in part by lot in
amounts of not less than $1,000,000 at par and interest, plus a premium o f
34 of 1% for each year or fraction thereof unexpred. V. 116, p. 1661.
R E PO RT.— For 1924, in Y. 120, p. 951, showed:
Consolidated Annual Statement, Including Controlled Companies.
1924.
1923.
1922.
1921.
Production, net barrels.
15,036,952 18,741,633 12,453,846 10,217,835
Gross sales____________.$65,950,218 $72,962,578 $58,937,140 $59,027,577
Total profits__________ 27,334,032 24,357,393 25,419,981 23,839,187
General exp., taxes, & c.
4,415,712 3,237,115
3,142,021 3,026,932
Depreciation___________ 11,309,412 12,311,235 10,563,729 8,630,799
Interest on bonds, &c___
904,860
776,394
429,354
3,249
Provision for Fed. taxes.
______
______
550,000
1,650,000
Cash dividend_________ 6,675,349
6,435,000
6,000,000 6,000,000
Balance, surplus_____$4,028,699 $1,597,649 $4,735,875 $4,528,208
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 B ldg., Los Angeles, Calif.
— V . 120, p. 2414.
UNION STL Li. CO.— The United States Steel Corporation, which took
possession as of Deo. 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 arc
secured by al! the property of the company, Including the Sharon Steel stock
acnuired
They are subject to call since Deo. 1 1907 at 110 and Interest.
Annual sinking fund 2% o f amount o f 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 C O — See Westlnghouse Air Brake Co
UNION TAN K 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. stock was increased in June
1919 from $12,000,000 to $25,000,000. V. 108, p. 2336. Dividends, 1914
to March 25 1919, 5% yearly ( 2 X % M . & S.); June to Dec. 1919 paid
I X % quar.; March 1920 to Dec. 1 1922, paid I X % quar. On Dec. 28
1922 paid a 50% stock div. March 1923 to June 1925 paid I X % quar.
on Increased capitalization.
The stockholders on Jan. 27 1920 authorized the creation o f an issue of
$12,000,000 cumulative 7 % non-voting pref. stock. Stockholders of record
Jan. 27 were given the privilege o f subscribing to the new stock at par on
the basis o f one share o f pref. for each share o f common held. Initial div
of 1 X % on new pref. stock paid June 1 1920: to .tone 1 1925. 1 X % quar.
Equip, gold notes of 1920. V. I l l , p. 597; V. 113, p. 2829; V. 115, p.
83, 2915; V . 119, p. 85; V. 120, p. 219.
RE PO RT.— For 1924, in V. 120, p. 1471, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Earns, after oper. exp_ $7,223,926 $8,374,135 $8,097,781 $5,903,574
_
Deprec. & amortization.
3,401,368
3,616,755
3,895,782 3,817,350
Reserve for taxes_
592,688
560,000
819,562 1,001,115
Reserve for annuities__
91,980
79,577
82,485
Preferred dividend_(7 %) 840,000 (7 %) 840,000 (7 %) 840,000 (7 %) 840,000
Common dividends____(5%)901,125 (5%)900,000(7% )840,000(7% )840,000
Balance, surplus_____$1,488,745 $2,365,399 $1,622,859 def$677,376




Chairman, Henry E. Felton; Pres., E. C. Sicardi; V.-Pres., A. E. Smith;
Sec.. E. F. Oeok: Treas., E. L. Gridley. Office, 21 East 40th st.. New
York.— (V. 120, p. 1471.)
UNITED ALLOY STEEL C O R P.— O R G A N IZA T IO N .— Incorp. in
N . Y . State Oct. 25 1916. Owns In fee property o f former United Steel Oo.
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. In 1922 purchased
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. Oo and the
United Furnace Co. The authorized preferred stock was increased to
$10,000,000 on July 31 1923. V. 117, p. 563.
D IV ID E N D S.— 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.; none since.
R E PO R T .— For 1924, in Y . 120, p. 2024, showed:
Calendar Years—
1924.
1923.
1922.
1921.
$607,525
Profits__________________ $2,933,666 $5,657,640 $4,945,196
Taxes, real, pers. & corp.
363,819
395,641
241,641
288,684
Miscellaneous_________
261,294
346,453
425,831
386,364
1,494,299
1,493,179
1,276,117 1,274,920
Depreciation__________
Adjustment of inventory
______
______
______
1,404,636
Prov.for Fed.taxes (est.)
100,413
350,000
______
______
Preferred dividends____
231,000
231,000
231,000
225,750
400,000
2,200,000
1,200,000
____
Common dividends_____
Balance, surplus------$82,840
$641,366 $1,570,607 $2,521,329
D IR E C TO RS.— Edward A . Langenbach (Chairman & Pres.), David B.
Day, John McConnell, George H. Charls (V.-P. & Gen. M g r.), C. W . Krieg
(Sec. & Treas.), Elton Hoyt 2d, H. Coulby, Bayard Dominick and Percy
W. Brown. Offices, Canton, Ohio, and Pershing Square Bldg., N . Y . — ( V .
120, p. 2024.)
UNITED BAKERIES C O R P — (V. 119, p. 2300.)
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 of its subsidiaries,
the United Cigar Stores C o., Inc., N. J., United Cigar Co. of 111. 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, A c., hav­
ing over 2,500 stores and agencies in various parts o f the country. United
Profit Sharing Corp., see V. 98, p. 1465; V. 99. p. 474, 1683; V . 100, p. 59,
During 1923 the Tobacco Products Corp. acquired over 87% o f the
common stock o f the company.
STOCK.— The preferred stock has equal voting power with common. A
special surplus fund out of net profits may be used after Ja . 1 1916 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.
BONDS.— The company guarantees, principal and interest, $5,880,000
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 W %
and X % extra paid Feb. 15 1913; M ay 15 1913 to Nov. 15 1913, 1X%1
Feb 15 1914 to May 15 1915, 6% yearly; Aug. 1915 to Feb. 15 1917, 1 X%\
May 1917, 2% quar. to M ay 1918. V. 104, p. 1392. On Aug. 15 1918 In­
creased the common dividend to 2X%\ Nov. 1918 to May 1919, 2 X %
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
1 X % monthly. In April 1921 paid 1%: M ay 1921. 1%; June 1921, 2% :
July 1921, 1 X % ; Aug. 1921, 1 X % : Nov. 1921, 2% ; Sept. 1922, 2% ;
Dec. 1922, 2% , and 1% extra: Mar. 1923. 2% : M ay 1923, 2% : Aug.
1923, 2% ; N ov. 1923, 3% ; Feb. 1924, 3% ; M ay 1924, 3% ; June, 1924 to
June 1925 paid each quar.; 2% in cash and 1 X % in common stock.
R E PO RT.— For 1924, in V . 120, p. 1102 and 1216, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net profits-------------------- a$7,751,997 $5,817,027 $5,059,806 $4,901,657
Federal taxes, &c----------700,000
700,000
700,000
800,000
Interest________________
355,298
359,100
______
______
Preferred dividends____
301,808
316,890
316,890
316,890
Common dividends_____ 3,968,002
2,957,234
1,642,836 3,942,426
Balance, surplus_____$2,426,889 $1,483,803 $2,400,080 def$157,660
a Includes $1,247,789 enhancement of leasehold values.
OFFICERS.— Chairman and Pres., Charles A. Whelan; V.-Pres., Elliott
Averett, W m. Baeder, R . L. Ramsdell, C. R. Sherlock, J. F. Whelan, H. S.
Collins, W . T. Posey, Dr. M . Monac-Lesser, Albert C. Allen, Samuel
Simons, L. E. Denslow, Julius Schwartz, M . A. Boubier; Sec., W . A . Fer­
guson; Treas., Geo. W attley.— (V. 120, p. 2562.)
UNITED DRUG CO.— O RGAN IZATION .— Incorporated In Massin March 1916. In addition to its manufacturing property and business,
owns the entire capital stock o f the Louis K. Liggett C o., the retail company
which succeeded to Riker-Hegeman C o., Riker-Jaynes Co. and Louis K.
Liggett Co. business. Also owns ail the common stock o f Canadian and
British companies, &c. 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 United States of over 1,000 population, and also through 293 Liggett’s
drug stores. In 1917 purchased Seamless Rubber Co. in New Haven,
Conn., the lessee of a uew $1,800,000 plant owned by Seamless Rubber
associates on account of which the latter sold $1,200,000 6% preferred
stock in N ov. 1919, having dividends and sinking funds covered by rental

226

IN DU STKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

United D yewood Corp— Common stock $15,000,000______ I
Pref 7% cum $5,000,000________________________________ !
United Fruit— Stock $150,000,000 authorized____________ I
United Paper Board Co Inc— Com stock $12,000,000 auth.
Pref stock 6% non-cum $1,500,000 red 110 (Yol 104, p. 769)
U nited Shoe M achinery Corp— Common stock__________
Pref (a & d) stock 6 % cumulative (see text)______________

Dale
Bonds

Par I Amount
Value |Outstanding

$100 $13,918,300
100 3,800,000
ion 100,000,000
lOO 12,000,000
100
1.326,000
25 48,534,891
10,593.225

tinder guaranty by United Drug Co. V. 109, p. 1706. In 1919 acquired
Schuhles Pure Grape Juice C o., Inc., o f New York (name changed in
1922 to Hudson Valley Pure Food C o.). V. 104, p. 1495, 2562. United
Drug C o., 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. o f America, St. Louis, and
on Jan. 28 1923 acquired all the outstanding stock o f that company. V. 109,
p. 2077. During 1919 formed the United Drug Building C o., which sold
$2,000,000 o f 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 o f the Louis K. Lig­
gett C o., Ltd., of Canada, and the ordinary shares o f the Boot’s Pure
Drug C o., L td., of England.
STOCK.— The second pref. stock is exchangeable into common stock,
share for share, at any time, at option o f holder. V. 109, p. 894. Both
pref. issues are 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
o f the 1st Pref. stock o f United Drug Co. in exchange for each share of Pre­
ferred stock o f Liggett’s International.
BONDS.— The 8 % convertible gold bonds were redeemed on Dec. 15 1924
out o f the proceeds o f the $12,500,000 20-year 6% gold bonds sold in
Oct. 1924. Y. 119, p. 1636Guarantees, jointly with Louis K . Liggett C o., $2,250,070 7% S. F
gold bonds, due Mar. 1 1942, o f Liggett-Winchester-Ley Realty Corp
V. 114, p. 953.
D IV ID E N D S—
1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
On com. stock ( % ) . Z X
5
7X
7%
6
0
3
6
On pref. stock ( % ) . ------------------------------ In full to date ------ ------ ------ --- ■ ■Paid on common stock in Jan. 1919, I X % and 1% extra: April 1919 to
Jan. 1920, incl., I 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.
R E PO R T .— For 1924, in V . 120, p. 949, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net sales______________ $70,112,133 $67,244,671 $61,186,906 $60,490,468
Total net income_______ 8,136,092
6,752,018
5,879,844
4,093,867
Depreciation_________ f
Doubtful acc'ts receiv_| 1,388,114
1,346,894
1,377,739
1,090,552
Current taxes________ (
Pref. & com. divs. (incl.
subsidiary cos.)______ 3,355,953
2,244,051
1,198,069
3,046,588
Int. on bds. & notes out. 1,201,419
1,240,302
1,270,838
1,742,300
Balance, surplus_____$2,190,606
$1,920,771$2,033,198df$2,020,169
3 Mos. End. Mar. 31—
1925.
1924.
1923.
1922.
Sales___________________$18,222,419 $16,960,169 $15,725,992 $14,204,065
Gross profits____________ $6,110,176 $5,780,347 $5,350,464 $4,624,993
Expenses_______________ 4,699,543
4,547,976
4,059,447 3,912,877
N etprofit___________ $1,410,633 $1,232,371 $1,291,017
$712,116
(Balance sheet as o f Mar. 31 1925 in V. 120, p. 2414.)
OFFICERS.— Pres., Louis K. Liggett, 1st V .-P., Geo. M . Gales, Sec.,
A. W . Murray, Treas., J. A. Galvin. Main office, Greenleaf & Leon Sts.,
Boston, Mass.— (V. 120, p. 2414.)
UNITED DYEWOOD CO R P.— ORGAN IZATION .— Incorporated in
Dels. Sept. 26 1916 as a holding co. and may manufacture chemicals,
coloring materials and dyestuffs. Owns all the capital stock of American
Dyewood Co. (Incorp. 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 $700,000 is held in treasury.
D IV ID E N D S.— On pref. stock paid or declared in full to Jan. 2 1926
7% p. a. (I X % qu.). Dividends on common (No. 1), April 1917 to July
1924, I X % quar.; none since. In Aug. 1917 paid 1% extra to aid Red
Cross contributions.
R E PO RT.— For 1924 showed: Total income (divs. and int. received,
&c.), $706,721; net income, $595,837; loss on sale o f foreign securities,
$201,192; pref. divs., $261,625; common divs., $417,549; bal., def., $284,529; previous surplus, $1,144,869; adjustments, Cr.$54,118; total surplus,
$914,458.
Report of subsidiary companies for 1924 showed: Net profit from opera­
tions, $732,255; other income, $20,294; depreciation, $186,773; interest on
bonds and notes, $43,257; income and profits taxes, $62,880; net income,
$459,639; reserves, $124,167; dividends, $701,989; bal., def., $366,517;
previous surplus, $3,006,317; total surplus, $2,639,800; equity therein of
United Dyewood Corp., $2,620,022.
OFFICERS.— Pres., Joseph O. Baldwin Jr.; V .-P ., De W itt O. Jones,
Percival Thomas and William F. Fraser; Sec. & Treas., Ernest W . Picker.
Main office, 100 East 42d St., New York.— (V. 120, p. 1471.)
UNITED FRU IT CO.— ORGAN IZATION .— 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 R y. 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. o f America. V. I l l , p. 2050; V. 112,
p. 1290. Lease o f pier from Havana Docks Corp., V. 112, p. 2541.
DIVS.— 1912.1913.1914-18. 1919. 1920 '21. ’22 '23. ’24. 1925.
R e g u l a r . . . 8%
8%
8%
9 H % 11H 10
8 8
8
See
E x t r a ______
_
2%
___
X % ___ *100
2
2
text
* In stock.
The directors in Dec. 1924 declared four quarterly divs. of 2 X % each,
payable April 1, July 1 and Oct. 1 1925 and Jan. 2 1926.




Rate
%

When
Payable

See text
7
text
text
text
text
6

-J
o J
Text
Text
Q— J
Q— J

See
See
See
See

[V ol. 120,

Last Dividend Places Where Interes anc
and Maturity
Dividends are Payable

July 1 1924
Jan 2 1926
Jan 2 1926
July 1 1925
July 1 1925
Apr 4 192 5
Apr 4 1925

1X
IX
2X Company's office.Boston
X
6%
2 X /Checks from American
1X \ Trust C o. Boston

RE PO RT.— For 1924, in V. 120, p. 696, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net income from oper_ $18,440,421 $26,878,656 $20,476,759 $18,827,979
_
Interest, dividends, & c. 2,128,407
339,364
2,084,790
1,751,857
Total net income_____$20,568,828 $27,218,020 $22,561,549 $20,579,836
Less—-Interest charges..
______
______
______
8,906
Estimated taxes_____ 3,274,620
4,120,690 3,710,231
3,595,167
Dividends (see note)_yl0,000,000 x20,000,000 10,000,000 8,000,000
Bal., profit, for year— $7,294,208
Accum. profit Jan. 1____ 48,067,354

$3,097,330
44,970,023

$8,851,318
34,955,774

$8,975,763
25,980,011

T o t a l ...------------------- $55,361,562 $48,067,353 $43,807,092 $34,955,774
______ Crl,162,930
______
Charge to profit & lo ss.. 4,624,000
Profit & loss balance. .$50,737,562 $48,067,353 $44,970,022 $34,955,774
x Including $10,000,000 dividends for 1924. y Being dividends for year
1925, declared in Dec. 1924.
DIRECTO RS.— Victor M . Cutter (Pres.), William Newsome and
Crawford H. Ellis (V .-P.), Bradley W . Palmer, Robert F. Herrick, John S.
Bartlett, W . Cameron 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 Cecil B. Taylor; Sec. is W m. K. Jackson. General offices, 1
Federal St., Boston.— (V. 120, p. 2024.)
UNITED PAPERBOARD CO., IN C — Incorp. Feb. 27 1912 in N. J.
and acquired at foreclosure sale the properties of the United Boxboard Co.
Product is pulp and paperboard for the manufacture o f paper containers and
ldndred commodities.
C APITAL STOCK.— The auth. pref. stock was decreased from $2,500,000 to $1,500,000 in N ov .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 l7 % or any part thereof of their respective holdings of
common stock.
D IV ID E N D S.— On pref., 1X % 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% . On common: Dec. 15 1917, X%\ Dec. 15 1918, 1% ;
M ay 27 1920, 2% ; Sept. 16 1920, 2% ; Jan. 10 1921, 2 % , also 10% in stock
then none until July 1 1925, when X % was paid.
R E PO RT.— For year ended M ay 31 1924, in V . 119, p. 940, showed:
1923-24.
1922-23.
1921-22.
1920-21.
$705,768$881,714 loss$155,559
$731,041
Gross earnings_________
Net in com e...............
423,420
646,275 loss381,355
556,668
Depreciation__________
300,000
300,000
100,000
100,000
Preferred divs. ( 6 % ) . . .
79,476
79,482
88,140
Common dividends_____
______
______
______ (4%)367,278
Surplus..........................
$43,944
$266,793 def$481,355
$1,520
Six Months Ended— N ov.2 9 ’ 24. N ov.2 4 ’23. N ov.2 5 ’22. Nov.2 6 ’21.
Gross earns, (incl.oth.inc)
$358,868
$487,517
$227,719
def.$90
Taxes and insurance____
52,204
66,719
39,351
29,707
Administration expenses
65,515
63,227
67,219
65,503
xNet earnings_______
$241,149
$357,571
$121,149 loss$96,116
x No deduction has been made for depreciation.
OFFICERS.— Pres., Sidney Mitchell; V.-Pres., Matthias Plum; Treas.,
Chas. E. Daniel; Sec.. M . Bechthold. N . Y . office. 171 Madison Ave.—
(V. 120, p. 2693.)
UNITED SHOE M ACHINERY C O R PORAT ION.— 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
Oo., the operating company, with the United Shoe Machinery Corporation,
the holding company was finally consummated N ov. 30 1917. V. 105, p.
1426.
The U. S. Supreme Court on M ay 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 suit, 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. S. District Court at St. Louis, V. 110, p. 1421. On April 17
1922 the case was reargued on appeal o f 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, m ay.not include in Its leases of machinery to
shoe manufacturers the so-called “ tying” clauses. See V. 114, p. 1729.
1782. Company asks modification o f decree, V. 114, p. 2250, 2368, 2479;
V. 115, p. 1219.
STOCK.— The stockholders voted M ay 19 1923 to Increase the authorized
capital stock from 600,000 shares preferred (par $25) and 1,400,000 shares
com. (par $25) to 2,400,000 shares o f com. (par $25) and 600,000 shares of
pref. (par $25). A stock dividend of 40% was paid June 18 1923.
DXVIS.—
’ 10. ’ 11-’ 14. T5. ’ 16. *17. ’ 18. T 9 . ’20. 21 ’2 2 ’23. ’24
Oa com m on.% ) 8
8 yrly
8 8 8
8 8 . 1 2
8 8 8
9
4
____ 10
6
4
6 _ ._ __
Extra cash____
Extra stock __ 10
10
. . 10 Text . .
__ . . 40
On July 5 1917 an extra dividend o f 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 Oo. Preferred stock (outstanding $2,500,000 each of
Common stock and $2,500,000 7% cum. pref. stock (par $100). (V. 102.
p. 2259) as to each $25 share held on June 19, see V. 102, p. 2260. 2347.
Paid in 1925: Jan., 2X%\ April, 2 X % R EPO RT.— For year ending Feb. 28 1924, in V. 118, p. 2701, showed;
1923-24.
1922-23
1921-22.
Combined net earnings_______________ $8,054,941 $6,547,216 $4,594,147
Excess profits taxes_________________ 1,000,000
1,500,000
1,500,000
Cash dividends paid (com, and p ref.). 4,239,171
3,396,903
3,385,432
Balance, surplus for year..... .......... $2,815,770 $1,650,313 def$291,285
D IR E C TO RS.— Edwin P. Brown (Pres.), Geo. W . Brown (V .-P .),
Moses B. Kaven (V .-P .), W m. Warren Barbour, Louis A. Coolidge,
Edmund Le B. Gardner, E. P . Hurd (Vice-Pres. & Asst. Treasurer),
Daniel G. Wing, Charles G. Rice, Samuel Weil, J. H. Connor (V .-P .),

M ay , 1925.]
M IS C E L L A N E O U S

327

IN D U STRIA L STOCKS AND BONDS
C O M P A N IE S

For abbreviations, &c., see notes on page 6]

4 S Cast Iron Pipe & Fdy Co—Com stock 515,000,000 auth.
1
Preferred stock
noa-cumillative $15,000,000 auth------»n->f>ricap Ptne & Found*-” first, mts-r *1 *00 non
fd
U S D istributing Corp— Common stock 220,000 shs auth__
Pref (a & d) stock 7% cum convert (see text) $2,750,000 au_
United States Envelope— common stock $4,0no.0uu- . —
Preferred stock (a & d) 7% cumulative $4.000,000--------l it M g part yrly red 104___________________ - --O B zc*
United States Gypsum Co— Common stock $15,000,000-Preferred stock 7% cumulative $10,000,000 authorized------

Date
Bonds

1898

1908

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$100 $12,000,000
100 12.000,000 ',ee text
1.000
t577.000
6
145,097 shs
100
7
1,872,400
IU
U 1,750,000
8
100 4,000,000
7
1 000
1.250,000
5g
20 8,786,960 See text
100 9,032,900
7

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

Office, Burlington. N J
do
do
Q— M 16 See text
J *
J July 1 1928
Ohattanooga, Tennessee
Jan 15 1921, $1
J & J Jan 1 1925 3)4
M & S Mar 2 1925 4% Old Colony Trust C o . Bos
a 4 s Mar 2 ’25 3)4%
do
do
t ,v r> To Dec 1 1934
do
do
Q— M 31 See text
Q— M 31 June 30 *25 1%

t After deducting $923,000 In treasury and sinking fund.

Sidney W . Winslow, Jr. (V .-P.), William Woodward, Robert F. Herrick,
Robert Barbour, W. R. Sampson (Gen. M gr.), H. W . Hanan, Harold O
Keith, Chas. G. Bancroft (V .-P.), H. G. Donham, Sec. & V .-P ., Albany
Bldg., Boston, Mass.— (V. 120, p.12693.
)
UNITED STATES CAST IRON PIPE AND FOUNDRY C O .—
ORGAN IZATION .— Incorp. in N. J. March 13 1899. V. 81. p. 233;
V. 69, p. 757; V . 71, p. 1124. Properties, rights o f stocks, &c., V. 85,
p. 157.1522; V. 103, p. 1709; V . 109, p . 1086; V. 114, p. 1176; V. 116,p .1174.
DIVS. (’08. 09. ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. T5. ’ 16. 1917 to ‘22. ’23. '24. ’25
Pref % j 3 )4 5M 6
234 2
4
2
0
4
5% yrly. 7)4
8 text
C om -. l_
_
None
.
_
_
_
_
--------- - - - - An extra div. on the pref. stock o f 1% on account o f accumulations was
paid Dec. 15 1924. V. 119, p. 2077.
The directors on Jan. 22 1925 declared four quarterly dividends of 1M %
each, payable March 16, June 15, Sept. 15 and Dec. 15 1925 to holders of
record March 2, June 1, Sept. 1 and Dec. 1, respectively.
The directors also declared an additional dividend o f $300,000 (2 34%)
on the pref. stock, payable March 16 1925 to holders o f record March 2,
and an additional dividend o f $301,370 52 (2.511 + % ), payable June 15
1925 to holders o f record June 1. These additional dividends are payable
out o f 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. will have been paid to date.
R E P O R T .— For 1924, in V. 120, p. 1453, showed;
1921.
1922.
C a le n d a r Y e a r s —
1924.
1923.
$526,762
Net operating income___ x$6,448,764 $3,995,794 $1,497,866
102,667
85,193
138,425
66,905
Other income___________
$629,429
Total income__________ $6,587,189 $4,062,699 $1,583,058
$431,689
Depreciation reserve___
$504,128
$472,936
$439,647
96,899
121,169
Interest________________
62,140
118,496
600,000
600,000
Preferred dividends____
960,000
900,000
--------- --------- 60,000
Common dividends------$422,243 def$499,152
Surplus for year________$5,060,920 $2,511,268
x Earnings are after deducting cost o f operation and maintenance of
plants ($2,470,885) expended for upkeep o f tools, machinery, buildings and
equipment, expenses o f sales and general offices, and provision for taxes
and doubtful accounts.
OFFICERS.— Chairman, L. R . Lemoine: 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. R . Rauth. General offices, Burlington, N. J. N. Y
office. 71 Broadway.— (V. 120, p. 1453 )
UNITED STATES DISTRIBU TIN G CORP.— Incorporated under
laws o f Virginia on Sept. 18 1919. Through its operating companies is
engaged in the business o f distributing anthracite and bituminous coal,
operating mines in Wyoming, trucking all kinds o f 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 C o., 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.
STOCK.— The preferred stock is convertible into common stock at the
rate o f four shares o f common stock for each share o f preferred stock. Every
share o f preferred stock entitles the holder thereof to four votes and every
share o f common stock entitles the holder thereof to one vote.
D IV ID E N D S.— 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 o f 3)4% was paid July 1 1924; same amount
paid Jan. 1 1925.
REPORT..—For 1924 showed:
1924.
Calendar Years—
1923.
.
$479,684
Total earnings__________________________________
$414,034
150,894
Expenses, interest, &c_.
162,647
.
$263,140
Net earnings__________________________________
$317,037
568,300
Other income-------------275,924
.
Total income__________________________________
$831,440
$592,961
101,678
Reserved for Federal taxes
50,000
160,188
Preferred dividends______
Balance, surplus______________________________
$569,574
$542,961
The company reported for the quarter ended March 31 1925 net income
o f $211,780 after depreciation and interest, but before Federal taxes,
against $152,173 in the first quarter o f 1924.
OFFICERS.— Chairman o f Board, Geo. F. Getz, Pres., H. N . Taylor,
V .-P ., Gardner Pattison. Treas., J. R. Edwards, Sec., Preston Davie
Office, Whitehall Bldg., New York.— (V. 120, p. 2281.)
UNITED STATES ENVELOPE C O — Incorp. In 1898 in Maine.
V, 66. p. 1003.
CA PITA L STOCK.— The stockholders on Jan. 7 1921 voted to increase
the authorized common stock from $1,000,000 to $4,000,000. Common
stockholders o f record Mar. 1 1921 had tbe privilege of subscribing at par
for one share o f new stock for each share of common stock held. This
with the $250,000 issued as a stock dividend in Mar. 1921 increased the
outstanding stock to $1,750,000. V . 112, p. 753.
LATE DIVS.— f’ 13 '14-T6. ’ 17-T9. ’20. ’21. '22. ’23. ’24. M ar. ’25.
Preferred ( % )___ O l ) 4 7 y ’rly
7
7
7
7 7
7
33
A
Common (% )_____l 2)4 7 y’rly
7
7
7)4
8 8
8
4
do
extra----------------------------- 2)4 5
*2)4 -- - -* Stockholders o f record Mar. 2 1921 received a stock dividend o f 33 1-3 % .
BONDS.— The first mortgage 5% serial gold bonds of 1908 (52,500,000
authorized Issue) mature Deo. 1 yearly from 1921 to 1937. In Nov. 190fc
*2,000,000 were sold (falling due 550,000 yearly from 1910 to 1924, 5100,O P
O
from 1925 to 1929 and $150,000 1930 to 1934. V . 87, p. 1360, 1163. In
M ay 1920 sold $1,000,000 serial 7% gold notes, due $200,000 per annum
from 1925 to 1929 and $150,000 1930 to 1934. V. 87, p. 1360, 1163.
R E PO R T .— For 1924, in V. 120, p. 1102, showed:
1921.
Calendar Years—
1924.
1923.
1922.
Net profits_____________$1,035,181 $1,210,397 $1,088,026
$728,154
117,625
Interest_________
84,625
101,125
134,125
435,874
Depreciation____
394,128
448,792
423,728
30,000
Tax reserves_____
100,000
75,000
280,000
280",666
Preferred dividends___
280,000
280,000
140,000
x365,000
Common dividends____ l40,000____ 140,000
$84,527 def$474,699
Surplus_______
$36,428
$165,480
Profit and loss surplus.- $2,127,653 $2,129,030 $1,963,551 $1,879,024
x Includes 33 1-3% stock dividend ($250,000).




OFFICERS.— Pres., James Logan, Worcester, Mass.; Treas., W m. O.
Day; Sec., W . M . Wharfield, Longmeadow, Mass.— (V. 120, p. 1102.)
UNITED STATES GYPSUM, C O .—ORGA N IZA TIO N .— Incorp hi
Illinois in 1920 as successor to a company of the same name incorp. in
New Jersey Dec. 27 1901 (V. 74, p. 1138). Manufactures all classes of
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 with a supply of over 135,000,000
tons of gypsum is the dominant factor in the industry in the United States.
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 United States.
Its principal properties, consisting o f 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.
D IVIDEN DS.— On Pref. stock: 1906, 354%; 1907, 7 )4 % ; 1908, 5 % ;
1909. 6% ; 1910 to 1912, 5% per annum; 1913, 5 )4 % ; 1914, 6% ; 1915
814 % 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.
31 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. On Dec. 31
1920 and 1921 also paid 5% in common stock; on Dec. 30 1922 paid 10%
in common stock, on Dec. 31 1923 paid 20% in common stock, and on
Dec. 31 1924 paid 35% in common stock.
R E PO RT.— For 1924, in V. 120, p. 2024, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Net earnings___________ $8,825,696 $6,848,942 $4,370,771 $2,639,553
Depreciation...................
670,590
553,323
470,216
271,418
Contingencies---------------------500,000
300,000
200,000
Federal taxes---------------988,725
764,696
481,522
478,169
Pref. dividends (7)_____
592,076
421,178
418,881
417,785
Common dividends------- x4,292,515(24)1,180,491 (14)619,659 (9)374,670
Balance, surplus------- $2,281,789
$3,429,253 $2,080,493
$910,587
Profit and loss, surplus-$12,595,681
$9,045,049 $5,615,795 $3,535,302
x In 1924 includes 31% cash and 35% stock dividends. In 1923 includes
extra of 20 % and four regular quarterly dividends of 1 % each. In December
1922 a stock dividend of 10% was paid and four regular quarterly dividends
of 1% each during the year. In Dec. 1921 5% was paid in common stock
besides the regular cash dividends. These are included in the above amounts
shown.
Pres., 8. L. Avery; V .-P ., O. M . Knode; V .-P ., C. F. Henning; Sec &
Treas., R. G. Bear. Office, 205 West Monroe St., Chicago.— (V. 120,
p. 2562.)
UNITED STATES HOFFMAN MACHINERY CO R P.— ORGANIZA­
TIO N .— Incorp. 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.
The preferred stock is convertible at any time into common stock at the
rate of 3 1-3 shares of common stock for one share of preferred stock.
V. 119, p. 822.
D IV ID E N D S.— An initial dividend of 50 cents a share on the common
stock was paid Dec. 1 1924; same amount paid March 1 and June 1 1925.
R E PO RT.— For 1924, in V. 120, p. 1102, showed:
I n c lu d in g C a n a d ia n H o f f m a n M a c h in e r y C o ., L t d ., a n d in
1924 U n i t e d
P re ssin g M a c h in e E xch a n g e, I n c .

C a le n d a r Y e a r s —
1924.
Gross sales------------------------------------- b$5,512,296
Operating costs, &c--------------------------a4,295,139

Profit from operations.
Interest, &c., income___

1923.
1922.
$5,714,992 $5,535,508
4,435,039
4,181,657

,217,157
137,017

$1,279,954
191,235

$1,353,849
143,819

Gross income_____________________ $1,354,174
Interest, &c., charges_______________
$216,775
Debenture bond interest_
~ '
103,468
Debenture bond premium__________
24.000
Preferred stock premium___________
6,614
Federal & Dominion income taxes_
_
100,519
Amortization of patents____________
213,422
Losses_____________________________
Dividends on Preferred stock_______
22,750
Preferred dividends accrued________
7,583
Deb. prem. & miscell. charges______
204,279
Common dividends_________________
90.000
Organization expenses______________

1,471,188
$289,487
171,440
33,000

$1,497,668
$301,729
194,210
30,000

84,032
211,911
y86,596

84,093
204,017
y92,864
38,250

$594,723

$511,036

510,680

def.356

Surplus--------------------------------------Profit and loss credit_______________
Previous surplus___________________

$364,765
758
1,105,403

41,469

Profit and loss surplus----------------- $1,470,924
$1,105,403
$510,680
a Includes expenses, returns, depreciation, &c. b Net sales, y Losses
of United States Hoffman Machinery Co. (predecessor company) originating
prior to formation of the present corporation.
T h r e e M o n t h s E n d e d M a r c h 31—
1925.
1924.
Operating profit------------------------------------------------$357,606
$246,045
Other income----------------------------------------------------32,983
35,986
Gross income------------------------------------------------Interest, reserve, &c____________________________
Amortization of patents_________________________
Preferred dividend______________________________
Common dividend______________________________
Miscellaneous charges___________________________

$390,589
83,901
54,541
22,499
90,000
_
_

$282,031
112,311
53,253
7,498

Surplus--------------- ------------- -----------------------------$139,648
$108,969
Profit and loss surplus___________________________ $1,610,572 $1,214,371
OFFICERS.— Chairman, B. A. Brennan; Pres., Eugene D . Stocker;
Treas., M . J. White; Sec., Albert K . Newman. Office, 105 Fourth Ave.,
New York.— (V. 120, p. 2693.)

[V ol. 120.

IN D U STRIAL STOCKS AND BONDS

U nited States Hoffm an Mach C orp— Com stock v t c -----Pref (a & d) stock 7 % cum & convert red 1 1 0 _____________
U S Industrial A lcohol C o.— Common stock ($24,000,000)
Pref stock 7% cum guar red text_________________________
Securities of Subsidiaries Held by Public—
Ouba Distilling Co pref stock (V 103. p 2158)__________
United States Leather Co— See Central Leather Co.
IJ S Rea!t> S improvement— Com.Stoclr$30.000.000 autbN
c
Convert pref (a & d) stock 7 % red (text) $10,000,000 auth.
United States Rubber— Common (*200,000,000 autnorized).
First Pref (a & d) $100,000,000 8% non-cum (see text)___
First & Ref Mtge (see text) call 105 after 1919_____yc*&r*
Ten-year secured notes_______________________ Usm.xxxe*
Serial gold notes due $2,000,000 annually red (text)_ yc*
_
Underlying Bonds—
Canadian Consol Rubber Co Col T r call 110__________ c*
do do First and Refunding Mortgage (see t e x t )_____
US Smelting. Refining & Mining— Com stock S37.500.000-Preferred (a & d) stock 7% cumulative $37.500,000______
Convertible gold notes callable at 110 & Int__________ c*
Bonds of sub cos not owned____________________ _________

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

None 180,000 sh. See text
$100 $1,276,10J
7
100 24,000.000 See text
100 6,000.000
7
100

1917
1920
1925
1906
1917
1916

lOo
100
100
100
100 &c
500 &c
1,000

1.836.600

7

When
Payable

Last Dividend
and Maturity

June 1 '25 50c.
June 1 1925 1M
Sept 15 '21 1% Checks mailed
Apr 15 '25 1% Checks mailed

Q -F

15

Checks mailed

Q— M
Q— M

Checks mailed
22 889.300
8
Q— M 15 See text
do
Q— F Aug 1 25 1 H
1,354.900
7
A or 30 ’21 2% Office 1790 B’ way. N
81,000,000 See tex t
do
do
8
65,110.000
Q— J M ay 15 '25 2 3,
New York
J & J Jan 1 1947
62.222,800
5«
7 4 c F & A Aug 1 1930
19.256.000
30,000,000
614 s M & S T o Mar 1 1940

A A O Oct
2.600,000
6
As collat
J & J Jan
5
50 17,555,750 See text Q—J Apr
50 2-1 317.500
7
y — J Apr
500 &c 12.000.000
6 g F & A Feb
140,400

100 &c

Places Where Interest ant
Dividends are Payable

O'

MISCELLANEOUS COMPANIES
lFor abbreviations, &c., see notes on page 6]

0
1

22$

Bank of Toronto, M ont'
1 1946
1 1947
[.
15 25 75c Checks .nailed
‘ " '25 1 %
do
15
Boston and New York
1 1926

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. 120, p. 2562.)
UNITED STATES RUBBER CO.— ORGANIZATION AND PROP­
E R TY .— 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 produc­
ing 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 C o., see V. 106, p. 1033. United States
Rubber Plantations, Inc., was organized in 1917 and owns all the Sumatra
rubber plantations o f the U. S. Rubber C o., all the outstanding stock o f
which is owned by its subsidiary, the General Rubber Oo. V. 108, p. 2131.
The plants of the old Rubber Goods M fg. C o.. Morgan & Wright, &c.
(but not General Rubber C o.), are now owned in fee by U. 8. Rubber C o.
though their corporate existence is continued, and they retain their cur­
rent assets. V. 105, p. 713.
On Dec. 31 1924 owned all except $273,600 of the capital stock of Canadian
Consol. Rubber Co. V . 104. p . 364; V. 90. p. 1293.
STOCK.— On Sept. 9 1919. stockholders voted (V. 109, p. 585, 686,
895.1468) (1) to Increase the authorized First Preferred and Common stock*
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 Common stockholders of
record Sept 13 1919.
DIV.(since’04. 1905. 1906-'10. ’ l l . 1912. ’ 13. ’ 14. '15. ’ 16-’ 18 ’ 19 '20-24.
3
nil
2 text
Common, % f-------- None-------- 1 4&20stk 5H 6
First pref. %\8 yearly (2% Q.-J. 31) to and including M ay 15 1925.
On common paid 2% quar. Oct. 1919 to Apr. 1921; none since. A stock
Balance, surplus_____$2,752,462 $2,705,560
$883,511 def$751.928 dividend of 12% % in common stock was paid Feb. 19 1920.
BONDS.— The First & Ref. M . 5% bonds. Series A. cover property
OFFICERS.— Pres., H. S. Rubens; V .-P ., P. J. McIntosh, Milton C.
Whitaker and H. I. Peffer; Sec., Joseph Malone; Treas., A. G. Robinson; owned directly or through subsidiaries. See offering, &c., V. 104, p. 254,
Compt., R. R . Brown. Office, 110 East 42d St., New York.— (V. 120, 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
p. 1758.)
(the amount o f full-paid pref. stocks and com. stock outstand­
UNITED STATES REALTY AND IMPROVEMENT C O — ORGANI­ $97,252,900 15
to the extent of any increase in the
ZA TIO N .— Incorp. in N . J. on M ay 26 1904 and in M ay 1906 had acquired ing on Jan.said 1917). except from time to time thereafter may beauthorized
amount of
bonds which
consented
per plan in V. 78, p. 2019. $32,750,200 of the $33,198,000 common stock and to by the holders of the pref. and common stocks; and for the future It Is
$26,596,200 of the $27,011,100 pref. stock of the U. S. Realty & Construc­ limited to said amount plus the par amount of any additional stock Issued
tion Co. Subsidiary companies are George A. Fuller C o., Trinity Build­ at not less than par for cash actually paid in. Bonds, however, additional
ings Corp. of New York and Plaza Operating Co. Owns $403,300 of $2,- to the initial $60,000,000, can be issued (except for refunding) only when the
000,000 Alliance Realty Co. stock. V. 81, p. 1798; V. 82, p. 1209; V. 83, total unencumbered quick assets exceed the aggregate debt of the cos. and
p. 822; V. 90, p. 1422. The company on Feb. 4 1925 was awarded a verdict their total annual net income for 3 fiscal years just preceding is twice the
o f $690,363 in a suit against the City of New York for $1,040,000 for alleged
be
the addi­
breach of contract. V. 120, p. 716. The company signed a contract April 22 total annual Interest. Including the bonds then tothe issued. Of Canadian
$2,600,000
1925 for the sale of the New York Hippodrome to the B. F. Keith interests. tional bonds, $2,600,000 are reserved to retire
The purchase price was not definitely stated, but was said to be between Consol. Rubber Co. bonds, due Oct. 1 1946. and $25,000,000 Series B 6%
(reduced by sinking fund to $24,070,000) have been pledged as collateral
$5,000,000 and $5,500,000.
for the $20,000,000 (reduced by sinking fund to $19,256,000) 7) 4% notes of
S t a t i s t i c s o f t h e G e o r g e A . F u l l e r C o . f o r Y e a r s E n d i n g A p r i l 30.
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
1924-25.
1923-24.
Unfinished business at beginning o f year------------ $18,352,729 $23,862,634 upon all the bonds outstanding or retired to repurchase bonds (Series A) at
New business during year______________________ 38,840,214 22,937,529 or below 105 and int., and Series B at or below 110 and int.; otherwise as
Work executed during year_____________________ 22,082,855 28,447,434 part of sinking fund of following years.
Unfinished business at end o f year______________ 35,110,089 18,352,729
NOTES.— The $19,256,000 10-year 7)4%) secured gold notes due Aug. 1
SECURITIES.— Loans on mortgage outstanding April 30 1925, $18,- 1930 are secured by deposit and pledge with trustee of $24,070,000 first
564,000, as against real estate and buildings owned valued in balance sheet and ref. mtge. 6% gold bonds due Jan. 1 1947. V. I l l , p. 396.
The 6Mi% serial gold notes are redeemable as follows: All, but not a
at $41,427,975.
Guarantees principal and interest, $5,829,000 Trinity Building Corp. 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
(N. Y .) first mtge. 5) 4% loan, due June 1 1939.
principal amount and a premium of K % for each 6 months
STOCK.— The stockholders on N ov. 24 1922 voted to authorize an issue ment of theirredemption
the
date of maturity.
o f $10,000,000 7% pref. stock. Of this the right to subscribe to $8,081,400 between Kuhn, Loeb & C date and., the 102 and int. V. 120, Offered in Feb.
p. 1102.
was offered at par to the company’s stockholders of record Dec. 8 1922 in 1925 by R T .—For 1924, o., N. Y at 1320, showed:
R E PO
in V. 120, p.
roportion of one share o f such new stock for each two shares of stock then
1924.
1923.
1922.
1921.
eld. The pref. stock is convertible at any time prior to N ov. 1 1925,
.
s
s
s
s
share for share, into common stock and is redeemable at any time after Total sales___________ 172,214,353
186,261,381 168,786,350 164,706,621
April 30 1926 at 115 and div. V. 116, p. 189.
Net inc. avail for divs__ 9,068,035
7,392,657
7,692,039
492,811
DIVIDEN DS—
I ’07. ’08. '09. ’ 10-’ 13. ’ 14. '15. ’ 16-’21. '22- 25
Divs. U. S. Rubber Co.:
On com. ( % ) _________ 1 414 434 434 5 yrly. 334
1
0
text
First preferred______ 1 5,208,800
5,520,000
5,520,000
5,440,000
The directors N ov. 9 1922 declared two quarterly dividends payable 134 %
Second preferred____I
on Dec. 15 1922 and 134% Mar. 15 1923. The last previous payment
Common____________
________
________
________
1,620,000
was 1% on Feb. 1 1915. June 15 1923 to June 15 1925 paid 2% quar. Divs. to minority stock­
On July 15 1925 paid 10% in common stock.
holders (sub. cos.)___
18,718
18,718
18,718
18,718
Prov. for Fed. taxes (est.)
700,000
----------------------------------R E PO RT.— For year ending April 30 1925, in V. 120, p. 2566, showed:
Years E n d . A p r i l 30— yl924-25.
yl923-24.
X1922-23.
xl921-22.
Balance, surplus_____ 3,140,517
1,853,939 2,153,321 *df6,585,907
Income from invest’ts2,491,242
2,511,032
2,486,449
Real est. net oper. inc_ 2,435,491
* Before further inventory adjustments and sundry chgs. of $10,691,034.
Less interest on mort­
611,321
673,764
601,146
639,275
DIR E C TO RS.— O. B. Seger, J. S. Alexander, James B. Ford, James
gages thereon--------1,879,921
1,885,302
1,837,268 Deshler, Henry L. Hotchkiss, Nicholas F. Brady, Walter S. Ballou, New­
Net from said invest-. 1,796,216
comb Carlton, Middleton S. Burrill, Francis L. Hine, Samuel M . Nicholson,
711,374
546,706
1,190,148
Other investments------- 1,767,989
1,305,053
1,617,936 Homer E. Sawyer, Ernest Hopkinson, Matthew C. Brush, John W . Davis
1,239,634
___ _
Bldg., &c., contr’t _
profit 1,552,774
and Sir Charles B. Gordon.
416,060
110,811
Real estate profits______
a l3 9 ,825
OFFICERS.— Chairman and Pres., Charles B. Seger; Sec., Samuel
Carrying charges on
13,117 Norris; Treas., W . H. Blackwell; Compt., William O. Cutter. New York
property sold-----------... —
office, 1790 Broadway, corner 58th St.— (V. 120, p. 1471.)
355,407
220,448
Miscellaneous_________
______
UNITED STATES SMELTING, REFINING & MINING CO.—
4.491,315
4,602,395
4,235,474
Total income ______ 5,256,804
ORGANIZATION.— Incorp. Jan. 9 1906 in Maine. Owns and operates
D e d u c tio n s—
(1) properties covering a large number of patented and unpatented claims
Gen. & corp. exp., Fed. (
1,034,073 near Bingnam, Utah; (2) zinc mine and mill in Oklahoma, producing
1,019,232
897,288
tax res., deprec., &C-3 b l ,032,716
369,416
496,750 zinc concentrates; (3) lime quarry at Topliff, Utah, producing lime rock
106,513
Int. on debenture bonds (
for the smelters in Utah Valley; (4; lead smelter and a lead and zinc
Int. on pref. stock sub­
concentrating mill at Midvale, Utah, the smelter having seven blast fur­
192,216
scriptions & expenses--------naces and a capacity for smelting 481,800 tons of charge per year, and the
707,122
Preferred dividends___
270,961
concentrating mill having a capacity of 210,000 tons of ore per year; (5)
1,616,280
484", 884
C ommon dividends_____ 1,144,982
zinc smelter at Checotah, Okla.; (6) patented and unpatented claims near
Balance, surplus_____ 2,808,145
1,042,167
2,658,591
2,704,651 Kennett, Calif., producing copper, silver and gold; and a copper smelter
a Including profit on sale o f securities, b General and corporate ex­ at Kennett, equipped with five furnaces with a capacity of 450,000 tons of
penses, incl. interest on 5% debenture bonds and provision for all Federal charge per year; (7) a number of patented and unpatented claims, known as
the Centennial-Eureka Mine, and 85 acres of agricultural ground for water
and State taxes and depreciation on buildings and equipment therein.
x Includes U. S. Realty & Improvement C o., Geo. A. Fuller Co. and rights at Eureka, Utah; (8) a number of patented claims and water rights
at Goldbroad, Ariz., known as the Gold Roads Mine- Also owns the'
Trinity Buildings Corp. o f New York.
y Includes foregoing companies and Plaza Operating Co.
Hammon Consolidated Gold Fields at Nome, Alaska.

U. S. INDUSTRIAL ALCOHOL CO.— ORGAN IZATION .— Incorp
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 Co. o f America (con­
trolled by the Distillers’ Securities Corporation) In June 1915 sold the
$6,350,000 of the $12,000,000 com. stock owned by It. Its guaranty of
Hie pref. dlvs. of Industrial Co. extending for term o f charter to Oct. 17
1956. V. 100. p. 2015: V. 101. p. 218. Application to list, V. 92. p. 1106
V. 109, p 1994. In 1918purchased an additional distillery at Peoria, 111.
STOCK — Pref. stock may be redeemed on any dividend date at 125 and
accrued dividend. No mortgage without consent of 2-3 o f pref. stock.
The shareholders voted Oct. 7 1919 t >increase the com. stock from $12.
000,000 to $24,000,000 com.; shareholders o f record on Oct. 21 were giver
the right to subscribe at $70 a share for the entire new issue, share for share
V. 109, p. 782, 894, 1086. 1468.
D IV ID E N D S .— On pref. stock since organization to Apr. 15 1925,1H %
Q.-J. On Aug. 2 1917 a cash div. (N o. 1) 16% was declared on common stock
out of surplus accumulated prior to Dec. 31 1916. for the year 1916, to b»
paid on Oct. 1 1917 and a div. of 16% for the year 1917, to be paid on Dec. 1
1917. M ar. 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.
R E PO R T .— For 1924 showed:
1921.
1922.
1923.
C a le n d a r Y e a r s —
1924.
Net, after deprec’n, & C - $3,903,571 $3,892,923 $1,686,643 $1,486,042
221,211
190,383
254,569
Interest________________
110,115
448,418
Reserve for Federal taxes
492,432
115,229
Loss on sale of bonds-----------420,000
420,000
420,000
U. S. Ind. Ale. C o ., pref.
420,000
1,200,000
do
com m on____
______
128,562
128",562
128",562
Cuba Dist. C o., pref___
128,562
152,968
Depreciation__________
______

g




M ay , 1925.]

229

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

U nited States Steel Corporation— com stock $550,000,00U-Preferred (a A d) stock 7% cumulative $400,000,000____
Coll trust mtge/redeemable at 115 s f (see text)--U s.xc*A r
$304,000,OOOlnot redeemable s t (see text) ______x c’ Ar
“ Sink fund” coll tr 2d M $250,000,000 g red (text) U s.ic’ &r
Illinois Steel deb$30,000.000 g gu red 105 begApr’ 15Nxc* &r*
Bonds of Cos. Controlled— (Additional to those In text.)
Union Steel 1st & coll mtge $45,000,000 g gu s f._Nxc*&r
The Nat Tube 1st M $15,000,0uOggured 105 begTON.xc* Ar*
Ind St 1st M $40,000,000 g gu red 105 beg Nov ’ 16 ..xc*& r*
St Clair Furnace first mtge g gu $100,000 y r ly ___ PPi.xc*
St Clair Terminal RR first mortgage __________ _______ x

Date
Bonds

Par
Value

$100
100
1901 l.OOO&cl
1901 1,000 Ac)
500 Ac
1903
1910 1,000 Ac

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest anti
Dividends are Payable
and Maturity

$
oU$,302,500 See text Q - -M 30 June
Q— F 27 M ay
360.281.100
7
Various Apr
/
5g
bl96001000 1 5 g
do
Apr
bl62838000
5 g M A N Apr
18.500,000
4 H g A A O Apr

1902 1,000 &c b l l . 181,000
1912 1,000 Ac bll.771,000
1912 1.000 Ac b22,714,000
1901
1,000
1,480,000
345,000
—
...............
1,129.000
Elgin Joliet & Eastern first mtge ($lu,OU0,000) gold.Ce.xo* 1891
1,000 10,000,000
1,000 9,000,000
Chicago Laise Shore A Eastern 1st M guar red 110 1919--X 1909
Duluth & Iron Range first m ortgage.. ________ IVlD.*o&r 1887 1,000 Ac
8 151,000
Union RR first mortgage____
__
_ .x 1896
1,000 2,000.0On
Mifflin Equip Trust, due $120 000 yrly Aug beg 1921.x 1910
720.000
Munhall Equip Trust due *75,000 yrly
.
- _ x 1912
_
675.000

5g
hS
6g
6 g
K
5
5g
4H
5
5
5
5

J
M
M
K
M
M
J
A
M
V
J

&
&
A
A
A
&
A
A
A
&
A
&

29 ’ 25 1 H Office Empire Bldg. N Y
do
do
29 ’ 25 1M
J P \forgao & Co. N Y
11951
do
do
1 1951
do
do
1 1963
Office Empire Bldg N Y
1 1940

D Dec 1 1952
N May 1 1952
N May 1 1952
A Aug 1925-39
A Peb 1 lHXv
S Mar 1 1950
N May 1 194)
D June 1 1969
O Oct 1 1937
s Sept 1 1946
A To Aug 1 L 32
D To June 1 1934

New York Trust Co, N Y
Office Empire Bldg. N Y
do
do
ColODlal Tr. Pitts A N Y
Pittsburgh Trust Co .Pitts
Office, Empire Bidu N Y
do
do
do
do
Fidelity Title ATrCr Pitts
Home Tr Co, New Jersey
do
do

b For additional amounts in sinking fund, see text.

In 1903 $150,000,000 pref. stock was exchanged, $ for $, for second mtge.
jonds, $20,000,000 of the bonds being also sold at par to provide for Im­
provements and $30,000,000 exchanged In Nov. 1907 for Tenn Coal, Iron &
SR. com stock. Final $50,000,000 (of the authorized Issue of $250,000,000
Id 5s of 1903) 1 applicable for exchange for preferred stock
3
See V 76,
p. 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 acres of ooklng lands and 1,408 acres of surface land. Ac., from
she 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, prln. and lnt., by the Steel
Corporation. V. 92. p. 1570; V. 93, p. 474, 875, 1108; V. 94. p. 846.
Of the Illinois Steel debenture 4 Ha of 1940 ($30,000,000 auth. Issuel,
juar. p. A l.b y U.S..Steel Corp.. $6,900,000 were reserved to retire the de­
bentures due April 1913, S5,928,000 for notes due 1912-1919 held by U. S.
iteel Corp. and $1,558,000 for 75% of the cost of additions and betterments
$18,500,000 were outstanding Dec- 31 1924. Any mtge. must equally
secure them. See V. 93. p. 289: V .94. p. 98tt. 1191: V. 98 p. 1699.
Uf the Indiana Steel Co. 1st 5s, guar. p. & 1. ($40,000,000 auth. Issue),
Total income_________ $6,172,412 $4,726,864 $5,738,914 $2,903,451
Deprec. & reserve funds.
2,572,466 1,711,483
1,610,447
>,114,431 covering the Gary (Ind.) plant, $25,035,000 have been sold, the remaining
Federal taxes & reserves.
x
337,291
617,249
333,448 $14,965,000 being Issuable on new construction from Jan. 1912 at 75% of
cost
Sinking fund annually, beginning M ay 1916, 1% of bonds Issued to
Additional reserves_____ 1,800,000
500,000
1,600,000
____
Pref. dividends ( 7 % ) . . .
1,702,225 1,702,225
1,702,225
1,702,225 May 1 1922 and thereafter \ \4% plus int. on bonds retired. Tn Dec. 1924
$2,321,000 had been retired through the sinking fund, leaving $22,714,000
Balance, surplus_____
$97,721
$475,865
$208,993 def$246,653 outstanding. V. 98, p. 0699; V. 100, p. 2171; V. 100, p. 50; V. 104, p. 1771.
x Net earnings are after Federal taxes in 1924.
Of the National Tube Co. 1st guar. 5s (not the old company, but the later
OFFICERS.— Pres.', C. G. Rice; Sec. & Treas., F. W . Batchelder, one, organized to build the Lorain, Ohio, plant), the unissued bonds are
reserved for 75% of the cost o f new construction. Annual sinking fund,
Office, 55 Congress St., Boston.— (Y. 120, p. 2024.)
beginning May 1916, 1 % of bonds issued, plus Interest on bonds retired.
UNITED STATES STEEL C O R PO R ATIO N .— ORGAN .— Incorp. in In April 1922 an additional $3,000,000 of these bonds were sold, making
$11,771,000 outstanding, excluding $1,229,000 held by sink, fund trustee.
N. J. on Feb. 25 1901. V. 72. p. 441 679; V. 73. p. 349: V. 85, p. 1467.
On June 3 1915 the U. S. District Court decided favorably to the corpora­ V. 94. p. 986, 1769; V. 114, p. 1772. 1782; V. 94, p. 986, 1769.
tion the Govt, suit to dissolve the corporation for alleged violation o f AntiA dditional Bonds of Controlled Cos.
1nteresl,
Outstanding.
Maturity
Trust law. V 100. p. 1873. 1S60; V. 93, p 1203. 1263. Appeal taken
Dewees (W.) Wood Co. 1st M ., duel
V. 101, p. 1482; V. 103, p. 1597; V. 104, p. 769, 2123; V. 106 ,p. 93; V.107
$100,000 yearly beginning 1915--x|5 M & N
.
$900,000 May ’26-'30
p. 1673. U. S. Supreme Court dismisses suit for dissolution, V. 110, p. 925
Sehoen Steel Wheel Co. 1st M . g. gu.l
The Govt, asked for a rehearing (V. 110, p. 1858), but this was denied on
Carnegie St. Co. of N .J.. red. 105_xf5 g M &
116.000 Mar. 1 1920
M ay 3 1920.
Alab. Steel & Shipbldg. 1st M _______ 6 J &
730.000 Jan. 1 1930
In June 1919 purchased Empire Building, N . Y . City, for about $5,000,- Potter Ore Co. 1st M _______________5 J &
32,590 Dec. 2 1931
000. V. 108, p. 1733.
Am. St. & Wire of Ala. 1st M . (quar.) 5 M &
2.011.000 N ov. 1 1946
1.000.
000 July
PROPERTIES OW N ED .— The properties owned include 123 blast InterstateTransf. R y. 1st M . (quar.) 5 J &
1 1945
1.000.
000 July
furnaces, 331 open-hearth furnaces and 38 Bessemer steel converters, 8 steel Spirit Lake Transf. Ry. 1st M . (q u .).5 J &
1 1946
206.000 July 2 1942
rail, 65 bar, billet, &c., mills; 13 structural shape mills, 18 plate mills; 80 Essex Terminal Ry. 1st M __________ 5 J &
merchant mills, producing bar iron, steel, &c.; 218 hot mills, producing tin Tennessee Coal, Iron & R R . C o.— See separate statement for this company.
plate, &c.; 25 rod mills; 60 welded and seamless tube mills; 19 bridge and
Treasury Bonds.— On Dec. 31 1924 treasury bonds subject to sale
structural plants; 19 skelp mills; 161 sheet, jobbing and plate mills; 15 pierc­ amounted to $22,790,000
ing and rolling mills; 76 wire mills; 55 galvanizing and tinning mills: 18 splice,
Tonnage of Unfilled Orders '00,090 omitted).
bar, spike, bolt, &c., mills; 5 cement plants: 19 warehouses: 50 miscellaneous
armor, axle, &c., works; 12 sulphate o f iron plants: 25 iron, steel or brass — ----------—--------------------------- On December 31-------------------------------------------foundries; extensive iron ore mines in the Lake Superior region; 422,777 acres 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ’22. ’23. 1924. 1925.
4,2 3,8
7,8 11,5 9,4
7,4 8,2 8,1
4,2 6,7 4.4 4,8 4,4
o f coking coal land: 321,420 acres steam and gas coal; 304,282 acres surface;
57 coking plants; 16,595 beehive ovens; 3,358 by-product ovens; 61 coal
Income Account for Quarter Ending March 31.
mining plants not connected with coke plants, and 8 coal washing plants.
1925.
1924.
1923.
1922.
Railroad lines owned or leased total 1125.29 miles.
Net, after taxes, &c___ $39,882,992 $50,075,445 $34,780,069 $19,339,985
Leading Subsidiaries and Their Share Capital, Practically All Owned.
Deduct—For sinking fund, deprec.
Stock o} —
Total.
Stock o} —
Total.
and reserve funds___ 13,848,770
13,274,972 12,252,744 8,364,289
Federal Steel, com m on-.$46,484,300 \m. Sheet A T .PL,7% pf.*24,500.000
In terest_______________ 4,505,931
4,631,637
4,751,774 4,866,464
do
6% p ref.. 53.260,900 Illinois Steel Oo____(V. 94. p. 986)
323,000
250,000
257,500
200,000
National Tube, common. 45.000,000 Indiana Steel Oo________ 50.000,000 Prem. on bonds redeem.
do
7% pref . 40.000,000 Universal Port. Cement. 3,500,000
Total deductions_____ $18,677,701 $18,156,609 $17,262,018 $13,430,753
Amer Bridge C o ______ 10.000,000 H. O. Frick CokeOo (V. 93. p.1107)
Amer. St. A Wire, com _ 50,000,000 L. Superior Con. X. M!neB$29,887,400 Balance________________ $21,205,291 $21,918,836 $17,518,050 $5,909,232
6,304,919
6,304,919
6,304,919
Dv. onpref. (1 M % )--- 6,304,919
do
7% pref .. 40.000,000 Tenn. Coal, Iron A R R — See that oo
Div. on com. (1 A, % )_
_ 6,353,781
6,353,781
6,353,781
6,353,781
Carnegie Steel Co .
65,250,000 Union Steel Co____ _____
do
______
______
2,541,512
do
extra ( H % ) - 2,541,512
A m er.S beet& T .P .com . 24,500.000 C alrton Steel Co_______ 3.500.000
On Dec.31 1924 book value o f capital stock of sub. cos.not owned,$514,329
Balance, surplus_____$6,005,079 $16,718,624 $4,859,351 df$6,749,468
On Dec. 1 1902 c o o k over the entire capital stock of the new Union Steel
R E PO R T .— For 1924, in V. 120, p. 1578 and 1600, showed:
Oo., *45.000.000 of new 5% bonds being guaranteed, principal and Interest
Calendar Years—
1924.
1923.
1922.
1921.
See that company on a preceding page. V. 75, p. 1359; V. 76, p. 107, 546
V. 78, p. 1174. In 1904 acquired Clatrton Steel Co., guaranteeing $10,230, Net, after Fed. taxes--$161,183,468.S187,953,668S109,788,916*100,791,280
8,068,656 8,306,993
8,259,606 8,065,222
000 bonds. In 1908 purchased Sehoen Steel Wheel Co
v 87, p. 101. 22P. Int. on sub. co. bonds-Sinking funds, deprecia­
Output of Company in 1924 and 1923.
tion & reserve fu n d s.. 49,678,132 5,470,155 42,688,509 36,768,226
1924.
1923.
Interest________________ 18,274,207
18,764,568 19,232,305 19,679,582
Iron and manganese ore mined____________ tons. 24,774,541 31,015,109 Prem. on bds. redeemed.
182,350
940,077
875,079
747,462
Limestone quarried_____________________________
5,033,889
6,575,694 For new plants, &c_____ 20,000,000 40,000,000
______
______
Coal mined_____________________________________ 27,738,007 35,289,901 Add adjustments______ Cr.87,070
Cr.235,189 Cr.920,038 Crl,086,230
Coke manufactured_____________________________ 14,408,041 18,837,631 Preferred dividends____ 25,219,677
25,219,677 25,219,677 25,219,677
Pig iron, ferro and spiegel______________________ 12,683,729 16,729,226 Common dividends_____ 35,581,175 29,227,394 25,415,125 25,415,120
Steel ingots (Bessemer and open hearth)_________ 6,478,857 20,329,950
Rolled and other finished steel products for sale_ 11,722,908 14,721,469
_
Balance, surplus_____$4,266,340 $14,259,993d$14,017,785d$14,017,785
Universal Portland cement_________________ bbls. 15,156,000 14,440,000
d Deficit.
Cash Dividends Paid on Common Stock Since 1909.
Note.— The net earnings are In all cases reported by the company after
’09. TO. T 1-T 3. '14. T 5. T6. T 7. T8. T 9. ’20-’22. ’23. ’24. deducting “ all expenses incident to operations, comprising those for ordinary
5 yrly. 4H 0
5
5
5
5 5 yrly.
5
5
Regular____ 2H
repairs and maintenance of plants."
Extra______ . . . .
____ . . -_ 2 \\% 11
1
____ Y
x 2
DIR E
Baker Jr., Richard V.
Paid in 1925: March 30 and June 29, \% % quar. and "A % extra on Percival C TO RS.— Robert Winsor G. F. J. P. Morgan. James Lindabury,
Roberts Jr.. E. J. Buffington.
A. Farrell.
each date.
Elbert H. Gary (Chairman), George F. Baker. W. P. Palmer, Samuel
B ON DS.— The collateral trust 5% bonds of 1901 were secured by all the Mather, Thomas Miorrison, John S. Phipps, William J. Filbert.
securities owned- $154,000,000 only (series A. C and E) are subject to call
OFFICERS.— Chairman, Elbert H. Gary; Pres., James A. Farrell; Vicein whole or in part at 115% since April 1 1911; a sinking fund of $3,040 009
and
K. Leet: Treas., Fred
yearly, beginning June 1 1902. oan purchase bonds. If obtainable at not Presidents, D. G. Kerr W J.John Reis; Sec., GeorgeRichard V. Lindabury.
Filbert; Gen. Counsel.
exceeding 115 and Interest, and since April 1 1911 may be applied to the re­ M . Waterman; Comp.,N. .Y .— (V. 120, p. 2562.)
Office. 71 Broadway,
demption of series A C and E bonds to be drawn by lot. In Dec. 1924,
UNITED STATES TOBACCO CO.— ORGANIZATION.— Incorp. In
$108,000,000 not included In amount out. were alive in sinking fund.
N. J. Dec. 2 1911 as the Weyman-Bruton Oo.; name changed to present
The coll, trust sinking fund 2d mtge. 5s of 1903 (V. 74, p 584 , 733
892; V. 76. p. 545) are next In rank and similar In form to the 5s of 1901. title in March 1922. The company owns and operates factories at Chicago.
They are subject to call after ten years from date at 110 and int. In whole 111., and at Nashville, Tenn. It owned all of the stock of the P. B. Gravely
or part (if the latter to he designated by lot and coupon bonds to be re­ Tobacco C o., Kentucky Leaf & Transit C o., and the United States Tobacco
deemed first)
An annual sink. fd. of $1,010,000 will provide for retire­ Co. of Virginia. These companies were dissolved during the year 1923 and
ment of the bonds. The sinking fund was used until Apr. 1 1913 in pur­ the properties and business taken over.
In addition to the above, the company owns all of the stock of the J. G.
chasing bonds at not over 110 and lnt., or Invested In securities; since Apr. 1
1913 bonds may be drawn by lot, coupon bonds to be first redeemed. All Dill Oo., which owns and operates a factory at Richmond, Va., all of the
bonds purchased are to remain alive and draw Interest. No foreclosure stock of the DeVoe Tobacco C o., which owns properties at Spottswood,
proceedings can be brought for default (in payment o f prin.or lnt.) contin­ N .J.,and Nashville, Tenn., and one-half of the stock of the NationalTouing for less than two years.
In D ec. 1924 $34,654,000 not Included bacco Co. of Canada, located at Montreal, Canada.
in table above were held alive in sinking fund. An additional $2,508,000
The company also owns and operates leaf plants at Hopkinsville and
were drawn for redemption M ay 1 1925.
Paducah, K y., and at Clarksville, Tenn.

LATE D IV 8.— 1'13. '14 ’ 15. ’ 16. 17. T8. T9. 20. ’21. ’22-’24.
On Com. stock _% I 6 4 '4 0
7 A 10
10 10A 12 1
None
Oct. 15 1919 to Oct. 15 1920 paid 3% quar. In Jan. 1921 paid 1% ; none
thereafter until April 15 1925, when 75 cents quar. was paid. On pref.,
in full to date.
NOTES.— The company sold in 1916 (V. 102, p. 615. 1714) *12,000,000
10-year 6% Convertible Gold Notes, dated Feb. 1 1916 and due Feb. 1 1926
convertible at any time, at the option o f the holder. Into common stock
on the basis of $75 In notes for each share (par $50) and callable as a whole
at 110 and lnt. on any int. date upon 60 days’ notice, but if so called may
be converted at any time prior to date of payment. No mortgage may be
made by any subsidiary companies except on the coal properties controlled
and on the Utah R y.(V . 104, p. 1386.)
R E PO RT.— For 1924, in Y. 120, p. 2024, showed:
1924.
1923.
1922.
1921.
Net earns., after repairs-x$6,172,412 $4,726,864 $5,112,584 $2,903,451
Other income__________
______
______
626,330




230

[V ol. 120,

IN D U STRIA L STOCKS AND BONDS

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

United States Steel C orporation ( C o n c lu d e d )—
Monongahela Southern 1st & gen mtges guaranteed____x
Oonnellsvllie & Monongahela KK 1st M____ . . .
x
H C Frick Co Pltts-Mon pur money M gu due *600,000
y e a r ly ---------------------------------- -------- ---------------- UPi.xc*
Pittsburgh B ess*Lake Erie P.R. Bess & T. E and Duluth
United States T o b a cco Co— Common stock 600,000 shares
Pref stock (a & d* 7% non-oum $9,000,000___
....
Universal Pipe & R adiator Co— Com stock 400,000 shs auth
Preferred (a & d) stock 7% cum red 110 $9,000,000 a u th ..
Utah C opper Co— Stock authorized $25,000,000__________
V a c u u m Oil Co— Stock $70,000,000 auth_________________
15-year gold bonds red (text)_______ _______ ____ Eq.kc*
Vanadium Corp o f Amer— Stock auth 500,000 shares_____

Date
Bonds

Par | Amount
Value i Outstanding

Rate
%

1909
1909

$1,000 $5,500,000
318,jO
O
1,000

5&6
4

) non a l l , 783,000
52
1911
Missal e & Nort hern Ry— S ee those
None 381,542 sh
$3
7
100 $5,520,000
None 127,185 sh
100 $6,394,081 See text
10 16,244,900 See text
25 61,919,950 See text
500 &c 16,100.000
7 g
1921
None 373,334 shr. See text

When
Payable

A
If

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

& O Oot 1 1955
A 8 Sept 1 1930

Office, Empire Bldg, N Y
Office, Carnegie bid .Pitts

J & J July 1925 to '44 Union Trust Co, Pittsb
<
For other nonds see text
onmpasl es under F Ks
Q— J Apr 1 1925 75c Checks mailed
do
do
Q— J Apr 1 1925 1%
Q— P M ay 1 1925 1K
Q— M 31 Mar 31 '2510% Checks mailed
Q— M 20 June 20 '25 4% Checks mailed
Equitable Trust C o, N Y
A & O April 1 1936
Jan 15 1'921 $1

a Of this amount $122,000 deposited in escrow.

Company has license to transact business in each o f the States in which
It has factories, plants and leaf tobacco storage warehouses.
STOCK.— The stockholders in March 1922 authorized a change In the
existing common stock, par $100, into common stock without par value on
the basis o f 4 shares o f the latter to one of the former. The authorized
common stock was increased from 360,000 shares to 600,000 shares in March
1923. V . 116, p. 1063.
D IV ID E N D S,— f 1912 1913.
' l l '15. 1916. 1917. 1918 1919-25
On com m on ____%\ 5
10
12 12
12
12
Text
See
ex tra _______ % | ___
— —
14
10
—
text
scrip or stock. % I (xPaid off 1915) x20 xlO
—
—
20
—
Pref dividends 7% per annum (1)4% Q.-J.) since April 1 1912
In March 1918 a stock dividend of 20% was declared on the $4,600,000
fommoD stock, payable Oct 1 to holders of record Sept. 16, to take the
place o f 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 f$230,000). Jan. 1919 to Jan. 1922 paid2H %
quar., with no extra. On Dec. 28 1921 paid 20% in common stock. V. 113,
p. 2412; April 1922 paid 3% quar. July 1 1922 to Apr. 1 1925 paid each
quar. 75 cents a share on new no par value stock. On April l6 1923 paid
20% in common stock.
R E PO R T .—-For 1924, in V. 120, p. 822, showed;
Calendar Years—■
1924.
1923.
1922.
1921.
Net earnings__________ x$2,197,083 x$2,112,580 $2,013,116 $1,873,232
Preferred dividends____
386,400
386,400
376,229
341,341
1,144,626
1,096,879
953,856
662,360
Common dividends____
Balance, surplus_____
Previous surplus_______
Trans, from prov. for ad­
vertising to surplus_
_
Premium on pref. stock.
Stock div. on com m on..

$666,057
2,610,746

$629,301
5,160,945

$683,031
3,429,572

$869,531
2,634,761

______
______ Cr. 1,000,000 Cr. 1,250,000
______
______
Cr.48,343
--------______ (20)3179,500
______
1,324,720

Balance, surplus_____$3,276,803 $2,610,746 $5,160,946 $3,429,572
x After provision for all taxes including income tax, and charges and
expenses o f management.
OFFICERS.— Pres., J. Peterson; V .-P ., J. M . De Voe; J. D. Carhart,
C. G. Conn, L. A. Bowers and O. C. Hank; Sec. & Treas., I. L. Elliott.
Office, 1107 Broadway, New York.— (V. 120, p. 822.)
UNITED STATES W ORSTED CO.— (V. 120, p. 1639.)
UNIVERSAL PIPE & R A D IA TO R CO. (THE).— Incorp. under laws of
Maryland April 2 1923 as a consolidation o f the business o f the Iron Products
Corp. and certain o f its subsidiaries, viz.: Central Foundry C o., Central
Iron & Coal C o., Central Radiator C o., Essex Foundry, Chattanooga Iron
& Coal C o., M olby Boiler Co. and Central Foundry Co. o f New Jersey.
(See plan in V. 116, p. 1655.) The plan was declared operative in Sept.
1923.
STOCK.'— The preferred and common stock have equal voting rights.
D IV ID E N D S.— The stockholders in April 1925 increased the authorized
capital stock from 180,000 to 400,000 shares, no par value. On pref.,
Feb. 1 1924, 1M % , M ay 1 1924. 1M % ; Dec. 2 1924, 3M % (clearing up
accumulations); Feb. 2 1925, 1M % ; M ay 1 1925, 1M % .
REPORT.-—Consolidated income account, year ended Dec. 31 1924.
Total earnings after deducting cost of operation, including repairs
and maintenance and upkeep, expenses of sales and general
offices, doubtful accounts and adjustments o f inventories___ $1,333,447
Provision for interest, taxes, depreciation and depletion, &c___
607,077
Dividends paid on preferred stock____________________________
349,326
Surplus as at Dec. 31 1924__________________________________ $377,044
OFFICERS.— Chairman, Stephen J. Leonard; Pres., Geo. A. Harder,
V .-P. & Treas., Stephen Barker; V .-P ., Jas. E. Hewson; Sec., F. D . Grif
fiths.— (V. 120, p. 1894.)
UTAH COPPER CO.— ORGANIZATION.— Inccrp.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 11,199 acres; also $5,002,500 of the $9,997,28.'
stock (par $5) of the Nevada Consol., and all of the $7,500,000 Binghau
& Garfield Ry. stock.
Minerals Separation Co. suit settled, V. 114, p. 2126.
STOCK.— Stock auth , $25,000,000; out Dec. 31 1924, $16,244,900 (par
$10), of which * 14,358,390 was owned by Kennecott Copper Corp. The
latter company in Mar. 1923 offered to exchange l $4 shares of its own stock
for 1 share o f Utah; this offer was reopened in April 1925. V. 116, p. 1063;
V. 120, p. 1759.
D IV ID E N D S.—
fT 0-’ 14.T5. ’ 16. ’ 17. ’ 18. ’ 19. '20. '21. '22. '23. '24.
Regular since 19 08..% (30 y'ly 42H 70 140 100 60 60 25 20 40
40
ICxtrci
|
50 ^5
x Paid in July 1917 for Red Cross distribution. Paid in 1925: Mar. 31,
10%.
R E PO RT.— For 1924, in V. 120, p. 2007, showed:
1921.
Sales of—
1924.
1923.
1922.
Copper, lbs____________ 214,592,733 195,142,919 84,777,712 24,511,593
12.929 cts.
Average price_______ 13.121 cts. 14.376 cts. 13.584 cts.
7,041
Gold, ozs. (at $20)_____
76,907
72,549
28,284
65,928
Silver, ozs_____________
652,586
630,940
257,145
$0.99646
Average price_______
$0-66750
$0-75910
$0.99502
Operating Revenue—
Sales of copper_________ $28,156,891 $28,053,733 $11,516,125 $3,169,057
140,815
Sales o f gold___________
1,538,142
1,450,975
565,675
65,695
Sales of silver__________
435,619
478,945
255,864
$3,375,568

Total income________ $30,130,653 $29,983,653 $12,337,665
Expenses—
M in., mill. & strip. exp_$ll,655,604 $10,760,941 $4,674,615
1,214,803
651,096
Ore delivery___________
1,585,876
300,632
148,573
Selling expense________
268,251
6,198,656
2,384,704
Treatment and refining. 6,969,216

$2,052,915
234,455
23,954
806,341

Totalexpenses_______ $20,478,946 $18,475,032
Net operating revenue._ $9,651,705 $11,508,621
Miscellaneous income_
_
614,053
631,641

$7,858,988
$4,478,677
411,573

$3,117,666
$257,902
524,187

$4,890,250

$782,098

Total income.




$10,265,758 $12,140,262

Depreciation___________
Shutdown expenses, &c_
Loss on plant and equip­
ment retired, &c_____
Federal taxes, &c______
Dividends (earnings)_
_
Divs. (cap’ldistribution)

1924.
1,175,650
______
241,537
663,252
248,553
6,249,407

1923.
1,132,169
______

1922.
1,011,002
1,896,146

1921.
1,019,758
1,124,726

535,294
______
______
6,497,960

295,103
______
______
3,248,980

69,5718
______
______
4,061,225

Balance, surplus_____$1,687,359
$3,947,839df$l,569,890df$6,119,334
Note.— Operations were suspended April 4 1921 and were not resumed
until April 4 1922.
Report for first quarter of 1925 in V. 120, p. 2562.
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. 120, p. 2562.)
VACUUM OIL C O .—Incorporated in 1866 under laws of N. Y . State
charter extended till 1964. Formerly a subsidiary of the standard Oil Co.
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.. aud 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,
D IV ID E N D S.—
f '14. '15. '16. T7. '18. T9. '20. '21. '22. '23. '24.
Since 1911___________ ( 6
6
6
6
6
6
6
6
6
8
8
Extra_________________l . . 2 2 2 4 2 2 2
10
2 7
Also paid 300% stock on Dec. 30 1922.
Paid in 1925: Mar. 20 and June 20, 2% quar., and 2% extra on each date.
BONDS.— The 15-year 7% bonds are redeemable on and after April 1
t926, as a whole or in lots of not less than $5,000,000 at 104 in 1926 and
decreasing F of 1% each year thereafter to 101H in 1931, and 101 and int.
a
thereafter. Company will set aside annually the sum of $500,000 in quarter­
ly in- tall meets of $125,000 each to be used to purchase bonds if obtainable
at not over par and int. The unexpended balance, if any, of any quarterly
Installment will be credited toward the next quarterly payment. V. 112.
D 1407.
R E PO R T .— For 1924, in V. 120, p. 1471 and 1759, showed:
1924
1923
1922.
1921.
Gross profit___________ $20,247,248 $16,661,713 $15,310,174 $10,284,733
Inventory depreciation.
1,843,414 2,361,055
692,264
3,446,000
Insurance reserve______
______
53,731
267,447
380,166
750,000
Income tax reserve_____ 1,000,000
750,000
300,000
Japanese earthquake loss
______
181,812
Dividends_____________ 9,271,155
6,142,839
2,400,000
1,200,000
Balance, surplus_____$8,132,679 $7,171,276 $11,200,463 $4,958,565
OFFICERS.— Chairman, Edward Prizer; Pres., George P. Whaley.
Sec., W . M . Smith; Treas., Herbert Baker. Main office, 61 Broadway;
N . Y . City.— (V. 120, p. 2414.)
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's ore lands and other physical properties situated at MinaRagra,
Peru, its reduction and smelting plant and other physical properties situated
at Bridgsville, Allegheny County. Pa., together with all its raw materials,
supplies and finished products on hand and In transit and the right to all
the Vanadium contained in certain leased property of said company In
Oklahoma. Also acquired the properties of the Primos Chemical C o.,
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.
On Dec. 20 1924 the corporation acquired the entire $30,000,000 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 o f
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 eates Ferro Alloys property is
located at Niagara Falls, N . Y .
CAPITAL STOCK.— Authorized 500.000 shares (increased from 300,000
-hares In Jan. 1920). outstanding 373,334 shares, no par value. 280,000
shares of stock were sold for cash to provide funds for the purchase of the
properties described above and to provide working capital. In Jan. 1920
dfered 93,334 shares to stockholders at $45 per share. V. 110. p. 174.
Initial dlv. of $1 50 paid April 15 1920; same amount paid July 15 and
Oct. 15 1920. On Jan. 15 1921 paid $1; none since.
BONDS.— The company has no bonded debt.

M ay , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

Van R aalte C o., In c.— Common stock 80,000 shares auth.
1st pref. stock cum. red. 115 $4,250,000 auth____________
V irginia-Carolina Chem ical— Stk com 905,000 shs auth__
Stock com class B (non-voting) 95.000 shares auth______
Preferred (a & d) 8% oum $30,000,000 auth_________ Col
1st M s f Ser A red (text) $35,000,000 auth___ kxxxc* 1922
Conv s f ser A red (text) $25,000,000 auth________kxxxc* 1922
Consumers Ohem Corp pf stk (p&d) 7% cum gu s f red 110
Orginia Iron, Coal & Coke—Com stock$10,000,000auth_
_
Preferred (a & d) stock cumulative callable (text)_________
Mortgage gold *10.000.000
__________________ Ba se*
(V) V ivaudou— Common stock 3,400,000 shares a u th _____

R E PO RT.— For 1924, in Y. 120, p. 1894. she
C a le n d a r Y e a r s — 1924.
1923.

1:

1922.

Par
Value

A mount
.
Outstanding

Bate
%

When
Payable

None
$100
None
None
100
100 &c
100 &c
100
100
100
1,000
10

80.000 sh.
$3,867,500
279,844 sh.
69,961 shs
21.568,536
24.500.000
12.250.000
375,000
10.000.000
See text
2,111,000
3,400,000

7
See text.
See text.
See text
7g
7 Vi g
7
See text
5
5s
r
See text

1921.

$946,727
207,420
34,417
23,466

$434,188 loss$48,042
138,938
322,367
______
57,136

$730,833
$681,424
766,879
202,451
______ deb.116,997

$295,250 def$427,545
def92,799
520,593
______ deb.185,846

Total income__________ $1,028,041
Depreciation & depletion
205,545
Other charges_________
2,927
Federal taxes__________
88,735

Balance, profit & loss. $1,497,712
$766,878 sur$202,451 def$92,799
OFFICERS.— Pres., A. A. Corey Jr.; V .-P .. B. D . Saklatwalla; Sec. &
Treas., L. K . Diffenderfer. Main office, 120 Broadway, N . Y .— (V. 120,
p. 1894.
VAN RAALTE CO. INC.— Incorp. In N . Y . on N ov. 12 1919.
Engaged in the business o f manufacturing, importing, exporting and selling
nettings, veilings, laces, hosiery, underwear, knit goods, gloves and kindred
lines.
C A PITA L STOCK.— First pref. stock is entitled to 115 and accrued
divs. in case o f voluntary dissolution, etc., and to 100 and accrued divs. in
case o f 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.
stock to be acauired at hot exceeding 115 became operative.
D IV ID E N D S.— On 1st pref. stock at rate o f 7% per annum from Mar. 1
1920 to June 1 1925.
BONDS.— Guarantees principal and Interest o f $105,000 Saratoga
Textile Co. purchase money 6% bonds, due Aug. 1 1926.
R E PO RT.— For 1924, in V. 120, p. 1103 and 1216, showed:
C a le n d a r Y e a r s —
1924.
1923.
1922.
1921.
Gross profit on sales___ $1,231,846
$1,624,560 $ 2,752,005 $3,284,690
Gross income__________
113,083
381,201
1,496,334
1,972,009
Income charges________
x581,939
244,212
242,636
356,483
Fed. income taxes (est.) _
______
16,059
156,556
330,000
1st pref. dividends (7% )
275,450
279,650
220,325
224,788
2d pref. dividends ($7) - ______
______
70,000
70,000
Balance, surplus_____def$744,306 def$158,720
$806,816
$990,739
x Including $366,662 depreciation.
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. 120, p. 1216.)
VIRGINIA-CAROLINA CHEMICAL CO.— ORGANIZATION.— Incoi>porated 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
Produci s sold include fertilizers, chemicals, cotton seed meal, cotton seed 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.” V. 68, p 431: V. 69, p. 232, 964; adv. in “ Chronicle” Mar. 4 1899:
V. 72, p. 444, 1186, 1191,1285: V. 73, p. 137,240: V. 74, p. 942, 1095; V. 75,
p. 81, 140, 496: V. 87. p. 283; V. 97. p. 663. Govt, license, V. 106, p. 880.
Owns entire common stock o f Consumers Chemical Corporation, which
has erected a modern fertilizing plant at Oart9ret, N . J., on Staten Island
Sound and guarantees by endorsement the 7 % dividends on the pref. stock
($375,000 M ay 31 1924) and the cancellation o f $12,500 thereof annually
.callable at 110 and alv.) and the remainder on April 1 1933 er the entire
amount at 110 on dissolution. V. 96. p. 1428: V. 97. p. 663
The sale of 200,000 shares of stock o f the Southern Cotton Oil C o., to
Rudolph Schecht and A. O. Georgehan o f New Orleans, for $8,875,000, was
confirmed by Federal Judge Runyon in Newark, N. J. in Feb. 1925.— V.
120, p. 1103.
R eceivers A p p o in t e d .- —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).
P ro te c tiv e C o m m ittee s O rg a n iz e d . — The following protective committees
have been formed to protect the interests of the different security holders:
(а) C o m m itte e f o r 15- Y e a r 7 H % C o n v e rtib le B o n d s . — A. A. Tilney, Chair­
man (Pres. Bankers Trust C o.); Bertram Cutler, New York; John H. M a­
son (Pres. Commercial Trust C o.), Philadelphia; Herbert Fleishhacker
(Anglo & London-Paris Nat. Bank), San Francisco; T. Edward Hambleton (Hambleton & C o.), Baltimore; W. E. Stanley (Mitchell, Hutchins &
C o.), 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) C o m m itte e f o r F ir s t M tg e . 25-Year 7% S in k in g F u n d B o n d s . — George
W. Davison, Chairman (Pres. Central Union Trust C o.), New York,
Philip Stockton (Pres., Old Colony Trust C o.), Boston; Walter M . Ben­
nett (1st V.-Pres., Bank of America), New York; E. P. Maynard (Pres ,
Brooklyn Trust C o.); Lewis B. Parsons (Graham, Parsons & C o.), Phil*.;
Frederick W. Scott (Scott & Strinfellow), Richmond, Va.; James C. Fenhagen (Robert Garrett & Sons), Baltimore, M d.; with C. E. Sigler, Secre­
tary, 80 Broadway, New York; depositary, Central Union Trust C o., 80
Broadway, New York, and Larkin, Rathbone & Perry, counsel, 80 Broad­
way, New York.
(c) C o m m itte e f o r P re fe rre d a n d C o m m o n Stocks. — Charles S. Sargent Jr.,
Chairman (Kidder, Peabody & C o.); 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 C o.), Richmond,
Va.; Norman S. Meldrum (Pres., Carolina Clinchfield & Ohio R y .), 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 o f the
common stock, 57 Broadway, New York and Alexander & Green, Counsel,
120 Broadway, New York.




Last Dividend Places Where Interest antI
Dividends are Payable
and Maturity

Q— M

In c . & S u rp . A c c t. fo r:

Balance, surplus.
Previous surplus...
Adjustm ents_____

231

IN D U STRIA L STOCKS AND BONDS

June 1 1925
See text
See text
Apr 15 1921
J & D June 1 1947
J & .1 July 1 1937
A & O Apr 1 1933
Jan 2 1924
J & J Jan 2 1925,
M & s Mch 1 1949
See text

1H
2%

C h eck s m a ile d

June 1924 interest unpaid

13^ Checks mailed
do
2M
Bk of Manhattan Co, N Y

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 and
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 o_ie snare o f 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 he retained to meet the possible
conversions of the $12,500,000 73fS % convertible bonds and approximately
275,750 shares of such stock will remain unissued. See V . 114, p. 2251,2368.
Holders of preferred and common stock of record July 3 1922 were offered
the right to subscribe, until July 24 ,to 15-year 734 % sinking fund con­
vertible gold bonds. Series “ A ,” due July 1 1937, at $98 and interest per
each $100 bonds to the extent o f 25.22% of their holdings o f stocks. V. 115,
P. 84.
D IV S.— I '04-’08. '09. TO. ’ l l . T2. '13.T4. T 5. T6 T7
T 8 .-’21.
Oom _ _(% )( None
3
4 3 134 0
0 0
3
See text
P ref_(% )[ Full to July T4 incl. (Q-J): Nov. T4 2% ; Jan. and April
1915, 2% in scrip; July 1915 to April 1921, 2% quar.;
none since.
In Feb. and again M ay 1 1918 paid M of 1% on common stock; Aug 1.
1918 paid 1% and In Oct. an extra of 2% In 434% U. S. Liberty Loan
bonds; N ov. 1 1918 to Feb. 1 1921, incl., paid 1% quarterly; none since.
In Oct. 1918, 1919 and 1920 paid 2% extra In cash.
BONDS.— The 1st M . Ser. A 7% bonds are red. at 10734 a n d in t.on or
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 234 % 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.
The 734 % 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 10734 and int. until July 1 1926, and thereafter at 107 and int. until
July 1 1927. the premium thereafter decreasing 34 % 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
holder at any time after July 1 1924 (but only if accompnaied by the abovementioned stock purchase warrants) Into voting common shares of no par
value at $35 per share. A t the time of conversion a cash adjustment
Is to be made of dividends declared and accrued interest. I f these bonds
are called for redemption prior to maturity, the right to convert is to extend
up to 15 days prior to the date fixed for redemption.
Company will covenant to pay the trustee on April 1 and Oct. 1 of each
year, commencing April 1 1923, sums sufficient to purchase or retire the
following percentages o f the maximum amount of Series “ A ” bonds at any
time theretofore issued: 2% per annum payable semi-annually from April 1
1923 to Oct. 1 1927 incl.; 3% per annum payable semi-annually from
April 1 1928 to April 1 1937 incl. V. 115, p. 555.
REPO RT for year ending M ay 31 1924, in V. 119, p. 2755, showed:
Including Southern Cotton Oil Co. and other directly operated sub. cos.]
Y ea rs end. M a y 3 1 —
1923-24.
1922-23.
1921-22.
192021.
Total net profits_______ a$l ,667,445 $3,698,594 $4,909,790!oss$7719198
1,439,560 1,237,598
2,787,609
Repairs & maintenance. 1,673,062
Reserve for d ’tful debts.
478,931
411,3071
1,987,411
2,446,069
Cash discounts on unset­
1,244,252J
tled acc’ts, &c---------- 1,337,743
200,000
200,000
200,000
Res’ve for depreciation.
______
Balance, net profit.Zoss$l,822,290
L ess

I n t.,

D i v s .,& c

.—

Bondinterest____________$2,634,531
Gen. int. & discount____
$843,789
Pref. dividend (8 % )____
______
Common dividend_____
______
Consumers’Chem.Corp.:
Pref. dividend ( 7 % ) ..
13,125
Surplus______________
______
Prem. on conv. of debs. _
______
Comm, onrevolv’g cred.
______

$403,474

$1,484,781 lossl3151876

$2,499,565
771,110

$1,602,565 $1,116,954
1,501,661
1,364,525
______
1,721,747
______ (5)1,399,220

27,125

28,000
______
______
333,122

28,875
Cr. 115,176
0 .1 0 ,1 8 2
______

Total deductions_____$3,491,445 $3,297,800 $3,465,348 $5,505,963
Balance, deficit________ $5,313,736 $2,894,327 $1,980,567 $18,658,839
a After reducing inventories to market value where market was lower
than cost.
DIRECTO RS.— O. G. Wilson (Pres.), S. D . Crenshaw (V.-P. & Sec.),
S. T . Morgan Jr., S. L. Carter, Richmond, Va.; N. S. Meldrum, Henry
Walters, Harry Bronner, Bertram Cutler, Alvin W . Krech, C. I. Stralem.
Lucien Oudin, S. H. Miller, New York: J. F. Wily. Durham. N . O. Treas­
urer is E. E. Coles, Richmond, Va. Office, 11-13 South 12th St., Rich­
mond, Va.— (V. 120, p. 2693.)
V IRGIN IA IRON, COAL AND COKE CO.— ORGANIZATION.—
Owns furnaces at Roanoke, Pulaski, Radford, Max Meadows and Foster
Falls, Va.; Middlesborough, K y.; certain foundry and machine works. Also
owns about 120,000 acres of coal lands, and owns and controls about
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 ot lien can be placed
on the real estate o f the company without the approval of 75% 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-

232

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on first page]

Date
Bonds

V ulcan D etinnln g Co— Common stock auth, $2,000,000___
Pref stock (a & d) 7% cum Class A auth $920,000- - - - - Preferred stock (a & d) 7% cumulative auth $1,500,000-W aldorf 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_______________
Ward Baking Corp— Common Cl B 500,000 shares auth-_
Pref (a & d) stock 7% cum red 110 $50,000,000 auth______
First mtge s f g red 105-- _ - ____ __ - Em.xxxc*
_

1912

Par
Value

R E P O R T . — F o r 1 9 2 4 , in V . 1 2 0 , p . 1 0 8 5 , sh ow ed :
C a le n d a r Y e a r s — 1924.
1923.
1922.
G r o ss e arn in gs______________$ 3 , 6 0 2 ,4 4 2
$ 7 ,9 1 8 ,7 6 6
$ 4 ,3 5 4 ,8 4 6
T o t a l r e c e ip ts ____________
3 5 0 ,1 0 3
8 7 8 ,6 9 4
1 , 0 8 8 ,8 0 9
B o n d in te r e s t _____________
1 0 9 ,0 6 5
1 2 1 ,9 3 7
1 3 7 ,6 3 8
________
6 1 ,5 8 9
7 2 ,3 6 9
F e d e r a l ta x e s _____________
R e n t a ls , exp en ses, & c ___
2 9 4 ,5 4 2
2 3 8 ,5 0 3
3 0 3 ,4 0 9
D iv id e n d s _________________
2 4 9 ,8 7 5
5 9 9 ,8 1 0
2 4 9 ,8 1 0

1921.
$ 3 ,6 9 9 ,8 4 2
7 8 4 ,8 6 7
1 4 2 ,4 1 4
2 4 ,1 1 0
2 8 2 ,8 8 5
5 9 9 ,8 8 6

B a la n c e , su r p lu s______ d e f$ 3 0 3 ,3 7 9 d e f$ 1 4 3 ,1 4 6
Q u a r te r E n d e d M a r c h 31-— G r o s s o p e ra tin g r e v e n u e ________________________________
N e t o p e ra tin g r e v e n u e ___________________________________
R e v e n u e fr o m o th e r so u rces___________________________
B o n d in te r e st, & c ________________________________________

$ 2 6 4 ,4 2 8
1924.
$ 1 ,4 2 0 ,7 4 5
6 5 ,0 0 9
3 3 ,9 9 1
9 3 ,2 0 7

$ 3 2 5 ,5 8 4
1925.
$ 8 3 9 ,2 5 2
8 0 ,2 4 5
2 2 9 ,8 2 6
9 2 ,7 6 5

Amount
Outstanding

Pate
%

When
Payable

$100 $2,000,000
100
1,225,800
919,400 See text
100
100 1,500,000 See text
None 441,610 sh. See text
10
$579,090
8
10
866,100
8
None 500,000 shs
None 84,111 shs
100 31,291,400
7
100 &c 5,553,600
6g J

ferred as to a sse ts as w ell as to d iv id e n d s a n d is to h a v e v o tin g p o w e r .
The
d irec to rs in D e c . 1 9 2 4 offered to p u rch a se fr o m th e P referred stock h old ers
o f reco rd D e c . 31 1 9 2 4 5 0 % o f th eir h o ld in gs a t 8 0 .
D iv s . on c o m m o n sto c k :
O n O c t . 1 1 9 0 7 p a id a 5 % sto c k d iv .
A n in itia l ca sh d iv id e n d o f 6 % w as
p a id D e c . 6 1 9 1 8 ; J u ly 1 9 1 9 a n d J a n . a n d J u ly 1 9 2 0 p a id 3 % .
On N o v .
1 1 9 2 0 p a id 1 0 % in s to c k .
J a n . 2 4 a n d J u ly 2 7 1 9 2 1 a n d J a n . 2 5 1 9 2 2 p a id
3 % ea c h .
O n F e b . 15 1 9 2 2 p a id 5 0 % in p re f. s to c k .
Y . 114, p. 314.
J u ly 1 9 2 2 an d J a n . 1 9 2 3 d iv id e n d s o m it te d ; J u ly 1 9 2 3 p a id 2 % ; J a n . 1 9 2 4
p a id 1 Y i % ; n o n e sin ce.
O n p r e f. sto c k p a id 234 % eac h J a n . an d J u ly since
d a te o f issue.

N e t e a rn in g s____________________________________________
$ 2 1 7 ,3 0 6
5 ,7 9 2
P r e s ., J oh n B . N e w to n : V . - P . , D . D . H u ll, J r .; Sec. & T r e a s ., J . W . C u re;
A s s t . S e c ., J a m e s M c N e i l.
O ffic e , R o a n o k e , V a .; N . Y . o ffic e , 4 0 W a ll S t.
— ( V . 1 2 0 , p . 2 1 6 0 .)

(V .) VIVAUDOU, In c.— O R G A N I Z A T I O N . — Incorp. in D e la w a re
about S e p t. 1 1 9 1 9 an d acq u ired th e a sse ts, tr a d e -m a rk s, &c., o f V. Vivadou o f N . Y . a n d P a ris. M a n u fa c tu r e s an d d istrib u tes p e r fu m e s, ta lcu m
p o w d e r, to o th p a ste a n d o th e r to ile t a rtic le s.
P la n ts lo c a te d in N e w Y o rk
C it y a n d M o n t r e a l.
C o n t r a c t w ith M in e r a la v a C o ., V . 1 1 6 , p . 1 8 9 .
I n S e p t. 1 9 2 4 P a rk & T ilf o r d , I n c ., pu rch ased th e s to c k ow n e d b y M r .
V iv a u d o u , P re sid e n t o f th e c o m p a n y .
S T O C K .- — T h e sto ck h o ld ers o n M a y 19 1 9 2 5 v o t e d to c h an ge th e au ­
th o rize d C o m m o n sto c k fr o m 3 4 0 ,0 0 0 shares o f n o p a r v a lu e , t o 3 4 0 ,0 0 0
sh a res, p a r $ 1 0 .
T h e sto c k h o ld e rs a lso v o te d to retire th e au th orized
$ 1 ,0 0 0 ,0 0 0 Preferred s to c k .
T h e stock h old ers o f reco rd M a y 21 1 9 2 5 w ere g iv en th e rig h t to su b scrib e
o n or b e fo re Ju ne 5 1 9 2 5 fo r a d d itio n a l c o m m o n sto c k (par $ 1 0 ) a t $ 1 3 per
sh a re, t o th e e x te n t o f 2 n e w sh ares for each 15 shares h e ld .
R E P O R T . - -F o r 1 9 2 4 sh o w e d ;
Y e a r en d ed Y e a r en d ed Y e a r e n d ed 16 M b s . e n d .
P erio d —
D e c . 31 ’2 4 . D ec. 31 ’ 2 3 . D e c . 31 ’ 2 2 . D e c . 31 ’ 2 1 .
G r o s s s a le s ___________________ $ 3 , 7 2 5 ,9 5 4 $ 6 ,7 4 1 ,1 8 2
,4 1 4 ,9 6 8
$ 5 ,5 7 3 ,1 4 9
G ro ss p r o fit ________________
1 , 1 4 2 ,6 1 7
2 , 9 1 3 ,9 9 8
2 , 1 1 2 ,8 3 5
1 ,4 3 5 ,9 8 8
N e t p r o f i t ___________________ l o s s 4 4 2 ,2 6 2
6 5 7 ,5 2 9
5 9 2 ,9 4 7 lo s s 2 0 4 ,7 3 2
________
2 2 5 ,0 0 0
L e s s — D iv id e n d s p a id ____
1 5 2 ,6 2 5
6 0 0 ,0 0 0
P r o v isio n s for t a x e s . .
________
5 4 ,1 3 1
8 0 ,0 0 0
________
B a la n c e , su r p lu s _______ d e f $ 5 9 4 ,8 8 7
$ 3 ,3 9 8
$ 5 1 2 ,9 4 7 d e f$ 4 2 9 ,7 3 2
D I V I D E N D S . — In itia l d iv . o f 5 0 cen ts a share w as p a id J a n . 2 1 9 2 0 ;
s a m e a m o u n t p a id A p r il 1 a n d O c t . 1 1 9 2 0 ; J a n . 1 192 1 p a id 2 5 cen ts a share
th e n n o n e u n til M a r c h 2 1 9 2 3 , w h en 5 0 c . w as p a id ; Ju n e 15 to D e c . 15 192 3
p a id 5 0 c . q u a r .; M a r c h 15 1 9 2 4 p a id 5 0 c . in p r e f. s to c k ; n o n e sin ce.
A n in itia l d i v . o f I X % on th e p r e f. s to c k w as p a id J u ne 15 1 9 2 4 ; n on e
sin c e .
O F F I C E R S . — -Jules S . B a c h e , C h a ir m a n ; T h o m a s J . M c H u g h , P r e s .:
R . H . A r o n s o n , V . - P . & T r e a s .; J . W . K e r b in , V . - P . ; A le x a n d e r L e v e n e ,
S e c .— ( V . 1 2 0 , p . 2 6 9 4 .)

VULCAN DETINNINQ CO. (THE)— ORGAN IZATION .— 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, 111.; manufac­
tures “ merchantable pig tin,” tin compounds (consisting o f 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. On Oct. 22 1919 the
American Can Co. paid $617,000 in settlement of suit. V. 95. p. 1427;
V. 96, p. 1302; V. 97. p. 181, 1120.
PLAN OF S E TTLE M E N T.— The stockholders in Feb. 1920 voted (1)
to increase the capital stock as outlined below; (2) to acquire the assets,
property and business o f the Republic Chemical Co , Inc. (for terms of
acquisition, &c., see V. 110, p. 270); and (3) to pay a dividend of 4 X % on
account of arrearages upon the pref. stock o f the company, which dividend
was paid April 20 1920. V. 110, p. 270.
C A PITAL 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 (b) a new class of common stock
“ A ” $1,226,000. The rights o f pref. A stock are subject to the rights of
the holders o f 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 o f the old and new common stocks, except that for ten years from
the date of such increase the holders o f 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 o f stock all o f the classes may, however, be given full and equal
voting rights before the expiration of such ten-year period.
DIVS.— V02. ’03. ’04. ’ 05. ’06. '07. ’08. ’09. ’ 10. ’ l l . ’ 12
1913-95
5 7 H 5 1 K 5 6 H 5 H 7
Below
Pref____% \3X 6 X 0
Oom____% J2
3
0 0 0
0 0
0 0
0
- ............ ..
In 1913, Jan. and April, I X % : July and Oct., none. Accumulate') pref.
divs. Oct. 1913, 2444%. on account o f which 21% was paid Nov 20 1913
from proceeds o f suit against American Can Go. V. 95. p. 1478; V 96, p
1302; V. 97, p. 181, 1220. None thereafter to Jan. 1919
In April. Jut)
and Oct. 1919 and Jan. 1920 paid I X % and 1 % on accumulations
V. 108
p. 886. In April 1920 paid I X % and 4X % on account o f accumulations
V. 110, p. 1438. In July 1920 paid I X % and 1% on account of aecumula
tions. Paid I X % in Oct. 1920. An initial div. o f 39 cents per share on tht
Pref. “ A ” stock, covering a 20-day period, was paid on July 20 1920. V
111, p. 209. Paid 1 X % on Oct. 20 1920. On Feb. 21 1921 paid 1X9<
each on pref. and pref. “ A ” , payment being made in I-year 6% scrip, dut
Jan. 20 1922 (paid off); then none until Jan. 20 1923, when I X % was paid




[V ol. 120,

IN D U STRIA L STOCKS AND BONDS

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q— J20 July
Q— J20 July
July
Q— J July
Q— J July

20 ’25 I X Checks mailed
20 ’25 6 X Cherts mailed
1 ’25 31 He
1 1925 2%
1 1925 2%

Q— J July 1 ’ 25, 1X
Empire Tr Co, N Y
& D June 15 1937

on p r e f. an d p r e f. A s to c k ; sa m e a m o u n t q u a r . to J u ly 2 0 1 9 2 5 . A ls o p a id
o n p r e f. sto c k on ac c o u n t o f a c c u m u la tio n s 1 % eac h q u a r . fr o m J u ly 2 0 1 9 2 4
to A p r il 2 0 1 9 2 5 a n d 5 % on J u ly 2 0 1 9 2 5 .
A c c u m u la te d d iv s . o n p r e f .,
3 5 M % ; on p r e f. A , 1 1 X % R E P O R T . — F o r 1 9 2 4 sh o w e d :
1921.
C a le n d a r Y e a r s —
1922.
1923.
1924.
$ 1 ,2 2 8 ,5 6 5
___ _
_
$ 1 ,4 7 4 ,6 5 3
Sales _ _ _
$ 2 ,0 5 6 ,2 8 9
$ 2 ,0 2 3 ,9 7 0
1 ,2 5 4 ,1 8 8
1 ,3 0 1 ,1 3 0
1 , 8 5 3 ,3 0 4
E x p e n se s, d e p r e c ., & c _ _
1 ,7 6 1 ,1 9 2
N e t o p e r . in c o m e ___
O th e r in com e

$ 2 6 2 ,7 7 8
2 7 ,4 1 5

$ 2 0 2 ,9 8 5
3 0 ,9 0 1

$ 1 7 3 ,5 2 3
3 2 ,3 7 2

lo s s $ 2 5 ,6 2 3
2 6 ,5 1 2

T o ta l in co m e . - .
R e se r v e fo r t a x , & c _ . .
D iv s . on p r e f. s t o c k _____

$ 2 3 3 ,8 8 6
$ 2 9 0 ,1 9 3
3 5 ,5 0 3
7 7 .7 7 6
2 1 4 ,3 5 8 ( 7 % ) 1 6 9 ,3 5 8

$ 2 0 5 ,8 9 6
5 0 ,9 6 4
(1 2 4 )4 2 ,3 4 0

( 1 M ) 4 2 ,3 4 0

$ 1 1 2 ,5 9 2

d e f$ 4 1 ,4 5 0

S u rp lu s__________________

d e f$ 1 ,9 4 1

$ 2 9 ,0 2 5

$889

O F F I C E R S . — P r e s ., W . J . B u t t fie ld ; V . - P . , R . D . O ’N e il; S e c ., C . E .
O u tr a m ; T r e a s ., G ilb e r t N . K n ig h t .
O ffic e , S e w a re n , N . J .— ( V . 1 2 0 .
p . 2 4 1 4 .)
W A R D B A K I N G C O R P . — I n c o r p . in M a r y la n d 1 9 2 3 , to acq u ire th e
en tire c a p ita l sto c k o f th e W a r d B a k in g C o . o f N e w Y o r k . W a r d B a k in g
C o . o f N e w Y o r k , p re d ece ssor c o m p a n y w as in co r p o ra te d in N e w Y o r k on
J u ne 21 1 9 1 2 , as a c o n so lid a tio n o f W a r d , C o r b y C o . o f N e w J e r se y , W a r d
B a k in g C o . o f P itts b u r g h , O h io B a k in g C o ., C le v e la n d a n d W a r d B re a d
C o . o f N ew Y o rk .
B u sin ess b e g a n in 1 8 4 9 .
B u sin e ss con sists o f b a k in g
a n d d istr ib u tin g b r e a d , c a k e s, e t c . A s o f J a n . 7 1 9 2 5 , C o r p . h a d 17 bak eries
in op eration in 13 c itie s.
S T O C K . — P r eerred h a s v o t in g p o w e r .
C la s s “ A ” is e n title d to n o n c u m u la tiv e d iv id e n d s a t th e r a te o f $ 8 p e r sh are p e r a n n u m , a n d shares
w ith class “ B ” as on e class in a n y d iv id e n d s d eclared o u t o f re m a in in g
su rp lu s or n e t p r o fit s . I n e v e n t o f liq u id a tio n or d isso lu tio n , a fte r p referred
h a s rece iv ed $ 1 0 0 a n d a cc ru ed d iv id e n d s, re m a in in g a sse ts sh a ll b e p a id to
h o ld ers o f class “ A ” t o e x te n t o f $ 1 0 0 per sh are b e fo r e a n y th in g sh a ll b e
p a id to class “ B ” h o ld e rs, a n d a n y a ssets rem a in in g sh a ll b e d iv id e d a m o n g
h o ld ers o f class “ A " a n d cla ss “ B ” as on e c la ss.
C la s s “ A ” h a s v o t in g
pow er.
C la ss “ B ” h a s n o v o t in g p o w e r u n til earn in gs fo r 8 c o n se c u tiv e
q u a r te r ly d iv id e n d p e rio d s sh o w earn in gs a v a ila b le fo r d iv id e n d s o n class
“ B ” s to c k ; t h e r e a fte r c l a s s “ B ” h o ld e rs are e n title d to v o t e in sa m e m a n n er
as h o ld ers o f p f d . a n d c la s s " A ” sto c k s.
D I V I D E N D S . — P r eferred s to c k ; in itia l d iv id e n d 1 X %
p a id A p r il 1
1 9 2 4 ; r e q u la r ly q u a r te r ly sin ce in c lu d in g J u ly 1 1 9 2 5 . C la ss “ A ” & C la ss
“ B ” n o n e to d a te .
B O N D S . — Sin k in g fu n d o f 2 % o f o u tsta n d in g b o n d s a n n u a lly c o m m e n c e d
Ju n e 15 1 9 1 5 .
R E P O R T . — F o r 1 9 2 4 in V . 1 2 0 , p . 8 4 0 , sh o w e d :
C o n s o lid a te d S ta tem en t o f O p e r a t io n s .
'Ye&v e n d e d D e c 2 7 1 9 2 4
N e t earn ings f r o m o p e r ., $ 6 ,4 1 7 ,7 4 0 ; o th e r in c o m e , $ 3 3 1 , 2 5 4 - - $ 6 ,7 4 8 ,9 9 5
1 ,8 7 4 ,0 5 3
In te r e st ch arges, $ 3 2 7 ,3 9 5 ; d e p r e c ia tio n , $ 1 , 5 4 6 , 6 5 8 ____________
R e se rv e fo r F e d e r a l t a x e s .'____________________________________________
5 0 5 ,2 0 2
N e t p r o fit fo r y e a r ___________________________________________________ $ 4 , 3 6 9 ,7 4 0
E A R N I N G S F I R S T 12 W E E K S O F 1 9 2 5 — N e t p r o fit s , a fte r d e­
p r e c ia tio n an d F e d e r a l ta x e s , fo r th e 12 w eek s e n d in g M a r c h 21 1 9 2 5 w ere
$ 8 3 2 ,3 0 2 , an in crease o f 3 0 % o v e r t h e sa m e p e rio d la st y e a r .
T h e c o m p a r a tiv e earnings fig u r e s fo r th e 1 2 -w e e k p e rio d s en d in g M a r c h
21 1 9 2 4 an d M a r c h 2 1 1 9 2 5 , r e s p e c tiv e ly , w ere a s fo llo w s:
T h e to t a l
in com e fo r th e 1 9 2 5 p e rio d w as $ 1 ,4 1 5 ,1 0 7 , as co m p a re d w ith $ 1 ,1 6 8 ,5 7 3
for 1 9 2 4 ; in terest ch arges w ere $ 7 7 ,8 7 5 fo r th e 1 9 2 5 p e rio d a s c o m p a r e d
w ith $ 7 7 ,3 4 9 fo r 1 9 2 4 ; d e p r e c ia tio n w a s $ 3 9 6 ,3 1 8 for th e 1 9 2 5 p e r io d , as
c o m p a re d t o $ 3 8 5 ,8 8 0 fo r 1 9 2 4 ; F e d e r a l ta x e s w ere $ 1 0 8 ,6 1 1 fo r th e 1 9 2 5
p e rio d , as c o m p a re d w ith $ 6 6 ,5 0 0 fo r 1 9 2 4 .
O F F I C E R S . — C h a ir m a n , W i lli a m B . W a r d ; P r e s ., G e o r g e B . S m ith ;
S ec. & T r e a s ., P . H . H e lm s .
O ff ic e , 3 6 7 S o uthern ._S cv.h,’ ' “ r‘d .
v —
( V . 1 2 0 , p . 1 7 5 9 .)
W A L D O R F S Y S T E M , I N C . — In c o r p . A p r il 18 1 9 1 9 in M a s s .
O p e r a te i
r esta u ra n ts an d lu n c h ro o m s a n d a c ts as c o m m issa r y fo r a n u m b e r or
in d u str ia l p la n ts .
S T O C K . — T h e s to c k h o ld e r s o n M a y 2 192 3 v o te d to ch a n g e th e c o m m o n
sto c k f r o m shares o f $ 1 0 p a r t o sh ares o f no p a r v a lu e ; also to in crease th e
a u th . c o m m o n sto c k f r o m 2 5 0 ,0 0 0 shares to 5 0 0 ,0 0 0 sh a res a n d t h e a m o u n t
issu e d f r o m 2 2 0 ,8 0 5 shares to 4 4 1 ,6 1 0 sh a res.
E a c h sto c k h o ld e r o f record
M a y 2 0 192 3 re c e iv e d tw o sh a res o f n e w sto c k o f n o p a r v a lu e for each
o ld sh a re, p a r $ 1 0 .
P r e s. P e r c y E . H a r w o o d in N o v . 1 9 2 4 a n n o u n c e d t h a t M e r r ill, L y n c h
& C o . h a d b e c o m e in te re ste d in th e a ffa ir s o f th e c o m p a n y , h a v in g p u rch a sed
th e sto ck o f th e C la r k in terests w h o are retirin g fr o m th e o rg a n iza tio n , as
w ell as a. con sid erab le b lo c k o f s to c k fr o m oth e r sou rces.
V . 119, p . 2190.
D I V I D E N D S . — O n p r e f. sto c k in fu ll to d a te .
O n n e w c o m m o n sto ck
o f no par v a lu e in itia l d iv . o f 3 1 H e . a share w as p a id J u ly 2 1 9 2 3 ; sam e
a m o u n t p a id q u arterly to J u ly 1 1 9 2 5 .
R E P O R T . — F o r 1 9 2 4 , in V . 1 2 0 , p . 1 2 1 6 , sh o w e d :
C a len d a r Y e a r s —
1324.
1923.
1922.
1921.
T o ta l sa le s ________________ $ 1 3 ,5 5 2 ,4 0 1 $ 1 3 ,9 1 0 ,0 5 6 $ 1 2 ,1 1 8 ,5 9 7 $ 1 0 ,3 0 9 ,8 0 9
C o s t o f sa les______________ 1 1 ,6 9 5 ,6 5 2
1 2 ,2 0 1 ,5 1 0
1 0 ,4 2 3 ,2 8 7
8 ,8 3 4 ,0 1 4
In c o m e fr o m op eration $ 1 , 8 5 6 ,7 4 8
In c o m e credits ______
8 3 ,2 0 0

9 1 , 7 0 8 ,5 4 6
1 2 7 ,4 0 4

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

$ 1 ,4 7 5 ,7 9 5
8 8 ,7 5 6

G ross in c o m e -- ______ $ 1 , 9 3 9 ,9 4 8
D e p r e c ., a m o r t, o f lease­
h o ld s, F e d . & S ta te
ta x e s, & c
8 3 6 ,9 3 9

$ 1 ,8 3 5 ,9 5 0

$ 1 ,8 0 9 ,7 1 0

$ 1 ,5 6 4 ,5 5 1

6 8 5 ,4 0 7

6 4 2 ,6 0 2

7 4 4 ,6 1 8

N e t in c o m e ______
_
P r ev io u s s u r p l u s ___ _
_
A d ju s tm e n ts c r e d it______

$ 1 ,1 0 3 ,0 0 9
1 , 4 9 8 ,2 9 6
1 1 2 ,1 5 1

$ 1 , 1 5 0 ,5 4 3
9 8 0 ,1 4 8
1 1 3 ,5 8 5

$ 1 ,1 6 7 ,1 0 8
3 8 1 ,4 5 7
7 6 ,0 2 9

$ 8 1 9 ,9 3 3
7 6 ,4 1 9
5 3 ,6 9 0

G ross su r p lu s __________ $ 2 ,7 1 3 ,4 5 6
F ir st P referred d ivid e n d s
4 3 ,0 8 0
P referred d iv id e n d s
__
6 9 ,2 4 6
C o m m o n d ivid e n d s .
5 4 5 ,7 6 2
Sin k in g f u n d ________
1 0 7 ,5 7 5
3 6 ,7 0 4

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

$ 1 , 6 2 4 ,5 9 4
6 2 ,5 4 0
6 6 ,7 1 0
4 0 1 ,6 1 0
1 1 3 ,5 8 6

$ 9 5 0 ,0 4 2
8 9 ,3 6 1
5 5 ,6 8 8
3 2 7 ,9 7 9
7 6 ,0 2 9
3 9 ,5 2 8

P r o fit & lo ss, su r p lu s . $ 1 ,9 1 1 ,0 8 7

$ 1 ,4 9 8 ,2 9 6

$ 9 8 0 ,1 4 9

$ 3 8 1 .4 5 7

IN D U STRIAL STOCKS AND BONDS

May, 1925.]

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations. &c., see notes on page 6]

W ashington OH Co— Stock-------------------------------------------W eber & H ellbroner— Common stock 100,000 shares autb
Preferred (a & d) stock 7% cum red 115 $2,000,000 auth_
W ells, Fargo & Co— Stock______________________________
W estern Elec Co Inc— Com stock 500,000 shs no par______
Pref 7% cum auth $50,000,000 red 110__________________
Gold debenture bonds red (text)___________________ c*&r* 1924
estinghou se Air Brake C o(T h e)— Stock $50,000,000 auth
W estinghouse El & Mfg— Com stock auth $196,000,000.
Pref stock $4,000,000 (a A d) 7% cum and participating_
_
Gold bonds red text_______________________ Ce.xxx.c*&r* 1920
Westinghouse Machine Co— 1st & R 'f Mtge gold.
. x into
Westinghouse Foundry 1st M guar due $50,000 yearly. _x 1902

3 Mos. ended Mar. 31
1925.
Sales__________________ $3,173,153
Net profits____________
$250,579
Preferred dividends___
26,827
Common dividend_____
138,003

1924.
$3,425,948
$ol4,735
28,670
138.003

Par
Value

$633,519
$84,300
364,697

$554,427
$70,000
222,082

1923.
1922.
$3,334,600 $2,800,376
$332,697
$285,715
32,592
32,841
100,402
100,402

Balance, surplus_____
Previous su rplus...........

$184,522
572,700

$262,345
331,580

Total surplus________
Federal tax adjustment.
Adj. Brokaw Bros. sur._
Pref. stock sinking fund.

$757,222
Crl6,396
______
31,500

$593,905

$484,064
$61,500
219,959
$202,605
152,114

$354,719
$659
Crl,295
______
22,500
22,500

$298,489
$55,000
222,783
$20,706
166,377
$187,083
$1,219
______
33,750

P. & L. surp. Dec. 31.
$742,118
$572,700
$331,561
$152,114
OFFICERS.— Pres., Louis M . Weiller; V .-P ., John C. Mayer, Geo. G.
Goldberg and Irwin Heilbroner; Treas., Sydney H. Rhoades; Sec., Herbert
H. Maas; Asst. Sec. & Asst. Treas., John C. Mayer. Office, 215 Fourth
Ave., N . Y .— (V. 120, p. 2282.)
WELLS FARGO & CO. (EXPR E SS).— Incorp. in Colorado Feb. 6
1866. On June 30 1917 operated on 84,751 miles of railroad In the U. 8
and Mexico, 33,466 miles o f stage, inland and ocean steamer routes; total
118,218 miles. Also, jointly with National Rys. o f Mexico, controls Wells
Fargo & Co. S. 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 transfei
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 o f 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 o f net return. In Dec.
1920 the I.-S. C. Commission approved the permanent consolidation of the
several companies into the American Railway Express Co. Y. 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 o f Govt, bonds. This return o f
capital was the first step toward the ultimate liquidation o f the company.
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 have also
declared a cash dividend o f $8 per share in liquidation out of capital assets
and a dividend of 1-30 of a share o f American Ry. Express Co. stock of
$100 par, for each share of Wells, Fargo stock, both payable June 10 1925
to holders o f Wells, Fargo stock of record June 1 1925.
DIVS.— / ’95-’01. ’02. ’03-’05. 06. ’07-’ 13. ’ 14. ’ 15-T7. ’ 18. T9- 20. ’21-’24
Cash, % l 6 v r l y .
9 8 yrly. 9 10 yly. 8 6 yrly. 3
0
Text
For extra dividends, see below.
Dividends were suspended in 1918, following the July distribution. V.
107, p. 1292; V. 108, p. 85, 2020. Payments were resumed on June 20
1921 with a distribution of 243% as a result of dividends received from
American Railway Express C o .; same amount paid semi-annually to June 20
1924.




Bate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100,000 See text See text Jan 31 ’21 20%
$10
None
76,674 shs See text See text Dec 30 ’25 $1
100
Q— M Dec 1 ’25 I K
$923,000
7
1
239,674
5
J & D 20 See text
None 500,01 Klshrs
Q— M31 M ar 3 1 ’25 $2.50
$10
100 24.679,600
7
Q— M31 M a r20 '25 I K
100 &c 35,000.000
A & O Apr 1 1944
5g
50 39,448.884 See text Q—J 31 Apr 30 ’25. 3%
8
50, 114,504,450
Q—J Apr 30 '25. 2%
50 3,998.700
8
vj— J Apr 15 1925 2%
500 &c 30,000,000
7 g M & N May 1 1931
6,179.000
6g
y — f Nov 1 1940
l.Ulfl
M A N To May 1 1926
1,000
5
63,000

Surplus for period____
$85,749
$148,062
$199,703
$152,472
OFFICERS.— Pres., Percy E. Woodward; Y .-P ., Thos. F. Ahern,
Harry S. Baldwin, A. Yates Clark, R . De Blois Clark, and Oscar F. Kinney;
Treas., Harold R . Peters; Asst. Treas., Austin O. Uhl; Sec., Arthur F. Ray.
Office, 169 High St.. Boston, Mass.— (V. 120. p. 2160.)
W ASH BURN-CROSBY C O — (V. 120. p. 2025 )
W ASHINGTON OIL CO.— ORGANIZATION, &c.— Incorp. in 1887 in
Penna. Produces crude oil. Owns 140 o f 200 shares o f Taylorstown Natural Gas Co. Formerly controlled by Standard Oil Co. o f N. J.. but segre­
gated in 1911. See Standard Oil Co. o f N .J .,V . 85, p. 216; V. 93, p. 1390
Stock, $100,000; par, $10. Dividends in 1906, about 35% ; 1911, 29%
1913, Feb. and Dec., 40% ; 1914, D ec., 30%; 1915 ,nil; 1916, Oct., 40%
1917 and 1918. Dec., 40% each: 1920. .Tan., 20%: 1921, Jan., 20% : not.since. Report for 1924, in V. 120, p. 1759, showed: Gross income, $128,630;
oper. exp., taxes, deprec. & depletion, $112,867; net earnings, $15,762.
Office, 323 Fourth Ave.. Pittsburgh, Pa.— (V. 120, p. 1759.)
WEBER & 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.
C A PITAL STOCK.— A cumulative “ Preferred Stock Sinking Fund
provides that the corp. shall create and maintain a fund for the purchase or
redemption o f pref. stock o f a sum equal to 3% o f the largest amount
Issued and outstanding (2 M % prior to June 1 1920), said fund to be con
tinued so long as the amount contained therein is less than 115% of thr
aggregate par value o f 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 o f the directors.
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 o f one share of
new stock for each three shares o f old stock owned.
D IV ID E N D S.— On common stock as follows: N ov. 1 1919, 50c.; Apr. 1
1920,50c.; N ov. 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 Dec. 30 1925, $1 quar.
Also paid 2% in common stock on April 30 1925.
R E PO R T .— For year ended Feb. 28 1925, showed:
Feb. 28— Years—
1924-25.
1923-24.
1922-23.
1921-22.
Gross operating p ro fit.. $3,345,015 $2,567,885 $2,226,7S2
Gross oper. profit, oper.
exp., deprec. & amortNot
2,013,458
1,742,718 available
ization charges______ 2,720,496
Net earnings__________
Federal taxes, &c______
Dividends'._____________

Amount
Outstanding

233

Pittsburgh, Pa
Checks mailed
do
Office 51 Broadway. N V
New York
New York
New York
Pittsburgh, Pa
Checks mailed from Pitta
oo
do
Cent Union Tr Co, N Y
Coionial Trust Co. Pitt
Colonial Trust Co, Pittsb

In Jan. 1917 an extra 33 1-3% was paid out of surplus. V. 104, p. 78
On Feb. 10 1910 an extra dividend of 300% was paid from accumulated
surplus, shareholders being allowed to use two-thirds of this In paying for
$16,000,000 new stock, increasing issue to $24,000,000. V. 89, p.1355. 1674
R EPO RT.— For 1924 showed;
Calendar Years—1924.
1923.
1922.
1921.
$661,400
$932,467 $1,601,786 $1,469,387
Total net income______
Expenses and taxes____
1
49,443
82,392
62,326
.....................
75,380/
23,647
238,107
127,354
Charges
Dividends......................
299,592
599,185
1,198,370
1,193,370
Balance, surplus_____
$286,428
$260,192
$82,917
$81,337
— (V. 120, p. 2694.)
WESTERN ELECTRIC CO., INC.— Incorp. 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. International West. Elec. C o., Inc.,
Y. 107, p. 609. For description of plants, &c., compare annual report
published in full in V. 120, p. 1624.
CAPITAL STOCK.— The stockholders on Feb. 19 1920 increased the
com. stock from 150,000 shares, no par value, to 500,000 shares, no
par value. Of the new common stock, 200,000 shares were issued each
common stockholder of record Feb. 19 being entitled to subscribe for
the new common stock at $180 per share, in the proportion of 1 1-3 the
shares of new stock for each share of common stock held. Common
stockholders of record Nov. 28 1922 were entitled to subscribe for 150,000
shares common stock at $100 per share in the proportion of 1 share of new
stock for each 2 1-3 shares of common stock held. V. 115, p . 2488.
The $30,000,000 6% pref. stock was called for payment on Mar. 9 1920
at 120 and accrued div. On Mar. 12 1920 the stockholders voted to create a
new issue of $50,000,000 7% cum. pref. stock, par $100. V. 114, p. 1544.
Dividend No. 1 on new common was $4 per share, paid Dec. 31 1915;
Mar. 1916 to Dec. 1917, $2 quar.; Mar. 1918 to M ar. 1924 paid $2 50 quar.
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.
R E PO RT.— For 1924, in V. 120, p. 1580 and 1624, showed:
(Including the Owned Subsidiaries, Western Electric Co., Inc., of Delaware,
and Western Electric Co., Inc., of California.)
1924.
1923.
1922.
1921.
$
$
$
$
Sales__________________ 298,281,138 255,177,122 210,941,004 189,764,814
1,212,004
1,302,874
2,690,836
2,892,499
Other income__________
Gross income________ 299,493,142 256,479,996 213,631,840 192,657,313
Cost of merchandise____258,147,923 225,751,351 189,418,973 168,565,875
Expenses______________ 19,331,724 18,239,356 12,716,973 12,207,613
Taxes_________________
3,945,099
2,409,818
1,860,004
1,717,488
Employees’ benefit fund 2,000,000
______
400,000
______
Interest paid__________
4,378,927
1,159,958
3,904,097
5,842,340
Approp. for additional
depreciation on plant. 1,562,539
______
______
______
Preferred dividends (7%) 1,727,572
1,727,572
686,857 No pfstk.out
Common dividends ($10) 5,000,000
5,000,000
3,500,000
3,500,000
Balance, surplus_____ 3,399,358
2,191,941
1,144,936
823,997
OFFICERS.— Pres., Charles G. DuBois; Treas., James W . Johnston;
Sec., George C. Pratt; Compt., R . H. Gregory. N. Y . office, 195 Broad­
way.— (V. 120, p. 2694.)
WESTINGHOUSE AIR BRAKE CO. (THE).— ORGANIZATION, &C.
— 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’ 10. ’ l l . ’ 12. ’ 13. ’ 14-15.16.” 17 ’ 18-’21. ’22. ’23. ’24.
16 26 14)4 14 yrly 9
12.6 12
P ercen t............... { 21 20 19 16
in s t o c k .............I . .
33 1-3 5
20
____ ____
35 —
Paid in 1925: Jan. 31, 3% ; April 30, 3% .
RE PO RT.— For 1924, in V. 120, p. 1739, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net earns., all sources.. $7,072,952 $11,742,844 $8,051,800 $1,412,490
Inventory adjustm ent..
______
______
______
706,944
Cash dividends paid____ 4,729,068 4,403,587
3,789,882
4,081,474
995,024 1,468,715
960,000
--------Federal taxes (est.)_____
Balance, surplus.........$1,348,860
$5,870,542 $3,301,918df$3,375,928
Chairman, Henry H. Westinghouse; Vice-Chairman, John F. Miller;
Pres.. A . L . Humphrey; Treas. & Act. V.-Pres., S. O. McConahey; Sec..
Hubert O. Tener. General office, Wilmerding, Pa. N. Y. office, 150
Broadway.— (V. 120, p. 2025.)
W ESTINGHOUSE ELECTRIC & M ANUFACTURING CO.—
ORGANIZATION.— A Pennsylvania corporation manufacturing appli­
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
currents. V. 61, p. 25, 153. Operates plants at East Pittsburgh, Pa.;
South Philadelphia, Pa.; Attica, N. Y .; Newark, N. J.; Cleveland,O.;
Sharon, Pa., and East Springfield, Mass. Proprietary (wholly owned)
companies are: (1) Westinghouse Lamp C o., operating plants at Bloom­
field, N. J.; Belleville, N . J.; Milwaukee,'Wis.; Trenton, N. J.; Brooklyn,
N. Y .; Indianapolis, Ind.; (2) The Bryant Electric Co., Bridgeport, Conn.;
(3) R. D. Nuttall Co., Pittsburgh, Pa.; (4) Pittsburgh Meter Co., Pitts­
burgh, Pa.; (5) Westinghouse Electric Products C o., Mansfield, O.; (6)
New England Westinghouse C o., Springfield, Mass.; (7) Westinghouse High
Voltage Insulator Co., Derry, Pa., and Emeryville, Calif.; (8) Westinghouse
Electric International C o., N. Y .
During iy z i the company acquired a substantial interest in the Radio
Corp. of America.
In Dec. 1924 purchased the entire $3,000,000 stock of Wetmore-Savage
Electric Supply Co. V. 120, p. 97.
In April 1925 formed the Westinghouse Acceptance Corp. V . 120, p.
1894.

334
(For

INDUSTRIAT, STOCKS AND BONDS
M IS C E L L A N E O U S C O M P A N IE S
a b b r e v ia tio n s , & c . f see n o te s o n p a g e

6]

D a te
Bonds

W hite Eagle Oil & R efin in g Co— Stock 640,000 shares auth
Sinking fund gold notes red (text) - _ _
_xxxc*
1924
W hite M otor Co (T h e)—Auth capital stock $35,000.000_
White M otor Secur Corp pref stock 7 % cum (guar) red
105 $5,000,000 authorized
_____
W ickwire Spencer Steel Co— See text

Par
V a lu e

None 460,000 shs.
$1,000 $2,800,000
50 25,000,000
100

STOCK.— The pref. stock carries cum. divs. o f 7% per annum, with the
right to participate equally with other stock after the same shall have re­
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
share for an amount o f common stock ($14,962,530, par $50], equal to 20%
(one share for each five shares held) o f their holdings. V. 116, p. 1544.
Preferred and common stockholders o f record Mar. 17 1924 were given the
right to subscribe at $52 50 per share for an amount o f common stock equal
to 20% of their holdings. V. 118, p. 1163.
t The stockholders voted June 11 1924 to increase the authorized common
stock from $121,000,000 to $196,000,000, par $50.
D IVIDEN DS.—
' l l . '12. '13-’ 14. '15. '16. ’ 17-’ 18. '19. ’20-’24.
Preferred, % --------------------- 12M 7 7 yrly. 7 7
7 yrly. 7 )^ 8 yrly.
Common, % ________________ 0
2 4 yrly. 5 4 H 7 yrly. 7Ji 8 yrly.
Also on common and pref. July 31 1917 a special H of 1% to aid Ked
Cross contributions. July 1919 to Apr. 1925 paid 2% quar. on both com
and pref. stocks. V. 104. p 2562; V. 108. p 2029: V. 109. p 1280
Preferred and common stockholders of record M ay 2 1924 received a
stock dividend o f 10%, payable in common stock.
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 to Y % of their
principal amount for every 6 mos. intervening between the date so fixed
or redemption and the date of maturity. V. I l l , p. 1759.
R EPO RT.— For year ended Mar. 31 1925, in V. 120, p. 2695, showed:
1924-25.
1923-24.
1922-23.
1921-22.
Years End. Mar. 31—
$
$
$
$
ales billed_____________ 157,880,292 154,412,918 125,166,115 99,722,026
Lotal net income_______ 17,841,406 18,743,076 14,767,884 8,993,989
’
Int. on bonds, debts, coll.
notes & notes payable.
2,517,042 2,617,773
2,504,399 3,096,700
Div. on pref. stock_____
319,896
319,896
319,896
319,896
Div. on common sto ck ._
9,148,325 6,833,759
5,665,003 5,664,999
Balance, surplus_____ .5,856.143
8,971,648
6,230,058 defl47,506
Unfilled ordered on April 1 1925 amounted to $55,271,908.
DIR E C TO RS.— James D . Callery, Paul D. Cravath, H. P. Davis,
Harrison Nesbit, A. G. Becker, George M . Verity, William McConway,
J. J. Hanauer, Samuel M . Vauclain, Loyall A. Osborne, Edwin F. Atkins,
E. M . Herr, Joseph W . Marsh, Guy E. Tripp, H. H. Westinghouse and
Albert H. Wiggin.
OFFICERS.— Chairman o f Board, Guy E. Tripp; Pres., E. M . Herr;
V .-P. & Gen. M gr., F. A . Merrick; V .-Ps., H. P. Davis, L. A. Osborne,
Charles A . Terry, H. D. Shute, H. T. Herr and Walter Cary; Treas.,
H. F. Baetz; Comp. & Sec., J. C. Bennett. Offices, 150 Broadway, New
York, and East Pittsburgh, Pa.— (V. 120, p. 2676.)
WHEELING STEEL C O R PO R ATIO N .— (V. 120, p. 2414.)
W HITE EAGLE OIL AND REFINING CO.— ORGA N IZA TIO N .—
Incorp. in Delaware M ay 22 1919, and is engaged in the business of pro­
ducing, refining, distributing and marketing petroleum and its products
Owns and operates 3 oil refineries located at Augusta, Kan., Fort Worth,
Tex., and Casper, W yo. In June 1924 the acreage o f the company was
36,612. These properties are chiefly stiuated in 7 principal regions in
Kansas and Oklahoma. Pipe line system, about 253 miles; tank car
equipment, 619 cars. Also owned and operated 565 service and bulk
stations located in Kansas, Colorado, Missouri, Nebraska, Iowa, Minnesota
Wisconsin, North Dakota and South Dakota. Govt, suit, V. 118, p. 3161]
D IV ID E N D S .— Quarterly dividends o f 50 cents a share have been palo
from organization to Apr. 20 1925. Also paid 25 cents extra on Oct. 10
1922 and 25% in stock on Dec. 26 1922.
NOTES.— The 5 H % sinking fund gold notes o f 1924 are redeemable,
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
July 1 1928; thereafter at 100 l and interest. A sinking fund to purchase
A
in the market or call by lot $200,000 o f notes semi-annually, beginning
Jan. 1 1925, will be provided, sufficient to retire 60% o f the entire issue
prior to maturity. V. 119, p. 85.
R E PO RT.— For calendar years:
Calendar Years—
1924.
1923.
1922.
1921.
Sales__________________ $14,335,001 $14,693,387 $13,834,818 $9,251,381
Cost of sales___________
9,239,910
9,554,572
9,036,343 6,615,342
Gen. admin. & sell. exp.
2,488,592 2,317,033
1,467,809 1,016,741
Other deductions— n e t ..
344,030
230,134
268,628
61,881
Depreciation___________
845,786
793,589
589,253
416,641
Depletion______________
273,298
410,144
377,849
321,170
Federal taxes__________
114,000
40,000
192,000
29,000
Dividends paid________
920,000
920,000
894,042
588,084
Net income_________
$109,386
$427,916
$998,896
$202,524
Quar. End. Mar. 31—
1925.
1924.
1923.
1922.
Sales__________________ $2,912,726 $2,588,989
$3,536,273 $2,398,980
Profit from operations..
834,369
1,063,723
831,302
471,563
80,490
57,001
52,719
37,176
Misc. income credits____
Misc. income charges_
_
102,006
113,135
93,950
40,020
♦N et income__________
812,853
1,007,589
790,070
468,719
* Before deducting res. for deprec., depletion and Fed. income tax.
OFFICERS.— Pres., L. L. Marcell; Treas., A N. Allen; Sec.. Milo T.
Jones. Office, Kansas City, M o.— (V. 120 p. 2160 )
W HITE MOTOR CO. (TH E)— O RGAN IZATION .— Incorporated in
Ohio and took over all the capital stock, excepting qualifying shares, of the
White Co. o f Cleveland, makers of White Motor trucks. V 10.3. p 1970
The directors in Oct. 1924 decided to organize the White Motor Securities
C o r p . for the purpose o f affording additional facilities for the financing of
time .sales o f White trucks and buses to its customers.
The new company will have an authorized capital o f $5,000,000 (50,000
shares) o f preferred stock and 25,000 shares of no par common. The
pref. stock will be 7% cumul., non voting, callable at 105 and guaranteed
as to principal and dividends by White Motor Co. $2,500,000 of this
stock was offered at par to the stockholders of White Motor Co. of record
N ov. 12 1924. The remaining $2,500,000 o f the pref. stock will remain
unissued pending the future requirements o f the corporation. All the
common shares were purchased by White M otor Co.
STOCK.— The stockholders o f record N ov. 12 1924 were given the right
to subseribe at par ($100) for $2,500,000 White M otor Securities Corp 7%
cumul. pref. stock. V. 119, p. 2301.




Am ount
O u ts ta n d in g

2,500,000

R a te

%

W hen
P a y a b le

[V ol. 120.

L a s t D iv id e n d
an d M a tu r ity

P la c e s W h e r e I n t e r e s t a n d
D i v i d e n d s a re P a y a b le

$2
Q— J Apr 20 ’ 25 50c.
Dillon, Read & Co, N Y
5H g J & J July 1 1929
Q— J June 30 ’25, 2% Checks mailed
8
7

Q—M 31 Mar 31 ’25,

1H

Checks mailed

D IV ID E N D S.— No. 1, April 8 1916, 1 ^ % ; No. 2, July 15, 1%%\ Sept.,
A
1%%\ Dec. 31 1916 to June 30 1925, 2% quar.
R EPO RT.— For 1924, in V. 120, p. 1579 and 1638, showed:
1924.
1922.
1923.
Oper. profit (after deducting mfg.,
selling, service & admin, expenses) 3,866,110
7,022,209
3,213,618
Discount on purch., int. earned and
miscell. other income— net_______
948,180
876,073
703,839
Total income____________________
Less-—-Int. & exp. on borrowed money
Estimated Federal taxes__________

4,814,290
4,814.290
105,042
625,000

7.898,282
83,615
850,000

3,917,457
146,839

Net profit for year_______________
Previous surplus___________________

4,084,248
9,425,739

6,964,667
4,461,073

3,770,618
2,661,664

Total surplus_______________
13,509,987
Dividends paid (8 % )_______________ 2,000,000
Adjustments applicable to prior years
Provision for prior year’s Federal taxes
in excess of payment______________ Cr.24,170

11,425,740
2,000,000

6,432,282
2,000,000
Cr.28.792

Surplus Dec. 31.........................
11,534,1579,425,739 4,461,073
OFFICERS.— Chairman W . T . White; Pres., W . C. White; V.-P. &
Gen. M gr., Thos. H. White; Treas., Geo. H. Kelly; Sec., T. R. Dahl;
Compt., S. G. Crilly. Office, 842 East 79th St., Cleveland, O.— (V. 120,
p. 1579.)
W ICKW IRE SPENCER STEEL CO.— Incorp. 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 C o., one of the largest manufacturers of
wire, wire rope, wire screening, wire netting, wire fences, wire hardware and
wire specialties, and the Wickwire Steel C o., 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 capita
»'ock of the American Wire Fabrics Co. V. 115, p. 1109.
R e o r g a n iz a t io n P la n , D a te d A u g . 4 1 9 2 4 .

The reorganization committee in Aug. 1924 announced a plan of reorgani i
zation (approved by the stockholders on Sept. 25 1924), which provide
as follows:
New Company.— A new company was organized in Delaware, known as
Wickwire Spencer Steel C o., which acquired all or substantially all the assets
and business of the old company.
Capitalization of New Company.— T o accomplish the purposes provided
in the plan the new company will have outstanding the following capitali­
zation:
Mortgage bonds 7 % , due 1935_____________________________ x$12,679,000
10-year 7 Y % secured notes (assumed), due 1932____________
1,641,500
5-year 7% class “ A ” notes___________________________________ 2,515,000
5-year 6% class “ B ” notes_________________ _________________ 3,639,400
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 1,450,000
x This amount includes $2,006,000 bonds of old company remaining
unexchanged Dec. 31 1924.
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 K % seemed 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.
The foregoing does not include the outstanding obligations o f sub. cos.
D i s t r i b u t i o n o f S t o c k t o S t o c k h o l d e r s o f O l d C o m p a n y .— (a) P r e f e r r e d s t o c k *
holders in the old company who assented to the plan received 5 shares o f
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 o f 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.
New Money— Subscription by Stockholders of Present 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 tne
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 3 Y 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 stock
(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 3H 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

M ay , 1925.]

235

IN DU STKIAL STOCKS AND BONDS

MISCELLANEOUS COMPANIES
IFor abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

W lllys-Overland Co— Common stock $15,000,000________
$5 $11,323,170
100 22,049,500
Preferred (a S d) 7% cum red at 110__________________
c
First (closed) mtge sink fund gold bonds red (text) -kxxxc* 1923 500-1000 9,000,000
None 202,181shrs
W llion & Co Inc— Common stock authorized 700,000 shrs
100 10.079.000
Pref stk (a S d) 7% cum, red all or part at 125, also sk fd_c
1,000 Sec 22.896.000
ist M s fd $25,000,000 gold call 107)4__________ Qc*&r*
1,000 13.373.000
Convertible bonds $20,000,000 call s f d ____________ G.c* 1918
do
do
call s fd (see t e x t ) _
_
. . kxxxc* 1921
1,000
9,136.000
(For securities proposed to be issued under reorganization plan, see tex t.)
25 65,000,000
(F W) W ool w orth Co— Common stock $100,000,000 auth—
100 al2,992,149
W orthington Pump & Mach. C orp.— Com stk $15,000,000
100 5.592,833
Pref A stk 7% cum $10,000,000 call 115 & d ivtext________
100 10,321,671
Pref B stk 6% (cum 1919) $11,000,000 call 105 & divs___

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and laturity

Nov 1 1920 1% Bankers Trust Co, N Y
See text
do
do
See text See text M ay 10 ’25 1)4
National City Bank, N Y
M
6)
4 g & S Sept 1 1933
New York
See text
See text
.Tan 1 1924 I X Check* mailed
See text
New York & Chicago
6 g A & O Apr 11941
Dec 1924 interest unpaid
6 g J & D Dec 1 1928
Feb 1925 interest unpaid
F & A Dec 1 1931
7)4
See text Q -M
June 1 1925 3% Farmers’ L & Tr C o . N Y
New York
See text
See text
7
Q— J Apr 1 1925 I X New York
Q— J Apr 1 1925 1 )4, New York
6

a Includes $300,000 held in treasury Dec 31 1924, issuable issuab le to en list aid of new inter ests, &c. V 106. p.1224.

into common stock of the new co. (or v.t.c. therefor) on the basis of 40 shares
o f 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.
B O N D S — The 1st Mcge. 7% s f. gold bonds ($30 000.000 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).
NOTES.— The 10 year 7)4% secured gold notes are convertible at any
time into common stock; in case of conversion on or before Sept. 1 1927 on
a basis o f $20 per share, plus a premium of $1 per share (payable by the
noteholder to avoid the issuance of fractional shares) in case of conversion
on 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 lot 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.
R E PO RT.— For 1923, in V. 118, p. 2567, showed;
1920.
Calendar Years—
1923.
1922.
1921.
Net sales________ $27,548,267
$18,543,533 $12,153,551 $32,623,894
4,354,248
_ 2,840,531
1,509,706 def.662,261
Net operating income_
77,891
Miscellaneous income_
_
152,490
214,907
138,381
Depreciation__________
643,886
425.200
394,884
795,980
879,550
Bond interest__________
1,130,074
953,084
917,190
T a x e s_________________
382,590
1,050,040
Inventory adjustment-________
_____________________ 441,406
813,957
Miscellaneous charges-- 1,086,392
1,186,303
956,582
656,925
Preferred dividends____ ________
_____________________ 380,543
$5,191
Net income____
$351,353
def$809,658df$4.015,583
1923.
Three Months Ended March 31—
1925.
1924.
$805,868
Net earnings______________________
$581,525
$541,415
417,207
Net inc. after bond int. & deprec’n174,884
155,189
OFFICERS.— Chairman T. H. Wickwire; Pres., T . H. Wickwire Jr.;
1st V .-P., D. F. Edwards; Treas., G. V. Pach; Sec., P. D . Wesson. Office,
41 East 42d St., New York.— (V. 120, p. 2694.)
W ILLYS-OVERLAND CO. (TH E).— ORGAN IZATION.— Incorp. in
Ohio N ov. 1912 and acquired the properties and business o f the WillysOverland Co. o f Toledo, O. Company’s production embraces a line o f low
and medium priced motor cars under the trade names “ Overland” and “ W illys-Rnight.” Main plant is located at Toledo, Ohio.
In conjunction with the British firm o f Crossley Motors, Ltd., formed the
Willys-Overland-Crossleys, Ltd., in Dec. 1919, which is producing the
Willys-Overland cars at Manchester, England. V. 110, p. 475.
STOCK.— On M ay 25 1916 each share o f com., par $100, was divided
into four shares, par $25. In Dec. 1923 the stockholders assented to a re­
duction o f the par value o f the common stock from $75,000,000 to $15,000,000, making the par value of each share $5 instead o f $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.
BONDS.— The first (closed) mortgage 6)4 % sinking fund gold bonds, due
Sept. 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
will provide 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.
D IVIDEN DS— 1913. 1914. 1915. 1916. 1917. 1918-20.
1921-24.
Common stock_____ 6
6
6
9
12
4 yearly
None
do
extra. 5
_ . 5 stock 5 stock 5 stock
____
____
Dlvs. on the pref. stock were resumed on M ay 10 1925 with a payment
o f 1 % % , this being the first payment since N ov. 1 1920. The accumulated
pref. divs. amounted to $6,559,726 at Dec. 31 1924.
RE PO RT.— For 1924, in Y. 120, p. 1875, showed:
Calendar Years—
1924.
1923.
1922.
1921.
Net profit after charges. $2,086,646 $13,034,032 $2,779,831dfl3,999,494
Common stock adjustm’t ________ Cr43,199,685
________ Cr7,500,000
Adjustm ents__________ Cr.883,726
________ Dr38087,116 I>9,560,895
Previous surplus_______ 13,002,418df43,231,300def7,924,015 Cr8,136,374
Profit & loss surplus..$15,972,789 $13,002,418df43,231,300 def7924,015
OFFICERS.— John N. Willys, Pres.; L. A. Miller, V.-P. & Sec.; J. H.
Gerkens, V.-P. & Treas.— (V. 120, p. 2160.)
WILSON & CO., INC.— Incorp. April 7 1910 In N . Y . Capitalization
readjusted in Aug. 1918 without reincorporation. Established in 1858
Name was changed from Sulzberger & Sons Co. to Wilson & C o., Inc., in
1916. V. 102. p. 1255; V. 103, p. 417; V. 108, p. 1299.
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, M d.; Cedar Rapids,
Iowa; Sao Paulo, Brazil, and Buenos Aires, Argentine. Combined capacity
of present plants about 187,000 cattle, sheep and hogs per week. Ccm
pany has. either directly or through subsidiary companies, all of whost
stock it holds, 120 distributing branches by means of which and of itsrefrigerator car service It distributes Its products to practically every clt;
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 1920 and organized the
Wilson-Martin Co. V. I l l , p. 400. 506. 996: V. 112, p. 856. In Dec. 1920
formed the Phoenix Leather Co. V. I l l , p. 2532. The Wilson & Co. of
Kansas was incorp. M ay 7 1924 and took over all o f 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. above.




Receivers 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.
R eorganization 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, ne 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 alter
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 or
$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 M % for each
year or fraction thereof from the redemption date to their maturity date.
Obligations of Company and Its Subsidiary and Affiliated Cos. Aug. T'ntnJ
30 1924
r> AAA Undisturbed.
„
'A
A
Total.
To Be Adi'a. TT« A
________ $25,772,500
Bank debt— Company______________ $25,772,500
7,570,924
Subsidiary and affiliated companies
391,171 $7,179,753
4,354,869
________
4,354,869
Accounts payable__________________
828,529
Interest accrued on bonds__________
________
828,529
443,625
Mortgages & car equip., &c., n otes.. ________
443,625
5,315,657
Purchase money contracts for sto ck .. 3,312,498
2,003,159
First mortgage 6s, 1941_____________ ________ 22,896,000 22.896.000
Convertible 6% bonds, 1928_________xl3,273,000
------------- 13.273.000
9.036.000
Convertible 7)4 % bonds, 1931_______ x9,036,000
-----------3.265.000
Bonds of subsidiary & affiliated c o s ..
________
3,265,900
T otal____________________________ $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 ape 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
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)4s).— The holders of $22,309,000 10-year
convertible sinking fund 6s, due 1928, and 10-year convertible sinking fund
7)4s, due 1931, plus $ 6 6 9 ,2 7 0 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 C o., of
Paul O. Reymann C o., of Wilson-Martin C o., and of United Chemical &
Organic Products C o ., 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 -'oilowing:
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) 1 )4 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 OldCo.—
Pref. Stock. Class A Stk.
Com. Stk.
134,426
168,033
96,339
Bank debt__________________________
6% and 7 )4 % convertible bonds____
137,870
172,337
98,807
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 & C o.,
Blair & C o., Inc., and Chase Securities Corp. to underwrite the 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 95)4Capitalization After Giving Effe:t to Plan.— Giving effect to the plan, the
halance sheet of the new company as of Aug. 30 1924 (compare V. 120, p-,
1737) would show a capitalization as follows:

236

IN DU STRIAL STOCKS AND BONDS

MISCELLANEOUS SECURITIES
[For abbreviations, A c., see notes on page 6]

Date
Bonds

W right A eronautical Corp— Stock 250,000 shares a u th ..
(Wm) W rigley Jr Co— Stock 1,800,000 shares auth _______
Yellow Cab Mfg Co— C IA stk 7% cum red par $675,000 auth

— -

Par
Value

Rate
Vo

When
Payable

None 249.390 sh.
Q-F 28
$1
None l,800,000sh See text Monthly
$100
$675,000
7
Q— J
10 6,000,000 See text
M o.

Existing first mortgage 6% bonds, due 1941_________________ $22,896,000
Other existing funded debt and bonds o f subsidiary and affiliated
companies and the new 5-year notes______________________ „ 6,209,525
Capital stock— 7% pref. stock (292,767 shs.) basis $100 per sh_. 29,276,700
Convertible Class A (365,959 shs.), no par, basis $75 per sh_. 27,446,925
Common stock (without par value)__________________________ 439,815 shs.
In addition to the common stock to be delivered as above provided, the
board of directors of the new company is to be authorized in its discretion
to issue 100,000 shares thereof to employees and management.
Reorganization Committee.— The reorganization committee, on which each
o f the 4 committees is represented, formed to consummate the plan, follows:
Prank O. Wetmore, Chairman (Chairman First National Bank), Chicago;
Harold Stanley, Vice-Chairman (Pres. Guaranty C o.); Lewis L. Clarke
(Pres. American Exchange National Bank), Arthur W . Loasby (Pres.
Equitable Trust C o .), James H. Perkins (Pres. Farmers’ Loan & Trust C o .),
New York; John Sherwin (Chairman Union Trust C o .), Cleveland; Eugene
M . Stevens (V.-Pres. Illinois-Merchants Trust C o .), Chicago; Edward R.
Tinker (Pres. Chase Securities C orp.), Elisha Walker (Pres. Blair & C o.,
In c.), Maurice Wertheim (of Hallgarten & C o.), New York.
STOCK.— In Aug. 1918 the company was recapitalized. In place of
$20,000,000authorized common stock in $100 shares, all outstanding, then
was created 500,000 shares o f no par value (increased to 700,000 shares in
Dec. 1921) o f which 200,000 shares were issued forthwith in exchange share
for share for the old common. In place o f the $12,000,000 old 7% cum.
pref. stock, $12,000,000 new 7% cum. pref. stock was created with similar
rights; o f this $12,000,000 there has been retired through sinking fund
$1,921,000. V. 107. p. 187.612, 702: V. 108. p. 85; V. 113, p. 2514. .
Preferred has no vote except in case of default in payment of dividends
for one year. V. 97, p. 527; V. 91, p. 1714. The voting trust for the com
mon stock expired in July 1920. V. I l l , p. 506.
A sinking fund to retire each year at not over 125 and divs.. 2% of the
pref. stock outstanding on preceding Dec. 31.
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 o f the committee are: M . C. Brush, Pres. American
International Corn.; E. P. Maynard, Pres. Brooklyn Trust Co.; Henry
Veeder, A. H. & H. Veeder, Chicago; L. E. Zacher, V.-Pres. & Treas.,
Traverlers Insurance C o., with Herbert N . Armstrong o f 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 C o., New York.
V. 119, p. 1967.
DIVIDEN DS.'— Divs. on pref., 1 % % quar., paid Jan. 2 1924; none since.
V. 112, p. 2421. The April 1 1925 interest on these bonds was paid when
due.
Initial div. o f $1 25 paid on common stock N ov. 1 1919; to N ov. 1920.
$1 25 quar. In March 1921 paid 1 4 % in common stock. None since.
BONDS.— In 1916 an issue of $25,000,000 1st M . 6% bonds was author­
ized, all o f which have been issued except $211,000, which are reserved fur
future additions and improvements. Annual sinking fund beginning 1917.
1 % o f bonds outstanding, to retire bonds which are to be kept alive in sinking
fund. Prior to Oct. 1 1924 $1,893,000 of the issue had thus been retired,
leaving $22,896,000 outstanding. 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
H o f 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. I 1920 at option of holder
at any time prior to maturity (or up to 30 days o f redemption date) into
common stock at rate o f 10 shares for each $1,000 bonds, with cash ad­
justment o f interest and dividends. The basis of exchange will be adjusted
In certain cases if additlonai 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 o f these bonds are
outstanding no new blanket mortgage can be made, the quick assets must
not fall below 1 *4 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. l l 9 , p. 2659.
The convertible 7H % bonds o f 1921 are exchangeable prior to Sept. 1 1931
for the no par value common stock at rate o f 20 shares for each $1,000 bond.
Redeemable, all or part, at 107 Yi on or before Aug. 1 1922, and M 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 }4 o f 1% less than said premium for each
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 o f the years 1922 to 1926, both inclusive, 5% of the
principal amount o f the bonds heretofore issued; in each o f the years 1927
and 1928 an amount equal to 10% thereof; and in each o f the years 1929 and
1930 an amount equal to 15% thereof; the moneys paid Into the sinking
fund to be applied to the purchase or to the redemption o f bonds. V.
113, p. 2088.
The interest due Feb. 1 1925 on these bonds remains unpaid. V. 120,
p. 716.
Bank loans extended, V . 118, p. 1926, 2457.
Bondholders’ Committee.— Harold Stanley, Chairman (Pres., Guaranty
Co. o f N . Y .); John E. Blunt (V.-Pres., Illinois-Merchants Trust Co.),
Chicago; Casimir I. Stralem (Hallgarten & C o.), E. R. Tinker (Pres.
Chase Securities Corp.); Melvin A. Traylor (Pres., First Trust & Savings
Bank, Chicago); Elisha Walker (Pres., Blair & C o., Inc.), with B. Atterbury, 140 Broadway, New York, Secretary. Compare V. 118, p. 2079;
V. 119, p. 953, 1182.
'RE PO R T.— For 1923, in V. 118, p. 1388, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profit--------------------------------------------- $1,486,382
Interest ........................ .
...........
...........
...........
2,427,232
Net income----------------- a$2,450,866 $l,122,924df$8,462,052 def940,850
Preferred dividends____
711,796
722,739
744,217
750,711
Common dividends_____
______
______
______
1,000,000
Bal., sur. or def----- sur.$1,739,070 sur$400,185df$9,206,269df$2,691,561
Profit and loss surplus..$20,170,476 $18,431,407 $7,129,433 $16,335,703
a Before depreciation.




Amount
Outstanding

[V ol. 120.
Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M ay 30 ’ 25 25c
July 1 1925,25c
See text
Sept 1 ’25 21c.

OFFICERS.— Pres., Thomas E. Wilson; V.-Ps., George H. Cowan.
A . E . Petersen, J. M oog, A. Lowenstein and V. D. Skipworth; Treas..
W m. O. Buethe; Sec., George D. Hopkins. Offices, 816 First Ave., N . Y .,
and Cnicago. 111.— (V. 120, p . 2562.J
(F. W .) W OOLW ORTH CO.— ORGANIZATION.— Incorporated in
New York Dec. 15 1911. Acquired the business of F. W . Woolworth & C o.,
S. H. Knox & C o., F. M . Kirby & C o., E. P. Charlton & C o., the 5 and 10
cent store business of C. S. Woolworth, W. II. Moore and W. H. M oore &
Son and the controlling interest in F. W . Woolworth & Co., Ltd., o f Great
Britain. In Dec. 1924 was operating 1,356 5 and 10-cent stores in the
United States and Canada. In Dec. 1924 opened a store in Havana, Cuba.
The F. W . Woolworth & C o., Ltd. (controlled) operates 150 stores in
England. See V. 94, p. 567; V. 97, p. 449; V. 107, p. 2482.
STOCK.— The stockholders voted M ay 21 1924 to change the authorized
capital stock from 1,000,000 shares (650,000 shares outstanding), par
$100, to 4,000,000 shares, par $25. The stockholders received 4 shares
o f stock, par $25, for each share, par $100, held.
In accordance with the action of tbe directors on Oct. 11 1922, approved
by the stockholders on M ay 16 1923, all of the $9,135,700 outstanding
preferred stock was retired on arid as of Feb. 1 1923 at $125 and 'dividend.
DIVIDEN DS. 1913 1914. 1916. 1916.1917-1921. 1922. 1923. 1924.
On common_____5H
0
6%
7H
8 yrly
10
8
10
Also paid a stock dividend of 30% on June 1 1920.
SALES—
1925—-April— 1924.
1925— 4 M os.— 1924.
$18,890,316 $17,258,497 $64,863,172 $58,729,761
Paid in 1925: March 1, 3% ; June 1, 3% .
R EPO RT.— For 1924, in V. 120, p. 578, showed:
1924.
1923.
1922.
1921.
N o. of stores Dec. 3 1 --.
1,356
1,260
1,176
1,137
Net sales_____________$215,501,187$193,447,010$167,319,265$147,654,647
Net income____________ 20,669,397 20,698,180 18,324,399 13,792,959
______
______
700,000
770,000
Preferred dividend (7%)
Common dividends.(10% )6,500,000 (8)5,200,000(10)6500,000 (8)5,200,000
_______
_______
Res. for protested taxes.
500,000
3,000,000
Surplus_____________ $13,669,397 $12,498,180 $11,124,399
Previous surplus______ 13,161,529 10,663,349 22,038,950

$7,822,960
14,361,366

Total________________ $26,830,926 $23,161,529 $33,163,349 $22,184,326
--------Reduction of goodw ill.. 10,000,000 10,000,000 20,000,000
Prem. on pref. stock,&c.
______
______
2,500,000
145,375
Total surplus________ $16,830,926 $13,161,529 $10,663,349 $22,038,950
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. 120, p. 2414.)
W ORTHINGTON PUMP AND MACHINERY C O R P O R A T IO N .ORGANIZATION.— Incorporated in Virginia on April 21 1916 as a reorganization of the International Steam Pump C o., foreclosed per plan In
V. 101, p. 531, 620, 926; V. 102. p. 1890; V. 104, p. 1384.
STOCK.— The five-year voting trust expired on April 1 1921. V. 112,
p. 1407.
Class A pref. stock is entitled to cumulative annual dividends at 7% and
to a preference in assets and dividends over common stock; it is redeemable
at option o f company at 115 and accrued dividends. The Class B pref.
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 pref.
stock came to a parity with the Class A pref. stock as to assets and diva.,
except that the rate of dividend remains at 6% .
On Dec. 31 1924 $4,407,167 Class A stock was reserved for additional
capital to be issued only for cash at not less than par; also, for additional
capital, $678,329 Class B and $2,007,851 common stock; while $300,000
common stock was reserved under reorg. plan to enlist aid of new interests.
DIV ID E N D S.— On Class A , July 1 1916 to Apr 1 1925. Incl.. 154%
quar. (7% p. a.) On Class B, July 1 1917 to Apr. 1 1925. incl., 154%
quar. See V 104, p. 2562. Initial div. on common stock of 1 54% quar.
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.
BONDS.— No mortgage except on vote of two-thirds of each class of stk.
The only fixed obligation of the company is a balance of $200,000 in
serial notes payable to the U. S. Government, due in 1926.
R E PO RT.— For 1924, in V . 120, p. 1197, showed:
Calendar Years—
1924.
1923.
1922.
Billings to customers_______________ $16,572,066 $21,142,264 $14,722,916
Gross income________________
$1,365,249 $1,903,851 $1,057,161
Int., adjustment of foreign invest.,&c.
17,469
33,000
47,476
Federal taxes_______________________
170,000
200,000
130,000
Divs. on Class “ A ” preferred sto ck ..
391,498
391,498
391,498
Divs. on Class " B ” preferred stock. .
619,300
619,300
619,300
Balance, sin-, or def______________ sur$166,981 sur$660,052 def$131,114
Total profit and loss surplus Dec. 31. $4,662,774 $4,295,793 $2,385,741
Unfilled orders Dec. 31_____________
3,169,133
5,611,237 5,331,421
OFFICERS.— Pres., C.Philip Coleman; Sec.,C. Neal Barney; Treas.,
William H. Baumes. Office, 115 Broadway, N. Y .— (V. 120, p. 1197.)
W RIGHT AERONAUTICAL C O R P .— Incorp. 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 M ay 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 N ov. 29 1924.
R E PO RT.— For 1924, showed:
Calendar Years—
1924.
1923.
1922.
1821.
Net sales_______________ $2,166,864 $2,226,892 $2,384,204 $2,426,189
Net income___________
271,277
254,837
370,784
458,488
Other income__________
184,159
186,288
203,508
205,077
Liquida’n Lawrance div.
______
87,414
______
______
Federal taxes reserve_
_
31,912
17,169
50,861
66,000
Dividends paid________ ($1)249,390 ($1)243,140 ($1)224,390(50c)112,195
Balance, surplus_______
174,135
83,402
299,040
485,360
Quarter Ended M ar. 31 1925.
1924.
1923.
1922.
Net earnings after taxes.
$157,638
$65,179
$41,578
$173,177

M ay , 1925.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c.. see notes on first page]

Date
Bonds

Y oungstow n Sheet & T u be Co— Common stock 1,000,000
Preferred (a & d) stock 7% cum red 105*$15,000,000 auth._
Debenture gold bonds red (text) $50,000,000 au.Ba.xxxc*
Underlying bonds— See text.

1923

Par
Value

(WM.) W R1GLEY JR. CO.— Incorp. Nov. 11 1910 in West Virginia.
The company manufactures several brands of chewing gum, principal ad­
vertised orands 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 o f 280,000 boxes o f 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.
Judge Wilkerson in the U. S. District Court at Chicago in April 1925
handed down a decision awarding the L. P. Larson Jr. Co. damages from
W m. Wrigley, Jr., C o., amounting to $1,384,660, with interest at 6% from
N ov. 1923, for infringement on a color scheme used on “ Doublemint.”
Notice o f appeal was filed by both sides and the Court allowed the Wrig­
ley company until Aug. to prepare its transcript for the Circuit Court of
Appeals.
STOCK.— The stockholders on Dec. 4 1923 changed the authorized
capital stock from 600,000 shares, par $25, to 1,800,000 shares of no par
value. Three shares of the new stock were issued in exchange for each
$25 share held.
"
D IV ID E N D S.— Divs. at rate o f 16% per annum were paid on the old
stock o f $100 par value from 1914 to Sept. 1 1919; the par value 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 o f 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 1925. Also paid 50c. extra on April 1 1925.
fa
s*
R E PO R T .— For 1924, in V. 120, p. 716, showed:
1924.
i 923.
1922.
1921.
Operating profit_______$17,133,960 $16,572,227 $11,628,710 N ot avail.
8,972,472
8,147,413
4,167,940
Expenses_____________
Net profit___________ $10,161,488
Depreciation__________
407,197
Reserve for Federal tax
1,214,977
Preferred dividends____
______
Common divs--------------- 5,380,414

$8,424,814

Balance, surplus_____$3,158,899
Previous surplus_______ 11,465,800
Tax adjust, for prior yrs.
______

$2,035,069
7,988,320
451,546

$7,460,770

3 8 7 ,3 2 1
4 6 4 ,1 3 4
9 9 0 ,0 0 0
X 8 4 9 .9 9 9
------------( 1 M % ) 2 6 2 5 0
4 ,0 1 2 ,4 2 2
3 .1 2 0 .S 9 2

$5,313,945
422,415
1,252,454
(7)105.000
2,919,056

$2,999,393
7,568,098
______

$615,020
6,780,726

Total surplus________ $14,624,700 $11,474,936 $10,567,492
Stock dividends________
______
______ (20)257J,172

$7,395,746

Profit & loss surplus..$14,624,700 $11,474,936

$7,988,320

$7,395,746

x Includes $29,803, which amount was placed to “ reserve for Federal
1922
taxes,” in excess o f amount actually to be paid.

Net profit.

Amount
Outstanding

Bate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

None'987,606 shs See text Q-M 31 M a j 31 ’25 $1
Q-M 31 iMar 31 ’25 1M
$100 $14,241,100
7
Bankers Trust Co, N Y
J & J July 1 1943
1,000 39,250,000
6g

OFFICERS.— Chairman, Richard F. Hoyt; V .-P ., Charles L. Lawrance;
Sec. & Treas., J. F. Prince. Office, Paterson, N. J.— (Y. 120, p. 2282.)

Quarter Ended March 3 1 —
Earnings_____________________
Expenses_____________________
Depreciation and Federal taxes.

237

IN D U STBIAL STOCKS AND BONDS

1925.
$4,442,489
1,571,230
471,126

1924.
$3,915,989
1,507,565
382,861

$2,400,133

$2,025,563

OFFICERS.— Chairman, William Wrigley, Jr.; Fres., Philip K. Wrigley:
Sec., W. H. Stanley; Treas., J. C. Cox. Office, 400 North Michigan Ave.,
Chicago.— (V. 120, p. 2160.)
YALE & TOWNE MFG. CO.— (V. 120, p. 1760.)
YELLOW CAB MANUFACTURING CO.— Incorp. as the Walden W .
Shaw Livery Co., Aug. 25 1910, under the laws o f Maine. The company
is engaged in manufacturing, selling and leasing taxicabs, motor cars,
automobiles and vehicles for the transportation of passengers or goods.
The name was changed from the Walden W . Shaw Livery Co. to Yellow
Cab "Manufacturing Co. on June 29 1920.
The company owns the entire capital stock o f the following subsidiaries:
Yellow Coach Manufacturing C o., Yellow Sleeve-Valve Engine Works,
Inc., Canadian Yellow Cab Manufacturing Co., Ltd., Yellow Cab Manu­
facturing Co. o f England, Ltd., Yellow Manufacturing Acceptance Corp.,
New York Yellow Cab Co. Sales Agency, Inc., Yellow Cab Manufacturing
Sales Corp., Hertz Drivurself System, Inc., Sociadad Sud-Americana de
Descuentos de la Compania M anufacturer de Taximetros Amarillos, and
Sociedad Sud-Americana de Vantas de Taximetros Amarillos.

RE PO RT.— For 1924, showed:
Calendar Years—
Net earnings after taxes_________
Dividends paid Class A stock_____
Dividends paid Class B stock_____

1924.
$2,742,408
47,250
2,876,000

1923.
$4,005,366
47,250
1,650,000

1922.
$3,038,926
47,250
927,500

Surplus for year___ ______________ def$180,842
Previous surplus (adjusted)_________ 4,484,923

$2,308,116

2 , 202,222

$2,064,176
120,322

Total earned surplus______________$4,304,081
Quarter Ended March 31—
Net profits____________________________________
Dividends “ A ” stock___________________________
Dividends “ B ” stock___________________________

$4,510,338
1925.
x$617,059
11,812
378,000

$2,184,498
1924.
$1,005,021
11,812
750,000

Surplus_____________________ _________________
$227,247
$243,209
x After taxes and all other deductions.
OFFICERS.— Pres., John Hertz; V .-P ., Charles A . McCulloch, Paul H.
Geyser and Irving B. Babcock; Sec. & Gen. Counsel, Edward N . D ’Ancona;
Treas., Charles H. Ritter; Asst. Sec., S. H. Kesner and W . F. Fielder:
Asst. Treas., Irving B. Babcock. Office, 5801 W . Dickens Ave., Chicago,
111.— (V. 120, p. 2282.)
YOUNGSTOW N SHEET AND TUBE CO. (TH E).— Incorporated Nov.
23 1900 under laws o f Ohio and is engaged in the manufacture o f 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. These properties were
bought in Jan. 1923 but delivery was delayed by injunction proceedings
instituted by minority stockholders of the selling company. Part of the
purchase price, viz., approximately $33,000,000, was paid in cash. The
balance was paid by assuming approximately $22,500,000 in bonds of
Steel & Tube Co. of America, and all other obligations of that company
and its subsidiaries. To provide cash necessary for this purpose, and also
for additional working capital, $40,000,000 in debenture bonds were issued
by the Youngstown Sheet & Tube Co.
DIVIDEN DS.— On common stock of no par value, paid $3 per share In
1920; $2 50 in 1921; $2 75 in 1922; Jan. 1 and M ar. 31 1923, $1 quar.:
June 30 1923 to July 1 1924 paid $1 25 quar.; Sept. 30 1924 to Mar. 31 1925
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) $9,855,000 Brier
Hill Steel Co. 1st 5M>s; (2) $113,000 Brier Hill Steamship Co. 1st serial 6s;
(3) $5,458,000 Series “ B ” 6s and $8,667,000 series “ C ” 7s gen. mtge.
sinking fund bonds of Steel & Tube Co. of America; and (4) underlying
bonds of the latter company as follows: $636,000 Iroquois Iron Co. 1st 5s,
$447,000 Iroquois Iron Co. ref. 6s, $3,295,000 Mark M fg. Co. 1st serial 6s,
$860,000 Northwestern Iron Co. 1st serial 6s, and $750,000 gen. mtge.
serial 7s of Northwestern Iron Co.
R E PO RT.— For 1924, in V. 120, p. 2026, showed:
Consolidated Income Account Year Ended Dec. 31 (Including Sub. Cos.).
1924.
1923
1922
Gross profit from operations________ $21,717,803 $27,597,194 $7,606,915
Other miscellaneouf income_________ 1,746,404
1,884,508
1,546,314
Gross income_____________________ $23,464,207 $29,481,702
Depreciation and depletion_________
8,715,638
7,555,260
Other miscellaneous charges________ 2,038,277
908,838

$9,153,229
3,369,418
1,666,841

N e t e a r n i n g s -------------------------------------------$ 1 2 ,7 1 0 ,2 9 2 $21,017,603
Interest and discount on bonds_________________ 4,387,997
3,796,527
Profit accr. to minority subs________
30,472
47,325
Federal taxes, 1922_________________
693,748
1,500,000
Preferred dividends (7 % )___________
996,877
922,209
Common dividends_________________ 4,444,227
4,691,198

$4,116,969

Surplus balance for year__________ $2,156,971 $10,060,343
Quarter Ended March 31— ________
1925.
1924.
xNet earnings______________________ $7,423,540
$7,322,138
Other income______________________
452,350
519,429

$813,247
1923.
$4,383,418
330,841

410,000
694,401
2,198,320

STOCK.— Class A and Class B stocks have equal voting rights. Class A
stock has preference as to assets and dividends. All o f Class A stock is
owned by Chicago Yellow Cab C o., Inc.

Total income______________________$7,875,890
Miscellaneous charges_______________
340,060
Depreciation_______________________
2,008,666
Depletion__________________________
259,446
Interest____________________________ 1,077,093
Federal tax, estimated______________
495,000
Preferred dividends_________________
249,219
987,606
Common dividends_________________

D IV ID E N D S .— On Class A stock paid Q.-J. at rate o f 7% per annum.
On Class B stock paid initial div. o f $1 75 per share on M ay 15 1921; same
amount paid quarterly to Feb. 15 1922; April 1 1922 to July 1 1922 paid
60 cents monthly; Aug. 1 1922 to Oct. 1 1923 paid 50 cents monthly; N ov. 1
1923 to Dec. 1 1924 paid 41 2-3 cents monthly; Feb. 2 1925 to Sept. 1 1925
paid 21 cents monthly. Also paid a stock dividend o f l00% on Class B
stock on March 4 1922.

Surplus-------------------------------------------$2,458,801 $2,276,907 $2,048,566
x From operations after deducting all expenses, including charges for
repairs and maintenance.— V. 120, p. 2023.
OFFICERS.— Pres., James A. Campbell; 1st V .-P., H. G. Dalton,
V .-P ., C. S. Robinson, Frank Purnell and W . C. Reilly: Sec.&Asst. Treas.,
Walter E. Meub; Treas.&Asst. Sec., W . J. Morris; Compt., W . N . M cD on­
ald. Office, Youngstown, Ohio.— (V. 120, p. 2160.)




$7,841,567 $4,714,259
422,482
2,006,5251
$995,352
19,038/
1.102,888
54,183
530,000
454,000
174,552
249,219
1,234,508
987,606

238

BANKS—TRUST CO S.—INSURANCE COS

[V ol. 120.

N EW Y O R K AND BRO O K LYN BAN KS.

P .4 1 6 .
(16) D iv id e n d p eriod changed t o q u a rte rly . F irs t q u a rte rly paym en t, 3 % ,
S ept. 30 1924; D ec. 1924 and M a rc h 1925, each 3 )4 % .
(11) P a id in 1925 to d ate
regular q u a rte rly d ivid en d o f 4 % in Jan., an in terim d ivid en d o f 2 % on F eb . 16,
b o th on o ld capital; A p r il 1925, 2 % on increased ca p ital.
(12) P a id in 1925 to d a te
Companies.
regular quar. d ivid en d 2 % and 2 % e x tra in Jan. 1925, an in terim d ivid en d o f 1%
Part Amount.
and 1% ex tra in F e b ., b o th on o ld cap ital; A p r il 1925, 2 % on increased cap ital.
(13) T w e n ty -T h ird W a rd B an k changed its nam e to B ro n x C o u n ty T ru s t C o . as o f
N ew Y o rk .
$
$
$
Jan. 2 1925. V . 119, p. 2843, 1251. C a p ita l increased A u g . 1 1924 fro m $250,000
A m a lg a m a te d -a ____100
200,000
136.500 B eg. bus. A p ril 14’ 23 V . 116, p.1715
A m e r ic a - a __________ 100
6.500.000
12
5,243,100
12 A p r il 1925, 3 to $750,000. V . 118, p . 1230. (14) P a id in Jan. 1925 3 % regu lar an d 4 % extra .
Q— J
(15) F irs t dividen d, 2 % , paid M a rc h 31 1925. (16) P a id in 1925 in a d d itio n to
(3 0 )A m er Exchange 100
5.000. 000 8,383,400 Q— J
16
15 A p r il 1925, 4
A m e r U n io n .a ______ |100 (20)794,700
None
12 June 7 ’ 23, 12 regu lar q u a rte rly divs. o f 3 % , e x tra divs. as follow s; F e b . and M a y , each 7 % .
279,400
(17) Includes ex tra d iv . o f 48% in 1923 and 38% in 1924. (18) P a id in Jan. 1925
B o w e r y .a ____________100
250.000
906.100 Q — F 17)50 17)60 M a y ’ 25,10(16)
3 % regular and 2 % e x tra .
(19) C a p ita l o f T r a d e B ank increased fro m $200,000 to
B road w ay C e n t .a . . 100
300.000
151.100 B eg. bus. M a y 1914. V . 98, p.1 5 8 0 .
$500,000, e ffe c tiv e D e c . 17 1924. V . 119, p . 2143; V . 118, p . 1490. (20) C a p ita l o f
B ronx B o r o u g h .* .. 100
150.000
& J N o n e N o n e Ju ly 1915,
585.900 J
5
A m erican U n ion B ank increased fro m $200,000 t o $400,000, e ffe c tiv e Jan. 15 1924,
B r o n x _____________ 100
300.000
222,800 J & J N o n e
3 J a n . 1923,
3
and again increased to $800,000 on O c t. 1 1924. (21) W e s t E n d B an k m erged w ith
B ry a n t P a r k . * —
100
200.000
210.100 J & J nlO
Jan. 1925, 6s
Butchers & D r o v . .
25 e l , 000,000
307.900 J & J
4
2 , M u n icip al B ank as o f D e c . 15 1924. (22) P a id firs t d ivid en d o f 1% S ep t. 30 1924
06 Jan. 1924,
and 1% each in D ec. 1924 and M a rc h 1925. (23) P a id 4 % (2 % regu lar and 2 %
C a p ito l____________ 100
to
to A p r . ’ 25, IM ro
2.000.
000
816.500 Q— J
C en tra l M e r c . o ----- 100
1.500.000
10/D e c . 1923, 6/ ex tra ) in each qu a rter o f 1923 and 1924. (24) P a id in 1924 three dividen ds o f 5 %
978,800 J & D 31 N o n e
each in Jan., A p r il and O c to b e r.
(25) P a id in 1924, 3% in Jan., 3 % in A p r il, 1)4 %
z C e n tu ry .a
100
29,900 B eg. bus Jan 28’22
100,000
J u ly and 1 )4 % O c to b e r. (26) P a id in 1924, in M a rc h , 5 % on o ld c a p ita l and 4 %
100 20 , 000,000 26,015,000 Q — J
C h a s e _____
16
16 Jan. 1925, 4
in S ep t, on increased ca p ital.
(27) P a id firs t d ivid en d o f 2 % D e c . 31 1924; 2 %
C hatham & P h e n ix . 100 13.500.000 12,548,400 Q — J
16
16 A p r il 1925, 4
in A p r il 1925. (28) P a id in Jan. 1925, 3 % regu lar and 2 % ex tra .
(29) F ir s t d iv i­
Chelsea E x c h .a ------ 100 m l ,000,000
443,700 A — O N o n e N o n e A p r il 1917, 3
dend, 3 % , paid Jan. 2 1925. (30) P a c ific and A m er. E xchange national banks to be
Chem ical N a t
100
4.500.000 17,228,200 B i-m o.
24
24 M a y 1925, 4
consolidated under nam e o f A m e r. E xch an ge-P acific N a tio n a l B a n k . V . 120, p.
C i t y ................
100 50.000.
16
16 A p r . ’25 ,2 (11)
000
60,552,800 Q — J
2646. (31) A special d ivid en d o f 50% was paid M a y 21 in connection w ith th e
C it y C o N a t —
100 12.500.000
Q— J 16(23 16(23 A p r . ’25,2 (12)
C o a l & Ir o n ---------- 100
(9)12
12 Jan. 1925, 3 organ ization o f H arrim an Securities C o . Jan. 1925 d ivid en d was 5 % regu lar and
1.500.000
1,424,800 Q — J
5 % extra. V . 120, p. 2646.
C o lo n ia l.a
100 (9 )1 2 0 0 000 2,447,9001 Q — J
15s
15s A p r il 1925, 3o
Columbufl-o.
100
200,000
31,7001 B egan b usine ss Ju ne 2 1924.
C om m erce ..
100 25.000.
19k 16n A p ril 1925, 4
000
39,979,600 Q— J
N E W Y O R K A N D B R O O K L Y N T R U S T C O M P A N IE S .
C o m m o n w ea lth -a . . 100
10
600,000
10 Jan .15’ 25, 5
1,047,100 J & J 15
C o n tin e n ta l.a ------ 100
8
1 , 000,000 1,066,200'F & A
8 F e b . 1925, 4
C orn E x c h a n g e .a . 100 10 . 000 .
000
20
20 M a y 1925, 5
13,995,500 Q — F
Surplus and
C o sm o p o lita n .o — 100
400.000
Capital.
Undivided Dividends Paid in 1923 and 1924
146,300---------(/Eastern E x c h .a ___ 100
28,400l C — M 2 ( 2 2 ) (22) M a r ’ 2 5 ,1 (2 2 )
D
100.000
and Also Last Dividend.
Companies.
Profits on
E a st R iv e r —
100 { 2 , 100,000 1,963,0001 Q— M 120(1 0) 12 M a r .’ 25 30(10)
Par Amount. filar. 25 ’25. Period. 1924.1923 . Last Paid. %
E u r o p e .* —
100
450.000
16s 19(2) A p r . ’ 25 ,3 (14)
435,200 Q— J
F e d e ra tlo n .a
D
100
250.000
277,600 C — J
(27) (27) A p r . ’ 25,2 (27)
100
N ew Y o rk .
r F i l t h ...........
9
1.200.000
9 M a y ’25, 2 K
1,446,200 C — J
$
$
D
$
44p 44 p A p ril 1925, 6
F ift h A v e n u e .a ----- 100
6
Am erican . . ______ 100 h3,000,000
2,003,200 Q— M 31
6 M a r.3 1 ’2 5 , l K
500.000
3,016,900 Q— J
A n glo-S o A m e r ____ 100
1,000,000
100 10 , 000,000 68,011,300 Q— J
F i r s t __________
551,900 B eg.b u s. D ec. 3 ’23.
55 u
35 A p ril 1925, 10
F irs t Security
B an k of N Y & T r . . 100
21n
Q— J
100 10 , 000,000
4,000,000 12,448,200
20 A p ril 1925, 5n
15f A p ril 1925, 5
Q— J 24)15
F ra n k lin ______
B a n k e rs ____________ 100 20,000,000 28,131,700
20
20 A p ril 1925, 5
Q— J
100
800.000
447,000 B eg. bus M a y 14’23 V . 11 6 ,P.2091
eBronx C o u n ty ____ 100
750,000
1 , 000,000 1,657,600 Q— M
G a r fie ld ____________ 100
288,200 F orm erly 23d W a r d B k . See notes
15 15s M a r . 31 ’25, 3
rG oth am
Brotherhood Loco100
9(25)
1.500.000
12 A p ril 1925,1)4
502,400 Q - J
m o tiv e E n g Co-O 100
*700,000
276,900 B e g .b u s in 19 23.
G race N a tio n a l------ 100
1 , 000,000 1,736,300 M & S 9(26)
10 M a r . 1925, 4
24 25)4 HApril 1925, 6 i»
C en tral U n io n _____ 100 12,500,000 25,528.900 Q— J
G reenw ich .a
14*/ 13* A p r . ’25 ,3 (18)
100
1 , 000,000 2,480,100 Q— J
C o rp o ra tio n ________ 100
500,000
251,600 Q— M 31 17 H o 22 Ho M a r. 31 ’ 25, 4
H a m ilto n —
1 , 000,000
100
356,100 B eg. bus. Jan. 15’23 V . 116, p. 262
E m p ir e _____________ 100 4,000,000
3,634,100 Q— M 31 f 17 f 17 M a r . 30 ’ 25, 3
24
100
H a n o v e r ____
5.000.
000
24 A p r il 1925, 6
23,827,100 Q -J
E q u i t a b l e _________ 100 23,000,000 12,201,400 Q— M 31
12
12 June 30 ’25, 3
H arrim an —
& J
100
1.000.
000
20i 20f Jan.’25,10(31)
1,796,700 J
24
24 M a y ’ 25,2.601/
In te rn a t U n io n .* . _ 100
Farm ers L ’n & T r . 100 !/10,000,000 17,674,200 Q — F
205,600 B eg. bus. Jan.5 1924.
250.000
2,000,000
10
10 M a r.3 1 ’25,2)4
F id e lit y - In t ________ 100
2,171,400 Q— M 31
L e b a n o n ___________ 100
250.000
& J (29)
(29) Jan. ’2 5 ,3 (29)
88,600 J
F u l t o n ......... ............ 100 z l , 000,000
612 612 A p r. ’25, 2 K z
1,183,200
L ib e r t y ---------------- .100 *1,500,000
Q—J
613,000 B eg.b u s. O c t. 10’23 V . 117,P.1630
12
12 M a r . 31 ’25, 3
G u a ra n ty _________ 100 25,000,000 19,559,500 Q— M 31
L o n g A c r e .a ------- 100
200.000
76.800 B eg. bus. A u g . 4 ’24. V . 119, p. 164
Irv in g B k -C o l T r . . 100 17,500,000 12,536,700 Q — J
12
9.A p ril 1925, 3
M a d ison S t a t e . a . . 100
200,000
47.800 B eg.b u s D ec. 1 T 9 .
Ita lia n D isc & T r_ _ 100
1,000,000
550,200 J & D 30 N o n e N o n e June 30 ’21, 5
M a n h a t t a n . * -----16
50 10 , 000,000 14,303,800 Q— J
16 A p r il 1925, 4
Ita lia n s , Banca
M echanics & M e ta ls 100 10 , 000,000 16,383,100 Q— J
22/ ? 242 A p ril 1925, 5
C o m m ercia le____ 100
1,000,000
500,800 B eg.b u s. June 16’ 24 V . 118, p . 3044
15s r i5 s A p ril 1925, 3*
100
M u tu a l, a
772.400 Q— J
500.000
10/ Jan. 1925, 3
(L a w y e rs T r u s t____ 100 (3,000,000
3,031,900 Q— J (10 K
N a tio n a l A m e r ------ 100
1 , 000,000
577,200B eg.bus. A p ril 21 ’20 V . 11 0 ,p.1717
14 Ju ly 1925, 4
16
M a n u fa c tu re rs ____ 100 *5,000,000
5,602,300 Q — J
N e w N e th e r la n d .a . 100
600.000
8
355,100| Q — J
8 A p r il 1925, 2
M e tro p o lita n _______ 100
2,000,000
Q— M 31
16
16 D e c . 31 ’24, 4
(m)
100
27,500 B eg. bus 18’24
O ld C o lo n y . *
100,000
N e w Y o r k ___ ______ 100 10,000,000 19,292,200 Q— M 31
20
20 M a r . 31 ’25, 6
(3 0 )P a c ific .a .
100
1 , 000,000 1.710.100 Q— F 16(8) 16(8) M a y ’25, 4 (8 )
N o A m er, T r C o o f. 100
500,000
231,800 B eg .b u s. M a r . 11 19:24. p
P a rk
24
100 10 , 000,000 23,786,900 Q— J
24 A p r il 1925, 6
r 20 M a r . 31 ’25, 7»
T it le G uar & T r ____ 100 10,000,000 16,501,000 Q— M 31
(28
P en n sylvan ia E xch * 100
200,000*
35,700— ........... N on e N on e Jan. 1922, 5
Q— J
U S M t g e & T r u s t .. 100
3,000,000
16 1/20 A p ril 1925, 4
4,569,500
P eo p le’s C o m m ’l - * J100.000
63,700| Q — J
t A p r. ’25, 1K *
1X I
U n ite d S t a t e s _____ 100
2,000,000 18,184,900
Q— J 60(1)
50.A p r. ’25, 12)4
81,200.Beg.bus D ec 1 ’22
P o r t M o r r is .* ------100,000
B r o o k ly n .
(3 )4 000 000 6,421,100,0— M 31
16 M a r . 31 ’25, 4
161
P u b lic ............. ..........
Q— J
1,500,000
4,035,000
27 ft
A p ril 1925, 6
B r o o k ly n ____ ______ 100
5.000.
000
Seaboard -------------8,263,300 Q — J
17/ 16n A p ril 1925, 4
M a y ’25, 12 %
K in g s C o u n ty _____ 100
500,000
4,571,900 Q — F
45
S eventh A v e n u e —
50,300 B eg. bus. Sept 8 ’ 19.
400.000
D ec. 31 ’24, 3g
M id w o o d ___________ 100
700,000
392,300
a
176,900 0 — M 30 6(4) 4)4 Ju ly ’ 25, 2 (4)
S ta n d a rd .* ----------200.000
1,600,000
20
M a r . 31 ’25, 5
P e o p le s ___________
100
4,219,300 Q— M 3 1
3.500.000
S t a t e .a ----------------5.396.100 Q— J
16ft
16 A p r il 1925, 4
238,100B eg.bus. D ec. 18’22 V . 1 1 6 ,p . 690
(19)500,000
T r a d e .a ____________
a D ecrease due to change in d ivid en d p eriod. 6 Includes extra divid en d s o f 2 % .
(13)
F & A 20 ( 6) 2 0 (6) A u g .’24, 10(6)
(13)750,000
23d W a r d . a . ...........
c Increase due to change in d ivid en d period, d P a id in 1922 6 % regular and 4 %
530,100 B eg. bus Ju ly 5 ’23 V . 117, P. 293
1.000. 000
U n i t e d _____________
extra and a stock d ivid en d o f 50% on D ec. 30, increasing stock fro m $4,000,000 to
U n ite d S t a t e s . a . . .
(3,000,000
1,470,300] Q— J
10 A p r il 1925. 4
10
$6,000,000. V . 115, p. 2544. e B ron x C o u n ty T ru s t C o ., fo rm erly T w e n ty -T h ir d
52,700Form erly H en r yJ. S c h n itz e rS tB k .
100,000
U n iversa l E x . a ----- ilOO
W a rd Bank; nam e changed as o f Jan. 2 1925 and cap ital increased fro m $250,000
W ash in gton H ’ ts.aJlO O
512,700| Q — J
200,000
6
6 A p r . ’25, 1)4
to $750,000 as o f A u g . 1 1924. V . 119, p. 2843, 1251. / In c lu d in g extra dividen ds
W o rld E x c h a n g e .a . 100
45,600,Beg.bus. O ct. 10’ 24
100,000
o f 5 % . g In clu din g extra d iv . o f 4 % . ft Includes extra d iv . o f 3 % p a id in J u ly 1924.
r Y o r k v ille .a
100
200,000
1,394,000 Q— M 60(7) 60(7) M a r ’25,7)4 (7)
i E x tra d iv . o f 2 % paid Jan. 28 1924. j P a id in Jan. and Ju ly 1924 extra d ivs. o f
B r o o k ly n .
1% each. A Y o r k v ille B an k m erged w ith M an u factu rers T ru s t C o ., e ffe c tiv e
:
15,700 B eg. bus O ct. 1 ’ 24.
100,000
A tla n tic S ta te .a —
A p r il 1 1925 and capital o f la tte r increased fro m $5,000,000 to $8,000,000. V . 120,
300.000
149,000Beg. bus A p r il 2 ’ 23 V . 1 1 6 ,P.1493
B a y R id g e -----------p. 1700, 1414, 1164, 902. T h e G oth am and F ifth national banks to b e m erged also,
B u sh w ick ___________
200.000
97,500|Beg. bus Sept. 4 ’ 23 V . 117, p. 177
th e capital o f th e M an u factu rers T ru s t C o . to b e increased fro m $8,000,000 to
C on ey Is la n d .a -----200,000
184,000 J
&
9
9 Jan. 1925, 5
§10,000,000 in connection th erew ith . V . 120, p. 2646, 1974. (In c lu d e s extra
200,000
F a r R o c k a w a y ------54,500|Beg.bus.
d iv . o f 1 )4 % . t» M e tro p o lita n T ru s t C o . con verted to a national bank under
500.000
F i r s t ________________
14/ 14/|A p r .’25, 3(28)
1.147.400 Q— J
nam e o f M e tro p o lita n N a tio n a l B an k & T ru s t C o . and m erged M a r . 16 1925 w ith
F la tb u s h .a _________
100.000
69,900— ........... (15) (15) M a r .’2 5,2(15)
C hatham & P h en ix N a tio n a l B an k under nam e o f C h ath am P h en ix N a tio n a l B ank
400.000
G lo b e E x c h a n g e .« .
227,600 B eg. bus. D ec. 6 ’ 20 .
& T ru st C o . V . 120, p. 1413, 1290, 902, 541, 292, 157. n P a id in b oth Jan. 1925
Jan. 1925, 6.
G reen p oin t_________
200.000
438,900iJ & J
12 10k
and Jan. 1924 extra dividen ds o f 1 % each, o Includes special d iv . o f 7 )4 % in 1924
200,000
J a m a ic a ____________
102,800Beg.bus. July 23 19 24.
and 1 2 )4 % in 1923. p See V . 118, p. 1230, 1203. « F irst dividen d, 3 % , paid
K e n s in g to n , a ------43,600 B eg. bus. O ct. 20 19 24.
100,000
D e c . 31 1924. r Includes extra d iv . o f 8 % . t Business o f L a w yers T it le & T ru st
2 , 000,000 2.949.400 Q— J
M echanics . a --------12
12 A p r. ’ 25, 3(28)
C o . d ivid ed in to tw o corporations as o f F eb . 28 1925, the t itle and m ortgage business
M o n t a u k .a ________
200,000
200,100 Q — M
6 M a r . ’ 25, 1)4
6
to be conducted b y th e L a w y ers T it le & G u aran ty C o . and the banking and trust
(1 )1000 000
M u n i c i p a l . * _______
398,100 Q— J
8 A p ril 1925, 2
8
business b y the L a w yers T ru s t C o . V . 120, p. 1163, 416. u C a p ita l increased
1 , 000,000 1,765,900 C — J
15s
15s A p r il 1925, 3o
N a s s a u ______________]100
D
fro m $2,500,000 to $3,000,000, e ffe c tiv e Jan. 2 1925. v P a id extra d ividen ds o f
O zone P a r k _________ 100
200,000
104,700 B eg. bus D ec. 11’22 V . 115,p.2870
4 % each qu arter in 1924 and 1925 to date, w P a id in Jan. 1925 extra d ivid en d o f
200,000
P e o p le ’s ____________ |100
426,200] Q— J
10/
10/ A p r. ’25, 2 )4 "
4 % . x C a p ita l increased fro m $500,000 to $700,000, e ffe c tiv e D e c . 14 1924. y C a p ­
Q u een sb oro _________ 100
200,000
114,600 B eg. bus June 16’23
ita l increased fro m $5,000,000 to $10,000,000 as o f M a rc h 4 1925 and a d ivid en d o f
R ich m on d H i l l ------100
200,000
4 D e c 31 ’2 4 , 2
115,800 J & D 30
4
$2 66 fo r tw o m onths period fo A p r il 30 1924 paid M a y 1 on new cap ital. V . 120,
V . 116, p . 263
R o ck a w a y B e a c h .. 100
200,000
48,700 B eg. bus. D ec. 9 ’ 22
p. 663, 417, 291. z C a p ita l increased fro m $500,000 to $1,000,000, e ffe c tiv e M a r . 9
Sheepshead B a y . a J —
100,000
56,400 B eg. bus. N o v . 20’22 V . 11 5 ,p.2347
1925. D iv id e n d period changed to qu arterly, a first q u arterly d ivid en d o f $1 89
(21)
lj
&
J
July 1924,
(2 1 )W e s t E n d . * ___ 100
200.000
paid on old capital A p r il 1 and 61 cts. a share on new capital same tim e. V . 120,
p. 292. Jan. 1925 d ivid en d on old capital was regular sem i-annual p a ym en t o f 5%
a S ta te banks. 6 M a rc h 25 1925 fo r n ation al banks an d M a rc h 25 1925 fo r S tate
and 2 % extra. (1) Includes extra d ivid en d o f 10% .
banks, c D ecrease due t o change in d ivid en d p eriod , d Increase due to change in
d ividen d period, e Stockholders on M a y 6 1925 ap p roved th e proposition o f in­
N E W Y O R K A N D B R O O K L Y N F IR E IN S U R A N C E C O M P A N IE S .
creasing eap ital t o $2,000,000. V . 120, p . 2228, 416. / In clu d es ex tra d iv . o f 2 % .
0 P a id in 1923, 2 % each in January, A p r il and July; none in O ctob er, dividen d period
being changed t o semi-annual, ft P a id on Jan. 4 1924 a sto c k d ividen d o f 2 0 % , in­
Capital.
Net Surp.
Dividends.
creasing sto ck from $2,500,000 to $3,500,000. i Includes e x tra d iv . o f 1 0 % . j M e t ­
D ec. 31
Companies.
rop olita n T ru st C o . m erged w ith Chatham & P h en ix N a tio n a l B an k as of
Par Amount.
1924.
1924. 1923. 1922. 'Last Paid. %
M a rch 16 1925, under nam e o f C hatham & Ph en ix N a tio n a l B an k & T ru s t C o.
V . 120, p . 1413, 1290, 902, 541, 292, 159. k Includes e x tra d iv . o f 1 % . I P a id on
$
$
$
F eb . 28 1924 a sto c k d ividen d o f 14 2-7% ($500,000), increasing c a p ita l fro m $3,2,779,112
A p ril 1925, 4
A m erican A llia n ce. 100
2,000,000
20
20
20
500,000 t o $4,000,000. Y . 118, p . 969, 168. m C a p ita l o f Chelsea E xchange Bank
1,000,000
1,002,070
Bankers & S h ip ----- 100
M a y ’ 25, 2 K
t7'A
increased fro m $1,000,000 to $1,500,000, to go in to e ffe c t ab o u t M a y 23 1925. V .
C it y of N e w Y o r k . _ 100
1,000,000
994,651
12
12
10
Jan. 1925, 6
120, P.2228,2646, n Includes extra divs. o f 4 % . o P a id in Jan. 1925, 3 % regular and
1,936,024
C om m on w ealth ____ 100
500,000
10
10
10
Jan. ’ 25, 10
3 % e x tra , v P a id special divs. as follo w s; Ju ly 1923, 2 0 % ; July 1924, 2 0 % .
24
24
22
Jan. ’25, 12
C o n tin e n ta l________ 25 10,000,000 20,744,602
q C a p ita l o f E a st R iv e r N a tio n a l B ank increased from $2,100,000 t o $2,500,000,
F id e lity -P h e n ix ____ 25 5,000,000 17,184,068
24
24
Jan. ’ 25, 12
40
e ffe c tiv e M a y 7 1925. V . 120, p. 542. r F ifth N a tio n a l and G oth a m N a tio n a l
24
20
74
G lob e & R u tg e rs ___ 100 3,500,000 19,810,624
A p r. 1925, 7
banks to be consolidated w ith M anu factu rers T ru s t C o. V . 120, p . 1974. Y o r k v ille
G rea t A m e r ic a n ___ 100 12,500,000 14,337,235
16
16
16
A p r. 1925, 4
B an k m erged w ith M anufacturers T ru s t, e ffe c tiv e A p ril 1 1925. V . 120, p. 1700,
200,004
1,784,984
16
12
H a m ilto n F ir e _____ 15
16
M a y ’25,
5
1414, 1164. s Includes ex tra divs. o f 3 % . t F ir s t divid en d , 1 )4 % , Paid D ec. 31
50
1,500,000
2,008,971
10
10
10
A p r. ’ 25, 2 K
H a n o v e r _______—
1924; 1 )4 % A p r il 1925. u P a id in Jan. 1924, 5% regular and 20% e x tra , ts C a p ita l
18
IS
H o m e . ________
. 100 18,000,000 19,499,862
25
D ec. 31 ’24, 9
increased fro m $2,000,000 t o $3,000,000, e ffe c tiv e Jan. 30 1925. V . 120, p. 52.
M erca n tile o f A m er 100
1,000,000
1,438,406 1925, 10 10
Jan. 10
w F ir s t d ivid en d p aid Jan. 2 1925, 1 K % ; A p r il 1925, 1 )4 % . x F o rm e rly th e Sla­ N a tio n a l L ib e r t y ___ 50 1,500,000 4,003,663 S20
20
20
J a n .1925, 10
von ic Im m ig ra n t Bank; nam e changed to C en tu ry B a n k a s o f M a rc h 1 1925. j N a m e
3,000,000
5,009,428
16
/20
N ia g a ra F ir e ......... . 50
Jan. 1925, 8
(/)
changed fro m B ig e lo w S ta te B an k to E astern Exchange B an k as o f D e c . 20 1924.
1,000,000
1,107,127
N o rth e rn ___________ 100
10
10
8
Jan. 1925, 5
z E x tr a d ivs. o f 2 % each paid in Jan. and J u ly. * P a id in 1925 in Jan. semi-annual
2,000,000 «c3,240,388
N o r th R iv e r ________ 25
10 June 15’25, 4
10
U K
dividend o f 4 % and 1 % e x tra ; A p ril Q uarterly dividend o f 2 )4 % • t C a p ita l increased
400,000
(20
(20
P a cific F ir e ________ 25
A p r. 2 9 ’25, 6
1,439,553 t>24
fro m $500,000 t o $1,500,000, e ffe c tiv e D ec. 20 1924. V . 119, p. 2971. J P a id
Jan. 1925 (o)
Queen o f A m e r ic a .. 100 3,000,000
5,883,751
(0)
(0)
(o)
in Jan. 1925 3% regular and 5 % e x tra .
§ C a p ita l to be increased from $100,000 to
1,200,000
1,206,326
24
Rossia o f A m e r ____ 25
30
(V) J a n .1925, 6
§200,000. V . 120, p .1 8 4 3 ,5 4 2 .
(1) C a p ita l increased from S400,000 t o S I,000,000,
444,121
S tu yvesant
_____ 100
700,000.
6
6
I K A p r. ’25, I K
e ffe c tiv e D e c . 15 1924. (2) P a id in Jan. 1923 semi-annual d iv . o f 6 % and 4 % ex tra
2,000,000
5,762,419
20
15
/U nited S ta te s .. . . 20
10
M a y 1925, 6
and 3% each in A p ril, Ju ly and O cto b er.
(3) C a p ita l o f Seaboard N a tio n a l Bank
2,904,682
W estch ester
. . . 10
1,500,000
25
25
25
M a y ’ 25t
6
increased fro m $4,000,000 to $5,000,000, e ffe c tiv e F e b . 16 1925. V . 120, p. 292;
/ N ia g a ra F ir e Insurance C o . p aid a sto c k d ivid en d o f 50% on D e c . 29 1922,
V . 119, p . 2843. (4) P a id in 1925: Jan., 2 % reg. and 1 )4 % extra ; A p ril, 2 % ;
increasing stock fio m $2,000,000 to S3,000,000. In 1923 paid in Jan., 10% on
July, 2 % . (5) C a p ita l o f N a tio n a l C it y B an k increased fro m $40,000,000 to $50;
o ld c a p ita l and 8% on new ea p ita l.
o C a p ita l increased fro m $2,000,000 t e
000,000 and N a tio n a l C it y C om p an y fro m $10,000,000 to $12,500,000, b o th e ffective
$3,000,000 in D ec. 1922, a 50% sto ck d ivid en d being paid; a cash d ivid en d o f 35%
F eb . 16 1925. V . 119, p. 2610, 2972; Y . 120, p. 291. (6) P a id 5% regular and 5%
was paid on new cap ital o f $3,000,000 in M a rch 1923: in Ju ly 1923 and Jan. and
extra in b oth F e b . and A u g . 1923 and 1924. (7) P a id e x tra d iv . o f 30% in b oth
July 1924 and Jan. 1925 paid sem i-annual d ividen ds a t th e ra te o f $23.33% per
D e c . 1924 and 1923. (8) P a id e x tra d iv . o f 2 % each qu ar. in 1923, 1924 and 1925
annum, w Includes special reserve and gu aran ty surplus funds, y P a id in 1922 50%
t o d ate. (9 ) C a p ita l o f C o lon ial B ank increased from $1,000,000 to $1,200,000,
cash on old stock and a stock d ivid en d o f 2 0 0% .
e ffe c tiv e Jan. 14 1925, th e increase bein g in the nature o f a stock d ivid en d . V . 120,




Capital.

Surplus and
Undivided
Profits, b Period. 1924.1923.

.

10

M a y , 1925.J

RAILW AY AND INDUSTRIAL COMPENDIUM

Government’s Settlement of War Time Claims of
Carriers Against Railroad Administration—
Final Cost to Government $1,674,500,000.
In a report for the calendar year 1924, submitted by
Director-General of Railroads James C. Davis to President
Coolidge in January 1925, it is shown that of the claims
arising out of Government war time control of railroads final
settlements have been affected with every carrier whose
property was actually taken over, except two small affiliated
companies in Colorado, whose properties are in receivership.
The total cost to the Government of the 26 months of Federal
control and the six months guarantee period is shown to have
been $1,674,500,000.
Claims amounting to $1,013,389,502
were filed by the carriers against the Railroad Administration
during the investigation of these claims sundry voluntary
reductions were made and the Administration paid to car­
riers sums on account; this reduced the aggregate amount of
claims as finally presented for adjustment to $768,003,274.

Changes in Railroad Wages.
On July 20 1920 the U . S. R R . Labor Board, acting under
Transportation Act of 1920, granted wage increases to the
2,000,000 railway employees of the United States, retroactive
to M ay 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
2 1 % , and which appears to have aggregated possibly
$720,000,000. Increases aggregating about a billion had
been demanded. See V . I l l , p. 347 to 350, 459, 460; V .
110, p. 2252, 2254, 2624.
On July 1 1921, 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 de­
crease of about 1 2 % , as against the aforesaid wage advance
of M ay 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.
W hen, 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 N ov. 5 1921 (V . 113, p. 1735), but it
was called off on Oct. 27 1921 after a hearing before the Labor
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
Locomotive Firemen and Enginemen, Order of Railroad
Conductors, Brotherhood of Railroad Trainmen and Switch­
men’s Union of North America. The efforts of the railroads
to get these latter bodies to agree to a further wage reduction
of about 1 0 % 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.
Reductions in wages of shopmen, maintenance of way
men, freight car men, signal men, clerks, & e., aggregating
approximately $135,000,000 per annum, were announced by
the United States Railroad Labor Board in M a y 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 wdth railway
executives. B ut 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 .




339

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 M a y 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 W a y 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)
granted the employees, represented by the United Brother­
hood of Maintenance of W a y 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 ,00 0, together with the
eight hour day and time and-one-half for overtime, was
granted tp approximately 65,048 members (freight employees
and common laborers) of the Brotherhood of Railway and
Steamship Clerks, Freight Handlers, Express and Station
Employees, effective M arch 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 N o v . 1923 on a number of
roads.
(V . 117, p . 2400.)
On April 24 1923 the Brotherhood of Maintenance of W a y
Employees, & c., 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 D ec. 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 R R .,
the Fort Smith & Western R y ., the Louisville & Nashville
R R ., the Louisville Henderson & St. Louis R y ., the N ash ­
ville Chattanooga & St. Louis R y ., the San Antonio Uvalde
& Gulf R R ., and the Trinity & Brazos Valley R y . 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.)
In Oct. 1923 the firemen, trainmen, conductors and en­
gineers. represented by the Big Four Brotherhoods, asked for
wage increases averaging approximately 1 2 )^ % . 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 M a y 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 R R . on
Jan. 22 1924, when the road made known that it had reached
an agreement with engineers and firemen on practically all
divisions and subsidiary lines providing for an increase in
wages of approximately 5 % and changes in certain working
conditions. The agreement, which was to run for one year,
affected, it 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 1. 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. 2006.)
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 International

240

RAILW AY AND INDUSTRIAL COMPENDIUM

Longshoremen’s Association.
(V . 117, p. 1849.;
This de­
cision followed close upon another denying an i crease to
signalmen. The wage increases asked by signalman on 45
carriers ranged from 13 to 23 cents an hour. This class of
employee had been granted an increase of 13 cents an hour
by decision N o. 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 N o. 2. The Board decided
in denying the request that the cost of living and other
elements entering into consideration of the case had not
changed sufficiently since the last decision of 1922 to 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 their em­
ployees. The Pennsylvania R R . 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 R R . 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 & W est Virginia R y ., the New York Chicago
& St. Louis R y ., the Erie R R ., the Chesapeake & Ohio R y.
and the New York New Haven & Hartford R R .; this increase
followed close upon the announcement of the New York
Central R R . 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 R R ., the Louisville
& Nashville R R ., the Lehigh Valley R R . and the Southern
R y . 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 R y . C o ., retroactive
to M a y 1. This action was in line with an increase given to
engineers and firemen. W age increases amounting to 6 H %
for all yardmen and trainmen, retroactive to M a y 1 1924,
were granted by the Texas & Pacific R y . These illustrations
might be multiplied almost indefinitely.

Personnel of Inter-State Commerce Commission.
This Commission, which, under the Transportation Act
of 1920, is vested with new powers respecting rates, consolida­
tions, securities, issues, &c., is constituted as follows:
Clyde B . Aitchison, o f Oregon, Chairman; Charles C. McChord of Ken­
tucky, Balthasar H. Meyer of Wisconsin, Frank McManamy of the District
o f Columbia, Henry C. Hall o f Colorado, Joseph B. Eastman of Massa­
chusetts, Thomas F. W oodlock o f New York, John J. Esch of Wisconsin,
E . I. Lewis o f Indiana, J. B. Campbell of Washington, Frederick I. Cox of
New Jersey, with George B . M cGinty o f Georgia, Secretary; Alfred Holmead of the District o f Columbia, Assistant Secretary; Thomas A. Gillis of
Pennsylvania, Assistant to Secretary; T . Leo Haden of the District of
Columbia, Chief Clerk and Purchasing Agent.

Association of Railway Executives.
For list of the 110 member roads and systems and names of
Executive Committee and Law Committee, see pages 16 and
17 of “ Official Railway Guide” for M a y 1925.

United States Railroad Labor Board.
This Board, created by
consists of the following:

Transportation

Act

of

1920,

Ben W . Hooper, Chairman; G. W . W . Hanger, Vice-Chairman; Horace
Baker, Edwin P. Morrow, J. H. Elliott, Samuel Higgins, W . L. McMenimen, E . F. Grable and A. O. Wharton, with L. M . Parker as Secretary.

Equipment Trust Agreements of Jan. 15 1920.
Equipment trust agreements were executed early in 1920
by some 80 leading railroad companies with the DirectorGeneral of Railroads and the Guaranty Trust Co. of New
York as trustee, covering approximately $323,000,000 worth
of new rolling stock, built and building. This rolling stock
was ordered by the United States Railroad Administration
during the period of Federal control of railroads and has
been allocated to the railroad companies named below and
accepted by them. (Compare V . 109, p. 1668, 1955, 2406.)
The notes, while issuable from time to time as equipment
is delivered to the roads, are all dated Jan. 15 1920, payable,
both principal and interest, in gold of present standard.




[V ol. 12 0.

Each issue will mature in 15 equal installments on Jan. 15
in each year, 1921 to 1935, both inclusive, and will bear
interest at 6 % per annum, payable semi-annually, July 15
and Jan. 15 at the office of the trustee in New York City.
They will be subject to redemption at the option of the
maker prior to maturity at 103 and interest on any interest
date after 60 days’ notice, but only as entire issues.
The War Finance Corporation, in a statement issued by
Managing Director Eugene Meyer Jr., on Jan. 22 1922
announced that the Director-General had addressed a letter
to all railroads of which the U . S. Treasury still held issues of
equipment trust obligations no part of which had yet been
sold by it, asking [in order to increase the salability of its
holdings] that he be permitted to subordinate to the re­
mainder of the issue [which remainder he might then sell]
not alone the last five maturities, 1931 to 1935, or any one
or more of them, but such portion of the maturities of any
year as he might determine. The official statement said:
The amended clause will read as follows:
“ ‘Eleventh: Upon request of the holder, or holders, o f 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 payabie in preference and priority to the stamped notes out o f any
moneys received or collected by the Trustee under said Equipment Trust
Agreement, upon enforcement o f its rights or remedies in case of a default
of the carrier.’
“ For 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-General
will be prepared to sell 66 2-3% o f issues o f 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 M ay 1 1925.
a O riginal
b Still fo r
aOriginal b Still for
Issu e.
S ale.
Issue.
Sale.
Road—
$
$
Road—
$
$
Ala Great S o u t h ..
1 65,000
Ann Arbor________
7 90,500
A t c h T o p & S F e - - 7 ,3 5 6 ,0 0 0
A tl Birm & A t l
982 ,5 0 0
A tl Coast L (Tr 4) 5,9 2 9 ,5 0 0
(Trust 4 A ) ...........
45 0 ,0 0 0
A tl C oast Line & f
Louisv & Nash< 1 ,1 8 3 ,5 0 0
Joint Lessees ol|
Georgia R R ___ [
B a l t * Ohio_______ 1 7 ,800,500
Boston & M a i n e .. 6 ,8 1 3 ,0 0 0
B uif Roch & P itts. 2 ,0 0 4 ,0 0 0
Caro Clinch & Ohio 6 ,2 1 0 ,0 0 0
Central R R of N J 5 ,9 3 2 ,5 0 0
C h a r le s* W C a r o .
817 ,5 0 0
C h & Ohio (T r 13) 9 ,6 9 7 ,5 0 0
(Trust 13 A ) ____ 1 ,6 6 9 ,5 0 0
C h ic a g o * A l t o n .. 1 ,8 1 6 ,5 0 0
Chic & East Illinois
741 ,0 0 0
Chic & N orthw est 9 ,9 7 3 ,5 0 0
Chic & W est I n d ..
279 ,0 0 0
Chic Burl & Quincy 6 ,0 6 0 ,0 0 0
Chic Great W e s t ..
6 5 1 ,0 0 0
Ch In d *L o u isv ille 1 ,0 3 9 ,5 0 0
Chicago Junction.
478,500
C h M ilw & St P a u l. 16,444,500
C h R I & P a c ific .. 8 ,1 1 7 ,2 5 0
Chic St P M & Om 2 ,3 5 2 ,0 0 0
C N O & Texas Pac
957 ,0 0 0
C C C & St L o u is. 5 ,2 0 0 ,5 0 0
C olo & Southern. . 1 ,0 5 0 ,0 0 0
D e l * H udson____ 3 ,9 8 1 ,0 0 0
D e t & T o l Sh Line
501 ,0 0 0
D e t T o l & Ironton
844,500
Erie.......................
4 ,5 0 1 ,5 0 0
F t W & Denver C .
5 0 8 ,5 0 0
Gr Trunk of C a n .
898,500
Gr Trunk W estern 3 ,0 9 7 ,5 0 0
Great N o r th e r n .. 4 ,2 9 4 ,5 0 0
H ock V al (Tr 3 2 ) . 1,3 4 5 ,5 0 0
Trust 3 2 A )____ 1 ,4 8 9 ,5 0 0
Illinois Central___ 9 ,7 0 6 ,5 0 0
Ind Harbor B e l t . .
5 8 9 ,5 0 0
K anaw ha & M ic h . 1,0 3 5 ,0 0 0
K an C ity Southern
954,000
K a n C ity Terminal
1 87,500
Lake E r i e * W e s t .
6 4 8 ,0 0 0

_______
_______
*917,000
_______
.............
.............
_______
_______
.............
.............
_______
_______
_______
404,000
........... ..
_______
_______
_______
.............
.............
_______
3 ,655,000
.............
........... ..
_______
........... ..
_______
_______
.............
_______
.............
_______
.............
_______
_______
_______
_______
_______
_______

L & N (Trust 3 7 ) . 7 ,6 8 9 ,0 0 0
(Trust 3 7 A )____ 2 ,8 6 9 ,5 0 0
M aine C e n t r a l .. . . 1,2 0 3 ,0 0 0
M ichigan C entral- 5 ,1 9 6 ,0 0 0
M i n n * S t L o u is .. 1,5 1 2 ,0 0 0
M o K an & T e x a s. 1,2 6 1 ,5 0 0
M o Pacific (Tr 41) 2 ,6 0 1 ,0 0 0
(Trust 4 1 A )____ 2 ,5 9 2 ,0 0 0
(Trust 4 1 B )____ 2 ,5 6 3 ,5 0 0
(Trust 4 1 C ) ____ 2 ,6 5 6 ,5 0 0
M obile & O h i o .. .
607 ,5 0 0
Monongahela R y .
4 93,500
Morgan & K in g’d . 2 ,6 0 1 ,0 0 0
N ash C hatt & St L 1,2 9 7 ,5 0 0
N Y Central_____ 13,840,500
N Y N H & H . _ . 4 ,4 3 8 ,5 0 0
Norfolk & W estern 6 ,8 8 5 ,0 0 0
Norfolk Southern.
132,000
N orthwest Pacific.
271 ,5 0 0
Penn (Notes 1 -1 4 ).5 4 ,5 1 6 ,0 0 0
(N ote 1 5 )............. 3 ,8 9 6 ,0 0 0
Pere M a r q u e t t e ..10,099,500
Pitts & Lake E r ie .
5 82,000
Pitts M c K & Y o u g 2 ,8 2 4 ,5 0 0
Rich Fred & P o t’c .
984,000
R u tla n d ...................
370,500
St L-San Francisco
(Trust 7 1 A )____ 2 ,8 4 4 ,0 0 0
(Trust 7 1 B )____ 2 ,8 6 0 ,5 0 0
(Trust 7 1 C )____ 2 ,9 8 9 ,5 0 0
(Trust 7 1 D ) ______2 ,9 1 0 ,0 0 0
(Trust 7 1 E )____ 2 ,7 7 9 ,5 0 0
Seaboard Air L in e. 1,6 5 0 .0 0 0
Southern P a c ific .. 2,8 1 4 ,0 0 0
Southern R a llw a y .1 0 ,293,000
SpokPortl&Seattle
879,000
Term Assn of St L .
3 42,000
Texas & Pacific___ 2 ,3 9 2 ,5 0 0
T o l & Ohio Central 2 ,1 7 2 ,0 0 0
T o l St L & W estern 1,1 8 2 ,0 0 0
Virginian Railway 1 ,630,500
W abash R a ilw a y .il,3 3 1 ,0 0 0
W ash Southern___
421 ,5 0 0
W ash Term inal___
9 4 ,5 0 0
W est M a r y la n d ..
8 5 6 ,5 0 0

.............
_______
_______
_______
336,000
_______

T o t a l .................. 3 4 6 .5 5 6 ,7 5 0

5,3 1 2 ,0 0 0

Wheel* Lake Erie 4,587,000

_______
_______

.............
.............
.............
_______
_______
_______
.............
.............
..............
.............
_______
_______
.............

_______
..............
_______
_______
.............
..............
_______
_______
----------_______

______

* Complete maturities 1922 to 1935 incl., portions o f which have not
been sold. All other items in “ Still for Sale” column are approximately
one-third of maturities from 1926 to 1935 incl., stamped as to subordination.
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. R R . 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.

Bonds for Investment
W e own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. W e shall be
pleased to send descriptive circulars to investors on
request.

Harris, Forbes & Co.
P in e S tre e t, C o rn e r W illia m
NEW YO R K