Full text of Commercial and Financial Chronicle : May 31, 1924 : Railway, Industrial and Public Utility Section, Vol. 118, No. 3075

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RAILWAY, INDUSTRIAL AND PUBLIC UTILITY
SECTION
OF THE

C ommercial & F inancial Q hronicle.
Copyrighted in 1924, according to Act of Congress, by WILLIAM B. DANA COMPANY, in office of Librarian of Congress, Washington, D. 0.

Vol. 118.

NEW YORK, MAY 31 1924.

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THE TRANSPORTATION ACT OF 1920.
On March 1 1920 the railroads of the United States, which
on Jan. 1 1918, as a war measure, had 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 Transporta­
tion Act of 1920, approved by the President on Feb. 28 1920.
The complete text of the Act was printed in the “ Chronicle”
of Feb. 21 1920, pages 715 to 732, with an amendment in
V. 110, p. 2250.
On Sept. 1 1920 the Government guaranty of income which
was granted to assenting roads for the six months following
the end of Federal control expired by limitation.
On March 1 1922, two further provisions of the Transpor­
tation Act 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
whole or in districts as should afford “ as a fair return” on
the tentative valuation which was fixed by the Commission
in July 1920, a sum equal to 5Y>% per annum and in addition
at the discretion of the Commission an additional Y2 of 1%
to make provision for improvements, betterments or equip­
ment; (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.
On M ay 24 1922 the Inter-State Commerce Commission,
as required by the Act, made known its decision as to what
would be a new reasonable rate of return on the investment
of the roads, for use when fixing rates for passenger and
freight transportation. The decision of the Commission was
reached in considering the question of rate reductions, and
the full text of the Commission’s report and opinion in that
case, in which a horizontal cut of 10% in freight rates was
made, was given in the “ Chronicle” of M ay 27 1922, pages
2317 to 2329; the conclusions as to the rate of return will be
found on page 2327. The Commission ruled: “ That on and
after March 1 1922 a fair return on the aggregate value of the
railway property of the carriers defined in Section 15a of
the Inter-State Commerce A ct, determined as therein pro­
vided, will be 5.75% of such aggregate property value as a
uniform percentage for all rate groups or territories desig­
nated by this Commission.”
Following a decision handed down March 17 1923 by the
Federal Court at New Orleans upholding the constitutionality
of the provision in the Transportation Act generally known
as the “ recapture” clause, which was regarded as a test
case (see V. 116, p. 1723), the Inter-State Commerce Com- .




No. 3075.

mission on Mar. 23 1923 issued an order requiring all rail­
roads to report by M ay 1 1923 as to their earnings during
the year 1922 and to pay over to the Government under the
Transportation Act one-half of the amount by which such
earnings exceeded a 6 % return on the value of the invest­
ment (V. 116, p. 1243). On Jan. 7 1924 (V. 118, p. 163) the
United States Supreme Court also upheld the constitution­
ality of the “ recapture” clause. The proceedings attacking
the constitutionality of this clause were brought by the Dayton-Goose Creek 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 2176-2179.)
The Inter-State Commerce Commission on April 4 1924
issued an order requiring all railroads whose net railway oper­
ating income exceeds 6 % of the value of the property for
the calendar year 1923 to file with the Commission, before
M ay 1 1924, a report in the matter. The Commission also
announced that, pursuant to a ruling of the ComptrollerGeneral 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 newspapersr
however, at the time stated that few, if any, of the railroads
would pay any of their income for 1923 into the Treasury of
the United States, since in almost every instance the rail­
roads would use their own valuations of their property,
which are sufficiently higher than any tentative valuations
which have been made to date, to save them from making
any payment of excess earnings (V. 118, p. 1868, 1869, 2142).
The Transportation Act of 1920 was designed to enable the
railroads as a whole to meet their financial problems caused
by the war and Federal operation, and to assist them in their
future financing by giving them a reasonable, though ex­
tremely moderate, return on their investment. Operating
costs had enormously increased under Federal control and
big advances in transportation rates were necessary to place
the roads on a solvent footing. Furthermore, on July 20
1920 the U. S. Railroad Labor Board awarded wage increases
aggregating over $625,000,000 a year. Accordingly, on
July 31 1920 the Inter-State Commerce Commission author­
ized advances in rates calculated to add $1,500,000,000 to
the yearly revenues of the roads. The immediate effect was
most disappointing, owing to a precipitate decline in railroad
traffic (V. 113, p. 1732 to 1734). The railroads were there­
fore obliged as one of their first steps to curtail their expenses
drastically and to seek a reduction in the wages of their
employees. 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:
Average
Gross
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%
19 21 ___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%
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 Laber Board ordered the
abolition on July 1 1921 of some of the provisions of the
“ National Agreements” which the railroad managers claimed
had cost the railroads of the United States $300,000,000 per
annum, but laid down 16 cardinal principles that must be
maintained (V. 112, p. 1580, 1581; V . 113, p. 34. 805, 893,
915, 916, 1326, 1429, 1644, 1731, 1732).
Subsequently, in 1921-22, the national agreements were
revised by the Labor Board, removing some of their most
burdensome features in the case of railroad labor other than
trainmen’s brotherhoods. See below.
In M ay 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
reason
railroad wages on the larger roads should
average 12%. A strike against this

that
be reduced on the
decrease and to forestall

4

RAILW AY—INDUSTRIAL—PUBLIC UTILITY

any further changes in wages and working conditions was
ordered by the four trainmen’s brotherhoods and the switch­
men’s union; but on Oct. 27 1921, on the eve of its becoming
effective, was declared off, as below stated.
In N ov. 1921, after many reductions in freight rates had
been made (since Aug. 1920), the railway executives, in order
to be able to further decrease these rates as demanded by the
public, posted notices of a proposed additional wage cut of
about 10% with the intent of wiping out the remainder of the
wage advance of 1920. The railroads agreed to pass on all
benefit from this further wage cut to the put lie, and in antici­
pation of same put in effect on Jan. 7 1922 an experimental
reduction of 10% on agricultural products for all parts of the
country, this reduction to stand during the six months in
which the plan to reduce wages would come before the Labor
Board. See also V. 113, p. 2153 , 2470, 2876. It was not
until M ay 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 carriers of $135,000,000 per year.
This led to a prolonged strike, as noted further on in the arti­
cle on Railroad Wages. V. 114, p. 2432, 2541, 2784. The
maintenance of way men, who did not join in the strike, had
a portion of the decrease remitted to them on a rehearing,
the remission amounting to 2 cents an hour. In 1923 and
1924 wage increases cf one kind or another again became
common, not as a result of orders of the Railroad Labor
Board, but as a result of the action of many different roads.
Late in 1921 and early in 1922 the Federal Government
sold a large amount of its holdings of equipment trusts (see
below;, and used the proceeds to settle its accounts with
the railroads.
The sale of these equipment trusts and the improved
financial outlook late in 1921 led the Federal .Administration
to withdraw their support of the so-called Funding Bill,
which, as an amendment to the Transportation Act of 1920,
would have permitted the settlement of the large amounts
due by the Government to the railroads on account of
compensation, guaranty, &c., and the funding of $500,000,000 of indebtedness due by 1hem 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.
For tentative valuations of 150 roads filed in 1921, see
V. 113, p. 1008, 1011, 1539. Further tentative valuations
have been noted in subsequent issues of the “ Chronicle” in
our “ General Investment News” department. See also V.
115, p. 1798. To date the I.-S. C. Commission has set a final
valuation on only three roads, (a) the Atlanta Birmirgham
& Atlantic R R . (V. 117, p. 1235); (b) the San Pedro Los
Angeles & Salt Lake R R . (V. 117, p. 1236, and (c) the Florida
East Coast R y. (V. 118, p. 2179). A petition presented by
the National Conference on Valuation of American Rail­
roads, of which Senator La Follette is head, to have the
proceedings of the Inter-State Commerce Commission in the
physical valuation of the railroads of the country recom­
mitted to the Bureau of Valuation, was denied by the Com­
mission on Dee. 3 1923 (V. 117, p. 2617). The Conference
sought to have the Commission establish the original cost of
property investment and labor in railroads, as well as other
data. All the existing valuation work of the Commission
was attacked as unsound. Tue Commission held that its
procedure in ascertaining information with respect to aids,
gifts, grants or donations, was in substantial compliance with
the Valuation Act, and that analysis of method of arriving
at final value was i ot required by the law.
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 Com­
mission is directed to prepare a plan to that end. The
revision is not compulsory as far as the roads are concerned.
n 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. Hearings were held on the
different systems proposed, principally the Northern PacificBurlington, the Great Northern-St. Paul, the Union PacificNorthwestern, the Frisco-Katy-Cotton Belt, The Baltimore
& Ohio-Reading, the New England-Great Lakes, the Pennsyl­
vania and the New York Central Systems, but a final de­
termination has not yet been made. The hearings ter­
minated Dec. 4 1923. Oral arguments on the proposed
consolidations were concluded Jan. 12 1924.
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:

f

[V ol. 118.

1920 the Commission shall take as such fair return a sum equal to 514 % o f
such aggregate value, but may, in its discretion, add thereto a sum not ex­
ceeding 34 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 the
preceding page (bottom of first column) stated “ that on and after March 1
1922 a fair return upon the aggregate value o f the railway property will be
5 ^ %.
Pending the completion o f its valuation of the railway properties in the
United States, the Commission is required to make tentative valuations o f
the several roads as a basis for rate-making.
DISTRIBUTION OF EARNINGS IN EXCESS OF 6 % .— Net railway
operating income in any year in excess o f 6% of 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 U N ITED
STATES.— The net indebtedness of each carrier to the United States for
additions or betterments may be funded for a period of ten years (or less
at option o f company) from the termination of Federal control, with interest
at 6% per annum, subject to the right of the carrier to anticipate the pay­
ment o f the whole or any part of the indebtedness. Any remaining debt
to U. S. to be evidenced by 6% notes running one year or less.
CONSOLIDATION OF RAILROAD PROPERTIES— STOCK CON’
TROL, &c.— The Inter-State Commerce Commission is directed to pre­
pare and adopt a plan for the consolidation 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 TE RM IN A LS.— 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.
INTER-STATE COM M ERCE 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 OVER SECURITY ISSUES.— The Inter-State Commerce
Commission is given exclusive control over the issuance o f all railroad
securities, except notes maturing in less than two years, when the total issues
of said notes of the railroad amounts to less than 5% of its capitalization.
See regulations, V. I l l , p. 1814, 1049, 587.
LABOR BOARDS TO A R B ITR A T E DISPUTES B E TW EEN W AG EEARNERS AND EM PLOYERS.— The law authorizes a system o f labor
boards of 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 of this board, three of 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 of the decisions o f this board. [See list o f members on
page 255.]
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— RENTAL P A Y ­
M ENTS.— 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
“ that during the period of such Federal control it shall receive as just com­
pensation an annual sum (herein called standard return) for each year
not exceeding a sum equivalent as nearly as may be to its average
annual railway operating income for the three years ended June 30 1917."
In a few cases for special reasons extra compensation was granted. Disputes
however, arose, and when Federal control was terminated Feb. 29 1920 there
still remained a number of roads concerning which the question of compensa­
tion, whether the standard return or a larger sum, was still to be determined.
Out 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 of the compensation contracts finally executed up to Sept. 15 1920
will be found, with the amounts of the compensation agreed upon, on pages
6, 7 and 252 o f the issue of this Section for N ov. 27 1920. Others have
been noted from week to week in subsequent issues of the “ Chronicle.”
United States R ailroad A dm inistration.
Director-General of Railroads and Agent of the President, James C.
Davis; Chief Clerk, A. W . Stoll; Comptroller, L. J. Tracy. Division of
Finance: D. C. Porteous, Director; C. L. Stryker, Treasurer; Division of
Liquidation Claims, Geo. N. De Guire, M gr., Dept, of Equipment; Short
Line Section, Sidney F. Andrews, Chairman; H. W . Tweed; W. G. Good­
rich. Secretary. Headquarters, Hurley-Wright Bldg., 18th and Pennsyl­
vania Aves., N. W ., Washington, D. C.

GOVERNMENT’ S SETTLEMENT OF WAR TIME CLAIMS
OF CARRIERS AGAINST RAILROAD A D M I N ­
IS T R A T I O N -F I N A L COST TO GOV­
ERNMENT $1,696,000,000.
In a report submitted by Director-General of Railroads
James C. Davis to President Coolidge on Jan. 3 1924, it is
shown that of the claims arising out of Government war time
control of railroads, settlements covering 99% of all the
mileage taken over had been effected. The total cost to
the Government of the 26 months of Federal control and the
six months guarantee period is shown to have been $1,696,000,000. Claims amounting to $1,014,397,447 were filed
by the carriers against the Railroad Administration; during
the investigation of these claims, sundry voluntary reduc­
tions were made and the Administration paid to carriers
sums on account; this reduced the aggregate amount of claims
as finally presented for adjustment to $769,974,783. Up to
Dec. 31 1923, according to the report, $763,106,521 of these
claims had been finally adjusted, or definite tentative agree­
ments made looking to final adjustment. For full text of
report see “ Chronicle” of Jan. 12 1924, p. 164.

INCREASES A N D DECREASES I N RAILROAD RATES.
During the period of Government control operating costs
had been so enormously increased that the roads fell far
RATES MUST BE ADJUSTED SO AS TO Y IE L D A FAIR R E TU R N . short of meeting their expenses and charges, leaving a
• The Commission is from time to time to determine and make public what heavy deficit for the Government to make good.
—
With the
percentage of the aggregate property value constitutes a fair return thereon.
Such percentage must be uniform for all rate groups or territories which return of the roads to private control, therefore, it hence
may be designated by the Commission. In making such determination it became necessary to arrange for increasing rates for the
shall give due consideration, among other things, to the transportation
The exten­
needs o f the country and the necessity (under honest, efficient and econom- transportation of both passengers and freight.
cal management o f existing transportation facilities), o f enlarging such fa­ sion of the guaranty period for six months after the roads
cilities in order to provide the people o f the United States with adequate
transportation: Provided. That during the two years beginning March 1 had been turned back to their owners was for the purpose of




M ay , 1924.]

RAILW AY—INDUSTRIAL—PUBLIC UTILITY

5

allowing time in which to make the adjustment. Just as the lines (which are in a class by themselves), to make a wage de­
Inter-State Commerce Commission was ready to announce crease of about 12%, as against the aforesaid wage advance
its decision, there came the decision of the R R . Labor Board of May 1 1920. It was estimated that this would effect a
on July 20 1920 awarding increases in wages aggregating saving in the yearly pay-rolls of the roads of $375,000,000.
$625,000,000 or more per year. The roads had asked for (Compare V. 112, p. 2143 to 2150, 2377; V. 113, p. 33.)
increases in rates to yield additional revenue of $1,017,766,- While the decrease was duly put in effect, the question
000 per annum. Following the award of the Labor Board whether it should be accepted or should be opposed by a
the roads petitioned the Commission for further additions to strike was referred by the leaders of the 16 railroad unions
revenue in the amount of the increase. On July 31 1920 the to their local organizations (V. 113, p. 149), which, it
Commission having placed a valuation of $18,900,000,000 appears, were quite generally in favor of a strike, both to
upon the railroad properties, against a book value of $20,- recover the lost wages and prevent further unfavorable
040,572,611, undertook to allow them 6% upon the property changes in wage or labor conditions.
When, however, it came to the actual declaring of a strike
investment, which would mean a total of $1,134,000,000
with which to cover the increased cost of wages and supplies only the four trainmen’s brotherhoods and the switchmen’s
and to pay for improvements, &c. (compare V. I l l , p. 653, union were prepared to take this step in the face of a strongly
549, 459, 347 to 350, 329). The decision of July 1920 adverse sentiment on the part of the public and the Federal
Government, and even in the case of these unions, on a
increased:
(a) Freight Rates.— 40% in the East, 25% in the South, 35% in the number of roads, notably the Pennsylvania Eastern Lines,
West and 25% in Mountain-Pacific territory. (b) Passenger Rates— 20%, the necessary 66 2-3% vote was lacking (V. 113, p. 1326,
the amount asked by the railroads, or about
of 1 cent additional per
1706, 1718, 1730 to 1738).
mile, (c) Pullman Rates— A surcharge to the roads of 50% on rates,
(d) Excess Baggage Rates—20% advance, (e) Milk Tariffs—-20% advance.
The strike was scheduled to begin in the various sections
(/) Coastwise and inland steamship lines and electric railway companies
were permitted to increase their freight rates in proportion to the increases of the country Oct. 30 to Nov. 5 1921 (V. 113, p. 1735), but it
o f the railroads in the same territory. (V. I l l , p. 848.)
was called off on Oct. 27 1921 after a hearing before the Labor
These increases in rates were expected to add $1,500,- Board, in view of the vote by the latter that it would not
000,000 to the yearly revenues of the roads. But, unfortun­ take up the matter of wage decreases until all the questions
ately, a sudden decline in traffic caused an alarming falling relating to national rules and regulations had been disposed
off in railway operating income, notwithstanding the higher of by it. (V. 113, p. 1849 to 1852, 1943.)
rates received. (V. 113, p. 2155.) It then became necessary
In 1921-22 the national rules were rewritten by the Labor
to reduce both rates and wages.
Board on a somewhat more satisfactory basis for the shop
On Nov. 17 1921 the Railroad Executives, in anticipation crafts and maintenance of way men, clerks and station
of a wage cut of 10%, announced a 10% reduction in rates employees, signal men, supervisors, firemen and oilers, train
on farm products for all parts of the country, except New dispatchers, railway express employees, &c., but not for the
England (and in New England also it was voluntarily Brotherhood of Locomotive Engineers, Brotnerhood of
accepted by most of the railroads), the old rates to be Locomotive Firemen and Enginemen, Order of Railroad
restored at the end of six months in case the expected lowering Conductors, Brotherhood of Railroad Trainmen and Switch­
of railroad wages had not been accomplished. (V. 113, men’s Union of North America. The efforts of the railroads
p. 2154, 2470, 2786.) This move followed numerous and to get these latter bodies to agree to a further wage reduction
important rate reductions on many products since Aug. 26 of about 10% and to submit to various changes in the rules
1920, when the general advance mentioned above was failed in April 1922.
ordered. The 10% reduction in rates on farm products it
Reductions in wages of shopmen, maintenance of way
was estimated would save shippers about $55,000,000.
men, freight car men, signal men, clerks, &c., aggregating
In May 1922 the Inter-State Commerce Commission approximately $135,000,000 per annum, were announced by
ordered a horizontal reduction of 10% in rates, effective the United States Railroad Labor Board in M ay and June
July 1 1922. For full text of decision see “ Chronicle” of 1922, effective July 1 1922. V. 114, p. 2432, 2541, 2784.
May 27 1922, pages 2317 to 2329. In the case of grain,
Following the wage reduction, the shop craft organizations
grain products and hay in Western territory the Commission went on strike July 1 1922, and for three months thereafter
had the previous autumn ordered a freight rate reduction the railroads of the country were seriously handicapped in
of 16J^%, which went into effect Jan. 1 1922. That their operations. V. 115, p. 139. On July 17 1922 about
reduction was allowed to stand without change, the 10% 8.000 stationary firemen, engineers and oilers also were
cut not in any way affecting it.
called out. President Harding made strenuous efforts to
On April 17 1923 reductions were made in freight rates to get the strikers to return to work and held numerous confer­
meet Panama Canal competition on certain heavy commodi­ ences with representatives of 1he unions and with railway
ties to Pacific Coast and intermediate points. The reduc­ executives. But his proposals for the settlement of the
tions apply to all Western lines, including those like the strike of railway shopmen, though accepted Aug. 2 1922 by
Atchison and Southern Pacific, that reach the coast by the the employees, fell through, because the carriers rejected the
Southern route, and the Union Pacific that goes by the recommendation that the men return to work with their
Central route, as well as the Northwestern roads. Some time former seniority and other rights unimpaired (V. 115, p.
before the Inter-State Commerce Commission had refused to 611, 612). Later in the month, however, many of the roads
permit those lines to charge a higher rate to intermediate than made individual agreements with their men on the basis of
to Pacific Coast points. Further reductions by the same the so-called Baltimore plan or other separate arrangements,
lines were ordered to become effective June 1 1923. The and where this was not done the strikers in large numbers
latter ran as high as 50% , it was stated, on some commodi­ gradually drifted back, so that by the end of September 1922
ties. (V. 116, p. 2089, 1014.)
the strike ceased to be much of a disturbing influence. V .
Railroads operating through the Southwest and the lower 115, p. 2123, 1596, 1282, 1283.
Mississippi Valley were ordered by the Inter-State Commerce
A temporary injunction restraining the officials of the
Commission on March 15 1923 to make a general revision of Federated Railway Shop Crafts from interfering in any way
commodity freight rate schedules, effective June 30 1923. with the operation of the railroads was granted at Chicago
Oct. 5 1922 by Federal District Judge James H. Wilkerson,
(V. 116, p. 1138.)
Because of the relatively disadvantageous position of the and later was continued in force. This was an additional
New England group of roads under the rate increas*, a aid in breaking up the strike. (V. 115, p. 1495, 2123.)
readjustment of the basis for division of through rates was On M ay 1 1923 leaders of the strike of railroad shopmen
authorized by the Inter-State Commerce Commission on abandoned their case in defense against this injunction and
Feb. 14 1922, effective March 1 1922, by which the New announced that their principal contentions in the case had
England roads other than the Bangor & Aroostook were to been upheld. (V. 116, p. 2086.) A final decree making
receive an increase of about 15% in the amount coming to permanent the temporary injunction was entered July 12
them from the division of revenue derived from most classes 1923 by Judge Wilkerson. The decree affected about
of traffic interchanged with the lines west of the Hudson 400.000 railroad employees and officers of the shop crafts
River. (V. 114, p. 702, and V. I l l , p. 1942; V. 112, p. 744, concerned in the strike. (V. 117, p. 169.)
987.) Compare remarks in Oldham merger plan, V. 113,
The threatened strike of 400,000 maintenance of way men
p. 1950, 1951. In the suit brought in April 1922 against had meanwhile been stayed, E. F. Grable, President of the
the Commission to prevent the carrying out of this increase United Brotherhood of Maintenance of W ay Employees and
as discriminatory, the United States Supreme Court on Railway Shop Laborers, having reached an agreement with
Feb. 19 1923 handed down a decision upholding the order the Railroad Labor Board to withhold any strike order until
of the Commission. (V. 114, p. 917, 1253.) Certain the Board could arrange for a rehearing (V. 115, p. 139,
carriers have filed applications for rehearings. The case was 395). After the rehearing the Labor Board (Oct. 14 1922)
to have been reopened in May 1924.
granted the employees, represented by the United Brother­
hood of Maintenance of W ay Employees and Railway Shop
Laborers, an increase, effective Oct. 16 1922, of 2 cents an
CHANGES I N RAILROAD WAGES.
hour over the reduced schedule put in force on July 1 1922
On July 20 1920 the U. S. R R . Labor Board, acting under (V. 115, p. 1790).
Transportation Act of 1920, granted wage increases to the
The rules as revised for the other unions in general add
2,000,000 railway employees of the United States, retroactive from one to two hours to the eight hours that must be worked
to May 1 1920, which the Board estimated would add approx­ at the regular pro rata rate before the punitive extra pay
imately $600,000,000 to the pay-roll, but which the Associa­ becomes operative.
tion of Railway Executives estimated at $625,921,085, or
An increase totaling over $3,000,000, together with the
21% , and which appears to have aggregated possibly eight hour day and time and-one-half for overtime, was
$720,000,000. Increases aggregating about a billion had granted to approximately 65,048 members (freight employees
been demanded. See V. I l l , p. 347 to 350, 459, 460; V. and common laborers) of the Brotherhood of Railway and
Steamship Clerks, Freight Handlers, Express and Station
110, p. 2252, 2254, 2624.
On July 1 1921, after careful investigation, the U. S. Labor Employees, effective March 1 1923. V. 116, p. 898; V , 115,
Board permitted the railroads, aside from the so-called short p. 2446, 2343.




6

RAILW AY—INDUSTRIAL—PUBLIC UTILITY

[V ol. 118.

ABBREVIATIONS USED IN THIS SECTION
EXPLANATORY.— 'This Supplement is expressly intended for use in connection with the investment news and official reports published from
week to week in the “ Chronicle.” Frequent reference is made, therefore, to the volume and page of the “ Chronicle” (as V. 118, 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 o f page (except the stock, for lack of 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” ;
g for gold; c or cur for "currency” : guar p & i for “ guaranteed principal and interest” ; cum for “ cumulative” ; non-cum for “ non-cumulative” ; conv
for “ 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” ;
Igr 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:
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. vvvv Same with the exception also of inheritance taxes, rvvvv Payable without deduction of U. S. (or Governmental)
taxes other than successive inheritance and income taxes.
Mortgage Trustees and Stock Transfer Agents (TR Treasurer’s Office) are indicated thus:
SC — Standard Trust & Sav
ST. LOUIS—
NEWAR K, N. J.
BOSTON—
NEW Y O R K C IT Y —
Bank
AB — American Trust Co
FN — Fidelity Union Tr Co AmSt— American Trust Co
Ba — Bankers Trust Co
MeSt — Mercantile Trust Co
Ce — Central Union Trust BB — Boston Safe Dep & Tr UC — Union Trust Co
MSt — Mississippi Valley Tr
CB — Commonwealth Tr Co
Co
NEW ORLEANS—
CINCINNATI—
H N o— Hibernia Bk & Tr Co SSt — St Louis Union Trust
Col — IrvBk-Colum Trust Co FB — Federal Trust Co
UCi— Union Sav Bank & Tr W No— Whitney Central Tr &
NB — New England Tr Co
Em — Empire Trust Co
PHILADELPHIA—
Savings Bank
OB — Old Colony Trust Co
Eq — Equitable Trust Co
CLEVELAND—
FP — Fidelity Trust Co
F — Farmers’ Loan & Tr
SB — State Street Trust Co
C1C1— Cleveland Trust Co
GP — Girard Trust Co
UB — United States Tr Co
Q — Guaranty Trust Co
PITTSBU RGH
GC1 — Guardian Sav Bk & Tr CIPi ,—Colonial Trust Co
G uP— Guaranty Tr & S Dep
Mp — Metropolitan Trust Co
N — New York Trust Co
CwPi— Commonwealth TrCo MP — Merchants Un Tr Co
D E TROIT—
P hP — Philadelphia Trust Co
T
— Title Guar & Trust Co
DPi — Dollar Sav & Tr Co
CH ICAGO—
DD — Detroit Trust Co
C eC — Central Trust Co o f 111 SD — Security Trust Co
Us — United States Trust
FPi — Fidelity Title & Trust PIP — Provident Trust Co
Usm— U S Mtge & Trust Co ChC— Chicago City Bk & Tr UD — Union Trust Co
PPi — Pittsburgh Trust Co PeP — Penn Co for Insur on
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
W P — West End Trust Co
BALTIMORE—
HC — Harris Tr & Sav Bank
BBa — Baltimore Trust Co
PORTLAND, ME.—
SAN FRANCISCO—
CoBa— Continental Trust Co F oC — Fort Dearborn Trust
LOS ANGELES, CAL.— FPo — Fidelity Trust Co
& Savings Bank
AS — Anglo California TrCo
EBa ■
—Equitable Trust Co
SLo — Security Tr & Sav Bk
IC — Illinois Merch Trust
MS — Mercantile Trust Co
FBa — Fidelity Trust Co
PROVIDENCE—
MC -—
do
do
MBa — Maryland Trust Co
US — Union Trust Co
I Pr — Industrial Trust Co
LOUISVILLE—
MeBa— Mercantile Tr & Dep NC — Northern Trust Co Bk FL — Fidelity & Colum Tr
W ILM INGTON, DEL.—
RPr — Rhode Isl Hosp Tr Co
WW — Wilmington Trust Co
SBa — Safe Dep & Trust Co PC — Peoples Tr & Sav Bank LL — Louisville Trust Co
UPr -—Union Trust Co
(Continued from Page 5.)

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\ . 1923 on a number of
roads. (V. 117. p. 2400.)
On April 24 1923 the Brotherhood of Maintenance of W ay
Enlployees, &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 Dec. 3 1923 awarded a wage increase of 1 to
2 cents an hour, retroactive to June 1 1923, to approximately
22,612 maintenance of way men of the Boston & Maine R R .,
the Fort Smith & Western R y., the Louisville & Nashville
R R ., the Louisville Henderson & St. Louis R y., the Nash­
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 12X % . This in­
A
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 ay 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 will run for one year
will affect, 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 I. railroads, would cost, it
was figured, about $25,000,000. (V. 118, p. 394, 627.)
An increase of approximately 5 % , affecting 44 Western
railroads and about 50 subsidiaries, was granted on April 8
1924 to approximately 80,000 conductors and trainmen.
(V. 118, p. 2003.)
The U. S. Railroad Labor Board handed down a decision
on Oct. 21 1923 awarding increases of 1 to 2 cents an hour to
clerks, station forces, dock, warehouse and platform freight



handlers and similar employees of 65 carriers. The opinion
found that 29 carriers and employees of the class involved
had negotiated agreements increasing pay for some of the
groups, but tha1 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
Longshoremen’s Association. (V. 117, p. 1849.; This de­
cision followed close upon another denying an increase to
signalmen. The wage increases asked by signalmen 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 No. 2 in July 1920. On July 1 1921 their wages
were cut from 6 to 8 cents an hour and a further decrease in
July 1922 of from 5 to 6 cents an hour brought the rates of
pay to approximately what they were under the Federal
Administration prior to decision No. 2. The Board decided
in denying the request that the cost of living and other
elements entering into consideration of the case 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 this year an increase of about 5%
was granted to engineers and firemen of the following roads:
The Pittsburgh & West Virginia R y., the New York Chicago
& St. Louis R y., the Erie R R ., the Chesapeake & Ohio R y.
and the New ITork 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% have also been 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 Ry. These illustrations might be multiplied
almost indefinitely.
Following a test suit brought by the Atchison Topeka &
Santa Fe R y., the Federal District Court at Chicago in
April 1924 handed down a decision upholding the nine-hour
day ruling of the I.-S. C. Commission for yardmasters.
This order affected between 8,000 and 9,000 yardmasters on
roads in all parts of the United States, who formerly worked
12 hours per day (V. 118, p. 2040).
The U. S. R R . Labor Board asserted in an opinion on
June 27 1923 that the Pennsylvania R R . system (which had
ignored the decision of the Board in refusing to acknowledge
the elected representatives of the clerks’ organization) “ has
persisted in such violation in contempt of the unanimous
decision of the U. S. Supreme Court,” which sustained the
{Continued on page 254.)

RAILROAD COMPANIES
Subscribers will co n fe r a favor by giving immediate n otice of any error discovered in these tablesRAILROAD 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 f d call 105-Usmx.c*&r 22.99 1902
Akr Can & Y ou n g— 1st M $1,500,000 g call 105 C1CI
7 1910
Northern Ohio Ry 1st mtge (guar p & i ) ________ Ce
1895
Alabama Great S ou th ern — Ordinary stock________
Preferred stock 6% and participating $4,000,000_
_
1878
First M gold ext in 1908 (V 85. p 1645, 1460)-- Fz.c
General mortgage £1,160,000______________ Cez.c
290 1888
First consol M $25,000,000 gold........ ..........G.zc*&r*
1913
Equip trust Series E due $55,000 s-an gold_________
1916
Govt equip trust due $11,000 annually__________ G
1920
Equip trust Series G due $190,000 annually_______
1923
Alabama M idland— See Altantic Coast Line RR.
Alabama Tennessee & N orthern RR C orp— „ J
Commonstock $2,500,000 v t c ___________________
Pref stock 6% $1,700.000 cum after Jan 1 1924___
Prior lien M $3,500,000 g call 102 4 ______Mp.xxxc*
186 1918
Gen (2d) M $2,116,000 g call 105 C o______________
186 1918
Alabama & V icksburg— Stock (see text)__________
143
First Mtge gold bonds Seriesj“ A " red (te x t)-.c * _
_
1924
Albany
Albany
1st M
Albany

& N orthern— See Georgia Southw & Gulf.
& Susq— Stock, divs guar by D & H (end)__
$16,000,000 g gu p & i conv (text) Usmx.c*&r
& V erm ont— Stock 3% guar by rental___

Par
Value

$ 1,000

Rate
%

$826,000
4g
1.117.000
6g
2.500.000
5g
7.830.000 See text
3.380,350 See text
1.749.000
g
£100 £711.500 5 (6) g
5
£ & fr $4,312,000
5g
1,000
220,000
44 g
1.000
121.000
6g
1,000 2.660.000
5g
100
1.000
50
50
1,000

100
100

100 &c

100
1,000

100

142 1906 1.000 &c
100
12

AKRON & BARBERTON BELT R R .— Belt line at Barberton, O., and
Fairlawn to Akron, O.: total. 22.99 m. Stock, $100,000, owned equally
by the Cleveland Akron & Cincinnati, Baltimore & Ohio, Erie R R . and
Northern Ohio Ry. Bonds auth., $1,500,000; issued, $1,240,000; $414,000
redeemed by sinking fund; $260,000 for future needs. For 1923. gross,
$263,469: ry. oper. income, def.. $57,691; other income, $93,858; int.,
rentals. &c., $35,279; bal., sur., $888.— (V. 105, p. 71.)
. AKRON CANTON & YOUNGSTOW N R Y.— 1 8 4 m. from Akron to
Mogadore completed in 1914. Stock, all issued, $1,500,000. V. 92, p. 1434;
V. 95, p. 678. In Jan. 1920 obtained control of the Northern Ohio R R .
under a 999-year lease from the Lake Erie & Western R R . V. 110. p. 560.
For 1922, gross, $2,209,489; net oper. income, $ 128,446; other income,
$74,932; int., rentals, &c., $47,600; bal., sur., $455,778. Co-operative
contract signed in May 1919. Pres., H. B. Stewart, Akron, O.; Sec., P. J.
Pahler.— (V. 117, p. 207.)
ALABAMA FLORIDA & GULF R R .— Operates from Cowarts, Ga.,
on Atlantic Coast Line R R ., south to Greenwood, 32 miles. Capital stock
$50,000; par $100. First mtge. 7% s. f. gold bonds, due April 1 1941,
$150,000
V. 113, p. 530. Pres., W. S. Wilson; Aud.. J. B. Bivings,
Dothan, Ala.— (V. 117, p. 2541.)
ALABAMA GREAT SOUTHERN R R .— Owns Chattanooga. Tenn., to
Meridian, Miss., 292 miles (about 30% double-tracked); leases Belt R y.,
Chattanooga, 1.62 m.; trackage, 25 m.; total operated, 318 miles.
ORGAN IZATION .— Controlled by Southern R y., but operated Inde­
pendently. V. 81. p. 1722; V. 82, p. 159. Owns $975,100 stock of S. W.
Construction Co., received for $833,300 Cin. New Orl. & Tex. Pac. stock.
LATE DIVIDEN DS.— ’ 11-’ 15. ’ 16. 1917.
’ 18. ’ 19. ’20. ’21. ’22. ’23.
Comm onstock--------------- 5 y ’rly
7 5 & 2 ext. 3
11 7 6H 7
7
Preferred stock--------------£.6 y ’rly
7 6 & 1 ext. 64*7*4 7 64* 7
7
Pa d in 1924; On.com., June 28 34* % and 4*% extra; on pref., Feb. 15,
34*% ;{June 28, 4*%iextra; Aug. 16, 34*% .
BONDS.— The 1st consols ($25,000,000) are issuable in lettered series.
$5,223,500 reserved to refund 1st 5s and gen. 5s. $8,150,000 for second
track, at, say, $30,000 per mile; the remaining $7,313,500 for improve­
ments at not over $500,000 yearly. V. 97, p.1285 1582. 1820; V. 98. p. 72.
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
to this company. See article on page 3.
RE PO RT.— For 1922, in V. 117, p. 1552, showed:
Operating Net iafter
Total
Interest, Pref.
Common Balance,
Surplus.
Cal.
Revenue.
Taxes). Income. Rents, &c. Dividend. Dir.
Years
$
$
$
$
$
$
$
1922 - 8,524,804 1,483,909 1,799,379 716,948 236,625 548,100 297,706
1921 . 9,542,225 1.017,483 1.448 483 913.393 219,723 508,950 193.583
1920 .11.703,433 2.056,964*2.577.574
919.499 236.624 548.100 873.350
637.972 236.624 548.100 461.456
1919.10.529,739 1.779.530 1,884,152
* Includes oper. income for 10 mos. (March-Dec.), $2,057,518; Federal
comp.. 2 mos. (Jan.-Feb.l. $283,863. other income, $236,193
____ _______ _______
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres.. Fairfax Harrison; Sec.. O. E. A. McCarthy; Treas., Charles
Patton. Office, Birmingham, Ala.— (V. 118, p. 2302.)
ALABAMA TENNESSEE & NORTHERN RR. CORP.— Owns and
operates 186 miles main track, extending from Calvert, Ala., at junction
with Southern Ry. System, north to Reform, Ala., on Mobile & Ohio
R R . Also terminal tracks and valuable harbor frontage in Mobile, Ala.,
formerly owned by Mobile Terminal & Ry.
ORGANIZATION.— Incorp. in Alabama Oct. 12 1918 as successor o f the
A. T . & N . Railway, foreclosed and reorganized per plan in V. 106, p. 2558;
V. 107, p. 290. 400. 1286, 1579; V. 108. p. 1720.
STOCK VOTING TR U ST.— The new common stock is held in a voting
trust, with George C. Van Tuyl Jr., Louis V. Bright, George E. Warren,
James O. Colgate, John T . Cochrane and H. A. Smith as voting trustees.
BONDS.— The only fixed charge for the first five years Is the $950,000
6% prior lien bonds, which were issued for cash per plan.
Of the remainder of the $3,500,000 issue, $1,400,000 is reserved for use
under restrictions in extending the line if found desirable, northerly 50 miles
to connection with the St. Louis-San Francisco Ry., and southerly to M o­
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
tions, new or old.
The gen. lien (2d mtge.) 6% gold bonds were on an income basis up to
Dec. 31 1923 (no interest having been paid), but from Jan. 1 1924 were
entitled to 6% per annum.
The holders o f the bonds in June 1923 re­
ceived a communication asking them to consent to the reduction of the
Interest rate from 6% to 2% annually. The company made a payment
at the rate of $20 for each $1,000 bond to all holders of General Mortgage
bonds who became parties to the agreement and deposited their bonds with
the Irving Bank-Columbia Trust C o., New York. The plan was declared
operative In Oct. 1923. Compare V. 116, p. 2880; V. 117, p. 1662.
Government loan. V; 113, p. 2612.
EARN IN G S.— For calendar year 1923: Gross, $988,684: net oper. in­
come, $9,552: other income, $51,296; int., rentals, &c., $106,126:
bal.. def.. $45,279.
OFFICERS.— John T . Cochrane. Pres.. Mobile; Louts V. Bright, V .-P.,
New York; E. A. Carsvens. Sec., and K. R Guthrie Treas.. Mobile.
D IR E C TO RS.— Louis V. Bright and I.’ H. Lehman, New York; John T.
Cochrane and John T. Cochrane Jr., Mobile; H. A. Smith, Hartford; David
Taylor, F. J. Lisman and George C. Van Tuyl Jr., New York.— (V. 117, p1662.)
ALABAMA AND VICKSBU RG R Y . CO. (THE).— Owns Vicksburg to
Meridian, Miss., and branch, 141 miles. Controlled by Sterling Trust
Ltd. o f London. V. 104, p. 1263 , 663.




Amount
Outstanding

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

T S Mtge & Tr Co. N Y
J
& D June 1 1942
& J July 1 1930
Cleveland Trust Co
& O Oct 1 1945
Chase Nat Bank, N Y
& D June 28 ’24 4% Checks mailed
do
A u g l6 ’24 3 4 %
Farm L & T r . N T . & B
Dec 1 1927
Morgan .Grenf & Co .Lon
& D Dec 1 1927
& D Dec 1 1943
Guaranty Trust Co, N Y
& D Dec ’ 24-June'26 Guaranty Trust Co, N Y
& J To Jan 15 1935 Guaranty Trust Co, N Y
& O Apr ’25-Apr ’38 J P Morgan & Co, N Y

2.500.000
1.700.000
950.000
6g J & J
2.116.000 See text
Semi-ann
2.100,000
7
2,500,000
5g M & N

July 1 1948
Oct 1 1948
Apr 16 ’ 24.3)4 %
M ay 1 1974

Metropolitan Tr Co. N Y
Irv Bk-Col Tr Co, N Y
Central Union Tr C o.N Y
fNatl Park Bank, N Y
\Can-Com Tr&SB, N Orl

Del & Hudson Co, N Y
3.500,000 See text J & J See text
do
do
3 4 g A & O Apr 1 1946
600.000
M & N M ayl5 19241 4 Troy, N Y
3

10 .000.000

DIVS.—
( ’97-’99. ’00. ’01. ’02. ’03. ’04-T4. ’ 15. ’ 16-’ 18. ’ 19-’23.
C a sh --------------%\ y ’rly
6
6
6
9 7 y ’rly
5 7 y ’rly 7 y ’rly
5
50 ................... 100 in ’ 1 0 .................................
Stock................ % (
Paid in 1924: April 16, 34*%BONDS.— The first mtge. Series “ B ” gold bonds are redeemable as an
entirety on any interest date upon 90 days’ notice at 1074* and int. on or
prior to May. 1 1929, at 105 and int. after M ay 1 1929 and on or prior to
M ay 1 1964,.and at 4* of 1% less than 105 and int. for each succeeding
year.
Of the $2,500,000 Series “ A ” bonds, $1,936,900 were used to retire a like
amount of 6% Gold notes which were issued to take up maturing bonds in
1921, and the proceeds from the remaining $563,100 of bonds were used to
reimburse the treasury for expenditures made prior to M ay 1 1924 for addi­
tions and betterments.— V. 118, p. 2040.
RE PO RT.— For 1923, in V. 118, p. 1765. showed:
Calendar
Gross
Net after Gross Interest, Dividends Balance,
Years—
Earnings. Taxes.
Income. Rents,&c. Paid.
Surplus.
1923__________ $3,464,104 $466,306 $666,528 $175,296 $147,000 $344,232
1922__________ 3,063,635 224,147 418,603 183,184 147,000 88,418
1921__________ 3,397,144 231,931 383,686 197,845 147,000 38,841
1920........
3,645,603 146,873 174,393
93,274 147,000
-----For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Larz A. Jones, Pres. & Gen. M gr.; Udolpho Wolfe, Sec. &
Treas. Office, Jackson, Miss.— (V. 118, p. 2040.)
ALASKAIANTHRACITE R R .— (V. 118, p. 905.)
ALASKA GOVERNMENT ROAD.— (V. 117, p. 1991.)
ALBANY & SUSQUEHANNA R R .— (See M ap Delaware .% Hudson.).—
ROAD.— Owns Albany to Binghamton, N. Y .. 142 miles.
LEASEDfor term of charter, viz., 150 years from April 19 1851,to Del. &
Hudson Co.; rental was 9% per annum on stock ( 4 4 % J- & J-) (V. 56, p.
774), but the courts having held that the stock was entitled to the benefit
of refunding effected in 1906. $120,750 additional rental was paid in Jan.
yearly, beginning 1910, making 3.45% available for corporate purposes.
Jan. 1914 to Jan. 1918, 20 cents was deducted yearly for co.’s Federal
income tax. A special dividend of 30% ($1,050,000) was paid Nov. 16
1909 from the proceeds of the judgment for back rentals due by reason oi
refunding. A special dividend of 3-25% was paid Jan. 10 1916 and again
Jan. 6 1917 and Jan. 4 1918. but no special payment was declared in Dec.
1918, owing to Federal taxation. In Jan. 1920 paid 14*% extra and in
Jan. 1921. 1922, 1923 and 1924 paid 2% extra. V. 107, p. 2374; V. 89, p.
1141, 1666; V. 90, p. 913.
BONDS.— The bonds are guar. p. & 1. and until Apr. 1 1916 were con­
vertible into D. & H. stock—$500 stock for $1,000 bonds; $3,556,000 were
so converted ($3,500,000 pledged by D. & H .; V. 105, p. 389). V. 80, p.
1174. 1362, 2343. Guaranty V . 8 2 , 989.___ _ _
REPORT?— For 1923 total Income, $791,034; interest. $350,000; other
deductions, $2,096; dividends, $385,000; bal., def., $477.
Arthur W. Butler, Pres.; George Welwood Murray, V.-P.; O. F. Coaney,
Sec. & Treas.; Arthur A. Gammeli. Asst. Sec. & Asst. Treas. Office,
24 Broad Street, New York.— (V. 117, p. 2651.)
ALBANY & VERMONT R R .— Owns road from Albany to Waterford
Jet., N. Y ., 12 m. Leased to Rensselaer & Saratoga in 1860 and now oper­
ated by Del. & Hudson Co. Annual rental, $20,000.— (V. 106, p. 923.)
ALGOMA CENTRAL & HUDSON BAY R Y .— Owns from SauH Ste.
Marie, Ont., and Michipicoten Harbor to a connection With the Oan. North­
ern R y., 272 miles; branch to Helen Mine. 12 m.; extension to Hearst on
Grand Trunk Pacific R y., 50 m.; total, 334 mdes. Cash subsidy, $6,400
per mde. Land grant, 2,137.144 acres. V. 103. p. 2076; V. 99. p. 1671;
V. 101. p. 772. Lake Superior Corp. guarantees, see that company under
“ Industrials.”
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 of Algoma Eastern Terminals, Ltd. V. 95, p.
1540: V. 96. p. 651, 1020, 1491; V. 99, p. 268, 536; V. 100. p. 702; V. 104,
p. 1700; V. 105, p. 71.
PLAN.— In 1916 a reorganization plan was put into effect (V. 102. p. 885,
1058, 2076: V. 103, p. 843; V. 104, p. 1700. 2341; V. 105. p. 908).
Under this plan a committee including O. B. B. Smith-BIngham and
J. O. Dalton, for the Railway bonds, and A. F. 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
8% per annum, if earned, in the following priority (a) Terminals bonds for
current and adl prior years 3% p. a., said payment, however, to be a fixed
obligation for each year after Aug. I 1921. (ft) Both Issues pari passu
as though one Issue. 2 % . (c) Railway bonds. 3 % . (d) Any arrears up to
5% on either issue, (e) 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 ft. V. 105. P- 1998.
Holders of the 5% bonds of Algoma Central Terminals received In April
1917. 3% for the year to Aug. 1915; April 30 1918 interest at 3% per ann.
for period from Aug. 1 1915 to June 30 1917: Nov. 1 1918 5% for year 19171918: Nov. 1 1919. 4% for year to June 1919: M ay 1 1922. 1 4 % for six
months from Aug. 1 1921: N ov. 1 1922, 1 4 % 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. Railway 5s N ov. 1 1918 re-

8

[V ol. 118,

RAILW AY STOCKS AND BONDS

A palachicola Northern RR— 1st mtge $2,000,000 gA rizona Eastern— Gila Vail G1 & N 1st M g gu.M p.z
First Refunding M s f _____________________ F.c*&r
Ark & Mem Ry, Bdge & T— 1st M $7,500,000 g-G
A sheville & S partanburg— See Southern R y, Carolin
A tch ison & East Bdge— 1st M g s f red at par.Ce.x
A tch T op & Santa R* Ry— Stock, com $250,000,000Stock pref $131,48o,000 5% non-cum____________
Chicago Santa Fe & California 1st M g _ BB.zc*&r
_
General mortgage gold (see text)________ Ce.xc*&r
Adjust inc M cum since July 1 1900 g--Ce.xc*& r
do do interest stamped payable M & N _____x
Eastern Okla Div 1st M $10,000,000 g.G.xc*&r
Transcon SL 1st M $30,000,000 g red 110_G.xc*&r*
Rocky Mtn Div 1st M $20,000,000 g red.G.yc*&r*
Bonds convertible till June 1918red (text).G,xc*&r*

Amount
Outstanding

Rate

£100 $10,080,000
1910
$£
318,800
1914
1912 £100 See 4,992,713
2,500,000
1911 $, £, &c
$100 3,200,000
63
1,000 2,000,000
63 1898

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

text
text
text

1,000
450,000
3 1889
500
300,000
12 1908
1,000 7.000,000
292 1895
See text
1920
1,000
840,000
1924
1,000 2,000.000
98.68 1905
1,000
1,492,000
124 1894
187 1910 1,000 &c 9,155.000
See text
1914
a Div.
1,000
217,000
1898
100 232,418,500
100 124,173,700
560,000
439 1887 1,000 &c
500 &c r 150634500
8.525 1895
500 &c t 5,943,000
8.525 1895
500 &c s45,403,000
8.525 1895
479 1903 1,000 &c 9,603,000
1,102 1908 1,000 &c 22,545.000
91 1915 1,000 &c 3,000,000
1905 1,000 &c 6,785.000

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

Miles Date
Road Bonds

Par
Value

%

fg

4g

When
Payable

Last Dividend Places Where Interestland
and Maturity
Dividends Are Payable

J & D June11960
See text
do
d ep tl 19&4
& A Aug 1962
do
Bk o f M ont, Lon & N Y
M & S Mar 1 1961
J & J Jan 1 1924 3% A Iselin & Co, New York
do
do
A & O Oct 1 1998
J & J
M & N
Q— J
M & N
J & J
M & S
M & N
M & N

Office, 437 Chestnut, Ph
July 1 1929
Union Tr Co, San Fran
N ov 2 1938
Metropolitan Tr Co, N Y
July 1 1995
Empire Trust C o, N Y
M a y l 1941
July '24-Jan ’34 New York Trust Co, N Y
See text
Sept 5 1925
So Pac Co 165 Bway.N Y
N ov 1 1924
M a y l 1950
do
do
Mar 1 1964

Central Un T rIC o, N Y
& J July 1 1928
Q —M June 2 1924 1H Checks mailed from'.N Y
& A Feb 1 1924 2H
do
do
5 Nassau Street, N Yj
& J Jan 1 1937
do
& O Oct 1 1995
do
do
July 1 1995
do
Nov
do
do
M & N July 1 1995
do
do
M & S Mar 1 1928
do
do
J & J July 1 1958
do
J & J Jan 1 1965
do
* do
J & D Junel 1955
do
J

5
5
4
4
4
4
4
4
4

g
g
g
g
g
g
g
g

F
J
A

“ r” & “ s” Also in treas. Dec. 31 ’22 o f “ r” $1,928,000; o f “ s” $296,0 00; o f “ t” $86,000.

ceived 2 % ; N ov. 1 1919 received 1% . V. 107, p. 1669; V. 109. p. 1792.
N o interest was paid to either the Railway or Terminal bondholders in
respect o f the years ended June 30 1920 and 1921, nor to the Railway bond­
holders 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 npw 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
R E PO R T .— For year ending June 30 1923, in V. 117, p. 2320:
June 30
Gross
Net
Deficit after
Years—
Earnings.
Earnings.
Bond Int.
$2,154,301
$37,998
$715,638
1922-23________________
1921-22.................................................... 1.722,949 def. 95.403
849,039
2.715.679
79,691
594.210
1920-21________________
Pres., R. Home Smith; Sec., Alex. Taylor, Toronto: Treas., J. M . Alton;
Com p., E. B . Barber, Sault Ste. Marie, Ont.— (V. 118, p. 1909.)
ALGOMA EASTERN R Y (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, Ltd.,
mortgage under Alzoma Central & Hudson Bay R y. 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 Oorp. 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; \ . 94, p. 1382;
V. 116, p. 1048.
R E PO RT.— For year ended June 30 1923 in V. 117. p. 1014. showed:
Net earnings. $194,398: interest and rentals. $237,921; net income, def.,
$43,523. Pres., G. A. Montgomery, 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, of bonds, taxes and
6% on stock. Uses B. & O from Butler to New Castle and Pittsburgh under a
trackage arrangement, making in all 144 m. V. 70, p. 849.— V. 106, p. 600.
ALLENTOWN R R .— Topton to Kutztown. Pa., 4.39 m. Stock, $1,268,884 (par $50), incl. $1,071,400 pledged under Reading Co. gen.M .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 Phila. & Read, and Cent, of N. J. (by assign­
ment from Lehigh Coal & Navigation Go.) at int. on bonds and 5% on
$450,000 stock (par $50) taxes and corporate expenses.
Bonds were extended from July X 19X9 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 10244 and Int.— (V. 50, d . 422; V. 108, p. 2628.)
AMADOR CENTRAL R R .— lone to Martell, Cal., 12 m. Stock, $400,000. par $100. M tge., see V. 88, p. 156. Year ending Dec. 31 1923. gross,
$65,696: def., after taxes. $570; bal. after int.,rentals. See., def. $18,655.
Divs. 1911-12, 6 2-3%. $25,000 from accumulated surplus, 1918 and 1919,
1% each yr. Pres., Meta J. Erickson, San Francisco.— (V. 88. p. 156.)
AMERICAN NIAGARA R R .— (V. 117, p. 1883.)
ANN ARBOR R R .— Owns from Toledo, O., to Frankfort, on Lake M ich.,
294 miles; operates car ferries between Frankfort, M ich., Kewaunee and
Manitowoc, W is., and Menominee and Manistique, Mich.
Owns capita] stock of Manistique & Lake Superior, Manistique, M ich.,
to Evelyn. 42 miles (with branch, 13 miles). V. 92. p. 1108; V. 107, p.
1844, 2156 V 106, p. 2194. 2410. Tentative valuation. V. 113, p. 1052.
STOCK, &c.— Common, $3,250,000: pref., $4,000,000: 5% non-oum.
par $100. Pref. stock cert., see issue Oct. 30 1897, d. 3.
V. 94. p. 205.
BONDS.— The company In May 1921 received authority to issue
$2,000,000 6% Impt. & Ext. bonds in lieu o f similar 5% bonds, and for per­
mission to retire $500,000 o f its outstanding $2,500,000 5% bonds.
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 and V. 114, p. 1764. Equip
trusts Series A, V. 118, p. 430, 1266.
Government loan. V. I l l , p. 1369: V. 112, p. 256, 371.
R EPO RT.— For calendar year 1923, gross oper. revenue, $5,602 575oper. income. $805,893: other income. $117,532; deductions, $843’416bal.. sur., $80,009. V. 117, p. 1460, 1552.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
DIR E C TO RS.— Newman Erb, J. S. Bache, F Kingsbury Curtis,
S. E. Summerfield, H. B. Blanchard, W . J. Wollman, all of New York;
M . A. Taylor, Boston: Frederick Hertenstein, Cincinnati; E. F. Blomeyer,
Toledo; W. D. Hutton. Pres., Newman Erb; V.-Pres., J. S. Bache and
E. F. Blomeyer; Treas., J. F. Cress; Sec., H. B. Blanchard. New York
office, 42 Broadway.— (V. 118, p. 2178.)
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
and side tracks owned. 9.02 miles. V 87.P .935. Capital stock. $1,000,000.
Bonds, $2,000,000 (111. State Tr. C o.. E. St. Louis, trustee). all held by
committee. A. T. Perkins, St. Louis, Chairman; S. N . Kirby, T . S. M offit,
W . O. Fordyce and Wm. E. Bates, which collects Interest only as earned.
M ar. 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. & Treas., St. Louis;
B. W . Eells, Asst. Sec. & Asst. Treas.. Port St. Joe, Fla.— (V. 104, p. 763.)
ARIZONA EASTERN RR. CO.— Owns Maricopa to Hassayampa, A riz..
74 miles; Bowie to Miami, Ariz., 136 m.; Cochise to Gleeson, 35 m.; Tempo
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 1923, $8,999,100 owned by Southern Pacific Co.
Calendar year 1923, gross, $3,699,759; net oper. income, $907,364; other
income, $116,595; deductions, $852,713; bal., sur., $171,256. For latest
earnings, see “ Railway Earnings Section” (issued monthly).— V. 118, p.
1266.)
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. d . 1143; V. 113, p. 69. 291.
ARKANSAS & MEMPHIS RA ILW A Y, BRIDGE & TERM INAL 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. Louia
Southwestern Ry., Chicago Rock Island & Pacific R y. and Missouri
Pacific R R .. which use the road under a 50-year operating agreement.
These roads jointly and severally guarantee the 1st M . bonds, prin. and in t.,
by endorsement. Of the $7,500,000 1st M . bonds, $3,750,000 are owned
by the three proprietary companies. Of the remainder $2,250,000 are in
the company’s treasury subject to the indenture of Dec. 21 1917. $3,(>03,000
are outstanding; $183,000 have been retired through sinking fund and
$1,500,000 are unissued. V. 108, p. 1721.
Pres.. W S. Martin; Sec. & Treas., Carl Nyquist.
ATCHISON & EASTERN BRIDQE.— Owns railroad and wagon bridge
at Atchison, Kan., connecting with the union station. Used by the A tch.
Top. & Santa Fe, the Chic. R. I. & P., the Mo. 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 1924
comprised 11,757 miles of railroad (tl,557 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 o f
Mexico. For operating purposes the 11,757 miles were divided as follows:
Panhandle & Santa Fe_______
853
Atchison Topeka & S. F ______8,9311
Gulf Colorado S Santa Fe -.--l,90 9| G ran d C an yon_______________
c
64
Also controls Jointly with Southern Pacific Co. (Northwestern Paciflo
R R .— which see &c.). 518 miles: Sunset Ry., 50 miles
V. 109. p 1987
The shareholders voted Oct. 25 1917 to acquire several subsidiaries.
V. 105. p. 908: V. 106. p. 2343. See V. 106, p. 2130.
In April 1915 the St. Louis Rocky M t. Sc Pacific R y., extending from Des
Moines. N. M .. west to Raton, with branches, 106 miles, was purchased for
$3,000,000 Rocky M tn. D iv. 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., toChlckasha. 133miles.was
leased for 5 years from Aug. 1 1914. with privilege of renewal for 5 years.
An option to purchase the $1,500,000 stock and $1,500,000 Income bonds
for $800,000 was exercised In 1917, about 80% of the $1,200,000 1st M tge.
5% bonds due Aug. 1 1934 being also acquired. V. 106, p. 2130. V. 98.
p. 1844; V. 99. p. 406; V. 101, p. 845.
In April 1921 was authorized to operate, pursuant to a lease dated April 7
1920, the Buffalo (Okla.) Northwestern R R ., which includes 51 miles of
road, extending from a point o f connection with its main line at Waynoka,
Okla., to Buffalo. V. 112, p. 1616. The stockholders in M ay 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 S Santa Fe R R . V. 116, p. 1759.
c
ORGANIZATION.— Organized Dec. 12 1895 under laws of Kansas, as
luccessor of Atch. T op. S S. Fe R R . C o., foreclosed. V. 60. p. 658.
c
STOCK.— The preferred stock has preference as to assets and non-oumulatlve dividends not exceeding 5% oer ann.
The company has applied to the Kansas P. U. Commission for permission
to increase the authorized capital stock by $100,000,000 to a total of $481,486,000. See V. 118, p. 2040.
uu.

\J 1 .

\J £ T

uu.

KJ4 .

UO.

Com. ( % ).........0
3 ^ 4 yrly. 4 X 6
~
2 5>4 6% yrly ( 1 %
Q-M )
5 yrly. 5
5
Pref. (% )......... 4 5
5 5
5 % y r ly (2 ^ % F & 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 8,525.70 m. of the system, with equip., terminals, &c.
The unissued gen. M . 4s have been reserved as follows: To retire under­
lying bonds, $2,004,960: for impts., &c.. $1,852,102; acquisitions of other
lines, $6,731,554; no longer available, $2,339,383
Adjust. (Income) Mtge. A bstract. V. 62, p. 739. Int. payable only if
earned up to 4% in each year, cumulative. Present issue limited to $51,728,000. but when the $30,000,000 gen. 4s auth. for improvements as above
have been issued, $20,000,000 additional adjustment 4s may be issued for
the same purpose at not exceeding $2,000,000 in any one year, but only by
a majority vote of the adjustment bondholders. Interest— In N ov. 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 20 1915. V. 87, p. 479, 878.

M ay , 1924.]

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6J
A tch ison T opeka & Santa Fe Ry {Con.)—
Bonds convertible till June 1918 red (text)G.xc*&r*
Bonds convertible till June 1923 red (text)G.xc*&r*
Hutchins & So 1st M g red 105 since 1908-.OB.zc*
San Fr & San Jo VaJ 1st M g call 110 aft 1915-Ba.zc
Santa Fe Pres & Phoenix 1st M g __________ Ba.zc*
Prescott & Eastern 1st M guar____________ Ce.zc*
Cal-Ar L lst& ref M $50,000,000 g red 110-G.xc*&r*
A th e n s Terminal Co— 1st M gold redeem 105--N.xc*
Atl Birm & Atl— Atl & B 1st M red 110_____OB.xc*
First & ref M $15,000,000 g call (text).Eq.yyc*& r*
Income M 5% n-c $5,200,000 call par & int.C ol.yc*
A tlanta & C harlotte Air Line— Stock (see text)----1st M $20,000,000 (.$5,500,000 ser A 4)^)Ce.ye*&r*
A tlanta Knoxville & Northern R v— See Louisville &
Atl & St And Bay— 1st M $500,000 g red par____ c*
Second mtge ($500,000 authorized) ______________
A tlanta Term’ l— 1st M $2,500,000 ser A g.G.xxxc*&r
A tlanta & West P oint— Stock $2,464,400 auth
A tla n tic C ity— IstM ggucall 105 M ay’24 GuP.xxxc*
Atlantic City purchase money real estate m tge.GP.x
Sea Coast prior lien mortgage gold ______________ x
1st cons mtge $4,500,000 gold guar _ ---------- GP.x
A tla n tic Coast Line Co (C on n )—-Stock (s^e text)
Certif of indebt inc non-cum $5,000,000 SBa.zr
do Class B red 105 after Nov '20 (V 89.p 1666).z
do redeemable at nar since 1 0 1 0 __
_z
A tla n tic Coast Line R R — Stock common ttext) . .
Class “ A” com stock tax exempt (Rich & Pet ctfs)..
Preferred stock 5 % (V 75, P 1252' _ . _ -------------Coll tr M gold secured by L & N stk red 105.xc*&r*
General unified mortgage________________ Us.c*&r*
do
do
series B __________ Us.c*&r*
Conv debs $23,562,500 red 105 aft M ay ’ 16.SBa.xr
Secured gold notes redeemable text_________ c*&r*
Certificates o f indebtedness (new)_______________ z
Equip trust No 4, due $395,300 annually--------------do
No 4-A, due $30,000 annually----------------do
Series D, due $300,000 yearly--------- SBa
t Further $17,012,683 4J^s in treasury and $10,000,

Par
Value

1909 $1,000&c
1910 1,000 &c
1898
1,000
1896
1.000
1892
1,000
1898
1,000
1912
$ & £
1907
1,000
337 1904
1.000
1,000
637 1915
637 1915
1,000
263
100
263 1914 1,000 &c
Nashv ille
1,000
82 1908
82 1914
4.912 1919
1,666
100
93
1,000
_81 1900
_ 1889
1,000
68 1898
All
1901
1,000
50
100 &c
1897
1900
100 &c
100 Ac
1905
100
__
100
__
100
1902 1,000 &c
4,423 1914 1,000 &c
4,423 1914
1909 1,000 &c
500 &c
1920
100 &c
1902
1920
1920
_ 1921
1,000
000 pi edged Dec. 31
141
375
195
26
804

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 . 8 2 ,p 391,867. The 4s of 1909 were convertible into com . stock at par to
June 1 1918. V. 88. p. 1435,1559. The 4s of 1910 were conv. Into com. stock
at par to Junp 1 1923. Y. 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
Cdll&bls

110

The California-Arizona Lines 1st and Ref mtge of 1912 ($50.000,000auth.
Issue) of which *18.521,284 414s are outstanding covers 804 miles of
road. Including the line from Needles to M ojave, 242 miles, which was
acquired from the Southern Pacific Co., on which there are outstanding
$4,127,500 Sou. Pao. bonds due Nov. 1 1937
The latter also cover over
1,000 miles of Sou. Pao. Co., which has agreed to indemnify the Cal. Ariz
& Santa Fe Ry against any olaim on account thereof
Of the remaining Cal.-Arlz. bonds, $26,297,117 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 ref and the
anaeriylng bonds, $4,940,000 Santa Fe Prescott & Phoenix 5s, $224,000
Prescott A Eastern 5s and $3,000 on the line from Goffs to Ivanpah. Cal..
45 rnllms V 94 o 649 696- 766' V 95 n 543
Of the Rocky M tn. 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
M tn. & Pac. C o., Des Moines to Raton, N . M ., &c., 91 miles. The re­
mainder may be issued for extensions. V. 100, p. 1593; V. 102, p. 250.
R E PO R T .— For 1923, in V. 118, p. 2062, showed:
1921.
1923.
1922.
$
Operating Revenues—
$
$
F reigh t____________________________ 166,332,196 158,026,370 160,217,450
Passenger__________________________ 52,918,570 48,644,529 52,594,551
Mail express & miscellaneous________ 19,432,970 18,453,645 16,113,069
1,165,608
Hire of equipment— credit balance_
_
1,760,908
892,713
590,104
618,732
596,363
Joint facility rent income___________
Total revenue____________________ 241,063,376 226,613,621 230,680,782
f l 1 1 T) n

/f! 1*71p m c p e------

Maintenance of way and structures-_ 33,621,546 36,183,241
Maintenance of equipment_________ 57,605,367 51,069,933
T raffic_____________________________ 4,216,341
3,900,057
Transportation—rail line___________ 73,590,674 71,122,570
Miscellaneous operations___________
77,472
180,004
General expenses___________________
5,036,334
5,003,918
Transportation for investment— Cr__ 1,071,467
555,345
Total expenses___________________ 173,076,268 166,904,378
Net railway operating revenue______ 67,987,108 59,709,244
Taxes______________________________ 20,316,491 18,395,512
112,187
68,693
Uncollectible railway revenues______
Joint facility rents__________________ 1,196,159
1,241,637
Net railway operating income_____ 46,362,271 40,003,402
Non-Operating Income—
Credit canceling equalization reserve
set up during4 mos. end. D ec.31 '20
______
______
Adj. o f comp, under Fed. control contr’t
______
______
Income from lease o f road__________
189,809
179,386
Miscellaneous rent income__________
440,126
368,531
Miscell. non-oper. physical property.
141,703
119,280
Dividend income___________________ 2,507,733
3,141,733
1,762,726
Income from funded securities_______ 2,631,532
Inc. from unfund, securities & a ccts.. 1,449,137
1,002,448
Inc. from sink. & other reserve funds.
45
77,577
Miscellaneous income credits________
144,183
71,706
Gross income____________________ 53,866,541 46,726,789*

31,734,122
52,472,941
3,748,700
80,283,618
63,053
5,425,602
510,120
173,217,915
57,462,867
14,836,268
77,318
1,280,973
41,268,307

Rent for leased roads_______________
13,073
Miscellaneous rents_________________
166,403
Miscellaneous tax accruals__________
54,480
Interest on funded debt____________ 11,323,743
Interest on unfunded debt__________
115,992
Miscellaneous income debits________
105,047
Preferred dividends_________________ 6,208,685
Common dividends_________________ 13,909,245
Appropriation for fuel reserve fu n d ..
--------Calif .-Arizona I.ines bonds sink, fund
17,896
S. F. & S. J. V. Ry. Co. bonds sk. fd .
26,897

14,929
158,098
225,828
11,953,002
421,977
244,412
6,208,685
13,518,420
77,480
16,862
25,200

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

2,612,564
3,175,147
208,742
459,797
138,873
1,291,646
2,284,131
634 ,9 1 9

81,343
194,438
52,349,909

Balance, surplus_________________ 21,925,078 14,455,363 19,485,014
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. C. Doming, Compt.; E. L. Copeland,
Sec. & Treas.; C. K. Cooper, Asst. Treas.; J. W. MacLachlan. Asst. Sec.
DIRECTO RS.— Charles Steele, Edward J. Berwind. Henry S. Pritchett
Myron O. Taylor, Ogden L. Mills, John W . Davis, W . O . 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 Blvd., Chicago.— (V. 118, p. 2178.)
ATHENS TERMINAL CO.— Owns freight terminals and approaches in
Athens, Ga. Stock, $25 900, equally owned by Seaboard Air Line and
Gainesville Midland, which agree to pay operating expenses and interest
charges in proportion to tonnage used. Bonds ($250,000 auth. issue), see
table above. Pres. S Treas., Gordon C. Carson, Savannah, Ga.; Sec.,
c
W . B . Veazey, Gainesville. Ga.
ATLANTA BIRMINGHAM & ATLANTIC R Y . CO.— Owns Bruns­
wick, Ga., to Birmingham, Ala., 455 m .; Sessoms to Waycross, Ga.,26 m .;
Fitzgerald to Thomasville, Ga., 80 m.; Atlanta to Manchester, 76 m.
total, 637 m. See V. 103, p. 405- Proposed extension from Waycross,
G a., to Jacksonville, Fla., 75 miles. V. 104, p- 2116.




9

RAILW AY STOCKS AND BONDS
Amount
Outstanding

Rate
%

$1,190,000
4g
526,000
4g
192,000
5g
5.891,000
5g
4,940,000
5g
224,000
5g
18,521.284
4^ g
200,000
5g
4,090,000
5g
See text
text
4,5*13,907 See text
1,700,000
9
20.000,000 4 ^ & 5
425,000
6g
425,000
6
1,000,000
6g
2,463,000 See text
2.200,000
5H g
75.000
350,000
5g
1,851,000
4g
8,820,000
12
5,000,000
5 cur
4
61,800
1.081.300
4
67.586,200 See text
1.000.000 See text
196,700
5
35,000,000
4g
t22,920,000
4H
100,000
4
4,444,830
4
6,000,000
7g
135,100
4
4.348,300
6
330,000
6
3.600,000
6X g
1923.

When
Payable
J
J
J
A
M
A
M
J
J
M
M
M
J

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

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

D Junel 1955
D Junel 1960
J Jan 1 1928
<) Oct 1 1940
S Sept 1 1942
() Apr 1 1928
s Mar 1 1962
J July 1 1937
J Jan 1 1934
N Nov 1 1945
S Nov 1 1930
s Mar 1924,4
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
Sept 1920 int deferred
U S M tge & Tr Co, N Y
Central Un Tr Co, N Y

Atlanta Cen Bk & Tr Corp
A & o Oct 1 1938
J & J June 1 1940
do
do
Guaranty Trust Co. N Y
F & A Aug 1 1939
J (fe D June 30 ’24,3
Atlanta, Ga
Reading Terminal, Phila
M < N M ay 1 1929
fe
A (fe O Apr 1 1930
do
do
do
do
A (fe o Apr 1 1948
do
do
J & J July 1 1951
Baltimore
O— M See text
J (fe n Irredeemable
J
j
.T (fe j Jan 1 1925
J & ,i July 10 1924.4 H Treas Office, Wilm, N O
do
do
J (fe j July 10 1924,414
do
do
M & N May 1924
• P Morgan & Co, N Y
T
M & N o c t 1 1952
United States Tr Co, J ¥
N
J & D June 1 1964
do
do
J (fe D June 1 1964
Treas office, Wilm’n, N C
M & N Nov 1 1939
J P Morgan & Co, N Y
M&N 15 M ay 15 1930
Treas Office, Wilm, N C
M (fe N Irredeemable
J (fe J To Jan 15 1935 Guaranty Trust Co, N Y
do
do
J & J To Jan 15 1935
&
F < A To Feb 1 1936 J P Morgan & Co, N Y

Pres. B. L. Bugg was appointed receiver on Feb. 25 1921. V. 112, p. 931.
In July 1921 Albert G Foster, Madison, Ga., was appointed special master
In receivership. In March 1921 was authorized to borrow $125,000 to pay
past due wages. V. 112, p. 1398. Wage decision, V. 112, p. 1739. Ten­
tative valuation. V. 113. p. l052. Foreclosure suit filed. V. 114, p. 1177.
ORGANIZATION.— On Jan. 1 1916 succeeded to foreclosed properties
of the A. B. & A. RR. Co., Georgia Terminal Co. and Alabama Terminal
R y., per plan in V. 101, p. 2143. Valuation, V. 103, p. 1887; V. 117, p.1235.
Government loan, V. I l l , p. 492.
ST O C K .—$30,000,000 In $100 shares was underwritten at $12 a share
*o discharge equipment obligations ($1,266,366), <& V. 102. p. 344, 885.
c.
BONDS.— First and Refunding Bonds.— When Issued will be a first
nortgage on 336 miles o f 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 S Birmlngc
aam Ry. $4,O9O.O0O 1st 5s due 1934. (6) For future Improvements, ex­
tensions and acquisitions under restrictions. Int. rate to be fixed at time of
Issue, not to exceed 6% . V. 103. p. 405. Callable at 110 & Int. N ov. 1920
to 1925- at 105 S Int 1925 to 1935, and thereafter at 10214
c
On Dec. 31 1923, $405,000 First & Ref. Mtge. bonds had been issued,
$420,000 had been pledged and $599,000 were in treasury, and $295,000
and $400,000 incomes pledged to secure notes of $200,006
Income Bonds.— Entitled to non-cum. interest (paid semi-annually)
at such rate, not exceeding 5% per annum, as may be declared.
(V. 101. p. 2143).
The mortgage provides that net Income, as de­
fined by the I.-8. Comm. Commission, aiu available for that purpose, shall
be so declared by the Board. The board may, however, reserve 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 tne 15-yr. 5% 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 244 % from earnings;
Mar. 1917 to Mar. 1918 incl., 244% (s.-a.) was paid on the Incomes; on
Jan. 12 1920 interest was paid at the rate of 5% per ann. on the coupons
due Sept. 1 1918, Mar. 1 1919 and Sept. 1 1919. V. 110, p. 260. Mar. 1
1920 paid 244%- Sept. 1 1920 interest was deferred. V. I l l , p. 989.
In view of the default on the Atl. & Birm. 1st mtge. bonds, a protective
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. Wyeth, Sec., 17
Court St., Boston; depositaries, Old Colony Trust Co., Boston, and Farmers
Loan & Trust C o., New York (V. 113, p. 2718; V. 115, p. 72.)
As to Atl. & Birm. R y. $4,090,000 1st M . 5s, see V. 80, p. 710, 115;
V. 113, p. 2503.
Equipment trusts ($917,000) issued to Director-General for rolling stock
allocated to this company. See article on page 3 and V. 114, p. 1061.
U. S. Govt, long-term notes due $20,000 annually to 1930, $180,000.
RE PO RT.— For year ending Dec. 31 1923, showing:
Calendar
Gross
Net, after
Other
Interest,
Balance,
Year—
Earnings.
Taxes
Income.
Rents. &c. Sur.orD ef.
1923________$4,638,689 def$86.968
$87,514 $397,298 def$396,752
1922________$4,017,228 df$379.662
$79,850 $393,258def $693,070
$82,911 $386,873def$2,001,391
1921............. ..$3,201,634df$l,697,430
For latest earnings, see "Railway Earnings Section” (issued m onthly).
DIR E C TO RS.— Brooks Morgan, B. L. Bugg. W. W. Banks, T . K.
Glenn, J. L. Edwards and W . E. Paschall, of Atlanta; A. H. Woodward,
Birmingham, Ala.; Galen L. Stone, Boston; Percy R . Pyne and George C.
Clark Jr., N. Y . City; W. G. Brantley, Washington, D. O.; F. D. M .
Strachan, Brunswick, Ga.; W. C. Vereen, Moultrie, Ga.
P r e s .,__________ ; V.-Pres.. J. L. Edwards; Treas., W . E. Paschall.
Sec., A. V. B. Gilbert.— (V. 117, p. 1235.)
ATLANTA & CHARLOTTE A IR LINE R Y — Owns Charlotte, N . O ..
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 of a maximum of 7 % , de­
pendent upon gross earnings, the Southern R y. 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 o f
double-tracking, &c. V. 104, p. 1044. V. 102, p. 1058, 1162; V. 101.
p. 286, 368; V. 103, p. 577, 664.
Pres., C. S. Fairchild, 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 of Mexico, 82 miles. Stock auth., $1,000,000; outstanding, $300,000; par, $100. Central Bank & Trust Oorp. of
Atlanta, trustee of first mtge. V. 98, P- 391, 1460; V. 88, p. 685; V. 83, p.
270. G ov’t award, V. 112, p. 256. For year ending Dec. 31 1922, gross,
$271,021; net, after taxes, $48,097; other income, $143,173; interest and
rentals, $69,672; bal., sur., $121,598. Pres., Minor O. Keith; Sec., H. H.
Hanson, both of New York.— (V. 115, p. 72.)
ATLANTA TERMINAL CO.— Owns union passenger station opened
M ay 14 1905, with approaches, used by Southern R y., Central o f Georgia
R y., Atlanta & West Point R R ., Atlanta Birmingham & Atlantic R y. and
Seaboard Air Line R y. Stock, $150,000, owned in equal proportions by
the first three companies named. The stock receives 4% p. a., payable
Mar. 1 of each year, charges and expenses being paid by the five using
companies on car basis. The $1,000,000 Series “ A ’ r 6% bonds are guaranteen p. & i. by the three companies owning the stock. They were issued to

10

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

A tla n tic Coast Line R R (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 O 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 W eldon)____z
69
Richmond & Petersburg consol mtge gold--C e.xc*
27
Wilm & Weldon gen M ($938,000 are 4s) g--S B a.zc*
479
Wilmington & 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 M ontg). -Mp.xc
174
_____ - -AB.zc*
244
A tlan & Danv— 1st M $4,425,000 g Int rent- - Ba.xc*
278
Second mortgage $1,525,000 gold int rental. _ Eq.xc*
278
_
A tla n tic & North Carolina— Stock $ 1 ,8 0 0 ,0 0 0 -_
—First mtge gold b o n d s .___ ____ _________________
A tla n tic Q uebec & W est— 1st M callable 110___ c*
—
Atlan & West— 1st M $1,500,000 g red 105 -FBa.c*
24
A ugusta & Savannah— Stock 5% rental Cent of Ga.
53
A ugusta S outhern— See Georgia & Florida Ry.
A ugusta Union S tation— First M $250,000 g-SBa.x
--A ustin & N W — See Houston & Texas Central
Avon Geneseo & Mt Morris RR— Stock (see text)-17.7
B altim ore Chesap & A tlantic— 1st M gold-Mp.zc*
88
Balt & Cum b Vail Rv— See Western Maryland Ry
B & C V RR Exten— Stock gu ($270,000 carries 7% )First mortgage interest rental . ____
_ MeBa
26.5
Bait & Harrisburg Ry— See Western Maryland Ry

Par
Value

Amount
Outstanding

Rate
%

[V ol.

When
Payable

1902 $l,000<fcc x50.863.000
4g M &
1883
1,000
657,000
6g J &
1898
1,000 5,047,000
4g J &
1881
1,000
868,000
5g J &
1881
1,000
800,000
6g A &
1890
1,000
300,000
4^ g A &
1885
1,000 4,000,000 4 g & 5 g J &
1897
1,000
F &
106,000
4g
1889
1,000 1,314.000
A &
5g
1,000
1896
400,000
5g J &
1884
1,000 6,500,000
A &
1886
1,000 1,500,000
7g J &
500 &c 1,407.000
1888
4 g J &
1,000 2,800.000
1888
5g M &
Florida 4 g J &
1,000 2,418,000 Southern first
1895
1900
1,000 3,935.000
4g J &
1,000 1.525.000
1904
4g ’ J &
100 1,797.200
J &
3
1922
325.000
6g J &
£100 2,548,675
1905
Text J &
5
1919
500 &c
1912
303,000
5g M &
100 1.022.900
J &
5

118.

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

United States Tr Co, NY
S July 1 1952
United States Tr C o,N Y
J Jan 1 1933
Safe Dep & Tr Co, Balt
J July 1 1948
M erchNatB k.R ich.d.V a
J July 1 1926
do
do
O Oct 1 1926
Brown Brothers, N Y
O Apr 1 1940
First Nat Bk, N Y,&Balt
J July 1 1935
A Aug 1 1947
Safe Dep & Tr Co, Balt
Central Union Trust ,N Y
O Apr 11939
Safe Dep & Tr Co, Balt
J Jan 1 1946
United States Tr C o,N Y
O Apr 1 1934
do
do
J Jan 1 1936
J Jan 1 1938
do
do
Metropolitan Tr Co, N Y
N Nov 1 1928
mtge gold 1945
United States Tr Co, N Y
J Jan 1
Bankers Trust Co, N Y
J July 1 1948
Equitable Trust Co N Y
J July 1 1948
J Jan 1924
1H Check from Co’s Office
J July 1 1942
J July 1 1935
See text
1949
Fidelity Trust Co, Balt
N May 1 1952
J Jan 1924
2)4 Savannah, Ga

1903 1,000 &c

225.000

4g

J

100
1,000

225,000
1,250.000

3)4
5g

J &
M &

J Jan 1 1924 1H Erie Railroad, New York
S Sept 1 1934
See text

50
1,000

390,600
230.000

5&7
6

J
J

J Jan 1 1924
J July 1 1931

1894

__

1881

&

&
&

J July 1 1953

Safe Dep & Tr^Co, Balt

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

x Further $388,000 in treasury Dec. 31 1923 and $75 ,000 p ledged

retire the SI,500.000 1st mtge. 4s, due July 1 1953. Secured on entire
terminal property. V. 109. p. 577. 1271. President. R. B. Pegram.—
(V. 105, p. 2093; V. 107. p 904: V. 109, p. 470. 577. 271.)
ATLANTA AND WEST POINT RR. CO.— Atlanta, Ga.. to West
Point, Ga., 93.19 miles. The Georgia Railroad & Banking Co. owned
$936,i00 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 1924
paid 3 K % .
Year ended Dec. 31 1923, gross, $2,959,513: net, $193,932; other income,
$249,729: interest, rentals, $394,627; divs. (6% ), $147,816; bal., sur.,
$201,217. V. 118, p. 2178. For latest earnings, see “ Railway Earnings”
Section (issued monthly). Pres., C. A. Wickersham. Office, Atlanta,
Ga.— (V. 118, p. 2178.)
ATLANTIC C ITY R R .— Camden to Atlantic City, 58.23 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, 169.82 miles. V. 72. p 1278.
STOCK.— Common, $2,625,000; pref., $1,000,000 (par $50). Reading
Oo. 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:
$1,200 “ B " 5s.
The 1st 5s due M ay 1 1919 were extended at 514% interest until M ay 1
1929 (subject to call at 105 on and after May 1 1924), and unconditionally
guaranteed, principal and interest, by the Reading Oo
V. 108. p. 1721
For 1923, gross, $4,850,619; net, oper. income, *322,701: other income,
$92,940: interest, rentals, &c., $787,127; bal., def., $371,486.
For latest earnings see “ Railway Earnings Section” (issued monthly).
ATLANTIC COAST LINE CO.— Organized May 29 1899 in Connecticut
and owned June301923 $19,930,827 common stock and a large amount of
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 oertincates 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
distributed as a 100% dividend (V. 67. p. 954). and In 1900 $10,000,000 4%
eertlfloates of Indebtedness (including $2,500,000 of Atlantlo Coast Line
SR. Co.) as a 100% dividend. (V. 71, p. 697: V. 73. p. 493.)
CASH
r02. ’ 03. ’04. *08. *06. ’07. '08. '09. '10. ' l l . '12 to
1923
DIVS— % few 8
8
9 10 10
8
9 10 10
12 vrly (3 O-M )
RE PO RT.— For year ending June 30 1923, in V. 117Lp. 1771, showed:
IQOO.OQ
1Q91-99
1922-23.
1921-22.
Total credits-$1,891,561 $1,787,985 Divs. (12%)-.$1,058,400 $1,0587400
481,565
390,429
Total deduc’ns 351,596
339.157 Bal. over divs.
Net incom e-. 1,539,965 1,448.829 Tot.p.&l.surp. 16,297.620 15,8^4.588
Pres., H. Walters: Sec., R. D Oronly; Treas., J. J. Nelligan. Office,
Bridgeport, Conn.— (V. 117, p. 1771.)
ATLAN TIC COAST LINE RR. CO.— (See M ap.)—-Operates from Rich­
mond and Norfolk, V a., 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 o f Norfolk, Va.; Wilmington, N. C.; Charleston,
' d
S. O.; Savannahian Brunswick, G a., 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 tmmokalee_____ 126
Norfolk, Va., to South Rocky
M ount_____________________ 115 Sylvan Lake near Sanford to
St. Petersburg, Fla_________ 145
Oontentnea to Wilmington----- 105
Palatka, Fla., to Brooksville_
_ 145
Wilmington, N . C ., to Pee Dee
Junction___________________
97 Milldale, Fla., to Perry_______ 163
Florence, S. O , to Augusta, Ga. 167 Branches, &c_________________ 1,817
Stunter to Columbia__________
45 Leased—
Central RR. o f So. Carolina—
Yadkin Jet. (Wilmington,N.O.)
40
to Sanford_________________ 116 Lanes to Sumter, S. O ______
12
Waycross, Ga., to Folk;ton, Ga.
34 Other lines----------------------------Jesup, Ga., to Montgomery,Ala. 355 T ot, miles oper. Dec. 3l 1923.4,866
Also owns one-sixth interest in the Richmond-Washington Oo. Leases,
Jointly with the Louisville & Nashville R R ., the Georgia R R ., 571 miles.
Joint lease o f Carolina Clinchfield & Ohio R R ., V. 116, p. 2881.
In 1918 opened a line from Sebring, Fla., to Moore Haven, 59.70 miles.
V. 103, p. 577. 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 Bradentown, Fla., was completed and placed in
service. V . 105, p. 2457. Prooerty operated by agreement with owner,
James River to Acca (R. F. & P. RR ). 3.56 miles.
ORGAN IZATION .— On April 18 1900 absorbed by consolidation (V. 70
p. 840, 893), Wilmington & Weldon R R ., Atlantic Coast Line RRs. or S. C.
and Va. and Norf. & Car. R R . On April 10 1902 absorbed the Savannah
Fla. & Western R y. Co. The St .Johns & Lake Eustis Ry. Co. was merged
June 12 1902. Florida Southern and Sanford & St. Petersburg were merged
April 1903. V. 76. p. 918, 971. Jacksonville & South Western was merged
July 28 1904, the Winston & Bone Valley R R . Co. Feb. 18 1909, and the
Conway Coast & Western R R . Co. on July 1 1912. In Oct. 1913 the rail­
road o f the Sanford & Everglades R R . Co. was purchased by and conveyed
to this company. In July 1922 acquired control o f the Rockingham RR.
V. 115, p. 307. The Atlantic Coast Line Co. (of Conn.) June 30 1923
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 o f the $60,000 000 Louisville & Nash.
R R . stock and in 19l3 an additional $6,120,000. On M ay 1 1923 the L.&N.




paid, a stock div. of 62 5 % , increasing this company’s holdings to $59,670,ts
099. On Dec. 31 1923 this $59,670,000 stock was on deposit along with
$306,000 stock of Louisville Property C o., as security for the company’s
$35,000,000 collateral trust 4s of 1902. V. 75, p. 733, 792, 905; V. 79, p. 785.
The L. & N. on M ay 1 1923 paid a stock div. of 62 H % •
!
STOOK.— \ti. Coast Line of Va. class A (Rich. & Pet. otfs.) tax-exempt
cock was as-m ned as so much of the oom. stock of the new companv
DIVS. (% )—
’06. ’07. ’08. ’09. TO. ’ l l . ’ 12-T4. T5. T6. T7- ’ 23.
Com. (incl. Cl. A .) - - 6
6
5M 6
6 7 yrly 5
5
7 Yrly.
Paid in 1924: Jan. 10, 3 f$ % ; July 10, 3 H % and 1% extra.
___
V. 81. p. 1558. I) Includes 3% paid in Jan. in Atlantic Coast Line RR.
4% certificates of indebtedness.
BONDS.— In April 1914 the Unified Mortgage of 1909 was closedand
> new $200,000,000 GeneralUnified Mortgage was made permitting (unlike
he mortgage of 1909) the issuing of bonds in series at various rates o f interest
'‘he old Unified 4s held by the R R . Oo. and the Atlantic Coast Line Oo.
$21,330,000 and $3,008,000) were exchanged at once for new Series A
m s , $ for $. V 98. p. 761. 1070, 1154, 1243; V. 100, p. 1916. Listing,
<ee V. 103, p. 2237. The Unified Mtge. was cancelled in 1920. V . 110.
p. 2386- Of the $58,670,125 general unified bonds issued to Dec. 31 1923,
$23,020,000 were on that date in hands of public ($22,920,000 at 4 %
and $100,000 at 4% ) and $17,012,683 at 4!^ % and $8,637,441 at 6% were
held in the treasury, while $10,000,000 4J^s were pledged as collateral.
V. 106, p. 2235.
Purposes for which the $200,000,000 General Unified Bonds were or are issuable.
I‘■■suable as Series A 4
to refund $30,847,484 Unified 4s______ $30,847,484
Reserved to retire 4% certificates o f indebtedness, pref. stock
___
and debenture bonds______________________________________ 4,963,960
Reserved to retire underlying bonds__________________________ 84,438,750
Reserved (along with any bonds not issued to retire certificates
of indebtedness) for future construction, improvements, &C- . 79,749,806
The 10-year secured notes of 1920 are redeemable on and after M ay 15
1923 at 100 and iat. plus a premium of 1% for eacn year to maturity. Se­
cured by pledge of $10,000,000 Gen. Unified 444s. 1964. V. 110. P- 2075
The 4 % convertible debentures are redeemaole at 105 and were con­
vertible into common stock at $135 a share to Jan. 1920. V. 97, p. 1513.
As to the $35,000,000 collateral trust 4s of 1902, see “ Organization '
above. They are subject to call at 105 in amounts not less than $100,000
The Washington & Vandemere 444s ($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 stmA
allocated to this company. See article on page 3 and V. 113, p. 1359. 1469.
R E PO R T .— For 1923 showed:
1923.
1922.
1921.
1920.
Gross receipts_________ $80,882,311 $70,823,345 $66,730,768 $74,121,956
Oper. exp., taxes, & c_-- 65,335,886 56,390,321 61,150,483 72,246,736
Net earnings________ $15,546,425 SU),433,024 $5,580,285 $1,875,220
Federal compensation_
_
________
________
________
1,684,187
Other income__________
1,762,238
1,686,096
1,668,685
8,802,972
Divs,,Incl.L.&N stk.(7%) 3,222,087
3,221,772
2,754,425
2,890,384
Gross income________ $20,530,750 $19,340,892 $10,003,395 $15,252,783
Interest oq funded debt. $6,042,286 $6,042,237 $6,042,237 $6,028,525
Other In terest-.............
988,508
1,033,576
1,142,766
902,541
Rentals, &c__________
702,883
661,005
1,027,824
431,153
Preferred divs (5 % ). 9,835
9,835
9,835
9,835
Common dividends (7% ) 4,731,034
4,731,034
4,731,034
4,731,034
Divs. R. & P. “ A ’ stock
70,000
70,000
70,000
70,000
$6,793,205def$3020,300 $3,079,692
. surplus_____$7,986,204
earnings, see “ Railway Earnings Section" (issued monthly),
OFFICERS.— Chairman, Henry Walters; Pres., J. R . Kenly; Exec.
V.-Pres.. Lyman Delano: V .-P., R. A. Brand; V .-P. & Gen. Counsel.
Geo. B. Elliott; V.-P. & Gen. M gr., P. R. Albright; V .-P. & Sec., Herbert
L. Borden; V .-P ., T . F. Darden; Treas., John T . Reid; Oomp., H. O.
Prince.— (V. 118, p. 2436.)
ATLANTIC & DANVILLE R Y . CO. (T H E )— West Norfolk to Dan­
ville, V a., 205.1 miles; three branches, 22.25 miles; James River Jet.to Clare­
mont (3-ft. gauge), 50.36 miles: total, 277 miles. Leased to Southern Ry.
from Sept. 1 1899 to July 1 1949 for taxes, repairs, maintenance and cash
rental sufficient to cover Int. oharges, with privilege of renewals for terms of
99 years. In addition the Southern R y. agrees to pay the same rate of divi­
dends on com. stock as paid on Its own com. stock. V.71,p.447: V.79,p.625.
Suit to enforce provisions of lease, V. 95. p. 1606.
BONDS.— Of the $4,425,000 4s of 1900, $500,000 oan be Issued only for
Improvements upon request of Southern R y.. Interest charges to be covered
by increased rental.— (V. 89. p. 1410; V. 95. p. 1606.)
ATLANTIC & NORTH CAROLINA R R .— Morehead City to Golds­
boro, N. C., 96 miles. State of North Carolina Aug. 1917 owned $1,266,500
of $1,797,200 stock. V. 96, p.862 1088. Leased from Sept. 1904 to Jan. 1
1996 to Atlantic & North Carolina Co. (the lease being later transferred to
Norfolk Southern R R .) for int. on bonds, taxes, &c., and divs. at 3% for 20
years, then increasing H % every 10 years till 5% is reached; thereafter 6 % .
DIVS.— 1893. 1894 1895 1896 1897 1898 1899. 1900-04. Underlease
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
new 20-year bonds were sold to take place of same. V. 115, p. 2683.
Pres., Ernest M . Green; Sec. & Treas., W . Stamps Howard.— (V. 117.
p .781 .)
ATLANTIC QUEBEC & WESTERN R Y .— Paspebiac to Gaspe, Que­
bec, 102?i miles; trackage, 154 miles. Stock. $2,000,000 In $100 shares.
The Interest due July 11917 on 1st M . 5% debenture bonds was not paid,
and the bondholders agreed to forego all Interest during the war except
In so far as earned. See V. 105, p. 1616, 2007; V . 91, p. 1253. Unpaid

M

a y

,

1924.]




r a il w a y

stocks a n d

bonds

11

12

RAILW AY STOCKS AKD BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6J
Baltim ore & O hio— Common stock $210,250,000___
Pref stock 4% non-cum authorized $60,000,000___
Prior lien mtge gold (closed) not call_ Ba.xc*&r
_
First M gold red at 105 after July 1 9 2 3 ..Us.xc*&r
Southw Div 1st M $45,000,000 g - - _ Fxc*&r
_
Pitts June & Mid Div $20,000,000 1st M g.Ce.xc*&r
P L E & W V Sys ref g red 100 after 1925 Un.xc*&r
Convertible bonds redeemable (text) _.Ce.xc*&r*
R ef & gen M Ser A g (call, all 105 beg ’25)yG.c*&r*
Toledo-Cincinnati Div Ser A call 102)4 - Ba.yc*&r*
Secured gold bonds call 102 )4 (text) - - Usm .xxxc *&r*
Morgantown & Kingwood RR 1st mortgage_______

Miles Date
Road Bonds
1,091
1,664
920
380
1,628
4,502
Text

1898
1898
1899
1898
1901
1913
1915
1917
1919
1905
1920
1920

Par
Value

Amount
Outstanding

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$100 $151945429 See text
Text June 2 1924 1)4 Co’s office, 2 Wall St, N Y
4
100 58,863,181
do
do
Q —M June 2 1924 1%
500 &c 74,909,725
do
do
3)4 g J & J t July 1 1925
500 &c 81,995,100
A S Oil July 1 1948
c
4g
do
do
500 &c 44,991.090
do
do
3)4 g J & J1I July 1 1925
500 See 66,124,500
c
N ov 1 1925
do
do
3)4 g
1,000 42,980,000
c
4 g M S N N ov 1 1941
do
do
500 &c 63.250,000
c
do
do
4)4 g M S S Mar 1 1933
c
60,000,000
do
do
5 g J S D Dec 1 1995
166 &c 10,985.200
c
Co’s office, 2 W all St, N Y
4 g J S J July 1 1959
1,000 35,000,000
6
J S J July 1 1929
c
New York
500 &c 1,459,500
Davis Tr C o, Elkins, W Va
5
J & J Jan 1 1935
S
6
M
9,000.000
Washington, D C
6
A
o
2,900,000

Underlying Toledo A Cincinnati Div. Mtge.—
Cin Ham & Dayton 2d (now 1st) mjge gold.-F xc*
1.00C 2,000.000
60 1887
1.00C 3,000,000
_ xc*
_
60 1892
General mortgage $7,800,000 gold $& £
C H & D R y 1st & Ref M , part guar Ba.xc*&r*
All 1909
39,000
1.00C
7,000
PIqua & Troy 1st M $250,000 gold guar p & i ----- xc
9 1899
5C 2,401,950
Dayton & Michigan (leased) com stock (guar)____
1871
5C 1,211,250
Preferred (8% guaranteed) endorsed
______
1871
1.00C 2,728,000
1st M gu p & i end ext in 1911 red 102)4 beg ’ 17.c
141 1881
Bonds Underlying Pitts June A Mid Div M 3 Ms—
1.00C 1,009,000
Cent Ohio $2,500,000 con IstM (1st loan) gM eBa.zc
143 1886
Bonds Underlying Pittsburgh Lake Erie A West Vir ginia 4s—
1,00C 5,000,000
Clev Lor & Wheel cons M (now 1st) gold - . Usm.xc*
187 1893
1.00C
890,000
General mortgage g redeem 1 0 5 _ ______ N.xc
_
187 1896
1,000
950,000
187 1900
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
1.00C
228,000
Ohio & Little Kan Ry 1st M $250,000 red 105 g . . z
72 1900
1.00C 2,000,000
_
Ohio River 1st M g
_ .
_ _ ______ FP.xc*
173 1886
1,000 2,941.000
General mtge gold 1st on 39 miles___
_ xc*
_
208 1887
1.00C 3,790,000
W Va & P 1st M g 5s scaled red at par . Me.Ba.xc*
179 1890
1,000 3,000,000
1917
Equip bds due $1,000,000 yrly call 102)4 g- GPyc*
13,053,700
1920
1.00C 5,850,000
1922
do
due $450,000 yearly. . ______ GPxc*
1.00C 12,950,000
1923
do
due $925,000 a n n ___
____ GPxc*
1,000 7,000,000
1923
do
Series A due $500,000 yearly . GP.xc*
1,000,000
1920
b In addition $8,712,550 pledged as part collat for Pitts L E & W Va Sys 4s.
Interest, V 109, p. 1985; V. I l l , p. 2422. A 5% Second Mtge. Debenture
amounting to $2,050,000, dated June 30 1919, due Jan. 1940, filed Sept. 30
1919. V . 109, p. 1460. Chairman & Pres., Earl o f Ranfurly, London.
Eng.— (V. 109, p . 1985; V. I l l , p. 2422.)
A TLA N TIC & WESTERN R R .— Sanford to Lillington, N. C ., 24 m.
Stock, $303,000; par, $100. Bonds issuable; at $12,000 per mile See
table above. For year 1922, gross, $73,625 net, $19,663; other income,
$235; deductions, $26,534; bal., def., $6,636
Pres., H. O. Huffer Jr.,
366 Madison Ave., New York; Sec. & Treas., W . R . Sullivan, 33 Pine St.,
New Y o r k — (Y. 95, p. 1038; V . 108, p. 2021; V. 110, p. 2386.)
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.)
AU GU STA SOUTHERN R R — See Georgia & Florida R y.
AUGUSTA UNION STATION CO.— Owns union passenger station at
Augusta, Ga., used by all roads entering the city, the latter under their
operating contract providing for interest on the bonds and 4% dividends on
stock. Stock, $75,000 (25% paid in), held equally by Southern R y., Atlan­
tic Coast Line R R . and lessees o f Georgia R R . V. 78, p. 2333; V. 79, p. 500.
Pres., Chas. A. Wickersham; Sec., W . H. Vincent.— (V. 82, p. 48.)
AVON GENESEO & MT. MORRIS R R .— M t. Morris to Avon, N . Y .,
17.7 miles. Leased to Erie R R . Feb. 26 1896 in perpetuity; rental (after
1911), 3)4% on stock. (See V. 63, p. 512; V. 62, p. 318, 589.)
BALTIMORE CHESAPEAKE AND ATLANTIC R Y . CO.— Owns
Claiborne to Ocean City, M d., 87.06 miles; Salisbury, M d., to Fulton,
0.55 miles; total, 87.61; steamer lines owned, 884 miles. The Pennsyl­
vania and allied companies own all the $1,000,000 common and 95%
o f the $1,500,000 5% cum. pref. stocks. V. 92, n. 525, 593. Div. on
pref., 2% Mar. 1 1905; in 1906, M ar., 3% ; Oct., 2% ; in 1907, M ar., 3% ;
Sept., 2% ; in 1908, Oct., 2% ; 1910, Jan., 5% ; Sept., 2% : 1911, Jan. 31,
3 % ; Mar. 3 1 ,2 % ; Oct. 2 ,3 % ; 1912, July 1, 2)4 %; none since. The interest
on the first mtge. bonds due Mar. 1 1922 and subsequent semi-annual dates
was not paid; Pennsylvania R R . purchased coupons due on thoes dates.
See V. 116, p. 2128.
For 1923, gross, $1,570,494: net oper., deficit, $158,855; other income,
$31,991: deductions, $163,812; bal., def., $290,676.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Turnbull Murdoch: V .-P., A. J. County; Sec., Lewis Neilson; Treas.,
Jas. F. Fahnestock.— (V. 118, p. 1770.)
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 o f renewal, for int. on bonds
and dividend on stock, amounting in all to $38,730.— (V. 75, p. 665.)
BALTIMORE & EASTERN R R . (OF MD.).— This company has been
organized in Maryland as successor to the Maryland Delaware & Virginia
R y ., the property o f which was sold under foreclosure. The new company
took charge on Feb. 1 1924 and now operates trains, as did the old com­
pany, between Love Point, M d., and Greenwood, Del.
See V. 118, p. 905.
BALTIMORE & OHIO R R . CO.— (See M ap.)— Operates from Balti­
more to Philadelphia and Baltimore to Chicago, Cincinnati and St. Louis;
total mileage leased, owned and operated on Dec. 31 1923, 5,304 miles.
Access is had to New York via the Phila. & Reading R y., Central R R . of
N . J. and the Pennsylvania R R .
The system embraces, subject to mortgages, the following lines:
P r.lien 3 }^ % M .— (1,091m.) Miles. West Virginia Short Line Br_
_
59
B alt.to W heeling,Beipre,0.,&c. 760 Ohio & Little Kanawha Br____
72
Cumb. to Pittsb. & W ., &c_. . . 331 Miscellaneous branches_______ 126
1st Mtge. 4 % — (595 miles)—
Tol.-Cin. Div. Mtge. (391 m .)—
Balt, to Phila. and branches_
_ 134 Toledo Division_______________ 391
Chicago, 111., to Akron, Ohio_
_ 372
Ref. A Gen.Mtge. (172 m .)—
BranchestoFairmont,W.Va.,&c. 89 Baltimore & New York R y ____
5
South W. Div. 3 )4 % M .—
Winchester & Potomac R R ___
32
Belpre, O ., via C inc.toS t.L .,& c. 920 Winchester & Strasburg R R ___
19
Pitts. Jet. 334% M .— 380 miles)— Quemahoning Branch R R _____
41
Bellaire to Midland City, Ohio. 373 Baltimore & Ohio Conn. R R _
_
2
Pittsburgh Junction R R ______
7 Miscellaneous branches_______
73
P.L.E.&W .V.SysA% M .(1,249 m.)
Free of Lien of B. & O. Mtges.
_ 179
West Virginia & Pittsburgh_
(343 miles)—
Pittsburgh & Western________ 214 Coal & Coke R y ______________ 197
Pittsb. Cleveland & Tol. Br_
_
38 Morgantown & Kingwood R R .
48
Pittsb. Painesv. & Fair. Br____
51 M iscellaneous________________
97
Monongahela River Br_______
37 Lines operated under lease___
6
Clev. Terminal & Valley______
78 Lines oper. under trackage rts . _ 158
Cleve. Lorain & Wheeling Br.,
Wheeling to Cleveland, & c._ 187
Ohio River Lines_____________ 208
Total
.5,304
Owns B. Sc O. Chic. Term. R R ., $8,000,000 stock and $32,000,000 of its
4% bonds. See below. Sandy Valley Sc Elkhorn R y. SeeV. 100, p.307.
Also controls S. I. R. T. Ry. Co. and Long Fork Ry. Co.
Effective April 28 1918, was ordered by Director-General o f Railroads to
use the Penn. R R . passenger station in N . Y . City, and in Sept. 1921 com­
pleted contracts with the Pennsylvania R R . for the permanent use o f the
Pennsylvania station as the Eastern terminus for its passenger trains
V. 113, p. 1154, 2184.
H ISTO R Y.— Receivers were appointed in Feb. 1896, but in 1899 reor­
ganized without foreclosure, per plan in V. 66, p. 1235. See also V. 67,
p . 688,1206, 1356; V. 95, p. 681,1121, 1744; V . 96, p. 134; V. 97, p. 363.
The purchase o f the Cin. Ham. & Dayton (now Toledo & Cine. R R .) on
July 19 1917 added 391 miles to road operated (see “ Bonds” below; also
V . 1(*3, p. 1991; V. 107, p. 1283.) On Feb. 1 1917 also acquired entire capital
otock o f Coal Sc Coke R y. Purchased the Morgantown & Kingwood
B R . An Feb. 1920— V. 110, p. 969.
RE A D IN G CO., &c.— In 1901 $68,565,000 (virtual control) o f the $140,800,000 Reading Co. stock, consisting o f $12,130,000 1st pref., $28,530,000
2d pref. and $27,905,000 com., was acquired jointly with the New York
Central R R ., each co. taking one-half, Dut in 1904 each sold $3,950,000
o f the common. V. 76, p. 101; V. 80, p. 1856.




Rate
%

[V ol. 118.

J P Morgan & Co, N Y
4)4 g J & J Jan 1 1937
Kuhn, Loeb & Co, N Y
5 g J & D Junel 1942
4
J & J July 1 1959
4 g M & N N ov 1 1939
Un Sav Bk & Tr Co Cin
3)4 A & O Apr 1 1924 1H Cincinnati, Ohio
8
do
Q— J Apr 1 1924 2%
J P Morgan & Co, N Y
4)4 J & J Jan 1 1931
4)4 g M &
5g
5g
4)4 g
4g
5g
5g
5g
4g
4)4 g
6
5
5
5
4
c Coups

A
J
J
M
M
J
A
A
A
J
F
F
J
F
M

S Sept 1 1930

& o Oct 1 1933
& D June 1 1936
& J Jan 1 1930
& N N ov 1 1995
& HMar 1 1950
S D Junel 1936
c
& O Apr 1 1937
< () Apr 1 1990
&
& O To Apr 1 1924
&J15 T o Jan 15 1935
& A To Aug 1 1937
& A To Feb 1 1938
& D Dec 1 ’25 to ’38
A
& N; reg int Q-F.

Office, 2 Wall St, N Y
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Go’s office, 2 Wall St, N Y
New York
Guaranty Trust C o, N Y
Girard Trust Co, Phila
New York
Girard Trust Co, Phila
If Reg int Q-J.

STOCK.— Pref. stock, see V. 71, p. 1166, 1143; V. 72. p. 1186.
Union Pacific R R . in ’22 owned $3,594,035 common and $1,805,992 pref.
DIVS.—
1901-04. 1905. 1906. 1907-14. 1915-17. 1918-23. 1924.
Common — (% ) 4 yrly. 4)4
5)4
6 yrly.
5 yrly.
Text
See
Preferred— (% ) 4 yrly. 4
4
4 yrly.
4 yrly.
text
The pref. dividend has been regularly paid to and including June 1924.
but owing to delay in the signing of the contract for Government operation
the common dividend due Sept. 1 1918 was not paid until Feb. 1 1919, when
only 2% was distributed. On Mar. 1 1919 the common again received 2%
then none until Dec. 1 1923, when 1)4% quarterly was paid; same amount
paid quarterly to June 2 1924.
in June 1919 the directors decided temporarily to suspend dividend pay­
ments on the Common shares in order to set aside part of the road’s Income
for capital expenditures so that the company’s credit should not be extended
under existing conditions. V. 108, p. 2628; V. 109, p. 269.
BONDS.— (1) Prior Lien 3 )4 % , a first lien on main line and branches
Parkersburg branch and Pittsburgh division, about 1,091 miles o f first track
and 1,773 miles of second, third and fourth tracks and sidings, and also all
the equipment now or hereafter acquired. Total auth., $75,000,000. See
application to list, V. 69, p. 30; V. 78, p. 1906; V. 86, p. 1528; V. 86, p. 36.
(2) First M . 4% Bonds, due July 1 194$; a first lien on the Philadelphia,
Chicago and Akron divisions and branches and the Fairmont Morgantown &
Pittsburgh R R ., covering about 595 miles of first track and about 898 miles
of second, third and fourth tracks and sidings; also on the properties covered
by the B. & O. Term. Mtge. o f 1894, all owned by the B. & O. and Balti­
more Belt R R . Also a lien, subject to prior mtge., upon main line, &c.
V. 69, p. 30; V. 79. p. 211; V. 97, p. 297, 594; V. 102, p. 1435.
Total issue closed at $82,000,000 (V. 104, p. 1044), except for $75,000,000
reserved to retire prior lien bonds in 1925.
(3) Southwestern Division 1st M . 3 J4s. A first collateral lien
upon former B. & O. S. W . system, 920 miles o f 1st track and
562 miles of 2d track and sidings. All issued_______________$45,000,000
(4) B. & O., Pittsb. Jet. A Mid. Div. 3 )4s. Expected to be ulti­
mately a first lien upon the railroads of the Central Ohio
system and Pitts. Jet. R R . C o.. 379 miles in all. Total_____$20,000,000
$6,124,500 is in hands of the public and $9,889,550 pledged under Pitts.
Lake Erie & W . Va. 4s. Closed except to retire underlying bonds, see table.
(5) Pittsburgh Lake Erie A West Virginia System mtge. refunding 4% gold
bonds (authorized amount $75,000,000) are a lien on 1,628 miles, forming a
direct connection with Pittsburgh, Cleveland, Fairport, Lorain and
Sandusky, subject to underlying bonds outstanding thereon (see table
above). The unissued bonds are reserved to retire underlying bonds.
V. 74, p. 266; V. 79, p. 2793; V. 80. p. 1423; V. 86, p. 479, 1528; V . 87,
p. 36; V. 88, p. 451, 685; V. 105, p. 715.
(7) Convertible 20-year 4)4s $63,250,000, dated March 1 1913, were
convertible into common stock up to Feb. 28 1923 at $110 per
share and redeemable beginning March 1 1923 at 102)4- These 4)4s are
secured by the new blanket mortgage below described pari passu with the
new bonds. See V. 96, p. 134, 200, 651, 715, 1088, 1421; V. 97, p. 727.
Schuylkill River East Side 4s. V. 77, p. 1745; V. 81, p. 727.
t
(8) Refunding A General Mortgage of 1915 due Dec. 1 1995 (V. 101, p. 1884).
The initial $60,000,000 5% bonds of this issue was brought out in Dec.
1915. See below; also V. 101, p. 1884; V. 102, p. 975; V. 103, p. 1989.
On Dec. 31 1923 $10,000,000 Series “ A ” and $27,500,000 Series “ B ” bonds
were pledged as collateral for long-term debt and $13,701,000 Series “ B ”
bonds were in treasury, insurance and sinking funds.
Security.— Secured on practically entire system. 4,502 miles of first track,
and equipment or interest therein, having in 1921 a net value of over
$118,833,629. Also covers the passenger and freight terminals in Philadel­
phia, Baltimore, Pittsburgh and Chicago and the freight terminals on
Staten Island, N. Y ., in Cincinnati and Washington, as well as one-half
stock interest in the Washington Terminal Co. and one-half ownership
of joint yards at Washington. A direct lien upon about 2,289 miles of first
track, and a lien, through the deposit of bonds, and in most cases all, and
in no case less than 96% of stock, o f the co. owning remaining mileage.
Reservation of Bonds.— The mortgage reserves bonds to retire about $282.000,000 prior liens on various parts of the system and the $63,250,000 con­
vertible gold bonds [these last being secured by the new mortgage pari
passu with the bonds issued thereunder] and provides for the reservation of
bonds for construction, improvements, new equipment and the acquisition,
directly or Indirectly, of properties and securities. The right Is reserved to
refund the Prior Lien 3)4s Into lBt M . 4s of 1898 due 1948, and to extend
the due date of the 8. W . D iv. 3)4s to date not later than July 1 1950.
The authorized issue Is limited to an amount which, together with all tbs
prior debts of the Railroad C o., after deducting therefrom the bonds re­
served under the provisions o f the mortgage to retire prior debts at maturity,
shall not exceed 3 times the then outstanding capital stock, with the addi­
tional limitation that when the aggregate amount of the bonds outstanding
and the bonds reserved to retire prior debts shall be $600,000,000, no addi­
tional amount of bonds shall thereafter be Issued, except the bonds so re­
served to retire prior debt, without the further consent of the stockholders
of the railroad company, and such additional bonds may be Issued only to
an amount not exceeding 80% of cost of work done or property acquired.
(9) Toledo-Cincinnati Div. Bonds.— In July 1917, following foreclosurs
sales. 391 miles of the former Cincinnati Hamilton Sc Dayton R y. System
was reorganized per plan in V. 102, p. 1059; V. 105, p. 715, 908, as the
Toledo St Cincinnati R R . C o., whose outstanding securities ($5,000,00$
capital stock, $16,250,500 First Sc Ref. M tge. bonds and $20,000,000 Ad­
justment & Improvement bonds) were then acquired by the B. Sc O. B R .
The aforesaid 391 miles embrace: Main line Cincinnati to Toledo, 201 mllee.
including 141 miles leased from Dayton Sc Michigan R R . (a very profitabte
lease; see caption of that company); Tontogany to North Baltimore. 19
miles; Deshler to Findlay, 18 miles; Hamilton to East Middleton, 13 miles;
Piqua to Troy, 9 miles; Dayton to Ironton Jet., 123 miles; other. 8 miles.
The B. Sc O. R B . having acquired all the securities issued by the Toledo
Sc Cincinnati R R ., made a deed o f trust covering the same to secure not
exceeding $35,000,000 collateral bonds, which are Intended ultimately to
be made as far as possible a direct lien on this division. Of these new B. S
c
O. bonds, $11,250,500 of 4% and $5,000,000 of 5% were Issued forthwith
under the plan. In addition, $2,447,000 Series “ C ” bonds have been
issued for capital expenditures. The remainder were reserved to retire at

BAILW AY STOCKS AND BONDS

«

BALTIMORE a OHIO
SYSTEM

M

a y

,

1924.]

B a ltim o re S O h io R.R.
B a ltim o re a O hio S o u th w es te rn R.R.
Baltim ore a O hio C h icag o T e r m in a l R. R .C o
and C onnections




14

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61
B alt & O h io (Concl)—
Morgantown ;& Kingwood R R equip tr n otes..
Bethlehem Steel Oo Eq “ B " _________________
Seaboard Air Line Eq “ S” ________________________
National Railway Service Oorp Def Lien__________
National Railway Service Oorp Prior Lien________
Leased Lines and Other Securities—
Schuylkill River E S RR 1st M g guar p & i endor.x
Hampshire So 1st M gold___________________
Coal & Coke R y., see text below
B & O C hic Term RR —Oh & Gt W 1st M g ass'd._vk
City o f Chicago purchase money mtge assumed____
First mortgage $50,000,000 authorized__________ x
B altim ore & Potom ac— See Phila Balt & Wash.
B an gor & A roostook— Common stock $3.860,000_
_
Pref stock 7% cum red 110 $10,000,000 auth______
First mortgage ($16,000 per mile) gold____G.xxc*
First mtge Piscataquis Dtv $1,500,000 g ..Q .x x c*
V Bur Ext 1st M $500,000 g (V 69, p 9 5 2 )..Q.xxc*
Aroostook Northern 1st M $225,000 gold_Q.xxc*
Consol refunding mtge $20,000,000 gold_ OB.xc*
_
Medford Ext 1st M $1,000,000 g(V84,p692)Us.xxc*
Washburn Ext 1st M g (V 90, p 848, 913)-Ce.c*xx&r
St Johns Riv Ext 1st M $1,800,000 guar.Ce.xxG*&r
Equipment trust Series H due $25,000 ann_____xxx
do
Series I due $36,000 annually________ xxx
Guaranteed by Bangor & Aroostook
Nor M e Seaport 1st M guar p & i end_ Usm.c*&r
_
Van Buren B'ge 1st M g g u p&i end red text Usm.c*
Bath & H am m ondsport— First mtge Ext gold_____z
Second mortgage red 105_______________________ z
Bay o f Q u in te Ry— See Canadian Northern R y.
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&r
Beech Creek Exten— 1st M $4,500,000 g gu p&iQ.xc*
Beech Creek consol M $20,000,000 g gu p&i.G.c*&r

Miles Date
Road Bonds

...

...

Par
Value

$1,000
500

1886
1888
1910

1,000

---

1893
1899
1899
1897
1901
1907
1909
1909
1923
1923

Amount
Outstanding

Rate
%

$2,053,600
525,000
329,472
4,160,000
6,240,000

1920
1921
1920
1920
1920

10.55 1903
37 1909

212
7-i
33
15H
424
28
55
60

[VOL. 118;

6
6
6
6
7

J
.1
.1
M
M

&
S
C
S
C
&
&

4g
5

J
J

& D Junel 1925
& J July 1 1934

5,000,000
5,000

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Guaranty Trust Co, N Y
j Jan 1935
Bankers Tr Co, N Y
j Junel 1930
i) Dec ’24-Dec ’27 Commercial Tr Oo, Phila
Guaranty Tr Co, N Y
N Nov 1 1935
Guaranty Tr Co, N Y
N N ov 1 1935

219,000
5 g J & D Junel 1936
M & N May 1 1938
650,000
5
32,000,000 B&O RR A
O
1960

100 3,860,000 See text Q— J Apr 1 1924 1 M
100 3,480,000
7
(, J Apr 1 1924 1H
1.000 3,360,000
5 g J & .1 Jan 1 1943
1,000
c
1,500.000
5 g A S () Jan 1 1943
1,000
500.000
5 g A & (> Jan 1 1943
1,000
225,000
5 g A & o Oct 1 1947
1.000 n6,331,000
4 g J & .1 July 1 1951
1.000
M S N May 1 1937
c
1,000,000
5g
1,000 p l,618,000
F & A Aug 1 1939
5g
1,000 m l,632,000
F & A Aug 1 1939
5
c
1,000
225,000
5)4 g J S J To Jan 15 1933
c
1,000
360,000
5)4 M S N To M ay 1 1933
A
M
J
A

& O Apr 1 1935
S s Sept 1 1934
c
S 1) Junel 1929
c
& o Apr 1 1943

57

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

4,743,000
250,000
100,000
200,000

5g
6g
6g
5

163
163
163
56
135

50
1886
1,000
1.000
1892
1901 1,000 &c
1906 1,000 &c

6,000,000
5,000.000
1,000,000
3,500,000
3,964.000

4
Q— T Apr
July
4g J &
5 g J & .1 July
3)4 g A & o Apr
4 g A & o Apr

1905
1914
10 1889
10 1893

1
1
1
1
1

518 Walnut St, Phila
N Y , Farm L & Tr Oo
B & O R R Co, N Y
To City of Chicago
Checks mailed
do
do
Guaranty Trust Co, N Y
do
do
do
do
do
do
Lee, Higginson & Oo, Bos
Brown Bros & Co, N Y
do
do
do
do
First Nat Bk,Bangor,Me
First Nat Bk,Bangor,Me
Brown Bros & Co, N Y
do
do
50 Church St, New York
do
do

1924 1% Grand Cent Term, N Y
do
do
1936
do
do
1936
do
do
1951
do
do
1955

n m p Also la treasury; n $2,536,000; m $168,000; p $32, 000.

maturity or earlier the bonds undisturbed by the plan as shown in table
above, or for acquisition o f underlying stocks, branch lines, branch lin
bonds, aid for refunding additions and betterments, or to acquire First &
Ref. Mtge. bonds of new company issued therefor. V. 105, p. 2364.
(10) The $35,000,000 6% Securea Bonos dated July 1 1919 have as se
curity: $6,065,000 Reading Co. First Pref. stock; $14,265,000 Reading Oo.
Second Pref. stock; $10,002,500 Reading Co. Common stock; $15,000,000
B . & O. Ref. & Gen. M tge. 6% bonds. Series “ B ,” and $2,000,000 Series
" A , ” due Dec. 1 1995. The trust indenture provides that the aggregate
value o f the collateral deposited shall always be maintained at least equato 125% o f bonds outstanding. V 108. p. 2628; V. l09, p. 71
The trust Indenture provides that the company In each year, beginning
July 1 1919, after providing for its fixed charges, will set aside out of net
income accruing after that date, not less than $3,500,000 p. ann. until a
total of $17,500,000 has been set aside, such sums to be used, from time to
time, solely for capital expenditur s theretofore made, to pay loans incurred
or maturing funded obligations. Moneys set aside in any year in excess of
$3,500,000 may be credited against moneys required to be set aside Id
subsequent years. Balance o f total set aside in 1923. V. 108, p. 2628.
Promissory Note.— The companv has issued a promissory note for $9,000.000 dated March 1 1920, payable to the D irector General of Railroads
ten years after date with interest at 6% p. a., payable semi-annually. The
following collateral has been pledged as security: $9,250,000 Ref. & Gen.
M tge. Series " B ” 6% bonds, $3,000,000 Ref. & Gen. M tge. Series “ A ” 5%
'bonds
V. 112. p. 468.
EQUIPM ENT BONDS.— Equipment trusts o f 1917, V. 104, p. 1386.
Equip, trusts o f 1922. V. 115, p. 434. Equip, trusts o f 1923, V. 116, p. 175.
Equipment trusts. Series A, V. 117, p. 2431.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 737; V. 118, p. 549.
R E PO RT.— For 1923 showed:
1923.
1922.
1921.
5,303.58
5,212.05
5,235.08
Average miles operated------------------Railway Operating Revenues—
$
$
$
Freight_______________ ■
____________ 208,587.996 159,506,625 156,762,038
Passenger______ _________
30,752,791 26,801,742 29,428,314
M ail_______________________________
2.526.213
2,593,805
2,765,813
Express____________________________
4,992,623
4,467,546
2,095,723
Other transportation revenue_______ 3,535,611
3,129,144
2,971,457
Miscellaneous revenue______________ 5,199,201
4,344,308
5,054,507
Total railway operating revenues..255,594,435 200,843,169 199,077,853
Railway Operating Expenses—
Maintenance of way and structures.. 29,318,701 23,325,887 24,724,536
Maintenance o f equipment_________ 63,881,472 48,439,422 45,395,490
3,560,796
3,305,379
Traffic_____________________________ 3,916,436
Transportation_____________________ 94,676,661 82,408,878 85,697,490
Miscellaneous operations____________ 1,653,200
1,647,881
1,579,430
General____________________________ 5,917,658
5,658,982
6,408,287
Transport’n for investm’t—-Credit
40,167
20,472
38,522
Total railway operating expenses..199,323,961 165,021,374 167,072,092
Net revenue from railway operations. 56,270,474 35,821,795 32,005,760
Other Operating Charges—
Railway tax accruals_______________ 9,834,129
6,769,093 7,286,262
Uncollectible railway revenues______
131,286
85,821
41,638
Equipment rents—-Net debit_______ 3,139,711
3,957,430 1,799,000
Joint facility rents— Net debit______ 1,032,218
1,274,444
937,162
Total other operating charges_____ 14,137,345 12,086,790 10,064,063
Net railway operating income_______ 42,133,129 23,735,005 21,941,695
Other Corporate Income—
17,145
17,895
17,427
Income from lease o f road__________
Miscellaneous rent Income__________
968,560
1,068,200 1,088,161
Misc. non-operating physical prop_
_
213,045
121,454
147,292
Separately oper. properties— p ro fit..
296,452
423,242
446,926
Dividend Income___________________ 1,914,724
1,886,367 1,907,299
Income from funded securities______ 1,528,601
1,758,486 1,665,521
Inc. from unfunded securs. & acc’t s ..
902,393
493,864
489,644
Inc. from sinking & other res’ve funds
57,451
395,818
76,272
Miscellaneous income_______________
24,150
21,801 4,292,541
Total other corporate income_____ 6,032,520
6,187,132 10,125,087
Gross corporate income------------------- 48,165,650
29,922,137 32,066,784
Deductions from Gross Corp. Income—
Rent for leased roads_______________
394,266
283,213
329,770
Miscellaneous rents________________
519,196
432,855
479,547
Miscellaneous tax accruals__________
279,577
271,835
247,752
Separately operated properties— loss.
794,286
1,186,411 1,152,677
Interest on funded debt____________ 23,333,143
22,810,615 22,761,052
Interest on unfunded debt__________
304,520
439,448
583,148
Miscellaneous income charges_______
118,626
122,385
124,544
Totaldeductionsfromgrosscorp.inc.25,743,614 25,546,764 25.677,892
N et corporate income---------------------- 22,422,636
4,375,373 6,388,891
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFIOERS.— Daniel Willard, Pros.; Geo. M . Shriver, F. C. Batchelder,
O. W . Galloway, Archibald Fries, V.-Pres.; C. W . Woolford, Sec.; E. M .
Devereux, Treas.
DIRECTO RS.— R. Brent Keyser, Robert Garrett, John J. Cornwell
and George M . Shriver, Baltimore; F. H. Rawson. Chicago; Paul M .
Warburg, Charles A. Peabody, John R . Morron, Newton D. Baker, John F.
Stevens, Henry Ruhlender, New York; Joseph E. Widener, Philadelphia.
Offices, Baltimore, M d, and 2 Wall St., New York.— (V. 118, p. 1770.)
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, o f 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, o f which 250.56 is owned, 91.46 of the latter
being first track. Total first track including trackage, 80.79 miles.
H ISTORY.— 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.




TENANTS.— Balt. & Ohio, Chicago Great Western, Chicago Hammond
& Western R y. (Indiana Harbor Belt), Suburban R R . (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 of road, $502,223; total, $1,783,535.
V. 79, p. 2084.
BONDS.— Of the 1st M . bonds of 1910, the $32,000,000 outstanding are
owned by B. & O. R R . and pledged under its mtge. V. 90, p. 1295.
EA R N ING S.— For 1923, gross, $3,767,983; net oper. income, $26,856;
other income, $1,908,570; interest, rentals, &c., $2,030,166.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
BANGOR & A R O O STO O K R R . CO.— (See M ap.)— Stockton Harbor.
M e., to Van Buren, with branches; Dec. 31 1923, 616.22 miles; second track,
30.29 miles; spurs, 34.11 miles; yard tracks and sidings, l9 6 .ll miles;
owned but not operated, 8.85 miles.
O R G A N IZA TIO N .— Incorporated under laws of Maine Feb. 13 1891,
and under its charter it constructed its railroad from Brownville to Caribou
with branches to Fort Fairfield and Ashland (1891 to 1895), with extension
Caribou to Van Buren (1899). During the same period it acquired the
Bangor & Piscataquis 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 of 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 of Van Buren Bridge Co. which connects its
system with Canadian National Railways by international bridge between
Van Buren, M e., and St. Leonard, Province of 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 .’— (1905. 1906. ’07-T2. ’ 13. ’ 14. ’ 15. ’ 16. T 7. ’ 18-’ 22. ’23.
2
4 yrly. 3 3)4 3
3
5 4 yrly. 4)4
Common % ______j 1)4
Preferred % ______ (------------ First authorized in 1917------------ 7 yrly. 7
Paid on common: 1924, Jan. 1, 1 )4 % .
BONDS, &c.— Piscataquis Div. 5s, see V . 67, p. 1159; V . 68, p. 84, 329
Of theOonsol. Ref.4s, $12,500,000 were reserved to pay off outstanding
bond-;, Inoludlng those of controlled roads, oar trusts and pref. stock,and to
acqu re such controlled roads; $3,000,000 for Improvements over a series
of years and $4,500.6o6 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 ($5,000,030 auth.). V. 81. p. 265; V. 82, p. 392; V. 84, p. 391, 692; form o f 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 o f 1909 ($1,800,000 auth. issue),
guaranteed, prin. & int., were issued at $30,000 per mile. V. 93, p. 939.
Equipment trusts Series “ H ,” V. 116, p. 175; Series “ I ,” V. 117, p. 2768.
There were also outstanding Dec. 31 1923, Series “ F ,” ($15,000) due $7,000
in 1924 and $8,006 in 1925; Series “ G ” ($116,000), all pledged, dated Jan. 1
1921, and due $8,600 annually for 5 years and $10,000 annually for 10 years;
National Railway Service Corp. ($166,298), due semi-annually to April 28
1936.
R E PO RT.— For 1923, in V. 118, p. 1768, showed:
Cal.
Operating Total Net
Interest, Pref.
Common
Year— Revenue. Income. Rents, cfee. Div.
Dividends.Balance
1923-..$6,769,803 $1,661,755 $1,066,844 $243,600 $221,950 sur$129,361
1922_ $7,436,969 $1,713,406 $1,035,638 $243 600 $154,400 sur$279.768
_
19 21--. 7,348,708 1,286,261
1,038,308 243,600 154,400 def 150,047
1920--- 6,675,480 1,547,617
996,094 243,600 154,400 sur 153,523
For latest earnings, see “ Railwav Earnings Section” (issued monthly)
Chairman of Exec. Comm., jon n nenry Hammona; rres., 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, N^e— (V. 118, p. 1768.)
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 OF QUINTE R Y .— See Canadian Northern Railway.
BEECH CREEK R R .— (See Maps New York Central Lines.)— R OAD.
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.)

M ay , 1924.]




BAILW AY STOCKS AND BONDS

15

16

RAILROAD COMPANIES
[For abbreviations, &c.. see notes on page 6]
Belt Line R y, M ontgomery— 1st M gold $300,000 - .x
Belt R R & S tock Yds, Ind— Stock auth $3,000,000--

Miles Date
Road Bonds
1911

Par
Value

Amount
Outstanding

Rate
%

$1,000
$245,000
5g
5u 3,000,000 See text
500 000
6
50
mtge $1,000,000 gold
1,000 1,000,000
4 g
1,000
300,000
5
50 1,253,000 See text
1,000
500,000
4
4
1,000
622,000
878,000
1,000
3A
1,000
150,000
5g
1,000 1,060,000
5
1,000
330,000
5
1,000
385,000
5
1,000
800,000
5
1,000 2,500,000
5
1,000 2.160,000
5

_______ - .xc* 1st refunding
1909
Belt R y o f C hattanooga— 1st mtge gold_.MeBa.xc*
49 1895
Belyidere Delaware— Stock $4,000,000 - - ----Consol mtge o ff guar by United Co’s sk fd _____xr
80 1885
1875 $4.000,000(guar by United Go’s sk fd __ xr
80 1887
(guar by United Co’ s sk fd _
_ xc*
80 1903
B ennettsville & Cheraw— 1st M $150,000 g-MeBa
45 1911
Bessemer & Lake Erie— Standard equip trust - - xx
___ 1905
Bessemer equipment trust due $110,000 yearly_ xx
_
1907
______ . xx
1911
Meadville eq tr due $55,000 yrly___
Albion eq tr due $75,000 yearly to 1932 - - ___ xx
1912
Euclid equip trust due $250,000 y r l y __________ xx
1914
Girard equip trust due $240,000 yrly. .
_
_
1916
Osgood equip trust due $40,000 yrly 1924 & 1925,
and $90,000 yearly beginning 1926
------ ..x x
1920
1,000
890,000
Birm ingham Belt— See St Louis-San Francisco.
Birm & S outheast— 1st M $3,000,000 g red 107 A Cex
4.8 1911
100 &c
539,000
General and equip M gold red 101 $1,500,000 Col
48 1914
10c
161,000
5.9 1907
Birmingham Term inal— 1st M $3,000,000 gold gu.x
1,00c 1,940,000
B loom bsurg & Sullivan RR— 1st M _
. . FPx
29 1898
100 &c
242,000
Second mortgage income non-cum $200,000.-FPx
29 1898
100 &c
199,600
B oonville Bridge— See Missouri Kan & Texas Ry.
44 1917
1,0 0 c
250,000
B oonville St L & S outh Ry— 1st M g red 107 A Eq
393
10 c 25,000,000
B oston & Albany— Stock ($25,000,000 authorized). .
Bonds (not mortgage) guaranteed prin and int__zc
1902
1,0 0 c 3,858,000
Bonds (not M ) $1,000,000 (V 71,p 1218;V 72,p44).z
1,0 0 c 1,000,000
1901
Impt bds (not mtge) gu p & i ____________ ____ .z
1,0 0 c 13,500,000
’08-TC
Impt bonds (not mtge) $1,000,000 guar p & i . . .z
1912
1,0 0 c 1,000,000
do
do
$2,015,000 guar p & i___ zc*&r
1913
1,0 0 c 2,015,000
Bonds (not mtge) $3,627,000 guar p & i ___ zc*&r*
1913 1,000 &c 3,627,000
Bonds $1,000,000 guar p & i (Y 105, p 71 5 )...c*& r
1917 1,000 &c 1,000,000
Equipment trust obligations—-See N Y Central RR.
B oston & Lowell— Bonds— See Boston & Maine RR b elow.

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
Oolumbus streets. Atlantic Coast Line R R . pays an annual rental equal to
bond interest and difference between taxes, insurance and cost o f operation
and gross earnings from others than the Atlantic Coast Line. Atlantic
Coast Line R R . owns entire issue o f $200,000 stock, par $100. V . 92, D.
1242; V 93, p. 43.— (Y. 93. p. 43.)
BELT R AILROAD & STOCK YARDS OF IN D IA N A P O L IS — Owns
14 miles of belt road, &c. Leased for999 years to Ind. Union— which see
DIVS.— Com f ’ l l . T 2. ’ 13. T 4. ’ 15. T6. ’ 17. ’ 18. T9. ’20. ’21 ’22. 23.
Cal. yrs., cash
5 11 13 14 18 20 16 18 11 11
8 7 11
Also stock____I 50
..3 3 1-3 ._ __
_
_ __ 50
___
-Paid in 1924: 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 R A ILW A Y (OF C H A TTA N O O G A ).— 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 M tge. 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 o f the stock. Net earnings paid as rental.
Dividends.— 1897 to 1905, 5% yearly; 1906 to 1911, 10% yearly; 1912,
7% ; 1913, 6% ; 1914, none; 1915 to 1922, 4% yearly; 1923, 6% .
BONDS.— All o f the outstanding bonds are secured by the consolidated
mortgage o f 1875 for $4,000,000: sinking fund, 1% o f outstanding bonds if
earned. The issues o f 1885, 1887 and 1903 are guaranteed by the United
New Jersey R R . & Canal Co. Guaranty, V. 76, p. 918.
EAR N IN G S.— In 1923, gross income, $854,111; deductions, $122,491
dividends paid (6 % ). $75,180; bal., sur., $656,432.— (V. 118, p. 430.)
BENNETTSVILLE & CHERAW R R .— Owns Kollocks, S. C ., on Sea­
board Air Line, via Bennettsville and Brownsville, to Sellers on Atlantic
Ooast 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 l9l2, 6% :
1913. 3% ; 1914 and 1915, 5% : 1916, 9% ; 1917-18 (?); 1919, 6% . Bond
pinking fund, $3,000 yearly. V. 92, p. 116.
Pres., J. J. Heckart: Gen. M gr., W. J. Posner.— Y . 113, p. 1154
BESSEMER & LAKE ERIE R R .— Kremis to Osgood (K . O. Junction)
Pa., 8.81 miles; leased (Pittsb. Bess. & L. E. RR. C o., 176.40 miles;
Meadville Conneaut Lake & Linesville R R . C o., 21.61 miles). 198.01 miles;
total, 206.82 miles; trackage (N. Y . Chic. & St. L. R R ., Cascade to Wallace
Junction, Pa., 12.20 miles; Baltimore & Ohio R R ., Pittsburgh Junction to
Standard Junction, Pa., 0.97 miles), 13.17 miles; total operated Dec. 31
1922, 219.99 miles. Second track (owned), 8.05 miles (leased), 134.66
miles; total, 142.71 miles. Branches and spurs (owned), 0.29 miles; (leased),
32.86 miles, total 33.15 miles. Yard tracks and sidings ( owned), 8.62
miles; (leased), 179.29 miles; trackage, 4.86 miles; total, 192.77 miles. In
addition the Bessemer & Lake Erie R R . Co. leases the following from the
Pitts. Bess. & L. E. R R . C o., and in turn subleases to the Union R R .,
reserving trackage rights for passenger trains, 8.04 miles from North
Bessemer to East Pittsburgh, Pa., 8.04 miles o f second track, and 86.88
miles o f yard tracks and sidings; gauge 4 ft. 8 A in.; rail, 130 lbs.
Stock auth., $500,000. Dividends paid: In 1904.100%; 1905, 50% ; 1906,
40%: 1909. 200%; 1910, 150%; 1911. 150%; 1912, 200%: 1913. 200%;
1914. 275%; 1915 and 1916. 150%; 1917, 100%; 1918, 190%; 1919. 150%.
1920, 200%; 1921, 150%. Controlled by U. S. Steel Oorp. Guaranty on
1920, 200%; 1921, 150%; 1922, 200%. Controlled by U. S. Steel Corp.
Guaranty on Marquette & Bessemer Dock & Navigation bonds, V. 77, p.
1228; V . 76, p. 1358; V. 82, p. 160.
For year ending Dec. 31 1922, gross, $14,511,803; net, $4,432,208; other
income, $1,313,741; taxes, $559,086; interest charges, $518,225; rentals,
&c., $1,148,598; other deductions, $23,925; dividends, $1,000,000; bal.,
sur., $2,496,115. For latest earnings see “ Railway Earnings Section’ ,
(issued monthly). President, J. H. Reed.— (V. 110, p. 1088.)
BIRMINGHAM & NORTHWESTERN R Y .— Jackson, Tenn., north­
westerly to Dyersburg, 49 miles. The I.-S. C. Commission in Mar. 1922
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 o f 1st Mtge.
bonds maturing Mar. 1 1922. The new bonds are dated M ar. 1 1922 and
mature Mar. 1 1927. V. 114, p. 1061.
Pres., I. B. Tigrett; Vice-Pres., C. W. McNear: Sec., R . F. Spragins;
Treas., J. E. Edenton. Office, Jackson, Tenn.— (V. 115, p . 182, 1209.)
BIRMINGHAM & SOUTHEASTERN R Y .— Owns Union Springs to
Eclectic, Ala., 48 miles. V. 94, p. 1316. Interest on the 1st M . bonds hav­
ing been defaulted Nov. 1 1916, a protective committee with George C. Van
Tuyl Jr. as Chairman and H. M . DeLanoie, 66 Broadway, N . Y ., as Secre­
tary, asked for deposits with Central Trust as depositary. V. 103, p. 1887;
V. 103, p. 2340- A receiver was appointed in July 1920. V. I l l , p. 492,
791. Stock, $700,000. First 6s o f 1911. V. 93, p. 43’ V . 94. p . 1316.
Cal. year 1922, oper. income, $34,202; other income, $1,571; deductions,
$11,490; net income, $24,283. Office, Union Springs, Ala.— (V. 94, p.
1316; V. 103, p. 1887, 2340; V. I l l , p. 492, 791.)
BIRMINGHAM TERM INAL.— Owns passenger terminals at Birm­
ingham,Ala. Stock all owned by the Illinois Central, Southern R y., Sea­
board Air Line, Central o f Georgia, St. Louis & San Francisco and Alabama
Great Southern, which lease the property and pay all expenses, charges and
4% dividends on the stock and jointly guarantee the bonds. Of the bonds
($3,000,000 authorized), $1,060,000 are reserved for additional properties.
V. 83, p. 1227; V. 85, p. 404. Guaranty, V. 90, p. 848.— (V. 90, p. 848.)
BLOOMSBURG & SULLIVAN RR.— Owns Bloomsburg to Jamison
City, Pa.. 29 miles. Stock is $600,000; par, $50. V. 66. p. 80. 952.
— (V. 66, p. 952.)




[V ol. 118.

KAILW AY STOCKS AND BONDS
When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

& J July 1 1941
Q— J Apr 1 1924 2%
L— J Apr 1 1924 1A
M & N M a y l 1939
J & J July 1 1945
yearly See text
M < S Sept 1 1925
fc
F & A Feb 1 1927
&
.1 < J Jan 1 1943
S
J <c J Jan 1 1941
A & O Apr 1 1925
M & S Mar 1925-1927
M & S Mar 1925-1931
J & D June 1925-1934
J & .1 July 1924-1933
M & N Nov 1924-1932

Safe Dep & Tr Co, Balt
C o’s office, Indianapolis
Nat City Bank, N Y
Mercantile Tr & D , Balt
Penn R R Co, Phila
do
do
do
do
do and New York
M erc Tr & Dep Co, Balt
Home Tr Co, Hobok, NJ
do
do
do
do
do
do
do
do
Union Tr Co, Pitts, Pa

6

F

& A To Feb 1 1934

6g
6g
4g
5
5

M
h
’
M
J
J

&
<
&
&
&
&

5g
854
3A
3A
4
4A
5
5
5

Trustees’ office, Toledo
F & A Aug 1 1951
Office, Term Sta, Boston.
I
Q V See text
do
do
A & O Apr 11952
do
do
J & J Jan 1 1951
do
do
M & N M ay 1 ’33-34-35
do
do
J & J July 1 1937
do
do
J & J July 1 1938
A & () Oct 1 1963
do
do
do
do
J & D June 1 1942

N M ayl
A Feb 1
S Mar 1
J Jan 1
J Jan 1

1961
1924
1957
1928
1928

do

do

N ov 1916 coupon unpaid
Int unpaid since Feb. ’ 17
Equitable Trust Co, N Y
Fidelity Trust Co, Phila
Reg Bl’msb’gh, wh earn

BOONVILLE ST. LOUIS & SOUTHERN R Y .— Boonville to Ver'ailles. M o., 44 miles. Stock auth., $1,000,000; outstanding, $250,000
■owned by Missouri Pacific R R . C o.); par, $125.‘
Lease.— Operated by M o. Pac. R R . Co. under new lease, dated Aug. 1
1917, and running until Aug. 1 1955. Consideration, payment of main­
tenance expenses, taxes and an annual rental of $12,500. being the Interest
on the new outstanding bonds plus $30 annually to corporate trustee.
Under financial readjustment In Feb. 1918 the holders of the $500,000
1st mtge. bonds o f 1911 (coupon of Feb. 1916 unpaid) were offered in
exchange pro rata $250,000 new First M tge. 5% gold bonds o f Boonville
Co. under new mtge., dated Aug. 1 1917, payable Aug. 1 1951; and also
$250,000 pref. stock v. t. c. of Missouri Pacific R R . C o., together with a
cash adjustment of $50,000, equal to the defaulted interest. Trustees, the
Spttzer-Rorlck Trust & Sav. Bank, Toledo, Ohio, and Lewis C. Nelson.
Pres., A. Robertson’ Treas., F. M . Hickman- Sec., F. W . Irland, St.
Louis, M o.— (V. 95. p. 968.)
BOSTON & ALBANY R R .— Owns Boston, Mass., to Albany, N . Y ..
200 miles; branches, 104 m.; leased lines, 90 m.; total, 394 miles.
Leased hi 1900 for 99 years to the New York Central & Hudson River R R .
for guaranteed rental of 8% per annum on the $25,000,000 stock, payable
quarterly (Mar. 31, &e.), organization expenses, interest on bonds, taxes,
expenses of maintenance, &c. The B. & A. received for certain property
not included in the lease $5,500,000 in N. Y . Central 3 A % 100-year deben­
tures, thus adding .77% per annum to 8% guaranteed on stock. See lease
in V. 69, p. 282, 1061, 1102, 1246; V. 70, p. 74; Y. 71, p. 645, 963; V. 107,
p. 1918. Lease assumed by N. Y. Central R R . Dec. 23 1914.
BONDS.— The $13,500,000 25-year 4% impt. bonds are guar. prin. and
int. by New York Central & Hudson River R R . No mortgages can b e
placed on the property without jointly including the bonds in the lien.
V. 86, p. 1099; V. 89, p. 102; Y. 91, p. 393. V. 94, p. 277, 1055, 1316, 1625.
The 4% bonds mature $7,000,000 in 1933, $4,500,000 in 1934 and $2,000,000 in 1935. V. 96, p. 553, 651, 946, 1365, 1489, 1838; Y. 97, p. 1838.
In June 1916 all bonds issued since the lease to the N. Y . C. & H. R . R R .
Co. had been guaranteed (prin. & int.) by the lessee. In Aug. 1917 sold
$1,000,000 guar. 25-year 5s for additions, &c. V. 105, p. 715.
DIV ID E N D S.— Since 1900, 8 A % , viz., 2% each in March and Sept.,
2 A % in June and 2 A % in Dec.
Interest,
Balance,
Calendar Operating
Oper. Inc.
Other
Year— Revenues. (after Taxes.)
Income. Rentals, &c. Sur. or Def.
$189,723 $3,201,503 sur.$1,477,809
1922 ____$32,541,904 $4,489,589
3,477,870 df. 1,351,943
1,870,703
255,224
1921____ 30,688,574
4.597,898
def.118,242
1920 ----- 29,402.671
440,453 4,039,203
— (V. 117, p. 1555).
BOSTON & LOWELL R R .— See Boston & Maine R R .
BOSTON AND MAINE R R .— R O A D .— The system with its many
branch lines covers the territory from Boston, Mass., to Portland, Me. (two
lines), Soringfield, Mass., Sherbrooke, Can., Rotterdam Jet. and Troy,
N. Y ., Worcester, Mass., to Portland, M e., and most of New Hampshire.
Description—
— ------- ------------ Mileage
Leased.
Total
Steam Roads—
Owned.
M a in lin e s ______________________________1 ,0 4 0 .5 4

628.78
______

267.43
25.27

2 8 0 .5 5

1 ,3 2 1 .0 9

Total road operated_____________ 1,669.32
Second track_____________________ 500.53
Third track_______________________
1.20
Side track_________________________ 1,128.73

573.25
a96.77
65.85
244.71

2,242.57
597.30
7.05
1,373.44

Total track operated_____________3,299.78
Electric Railways—
Branch lines______________________
44.19
Side tracks________________________
2.92

920.58

4,220.36

Branch lines______________________
Trackage rights___________________

T otal.

47.11

896.21
25.27

44.19
2.92
47.11

Grand total tracks operated—■
Steam and electric roads—
Dec. 31 1923-............. - ..........3,346.89
920.58
4.267.47
a Includes trackage rights, 21.29 miles. 6 Incl. trackage rights, .99 mile.
Reorganization.— On Aug. 29 1916 the Boston & Maine R R . was placed
In temporary receivership on account o f inability to pay its maturing obli­
gation of nearly $20,000,000. Pres. James H. Hustis was appointed tem­
porary receiver and continued in this position until reorganization and
consolidation of the system on Dec. 1 1919.
The reorganization plan (V. 107, p. 1918, 2375, 2474). which became ef­
fective Dec. 1 1919, provided as follows:
(1) Consolidation of the Boston & Maine R R . with its seven directly
leased lines and the assumption by the consolidated company of all sub­
leases and other obligations.
(2) Payment in cash o f principal and back interest o f all matured obli­
gations of the eight consolidating companies.
(3) Payment in cash o f back interest on unmatured bonds and deben­
tures of the consolidating companies, these being left as original or assumed
obligations of the Boston & Maine R R .
(4) Exchange o f stock o f consolidating leased lines on which dividend*
had been paid as rentals for like amounts of Boston & Maine Cumulative
First Preferred stocks, the latter to be issued in series with dividends cor­
responding to the dividends on the old leased line stocks, but for a period
o f 5 years these dividends to be paid at 20% less than the normal rates.
(5) Preferred stock o f the Boston & Maine remains undisturbed, except
that it is subordinated as to dividends but not as to principal to the First
Preferred stock, and the regular 6% rate reduced to 4% for the period o f
5 years. However, it has been stipulated that the dividend on this stock
must be paid if earned.
(6) The Common stock o f the Boston & Maine is undisturbed, but is to
receive no dividends for a period of 5 years, except under conditions men­
tioned below. In case o f liquidation all three classes of stock are to share

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

Miles Date
Road Bonas

Par
Vaiue

Amount
Outstanding

B oston & Maine— Com stock (dividends deferred). .
$100 $39,505,100
First Pref Cum stock, all same priority $50,817,900, not pr eferred as to as sets—
100 18,860,000
100 7,648,800
“ C ” (for Concord & Montreal stock) 7% stock.
100 7,917,100
100 4,327,000
" D ” (for Conn Riv M & L and L & A 10% stock)
100
65,000
“ E ” (for K& K4)4% stk. See opt, V 107, p 1918)
100 3,149,800
Mortgage gold bonds___ _________ ___ OB.c*&r* 1,651 1923
1,000 3,991,000
New First & Ref M (sec equally all issues of merged cos--1920
10,273,000
1920
17,606,000
1920
3,843,000
1920
1,212,500
1920
5,443,979
1921
609,000
1921
3,049,000
1922
Series “ K ” .........................................
.. ..
5,000,000
1922
Series “ L ” . . . . . .
.
...
... ..
1,030,000
1920
Equipment gold notes, due $454,200 annually___ G
4,996,200
1922
100 &c
_
1,694,000
Equipment gold cert, due $121,000 annually_ c*&r
1923
1,974,000
Bonds of Merged Properties Assumed—
1887
Improvement bonds s f not subject to call_____ . z
1,000
1,919,000
1892 1,000 &c 2.500,000
Bonds for improvement & ref _____ ________ __ zc&r
1894
Bonds gold . . . . .
_____
. . . . .zc& r.
1,000
6,000,000
1900
1,000
Bonds exchanged for Fitchburg stock (V 70, p 175).z
5,454,000
1,000
Bonds 20-year______. . . ____
.
. . .
.z
1905
500,000
1906 1,000&c 10,000,000
Bonds cur
. . . . .
. ...
.
zc&r
1909 l,000&c 11,700,000
Bonds $12,000,000.. . . . . _________ .zc&r
500 &c
Portsm Gr Falls & Con 1st M assum.
__ __ . . z
73 1877
1,000,000
1,000
Worcester Nashua & Roch first mortgage equally)
885,000
/ 47 Var.
1,000
secured ($735,000 due 1930 and $150,000 1935)z/
147 1894
380,000
1892
1,000
Boston & Lowell— Bonds 40 yrs. . . . . . . ______
1,000,000
1,000
Bonds
do
do . .
.
. _ ...
_
.z
1905
500,000
1,000
Bonds
do
do _______ __
_ _ _ z
1906
500,000
1,000
1907
Bonds
do
do _________ ______ ______ zc
325,000
1,000
Bonds
do
do ___________ ________ . z
1909
350,000
1913 1,000 &c
Bonds
do
do
_____ . _ __ . zc*
_
1,000,000
1,000
. . . 1916
Bonds
do
do . . . .
______
- - - - 1,250,000
equally in assets after providing for obligations and accumulated dividends
on the First Preferred and Preferred stocks.
(7) The money necessary to pay off the matured obligations was obtained
by the selling o f $19,879,000 Bonds to the U. S. Govt., these bonds being
secured by the consolidated properties under a mortgage which equally
secures all the outstanding bonds o f the consolidated companies, except
that $8,338,000 bonds o f the consolidated companies which previously have
been secured by mortgages retain these mortgages, which are senior in lien
on the divisions covered to the lien of the new general mortgage.
(8) The agreement in respect to the reduction o f Preferred dividends and
non-payment o f Common dividends during 5 years is modified by the pro­
vision that if during the period o f 5 years the company shall sell $12,000,000
6% First Preferred stock at par and apply the proceeds in the reduction
o f debt to the Government, restrictions in respect to Boston & Maine Pref
and Common stocks shall lapse, but curtailment o f dividends on the First
Preferred stocks shall continue.
(9) The amounts earned for the stocks and not paid out on account of
the reduction in dividend on the Pref. stock and the omitting o f dividends
on the Common are to be paid to a trustee to be applied in the purchase from
the Government o f the bonds it takes for its advances or invested in impts.
V. 107, p. 1918, 2375, 2474.
Report o f Joint New England Railroad Committee suggesting plans to
rehabilitate the New England roads. V. 117, p. 85.
CAPITAL STOCK.— First Pref., authorized, $50,817,900. o f which
$12,000,000 is reserved to retire $12,000,000 o f new bonds. Issued,
$38,817,900. Pref. only as to divs. (see paragraph 4 above). Preferred
and Common stocks (see paragraphs 5 and 6 above). The Boston RR
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 modifi­
cation restoring to the New Haven its investment in the B. & M . Y . 116,
p. 2635. Voting trust agreement, V. 116, p. 1176, 2515.
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 o f 6% bonds payable Jan. 1 1929, purchased
by the Director General o f Railroads.
The new 1st & ref. rntge. secures all o f the consolidated company’s bonds
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 Falls & Conway R R ., due
June 1 1937, $1,000,000; Worcester Nashua & Rochester R R ., $1,265,000
($735,000 due Jan. 1 1930. $380,000 due Oct. 1 1934, $150,000 due Jan. 1
1935); Troy & Boston R R ., due July 1 1924, $573,000. Bonds are to be
Issued In series. (See table at head o f page.l
Proceeds o f the $4,000,000 mortgage gold 6% bonds sold in N ov. 1922
were used toward the retirement o f obligations maturing in January and
M ay 1923, amounting to $3,991,000, viz.; $2,000,000 Boston & Maine
R R . 3f%s, due January 1923; $969,000 Connecticut River R R . 3>£s, due
January 1923: $250,000 Boston & Lowell RR. 3}^s, due M ay 1923; $772,000
Vermont & Massachusetts 3)4s, due M ay 1923. V. 115, p. 2158.
Leased Lines.— Leases assumed by the consolidated company are:
Stock
Div.
Stock
Div.
Outstanding. Rate.
Outstanding. Rate.
New Boston R R ____ $60,000
Vermont & M ass..$3,193,000
6
Con. & Portsmouth. 350,000
Troy & Bennington- 150,800 10
Suncook Valley____ 278,640
_ 800,000 9
Nashua & Lowell_
Stony Brook_______ 300,000 7
Pemigewasset Valley 503,400.
Wilton R R ............... 240,000 8)4 Concord & Clarem’t 400,700
P e te r b o r o u g h R R __

3 5 1 ,9 0 0

4

N ash u a & A c t o n ___

N one

Northern R R ______ 3,068,400 6
Franklin & Tilton_ 132.800
Conn. & Passumpsic 2,500,000 6
None
Peterb. & Hillsboro.
None
Massawippi Valley. 400,000 6
Newport & Richford
Boston & Maine guarantees $1,328,000 1st 5s o f St. Johnsbury & Lake
Champlain. Jointly with Maine Central guarantees $300,000 Portland Union
R y. 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. Tentative valuation, V. 114, p. 1764.
DIVS.— f’93. ’94-’98. ’99. ’00-’07. ’08. ’09. '10. ’l l . ’ 12. ’13. None
Com . (% )-t 8
6 yly. 8 4 7 yly. 6 4 6
6
5
4
2
since
On Jan. 31 1920 paid a div. o f $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 1923, in V. 118, p. 1765, showed:
Combined Corporate and Federal Income Account,
Calendar Years—
1923.
1922.
1921.
1920.
Operating revenues_____$86,310,941 $79,720,084 $78,289,750 $86,652,745
Operating expenses_____ 75,275,588 67,164,593 73,833,472 90,989,432
Taxes, &c_______________ 2,939,663 2,576,641
2,675,749
3,049,214
Operating income____$8,095,690
$9,978,851
Other income___________
1,351,001 1,431,469
Adjustment (see Note A) D r.89,070 Dr.98,430

$l,780,529df$7,385,901
1,655,742 bl3,072,073
a735,665 a6,247,212

Total income_________ $9,357,621 $11,311,890
Deductions____________ 13,120,405 11,523,519

$4,171,936 $11,933,384
10,990,193 11,729,633

Net income________ def$3,762,784 def$211,629df$6,818,257
Equip, trust installments
657,450
504,617
548,979
Dividends_____________
______
______
______

$203,751
340,496
1,227,948

Balance___________ def$4,420,234 def$716,246def$7367,236def$1364,693
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




17

RAILW AY STOCKS AND BONDS

M ay , 1924.]

Rate
%

When
Payable

Last Dividend Places Where Interest anct
and Maturity
Dividends Are Payable

No divs f or 5 year s unless bonds h eld by U. S. Gov. are p d .
See text
See text
See text
6g

J

&

(July 1 '20, 2%
J’l y l’20,3.20%
J’ly l’20,2.80%
J’ly 1’20, 4%
J’ly l’20.1.80%
>ept 1 1920 2%
J Jan 1 1933
Boston

J
6
J
6
J &
6
J &
6
M &
6
7g J
A
6
J
6
J
6
J & J
6
514 g F &
J &
6

J Jan 1 1929
J Jan 1 1929
D Junel 1930
J Jan 1 1929
N N ov 1 1930
J Jan 1 1931
O Oct 1931
D Junel 1935
J Jan 1 1929
15 To Jai
A Aug 1 ’24 to ’37 Boston
D
ne 1 1938 First Nat Bank, Boston

F
4
F
4
4 4 g .)
3g J
3)4 F
M
4
A
4)4
4)4 J
J
4
A
4
A
4
M
34
M
4
J
4
A
4
F
4)4
M
5

A Peb 1
A Aug 1
.1 Jan 1
J July 1
A Peb 2
H Sept 1
<) Apr 1
D Junel
J Jan 1
t) Oct 1
() Apr 1
S Sept 1
N Nov 1
.1 July 1
O Apr 1
A Feb 1
S Mar 1

&
&
&
&
&
&
<
fe
&
&
&
&
&
<
fe
&
&
&
&

1937
1942
1944
1950
1925
1926
1929
1937
1930&’35
1934
1932
1925
1926
1927
1929
1933
1936

Company’s office, Boston
do
do
do
do
do
do
do
do
do
do
do
do
Second Nat Bk, Boston
Amer Trust Co, Boston
do
do
Merch Nat Bk, Boston
do
do
do
do
do
do
do
do
do
do
do
do

profit and loss may agree with corporate accounts, an adjustment is madeeliminating Federal income transactions and clearance accounts, ‘ Revenues
and expenses prior to Jan. 1 1918.’ ”
b Includes certificates amounting to $11,500,000 issued by the I.-S. C.
Comm, account o f the guaranty period claim. Final settlement was made
in 1923 for $11,220,615 and the difference of $279,385 charged to profit and
loss.
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.— Norman L. Bassett, Charles W. Bosworth, Frank P.
Carpenter, Charles Sumner Cook, 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, Walter C. Baylies, T. Jefferson Coolidge, Louis K. Liggett,
Homer Loring, W . Rodman Peabody and Thomas Nelson Perkins.—
(V. 118, p. 1909.)
BOSTON & PROVIDENCE R R .— Owns Boston, Mass., to Providence,
R. I., 43 miles; branches, 20 miles. Leased 99 years April 1 1888 to Old
Colony R R .; rental 10% yearly on stock, lease being modified in 1912.
V. 95, p. 235. The New York N . H. & Hartford on Dec. 31 1923 owned
$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 bona
and signed both by lessee and lessor is a statement to the effect that the
bonds are issued under provisions of lease of 1888. Interest payable at
the office of J. P. Morgan & Co., New York, National Shawmut Bank or
First National Bank, Boston. The company in April 1923 applied to the
I.-S. C. Commission for authority to issue $2,710,000 of 5% 15-Year De­
benture bonds with which to refund these bonds.— (V. 116, p. 2255.)
BOSTON RAILROAD HOLDING CO.— Incorporated in Massachusetts
June 18 1909 under special Act with power to hold securities of Boston &
Maine. The N. Y. N. H. & Hartford transferred its holdings of $27,600,400 pref. and com. stock to trustees appointed by the (T 8 District
Court, and as guarantor paid pref divs. which Co. could not meet.
Owned $21,918,900 common and $654,300 pref. stock of the Boston &
Maine, for which was issued $27,293,900 non-voting 4% cum. pref. stock,
redeemable at 110, guar., prin. & divs., by endorsement by the N. Y. N. H.
<t H. R R . Co. The latter company also owns the entire $3,106,500 com.
S
stock of the Boston R R . Holding Co. V. 93, p. 870, 1461: V. 94, p. 205;
V. 95. d . 968
In March 1914, under order o f court to divorce the system, the B. & M .
stock was transferred to five trustees, viz.: George W . Anderson and
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
sell the same on or before Feb. 1 1909, but the U. S. Dist. Court extended
order to Oct. 1 1923.
In accordance with the decision of the U. S.Court
for the Southern District of New York modifying the New Haven dissolu­
tion decree (V. 116, p. 2637), the trusteeship of New Haven’s Boston &
Maine stock has been dissolved and Boston Railroad Holding Co. stock was
returned to the New Haven June 14 1923.— (V. 117, p. 2108.)
BOSTON REVERE BEACH & LYNN RR. CO.— Owns narrow-gauge
road from Lynn to East Boston, Mass,. 9 miles, connecting with Boston by
company’s ferryboats; East Boston to Winthrop, 9 miles; also Winthrop to
Point Shirley, 1 mile. V . 94, p. 982; V . 95, p. 1121, 1402.
DIVS.—
('9 7 -0 5 . ’06. ’0 7 .’08-’10.’ l l . 1912.-T9. ’20. '21. '22. ’23
Per cent___I 2 yrly.
4
5 6 yrly. 6 6% yearly 3
_2)4
6
Paid in 1924: Jan., 1)4% ; April, 1)4% .
Int.&Tax. Divs. Paid.
Y r . end .—
Gross.
Net.
Balance.
sur.$13,346
$51,000
Dec. 31 1923.$1,583,930 $163,265 $101,240
Dec. 31 1922.$1,519,762 $143,422
sur.$17,379
$93,951
$34,000
Dec. 31 1921. 1,606,979
103,537
sur. 2,026
101,511 ---------------— (V. 116, p. 1531.)
BOSTON TERMINAL CO.— Owns Southern Union Depot in Boston,
opened in 1899. V. 68, p. 40; V. 69, p. 591. N . Y . Central (Boston & A l­
bany), Boston & Prov., Old Colony and N . Y . N. H. & Hartford R R . cos.
own the $500,000 capital stock and pay as rental in monthly installments
sums sufficient to pay all expenses, charges, interest on bonds and 4% on
stock. These companies are jointly liable for any deficiency in case of
foreclosure. Reg. int. Q.-F.; coup., F. & A .— (V. 93, p. 1598.)
BOYNE C IT Y G AYLORD & ALPENA R R .— Operates Boyne City to
Alpena, M ich., with branches, a total of 136 miles, forming a cross-State
line from Lake Michigan to Lake Huron. Capital stock, authorized,
$1,000,000; outstanding, $669,300. An issue of $800,000 1st M . 20-year
5s was sold in 1917. For 1922, gross, $476,715; net oper. income, $86,179;
other income, $4,983; int. & rentals, $92,270; bal., def., $1,109.— (V.112,
p. 743.)
BRA ZIL R A IL W A Y — (V. 113, p. 2818.)
BROWNSVILLE & MATAMOROS BRIDGE CO.— Owns international
steel bridge over the Rio Grande River between Brownsville, Tex., an*d
Matamoros, M ex., connecting St. Louis Brownsville & Mexico R y. (Negv
Orleans Texas & Mexico) and National Rys. o f Mexico. Stock, $650,00a),
one-half (except directors’ shares) owned by each o f said companies, which
Jointly guarantee both classes of bonds. 1st M ., $333,000 auth . Year
ended Dec. 31 1923, gross, $60,104; net, $25,573; other income, $16,706
interest, $18,996; taxes, &c., $5,957; net income, $17,337.
See Nationa
Rys., V . 94, p. 277.
BUFFALO CREEK R R .— Owns 6 miles of terminal road in Buffalo, N .
Y . In Dec. 1889 leased for term o f charter less one day to the Lehigh Valley
and the Erie R R ., which together own entire capital stock o f $250,000.
Rental is int. on bonds, 7% on stock and organ, expenses. First ref. bonds
are issuable to retire old os. V . 108, p. 1610; V. 118, p. 1664. Pres., C. A .
Brunn, Buffalo, N . Y .; V .-P ., F. H. Silvernail, N . Y .; Sec. & Treas., E. A.
Albright, N .Y .— (V. 118, p. 1664.
BUFFALO ROCHESTER & PITTSBURGH R Y .— (.See M ap.)—
Operates from Buffalo and Rochester, N . Y ., to bituminous coal regions.

18




RAILW AY STOCKS AND BONDS

[V ol. 118.

M at , 1924.]

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

B oston & Maine— (Concluded)
1893
$1,000
Connecticut River bonds______________________ zc
1887
1,000
Fitchburg— Bonds to State o f Massachusetts____zr
’97-'98 1,000 &c
Bonos ($2,750,000 are 4s o f ’97)___________ zc&r
1907 1,000 &c
Bonds ___________________________________ zc*&r
1905 1,000 &c
Bonds currency_______________________
zc*r
1908 1,000 &c
Bonds ____________________________________ zc&r
1912 1,000 &c
Bonds $1,350,000 authorized currency____zc*&r
1913 1,000 &c
Bonds $450,000 authorized____________________ z
1914 1,000 &c
Bonds _______________________________________ z
Troy & Boston 1st mtge (V 53, p 405)_______ zc&r
35 1874 1,000 &c
Bonds of Leased Lines (Stock, see each co)—
1,000
71 1914
Concord & Claremont (N H)— 1st mtge________ zc
1,000
110 1893
Conn & Passumpsic 1st mtge $1,900,000 gold___ ;
100
63
B oston & Providence— Stock 10% gu 99 yrs Old Col
1,000
1923
Gold debentures____________________________ OByc
100
-B oston RR H olding Co— Pi stk 4% cum red 110.zgu
_
100
B oston Revere Beach & Lynn— Stock $850,000____z
1,000
1st M (V 65,p 68: V 83,p 379) $1,000,000 g SBzc*&r 13.12 1897
1897 1,000 &c
B oston Terminal Co— 1st mtge currency..OB.zc&r
100
109 1917
B oyne C ity Gaylord & Alpena— 1st M $800,000—
Brinson Ry— See Savannah & Northwestern RR.
1.000
1910
Brownsville & Matam Bridge Co— 1st M g gu.SSt.x
1,000
6 1911
Gold bonds $100,000 guar jointly_____________ N.x
1,000
6 1891
B uffaloC r— Con(nowlst)M $l ,000,000g int as rent c*x
1,000
1910
1st ref M total auth $5,000,000 g red 105__ Usm.x
—
B u ffalo New York & Erie— See Erie R R .
100
B u ffalo R ochester & Pittsb— Common stock---- Tr
100
Pref stock non-cum common 6% then pro rata_Tr
1,000
253 1887
B R & P 1st gen mtge ($10,000,000) g old..U n .zc*
1,000
10 1889
Line P & Chari 1st M gold guar_________ Un.zc*
370 1907 1,000 &c
B R & P consol mtge g $35,000,000 auth_Ce.xc*&r
1,000
1907
Equip bonds F $3,000,000 gold red sinking fund._x
1,000
1909
do
G $3,000,000 gold sinking fund____ G.xc*
1,000
1913
do
H gold $125,000 due yearly text___ G.xc*
1,000
1917
do
J gold (no “ I” ) $50,000 due s-an__ Gk.yc*
1,000
1918
do
K $40,000 due semi-annually______ Ce.kc*
1,000
do
No. 10 $2,004,000 g notes $133,600 an.G.c*
1920
1,000
1923
do
L due $128,000 annually__________ Gk.c*
U S Government loan____________________________
- - - 1921
Lines owned in fee—
Miles. Willow Grove to Pittsburgh, P a. 7
Penn. R R .— Penn. R R . Jet. to
Buffalo Creek, N . Y ., to M t.
Shuman Run Y , Pa____________21
Jewett, Pa____________________ 98
9
Clarion Jet. to Lindsey, Pa_____59 Other__________________________
Leased— Stock not owned—
Rochester to Ashford, N . Y _____94
Charlotte, N . Y ., to Lincoln Park 10 Allegheny & Western— a
Punxsutawney to Butler, Pa.;
Indiana Branch_________________ 78
& c____________________________ 63
Six branches____________________ 31
Trackage—
Miles Clearfield & Mahoning— a
Clearfield to Beech Creek R R . . 26
Erie— M t. Jewett to Clarion Jet. 20
B.&O.— Butler, Pa.,to Pittsburgh 41 Mahoning V alleyR R ____________ 2
Ribold Jet. to New Castle____33
Total Dec. 31 1923 (a See separate statement for this company) ..5 9 2
O R G .— Successor 1887 o f Roch. & Pittsb., foreclosed, plan V. 41, p. 516.
The entire capital stock ($4,000,000) o f the Rochester & Pittsburgh Coal
& Iron Co. (V. 66, p. 1088), carrying control o f the Jefferson & Clearfield
Coal & Iron C o., was transferred in 1906 (subject to the lien of the General
M tge.) to the Mahoning Investment Co. in consideration o f $4,125,000
o f its stock, which was then distributed pro rata among holders of R y .
common and pref. stock. V. 83, p. 1468; B. 85, p. 414, 415; report,
V . 109, p. 1459. For bonds o f these coal companies see “ Industrial Cos.”
Clearfield & Mahoning R y. securities are guaranteed.
DIVS.J ’06. ’07. ’08. ’09. TO. ’ l l . T 2. T 3. '14. T 5. T6 ,T 7. T 8 .’ T9-23
Cm % 1 6 5 X 4 X 4
4
5 5H 6
5
4
5
6
5 4 yearl.v.
Paid in 1924: Feb. 15, 2% .
BONDS, &C.— General 5s for $5,573,000 reserved for prior bonds, &c.
The 50-year Consols ($35,000,000 authorized) are to bear not over 4!-$ %
int. $3,000,000 were issuable at once, $18,145,000 to retire underlying
obligations at or before maturity and the remainder for future requirements.
On Dec. 31 1923 $22,578,000 were outstanding in hands o f public and $5,350,000 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; V. 100,
p. 228; V. 113, p. 2718.
Equipment Bonds.— Series F may be purchased by sinking fund at not
over par or drawn by lot at par and may also be drawn at 102 and int on
any Int. day. V. 84, p. 1365; V. 85, p. 283, 414, 863; Y. 105. p. 2183.
Series G have an annual 6% sink, fund to retire bonds at par; if not purchas­
able, bonds to be drawn by lot. V. 89, p. 468; V. 91, p. 400; V. 93, p. 1785,
939; V. 94, p. 122; V. 97, p. 364. Series H, V. 97, p. 1582; V. 98, p. 1459;
Series J, V. 105, p. 388, 605. (No Series x.) Series K, V. 107, p. 1099,
2375. Series No. 10 are redeemable at 103 & int. V. 113, p. 1469. Series
L. V. 116, p. 933.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
Government loan, V. I l l , p. 791; V. 112, p. 161.
RE PO RT.— For 1923, in V. 118, p. 1128, showed;
----------------------Corporate----------------------Combined.
1923.
1922.
1921.
1920Freight revenue_________$19,310,382 $14,366,438 $11,928,152 $19,014,'478
Passenger revenue_____
1,762,856
1,652,355
1,794,927 1,919,554
Other tcansportation___
662,233
588,521
504,869
513,062
Incidental_____________
289,176
139,192
134.459
286,628
Total oper. revenue.-$22,024,651 $16,746,506 $14,362,407 $21,733,723
Maintenance of way____$3,913,515
$2,391,728 $1,974,309 $3,602,903
M aint. o f equipment_
_ 7,079,622
6,505,106
4,908,568 6,749,754
T ra ffic ________________
309,011
237,294
215,079
223,408
6 ,7 1 0 ,6 8 9
6 ,2 2 3 ,6 9 1
9 ,9 9 3 ,0 0 6
Transportation________ 8 ,4 3 3 ,1 3 9
M iscellaneous-.........31,968
28,214
30,120
37,612
G e n e ra l_______________
408,012
459,629
484,437
520,941
Total oper. e x p e n s e s . -$20,175,269 $16,332,659 $13,836,205 $21,127,623
Net operating r e v e n u e . . $1,849,382
$413,847
$526,202
$606,099
T ax accruals & u n c o lle c 401,886
371,803
340,523
723,721
Operating income------$1,447,496
Hire o f freight cars_____ 1,592,104
Other income__________
524,175

$42,043
583,134
586,166

$185,679 def$117,621
682,193 1,868,051
492,737
536,797

Gross income_________ $3,563,775
R e n ts_________________
760,164
Interest_______________ 1,713,965
M iscellaneous_________
8,148

$1,211,343
713,810
1,681,829
6,870

$1,360,609 $2,287,227
718,515
140,373
1,579,453 1,708,337
9,239
40,034

Sur. avail, for d i v s „ . $l,081,498df$l,191,165 def$946,598 def$201,518
For latest earnings see “ Railway Earnings Section’ ’ (issued monthly).
OFFICERS.— Pres., W m. T . Noonan, Rochester; V .-P ., Adrian Iselin,
W . Emlen Roosevelt, N . Y .t Thos. F. Brennan, Rochester; lreas., J. F.
Dinkey, Rochester; Sec., Ernest Iselin, New York.
Directors.— Henry G. Barbey, A . Iselin, William E. Iselin, J. Herbert
Johnston, O. O’D . Iselin, W . T . Noonan, George E. Roosevelt, W . Emlen
Roosevelt, Ernest Iselin, O’ Donnell Iselin .Oscar Grisch, Samuel Woolverton, Hamilton F. Kean. N . Y office, 36 Wall St.— (V. 118, p. 1128.)
BUFFALO & SUSQUEHANNA RAILROAD CORPORATION.—
Owns from Sagamore, Pa., to Wellsville, N. Y ., with several branch lines
incl. 15.44 m. trackage. Total mileage Dec. 31 1923, 253.54. Incorp. in
Pennsylvania and succeeded Dec. 31 1913, per plan in V. 98, p. 1503, the
B. & S. RR., foreclosed Dec. 5 1913. V. 97, p. 1582; V. 93, p. 1596. For
description o f property see V. 108, p. 1828, 1830; V. 100, p. 1007, 980.
Connects at Driftwood|Jct. with Pennsylvania R R . for Buffalo.
STOCK.— Authorized (par $100), common, $3,000,000; 4% pref. (p. &
d .), cumulative after Jan. 1 1915, $4,000,000. Listed on N . Y . Stock
Exchange. Voting trust expired Jan. 1 1924.
DIV ID E N D S.—
1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923.
On common stock--------- 5
7
7
7
10
7
17
17
taf,On pref. stock in full to date. On com. in 1924: Mar. 31, 1 % % quar.
and 2 X % extra.




19

BAILW AY STOCKS AND BONDS
Rate
%

$1,000,000
5,000,000
4,200,000
2,000,000
3.660,000
2,400,000
1,200,000
400,000
1,872,000
573,000

4g
4
4
4
4
4X
4X
4X
5
7

500,000
5
1,900,000
4g
4,000,000
10
2,170,000
5g
27.293,900
4
850,000 See text
1,000,000
4X g
14,500,000
3X
800,000
5
290,000
90,000
1,000,000
2,000,000
10,500,000
6,000,000
4,427,000
350,000
22,578,000
174,000
830,000
750,000
950,000
760,000
1,469,600
1,792,000
1,000,000

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M & s Sept 1 1943
M & N Feb 1 1937
Various 1927-1928
A & O Apr 1 1927
M & N M a y l 1925
M S N M a y l 1928
C
.1 & J Jan 1 1932
J & J Jan 1 1933
J Sc J Jan 1 1934
J & J July 1 1924
J
A
J
J
J
J

& J Jan 1 1944
& O Apr 1 1943
Q— J Apr 1 1924 2 X
& J 1938
& J10 Jan 10 1924 2%
Q— J Apr 1 1924 I X
& J15 July 15 1927
Feb 1 1947
Text
& J Jan 1 1937

J
M
J
J

&
&
&
&

,TJan
S Sept
J Jan
J Jan

4
F
F
6
M
5g
5g J
4X g M
4H g A
A
4 g
5g J
A
5g
F
6g
6 g .1
5g J
J
6

S
c
&
&
S
C
&
S
c
S
C
S
c
&
S
c
S
c
S
c
&

A Feb 15 1924 2%
A Feb 15 1924 3%
S Sept 1 1937
.1 Jan 1 1939
N May 1 1957
() Apr 1 1927
() Oct 1 1929
.) Jan’25to Jan’ 30
O Oct '24 to Oct'33
A Aug’24toAug’ 33
.1 Jan '25-Jan '35
l> June ’25 to '38
J To Jan 1926

5g
4
5g
5g

1
1
1
1

1930
1931
1941
1961

At company’s office
do
do
do
ao
do
do
Office, Fltchb R R , Bost
do
do
do
do
do
do
do
do
do
do
Met Trust Co, Boston
Safe Dep & Tr Co, Bos
Treasurer's office, Bost
See text
Office, or checks mailed
State St Trust Co, Bost
Merch Nat Bank, Boston
Grand Rap, Mich, Tr Co
St Louis Union Trust Co
New YorK Trust Co
U S Mtge & Tr Co. N Y
do
do
36 Wall St, New York
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Guaranty Trust C o ., N Y
New York
36 Wall St. New York

BONDS.— The 1st mtge. bonds ($10,000,000 auth.) are secured on the en­
tire property and further by deposits of mortgages aggregating $830,773
on coal lands of the Powhatan Coal & Coke Co. and of a mtge. for
$1,000,000 on the properties of the Buffalo & Susquehanna Coal & Coke
Co. and of all the stock of the Addison & Susquehanna R R . and all the
stock and bonds of the Wellsville Coudersport & Pine Creek R R . and of all
the stock of the Keystone Store Co. V. 73, p. 619, 899; V. 84, p. 748.
Of the bonds, $6,959,000 have been issued. The remaining $3,041,000
bonds, or any of them, may bear not to exceed 5% interest and can be issued
only for additions, extensions, improvements, acquisitions of property or
acquiring or discharging liens on property of corporations in which 90% of
stoci is owned. Sinking fund for redemption of bonds at not to exceed par
and int., $50,000 per ann. for 35 years; also all sums in excess of $50,000 per
ann. received on account of principal of any mortgages held as collateral
under such mortgage and any further payments authorized in case of issue
of further bonds or otherwise. Bonos retired through operation of the
sinking fund to be held alive. To M ay 1 1924, $1,537,900 had been retired,
while $368,500 were held in treasury and $5,052,600 were outstanding,
V. 97, p. 1503; V. 98, p. 1765; V. 100, p. 980, 1006; V. 108, p. 2329, 2240.
BUFFALO & SUSQUEHANNA COAL & COKE CO.— This company
the $1,000,000 5% M . bonds of which are owned by the B. & S. RR. C orp.,
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 off.
POWHATAN COAL & COKE CO.— This company, all o f whose bonds
Eire 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 of coke daily.
Keystone Store C o., stock $50,000, all owned by R R . Corp
R E PO R T .— For 1923, in V. 118, p. 2036, showed:
Calendar Years—
19231922.
1921.
xl920.
Total oper. revenues____$2,780,876
$1,676,044 $2,052,782 $2,683,424
Operating income______ defl9,159
def74,050 def332,817 defl55,237
Gross income____________$1,108,764
$990,294
$461,465
$896,281
Deductions—
♦Corp. exp. (incl. insur.)
______
$5,728
♦Taxes________________
______
6,700
Rent for equipment____
69
37
214
105
Joint facility rents_____
26,494
25,567
25,409
51,717
Miscellaneous rents____
25
25
26
25
Int. on 1st Mtge. bonds218,683
225,548
229,946
234,825
Miscell. income charges.
10,627
9,764
9,282
8,714
T o t a l_______________
Net income----------------Inc. applied to sinking &
other reserve funds_
_

$255,899
$852,865

$260,942
$729,352

$264,308
$197,157

$308,383
$587,898

44,947

38,091

33,727

28,896

Transf’d to prof. & loss.
$807,919
$691,261
$163,430
$559,002
D iv s.p d .fr. sur., P f.(4 % )
160,000
160,000
160,000
160,000
C om m on __________(17%)520,000 (17)520,000 (7)210,000 (10)300,000
* During Federal control, x Income of 1920 restated to conform to
the revised claim filed for the guaranty period. Statement for 1920 includes
corporate income for two months and operation results for ten months.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
DIRECTO RS.— E. R. Darlow (Pres.), A. A. Jackson, P. G. Bartlett,
Herbert H. Dean, J. S. Farlee, James R . M cKee, Julius F. Workum, Charl­

t o n Y a rn a ll, A lb e r t L . S m ith , J . R u th e r fo r d M c A llis t e r a n d F . E . H a ll

( S e c .-T r e a s .); G e n . M gr., A . M . D a r lo w ; G e n . A u d ., T . J. Elmer, 986 Ellicott S q ., B u ffa lo . — (V. 118, p. 892.)
BULL FROG-GOLDFIELD RR.— Beatty, Nev., 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 or
business and this road has since been operated in connection with Tonopah
& Tidewater R R . and Death Valley R R . V. 99, p. 1536. During the latter
part of 1919 Messrs. Althause and La Grange purchased a majority o f the
$1,628,463 outstanding stock, and in the spring of 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 ToDopah & 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. O. Baker, Pres.; C. B.
Zabriskie, V.-P. & Treas.; N . S. 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, 36 m.; 2d track, 2 m.;
sidings, 65 m.; total. 150 m.; also leases Stuart to Anaconda, 9 m .: sidings,
5 m.; total, 165 miles, of which 114 miles operated electrically. V. 97, p.
1114; V. 96, p. 135. Stock, $2,500,000, of which Anaconda Copper Co. owns
51% and Chic. Milw. & St. Paul Ry. 49% . Dividends: 1910 & 1911, 6% ;
1912, 3% and 150% in stock; 1914, 4 X % : 1915, 6% ; 1916, 1917 & 1918,
12%; 1919, 6% ; 1920-23, none. Bonds ($5,000,000 auth. issue), o f which
$2,628,000 are outstanding, are g u a r.,p . & i., by Anaconda Copper Mining
Co. V. 98, p. 837. For year ending Dec. 31 1923, gross, $1,555,164; net,
$68,492; charges, $167,296; bal., def., $96,790.— (V. 118, p. 793.)
CAIRO & THEBES R R .— Owns Cairo, HI., to the bridge across the
Mississippi River at Thebes, 111., 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 of $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. of Louisville, K y., trustee. Stock (all owned by M o. Pac. R R . C o.),
$10,000; par, $100. Pres., A. Robertson; Treas., F. M . Hickman: Sec.,
F. W . Irland, St. Louis.— (V. 95, p. 1121.)

KAILW AY STOCKS AND BONDS
[V
ol

.

118.




M at , 1924 ]
RAILW AY STOCKS AND BONDS




22

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

B u ffalo & Susq RR Corn— Common stock______
$100 $3,000,000 See text
Preferred stock 4% cumulative_________________
100 4,000,000
4
First mortgage $10,000,000 gold____________ Eq.x
100 &c
5,091,100
4g
Bull Frog & G oldfield— First mortgage bonds______
1920
148,000
5
B urlington Cedar Rapids & Nor— See Chicago it ock Is] and & Pacific R y
B urlington & Missouri Valley— See Chicago Burl’to n & Q uincy
B utte A & P— 1st M g gru sink fund call 105.yc*&r*
1,000
151 1914
2,628,000
5g
1,000
Cairo & T hebes RR— First mortgage____________ x
25 1911
1,699,000
4
Calgary & Edm onton— See Canadian Pacific Ry.
52 1914
Cal W R R & N— New mortgage $750,000__________
630,000
6
Cam bria & Clearfield— See Pennsylvania R R .
1,000
26 1911
Cambria & Indiana RR— IstM gred 102}* .GPxc*&r
630,000
5g
General mtge Series A red 1023^______GPk.xxxc*
1,000 See text
1919
6g
25
*38
Camden & B urlington C ounty— Stock 6% guar_
_
492,575
6
First M g gu p & i by Un N J R R & Can C o.G P .xc*
1,000
30 1897
350,000
4 g.
C anada A tlantic— See Grand Trunk Ry.
1,000
-*
C anada & G u lf Term 'l Ry— 1st M $1,140,000 gold. 38 J 1920
1,140,000
5g
100 15,000,000
C anada S outhern— Stock_________________________
3
Cons guar gold bonds (1st M on main line) ,G.zc*&r*
380 1912 1,000 &c 22,500,000
5g
Leamington & St Clair 1st M g gu p & i (end)_ zc*
_
1,000
14 1895
130,000
4g
1.000 14,000.000
C anadian Nat Rys— S F equip tr c tf (text) .GPxxxc*
1920
7g
1923 500& 1,000 21,750,000
Series equipment bonds due $750,000 s a________ c*
5
30-year guaranteed bonds____________________ c*&r
1924 500&1000 50,000,000
5
100 100,000,600 All owne
C anadian N orthern— Stock $125,000,000________
Funded debt, see following page

CALG ARY & 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 R R . & NAVIGATION CO.— Owns Fort
Bragg, Cal., to Willits, 50.66 miles. Stock issued. $1,000,000; par, $100.
Divs. paid year 1909, 24*%; 1910, 74*%; 1911, 10%; 1912, 10%; 1913-14,
none; 1916, 6% ; 1917, 24*%; 1918, 74*%: 1919, 14*%. Bonds are guar,
p. & L, by Union Lumber Co. V. 99, p. 894, 1213; V. 100. p. 1436. Year
ending Dec. 31 1923, gross, $306,156; net, after taxes, $40,795; other in­
come, $62,024; deductions, $45,856; bal.. sur., $47,964.— (V. 100. p. 1436.)
CAMBRIA & INDIANA R R .— Colver to Manver, Pa., 18.70 m .; Regan
Jet. to Nant-Y-Glo, Pa., 7.60 m.; branches. 11.35 m.; yard tracks & sidings,
21.50 m.; total, 59.15 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 o f 1st M . 5s o f 1911, $900,000, o f which on Dec. 31
1922 $900,000 had been issued, and o f these $270,000 had been retired;
$75,000 held in treasury.
Gen. M . bonds, 6% Series “ A ,” auth., $4,000,000; nominal date of issue,
Aug. 1 1919; date o f maturity, Aug. 1 1944, o f which par value outstanding
as o f Dec. 31 1922 is $1,719,000. Of this amount $89,000 are in treasury.
Equip, trusts Dec. 31 1922. $75,000 “ B ” 5s, due ann. to Mar. 1 1927;
$120,000 "O ” 5s, due ann. to Feb. 1 1928; $168,000 Series “ E ” 5s, due part
ann. to M ay 1 1929, and $792,000 “ F ” 44*s, due ann. to Dec. 1 1931.
In April 1923 sold $1,700,000 Series “ G ” 54*s, due ann. to May 1 1938.
EARN INGS.— For cal. year 1922, gross. $824,040; net, def., $43,143;
other income, $530,795: int., rentals, &c., $178,562; bal., sur., $309,090.
Vice-Pres., F. E. Herriman; Sec., S. B. Wixom; Treas.. L. G. Ball.
Office, 246 S. 15th 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 stoed, $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 Hammermill,
Que., 384* miles. Stock authorized, $4,000,000; par, $100. Bonds, see
table. For 1922, gross, $134,596: net, $42,202; int., rentals, &c., $122,262:
bal., def., $80,060. Pres., M . J. O’Brien. Ottawa, Ont.; V.-Pres., Hugh
Doheny, Montreal, Que.; 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, 24* m. Track­
age, St. Thomas to London, Ont., 15 m. Double track, 242 miles.
ORGANIZATION, &c.— The company was chartered in Canada Feb28 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 $40,000,000 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 o f Canadian taxes. V. 95. p. 1607, 1744;
V. 96, p. 134, 200, 789, 1421. Report for 1922, gross, $21,465,99), net.
oper. income, $6,825,379: other income, $374,193; interest, rentals, & c„
$5,663,536; bal., sur., $1,536,036.— (V. 116, p. 2636.)
CANADIAN NATIONAL R A ILW A YS.— (Sec 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 and 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. o f Canada, the result being a new company with
the name “ Canadian National R y. C o.” and which new company became
vested with the properties o f the two amalgamating companies and became
liable for the obligations o f said companies. Pursuant to the agreement be­
tween the Dominion of Canada and the Grand Trunk Ry. Co. all the capital
stock o f the Grand Trunk Co. became vested in His Majesty the King on
behalf o f the Dominion of Canada and as a result o f this and of the above
amalgamation there was issued in favor o f the Minister of Finance of the
Dominion o f Canada in trust for His Majesty as above $180,424,327 70 of
capital stock o f the new Canadian National Ry. Co. This amount repre­
sented the previously outstanding capital stock o f the Grand Trunk Co.,
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 o f the same directors and the same general and
executive officers, whether acting respectively as directors or officers of one
or another o f 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 a y l 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 o f each six months any unexpended balance must be used at the
direction o f 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.




[V ol. 118.

RAILW AY STOCKS AND BONDS
When
Payable

Q— M 31
J &D30
J & J
A & O

Last Dividend Places Where Interest and
Dividends A re Payable
and Maturity

By trustee’s check on N Y
See text
do
do
Dec 31 ’23 2%
E B Smith & Co, N Y
Dec 30 1963
Oct 1 1928

F & A Feb 1 1944
M & S Mar 1 1961
A

&

o Oct 1 1934

Guaranty Tr Co, N Y
See text
Anglo-Cal Tr Co, San Fr

Girard Trust Co, Phila
M & N M a y l 1936
F & A Aug 1 1944
3% Broad St Station, Phila
J & J Jan 1924
do
do
F & A Feb 1 1927
J
F
A

&
&
&
A &
M &
F &
F &
d or to

J Jan 2 1940
A Feb 1 1924
O Oct 1 1962
O Oct 1 1945
N M a y l 1935
A Aug ’24-Aug ’38
A Feb 1 1954
be owned by the C

Royal Tr Co, Montreal
Grand Cent Term, N Y
do
do
Agts Bk o f M ontreal, NY
Girard Trust Co, Phila
Montreal, Tor .or Ottawa
Ottawa, Halifax, &c.
anadian Government

The 30-year 5% bonds of 1924 are secured by the full credit and taxing
power of 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
bonds. V. 118, p. 430.
R E PO R T .— For 1922, in V. 116, p. 2877, showed;
Cilerdxr Years.
1922.
1921.
1920.
Gross operating revenues_________ $120,135,957$126,691,456$125,641,752
Net after taxes___________________ defll,085,081dfl7,677.931df38,074.092
5,567,639 4,439,888
5,421,415
Other income______________________
Deductions_________________________ 4,344,602 2,657,976
1,658,138
Fixed charges_______________________ 41,241,252 40,777,915 33,194,244
Balance, deficit............. ..................$51,103,297 $56,673,934 $67,505,059
Note.— The foregoing figures are the combined results of the Canadian
Northern Ry. System, Canadian Govt. Rys. and Grand Trunk System.
OFFICERS.— Pres., Sir Henry Thornton; Sec., R. P. Ormsby; Treas.,
J. A. Yates. General offices, Montreal.— (V. 11$, p. 2436.)
CANADIAN NORTHERN RAILW AY SYSTEM.— (See Map Canadian
Nat. Rys.)—-The Canadian Northern Ry. System, with a maximum grade
of practically 4* of 1% , on Dec. 31 1920 had in operation 9,868.9 miles of
road extending from Quebec, Montreal and Toronto to Vancouver, British
Columbia, with many branches and intersecting lines in the provinces of
Quebec, Ontario, Manitoba, Saskatchewan and Alberta. V. 105, p. 1207,
1103; V. 107, p. 1286.
Mileaoe
Central Division— West of Port Arthur_______
“
--2.5J.8
Prairie Division______________________________
.-1.428.2 “
Western Division— West of Port Arthur______
709.0 “
Pacific Division— West of Edmonton__________
*
..1.798.9 *
Ontario Division— East of Port Arthur_______
781.8 "
Quebec Division______________________________
378.1
Lines in Nova Scotia____________________ ____
. . 172.6 “
Minnesota Division____________ ___ _______ _
. . 126.2
Electric lines in Ontario_________ ____________
.9.868.9 miles
T otal______________________________________
In N ov. 1918 an Order-in-Oouncil was passed transferring the manage­
ment and operation of all the other Government railways in Canada
to the board of directors which had been appointed to manage the Canadian
Northern Ry. system.
In June 1919 the Canadian National R y. was incorporated at the instance
of the Canadian Government, which owns its entire capital stock, to operate
all the Government-owned lines. On June 30 1919. the title to the physical
property of the Canadian Northern Ry. Co. and its subsidiaries was still
vested in the several original companies, and they were directly liable for
their bouds though Hon. J. D. Reid, Minister of Railway, on June 30
informed the Canadian House of Commons that if the net earnings of the
Canadian Northern Ry. are insufficient to pay the bond interest the Govern­
ment had arranged to provide for such interest for the current fiscal year.
DOM INION CONTROL AND LOANS.— In 1914 the Canadian Gov­
ernment guaranteed $45,000,000 of 4% debentures and took over addi­
tional $33,000,000 of the capital stock over the $7,000,000 previously ac­
quired. In 1918 the balance of the $100,000,000 was acquired. The
total capital stock is now $100,000,500 o f which $500 is outstanding in
the hands of the public. V. 106, p. 2344; V. 107, p. 1191; V. 108, p. 1822;
V. 98, p. 1600, 1607. 1918.
,
,
„
In 1917, under Act of the Canadian Parliament, the Government
advanced to the roads of the system $25,000,000 with which to meet cou­
pons and other maturing obligations (V. 105, p. 496, 996, 1207, 2271, 2364;
V. 106, p. 2344. In 1918 further agreed to assist the company by guaranty
of principal and interest, in renewing or postponing maturing obligations
of the system. V. 106, p. 1796, 2223. Also in 1918 voted to grant a
further loan of $25,000,000. Compare V. 106, p. 2559, 2344, 2336, 2223.
C A PITAL STOCK.— Of the $125,000,000 cap. stock as increased in
1914, $25,000,000 was issuable only in exchange for Income Charge stock,
the right to exchange expiring Jan. 1 1922. V‘. 98, p. 1600; V. 100. p. 393;
V. 105, p. 996.
D E B T .— The $45,000,000 debenture stock was guaranteed in 1914, prin1600, 1607, 1918. See also V. 102, p. 1982; V. 99, p. 269, 341, 536, 747.
1129, 1450; V . 100, p. 307, 1591.
Particulars regarding various of the securities issued were given in V . 106.
PJ>g.:
V. 98, p- 1601.' (6) 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 . 4J-* %, guar. prin. & int. by Province of Alberta:
(e) 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 1940V. I l l , p. 2139. Twenty-five year 6 }* % sinking fund gold debenture
bonds due July 1 1946. V. 113, p. 182.
INCOM E CHARGE STOCK.— The 5% Income Charge Convertible
Debenture stock, limited to $25,000,000, is redeemable at any time and was
convertible until Jan. 1 1922 at holders’ option into full-paid com. shares,
$500 (or £102 17s.) of deb. stock for $500 capital stock, on 30 days’ notice.
The interest is payable M ay 2 and N ov. 2 only to the extent that the net
earnings are sufficient after paying fixed charges. Interest paid in full to
N ov. 1914. V. 108, p. 1822.
5% Land Mortgage debentures. V. 100, p. 393; V . 97, p. 1424.

M ay , 1924.]

RAILW AY STOCKS A D BONDS
JST

23

FU N DE 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 DEC. 31 1922.
Interest is payable semi-ana. on dates indicated by maturity except as follows: a M a r .& S 30; b j . & D . ; c J . & J .2 0 ; d M . & N . ; e J . & D . 30; g A. & O .; h J. & J.
Held by
Date of
Amount of
Amount
Amount
Amount of
Held by
Date of
Security—
Maturity Total Issue.
Public
Pledged
Public.
Pledged.
Security—
Maturity. Total Issue.
(1) Guaranteed by Dom’n Govt.:
$
t
$
S
(7) Unaguranleed Securities.—
*
S

Canadian Northern R y .—
C anadian Northern R y .—
3 % 1st M . deb. stk. 1903..........July 10 1953
9,359,997
9,359,997
4% Perp. Cons. D e b . stk . 1903
Perpetual 61,837,789 e44,943,019 16,894,770
3H % 1st M . deb. 1908............July 20 1958
7,896,588
7,896,588
880,000
________
880,000
4 % 1st M . Pas M ission bonds.A pril
1939
4 % I s t M .d e b .s t k . 1914_____ Sept. 1 1934 44,866,667 17,060,333 27,833,334
669.000
669.000
________
4 l % 1st M . Gunflint Br bds.June
A
1930
7% s. f. g . deben. bonds 1920-D ec. 1 1940 24.793.000 24,793,000
393,900
693.900
300,000
4A % 1st M . Pr. Albert bds__June
1930
6J4% s. f. g. deb. bonds 1921-JuIy 1 1946 25,000,000 25,000,000
1931
349.000
6349,000
M innesota & M an. R y . 4 % ___Sept.
Canadian Northern Alberta R y —
Canadian N orthern Ontario R y .—
3 H % I s t M . d e b .s to ck ______M ay
1960
3,149,999
3,149,999
3,575,282
8,724,113
4% Perpet. Cons. D eb.stk .’09.
Perpetual 12,658,910
3M% 1st M . deb. stock ______April 1962
3,569,996
3,569,997
Canadian Northern Ontario R y .—
Central Ontario R y .
3 )4 % 1st M . d e b .s to ck ______ M ay
1961 35.770.000 34,229,997
1,540,003
903,253
805,433
5% I s t M . bonds 190 9.............Jan. 1 1934
(2) Guaranteed by Province of Ontario
B ay o f Quinte R y .—
Canadian N oth em Ontario R y .—
730,000
780,000
5% 1st M . bonds 1902.............J a n . 2 1927
3 )4 % 1st M . d e b .s to ck ______ June30 1938
6,724,015
6,724,015
Canadian Northern Quebec R y .—
1,135,982
3 ) 4 % 1st M . deb. stock ______July 10 1936
1,135,982
184,758
4% Perpet. Cons. D e b . sto c k .
Perpetual
5,435,127 e 5 ,250,369
(3) Guaranteed by Manitoba Govt.—
Canadian Northern R y .—
Great Northern R y . o f Canada.—
4 % Cons. deb. bonds 1904____June30 1930 12,436,280 xl2,436,280
3,510,250
3,510,250
4% 1st M . bonds 190 4.............O ct. 1 1934
4 % 1st M . deb. stock ________ June30 1930
2,859,999
1,460,000
4,319,999
Quebec & Lake St. John R y .—
4 % Is t M .W p g .T e r m .b o n d s July 1 1939
3,000,000
3,000,000
127.799
4,486,814 h 4 ,252,503
4% P erpet.IstM .deb.stk.1912 Perpetual
5,675,507
4 % Ontario D iv. 1st M . 1901_June30 1930
5.675,507
Duluth W innipeg & Pacific R y .—
4 ) 4 % Ont. D iv. 1st M . 1901-June30 1930
69,107
69,107
1,210,853
8,221,907
7,004,997
4% 1st M . deb. stock 1909___June 1 1939
Canadian N or. M anitoba R y .—
160,680
4 )4 % 1st M .d e b .s t o c k ______ June
1930
160,680
Halifax & South W estern R y .—
M anitoba & Southeastern R y . C o .—
1,216,667
1st M . bonds_________________Sept.30 ’42
5,663,667
4,447,000
4 % Ist M .b o n d s _____________ Feb 1 1929
512,460
512,460
T oron to Suburban R y . C o.—
(4) Guaranteed by Saskatchewan Govt.—
2,628,000
2,628,000
4 A % 1st M deb stock______ July 15 1961
Canadian Northern R y .—
Niagara St. Cath. & T oron to R y .—
4% 1st M . deb. stock 1 9 0 9 -..J a n . 23 1939 13,709,400 b 8 ,030,000
5,679,400
1,504,000
1,098,000
Canadian Northern Sask. R y .—
406.000
5% 1st M . bonds 1899_______ N o v . 1 1929
4)$ % I s t M . deb. s tock ______ D ec.
1943
1,174,813
1,174,813
M t. R oyal Tunnel & Term . C o ., L td .—
(5) Guaranteed by Alberta Govt.—
9,191,367
11,430,033
2,004,580
5% 1st M . rent charge sto ck ._ A p rill5 1970
Canadian Northern R y .—
Qu’ Appelle L. L . & S. R y . & C . B. C o .—
4.139.699
9,726,364 b 5 ,586,666
4 % 1st M . deb. stock 1909._-F eb.25 1939
5,019,540
4 % 1st M . deb. stock 1 9 0 6 ..-July 1 1936
5,019,540
Canadian Northern Western R y .—
James Bay & Eastern R y .—
6,424,000 b 6 .424,000
4 )4 % 1st M .d eb.stk .l9 12-’ 1 2 .F e b .l6 1942
300,000
5% I s t M .b o n d s _____________ Sept.
1945
300,000
4 )4 % 1st M . deb. stock 1911.O ct. 22 194?
2,799,998 d 2 ,799,998
18,950,362 14,810,663
4.139.699
T o t a l . . . ________ _________________________
Can.N or.C oa.& Ore D ock C o ..L td .—
(6) Guaranteed by Brit. Co1 Govt___________
.
5% I s t M . bonds__________________________
1,750,000
1,375,000
Canadian Northern Pacific R y .—
Short-term note issues (see te x t)_____________
4,587,996
4% 1st M . deb. stock 19 0 9 -..A p ril 2 1950 20,999,998 16,412,001
Incom e charge 5% convertible deb. stock____ 25,000,000 24,140.174
4)4 % 1st M . term’l. stk. 1913-April 2 1950
8,614,000
8,614.000
See text
5',543",528 Imperial rolling stock equip, trusts (tex t)____
4)4 % 1st M . branch lines stk.A pril 2 1950
5,543,528
4,999,999
4)4 % 2d charge deb. s tock ___April 2 1950
4,999,999
x Includes $1,652,233 reserved to retire the following underlying issues, viz.: Sifton Branch 4s o f 1899, due F eb . 1 1929, $1,137,340: M anitoba & Southeastern
4s of 1899, due F eb. 1 1929, *512,460: Gilbert Plains Branch 4s, o f 1900, due N o v . 1 1930, $2,433.

Maturity.
Short Term Loans Made by nr Through—
Amount.
(Collateral trust gold 6% notes of 1919, secured]
Aug. 1 1924] by pledge of Canadian Northern R y _________ i$4,349,000
( (guar.) gen. mtge. 4s of 1934. V. 109, p. 370, 476j
Dec. 1 1922 J 5)4% gold notes of 1910 guar by Domidion of]
Dec. 1 19241 Canada. Callable at 101 (V. 110, p. 1288)___ ($6,000,000
Mar. 1 1925 5% gold notes of 1922 guar, by Dominion of
Canada (V. 114, p. 1062)_________ ____________$11,000,000
Imperial Rolling Stock Equipment Trusts Series Gold ($500 and $1,000 each)—
Interest Semi-Annual— All 4 Ms Except Series " H -1” and “ L-1” 5s.
Ser. Date. Outst'd’g. Install. Due. Ser. Date. Outst’d’g. Install. Due.
0-1.1911 $180,000 $75,000 M&S G-1.1913 $165,000 $55,000 M&S
40.000 J&D
D-1.1912
165.000 165.000 A&O H-1.1913
150.000
E -l-1912
210.000 105.000 M&S K-1.1914 635.000 105,000 A&O
66.000 F&A
F-1.1913
640,000 210.000 M&S L-1.1916
656.000
Can. No. Rolling Stock Gold $1,000 6% Certfs. (Pep xxx) Guar. C. N. R y.
Series “ A ” 1918 (int. J. & J.) due July 1 annually, 1924-26,
incl., $450,000 each and July 1 1927 and 1928, $400,000 each
(V. 107, p. 81)______________________________________________$1,700,000
Series B, 1919 (int. J. & J.), due $375,000 J. & J. Jan. 1 1924 to
Jan. 1 1929, incl. (V. 108, p. 377)____________________ ______ 3,750,000
SeriesC, 1919 (int. M . & N .), due $375,000 M . & N ., M ay 1 1924
to 1929, incl. (V. 108, p. 2021)_____________________________ 3,750,000
Series D, 1919 (int. J. & £>.), due $375,000 J. & D ., June 1 1924
to Dec. 1 1929, incl. (V. 110, p. 166)_______________________ 4,125.000
Government purchase of rolling stock. V. 107, p. 81; V. 109, p. 172.
G U ARAN TY.— For first 3 years after .road is opened from Vancouver to
Quebec the Govt, agreed at the request o f the company, to advance all or
any portion of the int. on the $45,000,000 4% deb. issue auth. in 1914 (see
above) and not to enforce the re-payment of same until the principal ma­
tures in 1934. provided the company pays 4% int. on any sum so advanced
(V. 98, p. 1608, 1601.) Similar provisions were made respecting the
Dominion guaranty of the bonds on the Canadian Northern Ontario Ry
between Montreal and Port Arthur, but for 2 years only. V. 105, p. 1304.
REPORT OF COMMISSIONS.— (V. 104, p. 1700).— V. 104, p. 1800’
1754, 2235: V. 105, p. 1207.
RE PO RT.— Year ending Dec. 31 1922:
1922
1921
1920
1919.
R y. oper. revenue...........$60,679,033 $69,088,474 $66,695,399 $53,562,’l78
R y. oper. expenses......... 63,625,763 75,564,385 82,953,979 60,034,024
Net deficit___________ $2,946,730 $6,475,911 $16,258,580 $6,471,846
Railway tax accruals-. . 1,077,433
1,191,891
1,185,6531 1,020,554
Deductions from income 1,275,798
1,011,242
125,657/
Non-oper. income_____Cr.3,700,934 03,119,350 01,845,995 01,791,753
Int. on Govt, notes_____ 15,796,372 13,224,20
10,326,261
6,939,374
Other int. (net bal.)___'_
4,235
1,047,575
797,377
122,254
Fixed chgs. (O .N . R y .)- 11,942,325
11,703,146 9,455,084 8,012,970
do affil. cos.............
4,968,614
4,844,986 4,890,259 4,895,113
Profit on exchange_____
________
________ 01,149,025
________
Deficit, to p. &1______ $34,310,573 $36,379,610 $40,043,831 $25,670,358
— (V. 118, p. 2178.)
CANADIAN NORTHERN ON TARIO R Y .— Owns: Montreal to Por.
Arthur, 1,010.94 miles; Toronto to Capreol, 276.43 miles; Toronto to
Ottawa, 250.25 miles; total, 1,537.62 miles. V. 92, p. 162; V. 97, p. 1023.
Owns modem ore-handling plant at Key Harbor, 80 miles from mines.
Respecting securities see Canadian Northern R y. above and V . 87, p. 96;
V. 88, p. 1060; V . 93, p. 1190, 1667; V. 92, p. 1635.)
CANADIAN NORTHERN PACIFIC R Y .— Yellowhead Pass to Van­
couver and Pacific tidewater, about 500 miles; also 15 miles, Victoria Co.,
Patricia Bay (in operation). Also under construction a 150-mile line to the
east coast of Vancouver Island and a 145-mile line to Vernon, and thence via
Long Lake to Kelowna and to Okanagan Lake. V. 92, p. 1309; V . 93, p.
626; V. 101, p. 46; V. 103, p. 2078; V. 105, p. 1207. Has trackage rights
between New Westminster and Vancouver, B. C ., 12.67 miles. V. 105, p.
1207; V. 93, p. 1461; V. 94. p. 1565; V . 91, p 37, 93; V . 90, p. 696; V. 89,
p. 1141; V. 97, p. 80; V. 96, p. 651, 1838; V . 97. p. 297, 364; V. 100, p.
1591— (V. 105. p. 1207.)
CANADIAN NORTHERN QUEBEC R Y.— Owns Montreal to Quebce
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
standing, $9,550,000. In Dec. 1920 the Canadian Northern R y. owned
$2,000,000 of the company’s stock and also 71.9% stock in Northern
Consol. Holding C o., Ltd., which owns $5,144,600 o f C. N . Quebec Ry.
stock; total so controlled, $7,144,600, or 74.7% . V . 95, p. 1471; V . 96, p.
201; V. 97, p. 951.
SECURITIES.— Regarding 4% perpetual debenture stock, see Canadian
Northern R y. above and V. 84, p. 968. V. 84. p. 693, 748.
There are $3,505,750 4% bonds o f the Great Nor. R y. o f Canada, guar,
as to prin. and int. by Canadian Nor. Ry.; Central Trust Co. of N. Y .
Office, Toronto. Ont.— (V. 96, p. 201; V. 97, p. 950; V . 107, p. 2187.)
CANADIAN PACIFIC R Y .— (See Maps.)— Owns a trans-continental
railway from Montreal to the Pacific Ocean, made up as follows Dec. 311923




Also controlled but oper. sep.—
Montreal to Vancouver______ 2,895
Branches, leased lines, &c____10,762 aMinn. St. P. & Sault Ste. M__4,402
aDuluth South Shore & Atlantic 615
Total in traffic returns_____13,657 aMineral R a n ge______________
98
Mileage of other lines worked.
992
a See each company’s statement.
356 Steamships, see V. 116, p. 1435.
Lines under construction_____
The 5-mile tunnel through the Selkirk M ts. was put in use in Dec. 1916.
HISTORY, &C.— Incorporated Feb. 17 1881 under charter from Do­
minion of Canada, receiving $25,000,000 in cash as a subsidy: also 25,000,000
acres of land, all to be fit for settlement.
Full financial resume by Chairman in M ay 1918 with statement as to
company’s $253,000,000 of outside assets was in V . 106, p. 1906. Kaslo
& Slocan Ry. lease and bonds, see V. 107, p. 2097. In July 1920 assumed
operation for a period of 5 years of the Edmonton Dunvegan & British
Columbia and Central Canada Railway Cos. See V. 112, p. 1408.
STOCK.— The issue o f preferred must never exceed one-half the common.
COM MON DIVS.— ( ’03. ’04-’06. ’07-’09. ’ 10. ’ l l . T2 to June 30 1924.
R R . earnings since 1902] 5)4 6 yrly. 6 yrly. 6)4 7
7 yrly. 12)4 % Quar.
Land sales, interest, &c. I
_____ 1 yrly. 1
2)4 3 y rly./
BONDS, DEBENTURE STOCK, GU ARAN TEED BONDS, &C.—
List of securities owned Dec. 31 1921, V . 114, p. 1426.
The shareholders on M ay 4 1921 gave the directors blanket authority
to issue any form of security for any purpose, provided it is junior to the
Consolidated Debenture 4% stock, and does not exceed the amount o f this
stock.
Late in 1916 $40,000,000 4% Consolidated debenture stock over and
above the $176,284,882 (£35,611,124) then listed on the London Stock
Exchange, was issued and loaned to the Imperial Treasury for a maximum
period of five years, at a premium of )4 % per annum, over the interest
payable on the stock. Provision is made in the agreement for the sale to
the British Treasury of this stock in annual installments, should the com­
pany require money for any of its purposes in Great Britain, and the
Treasury reserves the right to purchase all or any of the stock during the
five years at 80% of face value. V. 104, p. 1604, 1388; V. 106, p. 1241.
The balance sheet o f Dec. 31 1923 showed $254,244,882 Consol, debenture
stock outstanding. V. 108, p. 1280.
In June 1890 company guaranteed the principal and interest of $20,000,000
4% bonds issued by the Dul. So. Sh. & Atl.; also 4% int. on Consolidated
bonds of the Minn. St. P. & S. Ste. M ., and in 1899 interest on the 2d mtge.
4s of the latter. Owns Dul. So. Sh. & Atl. consols, $15,107,000, &c.
Collateral Trust Bonds.— The 5% collateral trust gold bonds are secured
by deposit o f $15,000,000 4% Consol. Deb. stock. The bonds are redeem­
able, all or part, at 102)4 and int. after April 15 1926. V. 118, p. 1909.
St. Lawrence & Ottawa bonds are endorsed with the Canadian Pacific’s ac­
ceptance of a 999-year lease at a rental sufficient to pay 4% int. on bonds;
and the bondholders’ agreement to accept int. at 4% (instead of 6% ) and to
refrain from demanding principal (due 1910) during lease. V. 90, p. 1361.
The New Brunswick Railway consolidated debenture stock has interest
guaranteed by Canadian Pacific; interest on the first mtge. bonds, though
not guaranteed, is paid out of rental under 999-year lease of 1890.
The Calgary & Edmonton Ry. debenture stock is guaranteed interest at
4% under new lease of 1903. V . 76, p. 435; V . 77, p. 636.
The Lindsay Bobcaygeon & Pontypool Ry. bonds are issued under a 99-year
lease covering the interest. V. 77, p. 1225; V. 79, p. 2085.
The First & Ref. M . 4)4s of the Aroostook V y. (electric) R R . are issuable
at rate of $25,000 per mile. Denom. £100 or $500. Sinking fund, )4 o f 1%
yearly of issued and outstanding bonds from Feb. 1 1916-20, 1 % thereafter.
Callable for sinking fund at 105. V . 89, p. 846; V. 90, p. 107; V. 92, p. 259.
Kettle Valley Ry.— See V . 108, p. 1721, 1282.
Victoria Rolling Stock & Realty 4)4 % . V. 99, p. 1672, 543; V. 100, p.139
In March 1920 sold $12,000,000 6% equip, trust certifs. V. 110, p. 1288.
Lands.— Lands unsold Dec. 31 1923 were 138,645 acres in ^Manitoba
(book value $1,386,450), 1,295,892 acres in Saskatchewan (book value
$16,846,596), 2,751,194 acres in Alberta (book value $45,275,513), 1,043,342
acres in British Columbia (book value $5,123,542). &c. Total of all lands
owned Dec. 31 1923, 5,832,679 acres (book value $96,767,346).
SUB. COS.— Dominion Atlantic R y., Yarmouth to Truro, with branches,
total 247 miles, with 45 miles trackage to Halifax, is leased for 999 years
from 1912. V. 91, p. 728; V. 90. p. 1490,1424; V. 93, p. 1461; V. 94, p. 278.
Alberta R y. & Irrigation C o., see V. 92, p. 955; V. 93, p. 593; V. 94, p. 1316;
V. 95, p. 617. Quebec Central R y,. see V. 93, p. 667, 1106; V . 94, p. 1625;
V . 96, p. 361. 715.
REPORT.-—For 1923, in V. 118, p. 1556, showed:
Calendar Years—
1923.
1922.
1921.
1920.
(1) Revenues—
$
$
$
$
Passenger______________ 36,315,818 35,331,525 41,565,885 49,125,739
Freight_________________ 134,299,556 128,918,137 128,849,446 145,303,400
Mail, express, &c______ 25,221,716 22,425,374 22,606,524 22,212,210
Total earnings_______ 195,837,090 186,675,036 193,021,854 216,641,349

RAILW AY STOCKS AND BONDS
[V ol.

118.




fc5

May, 1924]
RAILW AY STOCKS AND BONDS

ie > it8
\v

f

TV

MAP

OF

THE

CANADIAN PACIFIC RAILWAY
The M in n e a p o l is , S t . P a u l & S a u l t s t e . Ma r ie Rr
T he D u l u t h , S o u t h S h o r e & A t l a n t ic R a il w a y

T h e S p o k a n e I n t e r n a t io n a l R y .
AND

CONNECTIONS

(WESTERN SECTIONS




^

w(

RAILW AY STOCKS AND BONDS

26

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

Miles Date
Road Bonds

C anadian N orthern O ntario (See Canadian
C anadian N orthern Pacific^ Northern Ry.
C anadian N orthern Y u e b e cl above
C anadian P acific— Stock $335,000,000 authorized
Preferred stock limited to 4% non-cumulative___ r
c*&r
First mortgage on Algoma Br g_________
Consol perpetual debenture stock .
__________
Collateral trust gold bonds red (text) _ _
. . c*&r*
Vic Roll Stk&RealtyCo eq tr serT$470,000saPeP.c*
Equip tr cert $500,000 s-a_________
_________
Securities of Principal Leased, &c.. Lines.
Manitoba S W Col R y $12,000 per mile int guar gold
Atlantic A Northwest— 1st mortgage gold gu..c*Acr
c
St Lawrence A Ottawa— first mortgage gold see text
c
Ontario & Quebec stock guaranteed in perpetuity. _
Ontario & Quebec deben interest guar in perpetuity
Toronto Grey & Bruce 1st M gold interest as rental
New Brunswick Ry 1st M gold int from rental_ c*
_
Perpetual consol debenture stock, interest guar..
Calgary & Edmonton deb stock gold interest as rent
Branch line bonds (owned by Can Pac)
. . .
Lindsay Bobcayg & Pontypool 1st M $700,000 gold

Par
Value

Amount
Outstanding

$100 $260000000
$100 93,335,254
180 1888 £100 Acc 3,650,000
See text
1889
_ 1924 £ & $ Ace 12,000,000
100
$1,000 4,230,000
1915
1,000 8.000,000
1920
215 1884
346 1887
58 1876
678
191 1883
174 1884
1890
81
1890
52
39 1903

$1,000
£100 Acc
£50 &c
$100
£1
£100
£100
£1
$1,000
1,000

W 1922.
36,301,691
13,348,906
500,000

1921.
34,201,740
11.519,072
500,000

1920.
33,153,044
10,775,409
500,000

18,200,000
3,227,276

18,200,000
3,227,276

18,200,000
3,227,276

1,886,414

1,025,509

755,392

450,359

7,687,519
3,703,532

6,440,185
4,652,169

6,839,001
4,148,198

6,472,403
4,494,045

Total________________ 13,277,465
Dividends (3% p . a .)
7,800,000

12,117,863
7,800,000

11,742,591
7,800,000

10,966,448
7,800,000

Balance, surplus_____
(2) Other Income—
Earnings Ocean SS., &c.
Ind., divs., &c., rec’d . .

i Balance, surplus_____ 5,477,465
4,317,863
3,942,591
3,166,448
l For latest earnings, see ‘‘ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., E. W . Beatty; Vice-Presidents, I. G. Ogden, W . R .
Machines, Anthony D. Mactier, D. C. Coleman and Grant Hall; Sec.,
Ernest Alexander; Treas., H. E. Suckling; Compt., J. Leslie.
► D i r e c t o r s .— Sir Herbert S. Holt, Chas. R . Hosmer, Hon. Fred.
“
L. Beique, K .C ., Lord Shaughnessy, K .C ., Colonel Frank S. Meighen,
C .M .G .; John K. L. Ross, Edw. W . Beatty, Sir Vincent Meredith, Grant
Hall and F. W . Molson, Montreal; Sir Edmund B. Osier, W . N. Tilley,
K .C ., Toronto; Sir Thomas Skinner, London, England: Sir A. M . Nanton,
Winnipeg. Main office, Montreal; N . Y . office, Madison Ave. & 44th
S t — (V. 118, p. 2302.)
CAROLINA CLINCHFIELD & OHIO RY.— (See M ap).— Owns from
Elkhorn City, K y., to Spartanburg, S. C ., 274 m.; branches and spurs,
10 m .; leased, 3 m.; trackage, 22 m .; total, 309 m.
The line forms a low-grade heavily-built link in the through line for
general traffic between the Great Lakes and the Atlantic seaboard, serving
also extensive coal operations owned by Clinchfield Coal Corp. See V.
101, p. 2070; V. 102, p. 611; V. 94, p. 1448: V. 97, p. 1661; V. 98, p. 1692;
V. 100, p. 900; V. 104, p. 75, 365 Connects at Bostic, N . C ., with Sea­
board Air Line R y., with which close relations are maintained and tide­
water is reached. V. 88. p. 944; V. 87, p. 670. See report o f expert,
V. 102, p. 2076.
The stockholders in June 1923 authorized the lease of the road (subject to
the approval o f the l.-S . C. Commission) to the Atlantic Coast Line R R .
and the Louisville & Nashville R R . for 999 years. In general, the broad
terms o f the lease provide for a rental equal to interest on all its obligations
and dividends on the Common stock as follows: The rental is to begin
Jan. 1 1925, and for 3 years thereafter the rental will be $750,000, or 3%
on the $25,000,000 Common stock. Beginning Jan. 1 1928 and for 10 years
thereafter $1,000,000 a year, or 4% on the stock. Beginning Jan. 1 1938
'and thereafter $1,250,000 a year, or 5% on the stock. All these rentals
will be paid quarterly, the first installment coming due April 1 1925.
STOCK.— Authorized, $50,000,000, o f which $25,000,000 is 6% pref. and
$25,000,000 com.; outstanding. $25,600,000 com. and $11,506,000 pref.,
o f which $1,500,000 has been owned by Holston Corp., a subsidiary of the
railway. A further $2,000,000 pref. was deposited with trustee o f mortgage
gold notes to provide for conversion of notes. V. 94, p. 1625; V. 103,
p. 1980. Dividends on pref., 3% semi-annually March 1913 to Sept. 1914,
Inclusive. None since.
BONDS, E TC.— First mtge. o f 1908, V. 86, p. 667, 856; V. 88, p. 944.
Car trusts of 1917, V. 104, p. 2235. On M ay 18 1917 purchased $475,000
1st Mtge. 5% gold bonds, $50,000 6% Conv. 1st Income debens. and $250,000 6 % 2d Income debens. of Black Mountain R y. Co. (Kona, N. C ., to
Eskota, 24 m.; in 1918 built 2.30 miles in Nor. Caro.). An option to
purchase the entire $50,000 capital stock‘was also obtained. V. 106, p. 2219.
Equipment trusts ($6,043,500) issued to Director-General for rolling stock
allocated to this company. See article on page 3 and V. 118, p. 662.
Of the 1st A consol, mtge. bonds ($50,000,000 authorized), $9,500,000
c
Series A bonds have been issued, of which $1,500,000 are in treasury.
Series A bonds are redeemable, all or part, on or before Dec. 15 1937 at
107)4 and int., the premium decreasing )4 ot 1% each year thereafter until
maturity. Compare V. 115, p. 2793.
Cumulative income debentures, V. 112, p. 161.
The guaranteed securities (see V. 103, p. 1588) included $1,500,000
Holston Corporation notes (callable at par and convertible $ for $ into Car.
Cl. & O. pref. stock. See stock above.
Cumulative income debentures, V. 112, p. 161. Govt, loan, V. I l l ,
p. 261. 293. 1471: V. 113, p. 1674, 2310, 2818.
R E PO RT.— For 1923 showed:
Years endina Dec. 31— 1923.
1922.
1921.
1920.
3,823,222
3,326,264 4,261,427
Coal carried, tons______ 4,302,869
Total oper. revenue____$9,257,319
$7,608,602 $7,464,112 $7,560,980
Net after taxes________ 2,001,980
2,027,036
1,702,140 2,318,716
Total income________ $2,901,598
Int. on funded debt____ $1,187,250
Int. on equipment trust.
344,371
60,099
Misc. int. and rents____
Int. on income deb_____
300,000

$3,029,509
$1,185,648
367,922
38,572
300,000

$2,622,798
$1,187,582
407,138
41,650
262,820

$3,470,626
$1,605,274
288,290
21,203
______

Balance, sur. or def_sur$l,009,878sr$l,137,367 sur$723,608 sur$555,859
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Norman S. Meldrum, Pres.; C. Ledyard Blair, J. J. Cam­
pion and I. McQuilkin, V.-Ps.; Edward C. Badly, Sec.; John W . Sanders,
Treas. Offices, Johnson City, Tenn., and 24 Broad St., New York.—
(V. 118, p. 2436.)
CAROLINA & GEORGIA RY.— (V 114, p. 2467.)
CAROLINA & NORTHWESTERN RY.— Owns standard-gauge roadOhester, S. C ., to Edgemont, N . O., 13315 miles. V. 107, p. 502.




When
Payable

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

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

June 30 ‘24 2)4
Apr 1 1924 2%
July 1 1937
Irredeemable
April 15 1934
July’24-July ’28
Mar ’24-Apr’32

Lond A 64 Wall St, N Y
c
Company’s Office, Lond
Baring Bros A Co, Lond
c
Company’s Office, Lond
Bk o f M ont, M ont or Tor

J A D June 1 1934
c
J & J Jan 1 1937
J A D15 See text
c
J & D .Tune 1924 3%
J A 1) Irredeemable
c
J & .1 July 26 2882
F & A Aug 1 1934
J A J Irredeemable
c
J
J July 1 1933
J 3 & J 2002
J & J 1955
J A J July 1 2002
c
J A .T15 Jan 15 1924 2)4
c
c
F A A
J & J15
J &J15 Jan 1 1963
F & A Aug 1 1929
M & N July 1 1961
mpanies

London A 64 Wall St N Y
c
Baring Bros A Co, Lond
c
Can Pac office, London
Montreal and London
M orton, Rose, London
Toronto and London
London
do

J
J
J
J
A
J
A
J
M

Wash (D C) Loan&Tr Co
Blair A Co, N Y
c
Blair A Co, New York
c
New York Tr Co, N Y
Blair A Co, New York
c
do
do
Bk o f N A A Tr Co, Phila
c
Guaranty Tr Co, N Y
Metropolitan Tr Co, N Y

10
i—:
A &
4
J
&
5g
J &
4
A &
5g
4)4 g J &
A &
6g

$2,544,000
5g
£1,330,000
5g
£200,000
(6) 4
$2,000,000
6
£4,007,381
5
£719,000
4g
£600,000
5g
£904,533
4
$500,000
3
£1,121,700
4g
$7,440,000
4
500,000
4g
5
£694,850
604,837
4
754,837
3)4
338,000
5
$250,000
4)4 g
455,832
4)4
tements of those co

500 Acc
Aroos Val (El) RR 1st M g red 105 int g u a r ____
1909
First A Ref M $1,700,000 call 105 int guar.Ba.xc*
c
32 1911 See text
Minn St P A Sault Ste Marie and Duluth South Shor e & At lantic — See sta
c
Carolina Central— Bonds— See Seaboard Air Line Ry
195,000
Caro C linch & Ohio— Lick Crk & L E 1st M g assu.x
8 1902
1,000 13,950,000
1st M $15,000,000 red 110__________________ F.xc*
256 1908
100 &c 8,000,000
1st A consol mtge Ser A red (text)_ Eqkxxxc*&r
c
_
276 1922
1,000 5,000,000
Cumulative income debentures red par__________
1920
1,000
1914
13,000
Eq gold notes Ser “ E ” due $13,000 s-a________ N
228,000
1917
1,000
do
do
Ser “ G” due $42,000 s-a not call.CPv
1917
252,000
1,000
4,554,000
do
do
(U S R A) due $414,000 ann_. ..G
1920
1,000
450,000
do
Ser *‘ f i ” due $25,000 s-a red 1023^--Mp.c*
. . . 1923
Cal .Yrs .Revs .(Concl.).
1923.
Net earnings__________ 37,479,011
Fixed charges_________ 13,470,653
500,000
Pension fund__________
Com. divs. 7% p.a.(with
3% p. a. from special
income— b e lo w )_____ 18,200,000
Pref. divs. (4% p. a . ) . . . 3,421,943

Rate
%

[V ol. 118,

O
J
J
()
J
o

& .TJan 1 1933
A D June 1 1938
c
& I) Dec 15 1952
& J July 1 1935
& O Oct ‘24-Oct ’24
J
& O Oct ‘24-Apr ‘27
A J15 To Jan 15 1935
c
AcS15 Sept ‘24-M ar‘33

Guaranty Trust Co, N Y

Can Pac Office, London
Can Pac Office, Montreal
Bk of Montreal, Toronto

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

Stock auth., $1,000,000 each of com. and 4% non-cum. pref.; outstand­
ing, $854,250 com. and $550,000 pref. stock. Of the first 5s due 1953,
$1,500,000 were used to retire all underlying bonds and $1,000,000 were
applicable to extensions, new equipment. Acc. For 1923, gross, $913,908:
net oper. income, $197,876; int., rentals, Acc., $225,581; bal., def., $27,705.
Pres., Fairfax Harrison; Treas., E. F. Parham.— (V. 105, p. 605; V. 107,
p. 500, 1099.)
CATASAUQUA & FOGELSVILLE R R .— Oatasauqua, Pa., to Rittenhouse Gap, Pa., 19.70 m., and branches, 31.47 miles. Stock, $426,900 (par
$25); $254,300 is owned by Reading Co. Divs. paid in 1904-05, 7 % ; in
1905-06, 8% ; in 1906-07, 8% ; 1908-09, 8% ; 1909-10, 10%; 1910-11, 10%;
1911-12, 10%: 1912-13, 10%: 1913-14, 10%; 1914-15, 20%; 1915-16. 15%;
1916-17. 30%; 1917-18, 30%: 1919, 30 % ; 1920, 20%; 1921,25%; 1922, 30%;
1923, 30%. For cal. year 1923, gross, $960,011; net, after taxes, $478,160;
oth. inc., $48,770; deductions, $29,872; bal., sur., $497,057 (before d ivs.).
CATAW ISSA 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 & 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. In Nov. 1917 paid the dividend of 2)4%
on the pref. stocks less 5 cents per share for war income tax; M ay 1918 paid
23-5% on pref. stock. In Nov. 1918 the dividend of 2)4% on the preferred
stock was paid less 12 cents per share for war income tax. In M ay 1919
paid 2)4 % on the preferred stock less 13 cents per share for war income tax.
from Nov. 1919 to Nov. 1921 paid semi-annually 2)4% less 10 cts. for
corp. income tax; May 19 1922 to M ay 22 1924 paid 2)4% semi-ann. less
13 cts. for corp. income tax. Of the pref. stocks, $1,000,000 is 2d pref.
Common, $1,159,500; par, $50. Reading Co. owns $732,800 common.
— (V. 96, p. 1421.)
CAYUGA & SUSQUEHANNA R R .— Owns from Susquehanna River to
Ithaca, N. Y ., 34 m. Leased during length of charter and renewals thereof
to the Delaware Lack. & Western at a rental of $54,600 a year. Divs. 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 of about 1,800,000, through the city of
Rosario, to Cordoba, Santa Fe and Tucuman. Comprises 3,305 miles of
track (all except 202 miles is owned in fee; and partly double-tracked).
Proposed extensions, V. 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% of the net receipts go to the Government.
Outstanding Capitalization (at $4 86 to £).
Cent.Deb.3 % stk.(150m) £83,054110-year 5% notes_______ £2,000,000
4) 4% West. Ann. (202 m.) 2,017,50014 V % non-cum. pref. stk. £9,695,718
5
4% Deb. stk. (gen’l ch.)_ £13,463,6081
Consol, ordinary stock_ 28,186,950
_
811,800
10-year 6% notes_______ 3,092,783 IDeferred stock__________
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 of earnings after the latter has received 5 % .
Offered in March 1917. V. 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 TJ. S. gold
at office of J. P. Morgan A Co.; in London at London County A Westminster
c
c
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 of holder any time prior to redemption
into ordinary shares of £10 each at par, $4 85 per £1.
The notes of 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.
EARNINGS.— For fiscal year ending June 30 1922:
June 30 Years—
1921-22.
1920-21.
1919-20.
1918-19
Gross earnings_________ £9,442,562
£9,746,664 £9,769,754 £6,925,798
Net income----------------- £2,126,604 £2,421,647
£3,308,374 £1,330,586
873,337
836.725
836,724
Interest, &c___________
836,724
Pref. stock (4 J^%)----- \
f
436,000
436,000
Ordinary stock_______J 1,563,784
1,563,7841 (6)922,827 (2)564,047
Balance, surplus____ def£310,517
£166.299 £1,112,823
£49,746
Chairman. Sir Joseph W. Todd, Bart. Office, 3 A, Coleman St., London,
E. C. 2.— (V. 116, p. 2006.)
CENTRAL OF GEORGIA R Y . CO.— Operated Dec. 31 1923, l,921miles
Lines owned in fee—
Miles.
Lines leased (see these cos.) Miles.
Savannah to Atlanta_________ 293 Southwestern R R .—■
Gordon to Covington_________
82
Macon to Eufaula__________ 142
Fort Valley to Perry__________
13
Columbus to Birmingham, A la. 156
Columbus to Americus________
62
Fort Valley to Columbus____
71
Montgomery to Eufaula, A la ..
81
Smithville to Columbia_____
85
Columbus to Greenville, Ga_
_
48
Cuthbert to Fort Gaines____
20
Opelika to Roanoke__________
36 Augusta & Savannah R R .— _
_
Eufaula to Ozark______________
60
Millen to Augusta____________
53
Griffin. Ga., to Chatt.,Ten.,Acc 264 Chattahoochee & Gulf R R .—
Chicamauga to Durham______
18
Columbia to Lockhart______
91
Savannah to Tybee___________
18 T rackage____________________
15
Columbus to Andalusia_______ 138 Less— Lines to Ga. A Ala. Ry.
c
Mogul to Athens______________ 102
Co. and Chatt. Station C o._
58
Brewton to Dover_____________
77
Barnesville to Thomaston____
16
Covington to Porterdale______
4
Upper Cahaba Branch________
10
Greenville to Raymond_______
24
Total owned.

1,489

Total oper. Dec. 31 1923___ 1,921

M ay , 1924.]




37

RAILW AY STOCKS AND BONDS

M A P OF T H E

C A R O L IN A ,
C L IN C H F IE L D A N D
O H IO R A IL W A Y

28

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

C arolina C linchfield & O h io (Concluded)—
Bonds Guaranteed, Prin and Int, by Endorsement—
Holston Corp Realty & Coll Tr Co convert notes
call at par convert Into railway pref____Ce.c*&r*
1916
Black Mountain Railway 1st M tge________________ 2,550 1916
1903
C arolina & N orthwestern— 1st M $2,500,000 goldGx
Caldwell & Northern 1st M _____________________ x
1907
C atasauqua & Fogelsville— 1st M gold._PeP.xc*
32 1898
Catawissa— Pref stock 5% guar P & R R y (see text)
_
First consol mortgage $2,215,000 gold_ PeP.xc*
1898
Cayuga & Susquehanna— Stock 9% rental D L & W
34
1917
C entral A rgen tin e Ry— Conv gold notes call(text)G
i Convertible notes (see text)________________________
1923
—
Central o f G eorgia Ry— Common stock___________
Ten-year secured bonds call after June 1 1924..xxx
1919
1st mortgage $7,000,000 gold.....................G.xc*&r
312 1895
Refunding and general mortgage Series “ A ” _______
1919
do
Series “ B ” redeemable (text)._xxxc*&r* 1,489 1919
_
Consolidated mtge $18,500,000 gold_ Ba.xc*&r 1,493 1895
Mobile D iv 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 & AtJ Div 1st (consol) 7 $9,000 p m .-G .x c*
65 1897
Chattanooga Div purch money M $2,400,000gG.xc*
164 1901
Chattanooga Rome & So 1st M $500,000 g Un.xc*
137 1897
1st pref incomes (Interest up to 5% (___________ Mez
1895
2d
do do j gold if earned ] ____________ C ez
1895
3d
do do l non-cumulative I____________ Baz
1895
Central R R S Bk coll It bonds g red at 110_ Ce.c*
c
_
1887
Equip trust series L $50,000 semi-annually________
1916
do
Series M $59,000 semi-annually._____ CP
1921
do
Series N due $66,000 annually_____ CPc*
1922
do
Series O due $194,000 annually_______ c*
1923
Ocean SS Co 1st mortgage gold guaranteed-Ce.zc*
1923
Augusta & Savannah stock guar (no bonded debt). .
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 102)4Ix
91 1900

Par
Value

$2,065,812 def.$979,814
$900,000
$900,000
250,000
250,000

$365,096
$900,000
250,000

$915,812df$2,129,814 def$784,904
Balance, surplus_____$2,506,354
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; Sec.,
Charles F. Groves; Treas., W . C. Askew. General office, Savannah, Ga.
— (V. 118, p. 2034.)
CENTRAL INDIANA R Y .— Muncie to Brazil, Ind., 117.69 miles.
S ontrolled by Cleveland Cincinnati Chicago & St. Louis and Pennsylvania
R. interests. Bonds, guaranteed by Cleve. Cin. Chic. & St. Louis
(which owns $60,000 stock), are limited to $20,000 per mile. All o f the
bonds having become due and payable because o f a declared default o f the
oompany in the payment o f interest thereon, the Cleve. Cin. Chic. & St. L.
By. gave notice that it was prepared to take up such guaranteed bonds on
M ay 1 1923 at par with int. accrued to that date. V. 116, p. 1892. Stock,
$120,000. The Penn. Co. owns $60,000 stock. In N ov. 1922 William P.
Herod of Indianapolis was appointed receiver. The road was to have been
sold at foreclosure sale on March 17 1924, but representatives of the Central
Union Trust Co., New York, trustee, under the mortgage, appeared in court
Mar. 14 and stated that the decree o f foreclosure had been satisfied, and
asked the court to enter an order returning the road to its former managers
for operation. V. 118, p. 1519. Calendar year 1923: Gross income, def.,
$25,014; deductions, $60,760; bal., def., $35,746. [Pres., J. Q. Van
Winkle.— (Y. 118, p. 1519.)
CENTRAL NEW ENGLAND R Y . CO.— Owns from Campbell Hall,
crossing the Hudson River at Poughkeepsie by its own bridge, to Silvernails,
34 miles; Poughkeepsie Junction, N . Y ., to Hopewell, 12 m.; Wicopee Junc­
tion, N. Y . , to State Line, 53 miles; Poughkeepsie, N . Y ., to Boston Corners,
36 miles; total owned, 138 miles, and leases Hartford & Connecticut West­
ern R R ., Hartford to Rhinecliff, 109 miles, and branches, 13.24 miles;
trackage, Hopewell Junction to Danbury, &c., 33.43 miles; total, 295.87
miles. V. 89, p. 918; V. 95, p. 418.




Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Central Un Tr Co, N Y
$1,000 $1,500,000
A S o Apr 1 1926
c
5g
1,000
A S o Apr 1 1936
c
N Y Trust Co, N Y
325,000
5g
Checks mailed
J S J July 1 1953
1,000
1,528,000
5
c
do
1,000
J S D Junel 1957
c
543,000
5
Reading Terminal, Phila
1,000,
c
135,000
4 g J S J July 1 1928
Company’s Office, Phila
M S N See text
50 3.200,000
c
5
Reading Terminal, Phila
1,000] 2,215,000
A S O Apr 1 1948
c
4g
J S J Jan 1924 4)4 30 Pine St, New York
c
30
589,110
9
N Y JPMorgan&Co ,&Lon
1,000 15,000,000
F S A Feb 1 1927
c
6g
£100 &c £2,000,000
J & J July 1 1933
5
5
20,000,000
Dec 31 ’23! 2)4
C o’s off 32 Liberty St N Y
c
8,000,000
6 g .T S D Junel 1929
Guaranty Trust Co, N Y
1,000 7.000.
000 g F & A N ov 1 1945
5
Pledged
Apr 1 1959
6g
1,000
5.000.
000
c
5)4 g A S. O Apr 1 1959
Guaranty Trust Co, N Y
M Si N Nov 1 1945
1,000 18.498,000
5g
do
do
c
1,000
1,000,000
5 g .) S J Jan 1 1946
do
do
1,000
840,000
5 g .1 «fe J Jan 1 1946
do
do
1,000
462,000
5 g J Si D Dec 1 1945
Guar Tr Co, N Y or Sav
c
500
168,000
5 g J S. D Junel 1926
Guaranty Trust Co, N Y
c
1,000
413,000 6 cur J S, J Jan 1 1947
do
do
1,000 2,057,000
c
4 g J S D Junel 1951
do
do
1,000
343,000
5 g J & J July 1 1947
Guar Tr Co, N Y or Sav
1,000
Oct 1 N ov 1 1945
134,500
5
do
do
1,000
Oct 1 N ov 1 1945
94,750
5
do
do
1,000
45,600
5
Oct 1 N ov 1 1945
Guaranty Trust Co, N Y
c
1.000 4,840,000
5 g M S N M a y l 1937
c
1,000
200,000
4)4 J S J July '24-Jan '26 Commercial Tr Co, Phila
do
do
c
1,000
650,000
6)4 F S A Feb 1 1926 t o ’36
do
do
c
1,000
528,000
5)4 M S S M a rl 1925 to '32
.1 S. l> June 1 ’25 to ’38
1,000 2,716,000
c
5
1,000
1,000,000
5 g J Si .TJuly 1 ’ 43 (ext) Guaranty Trust Co, N Y
100
.1 S. .1 July 1924 2)4% Savannah, Ga
c
1,022,900
5
c
100 5,191,100
J S .1 July 1924 2)4% Savannah and Macon
5
100
J Si .1 July 1924 2)4% Savannah, Ga
436,400
5
Citizens’Bk.Savann’h.Ga
c
1,000
407,000
5 g J S J July 2 1930

ORGAN IZATION .— Succeeded Nov. 1 1895 the Central R R . & Banking
Co. o f Georgia, foreclosed. V. 60, p. 1008; V. 61, p. 68. Ocean SS. Co.,
V. 102, p. 344.
In June 1909 the $5,000,000 stock was acquired by the Illinois Central
but the road is operated independently. V. 88, p. 1559; V. 84, p. 1550;
V. 85, p. 1082, 1268; V. 86, p. «67. On June 3 1912 $15,000,000 pref.
stock was issued to retire the income bonds acquired b y 111. Cent. ($i4,461,000), remainder as presented. V. 94, p. 1316, 1565; V. 95, p. 1037.
Government loan, V. I l l , p. 492; V. 112, p. 371, 469.
Tentative valuation. V. 113, p. 1052.
D IV ID E N D S .— On common stock, 1913 to Dec. 31 1923, 5% per ann.
BONDS.— The first mortgage o f 1895 (described in V. 63, p. 1160) and
V. 84. p. 529, 605; V. 87, p. 550.
STOCK..—The I.-S. C. Commission on Dec. 5 1923 authorized the com­
pany to issue $15,000,000 Common stock and to retire a like amount of
Preferred stock by exchange, share for share, of Preferred for the new Com­
mon, so that the Capital stock of the company will consist solely of 200,000
shares of Common stock (par $100). V. 117, p. 2651.
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.
Upper Cahaba Branch bonds, V. 81, p. 920, 1099.
Ten-Year Secured Bonds.— The shareholders on May 28 1919 authorized
an issue o f 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 o f )4 of 1 % for each 6 months
between redemption date and date o f maturity. Secured by the deposit of
$11,000,000 6% Ref. & Gen. Mtge. bonds, Series “ A ,” due April 1 1959.
Refunding and General Mortgage.— The authorized maximum of the Ref.
& Gen. Mtge. bonds (including amounts issued) issuable or reserved to re­
fund $31,178,300 outstanding prior lien bonds, (the extension o f 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 ” 5)4% bonds were sold. V. 118, p. 1011.
The Series “ B ” bonds are redeemable as a whole only at 105 and interest
on or after April 1 1934. The Ref. & Gen. Mtge. bonds o f 1919 are secured
by a direct mortgage on 1,489 miles of railroad owned in fee (of which 58
miles are leased to Seaboard Air Line 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, p. 1011.
Income bonds (interest regularly paid)— see preferred stock above.
Equipment trusts. Series M . V . 112, p. 561.
Equipment trusts, Series N, V. 114, p. 1406.
Equipment trusts, Series O, V . 116, p. 2128.
RE PO RT.— For 1923, in V. 118, p. 2068, showed:
------------------—
Corporate-------------------- Combined.
Calendar Years—
1923.
1922.
1921.
1920.
1,921
1,919
1,914
1,914
Average mileage_______
Total ry.oper. revenues.$26,198,846 $23,286,737 $22,057,499 $25,082,288
Net railway oper. income 3,944,371
4,392,084
l,220,655defl,578,078
Gross income___________ $6,811,961 $5,199,846 $2,139,079 $3,552,772
Deductions—
Interest on funded debt. $2,403,650 $2,355,393 $2,329,290 f
Int. on non-negot’le debt
to affiliated companies
117,948
187,146
143,441
3,187,677
Rent for leased r o a d s ...
372,710
370,766
372,4221
Miscellaneous__________
261,296
220,728
274,7201
Net income__________ $3,656,354
Preferred divs. (6 % )_
_
$900,000
Common divs. (5 % )____
250,000

Amount
Outstanding

[V ol. 118.

ORGANIZATION.— On Dec. 31 1923 the N. Y . N . H & H. R R . owned'
$3,737,083 pref. and $4,795,054 common stock. V. 85, p. 404, 858; V. 89,
p. 469; V. 90, p. 1238, 1296, 1489; V. 91, p. 153, 396, 870. The stock­
holders in M ay 1921 voted to merge with the N . Y . N . H. & H. R R .
V. 112, p. 1976.
STOCK.— Common, $4,797,800; pref., $3,730,700; par, $100. After
4% on the pref., both classes participate equally.
Dividend on non-cum. pref., 4% , paid in 1913-14; in 1914-16, 6% on
pref. and 2% on com. For 6 mos. to Dec. 31 1916, 4% on pref. For
1917, 3% on pref. and 3% on common. In 1918 and 1919 paid 6% on pref.
and 2% on common. No payments in 1920 or 1921. In 1922 and 1923
paid 6% on preferred and 2% on common.
BONDS.— The 1st guaranteed 4s of 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% o f 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. T h e
outstanding $6,000 Gen. Mtge. income bonds, due Feb. 1 1949, on which
5% p. a. is regularly paid each Oct. 1, are covered by a special deposit.
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 EPO RT.— For 1923, gross railway operating revenue, $7,988,226; net
operating income, $1,063,396; other income, $96,104; deductions, $872,305.
dividends, $320,320: bal., def.. $33,125.— V. 118, p. 1771.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— C. L. Bardo, Pres.; A . S. M ay, Treas.; Arthur E. C lark.
Sec.; H. S. Palmer, C om pt.— (V. 118, p. 1771.)
CENTRAL PACIFIC R Y. CO.— (See Map of Southern Pacific.)
Lines Owned—
Miles. Hazen, Nev., to Keeler, C a l..288.65
Oakland, &c., local lines______ 18.84 Weed, Cal., to Kirk, Ore......... 127.38
Oakland pier to Elvas, Cal___133.46 Natron to Oakridge, Ore_____ 34.39
M ojave to Owenyo, Cal______ 142.90
Sacramento, Cal., to Cecil
Jet., near Ogden, Utah____ 692.20 Fernley, Nev., to Westwood,
C a l .................
136.60
Niles to San Jose, Cal________ 17.58
Niles Jet. to Redwood Jet____ 16.24 Branches____________________ 139.08
Umbria Jet., Nev., to near
Ogden, Utah______________ 141.64 Leased________________________ 17.44
Lathrop to Goshen Jet., C a l..146.57 Less leased to So. Pac. R R — 33.61
Roseville, Cal., to Oregon
T ot. oper. Dec. 31 1923..2,283.05
State Line________
296.58
ORGANIZATION.— Incorp. in Utah in July 1899, per plan in V .68,p.378.
In 1914 the Government brought suit to separate the company from the
Southern Pacific Co., but lost in lower court in 1917. V. 104, p. 1044. The
U. S. Supreme Court on M ay 29 1922 ordered the dissolution o f ownership
and control by the Southern Pacific Co. Compare V. 114, p. 2470:
V. 115, p. 1729, 1837. The I.-S. O. Commission, however, on Feb. 6 1923
handed down a decision granting the application of the Southern Pacific
Co. to retain its control of the Central Pacific R y. by ownership of its stock
and lease of its lines upon certain conditions. Compare V. 116, p. 685.
STOCK.— The Southern Pacific Co. owns the entire $67,275,500 common
and $17,400,000 pref. Pref. is 4% cum. and participates equally with com­
mon after 4% on each. All pledged for its coll, trust 4s. V . 96, p . 419
LATE DIVS.
’ l l . *12. ’ 13. T 4. T 5. ’ 16. T 7. T8. T9. ’20. '21. ’ 22. ’ 23.
Preferred, % . . 10 6
6 26.6 4
4 6 6 4 4 4
4 4
Common, % . . 10 6 6 26.6 1)4 1)* 6
6
4
4
2
2 2
BONDS.— First Refunding Mtge. gold 4s, $100,000,000. V. 69, p . 808,
and V. 70. p. 739; V. 78. p. 228; V. 87. p. 225, 285, 479; V. 88, p. 52.
Thirty-year gold 3)4s, $25,000,000, secured by a second lien upon all the
properties covered by the 1st Ref. mtge. and also by deposit with the trus­
tees, as acquired, of all securities and moneys held in any sinking fund of the
Central Pacific R y., consisting Dec. 31 1923 of $4,726,000 in securities,
and by a trust deed upon all the lands covered by mortgage dated Oct. 1
1870. See Mortgage Abstract, V. 69, p. 858; also see p. 851. From the
proceeds of these sinking funds and land sales cancellations of bonds are
made from time to time; to Dec. 31 1923 $19,253,175 had been canceled
or purchased for cancellation, reducing those outstanding to $5,746,825.
Lucin Cut-off 4s are call, at 107)4. V. 79, p. 1641; guar., V. 80, p. 162.
In Feb. 1911 the sale was arranged in France of 250,000,000 francs 4%
35-year coll, trust bonds, guaranteed by the Southern Pacific Co. (the latter
pledging as security for the guaranty part of its interest in affiliated cos.,
notably So. Pacific R R .). V. 92, p. 593, 794; V. 94, p. 130, 1762; V . 101.
p. 2146.
The $8,500,000 outstanding Nevada S California 6% bonds ($15,000,000
c
auth. issue) were assumed on purchase Feb. 29 1912; also $3,O0O,OOO Cen­
tral California R y., $1,000,000 Chicago & Northern R R ., $2,500,000 Sacra­
mento Sou. R R . and $5,060,0OO Oregon Eastern R y. V . 94, p. 982, 1118.
All of the five foregoing issues are owned by So. Pac. Co. There are also
outstanding (all owned by So. Pac. Co.) $2,500,000 Sacramento Southern
R R . 1st Mtge. 6s due Nov. 1 1941 and $1,000,000 Chico & Northern RR.
1st Mtge. 4s due July 1 1940.
LAND G RAN T.— Total land grant was about 12,000,000 acres, of which
6,689,161 acres unsold Dec. 31 1923- Sales in 1923, 6,099 acres; average
price per acre, $16 57. Land contracts Dec. 31 1923, $2,023,109.
R E PO RT.— For calendar year 1923: Income from lease of roads, $14,541,238; other income, $353,356; deductions, $7,797,879; dividends, $2,041,510; bal., sur., $5,756,369.— (V. 1x7, p. 892.)
CENTRAL RR. CO. OF NEW JERSEY.— 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.

M ay , 1924.]

RAILW AY STOCKS AND BONDS

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

M iles Date
Road Bonds

P ar
Value

Amount
Outstanding

Rate
%

When
Payable

1903
$1,000 See text
M
4g
1890
1.000
287.000 4)4 (6) g J
4 g
1911 1,000 Ac 13,427.000
J
1899
1,000
6,000
J
5
M
60,000
300,000
1920
6
500 AO 98.659,000
F
1809
4 K
1899
500 Ao 5,746,825
3)4 a J
9,640,000
1904 1,000
A
4g
500 fr
M
1911
16,201.158
4
32,061.358
4
M
103,000 5 & 6 A
8,500,000
6
479 1911
M
J
5.000,000
6
86 1912

117
12
0 N E 1st M$25.000,000g gu redl05beg’21-Fxo* Ar*
138
_
_
t O N E gen m t g e _______ __ ________________ ____
O N E Serial Notes to Secretary o f Treasury ofU.S.
C e n t r a l Pacific— IstR efM g gu p A 1 end.Ce.xo’ &r 1,349
3)4s $25,000,000 gold guar ~ & 1 e n d _ Us.xo’ Ar 1,349
p
_
103
Luoln out-ofl 1st M $10,000,000 gu (text) .Q.xo* Ar*
Bonds 250.000,000 francs guaranteed red par.-U sx

C e n t I n d i a n a — 1st M $4,000,000 gu pAl ena.Ce.xo* Ar
C e n t New England— Dutch Go RR 1st M g------- Ba.xo*

Other bonds— see text
RR of N J—Stock ($30,000,000 authorized)..
Central RR of N J Gen M $50,000,000 gold .Ce.xxro All
do
do
registered ___ . . ----- xx All
Equip trust Series G $1,500,000 (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*
Equip notes issued to Govt due $395,500 ann____ G
L A W B Con SI $20,000,000 serial g guar.PeP.xxo*
A m Dook & Imp Co 1st M guar redeem (text) ..x x c*
N Y A L Br Gen M g Int gu jtly ($192,000 os) .Cexxo*
38
C e n t r a l R R o f S o u t h Carolina— First mtge gold------x c
40
C e n t r a l T e r m in a l R R — See Minneapolis St Paul & Saul t S t e
C e n t r a l V e r m o n t — Stook $3,000,000---------------------R ef mtge guar p & i by Grand Trunk R y o f C an ..N
Montreal & Province Line Ry 1st M guar p & 1____c
40.6
Equip, trust notes Series E, due $49,000 s a____
C e n t r a l W V a & S o u t h R R — 1st M g s f red text._c*
3i
C h a r le s t o n & S a v a n n a h — See Atlantic Coast Line R R .
C h a r le s t o n U n S t a — 1st M$400,000 g gu(text)Eqxo* Ar
341
C h a r le s t o n A W e s t Car— IstM g($8,000 p nDCe.xe* Ar
l e t consol M Ser A _____________________ SBa.xc*
341
do
do
___________________________________
341
Augusta Terminal Ry 1st M gold guar p A 1 end.xCe
Equipment trust certificates due $54,500 yearly_
_
b Additional $ 1 ,1 6 7 ,0 0 0 in treas. D e c . 31 i9 2 2
t P r in c ip a l a n d in t . t o m a t u r it y d e p o s ite d w ith F idel i t y T r

C e n tra l

1887
1887
1916
1920
1922
1923
1920
1910
1881
1891
1921
Marie
1920
1900
1922
1913

100 27,436.800
12
1,0001 b43.924,000 /
5g
500 &c;
1 5g
1.000
None
4)4
1,000
1,620,000
6
1,000
None
6
1,000
3,375,000
5
1,000 4 250,400
6g
1.000 , 5,564,000
4g
1,000
4,987,000
6
1,000
2,500,000 4 & 5 g
300.000
6g
Ry
100 3.000,000 $2,164.
1 3 ,5 8 8 ,9 0 0
5
100 Ac
200,000
4g
1,000
558.000
6
1.000
500,000
0 R

1907 1.000 Ao
1.000
1896
1,000
1914
1.000
1914
1,000
1897
1920

T o t a l ---------------------- $49,488,471 $52,418,714 $51,681,799 $44,837,302
Operating Expenses—
. . . . ----------- f way, —------Maintenance o„ ------• &c. $5,530,944 $6,470,243 $7,064,229 $5,510,957
Maintenance o f equip’t . 12,973,254 13,602,959 20,279,617 11,869,423
Transportation expenses 21,781,282 22,141,541 28,035,053 21,358,894
409,850
Traffic expenses_______
424,995
449,982
322,112
General expenses_______ 1,286,970
1,305,453
1,315,451
1,014,676
Miscell. operations, & c.
215,121
236,748
348,765
197,888
Total ........................... $42,197,422 $44,181,938 $57,493,096 $40,273,950
Net revenue...............
7,291,0498,236,776 def5,811,297
4,563,352
Taxes, &c--------------------- 3,572,659
3,001,175
2,933,471 3,096,645
$1,466,706
$206,037
357,537
75,669
1,103,622
217,064
409,522
69,260
520,751

Gross income_________ $6,540,296 $26,895,048 def$786,387 $4,426,168
Rent for equipment-----243,136
406,392
358,501
145,756
Rent for leased r o a d s ...
2,328,581
2,329,646
2,350,710 2,326,645
Joint facility, &c., rents.
723,125
712,289
731,915
792,987
Miscell. tax accruals____
238,563
186,562
120,830
121,081
In terest........................... 2,983,250
2,967,779
3,395,082 3,198,194
M iscellaneous............ .
21,028
50,624
114,784
338,058
Net income--------------

$2,614 $20,241,755df$7,858,298df$2,496,552

* Including Federal guaranty for half-year ended Aug. 31 1920, but
•excluding Federal compensation during operation by U. S. Government,
Jan. 1 1918 to Feb. 29 1920.




4g
5g
2 to 5

6g
6g

Last Dividend
and M aturity

Places Where Interest and
Dividends are Payable

N
See text
D June 1 1940
J Jan 1 1961
J Feb 1 1949
N Nov 15 1931-35
A Aug 1 194U
D Aug 11929
O Oct 1 1954
S Moh 11946
s Mch 1 1946
o 1936 & 1939
N Nov 11941
J Jan 1 1942

165 Broadway,New York
do
do
do
do
London, Paris, Belg, Ao

M ay 151924 2%
J & J July 1 1987
5 — J July 1 1987
M & N May 1 1925-’ 26
M <& N To M ay 1 1930
J
& D June 1 ’25 to ‘32
M <& S To Mar 15 1933
&
.1
J To Jan 15 1935
J & D Junel 1925-‘50
a
J
J July 1 1936
M & S Sept 1 1941
J
& J July 1 ’24 to ’76

Offloe 143 Liberty S t , NY
New York Trust Co. N Y
Check from Treas. Office
Office 143 Liberty St. N Y
New York Trust Co. N Y
Office, 143 LibertySt.NY
New York Tr Co, N Y
Guaranty Trust Oo. N Y
New York Trust Co N Y
do
do
do
do
Bankers Trust Co, N Y

?

c

500 held
M & N
A A <)
M
N
J
A J
J
A
J

J
A
J

A
A
A
A
A
&

Grand Central Term.NY
Fid T Co, Phila
Irv B -CT Line Off, N Y
Fidelity Trust Co, Phila

do

do

by Grand Trun k Ry of Canada
May 1 1930
New York Trust Co, N Y
Oct 1 1950
Amer L A Tr Co, Boston
Nov ,24-M ay’30
Jan 1 1933
West E n d T r Oo, P h i l a

J Jan 1 1937
O Oot 1 1946
J Jan 1 1964
J Jan 1 1964
o Apr 11947
J To Jan 15 1935

Equitable Trust'Oo. N Y
Cent Union Trust. N Y
New York or B a lt l m o r s
Cent Union Trust. N Y
Guaranty Trust Co, N Y

ust Oo ..P h ila ., tr u s t e e .

Miles •
Cwned in Fee (V. 106, p. 1787) Miles.
Jersey City to Phillipsburg______ 72 Nesquehoning Valley*____________17
Sundry branches________________ 321 Lehigh < Susquehanna, Phillips­
fc
Controlled by Stock Owned—
burg to Union Jet., &c________ 105
Easton & Western R R __________ 4 WiLkes-Barre & Scranton*_________ 4
Controlled by Agreement, Ac.
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
Perth Amboy to Bay Head____39
Dover & Rockaway R R ________ 5
Total operated Dec. 31 1922..695
■Ogden Mine R R *________________ 10
♦See this company,
There are 263 miles o f 2d. 41 miles o f 3d and 38 miles o f 4th tracks.
H ISTO R Y.— Reorg. in 1887 without foreclosure; V. 44, p. 714, 716;
V . 105, p. 1707. Concerning coal properties, see Lehigh & Wilkes-Barre Coal
Oo. ana Lehigh Coal & Navigation under‘ ‘ Industrials.” In 1901 Reading
Company acquired control, owning $14,500,000 stock. The latter com­
pany will dispose o f its holdings under its dissolution plan. V. 113, p.
1469; V . 112, p. 743, 2304; V. 72, p. 86, 136, 241, 391, 721. In Sept. 1913
the Govt, brought suit alleging violation o f both the Sherman law and the
commodities clause o f the I.-S. Commerce Law. In Oct. 1915 final decree of
U. S. District Court dismissing said suit ordered that this company must
dispose o f its interest in the Lehigh & Wilkes-Barre Coal Co. within 90
-days. Both parties appealed to the U. S. Supreme Court. On April 26
1920 the U. S. Supreme Court sustained most of the Government’s charges.
The plan for the disposal by the company o f all the stock of the Lehigh &
Wilkes-Barre Coal Co. owned or controlled by it (as embodied in the disso­
lution decree o f the Reading Co. dated Feb. 14 1921), provided that the
stock be disposed o f within six months after entry o f the decree or previous
to any other later date which may be fixed by the Court. Announcement
was made on N ov. 17 1921 that the company had sold its 169,788 shares
o f Coal Co. stock to a syndicate for $32,500,000. See V . 114, p. 737, 946,
2578; V. 115, p. 182, 644, 868; V. 117, p. 669, 1555; V. 113, p. 1982, 2184,
2719; V. 112, p. 743, 2641; V. 101, p. 1464, 1807; V. 110, p. 1816. Full
■Crew Law. V. 105. p . 1897, 2093. Rebate decision in V. 109. p. 1891.
DIVS.— '91. ’92 to ’ 94. '95. ’96. '97. ’98. ’99. '00. ’01. 1 9 0 2 to M a y ’24
R egular.. 6)4 7 y ’rly 5)4 5 4)4 4
4
5
5
8 yearly (Q -F ).
Special----------------------------------------- Dec. 1899 to Jan. 1924. 4 yearly (J & J)
BONDS.— For General Mortgage abstract, see V. 45, p. 402.
The Lehigh & Wilkes-Barre consol, serial 4s, guar. p. & i., mature
$2,500,000 every 5 years, beginning June 1 1915.
During 1918 the remainder o f the property o f the American Dock &
Improvement Co. was deeded to the Central, and the underlying bonds,
$4,987,000 set up as a part of its funded debt—V. 109, p. 1268. Bonds were
extended to July 1 1936 at 6% . Redeemable as a whole only from July 1
1926 to July 1 1931 at 105 and int. and thereafter at 102)4 and int. V. 112.
p. 2751; V. 113, p. 73.
R E PO R T .— For 1922, in V. 116, p. 2989, showed;
----------- Corporate------ ----- *Combined. *Federal.
Operating Revenue—
1922.
1921
1920.
1919.
Merchandise_________ .$22,939,947 $19,172, 052 $21,324,604 $19,063,438
Bituminous coal_____ . 3,692,300
4,297 586
4,999,826
3,255,700
Anthracite coal_______ . 9,885,617 16,685 114 11,874,513 10,389,975
Passenger____________ . 9,061,949
9,141 722
9,399,107
8,164,830
Express and mail_____ . 1,627,179
793 548
1 , 202,000
1,367,962
Water line___________
482,818
527 255
538,984
373,735
Water transfer________
330,366
278 437
366,057
465,390
Incidental___________ . 1,052,940
1,166 920
1,610,579
1,249,205
M is c e lla n e o u s _________
415,354
356 078
366,130
507,068

Operating income____ $3,718,391 $5,235,601 df$8,744,768
Non-operating Income—
Rent from equipment_
_
$191,192
$375,556
$891,545
Miscell. rent income____
500,310
445,742
485,803
Non-oper. phys. prop_
_
156,973
144,362
121,151
Dividend income_______
280,5831fy l9 ,993,8811
551,811
Other dividend income. .
195,043
Income from funded sec.
832,740
356,3231
282,960
Inc. from unfunded sec.
849,066
288,894
99,703
Miscellaneous_________
11,041
243,882
def$5,236
R ec'd from U. S. Govt,
acc’t guaranty period.
5,146,411

250,000
2,720,000
2,380,000
See text
600,000
599,500

&
A
A
&
&
A
A
A
A
&
&
A
6
b

29

y Dividend income in 1921 includes approximately $19,780,302 received
from two semi-annual dividends of 6)4% each and the cash dividend of
15% paid Mar. 15 and a cash div. of 70% paid N ov. 29 on the $8,489,400
stock owned in the Lehigh-Wilkes-Barre Coal Co. In 1920 includes a semi­
annual div. of 6)4 %, the second dividend having been deferred on account
o f litigation. In 1919 includes the usual $1,103,622 (two semi-annual
dividends). Out o f this sum there were paid the customary special divi­
dends on Central R R . o f N. J. stock, 4% in 1921, 2% in 1920 and 4% in
1919, making total payments on that stock 14% in 1921, 10% in 1920 and
12% in 1919.
Note.— Federal lap-over items o f 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.; F. T . Dickerson,
Sec. & Treas. N . Y . office, 143 Liberty St.— (V. 118, p. 2302.)
CENTRAL RR. OF SOUTH CAROLINA.— Owns from Lanes, S. O., to
Sumter, S. C., 40.2 miles; spurs, Ac., 1.61 m.; total, 41.81 m. Leased to
Atlantlo Coast Line R R .; rental, $31,000 yearly and taxes. Stock. $170,000; par, $50. Annual rental, $31,000.— (V. 112, p. 2082, 2536, 2747.)
CENTRAL VERMONT R Y. CO.— Operates from Rouses Point, at north
end o f Lake Champlain, to New London, Conn., with branches, 533 miles in
all, of 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 Ry.
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, Ao.— The Grand Trunk R y. holds $2,164,500 of the $3.000,000 stock. Form of Interest guaranty. V. 85. p. 283. For Central
Vermont Transportation guar. 5% bonds, see V. 88, p. 1252; guar, bonds
covering 2 steamships. V. 94 p. 910 1249 1626 1695; V. 95 p. 749
The Mass. Department of 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 & Northern R R . to
the New York Trust Co. to secure an issue of bonds amounting to $15,000,000, dated May 1 1920 and due M ay 1 1930 proceeds to be used to
retire and refund $12,000,000 1st mtge. 4s due M ay 1 1920, &c. V.
U0. p. 2657.
R E PO RT.— For calendar year;
Year—
Gross. Net.
Total Income. Charges.
Bal., Surp.
1923____________$8,627,980
$707,204
$831,595 $1,913,271 a$l,081,676
1922____________ $7,626,626
$881,375 $1,018,930 $1,755,744
a$736,814
1921____________ 7,135,753881,375
a 285,764 1,347,931
a l ,633,695
a Deficit.
For latest earnings, see “ Railway Earnings Section” (issued monthly)
OFFICERS.— Chairman, Sir Henry W . Thornton, Montreal; Pres.,
E. C. Smith; Treas., John B. W ood, St. Albans, V t.— (V. 115, p. 307, 1531
2045.)
CENTRAL WEST VIR G IN IA & SOUTHERN R R .— Hendricks. W .
Va., to Armentrout, 29.5 miles; leases from Armentrout to Horton 1.5
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. Whitmer; 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. O., used by Atlantic Coast Line and Southern R y., each of
which owns )4 the stock and guarantees the bonds, p. & i., by endorsement.
Rental covers interest on bonds and 4% on stock. Seaboard Air Line Ry.,
also uses passenger station under agreement.— (V. 84, p. 50..
CHARLESTON & WESTERN CAROLINA RY.— Port Royal, S. O., via
Augusta, Ga.. to Spartanburg, S. C., 246 m.; branohes to Anderson and
Greenville, S. O., 95 m.; total, 341 m. Track rights, 2 m. Entire stock
owned by Atl. Coast Line Co. V. 66, p. 38. 335.
Tentative valuation, $10,509,027. V. 113, p. 2184.
STOCK.— $1,200,000; par, $100. See Augusta Term. Ry. V. 66. p. 383.
BONDS.— Of the 1st consol. 50-yr. bonds of 1914 ($10,000,000 authori*ed issue), $2,380,000. Issued to retire the income bonds, have Interest
payable at 2% yearly for the first 2 years, 3% for the next 3, 4 % for the
next 5 and thereafter 5 % . Of the remaining bonds (to bear Interest no
higher than the So. Carolina rate), $2,720,000 are Issuable from time to
time to retire the old 1st 5s, $600,000 to take up the Augusta Terminal 6s
and $4,300,000 exten., betterm’ts or equip. V. 98, p. 1315. V. 100, p. 1347.
V. 100. p. 1347.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V . 114, p . 1764.
R E PO RT.— Year ending Dec. 31 1922:
Calendar Gross
Net after
Other
Interest,
Common
Balance.
Years. Earnings.
Taxes.
Income. Rents, A c. Dividends.
Surplus.
1922 ..$3,221,243 $618,153 $124,092 $449,784
$72,000 $220,461
1921 . . $3,281,933df$165,923 $115,897 $483,751
------------ df.$533,777
1 9 2 0 .. . 2,885,484df 403,661 925,727 517,576
$72,000 def. 67,510
1 9 1 9 .. .
466,921
414,941 62,979
463,459
___
72.000def. 57.530
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
Pres., F. B. Grier, Greenwood, S. O.; V .-P ., J. R. Kenly; V .-P ., Lyman
Delano; V.-P. & Gen. M gr., A. W. Anderson, Augusta, Ga.; Sec., R. D .
Oronly: Treas., John T . Reid; Gen. Aud., H. O. Prince, Wilmington, N. O.
— (V. 118, p. 1771.)

30

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanaing

Rate
%

:hnrlotte Columbia & Augusta—S«*e Southern Ry
Chartiers— See Pittsb Cincinnati Chicago & St Louis
C h a tta h ooch e Valley— Consom tge----- ---------ABx
44.5 1900
$1,000
$470,000
C h a ttan ooga S tation— 1st M g gu (text)..E q.xc& r
1907 1,000 &c
1,000,000
C hesapeake & Ohio— Com stock------------------------ _
100 65.425,700
Preferred stock Series A cum conv & red (see text) 100 12,558,500
First consol mtge for $30,000,000 gold._Ce.xc*&r
697 1889
1,000 29,858,000
Rich & All Div 1st & 2d Ms ($1,000,000 2ds)Ce.xc*
242 1890
1,000 7,000,000
26 1890
Craig Valley Branch first mortgage gold___ Ce.xc*
1,000
650,000
Warm Springs Branch first mortgage gold_ Ce.xc*
_
1,000
25 1891
400,000
General mtge (for $70,000,000 &c) gold_-Ce.xc*&r 1,433 1892
1,000 48,616,000
22 1905
Paint Creek Branch 1st M $750,000 g o l d - C e .x c *
1,000
539,000
Coal River 1st mtge gold assu m ed _____ -.C e.x c*
104 1905
1,000 2,528,000
Greenbrier Ry 1st M $3,000,000 g assumed.-Eq.xc*
101 1900
1,000
1,641,000
Big Sandy R y first mtge $5,000,000 gold— Ce.xc*
86 1904
1,000 4,165,000
Potts Cr Br 1st M $1,000,000 auth (V 83 p 693) Ce.xc*
20 1906
1,000
600,000
Virginia Air Line 1st M $900,000 g assumed___ xc*
30 1907
1,000
900,000
Raleigh & Soutbw 1st M $1,500,000 g ass’d -.C e.x c* 3514 1906
1,000
82.5,000
Gen fd & imp M $11,000,000 red 107M-Usmxc*&r* 1,661 1909 1,000 &c p3,698.000
Conv g bonds $37,200,000 red text-_Usm.xe*&r*__
1910 1,000 &c 31,390,000
500 &c 38,073,500
Convert g bonds $40,180,000 g ___ _c*&r*
1916
Ches & Ohio Nor 1st M (closed) red 105 gu p & i.r*
30.4 1915 1,000 &c
1,000,000
1910
Kanawha Br & Ter 1st M g red 105 beg '16.FP.xc*
1908
1,000
446,000
Car and equipment trusts (see text)______ _ . . .
Guaranteed bonds—
Elev Co lstM g(C& 0 owns $367,000)gu p&i.Ce.zc*
1888
1,000
820,000
1,000 *7,711,000
261 1910
1,000 a4,500,000
Louis & Jeff Bdg 1st M $5,O0O,OOO gy p & i en d ..c*
1895
Norfolk Ter & Trans 1st M (V 67, p. 322)gu p&i.xc*
1898
1,000
500,000
Western Pocahontas Corp 1st N (V 84, p 995)— x
1905
1,000
750,000
do
do
do
Extension N olxc*
1906
1,000
97,000
do
do
do
Extension No2xc*
1906
1,000
51.000
1903 1,000 &c 10,000,000
Richmond-Washington Co (one-sixth interest)----38 1905
1,000
C hesterfield & Lancaster— 1st M $750,000 g Col.xc*
186,000
4
50
C hestnu t Hill R R — Stock rental P & R R y .
----195,650
p Further $7,302,000 pledged under mortgage of 1910.
a Guaranteed jointly and severally with Cleveland Cincin nati Chicago & St. Louis.
* Pledged under mortgage of 1910.




J & J
6
4g J &
J &
4
6)4 J &
fc
M <
5g
4 g .1 &
5 g .1 &
M &
5g
4)4 g M &
F &
4g
4g J &
&
4g M <
4 g .1 &
4g J &
M &
5g
4g J &
5 g .1 &
t
4)4 g F <e
5g A &
5g A &
5
5g A &
4g
5
4g
5
4)4
4)4
4)4
4g
5g
6

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Amer Trust Co, Boston
15 July 1 1940
J Jan 1 1957
J P Morgan & Co, N Y
do
do
J July 1 1924 2%
do
.1 July 1 1924 3)4
do
do
do
N M a y l 1939
do
do
J Jan 1 1989
do
od
J July 1 1940
HMar 1 1941
do
do
do
S Mar 1 1992
do
do
do
A Feb 1 1945
do
do
D Junel 1945
do
do
N N ov 1 1940
do
do
D Junel 1944
do
do
.1 July 1 1946
do
do
N M a y l 1952
do
do
J July 1 1936
do
do
.1 Jan 1 1929
do
do
A Feb 1 1930
do
do
() Apr 1 1946
do
do
O Oct 1 1945
Dec 1 1930
Fidelity Trust Co, Phila
O Apr 1 1948

A & O Oct 1 1938
J
J July 1 1930
M & s Mar 1 1945
F & A Feb 1 1948
F & A Aug 1 1945
F <e A Aug 1 1945
t
A < <) Oct 1 1946
&
J & D Junel 1943
F & A Aug 1 1955
y —M June 4 1924 1)4

J P Morgan & Co, N Y
J P Morgan & Co. N Y
do
, do
do
do
do
do
do
do
New York Trust Co, N Y
Irv Bk-Col Tr Co, N Y
Treasurer s office, Phila

Virginia; (5) on 260.7 miles of main line between Cincinnati and Chicago.
(2) A first lien on all stock of C. & O. Northern R y., and 80.23% of stock
of the Hocking Valley Railway Co. (3) A lien on all the remaining lines
of railway owned or controlled by the company, aggregating about 1,800
miles, subject to $101,872,000 prior liens.
The 4 )4 % convertible bonds, due Feb. 1 1930, have a parity o f lien with
the first lien & impt. bonds on such lines as were owned on April 28 1910,
but not on the above-mentioned collateral.
Of the authorized $37,200,000 convertible gold bonds of 1910, $31,390,000
were issued in that year. They are redeemable after 1915 at 10214.
The option to convert these bonds into stock expired Feb. 1 1920. V. 90,
p. 771, 848; V. 91, p. 870. 945, 1159, 1574.
The Convertible 30-year 5% gold bonds of 1916 for $40,180,000 (V. 102, p.
1162) are convertible at option of holder at face value into common stock
at $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 of redemption during
the conversion period the privilege of conversion shall terminate 30 days
prior to the redemption date. $2,106,500 have been converted into Com­
mon stock to Apr. 1 1923, incl. The bonds are secured by deposit with the
trustee of $43,513,000 first lien & impt. mtge. 5% bonds, above described.
A proportionate amount of the security may be withdrawn as bonds are
converted into stock. V. 103, p. 60.
Louisville & Jeffersonville Bridge.— See separate statement o f the co.
Greenbrier Ry. 4s V . 72, p. 626; see also V. 71, p. 554, 602; V. 79, p. 915.
Big Sandy 4s of 1904, V . 79,, p. 917; V. 82, p. 297; V. 87, p. 225, 414,
14l8. 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 1029 assumed D O. A O. Ry.
V. 109. p 785
Principal Car Trusts Gold (Denom. $1.000 Each) (F. 106 p. l u l l ) .
Outstanding.
Mature in Installments.
O 1916 444% calll02>4632,000 July 1 5 ’24-Jan. 1 5 ’26 158.000 s. a
P 1916 444 %
525,000
D e c .’2 4 -D e c .’26
125,000 s. a
R 1917 4)4% call 102._ 1.134,000 N o v .’2 4 -M a y ’27
189,000 a. a.
s 1920 6 ( 4 % ...............- 4.500,000 Dec. 1 ’24-Dec. 1 ’35
375,000 ann.
T 1922 5 ) 4 % _________ 6 617,000 June '25-June '37
509,000 ann.
13 1920 6 % ............ - 7,111,500 Jan. ’25-Jan. '35
646,500ann._
13a 1920 6 % __________ 1.224,300 Jan. ’25-Jan. ’35
111.300ann.
Elkhorn Piney Coal Min, _
_
ing Co (assumed)___
276,000 Mar. 15 25 to 27
95,000 ann.
U 1923 5% __________ 7,350.000 Mar. 15'25 t o ’38
525,000ann.
Interest paid semi-annually as indicated by m iturity days: “ N .” “ O ,”
“ P” and “ R ” at Commercial Trust C o.. Philadelphia, and J. P. Morgan & .
C o., N. Y .; “ S” and “ T ” at J. P .Morgan & Co., N. Y .; 13 and 13a at
Guaranty Trust Co., New York; Elkhorn Piney Coal at Girard Trust C o.,
Philadelphia; “ U” at Guaranty Trust C o., New York.
Equipment trusts issued to Director-General for rolling stock allocated.
to this company. See article on page 3.
, , ___
„„,
Secured obligations to U. S. Government, Dec. 3 11923, $8,073,024.
R E PO RT.— For 1923, in V. 118, p. 2197, showed;
Operating Revenues—
1923.
1922.
1921.
Freight traffic______________________ $85,202,379 $68,671,907 $67,367,983
Passenger traffic____________________ 11,650,941 10,586,625 11,739,627
Transportation of mails_____________
822,373
764,796
797,740
Transportation o f express. . ------------ 1,278,851
1,110,261
684,564
M iscellaneous______________________ 3,021,253
2,377,973 3,098,044
_

CHATEAUGAY & 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. & H. (V. 84, p. 50) and $450,000 common stock, of which
the D. & H. owns $75,000. Leased to the Del. & Hudson until Dec. 31
2403, any b&lanoe over expenses of operation. Interest, taxes, maintenance,
damages, dividend on pref. steok, &o., to go to the lessor. The lease Is
subject to revision on 6 months' notice by either party.— (V. 84. p. 50 . 930 1
CHATTAHOOCHEE & OLILF RR.— Columbia, Ala., to Florala. 92 m
LEASE.— Leased In 1900 In perpetuity to Cent, of Georgia Ry. 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 RY.— Standing Rock. Alabama to
Bleecker, Alabama, 44.5 miles. Stock auth., $1.000.000: issued. $110,000:
par. $100. Bonds, see table above. Year, 1923. gross, $260,072: net,
$71,210; charges. $67,028; bal.. sur., $10,108.— (V. I l l , p. 2227.)
CHATTANOOQA 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 Cin. N. O. & Texas
Paotflo, which eaoh owns one-fourth of the stock and guarantees the bond*
jointly and severally, p. & L, by endorsement. Rental covers bond Interest
and 4% on stock.— (V. 84. p. 50.)
CHESAPEAKE & OHIO R Y.— (See M a p .)— On Dec 31 1923 operated
Lines owned in fee—
M iles.
Controlled by stock—
M iles
Ft.Monroe.Va.,toCovlngton,Ky. 663 Bridge— Covlngton-Clnolnnatl .
2
Rlohmond via Lynohburg, to
Ches. & Ohio Ry. of Indiana
261
Clifton Forge, Va__________ 230
Lines leased—
Branohes In Va. and W. Va_
_ 742 Sundry branches 'eased_______
33
84
Seaton, Ky . to Lexington___ 103 Trackage to Louisville________
Big Sandy Jet. to Elkhorn City.
Norfolk & West_______________
62
with branch________________ 128 Trackage to Washington, D O
85
Branohes in Kentucky________
79 Other trackage______________
55
Ohes. & Ohio N o r ...-------------31
Total of all________________ 2.558
Second track (520 owned) 709 miles: third track operated, 7 miles; sidings.
1.233 miles; total all tracks, 4.502 miles. Also controls Hocking Valley,
350 m., and one-sixth int. In Richmond-Washington Co
HISTORY, &c.— 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 o f coal land through the Western Pocahontas Fuel Co. V. 105,
p. 180; V. 106, p. 1911.
During the year 1918 the Pond Fork Ry. C o., Gauley & Meadow River
R R . C o., the Kanawha Bridge & Terminal Co., the Logan & South­
ern R y. Co. and the Piney River & Paint Creek RR. Co. were merged with
the Chesapeake & Ohio Ry. Co. (V. 83, p. 436; V. 109, p. 786). The stock­
holders voted M ay 3 1918 (V. 106, p. 1343, 1796, 2122) to acquire by pur­
chase or otherwise all the property o f Chesapeake & Ohio Northern R y. Co.
The Elkhorn & Beaver Valley R y. was merged in 1920. In April 1921 the
stockholders approved the lease o f the Ches. & Ohio R y. of Ind. V.
113, p. 2719. In March 1924 acquired the Ashland Coal & Iron Ry.
V. 1 1 8 ,p. 1664.
Huntington interests acquired by O. P. Van Sweringen. V. 116, p. 175;
V. 115, p. 2904.
DIVS.: *99-’08. '09. ’ 10. ’ l l . ’ 12. ’ 13. T 4. T 5. T6. T7-'20. ’ 21. ’22. ’23.
Percent 1 yrly
3 4M 5
5 4 J4 3
0
2 4 yrly
0
4
4
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 1924 paid 2% s.-a.
STOCK.— Author, stock was increased in 1916 to $155,000,000, of which
$37,200,000 was reserved for conversion o f 4 J4s of 1910 and $50,225,000 for
conversion o f 5s o f 1916 V. 102, p. 1162, 1625.
The stockholders on Sept. 26 1922 authorized an issue of $30,000,000
preferred stock, of which $12,558,500, known as 614% cumulative con­
vertible preferred Series A, was offered to common stockholders of record
Sept. 1 1922 to the extent o f 20% o f 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.
BONDS.— Abstract o f consol, mtge. o f 1939 in V. 49, p. 147; V. 86, p.
1588; V . 92, p . 260; of Richmond & Allegheny mtges, in V. 51, p. 144.
The general mortgage of 1892 (Central Union Trust Co. and H. T . W ick­
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 ia
V. 54, p. 644.
General funding and impt. mortgage, V . 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 $66,842,000 outstanding under this mortgage in Mar. 1924, $43,513,000 had
been pledged to secure the $38,073,500 convertible 5s o f 1916, due 1946,
and no part held by public.
A further $18,761,000 are pledged as
security for various loans
Collateral Dec. 31 1923 for First Lien and Impt. Mortgage Bonds.—
C. & O. R y. Co. of Ind.— Stock, $5,998,800; bonds, $7,711,000-$13,709,800
Ches. & Ohio R y. Co. general funding & impt bonds-------------- 7,302,000
Hocking Valley R y. Co. stock (ou tof $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 320.57 miles of
railroad, viz.: (a) Directly on 29.34 miles of coal branch lines in West

When
Payable

[V ol. 118.

Total operating revenues_________$101,975,798 $83,511,561 $83,687,958Maintenance of way & structures___ $12,847,570 $10,558,138 $12,170,021
Maintenance o f equipment_________ 28,693,866 22,530,747 20,023,122
Traffic ____________________________ 1,040,339
942,913
800,618Transportation ____________________ 33,725,951
29,831,398 31,427,435
Miscellaneous operations----------------418,951
330,381
363,458
General_____________________________ 2,248,921
1,953,360 1,983,073
Cr.28,908 Cr. 164,650
Transportation for investment______ Cr.85,822
Total operating expenses__________$78,889,776 $66,118,030 $66,603,077
Net operating revenue______________ $23,086,021 $17,393,531 $17,084,881
Railway tax accruals________________ 4,687,394
3,301,201 2,682,160Uncollectible railway revenues--------29,275
11,203
20,709
Railway operating income_________ $18,369,351 $14,081,127 $14,382,012
Equipment rents (net)_______________ $2,155,899 $1,331,416
$206,053
Joint facility rents (net)__________ Dr. 1,389,894 D r l,002,213 Dr927,139
Net railway operating income_____$19,135,356 $14,410,330 $13,660,926
Income from Other Sources—
____
Interest from investments & accounts $1,348,630 $1,216,290
$68o,547
M iscellaneous______________________
867,418
1,262,213
435,203
Gross income_____________________ $21,351,404 $16,888,833 $14,781,677
Deductions from Gross Income—
____ ________ _ _
_
Interest on debt_____________________ $11,991,208 $9,995,942 $9,691,402
Rentals, leased roads, joint tracks, &c.
139,995
163,069
133,605
Loss on C .& O . grain elevator----------23,328
19,019
19,289
M iscellaneous--------------------------------217,443
187,133
744,780
Preferred dividends-------------------------816,302
204,070
-----Rate of preferred dividends----------(6)4% )
(1-625%)
-----Common dividends_____________ (4 % )2,591,032(4)2,511,264 (2)1,255,632
Total deductions____________
$15,779,308 $13,080,497 $11,844,707
N e t in c o m e ..._______________________ $5,572,096 $3,808,336 $2,936,969.
For latest earnings, see ’ ’Railway Earnings Section’ ’ (issued monthly).

M

a y

, 1924]

BAILW AY STOCKS AND BONDS

tfO




32

BAILW AY STOCKS AND BONDS

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

C h ica g o & A lton RR— Common stock--------------------Preferred stock 4% non-cumulative_______________
4% cumulative participating and prior lien stock ..
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 $260,000 s a __________ xxx
Kansas City St Louis & O preferred stock quar___
Joliet & Chicago 7 % stock perpetual guar by C & A
Louisiana & Missouri guaranteed preferred stock. _
Rutland Tol & No 1st M g gu red since Oct’ 15-NCc*
C h icag o B urlington & Q u in cy— Stock----------------Gen mtge $360,000,000 lawful money_ Ce zc*&r*
_
First & ref mtge Ser A red (te x t)_________________
Illinois Div first mortgage!$85,000,000 currency.)
(V. 83,p . 625; V. 69, p. 283)) redeem at 105..NBzJ
Nebraska Ext $20,666 pm (s f not drawn). N B.zc*&r *
Equipment gold notes due $404,000 annually_ G
_
C h ica g o & Eastern Illinois Ry— Common stock ..
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 $166,000 or $165,000 s a ext.x
do
1920 Series due $49,400 an n___________

Miles Date
Road Bonds

Par
Value

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

$100 $19,542,800

100
100
889 1899 1.000 &c
943 1900 1.000 &c
1912 1.000 &c
1920
1,000
1923
162
100
100
37
100
101
100 &c
27 1910
100
8,488 1908 1.000 &c
100 &c
8,983 1921
1,646 (1899 1.000 &c
11899 1.000 &c
1,471 1887 1.000 &c
1920

$100

14 1881
130 1884
4 1910
1921
1921
1912
1920

100
1,000
1,000
1,000

1,000

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.-Pres. in charge o f traffic; A. Trevvett, Sec. & Treas. Offices,
Richmond, Va., and Cleveland, Ohio.— (V. 118, p. 2174.)
CHESAPEAKE & OHIO NORTHERN R Y.— See Chesapeake & Ohio
CHESAPEAKE & OHIO R Y. OF INDIANA.— Owns Cincinnati. Ohio
to Indiana-Illinois 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 o f property to Ches. & Ohio R y ., see C . & O. R y. above.— (V. 113,
p. 2719.)
CHESTERFIELD & LANCASTER RR.— Owns Oheraw, S. O.. to
Pageland and Crowburk, 38 m. First Mtge. bonds ($750,000) Issuable at
$5,000 per mile; outstanding, $186,000. Second mtge. bonds matured and
unpaid, $67,000. Stock, $560,000, a majority being acquired in June 1909
by the Seaboard Air Line R y.; par, $25. Treas., R. L . Nutt, 24 Broad
St., N . Y .— (V. 89, p. 40.)
CHESTNUT HILL RR.— Owns from Germantown to Chestnut Hill,
Pa., 4 miles. Re-leased in 1896 to Phila. & Read. R y., the rental being re­
duced from 12 % to 6 % on stock, the latter being increased in June 1902 from
$120,650 to $195,650. Reading owns $75,000 stock.— (V. 75, p. 76.)
CH ICAGO & ALTON R R . CO. (THE).- -R O A D .— Chicago to St.
Louis, Kansas City, & c., in all 1,051 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 Titus________________ 56 Bloomington to Wann, via Jack­
sonville, Godfrey and Upper
Coal City Line, 111_______________ 25
Alton (all in Illinois)_________ 158
Dwight, 111., to Washington and
L acon.Ill______________________81 Trackage to Peoria, 111., &c--------- 43
lies to Murrayville, 111__________ 34 Leases Rutland Toluca & North- 27
Total owned and operated Dec. 31 1923 (282 m. double tracked) — 1,050
Also operates, jointly with Clev. Cin. Ch. & St. L., from Wann to East
St. Louis, 18 m ., and, with Atch. T. & S. Fe, from Joliet to Pequot, 19 m.
The stock of the Peoria Ry. 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 (oid) railway company was organized in April
1900 and purchased substantially all the stock o f the Chic. & Alton Railroad.
The two were consolidated in 1906 per plan in V. 82, p. 451, the Railway
ohanging its name to the C. & A. Railroad. V. 82, p. 160: V . 70. p. 686, 995.
Receivership.— William G. Bierd and W . W . Wheelock were appointed
receivers on Aug. 30 1922 by Judge George A . Carpenter in the Federal
Court at Chicago. V. 115, p. 1099.
The following protective committees have been formed:
Protective Comm, for 3 } % lsi Lien 50-Year Bonds, due 1950.— F. H.
A
Ecker (V.-Pres. Metropolitan Life Ins. C o., N . Y .), Chairman; Bertram
Cutler, New York; J. H. Perkins (Pres. Farmers’ Loan & Trust Co., N. Y .) ,
J. V. E. Westfall (V.-Pres. Equitable Life Assurance Society of N. Y.)
and Asa S. Wing (Pres. Provident Life & Trust Co., Phila.), with F. A.
Dewey, Sec., 22 William St., N . Y .; Cotton & Franklin, counsel, and
Farmers’ Loan & Trust C o., depositary, 22 William St., N . Y . The Jan.
1923 interest on these bonds is in default. V . 116, p. 74.
Protective Committee for 3% Ref. 50-Year Gold Bonds.— Charles A. Pea­
body, Chairman (Pres. Mutual Life Ins. 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
Society), E. D. Duffield (Pres. Prudential Ins. Co. of America), George E.
Roosevelt (Sec. Bank for Savings, N . Y . ) . The Oct. 1923 interest on these
bonds was paid in March 1924. V. 118, p. 1391.
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 C o., 40 Wall St., N . Y ., and
National Bank o f the Republic, 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 lien stock is
entitled, in addition to prior right to accumulative dividends at the rate of
4% per annum, to receive additional dividends equal to the rate or dividends
declared on the common stock of the consolidated company
In Aug. 1907
the Toledo St. Louis & Western purchased from the Rock Island the
controlling interest, viz., $14,420,000 com. and $6,480,000 pref. stock, and
deposited the same under its collateral trust bondis, on which interest was
defaulted Aug. 1 1914. In N ov. 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, 1213; 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.) 3 ^ s of 1900, V. 71, p. 1021; V. 82, p. 451.
The Railroad (old) mtge. securing the 3s o f 1899 will provide funds for
improvements and extensions. Bonds in excess o f $40,000,000 were to be
issuable thereunder on vote of two-thirds o f stockholders for extensions of




Amount
Outstanding

[V ol. 118.

Feb 15 ’ 10, 2% Checks mailed
Jan 16 ’ l l , 2%
do
do
Jan 15 ’ 12, 2%
do
do
A & O Oct 1 1949
O c t.’23 int. pd. M ar.’24.
3g
Jan. ’ 23 int. in default.
22,000,000
3J-6 g J & J July 1 1950
J & J July 1 1932
2 Rector St, New York
16.834.000
1,332,100
J & J 15 To Jan 15 1935 Guaranty Trust Co. N Y
M & N N o v ’ 24 M ay’37 New York Trust Co, N Y
5.200.000
Checks mailed
See text
1.750.000
7
See text
do
do
1.500.000
F & A See text
7
do
do
329.000
A & O Oct 1 1930
Northern Tr Co, Chicago
225.000
4g
170,839,100 See text See text June 25 '24 5% N Y , Boston & Chicago
M & S Mch 1 1958
65.247.000
4
New York and Boston
F & A Feb 1 1971
New York
40,000,000
5g
J & J July 1 1949
New York and Boston
50.451.000
3A
J & J July 1 1949
4
do
33.976.000
4
do
M & N M ay 1 1927
18.234.000
J & J To Jan 15 1935 Guaranty Trust Co, N Y
6g
4.444.000
23,845,300
6
22,046,100
J & D Dec 1 1931
N Y , Mech & Metals Bk
6
91,000
A & O Oct 1 1934
N Y , CentUnTrust (text)
2.736.000
6g
J & J N ov 1 1940
Irv. Bk.-Col. T r.C o.,N Y
142.000
5g
See text
See text
See text
See text
35,138,736
5g
M & S Sept’24-Sept '25 See text
5H
496.000
J & J 15 T o Jan 15 1935
543,800
6
19.544.000
868,700
45.350.000

II
Is

£3

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 on the
3% bonds due Oct. 1 1923 was paid in March 1924. V. 118, p. 1391.
Of the issue of $20,000,000 of 6% Gen. M . gold bonds. $16,834,000 were
outstanding and $216,000 in treasury Dec. 31 1923, $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 day 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. 1889The I.-S. C. Commission on Dec. 27 1922 authorized the receivers to
Issue, under date of Dec. 1 1922, receivers’ notes aggregating $2,000,000,
maturing 18 months from the date thereof. V. 116, p. 74.
R E PO RT.— For calendar year 1923:
Calendar Years—
1923.
1922.
Operating revenue_______________________________$33,588,193 $27,593,925
Expenses, taxes, &c______________________________ 26,673,361 24,619,558
Operating income _
-_
___ ___________ $6,914,832
Equipment rents, &c _ _
_ _
___________
1,595,265

$2,974,367
1,442,180

Net operating income
- - -_ ___________ $5,319,567
Other income. .
----___________
242,884

$1,532,187
304,667

Total in c o m e ._ __
_
Interest, rent, &c_
_

$1,836,854
4,327,336

_

.

_ __ ___________ $5,562,451
_
_ ___________
_
4,445,306

Net income___________________________________$1,117,145df$2,490,482
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Pres., W. G. Bierd; V.-P.. Samuel W. Moore. S. G. Lutz
and Andrew P. Titus; Sec. & Treas., Jas. Williams.
DIR E C TO RS.— J. J. Mitchell, Joy Morton, W . G. Bierd, Samuel Insull,
Samuel W . M oore, Festus Wade, Edgar Park, E. F. Swinney, W m. W .
Wheelock, H. C. Adams and V. D . Skipworth.— (V. 118, p. 1391.)
CHICAGO ATTIC A & SOUTHERN R R .— (V. 116, p. 2006.)
CHICAGO BURLINGTON & QUINCY RR. CO.— (See Map) .—
R O A D .— Operates a great system of roads extending from Chicago westerly,
reaching St. Paul and Minneapolis, M inn.; St. Louis and Kansas City, M o.;
Omaha, Neb.; Denver, Colo.; Cheyenne, W yo.; Black Hills, S. D ., and
Biliings, M ont., viz.:
Main line____________________ 4,510 ILines leased___________________ 353
Branches and spurs__________ 4,542 ITotal miles oper. Dec. 31 1923-9,405
In Dec. 1908 $23,657,500 of the $31,000,000 Colorado & Southern com.
stock (practically a controlling interest) was acquired, affording connections
with the Gulf of Mexico. V. 87, p. 1663; V. 88, p. 157, 685.
Owns jointly with the Nashville Chattanooga & St. Louis the Paducah &
Illinois R R . (which owns a double-track bridge over the Ohio River at
Metropolis, 111., and has built from Metropolis to Paducah, K y .t 14 m.)
and jointly guarantees its bonds. See that company below.
ORGANIZATION, &c.— A consolidation in June 1864; since merged
Chicago Burlington & Northern, Kansas City St. Joseph & Council Bluffs,
Hannibal & St. Joseph, Burlington & Missouri, &c., &c.
In 1901 $107,613,500 of the $110,839,100 stock was exchanged for the
joint 20-year 4% bonds of the Gt. Northern and Northern Pacific, secured
by the deposit of the stock in trust, on the basis of $200 in bonds for $100
stock (in 1921 replaced by an issue of 6 A % 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— '99 to Sept. ’01. '02 to ’06. ’07. ’08 in ’20. ’21. ’22. ’23.
6 yearly
7 yearly T fi 8 yearly
12 10 10
Regular, % ______
Extra, % _______ _________
_______ 6 Sept. ’ 17. 10 15 - - - Also paid a stock div. of 54.132% ($60,000,000) to stockholders of record
March 31 1921. Paid in 1924: June 25, 5% .
BONDS.— General mortgage bonds ($300,000,000 auth. issue, interest not
to exceed 5% ) are a first lien on 5,37l miles of road, and on retirement
of the outstanding underlying bonds, for which bonds are reserved as below
noted, will be a first lien on 8,488 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, fd s .)--$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 495 miles by direct first lien, 5,371 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 3,118 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 m its treasury.
Under the terms of the mortgage the issue of bonds for the acquisition of
property and for add’ns & betterments to the c o .’s property in no eventcan
exceed the actual cost of the property to be placed under the mtge. Theauth.

M at ,

1924.]

RAILW AY STOCKS AND BONDS

w
w




34

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Chicago & Erie— 1st M g int guar till prin pd.C e.zc*
249
249
Income bonds for $10,000,000 5% non-cum___ Nz
Chicago & Atlantic Term 1st M g ext 1918--Ce.zc*
...
Chicago & Grand Trunk— See Grand Tr’k West Ry
Chicago Great Western— Common stk $46,000,000 1,410
Pref (prin & div) 4% cum red $50,000,000 auth._ 1,410
First mortgage gold $75,000,000______ G.xc*&r* 1,410
Minneapolis Terminal mortgage gold assumed.
...
Mason City & Fort Dodge— See that company.
Equipment trust notes due $43,400 yearly____
_
Note— Secretary of Treasury of U S___________
do
do
____________________
do
do
____________________
Equipment trust note due $22,664 quarterly..
do
do
14,701 quar-------Chicago & Great Western— See Balt & Ohio Chicago Term
Chicago Hammond & Western— See Indiana Harbor Belt
Chicago & 1 1 Midland— 1st M $3,000,000 gold-----x
1
26
Chicago & 1 1 W— Gen(nowlst)M g gu red par CCxc*
1
—Chicago & Indiana Coal— See Chicago & Eastern 1 1
1
Chicago & Ind Sou— See New York Central RR.
Chicago Indianapolis & Louisville—Common stock
Preferred 4% non-cumulative $5,000,000_________
Refunding (now 1st) M ($4,700,000 are 6s)..C e .x
618
618
do
$15,000,000 gold Series C____________ x
Indianap & Louisv 1st M closed (assumed)-G.xc*
64
First & gen M $40,000,000 gold Ser A ____yg.c*&r*
618
do
do
Ser B red 105 aft Jan 1 ’37_G.c*&r*
618
Equip bonds due $69,100 annually____________
do
do
Ser D due $24,000 somi-ann.-N.c*
U S Govt loan— Transportation A ct______________
Guaranteed Bonds—
Kentucky St Indiana Terminal RR 1st M 4H s— See that c

Par
Value

Amount
Outstanding

Rate
%

1890
$1,000 $12,000,000
1890 1,000 &c alO.OOO.OOO
1888
300,000

5g
5
5g

When
Payable

1897
1910
1906
1916
1922
1920
1922
1920
ompan y
1911

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

M S N M a y l 1982
c
A & O Oct 1 1982
J S J July 1 1928
c

100 45,210,513
100 46,792,002 See text
1909 $, £ & fr 34,716,000
M <
fc
4g
1900
1,000
500,000
3H g J &
1920
1920
1920
1922
1922
1923
RR
RR
1913
1907

[V ol. 118

July 1 1919 1% J P Morgan & Co, N Y
s Sept 1 1959
do
do
Bank of Montreal, N Y
J Jan 1 1950

43,400

520,800
276,000
1,929,373
950,000
838,580
588,048

6
6
6
6
5)4
5)4

J
M
.1
M

1,000
1,000

2,500,000
959,000

5g
6g

,T & D Dec 1 1938
J & J July 1 1947

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

10,500,000
3J4
5,000,000
4
9,700,000 5 & 6 g
5,300,000
4 g
b l , 172,000
4g
c3,261,000
5g
d3,000,000
6g
760,100
6g
1,000
653,000
5g
6
155,000

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

1,000

J

2,875,000

5g

Erie Railroad, New York
do
do
do
do

St J To Jan 15 1935 Guaranty Trust
& N Oct 23 1935
Washington, D
& .1 Dec 21 1930
do
& S Mar 1 1930
do
T o Mar 15 1933
To Nov 15 1933

Co, N Y
C
do
do

C & C Tr & S B, Chicago
do
do

& J Jan 10 '24 \% J P Morgan & Co, N
& D Jan 10 ’ 24 2%
do
do
do
do
& .) July 1 1947
do
do
& J July 1 1947
Guaranty Trust Co, N
& .1 Jan 1 1956
& N M a y l 1966
J P Morgan & Co, N
& .1 M a y l 1966
S 115 To Jan 15 1935 Guaranty Trust Co, N
c
& S Sept’23-Sept’37 New York
& o N ov 20 1935
& D Junel 1936

Y
Y
Y
Y

Bankers Trust Co, N Y

a All except $98,000 owned by Erie RR Co.
b Additional $478,000 held in treasury Dec 31 1923
c Additional $233,000 in treasury Dec 31 1923.
d Additional $1,209,000 in treasury Dec. 31 1922.

i ssue 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 o f capital stock then outstand­
ing. The bonds are redeemable as a whole only on and after, but not before,
Feb. 1 1942 as follows. On Feb. 1 1942 or on any ini. date thereafter prior
to Feb. 1 1952 at 107H and int., on Feb. 1 1952 or on any int. date there­
after prior to Feb. 1 1962 at 105 and in t.. 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.
Tihe Nebraska Extension bonds of 1887 are issued at $20,000 per mile for
singfe 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 o f 1899-1949 are a first lien on the
company’s lines in Illinois and on its line to St. Paul and Minneapolis, in­
cluding its terminals In Chicago, Quincy and East St. Louis, 111.; Clinton and
Dubuque, Iowa; W nona, St. Paul and Minneapolis, M inn.; and part of its
terminal at Burling)ton, Iowa.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1359.
RE PO RT.— For 1923, in V. 118, p. 2319, showed:
1921.
Calendar Years—
1923.
1922.
Operating revenue_______________ $171,270,661 $164,916,471 $168,712,268
Operating expenses______________ 134.290,379 126,777,704 128,216,289
9,325,511
10,921,345
9,743,625
Taxes, &c_______________________

R E PO R T .— For 1923 showed:
xl920.
Calendar Years—
1923.
1922.
xl921.
Gross earnings__________ $28,405,408 $24,731,348 $27,099,146 $31,307,448
418,590
Net, after taxes_________ 2,563,431 2,435,876
1,938,681
2,663,434
Other income___________ 1,205,616
1,299,888
1,706,410
Gross income------------ $3,769,047 $3,735,764
Interest paid__________ 1 2,460,914/ 2,297,018
Rents, &c______________J
\
651,401
Accrued int. not paid_
_
______
______
Sinking, &c., funds_____
196,171
184,668

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

$3,082,024
868,774
708,9082,947,504

Balance, sur. or def_sur$l, 111,962 sur$602,676 def$830,791 d f$ l,443,162'
x Combined Income statement receivers and Federal.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, John W . Platten; Pres., W . J. Jackson,
Chicago; V .-P . & Gen. Counsel. W . H. Lyford; V .-P. & Gen. M gr., Frank
G. Nicholson; V .-P ., Thomas D. Heed; Sec., G. A. Burget, Chicago: Treas.,
J. P. Reeves, Chicago. Office, 332 So. Michigan Ave., Chicago.— (V. 118,.
p . 2436.)
CHICAGO & ERIE R R .— (Map Erie RR.)— Owns from Marion, Ohio,,
to Hammond, Ind., 249 miles, and leases trackage over Chicago & West Ind.
to Chicago, 20 miles. Erie R R . Co. owns entire $100,000 stock.
Operating income______________ $27,654,771 $27,217,422 $30,752,354
BONDS.— First Mortgage covers 249 miles of road, the contract with the
Other income_______________'____
3,670,841
4,447,400
4,009,423 Chicago & Western Indiana, $1,000,000 of that company’s stock and
Belt R y. Interest on income bonds is
Gross income__________________ $31,325,612 $31,664,822 $34,761,777 $240,000 stock ofRChicago all except $98,000 o f the $10,000,000. paid
R . owns
See
Interest, rents, &c_______________ 12,035,083
11,403,334
9,151,804 legularly; Erie51, p. 911; V. 61. p. 750; V. I l l , p. 1948.
abstracts, V.
Net income_____________________$19,290,529 $20,261,488 $25,609,973
CHICAGO GREAT WESTERN R R . CO.— Forms the "C orn B elt"
289,409
294,251
294,643 route, radiating from Oelwein, Iowa, northerly to St. Paul, easterly to
Sinking funds___________________
Dividends_______________________ 17,083,735
17,083,700 19,300,382 Chicago and southerly and westerly to Kansas City and Omaha.
Lanes ownea (total l ,035 miles). Miles.
Trackage (total, 78 miles)— Miles.
S u rp lu s..________
$1,917,385
$2,883,537 $6,014,948 Chicago to St. Paul___________ 401 St. Paul to Minneapolis_______
11
Oelwein to St. Joseph_________ 290 Chicago Terminals-----------------10
For latest earnings, see “ Railway Earnings Section” (issued monthly).
14
Bee Creek to Beverly_________
23 Galena Jet.,111., to Dubuque.Ia.
OFFICERS.— Hale Holden, Pres.; O. G. Burnham, Executive V.-Pres.> Sumner to Waverly___________
22 Des Moines Terminals------------3
O. E. Spens, Edw. P. Bracken, Wm. W. Baldwin, H. R. Safford, V.-Pres’ts
26
Mantorville, &c., branches____
21 Leavenworth to Kansas C ity—
O. M . Spencer, Gen. Counsel: Chas. I. Sturgis, V.-Pres.. Sec. & Treas., Leavenworth to Kansas C ity___
1 St. Joseph, M o ., to Bee Creek.
9
H. W . Johnson, Comp.; Harry D . Foster, Gen. Aud.— (V. 118, p. 2302.) Mankato to Red Wing, M in n ..
96 other trackage________________
5
Red Wing to Osage, Iowa_____ 118
Operated under agreement—
54 Mason C ’y & Ft.Dodge,383 m .,viz.:
CHICAGO & EASTERN ILLINOIS R Y — Operates road from Chicago: Winona to Simpson, M inn_____
Oelwein, la ., to Coun. Bluffs 260
111., to Evansville, Ind.; also Chicago to St. Louis, leaving main line a1 Branch to Clay Banks, M in n ..
3
Hayfield.Minn.,to Clarion,la. 100
Woodland Junction; and lines to Thebes and Joppa, 111., reaching various Goodhue to Belle Chester_____
6
Branches to Lehigh, &c_____
16
bituminous coal fields.
8
Trackage to So. Omaha------Lines Owned in Fee—
M iles. Rossville Jet., HI., to Sidell Jet.,
Dolton to Evansville, Ind_______ 269
36
I l l .............................................
Total mileage Dec. 31 1923--1.496
Danville. 111., to Villa Grove, Jet. 42 Evansville Belt_________________ 4
The entire capital stock of the Mason City & Fort Dodge R R . is owned
Findley Jet., HI., to Thebes, 111_194 Other _________ ________________ 29 and the road operated under agreement (see separate statement for that
Other Trackage, A c .—
Joppa Jet. to Joppa, 111___________17
company). In Jan. 1923 also acquired the 1st mtge. 4% bonds of the
Cissna Jet. to Clssna Park, 111____ 11 Pana, 111., to Granite C ity______ 76 Mason City & Fort Dodge R R . V. 116, p. 75, 1531. In 1920 acquired
Milford Jet.,HI., to Freeland, Ind 11 Chicago to Dolton.Ch.& W . Ind. 17 entire stock of the Leavenworth Term. R y. S Bridge Co. V. 91, p. 214, 397.
c
Woodland, 111., to Pana, 111_____ 123 Other lines__________________ ___ 29
The stockholders on M ay 7 1920 passed a resolution ratifying the con­
Branches to Coal Mines_________ 135
solidation of the Wisconsin Minnesota & Pacific with the Chicago Great
Rossvllle Jet. to Judyville, Ind_14
Western.
Total Dec. 31 1922
945
M t. Vernon Jet.. Ind., to M t.
20 1909 as successor per plan
.339 V. ORGANIZATION.— Incorp. in Illinois Aug. sale. V. 89, p. 528, 592.
Vernon, Ind________________
38 2d track____________
88, p. 1497, of railway acquired at judicial
H ISTORY, &c.— Organized to succeed the Chic. < Eastern Illinois RR.
fc
STOCK.— The pref. stock ($50,000,000 auth. issue) was entitled to
(for which receivers were appointed on May 27 1913), as per reorganization non-cum. divs. at 4% per ann. to June 30 1914 and to cum. divs. thereafter
plan dated March 31 1921, published in V. 112, p. 1517. The plan was de­ at that rate ahead of the com. stock, and also to a preference as to principal
clared operative N ov. 21 1921 and the property was taken over by the new and accrued dividends in case of dissolution or liquidation.
company on Jan. 1 1922. V. 113, p. 2310; V. 114, p. 77.
D IV ID E N D S.— Pref. stock. N o. 1. Dec. I 1915, 1% ; M ay 1 and Oct. 2
Tentative Valuation.— The I.-S. C. Commission has placed a tentative 1916, 1%; Apr. 1917, 1%; none then till Aug. 15 1918, paid 1% ; Jan. and
July 1919, 1% ; none since.
value o f $69,206,753 on the property as o f June 30 1915.
BONDS.— On Dec. 31 1923 $47,295,000 of 1st M . 4s of 1909 had been
STOCK.— The preferred stock becomes cumulative after Jan. 1 1924
issued, $34,716,001/ being held by the DUblic and $5,547,000 by the co.,
Preferred and common stocks have equal voting power.
and $7,032,000 were pledged with Sec. of U. S. Treas. Since Jan. 1 1923
BONDS, &C.— The Prior Lien Mtge gold bonds are subject to $5,137,600 $9,333,000 bonds and $2,865,400 pref. stock have been exchanged for $10,underlying bonds. These bonds will mature not earlier than 1961 and will 975,000 of M . C. & Ft. D. bonds to Dec. 31 1923.
Holders of all except '$3,000 of the $6,232,000 Wisconsin Minnesota &
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 Pacific bonds accepted in exchange per $1,000 bond, either $500 each in
determined by the board at time o f issue and stated In the bonds o f such O. G. W. 1st M . 4s and $500 in pref. stock or cash. V. 97, p. 49, 523, 728,
1203, 1217.
series. They will be used only:
Equipment trusts issued to Director-General for rolling stock allocated
(а) As collateral to the U. S. (incl. 25% margin) for moneys bor­
to this company. See article on page 3.
rowed and to fund obligations to the U. S. Any balance not
On Dec. 31 1923 there were outstanding $520,800 definitive equipment
so used or released on payment o f obligations to the U. S. to be
trust notes, $1,426,628 equipment trust notes (The Pullman C o)., and
used as shall be provided in said mortgage___________________ $5,262,500 $3,155,373 notes payable more than two years after their date.
Government loan, V. I l l , p. 692, 1660, 2227. 2423; V. 113, p. 531.
(б) To fund outstanding obligations [undisturbed by reorganiz’n] 5,137,605
2,503
(c) For additions and betterments to the road, for equipment,
R E PO RT.— For 1923, in V. 118, p. 1903, showed:
and for additional lines o f railroad and for such other purposes
1923
1922
1921.
1920.
and under such restrictions as may be approved____________ Not fixed
Total operatingrevenue.$25,723,706 $24,224,789 $24,2191937 $24,032,435
The Gen. Mtge. 5% gold bonds bear interest from M ay 1 1921.
Net operating revenue-. 4,292,690
2,950,553
2,583,799 df2,419,808
Total authorized principal amount at no time to exceed $35,500,000; to Net operating income_
_ 3,433,216
1,961,90036,881 def4,158,344
3,551,792
386,708
683,212
mature not later than 1951 and to bear 5% interest from M ay 1 1921, pay­ Other income__________ 2,718,401
6,151,617
5,513,692
423,589 def290,132
able semi-annually, and to be redeemable, all or part, at par and int. for a Gross income__________
sinking fund which shall receive cumulative payments out o f net earnings Deduct—Bond interest. 1,679,545
1,262,253
1,214,906 1,077,766
3,786,628
521,475
516,990
above fixed charges equal in each year to )4 o f 1 % o f the total face amount Rentals________________ 3,820,430
o f bonds originally issued. Bonds retired by the sinking fund will continue
Miscellaneous_______
80,875
32,041
62,197
70,278
to draw interest until maturity and will not be reissued. Failure to make
Net income_________ sur$570,766 sur$432,770df$l.374,990df$l,955,169
sinking fund payments, if earned but not otherwise, will constitute default.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Equipment trusts issued to Director-General for rolling stock allocated
OFFICERS.— Pres., S. M . Felton; Sec., W. G. Lerch; Treas., J. F. Coyto this company. See article on page 3.
Note to Director-General o f R R s., due 1930, $3,425,000; note to Treas- kendall. President’s office, People’s Gas Building, Adams St. and M ichi­
gan Boulevard, Chicago, 111.
er o f United States, due 1936, $785,000.




M ay , 1924.]

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Chicago Indianapolis & St Louis Short Line— See Cle veland
C hicago Lake Shore &East— 1st M g gu red text__xo*
52
C hic Mem & Q uit— 1st M « red 105_ Ba.xc*Ar
_
C h ica g o Milw & Gary— 1st M g (gu) red 105SSt.xc*
C hicago Milwaukee & St Paul— Corn stock (see text).
Preferred stock 7% yearly not cum $116.274.900..
78
Chicago <c Missouri River Dlv first mortgage.F.zo*
S
Cen M (for $150,000,000) gold Series A.Us.xo*<Scr 6,829
do
do
Series A registered_____ x 6.829
do
do
Series B _____________xo* 6,829
do
do
Series B registered_____x 6,829
do
do
Series O gold_______ xc* 6,829
do
do
Series O registered_____ x 6,829
1st M Bds Sec, Gold Loan of 1924 red (text) _xc*Ar*
Milw A Nor u t M No Milw to Ur Bay ext 1913.X0*
118
414
Consol mtge extended 1913 (V 96. p 1364)..z c*
xDeb $50,000,000 g ______ [All secured [__F.xc*Ar* 10,235
Deb 250,000.000 francs— (by the Gen. ( ____Usm.x 10,235
(Gold ($)bds.cail atnaralll
and
| USmic* 10,235
Debentures g red 1 0 5 ____|Ref. Mtge. [.Us.xc*Ar* 10,235
Ch Mil A Puget Sound 1st M (text) ass-_Usxc*Ar* 2,327
General and Refunding M , Series A ______Gc*Ar* 10.235
do
do
convert series B (see text)___ c*Ar* 10,235
Bellingham & Nor— B B & B C 1st M assumed_
_
67
Equipment gold notes due SI,096.300 annually
G
do
do
Series A due $539,000 ann__M.DC*
.
do
do
Series B due $128,000 annuallyCPc*
do
do
Series C due $900,000 ann______ yc*
U S Government note____________________________
do
d o ______________________________________
do
d o ______________________________________
...

Par
Value

Amount
Outstanding

Cinoln natl Chic
1.000
1909
1.00(J
1910
1,000
100
100
1,000
1886
1,0001
1889
1,000/
1889
1889
1,0001
1889
1.000/
1889
1,000
1.000
1888
1924 500A1000
1,000
1913
1,000
1913
1909 1.000 Ac
1910 500 fr Ac
1916 1.000 Ac
1912
100 Ac
100 Ac
1909
100 A c
1914
1915
100 Ac
1,000
1901
1920
1,000
1922
1923
1,000
1,000
1923
1920
1922
1922

Bait
%

When
Payable

35
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

mi

ago A St Lo
71 Broadway New York
ft J A n June 1 1969
9.000,000
Bankers Trust C o. N Y
735,000
5 g J A j Jan 1 1940
St Louis TJn Tr Co, St L
5 g A & o Apr 11948
3,000,000
Sept 1 T 7. 2% N Y Offloe «2 Broadway
117,406.000 See
t -do
do
. tei t - Sept 1 T 7. 3 H
115.845.800
do
do
J A J July 1 1926
3.083,000
5
do
do
A
j May 1 1989
J
48.241.000
do
do
May 1 1989
Q— j
48
do
do
8.950.000
j J A j May 1 1989
do
do
r Q— J May 1 1989
A
j May 1 1989
do
do
142,597.000
j
May 1 1989
do
do
J
<—
J
& j Jan 1 1934
14,000,000
6g j
ao
do
j
3,117,006
& n June 11934
4*
do
do
j
A n June 11934
5,072.000
do
do
33,286.000
j
A j July 1 1934
Paris and London
i* j A D June 11925
11,831,515
N Y office 42 Broadway
A D June 1 1925
35,100.000
4g j
do
do
rj
A r June 1 1932
49,980.800
>
26,175.000
do
do
J A j Jan 1 1949
A A o Jan 1 2014
do
do
43,089,000
F A A Jan 1 2014
do
do
29,129.800
San Francisco
455,000
5 g J A D Dec 1 1932
12,049,700
6 g .1 A J 15 To Jan 15 1935
.1 & J To July 15 1937 Metropolitan Tr C o, N Y
7.007,000
F A A Feb 1 ’25 to ’35 N Y office 42 Broadway
1,408,000
5g
A & O Apr 1 ’25 to '38 N Y office 42 Broadway
13,500,000
5X
M A S Mar 1 1030
20,000,000
6
M & s Mar 1 1927
25,000,000
6
J A J Jan 1 1930
10,000,000
6

x Secured by pledge of Prencn loan debentures, w hich in turn a re secure d by the Ge n. A Ref’ . Mtge.

DIRECTORS.— Samuel M . Felton, Chas. G. Dawes, B. E. Sunny.
Chas. H. Thorne, E. A. Cudahy, E. N . Hurley, Chicago, 111.; Charles
Steele, N . Y .; E. F. Swinney, Kansas City; G. W. Wattles, Omaha; E. C.
Finkbine, Des Moines; Milton Tootle Jr., St. Joseph; C. T . Jaffray, Minne­
apolis; G. H. Prince. St. Paul.— (V. 118, p. 1903.)
CHICAGO & ILLINOIS MIDLAND RY.— Owns Comptro, 111., to
Taylorville, 28-4 miles. Stock auth., $2,000,000; outstanding, $1,000,003
(par of shares $100), all owned by Commonwealth Edison Co. Bonds out,
$2,500,000; see table above. For 1922, gross, $758,049; net, def., $269,777;
other income, $227,140; fixed charges, $257,497; bal., def., $300,135.—
(V. 114, p. 1532.)
CHICAGO & ILLINOIS WESTERN RR.— Projected Willow Springs
southwesterly to Joliet, Illinois, with branches, a total o f 54 miles, of
which 17 miles in operation. Willow Springs to Hawthorne. Y. 83, p. 491.
It was reported in March 1924 that the Commonwealth Edison Co. and the
Peoples Gas Light & Coke Co. o f Chicago had arranged to purchase the
road. V. 118, p. 1519. Stock outstanding, common, $1,000,000; preferred,
$291,000. Y. 97, p. 1114, 1356. Of the gen. 6s of 1907 ($4,000,000 auth.
issue), $959,000 are outstanding, guar. prin. & int. by Dolese & Shepard
C o., Chicago; equip, trusts, $89,890. V. 86, p. 107; V. 88, p. 685. For
1922, gross, $308,425; net, after taxes, $33,197; other income, $1,032;
fixed charges, $70,407: bal., def., $36,178. Pres. O. P. Chamberlain.
Office, 108 South La Salle St., Chicago.— (V. 118, p. 1519.)
CHICAGO INDIANAPOLIS & LOUISVILLE RY. CO.— Operates the
‘Monon Route,” from Chicago, 111., via Monon, Ind., to Indianapolis, Ind.;
and Louisville, K y., with branches. Total Dec. 31 1923 654 miles viz.:
Lines owned—
Miles. Over.underTrackage contract— Miles.
Indiana State Line to Indian_
Chicago to Indiana State Line_ 20
apolis________________________ 162 New Albany to Louisville_______ 6
New Albany to Michigan C ity_ 289 Switz City to west o f Victoria— 10
_
Bedford to Switz C ity____________40 Miscellaneous__________________ 4
Orleans to French Lick Springs.. l8 Less— Track north o f Dinwiddie,
Clear Creek to Harrodsb’g, In d ._ 9
Ind., not operated____________ (4)
Wallace Jet. to Shirley Hill & br. 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 ISTORY.— 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% of $5,000,000 pref. stock, on the basis of $78
and $90 per $100 share, respectively, in their joint 50-year 4% collateral
trust gold bonds at par, secured by the stock acquired. See description of
bonds under Louisvdle & Nashville. V. 74, p. 1088, 1138; V. 75, p. 28.
Tentative valuation, V . 113, p. 2184.
DIVS. since 1902—
1 ’06. '07. ’08. ’09-T3. ’ 14-T5. T6. ’ 17. ’ 18-’24.
On common------------------% / 3
3
3 3H y’ly
0
4 ^ 3 X text
Common dividends, 3 j i % June 29 and \% % each in Dec. 1916, June
and Dec. 1917; then none until June 29 1920, when 1 % % was paid; there­
after 154% semi-annually to Jan. 1924.
• 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.
Monon Realty Co. notes assumed, $14,770.
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
T o exch a n g e fo r o u ts ta n d in g I n d . & L o u is v . B y . 1st M . b o n d s

1 ,1 7 2 ,0 0 0

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 Mtge.,
(a) on the leasehold interests in terminal facilities in Chicago. Louisville
and Indianapolis and in Kentucky A Indiana Bridge; (5) on 10,000 shares
of capital stock o f Chicago & Western Indiana R R . and 2,400 shares of
capital stock of Belt Ry. Co. of Chicago; (c) rolling stock, Ac., 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 RR. (assumed) 1st M . 5s. V. 105. p. 1305; V. 82, p. 508; V. 83,
p. 1290; V. 102, p. 1810. Also guarantees int. on $2,875,000 Monon Coal
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 1923, in V. 118, p. 1386, showed:
Years ending Dec. 31— 1923.
1922.
1921.
1920.
Gross earnings_________ $17,923,547 $16,031,586 $15,162,870 $16,259,676
Net (after taxes, & c.)__. 3,935,291
3,095,141
2,242,919
353,839
______
______
x459,751
*
Standard return________
Dividends, &c., received
165,034
146,775
249,905
133,907
Total net income_____$4,100,325
1923.
Interest on bonds______$1,214,280
Rentals, A c___________
1,630,038

$3,241,916 $2,952,576 *$1,127,313
1922
1921
i920
$1,197.289 $1,035,531 $l,039,’l81
1,349,858
1,193,481
1,222,025

Surplus for dividends. $1,256,006
$694,768
$723,564df$l,133,892
Div. on preferred (4 % ).
199,652
199,652
199,652
199,652
Div. on common___ (3Ji% )341,152(310341.153(1^)170.573(1^)170,571
x Represents payments received during 1921 from U. S. Govt, on guar­
anty under Transportation Act o f 1920.
* Net income for 1920 includes Standard Return (2 mos.), $270,000 and
6 months’ guaranty period, $815,249.
For latest earnings, see “ Railway Earnings Section” (issued monthly).




OFFICERS.— Pres., H. R . Kurrie, Chicago; V .-P. & Compt., H.^T.
Evans; V.-P. of traffic, E. P. Vernia, Chicago; Treas. & Asst. Sec., Byron
Cassell, 608 So. Dearborn St., Chicago; Sec. & Asst. Treas., P. J. Harkins,
120 Broadway, N. Y .— (V. 118, p. 1771.)
CHICAGO JUNCTION RY.— Owns 4.20 miles main track and ±9.53
miles yard, tracks and sidings. Leases 16.83 m. main track and 133.47 m.
yard trad and sidings from Union Stock Yard & Transit Co. of Chicago.
Trackage rights from Chicago River A Indiana R R ., 3.34 miles main track
and 1.48 miles yard tracks and sidings. Total mileage operated, 24.37
miles main track and 154.48 miles yard track and sidings. All operated by
the Chicago River & Indiana R R . Co. under lease dated M ay 19 1922.
In 1907 New York Central interests, through the Indiana Harbor Belt
R R . Co., 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
o this co. (assumed by the Chicago River A 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.)
CHICAGO JUNC. RYS. & UN. STK. Y A R D S — See “ Industrials.”
CHICAGO KALAMAZOO & SAGINAW RY.— See Mich. Central.
CHICAGO LAKE SHORE & EASTERN R Y — Embrace* 495 miles of
track, connecting the various works ol the Illinois Steel Oo. and Indiana
Steel Co. at Chloago. Joliet, Milwaukee and Gary with diverging trunk lines,
and also with steamship lines, stone quarries, Industrial establishments.’
A c.; also reaches the coal fields of 111. and Ind., and Joliet, 111. Stock,
$9,000,000, all owned by the Illinois Steel C o., and so by the U. S. Steel
Corp., which, with Elgin Joliet A 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 earnings.
See V. 90, p. 108. Divs. paid in 1910, 5% : in 1911. 5% and 2% extra.
12-T3, 10%; T 3-T4, 7 % ; T 4-T 5, 15%; ’ 15-T6. 10%: T 6. 10% : T 7, 8% ;
T8, 10%; T9, 10%; ’20, 10%; ’21, 10%; ’22, 10% .
Bonds are redeemable In whole or In part from Deo. 11919 at 110 and Int.;
they are limited to $20,000,000 and further Issues ol bonds beyond the
$9,000,000 now outstanding can 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.)
CHICAGO MEMPHIS & GULF RR.— Owns Dyersburg. Tenn.. 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.
Bonds ($10,000,000 auth.) outstanding. $735,000; reserved for terminals,
A c., $1,750,000, and remaining $7,515,000 at not to exceed 85% o f cost of
new construction, nor over $20,000 per mile main line — (V ll5 , p. 2683.)
CHICAGO MILWAUKEE & GARY RY.— 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 $1,000,000 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 Co. 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.)
CHICAGO MIL W. & PUQET SOUND RY.— See Chic. M . A St. P. Ry.
CHICAGO MILWAUKEE & ST. PAUL RY.— Operates from Chicago
westerly to Seattle and Tacoma. Wash., with numerous branches:
Road—
Miles.
Road—
Miles.
Lines owned Dec. 31 1923 (o f
2d, 3d A 4th tracks_________ 1,093
which 109 m. owned Iointly)10.251 |Trackage(lncl.2d & 3~ tracks)_ 532
d
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. 1§17, and was
subsequently extended over the Cascade Mtns. The electrification of the
line between Othello and Seattle and Tacoma, 219 m., commenced in March
1917, has been completed. V. 104, p. 451, 1489, 2116. See V . 96, p. 135;
V. 97, p. 1821; V. 101, p. 845; V. 103, p. 1687; V. 105, p. 1998; V . 106.
p. 2005; V. 107, p. 802; V. 108. p. 682.
HISTORY, AO.— Organized 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 of title. V.
96. p. 62; V. 95, p. 1683: V. 97, p. 819.
In Dec. 1918 took title to the railway franchises, A c., of the following
companies, all o f whose outstanding capital stock were owned by it: Tacoma
Eastern R R . Co., Puget Sound A Wiliapa Harbor R y. C o., Seattle Port
Angeles A Western R y. C o., Bellingham A Northern R y. C o., Milwaukee
Terminal Ry. C o., and Gallatin Valley R y. C o. 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 of 999 years from
July 1 1921, with option to purchase the leased property. By the terms
of the lease this company guarantees as rental for the use o f the leased prop­
erty the payment of the annual interest on the bonds and securities or 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 of the outstanding stock
of 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 of lease under Chic. T . H. A S. E .
R y. in V. I l l , p. 2519.)

36

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations. &c., see notes on page 61
Chicago & N W — Com stook $177,539,880 auth___Tr
Preferred stook (not cumulative) see text________ Tr
Milwaukee Lake Shore & Western—
Mlohlgan Dlv 1st M (for $3,000,000) gold._Ce.zo*
Ashland Division first mortgage gold------- Ce.zo*
Ext & Imp M for $5,000,000 g e t not drawn Ce.zo*
First and refunding mortgage _______ — zc*&r*
New first & refunding mortgage— see text
Sink fund bds of '79 ($15,000 p m) red 105-F.vc&r
Sinking fund debentures 1933__________ Un.zc*&r
Extension 4s $20,000,000 ($20,000 pm).Un.xc&r
Gen gold bond M $165.000.000________ Us.xc*&r
do
do
do
registered..x
do
do
do
x and y o*
do
do
do x and y registered..
do
do
do
yc*&r
8ecured gold bonds . . ________ _____ Ce.yc*&r*
do
do
__________ ________ Us.yc*&r*
Mllw & State line 1st M g gu (V 88. p 230).F.ro*&r
O & N W equip tr due $664,900 ann __________ G
do
do ser. D to N— (See text.)
Branch Line Bonds Assumed
Minn & la Ry 1st M gold $16,000 per mlle.F.zo*&r
Prlnoeton & 'Northw 1st M $2,100,000 gold.F.zo&r
Peoria & Northwest 1st M $2,125,000 gold.F.zo&r
Sioux City & Paolflo 1st M gold $4,000,000-F.zo&r
Minn & So Dak 1st M gold $528,000 ------------ F.zo*
Iowa Minnesota & Northwestern 1st M g _F.oz*&r
Mil Sparta & N W 1st M g $15,000,000 guFxo*&r*
Des Plaines Valley Ry 1st M $2,500,000. F.xc*&r*
Manit Gr Bay* NW 1st M g gu (V88, p230)F.zo*&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&MVoons M $25,000 per mile assumed.a
c all In s. f.; e all In s. f.; g $1,000. h $20.488.000ad

Miles Date
Hoad Bonds
...
82
40
693
8,387

—
1884
1885
1889
1920

Par
Value

1,000 1.281,000
1,000
1.000.000
1,000 3,777,000
1,000 15,250,000

1.641
„ __
_
_
5.038
5.038
5.038
5.038
5,038
___

l.OOO&o
1,000 &o
1,000 &o
1000 &0l
1000 &oJ
1,000 Act
l.OOO&o/
1.000 &c
500 &c
500 &c
1.000 &o
100&1,000

119
105
85
125
33
195
178

1899 1.000 &o
1901 1.000 &o
1901 1.000 &o
1901 1,000 &o
1.000
1900
1900 1,000 &o
1912
1.00C
1912 1.000 &c
1906 1.000 &o
1913 1.000 &c
1913 1,000 &c
1.000
1883
al pled ged for 6

1879
1883
1886
1897
1897
1897
1897
1897
1920
_ 1921
50 1906
—
1920

114
6C
115
1.170
dition

Raff
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$100 $145152500 See text J & J 15 Jan 15 ’24
100 22.395,000
7
J & J 15 Jan 15 '24

The l.-b . O. Commission in Feb. 1922 authorized the company to acquire
control of the Chicago Milwaukee & Gary R y . 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 IstM tge. 40-year 5% gold bonds, dueApr. 1
1948, by endorsing thereon its guaranty o f payment o f principal thereof and
of interest accruing from and after Jan. 1 1924- Compare V. 114, p. 853CAPITAL STOCK.— The pref. stook has a prior right over the com. stook
<io a dividend of not over 7% from net earnings in each year, but if not
earned it has no cumulative right. After 7% on com., both share pro rata.
DIVIDENDS.— 1 ’95. ’96. ’97-’00. ’01. ’02-’l l . ’ 12-T4. ’15-T0. T7.
4 5 y’ly
6 7 y’ly 5 y ly 4 X 5
446
On common _......... % ) 2
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 aD
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 $333.686 200. When the amount of bonds issued thereunder
(bearing interest not in excess of 6%) reaches $696,000,000, further issues
must be limited to 75% of the cost of property placed under the mortgage.
The mortgage is secured by a direct lien on all the properties. Including
about 10,180 miles directly owned, 109 m. jointly owned, terminal proper­
ties in Chicago. Milwaukee. Seattle. Tacoma. Spokane & other cities, and
the entire equipment, subject to $179,673,000 prior Hens ($18,331 p. m.),
to retire which an equal amount of bonds is reserved, $132,007,200 being
also reserved to retire debentures and convertible bonds, which are equally
secured thereunder. None of the prior Hens may be extended and no further
amounts issued except gen. M. for refunding purposes, so that eventu­
ally the Gen. and Ref. bonds will become an absolute first lien. Further
bonds may be issued for Improvements, betterments, acquisitions, construc­
tion, equipment, &c. Of the bonds, $154,489,500 have been issued In ex­
change for Chic. Mllw. & Puget Sound 1st 4s (leaving only $26,175,000 of
the latter outstanding). On Dec. 31 1923 the treasury held available $117,217.200 of the new bonds Issued for said exchange and against impts., &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. 1450The $29,129,800 Gen. & Ref. Mtge. bondsi ssued in 1915 are convertible
Into common stock at par for 10 years beginning Feb. 1916. V. 100, p.
139. 228. 307. 811, 900. 981: V. 101, p. 287.
The 6% 1st Mtge. Bonds Security, Gold Loan o f 1924, seemed 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) Mtge. 5% Gold bonds, due
M ay 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.
Abstracts older mortgagee. V. 45. p. 114. 144. 212: V. 48. p. 830.
The General mortgage of 1889 (see abstract In V . 48. p. 830; V . 96. p. 1088.
1166; V. 97, p. 175, 520; V. 98, p. 386: covers the entire railway property
and franchises of the company (therein described), subject to prior lien*
which are paid as they mature. V. 89, p. 1279, 1541, 1596, 1667; V. 103.
p. 1114. Mllw. & Nor. RR. consols, see V. 107, p. 2097.
The $33,286,000 4% 25-year debs, of 1909 are secured by new Gen. and
Ref. mtge. V . 88, p. 1559; V. 89. p. 1223. 1346. „ ______
In May 1910 sold to a group of French banks 250,000,000 francs 15-year
4 % debentures, equally sec. by General and Ret. Mtge. V. 90, p. 1424
1489. 1554; V. 91, p. 38. 1710: V. 98. p. 303. Dollar bonds were issued in
1915-16 to replace 4% 15-year French loan bonds. These bonds are se­
cured by an equal face value o f the French bonds (which in turn are secured
bv Gen. & Ref. M . o f 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 $49,980,800 446% debentures of 1912 are redeemable at 105 and
Int. They are secured by new Gen. and Ref. mtge. V. 94, p. 1056,
1118, 1565: V. 95, p. 744, 1472; V. 97, p. 364; V . 98, p. 303, 452.
Of the $181,664,500 Chic. Mllw. & Puget Sound R y. 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 C. M . & St. P. Gen. & Ref. bonds
and deposited under that mortgage. V. 92. p. 593, 659, 725, 1374; V. 93,
p. 1386, 488; V. 94, p. 767. 1185; V. 98. p. 1692. Bonds cover road, termi­
nals and equipment, and run to maturity
__
Govt, loan, V. I l l , p. 791, 2323, 2423; V. 112, p. 1976; V . 114, p. 304;
Equipment trust issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114. p. 1704.___
___
Equip, trust certificates Ser. A, V. 114, p. 2823; Ser. B, V. 116, p. 822
RE PO RT.— For 1923, in V. 118, p. 2431, showed:
Calendar Years—1923.
1922.
1921.
Average miles operated--------------------11,011
Passenger earnings__________________$24,175,892 $24,261,499 $26,915,456
Freight earnings___________________127,953,106 116,005,731 104,894,848
M ail, express, & c., earnings_________ 17,499,340 16,683,398 14,955,462
Total earnings_________________ $169,628,338$156,950,628$146,765,766
Maintenance of way and structures..$23,063,613 $19,798,385 $17,987,292
Maintenance o f equipment_________ 38,375,029 36,987,240 35,543,850
Transportation and traffic---------------- 69,051,645 68,299,274 68,972,491
T a x e s _____________________________ 8,614,180
9,654,738 8,762,089
M iscellaneous_____________________
4,512,052
4,518,331 5,736,914
Net earnings______________________ $26,011,818 $17,692,660 $9,763,129
Total net income, incl. “ miscell.” ------ 27,722,813 19,267,360 14,134,987
Deduct—-Interest___________________ 20,029.664 19,222,427 18,948,105
Rents paid_______________________ 6,852,619
5,388,103 5,696,590
M iscellaneous___________________
632,845
799,998
560,901
Balance, surplus_________________
$207,686df$6,143,168df$11070,608
For latest earnings, see “ Railway Earnings Section” (issued monthly)




Amount
Outstanding

[V ol. 118,

6g
6g
5g
5g

146 Co’s offloe 111 B’way.NY
do
do
346

3
& J July 1 1924
M & S Moh 1 1925
F & A Feb 1 1929
J & D May 1 2037

do
do
do
do

do
do
do
do

9,759,000
do
do
5 & 6 A & O Oot 11929
do
7,971.000
M & N May 1 1933
do
5
18,632,000
do
4
F 16 & A Aug 15 1920
do
31.316,000 J 346 g M & N Nov 11987
do
do
do
do
1 346 g Q— F Nov 11987
30,554.000
do
M & N Nov 1 1987
do
4
do
do
4
0 — F Nov 1 1987
h30705,000
do
5 g M & N Nov 1 1987
do
do
do
15,000,000
7 g J & 1) June 1 1930
do
do
15,000,000
646 g M & 8 Mar 1 1936
do
do
2.500.000
346 g J & 3 Jan 1 1941
J & J15 Jan 15 ’25 to ’35 Guaranty T r Co, N Y
7,313,900
6
1,904,000
346 g J
2.100.000
346 g J
2,125.000
346 g M
4.000,000
346 g F
528.000
346 g 3
3.900,000
346 g J
15.000,000
4g M
2,500.000
446 M
3.750,000
3 46 g J
1.120,000
446 J
10.000,000
5 ft J
A
g7,724.000
6
46% bonds due Mar ch

& D June 1 1924
& J Jan 1 1926
& S Moh 11926
& A Aug 1 1936
& J Jan 1 1935
& J Jan 1 1935
& 8 Moh 11947
& S Mch 1 1947
& J Jan 1 1941
& J Jan 1 1947
& J July 1 1948
& O Oot 1 1933
1 1936

Co’s offloe. 111 Broadway
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

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 . L o o m is , C h ic a g o ; S e c ., T . W . B u rtn e s s , M ilw a u k e e ; C o m p t ., W . V.
W ils o n , C h ic a g o .

Directors.— Samuel H. Fisher, Donald G. Geddes, Mortimer N. Buckner,
W . E. S. Griswold, George G. Mason, E. S. Harkness, Samuel McRoberts,

J o h n M c H u g h , N e w Y o r k ; J . O g d e n A r m o u r , C h ic a g o ; F r a n k lin M . C r o s b y ,
M in n e a p o lis ; H. E. B y ra m , C h ic a g o ; C . H . M c N e id e r , M a s o n C it y , la.;
E. L. P h illip , M ilw a u k e e . N. Y . o f fi c e , 42 B r o a d w a y .— (V. 118, p. 2431.)

CH ICAGO & NORTH W ESTERN R Y .— (See M ap.)— Operates
lystem of roads uniting Chicago, 111., with Omaha, Neb.; St. Paul, M inn,
with the great wheat belts of Dakota, Nebraska, &c., and with the mining
regions of Michigan and the Black Hills, 8,404 miles, Dec. 31 1922. viz.:
Road owned in fee—
Miles.
Miles.
Main lines, &c_________________7,928 Pierre & Ft. P. Branch________
2
Entire stock owned—
Pierre R . C . & N. W ___________ 165
Wolf River Valley_____________
2 Wyoming & N. W _____________ 148
De Pue Ladd & East, (leased)_
75
Trackage rights___________ ;__
Beile Fourche Valley (leased)_
Second track_________________ 923
Also has large interest in Chic.
Macoupin County Extension..
James R iv& Nor West(leased).
St. Paul Minn & Omaha___ 1,749
iowa Southern.
Through passenger service between Chicago and Pacific coast Is main­
tained via Union Pacific. V. 93. p. 1067: V. 94. p. 697.
HISTORY, &c.— A. Vanderbilt line (V. 75, p. 1086) organized in 1859.
Valuation, V. 117, p. 781.
C A PITAL STOOK.— Of the com. stook. $2.342,997,and of the pref. $3,834 additional to amounts shown as outstanding in table above were in
treasury on Dec. 31 1922. There was also outstanding Dec. 31 1922,
$25 000 special stock. Pref. stock has prior right to 7% ; then com. 7 % ;
then pref. 3% : then com. 3 % ; then both classes share- V. 89, p . 1482; V.
104. p.451. 863.
Dec. 31 1922 D . P. system (Oregon Short Line) owned $4,420,600
common stock.
Dl'VS—
l ’90-’ 99. '00. 1901.1902-Jan ’20 July ’ 20 to July ’23 Jan’24
O om m on ___(5 y’ ly
0
0
7 yearly
246 semi-ann.
1 46
Preferred
J— 7 yearly----------- — 8 y ’ ly—
345 semi-ann.
3%
In Mar. 1920 it was announced that dlvs. In future would be considered
half-yearly.
BON DS.— General Mortgage.— See A bstract In V. 65. ^>. 1175. Author­
ized Issue is $165,000,000 (U. S. Trust C o., trustee.)
65. p. 69, 111.
571: V. 7 5 ,p . 980; V. 88, p. 280, 563. On April 1 1924 there was outstanding
$31,316,000 Gen. 345s. $30,554,000 4s and $30,705,000 5s. V. 107. p. 2289.
$31,316,1
Of the balance of $51,925,000 bonds, $42,795,000 were reserved to retire
$41,332,000 prior liens and the debentures due in 1921 and 1933, and the
remaining $9.130,000 bonds were reserved for Improvements or additions,
including equipment, but not exceeding $1,000,000 in any one year. In
Dec. 1922 $20,500,000 5s were pledged as security for $15,000,000 646%
bonds (see below)
Outstanding Generals are free from all taxes except $8,054,000 4s, and
$ 3 0 ,7 0 5 ,0 0 0 5s stamped “ Federal income tax not assumed by 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. p. 2289; V. 108, D. 877.
The Sinking Fund 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 is “ Supplement” of May 1894
Of the sinking fund
bonds of 1879, $4,793,000 are 6s; the sinking fund is at least 1% o f outitandlng bonds, which are subject to call at 105, and through Its operation
-hose outstanding have been reduced from $l5.d00,000 to amount in table.
The Extension bonds of 1886 are seoured by deposit Intrust of first mort­
gage bonds at a rate not exceeding $20,000 per mile. Inoluded in the oollatsral July 1 1916 were $10,675,000 Fremont Elkhorn & Mo. Valley lsts and
12.560 000 Wyoming Central lsts (consolidated with F. E. & M. V .). dec.
The Fremont Elkhorn & Missouri Valley console have a first lien on 1,241
miles (Fremont. Neb., to Deadwood, S. D ., and branches to Hastings.
Albion, &c.); but besides the amount of issue given as outstanding In the
table, $10,675,000 (along with $2,560,000 Wyoming Central firsts, a F . E .
& M . V. issue) are held as part collateral for Extension bonds o f 1886.
Milwaukee Sparta * Northwestern Ry. 1st M . bonds (assumed in April
1912). road merged in O. & N . W . V. 94, p. 416, 1056, 1185. In Jan.
1913 sold $2,500,000 Des Plaines Valley R y. (assumed March 1913) and
in Feb.191 3 $1,120,000 St. Paul Eastern Grand Trunk R y. guar. 446s, and
In Oct. 1913 $10,000,000 St. L. Peoria & N . W . R y. guar. 5s (assumed).
V.96,p.201, 789; V.97.p.l203; V.9S,p.999; V.99,p.829; V .100,p.l671.
The stockholders on April 14 1920 authorized the creation o f a new First
& Refunding Mtge. and the absorption of eleven proprietary companies
all of wnose stock is now owned by the company. The new mortgage will
be secured by a lien on all the company’s lines of railway owned at the
date of the mortgage and their equipment and appurtenances, including the
terminals in Chicago, Milwaiikee and substantiaUy all o f the other cities
which it serves, together with all other property thereafter acquired by tho
use of bonds secured by tne 1st & ref. mortgage.
$15,250,000 1st & ref. mtge. 5% gold bonds due M ay 1 2037 were soi l
in N ov. 1923. Compare V. 117, p. 2211.
The $15,000,000 10-yr. 7% bonds due June 1 1930 are secured by deposi
of (a) $15,000,000 Chicago & North Western R y.N ew 1st & Ref. Mtge. 6%
gold bonds, due M ay 1 2037; (5) $2,500,000 Chicago & North Western <iy
Gen. Mtge. 5% gold bonds due N ov. 1 1987. V. 110, p. 2487.
Equipment trusts held by co. and due from trustees;
“ J” _____________$2,232,000
$1,940,000 Series
Series “ E " .......
Series “ F ” ______________
460,000 Series “ K ” ____________ 3,204,000
Series “ G ” _____________ 1,688,000 Series “ L ” ____________ 2,431,000
Series " H ” __.................... 1,600,000 Seriek “ M ” ____________ 5,175,000
Series “ I” ______________ 1,068.000 Series “ N ” ____________ 4,775,000
The $15,000,000 15-year 646% bonds due Mar. 1 1936 are secured by
deposit of $18,000,000 gen. mtge. 5% gold bonds due Nov. 1 1987. V. 112.
p. 652.

RAILW AY STOCKS AND BONDS
]
, 1924
a y

M




38

RAILW AY 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. 118.
Last Dividend Places Where inures, ane
Dividends are Payable
and Maturity

Mar ’ 18 coup not paid
235 1900
$1,000 $2,000,000
C hic Peo& St L RR — Pr lien M g call at 1 0 7 Eq.xe*
4H g M & S Mar 1 1930
June 1914 coup not paid
J ft D Dec 1 1939
Gen and Refunding M §15,000,000 gold red text—x
235 1909
2,850,000
Nov ’23 paym’ t in default
1,000
1913
Equipment notes Series A due $59,000 yearly______
59,000
6 M & N Nov 1 1923
Merch Nat Bank, 3 os ton
S
A <c O Oct 1 1925
1911
Chic Riv S ind— 1st M gold guar p ft l _____ MC.xxc*
c
*1,000 $ 765,000
5 e
C hicago R ock I si & Pac—
100 74,482,523
Common stock $75.000,000______________________
100 29.422.189
7% p fstk call 1051(5% cum) same pf as to assets..
J A J Dec 31 *23 3X
7
100 25,127,300
6% p fstk call l02jdivs after 1% on 7% pref______
J & J Dec 31 '23 3%
6
First Nat Bank. N Y
i
ft J Jan 1 1988
General (now lst)M tge $100,000,000 zold.B a.xo'& r 3,252 1898 1,000 &o 61.581 000
48
do
do
500 &c al55020000
4
A & o Apr 1 1934
First ft Ref M *163,000.000 g ................... Ce.xc*ftr Text 1904
do
do
1,000
7,000,000
1923
Secured gold notes red 101_____________ Ce.xxxc
g J & D Junel 1926
Old Divisional Bonds, A c .—
First Nat Bk. New York
B 0 R & Nor consol first mortgage gold.Ce.zc*ftr
5 e A ft O Apr 1 1934
998 1884 1,000 &c 11.000,000
500 &o
do
do
150.000
7 g J ft D June 1 1927
Minneapolis & St Louis 1st M gold (assumed)— Fz
12 1877
do
do
J ft J July 1 1925
450,000
Rook Island & Peoria oons 1st M (V 75, p 30).Mpz
6
113 1885 1,000 &o
do
orPhila
1,000
3,525,000
5 g J ft J Jan 1 1949
Choo & Mem 1st M $3,750,000 assumed— GP.xo&r
282 1899
do
do
1,000 5,411,000
M ft N May 1 1952
Choctaw Okla & Gulf Consol mtge gold_ GP.xc*
_
686 1902
5e
do
or Europe
500 &o b l3 ,192,000
4H 8 M ft S Moh 1 1934
B I A & L 1st M $30,000,000 g gu red 105 Ba.xo* ftr*
363 1910
1.000
J & J July 1 1939
Go’s office, Chicago
453,600
1911
4
Little Rock & Hot Spg West notes guar p & 1____
New York and London
1911 $ A £ cl3,330,355
St P & K 0 Short ii— 1st M g gu red i05.Ba.xo* ftr •
4H 1 k ft A Feb 1 1941
1
1,000
1910
675,000
4Yx 8 M & N N ov ’24-N ov’25 First National Bank N Y
Eq note Ser D g $225,000 s-a (V 90.p 913, 1362).Bax
1,000
72,000
1911
4 H i F ft A Aug '24-A uk '26 First Nat Bank. N Y
do
Ser F g $12,000 s-a (V 93, p 939)........—Bax
do
do
1.000
1912
1,190.000
do Ser G g *170,000 e-a (V95p1607)........ Bax
4K g J ft J July ’24-July ’27
1,000
5.952,650
1920
6 g J &J15 To Jan 15 1935
do
Ser I g $541,150 ann----------------------------G
1,000 7,980,000
1923
5 g J & D Dec ’24-June'38 New York Trust Co, N Y
do
Ser L g $285,000 s-a------------------- Nxxxc*
1.000
434,919
M ft S Sept '24-Sept '25
5
1915
do Ser 1, 2 & 3 due $144,973 seml-ann_______
C hicago St Louis & New Orleans— See Illinois Central
100 18,556.700 See text
Aug 20 ’23. 2H Office 111 B’ way, N V
C hicago St Paul Minn & Omaha— Common stook—
— [
do
do
100 11.259.300
7
F ft A Feb 20 ’24, 3 Y
Preferred stook non-oum Including scrip (see text) . _
do
do
1,000
505,000
6
J ft J Jan 1 1930
Nor Wls 1st M Lake St C to near Spooner ass’d Je .zo*
80 1880
1,000
1.500.000
5
1895
M ft 8 June 1 1930
Superior Short Line 1st M $1,500,000 ass_ Un.zo*
_
do
do
1,000 24,447.000
6
J ft D June 11930
669 11880
O St P M & O M $30,000,000 ($15,000 p m ).Ce.zo*
do
do
1,000 3.734 000
J ft D June 11930
11880
do
do
oonsols Interest reduced____
3X
do
do
5 g M ft S Moh 11930
1912 1,000 &c 13.900,000
Dehen gold $2,000,000 “ stamped"g: text.Cexc’ &r*
1,000
665,000
1921
7 g J & J Jan 1 ’25 to ’31 Farmers’ L & T Co. N Y
■ Equip trust certif Ser “ B ” due $95,000 ann_ F.c*
_
do
do
1,000
440,000
7g
J & D Dec 1 ’24 to '27
1918
do
do
Ser “ A ” due $110,000 a n n ..
100 &c
1,724,800
J & J 15 Jan 15 '25 to '35 Guaranty Tr Co, N Y
6g
1920
Equip gold notes due $156,800 ann_____________ G

}■
*

a Includes $54,579,000 In treasury Dec 31 1923, or pi edged as coll ateral.
Includes b $2,192,000 and c $3,376,000 in treasury.
of the cost of additional properties and franchises, but only when annual
earnings are twice the Interest charges. Including bonds then to be Issued.
For 1922, gross, $4,740,542; net oper. inc., $1,447,473; other income.
$1,042,242 interest, rentals, &c., $1,179,968; dividends (6 % ), $25,000:
bal., surplus, $1,284,747.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., R. Fitzgerald; Gen. Aud., E. S. Gentle; Treas., F. D. 0'C on n or‘
— (V. 101. p. 773; V. 107, p. 694.)
2,917,250
Operating income . . 18,576,892 17,877,373
7,201,883
CHICAGO ROCK ISLAND AND PACIFIC
Y.
2,217,598 M ap.)— The system extends from Chicago, 111.,R via CO. (THE).— [See
Equipment, rents, &c_
_ 2,733,517
550,746
841,068
Omaha, Neb., to
699,652 Denver and Colorado Springs, Colo., also to Minneapolis, Kansas City,
Net operating income. 15,843,375 17,036,305
6,651,137
&c. Connects with the Southern Pacific for Pacific Coast service.
Other income. .
_____ 4.536,206
3,309,403
3,935,387 23,111,910
Owned in Fee (excl.trackage.) Miles. Limon, Colo., to Denver,C olo.
90
Total in c o m e ___ __ 20,379,581 20,345,708 10,586,524 23,811,562 Ohioazo. 111., to Col. Spgs.. C ol.1,073 Allerton, la ., to Manly. Ia_ 202
Interest, rent, &c______ 11,642,113 11,448,173 11,831,957 11,352,308 Davenport, la ., to Terral, Okla. 831 McFarland, Kan., to Belleville,
Kan_____________________ 103
Herington, Kan., to Texhoma,
Net income. _
8,897,5351ossl ,245,433 12,459,254
8,737,468
O k la..................................
324 Memphis, Tenn., to Texola,
Preferred d iv id e n d s__ . 1,567,650
1,567,650 Burlington, la ., to Mlnn’p.Mlnn. 366
1,567,650
1,567,650
O k la ____________________ 650
Common dividends____
7,257,625 Vinton, la ., to Watert’n, S. D . 377 Hot Springs Jet., Ark., to.
7,257,625
5,806,100
7,257,625
St. Louis, Mo., to Kan. City, M o.298
Eunice, La______________ 332
Surplus--------------------- 1,363,718
72,260 d f10,070,708 3,633,979
Bravo. Tex. (New Mex. State line)
Branch lines_______________ 2,836
to Santa Rosa, N. M__________112 Chic. R . I. A G u lf................ 461
Note.— Road operated by Director-General of Railroads Jan. 1 1918 to
Slenrlo, Tex., to Tuoumcarl,
March 1 1920, with guaranty to Aug. 31 1920.
Total______________________ 8,096
N. M..........................
41
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Cap. Stic, all owned— (V.106p.2025) Rock Island Stuttgart & So. R y 21
Choo. Okla. & Gulf (leased)_
_ 967 Stock 50% owned (V. 108, p.378)
OFFICERS.— Marvin Hughitt, Chairman; Pres., W. H Finley, Chicago; Rook Island. Ark. & La. R R . 385 Trinity & Brazos Val. R y _______ 315
Perpet. lease; treated as owned—
V.-Ps., S. A. Lynde. A. C. Johnson, Marvin Hughitt Jr.; V.-P. & Genera* St. Paul & K . O. Short Line R B . 183
Counsel, Fred w . Sargent; Sec., J. D . Caldwell, Chicago; Treas., A . S. Rock Isl. ft Dardanelle R y ____ 14 Peoria & Bureau Valley R R . Co. 47
Pierce, 111 Broadway, New York.
Leased.— Keok. & D. M . R ., 153 m. (V. 117, p. 2889); White & Black
Riv. Vail. R y. C o., 66; Peoria & Bureau Valley R R ., 47_____________266
Directors.— Marvin Hughitt (Chairman), Chicago; F. W . Vanderbilt*
Harold 8. Vanderbilt, Chauncey M . Depew, W. K. Vanderbilt, N. Y.l
ORGANIZATION.— The company at midnight on June 24 1917 re­
Cyrus H. McCormick, Chauncey Keep, W . H. Finley, Fred W . Sargent,
Chicago; Henry C. McEldowney, Pittsburgh, Pa.: Gordon Abbott, Oliver sumed possession o f Its property, having been successfully reorganized
Ames, Boston; A. A. Sprague, Chicago; Childs Frick, Roslyn, L. I.; Sam­ without foreclosure. The sale or *29,422,160 7% pref. stock to a syndicate
uel A. Lynde, New York; Marshall Field, Chicago; Walter W . Head, Omaha, and *5,000,000 6% pref. to former directors provided for old floating obli­
gations and reorganization expenses, while the *20,000,000 debentures of
Neb.— (V. 118, p. 2041.)
1912 were replaced by *20,000,000 6% pref. stock. V. 104, p. 2641, 2552,
CHICAGO PEORIA & ST. LOUIS RR. CO.— ROA D .— Owns from 2451,2342; V. 106, p. 2025. Plan of reorganization was in V . 103, p. 1887,
Pekin to Granite City, 111., 179 miles; Granite City to Madison, 2 miles; 1980, 2155; V. 104, p. 451.
Madison to Bridge Jet., 3 m.; Havana to Jacksonville, 111., 42 m.; branch,
FULL FINANCIAL STATEM ENT TO N . Y . STOOK EXCH ANGE
Lockhaven to Grafton, 8 m.; total owned, 234 m.; trackage, Pekin to Peoria, of Feb. 26 1919, see V. 108, p. 1172 to 1174. Valuation. V . 109, p. 1461:
9 m.; lines operated, 1 m.; other trackage, 2 m.; total, 247 miles.
V. 113, p. 1470, 1573, 1771; V . 114, p. 2240.
In Jan. 1919 the company concluded a settlement of its litigation with
Successor, per plan V. 89, p. 285, 1541, o f railway foreclosed N ov. 18
1912. V. 96, p. 135. On July 31 1914 Pres. Biuford Wilson of Springfield, the Colorado & Southern R y. Co. respecting the Trinity & Brazos Valley
111., and William Cotter o f St. Louis were appointed receivers. V. 99, R y ., extending from Fort Worth and Dallas to Houston and Galveston,
whereby the Colorado & Southern accepted in cash 60% of the amount
p. 342. Stock, $4,000,000.
Committee for Prior Lien 414s.— Sidney C. Borg (Chairman), J. N. Bab­ due on the contract, which, under the final decree in the Rock Island
cock, 37 Wall St., Sec.; Eq. Tr. C o., N. Y ., depositary. V. 99, p. 673, 1527. receivership, would be payable in full in 6% preferred stock at par, such
as was paid to all other general creditors of the Rock Island. This involved
Committee for Gen. A Ref. M . 4f$s.— Frederick J. Lisman (Chairman), the payment of some $4,000,000 and the Rock Island now owns outright
and Alfred Shepherd; Graham Adams, 30 Broad St., Sec.; Bankers Trust a half interest in the Trinity & Brazos Valley R y. and will have a per­
C o., N . Y ., depositary. M ajority deposited. V. 99, p. 1213, 1450, 1672. manent outlet to the Gulf ports. V. 108, p. 378; V. 109, p. 672.
Settlement with “ Clover Leaf” regarding Chicago & Alton stock. V. 113.
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 p. 2078.
itary. V. 109, p. 2073.
CAPITAL STOCK.— Of the $75,000,000 com. stock, *517,478 on
Sale Ordered.-—The I.-S. C. Commission on March 19 1923 authorized the Dec. 31, 1923 was in the treasury.
receivers to abandon as to inter-State and foreign commerce, the railroad of tl) Two Classes of Pref. Stock, 7% and 6 % , with Same Preference as to Assets
this company. The sale o f the road, however, has been postponed pending
and Sharing Pro Rata in all Dividends after Prior 1 % on 7 % Pref. Stk.
action by the Illinois Supreme Court on a writ o f error asking a review of
— Both Cumulative up to 5% from July 1 1917.
the foreclosure decree o f the Sangamon County (111.) Circuit Court. Com­ 7% Pref. Stock, callable at 105. Auth., $30,000,000, viz.: in
pare V. 116, p. 1274, 2881; V. 117, p. 669, 893, 1460, 2108: V. 118, p. 549.
treas., $256,111; canceled. $321,700: balance outstanding —$29,422,189
BONDS.— Of the Gen. & Ref. M . bonds ($15,000,000 auth.), outstand­ 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
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, jority of each class o f stock, voting separately. V. 106, p. 2026.
equipment and improvements; $1,100,000 bear only 3% interest for the
D IV ID E N D S .— The semi-annual dividends of 3b i% on the 7% pref.
first six years. The coupons due June 1914 were defaulted. B .9 9 ,p . 118. stock, and 3% on the 6% pref. stock have been paid from Jan. 14 1918
The Sept. 1914 coupons on Prior Lien 43^s were not paid promptly but to Dec. 31 1923.
these and subsequent coupons were met about 6 months later within the
BONDS.— General 4s of 1898. V. 66. p. 522; V. 78. p. 228:V.80.P.272.
FIRST A REFUND. 4% BONDS OF 1904 (*163.000.000 A U T H . ISSUE.
grace period. The Mar. 1918 and subsequent coupons remain unpaid.
A 1st lien (either directly or through pledge of entire issues o f bonds of the
Notes to Car Trust Realization Co. for $140,132, payable on installments
out o f surplus earnings. Equip, notes (6% Series A) o f 1913, V. 102, p. companies owning the same) on terminal property in St Paul, Minneapolis
1625. Installment due N ov. 1 1923 in default; suit filed. See V. 118, p. *nd Kansas City, new equipt. and shopsat SilvP, near East Moline, 111., and
1391.
on railways aggregating 1,171 miles; also a junior lien subject to existing
In March 1922 was authorized to issue $335,000 one-year 7% receiver's mortgages on all the other lines o f the system of the Railway company, aggre­
gating, exclusive of leased lines and trackage, on Dec. 31 1923, 4,669 miles,
certificates. V. 114, p. 1406.
also on the entire capital stock and leasehold Interest on lines aggregating
RE PO RT.— For calendar years:
966 miles and on leasehold interests on 272 miles. See V. 78 p. 228.
234; V. 79, p. 1716, 2206; V. 84, p. 219; V. 85, p. 98. The deed of trust
Gross.
Net. aft. Tax. Oth. Inc. Ini., A c.
Balance.
forbids the
Junior mortgage without the consent of
1922_______ $2,098,584 def.$165,568 $145,812 $595,989 def.$615,745 holders of allcreation of .a 4s. In Oct. 1920 the company brought suitthe
the Ref. M
to
1921_______ 2,086,331
def.566,835
164,719 328,791
def.730,907
have this latter clause changed. V. I l l , p. 1369. V. 87, p. 1089, 1419:
Receiver & Pres., Biuford Wilson, Springfield, 111.: Sec. & Aud., H. W . V. 88, p. 623, 822; V. 89, p. 666; V. 90, p. 108, 236, 1170, 1424; V. 91. p.
Berger, Springfield, 111.; Treas., F. J. Wilson.— (V. 118, p. 1391.)
1766; V. 93, p. 1667, 1785; V. 99, p. 1748, 1831; V. 100. p. 900
Chicago & Rock Island
CHICAGO RIVER & INDIANA RR.— Owns 17.97 miles o f terminal 1924 (assumed), see V. 79.Elevator *300,000. mortgage 5% bonds due Oct.
p. 2590: V. 82, p 750.
road; Atch. Top. & S. F. trackage, 14.64 m.; P. O. O. & St. L . R y. trackage,
Rock . Ark. A La.
90. p. 626. 699. 1161) and St. P. A
7.12 m .; Ind. H. B. R R . trackage, 3.29 m; trackage through Union Stock Kansas ICity Short Line 1st M .. 4 H s (V. 92, p. 526, 593; V. 93, p. 1196; 1159:
1st M 4 Ms, V .
Yards, 15.78 m.; total operated, 58.80 miles.
V. 94, p. 1056; V. 97, p. 236, 1114), were guaranteed, principal and Int.
Stock, authorized. *1.000,000: outstanding, *500,000: par, *100
Rock Island-Frlsco Terminal 5s, see that co. and V. 84, p. 569, 748.
Chicago Junction Rys. & Union Stock Yards Co. (see under “ Industrials” )
The $7,000,000 secured gold notes due June 1 1926 are secured by deposit
guarantees the bonds, principal and interest, by endorsement. V. 101, p. of $11,666,000 1st & ref. mtge. 4s, due April 1 1934. V. 116, p. 2388.
773. Dividends 1913. 8% ; 1915 to 1922 6% yrly. Of the 1st 5s ($2,000,000
Five-year U. S. Treasury note, due 1925, $2,000,000: 10-year U. S.
auth. Issue), *765,000 nave been sold (V. 101, p. 773). They are red. at Treasury note due 1930, $7,862,000; U. S. R R . Adin. note due 1930
105. beginning Oct. 1916. Additional bonds may be Issued for 66 2-3% $ 8 , 000, 000.

Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3, and Y. 113, p. 1470.
R E P O R T .— For 1923 showed:
1920.
1921.
1923.
1922.
$
$
S
S
Gross earnings. _ . . . . 160,425,965 146,100,436 144,775,476 140,755,628
Expenses, taxes, &c___ 141,849,073 128,223,063 137,573,593 137,838,378




M ay , 1924.]




RAILW AY STOCKS AND BONDS

39

40

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Chicago Terre Haute ff S E— Stoox________________
ie
Bedford Belt first mortgage, not assumed (guar).z
5
Sou Ind 1st M g (see text) not assumed (gu).UP.zo*
242
1st & Kef M J20.000.000 g oall 107 (gu) _lC.xo*&r*
361
Income M $6,500,000 oall par (cum) (guar)___ FCx
361
Chic Union Station— 1st M g gu pfiri red. IC.yc*fitr*
Chicago ff Wabash Valley Ry— See Chic. Ind. fit Lou isville
ie
Chicago & Western Indiana— Stock (see text)______
General mortgage gold sink fund sub] to oall 105.xo* 57.83
Cons M $50,000,000 g ............................ IC.xo*'&r»
First and Ref M $200,000,000 ...............Ba xc* & r*
15-yr. coll.tr. s.f. bonds red. 102VC,$7,000,000Baxc*
15-year collateral trust gold notes_________________
do
do
do
_________________
Equip trust notes due $18,600 ann________________
...
C hoc & Mem— C hoc Okla fit G u lf— See Ch R I fit P
C in cin n ati H am ilton & D ayton— See Balt & Ohio RR
C in cin n ati Ind fit W estern— 1st M $12,000,000
gold redeemable on any Interest day at 105 -.E q .c*
283
Equipment trust $28,000 due semi-an_________ Eq
do $32,000 due $33,000 s s .......................Per C*
do Series C due $10,000 sem i-ann__________ c*
do due $15,000 semi-annually (J & D) _ ______
« a I n n a t l I n t e r -T e r m i n a l R R — 1 s t p r e f s t k (s e e t e x t ) Text

Par
Value

Amount
Oat* •nding

Rats
%

$100 $4,300,000
250,000
1898
5
1,000 7,287,000
4g
1901
1910 1,000&o 7,907,000
5g
100 fie 6.336,000 See text
o
1910
.0 C See text See text
1915 500 & 1 0
1882
1902
1912
1920
1920
1920
1920
1915
1916
1916
1922

100 5.000,000
1,000 1,542,000
1,000 fife 48,457,667
c
1.000 &c See text
500 &c 5,785,500
1,000 &c 7,719,000
1,000 &c
967.000
204,600
100 &c
100 &
<
1.000
100

Pullman Oo. lease warrants, due 1924, $153,512, outstanding on Dec. 31
1923.
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.
Rent notes ($5,391,375 on Dec. 31 192)3. V. 113, p. 291.
R E PO R T .— For 1923, in V. 118, p. 2059, showed:
Operating Revenues—
1923.
1922.
1921.
$93,109,327 $87,718,340 $99,000,440
Freight revenue______ ________
Passenger revenue___________________ 27,458,814 27,650,134 30,579,092
Mail revenue___________________
_ 2,636,220
2,556,607
2,866,199
Express revenue_____________________ 3,518,313
3,799,099 3,378,743
Other transportation revenue_______
1,710,990
1,515,528 1,692,334
Dining and buffet car revenue______
659,895
631,391
642,225
Miscellaneous revenue______________
1,309,527
1,215,135 1,112,991
Total railway operating revenue__$130,403,086$125,086,233$139,272,024
Operating Expenses—
Maintenance o f way and structures__$15,669,452 $15,701,142 $20,790,435
Maintenance o f equipment__________ 29,153,666 26,103,922 28,582,510
Traffic______________________________ 2,410,660
2,299,232 2,238,114
Transportation______________________ 54,103,307 52,871,908 57,637,630
Miscellaneous operations____________
833,611
822,377
802,484
General_____________________________ 3,371,291
2,984,821 3,095,134
Transportation for investment________Cr.551,852 Cr.212,476 def.193,248
Total railway operating expenses_$104,990,136$100,570,926$112,953,057
Net revenue from railway operations_$25.412,950 $24,515,307 $26,318,967
Railway tax accruals________________
5,600,634
6,163,176 5,663,722
Uncollectible railway revenue_______
17,002
21,788
21,235

3,675,000
112,000
133,000
280,000
270,000
825,000

When
Payable

[V ol. 118,
Last Dividend Places Where Inters*. und
Dividends are Payable
and Maturity

J & J Jufv 1 1938
F & A Feb 1 1951
J & D Deo 1 1960
See text. Deo 1 1960
J fit J July 1 1963

6
6g
4g

2
Q— J Apr 1 1924 1V
Q— M Deo 1 1932
J fie J July 1 1952
M fie S Sept 1 1962
7VC g M & S Sept 1 1935
A & O Oct 7 1935
6g
6g
M & 8 Sept 1 1935
J & J To Jan. 15 1935
6g
5-g
5g
5g
5V g
C
6
4

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

1st Nat Kk. N Y or Cbt
do
do
do
do
do
<as earned!
Illinois Merch Trust Co
Chloago
J P Morgan fie Oo, N 1
1 1 Tr & S Bk.Chio; fibVV
1
Bankers Trust Co. N Y
Bankers Trust Co, N Y
Bankers Trust Co, N Y
Bankers Tnist Oo. N V
Guaranty Trust Co, N Y

N Y , Equitable Trust Co
Nov 1 1965
do
do
Aug 24-Feb ’26
Oct 24-Apr -2fl Penn CoforlnsonLIvex Set
See text

Fed'l compensation accr’ d
______
______
Rentals, &c.....................\$2,642,448 f $323,334
In terest_______________j
1 2,558,514
788,151
788,151
Preferred dividends____
Common dividends_____
463,917
927,835

Cincinnati

______ b$3,555,800
$181,125
$82,446
2,478,531
2,405,763
788,151
788,151
927,835
927,835

Balance, surplus_____def$627,895 def$538,057df$2,001,663
$871,684
a Covers operations for 10 mos.. Mar. 1-Dec. 31. b Includes compensa"
tion for 2 mos., $815,603, and amount due under 6 mos. guaranty, $2,740."
197.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Chairman of Board, Marvin Hughitt; Pres., W . H. Finley:
V.-Ps., A. W. Trenholm, S. A. Lynde; Gen. Counsel, F. W . Sargent; Sec.,
J. D. Caldwell; Treas., A. S. Pierce.— (V. 118, p. 1134.)
CH ICAGO TERRE HAUTE fife SOUTHEASTERN R A IL W A Y .—
Owns Chicago Heights, 111., to Westport, Ind., 298.09 m.; Blackhawk to Sullvan, Indiana, 18.50 m .; Blue Island Yard, Illinois, 0.88 m.; Bedford to
Oolitic. Indiana., 4.76 miles; 10 branches, 39.34 miles; trackage Blue
Island Yard to Chicago Heights, Illinois, 12.47 miles; trackage to
UnioD Depot. Terre Haute, Indiana, 0.30 miles; total 374.34 miles
Incorporated In Indiana and Illinois in November 1910 as successor of
the Southern Indiana R y. and the Chicago Southern R y. (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 o f reproduction at $22,347,890, and the present value less depreciation at $17,561,158. V .10 9,p .ll79.
The stockholders and income bondholders voted M ay 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.
Total railway operating income____$19,795,314 $18,330,344 $20,634,009 2579; V. 117, p. 2541. Valuation, V. 112, p. 2747; V. 113, p. 1052.
Other Income—
BONDS.— l n e new “ First and Kef.” M . is a firemen onaouut 115 miles
Rent fr. equip, (other than fr. ca rs)._
$549,329
$549,164
$590,737 and a second (consol.) mortgage on the remaining 246 m. owned. V. 91.
Joint facility and misc. rent incom e..
717,140
734,097
755,806 p. 337; V. 92. p. 596; V. 94. p. 1118.
38,737
40,005
37,853
Income from lease o f road__________
Purposes for which $20,000,000 First and Refunding Bonds were Issuable
Miscellaneous income_______________
490,243
442,274 1,033,424 Issued under plan (of which $2,090,000 pledged Tor loans)______ $6,334,000
Reserved to retire So. Ind. R y. and Bedford Belt 1st M. bon d s.. 7,787,000
Gross income____________________ $21,590,763 $20,095,884 $23,051,831
Reserved under oareful restrictions for extensions, additions. Im­
Deductions__
provements, acquisition of sub-company stook and bonds fieo. 5.879.000
Hire of freight cars— debit balance_ $3,317,118
_
$1,990,280 $2,492,258
The Income bonds dated Dec. 1 1910, $6,500,000, bear Interest from
Rent from equip, (other than fr. cars)
865,166
800,301
927,585 Dec. 1 1912 at 5% per annum from net earnings (determined as provided in
Joint facility and miscellaneous rents. 1,855,778
1,997,800
1,881,170 the mortgage), payable if earned, but cumulative to extent >ot paid. The
Rent for leased roads_______________
408,554
432,682
422,970 incomes have at all stockholders’ meetings one vote for each $100 par value,
Int. on funded and unfunded d e b t ... 10,483,184 10,365,844 10,876,197 the condition and manner o f casting such vote being fully s tated in the mtge
Other income charges_______________
179,460
223,598
671,389 Dlv. on Incomes, 1% , semi-annualL paid Sept.1911 to M ar. 1913 incl.:
I X % paid Sept. 1913; then none till March 1 1917: to Mch. 1 1920, I X %
Total deductions_________________ $17,109,260 $15,810,506 $17,271,572 semi-annually (2 V % p. a .). In Aug. 1919 paid 1 X % on account o t coupon
C
Net income____________________ ____ $4,481,502 $4,285,379 $5,780,259
No. 15 due March 1 1915, and in M arch 1920 paid 1 X % on account o f'
Estimated Government guaranty____
coupon N o. 16 due March 1 1915. On Sept. 1 1920 paid 1 X % on account
A dd’l needed to earn standard return.
of coupon No. 16 due Sept. 1 1915. In Sept. 1922 paid coupons Nos. 44,
45 and 46. V. 115, p. 1320, 1531.
Balance of inc. (avail, for divs.)_ $4,481,502
_
$4,285,379 $5,780,259
J. Carpenter:
Treas ,
7% preferred dividends______________$2,059,547 $2,059,547 $2,059,547 A.OFFICERS.— Pres.. . M . Peter. Office, V .-P .. F. O. Wetmore:Chicago,
G. L o m is: Sec.. W
Rand-McNally Bldg.,
6% preferred dividends____________
1,506,588
1,507,788
1,508,148 111.— (V. o118, p. 793.) F.
CHICAGO UNION STATION CO.— Incorporated in Illinois. Owns
Balance, surplus_________________
$915,367
$718,044 $2,212,564
Per centron common stock__________
1.22%
0.96%
2.95% 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.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
held
C o.,
C.
St. L.
OFFICERS.— Chairman, Chas. Hayden; Pres., Jas. E . Gorman; V.-Ps.- $2,800,000, B. & one fourth each by Pennsylvania Paul P,y. O. &station
R y., Chic.
R . and Chic. Milw. & St.
R
The
M . L. Bell, L. C. Fritch. S. H. Johnson, L. M . Allen, F. D. Reed, W . H. will be used bv theQ. R proprietory companies and the Chicago & Alton RR.
four
Burns: V .-P ., Sec. & Treas., Carl Nyquist.
Ill
Board.—-Carl Nyquist, M . L. Bell, N . L. Amster, Charles Hayden, A. C. V. The , p. 1851.
issued $60,000,000 first mtge. bonds of
Rearick, F. W. Scott, G. W. French, W . Z. Ripley, A. J. Brosseau, Henry 850,000company has 4 X % bonds, $13,150,000are Series B 5% which $30,are
bonds, and
Bruere, P. G. Ten Eyck and J. E. Gorman. Offices, 139 West Van Buren $16,000,000 Series A
are Series C 6VC% bonds. Authorized issue, $60,000,000.
St., Chicago, and 25 Broad St., New York.— (Y. 118, p. 2437.)
The bonds are guaranteed, principal and interest, by the four proprietary
CHICAGO ST. PAUL MINNEAPOLIS fife OMAHA R Y .— (See M ap Chi­ companies. Series A bonds are redeemable at 105 on or after Jan. 1 1921;
cago & North Western.)— ROA D .— Elroy, Wis., to St. Paul, Minn., 193 Series C redeemable at 110 on or after Jan. 1 1935. See V. 103, p. 60,
miles; Minneapolis to Omaha, N eb., 378 miles; other lines, 1,178 m .; total
667, 1301; V. 107, p. 180. 1836; V. 114. p. 2468. Balance sheet as of
Jan. 1 1923, 1,749 miles. V. 69, p. 1147.
Dec. 31 1923 in V. 118, p. 2437. Pres., J. J. Turner; Sec., W . G. White;
In November 1883 Chicago & North Western Ry. purchased oontrol, Treas., C. I. Sturgis. Office, Chicago, 111.— (V. 118, p. 2437.)
viz.. $9,320,000 common and $5,380,000 pref.. and In 1910 $220,000 com
CHICAGO UTILITIES CO.— See “ Railway and Industrial Section” for
STOCK.— Outstanding: Common, $18,556,700; preferred, $11,259,300.
Held by the oompany Dec. 31 1922, common stook and scrip. $2,844,207 N ov. 1922 and V. 118, p. 201.
CHICAGO AND WESTERN INDIANA RR. CO .—Owns a valuable
preferred stook and scrip, $1,386,974. Preferred stook has a prior right
terminal system affording entrance into Chicago to the roads named below.
to non-oum. dividend of 7 % , but oom is never to reoelve more than pref
LATE DIVS.— 1’99. ’00. ’01. 02. ’03. ’04. ’05-’ 16. T7. T 8. ’ 19 .’ 20-’23 Ita lines extend from Dearborn Station, Polk St., Chicago, to Dolton, 17 m.;
Common------------ 1 3 )4
5
5
8
6
6 7 y ’V 6
y
5
5 5 yrly il«o to Indiana State line, 10 m.; to Cragln, 21 m„ and to South Chicago
5 m.; total, 58 m.; total traok, including 2d, 3d, 4th tracks and sidings, 553
Feb. 1924 dividend on common stock was omitted. V. 117, p. 2651.
m.; also owns real estate, car yards, warehouses, elevators, fitc. The
BONDS.— Superior Short Line R y. 5s. V. 92, p. 954, 1310.
North Wise. 1st 6s, due 1930, are exchangeable at option o f holder at any clearing yard embraces 1.810 acres.— V. 105. p. 388.
time, $ for $. for consol. 6s. V. 68. p. 521: V. 77, p. 2389.
Leases.— The station terminal properties. Including the “ Dearborn Sta­
The $6,070,000 St. Paul S Sioux City 6s matured April 1 1919 and were tion” and Its connecting tracks, are used for freight and passenger business
c
replaced by $6,070,000 Consols, o f 1880. V. 108. p. 877, 977. This made ander 999-year leasee (which have been In force for many years) by the
the disposition o f the $30,000,000 Consols Dec. 31 1922: (a) Outstanding following companies, which own all the capital stock of the Chicago S
t
6% bonds. $24,433,000; 3 >4 % bonds, $3,734,000; (ft) reserve to retire under­ Western Indiana RR. Oo. ($1,000,000 each), viz.: Chic. fit Eastern Illinois
lying bonds, and for new lines not to exceed $15,000 per mile, $1,833,000.
RR., Chic. Ind. fit Louisville Ry., Grand Trunk Western Ry., Wabash Ry.
Of the $13,900,000 debentures ($15,000,000 authorized), $9,200,000 are and Erie RR. Co. The Atch. Topeka & Santa Fe Ry. Co. also uses these
“ plain” and $4,700,000 are “ stamped” as subject to income tax. V. 101, tracks and station under a long-term lease at a fixed annual rental. plus a
p. 1806. Any increased mtge. (except for extensions) must secure deben­ proportionate maintenance. &c.
tures. V. 94, p. 278. 487, 1316; V. 95. p. 812; V. 96. p. 1421, 1556: V. 98The “ Belt Railway” division, including the clearing yard upon which
p. 386- V. 101. p. 129.
the First and Refunding Mortgage bonds are a first lien, is operated under
Equipment trusts issued to Director-General for rolling stock allocated a 50-year exclusive lease by the Belt Railway Co. of Chicago, all of whose
to this company. See article on page 3 and V. 113, p. 1359
stock is owned by the following 13 roads: Pennsylvania C o., Atchison
RE PO RT.— For 1923:
Topeka & Santa Fe Ry. C o., Illinois Central R R ., C o., Chicago Burling­
1923.
1922.
1921.
al920.
ton & Quincy RR. C o., Chicago Rock I-land & Pacific Ry. C o., Chesa­
Operating revenues_____ $28,363,234 $27,801,007 $28,137,408 $26,489,817 peake & Ohio R R . Co. of Indiana, Minn. St. Paul & S. S. M . R y ., Chic. fit
Net, after taxes, &c____ 3,028,916
3,812,670
2,065,349 1,290,230 East. 111. RR., Chic. Ind. & Louisv. Ry., Erie R R ., Grand Tr. West. Rv.
Other income___________
237,705
247,107
308,629
229,848 Wabash R y., Pere Marquette R y. The Belt R y. (V. 104, p. 1488; V. 105,
p. 388) is merely an operating company, owning no mileage. The Pose to
Gross income________ $3,266,621 $4,059,777 $2,373,978 $1,520,078
the Belt Ry. Co. provides for an annual rental, of which at least $1,141,000




M ay , 1924.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Cincinnati Lebanon & North 1st con g gu p A1_ xc*
_
Dayton Leb & Cin RR&T— First M g call 105 ass'd.
C in & Musk Va!—See Cleve Akron & Cincinnati Ry.
Cla New O rl & Texas Pac— Common stook $3,000,000
Preferred stook (a Ad) 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 a n n ______________G
Equip trust Series G due $180,000 ann___________
1st M $3,000,000 gold_______ _____ ____ a.xc*A r
Equip trusts due $43,000 annually___________ k.c*
Glearf’ d & Mahoning— Stook 6% rent $1,000,000 auth
First mortgage gold guaranteed B R & P ..Q ,xo*A r

files Date
Road Bonds
70, 1902
29 1914
___

Par
Value

Amount
Outstanding

$1,000 $1,262,000
300.000
600 Ac

100
100
1.000
1910
1,000
1918
1920 100-1000
1923
1,000

206 1901
1915
26 1893

Olev Ak & Columbus gen M (now first) gold____c*
187
First oonsol. mtge $4,000,000) guaranteed p A 1 end \ 187/
gold sinking f u n d . . _____j not guaranteed.xc* /
\
Cin A Mask Val 1st M $2,000,000 g gu s f ____F.xo*
148
Slsveland Cincinnati Chicago & St Louis— Com stook

1887
1900
1900
1898

1.000
1,000
50
1.000
100
500 Ao
1,000
1.000
1.000
100
100
100 Ac

is payable directly to the trustee of the 1st & ref. mtge. in monthly install­
ments this payment to be increased from time to time by an amount equa?
to the Interest on all obligations issued for Improvements to the “ Bell
Division” .
DIVIDEN DS —
/ '95. '96. '97 '98.'99
1900 to Apr. 1924.
Percent
------- ------------- 1 7H 6
6
6
6
6 yesru (1J4Q-.1)
BONDS.— The gen. mtge. bonds are drawn quarterly at 105 and int.
Of the Consol. 4s of 1902 (auth. issue 150,000,000). sufficient are re
served to retire General 6s. V .87. p. 36. 1604, 1603: V. 88 j ) . 100. 374
V .92, p. 394: V. 93. p. 1668: V.97. p. 1425: V.98, p. 235. 452: V. 104. p.862
Of the 1st & Ref.bonds of 1912 ($200,000,000 auth. Issue), with lnteres'
not to exceed 5% , $50,000,000 were reserved to refund existing bonds
$50,000,000 for additions and improvements to the Belt division, including
Chicago Union Transfer R y., for $4,400,000. and $100,000,000 for new
terminals and other Improvements. There are $22 250.000 of these our
standing. $9,538,000 being pledged as security for the $7,000,000 15-year
collateral trust sinking fund bonds, $1,217,000 as collateral for the $1,009,000 15-year collateral trust gold notes, and $10,219,000 as collateral for
$8,000 loan from Government covered by 15-year collateral trust gold notes
dated Oct. 7 1920: $212,000 are in treasury, $1,064,000 are in sinking fund.
No additional First & Ref. bonds can be issued until the aggregate annual
rentals payable above all operating expenses, taxes, Ac., shall equal the in­
terest, including bonds proposed. The leases provide that the five owning
companies will jointly and severally pay the interest on the $22,250,000
bonds, also a further $159,000 yearly for a sinking fund until $22,250,000 has
b e -; -edeemed. V. 101, p. 693, 448: V. 100, p. 1671; V. 105, p. 388.
The holders o f the $15,000,000 7 % notes dated Sept. 1 1917 and extended
to Sept. 1 1920 were offered a plan whereby the holder of each $1,000 note
would be paid $500 in cash and would receive $500 in new 15- Year 7)4%
Collateral Trust Sinking Fund bonds
The Belt Ry. Co agreed to accepi
In exchange for the $1,000,000 6% notes held by it a like amount of new
15-Year 6% Notes. The plan was declared operative in Oct. 1920, holders
o f $14,000,000 notes having assented. V. I l l , p. 1565. The bonds are
secured by $9,538,000 1st A ref. mtge. 5% bonds. Series " A ."
Arrange­
ments have been made through the medium o f a special sinking fund for the
retirement of all the bonds before maturity (compare V. I l l , p. 791: V. 112,
p. 1976). The bonds are to be purchased in the market by the sinking fund
at not over 102)4 and int., and if not obtainable at that price, shall be called
for payment at 102)4. V. I l l , p. 791.
Bond application, V. I l l , p. 989.
Equipment trusts issued to Director-General for rolling stock allocated
%9 this company. See article on page 3.
Government Loan.— The I.-S. O. 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. Mtge. bonds. Series A.
R E PO RT.— For 1923, total ry. oper. rev., $376,840: net loss from ry.
oper., $45,775; other income, $4,567,979; deductions. $3,993,379; divs.,
$425,000; bal., sur., $103,825.
Pres., H. G. Hetzler, Chicago; V.-P. & Chief Engineer, E. H. Lee; Sec.
& Aud., R. L. Porter: Trea,s., J. E. Murphy. Office, Dearborn Station,
Chicago.— (V. 118, p. 1909.)
CIN. HAMILTON & DAYTON R Y .— See B. & O.— (V. 110, p. 261.)
CINCINNATI INDIANAPOLIS & WESTERN R R .— Owns Hamilton,
O., to Springfield, 111.. 283 miles; Melcher to Brazil, Ind., 25 miles; track­
age B. & O. for passenger trains Hamilton to Cincinnati, 25 miles; other
trackage, 13 miles, total operated, 347 miles. On Dec. 1 1915 succeeded
Cincinnati Indianapolis & Western Ry., foreclosed and reorganized inde­
pendently o f Gin. 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, p. 72. Sidell & Olney was sold for $200,000. V. 108, p. 1722, 974;
V. 106, p. 2559, 2230; In 1922 purchased 25.78 miles of road of the Chicago
& Indiana Coal R y. V. 115, p. 1099.
STOCK— VOTING T R U ST .— Capital stock auth, common. $7,500,000
6% non-cum. pref., $7,500,000. Par $100. The present issues. $5,350,000
o f each class, is covered by a voting trust till Dec. 1 1925. V. I l l , p. 2040).
Voting trustees are Frederick H. Ecker, George K. Johnson, H. F. Whit­
comb, L. Edmund Zacher, J. A. Barbey. Equitable Trust Co., agent for
trustees.
BONDS.— The new mtge. is limited to $12,000,000. 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 1923: Gross, $4,629,344; net after
taxes, $521,151; other income, $93,038; deductions, $516,412; bal.,
$97,777. V. 116, p. 2636.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).
OFFICERS.— Pres., Fred Zimmerman; Sec., F. J. Goebel; Treas., W . R.
Bixler. Office, Indianapolis, Ind.— (V. 117, p. 2323.)
CINCINNATI INTER-TERMINAL RR.— Own* a road 0.8 m. in length
connecting the Chesapeake A Ohio bridge and the CIn. Ham. & Dayton
terminals. Controlled by Chesapeake A Ohio Ry. Common stook, $10,000
In $100 shares. Issued for purpose of control. There is authorized $1,000,000 of first pref. 4% cum. stook secured by mtge. to the Union Savings Bank
& Trust Co. of Cincinnati, as trustee, and rentals paid by Ches. A Ohio and
Louisville & Nashville, and subject to call on any int. day after Feb. 1 1916
at 105. V. 79. p. 212; V. 80, p. 1728, 2398. 2620. Pres., Chas. E. Gra­
ham.— (V. 80, p. 2620.)
CINCINNATI LEBANON & NORTH. 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 . Stock, $2,100,000, owned by Penna. Co. V. 75,
p. 980; V. 100, p. 53. D iv. o f 3% paid in 1906, '09 & '10; '11 & '12, 4% ;
’ 13, 5% ; ’ 14, 3% ; ’ 15, none; ’16, 4% ; 1917-1921, none; 1922, 4% ; 1923, 4% .
V. 99, p. 53. The $1,262,000 1st cons. 4s are guar., p. & i., by Penna. Co.
V. 77, p. 86; V. 98, p. 610.— (V. 117, p. 1555.)
CINCINNATI NEW ORLEANS & TEXAS PACIFIC RY.— Operates
Cincinnati Southern Ry., owned by city of Cincinnati. Cincinnati to
Chattanooga. Tenn., 336 miles; trackage. 2 miles. Owns entire stock

Vhen
Payable

Rate
%

M A
M A

4g
0g

2,990,000 See text
2,453,400
5
360,000
4)4 g
585,000
6
701,800
6g
2,520,000
5g
3.000,000
1.000,000
4
86.000
5g
900.000
0
650.000
5g
9,300,000
l.soo.Ooo
5 g
950,000
4 e
4 g
465.000
1,568,000
4 e
47,028,700 See text
5
9,998,500
15.000,000
0 g

Refunding & Impt Mtge Ser A callable 103 G.c*&r* 1,827 1919
do
do
Series B & C — see text.
Underlying Bonds—
Cincinnati Indianapolis St Louis A Chicago
Gen 1st M $10,0(50,000 g a f not drawn-JCe.xo Ar
1886 1.000 Ao
6,377,000
01 Col C A 1 Gen cons M ($12,000,000) g _Us.xc*Ar
1.000 3,205.000
391 1884
O la v Cin Ohio A St L White Wat Val D v 1st z.Ce.xc*
1.000
62 1890
650,000
Hpr A Col Div (Col Spr A Cin) 1st M goid_ Ce.xo*
_
500 Ao
1,103.500
45 1890
Cairo Division 1st M $5,000,000 gold_____Ce.xo*
1.000
268 1890
5,000.000
St Louis Div ooll tr gold. . . . . . ___ Ce xoAr
194 1890 1,000 Ao 8,990.000
Clnoln Wab A Mloh Div first mtge gold__ Us.xo*
1,000
201 1891
4,000,000
1,000 28,579.000
Qen M 100 years for $50,000,000 gold___ Ba.xo*A
1.021 1893
do
Series B ________________________
1,000
1.021 1893
4,161,000
O h I A St L S L 1st M $3,000,000 gold gu.Ce.xo* A
1.000 3,000.000
44 1903
136 1890
5,000,000
Debentures secured by mortgage of 1919 ..G c*& r*
1.000
1911
5.000,000
Debentures___________ ______
_ ____ __ .
_
1910 oOOSfr Ao 9,650.181
Big Four Ry equip trust due $373,000 yearly G.c*
1914 1,000Ac
1.865,000
1,000
do do equip trusts g guar due part yearly____
1915
805,090
i non
1917
do do equip trust d ue$2.-17.000 yearlv__ e*G
711,000




41

RAILW AY STOCKS AND BONDS

J
J
M
J
M
J
3
J
A

4 g
4 g
5g
4 g

4

4 )4

4
6
5g

fi

k

N Nov 11942
8 Mar 1 1934

J A
n Dec 24 '23 6)4
3 —M Sept 1 1924 I K
J A D Dec '24-June'26
F A A Aug 24 Aug '28
J A 115 To Jan 15 1935
A A O Apr '25 to '38
Mar 1j!1924 .1%
J A J July 1 1951
M A 8 Sept 1924 to '25
1
A J Jan 1924
3%
3 A J Jan 1 1943
Dec 191 6
4%
M A S Moh 1 1927
F A A Aug 11940
F A A Aug 11940
F A A Aug 1 1948
Apr 19 1924 1 M
Q — ,T
Apr 1 9 1924 1 \ i
o — J
J A J July 1 1929
F Aug 1 1936
A J Jan 1 1934
A .1 July 1 1940
SSept 1 1940
A v
A .TJan 1 1939
A N Nov 11990
A J July 1 1991
A D June 11993
A D June 1 1993
A O Apr 11953
Apr 1 1940
A J .Tan 1 1931
A D June 1 1930
A D To June 1929
A
,1 July 1924-1929
A D To June 1927

Q—

4 g
0 g
4 g
4 g
4 g
4 g

Last Dividend Places Where Interest and
Dividends are Payable
and faturity

J
3
3
J
J

Penn R R C o . N Y
Treas. Pittsburgh. Pa.
Cincinnati
do
Guaranty Trust C o. N Y
PenCo forlns onLives, Ac
Guaranty Trust Co, N Y
PenCoforlnsonLives.&c
N Y , Grand Central Ter'l
Guaranty Trust Co, N Y
Commercial Tr Co,Phila
Cheeks mailed
36 Wall Street.New York
Wlnslow.Lanler ACo.N Y
do
do
do
do
Penna RR Oo, New York
Treas office. New York
do

do

do
de
do
do
do
do
do
do
do
do

do
do
do
do
do
do
do
do
do
do

Treas office. New York
Morgan. HarjesACo,Paris
Guaranty Trust Co N Y
Comm Tr Co, PhiladeEla
Guaranty Tr. Oo. N . Y .

of Harriman & Northeastern Ry., 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 . 7.3, p. 722; V. 74, p. 1251:
V. 95. p. 1102. Gu irantv o f interest of Citv o f Cincinnati bonds as addi­
tional rental. V. 112, p. 161; V. 114, p. 2468; V. 117. p. 2323; V. 118, p.
1267. Pref. stock has no voting power. V. 74, p. 528, 829.
D IV ID E N D S.— / ’07-'10. '11. ’ 12-’ 15. ’ 16. '17. '18. '19. '20. '21. '22. 23.
8 11 y'ly 1214 13 13 13 13 12 13 13
C om m on ________ % \ 5
Dividends on common stock semi-annually (J. & D .), 3% . and from Dec.
'916 to Dec 1920 paid 314% extra in June and Dec.; in June 1921 paid
214% extra; Dec. 1921 to Dec. 1923 paid 314% extra in June and Dec.
Majority of common stock is owned by S. W. Construction C o., which in
turn is controlled by Ala. Grt. Sou. R R . 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 P O R T — For 1922, in V. 117, p. 1988, showed:
Oth.Inc. Rents,&c. Divs.
Bal.,Sur.
Gross.
Net.
$
$
$
$
$
$
1922---------- 15,891,374 1.910,018
277,861 1,551,311 511,370
12,5,199
276,869 1,515,778 481,470
222.065
1921 ---------- 17,170,446 1,942,444
1920 _________________ *4.412,398
134,359 2,768,122 511,370 1.267,265
110,043 2,249,616 511,370
890,096
1919 ............. 16,313,685x3,541,039
‘ Includes $3,822,225 oper. income for 10 mos.. M ar.-D ec., and $590,173
Federal compensation for 2 months.
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— Pres., Fairfax Harrison, Washington, D . C.; Sec., C. E . A,McCarthy, New York; Treas., Chas. Patton, Cincinnati.— (V. 118, p. 1267.'
CINCINNATI NORTHERN RR.— {See Maps New York Central Lines. )
—Owns Franklin, O., to Jackson, Mich.. 205 miles; branch. Lewisburg. O., to quarries, 1 m.; trackage (C. O. O. A St. L.), Franklin to Cin­
cinnati. 38 miles; at Jackson, 1 mile. On Dec. 31 ’22 Clev. CIn. Chic. *
St. L. owned $2,928,900 of the $3,000,000 stock and $581,000 bonds.
Equip, trusts, see V. 101, p. 1713. Divs. Mar. 1910 and 1911, 3 % ; 1912
and 1913, 13-4%: 1914 and 1915. none; 1916 to 1922, 3% yearly. In March
and Aug. 1923 and March 1924 paid 3% each.
Calendar
Operating Net (after xAvailable
Fixed Dividends Balance.
Year— Revenues. Ord.Taxes). Income.
Charges.
Surplus.
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.
— (V. 117, p. 552.)
CINCINNATI RICHMOND & FORT WAYNE RR.— Owns from Rich­
mond, Ind., to Adams, Ind., 86 miles; leases 5 miles of P. Ft. W. & ONow operated by Grand Rapids & Indiana R y. Rental, net earnings
Int. Is guaranteed by the Pennsylvania Co. and Pitts. Cin. Ohio. A St. L. Co
Jolntly(the P. C C. & St. L. taking the plaoe of the Cin. Ham. A 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.)
CLEARFIELD & MAHONING RY.— (See Map Buf. Roch. <k Pitts.)—
Owns road, completed In 1893, from Du Bols Jet., Pa., on Buf. R . & P., to
Clearfield on Beecn Creek B R „ 26 miles. Leased during corporate existence
and renewals thereof to Buffalo Rochester A Pittsburgh— which see— at a
rental payable in gold and equal to 6% on $1,000,000 stock, par $50. taxes
and 5% on bonds, the latter being guar., p. & L, by end.— (V. 89, p. 1141.)
CLEVELAND AKRON & CINCINNATI RY.— (See Maps of Pennsyl­
vania RR.)— Owns from Hudson, O , to Columbus, O., 144 miles; Klllbuok
to Trlnway, 34 m.; Morrow to Trinway, 148 m.; AppleCreek branch, 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.
A consolidation July 1 1911. Pennsylvania Company owns $9,299,300
of the $9,300,000 outstanding stock. Leased to Pennsylvania R R . Co. 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, Dec., 4% ; none since.
Of Cleveland Ak. & Col. 1st consol, gold 4s of 1940 (Bk. of North America
& Tr. C o., Phila., trustee), $950,000 are guar., p. & i.,b y the Penn Company.
V. 71, p. 390; V 76, p. 653; V. 77. p. 1746. 2280.
Penn Co. also guarantees Cin. A Musk. Val. bonds; see form, V. 76, p.
643.— (V. 117, p. 1128.)
CLEVELAND CINCINNATI CHICAGO & ST. LOUIS R Y . (THE).—
(See Maps N . Y. Central Lines.)— ROAD.— 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.
ville, Ind __________________ 204
Cleveland to Springfield, O_ 183
Miami City Jet. to Ludlow
Total main line owned______ 1.450
Grove, Ohio_____________
46
Branches owned—
Gallon, O., to Indianapolis, Ind. 202 Delaware to Springfield, O____
50
Cincinnati, O., to LaFayette,
Hillsboro to Lenox, 111________
56
In d ...................................... 170
Harrison, O., to Hagerstown, Ind. 63
Indianapolis, Ind., to East St.
Fairland to Martinsville, Ind__ 38
Louis, 111................
249 Other__________
33
Cairo to Danville, 111______ 260
Springfield, O., to Indianapolis,
Total branches owned______ 240
In d ........................................
136 Total main line and branches
Benton Harbor, Mich., to Rushowned_____________________ 1,690

42

RAILW AY STOCKS AND BONDS

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

Cleve. Cine. C hicago & St. Louis [Con.)—
Other equipment trusts (see text)___ _____________
Central Grain Elevator 1st M assumed___________
Obligations of Proprietary Lines.
Cincinnati Sandusky & Cleveland— Preferred stock.
Consol (now first) mtge $3,000,000 gold._AB.zo
Central Indiana 1st M (guar )4 o f $1,500.000)-Ce.xf
Evansv M t Oar & No 1st M $5,000,000 gu G.xc*&r*
Louisville & Jeffersonville Bridge 1st M— See thatCo
Cleveland Columbus Cincinnati & Indianapolis— Cleve
Cleve Lorain & W heeling— See Baltimore & Ohio
Cleve & M V— Pref stk 4)4 % cum ($2,851,800 auth)
Cons M (now 1st) $3,000,000 g __________ Ce.xc&r
Cleve & Mar— See Toledo Columbus & Ohio Rlv. Ry.
Cleve & Pittsburgh— Stook 7% guar by Penn RR Co
Special betterment stook $28,738,135 auth guar 4%
Gen M $10,000,000 gold..F I Series A & B _____xo*
Guaranteed prin and Int ^Series B int reduced.x
(endorsed) Penn RR .JSeries C & D ___ xo*
Cleveland Short Line— See New York Central R R
Cleveland Terminal & Valiev— See Balt & O hio.. . .
Cleveland Union 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 Ry
a Series " A ,” J & J; “ B” A & O.

Miles Date
Road Bonds

Par
Value

170 1888
118 1903
1910
and I adiana
RR
123 1888

205
205
205

1892
1892
■98-00

$50
1,000
1.000

Rate
%

When
Payable

$21,649,029
52,000

1905-6

5

50
1,000&o

None
2.936.000

50 11 242.538
50 17,»93.400
1,000 4.272,000
349,000
1,000
1,000 3.689,000

1922 500&1000 12,000,000
1923 500&1000 15,000,000
—See Chesap eake & O bio.

y “ C” , M A N ; 4iD ,”

Last Dividend Places Where Interest aait
and Maturity
Dividends are Payable

M & N

428,997
2,571,000
750,000
2,118.000

6
5g
4g
4)4 e
5g
polls St Louis & Chi cago— Se
4)4
5g

M
J
M
J

A N M a y l 1924 3% Treas office. New York
do
do
& J Jan 1 1928
& N May 1 1953
do
do
(All owned by Big Four)
8c J July 1 1960

.T S. T Jan. 1 1965
r
e Clevela nd Cincinnati C hlcago & St Louis
A 8c o
See text
See text. Jan 1 1938

7
Q— M
4
Q— if
a
4)4 g
o
3H e A d O
3)4 g
5)4 g A
5g A

&
&

Winslow, Lan d Co.,N Y
o

o
June 2 ’24,1 *4 % Winslow, Lan d Co. N Y
do
do
June 2 1924 1%
do
do
Jan& Oct 1942
Oot 1 1942
do
do
do
do
1948-1950

o Apr 11972
o Apr 1 1973

New York or Cleveland
Newr York or Cleveland

F & A.

Proprietary Lines—
Miles Evansville M t. Carmel &
Cincinnati LaFayette & Chicago
Northern R y _______________
33
R R ________________________
57 M t. Gilead Short Line R R _____
2
Vernon Greensburg & RushCentral RR. of Indianapolis________
ville R R ___________________
44
Columbus Hope & Greensburg
Total leased lines__________ 205
R R __________
24
Findlay Belt R y ______________
1
Line Operated Under Contract—
Total proprietary lines______ 126 Peoria & Eastern R y _________ 201
Leased Lines—
Trackage rights_______________ 187
Cincinnati Sandusky & Cleve­
land R R ___________________ 170
Total mileage operated______ 2,409
HISTORY, &o.— A consolidation of the Cincinnati Indianapolis St. Loul
* Chloago Railway Co., the Cleveland Columbus Cincinnati & Tndianapoll8
Railway Co. and the Indianapolis & St. Louis Railway Co., made in July
1889, per plan In V. 48, p. 427. Of the com. stock, $42,894,400 was on Dec
31 1922 owned by N . Y . Cent. R R . V. 72, p. 86; V . 82. p. 749, 191213 purchased subsidiaries (V. 95. p. 418. 890. 1472; V. 97, p . 1114, 1821.
The company is also one-eighth owner of Peoria d Pekin Union R y.
o
(through the Peor. & East. R y .), one-fifteenth owner in Terminal RR
Association of St. Louis, and two-fifths owner of Indlanap. Union R y., and
part owner of Cent. Indiana R y., Cent. Union Depot & R y. of Cincinnati,
Union Depot of Columbus, Dayton Union R y., Dayton do Union R R ., Muneie Belt R y., operated independently.
The 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.
The directors on Dec. 14 1921 authorized the making of an offer to pur­
chase the stock and the 4% income bonds o f the Peoria & Eastern Ry. on
the basis o f one $1,000 4 H % first mtge. bonds o f the Evansville M t. Carmel
& Northern R y., due 1960 (guaranteed by the C. O. C. & St. L. R y .), for
60 shares o f Peoria & Eastern stock, and one $1,000 4)4% (guaranteed)
first mtge. bond o f 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 o f which
see New York Central RR. below and V. 114, p. 1286; V. 115, p. 435, 1428.
Tentative valuation, $164,163,042, as o f June 30 1915. V. 115, p- 1531.
DIVS.
1 ’09. ’ 10. '11. ’ 12. '13. 14-’ 15. '16 ’ 17-’ 21. 1922. 1923.
Com...........% ) 2
2 0 0 0
0
0 0
4 4
3 2 * 0
2 ^ 5
5
5
Pref........... %J 5 5 5 5
D ivs.on pref. stock July 1916 to Apr. 1924, lM % q u a r. (5% per annum.)
Payments on common stock were resumed June 15 1922 with a payment
o f 2% ; N ov. 1 1922 paid 2% ; Jan. 20 1923 to Jan. 19 1924 paid 1% quar.;
April 19 1924 paid 1M% quar.
REFU N DIN G AND IM PR O V E M E N T M ORTG AG E.— A direct lien
on 1,827 miles o f railroad owned and on the company’s interest in 568 miles
o f 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, o f property acquired and with the consent o f a majority of the pref. stock,
and only when the annual income applicable to interest charges out of
18 months next preceding such issue, shall not be less than 1 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.
The financial plan outlined in 1919 resulted in the sale (V. 109, p.
270) of $15,000,000 of the new bonds, to provide for paying or reducing
short-term obligations, as follows; Secretary of the Treasury, $3,000,000;
Director-General of RR 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. In April 1924 the I.-S. C. Commission authorized the issu­
ance o f $20,000,000 bonds bearing 5% interest. V. 118, p. 2178.
The 20-Year European Loan 4s o f 1910 and the 20-Year Gold Debenture
4)4s 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, die.,
$1,000,000 yearly. See 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 S St. Louis Short Line R y ., Cent. Ind. R y. and
c
Springfield Union D epot Co. bonds. V. 77. p. 510, 517, 769, 1363. 2280:
V 78, p. 1906,1961: V. 79, p.2589; V. 95, p. 1541.
As to the $9,650,181 4s sold May 1910, payable in francs, and $10,000,000
4K s sold in June 1911. see V. 89, p. 720, 778. 1141; V. 90. p. 1238. 1296,
1424,1554; V. 91, p . 1710; V. 92. p. 1700. Also see “ Ref. & Impt. M tge."
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 1922
on account o f equipment so acquired by the O. O. C. & St. L. being: Issue
o f 1910, $399,252; 1911, $639,561; 1913, $583,668; 1920, $9,894,448;
1922, $5,625,000. V. 85, p. 1401; V. 86, p. 168; V. 88, p. 761; V. 90,
p. 1677; V. 93, p. 1726.




Amount
Outstanding

rVoL. 118.

Guarantees jointly with N. Y. Central and N. Y . Chicaago & St. Louis
$12,000,000 1st Mtge. 5Hi% s - I- gold bonds o f Cleveland Union Ter­
minals Co. V. 114, p. 2716.
Equipment trust 1917, V. 108, p. 973, 1060, 2329, 2341; V. 105, p. 72;
V. 106, p. 2021; V. 107, p. 695.
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 (outstanding in Dec. 1922,
$4,507,100).
Report of Peoria & Eastern R y. Income Bondholders’ Committee as to
•ettlement. V. 110, p. 1742.
Government loan. V. I l l , p. 2520: V. 112, p. 161.
REPORT — For 1923, in V. 118, p. 1518, showed:
Years ending Dec. 31—
1923.
1922.
1921.
Miles operated______________________
2,408
2,409
2,411
Railroad revenues___________________$94,941,444 $84,665,690 $79,793,593
Operating income (after taxes)______ 16,699,239 13,755,480 10,104,158
Other income_______________________ 2,600,359
1,632,930 1,405,959
Gross corporate income___________ $19,299,598 $15,388,410 $11,510,117
Rentals of leased lines_______________
134,458
110,990
465,284
Interest on bonds, &c_______________
6,997,557
7.208,460 7,451,797
Other rents_________________________
262,779
271,664
434,182
328,619
363,533
242,311
M iscellaneous______________________
Dividends on preferred______________
499,925
499,925
-----Dividends on common______________
1,881,148
2,351,435
-----Balance, surplus.________________$9,195,112
$4,508,403 $2,326,617
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.-—Pres., P. E. Crowley; Sec., Edw. F. Stephenson; Gen.
Treas., Milton S. Barger, 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. 118, p. 2178.)
CLEVELAND & MAHONING VALLEY RY.— 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 an
additional amount contingent. The shareholders voted Feb. 23 1917 (a)
to issue $2,851,800 pref. (a. & d.) stock for impts., elimination of grade
crossings, &c. (none issued to M ay 1923); (6) 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 of the Erie Railroad
Co. V. 104, p. 163. Coup. Int. is J. & J., reg. int., Q.-J. Common stock Is
$3,259,200, or which $3,258,400 is held by “ Atlantic First Leased Lines
Rental Trust C o., Limited,” o f London. Dividends: in 1906 to 1911,
11.40%; 1912, 8*4% : 1913. 11.20%: 1914, 11.25%: 1915. 1 1 4 0 % : 1916,
11%; 1917. 11.75%: 1918, 10.75%’ 1919, Jan., 2%%\ April. 2*4%: Oct..
1919 to Apr. 1924, 2 % % quar. For 1923, total income, $561,847; Fed.
taxes, $49,913: interest, $146,800: rentals, &c., $18 420; divs., $342,216;
bal., sin:., $4,498. Corporate office, 530 Guardian Bldg., Cleveland, O.—
(V. 104, p. 1701.)
CLEVELAND & PITTSBU RGH R R .— (See Map Pennsylvania RR.)—
Cleveland, O., to Rochester, Pa., 122 miles: branches, Bayard, O., to
Goshen, O., 38 m.; Yellow Creek to Bellaire, 43 m.; branches to Dover and
Valley Jet., 2 m.; trackage, Rochester to Pittsb. (P. Ft. W . 8c Chic.), 26
m.; other trackage. 23 m.; total, 255 miles.
LEASE.— Leased for 999 years 1871 to Penn. R R . C o. and since Jan. I
1918 operated directly by that company. Rental, divs. on stock, int. on
bonds and organization expenses. ’’ Special guaranteed betterment stock”
(subordinate to the original stock as to dividends only), with dividends of
4% guar, by the Penn. R R ., is Issuable for impts. 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 f the special
guaranteed 4% stock, Penn. Co. owns $6,050,050. V. 101, P- 1464, 448;
V. 92, p. 1031, 1108.
BONDS.— All equally secured: guaranty, V. 56. p. 604; V. 106, p. 259:
V. 109, p. 1079.
EARNING S.— For 1923, gross income, $1,852,797; deductions, $348,477'
dividends, $1,502,662; bal., sur., $1,659.— (V. 109, p. 1079.)
CLEVELAND UNION TERMINALS CO. (THE).— Company was or­
ganized to construct in the centre of Cleveland a new union passenger
station and terminal facilities, made necessary by the continuous growth in
the great volume of railroad traffic moving to, from and through that city.
The station will be used by the railroad companies named below, these com­
panies having entered into an operating agreement with the Terminals
Company under which they are obligated to pay to the Terminals Co.,
each in proportion to its use, sums covering in the aggregate all operating
expenses, taxes, interest and sinking fund charges of the Terminals Co.,
but with the reserved right in the Terminals Co. to admit other railroads to
the use of the terminal property as tenants, upon terms and conditions to
be agreed upon and approved by 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
R y. 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
April 1 1942 at 105 and int.; also for sinking fund on and after Oct. 1 1927.
Series “ B ” bonds are redeemable at 105 and int. in whole or in part on April 1
1943, or on any interest date thereafter, and for sinking fund semi-annually,
beginning Oct. 1 1928.
OFFICERS.— Pres., O. P. Van Sweringen; Sec., C. W . Stage; Treas.,
W . J. Pinkett, Office, Cleveland, O.— (V. 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.

M ay , 1924.]

43

RAILW AY STOCKS AND BONDS

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

M iles Date
Road Bonds

P ar
Value

Amount
Outstanding

$100 $31,000,000
Colorado & Southern— Common stock $31,000,000__
First preferred 4% non-oumulative $8,500,000___
100 8,500,000
Second preferred 4% non-oumulative $8,500,000-.
1882
100 8,500,000
First mortgage gold $20,000,000_________ Eq.zo* 1.011 1898
1,000 19.400,000
Ref & Ext M $100,000,000 gold red 101 ..Ce.xo*&r* Text 1905
100 &o r28.978.900
Eq tr N o 19 (U S R R Adm) due $70,000 ann___ G
1920
770,000
Equipment trust of 1922-.
_ _
_
_
- __
1922
1,000 1,425,000
Lines Controlled by Ownership o f Practically Entire Capita l Stock
Ft Worth & Denver City 1st mortgage gold.Ba-zc*
1,000 8.173,000
454 1881
Eq tr Ser O $56,000 s-a red aft M ay '20 102J4.FP
1,000
112.000
1915
372,900
1920
Equipment trust o f 1922, due $50,000 ann
_ . .
650,000
1922
1,000
Ft W & Denv Ter Ry IstM $2,500,000 call 105 Baxc
1.000
300,000
1907
Col Spgs & Crip Or D Ry (See that company)______
C olo Springs & C ripple Cr Dist Ry—
1st M $2.000,000 g s f . __________ _____________ Cez
74 1900
1,000 1,255,000
1.000 1,379.000
First consol mortgage $3,600,000 gold_ G.xc&r
_
190?
75 1887
Colum Newb & Laurens— 1st M $12,000 per m.SBaz
1.000
888.000
Columbia & Greenville— See Southern R y— Columb us & T oledo— See Hook Ing Valley
55
50 1,786,200
Columbus & Xenia— Stock 8% rental---------- . - C on cord & M ontreal— Bonds— See Boston & Maine RR ab ove
100
Concord & Portsmouth— Stock 7% rental 99 years.. 39.82
350.000
100 2,500,000
Conn & Passumpsic— Pref stook 6% rental 99 yrs-.o*
First mortgage $2,900,000 gold________________zo*
1,000 2,900,000
110 1893
Massawlppl stook guar same div as Conn & Passump
100
400,000
37
Newport & Richford 1st M gold guar by 0 & P _zc*
1,000
21 1911
350,000
C on n ecticu t River— Bonds— See Boston & Maine RR
1,000 7.000 000
Conn (Phila)— 1st M $15,000,000 guar p& l.G P.kvc*
36 1911
1,000
Connellsville & Monong— 1st M g s f red par. UPi xc&r
1905
501,000
500 &c 2,280.000
Copper Range— First mortgage gold (see t e x t ).. __x Text 1899
t 000 23,020.000
Copper River,& Northwestern— IstM $50,000,000Gxc*
197 1909
Cornwall & Lebanon— See Pennsylvania RR
100 2,500,000
Cripple Creek Central— Common stook_____________
Preferred stock 4% non-cumulative_______________
79 3,000,000
... —

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Rate
%

When
Payable

See text.
4
4
4 g
4H S
6
5X

See text.
J & D
Dec
F & A
M & N
J & J 15
M & N

Dec 30 1922 3% Office 26 Liberty, N Y
do
do
June 30 '24 2%
do
do
Dec 31 1923 4%
j
do
do
Feb 1 1929
do
do
May 1 1935
To Jan 15 1935 Guaranty,Trust Co, N Y
First Nat Bank, N Y
M a y l 1937

J
M
.T
M
J

A D
& N
.T 15
& N
& D

Dec 1 1961
Nov 24-May 25
T o Jan 15 1935
To May 1 1937
Dec 1 1937

5g
5g
3g
Ry.
82r

J
A
J

A J Jan 1 1930
& O Oct 1 1942
B J Juiy i 1937
a

7
8
4Z
6
6g

,T
F
A
F
J

4
4
5
5

M
M
A
F

5^g
4>S
6
5^
6

g
g
g
g

See text
See text

See text

Q— M

Office, 26 Liberty St, NY
Fidelity Trust C o, Phlla
First Nat Bank, N Y
Office. 26 Liberty St, NY
See text
See text
Safe Dep & Tr Co, Balto
Treasurer. Columbus. O

& 3 Jan 1'24 314 % Manchester, N H
<o A Feb 1 1924 3% Safe Dep & Tr Co.Boston
S
do
do
<o O Apr 1 1943
3
do
do
(S A Feb 1 1924 3%
o
do
do
A J Jan 1 1941
15&
&
A
&

R Mch 15 1951
S Sept 1 1930

o Oct 1 1949

A Feb 1 1959

Q .-M .
Q.-M.

See text
See text

Treas Pa R R Co, Phlla
Union Tr Co, Pittsb, Fa
Old Col Tr C o, Boston
J P Morgan & Oo, N Y
Cheoks mailed
do

r Additional $6,631,370 on Dec. 31 1922 owned or contro lied by the co.

COLORADO AND SOUTHERN R Y. CO. (THE).— Operates a system
o f roads from Guernsey, W yo., through Denver to Fort Worth, Galveston,
Houston, Dallas, &c. Total oper. Dec. 31 1922, 1,812.34 miles, including
137.24 miles operated under lease or contract, notably 118 miles of trackage,
Denver to Pueblo, over Atch. Topeka & Santa Fe. Total line owned.
1,914.69 miles (of which 102.35 miles not operated by the c o .), viz. (*which
see):
Colorado & Sou. R y. (owned)_ 946 Wichita Valley R y........................... 52
_
Wichita Falls & Oklahoma______ 22
Controlled Lines—
Wichita Valley R R .................... . 61
Colorado R R _________________ 121
Abilene & Northern______________38
Fort Worth & Denver City____ *454 Stam f.& N .W . Ry.(V .88, p.1281) 83
Leases Colorado Springs & Cripple Creek Dist. R y., 74 miles (owned) to
Cripple Creek Central R y .. but rental remaining unpaid, the former was
placed in receiver’s hands in M ay 1919. V. 94, p. 123. See below.
In April 1906 acquired a one-half interest in the Trinity & Brazos Valley
Ry.,owning a linerrom Cleburne to Houston.Tex.,236 miles, with branch (o
Waxahatchie, 67 miles. Thesuit against Ch. R . I. & Pac. R y. to compel
payment o f latter's share o f 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.
O R G A N IZA TIO N .— Reorganization Jan. ____ V 67, p. 748
1899,
Id
Dec. 1908 the Chicago Burlington & Quincy acquired J23.657.500 common
V . 87. p. 1663, 1604: V. 88. p. 158. 685.
Owns a large ma'ority of the com. stock of Fort Worth & Denver City
Ry. which see. Controls Denver & Interurban (Electric) Railway,
which owns 9.51 miles, and operates32.77miles of Coi. & Sou., electrifled.
under lease. V. 87 . 950: V. 89. p. 934.
DIVS.
1'07. ’08-T 1 12 13. 14-T5. 1916. T7-’20. '21-’22. '23.
1st pref % ____ j 4 4 yrly
4 None
4
4
2%
4
4
4 None
2d pref. % _____I 4 4 yrly
4
4
4
___
4
Jommon% . .1 . 2 yrly
__
3
_
_
1
0 None
Paid in 1924: On first 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 follows
For Refunding bonds and equipment obligations of system_____$36,850,000
For betterments and improvements, Including equipment, at the
cum. yearly rate of $500 per mile of operated & controlled lines 15,000,000
For reimbursement of the treasury of the company, &o________ 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 andpraciloally all the stock of the cos. owning about 706 miles of road, including the
Wichita Valley lines and the Trinity & Brazos Valley R y.; also, by direct
lien, subject to the first mortgage, on about 1,002 miles of road owned by
the Colorado & Southern and on the stock of subsidiary cos. whose bond*
are not pledged under the mortgage, owning 556 miles of read, making
1,604 additional miles, on which there are outstanding $30,174,900 under
lying bonds; total thus covered, 2,304 miles, on which the total outstanding
funded debt, including these bonds and all prior liens, averaged $26,471
per mile. V. SO. p. 1791; V. 91. p. 462. 214: V. 93, p. 1021.
Of the Fort Worth & Denver Terminal bonds, $300,000 sold and $428,000
held bv Ft. W. & D. O. R y. V. 86, p. 52. 1100: V. 87. p. 949.
As to interest on bonds o f the Colorado Springs & Cripple Creek District
R y ., see that company below.
Equipment trusts issued to Director-General for rolling stock allocated
to thL. company. See article on page 3R E PO RT.— For 1923 showed:
-------------------- Colorado and Southern Ry.-------------------Calendar Years—
1923.
1922.
1921.
1920.
Revenues______________ .$12,675,913 $13,196,237 $13,223,220 $16,271,658
Operating expenses_____ 11,154,293 10,894,665 10,523,890 12,773,845
Net earnings_________ $1,521,620 $2,301,572 $2,699,330 $3,497,813
Total income__________
3,419,963
3,750,979
4,212,266 *5,357,713
Interest charges_______ 2,196,244
2,139,128
2,142,247
2,144,059
376,243
314,426
436,547
Rents, &c______________
703,875
86,436
Miscellaneous__________
73,033
232,976
68,287
340.000
340.000
Div. on 1st pref. sto ck ..
340,000
340.000
340.000
Div. on 2d pref. sto ck ..
340,000
340.000
340.000
930.000
D iv. on common stock. _
______
930.000
Balance_____ ________sur$156,259 del$775.240 def$59,844sr$l,926,066
* Total oper. rev. includes: Standard return (2 m os.), $413,535: Federal
guar., 6 mos., $959,688 (est.); railway oper. income, 4 mos., $1,686,457;
other income, $2,298,033.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICER3.— Pres.. Hale Holden. Chicago: Sec. & Treas.. B. F. James,
Denver; Asst. Sec. & Treas., C. I. Sturgis. Chicago.— (V. 118, p. 906 )
COLORADO SPRINGS & CRIPPLE CREEK DISTRICT RY .— Colorado
Springs to Cripple Creek. Col., 47 m.; branch, Cameron to Victor, 5 m.;
other branches and spurs, 22 m.; total, 75 m.; of which 57 m. steam, 16 m
•team and electrio and 2 m. solely electric. In Jan. 1905 Colorado &
Southern acquired all the stock except $900 com. V. 80. d . 472, 1111 1423.
Leased to Cripple Creek Cent. R y. system in 1912 (V. 94, p. 123), but the
rental due having been in default since M ay 1 1918 the lease was terminated
April 22 1919. George M . Taylor. Colorado Springs, was appointed re­
ceiver M ay 10 1919 at the request o f the bondholders' committee. V. 108,
p. 2022. The burning of a bridge in M ay 1918 temporarily put the main
line out of commission, but this having been repaired operations were begun
again July 15 1919. but. proving unprofitable, operations were again sus­
pended in 1920. Receiver’s certif. for $50,000 for two years at 7% issued
June 15 1919 to replace the bridge, &c., and for $130,000 sold at end of
1921 to settle accrued taxes have been paid off. V. 108, p. 170,479,2528.
The road was sold on Oct. 16 1922 to W . D. Corley o f Colorado Springs,
for $370,000. Certain claims and funds in the hands o f the receiver were
excluded from the sale. From the proceeds o f the sale $150 per bond was
paid in June 1923 to holders of certificates o f deposit for 1st mtge. 5s. In
April 1924 a further $100 per bond was paid out of moneys collected from
the Federal Govt, under the Transportation Act o f 1920. V. 118, p. 1910.




A suit for $1,000,000 for unpaid taxes, damages, &c., instituted in 1919
by the receiver against the former lessee and others is still pending.
On Oct. 1 1918 the interest on the $1,379,000 First Consols and on Jan. 1
1919 the interest and sinking fund on the $1,255,000 First Mtge. bonds went
unpaid. In Aug. 1919 the Central Union Trust C o., N. Y ., declared the
principal of 1st M . 5s immediately due and payable. V. 109, p. 887.
Committee: (a) For 1st M . 5s (majority deposited): James Timpson
(2d V.-Pres. Mutual Life Ins C o., N . Y .), Chairman; Central Union Trust
Co., depositary. (6) For 1st Consols (majority deposited): F. J. Lisman
of N. Y., Chairman: N. Y Trust C o., depositary. V. 108, p. 170. 378.
479, 578, 2433, 2528; V. 118, p. 1910.
Stock, all outstanding, com., $1,200,000; pref., 5% non-oum., $800,000
Par of shares. $100 each. Div. 5% on pref., paid Feb. 1907, June 1908 and
Nov. 1 1909. On com., 2% . Sept. 1908. Sinking fund to retire first mtge.
bonds yearly at 110 for first 15 years, then at 107 for 5 vears then 105 fo»
next 5 years, 102 'A for 3 years, thereafter at par, is in default. V. 76,
p. 345.— (V. 118, p. 1910.)
(THE) COLORADO W YOMING & EASTERN R Y .— This road, 112
miles long, and running from Laramie to Coalmont, has been sold to C. M .
Owen, representing Callaway, Fish & Co. of New York City, under fore­
closure proceedings for $201,000. (Compare reorganization plan in V. 116,
p. 1408, and Northern Colorado & Eastern R R . in V. 118, p. 1774.)
COLUMBIA NEWBERRY & LAURENS R R .— Columbia to Laurens.
S. C ., 75 m. Stock, $500,000. Bonds were 6s, but reissued as 3s iu 1900.
Income certificates to amount of 40% of bonds being issued. Bonds Issued,
$899,000; in treasury $11,000. At last accounts had also outstanding
$359,600 5% non-cum. certfs. for funded coupons.
Year endino Dec. 31— Gross.
Net.
Otherlnc. Charoes. Surplus
374
$150,448 $13,555
$122,053 $41,950
824
$149,272 $11,783
$114,159 $46,896
1922 ................. ................
1921__________________
467
$104,675 $9,393
$91,805 $22,263
ss., J. B. S. Lyles; Treas., C. P. Seabrook.
Pres., J. P. Taylor; Y
Columbia, S. C.
COLUMBUS & XENIA RR.— Owns from Columbus, O.. to Xenia, O..
55 miles. Operated as a division of the Little Miami, and Is leased for 99
years from Dec. 1869, In connection with that road, to the Pittsburgh Cin­
cinnati Chicago & St. Louis, which pays 8% on stock
The lease Is guar­
anteed by Pennsylvania R R . C o. Since Sept. 1913 to Sept. 1922 Incl.,
the quarterly divs. In Sept, and Mar. have been 2 1-5% . making the yearly
d iv. rate 8 2-5% .— (V. 72. d . 532.)
CONCORD & MONTREAL R R .— See Boston & Maine RR.
CONCORD & PORTSMOUTH RR.— Owns Portsmouth, N. H. to Man­
chester, N . H ., 39.82 m. Leased to Boston & Maine R R . In 1862 for 99
years: rental $25,000: 7% on stock and org. exp. Oper. by Boston & Maine.
CONNECTICUT & PASSUMPSIC RIVERS RR.— White River Jet., Vt.
to Canada Line. llO m.; leases 999 years Massaw'ppl Valley, 37 miles.
Owns all the stock ($350,000) of the Newport & Richford R R ., NewSort, Vt., to Canadian line, 21 miles, operated under lease by Montreal
; Atlantic Ry. (Can. Pac. system), and guarantees Its $350,000 1st 30-yea»
5% bonds dated Jan. 1 1911. V. 91, p. 946.
LEASE.— From Jan. 1 1887 leased to the Boston & Lowell (now merged
with Boston & Maine) for 99 years. Rental is 6% per annum on the stock.
SECURITIES.— Massawlppl stock receives same dividends as stock of
lessee and $400,000 of it (not Included in the amount outstanding) is pledged
as part security for 4s of 1893. Of the $2,500,000 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 R R .
CONNECTING R A ILW A Y CO.— Owns from Girard Avenue to
Frankford Phlla., 6 m.; North Pblla. to Chestnut Hill, 7 m.; branches,
Ac., 23 m.: total, 36 m. V .103, p .1508. Stock authorized, $5,800,000; out­
standing. $4,116,650, of which $3,825,350 owned by Penn. R R . Dec. 31
1923. which operates road under lease assigned to that company by Phlla.
& Trenton R R ., terminating Feb. 18 2862. Dividends 4% yearly (J. & D .).
In 1911 made a new 1st M . for $15,000,000, guar., p. & L, by Penn. RR.
V. 103, p. 1508. V. 93, p. 229, 730; V. 98, p. 522, 610.— (V. 103, p . 1508.)
CONNELLSVILLE & MONONQAHELA R Y — Owns Moser Run Jet
to Brownsville, Pa.. 15.68 miles; branches and spurs, 6.75 m .; total track,
22.43 miles (connecting Penn, with Monongahela R y .). Incorporated In
Penn. Mar. 11 1905. Leased to Penn. R R . until Jan. 1946at rental equal
to 4% on cost of road, taxes, operating and maintenance charges, rental
being more than sufficient to pay interest charges and retire principal of
bonds through sink, fund at or before maturity. Sink. fd.. $25,000 yrly.,
to call bonds in numerical order, but to be kept alive. V .9 3 .p . 407. Stock.
*700,000. Controlled by or in interest of U. S. Steel Corporation. Pres..
W . H. Clingerman; Sec. & Treas., J. D. McCreery.— (V. 117, p. 1128.)
COOPERSTOWN & C H ARLOTTE VALLEY R R .— Entire $45,000
capital stock owned by Del. & Hudson Co. (V. 77, p. 88), which also owns
$269,000 (87 %) of the $307,400 outstanding stock of Cooperstown & Susauehanna Valley R R . Owns Hemlock Road to Davenport Centre, 4.21 m ., o f
which 1.76 m. are operated; leases for 99 years from Apr. 15 1891 Coopers­
town & Susq. Val. R R ., Cooperstown to Hemlock Road, with branch to
Cooperstown Jet., 19.54 miles.
COPPER RANGE R R .— Calumet, M ich., to Mass City .with branches;
total, 93 m.; side tracks, 41 m- Lease Mohawk R R . to Gay, 15.84 miles,
with branches, &c., 1.66 m.
Stock, $4,244,300, all owned by Copper
Range Co. Bonds limited to $20,000 per mile of main line and branches and
$15,000 per mile of sidings.
Pres.. William A. Paine; V .-P ., F. W . Denton; Sec. & Treas., F. W.
Paine, Boston.— (V. 114, p. 2359.)
COPPER RIVER & NORTHWESTERN R Y .— Owns from Cordova,
Alaska, on tidewater, through the Copper River Valley to Kennecott, 197
miles. Kennecott Copper Corporation (V. 101,'-p. 1889) in Dec. 1915
acquired all of the outstanding securities, $4,817,400 stock and $23,020,000
1st M . 5s. In 1923 gross revenue, $1,882,235: net after taxes, §695,692.
— (V. 118, p. 2303.)

44

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

C uba R ailroad Co— Common stock 1,000,000 shares
Preferred stock 6% non-oumulative J10.000.00U-Plrst mtge gold $20,000 per mile_______ Q.xo*&r*
602
im pt & equip M g $12,000 per m ____________ Nxo*
First lien & ref Series A _______________kxxxc&r*
Equipment trust certs.—
do
due J28M&S27M s-an(V100.p.473).Us
do
due $40,000 semi-ann______________ Us
do
due $98,000 and $97,000 s-an g_______
do
due $85,000 sem i-ann_______________c*
do
due $285,000 annually_______ Colxxxc*
C um berland RR — 1st M $3,000,000 gold...................
12.9
C um berland Ry & Coal Co— 1st M $3,000,000 g gu.
48
'Jumberland Valley RR— See Pennsylvania RR
Dayton & Michigan— Com stock (3 )4% guar TolCinn)
Preferred (8% guaranteed Tol Cinn) endorsed____
1st M gu p& 1 end ext In 1911 red 10214 beg 1917-0
141
Dayton Union Ry— First mtge sink fund call par-.Fx
2
Delaware RR— Stook 8% guaranteed_______________
245
General mortgage gold_____________________FP.xo*
113
Delaware & Bound Brook— Stook 8% gu Phlla & Read
F lm consol M $1,800,000 guaranteed._PeP.xo*&r 30.97
Delaware & Eastern (foreclosed)— See Del <e Northern
5
Delaware & Hudson—.Stock $55,711,500 (text)_____
Soheneotady & Duanesburg first mortgage_______ z
14
_
Adirondack 1st M gold guar p & 1 end_ Us.zo’ &r
60
lit&RefM $50,000,000 g c f red 107 H beg’ 18.xo*&r*
816
Convert bonds gold red text___________
. _
Secured gold bonds____ _____________ Usm.c*&r*
15-year gold bonds red (text)______ Usm.xxxc*&r*
Equipment gold notes Series “ A ” due $265,400 ann
U S Government note
Guaranteed Bonds—
Bluff Point Land Improvement Co 1st M g gu.zo*
Utica Clinton & Binghamton RR 1st M ___________
Albany & Susquehanna RR 1st mtge_____________
—
Wilkes-Barre Conn RR 1st & imp mtge (guar jointly
with Penn R R )___________ _____ ______________ _
Chateaugay Ore & Iron Co ref 1st mtge___________
—

Par
Value

Rats
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

None 500,000 shs. See text
6
100 10,000.000
1902 1,000 &c 13,624.000
5 2
i & fr
1910
4,000,000
52
100 &c
1921
4,000,000
7)4 g

See text
See text
F & A Feb 1 ’ 24. 3% Checks mailed
Royal Bk of Can, N Y
J A J July 1 1952
do
do
M to N May 1 1960
Nat City Bank, N Y
J & D Dec 1 1936

1915
1915
1916
1920
1920
1908
1910

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

55,000
120.000
487 000
1,020,000
570,000
1,028,000
1,142,000

J k J21
J & D 15
M 8c N
A 8c O
M & S 16
J 8c D
,
A 3c O

1871
1871
1881
1899

50
50
1.000
1.000
25
1.000
100
1.000

2,401.950
3H
1,211,250
8
2,727.000 4 H (5)
344,000
42
5,078,275
8
320,000
4 )4 2
1.800.000
8
1.800,000
3H g

1892
1905

100 42.503.000
100 &c
500,000
1874
1.000
1,000,000
1892
1908 1,000 &c 32,204,000
500 &c 14.451,000
1915
500 &c 10.000,000
1920
1922 500&1000 7,500,000
2,919,400
1920
1922
1,500,000
1890
1889
1906

1,000
300,000
1,000
800,000
1.000 10,000,000

1917
1902

1,000

“ COTTON BELT.” — Common name for St. Louis Southwestern Ry.
CRIPPLE CREEK CENTRAL R Y. CO. (THE).— O w ns C r ip p le C re e k
& C o lo r a d o S prin gs R R . a n d M id la n d T e rm in a l R y . t h r o u g h ow n e rsh ip
o f a ll th e ir s t o c k .

Miles.

M a in lin e, C o lo r a d o S prin gs t o C rip p le C r e e k _____________________ 56.30

Branches and spurs_____________________________________________ 33-65

.
_____________ 89 95
Total system Dec 1923_____
Reorganization (per plan In V .78,p. 2018; V. 77. p. 1542.) of the Denver
& Southwestern, foreclosed Oct. 4 1904. V. 79. p. 1461; V. 101. p. 1184
The lease of the Colorado Springs & Cripple Creek District R y. termi­
nated April 22 1919. See that company.
STOCKS AND BONDS.— Com. stook, $2,500 000; 4% non-cum. pref
■took. $3,000,000; par of shares, $100. V. 82, p. 1156: V. 85, r>. 1209.
$326,000 First Mtge. bonds of the Florence & Cripple Creek RR.
C o., assumed and guaranteed by the Cripple Creek & Colorado Spring*
B R .C o. and owned by Cripple Creek Central Ry.Co.were paid during 1918
The company still owns $319,000 o f these bonds.
D IV IS.— ’07. ’08. '09. TO. ' l l . T 2. T3-15. T 6. T7. T 8.
1919-24.
Com .. % __ 6
0
0
0
0
3
4
15
63
See text
Pref
4 4 4 4 4
4
4 4 4
See text
Feb. 1916 an extra dividend o f 10% was declared with the quarterly
1% , on common stock, both payable March 1. In Sept. 1918 the common
dividend was omitted, but the usual pref. dividends Nos. 52 and 53, 1%
each, were paid Dec. 1918 and March 1 1919.
A capital distribution (No. 21) of 1% was paid on the preferred stock
June 2 1924 “ out o f funds heretofore realized from sale o f capital assets.”
Twenty previous quarterly distributions each o f 1 % had been made from
capital assets, No. 1 June 1 1919, and No. 20 on Mar. 1 1924. The present
distribution, it is understood, will reduce the face value o f the Preferred
shares to $79.
REPO RT.— For 1923, gross, $668,203; net, $231,041; deductions, $105,452; net mcome, $125,589.
Pres.. A . E. Carlton; Sec., E. S. Hartwell; Treas.. A. S. Gill. Office,
Colorado Springs.— (V. 118, p. 638.)
CRIPPLE CREEK & COLORADO SPRINGS R R — See Cripple
Creek Central Ry
(THE) CUBA RAILROAD CO. — Owns from Santa Clara, Cuba, to
Santiago de Cuba, 356 miles; Marti-Bayamo San Luis line, 141 miles;
Trinidad lines, 56 miles; eight branches, 133 miles; total June 30 1923, 686
miles. In Nov. 1915 purchased the entire $2,000,000 capital stock of the
Camaguey & Nuevitas R R ., which on Jan. 8 1923 was increased to $5,000,000, all o f which is owned by the Cuba Railroad Co.
STOCK.— The stockholders on June 27 1923 increased the auth. Common
200,000 shares, par $100, to 1,000,000 shares, no par value,
500.000 shares o f no par value stock being issued in place of the then
existing 158,000 shares of $100 par value. The Cuba Co. (V. 105, p. 1993)
owns the entire outstanding common but only $1,000 pref. V. 98, p. 1766;
V. 96, p. 236, 663.
DIVIDEN DS (% ) 1910 ’ „ l ’ 12 ’ 13 •14 ’ 15 ’ 16 ’ 17-’20 ’21-’24
l
Preferred___________ Z)4 41^
6
Text
6
6
6
6 yrly
4)4 5 ^
Common (in cash)_ ____ ____
_
__
4
6
6 ____
6
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. of 3% s. a.; Feb. 1921 div. was omitted,
pajrments resumed in Aug. 1922,when3% was paid; Feb. 1923 to Feb. 1924
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.
BONDS, &c.— 1st M . bonds application to list. V. 86, p . 924; V. 88, p.
451; V. 89, p. 162; V. 91, p. 38, 1253; in 1919 soid 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. M tge. 7 )4 % 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. 714% bonds, due Dec. 1 2021, or prior
thereto, on demand, and $3,956,000 Cuba R R . Impt. & 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 1923, in V. 117, p. 1344, shows:
June 30.
Gross
Oross
Interest Pref. Divs. Balance,
Years—
Earnings.
Income.
Charges.
(6 % ).
Surplus.
1922-23--------$14,146,198 $4,669,480 $1,540,272 $600,000 $2,529,207
1921-22_____ 11,722,972
3,232.286 1,685,842
600,000
946.444
1920-21------- 15,853,959
1,788,669
1,475,711
----------312,959
1919-20......... 14,149,108
3.704,873 1,264,705
600.000
1,840,168
OFFICERS.— Pres., Herbert C. Lakin; Asst, to Pres., Wm. F. Lynch;
Sec., W m. H. Baker; Treas., H. W . Snyder. Corporate office, 83 M ont­
gomery St., Jersey City, N. J.; general offices, 52 William St., N . Y .—
(V . 117, p. 2652.)
CUMBERLAND & PENNSYLVANIA RR.— Owns from Cumberland,
M d., to Piedmont. W . Va.t and several branches, 51 miles. Owned by The
Consolidation Coal Co., which owns all the $1,500,000 stock. Pres., C. W.
Watson; Sec. & Treas., T. K. Stuart.— (V. 85, p. 1401; V. 108, p. 1610;
V. 110, p. 1289; V. US. p. 2311.)
CUMBERLAND RAILWAY & COAL CO.— Owns road from Sprtnghlll
Jot. to Springhll) Coal Mines, N. S., and Parrsboro on the Bay of Fundy,
32 miles; also coal acres, 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 6s guaranteed by Steel Corp. issued
under a mtge. for $3,000,000 providing for future requirements. Y. 91, p.
1629, 1766; V. 92, p. 186, 1435; V. 97. p. 1583 Leased to Dominion doal
Co. Earnings Included in report of lessee.— (V. 117, p. 1346.)




Amount
Outstanding

[V ol. 118.

2,186.000
1,300,000

5
5
5
7g
7 g
52
52

July’24-Jan '25
Dec ‘24-Dec ’25
Nov ’24-Nov ’26
Oct ‘24-Apr ’30
Sept 16’24 to ’ 25
June 1 1958
Oct 1940

United States Tr Co. NY
United States Tr C o, NY
Guaranty Trust Co, N Y
Commercial Tr Co. Phila
Irv Bank-Col Tr Co, N Y
Guaranty Trust Co, N Y
Montreal, Canada

\%
& O Apr 1924
2%
< — J Apr 1924
;
A J Jan 1 1931
,r d J July l 1949
o
j
80 J Jan 2 1924 4%
j
& .TJuly 1 1932
c, — F M ay 20 1924 2%
F & A Aug 11955

Cincinnati, O
do
J P Morgan tc Go, N Y
Farmer*’ L & Tr Co, N Y
Checks mailed
Treas Pa RR Co, Phila
11 W State St.. Trenton
Meoh Nat Bk,Trenton,NJ

A

j

9
Q— M June 20 1924 2 K Ofiice 32 Na*sau St, N Y
do
do
SSept 1 1924
6e
M & •
do
do
4 4 S M & S Moh 1 1942
do
do
4
M 8c N May 1 1943
do
do
5g
r,
\ 8 O Oct 1 1935
do
do
,
7g
,T 8c D June 1 1930
do
do
5)4 S M & N M ay 1 1937
6
,T 8
r, J Jan 15 1925-35 Guaranty Tr Co, N Y
6
M A s Mar 1 1930
t
4
j
5
j
34 g A
5
4

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

& J Jan 1 1940
8, ,TJuly 1 1939
c
S O April 1 1946
c

M 8c N M ay 1 1947
J & J Jan 1 1942

■

do
do

do
do

CUMBERLAND R R .— Artemus to Wheeler, K y ., 10.2 miles, and
Lansford to Anchor, K y ., 2.7 m .; total, 12.9 miles. Incorp. In Kentucky
In 1902. Stock auth., $100,000; outstanding, $20,990; par, $100. Bonds
($3,000,000 auth. issue) outstanding, $1,028,000. J. R. Campbell of
Artemus, K y., was appointed receiver in April 1920. Pres., Fairfax
Harrison; Sec. & Treas., " S. Wynn.
DAYTON & MICHIGAN R R .— Owns Dayton, O.. to Toledo June., O.;
140.87 miles. Leased M ay 1 1863 In perpetuity to Cin. Ham. & Dayton
(assumed by Toledo & Cincinnati RK. C o.). Lease modified June 23
1870. Rental is maintenance o f organization, interest on bonds and 8%
on preferred stock and 3 )4 % on common. Guaranty on preferred is
secured by mtge. of 1871, but the pref. carries no voting power. V. 561
p. 813. Mtge. of 1856 is held alive under mtge. of 1881. V. 91, p. 1446,
V .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 of Cin. Ham. & Dayton.— (V. 92, p. 528.)
DAYTON & UNION RR.— Owns from Dodson, O.. to Union City, Tnd i
31.74 m.; leases Dayton to Dodson, 15.30 m.; total operated, 47.04 m
The Cieve. Cin. Chic. & St. Louis and Tol. & Cincinnati jointly own the
$86,300 stock. Year ending Dec. 31 1923, gross, $147,183; net oper. deficit.
$32,532; total., def., $39,931; int., rentals, &c., $6,095; bal., def., $46,027.
— (V. 97, p. 236.)
DAYTON UNION R Y .— Union depot at Dayton. O. Used by Pitts.
Cin. Chic. & St. L ., Cieve. Cin. Chic. & St. L., Balt. & Ohio R R ., Dayton & 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. M cKeen,
St. Louis. M o.; Sec., S. H. Church. Pittsburgh, Pa.— (V. 89, p. 1347.)
DELAWARE RR. C O .—(See Maps Penney. RR.)— Shellpot Crossin?*
Del., to Delmar, Del , 95.20 miles: branches, Centrevllle, Md., to Townsend
Del.. 34 98 m.; Clayton, Del., to Oxford. Md., 54.27 m.; Seaford, Del., to
Cambridge, M d., 32.96 m.; Massey. M d , to south of Chestertown, M d,.
20.52 m.; otner branches, 7.22 m.; total, 245.15 miles. V. 67, p. 1356.
Leased to Philadelphia Baltimore & Washington (which owns $2,704,600
of the stook) for 99 years from Moh. 1 1910 at a guaranteed rental of 8% on
the stook, a special stock dividend of 70% being paid Feb. 28 1910; also a
.pedal cash dividend of 20% and an extra cash dividend of 5%
For cal. year 1923, rental, $423,934; other Income, $43,681; charges.
68,055; divs. (8% ), $406,262; bal.. sur. $5,377.— (V. 118, p. 430.)
DELAWARE & BOUND BROOK R R .— Bound BrookiJunc. (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, 8cc., 123.33 miles. In M ay 1879 leased for 990 year*
co Phlla. 8c Reading. Rental, $213,107.50, paying interest and 8% on
•tock.— (V. 81. p. 210.)
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, T roy, Lake
Placid, N . 1 . , Rutland, V t., and other points, a total of 918.39 miles (of
which 342.93 owned in fee, 463.82 miles leased or controlled through stock
ownership and 111.64 miles trackage rights, viz.:
,-fteam Lines owned (343 m.) Miles.
Lines leased— *See these cos. Miles.
Oarbondale to Scranton,Pa.,& br. 22 ♦Albany & Susquehanna________ 143
LookoutJct. to HonesdaleJct.,Pa. 28 ♦Rensselaer & Saratoga__________190
Nineveh, N.Y.toJefferson Jet..Pa 22 ♦Chateaugay & Lake Placid R R .. 79
OherryValjrct.toCherryVaL.N. Y . 21 Other leased lines________________ 52
Schenectady to Delanson. N . Y _14 ♦Jefferson R R . (trackage)______ 35
Greenwich to Greenw’ch J et.,N .Y 10 Boston & Maine ( t r a c k a g e ) _ 37
Saratoga to North Creek, N . Y__ 57 Other trackage__________________ 40
Whitehall to Rouses Point, etc_151
Other lines owned_______________18
Total operated Jan. 1 1924 .- 918
Second track, 371.42 miles; third track, 53.10 miles; fourth track, 18.79
miles; industrial tracks, yard track and sidings, &c., $673.95 miles.
Also leases Utica Clinton & Bingh. and Rome & Clinton R R ., 44 miles,
which are sublet to N. Y . Ont. & W. V. 116, p. 1760. 2128.
H ISTORY.— Incorporated April 23 1823 as ‘ ‘ The President, Managers
and Company of The Delaware and Hudson Coal Company” ; name changed
April 28 1899.
A leading carrier of anthracite coal (V. 86, p. 913; V . 105, p . 2093.
All coal produced from the company’s mines is sold at the pit mouth to
the Hudson Coal Co. (V. 89, p. 1449). The canal was abandoned and the
cost charged o ff 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.
Allied Properties.— (a) Entire capital stocks owned: Quebec Montreal 8c
Southern Ry. Co., Naplerville Junction Ry. Co., Greenwich & Johnsonrille Ry. Co., Schoharie Valley Ry. Co., United Trac. Co. and Troy & New
England Ry. Co.; (6) one-half the stock owned: Wilkes-Barre Connecting
RR. Co. and Schenec, Ry. See list of stock. &c., holdings. V. 106. p. 1893.
Anthracite rate case ,V. 101. D. 2072 V. 102. p. 1357
Albany 8c Susq. stockholders were held by higher Federal courts to be en­
titled to the saving of Interest effected by the refunding at 3H % of the re­
maining $7,050,000 of the $10,000,000 issue of Albany 8c 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. T o 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 $7,980,902 from 1900 to Dec. 31
1923, 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.—
/'87. ’88. '89 to ’96. ’97 to 00. ’01 to '06. ’07 to June .20*24
Since 1886-.% 1 5
6 7 yearly. 5 yearly. 7 yearly. 9yrly.Q-M2H%

M ay , 1924.]




RAILWAY STOCKS AND BONDS

45

46

RAILW AY STOCKS AND BONDS

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

Delaware Lacka & Western— Stock auth $87,277,000.
River RR A Bridge— 1st M g gu p & 1 sf l% G P,xo'
Receiver’s certificates Series A _______
Receiver’s certificates_______________
Bonds of old Denver A Rio Grande RR.First A Ref M $150,000,000 gold red 110__Baxc**r*
Adjust M Incomes $25,000,000 7 % cum red 115 Nxo*
Im provement M ($5,000 per mile g _____Us.xo’ Ar
Rio Grande Western 1st M gold (V69, p 284) -Ce.zc*
First Cons mtge redeem at par (see text) g.G.xo*
Bonds of Affiliated Companies—
Rio Grande Southern first mortgage guar_____Cex
Rio Grande Junction first mortgage guar___ Ce.xo*
Utah Fuel Co 1st M $2,000,000 redeem at 110_ Gz
_
Pleasant Valley Coal 1st M s f redeem at 115____Gz
■Salt Lake City Union Depot A RR— See that Co.
pledged under adjustment mtge.; y $1.395,000.

Miles Date
Road Bonds

Par
Value

! 1.647
11.647
2,541
2.541
1,647
699
699

1886
1898
1908
1912
1888
1889
1899

180 1890
62 1889
1901
. . . 1898

500 Ac v34,125,000
1,000 $5,382 000
$ & mks x31,114,000
$,£,m,&c 10,000,000
500 8,335,000
1,000 Ac 15,190,000
1,000 Ac yl5.080.000
1.000
1.000
1,000
1,000

2,277,000
2.000,000
486,000
897.000

When
Payable

J
F

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

rork
Q— J Apr 21 '24 3% 90 West St, New Y
do
do
& J 1930-1936
Penn RR Co. Pbiia & N Y
A A Aug 11936

M &

S To Mar 1 1938 New York

J

D Dec 1 1924

4 g J
iX g J
F
5g
A
7
5 g J
4g J
4g A

&
A
A
&
it
&
.
A

J Jan
J Jan
A Aug
O Apr
D June
J July
O Apr

J
J
M
J

A
A
*
A

J July 1
n Deo 1
s Moh 1
j July 1

4
5
5
5

g
g
g
g

1 1936
1 1936
1 1955
1 1932
1 1928
1 1939
1 1949
1940
1939
1931
1928

National Park Bank, N Y
do
do
Bankers Trust Co. N Y
Oct 1921 interest not paid
National Park Bk, N Y
Guaranty Trust Co, N Y
do
do
Maitland Coppell, N Y
do
do
Guaranty Trust Co, N Y
do
do

tees D ec. 31 ’ 23. viz: v $1,445,000; x $10,947 .000. Incl uding $7,005,00 0

Total oper. revenue-.$47,320,452 $37,823,256 $45,776,859 $45,354,299
Maintenance of way, &c.
$4,414,384 $5,140,223 $5,509,990 $5,114,909
Maintenance o f equip’t13,114,203 11,590,317 12,801,190 12,736,974
486,676
526,017
493,625
386,448
T raffic________________
Transportation________ 19,366,915
16,085,687 17,880,423 21,669,667
General, &c., expenses..
1,970,062 2,199,029 2,140,301
2,218,331
Total oper. expenses..$39,352.240 $35,615,053 $38,825,529 $42,126,330
Net earnings before taxes $7,968,212 $2,208,203 $6,951,330 $3,227,969
Other Income—■
Hire of freight cars___ Dr.$262,635 Dr.$65,052
$915,595
______
Rent freight equipment.
164,454
225,180
184,243
201,323
Joint facility rents_____
180,133
122,804
167,056
136,502
$8,050,165 $2,490,334 $8,218,225 $3,565,793
$1,119,358
$879,053
$993,974 $1,186,054
11,095
11,361
16,732
939
85,656
76,784
83,912
132,175
384,029
356,923
364,489
428,059

Net ry. oper. income. $6,450,026 $1,166,212 $6,759,117 $1,818,566
Non-Oper. Income—««*
Income from leased road
$91,389
$101,832
$88,124
$88,933
Miscell. rent income____
108,520
68,151
49,410
85,198
M isc.non-op.phys.prop.
62,038
10,673
12,149
23,468
Dividend income_______ 1,412,606
1,282,295
1,327,617 1,038,041
Inc. from fund. secs, and
unfund. secs. & accts.
285,300
336,559
311,436
358,846
Miscellaneous income_
_ 1,835,248
1,913,680
1,644,050 1,396,801
Gross income________ $10,245,127 $4,879,404 $10,191,904 $10,431,017
Deductions__
Rent for leased r o a d s ... $1,843,810 $1,836,949 $1,771,929 $1,944,157
Interest on funded debt.
3.479,592 3,427,066 3,284,580 3,228,948
Int. on unfunded d eb t-.
160,718
70,602
178,272
303,585
Miscellaneous__________
49,307
20,788
19,670
21,164
Net income_________ $4.711,699Loss$476,000 $4,93?,452 $4,933,163
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— L. F. Loree, Pres., N . Y . City; W . H. Williams, C . 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.; F. M . Olyphant, Sec.; W . H. Davies, Treas.; W. E. Eppler,
Comptroller, N. Y . City.
Board of Managers.— Chauncev M . Depew. Charles A. Peabody, Leonor
F. Loree, Cornelius Vanderbilt, Edward R . Harriman, E. H. Outerbridge,
John L. 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. 118, p. 2033.)
DELAWARE LACKAWANNA AND WESTERN R R . CO. (THE).—
Operates main line from Hoboken, N. J., opposite New York City, to
Buffalo, N. Y ., 410 miles, with branches to anthracite region, &c., 547
miles, viz. (*see this company):




Rate
%

$50 $87,277,000
12
’8~0-’86 100 Ao
320 000
6 g
1.00C 1.151.000
10 1896
42
sed un der Reo rganizati on Plan, see text.
1923
$1,00C $4,200,000
5H
4 ,5 0 0 ,0 0 0
5)4
6
1922
5 ,0 0 0 ,0 0 0

BONDS, &c.— On M ay 12 1908 stockholders authorized a First & Ref
M tge. for $50,000,000, bearing not over 4% int. and running 35 years, and
subject to redemption as an entirety only at 107 X on any lnt. 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 purohasr
bonds or for improvements and extensions. Of the issue, $32,204,030 are
outstanding in the hands o f 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 issuance of $14,451.000
20-year 5% bonds, which were offered to stockholders The bonds may at
option o f holders at any time up to Oct. 1 1927 be converted into paid-up
shares o f capital stock at the rate o f $1,500 bonds for ten shares of stock
(with an adjustment o f 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 o f 1920 are secured by deposit
and pledge with trustee o f the following: (1) $10,000,000 Del. & Hudson
1st & Ref. 4s of 1943; (2) $3,500,000 Albany & Susq. R R . 1st 34*s of 1946;
(3) $1,000,000 Wilkes-Barre Connecting R R . 1st & Improv. 5s. due May 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 A
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
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, p. 1865.1977.
Equipment trusts issued to Director-General for rolling stock allo­
cated to this company. See article on page 3 and V. 113, p. 1470.
Government loan, V. I l l , p. 692. 1851.
R E PO RT.— For 1923, in V. 118, p. 2054. showed:
--------- ------ -—Corporate-------------------- Combined
1923.
1922.
1921.
1920.
Transportation of mdse.$16,220.230 $15,557,222 $14,709,859 $17,489,467
Transportation of c o a l.. 24,329,812 15,276,651 24,876,088 21,674,176
Passengers_____________ 4,999,972
4,723,005
4,729,852 4,747,364
Miscellaneous__________ 1,770,467
2,256,379
1,461,059 1,443,292

Gross ry. oper. income
Railway tax accru als...
Uncollectible railway rev
Rent for equipment____
Joint facility rents_____

Amount
Outstanding

[V ol. 118.

Lines Leased (Concl.)—
Miles.
Lines Owned—
Miles.
N. J. State line to N. Y . line____111 •Oswego & Syracuse_____________ 35
Branoh to Northumberland_____80 •Syracuse Binghamton & N. Y ._ 8l
Erie & Central N . Y.(V.96.p.202) 18 •Utloa Chenango & Susquehanna 97
Bangor A Portland R y ___________38 •Valley R R . of New York........... 11
Other lines owned______________ 9 Sussex Railroad_________________ 31
Lines Leased— (See each co.)—
•Lackawanna RR. of N. J _______ 28
Lines Controlled and Operated—
•Morris A Essex and leased brchs.176
•N. Y . Lackawanna A W estern._2l4 Lackawanna A Montrose R R ____11
•Cayuga & Susquehanna________ 34
Greene Railroad________________ 8
Total operated_______________ 080
HISTORY, &c.— Chartered in 1832, present title assumed In 1853.
In June 1909 tne D. L. A W . Coal Co. was Incorporated with $6,800,000
authorized stock, to act as selling agent for the company’s ooal in Pennsyl­
vania, the railroad stockholders being permitted to subscribe for its stock
Bee extra dividend below, also that company’s caption under Miscel. Cos.
United States Supreme Court on June 21 1915 in the suit brought by
the Government held that the company, under the contract of Aug. 2 1909,
violated the commodities clause of the Hepburn Act and the Sherman anti­
trust law (V. 100, p. 2114; V. 101, p. 17), in its relations with the D . L. & W.
Coal Co. A new contract was arranged. V. 101. p. 47. In M ay 1917
lult over M om s & Essex lease was settled, the guaranteed dividend on
M. & E. stock being Increased from 7% to 7J i% p. a. V. 104, p. 2118.
V. 100, p. 1509. 1832; V . 102, p. 1896: over Syr. Bing. & N. Y . lease. V. 103.
p. 1980. Anthracite rate case, V. 101, p. 2072; V. 102, p. 1357. Govern­
ment regulation of coal prices in 1917. V. 105, p. 767, 2412, 2293. 1961.
The company on 8ept. 17 1920 submitted to the I.-S. O. Commission a
plan for the segregation of its coal properties and the operation o f its mines
owned, as distinct enterprises from its railroad properties. The Comission,
in April 1921 authorized the company to issue $45,000,000 common stock
to be distributed as a stock dividend. The stockholders on July 21 1921
authorized an increase of $45,000,000 in the capital stock and also approved
the sale of the road’s anthracite coal properties to the Glen Alden Coal Co.
for $60,000,000. Compare V. 112, p. 2190.
D IVIDEN DS— (1904. 1905. 1906-08. 1909. 1910'to 1920. 1921-24.
Since 1903
(% ) 1 17
19H 20 yearly 70
20% yrly. see below
Dividends previously 2 X % Q.-J. (10% p. a.) and 10% extra December
were In 1918 changed to 5% each quarter, which rate was paid to and Incl.
July 20 1921: on Oct. 20 l921 paid 3% ouar. on’ the increased stock. On
Jan. 20 1922 paid 3% quar. and 5% extra; April 20 1922 to Apr. 21 1924,
3% quar.
July 1909 paid special cash dividend 50% one-half applicable, if desired,
to subscription of stock of new D. L. A W . Coal Co. selling agenoy; also
paid 15% stock dividend Aug. 2 1909. and in Deo. 1911 35% in 4% guar,
stock of Laob. R R . of N. J. V. 89. p. 41.224; V 93. p. 1323: V. 94. p.549.
On Aug. 20 1921 paid a stock dividend of 100%. V. 113, p. 531.
R E PO RT.— For 1923, in V. 118, p. 1932, showed:
Years Ending Dec. 31—
1923.
1922.
1921.
Coal____________________
$25,151,010 $14,294,191 $26,606,299
Merchandise freight_________________ 39,085,364 37,262,516 36,970,445
Passengers__________________________ 14,185,914 13,960,681 14,438,161
8,104,956 7,962,910
Mail, express, &c__________________ 9,814,686
Gross______________________
$88,236,974 $74,622,344 $85,977,815
Net, after taxes____________________ $12,751,170 $6,046,287 $12,781,395
Coal department (net)______________
418
43,847
6,626,405
Other miscellaneous income_________
6,320,878 10,757,928
6,851,739
Total net income_________________ $19,072,466 $16,848,062 $26,259,539
Interest and rentals__________________ $6,068,514 $5,628,172 $5,730,660
Renewals and betterments__________
503,136
732,537
1,105,555
Expenses prior to Jan. 1 1918_______
______
______
Cr. 3,869
Miscellaneous debits________________
122,814
11,425
268,789
Dividends__________________________ 10,132,932 10,132,932 13,510,576
Balance, surplus_________________ $2,245,069
$342,997 $5,647,827
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. & Treas.
W. G. Van de Water: Gen. Aud., R . B. Ferguson; Compt.. G. E. Hustis.
DIRECTO RS.— W . S. Jenney, Paul Moore, Wm. H. Truesdale, Geo. F.
Baker Jr., Henry R . Taylor, M . H. Dodge, Beekman Winthrop, William
Fahnestock, J. F. Talmage, Samuel Sloan, P. I. Pyne, Henry B. Spencer,
Roy C. Gasser. Office, 90 West St., New York.— (V. 118, p. 1902.)
DELAWARE & NORTHERN RR.— East Branch to Arkvllle, 38 miles,
and 8-mile branoh. Inoorp. in N. Y. Oot. 14 1911 as a reorganization of
Del. & Eastern R R ., foreclosed per plan V. 93, d . 588. Stock, common,
$1,000,000; 6% cum. pref., $250,000; par. $100. No bonds.
For 1922, gross, $206,428; net, $18,357; other income, $1,546; fixed
charges, $14,508; bal., sur., $5,395- Pres., Andrew M . Moreland; Sec. &
Treas., Howard Feist; Asst. Sec. & Aud., H. G. Eckert. Office, Margaretville, N. Y .— (V. 115, p. 2045.
DELAWARE RIVER RR. & BRIDGE CO.— Frankford Jot., Pa., to
Haddonfield, N. J., and branches. 9.52 miles.
Capital stock, $1,300,000, all owned by Penn. R R ., which guarantees
bonds, prin. & int., by end., and in April 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 IV 8.— ’06-’07. '08. ’09-'10. ’ l l . T 2-’ 13. ’ 14. ’ 15.
1916-23.
Per c e n t____6 y ’ly
6
6 y ’ly
8
6 y ’ly
4
4
6% yrly
— (V. 101. p. 2071; V. 102. p. 1540; V. 106, p. 2228.)
DENVER BOULDER & WESTERN RR.— See “ Railway and Industrial
Section” of M ay 1920 and V. 112, p. 1143, 1399. 2082.
DENVER & RIO QRANDE WESTERN R R .— R O A D .— Mileage.
Road owned and operated_____2,4901 Of the preceding:
Rio Gr. Jc. R R ., Ao. (leased).. 120 Standard gauge_______________1,779
-------- 1Narrow gauge only____________ 831
Total operated_____________2,6101Seoond track__________________ 317

M ay , 1924.]

BAILW AY STOCKS AND BONDS

H ISTO R Y.— Incorp. in Dela. N ov. 15 1920 as successor to the Denver
& Rio Grande R R . A company with the same title (to be the operating
company) was incorporated in Colorado on Nov. 30 1920.
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.
D igest o f R eorganization Plan Dated Ju n e 15 1923.
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’ committees,
o f 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 o f the Hammond committee, subsequently abandoned, in V. 114,
p. 515, 519.)
Results Which the Reorganization Is Intended to Accomplish.
(1) The early termination o f the receivership.
(2) Provision o f $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 o f 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 o f ref. & impt. bonds, superior in lien to the gen. mtge. bonds above
mentioned. No ref. & impt. bonds will be presently issued under the plan.
(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.
(6) Vesting in trustees, subject to the existing pledge thereof to secure
the 1st consol, mtge. 4% 50-year gold bonds of Rio Grande Western R y.,
of the entire capital stock of the Utah Fuel Co., subject to a charge for the
security o f the ref. & impt. bonds and the gen. mtge. bonds and of any bonds
or obligations issued to pay or refund the ref. & impt. bonds or the gen.
mtge. bonds, or any o f them, in the order o f their priority; the dividends on
the stock o f the Utah Fuel Co., so long as any o f the ref. & impt. bonds or
the gen. mtge. bonds, or any bonds or obligations issued to pay or refund
the ref. & impt. bonds or the gen. mtge. bonds, or any of them, shall remain
outstanding, to be paid to the new company, except that whenever the new
company shall have paid all accrued dividends, and provided for current
dividends, upon its pref. stock, such Utah Fuel dividends are to be paid to
the Missouri Pacific and the Western Pacific, which are to be equal owners
o f the equity in said stock, as well as the equal beneficial owners of the
common stock of the new company.
(7) The creation, under a voting trust, o f equal beneficial interests in
the new company's common stock, to be vested in the Missouri Pacific and
the Western Pacific.
Bonds Which May Be Deposited under the Plan.
(a) $31,114,000 D. & R. G. R R . 1st & ref. mtge. 5% gold bonds, with cou­
pons maturing Feb. 1 1922 and all subsequent coupons attached (see above)
(b) $10,000,000 D. & R. G. R R . 7% cum. adjust, mtge. gold bonds
with coupons maturing Oct. 1 1921 and all subsequent coupons attached.
Securities to Be Authorized by New Co. and Proposed Disposition Thereof.
(1) Refunding & Improvement Bonds.— To be secured by a mortgage which
will be a lien (subject only to existing liens o f underlying bonds and to liens
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
minal properties, and such securities and (or) after-acquired property as the
reorganization managers shall determine. Bonds may be issued in separate
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.
The mortgage securing the ref. & impt. bonds shall authorize the issue
thereunder by the new company o f such principal amount o f bonds, at any
one time outstanding, not exceeding $150,000,000, as determined by the
•directors. Of the bonds so authorized there shall be reserved to refund
underlying bonds a principal amount equal to 105% o f the principal amount
of underlying bonds (now $81,112,000) from time to time outstanding.
The modified plan provides that refunding and improvement bonds, to
the extent o f $3,000,000, are to be issued to provide additional capital. The
Missouri Pacific R R . and the Western Pacific R R . Corp. have agreed upon
the consummation o f the plan o f reorganization to purchase $2,000,000
o f the new ref. & impt. bonds provided for by the plan, and at the same
time to purchase an additional $1,000,000 o f the bonds if it shall be deemed
necessary for the purposes o f the new company, all o f the bonds to be
purchased at such prices as may be approved by the I.-S. C. Commission.
The obligations o f the railroad companies shall be several, that is to say
each o f them shall be under obligation to purchase one-half only o f the
bonds. The purchase by one o f them o f its one-half o f the bonds shall
operate as a discharge o f such party from its obligation to advance to the
new company any part o f the sum o f $740,827, as provided in a letter to
the I.-S. C. Commission, dated Dec. 3 1923.
(2) Oen. Mtge. Bonds.— Limited to the total authorized amount o f not
exceeding $30,000,000. maturing Aug. 1 1955 (i. e .. date of maturity ofpresent ref. bonds) and bearing 5% int., payable semi-ann. from Feb. 1 1924.
Bonds will be secured by a mortgage subject and subordinate to the ref. &
impt. mtge. and co-extensive therewith as to property and rights covered.
The 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.;
(b) new company shall pay, on or before M ay 1 1925, and on or before
M ay 1 in each year thereafter, so long as any o f the gen. mtge. bonds shall
be outstanding, an amount equal to 1% o f the maximum amount of gen.
mtge. bonds at any one time issued and outstanding, such payments to be
required to be made only out o f net income for the last preceding calendar
year (but to be cumulative) as a sinking fund, to be applied to the purchase
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
from time to time to be added to sinking fund and applied in same manner.
The gen. mtge. bonds will be applicable in the first instance as follows:
In exchange for refunding bonds and coupons_________________ $22,557,650
In exchange for adjustment bonds and coupons_______________ 7,250,000
Total------------------------------------------------------------------------------- -$29,807,650
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
extent o f 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
be mandatory even if the same shall have been earned by the new company;
but if earned and available, whether prior to Feb. 1 1929, or thereafter, the
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
o f the directors o f the new company such payment is not inconsistent with
due regard for the protection o f the property o f the new company and the
maintenance o f efficient service thereon. Commencing Feb. 1 1929, int.
upon the gen. mtge. bonds accruing from and after that date shall be a
fixed charge o f the new company.”
(3)
Preferred Stock.— Authorized, $17,000,000 (par $100). Entitled
receive cumulative dividends at rate o f 6% per annum, payable quarterly
Dividends on the pref. stock shall accrue from Feb. 1 1924. Redeemable,
all or part, upon 30 days’ notice at 105 and dividends.
A preferred stockholders’ committee, consisting o f three members (one
to be selected by each o f the different committees above) shall be created.
T he members so designated shall hold office for 5 years. The pref. stock­
holders’ committee, at any time when as many as four quarterly dividends
upon the pref. stock (whether or not consecutive) shall have accrued and be
unpaid, m ay, and at the request in writing of the holders of record of at least
10% o f the then outstanding pref. stock shall, appoint an accountant
familiar with railroad affairs, a banker and a man o f experience in practical
railroad work, who shall be given full access to the books and accounts of
the new company and o f its subsidiaries, and also to the books and accounts
o f the Utah Fuel Co. Such appointees when so required by the pref. stock­
holders’ committee, shall report their opinions and conclusions concerning




47

the propriety of declaring dividends upon the pref. stock and the proper
availability of moneys therefor and their opinions and conclusions as to
the carrying out of the policies prescribed for the new company.
The pref. stock is to be applicable in the first instance as follows;
To be issued in exchange for refunding bonds_________________ $12,445,600
To be issued in exchange for adjustment bonds_______________ 4,000,000
T ota l._____________ _______________________________________$16,445,600
Common Stock.—-An issuo of common stock shall be created which shall
possess full voting rights and shall consist of 300,000 shares, or such other
number as the reorganization managers shall determine. The shares may
have such par value or be without par value as the reorganization managers
shall determine. All of the common stock in the first instance shall be
issued to or vested in the Western Pacific, but the beneficial interest therein,
upon the consummation of the plan, shall be vested equally in the Western
Pacific and the Missouri Pacific.
T reatm ent o f R efu n d in g and A djustm ent B onds,
(а) Refunding bondholders who shall have become bound by the plan will
be entitled to receive: For each $1,000 of bonds with coupon of Feb. 1 and
all subsequent coupons, $725 of gen. mtge. bonds, bearing int. from Feb. 1
1924 at the rate of 5% per ann., and $400 6% cum. pref. stock. Holders
of refunding bonds who have heretofore sold the Feb. 1 1922 coupon appur­
tenant thereto may at their election deposit such bonds without the Feb. 1
1922 coupon attached. Such depositors and holders of certificates of deposit
representing refunding bonds, the Feb. 1 1922 coupons appurtenant to which
have heretofore been sold, shall receive for each $1,000 of refunding bonds
bearing the coupon of Aug. 1 1922 and all subsequent coupons attached,
$700 of gen. mtge. bonds bearing interest from Feb. 1 1924 at the rate of
5% per ann. and $400 6% cum. pref. stock. Holders of such Feb. 1 1922
coupons appurtenant to refunding bonds as have been heretofore sold may
deposit the same and shall receive in respect thereof $25 of gen. mtge. bonds
bearing interest from Feb. 1 1924 at the rate of 5% per annum.
(б) Adjustment bondholders who shall have become bound by the plan
will be entitled to receive: For each $1,000 of adjustment bonds with the
coupons of Oct. 1 1921 and all subsequent coupons, $725 of gen. mtge.
bonds, bearing interest from Feb. 1 1924 at the rate of 5% per annum, and
$400 o f 6% cumulative preferred stock.
Provision for Transfer of Mortgaged Property, Other Assets and Cash to New Co.
Upon transfer to the new company o f the properties to be sold under fore­
closure of the refunding and adjustment mortgages, and upon receipt from
the Missouri Pacific o f the purchase price of the stock of the new company
to be acquired by it as provided, the Western Pacific will:
(а) Pay to the new company $10,000,000 in cash.
(б) Transfer or cause to be transferred to the new co. all its right, title and
interest and all the right, title and interest of the present co. in and to:
The lines of railroad and other property subject to the refunding mtge. or
the adjustment mtge. (except such items o f property as the reorganization
managers may determine to be of no value or not advantageous for the new
co. 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.)
(c) Account to the new company or to the reorganization managers for any
amounts which hereafter may be realized by it, as the owner of an equitable
interest, amounting to approximately 95%, in the unsatisfied portion of the
judgment in favor of Equitable Trust Co. of New York, as trustee, against
the old Denver company (amounting, with interest, as of May 15 1923,to
approximately $33,000,000), not, however, including moneys, amounting to
less than $50,000, now in the hands of A. R. Baldwin as receiver of the old
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
whatever it may receive as the proceeds of: $1,777,000 1st mtge. 5% gold
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.
Other properties to be acquired include 19,583 shares o f the capital stock
of Rio Grande Junction R y. pledged under the adjustment mtge. and the
refunding mtge. and 7 shares in the treasury of the present company.
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
consolidating the Rio Grande Junction R y. into the Denver System.
Sale of One-Half Interest to Missouri Pacific and Creation of Voting Trust.
Upon the transfer to the new company o f the properties sold under fore­
closure the Western Pacific will transfer to the Missouri Pacific one-half of
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
for the longest period for which a voting trust may be legally made, con­
sisting of three trustees, one appointed by the Missouri Pacific, one ap­
pointed by the Western Pacific and the third person to be agreed upon
by both.
The board of directors of the new company shall consist of nine members,
four to be nominated by the Western Pacific, four to be nominated by the
Missouri Pacific, the remaining director to be nominated by the Missouri
Pacific and the Western Pacific jointly.
(For further details o f plan, compare V. 116, p. 2881; V. 118, p. 1134.)
History of Old Company.
Judge Learned Hand in the U. S. Dist. Court in N . Y . City on May 18
1917 decided in favor of the Equitable Trust C o., as mtge. trustee of the
old Western Pacific Railway, the suit brought against the Denver & Rio
Grande R R . Co. to enforce the payment of the guaranteed bonds. V. 105
& 1309. 1522; V. 104, p. 2641, 2117. The Circuit Court of Appeals at
. Y. on Jan. 4 1918 affirmed the decision, ranking the judgment as a lien
on the property inferior to the lien of the mortgage bonds. V. 107. d . 1186:
V. 106. p. 85. 188, 1126. 1688. The Circuit Court of Appeals at St. Louis
in March 1923 also affirmed decisions denying leave to the stockholders to
file a so-called ancillary bill to restrain the enforcement of the judgment.
V. 116, p. 1049.
On Jan 26 1918, In view of the foregoing judgment, the property was
glaced in the hands of its President, Edward L. Brown, and Alexander R.
aid win. of San Fran.. V.-Pres. & Gen. Attorney of the Western Pacific
R R ., as receivers by the U. S. District Court at Denver, on application by
a creditor, the company consenting, although earning a surplus over fixed
charges, and there was no other floating debt. V . 106. p. 498: V.10Zj).1186.
On Feb. 28 1918 the U. S. G ov't, having, as a war measure, tsSen over
the managment of the proDerty, M r. Brown retired as receiver and M r.
Baldwin remained as sole receiver of the free assets with no part in the
operation of the road. V. 106, p. 929.
In June 1918, $10,418,700 securities held by the company tn N. Y.
banks were attached; $10,000,000 stock of Utah Fuel Co. was sold under
this Judgment on June 20 and bid in by William Salomon & Co. on behalf
of Western Pacific R R . Corp. for $4 000 000. V. 106 p. 2648, 2559.
The Equitable Trust Co. on M ay 4 1920 obtained an order from Supreme
Court Justice Lydon, directing David B. Knott, Sheriff of N. Y . County,
to issue a further execution upon a judgment awarded against the road and
to levy upon certain property o f the defendant held in this State. The
sale, which took place on M ay 26 1920, realized about $1,200,000. Com­
pare V. 110, p. 1972, 2291.
For payments made under foregoing judgment see Western Pacific
R R . Corp.
Sale of Road.— The road was sold at public auction on N ov. 20 1920 for
$5,000,000, the minimum amount allowed by the Court, to John F. Bowie
of New York, representative of the Western Pacific R R . Confirmation
of the sale was held up owing to objections filed by the pref. and com.
stockholders’ committee. A petition by the latter to intervene was denied
on Feb. 28 1921 by the U. S. Circuit Court of Appeals at St. Louis. The
sale was finally confirmed on March 28 1921 by Federal Judge Robert E.
Lewis at Denver, after the Court had ruled that a resale would be ordered
if the stockholders' committee would deposit $100,000 on March 25 1921
and agree to bid $10,000,000 for the property at the resale. Judge Lewis
refused to permit the committee to file a bond of $100,000 in lieu of cash.
to Judge Lewis in the Federal District Court at Denver on April 2 1921 dis­
missed the ancillary action brought by stockholders to set aside the sale of
the property of the Western Pacific. The Circuit Court of Appeals at
St. Louis in March 1923 affirmed the decision of the lower court. V. I l l ,
p. 2227, 2323, 2520; V. 112, p. 257, 372, 652, 932, 1024, 1143, 1282, 1399,
1518, 1865, 2082, 2190; V. 113, p. 531, 1250; V. 116, p. 1049.
Interest Payments.— Coupons due Feb. 1 1918 on First & Ref. Mtge. 5s
and April 1 1918 on Rio Grande Western 1st Consol. Mtge. 4s (V. 106,
p. 1461), were paid on M ay 24 1918
Coupons due June 1 1919 on the
Improv. 5s delayed were paid July 1 1919; Equitable Trust C o., N. Y ., had
previously offered to purchase them on behalf of Western Pacific R R . Corp.
V . 108, p. 2329. Subsequent interest payments have been made when due.
Committees Formed in View of Aforesaid Decision (V. 104, p. 2117).
First & Ref. 5% M. Bonds.— John Henry Hammond, Chairman; Bertram
Cutler, Charles Hayden, Melvin A. Traylor, Andrew J. Miller and Frederick
Strauss; B. W . Jones, Secretary, 16 Wall St. Cadwalader, Wickersham A

48

KAILW AY STOCKS AND BONDS

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

M iles Date
Road Bonds

P ar
Value

*5
Denv & Salt L RR— Stock *1,750.000......................
1918
Receiver's (1st lien) ctfs *1,500.000 g call at par..
text 1913 $,£,fr,&c
1st M *35.000,000 gold redeem 105--Ba.xc*&r*
text 1913
£, &C
Do cash lnt: 3 % . 3 yrs; 4 % , 1 yr; then 5% --x
text 1913 *, £, &c
Do cash lnt: 4 yrs.l, 2, 3 & 4 % , resp.then 5% -x
1913
* 1.000
Adjustment (lnoome) bonds $2.000.000__.______ x
1915 1 ,000&c
Two-year notes *300.000 auth call 1 0 1 ____Em.y
1.000
Denver Un Term Ry— 1st M red 105 beg '19 text.CC 5.898 1914
D e s M o i n e s & Port Dodge— See Minneapolis & St L
$ 1,000
1912
D e t Bay C & W— 1st M $1.250.000 g red text sfFC .xc*
100
D e t r o i t Hillsdale & S W— Stook 4%rentalNYRCentRR
Detroit & 1ronton RR— See text

Amount
Outstanding

Rate
%

When
Payable

*583.515
6g
859,468
3.641.000
1‘
4.427.000 3-4-5
1.734.000 1-2-3-4-6
2 , 000.000 Up to 5%
217,000
6
4,000,000
4H g

M
M
M
M
P
M

$648,000
1.350.000

A
J

5g
4

Sept
& N
& N
& N
& N
&A15
& 8

[V ol. 118.
Last Dividend
and M aturity

Sept 10 1920
May 1 1943
May 1 1943
May 11943
May 1 1943
Feb 15 1917
Mar 1 1964

& O Oct 1932
& J Jan 1924

Places Where Interest a n d
Dividends are Payable

May 1915 coup unpaid
do
do
do
do
New York
Prin. & lnt in default
Cont & Com Tr&SB.Ohle
O ct.'22 int. in default.
2% Farmers’ L & Tr Co. N Y

ORGANIZATION.— Incorp. in Colo. Dec. 1912 and took over as o f
Taft, counsel. Bankers Trust C o., N . Y ., depositary. V. 106, p. 2559,
May 1 1913 (per plan, V. 95, p. 890) the Denver Northwestern & Pacific
2228, 498; V. 104, p. 2117, 2552; Y. 112, p. 161.
Common & Pref. Stock.— ___________________ _ Chairman: Jefferson M .
B y., foreclosed. V. 95, p. 1683, 1603. 1331; V. 96. p. 135. 1296. 1364.
Levey, Vice-Chairman; S. M . Schatzkin, George P. Secor, G. Tracy Rogers Leases Northwestern Terminal R y., Denver, till Jan. 1964. V. 98. p. 911.
Cities in Colorado in M ay 1919 formed the Northwestern Colorado
and John T . Steele. Depositary. Lawyers Title & Trust C o., N. Y.
7% Cum. Ad). Mtge. Bonds.— John B. Dennis, Alonzo Potter, Otto T . Tunnel Assoc, to prevent abandonment of the road. V. 108, p. 479, 268.
Bannard and Albert Strauss, with B. L. Stowell as Secretary, 24 Broad St., 1610. 1390, 2122. In Dec. 1921 it was decided to continue operations for
N. Y .; New York Trust C o., depositary. V. 104, p. 2235; V. 106, p. 2228. an indefinite period. V. 114, p. 78.
The Railroad Administration purchased all receiver’s certificates that
Rio Gr. West. 1st M . 4s.— See Spencer Trask & Co.. 25 Broad St.. N. Y
1st Mtge. Bonds o f Rio Gr. Jet. Ry.— L. Edmund Zacher, J. Herbert Case, have been issued, amounting to $859,468.
The receiver’s certificates ($1,500,000) are to have a first lien ahead of
Edward C. Delafield; with E. S. Blagden, Secretary, t6 Wall St., N. Y .
the 1st M . bonds and any future Issue of such certificates.
Franklin Trust C o., N . Y .. depositary.— V . 104. d . 2642.
R ECEIVERSH IP.— On A ig . 16 1917 Pres. Chas. Boettcher and
An independent committee, headed by James R. Perkins, Pres. Farmers'
W. R . Freeman of Denver were made receivers. V. 105, p. 818, 1419.
Loan & Trust C o., was formed to represent holders of the 1st & Ref. Mtge.
Default having been made on interest payment due M ay 1 1916
5% bonds and the'Adjustment Mtge. 7s.
The committee consists o f James H. Perkins (Chairman), R . Walter and semi-annually thereafter on the First Mtge. 30-year gold bonds,
Leigh, J. H. McClement, John G. Lonsdale (St. Louis) and Willis D. the bondholders’ committee in 1917 urged deposit of the bonds with Mer­
cantile Trust & Deposit C o., 115 Broadway, N . Y ., as depositary. Com­
W ood, with F. A. Dewey, Secretary, 22 William St., N. Y . City.
Depositary, Farmers’ Loan & Trust C o., N. Y . Sub-depositaries are: mittee: Edward R . Tinker, Chairman; George H . Burr, F. N. B. Close.
Merchants’ Loan & Trust C o., Chicago; the National Bank of Commerce, L. O. Phipps, Eugene V. R . Thayer and Herman Walleck, with Charles D.
St. Louis; Bankers’ Trust C o., Denver; Hope & C o ., Amsterdam,Holland; Makepeace. Secretary, 115 B ’way, N .Y .— V. 104, p. 1800; V 106, p. 929.
Default occurred Jan. 1 1918 on N . W. Terminal bonds and a protective
The Farmers’ Loan & Trust C o.. Ltd., 15 Cockspur St., London.
A protective committee for the first & ref. mtge. 5% bonds and the committee was organized; see that co. below and V. 108, p. 268.
Protective committee for 5% equipment notes dated Mar. 1 1913, and
adjustment mtge. 7s, headed by Richard Sutro, was also formed. The
committee consists o f Richard Sutro, Chairman, senior partner of Sutro the 6% equipment certificates dated July 1 1915. Chairman, John H.
Bros. & C o., N. Y .; Thomas L. Robinson, V.-Pres. American Exchange Mason, Philadelphia. Depositaries, Commercial Trust Co. of Phila.;
National Bank, and William Loeb Jr., New York. Samuel Untermyer is Empire Trust C o., N . Y . V. 106, p. 2756. The committee in Feb. 1919
counsel and Harry Hoffman, 120 Broadway, Sec. V. 114, p. 305, 519, 625, returned to owners the equipment trusts o f March 1915, all installments
having been paid to date. V. 108, p. 479.
737, 853, 947. 1062, 1407, 1890: V. 115. p. 1729.
BONDS.— Over 92% assented to plan for funding coupons due in 1915.
BONDS.— Equip, trusts. Y. 116, p. 1176.
Receivers' Certificates.— The I.-S. C. Commission on Dec. 28 1922 author­ V. 100. p. 732. 811. Bankers Trust C o., New York, depositary.
R E PO RT.— For 1922, gross, $1,580,509; net oper. deficit, $177,277: other
ized the receiver to issue $5,000,000 receiver’s certificates. Series N o. 1.
Income, $145,611; int., rentals, &c., $268,237; bal., def., $219,902.
at not less than 98 and interest.
For latest earnings, see “ Railway Earnings Section” (issued monthly.)
The I.-S. C. Commission in Feb. 1924 approved the issuance o f $1,500,000
6% receiver’s certificates payable Dec. 1 1924, o f which $1,129,895 were to
OFFICERS — Charles Boettcher, Pres.; Gerald Hughes, Sec., Denver
be used for advances made in payment o f bond interest and $370,105 for Wm. Wadden, V .-P.; Ward E. Pearson, Treas., N. Y .— (V. 115, p. 307.)
other advances to be made for similar purpose. V. 118, p. 906.
(THE) DENVER UNION TERMINAL RY.— To take over the Union
Improvement mortgage abstract in “ Chronicle” V. 47. p- 229.
Depot & R y. Co. (V. 71. p. 343) and extend and Improve the passenger
Abstract of R. G. W . 1st mort. was in V. 49, p. 237, and statement to terminals at Denver, C olo. Stock $30.000, equally owned by the Union Pa­
N. Y . Stook Exchange, V . 50, p. 73: also V. 69. p. 284. Utah Fuel 1st 5s cific, Denver & Rio Grande, Colorado & Southern. Chic. Burl. & Quincy.
Ateh. Topeka & Santa Fe and Chicago Rock Island & Pacific which
of 1931; see application to list. V. 78. p. 1171. 1178, 1548, 2015.
guarantee the bonds ($10,000,000 auth. issue), of which $4,000,000 were
Rio G. W . First Consol. 4s of 1899. see V. 72. p. 537. 775. 1189.
The Refunding mtge. covers the consolidated properties to secure an sold to Union Pacific. V. 106, p. 2756; V. 97. p. 1024, 1115: V. 98, p. 7621
V. 99. p. 406. Pres., J. II. Bradbury; V .-P ., T . H. Beacom; Treas., J. O.
issue of *150,000,000 bonds. V. 86, p. 1224, 1284, 1529: V. 87. p. 226, 285
544. 741, 1419; V. 88, p. 100, 230, 294, 504, 822; V. 89. p. 348. 593; V. 90. Houston; Manager, J. Keating; Sec. & Aud., C . R . Hines.— (V. 107, p.
p. 848. Utah Central R R ., *390,000 1st M . 4s paid off Jan. 1 1917 are 12871
DES MOINES UNION RAILWAY C O — ORGANIZATION.— Incorp.
refundable with D. & R. G. Ref. & Mtge. bonds. V. 103. p. 2340- Of
the $42,061,000 First & Ref. Mtge. 5% gold bonds authenticated Dec. 31 in Iowa on Dec. 5 1884 to operate railway terminal property in Des Moines,
1923, $2,830,000 were held in sinking fund and treasury and $8,117,000 Iowa. Owned and controlled jointly by Wabash R y. Co. and Chicago M il­
were pledged under the Adjustment M tge., leaving $31,114,000 in the waukee & St. Paul R y. Co. Passenger facilities used by Chicago Great
Western R R . Co., Chicago Burl. & Quincy R R . C o., and Minneapolis &
hands o f the public.
The Adjustment mtge. (7% cum. income) bonds authorized in April 1912 St. Louis R R . C o., as tenants.
Owns 4.225 miles o f terminal main track and 23.549 miles second main
(total $25,000,000, present issue $10,000,000) received their first install­
ment of interest absolutely on Oct. 1 1912, and are since entitled (A. & O.) track and sidings and bridge across Des Moines River.
BONDED D E B T .— $671,000 first 5s, dated Nov. 1 1887, due N ov. 1
to such amount as the board shall determine out of surplus net income
during the six months ending Dec. 31 or June 30 immediately preceding, 1917. These bonds are owned by Wabash R y. Co. and Chicago Milw. &
all arrears, if any, to be paid at maturity or at date of earlier redemption. St. Paul Ry. Co.
CAPITAL STOCK.— Authorized, $2,000,000; outstanding, $400,000;
Redeemable at 115 any interest date: 3 % Interest declared payable semi­
annually from April 1 1912 to and including April 1 1921; none since. par, $100. This stock is owned by Wabash R y. Co. and Chicago M il­
V. 97. p. 728, 1426: V. 101, p. 773; V. 94, p. 911, 1565: V. 105, p. 606, 818; waukee & St. Paul R y. Co.
B. B. Greer, Pres., Chicago; J. E. Taussig, V.-Pr., St. Louis, M o.;
V. 113, p. 730. The Western Pacific R R . Corp. in Aug. 1920 offered to
exchange its 4% 10-year secured notes for the adjustment mortgage bonds; T . S. Ford, Sec.; C. H. Hinston, Treas., Des Moines, Iowa. (V. 112, p.
1617.)
$5,507,000 exchanged. V. I l l , p. 990; V. 113, p. 730, 847, 1573.
DETROIT BAY CITY & WESTERN R R .—Owns Bay City, M ich., to
RE PO RT.— For 1923, in V. 118, p. 1905, showed:
Port Huron, 102 miles. Stock, all outstanding, $450,000. The 1st gold 5s
1923.
1922.
1921.
($1,250,000 auth. issue) are redeemable at par prior to Oct. 1 1922. thereafter
Average mileage operated___________
2,595
2,593
2,592 at 105. The interest due Oct. 1 1922 having been defaulted, a receiver
Total operating revenues____________ $34,587,496 $33,350,593 $32,621,419 was appointed on Sept. 29 1922. A bondholders’ protective committee
Total operating income_____________ 2,663,560
5,208,068
3,026,604 has been formed with A . Lawrence Mills, Chicago, Chairman, and Robert
Other income_____________
2,754,184
2,306,026
2,596,373 O. Farrell, Sec., I l l West Monroe St., Chicago. Compare V. 116, p. 1275.
W . H.
Gross incom e.________
$5,417,744
$7,514,094$5,622,977 Ogborn was appointed receiver in Feb. 1924, succeeding the
Detroit Trust Co.
Deductions—■
Year
other income, $2,061; fixed
Hire o f freight cars— Payments______ $1,837,359
$1,546,402 $1,569,057 charges, 1922, gross, $537,261; net, $67,226; Thomas L. Handy; V.-Pres.,
$158,216; bal., def., $88,929. Pres.,
56,165
104,427
Rent for equipment_________________
47,914
Joint facility rents__________________
174,863
175,240 O. W . Handy; Treas., G. W . Handy; Sec., Mrs. Helen M . Handy. Office,
174,805
Rent for leased roads________________
447,212
434,262 Bay City, M ich.— (V. 118. p. 653.)
425,609
DETROIT GRAND HAVEN & MILWAUKEE R Y.— Owns from De­
Miscellaneous rents_________________
1,111
1,383
1,029
to Grand Haven, M
4,848,531 troit p. 1669. Real estateich., 189 miles. Charter decision Oct. 1916, V .
Interest on funded debt_____________ 4,974,658
4,835,440
107,
bonds, &c., $146,000. Grand Trunk of Canada
700,000
Interest on adjustment mtge. bonds.
700,000
700,000
$1,500,000 stock.
Interest on unfunded debt__________
52,805
55,588 x l,546,415 owns entire &c.— (Allowned by Grand Trunk R y. Co. o f Canada). Consol,
BONDS,
36,739
Miscellaneous income charges_______
65,579
39,258
1878.
1930, $3,200,000.
296,708 mtge. 7% bonds dated Nov. 15Nov. extended to Nov. 15to N ov. 14 1930,
Income applicable to sinking fund_
_
261,500
260,962
Equipment
14 1878, extended
Income applicable to renewal fund_
_
______
3,100 $ 2 , 000, 000. 7% bonds dated
Income applic. to red. equip, trusts.
240,000 _
DETROIT HILLSDALE & SOUTHWESTERN RR.— Owns YpsiInc. bal. transf. to cred. o f P. & L.def3.356,410 def $629,428def:J4073,464 lanti to Bankers. M ich., 65 m. Leased in perpetuity in 1881 to L. S. & M .
x Includes $1,529,031 interest Equitable Trust Co. judgment against old 9. R y. (now N . Y . Cent. R R .): rental. $54,500— 1% on stk.(V . 106. p. 601.)
Denver Company, eliminated in 1922 by sale under that judgment.
DETROIT & I RONTON RR.— Organized in 1920 by Henry Ford who
For latest earnings, see “ Railway Earnings Section” (issued monthly).
acquired control o f the Detroit Toledo & Ironton R R . on July 9, 1920 by
OFFICERS.— Receiver, Thomas H. Beacom; Treas., Rawson F. W at­ 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
kins.— (V. 118, p. 1905.)
$1,000 bond and $5 and $1 for each share o f the Pref. and Common stock
DENVER & SALT LAKE RR.— In 1918 256 miles. Denver to Craig, was respectively (V. I l l , p. 492, 294).
The I.-S. C. Commission in M ay 1921 authorized the company to con­
In operation, lncl. Steamboat Springs to Craig, 41 miles, opened Dec. I
struct a standard-gauge steam railroad, approximately 15 miles long, ex­
1913. V. 95. p. 1403, 1541; V. 96, p. 1088; V. 97. p. 1503; V. 108, p. 77
The plan by which the city of Denver was to aid In building a tunnel tending southward from Springwells or Fordson, M ich., 8 miles west o f the
through the Continental Divide was blocked in July 1914 by a decision of Detroit city hall, to a connection with the Detroit Toledo & Ironton R R .
the Colo. Supreme Court declaring the proposed city bonds illegal. V. 96, This road will connect with the Detroit Terminal R R . on the north, which
p. 1488; V. 92. p. 1310: V. 95. p. 1403, 1122; V. 96. p. 1488: V. 97. p. will give it a connection with the other steam railroads at Detroit. The
1024,1503: V. 98, p. 73,60, 762; V. 9W. p. 119, 1597. Defeated by voters company was authorized to issue $1,000,000 capital stock for the purpose
on Nov. 2 1920. V. I l l , p. 1949.
of building the road.— (V. 114, p. 1178.)




M ay , 1924.]

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

Detroit & Mackinac— Common stock, $2,000,000 auth
Pret stock non-oum $1,000,000 auth (V 74, p 629) - "First lien” $1,500,000 gold________________ Qxc*
"Mortgage bonds” $1,750,000 g red at par___ Qxc*
Detroit Rlv Tun— 1st M $30,000,000 gu end.G.xc*r*
Detroit Tol & Ironton— Common stock $6,500,000
Pref stock (p S d) non-cum 4 % Sc partlc.$6.000.000
c
Flrat M gold red 105_____________________ N.yc*
AdJ (Inc) M $8,000,000 g cum aft Jan 19 red text.Ce
Toledo-Detroit RRlst & Ref gold bonds_________
Equipment gold notes due $6,600 M & N callable..
do
do
due $25,000 J & T) callable____
do
do
due $56,300 annually___________
do
do
due $37,500 annually___________
U S Govt notes due $100,000 annually____________
Det & Tol Sb L— 1st M $3,000,000 g g u ____Ba.xo* Ar
Equipment gold notes due $33,400 yearly_______ G
Dover & Rockaway— Stock 6% rental 990 years___
Dub & Sioux City— See Illinois Central—
Duluth & Iron Range— First mortgage_____Mp.zcAr
Duluth Mlssabe & Northern—
General mortgage gold s f, red 105___________ Nxo*
Duluth Rainy Lake & Wlnnioeg— See Dul Win & Pao.
Duluth So Sh & Atlantic— Marq H & On gen M.Ce.zo*
Duluth South Shore A Atlantic 1st M g ..Ce.xc&r
First oonsol mtge gold Interest guar___Ce.zo’ Ar
Inoome oerts held by Can Pao____________________ z
Du Winn & Pac— 1st M deb stock guar by Can Nor Ry
Durham & So Car— 1st M $300,000 g red 105..MeBa.x

Mites Date
Road Bonds

All
All
2.72

1895
1895
1911
1914

1915
1915
1917
1920
1920
1923
48 1903
1920
22

Par
Value

Amount
Outstanding

C
539 1887 1.000 S O
361 1906
130 1885
594 1887
594 1890
1892
1909
*42 1911

Rate
%

When
Payable

$100 $2,000,000 See text
100
950,000 See text
1.000
1,500,000
4 g J &
4g J A
1,000
1,250.000
c
1.000 18.000.000
4M g M S
100 6,500.000
100 5,989,948
c
1.000 2,168,000
5B J S
c
100 See 7,630.981 Up to 5 M S
400,000
5g
19,500
6
M &
500
r
J S
1,000
150,000
5*
f
J <e
6
100
619,300
6
150,000
F &
600,000
100,000
6
J A
4 g
1.000 3,000,000
367,400
66 J &J
150,000
6
A A
100
1,000

$ 5 2 ,4 8 7 $17 6 ,1 9 3 $ 1 1 6 ,9 0 4
*$ 5 9 ,2 8 9
1 9 2 3 ________ $ 1 ,9 2 4 ,8 6 3
1 92 2------------ 1 ,8 6 8 ,1 5 4
4 5 ,7 5 5
54,3 2 2
111 ,384
d e f5 7 ,0 5 2
1 92 1------------ 1 ,9 7 1 ,1 2 8
7 1 ,0 8 3
8 0 ,1 2 9
111 ,188
d e f3 1 ,0 6 0
7 3 ,303
132,566 $ 4 7 ,5 0 0 d e fl0 6 ,7 6 2
1 9 2 0 _______ 2 ,0 7 7 ,9 3 l d e f 281046
♦ B efore d e d u ctin g $ 1 4 0 ,4 1 6 sp e n t fo r a d d ’ns & b e t t e r m ’ts t o p r o p e r t y .
F o r la te s t ea rn in gs, see “ R a ilw a y E a rn in g s S e c tio n ” (issu ed m o n t h ly ).
P r e s .. H . K . M c H a r g : S e c .-T r e a s .. Jas. M c N e il. O ffic e s , E a s t T a w a s ,
M ic h ., a n d 40 W a ll S t ., N e w Y o r k .— ( V . 117, p . 2 0 7 .)

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. & int., 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., te
Ironton, via Lima, 342.57 m .t and 52.88 m. o f trackage; branches, Kingman
to Sedalia, O., 31.10 m.; Jackson to Cornelia. 17.64 m .. and I is nan tct to
Dean. O .. 2.13 m.; total. 468 28 m.; coal mine tracks, sidings, A c.. 163.61
miles. Incorp In Dela. Mar. 1 1914 as successor, per plan V. 97. p. 1821,
o f tne Raitwai foreclosed. Toledo Detroit R R ., Toledo, O.. to Dundee,
22.26 miles
V 103, p. 60.
Control of this road was taken over by Henry Ford on July 9 1920 by
the purchase for cash of 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 of the preferred and common
stock, respectively. V. I l l , p. 294, 492.
The Detroit & Ironton R y. was incorp. to lease and take over the opera­
tion of the road. Minority stockholders in Aug. 1920 brought suit to
§ revent the proposed lease. V. I l l , p. 895. The lease was upheld by
upreme Court Justice Finch on Oct. 8 1920, and the decision was later
affirmed by the Appelate D iv. o f the]Supreme 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 b e e n disposed of solely to rehabilitate the property
and provide for equipment and payment o f equipment liens, and an add!
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
Adjustment Mortgage Bonds ($8,000,000 authorized).— Entitled to Inter
est, payable semi-annually, at such rate, not exceeding 5% per annum, a*
tne surplus or the net Income as defined In the mortgage shall suffice to pay
The Interest will be cumulative from Jan. 1 1919. but there will be no right
of foreclosure until maturity of the principal of the bonds. They are call
able as a whole with interest as follows: At 70% during first year, at 75%
In 2d year, at 80% In 3d year, at 85% In 4th year, at 90% in 5th year and
at par thereafter. Until the full 5% lnt. shall have been paid for 2 successive
years and at least for 5 years from date of the mortgage, the holders have
the right to cast one vote for each $100 at all meetings of the stockholders
The Toledo Detroit R R . (purchased Jan. 2 1918) has $400,000 bonds
ou ts ta n d in g .

Equipment trusts issued to Director-General for rolling stock allocated

t o th is c o m p a n y .
See a r tic le on p a g e 3 and V. 114, p. 1407.
T h e I .- S . C . C o m m is s io n o n O c t . 9 1923 a u th o riz e d th e c o m p a n y t o issu e
n o t ex c e e d in g $ 1 ,0 0 0 ,0 0 0 o f in v e s tm e n t c e r tific a te s , o r ce r tific a te s o f
in d e b te d n e s s t o e m p lo y e e s . V . 117 , p . 2108; V . 118, p . 1135.
R E P O R T . — F o r 1923 s h o w e d :
Calendar Years—
1923.
1922.
G ross ea rn in g s ------------------------------------------------------------- $ 1 0 ,4 1 7 ,4 1 2 $9,004,474
N e t o p e r a tin g in c o m e ________________________________
1 ,7 8 6 ,9 2 4 defl 58,984
3 6 3 .1 3 0
O th er in c o m e _________________________________________
66,872
D e d u c t io n s ____________________________________________
7 3 3 ,0 1 8
926,630
N e t in c o m e ------------------------------------------------------------------1 ,4 1 7 ,0 3 6 d e f l , 6 l 8 Y 4 2
F o r la test 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 ).
O F F I C E R S .— P r e s ., H e n r y F o r d ; V . - P . , E . G . L ie b o ld ; S ec. & T r e a s .,
G . R . B ru b a k e r; G e n . M g r ., F . L . R o c k e lm a n .
Directors.— H en ry F o r d , W . C . C o w lin g , E . C . K a n z le r , G . R . B ru b a k e r
F . L . R o c k e lm a n a n d E . G . L ie b o ld . O ffic e , D e a r b o r n B ld g ., D e tr o it ,
M ic h .— (V . 118, p . 191 0 .)

DETROIT & TOLEDO SHORE LINE R R .— Extends from Toledo to
(suburbs of) Detroit, 47.49 m .; 2d track, 20.6 m .; sidings. 49.65 miles;
trackage rights, 14.3 m .; total track, 132.04 m. V. 78, P- 2598.
The Grand Trunk Western Ry. and the Toledo St. Louis A Western RR.
own the entire $1,428,000 stock and Jointly guarantee the bonds, prlnclpa
and Interest, by endorsement. See form of guaranty, V. 76. p. 653. First
dividend, 4% , paid from earnlnes prior to June 30 1908; in fiscal ye&i
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 I s t M 4s'<
1914-15, 8 % and 6 % ex tra ; 1916 t o 1921, 8 % y e a r ly . In 1922 paid 8 %
and special dividend 3 9 .0 1 4 %
Equipment trusts issued to Director-General for rolling stock allocated
t o th is c o m p a n y . See a rticle o n p a ge 3 an d V . 114, p . 1286; V . 118, p. 793 .
Year ended Dec. 31 1922, gross, $3,585,716; ry. oper. income, $1,546,239other income, $234,000; int., rentals, &c., $1,014,702; bal., sur., $765,537.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Walter L. Ross.— (V. 118, p. 793.)
DOVER & ROCKAW AY RR. (N. J .).— Total, 5.12 miles. Operated
under lease by Central RR. of New Jersey.
DULUTH & IRON RANGE RR.— Owns Duluth to WInton. Minn ,
120.60m.; Tower Jet. to Tower, 1.56m.; Allen Jet. to E.Virginia, 24.56 m.;

Last Dividend Places Where Interest an&
Dividends are Payable
and Maturity

Jan 2 1920 2 4* H K MoHarg, New York
do
do
Jan 3 1921 24*
D June 1 1995
J P Morgan A Co, N Y
D June 1 1995
do
do
N M ay 1 1961
Office o f Treas, N Y
J Mch 1 1964
8 Mch 1 1954
Septl 1940
N T o N ov 1 1925
1) To J’ne 1 1927
J To July 15 1935
To M ay 1 1929
A To Mar 1 1930
J Jan 1 1953
15 To Jan 15 1935
O Apr 1924 3%

New York Trust Co
New York Trust Co
New York Trust Co
Guaranty Trust Co, N V
Bankers Tr Co, N Y
Guaranty Trust Co, N Y
143 Liberty St New York

8,151,000

S

A

A

O Oct 1 1937

Office Empire Bldg, N Y

8,198,000

6 g

J

A

J Jan 1 1941

Company’s office. N Y

8

A
J
F

A
A
A

O Apr 1 1925
J Jan 1 1937
A Aug 1 1990

J A
M d
o

D June 11939
S July 1 1941

64 Wall St, New T ori
do
do
New York or London
Held by Canadian Padf)*
London or Toronto
Merc Tr S Dep Co, BsJt
c

$1,000 $1,077,000
1.000 3.816,000
1.000 15,107.000
3,000,000
£1.439,383
1.000 See text

DETROIT & MACKINAC R Y.— Owns from Bay City, Mich, to Cheboygon, 196 m.; Au Sable division'form erly A. S. & N . W. HR.). 61 m.; Ros>:
City Branch. 31 m.; Prescott Br .nch, 12 m.: Lincoln Branch 15 m.; Au
Gres Branch. 8 m.: Alabaster Branch, 4 m.; Hillman division. AlDena to
Hillman. Mich.. 23 m.; Rogers City Branch, 14 m.: logging branches
(largely temporary), 23 m.; total, Dec. 31 1922, 388 m. Henry K . McHarg
and associates control.
BONDS.— “ Mortgage bonds” for $500,000 were reserved for betterments,
Ac., at not over $50,000 per year. V. 74, p. 629.
D IV ID E N D S — On pref., 24*% July 1 1903; since to Jan. 1921,5% y ’ly.
On common, in 1911 to Jan. 1919, 5% yearly (except July 1915 and July
1917, none; also in July 1918 and 1919, none; Jan. 1920, 24* %; none since.
R E PO RT.— Year ended Dec. 31 1923:
Cal. Year.
Cross. Net aft. Tax. Tot. Inc. Int..Rent,&c. Dies. Bal.,Sur.




49

RAILW AY STOCKS AND BONDS

5 g
4 g

4
4
5g

M cKinley to Largo, 11.35 m.; Waldo to Mile 49 on Main Line to Winton,
15 m.; Mesaba to Argo, 14.53 m.; Robinson to Burntside Lake, 3.26 m.;
other branches, 37.05 m.; branches and spurs, 112.60 m.; operated under
trackage rights, 4.41 m .; total, 344.92 miles. Second track, 71.71 m.;
yard tracks and sidings, 135.68 m.
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%.
R E PO RT.— For year ending Dec. 31 1923, in V. 118, p. 2432, showed:
Gross, $7,768,817; net operating income, $1,709,953; other income, $503,020; interest, &c., $628,012; dividends, $1,625,000; bal.. def., $40,038.
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. 118, p. 2432.)
DULUTH MISSABE & NORTHERN R Y .— Owns from Stony Brook to
Mountain Iron, M inn., 47.64 m.; Missabe Jet. to Columbia Jet., 29.40 m.
with numerous branches; total of all track owned, 706 miles. Also leases
from Spirit Lake Transfer R y. (V. 104, p. 664) and Interstate Transfer
R y.. 24.96 miles, with 3.47 miles branches and spurs and 13.82 miles yard
tracks and siding. Owns extensive ore docks at Duluth. Entire $4,112,500
stock controlled by U. S. Steel Corporation.
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 1923 $5,178,000 in sink. fd. V.88.P.822; V.98,p.1693,1844.)
DIVIDEN DS paid fiscal years ending June 30: 1912. 100%; 1913, 85% :
1914, 75%; 1915. 10%; 1915-16, 75%: 1916, 100%; 1917, 50% ; 1918. none;
1919, 70% ; 1920, 75% ; 1921, 75% ; 1922, 75% .
R E P O R T — For 1922, in V. 116, p. 2763, showed:
Combined Federal and Corporate Income Account.
Years ended Dec. 31—
1922.
1921.
1920.
1919.
Gross oper. revenues...$14,976,811 $12,374,949 $19,299,892 $19,994,713
Net earnings____ 6,548,599
3,682,576
8,093,023 12,205,262
Fed'l compensation accr'd
______
______
853,675 x5,122,051
Other income____
529,785
402,091
155,215
106,207
Int., rent, Fed. tax, & c. 1,006,083
1,338,249
6,138,314
1.469,508
Amortization, &c______
______
______
300,212
313,034
Dividends paid________ 3,084,375
3,084,375
3,084.375
?
Balance, surplus_______ 2,987,925 def.337,956 1,941,827
?
x This total entered in the accounts but does not represent an amount
of compensation agreed upon, no contract having been signed.
For latest earnings, see “ Railway Earnings Section” (issued m onthly).—
(V. 116, p. 2763.)
DULUTH & NORTHERN MINNESOTA R R .— (V. 115, p. 73, 1209.)
DULUTH SOUTH SHORE AND A TLAN TIC R Y . CO. (THE).—
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.
900.000; par, both $100.
BONDS, Ac.— Abstract first mortgage. V. 45, p. 274.
The First Consolidated mortgage of 1890 has Interest at 4% . guaranteed
Sy Can. Pao., which Dec.31 1923 held the entire outstanding issue ($15,107,)00) in its treasury as security for Its 4% debenture stock; consols for $4,393-000 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 1923 also
held $3,000,000 overdue income certificates.
Equipment trusts, Dec. 31 1923, 14th series, $126,000.
R E PO RT.— For calendar year 1923 in V. 118, p. 2303:
Year—
Gross.
Oper. Inc. Other Inc. Charges.
Balance.
1923________ $5,861,203
$818,513
$96,166 $1,095,175 defSl 80,496
1922________ 4,492,354
135,902
59,983
923,095
def727,210
1921________
______ def502,768
47,578
1,127,662 defl .582,853
For latest earnings, see “ Railway Earnings Section” (issued monthly)
Pres., C. T. Jaffray; Sec., W . R . Harley; Treas., W. J. Ellison. Office,
Marquette, M ich. New York office, 64 Wall St.— (V. 118, p. 2303.)
DULUTH WINNIPEG & PACIFIC RY.— Owns entire $2,000,000 stock
of Duluth Rainy Lake A 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. or 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
monthly)
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 by that road for 99 years from M ay 26 1920. V. 110, p. 2387.
Pres., Ernest Williams; Aud., R . S. Harris, Lynchburg, Va.— (V. 106.
p. 189; V. 110, p. 2387.)
DURHAM & SOUTHERN R Y .— East Durham to DunD. N . O., 57 m.
Durham East to Durham. 2 m. Stock authorized. $2,000,000; out., $ V
350.000: par, $100 In 1922, gross. $516,324; net oper. income, $112,522;.

50

BAIL W A Y STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Durham Union Station— First M $75,000g -.G .x o '& r
Dutchess County RR— See Central New England Ry
East Broad Top RR & C oal— 1st M ext 1908----------2d M inoomes_____ ____________________________
Shade Gap 1st mortgage________________________c*
East Carolina Ry— hirst mortgage S300.000 gold___ x
East Mahanoy RR— S took________ _____ ____________
East Pennsylvania— Stock 6% guar 999 yrs Phlla A R
FIr'.c mtge gold guar p & 1 by P A R R R (end) kvo*
East Tennessee Virginia & Georgia— See Southern Ry
East Tenn & W No Car— 1st M g (V 81 p 1723) GuP.zo*
Eastern Ry of Minnesota— See Great Northern
Edm onton Dunv & Br Col— 1st M debstkgu see text
1st M (on extensions) $2,420,000 g $20,000 p m ____
El Paso & Northeast— NMRy A C ool tr g red l05.c*N x
New Mexico Ry & Coal M gold . __________ c*Eq .x
Alam A Sac Mt first mtge $900,000 gold guar_ Nx
_
El Paso & Rook Isl 1st M $2,500,OOOg guar.-Eq-xo*
Dawson Ry & Coal ool trust gold guar d & l.Ea.xo*
El Paso & Southw Co— Stk (auth 1,000,000 shares)
PI Paso & S W RR — 1st Sc Ref M g $25,000 p m _ F
_
SI Paso Union Pass Depot— 1st M g $240,000 sf.Eq.x
Elgin Joliet & Eastern— 1st M ($10.000,000) g.Cex.o*
.U s
do
Due $125,000 annually_______
Elm ra St Lake Ont—Sodus Bay & So— 1st M g.Un.xo
Elmira & Williamsport— Stock com 5% rental___ N.o
Preferred stook 7% rental 999 years Northern Cent
First mortgage extended 1 9 1 0 _________________ kv
Income bonds 999 years to run_________ ______ zo*
Erie & Kalamazoo (leased; stock Toledo to Palmyra
Erie & Pittsburgh— Stock 7% rental 999 yrs Penn Co.
Special guaranteed betterment stock $7,500,000_
_
General mtge (now 1st) $4,500,000 gold guar.Un-k
Gold debentures___________________ . _________

Miles Date
Road Bonds

Par
Value

Rate
%

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

1905
40
40
11
38

1,000 Ao

$30,000

6g

M A N May 1 1955

1908
1908
1908
1906

1,000
100 Ao
500
1,000
50
50
1,000

500,000
464,400
92,500
300,000
497.750
2.126,900
495.000

4
4
4:
4g
5
6
4g

J &
3 A
J S
c
J A
J &D
T
A
M A

260 So Broad St, Phlla
J Jan 1 1958
do
ao
J July 1 1958
do
do
J July 1 1958
Sate Dep A Tr Co, Ball
J July i 1936
15 J’ne 151924 2)4 Reading Term, Phlla. P»
do
do
■
TJan 15 1924 3%
do
do
S Mch 1 1958

1.000

500,000

5g

M A

N Nov 11935

36
36 1888
36 1905
357 1912
120 1916
165 1897
1901
31 1898
128 1901
133 1901
458 1915
2.81 1905
236 1891
1920
1923
34 1884
73
73
73 1860
1863
22
83.
83
83 1890

<1 Sec SI.438.356
F S A16 Feb 16 1943
c
4
1,000 2.420,000
4)4 g semi-an Oct 22 1944
1,000 3.000.000
5 g A A O Oot 1 1947
1,000
1,792,000
5 g A A O Oct 11951
1,000
322,000
5 g A A o Apr 1 1928
1,000 2,500,000
5 g J A ,T Jan 1 1951
1.000 3.000,000
5 g J A J July 1 1951
None 750.000 sh. See text C ,T Apr 2 ’24 $1.75
.—
1.000 5.055,000
A & o Apr 1 1965
5
1,000
■144,000
5 g J A ,TJan 1 1925-1935
1,000 10,000,000
6 g M A N May 1 1941
1,680.000
A
o Apr 1925-1938
J
J
i,o 5 o
2,000,000
5
1,000
500,000
6 g 3 A J July 1 1924
50
500,000
5
M A N See text
50
500,000
7
J A >
TSee text
1,000
963.000
4
J A >
TJan 1 1950
500
570,000
A A O Oot 1 2862
5
50
300.000 Text F & A See text
50
2,000,000
7
Q—M Mar 10 ’24 \%
50 2,933.15b
7
Q— M Mar 10 ’24 Wc
1.000 3.622,000
3)4 g J A ,TJuly 1 1940
746,490
3)4 J & J July 1 1940

other income, §37,063: rentals, &c., $66,726; bal., sur., $82,860. Divs. Oi
24% were paid in ’ 910-11: in 1911-12, 24%: in 1922-13, 14%; in 1913-14,
11%; 1915, 7 )4 % : 1916, 7% ; 1917. 8% , none since
Pres., B N . Duke; Sec., W . O. Parker. Office, Durham, N . C .—
(V . 109, p. 577.)
DURHAM UNION STATION CO.— Owns passenger station at Durham
N. C.. opened May 1 1905 and used by the Southern R y.. Seaboard Air Lint
R y., Norfolk A Western Ry and Durham & Southern, which each own one■fourth of $33,300 stock. Lease provides for rental by several lines sufficient
to pay int. and other charges. Pres., F. S. Wynn. Sec., W . M . P. Desmond.
EAST BROAD TOP R R . & COAL CO. (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), o f which $246,750 is 6% non-cum. pref. Second mtge.
4% income bonds, $464,000, due Jan. 1958, given in 1908, for back interest
■from 1885. Year Dec. 31 1923: Gross, $581,316; net after taxes,
$98,557; other income, $15,079; int., rentals, &c., $38.486;pref. divs. (6% ),
$14,805; common dividends (6 % ), $41,517; bal., $18,828.
Change in Control.— The Rockhill Coal & Iron Co. early in 1920 acquired
substantially all of the outstanding bonds and capital stock o f the company
V. 110, p. 1193.
Office, 260 South Broad St., Philadelphia.— (V. 110, p. 1186.)
EAST CAROLINA RY.— Owns Tarboro to Hookerton, N. C., 38 miles
Incorporated in North Carolina July 1 1898. Leased to Pres. Henry C
Bridgers for 4% yearly on stock, payable Dec. 10. Stock auth. $200,000;
outstanding, $55,500; par, $100. Bonds, see table above. Pres., Treas. &
Gen. M gr., Henry C. Bridgers; Sec.. A . D . Fowlkes. Office, Tarboro.
N . O.— (V. 108. p 480.)
EAST MAHANOY RR.— Owns from East Mahanoy Junotlon to St
Nicholas and branches, 11.35 m.; 2d track, 4.26 m.; total traok 20.97 m
Re-leased Deo. 1 1896 for 999 years to Little Schuylkill Nav. R R . & Coal Co
at 5% on stook. and lease assigned to Phlla. A Read.Ry. Of the stook, $230,
000 was deposited by Read. Co. under its general mortgage.— V . 106, p. 923
EAST PENNSYLVANIA RR.— Owns Reading. Pa., to Allentown, Pa.,
35.77 miles; miles 2d main track, 34.64; all track, 101.21 m. Leased for 699
years from M ay 1 1869 to the Phlla. & Reading R R . at a rental of 6% per
ann. on the stock Sc Int. on bonds S taxes. Lease assumed In 1896 by the
c
Phlla. & Read. Railway Co. Of the stook, $1,276,300 is owned by Read
flng Co., $1,271,450 being deposited under gen. mtge. of 1897.
EAST TENNESSEE & WESTERN NORTH CAROLINA RR.— A narrow
(gauge road from Johnson City, Tenn., to Cranberry, N. C., 34 m.; also John­
son City to Valley Forge, Tenn., 12m., third rail. Controlled by Cranberry
Iron S Coal Co. V. 96, p. 1156. 1296.
c
Capital stock, $490,800. Dividends, 4% paid since 1908-09; In 1909-10
* % ; 1910-11. 9% S 10% extra; 1911-12. none; 1912-13, 18%: 1913-14.
c
17%; 1914-15, 15)4 % ; 1915-16, 1314% 1917. 4% : 1918, 13%; 1919, 18%;
1920, 12%; 1921,3% : 1922-23, 12%. For year end. Dec. 31 1923, gross,
$431,630: net, $154,903; other income, $13,677: deductions, $39,536; net
income, $79,964. Pres., Edgar P. Earle; V .-P . & Treas., J. E . Vance:
Sec., Hammond Prosser. Office, Johnson City, Tenn.— (V. 115, p. 1730.)
EDMONTON DUNVEQAN & BRITISH COLUMBIA R Y .— Road runs
from Edmonton in a northerly direction 130 miles, then northwesterly to
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. Ry. with Strathcona Terminals, Canadian Pa. Ry
at Edomoton, 6.65 miles. Sidings, 41.86 miles. The 30-year 4% deben­
ture stock (at present limited to $7,000,000, at $20,000 per mile, on said
350 m .), is guaranteed, prin. & int., by the Province o f Alberta. The
$2,420,000 1st M . 4 'As o f 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 of 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 & NORTHEASTERN CO.— Owns the El Paso A Northeastern
RR. and Ry. from El Paso, Tex., to Corrlzosa, N. M ., 144 miles, with
branches, 26 m.; controls and operates El Paso Sc Rock Island Ry., Carrlgosa to Santa Rosa, 128 m.; Alamagordo & Sacramento Mtn. Ry., Alamo­
gordo ,N. M .. to Russia. 31 m.: Dawson Ry.. Dawson to Tucumcari. N .M .,
132 m.; total, 461 miles. Also owns the entire capital stock ($400,000)
of the Alamogordo Lumber Co. Name changed from New Mexico Ry. St
Coal Co. in 1905. Operated as eastern division of El Paso S Southwestern
c
Company, which also owns Burro Mtn. RR., Jet. to Tyrone, N. M ., 13 m.
The Dawson Ry. A Coal Co., stook $100,000, has Issued $3,000,000
oollateral trust bonds, which are guaranteed, principal and Interest, and are
secured by the stock and bonds ($3,000,000 each) of the Dawson Ry., and
those of the Dawson Fuel Co. ($1,000,000 each), the latter owning about
25.000 acres of coal, mineral and timber lands, being sold in 1905 to the
Stag Canon Fuel Co. V. 73. p. 900: V. 74. p. 776: V. 87, p. 1604, 1536.
STOCK.— Stock. $12,000,000. Owned by El Paso Sc Southwestern Co.
BONDS.— The New Mexico Ry. & Coal Co. ooll. trust 5s of 1897 are
secured by the stock and bonds of El Paso & N. E. Ry. of New Mex. ($2,700.000 of eaoh), the stook of the El Paso A N. E. RR. of Texas, $300,000
(no bonds Issued), and all the stook ($100,000) and all the bonds ($1,500,000) of the New Mexico Fuel Co., the latter covering 3.500 acres of ooal
unds; $900,000 stock of the Alamogordo & Sacramento Mtn. Ry. Co.;
$1,500,000 (60%) of the stock of the El Paso & Rock Island Ry. C o.; and
$51,000 (51%) of the stock of the Dawson R y. & Coal Co. V. 74, p. 776
The other issues are guaranteed.
New York office, 99 John St.— (V. 110. d . 906-1




Amount
Outstanding

[V ol. 118.

Guaranty Trust Co.JN Y

Guar Tr A S D Co, Phil*
Lloyds Bank, Ltd.. Load
Nat’l Park Bank, N Y
Equitable Trust Co, N Y
do
do
do
do
do
do
do
do
Farm L Sc Tr Co. N Y
Equitable Trust Co, N Y
71 Broadway, New York
Treas Pa RR,Phlla&N Y
Broad St Station, Phila
do
do
do
do
do
do
Lincoln Nat Bank. N Y
Amer Exch Nat Bank, N Y
do
do
Penn RR Agent. Phila
Treas. office, Erie, Pa

EL P A S O & S O U T H W E S T E R N C O . — A h o ld in g c o m p a n y , co n tr o llin g

the El Paso & N. E. Co. (which see above) and El T a so S. W. RR. (see be­
low) and other properties. The I.-S. C. Commission in July 1921 authorized
the company to issue 750,000 shares of no par value stock in exchange for
the $25,000,000 (par $100) capital stock then outstanding. The authorized
capital stock was changed from $35,000,000, par $100, into 1,000,000
shares of capital stock without nominal or par value. V. 113, p. 532.
The I.-S. C. Commission on April 23 1923 authorized the company to
issue $5,055,000 1st & Ref. Mtge. 5% bonds, due April 1 1965, to be ex­
changed, par for par, for First M tge. bonds which matured Jan. 1 1923.
The I.-S. C. Commission on Dec. 26 1923 approved and authorized:
(1) The acquisition, through the exchange of securities, of direct control
by the El Paso & Southwestern Co. of certain of its subsidiaries now con­
trolled indirectly; (2) the acquisition by the El Paso & Southwestern R R .
of control of certain subsidiaries of the El Paso & Southwestern Co. by ex­
changing its capital stock for the capital stock of subsidiaries; (3) the acqui­
sition by the El Paso & Southwestern 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 exceeding $12,570,000 capital stock and not exceeding $11,914,000 First & Ref. Mtge.
bonds in exchange for stock and bonds of certain subsidiaries of the El Paso
& Southwestern Co. and in part payment for equipment to be purchased
from that company. Compare V. 118, p. 906.
R E PO RT.— Report of entire system (1,028 miles) for calendar years:
Calendar Years—■
1923.
1922.
1921.
1920.
Operating revenue_____$12,649,044 $11,389,664x$10,868,798 $11,865,369
2,666,547 1,316,898
1,924,599
Operating income______ 2,205,085
Non-operating incom e-- 1,875,974
1,588,112 1,638,396 y2,602,695
Interest, rents, & c_____ 2,376,964
2,308,793 1,628,059
2,427,499
Dividends_____________
1,562,500
1,500,000 1,327,235
2,000,000
141,595
445,866
99,795
Surplus________________
x Does not include Federal lapover. y Includes $1,002,481 estimated
amount of revenue due from U. S. R R . Administration for guaranty period.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres. T. M. Schumacher; Sec., Geo. Notman. N. Y . office, 99 John St.
— (V. 118, p 2437.)
EL PASO & SOUTHWESTERN R R E l Paso, Tex., to Tucson, Ariz.,
and branches, 457 miles. Owns Burro M tn. R R . Co. Jet. to Tyrone,
N. M ., 13 miles. Forms the western division of the El Paso & Southwestern
system (see El Paso S Northeastern Co. above), its $14,000,000 stock and
c
$5,055,000 1st M . 5s being held by the El Paso & Southwestern Company.
which see.— (V. 118, p. 906.)
ELPASO UNION PASSENQER.DEPOT CO.— Owns depot at El Paso.
Tex., which was completed about N ov. 1 1905. Leased by El Paso North­
eastern, El Paso Southwestern, Galveston Harrisburg St San Antonio (Sou.
Pac. Sys.). Atch. T op. Sc Santa Fe. Texas S Pac. ana Mex. Cent, railroads
c
on a wheelage basis providing for maintenance and all charges. Stock
auth.. $240,000; outstanding, $88,800. Owned equally by six roads
named. Of bonds (see table above), $12,000 mature Jan. 1 yearly, begin­
ning 1916. V. 78, p. 104: V. 81. p. 1043. Pres., H. J. Simmons; V.-Pres.,
G. S. Wald: Sec.. V. R . Stiles: Treas.. U. S. Stewart.— (V. 112, p. 161.;
ELGIN JOLIET & EASTERN R Y.— Owns from Waukegan, 111., on Lake
Michigan, via Joliet, to Porter, Ind 129.94 miles, and branches: mainline
owned, 194.88 m.; spurs to coal mines & c„ 41 14 m.; trackage. 248.20 m.;
2d track, 41.67 miles; side and yard tracks owned. 179.52 miles; total.
705.41 miles. Also leases Chic. L- S. S East.. 16.05 miles with 339-60
c
miles Tranches and spurs and 14.85 miles 2d track, and 124.85 yard tracks
snd sidings, for 60 years from June 1 1909, and, with the U. 8. Steel Corp.,
guar, its $9,000,000 4 A % bonds, p. & 1. V. 89, p. 1410Leases from mis­
cellaneous foreign roads, branches and Spurs to mines and industries,
1.82 miles; yard tracks and sidings, 1.35 miles. Controlled by U. 8. Steel
Corp.
STOCK.— $10,000,000, as increased from $6,000,000 in June 1909; par,
$100. Dividend, 4% yearly (in Dec.) in 1899 to 1922.
Income account, year ended Dec. 31 1922, gross, $21,483,415; net operat­
ing income, $6,630,827; other income, $408,034; interest and rentals, $5,373,009; dividends, $400,000; balance, surplus, $1,265,852.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., A. F. Bank ; V .-P ., 8. M . Rogers; Sec. & Treas., F. L. Koontz,
Chicago.— V. 117, p. 670.
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. This 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 ON TARIO RR. 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.
ELMIRA & W ILLIAMSPORT R R . CO.-—Owns from Williamsport, Pa.,
to Elmira, N. Y ., 73.49 m. Leased to the Northern Central Ry. for 999
years from May 1 1863. Lease was assumed in 1914 by Penn. 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.
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 M % per ann; 1917. 9 )4 % ;
1918 to 1923, 9% y early— (V. 106, p. 817.)

U5

m

P
s
o

p
p
m

M

Q
O

En

m

$
P

a
t
H

a




52

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
First pref stook 4% non-cum redeemable at par__
A— Old Bonds Assumed— Roads Consolidated
N Y S Erie 1st M Plerm to Dun ext 1897 gold-xo*
c
Second mortgage (ext in 1919) gold call 1 1 0 ..zo*
Third mtge (ext in 1883 & 1923) gold red 105-.zc*
Fourth mortgage (extended In 1880 and 1920) gzc*
Fifth mortgage (extended In 1888) gold______ xc*
Erie Ry 1st M Buff Br Hornellsv to Attica gold.zo*
First consol mtge *30,000,000 gold $ or £.F.zo*
N Y L E & West First Consol mortgage gold____zc*
Buff & S W 1st M gold ext 1918 at 6% red 105 g.xo*
Newburg S N Y 1st M gold extended in 1889.. vo*
c
Ch & Erie 1st M g (Marlon O to Ham’d Ind) -Ce.zc*
Erie S Jersey 1st M g s f red text_______ Q.c*&r*
c
Genesee River 1st M gold s fd red text___ G.c*&r*
Chicago S Atlantic Term 1st M ext 1918 gold._Cezc
B— Erie Railroad Company Bonds
2nd mtge on Buff & S W gold ext 1918______ G.xo"
First Consol Mtge of 1895, securing—
(1) Prior lien bonds *35,000,000 gold-.F.xc*& r
(2) General lien *140,000,000 g o l d _ F.xc’ &r
_
Penn coll trust M $36,000,000 g s f (text) Ba.xe&i
General Mortgage (Series A, $10.000.000_G.xc*&r
convertible.
-iSeries B $12,000,000___ xc*&r
$50.000.000 . . . (Series D $28.000.000 . - xc *& r
Collateral not as to Secretary o f Treasury of U S and

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

When
Payable

$100 $1124S190(J
100 16.000,000
100 47.904.400
1.000
2,482,000
4C M &
1.000 2.149,000
1849
c
5 g M S,
1.000
1853
4,617.000
4H Z M <c
f
2.912,000
1,000
1857
5 g A 6c
500 Sec
1858
709.500
c
4g J S
200 Ac
182,400
1861
c
4g J S
1.000 y 15 575,000
1870
7g M &
500 Sec z 2 ,005 500
1878
c
7g M S
50 &e
1.500,000 (5) 6 g J S
1877
c
1.000
1868
250,000
c
5g J S
1.000 12.000.000
1890
c
5g M S
1.000
1905
7.1 44/0 0
6g J A
1907 1.000 See 5.791.000
c
6g J S
1,000
1888
300,000
c
6g
J S

67 1895

1,000

1895
1.000
1.000
1895
1901$ 1.000 Sec
1903 1,000 &e
1903 1.000 See
100 Ac
1903
500
1916

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 of N ov. 1
1905 the Penn. R R . provides sinking fund installments required by the gen.
mtge., the E. & P. to deliver its 3 l % debentures at par for such advances
A
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 stock are
subject to a 4-mill tax on assessed value, on speolal betterment, tax-free.
EARN ING S.— For 1923, gross income, $449,078; deductions, $172,452;
dividends. $276,884; bal., def., $259.— (V. 117. p. 1555.)
ERIE RAILROAD CO.— (See M ap.)—-Embraces trunk line from Jersey
City to Chicago, 111., and branches, 2,325 miles; restricted trackage rights,
128 miles; owned and leased to other companies, 12 miles; leased and re­
leased to other companies, 2 miles; total, 2,468 miles; second track, 1,425
miles; third track, 36 miles; fourth track, 36 miles.
leased Lines—
Miles
Lines Owned in Fee—
Miles.
Piermont. N. Y., to Dunkirk.. 447 Avon Gen. & Mt. Morris______ *15
Buffalo to Jamestown. N. Y _
_
66 Montgomery & Erie__________ *10
Buffalo to Corning, N. Y ______ 140 Northern R R . of New Jersey.. *26
H ornell to B u ffalo_____ ________ 92 Goshen & Deckertown________ *12
Other branches_______________ 206 Rochester & Genessee V alley.. *18
83
Stock all (a) or nearly all (b) ownea. Other lines___________________
Leased to Nypano RR.—
aChloago & Erie R R __________ *250
Cleve. & Mahoning Valley R R . *81
aJefferson R R ________________ *45
Sharon Railway_______________ *31
N . Y. & Greenwood Lake R Y _*54
15
_
64 Other lines___________________
Erie & Wyoming Valley R R _
141
aNypano R ailroad___________ 422 Trackage_____________________
bTloga Railroad______________
58 Lines in system_______________ 2,325
49 N. Y . Susquehanna & Western. *223
Other lines___________________
• See this company.
New Jersey & New York R R .. *38
Frontier Electric R R .. V. 106. p . 1900.
HISTORY.— On Dec. 1 1895 succeeded, per plan In V. 61, p. 368, the
N. Y . Lake Erie & Western R R . Co., sold In foreclosure under Its second con
Bolidated mtge. The company holds In fee or through ownership of all or
practically all the stook of the subsidiary companies the line from New
c
York to Chloago (Including the Nypano R R . and Chlo. S Erie companies)
GOAL P R O PE R T Y .— The allied coal properties at last advices aggre­
gated 12,400 acres o f anthracite, o f whicn about 9,000 acres, and 53.000
acres of bituminous coal lands were held by allied companies. 14.000 acres
of bituminous held under mineral rights. Pennsylvania coal properties ac­
quired in 1901 are additional. V. 82, p. 1322.
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. 1907. 08 to 1923
On first preferred_____i 1
3 3 34 4
4
4
Apr., 2
0
On second preferred_ J
_
..
2
4
Apr.. 2
0
B O N D S . — First Consol, mtge. of 1895 for $175,000,000 (Farmers
Loan & Trust C o., trustee)— see abstract, of deed. V. 62, p. 89. secures thr
*35.000,000 Prior Lien (V. 103, p. 1032) and $140,000,000 General Lien
bonds. Both series have voting power; see "Stock” above
Or the $140,000,000 ) onsoi M J en. Lien 4s, $92,668,000 we\e reserved for
ultimate acquisition of bonds and guaranteed stocks left undisturbed on
parlous parts of the system (see list, V. 62, p. 89), and $17,000,000 were
reserved for new construction, betterments, additions, &o., after 1897—
not over $1,000,000 to be used in any one year. On Dec. 31 l 923 $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 R R . (on Dec. 31 1923 $19,217,000
of these had been pledged to secure a short-term note for $10,000,000.
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. Y
Susq. 5c Western stock ($26,O0O,OOO total issue), all of the Pennsylvania
Coal Co. stock, and the stook of the Erie 5c Wyoming Valley R R ., Scranton.
Pa., to Lackawaxen, 65 miles, and Delaware Valley S Kingston R R .
c
Sinking fund of 10c. per ton o f coai mined from mines o f Penn. Coal Co
V. 71, p. 1219. 1311: V. 72. p. 44, and circular, p. 36, 532. 257; V. 79. p
212; $16,887 .OOOincIuded in the $34,000,000 “ outstanding” were in sinking
fund Dec. 31 1923.
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
common stock at 50 ($200 par value of stock for $100 of bonds). There
Is no Series “ O "
The other series on Dec 31 1923 Included:
Amounts Held by—
Public Co’s Treas. As Collateral.
______
______
Series A no longer convertible______ $10,000,000
Series B
do
do
______ 11.015,000
______
$985 000
Series D convert till Oct. 1927_____ 19.627,100
$900
8.372,000
The $8,372,000 series D 4s are pledged as part security for a short-term
note for $10,000,000. V. 76, p. 382, 541; V. 78, p. 768; V. 79, p. 2205;
V . 84, p. 270; V. 102, p. 66, 345; V. 105, p. 606.
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
def. <k Impt. Mtge. bonds and forthwith pledged $8,750,000 thereof as
3
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 o f not more than $175 in amount of bonds for oacb
$100 in amount o f loan. On Dec. 31 1923, $13,708,000 pledged, $1,292,000
unpledged.
In May 1918 was authorized to amend the mortgage so as to make possible
the extension o f the old (underlying) bonds.

W63.000

5 g

35,000,000
4g
r35.8S5,000
4g
*$34000000
4g
lO.OOU.OOU
4g
u l 1015,000
4g
U19627.100
4g
tNone Apr’ 24_ __
_
20,299,450

Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity
April 1907
April 1907

447 1847

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

’20-’21
Equipment trust certfs— see table in t e x t _____. . .
Avon Geneseo & Mt Morris and Rochester & Geneaee Valle y Stoc ks—See t
C— Bonds on Properties Controlled by Ownerr.klp of En tire o? a Ma!
1,000
_
Bergen Co 1st M Ruth Jot to R’ dgew extended_ x
10 1881
’68-’ 69
cMont & Erie 1st & 2d Ms (*40,500 are 2d )_ _
_
. . . ’66-’ 67
r s t u Further amounts owned by company Dee .31 19 23 as f ollows: O
$1,292,000 unpledged; u $9,357,000 pledged, $900 unp 1
edged . x In eludes $ l
y A dd’ l $1,294,000 pledged, z A dd’l $1,894,000 pi edged. w A kid 1 $93




Rate
%

[V ol. 118.

2% 3 P Morgan & Co. N Y
do
2%
do
do
50 Church St, New Yorkdo
do
J P Morgan & Co, N Y
do
do
do
do
do
do
do
da
do
do
do
do
do
do
50 Church St, New York
do
do
do
do

N May 1 1947
S Sept 1 1939
s Moh 1 1933
o Oct 1 1930
D June 1 1928
J July 1 1931
v
SSept 1 1930
s Sept 11930
J July 1928
J Jan 1 1929
N May 1 1982
J July 1 1955
.1 July 1 1957
J July 1928

J

Sc

3 July 1928

50 Churoh St. New York

3
J
F
A
A
A

S
c

3 Jan 1 1996
3 Jan 1 1996

50 Churoh St. New York
do
do
50 Church St. New York
do
do
do
do
do
do

Sc

S
c
S
c
S
c
S
c

A Feb 1 1951
<) Apr 1 1953
O Apr 1 1953
o Apr 1 1953

6

hose Cornpa nles.
orlty (6) of Capital S cook. or
7
200.000
A & 0
6
246,500
170,500
Various
5

1930 1931-1936
by (e) Lease
Apr 11931
1928-1929
1926-1927

f r$ l9.217, 000 pledg ed.$2,000 unpledged;
6,88/ ,000 h eld in sin kin
’un d.
7,000 pledg ed.

50 Church St. New York
50 Churoh St. New York
t

$30,508,000 pledged.

in July 1918 obtained permission from the New York P. S. Commission
to issue further $12,500,000 6% series ” B ” Ref. Sc 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
idditional $4,300,000 Series “ B” was auth. in Aug. 1920. V. I l l , p. 588.
On Dec. 31 1923, $16,800,000 had been issued and pledged.
In Feb. 1915 sold $7,400,000 Erie S Jersey (closed) 1st M . and$6,000,000
c
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 annua)
sinking fund for each issue. Both roads have been merged in the Erie R R .
Co. V. 100, p. 474. 4 8 1 . 397, 555. 641.981. 1437; V. 104. d . 863.
N. Y . Lake Erie & Western Docks S Impt. Co. 1st 5s (extended) are rec
Jeemable at 105 thereafter. 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 of Jefferson R R ., $2,800,000 5% bonds in 1919 at 5 k i% .
See V. 108, p. 1165. (Extension of 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 RR. 4th Mtge. Extended 5% bonds from Oct. 1
1920 until Oct. 1 1930, at 5% per annum, and to pay $142 50 per $1,000
bond to such holders as presented their bonds for extension on or before Sept.
20 1920. The extended bonds are subj. to redemption at 105% & int. on
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. 11930 at 7% interest, a payment of $10 per $1,000bond to be made to assenting holders. The extended bonds are redeemable
at 110. Announced on Sept. 1 1920 that a sufficient amount of the bonds
had been deposited to permit the company to carry out the plan of extension.
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 May 1 1922 to M ay 1 1942 at 5)4% and to
pay $40 for each $1,000 of bonds so extended. The bonds were extended
as series A bonds and will have the guaranty of the Erie 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)4 % 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 offeren to exten-1the N . Y . & Erie R R . 3d Mtge. Extended
bonds to March 1 1933 at 414%, subject to prior redemption, as a whole
only, at 105 and int. the present lien o f 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.
Oar 1 rust Series, Qold (Denomination S1.000 eacfi). See V . 88, p. 882
Mature in Installments.
O utstam iino.
Date. Interest
45,000 To Aug 1 1924
45.000 s.-a.
•BB” _____ .1914 4 H FA A
639.060 To Dec 1925
213,000 s.-a.
‘ CO” _____ -1916 4)4 J&D
62,500 s.-a.
249,500 To June 1926
•DD” ____ -1916 4\4 J&D
184.000 s..a.
1917 4)4 AScO 1.104,000 To Apr 1 1927
230,000 s.-a.
M&N 2,760.000 To M ay 1 1930
•FF” _____ .1921 6
300.100 ann.
‘ No. 29” -_..1920 6 J&J 15 2,700,700 To Jan 15 1935
150,000 s. a.
“ GG” ........ .1922 5 M J&T
4,050.000 To July 1 1937
188,000 s.-a
“ H H ” ____ .1922 5 M&N 2,612,000 To Nov 15 1937
840.000 To Apr 1 1938
A&D
60.000 s.-a.
"11” ___
1923 6
262,000 s.-a.
“ JJ” _____ .1923 6
M&N 7.336.000 T o M ay 1 1938
1,450,000 To Oct 15 1928
A&O
50,000 s.-a.
“ K K ” ___ .1923 6
630,000 To June 1 1931
90,000 ann.
U. S. Govt .1921 6
June
30,000 ann.
do
240,000 To Aug 1 1931
1921 6
Aug
180.000 To Mar 1 1932
do
Mar
22.500 ann.
1922 6
Equipment trusts issued to Director-General for rolling stock al­
located to this company. See article on page 3
Government loan. V. I l l , p. 792, 895, 2041;V.113,p.l052;V.114,p.521.
R E PO RT.— For 1923, in V. 118, p. 1793, showed:
Operating Revenues—1923.
1922.
1921.
Merchandise________________________ $73,207,913 $63,191,282 $58,116,947
Coal________________________________ 35,533,065 21,353,924 33,215,074
Passenger___________________________ 14,696,897 13,872,168 15,018,695
M ail________________________________
716,513
754,005
770,467
2,407,424 1,543,185
Express_____________________________ 2,817,483
Miscellaneous_______________________
6.006.584
5,295,300 4,763,708
Gross operating revenues________ $132,978,455$106,874,103$113,428,076
Operating Expanses, <5cc.—
Maintenance of way and structures-_$14,307,569 $12,699,504 $14,120,876
Maintenance of equipment_________ 36,054,579 32,712,642 32,879,055
Traffic_____________________________
1,942,234
1,822,461
1,749,372
Transportation____________________ 51,319,167 48,582,289 52,781,594
Miscellaneous______________________
4,537,134
4,407,173
4,628,457
Transportation for investment— C r-90,538
122,546
42,312
Ry. tax accruals & uncoil, ry. rev_
_ 4,369,193
3,911,587
2,821,468
Operating expenses, taxes, &c___ $112,439,338$104,013,110$108,938,510
Railway operating income__________ $20,539,117 $2,860,993 $4,600,588
Equipment rents, &c_______________
2.218,704
2,216,082
2,466,891
Net railway operating income_____ $18,320,413
$644,911 $2,133,697
Other income_______________________ 4,791.317 11,209.533 14,682,032
Gross income_____________________ $23,111,730 $11,854,444 $16,815,729
Interest, &c., charges_______________ 14,676,458 14,987,214 14,121,304
Applicable to sinking fund, &c______
1,217,065
946,047 1,099,171
Surplus____________________________$7,218,207 df$4,078,817 $1,595,254
For latest earnings, see “ Railway Earnings Section” (issued monthly).

M ay , 1924.]

53

KAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest nnS
Dividends are Payable
and Maturity

■1fie RR (Concluded)—
3
Jefferson 1st & 2d Ms ext (Honesdale Branch)____
$300,000 4)4 A 6 J & J July 1 1927-29 Fidelity Trust Co. Phirn.
8 ’67-’ 69 $500 Ao
50 Church St, New Y orl
5)4 g A & O Apr 11929
1st M Carbon to S depot g ext '16 red 105._FP.zo*
1,000 2,800,000
37 1889
J P Morgan A Co, N *
Long Dock Co oons M g (now 1st M) (see text) .xo*
7.500.000
6 g A A O Oct 1 1935
1885
1,000
do
do
1.471,900
sN Y A Greenw L prior lien M $1,500,000 gold-.N x
100 &o
5 2 M A N May 1 1946
52 1896
50 Church St, New YorLM & N May 1 1950
500 Ac
394.000
9New Jersey & New York 1st M ext In 1910 ...xo*
6
34 1880
do
do
5
6.31,000
J & J Dec 31 1932
1892
500 Ac
General mtge $1,200,000 (red 105 after 5 vrs) g _x
do
do
T io g a R R fir s t m o r tg a g e . ______
M & N N o v 1 1935
239,500
1852 500-1000
5 g
N Y L E A W C RR 1st M ser A (e x t.) gu ar p & i
do
do
M & N M a y 1 1942
red ( t e x t ) . . ______. . . .
. __
Mo.zc*
1,000
1 ,1 0 0 ,0 0 0
1882
5)4
do
do
1883
1,000 3.396.000
5 g ,1 A .1 July 1 1943
N YLE A W D AlC o ex g’ 13red text(V96.p 1776) F.xc*
J P Morgan A Co, N V
8.000.000
500 Ao
_
N Y Pa A Ohio prior ilea mtge gold $ o‘r £ _ F.zo*
4)4 g M A S Mch 1 1935
422 1880
Do Leased lines— see separate statements for Cl evelan d A M ahoning Valley RR and Sbar on Ry
N Y Susquehanna & western— Northern New Jers ey— - je ea* b compa ny
j
420,000
5
A J July 2 1942
22
100
4 0 0 100
Farmers L A T Co, N Y
100 Ar
1st M 30-yr 7% gold bonds call after 3 years,.102 1,500,000
7 g M & N May 1 1950
1920
InterstateTABkCo, N O
V
I
8
N May 1 1936
Fernw ood Colum bia & G u lf R R — F irst M $50 0 ,0 0 0
500.000
l ,000
44 1911
See te x t
.1 & J Jan 1 1932
6
__Ref _&mtge bon d s d u e $ 5,0 0 0 y l y ’ 22 t o ’ 31 $30 0,00 0
1921
F itch b u rg RR— Bonds— See Boston & Maine RR ab ove.
Florida Central & Peninsular— See Seaboard A ir Line Ry
Bankers Tr Co, 14 Wall Ss
H o n d a East Coast— 1st M $12,000,000 g-Ba xxo'Ar*
4)4 g J a D June 1 1959
617 1909 1,000 Ao 12,000.000
New York
See text July 1 1959
General Income M 5% non-cum $25.000,000___ xx
25,000,000
1909
5
Equipment trust certs ser B (auth $1,000,000) due
fl
&
1917
400.000
A < n Oct 1 ’24 to ’27 U 9 Mtge A Tr ne N V
$100,000 y r l y . __ _______________
l.nno
J & j T o J u ly 1 1933 B a n k e rs T r u s t C o , N Y
Equip tr certs ser C d u e $ 2 0 0 ,0 0 0 y e a r ly , . . . . c *
1,000
2 ,0 0 0 ,0 0 0
5
1923
Florida West Shore— See Seaboard Air Line.
Aug 15 ’ 13 2% Checks mailed
100
2,500.000
500,000
do
6
Pref stock 6% cum oa" at 105 $1,000,000 auth .
100
c — M Mar 15 ’24 1)4
N Y Trust Co, N Y
First consol refunding mtge $500,000 eold.N.xo*
1,000
500,000
4)4 g J A UJuly 1 194/
26 1897
do
do
»0(),0i)0
1,000
General refund mtge $800,000 (V 71. p 34) ..N.xo*
4 g J A .1 July 1 1950
28 1900
New York Trust Co, N Y
First Cons Gen Ref M $7,000,000 g red 120.N.xo* Ar
1,000
5,700.000
4 H g M & N Nov 1 1952
75 1902
FulCo N B k.G lov’lle.N t
Johnstown G & Kingsboro 1st V assum ext 1913__z
t
1.000
50,000
J A J July 1 1933
5
4 1893
100 2,634,000
1,363.100
1st M g red 105 $50,000 due serially Dec 1 to 1937
too A'
5*
J A n Dee 1 1924-38 N e v Y ork
5,300.000
152 1913
New York Trust Co, N Y
Debenture gold bonds Series A red 105 .N k.xxxc*
500,000
J & D Junel 1933
7g
1923 500-1000
Fort Smith & Western— See text.
Central Union Tr Co, N Y
1,000.000
*“ort Street Union Depot— 1st M gold. . . .
_.Cex
1,000
4)4 g J A J Jan 1 1941
1891
100 2,291,416
Port Wayne & Jackson— Preferred stock 5M % rental 97.53
5)4 M A s Mar 1 1924 2)4 Farmers’ L A Tr Co, N Y
O F F I C E R S .— P r e s ., F. D . U n d e r w o o d ; Y .- P . , W m . A . B a ld w in ; V . - P . &
G e n . C o u n s e l. G . F. B ro w n e ll; V .- P ., T h o s . C . P o w e ll; Y .- P . & See.,
G e o rg e H. M in o r ; T r e a s ., W . J. M o o d y ; C o m p ., Chas. P . Crawford.
50 C h u r ch S t., N e w Y o r k .
D I R E C T O R S .— G e o . E . M a r c y , A rth u r M . A n d e r s o n , S te p h e n B ir c h .
F ra n k L . P o lk , F . D . U n d e rw o o d , W m . W r ig le y , J r ., B . A . E c k h a r t, L F .
L o r e e , G e o . F . B a k e r, M itc h e ll D . F o lla n s b e e , R o b e r t W . P o m e r o y .
G re n v ille K a n e . Julius K ru tts c h n itt. G e o . G . M a s o n , G e o . F . B r o w n e ll.
M y r o n C . T a y lo r .— (V . 118, p . 2 1 7 9 .)
ESSEX T E R M I N A L R Y . CO.— O w n s road fr o m G ra n d T r u n k Ry ho
A m h e r s tb u r g , O n t ., 19 m ile s . E n tir e 8 1 0 0 ,0 0 0 c a p ita l s t o c k acq u ire d
Feb. 1918 by t h e C a n a d ia n S teel C o r p ., L t d ., a su b s id ia r y o f th e U . S. Steel
» .0r
D
?
i n 1918 w as c o n s tr u c tin g w o rk s a t O jib w a y . C a n .
Of
®1“ 0 '9 2 9 1st
b o n d s , 8 2 0 6 ,0 0 0 are o u ts ta n d in g in h an d s o f p u b lic and
8 2 1 4 ,0 0 0 are held in th e tre a su ry o f th e IJ. S. Steel C o r p . s u b je c t to sale
— ( V . 108, p . 1274.
EVANSVILLE INDIANAPOLIS & TERRE H A U T E R Y . — O rga n ized
in In d ia n a t o c a r r y out th e plan and a greem en t d a t e d F e b . 19 1920 for
the reorganization o f th e E v a n sv i le A In d ia n a p o lis R R . Owns ro a d from
Evansville to Terre Haute via Worthington, 134 m iles.
.U n d er th e reorg a n iz a tio n p la n , the c o m p a n y en te re d into a g reem en t
.'G • the C le v e la n d C in cin n a ti C h ic a g o & St L o u is R y . C o., w h e r e b y the
• IS.
w as t o o p e r a te the E. & I. R R . fo r the b e n e fit a n d a t t h e risk

or 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 of
Purchasing the entire capital stock of the New Company for the sum of
*1,000,000, payable in cash, or, at the election o f the “ Big Four,” in bonds
o f the Big Four” issued under Its Refunding and Improvement Mortgage
dated June 27 1919._ T h e“ 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 o f the “ Big Four.” V,
112. P - 1399, 1977. Government loan, Y. 112, p. 2536. Tentative valua­
tion, V. 113, p. 1052.
Payment to holders o f 1st Mtge. 6% bonds due 1924 and 1st Consol
mtge. 6% bonds due 1926 under terms o f Chic. & East. 111. Reorganization
Plan. See Chicago & Eastern Illinois RR.
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,
$1,500,000; 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_ 81,700.000
_
Common stock o f a par value o f $100 per share__________
_ 4.290.000
REPORT.— For 1922: Gross, $1,289,694; net, $49,268: other in­
come. $4,275: interest, rentals, &c.. $562,216; bal., def., $508,673.
For details o f reorganization plan, compare V. 110, p. 1186.— (V. 118,
p. 5o0.)
FERNWOOD COLUMBIA & GULF RR.— Owns Fernwood to Colum­
bia, Miss., 44 m. Stoca: outstanding, $100,000. Bonds, see table above.
The I. S. C. Commission in April 1921, authorized the company to issue
and sell $200,000 6% ref. A mtge. bonds. V. 112, p. 1865. For cal
year 1923, gross, $297,855; net oper. income, $72,910; other income, $2,698;
interest and rentals, $74,856; bal., sur., $752. Pres., A. F. Wortman;
Y .-P ., N . E. Ball; Sec., J. L. Bentz; Treas., J. M . Fush. Office, Fern­
wood, Miss.— (Y. 112, p. 1875, 1977.)
FITCHBURG RR.— See Boston A Maine RR.
FLORIDA EAST COAST RY.— Owns from Jacksonville, Fla., via St.
Augustine to Key West, 522 m.; branches, 234 m.; trackage. 7 m.; tot:a>
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 of
June 30 1916. V. 118, p. 2179. New construction authorized, V.
116, p. 295.
STOCK.— $12,500,000. all sold at par. V. 96. p. 1840; V. 105. p. 497.
Y. 107. p. 1344. 2156; V. 106, p. 2194.
BONDS, Ac.— The 1st M . 4)4s ($12,000,000 auth.) are a first lien on 617
miles. V. 88, p. 1620; V. 94, p. 1185; V. 98, p. 1993.
Int. on incomes, 3 34%. paid 1910: 1911. 4% ; 1912, 1913 and 1914,
each, 2)4% ; 1915, 4 % : 1916. 5% : Nov. 1917. 5 % : April 1 1918, 2)4% paid
for 6 mos. on account of change of fiscal year of corporation; June 1919, 5%
April 1920, 5% .
R E PO RT.— For 1923 showed:
1923.
1922.
1921.
Gross operating revenue_____________ $16,023,998 $13,427,625 $13,579,109
Net operating revenue________________$3,896,031 $3,220,341 $1,555,374
Other income_______________________
475,602
96,991
442,789
Deductions_________________________
1,613,969
1,325,460 1,231,459
Surplus-------------------------------------------- 2,757,672
1,991,872
766,705
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Chairman of Board, W . H. Beardsley; Pres., W. R. Kenan Jr.; V.-P. &
Treas., L. C. Haines; Sec., C. D. Boice. General offices, St. Augustine,
Fla,- New York office, 120 Broadway.— (V. 118, p. 2179.)
FLORIDA WESTERN & NORTHERN R R — (V. 118, p. 2303.)
FONDA JOHNSTOWN & (1LOVERSVILLE RR — Owns Fonda to
Northvllle (steam), 25.47 m.; Gloversvllle toScheneotady (electric), 32.47
m.; Gloversvllle to Fonda (electric), 8 70 m.: Belt line in Amsterdam
(electric), 3.78 m.; Belt line In Gloversvllle (electric), 3.84 m.; Hagaman
line (electric), 2.29 m.; second track (electric), 22.75 m. Operates under
lease branch line Broadalbln Jet. to Broadalbin. 6.15 m. (steam); also local
line Gloversvllle to Johnstown (electric), 4.08 m.; yardings and ridings,
14.19 m.; trackage, 3.98 m.; total, 86 16 miles of road (127.70 miles of
track), of which 104.73 miles on private right of way and 22.79 miles
on streets and highways.
Owns entire $105,000 common stock of Goal Oo. of Fulton Oo.




D IV ID E N D S.— On com ., 2 % , July 20 1910; July 10 1911. 2% ; Aug.
1912 and 1913, 2% ; none since. Prer dlv. paid regularly 6% per a’ num.
L)S.— Consol. 434s, $7,000,000 auth.; $1,300,000 is reserved to re­
tire p rio r hens. See V. 115, p. 2158. Guarantees $30,000 Gloversville &
Broadalbin 5s and $50,000 Johnstown Glov. A K. 5s and $50,000 8% stock .
REPORT.— For 1923, in V. 118, p. 2)00:
Vents — Cross N ”‘ ->f’ Tat. Oth. Ini. In' <%
c.
Pref. Civ
Surplus.
1923__.$1 .47 1.22 0

$ 4 7 7,81 1

$ 8 3 ,9 1 8

1922.. 1,409,648
502,903
68,754
1921 _. 1,355.659
430,919
53.350
1920.. 1,431,563
463,478
40,425
OFFICERS.— Pres., J. Ledlie Hees:
Wm. II. Collins; Aug. & Treas.. Geo.

$ 3 9 2 ,2 5 9

(6 % )$ 3 0 ,0 0 0 $13 9 ,4 6 9

382,643
(6%)30,000 159,014
383,147
(6%'30.000
71 ’ ’ 2
392,327
(6%)30,000
81,576
Sec.. Fr-'nk Barton: Gen. M e’-..
A. Harris. Office, Gloversvllle,

N . Y . — (V . 118, p . 2 1 7 4 .)

FORT DODGE DES MOINES & SOUTHERN R R .— Owns from Des
vloines, la ., to Fort Dodge. Boone, Ames and Rockwell City, 12814 m .:
»lso 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.
DIVIDEN DS—
1917. 1918. 1919. 1920. 1921. 1922. 19236
5
5
0
0
0
On common___________ 6
On preferred__________ 7
7
7
7
*3)4
0
5X
* Of which 1H % was paid in acrip.
BONDS.— Open mtge., V. 101, p . 1272, 1972. Due serially on Dec. 18
160.000 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 of additions, A c., when annual net earn­
ings are 1% 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 1923, gross, $2,154,942; net operincome, $419,712; other income, $26,451; int., rentals, &c., $338,274;
pref. divs., $71,563; bal., sur., $36,325.
,
,
Pres. & Gen. M gr., C. H. Crooks; Sec., Treas. & Aud., F. M . Johnston.
— (V. 117, p. 1883.)
FORT SMITH & WESTERN R Y .— Operates Fort Smith, Ark., to Guth­
rie, Okla., 216 miles, of 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. M gr. Arthur L. Mills was made receiver, but retired
on April 15 1921. being succeeded by Chas. T . O’Neal, of Washington, D. C.
V. 101, p. 1272. Sold in Jan. 1923 to A. C. Dustin of Cleveland, repre­
senting the bondholders, for $50,000, plus $800,000 of receivership indebtedness.
The property of the old Ft. Smith & Western Railroad on Feb. 1 1923
was acquired by Fort Smith & Western Railway, a Delaware corporation,
organized in the interests of the bondholders 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 will receive all the securities presently issued by the new
Railway Co., to wit:
$1,500,000 20-year 1st mtge. 6% bonds;
3,744,000 20-year 2d mtge. 5% bonds (income bonds for first 10 years);
62,400 shares no par common stock.
The new Railway 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.
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 R T .— For calendar years:
1919.
1920.
1921.
1922.
_
$2,045,504 $1,773,095 $1,692,267
Gross rev. from oper_ $1,646,460
Other income...................
102,805
101,615
defll,467 def28,515
Total_________________ $1,749,265
Operating expenses_____$1,387,227
Rentals and taxes______
116,056

$2,147,119
$1,960,726
129,300

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

Total________________ $1,503,283 $2,090,026 $1,834,399 $1,493,091
Net income___________
$245,981
$ 57,093 def$72,771
$170,661
For latest earnings, see "Railway Earnings Section” (issued monthly).
Pres., A. C. Dustin, Cleveland, O.— (V. 117, p. 1774.)
FORT STREET UNION DEPOT.— Owns passenger station with ap­
proaches, 2.8 miles of main track; leased for 990 years from Dec. 10 1889 to
Wabash, Pere Marquette and Canadian Pacific for rental equal to 5% of
total cost of property and current expenses. Incorp. in Mich. Aug. 24 1889.
Stock, $1,000,000, of which Pere Marquette owns $515,800; par, $100.
Pres., F. H. Alfred, Detroit — (V. 100, p. 1832.)
FORT WAYNE & JACKSON RR.— 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
5)4 % on the pref. stock (see V. 56, p. 812), and after 1887 any net earnings
over 8% on pref. stock to bepaid on com., but not exceeding 2% a year.
Common stock, $436,132. V. 106, p. 601.
FORT WORTH & DENVER CITY RY. CO.— Ft. Worth, Texas, to
Texline, 454 miles. Owns securities of Ft. W . & Den. Term. Ry.
STOCK, Ao.—Colorado & South. Ry. Dec. 1922 owned all out $8,772
of the $9,375,000 capital stock, the latter including $6,835,008 common
and $2,539,992 stamped stock. V. 63. p. 1063. 75.
Payments under stamped stock agreement of Oct. 12 1895, 4% per annum.

54

KAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Ft W orth & Den City— 1st M ? $18,000pm Ba.zc*
Eq tr Ser C $56,000 s-a red aft M ay’20 10244---FP

Miles Date
Road Bonds

Par
Amount \
Value Outstanding

454 1881
1915
1920
1922
74 1905
1913
256 ’ 71-’80
671 1881
1881
1910
56 1913
1908
1882
1890
1901
16 1899

$1,000 $8,173,000
56,000
1,000
372,900
1,000
650,000
1.000 See text
100 See
325.000
1,000 5.728,000
1,000 13.418.000
2,539,000
1,000 9,022,000
1.000 2,122,000
1.000 1,106.000
1,000
431,000
1.000
989.000
1.000
327,000
1,000
484,000

Rate
%

When
Payable

[V ol. 118.
Last Dividend
and Maturity

5 44 g J A D D ecl 1961
c
444 M S N To M ay 1 1925
J S. .T15 To Jan 15 1935
r
6
M & N To M ay 1 1937
544
5 g M A N Nov 1 1935
6
J— J Oct 1 1922
Various 1935
6 8
5 8 M A N May 1 1931
J S
c J July 1 1931
5
J A D June 1 1940
6
A A O Apr 1 1933
5 8
M A S Moh 1 1938
6
6 8 J A J July 1 1932
A A O Apr 1 1940
5 g
F A A Aug 1 1926
5 g
5 2 A A O Apr 1 1929

Places Where Interest ane
Dividends are Payable
Offloe, 32 Nassau St. N Y
Fidelity Trust Co. Phila

Equipment trust o f 1922 due $50,000 ann_
_ ___
First Nat Bank, N Y
Gainesville Midland— First M 51.000.000 g red at 110
Notes $400,000 auth extended to Oct 1 1922_______
Prin. & int. in default
Gal vestonHarrisb&San Antonio— lst&2dM g 1gr ext 0*
Owned oy Sou Pac Co
Western Division 1st M (Mex A Pao ext) gold_ x
_
So Pao Co 165 B’ way.N Y
do
do
2d M “ stamped” guar p S 1___
c
Galveston-Vlotorla Div 1st M 510.000.000 a u th ...
d0
do
Irv Bk-Col Tr Co, N Y
Galveston Hous & H endofl882— 1st M, g.Col yo* Ar*
Galveston Terminal— 1st M 55,000,000gu (text).B a.x
Banker* Trust Go. N Y
Galveston Wharf Co— 1st (r e) M gold s f _______ zc*
Nat City Bk. N Y, or Ga*
First series (wharf & railroad) gold 5s sink fund.zc*
do
do
_
Second series (wharf A railroad) gold 5s s f _ zc*
do
do
Genesee & Wyoming RR— 1st M gold 5500,000_ Col
_
Irv Bk-Col Tr Co, N Y
Geneva C orning & S ou th ern — See N Y Central RR
Georgia & Alabama— Georgia Carolina & Northern— See Se aboard Air Line Ry.
Georgia & Fla—Common stock ilo.OOO per mUe___
10c 5,250,000
Pref stock non-cum partio. 510,000 per m ile.. . .
100 3,500,000
Millen A South 1st M _____ _____. . 1 ________ Colx
Hanover Nat Bk, N Y
1.000
212,000
53 1905
5 g A A O Apr 1 1955
Receivers’ certificates. . . . _________________
8
1924
1,600,000
Georgia A Florida mtge 512,000.000 gold____ axe*
500 Ac *6,240,000
See text
284 1907
5 g M A N Nov 1 1956
t' &
500 Ac 2,000,000
Feb 1 1932
1912
Georgia A Florida Term M _____
_________
._x
Fidelity Trust C o, Bal*
1.000
200,000
2 1910
6
J A j July 1 1930
J P Morgan & C o. N Y
Augusta Southern 1st conso mtge g o l d _____Ce.xc
1,000
400,000
5 g J & D Dec 1 1924
82 H 1894
J P Morgan A Go, N Y
Georgia Midland Ry— First M gold 51.650,000Int gu.x
1.000 1.650,000
98 1896
3 g A A O Apr 11946
Georgia Pacific— See Southern Ry •
___
Georgia Railroad & Banking Co— Stock___
100 4,200,000
12
307
3— J Apr 15 1924 3% Augusta, Ga
Bonds not mortgage currenoy (V 87. p 226, 285) .zc
1907
Am- Exoh Nat Bk. N Y
1.000 1.000,000
J A J Jan 1 1947
4
1,500 000
A
O Oct 1 1951
1921
6
100 2.000.000
First pref stock 5 % Sc par tic non-cum red________
100
684.000 See text M * N M ay 29 ’24 244 M T A D Co, Balt: A N Y
do
do
Second pref 5% S partic non-cum $1,084.000___
c
100 1.084.000 See text M «r N May 29 ’24 244
do
do
First mortgage gold 54,000,000... . . ..M eBa.xo*
1,00c 4,000.000
285 1895
5 g .1 & .1 July 1 1945
do
do
First consol mortgage 510.000.000 g o ld .. -N.xo* Ar
1.000 2.000.000
391 1902
4 g J & J July 1 1952
Equipment trust Ser E due $22M or $23M s-a g ._c
1.000
68,000
1915
444 8 M &N15 Nov '24-Nov '25 State & City B & T , Rich
* Includes about $300,000 bonds owned by Co. and pledge d as co llateral f or floating debt.

!

BONDS.— A b s t r a c t of mortgage, V. 45, p. 440. Certfs. of lndebtednesi
GENESEE & WYOMINO RR.— Retsof, N. Y ., to Pittsburgh & Lehigh
o w n e d by Colo. Sou. Deo. 31 1922, $299,917.
Equipment trust. V 82, Jot., 11 miles; Retsof Jet. to Griegvllle, 4 m.; branch, 2 m .; total, 16 miles.
p . 1101; V. 84, p. 508; V. 114, p. 2115.
Ft. Worth & Denver Terminal B y.,
Stock, $560,606; par, $100. Dividends since 1909: Aug. 1910, 1 4*%;
$2,500,000 20-year 6% bonds (Bankers Trust C o., N. Y ., trustee), subject N ov.. 14*%; 1911, 5 % . paid 14*% Q.-J.; 1912 and 1913, 5% (Q .-F .): 1914.
t o call at 105, o f which $728,000 have been issued, $300,000 sold and $428,
Feb. and M ay, 14* % ; Aug. 1914 to Aug. 1916, 144 % quar.: N ov. 1916, 2 % .
000 held by Ft. W . & D . C. R y. V. 86. p. 52, 1100, 1589: V. 87, p. 949.
1917. 10%. 2% Q.-F. with a special div. of 2% paid In Aug. 1918: Feb. A
The company in N ov. 1921 offered to extend the $8,176,000 1st mtge. M ay, 2% quar.; N ov., 4% ; 1919 to 1922 paid l6 % yearly; 1923, 15%.
6s, due Dec. 1 1921 to Dec. 1 1961. at 544%. plus $40 in cash for each Year ended Dec. 31 1923; gross, $605,327; net oper. income, $262,290; other
$1,000 bond extended. The bonds, as extended, will be redeemable, as a income, $9,339; int., rentals, $112,611; divs., $75,000: bal., sur., $84,019.
whole but not in part,on or after Jan. 1 1935, at 105 during the 5 years Pres., M . B. Fuller, Scranton, Pa.: V .-P . & Gen. M gr., H. C. Finch, Retsof,
ending Dec. 31 1939; 104 during the next 5 years; 103 during the next 5 N. Y .; Sec. & Treas., W . H. Barnard, 2 Rector St., N. Y — (V. 76, p. 1248.)
years; 102 during the next 5 years, and 101 thereafter until Sept. 30 1961
GEORGIA & FLORIDA R Y .— Owns from Augusta, Ga., to Madison"
(plus interest in each case). Compare V. 113, p. 2185.
Equipment trusts issued to Director-General for rolling stock allocated Fla., 250 m.; branches, 153 m.; total, 403 miles. A consolidation in Aug1907. V. 82, p. 1211; V. 85, p. 345; V. 87, p. 480, 936, 1533; V. 88, p .
to this company. See article on page 3
681. On March 27 1915 three receivers were appointed, and resigned in
R E PO RT.— For 1922, in V. 116, p. 2631, showed;
July 1921. John Skelton Williams. Richmond, Va., took charge as sole
Cal.
Gross
Net (after
Other
Interest, Dividends Balance. receiver July 15 1921. In Oct. 1919 purchased Augusta Southern R R .,
Years. Earnings.
Taxes).
Income.
Rents. &c.
(8% 1- Surnlus
all operations being merged from Jan. 1 1920. Sale of road was ordered
1922-. $9,717,038 $2,552,094
$355,287 $903,109 $916,466$1,087,806 in Feb. 1920, but wns revoked by court order. V. 110, p. 464. Govt, loan
1921-- 11,334.958 3,434,990
392,117
835,561 916,466 2,075,079 requested to continue operations. V. I l l , p. 2228; V. 112, p. 257.
1920-_ 11,196,885
477.044 *2.179.887 1,180,881
639.152836.898 Inter-State Commerce Commission has placed a tentative valuation
The
•includes $1,651,733 estimated amount due under Govt. guar, for 6 moa. of $4,815,313 on the properties as of June 30 1918. V. 117, p. 208.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
The I.-S. C. Commission in April 1924 authorized the company to issue
Pres., Hale Holden; Gen. M gr., F. E . Clarity, Fort Worth, Tex.— $1,600,000 receiver’s certificates, $800,000 o f which were pledged with the
(V. 116, p. 2631.)
Secretary of the Treasury as substituted security for a loan from the Govern­
GAINESVILLE MIDLAND R Y .— Owns Gainesville, Ga., to Athens, 42 ment and the remainder sold or otherwise disposed of.
Protective Committee for 1st M . 5s of 1907; Franklin Q. Brown. 33 Pine
miles, standard gauge, and Belmont to Monroe, 32 miles; gauge now
St., N. Y ., and others. Depositaries, Baltimore Trust C o., Central Union
standard. V. 79, p. 151, 269. 500. 627. Stock, all outstanding. $550,000
Gordon C. Carson o f New York and W . B. Veazey o f Gainesville were Trust Co. of New York, and Richmond Trust C o. V. 102, p. 712. In July
appointed receivers in Feb. 1921. V . 112, p. 849. Tentative valuation, 1919 the Richmond (Va.) Trust Co. was made trustee under 1st M . of 1907.
In March 1918 John F. Lewis, Pres, of the Citizens Bank of Valdosta,
V. 113, p. 1052.
Ga., and E. B. Lewis, of Montezuma, having purchased the large interest
O f t h e 1 s t 5 s o f 1 9 0 5 ( $ 1 , 0 0 0 , 0 0 0 a u t h . ) , $ 6 6 1 .0 0 0 h a s b e e n s o l d a n d $ 1 4 .
In the property neld by the Baltimore Trust C o., succeeded S. C. Row­
0 0 0 Is r e s e r v e d t o r e t ir e o l d 6 s ; $ 2 6 ,0 0 0 t r e a s u r y b o n d s a n d $ 1 9 2 ,0 0 0 Issu ed
land and D . H. Gordon on bondholders’ committee. V. 106, p. 1344,1461.
t o c o v e r b r o a d e n in g g a u g e o f 3 2 m il e s a r e p l e d g e d t o s e c u r e a n Issu e of
$ 4 0 0 ,0 0 0 3 - y e a r 6 % c o u p o n n o t e s o f 1 9 1 3 .
T h e s e n o te s a ls o h a v e as a d d i­
BONDS.— Of bonds of 1907, $6,240,000 are in hands of public and
t io n a l s e c u r i t y t h e f o l l o w i n g , p l e d g e d b y i n d i v id u a l o w n e r s : $ 6 4 5 ,0 0 0 1 s t M .
in treasury. V. 85, p. 221, 536; V. 95, p. 1472. Holders of 1st M . bonds
b o n d s ( 1 9 0 5 I s s u e ), $ 5 1 4 ,6 0 0 o u t o f $ 5 5 0 ,0 0 0 c a p . s t o c k .
O f th ese n o te s,
were asked to’ und their coupons for 3 years from N ov. 1913: about 82%
$ 3 2 5 ,0 0 0 a r e S e r ie s A, h a v i n g a p r i o r lie n o n t h e c o ll a t e r a l a n d $ 7 5 ,0 0 0 Serie*
agreed. V. 98, p. 155. V. 97, p. 1024, 1504; V. 104, p. 2452.
B , $ 2 5 0 ,0 0 0 o f S e r ie s A h a v e b e e n I s s u e d a n d in s t a llm e n t s p a i d t h e r e o n t c
Gen. mtge. bonds, see V. 94, p 630, 826, 911, 1118; V. 164. p 2452.
t h e e x t e n t o f $ 2 1 3 ,2 8 5 ; S e rie s B Is a ll o u t .
T h e S eries A a n d B c o u p o n
Government loan, V. 112, p. 2642.
•
notes o f 1913 were extended to Oct. 1 1919 and again to Oct. 1 1922. Prin­
RE PO RT.— Gross revenues in 1923 were $1,785,526, compared with
cipal and interest since Jan. 1921 in default.
$1,362,045 in 1922, and net income, after payment of all operating expenses,
The Chatham Bk. & Tr. Co. is mtge. trustee. V . 81, p. 1375. 1550.
taxes, car hire, interest on the receiver’s certificates and all underlying
bonds, was $110,689, against a net deficit of $682,498 in 1922. For latest
G A L V E S T O N H A R R I S B U R G & S A N A N T O N I O R Y . — (See Map South* n
Pacific.)— Owns Galveston via Houston, Tex., to east bank of Rio Oranot earnings, see “ Railway Earnings Section” (issued monthly).— (V. 118,
River, 825 miles; Beeville to Damon, 167 miles; San Antonio to Port p. 1910.)
Lavaca, 136 miles; branches, 235 miles; owns jointly 2 miles; trackage, &c.,
GEORGIA MIDLAND RY.— Owns road from Columbus to McDonough,
17 m.; total, 1,380 m. Southern Pacific Co. owns $27,075,400 of the $27,98
July 1896
to
084,400 stock (par $100). V. 79. p. 2642; V. 81, p. 211, 668, 1242; V. 83. G a ., Co. miles. Leased fromrental 1(being for 99 years the the Southern Rail­
way
for $49,500 annual
Interest on
first mtge. bonds,
p. 1528.
Ao.) and 52.506 for Columbus terminal property. Stock Is $1,000,000,
BONDS.— See V. 92. p. 1636: V. 94. p. 130; V. 96, p. 1772; V. 107
owned by Southern Railway Co.— (V. 63. p. 361; V. 82. p. 751.)
p . 1482. Western Divs. 2ds $2,539,000 are “ stamped” with a guaranty by
Augusta
Southern Pacific Co. of payment of principal and interest as reduced from to GEORGIA R R . AND BANKING CO. (TH E ).— Georgia R. R .Macon &
Atlanta, 171 m.; branches to Washington and Athens, 58 m.;
8 % t o 5% from Jan. 1 1915. V. 100. p. 397. Equip, bonds, $1,558,000 6s
Augusta R R . (proprietary road), Camak, Ga., to Macon, Ga., 74 m.;
o w n e d by Southern Pacific. V. 76, p. 1300; V. 77, p. 2160.
The Sou. Pac
trackage, 4 m.; total, 307 m. Owns 50% stock of Western R y. o f Ala.
O o . o w n s $444,000 out o f a total o f $2,539,000 Mex. & Pac. ext. 2d M . 5i
Tentative valuation, $17,521,976 as of June 30 1916.
a n d all o f the $4,728,000 G. H. & S. A . East D iv. 1st 6s (ext.), due Aug. 1
Lease.— In 1881 road leased for 99 years to W . M. Wadley et al for the
1935. $1,000,000 2nd M . 6s, and $9,022,000 Gal. Victoria D iv. 6s.
Cent, of Ga. and the Louisv. A Nashv., at 5600,000 Der year, but In April
RE PO RT.— For 1923, gross, $23,982,900; net oper. income, $2,281,548’ 1899
have acquired all rights under the
other income, $518,388; deductions, $3,411,823; bal., def., $6ll,887. lease; the Louisv. A Nashv. was held tohalf interest. V. 68, p. 722. Owns
Atlantic Coast Co. 1899 acquired
For latest earnings, see “ Railway Earnings Section” (issued monthly).
majority ($; 89.900) stock "G a. R R . Bank."
— (V. 108, p. 2122.)
In Mar. 1920 announced that the Georgia R R ., the Atlanta S West Point
c
R R . and the Western R y. of Alabama would in future be operated in close
G A L V E S T O N H O U S T O N & H E N D E R S O N R R . O F 1 8 8 2 . — Owns from
organization rather than independently. The three properties will be
Galveston. Tex., to Houston, Tex., 50 miles. See V. 61, p. 1013.)
directed as to operation from Atlanta.
ORGANIZATION.— The M. K. & T. and International A Great Northern
The $1,500,000 6% bonds of 1921 provided for the retirement o f $300,000
have had trackage rights since Deo. 1895 under a contract providing for pay
6% bonds and $1,266,000 5% bonds due Jan. 1 1922. V. 113, p. 960.
ment to Central Trust C o., as mtge. trustee, of $100,000 yearly to meet inter
Equipment trusts issued to Director-General for rolling stock allocated
est on G. H. & H. bonds and an additional rental of $24,000 per ann. for to this company. See article on page 3, and V. 113, p. 1471.
dividends or other purposes.— See V. 61, P. 1064 V. 63, p. 697; divi. May
1 ’83-’87. '88. '89 to Jan. ’ l l . Since to Apr. 1924.
1904 to 1906, 4% yearly; none since. Of the 1st gold 5s ($5,000,000 auth. D IVIDEN DS.—
11 yearly.
12% yearly. (Q-J)
issue), $1,006,000 is reserved for not over 90% of cost of new equipment. Regular since 1881 % J10yrly. 10)4
Extra (from bank earns.), Jan. 1917, 1% ; Jan. 1920, 1% .
Redeemable at l65 on any interest day. V. 98, p. 839; V. 102, p. 1987.
Stock, $1,000,000; par, $100.— (V. 114, p. 305.)
REPO RT for year ended Mar. 31 1924. gross income, $639,596; divs.
(12% ), $504,000; interest and discount, $132,500; bal., $3,096; total profit
GALVESTON TERMINAL RY.— Owns extensive terminals at Galveston, and loss surplus, $1,970,797. Pres., Jacob Phinizy, Augusta, Ga.—
Tex., used by Trinity & Brazos Valley R y., Colorado Southern and Chic. (V. 115, p. 2580.)
R. I. & Pacific, which own practically all the stock. V. 87, p. 950. Own*
GEORGIA SOUTHERN & FLORIDA R Y .— (See Map of Southern B y.)—
a large freight depot and warehouse and about 14 blocks along Galveston
Owns from Macon, Ga., to Palatka, Fla., 285 miles; on Nov. 1 1902 pur­
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), $1,106,000 chased Atl. V. & W. R y., Valdosta, Ga., to Jacksonville, Fla., 106 miles!
trackage, 11 m.; total, 402 m. V. 60, p. 928; V. 79, p. 551. Also owns
guar, jointly by the Ch. R. I. & P. and Col. & Sou. V. 86, p. 1100, 1589
onville Term. Co. and 1-3 of stock Macon Term.
V. 87, p. 1478; V. 103, p. 2428, 1980. Pres., J. A. Hulen, Houston, Tex.; one-eighth o f stock of Jac'—
Owns the stock of the Hawkinsville & Florida Southern R y ., Worth to
V .-P ., Chas. Fowler; Sec. & Treas., E. R . Cheesborough, both of GalvesHawkinsville, Ga., 43 miles, and Ashburn to Camilla, Ga., 50 miles, $661,on, Tex.— (V. 100, p. 2085.)
000, 1st M . 5% bonds being guar., p . & i. The I.-S. C. Comm, in Oct
GALVESTON WHARF CO.— Owns wharf properties extending from 10th 1921 authorized the receiver of that company to abandon
line. V. 79.
to 41st Sts., Galveston, Tex., and 12.8 miles main line switching tracks In p. 2585; V. 97, p. 175, 365; V. 113, p. 2079, 2405; V. 118, the1267, 1910.
p.
olty, with yard tracks and sidings. Incorporated In Texas Feb. 24 1854
Tentative valuation, V. 113, p. 1052.
Stock outstanding at last advices, $2,626,600; par, $100. Dividends In
D IV ID E N D on f 1899. 1900-05. 1906. 1907-20. ’21-’22. N ov’23. M a y ’24
1904, 34*% ; 1905, 444%; 1906 to 1908, 5% yearly; 1909 , 45*%: 1910 to
444 5 yrly. None
244
244
1913, 5 4*%: 1914, 5 4*%: 1915. 45*%: 1916, 4% ; 1917, 45*% ; 1918, 3%; lst&2nd pref. (% ) 1 3 4 yrly.
1919, 3 % ; 1920, 3 5*%: 1921, 6% ; 1922, 6% .
STOCK.— Southern Ry. on Dec. 31 1922 owned $177,700 first pref.,
For 1§23, gross, $1,525,628; net, $211,739: other income, $174,762; $558,700 second pref. and $1,882,400 common stock.
deductions, $98,236; dividends, $157,596; bal., sur., $130,669.
BONDS.— First mtge. of 1895 (A bstract, V. 61, p.429) provides that the
For latest earnings, see “ Railway Earnings Section” (issued monthly).
second only to
Pres., John Sealy: V.-Pres., Geo. Sealy; Gen. M gr., E. E. Gossrau; Sec., $684,000 first pref. stock shall be a lien the authorized the bonds and coupons.
amount or $10,000,000
C. W . Branch. Office, Galveston, Tex.— (V. 107, p. 1195; V. 108, p. 170.) of The First Consol. 4s of 1902 are for
which $4,684,000 are issuable to retire the $4,000,600 5s and $684,000 let
GAULEY & EASTERN RY.— V. 113, p. 1772.
pref. stock and $3,316,000 are reserved for future needs. V .7 5 . p. 980.




M ay , 1924.]

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

Miles Date
Road Bonds

36
Georgia S outhw & G u lf— Albany & Nor 1st M g_c
G 8 W 4 Gulf m tg e ______________ ___________ Ce
36
42
Gettysb& Harrisb— Con(nowlst) M $565,000g(text)_x
O ils Valley G lobe & N orthern— See Arizona Easte rn RR
G ouverneur & O sw egatchie— See N Y C & H R RR
G r a n d Rapids & Indiana Ry— Stock $6.000,000------First M mostly land grant g extended In 1899__ z c *
367
First M extended gold guaranteed by Penn RR .zo*
367
Seoond mortgage $5,000,000 g o ld ,.................. ..x c *
419
Muskegon Grand Rapids A Ind— First M g _ Ce.x
_
37
Traverse City R R — First mortgage g o ld .. _____z
27
G r a n d T r u n k Pac— First M £ guar Can Govt (text)c&r 1,755
Prairie Section M (Ser A) £2,100,0001 guar p and 1
916
Mountain Sec M (Ser B) £2,050,000) by Grand
839
Lake Superior Div 1st M £1,550,000J
Trunk
188
Sterling bonds guar by Can Govt $15.940,800.c*&r* ' - - Deb stk $50,000,000 red aft 1936. Int gu by G T
G ov't Loan $15,000,000 cov. by deb. gu b y G. T ..
do $8,000,000 sec by mtge V 103, p 406______
do
$4,500,000 (V 105, p. 1617, 999, 818, 497)
do
$7,500,000 (Y 106, p 2559)______________
Grand Trk Pac Br Lines 1st M gu by Alb text__c*
do

do

55

RAILWAY STOCKS AND BONDS

guar by Saskatchewan (see text) .

58

1896
1909
1891
1869
1869
1896
1886
1883
1905
1905
1905
1905
1914
1913
1914
1917
1918
1909
1909
1914

4% guaranteed stock non-oumulatlve £12,500,0001884
First preference 5% stock £3,420,000 non-cum_
_
'73-'74
Seoond preference stook £2,530,000 non-cum____
'73-’ 74
Third preference 4% stook £7,168,055 non-cum... 3.512
Debenture stock £ 4 ,2 7 0 ,5 7 5 --_____ ________ -1 3.512 (1874
Perpetual consol debenture stock (coll trust) cu m .)
11884
Great Western perpetual debenture stock______.0
836 44 Var
Northern Ry third preference A A B b on ds..
.c l 490 H /1868
11884
Canada Atlantic consol (now 1st) M g gu p & I_ 1 ’ 396 1905
_
1874
_____ ____
...
Wellington Grey & Bruce 1st 7s ___

Par
Value
$ ; .000
10C
1.00C

Amount
Outstanding

Rate
%

$100,000
79,300
565,000

5g
5g
5

When
Payable
3
J
A

A
A
A

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

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

10C 5,791,700
See text
4
1.00C
918,000
344 g J A .1 July 1 1941
1.00C 4.455,000
4 4$ g J A J July 1 1941
1,000 5.000,000
4 g A A () Oct 1 1936
1,000
241,000
5 g .) A .1 July 1 1926
1,000
135,000
3 g J A .1 Jan 1 1933
$ &£
J <o J Jan 1 1962
5
68.040,000
3
£100 &c 10.206,000
A A () Apr 1 1955
4
£100 &c 9,963,000
A A () Apr 1 1955
4
£100 &c 7,533,000
A A O Apr 1 1955
4
£100 &c 8,440,848
J A J Jan 1 1962
4
$100 34,879,252
M A S Perpetual
4
J A J July 1 1923
15,000,000
4
M
5
N
6.000,000
J A J
6
7,081,783
J
J
6
5.038,053
7,471,400
$&£
M A N Feb 25 1939
2,430,000
4
£100 1,153,764
4
M A N Feb 15 1942
£100 &c 9.874,062
M A N Jan. 22 1939
4
£100 1 881,792
444 M A N 1943
Ylfte-P 1415
Dec 18 1943
444
116 563053
£100 60.833,333 See text See text 1
£100 16 644,000
£100 12 312,667
j
£100 34 884.535
Apr 1914 244
£100 20,782,492
J & J 14 Irredeemable'
5
£100 119.839,014
4
C— J Irredeemable
£100 13,252.323
F A A Irredeemable
5
70,567
A A O Irredeemable
6
4
K A A
1 499,980
100, £200 16,000,092
4 S J A J Jan 1 1955
259.393 var, say4 J & J SeeV.117.p 2389.

N Y & Baltimore
Co's office. Albany, Ga
Reading Terminal. Phils
Office Grand Rap, M lcb
Winslow,Lanier&Co.N Y
do
do
Philadelphia, Pa
Winslow, Lanier A Co
Winslow, Lanier A C o
Bank of Mont. Lon <c NY
S
London, Montreal A N Y
See text
N Y , Montreal & London

Check from Co’ s Office
do
do
1
/ Glyn, Mills. Currie A Co
)
London
Mont. N Y A London
London

R E PO RT.— For 1922, in V. 117, p- 1770, showed:
Series “ A ” (Prairie Sec.) and Ser. “ B -' (M m . Sec.) 4% bonds secured by
Gross
Net
Total
Interest, Pref.
Balance,
a second mtge. (National Trust C o., Toronto, trustee) guar, as to prin. and
Years— Earnings.
Earnings. Income.
&c.
Dies. Sur. or Drf. Int. by the Grand Trunk Ry. Co., see in V. 80. p. 996; also V. 80. p. 996:
1922______$4,518,016
$568,279 $686,551 $568,473 ______ sur$l 18,078
V 86 p. 794; V. 90. p. 1165: V. 92. p. 725.
1921______ 4,586,770 def290,366 203,473 679,257
Although the mortgage to secure the 3% bonds guaranteed by the Govern­
def475,785
41,985
88,110 458,835 $88,400 def459,115 ment ranks before the mtges. securing A and B bonds guaranteed by the
1920______ 5,433,079
1919______ 4,374,501
252,577 *524,703 353.619 88,400
surS2,684 Grand Trunk Ry. of Canada, yet an agreement schedule to an Act of 1904
For latest earnings, see “ Railway Earnings Section” (issued monthly).
provides in effect that in the event of default by the company for 5 years in
Pres., Fairfax Harrison, Washington, D. C.; Sec., C. E. A. McCarthy. payment of the Int. on the 3% bonds, the remedy of the Government shall
New York; Treas., B. F. Parham, Washington, D . C.— (V. 118, p. 2041.)
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
QEDROIA SOUTHWESTERN & QULF RR. (Albany & Northern division pari passu between the holders of the bonds guar, by the Govt,
Ry.).— Projected to extend from Albany, Ga., southwest to St. Andrews
and the holders of the bonds guar, by the Grand Trunk R y. Co. In the pro­
F la.. on the Gulf o f Mexico. In Feb. 1910 acquired the entire capital stock portion of 75% of such earnings to the holders of the Govt, bonds and 25
of the Albany & Northern R y ., Albany to Cordele, 35 miles; trackage rights. 'O the holders of the bonds of this division guar, by th - Grand Trunk R y. Co.
0 . 61.miles. V. 90, p. 109, 502. G. S. W . & G. stock auth., $4,000,000; issu­
As to $10,000,000 loan
see V. 88, p. 822. 1194,
able at $20,000 per mile; outstanding, $14,700. The $4,000,000 mortgage *15.000.000 loan of 1913.of 1909, p. 1629, 1772: V. 97, p 1061. 1253. For
V. 96,
175. Regarding
Is secured by pledge o f $350,000 capital stock of Albany & Nor. R y..
&c.; bonds issuable at $20,000 p. m. For year end. Dec. 31, 1923, gross, Grand Trunk Pacific Branch Lines bonds, see V. 90, p. 1044, 1165; V. 88.
$176,554; net oper. income, $57,771; other income, $3,692; int. & rentals, p 1437; V. 96, p. 285; V. 97. p. 1583. For issues guaranteed by Provinces
$48,926; bal.. sur.. $12,537. Pres, and Gen. M gr., W . M . Legg. Albany, of Alberta and Saskatchewan, see V. 99, p. 1451: V. 95, p. 1331; V. 96. p.
Ga.; V .-P ., Sec. & Treas., H. J. Bruton, Bainbridge, Ga.; Aud., C. F. 285; V. 94, p. 1448. As to Dominion guaranty of $15,940,800 (£3.280.000)
4% issue of 1914, the final $7,500,000 of which had been issued in Jan. 1919.
Fincher, Albany, Ga.— (.V. 90, p. 502.)
«ee V . 98. p. 1766; V. 108, p. 480, 578.
GETTYSBURG & HARRISBURG R Y.— Carlisle to Gettysburg, Pa., 31 18
Perpetual debenture stock, see V 84 p. 570; V . 96, p. 1296; V . 88, p. 624
m.: branch to Round Top, Pa., 2.96m.; branch Pine Grove Furnace to Hun
Y. 90. p. 303: V. 96, p 789: V. 94. p. 207: V. 95. p. 1207, 1607: V. 96. p.
ter’s Run, 7.46 m. The Reading Co. owns 5574,500 of the 5600,000 capita)
789. 1088. 1297,1629. 1700. Seven-year 5% Dotes of 1914, see v . 98. d . 73;
stock; $535,000 deposited under its gen. mtge. of 1896. V. 95, p. 1039. For
FINANCIAL STATE M E N T. &( — A full financial statement as of
cal. year 1923: Gross, $470 200; net. after ta-'es, $49,330; other income,
<
reb. 29 1916 was given In V. 102. p. 1982. Reports of members of the
$1,073; deductions, $78,317; bal., def., $27,915Royal Commission, V. 104, p. 1754, 1800, 2117, 2235; V. 105, p. 1415.
GRAND RAPIDS & INDIANA R Y.— (See Maps of Pennsylvania RR.) — Status in M ay 1923, see V. 116, p. 2255.
Owns from Fort Wayne, Ind., to Mackinaw City, 367 m.; branches,
EAR N ING S.— For year ended Dec. 31 1922, gross, $18,516,978; net
110 m.; total owned, 477 miles; operates Cin. Richmond & Ft. Wayne operating income, def., $4,540,769: other income, $792,156; deductions,
R . R ., 86 m. On M ay 1 1917 purchased the property o f the Muskegon $10,133,452; balance, deficit, $13,882,066.
Grand Rapids & Indiana R R . and Traverse City R R .; trackage, all lines,
OFFICERS.— Pres., Sir Henry W . Thornton, Montreal, Can.; Sec.,
13 miles. See V. 106. p. 2644; V. 76, p. 811; V. 82, p. 988, 1098. Successor Henry Philips.— (V. 116, p. 2255.)
Aug. 1896 o f R R . Co. foreclosed (V. 63, p. 153.)
GRAND TRUNK RA ILW A Y OF CANADA.— (See Map Canadian
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 Nat. Rys.)— Quebec, Can., Montreal to Chicago, 111., also to Portland,
for a term of 999 years and upon the general basis o f paying a rental suffi­ Buffalo, Detroit, Toledo, &c.
Mileage (Dec. 31 1922)— Owned.
Leased.
Trackage. Tot.Mileage
cient to cover fixed charges and a dividend o f 4% on the stock.
251
22
3,612
The Pennsylvania Co. offered to purchase the minority stock, giving In Canadian lines_____________ 3,337
231
26
991
payment par for par second mtge. 4% bonds of the Grand Rapids & Indiana Western lines______________ 734
New England lines______________
l72
172
R y. V. I l l , p. 1949; V. 112, p. 61, 927; V. 115, p. 645.
STOCK.— Stock, $5,791,700 out. Pennsylvania Co. on Dec. 31 1922
Total system____________ 4,071
654
48
4,775
owned $5,773,000.
BISTO RY.— See V. 106. p. 395
BONDS.— The first mtge. bonds extended at 4 4$% are endorsed with the
NATIO NALIZATION.— The Governor-General of Canada on Nov. 10
guaranty of the Penn. R R . Co. to purchase the coupons as they mature,and
1919 signed a bill looking to the acquisition by the Government of the
the bond Itself at maturity. See guaranty, V. 56, p. 649; V. 69, p. 1193.
Of t he 2ds, $2,164,900 are owned by the Pennsylvania Company, which 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
co^'n-'>v guarantees nrin. A int. on $1,038,000 2d Mtge. bond*!.
REPO RT.— For 1923, gross income, $910,266; deductions, $735,026; White and William Howard Taft) were appointed to determine what should
be paid for the stock.
dividends, $231,668.
The arbitration proceedings came to an end on July 8 1921, and on Sept. 7
Pres., Samuel Rea, Phila.; Treas., T. H. B. McKnight, Pittsburgh, Pa
1921 the Board’s decision was made public, the arbitrators issuing a majority
— (V. 115. p. 645, 759.)
opinion that the pref. and common stock is worthless. V. 113, p. 1155, 1471.
GRAND TRU N K PACIFIC R Y . CO.— This transcontinental railway 1674. 2185, 2720; V. 115, p. 543, 2267; V. 117, p. 1347.
was built with the joint financial support of the Government and the Grand
The Governor-General of Canada on M ay 11 1920 signed the amended
Trunk R y. o f Canada under special Act passed by the Canadian Parlia­ bill for the purchase by the Dominion Government of the stock control o f
ment in 1903 and 1914. The several lines have a combined length of about this company. The committee of management as announced May 21
1,750 miles, from Winnipeg to Prince Rupert, B. C ., on Pacific Ocean, 30 includes: Chairman, Howard G. Kelley, Pres. Gr. Trunk R y.; (a) repre­
miles south o f Alaska line, with branches, 1,180 miles; total, 2,930 miles, viz. senting Canadian Govt.: C. A. Hayes, at present V.-Pres. of Canadian Na­
tional Rys., in charge of traffic, and S. J. Hungerford, Asst, to the V.-Pres.
1. Western Division, Built,\Owned and Operated by Company—
of the Canadian Nat. Rys.; (6) representing the Grand Trunk R y. Co.:
a. Prairie Section, Winnipeg to Rocky Mountains, about_________ 914 W. D. Robb, V.-Pres. of the Grand Trunk, in charge of transportation, <fec.:
b. Mountain Division, Rocky Mountains to Pacific Ocean, about_
_ 833 Frank Scott, V.-Pres. & Treas. of Grand Trunk Ry.
2. Sundry Branch Lines— Built by co. and its subsidiaries_ about
_
992
The shareholders ratified the plan Feb. 19 1920. New guaranteed stock
3. Lake Superior Branch, Built and Owned by Co.; Leased & Oper. by Govt.— to the amount of their aggregated appraised value will be issued in exchange
Thunder Bay on Lake Superior to East. Div., east of Winnipeg___ 189 for these old stocks in proportions to be determined by the arbitrators, and
4. Eastern Division, Built and Operated by Canadian Government—
dividends on such new stock at 4% per annum will be guaranteed by the
Moncton, N . B .. via Quebec to Winnipeg________________________1,804 Canadian Government; provided, however, that the Government shall not
ORGANIZATION.— Incorp. Dy Canadian Parliament in 1903. V. 80, be obligated to pay in any year in excess of $5,000,000 as dividends on:
(a) the present £12,500,000 4% guaranteed stock, and (6) the new 4% stock
p. 996; V. 81, p. 1315. As to Grand Trunk Pacific Branch Lines Co., see
that will replace the present First, Second and Third Pref. shares. V. 109,
V. 90, p. 1044 (also bonds below); V. 82, p. 333; V. 88, p. 295, 822. 1372
D 1891. As to liabilities to be met by Canadian Govt., see V. 109, p. 1986.
1437; V. 107, p. 82; V. 110, p. 561.
The Government will also guarantee the dividends on the present 4%
On March 4 1919 notice was given that owing to the lack of funds
the Grand Trunk Pacific Ry. was unable to continue operations. Ac­ Guaranteed stock and the interest on the company’s debenture stock issues,
cordingly, under the provision of the War Measure Act, an order was all these securities at the same time parting with their voting power. The
passed in Council on March 6 1919, placing the Grand Trunk Pacific Ry. in present 4% guaranteed and also the new guaranteed stock will be made
the hands o f Minister o f Railways as receiver. V. 108, p. 1060, 1274, 2118. subject to call at par and dividends. Compare V. 112 p. 1740A committee of management, consisting of five persons, is to be formed
In March 1919 the Grand Trunk R y. Co. paid the interest due March 1
to insure the operation of the road as far as possible in harmony with the
on this company’s debenture stock, but the principal of the $10,000,000 4%
loan from the Dominion Govt., guaranteed by the Grand Trunk R y., due Canadian National lines, the two systems being treated in the public
Interest as nearly as possible as one system, pending completion o f the
April 1 1919 remained unpaid. V. 108, p. 151, 1917.
The Sept. 1 1919 interest due on the 4% debenture stock was not paid ai aforesaid purchase of stock by the Government. The Government will
also be authorized to lend to the committee o f management such sums as
maturity. V. 109, p. 1272.
may be necessary for the carrying on of the railway. Upon the transfer to
STOCK.— Authorized, $45,000,000 (par of shares, $100 each), of which the Government of the preference and common stock, the Government
the $24,940,000 outstanding is owned by the Grand Trunk R y.
may provide for the discharge of the receivership of the Grand Trunk Pacific
BONDS, &c.— For full debt statement in 1917 see V. 105, p. 1415.
Ry. System. V. 109, p. 1527,1609,1891; V. 108, p. 2122,1390,1274. Gov­
The Canadian Government agreed to guarantee 3% 1st mortgage ernment aid as to rolling stock, V. 107, p. 82.
bonds for an amount up to 75% of the cost of construction of the Western
The shareholders on M ay 12 1921 ratified an agreement between the man­
division, such amount (a) In the case of the Prairie Section not to exoeed agement and the Canadian Government providing for the transfer o f the
$13,000 per mile, or £3,210,000 In all; and (& three-quarters of total cost control of the railway to the Government during M ay 1921. V. 112, D.
)
per mile from the mountains to Paoiflo Coast, called Mountain Section. 1519. 1740, 1977, 2083. 2190.
Total issue, £14.000,000: Royal Trust Co.. Canada, trustee. V. 80, p,
Official circular dated Feb. 2 1920, giving history of negotiations with the
Canadian Govt, and text of amended agreement. V. 110, p. 2291.
996. 1234. 1363; V. 81. p. 507. 613; V. 89. p. 224, 286: V. 91. p. 214, 276.
On Feb. 1 1923 Prime Miniscer Mackenzie King announced that the co­
Decision as to guaranty by Gov’t. V. 93. d . 1386, 1462: V. 95, p. 1607.
In 1914 Canadian Govt, guaranteed £3,280,000 4% bonds due Jan. 1 1962 ordination of the Canadian National and Grand Trunk R y. systems had
been carried out. See Canadian National Rys above.
V. 101. p. 1628; V. 98. p. 1766, 1920; V. 99. p. 342, 674; V. 100, p. 642.




EAILW AY STOCKS AND BONDS
[V
ol .

118




WJ

05

'.La y , 1 9 2 4 . ]

RAILW AY STOCKS AND BONDS




58

RAILW AY STOCKS AKD BONDS
Miles Date
Road Bonds

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

Par
Value

Amount
Outstanding

Bate
%

When
Payable

[V ol. 118,
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

’1
G rand T ru nk Ry— (Concluded)
Debenture s f bonds. $25,000,000 call aft Oct ’35
at 102)4_________________ _____________ — Ce.c*
Deben s r bonds $25,000,000 (non-call)-. Cexxx.c*
New England Elev 1st M g gu due $10,000 yearly..
Montreal Warehousing 1st M $1 OO0,O0O gold guar.
Car trusts Ser D due $125,000 s-a cal! 102J4-.Eq.c
__ FP.c*
Equip notes (U S R A) due $59,900 annually. . . G
G rand T ru n k W est— 1st M Int gu $ (cur) 4 £ ..P x
Gen consol M auth $30,000,000 guar p 4 1___ Usmx
Sreat Northern— Stock $250,000,000 ___________ .
Gt Nor 1st 4 Ref M g "red 105 beg ’41 -.B a .x c* &r*
do
gen mtge Series A ________________ c* 4 r*

do

do Series B . . _____ _______ _c*4r*

Equipment trust notes due $286,300 yearly______
do
do
due $101,000 ann beg Aug 1 1926

do

do

Series B d u e $575,000 a n n

__c*

Old Underlying Divisional Bonds—
St P M 4 M oonsol mtgel (now 1st M) gold__ Cez)
for $50,000,000_____/(V 91 p 518) sink fu nd .zj

do
331
331
4
7,426
7,665
7,665

_

2,542
2,542
2.542
Montana Ext 1st M ($25,000 p m) gold___Ce.zo*4r
834
Pacific Extension M £6.000,000 g o l d ____Ce.zo*&r
849
E of M No Div M call 105 beg 1928 ass’d Ba.zc*4r
284
Mont Cent 1st M g ($6,00ikp00 are 6s) ass_ Ce.zo&r
_
247
Willmar 4 Sioux Falls l S m g assum (end)Ce.zo*4r
304
Spokane Falls * North first mtge g assum ..Ba.xo*
130
9t North Ry of Can— See Canadian North Quebeo Ry
x y z Add'l

a m ts

pledged,

viz.: x$36,332 OOC under G t. N

1920
$1,000 $24,743,000
1921 500-1000 25.000,000
1901 500-1000
180,090
1906 $ or £
1,000,000
1917
1.000
875,000
1921 F500 4$400,000 s-a not
Ser
due c
9,600,000
1920
1,000
658,900
1900 $ & £
15.000,000
1912
11.541.000
1883
3.872.000
100 249.478,250
m i 1,000 &c x35 668,000
1921
100 4 c 115,000,000
1922 100 4c 30,000,000
1920
3,149,300
1 .000
1921
606.000
1923
1,000 8,625,000
1883
1,000
1883
1.000
1883
1,000
1887
1,000
1890 £100 &o
1898 1,000 &o
1887 1,000 &c
1,000
1888
1.000
1889

or.R y.

C o. G en

DEBENTURE STOCK—NOTES.— The 4% debenture stock is a first
charge (1) upon the property, subject to certain prior liens, including the
6% debenture stock, aggregating about $54,000,000, and (2) on $76,048,441
securities of companies consolidated with the Grand Trunk Co., absorbed,
and controlled co’s. V. 97. p. 1733; V. 98, p. 1156; V. 109. p. 370.
2d Equip. 6s were extended for 2 years at same int. rate. V. 108, p. 2528
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 of
$500,000 per annum, available semi-annually and accruing from Sept. 1
1921. V. 113, p. 1250.
Canada Atlantic R y. was merged Jan. 1 1914; V. 100, p. 1432; its 50-yr. 4«
o f 1905 (Royal Trust C o., Montreal, trustee), carry guar., prin. & int.. of
Grand Trunk. V. 79. p. 1641. 24: V . 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, &c, 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 stock allocated
to this company ($718,800 in M ay 1923). See article on page 3 and V. 114,
p. 1651.
D IV ID E N D S.— Total percentage paid from earnings of each year since
1903 being the October and following April declarations combined:
f0 5 . '06. ’07. ’08. ’09. TO. ’ l l . T2. T 3. T 4. ’ 15. T 6. ’ 17-’22
Guar stock. % 1 4 4 4
See
4 4 4
4 4 4 3H 4 4
text.
1st pref_____% | 5 5
5
5 5 0 0 5
5 5 5 5
2d pref_____%\ 5 5 5 2 H 5 5
5 5
5 0 0 5
3d pref_____ % [ 2 3 3
0 0
)4 1)4 2)4 2)4 0 0 0
N ov. 1917 to Dec. 1920 none on 4% guaranteed or pref. stocks. On
Jan. 1 1921 an initial payment was made at the rate o f 4% per annum under
the guaranty o f the Canadian Govt, on the guaranteed debenture stock
covering the period from M ay 22 to Dec. 31 1920, less 4 of 1% to cover
cost of arbitration. June 30 1921 and Jan. 1 1922 paid 2 % . Jan. 1921 int.
on 5% and 4% debenture stocks was paid. V. 114, p. 198. In M ay 1917
paid 2% on guar, stock and 2 )4 % on first pref. and an annual 5% on 2d pref.
REPO RT.— For 1922, in V . 116, p. 1644, showed:
1922
1921
1920
1919
Gross operating revenue $77,700‘,019 $76,858',032 $81,442',647 $68,744,358
Net after taxes..............$6,148,627 $4,344,253 $3,925,765 $7,199,077
Other income................... 8,465,049 8,634,102
7,706,273
6,'146,800
D e d u c t io n s ............... . 23,025,410 27,042,797 16,231,142 12,982,607
N et income_________ def.$8,411,734dfl4,064,442 df4,599,104
363,270
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; Compt., J. M . Rosevear. Office, Montreal,
Canada.— (V. 117, p. 1347.)
GRAND TRUNK WESTERN R Y .— Owns from Port Huron, M ich .,
to Chic. & West. Ind. R R ., at Chicago, 331 m.; leases Chic. Kalamazoo 4
Saginaw, 9.51 m.; Chic. & Kalamazoo Terminal, 1.79 m.; trackage Chic. 4
West. Ind., 5 m.; total, 347 m. Stock, $6,000,000, all owned by Grand
Trunk V . 6 9 .p. 954: V . 71. p. 22. Allied line. Pont. Ox. & N or.. 100 m.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 1765.
BONDS.— The Grand Trunk unconditionally guarantees the interest on
the 1st 4s. The Incomes were called for payment on Deo. 1 1910 at 85 and
any int. then due. V. 90, p. 1239. Jointly with Toledo St. Louis & West
guarantees Det. & Toledo Shore Line bonds. V.76, 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 of 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.)
R E PO RT.— For 1922, gross, $16,302,623; net operating income, $2,722,247; other income, $1,389,740; interest, rentals, 4 c ., $4,082,155; bal., sur.,
$29,832. For latest earnings see “ Railway Earnings Section” (issued
m onthly).
GRE A T N ORTHERN R Y .— {See M aps.)— Operates a line from 8t
Paul and Duluth, M inn., via Spokane. Wash., to Seattle, Wash., and Van­
couver, B . C .. with trackage rights Into Portland, Ore., and numerous
branches in Minnesota, Iowa. North and South Dakota, Montana. Idaho,
Washington, Manitoba and British Columbia. Total miles of road in sys­
tem Dec. 31 1923, 8,251 miles; add mileage owned but not operated as part
of system, 13 miles; total, 8,269 miles, viz.:
Leased Companies—
Lines owned in fee—
Miles.
8t. Paul to St. Vincent, M in n .. 393 Wat. & Sioux Falls R y ________ 102
2
Minneapolis to Seattle, W ash..1,807 Minneapolis Western R y ______
Everett, Wash., to Int. Boundary 90
Trackage—
Seattle to Vancouver, Wash_
_ 173
Other lines owned in fee to Su­
perior, Butte, Sioux City, 4 c .4,830 Various other lines___________ 210
Total road owned_____________7,120 Second, &c., tracks & sidings..3,457
Controlled Companies—
Miles.
Vancouv., Vic. & East. R y .4 N . 239
Other lines___________________ 418
New terminal companies 1917, V . 104, p. 560; V. 106, p. 174.
Owns jointly with Northern Pacific the Spokane Portland & Seattle B / „
•56 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.




A 4
7g
6g M &
3H g J 4
A 4
4
F &
5
call g F &
6)4
6 g .1 &
4g J 4
M 4
4g
.1 4
5
F &
5
4)4 g J &
7 g .1 &
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5 4 g J
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6
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13.344.000
6g J
20.809.000
44 g J
7.883.000
4g J
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4g J
z28,383,515
4g J
A
9,695,000
4g
10,000,000 5 4 6 g J
3,625,000
5g J
229.000
6
J
. M .: y$ 11, 502,000

O Oct 1 1940
S Sept 1 1936
.1 July 1924-1941
0 Apr 1 1936
A Aug ’24-Aug '27
A Aug ’24-Feb ’36
.1 T o J a n 15 1935
.1 July 1 1950
S Sept 1 1962
J Ju ly 1 1934
4 F eb 1 1924 2)4
J July 1 1961
.1 Ju ly 1 1936
J Ian 1 1952
J To Jan 15 1935
A A ug l 1931

New York
B ank of Montreal, N T
UnSDATrto, Portl’d.M
Blair 4 C o., New York

F id elity T ru s t C o, Phlla
G u a ra n ty T ru st Co, N Y
Bank M o n tre al. N Y4Lon
do

do

N assau St, New York
do
do
Vew Y ork
New Y ork
Guaranty Trust Co,N Y
First N a t B an k . N Y
S T o S ep t 1 1938
do
do

4 J July 1 1933
4 J July 1 1933
4 J July 1 1933
4 D June 1 1937
4 .1 July 1 1940
4 O Apr 1 1948
4 J July 1 1937
& D June 1 1938
4 J July 1 1939

under Pa

c.

32

do
do
do
do
do
do
do
do
N Y 4 Lond. Baring Broi
32 NassauNY;Lee,H,Boi
32 Nassau St, New York
do
do
do
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Ext. M .; z£l 15,900 und. 1st 4 Ref. M .

Controls Midland R y. o f Manitoba jointly with Nor Pac. Ry. V.95,p.23fl.
Tentative valuation, $395,353,655, as o f June 30 1915. V. 116, p. 1649,
1760, 2955.
ORGANIZATION.— In 1907-08 absorbed St. Paul Minn. & M an.. 4 c ..
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.
5)4 6)4. 7
7 7 yrly 5)4 5
P ercent---------------------- / 5% yearly
Paid in 1924: Feb. 1, 2 H % .
Also In 1898 50% in Seattle 4 M ont, stock, which was then exchanged
•t 80 in payment or 40% of subscription to additional Gt. Nor. pref. V. 66,
D. 1044. 1188; V. 74. p. 829. In M ay 1901. )4% and in N ov. 1907 1 H %
was paid from earns, of 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, of which, on
Dec. 31 1923, $35,668,000 were in hands of public, and $36,332,000
were pledged under general mortgage. These bonds (in hands of pub­
lic) are a first lien, directly or through deposit of stock, on 2,652.73 miles of
road at $13,441 per mile and a general lien (subject to existing liens of
$21,812 per mile) on 4,773-73 miles; total mileage covered, 7,426-46 also
secured by equipment at the time of 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. 4 M an. consol, mtge. of 1883, for $50,000,000, Is now a
first lien on both land grant and 2,542.17 miles of 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 834 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
#7,000 per mile west of Montana. V . 66, p. 1044. 1188; V . 80. p. 1111,
1174; V . 90. p. 383. See ab stract o f mtge., V . 52, p. 82.
On Dec. 31 1920 G t. Nor. and Nor. Pac. owned $107,613,500 of the
$110,839 100 Chicago Burl. 4 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 to 1-st, 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 of a total of $170,839,100.
In April 1921 a syndicate headed by J. P. Morgan 4 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)4 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 of payment on allotments.
Bonds are to be the joint obligations o f 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 of 120% of the principal
amount of this issue:
1,658,674 shares of the capital stock o f the Chic. Burl. 4 Qiuncy R R .
$33,000,000 North. Pacific R y. Ref. 4 Impt. M . 6% bds., ser. B, due 2047.
$33,000,000 Great Northern R y. 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 103)4 and int.
In the indenture securing the bonds the Northern Pacific and Great
Northern R y. cos. have covenanted that, in the event of any mortgage
being placed on the properties junior, respectively, to the Northern Pacific
Ref. 4 Imp. M . and to the Great Northern Gen. M ., such new mortgages
will secure the Joint 6)4% bonds outstanding by a lien pari passu with that
securing such new bonds.
The indenture also provides that if the amount of that issue is reduced
through conversion or retirement the bonds and stock deposited as collateral
may be withdrawn proportionately by the respective companies.
The bonds are convertible into Northern Pacific Ref. 4 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)4% bonds.
The conversion may be exercised by the holder of Joint 6 )4 % bonds with
a view to obtaining a like principal amount of bonds, either all in the Ref.
4 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 of both issues in any ratio between the 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 614% bonds are presented for conversion, the trustee will with­
draw from the deposited collateral a proportionate amount of C . B. 4 Q.
stock and will deposit such stock with the trustee of the Northern Pacific
Ref. 4 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)4%
bonds presented for conversion. At the time of conversion an adjustment
of accrued interest will be made between the Joint 6)4% bonds presented
for conversion and the mortgage bonds issued in exchange. Compare
V. 112. p. 1866.
The G. N. R y. C o.’s portion, $115,000,000, has been converted into a
like amount o f gen. mtge. 7% bonds and proportionate amount of Burling­
ton stock has been released from.lien o f 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 103H and int. V. 114, p. 2240.
The Gen. Mtge. bonds are secured by a mortgage covering the entire
railroad property of the Great Northern R y. in the U. S., subject to existing
debt, and. in addition, by pledge of $36,332,000 Ref. M . bonds secured by

M ay , 1924.]

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

'.treen Bay & Western RR— Stock (see text)________
Debentures Class A Incomes text non-cum____ zo*
Class B Incomes alter 5% on stock non-oum.zo*
(Irecne RR (New York)— Stock.gu ar....... ................. ..
Greenwich & Johnsonville— lstM$500,000g Gzc&r
drove ton Lufkin & Northern Ry— 1st M gold-----------Uuantanamo & Western— 1st M $600,000 gold.Col.x
Refunding mortgage $6,000,000______________Col
Oar trusts as of June 30 1923 (Series 3 & 4 )________
Gulf Mobile & Nor RR— Common stock (vot tr ctfs)
Pref (p S d) ( v t ctfs) 6% cum from Jan 1 1920____
c
New mortgage $15,000,000 authorized____________
Qulf & Ship Island— Stook-------------------------------------First Refund and Term M gold sink fund.N.xo*x&r*
Elulf Term, Mobile— 1st M $700,000 g gu (text) xo**r*
Qulf Texas & West— 1st M *10,000,000 g redl05.M px
Hampden RR— First mortgage see text___________

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$100 $2,500,000

1896
1896

1,000
1.000

1923
1909
1909
1918
Var.

1,000

100

1,000
100
100

100
307 1902 1.000 Sec
1907
1,000
'9 9 1909
1,000

the same mortgage under which the $35,668,000 Great Northern Ref. M.
4 X % bonds, due 1961, now outstanding in the hands o f the public, were
issued in 1911 and subsequently. They will be additionally secured by
such shares o f stock o f the C. B. & Q. RR. as are released by the trustee
o f the joint indenture as a result of the conversion o f the Joint 6 X % bonds
into the Great Northern Gen. M . 7% bonds. Bonds are not subject
to redemption before maturity.
As to offering of $30,000,000 gen. mtge. 5 X % Series B gold bonds, due
Jan. 1 1952, compare V. 114, p. 626.
Eastern Ry. of Minnesota.— Nor. Dlv. mtge. of 1898 limited to $9,700,000
are red at 105 after April l 1928. V. 66, p. 471: V. 88. p. 1002. 1253.
Equipments trusts issued td Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1360.
RE PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
Average miles operated______________
8,251
8,261
8,163
Passenger earnings-------------------------- $15,305,242 $15,112,453 $16,460,280
F reigh t____________________________ 93,672,147 78,065,563 74,700,241
Mail, express, & c___________________
7,987,981
7,665,328 7,416,602
Other than transportation _________ 3,112,401
2,609,593 2,740,081
Gross operating revenues_______ $120,077,772$103,452,937$101,317,204
Net earnings___ __________________ $33,327,248 $23,816,899 $20,820,291
Add miscellaneous incom e__________ 10,852,213 12,059,964 32,116,545
Deduct railway taxes_______________ 9.134,208
8,113,259 8,339,305
Gross corporate incom e-----------------$35,045,252 $27,763,604 $44,597,533
$132,924
$119,403
$29,108
Rentals paid________________________
Hire o f equipment balance, &c______
496,041
535,576
2,350,990
Bond interest, & c___________________ 16,348,339 16,242,953 13,747,509
Dividends on stock_________________ 12,473,605 13,097,264 17,462,974
Miscellaneous appropriations_______
l l ,123
20,520
24,284
Balance, surplus_________________ a$5.583,219df$2,252,112 $10,982,668
a Eliminating from the accounts, $5,227,721; interest on S. P. & S. Ry.
C o .’s bonds (accrued in 1921) still unpaid.
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Louis W. Hill; Pres., Ralph Budd; V.-Pree. &
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.
DIRECTO RS.— L. W . Hill, R. Budd, F. E. Weyerhaeuser, W . P.
Kenney, St. Paul; A. L. Ordean, Duluth; F. J. Paetzold, Joseph Chapman,
A . C. Loring, Minneapolis; E. T . Nichols, E. E. Loomis, Nicholas Terhune,
T . M . Schumacher, N . Y .— (V. 118, p. 794.)
OREEN BAY & WESTERN R R .— Owns Green Bay, Wis.. to East
Winona, 213 miles; branches, &c., 38 m.; trackage Ch. & N. W ., 23 miles.
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 the property be sold or leased
without consent of 75% o f stock. Class A debentures are entitled to 2 X %
Interest, if earned, then common stock to 2 X % , then the two share ratably
but after 5% on both, class B is entitled to all surplus earns. V 61, p. 471.
DIVS.& IN T. ’ l l . ’ 12. ’ 13. ’ 14. Y5. T 6. T 7. ’ 18. ’ 19-’21. ’22 ’23. ’24
C la ss “ A- debs. 5
5
5 5 5 5
5 5
5
5 5 5
Capital s to ck .. 5 5 5 5 5 5
5 5
6
6 0 5
Class “ B " debs. X
X
IX X
X
X l
X
X
X X X
RE PO RT.— For 1923, gross, $1,317,715: net oper. income, $112,406;
other income, $118,249; deductions, $98,904; divs., $125,000; bal., sur.,
$47,874.
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. 118, p. 550.)
GREENE R R .— Owns road from Chenango Forks to Greene. N. Y ., 8
miles. Leased to Delaware Lackawanna & Wastern for term of charter
for 6% on stock. The stockholders in Mar. 1924 authorized an issue of
$300,000 bonds. V. 118, p. 1267, 2179. Stock, $200,000; par, $100.—
(V. 118, p. 2179.)
GREENVILLE & NORTHERN RY.— Organized in Jan. 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. C .— (V. 113, p. 2720.)
GREENWICH & JOHNSONVILLE RY.— Owns from Northumberland.
N . Y ., to Johnsonville, N. Y ., 21.46 m. Stock, $225,000, all owned by Del.
& Hudson Co.; V. 90, p. 790. For year end. Dec. 31 1923, gross, $193,721;
exp. & taxes, $149,740; other income, $5,179; int., rentals, &c., $56,223;
bal., def., $7,073. Pres., L. F. Loree, N. Y .; V .-P ., W . H. Williams,
N . Y .; V.-P., J. T. Loree, Albany, N. Y .; V.-P., C. E. Burr, Greenwich,
N . Y .; Sec., F. M . Olyphant, N. Y .; Treas., W. H. Davies, N . Y .; Compt.,
W . E. Eppler, N . Y .— (V. 117, p. 2889.)
OROVETON LUFKIN & NORTHERN RY.— Owns Veitch to Valr.
Tex., 21.15 miles; trackage. Groveton to Veitch, 1.25 m., and Valr to
Lufkin, Tex., 13.6 m.; total, 36 miles. Stock, $50,000; par, $100. Bonds
$437,000; see table above (V. 90, p. 100).
Pres.. J. S.Joyce, Chicago.
Office, Groveton. Tex.— (V. 90. p. 109.)
GUANTANAMO & WESTERN RR.— Owns from Guantanamo Bay on
south coast o f Cuba, via San Justo and La Maya to San Luis, with branches
to various sugar mills; total mileage, including sidings and yards, 108.42
miles. Incorp. in Maine. A reorganization after foreclosure Mar. 1 1910
per plan in V. 88, p. 294,




59

RAILW AY STOCKS AND BONDS
Rate

%

5
600,000
5
7.000.
000
X
200,000
6
500.000
6g
437.000
£k
>
600.000
6g
See text
6
98.000
6
11,072.500
11.494.400 See text
See text
7.000. 000 See text
3,227,000
5 g
600.000
4g
2 .000 .000
5g
See text

When
Payable

Last Dividend
and Maturity

Yearly Feb 11 1924 5%
Yearly Feb 11 1924 5%
Yearly Feb 11 '24 X %
J <c D June 1924 3%
5
J & D Dec 1 1943
J & J Jan l 193a
M & N 15 Nov 151929
F & A Feb 1 1948
F & A Various
Q— F

Places Where Interest amt
Dividends are Payable

Office 40 Wall St N 1
do
do
do
do
D T, & W. 90 West St
Office, 32 Nassau St
Irv Bk-Col Tr Co, N Y
do

do

M a y 15 ’2 4 ,1 M % U S Mtge & Tr Co, N Y

In 1917 4%
J & J Feb 1 1952
J & J Jan 1 1957
M A N Nov 11939
30 years

Gulfport, Miss
Metropolitan Tr Co, N v
Bank of America, N Y
Metropolitan Tr Co, N Y

Stook authorized and Issued, common, $2,750,000; 1st pref. 7% non-oum.,
$2,750,000, and 2d pref. 5% non-cum., $250,000 (in treasury $232,200$253,600 and $153,000 respectively); par of all shares, $100 each. Equip
ment trust notes, June 30 1923, $98,000.
The Refunding Mtge. for $6,000,000 was executed Feb. 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.
For year ending June 30 1923, gross, $931,430; net, $139,069; deductions,
$236,635; bal., def., $97,566. V. 118, p. 198.
OFFICERS.— Antonio San Miguel, Pres.; F. Bartes, Treas. , * M . F J .
Manduey, Sec. Main office, 40 Presidente Zayas St., Havana, Cuba.
Corporate office, 57 Exchange St., Portland, M e. New York agency,
Marwick, Mitchell & C o., 40 Exchange Place.— (V. 118. p. 198.)
GUAYAQUIL & QUITO R Y .— (V. 118, p. 311.)
GULF MOBILE & NORTHERN R R . — Owns 460 miles, viz.: Mobile,
Ala., to Jackson, Tenn., 409 miles (main line); Beaumont to Hattiesburg,
Miss., 26 m. (leased to Mississippi Central R R .); McLain Jet. to Muse,
Miss., 25 miles. Road controlled (Meridian & Memphis R y. C o., Union,
Miss., to Meridian, M iss.), 32.1 m.; total mileage, 492.2 miles.
ORGAN.— Successor Jan. 1 1917 of New Orleans M obile & Chicago R R ..
foreclosed. V. 100, p. 1078; V. 103, p. 2238; V. 104, p. 256, 764.
Owns entire capital stock and bonds of Meridian & Memphis R y. C o.,
inerating 33 miles of standard gauge railroad between Union and Meridian,
Miss. Operating contract, V. 116, p. 2388.
. ,
STOCK, &c.— A majority of both classes of stock is vested In a voting
trust expiring Jan. 1 1925, the voting trustees being M . Hely Hutchinson,
John W. Platten, Frederic W . Scott, T. Nelson Strother and A. H. S.
Post. 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.
The company executed on Oct. 1 1920 its first mtge. to U. S. Mortgage &
Trust C o., trustee, to secure an issue of $15,000,000 bonds. There have been
Issued under the said mortgage $4,000,000 first mtge. 6% Series “ A ” gold
bonds which under the order of the Inter-State Commerce Commission ap­
proving the issuance thereof may be used, pending further orders of the Com­
mission, only as collateral security to loans.— (V. I l l , p. 1182, 1369, 1752,
The company has also issued a note for $480,000 to the Director-General
of Railroads due March 1930, and notes to the Secretary of the Treasury
covering loans from Revolving Fund of $1,433,500.
uivs.— An initial div. o f 1% on the preferred stock was paid N ov. 15 1923.
same amount paid Feb. 15 1924; on M ay 15 1924 paid I X %•
R E PO RT.— For 1922, in V. 117, p. 320, showed:
Net, after
Other
All
Balance.
December 31
Gross
Taxes,
Income.
Charges.
Surplus.
Year—
Earnings.
$955,307
$144,290
x$273,169
$826,428
1923_________ $5,944,549
918,983
112,335
286,978
744,340
1922.............— 4,541.439
198,735
70,375
224,522
44,588
1921__________ 4,086,217
1920
4 Y47.960 df.941,545
*829.989
*703668 df.815.224
* See note in V. 113, p. 623. x Includes $114,068 dividends.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— John W . Platten, Chairman & V .-P ., N. Y .; I. B. Tigrett.
President; R. F. Brown, Sec., N . Y .: H. F. Ricker, Treas.. M o’-!,“ Ala.—
(V. 118, p. 1519.)
GULF & SHIP ISLAND RR.— Owns from Gulfport, on Mississippi aoundJulf of Mexloo, to Jaokson. Miss., 160.50 m ; M axleto Mendenhall. 104.75
m.; Saratoga to Laurel, 41.75 miles; total, 307 miles. Tentative valuation.
$9,036,302, as of June 30 1916.
_
_
D I V I D E N D S . — 1903 to 1910. 4% yrly: ’ l l . 4 % : 12-T3. 2 % : 17. 4% .
BONDS — Of the first 5s outstanding in Dec. 1922, $1,757,000 bonds were
in sinking fund. See V. 74, p. 426, and application to list. V. 74, p. 1257 .
V. 81. p. 264.
RE PO RT.— For year ending Dec. 31 1922:
Cal. Yrs.—
Gross.
Net.
Other Inc. Charges. Bal., Surp.
1922________ $2,947,651
$1,180,081
$205,686
$395,934
$989,833
1921 ________ 2,852,960 def406,252
41,218
266,742 def631,776
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. 117, p. 2652.)
GULF PORTS TERM INAL R Y .— Chartered by State o f Florida in
1916. The line to Mobile is under construction. Distance from Pensacola
to Mobile, 60 miles; 46 miles in operation and grading and bridging done
on additional 18 miles. Branch to Muscogee, Fla., 11 mi)""
OFFICERS.— Pres., Elwood McLaughlin; V.-Pres., A. O. Blount:
Sec.. R. M . Robinson; Treas., W . J. Forbes. Office, Pensacola, Fla.
QULF TERMINAL CO.. MOBILE.— Owns union passenger station and
approaches at Mobile, Ala., leased by the Southern R y. and Mobile & Ohio
RR.,whloh own the stook and guarantee the bonds. Jointly and severally,
p. & 1.. by end.— (V. I l l , p. 990.)
QULF TEXAS & WESTERN RY.— Seymour to 8alesville, Tex.. 99
miles. Has trackage agreement for freight trains to Weatherford, 31 m .,
and for passenger trains to Mineral Wells, 9 m .. giving entrance via Weath.
Mineral Wells & 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.
Stock auth. and outstanding, $500,000; par of shares, $100. Of the 1st
6s ($10,000,000 auth. issue), $2,000,000 have been issued on the first 99
miles. V. 89, p. 933. 1223; V. 90, p. 109; V. 93, p. 44; V. 99, p. 406.
For 1923, gross, $171,576: net, def., $13,782; other income, $3,647; Interest,
rentals, &c., $20,175: bal., def., $30,309. Receiver, W . Frank Knox.
Dallas, Tex.— (V. 112. p. 652.)
HAMPDEN R AILROAD CORPO R ATIO 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.

60

EAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Hancock & Calumet— See Mineral Range RR
Hannibal & St Joseph— See Chicago Burlington A Qul
Harrisburg Ports Mt J & Lane— See Penna Ry.
Hartford‘ & Connecticut Western— Stoox___________
First mortgage extended in 1903 and 1923_______ z
Henderson Bridge Co— See Louisville & Nashville RR
Hibernia Mine RR— Stock__________________________
Hocking Valley Ry Co (The)— Stock_____________
Columbus A Hooking Valley first mtge gold ext.xo*
Ool A Tol 1st M gold ext 1905 (V81 p 211)--G.xc*
First Consolidated mortgage 520.000.000 gold-.Cex
General Mortgage J50.000.000 ______________ EQ
Ten-year collateral notes_________________________
Secured gold notes red (text)_________________ Eqc*
Equip notes goldSer 32 due $89,700 ann_______G
do
do
Ser 32 A due $99,300 ann____ G
do
do
Ser of 1923 due $268,000 ann_____G
Hous Belt & Ter— 1st M $5,000,000 g red 105 textCexo*
Hous & Brazos Valley— 1st M (trus Mero Tr Co, St L)
Hous E & W Texas— 1st M gu p & 1 by So Pao.Ce.zo*
First mtge $3,000,000 gold not guaranteed_______ z
Hous & Tex C RR— 1st M 1gr g red 110 lnt guCe.zo*&r
Waoo A N W Dlv 1st M g $25,000 p m_ Ce.zo*&r
_
Austin A N W (merged) 1st M g gu p A 1 Mp.zc*ocr
_
Ft Worth A New Orleans 1st M (Wax to Ft W )_ z
Cut-ofl 1st M $3,000,000 auth (V 94, p 131)______
Hudson & Manhattan (Hudson River Tubes)—
Common stock___________________________________
Pref stock 5% non-cumulatlve___________________
New York A jersey first mortgage red 110 -Usm.xo*
First mortgage convertible_______________ G.xc*&r
First Hen A ref M $65,000,000 g red 105.Cexc*&r*
Adjust inc M $33,674,000 red par cu beg '20 Qxc*&r
Beal estate mortgages__________________________

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

B hen
Payable

[V ol. 118.
Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

aoy
124
124 1883

$100 $ 1,967,000
1,000
700.000

100
200,000
___
100 11,000,000
119 1867
500 <c 1,401.000
So
121 1875
1,000 2.441,000
346 1899 1,000 &c 16,022.000
1919
1,000
1921
1,665,000
1924
1,000 6,000,000
__ 1920
1,000
986.700
__ 1920
1,000 1,092,300
1923
1,000 3,752,000
49 1907
100 4,334,000
100
28.40 1907
420,000
1,000 2.645.000
l 192 f 1893
1.000
J
1 1893
355.000
1,000 1,383,000
453 1890
55 1900
1,000 1.105,000
106 1891
1,000 1.920.000
41 1885
1 000
709,000
94 1910
1.000 2,383,000
4M

...

9
6

A & O See text
3
4
J & D July 30 1924 2%
4 g A & O Oot 1 1948
4 g F & A Aug 11955
4)4 g J & J July 1 1999
Jan 1 1949
6
1931
M A 8 Mar 1 1926
5g
J A .1 15 To Jan 15 1935
6g
J & J 15 To Jan 15 1935
6g
A A O To Apr 1 1938
5
5 g J A J July 1 1937
6
J A J July 1 1937
5 g M A N May 1 1933
5 ft M A N May 1 1933
5 ft J A J July 1 1937
6 ft M A N May 1 1930
J A J July 1 1941
6 ft
J A n Deo 1 1925
6
J A D June 11940
6

100 39,994,890
100 5.242,151 See text
1902
1,000 5.000,000
5g
1907 $, l or fr
944,000
4H g
100 Ac 37,521,234
1913
5 ft
500 Ac 33.102.000
1913
5
653,000

not Issued. $1,000,000. Notes, about $2,000,000 6s. V. 90, p. 537. On
July 2 1014 suit was tiled against B. & M . to enforce alleged contract Uability” amounting to $3,708,000, the approximate cost of road.
The Boston A Maine reorganization plan of Nov. 1918 made no provision
for the Hampden RR., as the Court had ruled that it has no valid claim
against the B . A M . but see V 107. p. 1919. 2008; V. 109. p. 172. 477: V
112. p. 849. 1282.
William E . Gilbert, Pres, of the Union Trust Co., Springfield, Mass., wa*
appointed receiver in March 1921.— (V. 114, p. 1179.)
HARRIMAN & NORTHEASTERN RR.— Harriman to Petros. Tenn.; 20
miles. In N ov. 1902 entire ($600,000) stock aoqulred in interest ol Cine
New Orleans & Tex. Pao. R y..but is operated separately. V. 76. p.157, 212
HARTFORD & CONNECTICUT WESTERN RY.— Hartford. Conn., tc
RhineolilT, N. Y ., 110 miles, and branch, 14 miles. Leased till Aug. 1940
to Central New England Ry. (now controlled by New York New Haven 5
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 o f $700,000
1st Mtge. bonds, and to increase the rate o f interest from 4 Yi to 6 % , and
(2) authorized the Centra) New England R y. to assume obligation and
liability in respect o f the $700,000 bonds. Compare V. 117, p. 1883.—
(V . 117, p. 2323.)
HAW AII 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 o f 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; (ft) $2,575,000 7% cum. first pref. stock; (c) $679.690
6% non-cum. 2d pref. stock; (d) $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
4.2 m., leased to Cent, of N. J. to Oot. 1930 at $6,000 yly.— (V .91.p.1766 )

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

F & A 15
F & A
F A A
F A A
See text

Feb
Feb
Feb
Feb
Feb

Hartford
do
See Central o f New .) era. ■
J P Morgan & Co. N Y '
do
do
do
cii
do
do
J P Morgan & Co, N Y
Guaranty Trust Co, N V
do
do
Un Tr. Clev; JPMor, N Y
Central Union Tr. N . Y .
Mercantile Tr Co, St L.
165 Broadway. New York
do
do
165 Broadway, NewYork
do
do
do
do
do
do
do
do

15 ’24 2)4
1 1932
Guaranty Trust Co, N Y
Chase Nat Bank, N Y
1 1957
do
do
1 1957
do
do
1 1957
Hud A Man RR Oo, N Y

charge of operation, Columbus, O.; A . T rew ett, Sec.-Treas., Cleveland,
and F. D. Hodgson, Compt., Columbus, O. General offices, Columbus,
O.; executive offices, Marshall Bldg., Cleveland, O.— (V. 118, p. 2034.)
HOOSAC TUNNEL & W ILM INGTON R R .— Hoosac Tunnel, Mass.,
to Wilmington, V t., 24 miles. Made standard-gauge in 1912. V. 95, p.
1541. Company is controlled by Deerfield Valley Paper Co. through
ownership of entire common stock. The-bond issue, $214,000 1st mtge.
matured Sept. 1 1922, but are unpaid. Stock, $250,000; par, $100. Divs.:
In 1903, 2% ; year 1905-06. 3% : 1910-11 and 1911-12, 10%; none since.
Earnings for 1923, gross, $240,282; net, $45,750; other income, $6,547;
fixed charges, $29,050; b a l„ surp., $23,248.— (V. 114, p. 409.)
HOUSTON BELT & TERMINAL RY.— Owns a terminal line In and
around Houston, Tex., 20 miles, with large freight aid passenger ter­
minals. Controlled by four proprietary roads, viz.. Beaumont Sour Lake
A Western Ry.. Gulf Colo. A Santa Fe (Atchison System), St. Louis
Brownsville A Mexico Ry. and Trinity A Brazos Valley Ry., which each
own 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 of
1% of bonds Issued. The Terminal Co. has leased from Gulf Colo. A
Santa Fe Ry. 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., W . E. Maxson.— (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.
Switches and sidings, 6.63 miles. The I.-S. C. Commission in Sept. 1922
authorized the construction of an extension 13 miles in length from Mile
Post “ 6,” near Velasco, Texas, to Hoskins Mound (19 miles N . E. from
Freeport).
In M ay 1923 the M . K. & T. reorganization committee disposed o f the
interests of the M . K. & T . Co. in the H. & B. V. properties to the Freeport
Texas Co. and associates, New York.
HOCKING VALLEY R Y . CO. (THE)— The company’s main line ex­
In Feb. 1924 the receiver was dismissed under an order in the form of a
tends from Rockwell to Columbus, 120 miles; Columbus to Athens, 76 m.; judgment which allowed claims in the sum of $1,130,639 to be divided
Oldtown to Pomeroy, 81 m .; total main line, 277 miles, with trackage equally between the Freeport Texas Co. and the Southern Pacific lines.
fToIedo Term. RR .) Toledo to Walbridge, 3.5 m.: (N. Y . C. R .R .). V. 118, p. 794.
T o :edo to Rockwell, 2.5 m.; Columbus and Athens, 0.8 m.; total main line
The I.-S. C. Commission on March 28 1924 authorized the acquisition
and trackage, 284 miles. Branches, 44 miles; leasee W . & J. B. Ry.. of the company by the New Orleans Texas & Mexico Ry. by purchase of
Dundas to Jackson, 17 m.; Pomeroy Belt R y., Pomeroy, O.. 4 m.; total. stock and other securities of and claims against the Houston company.
349 miles; 2d track, 82 m. Owns part Interest in Toledo Terminal RR
Compare V. 118, p. 1772.
V . 99. p. 1210.
Stock authorized, $120,000; outstanding, $24,000.
HISTORY, &c.— Successor Feb. 25 1899, per plan V. 68, p. 231. of
Income account cal. year 1922, gross, $333,794; net, $32,443; taxes and
Columbus Hocking Valley & Toledo Ry. foreclosed. Decision in Ohio interest on debt, $76,252; bal., def., $41,267.— (V. 118, p. 1772.)
State anti-trust suit, V. 105, p. 997, 909, 818. Appeal filed in coal company
HOUSTON EAST & WEST TEXAS RY.— (See Map of Southern Pacific.)
decision, V. 112, p. 2305.
from Houston, Tex., to Sabine River at Logansport,
LATE D IV S .f’ l l . ’ 12. ‘ 13. T4. ’ 15. ’ 16. T7. ’ 18. T9- ’20. ’21. '22. ’23. Owns $1,920,000, of whioh $1,919,100 owned by So. Pao. Co., 192 miles.
3took
which has
P e r c e n t------- 17 7H 12
7
3 4 5* 4
4 .4 .
2
4
2
zuaranteed $ 2 ,6 4 5 ,0 0 0 of the bonds, prln. and lnt., by endorsement, re­
P a id in 1924, J a n . 1 , 2 % ; J u ly 3 0 , 2 % .
ferring the right to call them at 105 & int. V. 70, p. 841; V. 71, p. 236.
STOCK.— Chesapeake & Ohio Ry. owns $8,825,900 stock.
D iv.,
in 1902-03,
BONDS.— The consols ($20,000,000 authorized), besides a lien on the 1911-12 16% paid 1912-13, to 30% In 1907-08, 10% in 1909-10. 11% in
incl. 6% :
entire property, subject only to $3,842,000 prior bonds, have a first lien on 1919, 6%and 4%4% ; 1921, 6% ; 1915-16. ; 1923, nil. 1917, 6% ; 1918, 6% ;
; 1920,
1922, 5%
the coal lands o f the Buckeye Coal & Ry. Co.; $3,842,000 consols are reserved
to retire the existing bonds (the latter may be extended at maturity). V. 72.
R E PO RT.— For 1923, gross, $3,194,943; net oper. income, $111,350;
p. 338; V. 74, p. 1038; V. 86, p. 229. Substantially all o f the bonds and other income, $16,097; deductions, $191,947: bal., def., $64,500.
stock o f the Wellston & Jackson Belt R y., 18 miles, are deposited under
For latest earnings, see “ Railway Earnings Section” (issued monthly).
said mortgage, see V. 101, p. 370; V. 68, p. 823: V. 102, p. 2167.
HOUSTON & TEXAS CENTRAL R R . CO.— (See M ap of Southern
T h e 2 -y ea r secu re d g o ld n o te s o f 1924 are re d e e m a b le as an e n tire ty at
Pacific.)— Owns from Houston, Tex., to Denison, Tex., 338 miles; Hemp1 0 0 )4 an d in t . o n M a r c h 1 1925 o r o n S e p t. 1 1925 o n 60 d a y s ’ n o t ic e .
itead, Tex., to Llano, Tex., via Austin, 215 miles; Bremond to Ross, Tex.,
V . 118, p . 907.
55 m .; Garrett to Ft. Worth, 53 m .; Mexia to Nelleva, 94 m .; Giddings to
T h e Gen. Mtge. o f 1919 is limited to $50,000,000 and it is also provided
that the outstanding bonds including underlying issues must not exceed Hearne, 58 m.; other, 43 m.; Trackage rights over San Antonio A Aransas
Pass. 38 m.; Texas A Pacific R y ., B
’ort Worth to Dallas, 31 m. Other
th r e e tim es th e o u ts ta n d in g c a p ita l s t o c k . N o n e o f th e g e n . m tg e . b o n d s
tines, not classified, 8 miles. Total operated Dec. 31 1923, 923 miles.
are o u ts ta n d in g in th e h a n d s o f th e p u b lic ; $ 7 ,5 0 0 ,0 0 0 series “ A ” are
p le d g e d t o secu re th e a fo re s a id n o te s; $ 2 ,2 2 0 ,0 0 0 are p le d g e d as se c u r ity
STOCK.— Stock, $10,000,000, of which the Southern Pacific Co. owns
fo r G o v t . lo a n . A d d it io n a l b o n d s w ith in th e a m o u n t a b o v e s ta te d m a y b e
*9.998 500 par $100. V. 76, p. 1084, 1192, 1407.
In 1902-03 6% was
issued h ereafter a t p a r, fo r r e fu n d in g p u rp o s e s , fo r a d d itio n s t o a n d b e tte r ­
paid out ofaccum. surp.; in 1910-11.20%; 1912-13, 3 % . V .7 6 , p. 1407.
m en ts o f , a n d fo r o th e r c a p it a l e x p e n d itu re s , an d also t o th e e x te n t o f
80% of th e c o s t th e r e o f fo r e q u ip m e n t , b u t w ith a sin k in g fu n d o f 5 % p . a.
BONDS.— The 1st M . 5s are being gradually retired at or below 110 with
fo r 20 yea rs in ea ch case u p o n th e a m o u n ts issu ed fo r e q u ip m e n t. V . 108,
land sales. Thei first mtge. was for $8,634,000. See abstract o f mtge. in
p. 784V. 52, p. 242. With the exception of $1,149,000 consol. M . 6s (on which
Kanawha & Hocking Coal & Coke and Continental Coal bonds. See no interest Is paid) deposited with the trustee as part security for the gen­
V. 109, p. 386, 1527; V. I l l , p. 97. and issue Nov. 1918.
eral 4s, all of the consolid. 6s have been retired with proceeds of land sales.
Equipment trusts issued to Director-General for rolling stock allocated Southern Pacific Co. owns $450,000 Lampasas Extension 1st M . 5s, $400,to this company. See article on page 3.
000 Waco & N. W. Div. 6s and $2,303,000 Cut-Off 6s. Unsold land
G o v t , lo a n , V . I l l , p . 792 ; V . 112, p . 562, 744 .
grant Dec. 31 1923, 16,267 acres.
For year 1923, gross, $14,693,191; net oper. income, $2,069,211; other
R E PO RT.— Traffic is mostly freight, and over 70% of this is bituminous
coal.
income, $112,646; deductions, $485,606; bal., sur., $1,696,252.
Report for 1923, in V. 118, p. 2064, showed:
For latest earnings see “ Railway Earnings Section” (issued m onthly).—
Calendar Years—1923.
1922.
1921.
1920.
(V. 112, p. 1519.)
Operating revenues_____$17,563,402 $13,855,464 $14,093,001 $17,101,493
HUDSON & MANHATTAN R R . CO.— Owns and operates double-tube
Oper. inc. (after taxes).. 2,460,830
2,128,612
1,708,544
188,799
282,795
369,716
108,285
1,578,891 electric tunnels opened in 1908 from Sixth Ave. and 33d St., New York
Other income (net)_____
City, under the Hudson River to the D. L. A W . R R . station, Hoboken,
Gross corp. income_ $1,743,625
_
$2,498,328 $1,816,829 $1,767,690 N. J., and also southwardly through the Erie and Pennsylvania R R .
Interest on debt_______ 1,820,785
1,812,366
1,802,524 1,577,769 stations in Jersey City and under the Hudson River to the Hudson Terminal
D ividen d s____________
439,980
439,980
219,990
439,980 Buildings on Church St. (one block west of Broadway), extending from
Cortlandt to Fulton St. Mileage operated, 8.50 miles. Also affords
Balance, surplus_____
$482,860
$245,982 def$205,684 def$250,059 through service between Newark and New York City, using Pennsylvania
R R . tracks from Jersey City to Newark. V. 90, p. 635, 1041. Owns
For latest earnings, see “ Railway Earnings Section” (issued monthly)
Hudson Terminal Bldgs. Fare increases, V. 106. p. 2123, 2757: V . 107, p.
OFFICERS.— O. P. Van Sweringen, Chairman of Board, Cleveland; 82, 181, 401; V. 110, p. 970. 1526, 1748; V. I l l , p. 294, 792, 1183.
W . J. Harahan, President, Columbus, O.; C. E. Graham, V.-Pres., N . Y .;
D IV ID E N D S.— An initial div. of 2)4% on the pref. stock was paid
G. B . Wall, V.-Pres.; H. Fitzpatrick, V.-P. & Gen. Counsel: F. M . Whit­
aker, V.-Pres. in charge o f traffic, Columbus, O.; R. N. Begien, V .-P. in Aug. 15 1923; same amount paid Feb. 15 1924.




M ay , 1924.]

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$50
Huntingdon & Broad Top— Common stock_________ 74.11
50
preferred stock 7% non-cumulatlve_____________ 74.11
First mortgage extended__________________________ 74.11 1920 500-1000
500
Second M old 7s extended In 1895 p A 1 gold_ OPx 74.11 1857
_
1,000
Third M oonsol extended In gold In 1895-GP.xc* 74.11 1865
1918
1.000
Equipment trusts due about S15.000 per year.PeP
1921
500 &c
do
do
due $10,000 s-a________________ c*
_^
100
Illinois Central— Com. stook $123.552,000-------------Convertible preferred stock. Series A _____________
100
100
Leased line 4% stook guaranteed (see remarks)___i
Ftrst mtge oil Sterling Bond old 6s ext In 1895_ z
_
£200
1875
1?8 7 4 lor |Bonds extended in 1905 as $ bonds..
1,000
1875
1,000
$15.000.00014s ol 1886 due 1951 gold.-.zc’ &r
706 1886
1,000
tenures a l l 3 )4s of 1886 due 1951 gold..zo*&r
1886
1895
£200
equally .U s 3s ol 1895 due 1951 gold___zo*&r
(V 83. p 76)J3)4s ol 1903 due 1951 gold...o*&r
1903 $1.000&c
£200
Trust bonds sterl. (sec by Ch St L A N O cons) _Us.z
1886
1,000
Springf Dlv 1st M ref M (V 66. p 1237) g..Us.c*&r
111 1898
C/alro Bridge bonds gold (see remarks)..Us.zc*&r
1,000
1892
3t Louis Dlv A Term M $10.000.000gold ..U s .a ‘ &r 1 239 J1897
500 &c
1.000
do
$5,000,000 (see V 65, p 1173) g.Us.yo»&r S
11897
Underlying St LI
Dlv A Terml-iSt Louis Southern lstM g..Ba.o*
30 1886
1,000
nal mortgage.)Carb & Shaw 1st M gold____c*
1.000
17 1887
Purchased lines 1st M $20,000,000 gold..Us.xc*&r
748 1904 1.000&C
Ref M (Nor Lines) $120,000,000 g red..Q.xc*&r* 2,187 1908 1.000 &c
Collateral trust bonds gold $__________U».zo*&r
857 1888 $500 &c
500 &c
Coll trust $25,000 000 gold on LN O A T-Us.zo*&r
798 1892
Secured gold bonds____________________ Fxxxc*&r*
1921
500 &c
Western lines first mortgage gold_______ Us.zc*<Scr
1,000
218 1895
Oh St L & N O cons M ($18,000,000) g lnt gu.xo* &r
567 1881
1,000
do
guaranteed prlnolpal and Interest_______ x
1,000
567 1881
Joint IstRef M (Southern lines) $120,000,000—
500 Ac
Series A callable 110 after Dec 1 1918-.F.y.c*r* 1,512 1913
Series B callable at 110 after Dec 1 1918________ 1,512 1913 £100 Ac
Mempnls Dlv lst*M gold guar d A 1 (end).Us.zo*
$1 000
100 1889
500 &c
Louisville Dlv 8c Term M $25,000,000 g--Us.c*&r
640 1897
Omaha Dlv 1st M g $5.000,000_________ Us.xo’ &r
130 1900 1,000 &o
1.000
1900
Litchfield Dlv 1st M g $4,000,000.............. ........F.xo
Secured gbds call 101 on or aft Jan l'24.Fvvv.c*&r*
1,000
1919
a Includes $5.266.O t) oonsol 5s oledeea to seoure Illlnol s Centr al collate
O
BONDS.— Under the readjustment of Jan. 14 1913 (without fore­
closure) (V. 96, p. 208) fixed charges were reduced from $3,021,660 to
91.851,750. The plan was assented to in 1913 by about 98)4% of the
4 )4 % bonds and 95)4% of stock. Application to list, V. 98, p. 393-8,
First M . $65,000,000 Auth.) issued. 5% call, any lnt. dateat 105 $37,521,234
Reserved (Interest rate not to exceed 5% ) for—
(1) Retirement o f N . Y . & Jersey R R . 1st 5s car trusts and
real estate mortgages, not over__________________________$9,536,000
(2) Additions, betterments and equipment; also for exten­
sions free from prior encumbrances, provided the annual net
Income o f the company is 1)4 times the interest upon the
new 1st M . bonds, incl. those then about to be issued, say. 11,942,766
(3) Extension to Grand Central Station on same conditions. o.OOO.OOO
Adjustment Income Mortgage Bonds— lnt. payable out o f surplus
Income and cum. from Jan. 1 1920 (V. 96, p. 209), Issued_____33,102,000
Reserved for exchange for remaining 1st M . bonds________
472,000
The deposited stock Is to be held for 5 years In a voting trust and
•o long as the Adjustment bonds shall not have received full 5% lnt. for the
preceding year, the holders shall have the right to nominate or approve
up to one less than a majority of the board. Voting trustees: Charles
Francis Adams 2d., Boston; Felix M . Warburg and Albert H. Wlggln, N . Y
V. 108. p. 1610, 2241; V. 110, p. 2657.
IN TEREST ON INCOME BONDS.— 2% yearly 1913 to Oct. 1916 lncl.,
beginning April 1917, none, pending establishment of $1,000,000 reserve
for contingencies; April 1 1921 paid 2% : Oct. 1 1921 paid 2)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 and Apr. 1 1924 paid 2)4% semi-annually.
R E PO RT.— Year ending Dec. 31 1923, in V. 118, p. 1385, showed:
1923.
1922.
1921.
Gross operating revenue______________$8,228,523 $7,882,420 $7,683,662
Net operating income______________
5,148,189
4,659,404
4,167,770
Other income _____________________
279,245
264,154
245,715
Deductions------------------------------------247,444
264,192
258,026
Bond interest---------------------------------- 2,168,535
2,168,535
2,168,535
Interest on adj. income bonds_______ 1,655,100
1,655,100
1,655,100
Preferred dividend_________________
131,006
______
Balance, surplus--------------------------$1,225,349
$835,731
$331,824
OFFICERS.— Pres., Oren Root: V.-Pres., J. V . Davies; Treas., Wesley
S. Twiddy; Sec., Robert B'. Kay; Compt., F. H. Sillick. New York office,
30 Church S t — (V. 118, p. 1385.)
HUDSON RIVER CONNECTING RR. CO R P.— Incorporated In
N. Y . State March 19 1913 to build for the New York Central R R ., which
■owns the entire $250,000 capital stock, a high-level railroad bridge across
the Hudson River between Castleton and Shodack Landing, about 22 miles
south o f Albany. Bridge case decision, V. I l l , p. 1566.— (V. 115, p. 1631.)
HUNTINGDON & BROAD TOP MT. RR. & COAL CO. (THE).—
Owns from Huntingdon, Pa., to Mount Dallas, Pa., 44 miles; branches, &c.,
30 miles.
DEPOSIT OF STOCK.— Over 75% of stock was deposited with 5
trustees (Drexel & C o., Phila., depositary) under agreement limiting the
sale of the stock, the pref. to not less than $50 and the com. to not less
than $25 per share. In 1923 the trust was extended till April 1 1928.
V. 106. p. 1230; V. 96. p. 420. 1021. 1297, 1488
B O N D S , &c.— V . 107, p. 1384; V . 105, p. 2542; V. 106, p. 296. The
$416,000 first mtge. (extended) 4% bonds of 1854, due Sept. 30 1920, were
redeemed on the latter date. V . I l l , p. 1183. The bonds were extended
to April 1 1925 at 7% and were taken, it is understood, by bankers and
Institutions interested in the property. V. I l l , p . 1472. Equipment
trusts. V . 113, p. 71.
DIVS. ’98. ’99. '00. 01. ’02. ’03 ’04. '05. '06. ’07. ’08. ’09-’ 2 0 .’21-’23
Common 0 0 0 0 0 5 1 0 0 0 0
0
See
Preferred 5 5H 7
5
6
7
6 5X 7*4 7 3 H
0
text
On Feb. 15 1921 resumed divs. on pref. stock with payment o f 1)4% ;
on Aug. 1 1921, Feb. 15 1922 and Aug. 1 1922, paid 1% each; none since.
R E PO RT.— For 1923, gross, $990,081; net, $195,798; other income
$152,919; interest & taxes, $219,408; depreciation, $84,468; net profit,
$45,021.
Pres., Joseph Bancroft, Philadelphia.— (V. 118, p. 1772.)
IDAHO CENTRAL R R .— (V. 113, p. 628.)
ILLINOIS CENTRAL R R . CO .— (See M ap.)— ROAD.— Operates from
Chicago, 111., southerly to New Orleans, La., and westerly to Sioux City,
la ., with numerous branches, viz.:
Road owned in fee—
Miles.
Leased— Control owned—
Miles
Ohloago to Cairo, 111_ ) Main
_
Chicago St. L. & N. O. R R .,
Oentralla, 111., to E astistem .. 706
Cairo, 111., to New Orleans_
_ 546
Dubuque, Iowa___ J
Line to Louisville, &o______ 752
Dubuque A Sioux City------------ 761
Mem.,Tenn.,toMem.Jct.,Mls* 98
Spnngfle»d to East St. Louis_
_
97 St. Louis Alton & Terre Haute. 224
Peoria, 111., to Evansville, Ind.,
Entire stk .oamed-Branohes, &c 1,003
with 6-mlle branch_________ 234
Trackage, A c _______________ 247
Indianapolis, Ind., to Effing­
ham. 111. (V. 93, p. 880)_____177
T ots’ operated Dec 31 1923 4,845
New construction authorized, V. 117, p. 893.
H ISTORY, LEASES, &c.— Chartered on Feb. 10 1851. The Chi­
cago St. L. A N. O. is leased for 400 years from July 1 1882 at 4% per annum
on Its $10,000,000 capital stock deposited to secure the leased line stock and
Interest cm bonds.
Owns all the cap. stock ($4,998,500 common and $15,000,000 pref.) of
Central of Ga. R y. but road is operated Independently. See that co. above
Substantially all or the stock or r,he Yazoo & Mississippi Valley R R .
1,382 miles. Is owned in the interest o f the Illinois Central, the latter also
owning nearly all o f the bonds.




61

RAILW AY STOCKS AND BONDS
Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$1,371,750
Jan 28 1904 1 %
2,000,000 See text
text
Aug 1 1922 1%
A & O Mar 31 1925
7
416,000
F A A Feb 1 1925
367,500
4g
1,497,000
5 g A A O Moh 31 1925
6
To Jan 1928
57,000
250.000
6g
.1 A J July ’24-July'36
109,522,092
7
c —M June 2 ’24 1)4%
21,654,380
M &
6
Mar 1 1924 3%
J & 3 Jan 2 1924 2%
9,989,700
4
2.500.000
4 2 A & O Apr 1 1951
1.000,000
3)4 g J A D Deo 1 1950
1.500.000
4 g J & J Jan 1 1951
2,499,000
3)4 g J A J Jan 1 1951
£500,000
3 g M & S Mch 1 1951
3.000,000
Apr 1 1951
3)4 g A A
5.266,000
3)4 g J A J July 1 1950
2.000,000
3)4 g J A J Jan 1 1951
3,000,000
4 tt J A n Deo 1 1950
8,377,000
3)4 g J A j July 1 1951
4,998,000
3 g J A j July 1 1951

s

o

538.000
241,000
12,000.000
54,187,000
15,000,000
24,929.000
8,000,000
5,425,000
al6,635,000
1.359.000

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

41,273.000
5g
320,100
5g
3,500,000
4g
23.732,000
3)4 g
5,000,000
3g
3g
3,235,000
16,000,000
6)4 S
ral trust bo nds of 18

M A
M A
J A
M &
A A
M A
J &
F &
J A D
J &D
J
J
J
J
F
.1
J
86.

s Sept 1 1931
H Moh 1 1932
3 July 1 1952
N Nov 1 1955
O Apr 1 1952
N Nov 1 1953
J July 1 1936
A Aug 1 1951
15 June 15 1951
15 June 15 1951

8c D Dec 1 1963
& D Dec 1 1963
A D Deo 1 1951
A
J July 1 1953
A
A Aug 1 1951
A
J Jan 1 i«51
A J Jan 1 1934

Phila office 39 So 10th St
Phila office. 39 So lOthSt
do
Philadelphia
Pa Co for Ins on L , Phila
32 Nassau St,N Y. A Lon
do
do
do
do
BaringBros .London ,Eng
32 Nassau St .New York
do
do
do
do.
Baring Brothers, London
32 Nassau St New York
Bftrlnff Brother*, London
32 Nassau St , NewYork
do
do
do
do
do
de
do
do
do
do
32 Nassau St , N . Y .
tie
do
do
do
do
do
do
do
(io
do
do
do
do
do
do
Baring Bros, Lon A N Y
32 Nassau St ..N ew Y ork
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. Fare
decision, V. 106, p. 296. Proposed new terminal at Chicago, V. 109, p. 270;
V. 110, p. 465, 561; V. 114, p. 521. Valuation, V. 116, p. 76.
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. d . 395.
In Dec. 1923 Union Pacific owned $22,500,000 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 $1,840,000 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
needs require. The pref. stock may be issued in one or more series and
shall be entitled to receive non-cumulative divs. at rates not exceeding 7%
per annum. Pref. stock shall have full voting rights. Pref. stock or any
series thereof may, if the directors so determine at time of the issuance, be
convertible into com. stock within such period and at such rate, taking the
pref. stock at par and the com. stock at not less than par, as the directors
shall determine at the time o f the issue of such pref. stock. The directors
may at the time of issuance provide that the pref. stock, or such series there­
of, shall be subject to redemption as a whole at a premium which shall not
exceed 15% and dividends. V. 114, p. 738, 1765.
The directors authorized the issue of $10,929,600 6% conv. pref. stock,
to be designated Series A. Each stockholder of record M ay 16 1922 re­
ceived the right to subscribe at par for the pref. stock to the amount o f
10% of the common stock held. V. 114, p. 2011, 2579.
Common stockholders o f record Oct. 23 1923 received the right to sub­
scribe at par to additional pref. stock to the extent of 10% o f holdings.
V. 117, p. 1663, 1884.
L A T E l'018ept.’04. ’05 t o ’ 1 2 .'1 3 . ’ 14. *15. T 6. 1917. M a r .’ 18-June’24.
D IV S.j 6 yearly
7 yearly
6
5
5 6)46& 1 e x 7 % p .a .(l)4 Q.-M)
BONDS.— Cairo bridge, see adv. in "Chronlole,” May 7 1892.
The Trust Bonds of 1886 are secured by deposit of $5,266,000 Chioago St. L.
* New Orleans oonsols of 1881; also by a lien on the road. See V. 86. d . 1343.
Collateral Trust bonds o f 1952 cover by pledge o f $16,350,000 5% 1st M .
bonds 863 miles of subsidiary lines. V. 55, p. 550; V. 102, p. 1346.
The $25,000,000 collateral trust bonds of 1953 are secured by pledge of all
the Loulsv. N. O. A Texas (now Yazoo A Mississippi Valley R R .), $16,900,000 1st 4s, except $68,00O, and $9,104,000mtge. incomes. V . 61, p .112
Chicago St. Louis A New Orleans 5s have their Interest guaranteed (by
endorsement) until the principal Is paid. The 3)4s of 1897 are guar., prin­
cipal and Interest, by endorsement— see guaranty, V . 65, p. 1071.
Western Lines Loan ot 1895, see “ Supplement" o f Jan. 1899. Total auth.;
flO.OOO.OOO; $5,425,000 outstanding and $4,575,000 owned by company
on Dec. 31 1923.
The St. Louis Division A Terminal bonds are for $15,000,000 authorized.
A bstract ofm tge. In V . 66, p . 138. See also V. 66, p. 133; V. 71, p . 646.
Louisville Division A Terminal mtge. Is for $25,000,000; of the bonds
$1,112,000 were reserved to purchase the 46 m. (Cecilia br.) from Louisville
& Nashville and to retire the L. A N. bonds thereon. Chioago St. Louis &
New Orleans took title to the Loulsv. Dlv. and joined In making mtge. See
V. 66, p. 136, for abstract; also “ Supplement” of Jan. 1899. V. 65, p. 367,
516; V. 66. p. 133; V. 67. p. 581: V. 75. p. 671 V. 97. p. 887. 1024.
Of Purchased Lines 3)4s of 1904, $14,662,000 were issued on 748 miles of
subsidiary branch lines purchased, of which $2,662,000 were canceled in
Jan. 1911 and ref. bonds substituted therefor. (See V. 71, p. 288; V. 79.
p. 1273, 1642, 2588; V. 81, p. 1105.)
Refunding Mtge. Cold Bonds of 1908 (auth. $120,000,000) are subject to
call at 107)4 and int., M . & N. V. 104, p. 863: V. 87, p. 1357, 1420; V. 88.
p. 295; V. 92, p. 261, 527, 1636; V. 97, p. 1024; V. 98, p. 1459, 1608; V. 99,
g . 1300. Cover main line, Chicago terminals, so-called purchased lines,
pringfield D iv., the St. Louis D iv., &c., a total of 2,174 m ., subject to
bonds aggregating $61,766,000, incl. $2,500,000 Chic. Havana & West. 5s
and Rantoul R R . 5s pledged under 4s of 1952. Of the outstanding bonds,
$13,447,000 are 5s, issued in Feb. 1923. (See V. 116, p. 822.) Of the
unissued bonds, $57,588,000 are reserved to retire a like amount of prior
lien bonds and $8,225,000 are pledged as part collatral for 6 )4 % secured
gold bonds due 1936.
The Illinois Central and Chic. St. Louis & New Orl. R R . Joint First Re­
funding M . bonds ($120,000,000 auth. Issue) are issuable in series bearing
Interest at not to exceed 5% and are secured on about 1,512 miles of the
Southern lines, including the main line from Cairo, 111., to New Orleans,
La., &c., and comprising all the system lines south o f the Ohio River except
the Chicago Memphis & Gulf R R ., the Monticello Branch (52 m. and 21 m.
respectively) and the Yazoo & Miss. Vail. R R . V. 97, p. 1822,1733,1204;
V. 98. > . 1459. 1608: V. 99. p. 1300: V. 100. p. 397, 474, 1852; V. 106.
p. 2757; V. 107, p. 696; V . 118, p. 663.)
Purposes for Which Said $120,000,000 Joint Bonds Were Issuable.
[Dec. 31 1923 amount issued, $56,278,100 ($55,958,000 Series A and
$320,100 Series B ). of which the Illinois Central R R . owned $26,288,000,
leaving $29,990,100 outstanding in the hands of the public.)
(a) To purchase and improve railroads, terminal properties,
A c.. covered by this mortgage, all sold____________________ $33,348,10$
lb) To refund or retire a like amount of prior mortgages______ 50,132,000
(c) For future Improvements, construction, etc_______________ 36,519.900
The $16,000,000 5)4 % Secured Gold Bonds, issued In 1919 on account of
improvements and additions, were secured by pledge of the following
securities: (a) $17,350,000 Illinois Central R R . and Chicago St. Louis £
New Orleans R R . Joint First Ref. Mtge. 5% bonds. Series A, due Dec. 1
1963; (6) $4,550,000 Western Lines 1st M . 4% gold bonds, due Aug. 1 1951.
V. 108, p. 578, 2629.
The $8,000,000 6)4 % Secured gold bonds due July 1 1936 are secured by
deposit o f $8,225,000 Illinois Central R R . Ref. Mtge. 4s due N ov. 1 1955
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.
Equipment Trusts.— V. 96, p. 135, 553; V . 102, p. 608, 345: V. 99, p.
1748, 48; V. 100, p. 1257. Series E Is subject to call, all (but not part)

63




KAILW AY STOCKS AND BONDS

[V ol. 118,

M ay , 1924.]

63

RAILW AY STOCKS AND RONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

C entral (Concluded)—
Equip certs.
Series O g due $99.000s-a redl02K beg 1920 .y c»
61.000
.98 1915
$198,000
Series D due $95,000 each J & J; callable 102H &
1,000
380,000
Int on or after Jan 1 1921___________________ k
1916
Ser E due *275,000 s-a call ’22 102K % gu.C Pyc*
1917
1,000
1,925,000
S erFdue $737,000 yearly beg Oct 11926---------CP
1920
1.00C 8,107.000
1921
Ser G due $324,000 yearly beg Oct 1 1925----- CP
1,000 3,564,000
1922
1,000 2,821,000
Ser H due $217,000 annually______________CPxxx
Ser I due $443,000 annually_____________ CP.c*
1922
1,000 6,202,000
Ser J due $1,273,000 ann beg M ay 1 1928..xxxcx*
1,000 14,003,000
1923
C h S tL & N O eq tr ser A g gu red 102 X begD ec’ 19
250,000
1914
due *250,000 seml-ann______________________ c*
1.000
7,118,100
1920
Govt equip trust due $647,100 yearly__________G
1922
1,543,640
Equip contract— The Pullman C o------------------------I l l i n o i s T u n n e l C o — See Chloago Subway Co.
I n d f a n a D e c a t u r & W e s t e r n — SeeCln Ind &Western
46 1907 1,000 *c 2,500,000
I n d i a n a H a r b o r B e l t — G e n M * 2 5 ,0 0 0 . 0 0 0 g Q.xo* &r*
1907
1,725,000
do
do
do
______
Ohio Ham & W first mortgage gold assumed.xo’ &r 27.48 1897
500 dec 2.500.000
1916
288.000
Equipment trust certificates $540,000____________
100 See
1921
do
due *35,400 F & A ....................................G
142,000
do
due $36,680 annually_________________ G
1920
1.000
403,480
do
due $60,000 annually______________G.c*
1923 500-1000
840,000
I n d i a n a I l l i n o i s & I o w a — See New York Central RR
I n d i a n a p o l i s & L o u is v i ll e — See Chloago Indianapolis A Lou Isvllle
1,000
I n d i a n a p o l i s U n — 1st M gold s f not callable_ FP.xo*
_
609,000
1.77 1886
1915
1.000 4.000.000
Gen & R ef M *10.000,000 g gu red text_ F.c*&r*
_
do
Series B g gu call (text)_________ F.c*&r*
1922 1,000 &c 4,000,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

I llin o is

on or after Nov. 1 1922 at 10213 and dlv. V. 106, p. 189, 1577, 2123;
Series F, V. I l l , p. 1752; Series G, V. 112. p. 849. 1024; Series H. V. 114,
p. 1286; Series J, V. 116, p. 1893.
Government loan. V. I l l , p. 294. 2228.
Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471.
R EPO RT.— For 1923, in V. 118, p. 1927, showed:
1923.
1922.
1921.
4,840.25
4,784.52
4,799.37
Average miles operated____________
Railway Operating Revenues—
$
$
$
Freight (incl. bridge tolls & misc. fgt.)127,081,546 119,849,020 107,092,091
Pass. (incl. bdge. tolls & misc. pass.). 27,042,401 24,264,251 24,740,351
M ail_______________________________ 2,154,227
2,158,420
2,505,671
Express______________
3,729,926
3,570,474
2,326,833
Other passenger train_______________ 1,182,586
1,029,237
880,517
Other transportation________________ 1,968,436
1,709,549
1,413.524
Incidental and joint facility_________ 2,467,860
2,279,436
2,168,079
Total railway operating revenues. -165,626,982 154,860,387 141,127,066
Railway Operating Expenses—
Maintenance o f way, & c___________ 24,406,198 20.538,117 22,437,587
Maintenance o f equipment_________ 39,445,189 36,236,119 34,591,450
Traffic_____________________________
2,408,275
2,314,554
1,887,711
Transportation_____________________ 61,989,250 55,934,969 53,603,439
997,773
1,009,049
Miscellaneous operations___________
1,098,725
General____________________________ 3,834,303
3,606,448
3,679,023
Transportation for inv_____________ Cr.752,708
Cr .498,711 Cr.355,926
Total railway operating expenses. .132,429,231 119,129,269 116,852,333
Net revenue from railway operation.. 33,197,750 35,731,118 24,274,733
Railway tax accru als..____________
9,672,915 11,208,967
8,119,036
Uncollectible railway revenues______
24,052
15,413
24,319
Railway operating income________ 23,500,782 24,506,738 16,131,378
Equipment rents, net_______________
495,591 Cr.725,591 Cr.1,614,027
Joint facilities rent, net____________
98,947 .Deft.Ill,201 Deft.203,178
Net railway operating income_____ 22,906,244
Non-operating income_____________
6,816,739

25,121,128
4,104,465

17,542,227
5,039,238

Gross incom e______
Deductions from gross.

29,225,593
13,135,917

22,581,465
12,880,671

29,722,983
14,237,909

4H g A
J
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()
F
F
A
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4*
5g
7
6H
5 13
413
5

S
c

O Oct ’24-Apr ’25 N Y office or Bk of N A & T

S
c
&
&
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&
&
&

J July '24-Jan '26
N N ov ’24-Nov'27
O Oct '25-Oct ’35
A Feb 1 1926-1934
A Feb 1 ’25 to ’37
O To Oct 1 1937
N M ay 1 '28 to '38

Bankers Trust Oo, N Y
New York
New York
N Y office or Bk of NA&T

5g
6g
6

J
J
A

S D Dec 1924
c
New York
& J To Jan 15 1935 N Y office of Guar Trust
O

4g
4g
6g
413
7
6g
5g

J
J

A J July 1 1957
Grand Cent Term N V
A J July 1 1957
do
do
A J Jan l 1927
do
do
A J Jan 1 1931
Comm’I Trust Co. Phlla
& A Aug ’24-Feb ’26
& J 15 To Jan 15 1935 Guaranty Trust Co, N Y
& D To June 1 1938
do
do

J

J
F
J
J

413 g M A
J A
5g
5g J &

N May 1 1926
J Jan 1 1965
J Jan 1 1965

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

BONDS.— The General and Ref. M . of 1915 will secure not over #10.000,000 bonds maturing Jan. 1 1965, to bear rates of interest as may be
hereafter determined, to be guar, jointly and severally, prin. and int., by the
companies above named; a sufficient amount is reserved to redeem the
413 s of 1886, and remainder for future purposes. *8,000.000 have been
issued as 5s ($4,000,000 Ser. A and $4,000,000 Ser. B ). and are outstanding
in hands of public. The guarantor companies and also Lake Erie & West.
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
main passenger terminal, and to pay each Its proper and designated
proportion or the Interest on present or future values and o f any bond
issued for additions to or improvements of the property. The bonds are re­
deemable as a whole or in series 15 years after date, or any Int. day thereaf­
ter at 103: sink, fund beginning 1926. 1% of outstanding bonds. Farmers'
Loan & Tr. C o., N. Y ., and Union Trust C o., Indianapolis, trustees.
V. 100, p. 1257, 555; V. 101, p. 1272; V. 116, p. 2 9 5 — (V. 117, p. 2212.)
INTERBOROUGH RAPID TR AN SIT CO.— Incorporated May 6 1902
in N . Y. Operates municipal tunnel and elevated lines in N. Y . Cltv; also
leases Manhattan (Elevated) R y..w hich see.
Mileage as of June 30 1923.
Length
Two
Three Four
Five Tot. SinDivision—
of Road Track. Track. Track. Track. gleTrk.
Subway—
Contracts Nos. 1 and 2_ - - 25.72 10.41
_
7.18
7.50
85.28
Contract No. 3:
Atlantic Ave----- --0.11
0.27
Astoria L i n e _
_
2.02
. . 2.33
0.31
6.87
Brooklyn L in e ______ . . 5.68
2.37
0.12
3.19
18.90
Corona Line
. . 4.21
0.30
3.91
12.61
Clark St. Tunnel L ine.. . . 2.31
2.31
4.67
Jerome Ave. Line .
_. 6.04
5.59
0.20
0.25
18.89
Lexington Ave. Line__ . . 5.00
0.08
4.42
0.45
21.15
__
149th Street Loop. . . . . . 0.55
0.55
Nostrand Ave. Branch.. . . 2.70
2.70
5.55
Pelham Bay Park L in e.. . . 7.15
0.34
6.81
21.60
Queebsboro Subway. . . . . 2.64
2.40
0.24
5.96
Seventh Ave. L in e.. . . . . 4.19
0.83
3.28
15.73
White Plains Road Line. __ 4.88
0.18
4.37
0.33
15.82'
Manhattan Division
. . 37.67
7.28 27.39
2.84
0.16 130.19
8th Ave. & 162d St. Connec 0.62
0.62
1.26
Queebsboro Bridge Line. . . 1.35
1.35
2.73
Webster Ave. Line.
..
1.74
0.03
1.71
5.33
West Farms Subway Conn. 0.50
—
—
—
0.50
1.00

Totals______ ______ _ -.115.28 32.24 59.18 21.47
1.19 374.36
Owns stock o f N. Y . Sc Queens County R y., 73 miles, and (Jointly with
Long Island R R .) the N . Y . & L. I. Traction Co. and Long Island Elec.
OFFICERS.— Chairman & Pres., Chas. H. Markham; Senior V.-Pres., R y., total 68 miles. V . 80, p. 2621; V. 83, p. 818; V. 86, p. 1100. An­
O. M . Kittle; V .-P ., Albert E. Clift, F. B. Bowes, Albert C. Mann, G. J. nounced in Jan. 1923 that the trolley lines in Queens would be dropped.
Bunting; Sec., D . R . Burbank; Treas., R. E. Connolly. General offices, V. 116, p. 295.
Chicago, 111.; New York office. 32 Nassau St.
“ Outside assets” In Dec. 1917. V. 103, p. 2365.
D IRECTO RS.— John W . Auchincloss, William Averell Harriman, R. W.
NEW LINES.— On Mar. 19 1913 an agreement was signed between
Goelet, Cornelius Vanderbilt, Stanley Field, Vincent Astor, Chas. A. the city and this company (V. 94, p. 1507. 1565; V. 96, p. 62. 359. 1701)
Peabody, John G. Shedd, R . S. Lovett. H. W. De Forest, David R. and the Brooklyn Rapid Transit Company, providing for the establishment
Burbank, Chas. H. Markham, and, ex-officio, Hon. Len Small, Governor of comprehensive dual systems of rapid transit serving all boroughs.
o f Illinois.— (V. 118, p. 907.)
The official statement to the N . Y . Stock Exchange, dated June 30 1913
was published in “ Chronicle" of Aug. 16 1913, pages 450 to 455. giving full,
particulars as to new contracts, bonds. A c. See also V. 97, p. 744, 1024.
ILLINOIS SOUTHERN R Y .— See Missouri-Illinols R R .
Subway Leases. New and Old. to Run 49 Years— Re-Capture.
INDIANA HARBOR BELT RR.— Owns Whiting, Ind., to Blue Island,
The lease by the city to the company of the new subways is for 49 year*'
111., 14 miles; McCook to Franklin Park, 111., 10.5 m.; Argo to Union Stock
Yards, Chicago, 11 m.; State line to Grasseli, Ind., 5.5 m.; branches, 5 m: from Jan. 1 1917, but if their completion should be delayed through na
fault of the company, the beginning of the term will be correspondingly
total owned, 45.5 miles; trackage, 74 m.; total. 119 miles.
Stock outstanding. *5,000,000, o f which N . Y . Central and M ich. Central postponed (date now set Jan. 1 1919); subject, however, to the city’s right
V . 106, p . 2018). which guarantee the bonds, own 60% and O. M . & St. P.. of recapture after 10 years.
The leases of the original subways as modified expire contemporane­
and Chic. S Northw., 40% . V. 93. p. 164; V. 105. p. 2183. Of the bonds
c
(#25,000,000 auth. issue), #2,500,000 are reserved to retire Chic. Ham. S ously with the lease of the new subways, but are not subject to termination,
c
W. 6s; *579,000 have been pledged as security for Govt, loan; *2,500,000 by notice except as portions thereof may be taken over in substitution
for the 7th Ave. branch or the Lexington Ave. branch of the new sub­
bonds out. V. 86, p. 108.
Equipment trusts issued to Director-General for rolling stock allocated ways In order to complete a direct longitudinal line, either upon the East
to this company. See article on page 3 and V. 114. d . 854. Equipment Side or upon the West Side of the city. As to the old contracts. Nos. 1 and
trusts o f 1921, V. 112, p. 1282. Equipment trusts o f 1923, V. 117, p. 1461. 2. see this Section, Issue of Feb. l9 l3 and V. 96. p. 1701.
The authorizations and licenses for the elevated railway extensions and
Govt. loan, promissory notes. &c., V. 112, p. 744.
additional tracks are for 85 years from the beginning of operation, and are
R E PO R T .— For 1922, gross, $10,299,400; net oper. income, $2,913,982; respectively subject to the right of the city to purchase and take the prop­
other income, $362,408; interest, rentals, &c., $2,124,240; bal., sur., erty at any time after 10 years upon payment therefor.
$1,152,151.
Under the pooling agreement with the city which became effective
Jan. 1 1919, all the receipts of the old and new lines of the Interborougb
For latest earnings, see “ Railway Earnings” Section (issued monthly).
system, with the exception o f the old elevated lines, will be placed in a com­
OFFICERS.— Pres., A. H. Smith- Sec., E . F. Stephenson; Gen. Treas,. mon pool, from which will be deducted taxes, maintenance, operating ex­
penses, depreciation, the company’s preferential and interest and sinking
M . S. Barger.— (V. 118, p. 2304.)
fund payments upon the city’s and the company’s investments In the new
INDIANAPOLIS UNION R Y .— Owns 1.77 m. of road, 1.76 m. 2d main lines. After these charges are paid the amount of revenue remaining will be
track and 10.73 m.yard tracks and sidings, with terminals at Indianapolis, divided equally between the city and the company. V. 107, p. 501, 401.
Interest on the securities issued to construct and equip the new lines was
Ind.; leases for 999 years the Belt R R . of Indianapolis— 14.18 m.(which see).
to the extent of, the
and
Cleve. Cine. Chic. & St. Louis and Pittsburgh Cincinnati Chicago & St. a charge to construction until, and new lines. Under its completion with
contracts
Louis R R . are proprietors, having invested in it $1,123,124 to Dec. 31 1923. commencement of operation of the in Jan. 1919 to be entitled to take, on
the city the company was reported
Ownership evidenced by certificates o f ownership. Elevation of tracks in basis of convertible note issue of 1918, out of the revenues of the Interbor­
progress. V. 109, p. 676.
ough Rapid Transit system, an annual sum which, with $500,000 other cor­
R E PO RT.— For 1923, gross, $520,816: net operating deficit, $284,34 4; porate income, will provide $17,620,072, as compared with *13,101.255
other income, $1,042,647; deductions, $529,383; balance, surplus, $228,92 0. required for Interest and sinking fund on all bonds and notes outstanding
in the hands of the public; but in Jan. 1919 not over $9,700,000 of the sum
Note.— The company is a switching and terminal line operated for joint last named was expected to be a charge against the earnings o f the year
benefit o f connections at cost. Operating expenses and operating revenues 1919, owing to the delay In putting the new lines in operation. See below
are apportioned each month to the interested roads on the basis of property and V. 108. p. 171, 268: V. 107. p. 1100
use and are debited or credited to the appropriate joint facility account in
The amounts payable to the company out of the revenues of its subways
accordance with classification of Inter-State Commerce Commission.
(compound Interest being allowable on any deficiency in any fiscal year)
9,700,794
Net income---------------------------------- 15.485,074 16,089,676
For latest earnings, see “ Railway Earnings Section” (issued monthly).




64

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

In terborou g h Rap T rans— Stk ( v t c ) $35,000,000-- Text
l»t A R ef M $300,000,000 gs red 110 (text) a.yc»A r*
Secured conv notes g call (text)________ xxx.Ba.c*
10-year gold notes red (text)___________ G .xxxc*Ar*
Equipment trust ctfs due $280,000 annually_ N.c*
_

1913
1922
1922
1923

Par
Value

$100
1.000 Ac
100 Ac
100 &c
1.000

are to be paid before the city becomes entitled to the interest on its i nv *t
ment under its 1913 subway contract with the company. The amounts
payable to the company out of the revenues of its elevated lines (compound
Interest being allowable on any deficiency in any fiscal year) are to be paid
before tne city shares any profit from tne operation o f the elevated lines
When the profits from the operation of the subway system exceed tne
amount o f the company’s annual prior claim, and after all accumulated de­
ductions (with interest thereon) shall have been made up to the company
the profits then remaining are to go to the city until the percentage of the
city’s return upon its investment shall equal the percentage of the return
received by the company; and thereafter excess profits will be divided
equally between the city and the company. The profits from the elevaUd
system and connections, after all the company's accumulations shall hate
been made up, are to be divided equally between the city and the company
R ead ju stm ent P lan, Dated May 1 1922.
The plan o f readjustment for the Manhattan Elevated and Interborough
properties, outlined below, has been accepted by the security holders con­
cerned, it was announced Oct. 8 1922 (V. 115, p. 1730). The main purpose
o f the plan is to provide for the capital requirements and arrears o f the Interborough system, estimated at about $30,000,000, and to readjust the Man­
hattan dividend rental. Under the pian the Interborough Consolidated
Corp., which is the successor to the Interborough-Metropolitan Co. as the
holding company controlling the Interborough Rapid Transit C o., will
disappear with its $45,740,500 o f preferred stock and its 932,626 no par
shares o f common stock and its $63,808,000 of Coll Trust 4J^% bonds.
In place o f these securities the $35,000,000 o f Interborough Rapid Transit
Oo. stock will remain. V. 114, p. 2011; V. 115, p . 2159.
Summary o f the M ain Features of the Plan.
Manhattan Rental.— The Manhattan rental is to be payable out o f the
earnings o f the combined systems after the payment o f interest charges
and is to be at the following rates:
For the fiscal year beginning July 11922, 3 % .
For the fiscal year beginning July 11923, 4 % .
For the fiscal year beginning July 1 1924, and subsequent years, 5 % .
These preferential payments are to be cumulative and must be made to
the Manhattan stockholders if the earnings exist.
In case 4% dividends should be paid in any year upon Interborough
stock, any further distribution o f dividends for that year is to be divided
upon a prescribed basis between the Interborough stock and the Manhattan
stock until the total dividends upon the Manhattan stock for that year have
reached 7 % .
Interborough Dividends Limited to 7 % .— No divs. shall be paid upon th*
capital stock o f the Interborough Co. (a) before July 1 1926, nor (6) out of
income accruing prior to that date, nor (c) unless and until the foregoing
Manhattan cumulative div. rental and all taxes upon the Manhattan prop­
erty and all div. rentals accruing to and incl. July 1 1922 shall have been
paid in full. The divs. to be paid upon the stock o f the Interborough Co.
In any year prior to July 1 1950 shall not exceed 7% .
After July 1 1950 no div. shall be paid in excess o f 7% per ann., and no
other distribution o f corporate assets shall be made if such payments reduce
the aggregate net value o f the assets o f the Interborough Co. below $35,000,000 unless such div. or distribution shall have received the consent of
the Manhattan directors.
Existing Current Obligations and Arrears to be Paid.— Provision is to be
made for the payment o f all existing current obligations, including the
arrears o f rentals at the present rate and taxes under the Manhattan
lease down to July 1 1922, the beginning o f the next fiscal year.
Maintenance and Improvement o f Manhattan Property.— Provision is to
be made to insure the application o f a proper amount to the maintenance
and improvement o f the Manhattan property, including the installation
o f turnstiles at stations and pneumatic control doors for cars.
Sinking Fund o f Interborough Bonds Waived 5 Years.— The interest pay­
ments on the Interborough 5% first mortgage bonds and on the secured
notes is to continue uninterrupted, but in order to increase the amounts
available for the improvement o f the Interborough properties and other
capital purposes, the sinking fund in respect o f the Interborough 5%
mortgage bonds is to be waived for a five-year period.
Interborough Notes Extended 10 Years.— 90% of the $38,144,000 Interborough secured notes, maturing Sept. 1 1922, were extended for a period of
ten years, the remaining 10% being paid in cash. The ext. notes will be
secured by deposit of $59,602,000 1st & ref. mtge. bonds o f 1966 and will be
convertible into 1st & ref. 5s at 80 during the first 3 years, at 85 during the
second 3 years, and at 90 during the last 4 years. Red. in whole or in part
at par and int. and a premium o f
o f 1% for each unexpired semi-annual
period o f the ten-year term.
New 10-Year 6% Notes (Authorized, $15,000,000; Issued, $10,500,000.)
To provide for capital expenditures the Interborough company created
its 10-year 6% gold notes to the authorized amount o f $15,000,000, of
which $10,500,000 were issued. Until the payment o f these notes the
company will not sell or issue any 1st A ref. mtge. bonds, except upon the
conversion of its seemed conv. gold notes (or renewals or extensions thereof)
or for the purpose o f paying the principal o f these 10-year 6% gold notes.
Redeemable at par and int. plus a premium o f M o f 1 % for each unexpired
semi-annual interest period of the ten-year term.
P To carry out provisions of the plan a voting trust was established. Voting
R
trustees are: Grayson M .-P . Murphy, Guy E. Tripp and Frank L. Polk.
TheTyoting trust is to continue in force until Oct. 1 1927.
For further details of plan, compare V. 114, p. 2011, 2240.
VALU ATION .— V. 114, p. 1765.
D IV S —
1907 to 1910. 1911. 1912. 1913. 1914 to ’ 17. 1918. 1919
Since 1906-%
9 yearly.
1014
15
12 20% yrly.
15
214
In July 1918 reduced div. to 2>4% quar. (10% p. a.) and in Oct. 1918
and Jan. 1919 paid at that rate. In Feb. 1919 failed to declare any divi­
dend for April 1. See V, 108, p. 878.




Amount
Outstanding

Rate
%

$35,000,000 See text
162.106,000
33,658,110
l *
10,500,000
6g
1,120,000
6g

When
Payable

5
M
A
M

[V ol. 118.
Last Dividend
and M aturity

Jan 2 T 9 2 X %
A J Jan 1966
A S Sept 1 1932 (ext)
A O Oct 1 1932
A S T o M ar 15 1928

Places Where Interest and
D ividends are Payable

Treas office. 165 B 'w a y
J P Morgan A Co. N Y
Treas. office 165 B ’way
J P Morgan A Co, N Y

BONDS.— The “ First and Refunding M ortgage" of 1913 is limited to
$300,000,000. of which $170,000,000 was underwritten early in 1913,
in June 1923 $162,106,000 was outstanding and a further $59,602,000
had been pledged to secure the Three-Year Secured Convertible 7 % notes
due in 1932. Listing, V. 108, p. 2629.
The bonds became N ov. 1 1913 a first lien on all leasehold and other
rights o f the company in (a) the existing subways and elevated lines
(Including power houses, sub-stations, equipment, real estate,&c., owned
directly by the Interborough Co. subject to the city’s rights under the lease)
and (6) In the new subway and elevated line extensions and in the author­
ized additional tracks on the present elevated lines. Cumulative sinking
fund o f not less than 1% yearly o f amount out began July 1918, and is to
retire entire issue.
In case the city shall exercise its right of re-capture of any of the new lines,
after 10 years from commencement of operation, the moneys so payable
will retire all outst'g bonds Issued for constructing and equipping same.
CONVERTIBLE NOTES.— See under “ Readjustment Plan” aboveIn addition to the notes shown in table at head of page, there were outstanding on June 30 1923 three-year secured convertible 7% gold notes,
dated Sept. 1 1918, as follows: Extended at 8 % , $711,400: not ext.,$44,600 •
R E PO RT.— Year ending June 30 1923, in V. 117, p. 2765, 2886:
1919-20.
1921-22.
1920-21.
1922-23.
Gross oper. revenue____$55,559,436 $53,540,859 $55,031,941 $51,478,411
Operating expenses. . . 34,392,509 32,272,509 36,024,646 31,695,209
2,623,411
T a x es_____________
2,735,694
2,802,824
2,662,311
Operating income.
Other income_______

$18,504,617 $18,465,527 $16,271,601 $17,159,791
608,369
639,123
573,850
652,875
$19,078,467 $19,118,402 $16,910,724 $17,768,160
. 19,210,262 21,885,199 21,375,551 20,003,996
.

Other credits...
Appropriations .

$131,795
def524,866
145,638
13,760

$2,766,797
2,242,878
19.343
20,291

$4,464,827
7,093,101
34,779
v420,174

$2,235,836
10,152.092
5,126
828,283

Profit and loss______ defx$524,783defx$524,866sur$2242,878sur$7093,100
x Stated excl. o f accruals under Contract N o. 3 and related certificates
payable from future earnings, y Incl. $394,757 loss on sale of Liberty bonds.
Results by Divisions for Years Ended June 30.
--------------- 1923------------------------------- 1922--------------Subway
Manh. Ry.
Subway
Manh. Ry.
Division.
Division.
Division.
Year Ended June 30— Division.
Passengers carried_____348,524,700 676,650,431 348,517,216 644,975,474
Daily avge. pass, carried
954,862
1,853,837
954,842
1,767,056
Rev. fr. transportation.$17,443,964 $33,837,513 $17,445,940 $32,257,777
Other street ry. oper. rev 1,771,214
2,506,746
1,452,079
2,385,064
Gross oper. revenue_.$19,215,177 $36,344,258 $18,898,018 $34,642,841
Operating Expenses—
Maint. of way & stru c.. $1,210,556 $2,780,336 $1,190,575 $2,355,713
Maint. of equipment_
3,398,188
1,455,147
3,533,570
_
1,479,569
T r a ffic ________________
586
250
41
325
Transportation expenses 8,834,589 14,201,328
8,341,257 13,211,839
1,575,036
921,065
1,262,977
General expenses_______
912,070
Total oper. expenses__$12,437,370 $21,955,139 $11,908,085 $20,364,424
Net operating revenue.. $6,777,807 $14i389G20 $6,989,933 $14,278,417
450,976
2,355,563
447,260
Taxes_________________
2,211,334
Income from operation $4,566,473 $13,938,143
Non-operating incom e..
80,881
492,970

$4,634,370 $13,831,157
71,197
581,678

Gross income________ $4,647,354 $14,431,113
Int. & sk. fd. on city bds
______ $2,584,035
Int. on I . R . T . C o. 1st &
Ref. Mtge. 5% bonds. $1,403,267
6,628,823
Sk. fd .o n I. R . T. Co 1st
A Ref. M . 5% bonds.
496,390
1,639,662
Interest on 7% notes_
_
936,681
1,366,395
Int. on 10-yr. 6% notes.
2,546
62,600
Int. on equip, tr. ctfs_
_
______
390
Int. on Manh. R y. Cons.
Mtge. 4% bonds_____ 1,627,320
______
Int. on Manh. R y. 2d
Mtge. 4% bonds_____
180,920
______
Manh.Ry.rental (organ.)
50,000
______
Div. rental on Man. Ry.
Co. stock___________ y l , 710,000
______
Amort, o f debt discount
A expense___________
880
______
Int. on inv. o f depr. res.
______
48,800
Int. on unfunded d e b t..
105,587
70,314
Other rent deductions..
268,414
27,239

$4,705,567 $14,412,834
______ $2,482,633
$1,394,493

6,627,833

480,979
1,013,122
______
______

1,622,361
1,488,311
______
______

1,627,320

______

180,920
35,000

______
______

4,200,000

______

840
______
215,488
336,791

_
48,800
11,8581
18,452

Total inc. deductions. $6,782,004 $12,428,258 $9,484,952 $12,400,217
Net corporate income_def$2,134,650 $2,002,855 df $4,779,385 $2,012,587
Acer, under Contr. No.
$2,018,838 $8,312,059 $1,926,431
3 A related ctfs______ $6,052,782
Balance_____________ $3,918,132

$4,021,693

$3,532,674

$3,939,018

y Amount determined in accordance with formulae contained in the plan
of readjustment and agreement with Manhattan R y. Co. and its stock­
holders. V. 117, p. 2652, 2432.
Earnings for 9 mos. ended Mar. 31 1924 in V. 118, p. 2301.

M ay , 1924.]

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

International-Great Northern Ry— Stock ( v t c ) .
1st mtge gold bonds Series A red 107*3--Eq.zc*&r*
Adjust mtge gold bonds Ser A red par_______ Colzc*
Notes— U S Government_________________________
I iternatlonal Rys of Cent Amer— Ordinary snares.
Preferred stock 5% and partlo see text__________
Dividend notes__________________________________
Preferred dividend notes__________________________
Guatemala Central 1st M g ext 15 yrs tol931 USmz
Internet Rys (1st M on 104 miles; 2d on bal.) Eqx
First mtg g red 102 H ______________________ Em.x
I teroceanlc Ry of Mex— 1st pref stk, 5% non-oum..
Second preferred stock 4% (V 87, p 1160) non-cum
4% debenture stock subj to oall at par £1.150,000
Ordinary stock___________________________________
Debenture stock 7% " B ” subj to oall 120 cum____
Second debenture stock red at 105 sinoe 1911_____
Vex E deb stook £150.000 guar red 105 since 1914
In te rsta te

RR

(o f

Miles Date
Road Bonds

1,106 1922
1,106 1922
1922
1917
1921
74 1886
1912
1912

...

...

Par
Value

Amount
Outstanding

V a )—

$2,393,816

When
Payable

J &
J &
M &
Q— F
F St
J&D
A &
J &
M S
o

Last Dividend
and Maturity

J July 1 1952
J July 1 1952
S Mar 1 1930
15
A
15
O
J
N

Places Where Interest and
Dividends are Payable

Apr 1 ’ 24 paid 4% .

M ayl5'24 1 H%
Feb 15 1927
June 15 1936
Apr 1 1931
Jan 1 1972
May 1 1972
Dec 19 1913 4%
Nov 14 1912 2%
M & S 15 Sept 15 1950

Office. 17 Battery PI. NY
Office, 17 Battery PI, N Y
Office, 17 Battery PI. N5
do
do
EmplreTrCo.NY.Lon, ft*
London
do
See text

’ l l - ’ 12 Sept 15 1950
M & N30 Nov 30 1950
J S D 15 Jan 1 1984
t

London
See text
See text

1,000

225,000
1,120,000
784.000

5t
5**
5*4

A St O Apr 1 ’25 to '27 Philadelphia
J & J
M St N N ov ’24-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

OFFICERS.— Chairman o f Board, Major August Belmont; Chairman
Exec. Comm.. Grayson M .-P . Murphy; Pres. & Gen. M gr., Frank Hedley;
Sec., H. M . Fisher; Treasurer, W . Leon Pepperman. Office, 165 B ’way,
N.JY.— (V. 118, p. 2437 )
INTERNATIONAL-GREAT NORTHERN R R . CO.— Successor, as
per reorganization plan outlined below, o f the International & Great
Northern R y. Total system Dec. 31 1923, 1,159.5 miles, viz.:
Lines owned—
Miles.
Lines owned (concl.)—
diles
Long View Jet.. Tex., to Houston 232 Magnolia Park Terminal_______ 10
Palestine to Laredo____________ 413 Sundry branches_______________129
Spring to Ft. Worth, T.ftP.Conn.272
Joint Trackage—
Miles
Houston to East Columbia breh. 50 Galv. Houston & Henderson etc.53.5
At a meeting o f the holders of voting trust certificates representing
Common stock held March 1 1924, the plan for the sale of the 74,991 shares
o f Common stock o f the company to the New Orleans Texas & Mexico
Ry. at a price of $31 a share was unanimously approved.
Plan o f R eorganization Dated June 1 1922.
The reorganization managers, J. & W. Seligman & Co. and Speyer & Co.,
in June 1922 prepared a reorganization plan (Y. 114, p. 2468). The plan
was declared operative on July 5 1922.
BONDS.— 1st Mtge. Bonds.— Total authorized amount, $40,000,000, at
any one time outstanding. Interest, payable s.-a., at such rate as may
from time to time be determined at the time of issue. Secured by mort­
gage to Equitable Trust C o., N. Y ., trustee, which is to embrace except as
otherwise dealt with in the carrying out of the plan, all or substantially all
thelines of railroad, franchises and equipment, terminals and other property
which may be vested in the new company; also all additional property of
like character at any time thereafter acquired, subject, however, as to the
property thereafter acquired, to existing liens thereon, and to any purchase
money liens thereon created in connection with such acquisition.
Bonds may be issued in separate issues maturing on the same or different
dates, and any series may be made redeemable all or 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. The new company may
have the right to retire any series, all or part, and to issue for such purposes
like aggregate principal amount of bonds in another series, bearing the same
or different rates of interest, &c. Provision may be made for releases of
any part o f the railroads o f the new company or of any other property.
Series A 6% 30-year gold bonds, dated and carrying interest from July 1
1922, maturing July 1 1952, are redeemable as a whole only at 107H and
tnt. On Dec. 31 1923 $20,000,000 had been issued, o f which $2,750,000
were pledged as collateral.
The remaining $20,000,000 1st Mtge. bonds, authorized, will be
Issued or reserved for issue under the regulations provided in the 1st mtge.,
to the extent of not exceeding $5,000,000 bonds to be issuable to a principal
amount equal to the entire cost, and beyond that amount of bonds to 80%
of the cost of new equipment, improvements, betterments, additions, new
mileage or property, or (if permitted by law) stocks or bonds representative
o f new mileage or property, whether constructed or acquired by the new
company or by some subsidiary company.
(2) Adjustment Mortgage Bonds.— Total authorized amount,, $25,000,000
at any one time outstanding. Secured by mtge. to Irving Bank-Columbia
Trust C o., as trustee, on the properties embraced in the new First Mtge. and
from time to time becoming subject thereto. Subject to the First Mtge. 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 of issue, but required to be
paid (except as to arrears, if any, of 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 o f 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 o f interest carried by such 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
o f 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 of 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 of the net 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. 1 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 to the extent of 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 corporate purposes, but shall not in any year be a
part o f surplus available for the payment o f dividends on any class of stock
at the time outstanding.
After Jan. 1 1928 the interest on the Adjustment bonds at the rate
borne will be cumulative, and at the maturity of the principal all arrears of
cumulative interest shall be payable, but accumulations of interest shall not
bear interest.
R E PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
Operating revenues_____________________________ $15,806,608 $14,674,116
Operating expenses____________________ ________ 12,542,633 12,280,299
Net operating revenue________________________ $3,263,975

Rate
%

$100 $7,500,000
100 &c 17,250,000
6g
100 &c 17,000,00C
6g
2,400,006
6
100 $3u.uou.uuo
100 10,000.000
6
1.216,300
2,931,10f
6
1,000 2.319.00C
6g
1,000 3.261,00C 2 to 5
£, fr, &c 4,863,847
5g
Stook £1.400.006 See text
. Stook £1,000.006 See text
£1,150,000
4
Stook £1.700.000
£469,459
£100
7
£100 £1,300,00
4*4
£400,000
£100
5

1917
Equip tr ser B due $75,000 yrly call 101______PhP
do
ser D due $40,000 s-a red 102*$-.FP.c*
1923
1923
do
Ser E due $28,000 s-a red 102*5-_FP.c*
—
Iowa Central— See Minneapolis ft St Louis
Jacksonville Term— 1st M gold gu----------------Mp.xo*
31 1894
1917
1st St Gen M gold gu p St I (end) $3,500,000-USc*
R ef St ext mtge Series B red text)________ Us.c*&r*
1921
do Series A __________________________________
1921
J a m e s t o w n F r a n k l i n & C l e a r f i e l d — S e e N e w Y o r k Cent'l RR




65

RAILW AY STOCKS AND BONDS

ft
ft
&
&

J July
J July
J July
J July

Calendar Years—
Taxes_____________________________
Other operating charges___________

1 1939
1 1967
1 1967
1 1967

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

1923.
485,295
602,754

1922.
392,817
682,611

T otal__________________________
Operating income_________________
Non-operating income____________

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

$1,075,428
1,318.388
133,967

Gross income__________________
Deductions from income__________
Interest on fixed charge obligations
Interest on Adjust. Mtge. 4s______

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

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

Balance of income______________
$431,511
$247,518
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., T. A. Hamilton; V .-P., Sec. & Treas., A. R.
Howard. General offices, Mason Bldg., Houston, Texas; New York
office, 54 Wall St.— (V. 118, p. 2035.)
INTERNATIONAL R A ILW A YS OF CENTRAL AM ERICA.— Own*
597.137 miles (main line and branches) of 3-ft.gauge railway; sidings, 58.570
miles; under construction, 50 miles; construction contemplated, 251 miles.
Incorporated in New Jersey June 8 1904 as Guatemala R y., name Deing
ohanged In April 1912 and Guatemala Central RR. (V. 79, p. 902, 903)
taken over. For concessions and subsidy, see Issue for Feb. 1918.
Stock authorized, as increased trom *7.500,000 in April 1912, *30,000,000
oommon and *10,000,000 5% pref.; par *100. Pref. is entitled to share
equally In all dividends paid in any year after 5% has been paid on both
stocks. V. 95, p. 544. First quar. dlv. on pref., 1*4 % , paid Aug. 15 1912;
Nov. 15. 1*4 %; 1913. 5% ; 1914. Feb.. M ay St Aug. 15, 1*4%. On Feb. 15
1917 provision was made for the payment of all dividends due to that date
(12*4 %) with $1,250,000 6% dlv. notes due Feb. 15 1927. V. 107, p .398.
The company in June 1923 offered to holders of the 5% Pref. stock in
payment of the 2 ]4 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 1)4% was paid; same amount paid quar. to M ay 15 1924.
BONDS.—For 60-year gold 5s of 1912 (£4.500,000 auth. issue, which
may be increased to £6,000,000) see V. 94, p. 1449; V. 96, p. 1488; V. 118,
p. 1664.
The $3,500,000 bonds Issued by the International Rys. covering all lines
as a second lien bore interest at 2% the first year, 3% the 2d year, 4% the
3d year and 5% thereafter; $239,000 purchased and in treas. Dec. 31 1923.
The $2,500,000 Guatemala Central 1st M . 6s due Apr. 1 1916 were ex­
tended till 1931; $181,000 purch. and in treas. Dec. 31 1923.
EARNING S.— For cal. year 1923: Gross revenues, $4,310,534; gross
income, $1,830,272; interest, &c., $779,293; net income, $1,050,979;
dividends, $500,000; surplus, $550,979.
OFFICERS.— Minor C. Keith, New York, President; Henry M . Keith,
N . Y ., V.-Pres.; Edward S. Hyde, Sec. St Treas.; H. H. Hanson, Compt.
N . Y. office, 17 Battery Place.— (V. 118, p. 2176.)
INTEROCEANIC RY. OF MEXICO. LTD.— Vera Cruz to Mexioo City.
Mex., 338 miles; Los Reyes to Puente de Ixtla, 123 miles; Los Arcos to
Ouautla, 102 m.; 3 branches, 30 m.; Mexioan 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 Mexioo (which see) owns £1.038,450 of the 2d debentures,
£1,310,500 ordinary and £244,800 pref. stock. About Aug. 15 1914 the
Mex Govt took possession
V 100 p 55
See Nat Rys of Mexico
SECURITIES.— The deben. stockholders in 1914 approved a plan (V.99,
p. 48, 674) for deferring interest payments and in 1917 extended the mora­
torium for a further three years from M ay 29 and in 1920 for a further two
years; in 1922 was further extended for 6 months to Nov. 29 1922 and in
1923 extended to July 29 1923. V. 116, p. 1049.
D IVIDEN DS on 1st pref.. 4*4% 1908 and 1909, 5% 1910 and 1911
l°Tr each (M . A N .) . In 1912. N ov., $% ; 1913, D ec.. 4 % . On 2d pref..
1% 1909; Nov. 1910, 4% ; N ov. 1911. 4% ; Nov. 1912, 2% ; none since.
R E PO RT.— For 1922-23, in Y. 117, p.,2652.
N . Y . office, 25 Broad St.— (V. 117, p. 2652.)
INTERSTATE RR. (OF V A .).— Stonega to Norton, Va., and Norton
to Glamorgan and Miller Yard, with branches, trackage, rights, &c., 80.50
miles. Proposed extension, V. 112, p. 1144; V. 113, p. 182. No funded
debt other than equipment trust certificates, which are being retired
annually. The lines have direct connection with the Southern R y.,
Louisville & Nashville R R ., Norfolk & Western Ry. 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% of the capital stock. Equip, trusts of 1923, V. 115, p.
2684; V. 116, p. 2007. Gross (year ending Dec. 31 1923), $1,266,844;
net oper., def., $11,964; other income, $749,241; interest, rentals, &c.,
$257,203; divs. (4% ), $309,442; bal., sur., $170,632. Pres., Harry L.
Miller, Andover, Va.; Sec., Lafayette Lentz; Treas., Russell Thayer Jr.,
Land Title Bldg., Philadelphia.— (V. 117, p. 1555.)
JACKSON & EASTERN R Y .— (V. 113, p. 417.)
JACKSONVILLE TERMINAL CO.— Owns passenger depot, shops,- 8
locomotives, &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. Co., Georgia Southern & Florida
R y. Co., which own entire capital stock of $375,200. These lines meet the
cost of operation of the terminal company on a car handled basis.
The 1st ft 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.

66

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Jefferson— 1st & 2d Ms ext in '87 A '89 (H’dale Br)..c
8 1867
$1,000
1st M g ext 1908 & again 1919 red 105 gu p A lFP.o*
37 1889
1,000
116 1905
1,000
Jonesboro Lake City fit Eastern— 1st M 51,000.000 -x
1.000
Joplin Union Sta— 1st M gu j’tly red 105 aft 5 yrsxo*
1910
Junction (Philadelphia)— See Pennsylvania RR
Kanawha A Mich— Stook $10,000.000........................
100
1st M $15,000 per mile g guar p & 1_______ Ce.xo*
164 1890
1,000
,_ 1907
Second mtge $2,500,000 auth gold red par.. Gxc*
1,000
1914
Equipment g $60,000 s-a red par (V 99, p 342) Un
do
g $69,000 ann______________________ G
1920
Controlled Company—
38 1905
Kanawha A West Va— First M g see text_____c*
1.000
Kansas City Belt— See Kan City Terminal Ry
162 1885
1,000
Kansas City Clinton & Spring— 1st M g guar_.NB.xc
Kansas City Fort Scott & Memphis Ry—
1,000 Ac
Ref M $60,000,000 gold guar p & 1 end.Ba.xcAr 1,085 1901
Kansas City Ft Scott & Memphis RR cons MNB.xo*
715 1888
1,000
82 1887
_
1,000
Current River RR 1st M $20,000 p m guar_ NBx
Kans Cy A M Ry A Bdge 1st M g s f drawn at 110xo*
3 1889
1,000
Kans Cy Mem A Blrm gen M $4,500,000 our._OB.xc
285 1894
500 Ac
Income non-cum. No fixed int coupons..OB.xc
285 1894
500 Ac
do
stamped fixed Interest redeemable text.x
285 1894
500 Ao
Kansas City Memphis & Birmingham— See Kansa s City F 8 & Memphis
K C Memphis Ry & Bridge Co— See Kansas City F ort Sc ott & Memphis
100
_ 1914
Two-year gold notes $6,000,000 red par______Col.c
Kansas City & Pacific— See Missouri Kansas & Texas Ry be low.
Kansas City St Joseph & Council Bluffs— See Chicago Burlin gton A Quincy.
500
1897
Kansas City Shrevep & Gulf Term— 1st M red 105 ..z
100
100
Preferred stock 4% non-cum $21,000,000________
1900 1,000 Ac
First mortgage $30,000,000 gold-------------- Ba.xc&r
Ref andlmpt M $21,000,000 gold red 105-XC’ Ar.N
1909 1,000 Ac
1 Ql 2
1,000
Eauln notes g ser D due $62,000 s-a red par..Nx
1920
1,000
do
Series E due $108,000 ann_____xxxc*
1923

...

b Excludes $754,000 held alive In

When
Payable

$300,000 4)4 A 6 J
2,800,000
5H g A
674,000
5g M
650,000
4H g M

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

A J July '27-Jkn '29 Fidelity Trust Co, Phlla
d O Apr 1 1929
o
Erie RR, New York
A S Sept 1 1925
Merc Trust Co, St Louis
A N May 1 1940
Phil Tr, S Dep A Ins Oo

.

9,000,000 See text Quar See text
2,469.000
4 g A A <) Apr 11990
2,500.000
5 g J A J July 1 1927
60,000
4H g J A J July 1924
759,000
6 g J &J30 To Jan 15 1935

J. P. Morgan A Co ,N Y
Central Un Tr Co, N Y
J P Morgan A Co, N Y
Cent Union Tr Co, N Y
Guaranty Trust Co, N Y

1.477.000

52

J

A

J July 1 1955

3,274,000

SI

A

A

O Oot 1 1925

25.941,000
13,736.000
1.606.000
b2,196.000
3,323.390
66,780
5.124,500

4X
8
5
5K
4
5
5

A A O Oot
M A N May
A A O Oot
A A () Oct
M d s Moh
o
Sept. Moh
M A S Moh

20,000,000
5,640.200

62

A A O 30 Apr 30 1016

Prln. A int. over-due.

4

F

Treas Off, Kan City, Mo

150,000
29,959,900
21,000,000
30,000,000
18.000.000
62 000
699,600
1,620.000

1 1936
1 1928
1 1927
1 1929
1 1934
1 1934
11934

A A Aug 11927

4
Q— J Apr 15 1924 1%
3 g A A o Apr 11950
5 x J A J Apr 11950
5 g J A D 15 Dec 1924
,T & .T16 To Jan 15 1935
6
5H g M & s To Sept 1 1938

Scranton (Pa) Trust Oo
Boston. Old Colony Tr Oo
Company. 120 Broadway
Bank Trust, N Y ; A Bost
Old Colony Tr Co, Boston
Bank Tr Co. N Y; A Bost
Old Colony Trust Co
do
do
do
do

Checks mailed
New York Trust Co, N Y
do
do
Blair A Co. New York
Nat’l City Bank, N Y

sinking fund

The ref. & ext. mtge. is limited to an authorized amount of S4.000.0C0
bonds. Of the authorized amount, $500,000 bonds are reserved to retire
prior lien bonds and $2,000,000 5% bonds. Series A, were used to take up
and retire a like amount of first and gen. mtge. bonds. The $1,100,000
Series B bonds are redeemable as a whole only on and after Jan. 1 1937 at
107 H and interest.
Principal and interest guaranteed unconditionally and jointly and sev­
erally, by endorsement, by Atlantic Coast Line R R ., Florida Bast Coast
R y., Southern Ry. and Seaboard Air Line Ry. V. 114, p. 1407.
OFFICERS.— Pres. & Gen. M gr., J. L. Wilkes; V .-P ., H. N . Rodenbaugh; Sec. & Treas., F. C. Sawyer; Aud., O. B . Christman. Office,
Jacksonville, Fla.— (V. 114, p. 1179, 1286, 1407.)
JEFFERSON RR.— Owns Lanesboro, Pa., to Carbondale, Pa., 37 miles
double track; branoh. 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 53-3%. See V . 108, p. 1165.
JONESBORO LAKE C IT Y & EASTERN RR.— 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
pledged as collateral. Valuation, V. 113, p. 1573. For cal. year 1923,
gross, $710,601; net, $179,122; int., rentals, &c., $123,511; bal., sur.,
$55,611- Pres., R. Lee Wilson; Treas., C. B. Barnett. Office, Jonesboro,
Ark.— (V. 113, p. 1573.)
JOPLIN UNION DEPOT CO.— Owns union freight and passenger station
on 26 acres at Joplin, Mo., completed in 1911. used by the AtchlsonTopeka
A Santa Fe, Kansas City Southern, Missouri Kansas & Texas and Missouri
A North Arkansas, which jointly own the $40,000 stock and jointly
and severally guarantee the bonds, prln. and int. Of the bonds (5750,000
auth.), $650,000 sold. Total stock auth., $750,000.— (V, 90, p. 502.
627; V. 107. p. 802.)
KANAWHA BRIDGE A TERMINAL CO.— Owns bridge across the Great
Kanawha River near Charleston, W . Va.. used for railway, street railway
and general traffic. Stock, $400,000. owned by Ghee. A Ohio, which op­
erates property. Bonds, see table and V. 91. p. 1629.
KANAWHA A MICHIGAN R Y .— OSes Map N. Y. Central R.R.)—
Owns Corning, O., to Gauiey, on Ches. & Ohio, 176 miles, less 17 miles,
Pomeroy to Galllpolis, and 1 mile, Athens to Armitage, where Hocking
Valley R y. tracks are used. Also owns branch of 11 miles leased to Zanes­
ville & Western R y. During 1919 acquired 4,001 shares each of the pref.
and the com. stock of the New Gauiey Coal Corp. V. I l l , p. 1469.
In Oct. 1916 had agreed to assume the $1,477,000 bonds aud car trust
ctfs. o f Kan. & W . Va. RR. (entire capital stock owned), a line extending
from Charleston, W. Va., to Blakely, 33 m ., with branch. 4 m. V. 106.
p. 2221; V. 103, p. 844; V. 104, p. 2005. In Feb. 1920 the Kanawha A
W. Va. R R . acquired the Gauiey & Eastern Ry. Co. V. 113, p. 1768.
HISTORY, &o.— Reorg. in April 1890 of K. A O. R y. foreclosed (s<e
V. 50. P- 451,483). Toledo A 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 1922, total income, $867,288; interest and rentals, $384,991; divs.
(5 % ), $450,000; balance, surplus, $32,297.
Pres., Alfred H. Smith.— (V. 115, p. 543.)
KANSAS 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.)
Fhe 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. Ry. below. For cal. year 1923, gross,
$566,143; net, $37,949; interest, &c., $245,940; baL.def., $207,991. Pres.,
T. B. Coppage; Sec. & Aud., E. M . Smith; Treas., R. F. McGlothlan.
— (V. 108, p. 1273.)
KANSAS C IT Y FORT SCOTT & MEMPHIS R Y .— Operates Kansaa
City. M o., to Memphis, Tenn., and branches. 925 miles. Also has a
controlling Interest In stock o f the Kansas City Memphis & Birin. R R ,.
owning line from Memphis. Tenn.. to Birmingham, Ala., with branoh, 290
miles, and of Kansas City A Memphis R y. & Bridge Co., owning bridge
across Mississippi River at Memphis. 3 miles. Total, 1,215 miles.
The K . O. Memphis A 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 o f interest on bonds, taxes, organiza­
tion expenses and cost o f additions and betterments. This superseded the
old traffic contract. Kansas City Fort Scott & Memphis R y. owns entire
capital stock (V. 103, p. 2340.)
ORGANIZATION.— V. 72, p. 1237. See V. 72. p. 438. 532. 675. 988.
The St.L. A San Fran. R R . owned the entire stook and leased the road, guar­
anteeing the bonds of 1901, prln. and int., and 4% on pref. stook trust cert*.
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, A c., on the Kansas City Fort Scott
A Memphis Railway system and buy equipment and deal with obliga­
tions o f the system, and for these purposes to issue and renew bonds un­
der any existing mortgage o f this system, and to Issue new bonds o f this
company, or o f the new Frisco Company, secured on this system, or any
part thereof. In priority to the existing lease o f this system and to any
fien o f 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.




Bate
%

[V ol. 118.

STOCK.— Common, authorized, $45,000,000; outstanding, $16 654,50
all owned by St. Louis-San Francisco R y. and pledged under its consolidated
mtge.; pref. stock pledged under prior lien mtge. $14,622,100. Of the
$15,000,000 St. Louis & San Francisco stock trust ctfs. for the Kansas
City Ft. Scott & Memphis Ry. Co. pref. stock, which in accordance with
their terms matured Oct. 1 1921, holders of $14,637,700 accepted the offer
of exchange made under the plan of reorganization and received from the
reorganization managers in accordance with the reorganization plan, $10*i
978,275 of this company’s prior lien mtge. 4% bonds and $3,659,425 o f its
adjustment mtge. 6% bonds. $346,900 par value of said stock trust ctfs.
have been exchanged for a like amount of the pref. stock o f the Kansas
City Ft. Scott & Memphis R y. On.
BONDS.— Of the Refunding bonds of 1901 ($60,000,000), $25,941.000 were outstanding Dec. 31 1923, $26,324,270 were reserved for ex­
change against the face amount of underlying bonds and the remaining
$7,734,730. as well as any bonds not used or required for refunding purposes,
are reserved for issue for additional lines and extensions, at not exceeding
$22,500 per mile thereof. As to guaranty, see “ organization," above.
V. 75, p. 853. See V. 87. p. 414: V. 91, p. 38, 154: V. 92. p. 1311: V . 93
D 45: V . 94. p. 279
The interest on all except $66,780 of the $5,191,280 Kan. City Memphis
& Birm. income bonds is guaranteed by the Kan. City St. Scott & M . R y.
OnM ay 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. M em. Ry. & Bridge ,see V. 78, p. 1549; V . 99, p. 1597; V. 102. p. 800.
KANSAS C IT Y & GRANDVIEW R Y .— (V. 117, p. 2109.)
(THE) KANSAS CITY MEXICO A ORIENT RR.— Road.
Owned (incl. K . C. M . A O. By. of Texas, Securities Owned), Miles.
sviohlta, Kan., to Alpine, Tex. (including traokage St. Louis & San
Francisco R R ., Foley to Ewing, Okla., 12.74 m iles_____________737.95
Marquez, Mex., to Tobalaopa_____________________________________ 86.77
Mlnaca to Sanchez, Mex. (74.28 m .); El Fuerte to Topolobampo,
62.23 miles)............................................................................................. 136.51
Mochis, Mex.. to Mochls Junction, Mex____________________________
2.92
O RGAN IZATION .— 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 o f $2,500,000.
bearing interest at 6% and maturing Dec. 1 1921, to pledge and hypothecate
It as collateral security for a loan of like amount from the Government.
Sale of Road.— The road was sold at public auction at Wichita, Kansas,
on Mar. 27 1924 to Clifford Histed, General Attorney for the road, for
$3,000,000. Compare V. 118, p. 1520.
Capital Stock.— In addition to the $20,000,000 capital stock outstanding
there is also o u ts ta n d in g $1,000,000 stock o f Kansais City Mex. & Orient
Ry. Co. of 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 o f Kansas
City Mex. & Orient Ry. Co. o f 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 , City
Jozach Z. Miller, Kansas City; Henry Sanderson, of O. D. Barney A C o.
of N. Y .; William J. Gray, Detroit; Herbert F. Hall, P. W . Goebel, W . S.
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 1915 failed of adoption. V. 101, p. 2144; V. 102, p. 153. 713,
E A R N I N G S .— F o r 1923, g ro s s , $3,662,128; n e t o p e r . in c o m e , $217,183;
o th e r in c o m e , $1,000,829; i n t ., a n d re n ta ls, $753,100; b a l., $464,912.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— William T . Kemper of Kansas City is (a) receiver of the
Kansas and Oklahoma lines. 272.20 miles; (b) President of the Texas line,
465.75 miles, and (c) receiver jointly with S. W . Rider of the Mexican lines,
226.20 miles.— (V. 118, p. 1520.)
KANSAS C IT Y NORTHW ESTERN R Y — (V. 118, p. 2179.)
KANSAS CITY SHREVEPORT & GULF TERMINAL CO.— Owns union
depot at Shreveport, La , including 1.16 miles of yard and terminal track.
Stock, 5150,000, all owned by Kansas City Southern R y. Bonds, Pioneer
Trust C o.. Kansas City, trustee. Office. Kansas City. M o.
KANSAS C IT Y SOUTHERN R Y . (THE).— (See M ap.)— Operates a
line extending from Kansas City, M o., to Port Arthur, Tex., thence by its
ship canal, 7 miles, to deep water on Gulf of Mexico, with branches and ex­
tensive terminals used by various roads entering Kansas City.
Lines Owned—
Miles.
Lines Owned—
Miles
Kansas City, Mo., to Belt Ju n o.. 12 Branches to Fort Smith, De
Grand View, Mo., to Port Ar­
Quincy, La., etc_____________40
thur. Texas__________________ 765 Trackage— To Gr. View. M o., etc. 25
Miles o f 2d track, 15: yard, terminal and side tracks, 435; total track
mileage in system, 1,303.
Also owns entire 5650,000 each of stock and bonds of Arkansas Western
R y., Waldron to Heavener, Ark., 32 miles, operated separately; also con­
trols K. C. Shreve. & Gulf Terminal Co. V. 83. p. 38. 492.

M ay , 1924.]




RAILW AY STOCKS AND BONDS

67

68

RAILW AY 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. 118.
Last Dividend Places Where Interest a n #
Dividends are Payable
and Maturity

Kansaa C ity Term Ry— Stock auth $50.000,000___
$ 2,200 ,000
& J Jan 1 1960
1st M red aa a whole on or aft Jan 1930 at 105 S int x
t
4g
1910 $1.000&o X33.092 000
1.000
& J July 1 1931
Secur gold notes $2,000,000 call (text) .xxx.CeC.c*
6M g
i
2.000 000
1921
1,000 10,000 000
Secur gold notes call (text)_________________ ICc*
1923
5H g M & N Nov 15 1926
314.42 1920
6
1,410 000
Kansas Oklahoma & Q u lf Ry— Govt lien n otes...
St J Jan 1 1937
100 &c 2,757 ,477
Mortgage bonds Series A _______________________
6
314.45 1919
& J Jan 1 1949
6
100 &c
Income bonds Series B ________________________
273 411
1919
J & J Jan 1 1949
100 &c
6
do
do Series O________________________
5,135 800
1919
Equipment trust notes_________________________
351 517
1919
A & O
6
150 000
Equipment trust certifs Series A __________________
1923
4H g J & J Jan 1 1961
£100 £1,351, 000
Keo & Ind. Term R R — 1st M guar (see text) G.xo*&r
1911
100 1,524 600 See text See text May 5 1921 3%
162
K e o k u k & D e s M o in e s — Preterred stock__________
100 &c 2,750 000 See text A & O Oct 1 1923
162 1878
First mortgage (see text)_______________________
10
1,000 ,000
K eokuk & Ham B ondholders C o— Stock_______
A Sc O 1945
384 800
Secured notes callable any lnt date____________
6
1915
Knoxville & Ohio— See Southern Ry.
5 g A Sc O Oct 1 1944
1,000
300.000
La Crosse & S E Ry— 1st M $1,000,000 g red 1 0 5 ___*
41 1904
4
10.750.000
L a c k a w R R o f N J — Stkauth $12,000,000 sru 4% dlv
Q— J Apr 1 1924 1%
J A D Dec 1 1953
5i
1,000
970.000
*31 1913
L E P r a n k St C l a r i o n R R — 1st M g call 1918 105 FP
L a k e E r ie & D e t r o i t R i v e r — See Pere Marquette RR.

N Y Boston & Chicago
New York and Chicago
Lee, Hig St Co.;Ill.M erTr
St Louis, M o
do
do
do
do
J P M St Co, S V ;S Lon
Principal in default
No interest paid in 1923
La Crosse, Wise
Del Lack S Western R)
c
U S Mtge & Tr Co. N V

x Total Issued $50,000,000. of which $16,908,000 pie dged t

ORGANIZATION.— A reorganization of Kan. C Pitts. & Gulf R R .. tore
olosed in 1900 per plan in V. 69, p. 1012, 1062. V. 73. d . 1356; V. 74. p. 94
V. 80. p. 1971: V. 81. p. 559: V. 84. p. 1366: V. 88. p. 375.
Tentative valuation, V . 113, p. 1053, 1251.
SECU RITIES.— As to the $21,000,000 “ Ref.and Im p ." bonds of 1909,
see V. 88, p. 1128, 1253, 1437: V. 89, p. 104: V. 90. p. 167: V. 92, p. 322,
395.461.795: V. 95. p. 1472: V 100. p. 1832; V 101. p.2144. Decision "r
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 of Port Arthur
Canal Sc Dock C o., V. 117, p. 1245.
D IV ID E N D S — First div. on pref. stock, 4 % . paid July 1 1907 out of
earns, for 1906-07: Oct., 1% ; 1908 to Apr. 15 1924, 4% p. a. (Q.-J.).
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
R E PO R T .— For 1923, In V. 118, p. 1659, showed:
[Kansas C ity Southern R y ., Texarkana & Fort Smith Ry.]
--------------------- Corporate---------------------Combined.
1923
1922.
1921.
1920.
Railway oper. revenues.$22,485,’099 $20,361,180 $21,840,439 $18,668,288
Railway oper. expenses. 16,708,811 15,083,460 16,003,485 15.051,665
Net rev. from ry. o p ..
Tax accruals__________
Uncollectible ry. revs_
_

$5,776,288 $5,277,720
1,435,907
1,315,676
10,310
5,524

Total oper. income_ $4,330,070
_
Gross income__________
5,642,244
► Deductions—
Hire of fr’t cars, deb.bal.
673,293
Rent for equipment____
112,152
Joint facility rents_____
277,692
Rent for leased roads_
_
30,637
Miscellaneous rents____
983
M iscell. tax accruals'___
119
Int. on funded debt____ 1,856,527
Int. on unfunded d e b t.. Cr. 103,652
_
21,059
Misc. income charges_
Net income___________
2,773,434
Preferred divs. (4 % )_
_
840,oOo

-----------

$5,836,954 $3,616,624
1,072,693
833,750
8,218
2,426

$3,956,520
4,348,234

$4,756,043
5,161,638

$2,780,448
4,807,939

465,274
80,797
254,294

375,141
94.158
240,554

586,022
86,355
205,221

Cr. 2,592

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

2.037
1,361
1,884,277
46,841
71,770
1,924,054
840,000

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

Income balance transf’d
to profit and loss_____$1,933,434
$746,531 $1,593,005 $1,084,054
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 . & Sec., G. C. Hand: Treas., I. C. McGee;
Aud. & Asst. Sec., L. J. Hensley. N . Y . office, 25 Broad St. General
offices, Kansas City, M o.— (V. 118, p. 1910.)
KANSAS C IT Y TERMINAL R Y .— Owns 27 miles o f road, with passen­
ger depot and freight and passenger terminals at Kansas City, M o. Con­
trolled by 12 proprietary cos., viz.: Chic. R . I. Sc Pac., Atchison Topeka
& Santa Fe, Chic. MUw. & St. Paul, Chic. & Alton, St. Louls-San Fran.,
Union Pacific, Wabash, Chlo. Burl. & Quincy, Mo. Pao., Mlssourl-Ran.Tex.. Kan. City Southern and Chlo. Gt Western, which will pay equally
any excess o f fixed charges. V. 89, p. 1671. Has 150 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.
O n Feb. 15 1919 put In operation double-decked viaduct over Kaw
Valley bottoms to connect with (1) Union Pac. and Oh. R . I. Sc P. Rys.
(2) M o. 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. 98. p 1244.1316; V . 100. p. 733: V. 106. p . 296: V. 107. p 2008.
The 10-year 646 % secured gold notes are callable N ov. 15 1923 at 103>6:
In 1924 at 103: 1925 at 10246: 1926 at 102; 1927 at 10146: 1928 to 1931 at
101 and int. Secured by pledge o f $3,125,000 o f company’s 1st mtge. 4s
due Jan. 1 1960. V . 112, p. 2642.
The 3-year 546 % 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
10146 and lnt. on or prior to N ov. 15 1924, thereafter at 101 and int. on or
rlor to N ov. 15 1925, and at 10046 and int. on M ay 15 1926. Secured by
eposlt 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 46- V. 117, p. 1663.
Equipment trusts issued to Director-General for rolling stock allocated
to this company ($137,500 in Apr. 1924). 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 St QULF R Y .— This company was organized
as the “ new company” provided for In the plan of adjustment of the Mis­
souri Oklahoma & Gulf R R . System, dated Dec. 31 1918 (V. 108, p. 1936).
The plan was approved bv the Director-General o f Railroads during the
period o f 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 o f further execution of the plan.
The Missouri Okla. & Gulf R y. owned and operated 203.31 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 Borc
mide, 4 m.; Missouri Oklahoma S Gulf RR. (V. 96, p. 1022), Wagoner Okla.,
to Baxter, Kan., 98.2 miles. M o. Ok. & Gulf R y. o f Texas owned and
operated 9.1 miles Red River to Denison.
New Securities.— The company was authorized to Issue, as of Mar. 1 1920,
the following securities: $2,994,760 Series A 6% bonds, due Jan. 1 1937;
$285,478 6% Series B Income Bonds: $6,120,500 6% Series O bonds, due
J a n . 11949; $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’s
l i e n mortgage dated M a r . 1 1920. under which $1,410,000 Govt. Hen notes
h a v e been issued.

S




Under the plan the indebtedness of the company was reduced by $13.546.237. Compare V. 112, p. 469.
EARNINGS.— For cal. year. 1923. gross, $2,489,369: net oper. income,
$382,988: other income, $145,918: int., rentals, &c., $455,485: bal., sur.,
$73,421. For latest earnings, see “ Railway Earnings Section” (issued
monthly).— (V. 117, p. 1555.)
KENTUCKY & INDIANA TERMINAL RR. CO.— Owns 2-track stee
bridge over Ohio River at Louisville and 16.44 miles main track and
48.97 miles yard tracks and sidings in and about Louisville. Sou. Ry.. Balti­
more Sc Ohio and Chic. Ind. S Loulsv. own the $75,000 capital stock, and
c
under new lease from Jan. 3 1911, pay monthly, in proportion to cars
handled, any deficit In operations, rentals, taxes and lnt. Bonds, £2.000.000 auth. issue, of which £1.351,000 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. V. 92. p. 187: V. 91, p. 589, 214. 38.
V. 92, p. 201,1032; V. 93, p. 469; V. 95, p. 1403: V. 102, p. 437: V. 118, p.85.
Pres., Geo. H. Campbell; V .-P ., A. P. Humphrey: Treas., H. D. Ormsby:
Sec. & Aud., E. K. Scott.— (V. 118, p. 2042.)
KEOKUK & DES MOINES RY.— Owns from Keokuk, la., to Des
Koines, la., 162 miles. Leased for 45 years from Oct. 1 1878 to the Chicago
Bock Island S Pacific Ry., the lessee paying 25% of the gross earning*. »nd
c
guaranteeing the int. (not the prin.) on the bonds. During the receiver­
ship of the G. R. 1. & Pac. Ry. from July 1 1915 to June 24 1917, the
payments under the lease were suspended under order of Court, but the
Interest on bonds was regularly paid out of the earnings of the road. Upon
termination of Rock Island receivership in June 1917. the operation of the
property was again taken over by Rock Island Ry. under the old lease.
In Dec. 1923, B. F. Kauffman (Bankers Trust C o., of Des Moines) and
J. J. Hughes, Des Moines, were appointed receivers. The principal of the
1st mtge. 5% bonds, due Oct. 1 1923, remains unpaid. Interest on these
bonds was guaranteed by the Chic. R . I. & Pac. R y., the final coupon
maturing Oct. 1 1923, having been paid. Bondholders’ committee (V. 116,
p. 2637): F. J. Lisman, Chairman; Farmers Loan & Trust C o., N . Y .,
depositary: majority deposited, V. 118, p. 431, 1520. Representatives of
the bondholders committee announced Dec. 4 1923 that a provisional lease
had been signed between their company and the Chicago Rock Island &
Pacific R y., to go into effect on Jan. 1 1924 when the old lease expired.
The Keokuk St Des Moines is to receive $10,000 a month and the Rock
Island is to pay all expenses. The lease is subject to cancellation by either
party on 60 days’ notice. See V. 117, p. 2890. To pay 4% a year interest,
V. 118, p. 1392. Pref. stockholders committee, V7 116, p. 1893. Stock
is $1,524,600 pref. and $2,000,400 com. (par $100). On Dec. 31 1922
Ch. R. I. & Pac. R y. Co. owned $1,487,900 com. and $627,800 pref. Pref.
entitled to share with com. stock in any excess over 8% . V. 99, p. 49, 969;
V. 104, p. 1801. Pref. divs. were resumed in 1919, 7 % , paid Mar. 1:
paid 3>6% Aug. 4 1919; 2 %M ar. 10 1920, and 3% M ay 5 1921.
LATE D IV .— 1 ’08. ’09. 1910-12. ’ 13. ’ 14. ’ 15. 1916-18. ’ 19. ’20. ’21. ’22.
On preferred % ( 1M 1 2\i yrly. 3H 3M 2Vi None 10
2 3
0
Year ended Dec. 31 1923, total income, $233,376; fixed charges, $157,755;
balance, surplus, $75,621.
Officers.— J. E. Gorman, Pres.; M . L . Bell, V .-P .; Carl Nyqulst, V .-P .;
Treas. & Asst. Sec.; Wm. La Venture, Sec.— (V. 118, p. 1520.)
KEOKUK St HAMILTON BONDHOLDERS’ CO.
Incorporated In May 1914 with $100,000 authorized stock, of which only
a nominal amount to be Issued at present, to acquire (per plan V. 99. p.
1920) the bonds of the Keokuk Sc Hamilton Bridge C o., which owns bridge
across Mississippi River a t Keokuk, l a . , used by Toledo Peoria Sc Western
a n d Wabash RRs. and foot passengers, a n d 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 H % per annum, were exchanged $ for $ for the
Bridge Co. bonds. These debentures have since been retired by an Issue
•f stock for like amount.
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 of the notes by lot at par and lnt. or by purchase at less than
par (these by increase In traffic, it Is expected to retire In a reasonable tim e).
Upon such retirement the notes will be returned to the stockholders.
D IV ID E N D S.— July 1918 paid 2.25% : July 1919. 1.25%; July 1920
2.20% ; July 1921. 1.20%; July 1922, 1.20%; none since.
EARNINGS of Keokuk S Hamilton Bridge Co. year ending Dec. 31 1923.
c
gross, $107,769; net, $45,673; taxes, $10,185; bal., $35,982; Treas., Theo­
dore Gilman Jr., 55 William St., N . Y .— (V. 95, p. 818; V. 99, p. 120.)
LA CROSSE AND SOUTHEASTERN R Y . CO.— Owns La Crosse and
Southeastern Jet. to Viroqua, Wis., 40.81 miles; trackage to La Crosse and
S. E. Jet. to La Crosse, 1.8 miles; total, 42.61 miles. Stock authorized,
$1,000,000; outstanding, $955,000; par, $100. Bonds, $1,000,000 auth.;
outstanding, $300,000. Wisconsin Trust Go. of Milwaukee, trustee.
Year ending Dec. 31 1923, gross, $132,553: net, $29,413; int., taxes, rentals,
&c., $28,367; bal.,sur., $1,046- Pres., John H. MacMillan, Minneapolis,
Minn.; 1st V .-P ., A . S. Cargill, Minneapolis, M inn.; Secretary & Treas.,
Jas. B . Taylor, Minneapolis. Minn; 2nd V .-P . St Gen. M gr.. P. Valier,
La Crosse, Wis.; Asst. Sec. & Asst. Treas., John H. MacMillan Jr., Minne­
apolis, Minn.; Gen. Aud., R . J. Semsch, La Crosse, Wis. Office, 300H
Main St., La Crosse, Wis.— (V. 80, p. 222.)
LACKAWANNA R R . OF NEW JERSEY.— Owns from Hopatcong,
N. J.. to a point near Portland, Pa., 27.44 miles, opened Dec. 1911. D . L.
& W . leases the road for a guaranty of 4% on the stock. V . 93, p . 1324,
1786; V. 92. p. 656; V. 90. p. 557; V. 88, p. 558; V. 86, p. 543. Stock out­
standing, $10,750,000, was distributed in Dec. 1911 as a dividend to the
D. L. & W . stockholders.— (V. 106, p. 601.)
LAKE ERIE & EASTERN R R .— Struthers to Brier Hill, Ohio, 7.05
miles. Stock (V. 106, p. 2011), authorized, $8,000,000; outstanding,
$6,903,000, all owned by N . Y . Central System. Pres., A. H. Smith;
V.-P. & Gen. M gr., J. B. Yoke, Pittsburgh.— (V. 105, p. 2184; V. 106.
p. 2011; V. 107. p. 291; V. 108, p. 171.)

M at , 1924.]

69

RAILW AY STOCKS AKD BONDS

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

Lake Erie & Pittsburg— Stock rental guaranty_____
First mtge $15.000.000 g guar unissued. .G.xc^&r'
Lake Shore & Michigan Southern— See New York
Lake Super & Ishp— 1st M $70,000 due yrly red 101 xc'
M unising M arquette & Southeastern— 1st M g.x;

Miles Date
Road Bonds

28
Oentr
35
130
130
Laramie Hahn s Peak & Pacific Ry— See Colorado Wyom
Leavenw orth Terminal Ry & Bridge 1st Mtge golc
due $40,000 yearly_____________________ _____
2.70
Lehigh & Hudson River— Stock, $5,000,000 a u th ..
Lehigh & New England— Stock---------------- ----All
First mortgage $1,000,000 gold____________ FPx
General mtge $15,000,000 g red 1 0 5 _ GuP.kc*
_
198
Equip tr ser B g gu red 102 H due $45,000 yrlyduPx
do «er O guar gold red 102 H $35,000 yrly. GuPx
do ser D due $40,000 yearly guar______ PeP.xc*
do ser E due $55,000 yrly (guar) (V .103,p.1405) PeP

Par
Value

Amount
Outstanding

$100 $4,300,000
1915 1,000 Ac 3.540,000
al R R .
100 Ac
1911
220,500
1903
1,00C 1,000,000
1900
1,00C
160,000
ing & Eastern Ry
1923
1895
1914
1911
1913
1914
1916

1,000
10C
50
1.000
1.000
1,000
1,000
1,000
1.000

Rate
%

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

When
Payable

See text
Text
5
4H g J & J July 1 1965
6g
5
4g

F
J
A

Treasurer’s office, N Y

& A Feb ’25-Feb '31 Clt Sav & Tr Co, Cleve
& D June 1 1933
Cit Sav & Tr Co, Cleve
do
do
& O Oct 1 1925

360,000
5'A g M & N
Text
4.707.000 See text
6,800,000 See text Various
1.000.000
5g J & J
4.000,000
5g J & J
4>i M & N
90,000
140,000
F & A
4X
M A S
200,000
4A
385.000
A A O
4A

To M ay 1 1933
Apr 15 ’24 2%
See text
July 1 1945
July 1 1954
May ’ 25 to ’26
Feb ’25 to ’28
M ar’25 to ’29
Apr ’ 25 to ’31

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

J
Lewis A. Riley. Pres.. Phila., Pa.; V .-P. & Gen. M gr., Morris Ruther
LAKE ERIE FRANKLIN & CLARION R R — Owns Summerville to
Clarion, Pa.. 15 miles; branch, Strattonville to Mill Creek. Pa., 3.10 m.: furd; Sec. & Treas., William H. Sayer. Office, Warwick, N . Y ., and
other branches, 8 H m.; trackage, Sutton to Franklin, Pa., 47.9 m.; total, 437 Chestnut St., Philadelphia— (V. 118, p. 2304.)
74.75 miles. Capital stock $1,000,000, par $50. 1st M . bonds auth. $1.LEHIGH AND NEW ENGLAND RR. CO.— Main line, Hauto, Pa..
000,000. Callable on or after Dec. 1 1918 at 105 and interest. Govern­
to Hainesburg Jet., N. J., 66 miles; Swartswood Jet., N. J., to N . Y .
ment loan. V. 112. p. 2414.
For calendar year 1922, gross, $345,433; net, $95,301; other Income, State line, 21 m.; branches, 89 m.; total owned, 176 miles; leased, 8 m .;
$28,483; fixed charges. $70,442; bal., sur., $53,342. Pres., Gen. Charles trackage rights, 96 m.; total, 280 m. Owns majority o f stock. V. 78.
Miller, Franklin, Pa.; V.-Pres., T . J. Odell, N . Y .; Treas., H. H. Hughes. p. 1781, 1962; V. 91, p. 1386. Supreme Court decision, V. 110, p . 1816.
— (V. 117, p. 553.)
SECURITIES.— Stock auth., $7,500,000; outstanding Dec. 31 1923.
LAKE ERIE & PITTSBURO RY.— Owns 27.76 miles between Marcy $6,800,000, nearly all owned by Lehigh Coal & Nav. Co.; par, $50.
a t a connection with Cleveland Short Line R y. (now N . Y . Central R R .)
D IV ID E N D S.— 1916. 1917. 1918 1919 1920. 1921. 1922. 1923.
a n d Brady Lake Jet. on Penna. R R .: was opened Oct. 15 1911.
V. 98.
10%
8%
8%
6%
10% 10% 3%
p. 1241. Jointly owned by N . Y . Central R R . and Pennsylvania C o., P ercen t................... 10%
Bonds, A c.— Of the Gen. M . 5s of 1914 ($15,000,000 auth.), $1,000,000
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; outstand­ were reserved to retire the 1st 5s and $10,000,000 for future purposes. V.
102, p. 976. 1060; V. 99, p. 49. 674.
i n g . $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
R
RT.— For 1923, in V. 118, p. 2304, showed: Gross, $5,843,136;
$1,770,000 each to Penna. Co. and N . Y . Central, but are not guaranteed. net E POoper. income, $1,149,814; other income, $258,361; deductions,
ry.
V. 101, p. 694; V. 103, p. 320.— (V. 115, p. 436.)
$441,191; dividends, $204,000; bal., sur., $762,984. For latest earnings see
LAKE SUPERIOR & ISHPEMING R R .— The new company was “ Railway Earnings” Section (issued monthly).
Pres., Samuel D . Warriner; V.-P. & Gen. M gr., Rollin H. Wilbur.
Incorp. Aug. 17 1923 for the purpose o f consolidating and operating as one
railroad the properties of the Lake Superior & Ishpeming Ry. and the V.-P. & Gen. Counsel, Wm. Jay Turner; Sec. & Treas., Henry H. Pease;
Munising, Marquette & Southeastern R y, both Michigan corporations, Comp., E. M . Reynolds, 437 Chestnut St., Phila., Pa.— (V. 118, p. 2304).
operating a continuous line o f railroad between Ishpeming in Marquette
LEHIGH VALLEY RAILROAD CO.— Oper. Dec. 31 1923, 1,374 miles,
County, and Munising, in Alger County, with connections at Marquette. viz.:
Its authorized capital stock is $1,500,000 (par $100). The agreement of Main Line (fee, or all stock owned), |Leased______________________
142
consolidation approved by the stockholders Oct. 30 1923 provides that the
48
Jersey
to Buffalo_______ 4481
constituent companies are thereby consolidated into one corporation, which Branches City or all stock own’d) .735!Trackage_____________________
(fee
shall possess all the powers, rights and franchises held by those companies,
Second track, 609 miles; 3d track, 102 miles; 4th track, 45 miles; industrial
or either of them, and transact all business theretofore carried on by said
companies, or either of them, in the same manner and to the same extent track, 304 miles; yard tracks and sidings, 1,078 miles.
in all respects as they, or either of them, might have done prior to the
Bjr an arrangement with the Pennsylvania R R . C o., its passenger
execution of the agreement.
The I.-S. C. Commission on Jan. 22 1924 authorized the company to issue terminals at New York and Jersey City have been used by this company
15,000 shares of capital stock (par $100) and to exchange 10,000 shares for since the termination of Government control.
a like number of shares of $100 par of the Lake Superior & Ishpeming
HISTORY. E T C .— V. 91. p. 276
R y., and to exchange 4,280 shares for 18,700 shares of $100 par each of
Black Tom decision, V. 107, p. 2008; V. 108, p. 973, 2122; V. 110. p.
the Munising Marquette & Southeastern Ry. (V. 117, p. 2770), the 720 1089, 1816; V. 112, p. 2305. 2748; V. 113. p. 2185. Coal rate case, V . 108.
remaining shares to be held by the co. until further order of the Commission. p. 683.
For latest earnings see “ Railway Earnings Section” (issued monthly).
COAL P R O PE R TY.— Lehigh Valley R R . Co. on Dec. 31 1923 owned en­
Pres. Wm. G. Mather, Cleveland, O.; Gen. M gr., H. R. Harris, Marquette, tire $9,465,000 stock of Lehigh Valley Coal Co. Coxe Bros., see “ Bonds.’
M ich.— (V. 118, p. 1772.)
Pres. Loomis in Dec. 1920 was quoted as saying that the Lehigh Valley
LEAVENWORTH BRIDGE CO.— V. 106, p. 1577.
Coal Co. has coal reserves amounting to between 700,000.000 and 1.000.L E A V E N W O R T H T E R M I N A L R A I L W A Y & B R I D O E . — Owns high­
000,000 tons. V. I l l , p. 2324; compare also V. 113, p. 1772.
way and railroad bridge (opened Jan. 1 1894). 1,112 ft. long, over Missouri
River at Leavenworth. Kan., and valuable terminal property Id that cltv
In Jan. 1912 the Lehigh Valley Coal Sales C o. was incorporated. Soe
In July 1910 the Chicago Great Western acquired the entire stock. Y. 91, extra div. below and Lehigh Valley Coal Sales C o. under “ Industrials
p. 214, 397. Kansas City St. Joseph & C. B. (Chicago B. & Q.) and Chic. V. 94. p. 123; V. 92, p. 956; V. 95, p. 487. 478.
R. I. A P. use the bridge at an annual rental of $16,000 each, under a 30-year
The company on Feb. 7 1923 filed with the U. S. District Court for the
extension from Mar. 14 1922, by exercise o f their option, of a contract of
Mar. 14 1894. Chicago Great Western R R . also uses the bridge under a Southern District of New York an amended plan for the segregation of its
20-year contract dating from Jan. 1 1923, at an annual rental of $18,000. coal properties pursuant to a decree of the Court entered Feb. 24 1921
Stock, $60,000. A new first mtge. of $400,000 was made M ay 1 1923, and (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
bonds issued as o f that date.— Y. 116, p. 2255-— (V. 118, p. 1910.)
1674, 1987). A
LEAVENWORTH & TOPEKA R Y .— Leavenworth to Topeka, 57 of the United States filed several objections (V. 113, p. on N ov. 7 1923.
final decree was signed by Federal Judge Learned Hand
miles, including 11 miles trackage at terminals. The railway was bid in at The plan,
in full in V. 116,
foreclosure sale on M ay 10 1918 for $80,000 by residents along the line and decree, V. given p. 2109, provides p. 576, and as supplemented by the final
117,
as follows:
turned over to the present company, Incorporated in Kansas on M ay 15
1918, with $100,000 stock in $10 shares. The special benefit district aieng
1. The Lehigh Valley Coal Co. will create a new $40,000,000 50-year
this road in Jefferson and Leavenworth counties voted a $75,000 bond Id mortgage carrying 5% Interest and protected by adequate sinking fund
D ec. 1919 for improvement o f road bed and equipment o f the road.
arrangements. This mortgage until Jan. 1 1933 will be a second mortgage
OFFICERS.— Pres., J. E. Waddill, Kansas City; V .-P .. Otto B. Gufler, on a small part of the coal company’s properties, and thereafter will be a
Topeka; Treas., George W . Hanna, Clay Centre; Sec., E. Y . Blum, Leaven­ 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
worth, Kan.— (V. 114, p. 947.)
for capital
LEHIGH & HUDSON RIVER R Y. CO. (THE).— Owns from Maybrook of all indebtedness on account of advances devoted by expenditures and
the past. The
be
the railroad
on Central New England R y. to Belvidere, N. J., on the Penn. R R ., 73.9 otherwise in improvement o f proceeds will properties pledged under its com­
to the
the railroad
gen­
miles, and from Phillipsburg, N. J., to Easton, Pa., .70 m.; trackage, Penn. panyconsolidated mortgage of 1903, the income from said fund, however.
eral
R R ., Belvidere to Phillipsburg, 13.3 m.; D. L. & W . trackage, Andover In the meantime to be received by the railroad company and used for general
Jet. to Port Morris, N . J., 8.7 m.; total op. 96.6 m. V. 79, p. 269; V. 94, purposes.
p. 416.
The remaining $25,000,000 o f bonds provided for by the new Lehigh
BONDS.— The stockholders voted Sept. 10 1920 to Increase the author­
will
ized capital stock from $1,720,000 to $5,000,000. Stockholders were given Valley Coal Co. mortgage of thebe reserved for the purpose of retiring the
bonds
Lehigh Valley
that is,
the right to subscribe at par to $2,987,000 new stock to the extent of 173.7% present outstanding the extent not provided for Coal Co. when due— sinking
1 1933— to
by
o f holdings. Proceeds were used to pay and discharge the principal of on Jan. The Lehigh Valley Coal Co. bonds now the then existing
fund.
outstanding amount to
the entire mortgage debt o f $2,587,000, and to pay and discharge all the $11,514,000, and it is estimated that the sinking fund, which now amounts
debenture bonds of $400,000. the remainder o f such increased capital of to $2,871,000 par value o f securities therein, will by Jan. 1 1933 with
$293,000 to be held in the treasury.
The stockholders prior to such increase were to have the option and right accumulations and additions have a value of at least $5,000,000, so that
to
to take and pay far at par a pro rata amount o f such increased stock in the bonds then to be paid off from new funds will not amountnewmore than
$6,500,000. This will leave approximately $18,500,000 of the
mortgage
proportion to the number o f shares o f stock held.
bonds of the coal company available for improvements or other capital
D IV ID E N D S.—
\ 1912. 1913. 1914. 1915. 1916. 1917.
1918-23
expenditures by the coal company as occasion may demand.
Per cent________ /
4
4
4
8 8&6 extra 12
See text
2. The [$9,465,000] stock of the Lehigh Valley Coal Co. is pledged with
On Jan. 1 1918 paid a stock dividend of 28.36%. to represent surplus
expended on the property prior to April 1912, thus increasing the capital the Girard Trust Co. o f Philadelphia, as trustee under the railroad com­
stock to $1,720,000. V. 106, p. 2335. In Dec. 1918 a dividend of 6% was pany’s general consolidated mortgage of Sept. 30 1§03, which mortgage
matures in 2003. The railroad company will sell for $1,212,160 all of its
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 % od right, title and interest in the equity o f redemption which it owns in said
stock, also voting rights and dividends payable thereon, to a new trustee
now stock from date o f issue to June 30; Dec. 1921. 4% on Increased caiv
italization; June 30 1922, 4% ; Dec. 29 1922, 4% ; June 30 1923, 4% ; Dec. 29 which will issue certificates for 1,212,160 shares of interest therein carrying
voting rights and dividends, thus making certificates on the basis of one
1923, 4% and 2% extra; April 15 1924, 2% .
share of interest in Lehigh Valley Coal Co. stock for each share of Lehigh
ANNUAL R EPO RT.— For calendar year 1923:
Valley R R . stock, both common and preferred. The shareholders of
Dec. 31 Year. Gross.
Net.
Tot. Inc. Int., cfee. Dividends. Bal., Sur. the railroad company will be given the right by said new trustee to subscribe
1923______$3,117,709 $924,670 $870,745 $245,802 $470,700
$154,242 to said shares of interest at the rate o f $1 per share. Shares of interest not
1922........... 2,412,760 465,032 348,640 209,998 376,560 def.237,918 subscribed for on or before April 15 1924 will be sold by the new trustee
For latest earnings, see“ Railwaj Earnings Section” (issued monthly).
to the Lehigh Valley Coal Co. at the rate of $1 per share.




70

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Lehigh Valley— Common stock $80,000,000______ Go
Preferred stock 10% (V 79, p 151, 2 6 9 )-............ GP
First mortgage extended in gold In 1898.GP.xc&r
286
Consol M $40,000,000 annuity $2,538,000 4Hs FPx
317
General Consol mtgel $150,000,000 gold__GPxc*&i
317
do
do
j
317
Coll trust bonds $500,000 due s a, see textGP.xc’ &r
Ooll trust bonds call 103 Sept 1928 or aft_xxxkc*&r*
Bonds of Controlled Properties—
Lehigh & N Y 1st M gold guar p & I____Mp.xc*&r
115
Lehigh Valley Ry 1st M g gu p & I (end) GP.xc*&r
514
Lehigh & Lake E 1st M $3,000,000 g Usm.xc^&r..
11
Lehigh Buffalo Term Ry Corp 1st M bonds________
Further $4,000,000 pledged under coll trust of 1918.
Lehigh Val Term 1st M g guar p & i end..Ce.xc*&r
28
Easton & Nor 1st M g guar by Leh Val.GP.xc*&r
13
Middlesex Valley 1st mtge $600,000 gold_ Ce.zc*
_
29
Pa & N YCan&RR— Cons gu (text) (end)-.GP.xr
136
L V Coal Co 1st M $12,000,000 g s f not dr_.xc*&r
do
Interest reduced________________________x
Delano Land 1st M g gu s f (V 90, p 1617)__GP.x
Cons Real Est 1st M $2,600,000 (V 83, d 702)..U sm
L V Harbor Term R y 1st M g 5% series guar p & i
red (text). .
_____ . . __fcxxxc*&r*
Lexington Union Station— Preferred stock (see text).
Ligonler Valley RR— 1st M $300.000...................—x
16
Lime Rock— Consolidated refunding mortgage gold..
12
Litchfield & Madison— First mtge $1,000,000 gold.x
44
Little Miami— Stk original gu 8% 99 yrs PC & St L ._
Special guaranteed betterment stock ($5,000,000)-General mortgage $10,000,000_________ ________ z
Little Rock & Hot Sp West— See Missouri Pacific an d Chic
LittleSchuylkill Nav RR & Coal— Stock (rental guar)
32

Par
Value




Rate
%

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

$50 $60,501,700
7
(
Apr 1 ’24 1X % Ghecks mailed
do
50
106,300
10
< J Apr 1 '24 2Xr<
2—
1,000 5,000,000
1868
4 g J & n June 1 1948
1873
1,000 12,600,000 4H & 6 J & D Irredeemable
Co’s office, 228 8o 3d St.
1903 1,000 &c 26,953,000
Phil, and J P Morgan
4 g M & N May 1 2003
1903 1,000 &c 20,697,000
& Co, New York
4H g M & N May 1 2003
1905
1,000
1,532,000
4 g F & A Aua '24-Feb 26
1918 1,000 &c 15,000,000
do
do
6 g M & S Sept 1 1928
1895
1,000 2,000,000
1890
1,000 15,000,000
1907
1,000 3.000,000
1,000
1916
625,000
See tex t
1891
1,000 9,999,000
1895
500 &c
51,000
1892
1,000
200,000
1888
1,000 8,500,000 4.
1892
1,000 10,114,000
1892
1,000
1,400,000
1,000
1891
12,000
1.000 In treasury
1906
500 &c 10,000,000
100
390.600
1,000
150,000
1,000
4O0.000
1 000 1,000.000
1904
50 4.837,300
50 4.908.300
1912
1.000
1,026,000
. R. I. & Pac.
50 2.487.950
1924

1913

Shareholders o f the railroad company who subscribe and buy shares of
Interest as aforesaid will be obliged to dispose of their said shares of interest
on or before Dec. 31 1927 unless in the meantime they shall have disposed
o f their railroad company stock. Neither the railroad company nor any
corporation controlled by it, nor any person acting in its interest, shall
acquire by purchase or otherwise any or said shares o f interest.
3. All certificates for shares o f interest as above stated shall, at the time
o f sale, be registered by the Lehigh Valley Coal Co. in appropriate form,
in the names o f 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
4. The Girard Trust C o., as trustee under the general consolidated mort
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 o f 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 o f and at the direction o f the owners o f the shares of interest,
that is to say, the registered owners o f the coal certificates as shown by the
transfer book o f 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 o f interest entitling the
holder to a pro rata share o f the coal company’s stock.
6. The [$2,910,150] 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
toe sold by the Lehigh Valley R R .
7. The [$1,500,000] stock o f the Delaware Susquehanna & Schuylkill
R R . will remain in pledge under the collateral trust agreement also until
the maturity of the agreement on Peb. 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 R R ., 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.
f'05. '06. '07-’ 10. '11-’ 14.
1915 t o '18 '1 9 '20-'23 ’ 24
Per cent______ \ 4
4 6 y ’ly. 10 yrly.
10 yrly. 8H 7 yrly. text
In Peb. 1912 also an extra cash dividend o f 10%, applicable if desired
So subscription for stock o f new Leh. Val. Coal Sales Co.
In July 1919
the common dividend was reduced from 2 H % to I X % quarterly. Oct.
1919 to Apr. 1924, I X % quar.
BONDS.— Gen. Consol. M tge. o f 1903 is for $150,000,000 bonds, bear­
ing not to exceed 5% int., covering the entire road, the stock of the Lehigh
Valley Coal Co. and other stocks owned. On Dec. 31 1923 there were
outstanding in the hands o f the public, $20,697,000 4 Ha and $26,953
000 4s; in treasury, $1,000,000 4Ms, $12,686,000 4s and $26,000,000
5s; balance reserved to retire underlying bonds. Old bonds may, how­
ever, be extended, if necessary, for not over 2 years. Provision may
be made at time o f issue of 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. 586; V. 102, p. 1346, 1436; V. 97, p. 1823, 1898; V. 99, p. 477;
V. 77. p. 824; V. 78. p. 287; V. 79. p. 1642; V. 82, p. 1380; V. 86. p. 1343;
V. 88. p. 1372; V. 81, p. 211; V. 108, p. 2241. See also collat trust 6s below
The purchase o f stock o f Coxe Bros. & Co. ($2,910,150) (V. 103, p. 587)
and of Dela. Susq. & Schuylkill R R . 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. Bonds
subject to call as a whole at 102H . or in order of serial numbers. V. 81.
1175, 1242, 1376; V. 82, p . 100; V . 83. p . 702; V . 84. p. 1428; V. 88. p. 452
The $15,000,000 Collat. Trust 6s o f 1918 (V. 107, p. 905; V. 108, p. 878,
1715) were secured by collateral (subject to substitution under restrictions),
viz.: (a) $4,000,000 Lehigh-Buffalo Terminal Ry. 1st M . 4H s, due Nov. 1
1966 (guar. p. & i. by Lehigh Valley R R . V. 108, p. 1715); (6) $2,600,000
Consol. Real Estate Co. Mtge. 4s, due Peb. 1 1956 (guar. p. & 1. by Lehigh
Valley R R .); (c) $17,400,000 Lehigh Valley R R . General Consolidated Mtge
gold bonds, due May 1 2003.
GUARANTIES.— Lehigh Valley Railway Co.— Owned Buffalo, N. Y .,
to near Sayre, Pa., 174.48 miles, double track, and branches, 339.74 miles.
In all 514.22 m .. covered by $15,000,000 mtge. of 1890, but in 1903 and
1905 consolidated with other sub. cos. and in 1907 absorbed the Lehigh &
Lake Erie. Stock, $11,745,000, all owned by Lehigh Valley RR. Mortgage
abstract, V. 51, p. 114; V. 77. p. 147, 972; V. 81, p. 784; V. 84. p. 1366.
Lehigh Valley RR. Co. o / New Jersey.— Owned double-track road from
Philllpsburg, 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. $12,506,000, all owned by Lehigh Valley RR., which In 1914
leased road for 99 years. V. 77, p. 972; V. 53. p. 640, 880; V. 81. p. 784;
V. 83, p. 703; V. 98. p. 1845. 1920.
Penn. A N. Y. Canal A RR.— Leased for 99 years from Deo. 1 1888 to
Lehigh Valley, which has assumed its debt and owns all its stock. Consol*
Include $4,000,000 5s. $3,000,000 4s. $1,500,000 4 Hs. V. 22 p. 950.
Seneca County Ry., $ 5 0 0 ,0 0 0 g u . b d s . ; n o n e s o l d D e c . 3 1 1923. V.79, p.1271.
Lehigh A Lake Erie m o r t g a g e ( $ 3 , 0 0 0 , 0 0 0 ) c o v e r s 1 1 m . d o u b l e - t r a c k t e r ­
m in a l r o a d a t B u f f a l o .
V . 8 1 . p . 211; V . 8 3 , p . 702 .
N o w a p a r t of t h e
L e h ig h V a ll e y R y . C o .

Amount
Outstanding

[V ol. 118,

V . 8 4 . p . 12 4 8 ; V . 8 5 . p . 3 12 ; V . 8 7 . p . 8 1 7 .8 1 8 .

4 g M & S Sept
4H g J & J July
4H g M & s Mch
M & N Nov
4H
6 g A & O Oct
4H g M & N Nov
5 g M & N Nov
V
4H . 5 A <, O Apr
5 g J & J Jan
4 g J & J Jan
5 g .T & J Jan
F & A Feb
4
5g
4
6
4g
5g
8 3-5
4
4

F &
J A
M A
J &
M A
Q - -M
Cl--M
M

5

J

A

1 1945
1 1940
11957
1 1966

Of.Phil,* JPM&Oo.N Y
do
do
do
do
do
do

1 1941
1 1935
11942
11939
1 1933
1 1933
1 1932
1 1956

Of.. Phil, & JP M . N Y
do
do
Of. Phil .&J P M &Co ,NY
Lehigh Valley R R . Phila
(J P Morgan & Co, N Y ,
i and Drexel & Co. Phil
Go's office, N Y & Phila.

A Feb. 1 1954
J Jan 2 1924 2%
N May 1 1943
J July 1 1929
N Nov 1 1934
10
See text
10
See text
N Nov 1 1962
J Jan 15 '24

New York & Phila
Office. Lexington, Ky
Mellon Nat Bk. Plttab
Portland, Me
Central Union Tr Co. NY
Office, Fosdlck Bldg, Cin
do
do
Farmers’Ln&TrCo, N Y

2% Office, 410 Walnut,Phila

Lehigh Valley Harbor Terminal Ry.— Incorp. in N . J. in 1916 to provide
additional terminal facilities upon New York harbor. The first mtge.
bonds of 1924 are redeemable, all or part, on 60 days’ notice at a premium
of 5% on Peb. 1 and Aug. 1 1944, and thereafter on any int. date, said
premium to be reduced by H of 1% commencing Peb. 1 1945, with a like
additional reduction commencing on Peb. 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 of 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.
R E PO RT.— For 1923, in V. 118, p. 1904, showed;
------------------------- Year to Dec. 31------------------------Rev. from Operations—
1923.
1922.
1921.
1920.
Coal freight____________ $28,626,580 $17,333,548 $29,741,132 $26,407,550
Merchandise freight___ 34,496,241 33,279,173 32,639,473 35,321,310
Passenger______________ 7,406,346
7,022,954
7,700,392 7,865,780
Mail express, &c_______
5,405,986
4,783,214
4,916,802 5,629,222
Total oper. revenue..$75,935,154 $62,418,889 $74,997,799 $75,223,862
Operating income______ $6,853,697
$1,408,999 $5,692,959def$7349,231
Other income__________
9,583,294
4,832,641 12,234,300 16,446,297
Total income__________ 16,436,991
6,241,640 17,927,259 9,097,066
Income Charges—
Hire of equipment______
$428,675 $1,066,941
$145,149 Cr.$492,671
Joint facility rents_____Cr.148,099
Cr.248,026 Cr.294,709 Cr.136,945
Rent for leased road s.. .
1,870,970 1,939,802
2,158,863 2,188,766
Miscellaneous rents___
315,893
331,406
341,957
366,497
Miscell. tax accruals___
528,067
322,884
278,023
312,655
Interest on funded debt.
4,407,731 4,483,532
4,528,726
4,580,839
Int. on unfunded d e b t..
115,066
51,030
31,128
393,362
Misc. income charges_
_
332,072
285,318
687,324
287,599
Total deduc. from inc. $7,850,377 $8,232,887 $7,876,461 $7,500,102
Net income___________ $8,586,612def$1991.247 $10,050,798 $1,596,964
Divs. shown in profit &
$4,245,749 $4,245,749
loss account_________ $4,245,749 $4,245,749
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— President, E. E. Loomis; Vice-Pres., J. A . Middleton;
V.-Pres., P. L. Blendinger; V .-P . & Gen. Counsel, E. H. Boles; V .-P . &
Compt., C. E . Hildum; Sec., D. G. Baird; Treas., A. P. Bayfield.
D IR E C TO RS.— H. S. Drinker, Fred M . Kirby, Alfred H. Swayne, Ed­
ward S. M oore, Daniel G. Reid, Samuel T. Bodine, Henry B. Coxe, Harry
C. Trexler, Morris L. Clothier, George T . Slade, J. P. Bell, J. ff m . Robbins,
E. E. Loomis (ex-officio). Office, Philadelphia, Pa.— (V. 118. p. 2179.)
LEXINGTON & EASTERN RY.— See Louisville & Nashville.
LEXINGTON (KV.) UNION STATION CO.— Owns passenger station.
Common stock, $15,000, owned two-thirds by Louisv. & Nashv. and onethird by Ches. & Ohio. There has been authorized $500,000 of 4%
cumulative cnon-votlng) preferred stock, secured by mtge., and rentals paid
by above-named roads on basis of passenger cars. Pres., W . A. McDowell.
L1GONIER VALLEY RR.— Latrobe to Ligonler, Pa.. 10.3 miles: Ligo
nler to Port Palmer, Pa., 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 6% 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.
LIME ROCK RR.— Owns road In and around Rockland, Me., 11 m.i
package, 1 m.; total. 12 m. Stock, $450,000; controlled by the RocklandHockport Lime Co. of Maine (V. 92, p. 960). Dlv. in 1905-06, 5% ; 1906"
17, 5% . of which 3% from accumulated surplus; 1907-08, 2 H % ; 1908-09*
5%; 1909-10, 4 H % ; 1910-11. 3 X % : 1911-12. 2 H % : 1912-13, 4X%>
1913-14. 1 X % : 1914-15, 1 X % : 1915-16. 1 H % ; 1916-17. 3 % ; 1917-18,
none; 1918-23. none. Office. Rockland.— (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 operincome, S144.296; 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 RR. CO. (THE).— {See Maps Pennsylvania RR.)— Owns
Cincinnati, O., to Springfield, O., 84 m.; branch, Xenia, O., to Dayton,
O., 15 m.; Dayton, 0 ., to Ind. State line, 36 m.; leases Columbus & Xenia
R R ., 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 Deo. 1 1869 leased to Pittsburgh Cincinnati & St. Louis
(now Pittsburgh Cin. Chicago & St. Louis RR.) for 99 years, renewable forsver. The Penna. R R . Co. is a party to the contract and guarantees Its
faithful execution. Rental is 8% on $4,943,100 original stock, 4% on bet­
terment 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 autn. Issue; Cent. Trust
& Safe Dep. Co. of Cincinnati, trustee) are to bear not over 4% Int., and
have a first lien. V. 112. p. 562.
For 1923, gross income, $815,918; deductions, $196,964; dividends,
$612,331; bal., sur., $6,623 — (V. 112, p. 562.)
LITTLE SCHUYLKILL NAVIGATION RR. & COAL.— Owns from Port
Clinton to Tamanend ana Reevesdale, 31.44 miles; 2d track, 26.47 m.; total,
91.71 miles. Re-leased on Dec. 1 1896 to Phila. & Read. Ry. for 999 years
and rental reduced from 7% on stock to 5% gold from Jan. 1 1907*

M ay , 1924.]

71

KAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
fFor abbreviations, &c., see notes on page 01

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

83 1912
$1,000
$689,000
A & o Junel 1942
5
Uve Oak Perrv S Qulf RR— First rr rtgage--------- x
r
L ong Island Railroad Co (T he)—
1,000 4,730,000 4 & 5 It
Q— J July 1 1931
156 1881
Consolidated mortgage (gold) ($3,609,000 are 5s)Ce.v
1,000 3,000,000
163 1888
4 g J & D June 1 1938
General mortgage gold__________ ________ Ce.vc*
18 1892
1,000
4 g J & D June 1 1932
332,000
Stewart Line mtge of 1932 for $500,000 gold. _Cev
1894
1,000
1,135.000
o
Debenture ($1,500,000) gold not subject to call_ z
_
5 g J S D June 1 1934
1,000
Bklyn&Mont 2dM assu BusSta to E’tp’t & brsCe.zc*
76 1888
600,000
5 g J & D June 1 1938
1,000
19 1887
M & N May 1 1937
650,000
5g
L. I. City & Flushing M gold assumed --C e.vc*
J & J Jan 1 1943
6 1893
1,000
5
100,000
New York Bay Extension 1st M ass $200,000------- z
J to J Jan 1 1945
21 1895
1,000
5
Montauk Extension $600,000 1st M assumed -- z
315.000
o
1.000 3,561.000
M S S Moh 11949
Unified M gold callable at 110 $9,673,000-Usm.xc&r
316 1899
4g
M S s Mch 11949
500 tec 26,375,000
o
316 1903
Refund mtge $45,000,000 gold gu p to 1--Ea.xc*&r
4g
_ _ _ 1917
100 &C 5.202.100
M & N May 1 1937
Debent call aft Nov 1 ’22 at 102 )4 . - Usm.yyxc*&r*.
5g
1,000
30 1892
1.262.000
6g
No Sh Br con M(assumed).$l,425,000 gu p&i. Ce.vc*
Q— J Oct 1 1932
_
_ 1887
M S S Sept 1 1927
1.000
o
5g
883,000
N Y & R B 1st M(assumed)$984,000 guar p & i_.C e
1920 V arious
F A A Aug 1 1925
Serial notes_________________
_________________
6
165,984
1917
1,000
282.000
Equipment trust Series B $94,000 due yearly--------4)4 F & A Feb 1925-27
1920
1,000
F & A Aug 1 ’24 to ’32
do
do
Series C $138,000 due yearly.FP
1,104.000
6
1.000
.1 & I) To .Tune 1 1932
1922
do
do
Series D due $98,000 ann
FP
784.000
6
1923
1,000
M & N To M ay 1 ’38
do
do
Series E due $114,000 yrly.F P .c*
5
1,596,000
1920
dc do (issued to Govt) due $279,489 y rly .-G
3,074,389
6g
J & J 15 To Jan 15 1935
Lezsed and Controlled Lines, Principal or Interest Guara nteed.
1,000 1,601,000
c
19 1885
N Y B & Man B 1st cons M $1,726,000 gold gU-_Cev
5 g A S O Oct 1 1935
Los Angeles & Salt Lake R R —
1,000 59.022.000
J S J July 1 1961
c
4g
San Pedro Los A & Salt Lake 1st M $70,000,000. Gx 1,038 1911
100 5,000.000
302
Sep 15’ 11 1)4%
Louisiana & Arkansas— Stock $7,000,000 authorized.
1,000 3.757.000
302 1902
M S S Sept 1 1927
c
First mortgage $7,000,000 gold (tex t)___ Q.xo’ &r
5g
1920
100
A S o Oct ’24-Apr ’25
Equip notes Ser “ D ” due $13,000 seml-ann______ G
c
26.000
6
1923
Equip certificates Series “ J” due $6,000 semi-ann_To Apr 15 1933
114.000
1.000
35 1895
o
Louisiana & North West RR— Underlying M gold ._x
100.000
5 g J S J Jan 1 1945
1,000 2,084.000
A S o Apr 1 1935
115 1905
o
5g
First mortgage $10,000,000 gold_________ MSt.xc*
1,000 10,361.000
334 1903
S J July 1 1953
o
Louisiana Ry & Nav— First M gold_______ xxx.F.c&r
4)4 g J
500
M S s Mch 11950
45 1897
o
Louisiana Southern— 1st M g red at 1 0 5 _______ Ce.xc
5g
250.000
750.000
(7)
500 2,500.000
J S J July 1 1940
181 1896
o
Louis v Hend & St Louis— 1st M $2,500,000 g old-.G .s
181 1915
5g
Oct 1 1965
First Consol M $5,000,000 gold__________________
700.000

D IV 8 — 1 11. 12. ’ 13. ’ 14. 15. -10. ’ 17. ’ 18. ’ 19. ’20. ’21. '22. ’23.
Since 1903 % ( 5
5H 5 6H 6
5
5
5 5
5 4 V 4 5 5
Lessee pays taxes and organization expenses.— (V. 113, p. 2504.)
LIVE OAK PERRY & QULF R R .— O ttos Live Oak to M ileP ost,
Fla., 72.5 miles; M ayo Junction to Alton, Fla., 14.41 m.; branches, 2.28 m.;
trackage, 1.5 m.; yard tracks, &c., 9.53 m.; total, 98.72 m. Stock auth.,
$2,000,000; outstanding, $600,000; par, $100. Bonds, see table. For cal­
endar year 1923, gross, $352,232; net operating income, $121,404; other in­
come, $25,685; interest, rentals, &c., $53,745; bal., sur., $93,344; divs.,
$24,000. Pres., W. T . Hargrett; Sec. & Treas., R . P. Hopkins. Office,
Live Oak.— (V. 114, p. 854.)
LONG ISLAND R R . CO. (TH E ).— Operates the steam surface roads of
Long Island.
Miles.
Leases— (*Which see.)
Miles.
Main line— L. I. City to Greenp’t 94 N. Y . Bklyn & Man. B e a ch * .._ 18
Long Island City to Montauk_ 115 Trackage rights________________ 4
_
Branch lines___________________ 157
Total Dec. 31 1923.................... 397
Nassau Electric R R ____________
9
Also owns the entire capital stock o f Northport Traction. Nassau County
R y.. Glen Cove R R . and Ocean Electric R y., having combined mileage of
15.97 miles, and through the Long Island Consolidated Electrical Companies
(whose entire $25,000 capital stock is owned, none o f the $10,000,000 of
collateral 4J4s of 1905 being outstanding) a one-half interest in N. Y . &
Long Island Traction C o., 42 m. and Long Island Electric R y., 26m. V.
89. p. 598; V. 90. p. 1040; V. 106. p. 396. 499, 2222.
PLAN.— In 1917, the minority shareholders having generally surrendered
their holdings, the Penn. R R . C o.: (a) accepted In settlement of the approxi­
mately $30,000,000 o f indebtedness due it by the L. I. R R . Co. (consisting
chiefly of 4% debentures), $5,202,100 new 5% 20-year debentures, and for
the remainder capital stock at par; (5) gave $5,202,100 5% debs, in exchange
for minority stock, $ for $. V. 104, p. 361; V. 106, p. 2222.
The debentures will be secured by any future mortgage on the prop­
erty. V. 104, p. 633, 863, 1146, 1263, 13899, 2235, 2452.
STOCK.— Authorized, $40,000,000; outstanding $34,110,250, of which
the Penn. RR. on Dec. 31 1923 owned $34,069,600. V. 104, p. 361, 1899;
V. 106, p. 2222.
DIVIDENDS.—
; ’82. ’83-’90. ’91. ’92. ’93. ’94. ’95. ’96
None
P e r c e n t ...................._1 1 4 y ’ly. 4 M 5
5 4)4 4
4
since.
BONDS.—The Refunding 4s of 1903 ($45,000,000 authorized issue; are
secured by a lien on the entire road, subject to $17,863,420 outstanding
old bonds, to retire which an equal amount is reserved; remainder guar­
anteed as to prin. and int. by the Penn. R R ., were sold, the proceeds to
be used for various improvements and additions in connection with the
Pennsylvania tunnels to and through New York City, principally for addl
tlonal terminal facilities at Bay Ridge and Long Island City and for a double­
track connection with the New Haven road, for additional terminals, tracks,
equipment, and to retire old bonds. V. 78. p. 583, 1549: V. 79, p. 796;
V. 80, p. 1111; 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. Bonds
are subject to call at 110 in whole or in part. See Refunding 4s above. V.
68, p. 618. Mtges. on real estate, $1,634,680. V. 76, p. 266; V. 85, p. 160,
V. 89, p. 529, 1411; V. 90, p. 698. 1040; V. 93, p. 1022; V. 102. p. 609: V
103, p. 2079. Debentures o f 1917. see “ plan" above and V. 104, p. 2452.
Government loan, V. I l l , p. 1566.
G U A R A N T I E S . — In addition to guaranteed bonds In table above, guar­
antees 5% on $650,000 New York Brooklyn & Manhattan Beach oref. stock
as part retal; also 6% on $44,000 1st mtge. 6s of Montauk Steamboat
C o., due April 1 1926R E PO RT.— For 1923, in V . 118, p. 1767, and 1905, showed:
1923.
1922.
1921.
Total operating revenues____________ $34,085,419 $30,951,540 $28,720,911
Net railway operating income_______
4,001,966
4,967,454 3,311,214
585,313 1,158,377
Non-operating income______________ 1,075,218
Gross income______________
Deduct— Rents for leased roads
Miscellaneous rents________
Miscellaneous tax accruals__
Interest on funded d e b t____
Interest on unfunded d ebt--.
Miscellaneous charges______

$5,077,094
$178,801
167,449
19,170
2,465,924
556,441
33,179

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

$4,469,591
$665,253
202,026
14,492
2,546,851
412,656
29,124

$599,189
Net income______________________ $1,656,559 $2,165,028
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Samuel Rea; V.-Pres., A. J. County, Henry Tatnall and George
Le Boutillier; Sec., Eugene Wright; Treas., J. F. Fahnestock.— (V. 118, p.
2304.)
LOS ANGELES & SALT LAKE R R .— (See Map Union Pacific.)—
From Salt Lake City, Utah, to Los Angeles, on the Pacific Coast, 1,006 miles
o f main line and branches; trackage rights, 130 m.; total operated Dec. 31
1922, 1,137 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.
8. Supreme Court held valid control by Union Pacific. V. 95, p. 1542.
BONDS.— The mortgage o f 1911 is for $70,000,000: $59,005,000 of the
$59,022,000 issued were held Dec. 31 1922 in the Union Pacific treasury.
V. 90, p. I l l ; V. 94, p. 124, 490, 699; V. 95. p. 1703; V. 98, p. 1538, 1994;
V. 100, p. 1833; V. 101, p. 132.




Safe Dep & Tr C o, Balt
Treas Penna R R Co, NY
do
do
Treas Penna RR Co, N Y
do
do&Lou
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Treas Penn R R Co, N Y
do
do
Treasurer. Philadelphia
Fidelity Trust Co, Phlla
Fidelity Trust Co, Phlla
Fidelity- Trust Co, Phila
Fidelity Trust Co, Phlla
Treas Penn RR Co. N Y
Guaranty Trust C o. N Y
Checks mailed
Guaranty Trust Co. N Y
Boody, McL & Co. N Y
Metropolitan Tr Co, N Y
See text
R Wlnthrop S Co, N Y
o
L & N RR Co, N Y
New York

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. 118, p. 2179.)
LOUISIANA & ARKANSAS R Y .— Owns from Hope, Ark., to Tioga.
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
Junction, La., to Vidalla, La., 8.92 miles, connecting to ferry across
Mississippi with Illinois Central and Mississippi Central: Tioga, La., to
Alexandria, La., 7.33 miles; and on the St. Louis and Southwestern, mar
Shreveport, 2.01 miles. Rock Island Co. uses 36 miles, Packton, La., to
Pinevllle, La., under trackage contract, and St. Louis Southwestern pas­
senger trains the Shreveport terminals under a 25-year lease. V. 93, p. 527.
D IV ID E N D S.— 1906 to 1909.3% y ’ly; then to Sept. 15 1911.2)4 % y ’ ly
None since.
BONDS.— The unissued first 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 balance limited to $20,000
per mile of completed railroad. The entire amount outstanding, but no
part, is subject to redemption at 110 and interest on any interest date.
Annual sinking fund $75,000 per ann. to buy bonds at 110 and lnt.. or under:
otherwise, to be invested. See V. 101, p. 2071.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres.. Wm. Buchanan, Texarkana, Ark.; Gen. M gr., O. G. Lunday,
Stamps, Ark.; Treas., J. A. Buchanan, Texarkana, Ark.— (V. 116, p. 2884.)
LOUISIANA & NORTH WEST R R .— Owns Magnolia, Ark., to Natchi­
toches, La.. 115 m.; trackage. Magnolia to M cNeil, 6.4 m. On Aug.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 I.-S. O. Commission in Aug. 1921 authorized the receiver to abandon
that portion o f 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 1)4% was paid Oct. 1 1922; same amount paid
quarterly to Jan. 2 1924.
For year ended Dec. 31 1923, gross, $997,350; net, $407,828; other
income, $29,644; interest and rentals, $200,778; dividends paid, $138,000;
balance, surplus, $98,697. V. 117, p. 2769.
LOUISIANA R Y. & NAVIGATION CO.— Owns New Orleans to Sbreve? ort. La., 303.25 miles; Aloha to Winnfield, 27.14 m.; M cNeely’s to Gravel
it. 2.84 m.; total, 333.23 miles. Stock outstanding, $8,131,000; par, $100.
Year ending—
Gross.
Other Inc. Int..Tax..&c. Bal-.Def.
Net.
$84,643
$806,177
$321,134
Dec. 31 1923_ $3,892,094
_
$400,400
Dec. 31 1922...$3,604,118
---------$407,863
$16,089 $438,996
$422,908
Dec. 31 1 9 21--. 3,683,969
434,974
524.859
821,793 surl38,040
775,819
677,921
Dec. 31 1920---- 4,275.834
61,787
36,131
Dec. 31 1919--. 3,542.034
_____________________
104.360
______
634.388
______
530.028
____
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres , Wm. Edenborn, New Orleans; V.-P.. W. C. Morse; Treas., Paul
Sippel, Shreveport; Sec., J. J. Tippin.— (V. 115, p. 1210.)
LOUISIANA SOUTHERN R Y .— Owns New Orleans, La., to Bohemia,
La., 50 miles; Poydras to Shell Beach, 16 m.; total, 66 m. Steam for
freight and gasoline motor cars for passenger service. Operated since
June 1916 by New Orleans Texas & Mexico Ry. under 12-year lease made
Feb. 1911 to St. L. & San Fr. In Jan 1901 the United R y. & Trading Co.
of New England acquired over 95% of the stock and bonds, that company
also owning the Kenilworth Sugar Estates, 10,000 acres. V. 76, D. 706.
Stock, $1,000,000; par $100. Year ending Dec. 3l 1922 (as reported by
lessee), gross, $59,142; net, after taxes, def., $31,298; hire of equip., net deb.,
$3,284; bal., def., $34,582. Surplus under terms of lease Is applicable first
to bond interest, second to dividend of not exceeding 2)4% on stock, the
balance if any to be divided equally between lessor and lessee. Office.
Houston, Tex.— (V. 95, p. 618.)
LOUISIANA WESTERN R R .— (See la p of Southern Pacific.)—
Owns from Lafayette, La., to Sabine River, 105 miles; Abbeville to
Mamou, 68 miles; Maliard 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, 15%. Year 1923,
gross, $4,663,296; net operating income, $932,135; other income, $78,899’
deductions, Cr. $5,358; dividends, $504,000; bal., sur., $501,676.
For latest earnings, see “ Railway Earnings Section” (issued monthly).—
(V. 113, p. 72, 183.)
LOUISVILLE HENDERSON & ST. LOUIS R Y . CO.— ROAD —
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 1923 owned $1,617,900 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.
REPORT.— For cal. year 1923: Gross, $3,464,744; railway oper. Income.
$764,764: gross income. $823,761: deductions, $351,777; net income,
$471,983; dividends, $80,000; balance, $391,983.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., R . N . Hudson; V .-P ., W. L . Mapother; Sec., Ridgely Cay
Treas., L . W . Botts.— (V. 118, p. 2179.

72

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Louisv & Jeff Bridge & RR— $5.000,000ggup Al.xc*
Louisville & Nashville— Stock $125,000,000 a u th ._
_
First & ref mtge Ser A red ( t e x t ) . . _ Us.zc*Ar*
_
text
do
do
Ser B red (te x t)..
_Us.zc*&r* text
1 C 4 Lex Gen mtge gold (V 63, p 1010)___ G.xc*
176
New Orl & Mob Div 1st M N O to Mobile g.__F.zc*
141
Second mortgage gold____________________
xo*
141
Southeast 4 St L Div first mtge g call (text) ICxc*
208
Second M gold East St Louis to Evansv A br.xc*
208
First M (50-year 5s) $15,000 per mile gold.-U s.xc"
202
First mtge collateral trust ($7,000,000) gold__F.zc*
Unified mortgage for $75,000,000 g_ C e.xc'Ar* Text
_
Mobile & Montgomery Joint M $5,000,000 g__Ce.xc
179
Henderson Bridge Co 1st M gold drawn 105.Ce.xc*
10
Nashv Flor A Shell 1st M g assumed in 1900_Ce.zc
105
Paducah A Mem Div 1st M $5,000,000 gold. Ba.xc*
254
SouANor Ala cons M (V 97, p 1204, 1426)g guCe.xc*
202
Gen cons M $25,000,000 g guar___ Ua.xc*Ar*
202
Newp &Cin Br 1st M g s t assum gu by Penn Co.F.x
L S N— Southern Ry Monon Ooilat Joint M $15.c
500.000 (see text) call 105...................G.xc*Ar
Lexington S East 1st M $20,000.000assumed N.yc*
c
213
Kentucky Central 1st M ($7,000,000) gold._Mo.zc*
247
Atlanta Knoxville & Northern first mtge gold.Ce.x
228
do
consol M gold $10,000 p m .Us.x
228
L & N— Atl K & C Div M $50,000,000._Us.xc*Ar*
870
L & N Term M $3,000,000 gold guar Jointly .Ba.xc*
Secured gold notes redeemable (see text)___ Ba.c*
Equlpt certs due $703,900 annually .
do
do Series D. due *735.000 annually-. Us
do
do
SeriesE due $420,000 annually..US
do
do Series F due $400,000 annually ..U s
Lykens Vail RR & Coal Co— Stock— Rental oays4%
20
Macon & Birmingham— First M $500,000 g _ OB.xc
_
97
Macon Dublin & Sav— 1st M $1,840,000 g gu_.N.xxc*
93
M acon Terminal— let M $3,000,000 g gu.Colc*Ar*

1895
1921
1921
1881
1880
1880
1921
1881
1887
1888
1890
1895
1881
1887
1896
1886
1913
1895

Par
Value

Amount
Outstanding

Rate
%

When
Payable

1,000 4.500.000
4g M A
100 117,000,000 See text F A
1,000 See vl2.753.000
5H g A &
1,000 See wl4000,000
A &
5g
1,000 3.258.000
4M g M A
1,000 b4.987,000
A
6g J
A
1,000
1,000,000
6g J
1,000 u3.493,000
6g M A
t
1,000 c2.997.000
3g M S
1,000 d l .749,000
5g M A
1,000 e4,705,000
6g M A
1,000 Ac f64,761,000
4 g ,1 A
1.000
4.000.000
4H g M A
gl67,000
1.000
6g M A
1,000 k l .996,000
6g V A
1,000 kk4 619,000
4g V A
V A
1,000 m9,292.000
6g
1,000 See n7.400.000
\ A
5g
1,000
1,273,000
4H g J A

1902 1.000 Ac
1.000
1915
1,000
1887
1,000
1896
1,000
1902
1905 1.000 Ac
1,000
1902
500 Ac
1920
1920
$1.000
1921
1,000
1922
1,000
1923
20
1.000
1896
1.001'
1907
1.000
1915

05.898,000
p7,870.000
q6 .700,000
r$999,000
500.000
s24,742.000
t2,500,000
7.500.000
$7,742,900
8,820.000
5,880,000
6,000,000
599.120
500,000
1,529.000
1,600,000

[Vot. 118.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

J P Morgan A Co, N Y
S Mch 11945
A Aug 11 1924 3% 71 Broadway. New York
() Apr 1 2003
do
do
do
do
<) Apr 1 2003
do
do
N Nov 11931
do
do
J Jan 1 1930
do
do
J Jan 1 1930
do
do
S Mch 1 1971
do
do
s Mch 11980
do
do
N May 1 1937
do
do
N Nov 1 1931
do
do
J July 1 1940
do
S Sept l 1945
do
do
do
S Sept 1 1931
do
do
A Aug 11937
do
do
A Feb 1 1946
do
do
A Aug 11936
do
O Oct 1 1963
do
do
do
J July 1 1945

4g
J S J July 1 1952
c
c
5 g A S O Apr 1 1965
4 g J A J July 1 1987
c
6 g J S D Deo 1 1946
t
M S S Mch 12002
4g
4 g M A N May 1 1955
4 g J A D Deo 1 1952
M ■ N May 15 1930
A
7g
.1 & J 15 To Jan 15 1935
6
6>4 g M & ft To Mar 1 1936
c
4 ^ g J S D To Dec 1 1937
M & S T o Sept 1 1938
5g
S
J S J Jan 2 1924 2%
c
5 g J A J July 1 1946
5 g J A I Jan 1 1947
c
5 g J S J July 1 1965

J P Moreau * Co. v y
71 Broadway, New York
71 Broadway, New York
71 Broadway, New York
do
do
do
do
do
do
J P Morgan & C o. N v
Guaranty Trust Co, N Y
71 Broadway, New York
do
do
do
do
Office Broad St Sta.PHUa
No coupons ever paid
New York Trust Co, N Y
Irv Bk-Col Tr Co, N Y

b to j: Also held in treas. or bv Farm. L. S Trust Co.. truste e, Dec 31 1923. b $13,000: c $3,000; d $15,000; e $424,000; f $5 ,191,000; g $1,810,000:
c
J $126,000; k to v: Also in treasury Dec. 31 1923 k $10 0.000. k k$217. 000: m $70 8,000; n$ $3,391,0 00; o $15,500: p $2,625,000; q $40,000.
r $1,000 s $5,743,000. t $101,000. u $7,000.
v $15, 862,00 0. w $1,8 62,000.
L O U I S V I L L E & J E F F E R S O N V I L L E B R I D O E & R R . C O . — Oue-half
mile long; approaches 2 miles; overhead viaducts 1M miles, with connecting
lines in Louisville; 40 acres in Louisville and about 60 acres in Jeffersonville.
Stock, SI.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 S Ohio and Cleveland Cincinnati Chicago S St. Louis, in
c
c
whose Interest the stock is owned, and any deficit is payable In the propor­
tion o f 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. 8 4 — (V. 112, p 562. 653 )
LOUISVILLE & NASHVILLE R R . CO.— (See M ap.)— ROA D .— Oper­
ates main line, Cincinnati, O., to New Orleans, La., and branches to St.
Louis, Memphis, &c., total, Dec. 31 1923, 5,043 miles, viz.;
Miles.
„
J
Miles. \
Owned, property deeded_____4,491 Operated under contract.
.
38
Entire capital stock o w n e d .._ 220 [Under trackage arrangements.
146
Operated under lease________ 142
do
(owned but leased).
5
Control by Atlantic Coast Line.— Late In 1902 the Atlantic Coast Line R P .
acquired $30,600,000 of the (then) $60,000,000 stock and owns $59,670,000
J^the present $117,000,000 stock, but the roads are operated independently.
V. 74. p. 830. 1038: V. 75 p. 733. 1399.
Joint lease o f Carolina Clinchfield & Ohio R R ., V. 116, p. 2884.
DIVS. J .’01- 04, 05-’07. 1 9 08.’09. .10 to 1 4 .’ 15 Ttt, ,1 7 to’22, ’23
Since 19001.5 y ’ly 6 y'ly
5 Vi 5 H
7 y’ly
6
6.
7 yrly
*6
Also in 1908 1% in Louisville Property Co. stock. V. 86, p. 229, 421.
* Also paid 62 K % in stock on M ay 7 1923. Paid in 1924: Peb. 1 1 ,2 ^ % .
Aug. 11, 3% .
STOCK AND BONDS.— The stockholders on July 23 1921 authorized
(1) An increase in the capital stock from $72,000,000 to $125,000,000 and
approved the issuance to the stockholders ratably as a stock dividend o f so
much of the $53,000,000 increase as the I.-S. C. Comm, should authorize
to be so issued._ (2) Approved the authorization, execution and issuance of
the proposed First & Ref. Mtge. and bonds adopted at the annual meeting
April 6 1921. The I.-S. O. Commission on Feb. 24 1923 authorized the
company to issue $45,000,000 capital stock which was distributed as a
4 2 ^ % stock dividend on M ay 7 1923. Compare V. 116, p. 935, 1178.
The 1st & ref. mtge. covers as a direct first lien approximately 658 miles
of road, as a second lien 2,656 miles, as a third lien 1,256 miles, and as a
fourth lien 546 miles. Total mileage under mortgage by direct or collateral
lien. 5,116 miles.
The 1st & refdg. mtge. covers as a first lien the company’s terminal
properties in St. Louis, subject to prior liens, the terminal properties and
shops in Evansville, Cincinnati, Knoxville, Louisville, Nashville, Paducah,
Montgomery, Birmingham, Pensacola, Mobile, New Orleans, Memphis
and elsewhere. This mortgage closes all prior lien mortgages, including
the Unified Mtge. o f 1890, and no prior lien mtge. matures before 1930.
Under the terms o f this mortgage, the issue o f bonds for the acquisition
of property and for additions and betterments in no event can exceed the
actual cost o f the property to be placed under the mortgage. N o bonds
can be issued for equipment to an amount in excess of 80 % o f the cost there­
of. The authorized issue is limited to an amount which, together with
all other then outstanding prior debt o f the company, after deducting
therefrom bonds reserved to retire prior debt, shall never exceed three times
the par value o f capital stock then outstanding. The Series A bonds are
redeemable as a whole only on Oct. 1 1936 or on any interest date there­
after at 102 and int. The Series B bonds are redeemable as a whole only
on Oct. 1 1938, or on any interest date thereafter at 105 and int. V. 113,
p. 2720; V. 115, p. 1396; V. 117, p. 894.
“ Unified” mortgage, $75,000,000. of which $41,917.660 was reserved to re­
tire all prior liens (none of the prior liens can be extended), the balance for
Improvements, extensions (at the rate of $32,000 per mile, including equip­
ment), and for other purposes. The mortgage covers (besides 1,994 miles
of road and equipment), $26,473,606 stock of companies controlled and
$3,150 000 bonds free from any lien. See abstract of mortgage In V. 51.
p. 613; also V. 72. p. 1034,1188; V. 77. p.968. In Dec. 1923, o f $69,970,000
issued, $5,000,000 were pledged as security for the 7% notes of 1930, $191,000 were in treasury and $18,000 in sinking funds.
Mobile A Montgomery— Louisville A Nashville Joint mortgage Is for
$5,000,000; $1,000,000 reserved for Improvements. V. 61. p 196, 750
Kentucky Central 4s. V. 45, p. 372. Lewisb. & Nor., V. 101, p. 1272.
Louisville A Nashville Terminal 4s.—Jointly guaranteed, prln. and int.
by L. & N . and Nashv. C. & St. L. V. 88. p . 1313. Co. owns $101,000.
The Louisville & Nashville Southern R y. Monon Collateral Joint Gold 4%
bonds are secured by $9,796,900 o f the $10,500,000 Chic. Indianapolis &
Louisv. common and $3,873,400 o f 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 teen
Issued to Dec. 31 1923 each company being liable for $5,913,500, but own­
ing thereof $15,500, leaving outstanding for each $5,898,000. The re­
mainder Is reserved to acquire remaining “ M onon” stock and for lmpts., Ac.
The Atlanta Knoxville & Cincinnati division 4s ($50,000,000 authorized)
oover 870 miles. Of the bonds, an equal amount were reserved to retire
at maturity underlying bonds, viz.: Kentucky Central 4s, $6,742.000•
Atlanta Knoxville & Northern bonds, $1,500,000; $5,000,000 are pledged
to secure the 7% notes o f 1930. The line from Livingston to Jellico, 61
miles, is subject to prior lien o f Unified mortgage. V. 80, p. 872; V. 84, p.
1428; V. 92. p. 1178, 1311, 1565; V. 96, p. 716, 1022.
The $3,500,000 Southeast & St. Louis Div. 1st Mtge. 6s were purchased
at maturity, March 1 1921, at office o f J. P. Morgan & Co. In connection
with this purchase there were issued $3,500,000 6% bonds due March 1
1971, but callable on and after March 1 1930 at 107 and int. The new bonds
will be secured by a first mtge. on the So. East. & St. Louis R y. property.
Of the South & North Alabama R R . Gen. Consol. 5s ($25,000,000 auth.
Issue), $7,400,000 have been sold, guar., prin. & Int., by the L. & N.;
$10,000,000 are reserved to retire the cons. 5s o f 1886: remainder for im­
provements, equipment, A c. $3,391,000 are owned by company. V. 98,
p. 454, 156, 1001.
Lexington & Eastern 5s were assumed in 1917 (authorized,$20,000,000)
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 o f the following: $5,000,000
L. & N . R R . Unified 4s of 1940; $5,000,000 L. & N . R R ., Atl. Knox. & Cin.




Div. 4s. 1955; $200,000 South & North Ala. R R . Consol. 5s of 1936;
$3,000,000 South & North Ala. RK. Gen. Consol. 5s of 1963. Red. on and
after M ay 15 1923, all or part, at 100 and int. plus a premium of 1 % for each
year or portion of a year from the date fixed for redemption to maturity.
Equipment trusts issued to Director-General for roiling stock allocated
to this company. See article on page 3 and V. 113, p. 1360, 1471.
Government loan, V. 112, d . 1978.
R E PO RT.— For 1923, in V . 118, p. 1681, showed:
1923.
1922.
1921.
Railway operating revenues_________ 136,375,672 121,138,840 117,485,776
Railway operating expenses_________ 109,865,090 99,604,496 107,408,938
Net revenue from railway operation s 26,510,582
Railway tax accruals______________
6,372,310
Uncollectible railway revenues_____
192,000

21,534,344
4,710.247
13,700

10,076,838
3,494,350
20,341

6,562,146
Total operating income__________ 19,946,272 16,810,396
Equipment rents (net)_______________ Cr.938,977 Cr. 1,143,532 Dr.486,107
Joint facility rents (net)_____________ Dr.212,106 Dr.349,607 Dr.316,399
Net railway operating income_____ 20,673,143
Other income (non-operating)_______ 2,926,429

17,604,321
2,827,407

5,759,638
2,899,565

23,599,572

20,431,728

8,659,204

9,746,845
353,792

9,535,834
297,874

8,532,691
463,474

Deductions from Income—
Interest on funded debt_____________
Other deductions______________

Net income______________________ 13,498,935 10,598,019
336,961
Net loss____________________________
________
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Henry Walters; President, W . L. Mapother*
V.-Pres., George E. Evans, Addison R. Smith, E. L. Smithers: V.-Pres. &
Gen. Counsel, Edw. S. Jouett; Treas., E. S. Locke; Sec., J. C. Michael.
Offices, 71 Broadwav. N . Y ., and 9th St. & B ’way, Louisville, K y.— (V.
118, p. 2437.)
LYKENS VALLEY R R . & COAL CO.— Owns from Millersburg, Pa.,
to Williamstown. Pa., 20.43 miles. Was leased to Northern Central for 99
years from July 1 1910; annual rental, $24,000 (equal to 4% on stock)
organization expenses and taxes. In 1920 operated by Penn. R R . Co.
under agreement of lease dated July 29 1914 (retroactive te Jan. 1 1911).
— V . 92. d . 527.
MACON & BIRMINGHAM R Y.— Owns Sofkee Jet. to La Grange. Ga.,
96.70 miles. 7.03 miles of G. 8. & F. Ry. and 1.10 mile of O. of Ga. R y.
between Sofkee and Macon operated under trackage rights. V. 101,
p. 449. In 1908 a receiver was appointed; now R. B. Pegram. Y. 86, p.
337. Operations ceased on N ov. 15 1922 by order of the Superior Court
of Bibb County, Ga. In year 1922, gross, $194,037; net, def., $11,069;
other income, $1,175; int., rentals. &c.. $65,626; bal., def., $75,520.
MACON DUBLIN & SAVANNAH R R . CO.— Owns road from Macon to
Vldalla, Ga , 91.93 miles. Stock $3,200,000 auth.; outstanding, $2,040,000
(par $100). Seaboard Air Line Ry. guarantees bonds, prln. and Interest.
Bonds. Series 1506 to 1529 Incl.. have clause “ Federal Income tax, If any
on same, is to be paid by purchaser." V. 89. p. 43; V. 84, p. 102. 450;
V. 106, p. 1126. For year 1923, gross, $735,583; net oper. income, $69,657;
other income, $5,235: int., rentals, A c., $161,351; bal., def., $86,459.
Pres., S. Davies Warfield, Baltimore; Sec. & Treas., Geo. M . Norwood,
Macon, Ga.— (Y. 118, p. 1392.)
MACON TERMINAL CO.— Building, tracks, A c., at M acon. G a., com.
pleted and Is used by Central o f Georgia, Georgia Southern & Florida and
Southern R y. (all lines entering M acon), which own the $100,000 stock and
guarantee the bonds, prin. and Int., by endorsement. Rental on wheelage
basis covers int. on bonds & all chges. V. 101, p. 1886.— (V. 101, p. 1886.)
MAHONING COAL R R .— Owns from Youngstown to Andover, O., and
branches, 71 miles. In December 1907 purchased a one-half Interest in
the Lake Erie & Eastern R R . in Youngstown, &c.
Leased in perpetuity for 40% of gross earnings to Lake Shore (now N . Y .
Central), which Dec. 31 1922 owned $894,650 com.and $399,500 pref. stock.
LATE DIVS.—
f ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. ’ 15-’ 19. ’20. ’ 21. ’22. ’23.
On common (% )............ \ 66 70 20 70 60 50 yrly .110 50 80 100
Dividends 1915-22, 20% yly. (10% s.-a.) with 30 extra in July or Aug.)
Also paid an extra div. of 60% in M ay 1920 and 30% extra in Dec. 1922.
Paid in 1924: Feb. 1, 20%; M ay 1, 20% .
The 5% pref. stock guaranteed is callable at par. See V. 107, p. 1579.
— (V. 118, p. 1911.)
MAINE CENTRAL R R . CO.— Portland to Vanceboro, Maine, via
Augusta, 261 miles (incl. trackage Portland to Falmouth, 7 m i.); branches.
Royal Jet. to Skowhegan via Lewiston. 88 m.; Bath to Lewiston and Farm­
ington, 76 m.; Oakland to Kineo Sta.. 94 m.; Portland and Rumford Falls
System, 103 m.; Oquossoc to Kennebago, 11 m.; Bath to Rockland, excl.
ferry (0.60 m .). 49 m.; Belfast, Harmony, Foxcroft, Bucksport and M t.
Desert, excl. ferry (7.7 m .), 141 m.; Washington County, 138 m.; Portland
to St. Johnsbury, V t., 132 m. incl. trackage, 0.11m. St. Johnsbury Sta.,
and 8.05 m. from Portland Union Sta. to Windham Line. M e.; Quebec
Jet., N. H ., to Lime Ridge, P. Q.. 108 m .; total Dec. 31 1923, 1,208 miles,
of which 645 owned, 541 operated under leases and 21 trackage. The
I.-S. C. Commission announced the tentative valuation of the road as of
June 30 1916 at $61,091,384
STOCK.— The stockholders in 1915 authorized retiring $10,000,000 of
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 .
1370. 1465. The common stock was thus reduced to $14,888,400
See
bonds below. V. 101, p. 1628, 1714. The majority interest In the stock
formerly owned by the Boston S Maine was all disposed o f in 1914-16.
c
through the Maine Railways Companies, and trust woundup
V. 98, p.
312, 1071; V. 102. p. 1250; V. 103, p. 1407.

M ay , 1924.]




RAILW AY STOCKS AND BONDS

73

74

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Mahoning Coal RR — Stock, Common_______________
71
$50, $1,500,000
Preferred stock (see text)________________________
71
50
661,367
First M Youngs to And < co guar d & 1 (end)--U n.zc
S
1,000 •1,500,000
63 1884
Maine Central— Com stock (515,000,000)__________
100 al4,888,400
Pref stock 5% cum non-voting, $3,000,000________
100 3,000,000
1st ft R ef M $25,000,000 call at 102 ft lnt____c*ftr*
411 1915 1,000 ftc 16,083 000
Maine Central Eur & No Am refunding mtge gold.z
56 1893
1,000 1,000,000
Washington County 1st M g gu r e d ________ Ce.zc*
139 1904
1,000 2,500,000
Somerset R y Consol mortgage gold______________ s
41 1900
500 &c
420,000
First and Refunding mtge $1,500,000 gold-.A B z
94 1905
1.000
864,000
Equipment gold notes, due $80,200 annually_____
876,200
1920
_
_ 1923
Equipment trust certificates due $40,000 s-a_____c*
1,120,000
15-year notes to United States___________________
1,653,000
1920
10-year notes to United States___________________
720,000
1921
N ote to Director-General o f Railroads____________
1922
750,000
Guaranteed Securities—
Portland & Ogdensburg stock (2% rental 999 yrs)__
110
100 4,392,538
110 1908
1,000 2,119,000
1st M g uar prin & lnt end (V. 86, o . 1285)______ *
Dexter & Piscataquis stock 5% rental 999 years..
17
100
122,000
First M Dexter to Foxcroft guar by end_____ BBz
17, 1889
1,000
175,000
53
Hereford R y stock (rental 999 years)____________
100
800,000
First mortgage guar prln and lnt (endorsed)_ z
_
53 1890
1,000
800,000
124
European & Nor Am stk 5% rental 999 years______
100 2,494,100
Upper Coos R R stock 6% rental 999 years________
55
100
350,000
600 &c 1,043,000
55 1890
1st M and Exten M ($693,000 4X®) guar p ft i.z
Dexter & Newport stock 5 % ____________________
14
100
122,000
Eastern Maine stk 4 X % rental 999 years_________
19
100
200,000
Belfast ft Moosehead Lake common stock, rental..
380,400
do
do
preferred stock, rental_____
267,700
Portland Terminal Co.— See that company.
Portland & Rumford Falls RR— See that company . Rum ford F alls & Ra ngeley Lak
M anch. & Lawrence— Bonds— See B & M R R above
100 60.000,000
37
Manhattan (Elevated) Ry, N Y— Stock $60,000,000..
37 1890 1,000 &c 40,683,000
Manhattan Elev cons (now 1st) mtge gold_Ce.xc*&r
4,523.000
2d M $5,409,000 g call at 105 (see text)........... Eq
37 1913

Rate
%

When
Payable

[V ol. 118.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See text
Text M ay 1 ’24 20%
J & J Jan 2 ’24 2 X %
5
J
5
& J July 1 1934
See text
Oct 1 1920 I X
Sept 1 1920 I X
4 X 6 & 6 J ft D Dec 1 1935
4 g .1 & .1 Jan 1 1933
3 h * J & J Jan 1 1954
& J2 July 2 1950
48 J
& J July 1 1955
4B J
6 g .1 ft .1 15 To Jan 15 1935
A & O Oct ’24-Apr ’ 38
5X
M
6
N Oct 27 1935
6
1931
M ft s Mar 1 1930
6
Q— F
M &
J &
ft
J
4
M &
4
M &
4
A ft
5
M &
6
4 S 4X M &
c
J &
5
4X M &
J
6
J
6
2
4X
5

28 M ay 31’24 X %
N N ov 1 1928
J Jan 1924 2 X %
J July 1 1929
N M ay 1924 2%
N M a y l 1930
O Apr 1 1924 2 X
N M ay 1924 3%
N M a y l 1930
J Jan 1924 2 X %
N M ay 1924 2 X %
D
D

Grand Cent Term, N Y
Cent Union Tr Co, N Y
do
do
Office, Portland, Me
N Y . Boston & Portland
do
do
N Y . Boston S, Portland
c
do
do
do
do
Guarantv Trust Co, N Y
State St Trust Co, Boston

Maine Cent Off, Portland
N Y , Boston & Portland
Office, Dover. Me
N Y , Boston ft Portland
Treas office, Portland
N Y , Boston & Portland
Treas office, Bangor, Me
Office, Portland, Me
N Y , Boston & Portland
Treasurer’s office, P’tl’d
Office, Rockland, Me

es R R C o --See t hat company
See text
4 g
4 g

A
J

Q— J Apr 1 1924 1% 165 Broadway, N Y
& O Apr 11990
do
do
ft D June 1 2013
do
do

a Of which $2,881,500 is held in treasury.

D IV ID E N D S— / ’04-’06.
’07. -08-T0. ' l l .
1912 to Oct. 1920
On common stock . l ‘7 y'ly .
7% 8 y ’ly.
7H
6 yearly ( I X Q-J)
No payments have been made on common stock since Oct. 1920. no pay­
ments on pref. since Sept. 1920.
The stockholders on April 16 1924 approved a plan whereby accumulated
dividends would be paid on the pref. stock in pref. stock. See also V. 118,
p. 1665, 1767.
BONDS.— The 1st ft Ref. M tge. Is limited to $25,000,000; $3,867,000
have been issued as Series “ D ” 6% bonds and pledged with the U. S.
as security for loans, and $5,000,000 may be issued only for Improvements
when the earnings are 1X times all interest charges. Including the bonds to
be issued. A first mortgage on about 323 miles of road, including the line
running from Portland to Bangor and on entire stock of Portland, Term.
C o., 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. Y . 111. p. 1370, 2228: V. 112, p. 372; V . 113, p. 1053.
R E PO R T .— For 1923, in V. 118, p. 1767, showed:
----------------------Corporate--------------------- Combined
1923.
1922.
1921.
1920.
Total operatingrevenue.$21,192,264 $20,387,172 $20,590,064 $21,357,508
Total operating expenses 17,843,123 16,443,382 19,533,352 22,675,123
Net operating revenue $3,349,141 $3,943,790 $l,056,712df$l,317,615
Taxes accrued_________
1,182,489
1,180,447
1,263,982 1,163,288
Uncollectible reven u e..,
4,186
2,097
2,909
4,426
Railway oper. in com e.'$2,162,465 $2,761,245 def$210,180df$2,485,331
Other income__________
479,722
166,233
623,037
581,104
$412,857d f$ l,904,227
Gross income............. $2,642,187 $2,927,478
Interest, rents, &c......... 2,631,723
2,376,320
2,578,219 2,367,454
Net income-------------$10,464
$551,158df$2,165,362df$4,271,681
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Morris McDonald; V.-P. & Gen. M gr., Dana O. Douglass; Treas.,
L. M . Patterson. Office, 222-242 St. John St., Portland, M e.— (V. 118,
p. 2179.)
MANCHESTER & LAWRENCE R R .— See Boston ft Maine R R .
MANHATTAN R Y . (ELEVATED).— Owns all the elevated railroads In
boroughs o f Manhattan and the Bronx, N . Y . City, main line and branches,
37.67 miles, with 92.52 miles o f 2d, 3d, 4th and 5th track, sidings,
« c . ; total track, 130.19 miles; 3d rail electric. The 2d, 3d and 9th Ave.
lines, under agreement with the city made in March 1913, have been largely
3-tracked, the Interborough Rapid Transit Co. supplying funds.
LEASE.— The Interborough Rapid Transit Co. leases the road for 999
years from 1875. Divs. were originally guaranteed at rate of 7% per ann.,
but under terms o f readjustment plan rental was reduced as follows: For
fiscal year beginning July 1 1922, 3% ; for fiscal year beginning July 1 1923,
4% ; for fiscal year beginning July 1 1924 and subsequent years, 5% . These
preferential divs. are payable out of the earnings of the combined Inter­
borough R. T . and Manhattan Ry. systems after the payment of interest
charges, and are to be cumulative. In case 4% divs. should be paid in
any year upon I.R .T . stock, any further distribution for that year is to be
divided upon a prescribed basis between the Interborough stock and the
Manhattan stock until the total divs. upon the Manhattan stock for that
year have reached 7% . See Interborough Rapid Transit Co. above.
Supreme Court Justice Ford, in a decision handed down Feb. 13 1924 in a
Manhattan stockholder’s suit to recover from the Interborough company
back dividends on the Manhattan guaranteed stock, held that the Inter­
borough company must pay the 7 % dividend rental to stockholders who de­
clined to participate in the Interborough-Manhattan readjustment plan.
V . 118, p. 794. A similar decision was handed down by Justice Mullan in
M ay 1924. V. 118, p. 2437.
Stockholders’ Committee.— Alvin W . Krech, Chairman; William A . Day,
J. H. McClement, Bertram Cutler and Frederick Strauss. Sec., Lyman
Rhoades. 37 Wall St., N . Y . V. 109, p. 1891; V. 113, p. 1156.
D IV ID E N D S.— On Jan. 1 1923 paid 1 X % ; also paid 5 X % In scrip
warrants o f I.R .T . Co. payable on Nov. 1 1923, being arrears of divs. at
7% per ann. up to and incl. div. due. July 1 1922 (V. 115, p. 2580): Apr. 2
1923 paid % % quar.: July 2 1923 paid 60 cents per share; Oct. 8 1923 paid
1% quarterly; Jan. 1924 dividend was omitted; April 1924 paid 1% .
BONDS.— Consols beyond $40,000,000 may be issued for extensions at
$300,000 per mile of single and $600,000 per mile of double track. Of the
bonds, $12,712,000 are tax-exempt. After all the $5,409,000 2d M . bonds
have been issued. all further capital expenditures must be financed by the
Interborough R. T. Co. V. 103, p. 1118; V. 51, p. 248; V. 87. p. 285.
In Feb. 1916 $4,523,000 4% 2d M . bonds were sold to reimburse the Inter­
borough R . T . Co. for improvements and additions furnished under lease,
ftc. The 2d mtge. is made superior in lien to the lease to the Interborou^h. V^106, p. 822; V. 103. p. 1118; V. 102, p. 609, 712, 800; V. 97. p.
REPORT.— See report o f Interborough Rapid Transit Co. above.
Pres., Alfred Skitt; Asst. Sec.-Asst. Treas., P. V. Trainque.— (V. 118,
p. 2437.)
MANILA R R . CO. (THE).— (Gauge 3 ft. 6 in .).— This company, incor­
porated in the P. I. in 1§19, 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. 313.81 miles o f Northern lines and 331.87 miles
Southern lines. Additional mileage has been under construction.
In 1916-17 the Philippine Govt, purchased all the outstanding stock for
$4,000,000 cash. V.103, p. 9J9. 1031; V. 102, p. 609 . 251. 2166.
BONDS.— The Manila RR. (Southern Lines) 1st gold 4s of 1909, guar­
anteed as to Interest by the Philippine Governmnt under Act of U. S. Con­
gress, are limited to $30,000,000, o f which $16,714,000 are outstanding.
Under a supplemental indenture, dated July 1 1916, holders of these bonds
were offered the privilege o f having the due date extended to M ay 1 1959,
provided bonds then outstanding were presented to the trustee for extension
prior to Nov. 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 of X of 1% yearly from M ay 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. 8 1916, $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 lien 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 Ry. (the English co.), canceling
the A ft B deb. stock (Hedged therefor and so reducing the nominal Issues
of its deb. stock (and bonds) to the amounts 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 3 X % . The A and B issues thus to be first and second
charges, respectively, on the $13,236,000 new 1st M . 6% 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 of 1922 are guaranteed prin. & int. by the
Govt, of 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 of this issue, $2,811,000 Manila RR. (Southern Lines)
1st Mtge. 4% gold bonds, due M ay 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 by maturity. V. 115. p. 1210, 1429.
Earns.
Gross.
Net.
Total Income. Charges.
Balance
al9 2 3 ____ $5,223,806 $2,056,027 $2,121,973 $1,255,487 sur.$866,485
a Eleven months ended N ov. 30.
Pres., Jose Paez, Manila; non-resident Secretary, L. V . Carmack, Insular
Bureau, Washington. D. C. Corp. office, Manila, P. I.— (V. 118, p. 431.)
MANILA RY. (1906), LTD.— (V. 113. p. 731, 1053. 1471. 1675 )
MANISTEE & NORTHEASTERN RR.— Owns from Manistee. Mich., to
Traverse City, 71 m.; Solon to Provemont, 15 m.; Platte River to Empire,
Jet.. 17 m.; other, 80 m.; sidings and srurs, 53 m.; leased, 1 m.: operated
under contract, 6 m.; total, 243 miles. The Michigan Trust Co. of Grand
Rapids was appointed receiver Dec. 28 1918, the road being unable to meet
prin. and int due Jan. 1 1919 on Its bonds. V. 108, p. 79, 268.
Bonds, see V. 88, p. 375, 823; V. 90. p. 1363. 8tock, $2,000,000.
REPORT.— For year ending Dec. 31 1922:
Cal. Year—
Gross.
Net.
Tot.Inc. Charges.
Balance.
1922....... .............$ 461 ,216
$33,377 $36,067 $92,194 def.$56,127
1921____________ 499,155 def. 28.165
24,189 76.885
def. 101,074
Pres.. Edw. Buckley, Manistee, Mich.— (V. 117, p. 1236.)
MANISTIQUE ft LAKE SUPERIOR RR.— Mantstique. Mich . on Lake
Michigan, northerly to Doty, 38.32 m .; branches, 9.66 m. V. 81. p. 975;
V . 87, p. 97; V. 89, p. 470. The Ann Arbor R R . in Apr. 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 1922,
gross, $217,613; net oper. income, $14,301; other income, $3,023; other
deductions, $3,478; bal., sur., $13,847. Pres., Newman Erb, New York;
V .-P. ft Gen. M gr.. E. F. Blomeyer. Toledo. O.— (V. 110, D. 2089.)
MANITOU ft PIKE’S P E A K R Y.— Manitou, 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. Div., 40% paid in 1913-14; 1915.
Sept., 10%; 1916-23, none. For year end. Dec. 31 1923, gross, $102,035; net
oper. income, $1,602; other income, $900; int., $26, 547; bal., def., $24,046.
Pres., H. J. Holt, Manitou, Colo.— (V. 106, p. 2011.)
MARION & RYE VALLEY RY.— Owns Marlon to Sugar Grove. Va.18 miles. A reorganization in June 1900. Controlled by United State®
Spruce Lumber Co. Stock, $100,000, par, $100. The road was solda*’
receiver’s sale on April 25 1923 to Mrs. Minnie Knight of Lynchburgh, a®
a committee o f the bondholders. Injunction proceedings are being brought
b y ! the Virginia Corporation Commission to prevent the purchaser from
scrapping the road.— (V. 116, p. 2637.)
M ARYLAND DELAWARE COAST R R .— (V. 118, p. 2179 )
MARYLAND DELAWARE & V IR G IN IA R Y .— See Baltimore &
Eastern R R . above and V. 118, p. 1268.
MARYLAND & PENNSYLVANIA RR.— Baltimore, Md . to York, Pa .
77.17 miles; other mileage. 3.52.
STOCK AND BONDS.— Stock authorized. 53,600,000. of which $1,997,500 reserved for future requirements. In 1902 the authorized issue of the
first 4s was reduced from $2,700,000 to $1,200,000, 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. V. 82, p. 1041, 1102. Paid on
incomes, 1901, 3% ; 1902 to April 1914 incl., 4% yrly (2% A . & O .); none
since.
The co. in Sept. 1923 announced a plan whereby the holders of each
$1,000 1st income mtge. 4% gold bonds will receive $500 in new 6% 1st
consol, mtge. bonds and $500 in stock (par $100 per share).
Bonds will be issued under the new mortgage in amounts sufficient to
(a) Exchange for outstanding income bonds; (b) 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 Ry.;
(d) retire at maturity or purchase Maryland & Pennsylvania Terminal R y.
1st mtge. 5s, due 1936; (e) retire at maturity the company’s 1st mtge. 4%
bonds, due 1951, and the $202,450 underlying bonds, due 1932; (f) provide
funds for future capital requirements including (not to exceed 80% of the
cost o f), additions to and betterments of the property subject to the mtge.
The Series A bonds will be dated as of Oct. 1 1923, will mature Oct. 1 1963,
will be redeemable at 105 (diminishing 1 % per annum during the last five
years of the life of the bond) and will bear interest payable unconditionally
at the rate of 6% per annum. Compare V. 117, p. 1461; V. 118, p. 1392,
2179.

M ay , 1924.]

75

BAILW AY STOCKS AND 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 an*
Dividends are Payable
and Maturity

1909 $1.000&c $12,781,000
Manila— 1st M Sou Lines g int gu s I red 110F--xc* &r*
4 g M & N M ay 1 1939
___ 1917 1,000 Ac
do
do
sinking fund_______________
M A N May 1 1959
1,122,000
4
1916
1.000 Pledged
New 1st M A Ref on Nor Lines $13,236,000 ------Ce
5 g J A J July 1 1956
Sinking fund bonds $1,500,000 auth
_ xxxc*
1922
1,000
M & N M ay 1 1937
1.485,000
7
Bonds of Underlying Co. in Hands o f Public—
£20 Ac £2,000,000
1906
J A J 15 Jan 15 1956
Manila Ry ‘5
A” debentures call 105_______________
4
_
_ 1906
£20 Ac £1,880,000
do “ B " debentures 4% reduced to 3 M % -3M A A O 15 Jan 15 1956
1,000
1,100,000 Up to 4 M A S Aug 1 1934
Manistique & Lake Sup— Inc M 4% n-c $1,300,000 _z 62.51 1909
text 1909
1,000
1,132,000
Manist & N E— 1st M g due 40M y’ly red text.CC.xc*
5 e J A J Jan 1919-1939
1,000
e 1908
500,000
Manitou & Pike’ s Peak Ry— 1st M $500,000 g._F.xo*
5 g A A O Oct 1 1928
Manitoulin & North Shore— See Algoma Eastern R y ..
40 1882
50 Ac
202,450
M A s Apr 1 1932
5
Maryland & Pennsylvania— York & Peach Bot M ..x
80 1901
1,000
First mortgage $ i,200,000 gold call at 105.MeBa.xc*
897,000
4 g M A s Mch 11951
80 1901
1,000
Income mortgage $900,000 4% cum call par.. MeBa
900,000 8ee text A A () Apr 11951
_
_ 1906
200,000
Maryland & Pa Ter 1st M $200,000 g gu red 110_xx
1,000
5 g M A N May 1 1936
375 1905
1,000 12,000,000
4 g J A D June 1 1955
Mason City A Ft Dodge— 1st M g___________ Ce.xoAr
37
Massawippi— Stock guar same dlv as Conn & Pass—
100
F A A Feb 1 1924 3%
800,000
6
_
_ 1907
1,000
A A () Apr 11937
McCloud River— First mortgage $1,200,000 ---------x
1.200.000
5
_
_ 1913
1.000AC 2,500,000
Memphis Union Station— 1st M g guar..Ba.xc*r*
5 g M A N Nov 1 1959
33.4 1913
1,000
5
Meridian & Memphis RR— 1st M $800,000 red 105_
675,000
J A J Jan 1 1943
3.27 1905 1,000 &c
Meridian Terminal— First M $250,000 g gu..Gxc*Ar
250,000
4 g M A N May 1 1955
Mexican Central— Mexican International— See Nation al Rail ways o t Mexico
100 3,000,000
May 1 ’13 U 4%
83 1890
1,000
First mtge U S gold red 105 s f ext In 1909-G.xc*Ar
a708,000
6 g J A D Dec 1 1930
1913
£100 £1,671.000
6
Mex No West— Prior lien bonds £2.500.000 red 102H
1928
_
_ 1909
£100 £5,600,000
1st M gold red te xt______________________________
5 g M A S Mch 11959
SIS
1912
£20 Ac
£750,000 Up to 6 M

Philippine Nat. Bk.
do
New York
Chase Nat Bank, N Y
London
do
Detroit
Jan 1919 prinAInt unpaid
New York and Chicago
SeeTle.A Tr.Co.York.Pa
Alex Brown At Sons, Balt
1914 to Apr ’24 none pd
Alex Brown A Sons, Balt
See text
Safe Dep A Tr Co, Bost
Mercantile Tr Co, San Fr
Bankers Trust Co, N Y
MercUTCo,Jack'n ,Tenn
Guaranty Trust Co, N Y
Offioe, 82 Beaver St, N Y
do
do
Sept 1914 coup deferred
Sept ’13 coup deferred

a Exclusive of $53,000 held by sinking fund.

R E PO RT.— For year ending Dec. 31 1923: Gross, $921,140: net, after
taxes, $221,304; other income, $9,362: interest and rentals, $74,691; bal­
ance, sur., $155,975. Pres., O. H. Nance.— (V. 118, p. 2179.)
MASON C IT Y & FORT DODOE R R .— Owns road from Oelwein, la.I
to Council Bluffs, 259 miles: Hayfield, M inn., to Clarion, la .. 100 m ..
branch to Lehigh, 16 m .; trackage, Council Bluffs to South Omaha, 8
miles; total, 383 miles. The Chicago Great Western owns entire outstand­
ing common stock ($19,205,400) and pref. stock ($13,635,752), and oper­
ates the road as part o f 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% o f earnings on business interchanged. Compare Chicago Great
Western R y. and Y. 73, p. 566, 616. 722: V. 77, p. 640: V. 78. p. 1782;
V. 80. p.2621. Earnings incl. in those o f O. G. W . system. The interest
due Dec. 1 1920 on the $12,000,000 1st M . 4s was paid by the Chicago
Great Western lessee, with funds loand by the I.-S. O. Comm. The
June 1 1921 and subsequent coupons were not paid because interest was
unearned. Chicago Great West ern is 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 o f bonds. Under agreement in Oct. 1922 with
the committee the $12,000,000 o f bonds, with coupons payable June 1
1921 and thereafter, attached, are to be surrendered in exchange for $10,206,000 o f Chicago Great Western 1st mtge. 4% bonds with coupons
payable Sept. 1 1924 and thereafter attached, and $3,240,000 of Chicago
Great Western pref. stock. As o f Dec. 31 1923, $10,975,000 of this c o .’s
bonds had been acquired, with the interest coupon due June 1 1921 and
thereafter thereto attached in exchange for Chicago Great Western bonds
and pref. stock pursuant to the terms of said agreement. Compare V.
116, p. 76, 1649.
MASSAWIPPI VALLEY RY.— Province Line to Lenoxvllle, Que., 34
miles, with branch, 3 m ; 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 o f shares, $100; dividends payable Feb. and Aug. 1. Divi­
dends, formerly 5% . i % 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, $1,200,000. Bonds ($1,200,000 auth.). Mercan­
tile Trust C o .. San Francisco, mtge. trustee. V. 85, p. 1005. For year end­
ing Dec. 31 1922, gross, $488,725; net, $179,229; other income, $61,204;
fixed charges, $70,382; bal., sur., $170,051. Pres., D . M . Swobe, San
Francisco.— IV . 85, p. 1005.)
MEADVILLE CONNEAUT LAKE & LINESVILLE.— Meadville to
Linesville, Pa., 20.54 miles; Lynces Junction to Exposition Park, 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. 1924, 4% (2% A. & O .). For year ending Dec.
31 1922, gross, $42,998; net, $39,698; bond int., $9,000; divs. (4 % ), $8,000;
bal., sur., $22,698.— (V. 112, p. 2748.)
MEMPHIS UNION STATION CO.— Owns union passenger station at
Memphis, Tenn., used by Louisv. & 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 N ov. 1909 made a mtge. to the Bankers Trust Co. o f N . Y .
as trustee, to secure an 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. Scates, Memphis, Tenn.; Sec., R . M . Marr, Memphis, Tenn.— V.
114, p. 1063.)
MERIDIAN & MEMPHIS R R — Owns Meridian, Miss., to Union. 33
miles, with terminals at Meridian. In Jan. 1918 the Gulf M obile &
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 <c Ohio, New
S
Orleans & Northeastern R R ., Ala. & 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. 117, p. 2769.)
MEXICAN NORTHERN RY.— Owns from Escalon. Mexico, on the Mexi­
can Central R y. 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.— (V.
103, p. 759; V. 107, p. 2098; V. 108. p . 480.)
MEXICO NORTH WESTERN RY.— Owns and oontrols 540 M miles
Ciudad Juarez to Tabalaopa
|La Junta to Mlnaoa__________ 6.34
(Chihuahua).........................475.78 Cumbre to Chulohupa(buildlng) 5.08
Ban Antonio to Cuslhulrlaohlo. 13.051
The company has leased 250,000 acres o f timber land and owns over
3 (>00,000 acres o f timber lands, with 2 mills at Madera with a capacity
o f 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. Status in April 1924, V. 118, p. 1665.
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 10214 any time on 6 months'




notice. Trustee, Nat. Trust C o., 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 of bonds of the company in Sept. 192?
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 Lash,.
L. R. Hoard, O. W . Borrett; Sec. A Treas., R . H. Merry.— (V. 118,
p. 1665.)
MICHIGAN CENTRAL R R . CO. (T H E ).— (See Maps New York Central
Lines).— LINE OF R O A D .— Main line— Kensington to Detroit, 272 miles,
and Windsor to Suspension Bridge (Canada Southern), 381 m .; Branches
owned and leased, 1,112 m .; trackage (111. Cent.) into Chicago tinder per­
petual lease, 14 m .; other trackage, 85 m .; total Jan. 1 1922, 1,862 mues,
with 667 m. of 2d track, 9 m. of four track and 1,645 m. side tracks, Ac.
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 15 subsidiaries, including all those mentioned
in bond table at head of page except Detroit River Tunnel C o. 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 99©
years. V. 90. p. 710; V . 91. p. 276; V. 92. p. 1499; V. 98, p. 236.
CONTROL.— The N . Y . Central R R . Co. on Dec. 31 1922 owned
$17,437,500 of the $18,738,000 stock issued. See that c o .’s statement (alsa
V. 93, p. 1787; V. 96, p. 1424, for proposition looking to ultimate merger.
LATE DIVS.— J ’95-’ 05. ’06. ’0 7 .'0 8 . ’09-’ 14. 1915to'21. ’22. '23.
Since 1890 _____% \ 4 y ’ly.
5
8
6
6 y ’ly
4 % y rly .
8 text
From Jan. 1916 to July 1921. 4% p. a. (2% s.-a.): in Jan. and July 1922
paid 4% each. In Jan. 1923 paid 4% and 6% extra. In July 1923 and
Jan. 1924 paid 10% each.
BONDS — The $100,000,000 Refunding A Improvement mortgage o f
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.
On 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 & Sturgis bonds for $500,000, but of this $79,000 was sub­
guaranteed by the Lake Shore A Michigan Southern (now merged Int®
the New York Central). 7 miles, being operated by that company.
As to 3 ^ s of 1902, see V. 74. p. 728; V. 76, p. 102; V. 83. p. 1229. First
4s on Joliet A 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 author­
ized. Of the $4,500,000 authorized 4s on Grand River Valley R R ..
$1,500,000 are reserved for double-tracking, &c., 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. 145; V. 102, p. 1447.
Michigan Central R R . Equipment Trust o f 1917. V. 104, p. 1794. In
Mar. 1919 the $7,800,000 unmatured certificates were plated as 6 per cents.
See V. 108, p. 973; V. 106, p. 2018.
Jointly with four other roads, covenants to pay New York Central Lines
$62,200,000 car trusts o f 1910, 1912, 1913 and 1922, the company’s share of
equipment trusts outstanding Dec. 31 1922 being $787,921, $606,844,
$1,311,798 and $5,595,000, respectively. V. 85, p. 1402; V. 86, p. 168;
V. 88, p. 761; V. 90, p. 1677; V. 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. V. I l l , p. 2520; V. 112, p. 162.
R E PO RT.— For 1923, in V. 118, p. 1518, showed:
1Q99
Years Ending Dec. 31—
1923.
Railroad revenues_____________________________$94,798,042
$83,426,407
23,850,050
Net from operations__________________________ 27,158,510
Gross corporate income_______________________$20,751,012
Rentals leased lines_____________________________ $2,736,451
Interest on bonds, &c__________________________ 3,796,748
Other rents and miscellaneous__________________
41,365
Dividends_____________________________________ 3,747,280

$19,359,468
$2,736,021
3,833,858
Cr.28,682
2,623,096

Balance, surplus_____________________________ $10,429,168 $10,195,175
For latest earnings, see “ Railway Earnings Section” (issued monthly).
— (V. 118, p. 1518.)
MIDDLETOWN & UNIONVILLE R R .— Middletown, N . Y ., to N. Y .
S. A W . June., N. Y ., 14.03 miles. Has an agreement with the N . Y . Ont.
A Western Ry. for the use in perpetuity both of the terminal in Middletown
and of the mile of track used in entering that city.
Reorganization in 1913 (V. 97, p . 887) o f Middletown Unionville A
Water G a p 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; N ov. 1 1919 to N ov. 2 1922 paid 3%
semi-annually.
For year ending Dec. 31 1923, gross, $134,461; net oper. income, $40,467;
other income, $1,454: int., rentals, A c., $19,579; bal., $22,342. Chairman,
Newman Erb: Pres. A Treas., G. T . Townsend; V .-P . A Gen. M gr., J. A .
Smith; Sec., Frank H. Finn.— (V. 115, p. 1837.)

76

BAILW AY STOCKS AND BONDS

RAILROAD CO UPANIES
[For abbreviations. &c., see notes on page 6]
Michigan Central— Stock----------------------------------------First mortgage $18,000,000 gold_________ G.xc'A r
M C Michigan Air Line first mortgage____Un.xcAr
1st M on Det A Bay C ity____________________ Un.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 C first mortgage on Kalamazoo AS Haven.xUn.r
Mich Cent 1st M on Jack Lans A Saginaw g __xc*Ar
M C 1st M on Joliet & Nor Indiana- $3,000,000 g .x
Equip. Tr. $4,500,000 ($300,000 annually) gu. gyc*

Miles Date
Road Bonds
1,200
270
115
171
171

__

84,
39
379
45

_
Mich Cent Eq Trust, due $600,000 an n_ G.c*&r
18
Say City A Battle Cr 1st M g gu p & 1 end.M p.zc*
Battle Cr & Sturgis 1st M g guar p A 1 end.Mp.zc*
II
TolCanSo&Det lstM$4,500,000 g gu (end) G.xc*Ar.
59
Detroit Rlv Tunnel Oo
See that company
14
M iddletow n & Unionv RR— 1st M $500,000.. Ba y
Second M 6% non-cum adjust Inc bonds red par _y
306
Midland Val RR— 1st M g red 102)4 beg ’ 16 GPxc*
306
Adjustment mtge (2d Income) gold red p arF P .x c*
Wichita & Midland Val 1st M g gu red par_____xc
_
Mill Creek & Mine Hill Navigation & RR— Stock-----t
Milwaukee Lake Shore & Western— MilwaukeeSparta S Nor
Milwaukee & Northern— See Chicago Milwaukee S St Paul
c
37
Mine Hill & Schuylkill Haven— Stock (6% rental) —
26
Mineral Point & Northern— 1st M $450,000 gold _F.x
16
Mineral Range— Consol mtge (text) gold red at 105.zc
69
General mtge Interest guar by Canadian Pacific Fz
Hancock S Cal cons mtge gold red at 105 assum . .z
c
29
Minneao Red Lake & Manitob— 1st M $700,000 g-F.xc 33 44
c Of which $16,819,300 held by N Y Central RR Co
i Anaddltlohal $79,000 Is guar by N Y Central RR.

1917
1902
1890
1881
1881
1909
1909
1889
1901
1907
1915
07-13
1917
1920
1920
1889
1889
1906

Pa*
Value

100 Sec
1913
1913
1.000
1913
1913 500-1000
1,000
1911
__
25
th Wes tern — Se e
1905
1891
1901
1891
1905

Rale
%

When
Payable

Last Dividend Places Where Interest ano
and Maturity
Dividends are Payable

$100 C$18736400 See text. J A J Jan 29 '24 10%
See text
1.000 Ac $18,000,000
344 g M & N May 1 1952
1.000 Sec 2,600.000
J A J Jan 1 1940
4
1,000 \ 4.000.000 j
M A S Mch 11931
6
Q— M Mch 11931
1,000 Sec /
\ 5
1.000 Ac 7.634.000
4 g A A o Apr 1 1929
4 g M <c H Sept 1 1959
S
1,500,000
1.000 Ac
700.000
M A N Nov 11939
5
1.000 y 1.695.000
344 8 M A S Sept 1 1951
1.500 000
4 g J A J 10 July 10 1957
1.000
2,100.000
c
5 g A S o Oct '24-Oct '30
4,843 475
T o Jan 1 1928
M & s Sept 1 ’24-’32
1,000 &c 5.400,000
6
.1 S c J15 To Jan 15 1935
6
3,753.200
A A 015 To Apr 15 1935
7
5,144,315
1,000
49.000
3 g J A D Deo 1 1989
1.000
X421.000
8 g J & D Deo 1 1989
l.OOOAc
3.100.000
4 K J A J Jan 1 1956

50
1,000
500 Ac
100,000
1,000
1,000

190,000
250,000
5,691,000
5,500,150
1.025.000
323,375
Chicago A

„ 6g M A
See text M A
5g A &
Dp to5% Sept
5g A &
10
J A
North W estern

4.210,200
c
544 F S
450,000
5g M A
593,000 4 g A 5 g J A
4g J A
1,000,000
325.000
5g J A
700.000
5g J A D

Grand Cent Term’ l, N Y
Reg at G C T: op at G Tr
Cent Union Tr Co, N Y
do
do
Grand Centra) Term, N '
do
do
do
do
do
de
Reg at G C T; cp at G Tr
Guaranty Trust Co, N Y
New York and Phila

Cent Union Tr Co, N Y
do
do
Grand Central Term. N '

N Nov 1 1933
N Nov 1 1933
() Apr 11943
1 Apr 11953
() Jan 1 1931
J Jan 1924 5%

Empire Trust )o. N Y
Bankers Trust Co. N V
New York »Dd Phila
See text
Office. Philadelphia P%
heading Term. Phila, Pa

A Feb :1 1924 244
N May 1 1925
J Jan 1 1931
J Jan 1 1951
J Jan 1 1931
30 June 30 1925

Office 119 S 4th St, Phila
Farmers L A Tr Co, N )
64 Wall St, New York
All owned by Can Pacific
64 Wall St, New York
First Trust S 8 B k , Chic
c

y $3 05,000 purchase d and retir ed by La nd Grant Trustees

MIDI R R . CO.— S ee“ R y. & Ind. Section” for November 1923.
MIDLAND VALLEY RR. CO.— Owns and operates from Excelsior.
Ark., south to Hoye, Ark., and north to Fidelity, Ark.; also from Excelsior,
west to Silverdale, Kan., and from Jenks, Okla., to Kiefer, Okla., a total of
306.17 miles: also operates under trackage from Rock Island, Ark., to Ft.
Smith. 16 m .. and Silverdale to Arkansas City, Kan.. 9.; 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 deficiency necessary
to, meet the bond int. and taxes); total oper.,382 m. V .92 . p. 462,796
OR G A N IZ’N .— In 1913 readjusted without foreclosure, V. 96- P* 654
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 M ay 10 1623
The pref. stock is redeemable at par on any div. date after July 1 1916 on 30
days’ notice. An initial div. o f 214% on the pref. stock was paid June 1
1923; same amount paid Dec. 1 1923 and June 2 1924.
BONDS.— The first 5s and adjustment M . (income) 5s, issued per plan
V. 96. d . 554. are a first and second lien, respectively, on (1) the entire
property; (2) the leasehold Interest In the Wichita S Midland Valley RR
c
and all the $1,025,000 1st M . bonds o f the latter and $460,000 of its $503,300
common stock; (3) all o f the $250,000 stock o f the Sebastian County Coal
S Mining Co. owning about 18,500 acres o f semi-anthracite coal lands.
c
Of the first 5s, $5,000,000 have been Issued on account of retirement of
outstanding bonds and other Indebtedness and Impts., <5cc., of the remaining
$10,000,000 reserved for 85% o f the cost o f impts., extens, &c., under
careful restrictions. Issued. $6,295,000, o f which $5,691,000 are out­
standing and $771,000 are In treasury. See V. 96, p. 1423, 1489.
The interest on the adjustment M . bonds is to be paid annually. If earned.
The $3,512,500 Series A bonds have priority both as to lien 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. b ; 4% interest was de­
clared payable Sept. 1 ’ 18 for the year ended June30 *18 (coupon No. 2), but
same was not made until Oct. 2 ’ 18 on account o f funds of comp, being under
Government control; 3% Interest was declared, payable Sept. 1 ’ 19, for year
ended June 30 T9 (coupon N o. 3); 3% was declared for the year ended
June 30 1920, payable Sept. 1 1920 (coupon No. 4); 5% was declared on
Series A and B for the year ended June 30 1921, payable Sept. 1 1921 (cou? ons Nos. 5 and 1) •5% was declared on Seiies A and B for the year ended
une 30 1922, payable Sept. 1 1922 (coupons Nos. 6 and 2); 5% was declared
on Series A and B for the year ended June 30 1923, payable Sept. 1 1923
(coupons Nos. 7 and 3). 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 R T .— For 1923, gross, $4,500,148; net oper. income, $1,136,677;
other income, $162,828; int., rentals, &c., $662,884; pref. div., $199,962;
bal., sur., $436,659.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., O. E. Ingersoll; Sec. & Treas., J. R. K. Deiany. Office, Lafay­
ette Building, Philadelphia.— (V. 118, p. 2179.)
MILL CREEK & MINE HILL NAVIGATION & RR.— Mill Creek Jot. to
Broad Mountain, P a., 4.01 m .; branches, 2.13 m.; second track, 3.79 m.;
total track, 60.03 m. Leased in 1861 for 999 years to Phila. & Reading R R .;
lease assumed in 1896 by Phila. & Reading Railway, rental, $33,000 & taxes
MINE HILL St SCHUYLKILL HAVEN R R — From Schuylkill Haven to
Ashland and Enterprise Jot., 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 Phila- S Read. R y. Co.; 2 V4% Is paid in Feb. and
o
3% in Aug., )4 % being deducted for taxes.— (V. 115, p. 2379.)
MINERAL POINT & NORTHERN RY.— Highland to Highland Jot.;
WIs.. 26.4 miles; trackage to Mineral Point. 4.2 m .; total, 30.6 miles.
Stock, $550,000; par, $100. Bonds, see table. For cal. year 1923, gross,
$87,540; net, $9,769; charges, $40,045; bal., def., $30,276. Pres., Thos.
D. Jones, Chicago; V .-P ., A. D. Terrell, 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.
In 1895 paid dividends of 1044%: in 1896, 7% : 1897. 7% : 1898, 3 44%i
aone 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 Pacific 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.
R E PO RT.— For 1923, gross, $472,133; oper. income, $4,631; gross in­
come, $50,151; deductions, $84,392; bal., def., $34,241. V. 118, p. 2304.
I‘res., O. T. Jaffray, Minneapolis; Sec., W . R. Harley, Minneapolis;
Treas., W . J. Ellison, Marquette, Mich. N . Y . office, 64 Wall St.—
(V. 118, p. 2304.)
MINNEAPOLIS RED LAKE & MANITOBA RY.— Bemldjl to Redby,
Minn., 33 Vi miles. Stock. $100,000: bonds (see table). For year ending
Dec. 31 1923. gross, $84,601; net, $110,100; int. and rentals, $35,000; bal..
def , $22,879. Sec., A. Ueland; Treas., A. L. Molander, Bemidji.
MINNEAPOLIS St ST. LOUIS RR.— Road includes:
Road Owned (Continued)— Milet.
Road Owned—
Miles
WInthrop, M inn., to Storm Lake.154
Minneapolis to Angus, la _____260
Des Moines to Ruthveu, la _ 138
_
Branohes ___________________
165
Hopkins, Minn., to Leola, S.D.329
Trackage__________________
114
Oonde to Le Beau. S. D _______ 115
Northwood to Albia, Iowa___ 189
Oskaloosa, la ., to Iowa Jet.,Ia.186
Total owned and operated Dec. 31 1922_________________________ 1,650
Leases to O. R . I . & P .. Albert Lea to Iowa Line, 13 m ., Inci. above.
ORGAN IZATION .— Incorporated In Iowa June 30 1916 (V. 103, p . 145)
as a consolidation o f Minn. & St. Louis R R . o f Minn, and Iowa (V. 59.
p 371; V. 93, p. 1668). and Iowa Central A Western R y. per plan o f Feb.
1916. V. 102, p. 522. 529’ V. 103, p . 2163: V . 104, p . 2240.




Amount
Outstanding

[V ol. 118.

Receiver Appointed— Protective Committee for Bondholders.— W . H. Bremmer was appointed temporary receiver July 26 1923 b y Federal Judge
W. F. Booth at Minneapolis. Following the appointment of the receiver,
the committee named below was formed to protect the interests of the 1st
& Ref. Mtge. 4% 50-Year gold bonds and Iowa Central R y. 1st & Ref.
Mtge. 4% 50-Year gold bonds.
Committee.— Jules S. Bache of J. S. Bache S C o.; F. Q. Brown of Red­
c
mond & Co.; Charles Hayden 9f Hayden, Stone & Co.; De W itt Millhauser
of Speyer & Co.; H. F. Whitcomb, Northwestern Mutual Life Ins. Co. of
Milwaukee, with E. P. Goetz, Sec’y, 42 Broadway, New York, and Alfred
A. Cook, counsel. Empire Trust C o., N . Y ., depositary. V. 117, p. 449,
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, 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 Co., New York.
V. 117, p. 1664; V. 118, p. 1135.
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.
The National City Bank of New York, depositary, 55 Wall St., New York.
V. 117, p. 554. 1884.
STOCK.— The new consolidated company has an authorized capital
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 Jon.’ lO.
Preferred_____ 3
3144145
5
5
5
5
5 yearly
None
Common______ J----- None----1144
5
5
214
0
since
BONDS, AC.— Bonds due 1927, Nos. 1101 to 1400, for $500 each, addl.
Clonal to those above, were assumed by B. C. R. S N. (now C. R. I. A P.)
c
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 blanket lien on rest o f property. 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. 11912($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 229.31 miles of road, viz.,
Watertown to Leola, S. D ., 113.85 miles, and Conde to Le Beau S. D .,
115.46 miles. Issued to Dec. 31 1923, $8,985,000, of which $1,500,000
were pledged as security for note issued to Director-General of Railroads
covering Federal control settlement; $2,377,000 were pledged as security
for 10-year loan from the U. S. Government; $294,044 were held in the
treasury unpledged, and $4,085,956 were outstanding in the hands of the
public. Of $66,015,000 unissued bonds, $37,354,000 are reserved to retire
an equal amount of underlying bonds, $15,661,000 for impts., second
track. &c., $3,000,000 to purchase rolling stock and $10,000X00 for addi­
tional road, branches or terminals. Interest due Aug. 1 1923 was not paid.
The $3,072,000 Des Moines & Fort Dodge 4% bonds dated Jan. 1 1905
were guar., p. & i. V. 79, p. 1704, 2696. The $100,000 Hocking Coal Oo.
1st 6s ($600,000 auth. issue) are also guar. V. 96. p. 360. Equip, trusts.
V. 104, p. 952; V. 101, p. 1714, 1629.
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.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
There were also outstanding Dec. 3l 1923, $20,222 6% notes held by
Union Refrigerator Transit C o., payable in monthly installments of $5,055,
and $1,326,875 notes held by Nat. R y. Serv. Corp., due $53,075 s. a.
(M ay 20 & N ov. 20).
Government loan, V. 112, p . 1519.
R E PO R T .— For 1923, showed:
Calendar Years—
*1923.
1922.
1921.
1920.
Gross earnings_________ $16,524,961 $15,558,248 $16,185,130b$14,352,998
Net, after ta x es.-........... $1,445,286 $1,391,372
$624,809df$1,204,168
Standard return_______
______
______
______ a3,814,257
Other income__________
178,194
67,627
274,585
414,866
Total net income_____$1,623,481
Int. on funded debt____$2,126,620
494,862
Hire of equipment______
MisceU. deductions_____
214,104

$1,458,999
$2,092,296
386,399
132,228

$899,394 $3,024,955
$2,116,069 $2,079,218
226,411
____
393,137
345,561

Balance, surplus._.def$l,212,105df$l,161,924df$l,836,223
$600,176
* Corporation and receiver.
a Includes Fed. comp, for 2 mos. and 6 mos.’ guarantee, b For 10 mos.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., W . H. Bremner; V.-Pres., W . P. Hawley, F. B.
Townsend, E. E. Nash; Sec., F. M . Tompkins; Treas., W . B. Davis.
New York office, 25 Broad St.— (V. 118, p. 2437.)
MINNEAPOLIS ST. PAUL & SAULT STE. MARIE RY.— Owns main
line from Sault Ste. Marie, Mich., via Minneapolis to Portal, North Dakota,
at International boundary line, there connecting with Canadian Pac., 1,040
miles; branches, Hankinson, N . D ., to M ax, 305 miles; Glenwood, Minn., to
Noyes, 265 miles; Thief River Falls, M inn., to Kenmare, N . D .. 296 m.;
Fordville, N . D ., to Drake, N . D ., 131 miles; Moose Lake, M inn., to Plum­
mer, M inn.. 193 m .; WIshek, N . D ., to Pollock, 70 m .; Brooten to Duluth,
Minn.. 188 m .; Lawler to Ouyuna, 39 m. (V. 91. p. 912, 787): other
branches, 760 miles; spurs, 21 m .; total owned Dec. 31 1923, 3,282 miles;
trackage rights, 39 m., less trackage used jointly by Chicago division, 73 m.;
leases Wisconsin Central R y. (which see), 1,132 miles; total operated, 4,454
miles. Owned but leased to Minnesota N. W . Elec. R y., Thief River Falls
to Goodridge, M inn., 19 miles. Late in 1916 became interested in Spokane
International Ry. V. 104, p. 1899.

M ay , 1924.]

RAILROAD COMPANIES
[For abbreviations, A c . . see notes on page 6]
First mtge Merrlam Juno to Albert Lea g _ F.zc*
_
First Consol Molosed M g (V 59, p 1145) -N .xo’ &i
Des Moines ft Ft Dodge gold guar p ft I..C e.xc*ftr
First ft Ref M $13,244,000 gold ($18,000 p m)_.Cex
Refund andE xtenM $75,000,000 g red 105.(ixc*&r*
Eq Tr Ser D due $40,000 each N ovi; call 102X .PeP
do Ser E due $170,000 yly Feb 1 call 102 )4 PePc
Am Locomo trusts due $6,250 quar V. 100, p 556..
Amer Locomotive trusts due $23,000 s-a_. ______
Equipment trusts, Director-General of Railroads..
Iowa Central 1st M 6 (V 49, p 582)-------------- Me.zo*
1st Ref mtge $25,000,000 g (see text).U n,xo*ftr
Hock Ooai 0 6 1st M $600,000 gu red 105 sf_Em.xc*
M lnneap St P & S SteM — Com stock $28,000,000 .
^referred stock 7% non-cum $14,000,000_________
Leased line ctfs $12,500,000 auth____________
..
Minn Sault Ste Marie ft At 1st M gold ..Ce.zc*ftr*
1st Con M g int guar (end) ($6,148,000 5siCe.xc*ftr*
1st ref M s f g Ser “ A " $15,000,000 auth. Gc*&r*
Second mtge $5,000,000 gold int guar _.C e.ic*& r*
Centra] Terminal joint 1st M g red text.G .xc’ &r*
Collateral trust gold bonds________________Bavvc*
Oar trust Ser G due $76,000 s-a (V 103 p 1888).Em.c
do
Ser H due $50,000 yrly call 102_________ c
do
Ser. I due $250,000 yrly ___________ Cexxxc
do
Ser J due $240,000 yrly __________Ce.xxxc
do
Ser K due $118,000 s-a _____________ xxxc*
Minnesota T ransf — 1st M g call 102)4 1922 s f c*&r»
4l»s Cent— 1st M $10,000,000 g gu red (tex t)-.Q .x c*
HIssRiv & Bonne Ter Ry — IstM $2,500,000 g red 105 x
* o ftlll Brft Belt— St CM ft St L B 1st M red g.SSt.zc*
Consolidated mortgage $2,500,000 authorized g _ . x
First mtge bonds. ' ______ __

. . ______________

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rat.
%

When
Payable

Last Dividend
and Maturity

$100 $25,792,600
5)4
1924
750,000
oOO &c
109 1877
950,000
7 g J ft D June 11927
1,000 5,282.000
355 1894
5 g M ft N Nov 11934
188 1905
1,000 3,072,000
4 g J ft J Jan 1 1935
1,000 13,244.000
879 1899
4 g M ft S Mch 11949
1,648 1912 1.000 &c 4.085.956
5g
q — F Feb 1 1962
1.000
80,000
1915
6 g M ft N To Nov 1 1925
1,000
510.000
F ft A To Feb 1 1927
1917
5
_
_ 1915
250 &c
19,000
6
q — J July ’24-Jan ’ 25
J ft J To "Jan 1 1926
92,000
6
1921
1.000
.1 ft J 15 To Jan 15 1935
1,108,800
1920
6
502 1888
1,000 7.650.095
5 g J ft DJune 1 1938
1,000 7.156,000
540 1901
4 g M ft S Mch 11951
100,000
1912
1.000
6 g J ft J July 1 1932
625,000
Mar 1 1930
1921
1,326,875
6
A
o Apr 11931
1921
1,382,000
100 25,206.800 See text A ft o Dec 17 ’23 4%
mu 12.603,400 See text A ft o Dec 17 ’23 4%
A ft o Apr 1 2008
100 11,238,700
4
1,000
8.136,000
505 1886
4 g J ft J Jan 1 1926
1,000 63.011.000 4 g ft 6 g J ft J July 1 1938
3,301 1888
3,301 1921 500&1000 2,500,000
6 g J ft J July 1 1946
1.000 3.500,000
3,301 1899
4 g J & J Jan 1 1949
1.000&r 4,676,000
1911
4 g M ft N Nov 11941
1 000 10.000.000
6)4 g M ft s Sept 1 1931
1921
ft N Mar 1 1949
1924 100 &c
5)4 M
1.000
375,000
1916
4)4 g M ft N15 Nov ’24-N ov’26
300,000
1,000
A ft o Apr 1 ’25 to ’30
6
1920
1,000
1,500.000
7 g J ft D June ’25 to ’30
1920
1,000
2,400.000
1921
6)4 g M ft s Mar 1 ’26 to ’35
1,000
M & a Sept ’24-Mar ’33
2,124,000
1923
5
1.0OU 2,029,000
1916
5 g F ft A Aug 11946
500 &c
3,275.600
164 1909
5 g J ft .) July 1 1949
«R 1911
1,000
770,000
5 g A ft O Oot 1 1931
1.000
716,250
3.34 1901
4 g J ft J Jan 1 1951
1,000
709,000
3.34 1904
4 g J ft J Jan 1 1951
100
1,500,000
F ft A Feb 15 1931
492,000
_
_ 1921
7

H ISTORY.— A consolidation In 1888 of Minn. Sault Ste. Marie ft Atl.
Minn. & Pac., &o. See V. 46, p. 538. 609; V. 77, p. 628.
In 1909 51% of Wisconsin Cent. com. stock was purchased, affording a
Chicago connection, the road being leased for 99 years from April 1 1909;
$11,231.900 4% leased line ctfs. have been Issued (see Wls. Cent.), secured
by Wls. Cent. pref. stock, $ for $. V. 88, p. 232, 564, 686; V. 98, p. 1668
Tnt. on Wt=c. Cent. 1st ft ref. 4s ($5.816.000out)ls guaranteed V. 95. p. 968
The company offered to take up at 43 % Wisconsin Central Common stock
issuing in exchange 5)4 % notes secured by Wisconsin Central stock. The
offer expired Mar. 31 1924, 95% o f the minority stock having been deposited
in acceptance o f the offer. V. 118, p. 1665, 2437.
The Central Terminal By., organized In 1911, on Apr. 1 1914 opened a
new Chicago terminal. See BONOS below. V. 93. p. 1463. 1387, 871,
285; V. 95, p. 745.
In Aug. 1921 acquired the property of the Wisconsin & Northern. Y.
113, p. 183.
STOCK.— Canadian Pacific on Dec. 31 1923 owned $12,723,500 common
and $6,361,800 preferred. Preferred stock has a prior right to 7% (noncum.); then com. to 7% ; then share pro rata. V. 75, p. 549; V. 92, p. 882.
DIVIDENDS.— 1’03. ’04. '05. ’06. ’07. ’08. ’09. 1910 to ’21. ’22-’23.
Common_________ % /2
4
4
4
4
6
6
7 yearly
text
A dividend o f 2% was declared payable April 15 1922, but payment of
this div. was enjoined by the U. S. District Court o f Minnesota following
a suit brought by two stockholders involving the question o f rights of pref
and common stockholders. In Dec. 1922 the directors declared 2% pay­
able Dec. 28 1922, this payment also being enjoined by another suit brought
by the same plaintiffs. See V. 116, p. 2123. In M ay 1923 a decision
was rendered in favor o f the directors. V. 116, p. 2129; V. 115. p. 869,
1429, 1532, 2581, 2685. On Oct. 15 1923 the U. S. Supreme Court denied
an appeal in the suit. Compare V. 117, p. 1775. On Dec. 17 1923 paid
4% on both the common and preferred stocks.
BONDS.— Can. Pac. guarantees 4% int. on all old bonds assenting to a
reduction o f Int. to 4% ; also on consols o f 1888. (See Y. 50, p. 784; V. 51.
p. 239.) All but $4,000 Minn. S. S. M . ft Atl. bonds and practically all
other issues assented. Abstract o f Minn. Sault Ste. Marie & Atlantic mtge.
In V. 45, p. 243: Can. Pac. B y. Co. on Dec. 31 1923 owned $3,993,000 o f the
M . St. P. & S. Ste. M . 1st 4s. The Consolidated mortgage of 1888, abstract
V. 47, p . 142, was for $21,000,000 on 800 miles (sufficient o f this reserved
to retire prior bonds) and for $20,000 per mile on all additions. Outstand­
ing amount is, however, restricted to three times the stock. Y. 94.
p. 351; V. 73, p. 185; V. 78. p. 820; V. 79, p. 1332; V. 80. p. 651; V. 87,
p . 1011, 1664; V. 89. p . 779; V. 91. p. 1026; V. 95. p. 544; V. 98. p. 1316;
V . 100. p. 812; V. 103. p. 321; V. 106. p. 1126. As to 2d 4s. see V . 68
p . 669, 771. 977: V. 71. p. 845; V. 85. p . 1646; V. 96. p. 1089.
The Central Terminal 1st M. 30-year gold 4s ($20,000,000 auth.) are se­
cured under a Joint mtge. with Central Terminal Ry. on Chicago terminals
of Minn. St. P. & S. S. M. and Can. Pac. system lines. They are subjeit
to oall on any interest date beginning Nov. 1 1916 as a whole at 105 ard
must be called yearly, beginning Nov. 1 1916, at 102)4 by a sinking fund suiQolent to retire Issue at or before maturity if not purchasaDle for less. T ie
$6 000.000 bonds sold represent cash Investment equal at least to their prr
value, the remainder being reserves for not exceeding 80% o f cost o f exten­
sions and improvements; in sinking fund Dec. 31 1923, $1,324,000. V .9 3 ,p .
1463; V. 95, p. 745.
The ref. mtge. closes all prior bond issues o f the company, at the amount
now outstanding, $72,147,000. It authorizes the issue o f 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 annua] sinking fund, payable July 1 1922, and on July 1 in each year
thereafter, o f 1% o f the Series “ A " bonds from time to time outstanding
in the hands o f the public, will purchase bonds at not exceeding par and
Interest. V. 114, p. 1180.
The $10,000,000 6)4% 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.
R E PO RT.— For 1923 showed:
1921.
1923.
1922.
Total operating revenue_______ $28,957,095
$28,266,940 $26,185,804
Net operating revenue________
7,067,991
6,489,040
1,859,888
Railway tax accruals___________ 1,838,311
2,129,705
1,899,069
Uncollectible railway revenue_
17,315
7,002
4,033
Railway operating income_____ 5,212,365
4,352,334 def.43,214
Non-operating income________
1,509,963
1,549,707
1,616,018
Deductions___________________ 5,030,986
4,953,903
4,596,276
Dividends—
448,686
Leased line certificates______
449,913
449,092
M .S t .P .& S .S .M .R y .C o .— Pref.
504,136
504,136
882,238
1,764,476
do
Common______________ 1,008,272
1,008,272
Balance, deficit____________ _____
$271,079 $1,013,362 $6,118,872
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. 118, p. 2437.)
MINNESOTA TRANSFER RY.— Union road owning 13.33 miles, ex­
tending from junction with Chlo. Mllw. ft 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 Chic. Mllw. & St. Paul,
Nor. Pac., Chlo. St. Paul Minn, ft Omaha. Minn. & St. Louis, Chlo. Burl, ft
Quincy, Great North., Chlo. Great West,, Minn. St. Paul ft Sault Ste. Marie
and Chic. Rock Island ft Pacific. In July 1916 made a new 1st M . for
$3,500,000, callable all or part at 102)4. beginning Feb. 1 1922; semi-ann.
sinking fund from 1917, )4 o f 1 % . Pres., J. H. Foster; Sec., F. S. Leavitt,
St. Paul, Minn.— (V. 117, p. 1347.)




77

BAILW AY STOCKS AND BONDS

Places Where Interest ana
Dividends are Payable
25 Broad St, New York
M ay 1924 interest unpaid
25 Broad St, New York
Sept 1923 interest unpaid
Aug 1923 interest unpaid
25 Broad St, New Yora
do
do
25 Broad St, New York
25 Broad St, New York
25 Broad St. New York
Sept 1923 interest unpaid
25 Broad St. New io r x
Minn office; checks mall
do
do
do
do
Bank of Montreal, N V
Bank of Montreal. N v
Bank of Montreal, N Y
Bank o f Montreal, N Y
Bk of M ont, N Y & Lon
Bank of Montreal, N Y
Bank of Montreal, N Y
Minneapolis Tr Co, Minn
Bank of Montreal, N Y
do
do
DU., Read, N Y ; & PeP
N Y and St Paul
N Y , Callaway, Fish ftCo
1st N Bk, N Y ft StLouls
St Louis Union Trust Co
do
do
First Trust & S Bk, Chic

MISSISSIPPI AN R A ILW A Y .— (V. 117, p. 2653.)
MISSISSIPPI CENTRAL R R .— Owns from a point 14 miles south of
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 of the Gulf Mobile ft Northern R R .
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. ft A .); none
since.
Bonds.— 1st M. bonds dated July 1 1909, limited to $10,000,000, are Issu­
able at $25,000 p. m.; they are subj. to call by lot at 110 for yearly sinking
fund of $49,200; also as an entire issue at same price. Retired by s. .
to Jan. 7 1924, $950,400. They are guar., p. & i., by U. S. Lumber Co.
V. 88. p. 1561.
R E PO R T .— For calendar years:
Gross
Net, after
Other
Int. A
Balance,
Earnings.
Taxes.
Income. Sink. Fd.
Surplus.
$278,858
______
______
def.$6,297
1923_______ $1,796,191
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. Peck; Sec., G. F. Royce; Treas.. E. S. Peck; Gen. M g r ,
L. E. Faulkner; Aud., Chas. Ehlers. Office, Hattiesburg, Miss. Fisca1
agents, Green, Ellis & Anderson, lOO Broadway, N .Y .— (V. 117, p. 1771.)
MISSISSIPPI RIVER & BONNE TERRE RY.— Owns Riverside, Mo.|
on Mississippi River, to Doe Run, Mo., 46.46 miles, with branches, 17.43 m.
also 30.79 miles o f side tracks; total tracks 94.68 miles. Tentative
valuation, V. 113, p. 1053.
STOCK.— Stock auth. and outstanding. $3,000,000: par $100. Divs.
1900 to 1910, 6% ; 1910-11, 7% ; 1911-12, 6% ; 1912-13, 5% ; 1916-22, 6% ;
1923, 14%.
BONDS.— The $2,500,000 1st M. gold 5s of 1911 are secured by a closed
first mtge. on the property owned and hereafter acquired except about onehalf in value of the equipment, and further by deposit of a $2,500,000
20-year 5% note of the St. Joseph Lead Co. They are redeemable at 105
as a whole or by lot for a sinking fund of $25,000 yearly for first 5 years and
$50,000 a year thereafter. V. 93, p. 589, 871. On Dec. 31 1923 $695,000
were held in sinking fund and $1,035,000 were held in treasury.
EARNING S.— For calendar years;
Net Op. Inc. Other Inc.
Charges.
Dividends.
Balance.
1923 ----- $163,011
$383,879
$93,896
$420,000
sur. $32,994
1 9 2 2 .. ___ 212,529
109,688
114,529
270,000
def.62,312
19 21.. ------197,185
118,307
107,704
180,000
sur.27,728
Pres., Clinton H. Crane; 1st V .-P ., E. O. Smith; 2d V .-P ., F. J. Thomure;
Treas. ft Sec., F. H. Dearing. N . Y . office, 60 Wall St.— (V. 113,
p. 1053.)
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 of road. Owned by C. C. C. & St. Louis, Louisville & Nashville,
Chicago Peoria & St. Louis, Baltimore & Ohio, Missouri Pacific, Wabash,
Chicago Rock Island & Pacific, Chicago & Eastern Illinois, Missouri
Kansas & Texas and Pittsburgh, Cincinnati Chicago & St. Louis (Penn R R .
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 1923, gross, $122,688; net operating
income, $61,841; other income, $50,414; interest, $59,000; rentals, A c.,
$3,601; balance, surplus, $49,654. Pres., Henry Miller; Sec. & Treas.,
W . F. Bender, Railway Exchange Bldg., St. Louis.— (V. 103, p. 2156.)
MISSOURI - ILLINOIS 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 Co., American Smelting
& Refining Co., Desloge Consolidated Lead C o., 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
the incorporation in Missouri o f the above company.
The line extends
from Salem, 111., southwest to Kellogg, and from St. Genevieve, M o.,
southwest to Bismarck, a distance of 127 miles, with a branch from Collins,
111., south to Chester, 11 miles. For 1923, gross, $1,223,610: net oper.
income, $231,822; other income, $6,094; int., rentals, &c., $80,828; bal..
sur., $157,087.
M ISSOURI-KANSAS-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 R y. Co. (see reorganization plan below). Operates a line
with northern terminals at St. Louis, Kansas City, Junction City and
Hannibal, M o., extending southerly across the Oklahoma and the Texas
cotton belt to tidewater at Galveston, on the Gulf o f Mexico, and to San
Antonio, Tex., with branches.
M -K-TRR.Co.— Owned (1739 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 F t.W . 357
Moberly, Mo., to Franklin IJct.
35 Denison to Hlllsb., via Dallas.. 172
K. 0., Mo., to Parsons, Kan_
94 Whitesboro to Henrietta______
87
Parsons, Kan., to Okla. City_203
Smithville to San Antonio_____
98
Junction City to Parsons, Kan. 156 Other branches_______________ 154
K. C. Juno, to Paola, Kan___
86 M -K-T of Tex.-Leases (366 m.) —
Coalgate, Okla., to Atoka____
14 •Tex. Cent__________________
309
Osage June, to Verdark. O kla..
79 •Wichita Falls R y ____________
18
Red River to Forgan, Okla____ 287 Other lines___________________
39
Other branches________________ 156
Total operated Dec. 31 1923_____
.2,973
Owned but not op era ted .............
72

78




S A IL W A Y STOCKS AND BONDS

[V ol. 118.

M ay , 1924.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Missouri-Kansas-Texas R .R . Co.—
Securities issued under Reorganization Plan:
Common stock 2,500,000 shares auth_________
Pref (a&d) stock Ser A 7% cum aft Jan 1 ’28 red 110
Prior lien mtge bonds Series A red 105_______ Cezc*
do
do
Series B red 100___________ Cezc*
do
do
Series C red 102 _________Cezc*
Convert adjust mtge bonds Series A red 100-Colzc*
Undisturbed Under Reorganization Plan:
Eoalpt trust notes Ser A $34,000 due s-a _______ CP
do
do due $84,100, aim_________________
do
do due $30,000 ann____________________
Katy Off Bldg Co 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 & Okla 1st M $5,468,000 g assumed___ Ce.xc*
Dallas & Waco 1st M $20,000 p m ggu p &i.Ce.xxc*
Boonv Bridge 1st M g s f d V..73, p. 494_Ce.zc*&r

M iles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

None
$100
100 &c
100 &c
100 &c
100 &c

804,874sh
$23,939,200
36,599,502
11.483,750
12,894,570
55.820.273

5
4
6
5g

1.000

34,000
925,100
390,000
180,000

...

1922
1922
1922
1922

...

1914
1920
1921
1912

600 Ac

1890
1890
1902
1890
1901

500 &c 30,733,500
1,000
169,000
1,000
444,000
1,000
157,000
1,000
10,000

1,599
130
227
66

Reorganization Plan Dated Nov. 1 1921 (V. 113, p. 2311, 2505).— Pres.
Chas. E. 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 Nov. 1 1921, an outline o f 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. New securities ready for delivery, V. 116, p. 1411.
The new company authorized the following securities:
Prior Lien Mortgage Bonds.— The prior lien mortgage bonds will be
limited to the total authorized amount of $250,000,000 at any one time
outstanding. They will bear Interest, payable semi-annually, at such
rate as may from time to time be determined by the directors at the time
o f Issue and be stated in the bonds, and are to be secured by mortgage and
deed o f trust to Central Union Trust Co. o f N. Y . and Daniel K. Catlin
as trustees, which Is to embrace, except as otherwise dealt with In the
carrying out o f the plan, all or substantially all the lines of railroad, fran­
chises and equipment, terminals and other property (Including underlying
bonds deposited under the plan and stocks and bonds o f subsidiary com­
panies) which may be vested In the new company pursuant to the plan
and also all additional property of like character (Including stocks and
bonds o f subsidiary companies) at any time thereafter acquired by the
new company subject to existing liens or purchase money liens thereon.
They may be issued in separate series maturing on the same or different
dates and any series may be made redeemable in whole or in part at times,
on notice and at premiums, and may have such conversion privileges as
may be determined by the directors at the time o f issue.
The prior lien mortgage bonds are to be applied for the following purposes
and approximately in the following amounts:
In respect o f existing securities dealt with under the plan and for settle­
ment of secured claims:
Series A 5 % ................................................................. $52,942,752
Series B 4 % ................................................................... 27,236,000
---------------- $80,178,752
T o be offered to stockholders (Series O 6 % )_________________ 12,894,570
T o be issued or reserved for issue under such regulations and
restrictions as the Reorganization Managers may In their
discretion determine to refund, take ud or provide for securi­
ties not dealt with under the plan, & c____________________ -156,926,678
$250,000,000
Of the prior lien mortgage bonds there have been Issued and delivered
under the plan, carrying interest from Jan. 1 1922:
$52,942,752 series A 5% 40-year, redeemable at 105 and accrued int;
327,236,000 series B 4% 40-year, redeemable at par and accrued lnt.;
$22,894,570 series C 6% 10-year, redeemable at 102M and accrued lnt. A
further $6,226,777 series C bonds are in the hands o f the reorganization
managers and may be issued for refunding, purchasing, &c., various bonds
and obligations.
The Reorganization Managers may, in their discretion, procure the issue
o f additional prior lien mortgage bonds to the extent that additions and
betterments made to the system during the Federal control period, which
the receiver advises are in the neighborhood o f $8,000,000, may be funded,
or to the extent that other claims o f the Director-General against the
system may be settled by such issue, or to provide for further receivers’
certificates which may hereafter be issued pending completion of the
reorganization. Such additional bonds may be o f any series authorized
under the prior lien mortgage and in the event o f such issue the amount
o f prior lien mortgage bonds reserved for future issue will be reduced by
the like amount.
Cumulative Adjustment Mortgage Gold Bonds.— The adjustment mortgage
bonds will be limited to the total authorized amount o f $100,000,000 at
any one time outstanding. They are to be secured by mortgage and
deed o f trust to Irving Bank-Columbia Trust Co. and Thos. S. M offett as
trustees, on the properties embraced in the prior lien mtge. and from time to
time becoming subject thereto. The adjustment mtge. will be subject to
the prior lien mortgage. Bonds are to 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 shall be 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. A t 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 wbole or in part at times, on notice and at
premiums, as may be determined by the directors at the time o f issue.
The bonds o f 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 are to be applied as follows:
In respect of existing securities dealt with under the plan, for
settlement of secured claims, or for other reorganization
purposes__________________________________________________ $51,973,756
To be offered to stockholders________________________________ 5,526.244
T o be issued or reserved for issue under such regulations and
restrictions as the Reorganization Managers may determine,
and as shall be set forth in the adjustment mortgage, to a
principal amount equal to that part in respect o f which prior
lien mortgage bonds shall not be issued or the entire cost of
new equipment, improvements, betterments and additions
constructed or acquired by the new company or some sub­
sidiary company, the cost o f construction by the new company
or some subsidiary company o f new mileage or the cost o f the
acquisition by the new company or some sub. co. o f other lines
o f railroad or stocks or bonds representative thereof________ 42,500,000
$ 100,000,000
The adjustment mortgage bonds presently to be issued and delivered
under the plan will be of series A 5% ranking for interest from Jan. 1 1922.
maturing Jan. l 1967, redeemable in whole or in part at par and accrued
int. and convertible prior to Jan. 1 1932 into pref. stock series A 7% , at the
rate o f 10 shares for each $1,000 bonds with adjustment of int. and div.
Preferred Stock.— The preferred stock will be authorized to the amount
o f $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 dividends at such rate, not exceeding 8% per annum, as may be
determined by the directors and any series may be made redeemable in
whole or in part on such terms, on such notice and at such premium, if
any, as may be determined by the directors and be stated in the certificates
therefor. Dividends will be cumulative from and after Jan. 1 1928 or later
issue. In the event of any liquidation, dissolution or winding up, whether
voluntary or involuntary, the holders of the preferred stock shall be en­




79

RAILW AY STOCKS AND BONDS
When
Payable

J
J
J
J

&
&
&
&

J
J
J
J

Last Dividend Places Where Interest and
Dividends are Payable
and M aturity

Jan
Jan
Jan
Jan

1
1
1
1

1962
1962
1932
1967

New York
do
do
do
do
Apr. 1 ’24 paid 2 Yi%

J Sc 3 July 1924
5
J & J15 T o Jan 15 1935
6
6
J & J 15 T o July 1 1936
5H g J Sc D Dec 1 1932
4
4
5
5
4

g
g
g
g
g

J
F
M
M
M

&
&
&
&
&

D
A
N
N
N

June
Aug
M ay
N ov
N ov

1
1
1
1
1

1990
1990
1942
1940
1951

61 Broadway, New York
do
do
do
do
do
do
do
do

titled to be paid in full out of the assets o f the company $100 per share of
their stock and all arrears in cumulative dividends, before any amount
shall be paid out o f said assets to the holders of the common stock, but they
shall not be entitled to any other or further distribution of assets. Pro­
vision is to be made that no additional mortgage is to be put on the property
becoming vested in the new company pursuant to the plan except with the
consent of the holders o f a majority or such part o f the preferred stock at
the time outstanding.
The preferred stock is to be applied and reserved as follows:
In respect o f existing securities dealt with under the plan, for
settlement o f secured debt or for other reorganization
purposes---------------------------------------------------------- ------------------ $24,500,000
To be issued or reserved for conversion o f adjustment mort­
gage bonds and for future issue for corporate purposes______ 175.500,000
$ 200 , 000,000

The pref. stock issued in the reorganization is series A, carrying divs. at
the rate of 7% per annum, and redeemable in whole or in part at $110 per
share and all arrears in cumulative dividends thereon.
Common Stock.— The common stock will be authorized to an amount not
exceeding 2,500,000 shares, without nominal or par value. The common
stock is to be applied and reserved as follows:
In respect o f existing securities dealt with under the plan,
for settlement o f secured debt, or for other reorganiza­
20,322shares
tion purposes________________________________________________
To be offered to stockholders___________________________________ 762,833shares
To be issued or reserved for future Issue for corporate
purposes____________________________________________________ -1,716,845 shares
2,500,000 shares
Basis o f Exchange.
Each $1,000 Principal Amount of Existing Securities
to Receive.
Prior Hen Prior Lien Adjustm't Preferred Common
Mtge.Bds. Mtge.Bds. Mtge.Bis.
Stock
Stock
Existing Securities—
Ser.A5%. Ser.B 4%. Ser.A5%. Series A.tNo.ofSh.)
Mo. Kan. & Texas Ry. Co.—
alstM.4%gold bds. June 1’90
$500
..........
$500
2d M. 4% gold bds. June 1 ’ 90
___ $1,192 50
$64 16
1st * ref. M. 4% gold bonds
Sept. 1 2004......................
600
250
503 33
Gen. M. 4Ji% sinking fund
gold bonds Jan. 1 1930___
250
73 13
719 37
2-yr. sec. gold notes May 1 T6
350
525
525
1st M. extension 5% gold
bonds Nov. 11944_______
___
666 67 1 2-3shsSt. Louis Div. 1st M. ref. 4%
gold bonds April 12001___
___
750 2H shs.
The Kansas City * Pacific RR Co —
b 1st M. 4% g. bds. Aug. 1 ’90
SC
O
600
Missouri Kansas & Oklahoma RR. Co.—
c 1st M. 5% g. bds. May 1 ’42
1,000
The Missouri Kansas & Eastern Ry. Co.—
537 50
1st M. 6% g. bds. Apr. 1 ’42750
2d M. 5% g. bds. Apr. 1'42.
___
656 25 1 9-16sh.
500
The Missouri Kansas & Texas Ry. Co. of Texas—
1st M. 5% g. bds. Sept. 1 ’42
750
641 67
The Dallas * Waco Ry. Co.—
dlst M.5% g.bds. Nov. 1 '40
1,000
The Wichita Falls & Northwestern Ry. Co.—
1st M. 5% g. bds. Jan. 1 ’39.
1,200
— .......
1st lien col. tr. 5% gold bonds
Jan. 1 1925 ......................
500
675
—
1st & ref. M .5% gold bonds
Jan. 1 1940........................
812 50
250
—
187 50
Southwestern Coal A Impt. Co.—
1st M. 6% tr. bds. July 1 ’29
500
—
890
The Boonville RR. Bridge Co.—
e 1st M .4% g. bds. Nov. 1 ’61
1,000
Missouri Kansas & Texas Ry. Co.-IT’ "
Pref. stock (per 10 shares), on
•
payment of $20 a share___
60
—
___ 10 shares
Com. stock (per 10 shares), on
•
payment of $25 a share___
—
75
___ 10 shares
Also receives cash payment as follows: a $23.33; b $36.67; c $33.33;
d $33.33; e $26.67.
* Preferred stock receives $140 and common stock $176 In prior lien
series “ O” 6% bonds.
Bonds & Notes not Dealt with Under the Plan.— Missouri Kansas Sc
Texas R y. equipment trust notes; the Missouri Kansas S Texas R y. Oo.
c
o f Texas equipment trust notes; Texas Central R R . Co. first mortgage
gold bonds; Katy Office Building Oo. first mortgage serial gold bonds; San
Antonio Belt & Terminal R y. C o. first mortgage gold notes.
Properties Not Included in the Reorganization.— It Is the intention o f the
Reorganization Managers not to include in the reorganization the proper­
ties covered by the mortgages securing the bonds listed below, but provision
may be made under the plan for the settlement o f any obligation o f Missouri
Kansas & Texas R y. Co. or o f the Missouri Kansas & Texas R y. Oo. o f
Texas in respect of guaranteed or assumed bonds; Texas & Oklahoma
RR. Co. first mortgage 5% gold bonds; the Sherman Shreveport & Southern
Ry. Co. 1st mtge. 5% gold bonds (for plan regarding these bonds see V .
115, p. 646); Beaumont & Great Northern R R . Co. 1st mtge. 5% gold
bonds: Houston & Brazos Valley R y. Co. 1st mtge. 5% gold bonds. For
treatment of these bonds, compare V. 115, p. 436; V. il6 , p. 1761.
Sale of detached lines, V. 114, p. 1534.
Companies the Capital Stock of Which is to be Acquired by New Company.
Stock
Par Value to
Name of Company—
Outstanding. Be Acquired.
Missouri-Kansas-Texas R R . Co. of Texas_______ $1,400,000 $1,400,000
Texas Central RR. preferred stock_______________ 1,325,000
1,310,000
do
common stock______________________
2,675,000
2,672,300
Boonville R R . Bridge C o_______________________
1,000,000
1, 000,000
Wichita Falls R y. C o ___________________________
20,000
20,000
Wichita Falls & Northwestern R y. Co. of T exas..
20,000
20,000
Withita Falls & Wellington Ry. Co. of Texas____
15,000
15.000
Missouri Kansas & Texas Terminal Co. of St. Louis
100,000
100,000
San Antonio Belt & Terminal R y. C o___________
117,400
117,400
Joplin Union Depot C o_________________________
40,000
10.000
Terminal R R . Association of St. Louis__________
3,087,800
205,800
Missouri & Illiniois Bridge & Belt R R __________
34,000
13,000
Union Terminal Co. (Dallas)___________________
48,000
6,000
Galveston Houston & Henderson R R ___________
1,000,000
500,000
Guaranty San Antonio Belt & Terminal R y ., see that company below
and V. 108, p. 1061.
Government 6% loan, $4,750,000, due March 1 1930.

80




RAILW AY STOCKS AND BONDS

[V ol. 118.

M ay , 1924.]




RAILW AY STOCKS AND BONDS

81

82

RAILW AY STOCKS AKD BONDS

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

Wo & N Ark Ry— Stock---------------------------------U S Govt loan-------------------------------------------■Utourl Pacific RR—
Common stock (auth $200,000,000)-------------Praf stock 5% convert cum 1918 call 107 H —
First A Ref Mtge gold------------------------------Q - —
Series A callable 107 H & ln t........ ................. — y

Miles Dale
Road Bonds

...
—

Par
Value

Amount
Outstanding

1922

500 Ac 24,238,000
500 Ac 9,044,000
500 Ac 29,899,000

1,000
1920
about $693,400 yearly---------------------------------Qc'
1,000
1923
Equip tr ctfs ser “ B ” due $266,000 yearly____ xxxc’
500 Ac
Gen M $53,000,000 g call par aftMchl'21 Bayc*Ar* 6.738 1917
(1) Missouri Pacific Railway Securities Outstanding
1,000
285 1868
Paonc RR of Missouri 1st M ext in 1887 gold. Bazz
1,000
1871
Second mtge ext In 1891 In gold St L to K O.xc*
500 Ac
1872
First mtge St Louis real estate ext in 1892 gold.x
13 1873 500 Ac
Sc 1 (end) ext 1893
First mtge Caron Br g
1876
1,000
' 83. p 492,1348) Ce.s
Third M ext 1896 red '
1,000
1914
Equip notes series 3 gold $14,000 s-a
1,000
1921
Equip trust ctf Ser A due $153,000 yrly.-C P.xxxc*
1,000
84 1886
Verdigris Val Indep Sc W 1st M g guar-------(2) Former St. Louis Iron M t. A So., A c .—
1,000
Gen Cons S L’d Gr’t Mtge ($45,000,000) g Ba-xc* 1,497 ’81-’87
c
1,000
612 1899
Unifying A Refund M gold $40,000,000-Mip-xc*Ar
772 1903 1,000AO
River & Gulf Divs 1st M $50,000,000 g-Ba.xc*Ar*
1,000
57 1899
Little Rock & Hot Sp W 1st M g. assumed— SStxxx
1.000
1914
Iron M t car trusts Her 4 $20,000 due seml-ann.-zz
$100
Mobile & Birmingham RR— Pref stock ($900,000)-----150 1895 200. 1000
Prior lien gold $600,000-----------------------------Ce.o
150 1895 200. 1000
First mortgage $1.200.000--------------------------Ba.o

UW
B

B onds o f Old C om pany U nexchanged ( See table at head o f pa ge ).— The M . K .
A T . Ry. 1st mtge. bonds, due 1990 (abstracts in V . 51, p. 495) cover,
besides right to land grant, 1,599 miles of road, including line Hannibal.
M o., to Boggy Tank (except 71 miles trackage), sundry branches, and
Sherman, Shreveport & Southern.
ANNUAL R E PO RT.— Report for 1923, in V. 118, p. 2202, showed:
1923.
1922.
3,359.76
3,737.46
Average mileage operated________________________
_
_

F r e ig h t.-..______________________________________$39,791,215 $39,198,401
Passenger
_ ____________________ 11,295,456 10,958,412
_____________________
1,221,101
1,241,950
Mail
'
Express'-'” : ____________________________________
2,181,233 2,130,756
Miscellaneous___________________________________
637,147
620,381
Incidental_______________________________________
788,634
710,075
Joint facility____________________________________
73,132
175,727
Total operating revenue_______________________ $55,987,918 $55,035,702
O perating E xpen ses—-

Maintenance o f "Way & structures________________ $7,393,307
Maintenance o f equipment______________________ 14,636,724
1,151,353
Traffic expenses________________________________
Transportation expenses_________________________ 18,380,268
Miscellaneous operations_______________________
362,232
General expenses_______________________________
2,053,373
Transportation for Investment— C r_____________
348,939

,237,276
,548,094
,041,435
,780,007
337,509
,023,709
284,331

$43,628,318 $39,683,701

Uncollectible railway revenue.

$12,359,599 $15,352,000
. $2,587,461 $2,926,376
31,354
26,091
. $2,613,552

Total operating income .

$2,957,731

. $9,746,046 $12,394,269
. 1,953,603
999,571
$11,699,649 $13,393,840
. $1,517,981 $2,565,652
4,901,846
. 4,781,974
2,791,013
. 2,791,013

Balance, surplus______________________________ $2,608,681
$3,135,329
Note.— lnt. deductions are based on securities o f reorganized company.
For latest earnings, see "Railway Earnings Section" (issued monthly).
OFFICERS.— Henry Ruhlender, Chairman, New York; C. E. Schaff.
Pres.; C. N . Whitehead, Executive Vice-Pres. and C. Haile, Yice-Pres. in
charge of traffic, St. Louis; W. M . Whitenton, Vice-Pres. in charge of opera­
tion, Dallas; Francis F. Randolph, Vice-Pres., New York; Joseph M .
Bryson, General Counsel, St. Louis; A. C. Rearick, Counsel, New York;
J. G. Livengood, Comptroller; F. Johnson, Treas.; E. W . Peabody, Sec.,
St. Louis. Offices, 61 Broadway, New York, and Railway Exchange
Bldg., St. Louis.— (V. 118, p. 2175.)
MISSOURI & NORTH ARKANSAS R Y . CO.— Joplin, M o., to Helena,
Ark., 364.57 miles, o f which Neosho M o., to Joplin, 19 m ., and Seligman,
M o., to Wayne, 9 m ., are trackage. V . 86, p. 168; V. 82, p. 569, 1269;
V. 83, p. 39.
Succeeded the Missouri & North Arkansas R R ., which was sold at re­
ceiver’s sale in April 1922. Operations were resumed April 24 1922.
EARN IN G S.—
Gross
Net after
Other
Interest, Balance.
Yearsending—
Earnings.
Taxes.
Income. Rents. A c . Surplus.
1923_________________ $1,509,848 $207,784 $12,784 $307,847def$87,307
1 9 2 2 --.......... - .............. $753,508 $149,676
$4,301 $154,519 d ef$l,723
1921
_____ _________ $66 l,973def$461.779
............................
...........
1920 ________________ 2,115,211 defl93,705 308,091 208,495 def94.109
For latest earnings, see “ Railway Earnings Section" (issued monthly).
OFFICERS.— Pres., Charles Gilbert, St. Louis; V.-Pres. & Gen. M gr.,
J. C. Murray, Harrison, Ark.; Sec. & Treas., J. M . McGaughey.— (V.
117, p. 2890.)
MISSOURI PACIFIC R R . CO.— Operates an important system extend­
ing from St. Louis, M o., to Omaha, N eb., and Pueblo, Colo., via Kansas
City, M o., and also to Texarkana, Ark., Lake Charles, La., and Johnston
City, HI. Owns 6,840 miles o f first main track, o f which 6,824 miles are
operated, biz.:
Missouri_____ 1,444 m. IColorado_________ 152 m. |
Louisiana______556 m.
Kansas______ 2,213 m. IIllinois__________ 194 m. Oklahoma______162 m.
Nebraska____ 349 m. IArkansas______ 1,754 m .)
Also has leased lines and trackage rights aggregating 540 miles, making
the total miles of main track Dec. 31 1923, 7,364. The trackage includes
193 miles of Tex. Pac. Ry. in Louisiana affording entrance to New Orleans.
ORGAN IZATION.— Incorp. in Missouri March 5 1917 and about June 1
succeeded to the properties o f M o. Pac. R y. and its subsidiary, the St.Louis
Iron M t., foreclosed per plan in V. 101. p. 130; V. 103, p. 406 , 493 , 579;
V. 104. p. 863.1899. (As to K. O. & N . W. R R .. see V. 104. p. 1591,2010.)
The Missouri Pacific R R . Co. on Dec. 31 1922 owned 86,200 shares of
common stock o f the Denver & Rio Grande R R . Under the terms of a
reorganization plan for the Denver & Rio Grande Western R R ., the Missouri
Pacific is to acquire from the Western Pacific R R . Corp. for $9,000,000
one-half o f the common stock o f the new company. For details of plan,
see Denver & Rio Grande Western R R . Also owned Dec. 31 1923 $10,000,000 stock, $23,703,000 2d M . bonds and $2,979,420 overdue notes of the
Texas & Pacific R v. The 2nd Mtge. bonds are pledged as part security for
the Unifying & Ref. Mtge. 4s o f the former St. L. Iron M tn. & Sou. R y. Co.
Official statement as to properties, securities. Ac. V. 105, p. 498, 1802.




W hen

Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 82,839,500
100 71.800.100

6,733 1917
6,738 1917
6,738 1919

O perating R evenue—

%

$100 $3,000,000
3,500,000

—

Rate

[V ol. 118.

8,320,800
3,990,000
51.350.000
6,996,000
2,573,000
800.000
237,500
3,828.000
14,000
1,836,000
806,000
42,874.000
30,551,000
34,548,000
1,140,000
20,000
$900,000
600.000
1.200.000

A

fig

i‘
6g
4g

&

O 1937

St Louis Un Tr Co, St L

& A Feb 1 1965
A A Aug 11926
A A Feb 1 1949

Go’s office,120 Bway.NY
do
do
do
do

J A J To Jan. 15 1935 Guaranty Trust Co, N Y
M & N To Nov 1 1938 New York
M A S Mar 11975
Co’s office,120Bway.NY

4g
5g
M A
fig
4H g A A
M A
4
J &
fig
F &
M A
fig

Aug 1 1938
Co’s office, 120 Bway.NY
July 1 1938
do
do
M ayl 1938
do
do
Oct 1 1938
do
do
July 1 1938
do
do
Dec 1924
Girard Trust Co. Phlla
Feb 1 ’25 to ’36 Co’s off., 120 B ’way, NY
Go’s office,120 Bway.NY
Mar 1 1926

fig
4g
4g
4g
8
4
fig
4

do
do
Apr 11931
July 1 1929
do
do
Co office. 120 B'way.NY
May 1 1933
St Louis Union Tr Co
July 1 1939
Girard Trust Co. Phlla
Dec 1924
July 1 1924 2% JPMorgan &Co, N Y , &Lon
J P Morgan & Co. N Y
July 1 1945
do
do
July 1 1945

M A
3 A

OLD BONDS, ALL ISSUES.— See issue of June 26 1915. Remnants
of three old bond issues included in plan of reorganization are still being ex­
changed under terms of plan, viz.. Central Branch Ry. 1st 4s and Lexing­
ton Div. 5s and Central Branch Un. Pac. 1st Mtge. 4s. V. 105, p. 498.
STOCK.— The new stock issues (compare V. 101, p. 131) embrace:
(1) New Convertible 5% Pref. Stock (p. A d.)— Cumulative from June 30
1918- Convertible at holders' option at par Into common stock at par,
subject to adjustment of dividends. Callable by company as an entire
Issue at 107H % and div., subject to conversion privilege. Full voting
power. Authorized. $100,060,000.
(2) New Common Stock, auth.. $200,000,000; issued, $82,839,500.
BONDS— First A Ref. Mtge. Bonds— Total issue. Including amounts
reserved for refunding, improvements, extensions, Ac., under restrictions;
is limited (except with further consent of a majority In amount of the stock,
holders) to $450,000,000 and further limited so that the total at any timeincluding amounts reserved for refunding bonds and equipment trusts
(together aggregating $135,945,500 In June 1917, exclusive of the equipment
trusts maturing prior to July 1 1918, which were provided for under plan),
shall never exceed three times the capital stock at the time outstanding,
nor shall issues above $450,000,000 exceed 80% of the expenditures for Im­
provements and additions.
First main track upon which First A Ref. M . is a first lien, 3,302 miles;
2d lien, 1,712 miles; 3d lien, 1,439 miles; 4th lien, 286 miles; total 6,739
miles; and all mileage hereafter built or purchased with these bonds:
First and Refunding Mtge. bonds outstanding as of Dec. 31 1923:
Series A, 5 % . due Feb. 1 1965______________________________ $24,238,000
Series O, 5% , due Aug. 1 1926______________________________ 9,044,000
SeriesD, 6 % , due Feb. 1 1949______________________________ 29,899,000
(2) General Mortgage Bonds— Total authorized, $53,000,000. to bear 4%
lnt. and mature 1975, but redeemable as a whole (but not In part) at par
and lnt. on and after March 1 1921. A junior lien upon all property at any
time subject to the new First and Refunding Mortgage.
$51,350,000 were issued to the Reorganization Managers In 1917 for dis­
tribution under Plan and Agreement of Reorganiztion of the Missouri Pa­
cific Ry. Co. and St. Louis Iron Mountain & Southern Ry. Co.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3, and V. 114, p. 410.
Equipment trust certificates. Series “ B ,” V. 117, p. 1884.
Government loan. V. I l l , p. 792, 1566, 2229; V. 112, p. 372.
RE PO RT.— For 1923, in V. 118, p. 2066, showed:
1922.
1921.
1923.
1920.
Average mileage operated 7,235.72
7,261.78
7,300.36
7,299.86
O perating R evenues—
$
$
$
$
Freight------------------------ 85,961,414 73,918,551 81,660,401 86,538,825
Passenger_____________ 18,970,393 16,898,650 19,240,495 21,948,499
M a il__________________ 2,854,093
2,631,406
3,342,350
3,965,922
Express________________ 2,882,702
3,174,580
2,124,735
2,822,557
Miscellaneous_________ 2,006,868
1,917,157
1,807,729
1,698,815
Incidental_____________
1,707,280
1,182,925
1,257,275
1,649,034
Joint facility__________
225,196
198,061
312,087
97,777
Total ry. oper. revs_-114,607,948
O perating E xpenses—

99,921,331 109,745,072 118,721,428

Maint. of way and struc. 16,464,182
Maintenance of equip’t - 30,324,816
T ra ffic ________________ 2,019,098
Transportat’n— Rail line 45,101,683
Miscell. operations_____
873,278
General________________ 3,385,243
Transp. for invest.— Cr.
228,335

17,282,957
20,996,699
1,841,419
41,152,481
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-. 97,939,966
Total operating income. 12,185,417

84,658,915
11,206,433

92,042,456 113,319,939
13,364,877 def.705,371

Gross income_________ 16 332,478

14,493,800

19,300,143

19,191,438

Hire of fg t. cars-debt bal. 1 893,376
Rent for locomotives_
_
245,038
Rent for pass, train cars.
304,422
Rent for floating equip. _
255
Rent for work equipment
52,739
Joint facility rents_____ 1 541,884
Rent for leased roads_
_
163,469
Miscellaneous rents___
42,944
Miscell. tax accruals___
20,396
Separately oper. prop .-lo s s
62,696
lnt. on funded debt___ 11 815,499
lnt. on unfunded debt_.
19,039
Maint. of inv. organiz’n .
Miscell. income charges.
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

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

110,282

2,416,681

2,664,672
123,809
148,989
3,475
66,741
1,717,841
2,004,840
48,343
19,516
21,885
10,541,851
240,460
32,605
15,753,208

D eductions—

24,748,467
29,765,655
1,865,360
53,176,076
653,449
3,244,029
133,096

Total deductions_____ 16,211,132 15,907,512 18,320,220 33,388,237
Net income___________
121,346defl ,413,712
979,923defl4196,799
OFFICERS.— B. F. Bush, Chairman; L. W . Baldwin, Pres.; J. G. Drew,
F. J. Shepard, E. J. White, C. E. Perkins, John M . Egan, V.-Ps.; O. B.
Huntsman, V .-P., Asst. Sec. & Asst. Treas.; H. L. Utter, Sec.-Treas.
D IRECTO 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. Lonsadle and
B. F. Bush, St. Louis; Charles E. Ingersoll, Philadelphia; R. Lancaster
Williams, Baltimore; William T . Kemper, Kansas City; James W . Gardiner,
Lake Charles; L. W . Baldwin, St. Louis; G. W . Niedringhaus, St. Louis.
New York office, 120 Broadway.— (V. 118, p. 2437.)
MOBILE & BIRMINGHAM RR.— (See Map Southern Ry.)— Mobile to
Marlon Junction, Ala., with branches, 150 miles. Leased to Southern Ry.
from March 1 1899 for 99 years, the latter agreeing to meet the Interest on
bonds and to guarantee a dividend on the 5900,000 pref. stock of 1% for
flrst year, 2% for second year, 3% for third year and 4% for fourtb year

M ay , 1924.]

83

BAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Amount
Outstanding

Par
Value

$100
First M Mobile to Columbus (principal gold)--F.so*
471 1879
500 &c
First M exten Columbus to Cairo S branch g_.F.zc
o
1,000
525 1883
General mtge for $10,500,000 (now gold) s f.F.zo*
500 &o
525 1888
Montgom Div 1st M $4,000,000 g(V66,p 1045)Ce.zc*
189 1897
1,000
Mobile & B Sh 1st M $200,000 assumed gold.F.zo*
500 See
46 1899
M Sc O St Louis DivM $3.000.000gred 10234 Cexc*
1.000
15S 1913
St Louis & Cairo 1st M gold assumed_________ _xc
500 &c
15! 1886
Equip tr Ser “ H” $50,000 s-a, last 3 $53.000.Ba.y
1914
1,000
1916
do Ser “J” due s-a $47,000 Dec, $48,000 J’ne Ce
1.000
do
(Govt) due $40,500 annually___________
1920
1,000
do
due $36,000 annually_________________
1922
1,000
do
ser “L” due $54,000 s a. ______________ Ce
1,000
1923
do
Series " M ” due $112,000 ann _____ Ce.c*
1,000
1924
Mobile Terminal & Ry— See Ala Tenn Sc Nor R y ...
Mohawk & Malone— 8ee New York Cent & H R RR.
Monongahela Ry— 1st & Ref. M . $15.000.000 gU Pi
1.000
1917
Monongahela RR 1st M $1,500,000 joint guar____k
1.000
37 1902
Monongahela Southern RR— See U S Steel Corp un der In dustria is below.
Monongahela River RR— Bonds— See B & O RR
1,000
Montana Wyom & Sou— 1st Mgred 110 text..Emxo*
33 1909
Montgomery & Erie Ry— 1st M (old 7s extended ln’86)
1.000
1866
1,000
MontourRR— lstMg$2,750,000redl05sfteXtUP.xc*
57 1913
Equipment bonds, see text.
1.000
Morehead & Nor Fork— 1st M g trust Clearf Tr Co.x 27.91 1908
50
Morris & Essex— Stock 7J4% guaranteed D L &
1st Ref M g $35,000,000 gu p Sc 1__________ F.xc*&r
1,000
119 1900
100
fllorri* & Essex Extension Co.— Stock guar 4 % ____
2
l.OOOj
Morristown & Erie— First M $300,000 g s f red par..
13 1903
50
Mt Carbon & Port C RR — Stock (rental guar) text_
_
Mount Hood RR— 1st M $500,000 _______________
’07-’l l
Mt Royal Tunnel & Term— 1st M rent charge.. . .
1914 £100. &c
100 &c
Muscatine Burlington & So— 1st Mtge $750,000CC
1919
Ten-year Mtge debentures $100,000____________
1916
Muskegon Grand Rapids & Indiana— See Grand R aplds S Indi ana.
c

Rate
%

$3,016,800
7,000,000
1,000,000
9.471,000
4,000.000
200,000
2,500,000
4.000.000
53,000
189,000
445.500
324,000
1,492.000
1,678,000

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

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Dec 29 1923 334
J & D Deo 1 1927
Q —Jan July 1 1927
o
M S S Sept 1 1938
F & A Feb 1 1947
M & N May 1 1949
J S D Dec 1 1927
c
o
J S .1 Jan 1 1931
J & J 15 July 1924
J S D Dec ’24-June’26
c
J & J Jan 15 ’25 to ’35
J & J July 1 ’24 to ’32
M & S Sept'24-Mar ’38
J & J to Jan 1 1939

5.000,000
1.093.000

434 g J
334 g A

835,000
130,000
2.027.000

5f
5
5g

373,000
15,000.000
35.000,000
221,000
206,000
282,350
500,000
t2 .153.013
517.800
52,100

5g
7H
334g
4
6g
5
6
5
6
6

Farmers L S Tr Co, N >
o
do
do
Hanover Nat Bank, N 7
do
do
First Nat Bk, Mobile. Ala
Hanover Nat Bk. N I
Farmers Loan S Tr. N V
o
Bankers Tr Co. N Y
Central Un T Co. N Y
Guaranty Trust Co. N Y
Amer Loco Co, N Y
Central Un Tr Co, N Y
New York

S J Jan. 1 1967
c
S o Got 1 1942
t

Treas. office, Pittsb. Pa

M S S Sept 1 1939
o
o
M S N May 1 1926
F S A Feb 1 1963
c

Empire Tr Co. N Y
Goshen, N Y
Union Tr Co, Pittsburgh

F
J

Clearfield (Pa) Trust Oo
Del Lack S Western; NY
o
Del Lack Sc West. N )
do
do
Brooklyn Trust Go, N \
Reading Terminal. Phila
Ogden (Utah) Sav Bank

S
o
S
o
S
o
M S
o
M &
o
J S
J S
o
A &
J
S
c
J S
c
J

A Feb 1 1958
J Jan 21924 4 M
D Dec 1 2000
N M ay 1 1924 2%
S Sept 1 1933
J Jan 15 1924 234
J Jan 1 1927
o Apr 15 1970
J July 1 1924
J July 1 1926

Oont & O Tr Sc 8 Bk. Oh
Am Tr Oo, Davenport.Ia

t Additional amount pledged.

and thereafter. Of the $900,000 common stock, $880,400 Is owned by
Southern R y., and voting power on pref. assigned to Southern B y. during
lease. V. 68, p. 429, 1134; V . 69, p. 391: V. 71. p. 1013.— (V. 72. p. 1370
MOBILE & OHIO R R .— Owns from Mobile, Alabama, to Bast Cairo
K y .. 490 m .; Cairo to East St. Louis, 148 m .. with branch to
Mlllstadt. 7 m.; Montgomery Division, Artesia, Miss., to Mont*
gomery, Ala., 166 m.: Mobile & Bay Shore branch, 38 m.; other branches,
73 miles; total owned, 922 miles; Warrior Southern R y. (all stock and bonds
owned), 14 m .; trackage rights, 191 miles; operated under agreement
Okolona to Calhoun City, Miss., 38 miles; total operated, 1,165 miles.
Valuation, V. 113, p. 1540.
STOCK.— Stock authorized, $10,000,000; outstanding, $6,016,800; par
$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 J’ 13-’ 14. ’ 14-’ 15. '15-’ 16. ’ 16-T7. 18. ’ 19 ’20. ’21. ’22. ’23
Per c e n t ------\ 4
4
4
4
4 4 4
4
4 7
The Southern Railway has acquired $8,356,000 of the $9,471,000
general 4s and $5,670,200 of the $6,016,800 stock, issuing, $ for $, Its col­
lateral trust 4% gold bonds In exchange for the M. & O. general 4s, seoured
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 mortoage o f 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. Louis Sc Cairo 1st M . 4s, due Jan. 1931, the latter o f which have
been assumed. V . 96. p. 554, 1022, 1365,1773, 1840, and V . 70, p. 532.
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. p. 253.
Equipment bonds, series “ J ,” V. 102, p. 1718; series “ L ,” V. 116, p. 721.
V. 117, p. 2770.
Guaranteed bonds: Warrior Southern R y. 1st 4s o f 1903 (all owned),
$603,000; Meridan 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.
R EPO RT.— For 1922, in V. 117, p. 1556, and 1659, showed:
Calendar Years—
1922.
1921.
1920.
1919.
Total oper. revenue-----$17,878,005 $18,190,180 $19,057,874 $15,636,715
Federal compensation..
a481,982
2,597,478
Net over taxes_________ 3,280,909
1,325,983 d e fl,748,866 def995,911
Net, incl. other income. 3,372,558
2,289,054
2,688,622
2,685,301
Interest, rentals, &e____ 2,353,597
2,087,348
3,069,598
1,672,294
Dividend paid ( 4 % )..
240,672
240,672
240,672
240,672
Additions & betterments

sinking tuna of $55,000 yearly. Issue o f 1916 guar, by Pittsburgh Coal Co.>
due $20,000 yearly Jan. 1 1925 to 1926, $40,000. For year ended Dec. 31
1922, gross, $1,138,757; net, $132,382; total income, $300,087; fixed charges,
$122,378; bal., sur., $177,709.
For latest earnings, see Railway Earnings Section” (issued monthly).
— (V. 110, p. 2388.)
MOREHEAD & NO. FORK R R .— Morehead to Redwlne, K y .t 24.44
m.; 3.47 m. branch. Stock, auth.. $500,000; out. $260,600; par. $100
Bonds, see table above. For year ending Dec. 31 1922, gross, $92,923; net
operating income, def., $9,325; other income, $2,579; interest, rentals, &c.,
$19,784; bal., def., $26,529. Pres., A . W . Lee, Clearfield, Pa.; Sec. S
c
Treas., John W . Wrigley, Clearfield. Pa.
MORGAN’ S LOUISIANA & TEXAS RR. & STEAMSHIP CO.— (See Map
of Southern Pacific.)— ROAD.— Owns Algiers to Cheneyvllle, 205 miles;
branches. 119 m.; extensions to Port Allen, La., A c.. 53 m.; trackage to
Alexandria, &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 o f 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 1923. none.
In 1923, gross, $9,147,416; net operating income, $234,154; other income,
$99,228; deductions, $569,176; bal., def., $235,793. For latest earnings,
see “ Railway Earnings Section” (issued m onthly).— (V. 116, p. 1760.)
M ORRIS & ESSEX R R .— Owns from Hoboken, N . J., with important
terminal facilities on N . Y . Harbor, to Phillipsburg, N . J., 85 miles; branchDenville to Hoboken, N . J., 34 miles; leases, 38 miles; total oper., 157 miles.
Leased Dec. 10 1868 in perpetuity to Del. Lack. S West., which guaran
c
teed 7% per ann. on stock and, contingently, 1% extra. In M ay 1917.
following some litigation, it was agreed that in future the dividends under
the lease should be fixed at 7 M % , payable unconditionally, the additional
rental (*A%) for year 1916 to be paid on July 1 1917. and for subsequent
years on each succeeding Jan. 1, respectively. See V. 104, p. 2118.—
(V. 117, p. 87.)
M ORRISTOW N & ERIE R R .— Owns Morristown. N . J.. to Essex
Fells, N . J., 10.64 miles; 2 branches. 2.32 m ., total 12.96 m. Stock.
$400,000; par, $100. Bonds, see table. In 1923, gross, $169,433; net,
$44,228; interest, rentals, &c., $32,302; bal., $12,439 (before deducting
dividends o f 2 % ). Pres., R . W . McEwan, Whippany, 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 M ar. 1910 at 5% on stock, taxes, See. (V . 89, p. 42.)
MOUNT HOOD R R .— Hood River to Dee, Ore.. 16.4 miles. Stock
$250,000: par, $100. Bonds, see table. Pres., W . H Eccles. Dee, Ore ;
Sec. S Treas., H. H. Rolapp, Ogden. Utah.
c

Balance, surplus------$778,289 def$38,966 def$361,648
$772,335
a For 2 months.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Fairfax Harrison.— (V. 118, p. 202.)
"M O N O N ."— See Chicago Indianapolis S Louisville R y.
c
MONONQAHELA RA ILW A Y CO.— Brownsville Jet., Pa. (connection
with Penn. R R . and Pitts. & Lake Erie R R .) to Fairmont, W. Va., 69 miles,
with branches aggregating 38 miles. In N ov. 1915 operations extended
from Penn.-W. Va. State line to Fairmont, W. Va., 33 m. A consolidation
July 1 1915. See Pitts. & L. E. report, V. 102, p. 1535; V. 106, p. 2003.
Stock authorized. $10,000,000; par, $50.
Outstanding. $5,000,000.
o f which Pittsburgh Sc Lake Erie (N. Y . Central System) owned $2,500,000
and Penn. R R . Co. $2,500,000 on Dec. 31 1923. First & ref. mtge. bonds
o f 1917 auth. $15,OOO,0OO; issued in 1917 to company in N . Y . Central and
Pennsylvania systems in settlement o f outstanding notes, &c., $4,584,000.
V. 106, p. 2011. A so fD e c .3 1 1923, Pennsylvania R R . Co. owned $2,500,000 o f outstanding bonds. Pitts. & L. E. and Pittsb. Va. & Charleston
(Penn. R R .) guarantee the 3 Ms.
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
Ohurch, Sec., Pittsburgh.— (V. 118, p. 551.)
MONONQAHELA 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 . o f Pennsylvania).
STOCK.— Auth. and outstanding, $3,000,000; par, $50, all owned 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 Creek, 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. 103, p. 1210; V. 105, p. 1309; V. 108,
p. 973.)
MONTGOMERY & E. RY.— (See Map Erie RR.)— Owns Montgomery
to Goshen, N. Y ., 10 miles. Leased In 1872 to Erie R R . Rental now
$16,000 per an. Stock, $150,000. Divs. (4)4% per an.) paid M ay 10 and
N ov. 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 Mifflin Yards of Bessemer
tc Lake Erie R R . and branches, 51 miles. In Oct. 1918 the Northern Mon­
tour R R . C o., with $350,000 o f 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, $723,4)00; redeem, at 105 as a whole on and after Feb. 1 1924, or at 102M for a

MOUNT ROYAL TUNNEL & TERMINAL CO.— A constituent com ­
pany of the Canadian Northern R y. system, owning tunnel opened for traffic
Oct. 21 1918 through Mount Royal affording access to terminaij at M on­
treal. V. 105. p. 1209. Cost to April 30 1917, V. 105. p. 1209.
Present bond Issue was limited (V. 103, p. 1889) to $20,000,000 till
the $1,750,000 certain Can. Nor. R y. 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 M % beginning in 1920). Trustee, British
Empire Trust C o., Ltd. On Dec. 31 1922 $2,004,580 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 R y., the Canadian Northern Ontario R y. and
the Canadian Northern Quebec R y. are included in their operating expenses
and thus rank ahead of their other fixed charges. V. 103, p. 1210: VT 102 .
n. 1987. Capital stock. $5,000,000, owned by Can. Nor. R y. Sec.. R . P.
Ormsby, Montreal.— (V. 104, p. 164, 1801; V. 105, p. 1209.)
MUSCATINE BURLINGTON & SOUTHERN R R .— Muscatine. Iowa,
to Buillngton. 53 9 miles. This Includes 4.6 miles trackage, the company
owning a parallel right of way on 4 miles. V. 80, p. 1059.
Successor Id
Aug. 1916 of Muscatine North & South R y. On M ay 20 1921 Theo. W.
Krein was appointed receiver, and in March 1923 was succeeded as receiver
by Arthur Hoffman. The latter in Aug. 1923 filed an application with the
Inter-State Commerce Commission to abandon operation. Stock, $750,000; par, $100. The first mortgage 5s of 1916, $750,000, callable at
par and guaranteed by Securities C o., matured July 1 1919 and were
extended for 5 years at 6% int. In N ov. 1916 Muse. Burl. & So. Securities
Co. was incorp. in Maine with $800,000 auth. cap. stock. V. 103, p. 1981.
For cal. year 1923, gross, $138,095; net after taxes, def., $14,790; int.,
rental, &c., $93,858 (includes $34,194 accrued,not baid interest); bal., def.
$105,911.— (V. 116, p. 2256.)
MUSCLE SHOALS BIRMINGHAM & PENSACOLA R Y .— (V. 118
p. 1520.)
MUTUAL TERMINAL CO. OF BUFFALO.— Owns 5.22 acres of land
with 1,486 feet of tiontage on tbe city ship canal wharves, freight house
and a steel and brick grain elevator, capacity 3,000,000 bushels. Stock
$60,000, all owned by the N . Y . O. & H. R . R R ., D L. & W ., Lehigh Valley
and Erie, which each, under agreement o f Jan. 2 1905 as amended, guaran­
tee to pay one-fourth the int. and sinking fund charges on the bonds (the
latter $200,000 yearly). Of the bonds ($5,000,000 total auth.), $444,000
are reserved for future uses; $4,507,000 to Jan. 1920 retired; the balance of
$49,000 were called for payment on July 1 1920.
Pres., O. S. Goldsborough, 50 Ohurch St., N . Y .; V.-Pres., J. A . Middleton; Treas.. F. H. Silvernail. 143 Liberty St.. N. Y .— (V. 106. p. 1348.)
NARRAGANSETT PIER R R .— This road was formerly leased to the
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. S. Railroad Administration. Stock, $133,800. First mtge. 5s, $70,000,
due Aug. 1 1936; int. F. & A. at Rhode Island Hospital Trust C o., Provi­
dence, trustee. Road extends from Narragansett Pier to Kingston, 8.41
miles.— (V. I l l , p. 1852; V. 112, p. 2191.)




84

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

14H
Nashua & Lowell— Stock 9% rental 99 years B & M_.
__
Nashville C hatt & St Louis— Stock $ie.000.000autb
846 1888
Cons mtge (S20.000.000) $20,000 p m g o l d ..Us.sc*
_ 1920
Equipment trusts due $86,500 yearly__________ Q
__ 1922
do
do Series “ B ” due $120,000 annually___
ill)
Nashville & Decatur— Stook guar
by I. & N —
Nashville Florence & Sheffield— See Loulsvili" A Nash vllle
National Rys of Mexico— Com stk $75,000,000 U S g
First pref stock $30,000,000 4% non-cum (p & d) —
2d pref stock $125,000,000 5% non-cum (p & d )-_ .
Prior lien M U S g red 105 (see text)----- Ce.xc*&r
1907
1907
1,284 1902
1,534 1902
First cons M $60,000,000 gold (see t e x t)..C e
1889
Mexican Central— Priority bonds gold red 110-.
3,407 1889
3,407 1889
do
lex ]
do

Secured gold notes extended In 1914 and 1915Notes (for purchase of notes of Pan-American C o)._
N evada-C alifornia-O regon—

Par
Value

$100
$800,000
100 16,000,000
l.OOU 16,100,000
951,500
1.680,000
25 3.553.750

8, £, &c
$, £, &C
$500 &c
$500 &c
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 &c
1,000
1,000
1,000
$, £, &c
45, &e

1917

615
866
263
285
285

Amount
Outstanding

1,000

2, &c

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
$975,000

Rate
%

When
Payable

9
M *
7
F &
A &
5g
J & J
6g
4)4 e A &
c
7*
J d

N
A
()
15
O
J

[V ol. 118,
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
M ay 1 1924 4 ) 4
Feb 1 1924 3 >3
Apr 1 1928
To Jan 15 1935
To Oct 1 1937
Jan 1924
3 ) 4

Check from Go’s office
New York and Nashville
do
'i
Guaranty Trust Co, N Y
New York.
Louisville. Ky

Feb 10 ’ 13, 2% Office, 25 Broad St, N Y
g J & ,TJuly 1 1957
A
<) Oct 1 1977
4g
A J Oct 1 1926
4 )4 g J
4 g A & () Oct 1 1951
5 g J & J July 1 1939
July 10 Jan 10 1939
3g
3
Jan 10 1939

4 ) 4

A
A
g M
M
4 g
4 ) 4 g J
5g J
.1
5
6g J
J
6
6
J
6
J
6
5g
5g

4 ) 4

6g

&
A,
&
S,
r
&
«&
S,
r
&
&
&
&

O Apr 1 1917
() Oct 1 1919
S Sept 1 1947
s Sept 1 1977
.1 July 1 1934
si Jan 1 1934
.1 Jan 1 1937
D Junel 1915
J Jan 1 1917
.Tunp 1 1916
,
J Jan 11917
J Jan 1 1917
Julv 1 1916

M & N M a y l 1967

See text
See text
See text
See text
See text
None paid
do
See text
Mar 1915 coup not paid
do
do
Jan 1915 coup not paid
See text
See text
Dec 1914 coup not paid
Dec 1914 coup not paid
Dec 1914 coup not paid
New York

. 1st c onsol. M . 4s th ere was pled ged $3,0 00,000 u nder prior lien mtge. of the National
and$l 5,785,2 00 capita l stock pled ged unde r consol. m. o f Nat. R R . of Mex. o f M ar. 15 1902-

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
& Lowell. In 1887 lease was transferred to Boston & Maine, which pays
a rental of $73,000 (9% on stock) and $1,000 for annual expenses, and In
April 1911 received authority to purchase stock; In N ov. 1906 to 1912 incl
14 % extra was paid from accumulated cash surplus. Treas., Geo. O. Colt.
6 Beacon St., Boston.— (V. 83, p. 970; V. 85, p. 1005.)
NASHVILLE CH ATTAN OO GA & ST. LOUIS R Y . (TH E).— Owns
from Chattanooga, Tenn., to Hickman, K y., 325 miles; branches to Leban­
on, &c., 532 m .; leases Western & Atlantic, Chattanooga, Tenn., to Atlanta,
Ga., 137 m. (V. 104, p. 452; V. 110, p. 78); and Paducah & Memphis Divi­
sion o f the L. & N ., 254 miles; trackage rights, 11 miles. See V. 71, p. 544,
664, 864. Total operated Dec. 8 1923, 1,258 miles.
ORGANIZATION.— A majority ($11,482,100) of the stock is owned by
the Lou. & Nash., of which $8,802,400 pledged under Its mtges. West.
S Atl. was leased from State of Georgia till Deo. 27 1919 at $420,012 yrly.
t
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 S Memphis DIv. of the Louisville S Nashv. R R . C o. is
c
c
leased for 99 years from Dec. 14 1895; the annual rental is 5% on the cost
of road and 5% on amounts paid by L. Sc N . R R . for additions, etc.
Owns jointly with the Chic. Burl. S Quincy the Paducah S Illinois R R .,
c
c
which has built a double crack bridge over the Ohio River at Metropolis,
III., and has constructed a line from Metropolis to Paducah. K y.. 14 miles,
and will jointly guarantee its bonds. See that company and V. 106, p. 1788
LATE DIVS.— r07. ’08. ’09. TO-’ l l . T 2. ’ 13-T4. T 5. T6. T 7 toF eb ’24,
P e r c e n t...............\ 6 5)4
5 6 yrly. 6 )4 7 yrly. 5 5)4 7yrly(F&A>
BONDS.— Consol, mtge. of 1888 provides that all prior bonds shall be
paid off at maturity; sufficient of the $20,000 p.m. are reserved for them
V. 105, p. 607. V. 101. p. 131. 694. 1465: V. 103. p. 1301. 1593.
Jointly with Lou. & Nash., guarantees $2,601,000 L. S N Ter. 4s;
c
with the L. & N .. Southern R y.. St. Louis I. M . & So. and St. Louis South­
western $2 ,500,000 Memphis Union Station 5s, and with the Chic. Burl. &
Quincy R R . $4,571,000 Paducah & Illinois R R . 1st M . sinking fund 4)4e.
Equipment trusts issued to Director-General for rolling stock allocated
to this company
See article on page 3 and V. 113, p. 1471.
R E PO RT.— For 1923, in V. 118, p. 1903, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings_________$24,801,787 $22,353,763 $20,924,602 $24,491,175
Net after taxes________ 2,642,169
2,709,083
758,638defl,175,169
757,285
847,243
882,933
-----Other income, A c______

(1) The Mexican Government undertakes to set aside annually toward
the payment of interest on the bonds after Jan. 2 1923; (a) The entire pro­
ceeds of the oil export tax; (6) 10% of the gross revenues of National Rail­
ways of Mexico; (c) the entire net operating revenues o f 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) diming the first year; and increasing by 5,000,000 pesos ($2,500,000 U. S. gold) per annum for each o f the ensuing four years, bringing
the annual fund up to 50,000,000 pesos ($25,000,000 U. S. 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” o f July 14 1923, p. xxviii). The
balance o f 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 o f 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 o f any such excess, in the interest of the bondholders and the
general plan during the year 1923.
(2) The Interest coupons maturing on or before Jan. 2 1923 and included
in the plan, with respect to bonds, are to be detached by the respective de­
positaries and lodged with Guaranty Trust Co. of N . Y . as depositary
against the issue o f 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, diming a period of forty years, beginning Jan. 1 1928.
The receipts will be of two kinds— Class “ A1’ and Class “ B ” ; Class “ A ” to
be retired completely prior to Class “ B ” — which will be issued in the
approximate proportions stated in the schedule (see table in “ Chronicle” o f
July 14 1923, p. xxviii) to the deposit agreement and hereinbefore set forth.
(3) The Government is to make prompt return of the National Railways
to private management. It recognizes its obligations to restore such rail­
ways, including rolling stock, to their condition at the time the Government
took over the railway lines. The Government has agreed to assume the
payment of principal, interest and sinking fund of outstanding bonds of the
National Railway System, listed hereinbefore, subject to the provisions set
forth as to the payments during the five-year period. The liens created by
the existing mortgages are not to be enforced unless the Government fails
to carry out its obligations under the plan; in which event such liens may be
enforced in favor of the respective bondholders.
(4) The matured notes of the National Railways of Mexico are to be
extended for a period o f ten years from Jan. 1 1923, with interest at 5%
per annum for the first five years beginning in 1923 and at 6% per annum
thereafter.
The following notes are to be extended to Jan. 1 1933, with interest at
the rate of 6% per annum: National Railways of Mexico 6% Secured Gold
Notes, maturing up to Jan. 1 1917.
Total income_________ $3,399,454 $3,556,326 $1,641,571 *$2,680,868
The following issues are to be extended to Jan. 1 1933, with interest at
Interest_______________
$944,975
$900,932
$935,035
$847,266 the rate of 6% per annum after maturity to Jan. 1 1933: National R R . Co.
825,673
974,871
966,338
970,088 o f Mexico Prior Lien 4}4% Bonds (No. 17); Mexican Central R y. C o.,
Rentals, &c.................
Dividends (7 % )_______ 1,120,000
1,120,000
1,120,000 1,120,000 Ltd., 5% Equipment Notes (No. 24).
(5) All sinking funds are to be postponed for a period not to exceed five
Balance, surplus_____
$508,806
$560,522df$l,379,802 def$256,487 years from Jan. 1 1923.
Financial Statement for Years end. June 30 in Mexican Gold Pesos.
* Includes Fed. comp, for 2 mos., $490,236: 6 mos. guarantee. $1,581,788:
1923.
1922.
F o r la te s t earnings, see “ R a ilw a y E a rn in g s S e c tio n ” (issued m o n t h ly ).
$534,801
$528,781
Pres., Wnitefoord R. Cole; V.-P.. H. F. Smith; Treas., J. B. Hill: Sec., Expenses of c o .’s Mexico, N. Y . & London offices190,729
192,979
Taxes in Paris and other sundry taxes___________
T . A . Clarkson; Gen. M gr., W . P. Bruce, Nashville, Tenn.— (V. 118.
Interest on sundry obligations__________________
80,674
60,450
p. 1903.)
Int. on fund, debt, equip. & coll, trust & notes pay- 21,840,762 21,840,762"
NASHVILLE & DECATUR R R .— (See Map Louisville <* Nashville.)—
3,468
481
Owns from Nashville, Tenn., to Decatur, Ala., 119 miles. Re-leased to Debit balance of exchange account_______________ 2,289,434 2,289,434
Lou. & Nash, in 1900 for 999 years, the rental being 7)4% on stock. The Installment account sinking fund Prior Lien 4 >£s_Lou. Sc Nash, owns $1,758,850 of the stock — (V. 70, p. 1195.)
T o ta l__________
$24,939,868 $24,912,887
Interest and dividend on securities owned________
616,603
595,218
NATIONAL RAILW AY SERVICE CORP.— (V 114. p. 948 1408.)
Int. on pending amts, spent in constr. of new lines.
493,216
469,729
564,489
537,274
NATIONAL RAILW AYS OF MEXICO.— On June 30 1914 this sys­ Miscellaneous earnings__________________________
tem, including the Interoceanic and Mexican Southern Rys. (1,047 miles
Total credits_________________________________ $1,674,308 $1,602,221
controlled but operated separately), aggregated 8,027 miles of road (1,342
Balance, deficit______________________________ $23,265,560 $23,310,666
miles 3-ft. gauge). During the revolution of the succeeding 3 years, some
miles of track and many bridges, engines, cars, &c., were destroyed. On Total profit and loss deficit_____________________ $239,520,461$216,231,317
Dec. 4 1914 the railway, telegraph and telephone lines of the Republic were
Chairman of Board, Joaquin Pedrero Cordova: Vice-Chairman. Lorenzo
seized by the Mexican authorities.
Perez Castro; Executive President, Leon Salinas; Sec., R . D. Carrion, all of"
ORGANIZATION.— Organized March 28 1908 under special Aot of Con­ City o f Mexico; Executive V.-Pres. & Asst. Treas., E. E. Bashford; Asst.
gress ot Mexico, per plan in V. 86, p. 918. 982. The properties ot Nat. R R . Sec.. Bartolomi Carbajal, N . Y . City. N . Y . office, 25 Broad St.—
o f Mexico. Mex. Central and Mex. International were acquired by deeds. (V. 118, p. 2437.)
V. 88, p. 452. 1318; V. 89, p. 1601; V. 90. p. 1554. Vera Cruz S Isthmus
c
NATIONAL TRANSCONTINENTAL R Y — See Grand Trunk Pacific.
RR. (340 miles) was merged Nov. 1 1913 and Its bonds assumed and the
Pan-American RR. in March 1914. V 97. p. 1740. 1823: V. 98. p. 1000.
NEVADA-CALIFORN1A-OREGON RY.— (3-/L gauge.)— In June 1917
The Mexican Government owns 100,000 shares of 1st pref., 302.783 shares the Western Pacific RR. purchased 63 miles of the main line and the 41o f 2d pref. and 747.711 shares o f common stock, and guarantees the prin­ mlle branch line in California, together with terminals in Reno, Nev..
cipal and interest of the general mortgage bonds. V. 87, p. 1533.
leaving 171 miles Hackstaff, Cal., to Lake View, Ore. V. 107, p. 1379.
DIVS.— 1st pref.. 1908. 1% : 1909 . 2 % : 1910 to 1912. 4 % : 1913. 2% . In Aug. 1922 the I.-S. C. Comm, authorized the abandonment of 16 miles
BONDHOLDERS’ PROTECTIVE COMMITTEE.— (Representing of railroad between Hackstaff and Wendel, Calif.
Of the $2,200,000 gold bonds of 1917, $750,000 were used to redeem a
both the Prior Lien 4Hs and the 4% bonds of Nat. Rys. and Nat. RR. of like amount of 5% gold bonds of 1899, and $250,000 were issuable on account
Mexico, and Mex. Int. RR. and the secured notes of Nat. Rys.). Chair
man Laurence Currie. Depositary, Glyn, Mills, Currie Sc Co., London. of additions and Improvements. Sinking fund to purchase bonds (or call
at 105 and int.), 1922 to 1931, yearly u of 1% bonds then out, and there­
V. 105, p. 716; V. 106, p. 396.
after yt of 1% . V. 104, p. 1592.
BON DS— The prior lien 4)4% bonds ($225,000,000 auth.) were de­
Stock, common, $1,450,000; pref., $750,000. After 5% on common, both
scribed in V. 86, p. 1319, 919. and the guaranteed general mortgage 4% stocks share pro rata. Divs. on pref., 1906, 3% ; 1907, 4% ; 1908 to 1910,
bonds ($160,000,000 auth.) in V. 86, p. 1320, 949.
5% each; 1911, 3% ; Sept. 1912, 2% ; on common, 1% , 1909; 1 % . 1910.
Additional bonds may be issued to retire Mex. Internal. R R . consols.
none since V. 102. p. 1540. 1626.
The General mtge. bonds will be subject to call at par after April 1 1927
R E PO RT.— For calendar years;
READJU STM EN T OF D E B T . (Compare advertisement in “ Chron­
Miscell.
Balance.
Year Ended—
Gross.
Total Net.
Bond Int.
icle” o f July 14 1923, page xxviii).
,
. T$1,085 def.$39,243$20,342
$58,500
The International Committee o f Bankers o f Mexico in July 1923 an­ 1923____________ $385,563
2,478 sur. 18,471
338,765
79,450
58,500
nounced that bondholders desiring to participate in the plan for the read­ 1922.......
4,972 def. 99.36&
431,299 def.35,896
58.500
justment o f the Mexican debt (V. 115, p. 1153) may do so by depositing 1921____________ 4*a m a m
Tl —
—
r,
Pres., C11. - —1 H
Charles Moran; Treas., D T>
R. Rosa, O O William St., N . Y .— (V. 118,.
68 \\f 111ir
their bonds with the authorized depositaries. The plan in brief provides
p. 2305.)
as follows:




M ay , 1924.]

85

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

Nevada C entral— 1st M gold non-cum inc (sk fd) .C ez

94 1888
4% paid Dec 1917
$1,000
$750,000
5 g J & ,TJuly 2 1938
Nevada Co N GJ RR — 1st1924
Wells Fargo
& .1 M due part y ’rly s fd call. _ Bk, San F>
20)4
1,000
69,000
7
Union Tr Co, San Fran
A & O April 1943
Mortgage sink fund call 105 $500,000
- -US 20)4 1914
1,000
59,500
5
New England— Also New Haven & N ortham pton— See N ew Yo rk New Haven & H artford.
Mech Tr Co.Bayonne.NJ
New Jersey Indiana & Illinois— 1st M $250,000 gold
12 1904
1,000
250,000
5 g ,T & J July 1 1934
New Jersey Ju ne— 1st M guar $4,000,000--G.zc&r
N Y Central RR
5.62 1886
1,000
F & A Feb 1 1986
1.700.000
4
Office, 50 Church St,NY
34 1880
M & N M ayl 1950
New Jersey & New Y ork— 1st mtge ext 1910---------500 &c
394.000
5
Second m ortg a g e___________________________ . .
34 1885
100 &c
J & J Nov 27 1985
do
do
1,500
5
General m ortgage.. ______ ____________ ________
do
do
34 1892
500 &c
J & J Dec 31 1932
631,000
5
New London office
New L ondon N orthern— Stock---------------------—
100
121
1,500,000 See text Q— J See text
Cp M&M Bk.NY .regm’d
First mortgage_ ____ __ .
_
_____ -_Ba.xc*&r*
121 1910 1,000 &c 1,500,000
J & JlJuiy 1 1940
4g
West River 1st mtge guar prin and int________ ____
New London office
J & D 1990
36 1905
75,000
4
New Mexico Ry & Coal— See El Paso & Northeastern Co.
Irv Bank-Col Tr Co, N Y
243 1905 l,000&c
F & A Aug 11955
Slew Orleans Great Northern— First M g _ Col.xo*&r
_
8,140,000
5g
aew Orleans & North Eastern—
Central Union Trust, NY
Prior lien mortgage void. __________ ______ Ce.xo*
196 1885
1,000
1,371,000
5 g M & N Nov 1 1940
J P Morgan & Co. N Y
Ref S Imp M $ 16.000,000 g SerA call 107 )4 G ,xc*&r*
c
196 1917 1.000 &c
7.195.000
4)4 g J & J Jan 1 1952
New Orleans, La
Equip trusts Ser D ($17,000 s-an to Aug 15 1924) . .
F & A Aug 1924
1914
1.000
17.000
4)4
Ser E g, due s $18,000June; $17,000 D e c .. Ba
1916
1.000
4)4 g J & D Dec’ 24-June ’26 Bankers Trust Co, N Y
88,000
Guaranty Trust. Co, * 1
*
NewOrleansTerm— 1st M $15,000,000 e im.G.xc*&r»
1903 1,000&o 14.000.000
l
4 g J & J •u1v l 1953
__
100 15.005,300
Q— M Mar 1 1924 1% Irv Bank-Col Tr C o, N Y
New Orleans Texas & Mexico Ry stock $25,000,000.
7
1st M $15,000,000 gold Ser A call 105--C ol yyc*&r*
100 See
do
do
1915
c
5,870.000
6 g J S D Oct 11926
1916
Guaranty Tr C o , N Y
Non-cum 5% inc $25,000,000 g Ser A call par .c* G
A & O Oct 11935
5
_ 1920 100 &c 13.579.500 6
Washington
U S War Dept equip obligations___________________
12.500
May
May 1 1929
75,000
New York.
Nat R y Service C o r p .. _________ ._ __________
1921 Various
2.863,057 6)6 & 7 A & O 26 Apr 26 1936

NEVADA CENTRAL R R .— Battle M t. to Austin. N ey., 94 miles.
3-ft. gauge. Stock, $750,000, 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. 2 )4 % ; Feb. 1909.1 « % ; July 1911,1 H % :
Aug. 1914, 3 )4 % ; March 1916, l% ;D e c . 1917, 4 % ; none since. For 1922,
gross, $43,649; net oper. income, $1,426; other income, $433; total income,
$1,859. Pres., J. Q. Phelps Stokes, 100 William St., N . Y . C it y — (V. 106,
p. 189.)
NEVADA COU N TY N ARROW QAUQE R R .— Colfax to Nevada City
Cal., 20)4 miles. In M ay 1913 control was acquired by Oakland Antioch
& Eastern (Elec.) B y. Interests. V. 96, p. 1630. Stock. $250,200; par of
shares, $100 each. Dlvs. paid: In 1882, 3% : 1883. 6 % : 1903 to 1905. 5% .
1906, 10%; 1909 and 1910. 2 )4 % ; 1911. 6 )4 % : 1912, June. 6 )4 % ; 1913
5% ; 1914, 16%; March 1915 to June 1917, 2% quar.; July 1917. 1)4%
Oct. 1917. 1)4% ; N ov. 1 9 1 8 ,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 & H. R . R R . 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
Garnervllle, N. Y ., 29 miles; branches to New City, &o., 5 m.; operates to
Haverstraw, &o., 14 m.; total operated, 48 miles. Erie R R . in April 1896
purchased oontrol. Stock, 51,440,800 com.. $787,800 pref.; par. $100. Con­
trol is with pref. stock and 1st mtge. till 6% has been paid on pref. for three
years at 5 % .— (V. 114, p. 2116.)
NEW LONDON NORTHERN RR.— Owns from New London. Conn.,
via Brattleboro, Vt., to South Londonderry, Vt., 158 miles.
LEASED for 99 years from Deo. 1 1891 to Central Vermont. The rental
is $213,552 per annum, which leaves a smalt surplus after providing for in­
terest, &c., and 9)4% dlvs. An extra div. o f )4% was paid July 2 1917,
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 MEXICO 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. of 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.-Pres., A. F. Mack, N. Y .; V.-P.
& 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 branches, 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. traokage from New Orleans to Slidell, La., and other
trackage. 12 m. Stock. $7,500,000. 1st M ., 810,000,000 auth. issue.
Tentative valuation, $7,201,388, as o f June 30 1916.
R E P O R T . — F o r th e ye a rs e n d e d D e ce m b e r 3 1 :

Gross.
Net aft. Tax. Oth. Inc. Rent.,&c.
Balance.
1923 __________ $2,841,010 $716,656
$78,902 $576,003 sur.$219,554
1922 ................... 2,547,750
660,162
98,528
572,120 sur.186,570
19 21___________ 2,528,529
93.179
59,457
558.402 def.405,766
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Chairman, Walter P. Cooke; Pres., A . C. Goodyear; V.-P. & Gen. Mgr.,
Wm. E. Farris; V.-Ps., F. H. Goodyear. C. I. James; Sec., J. M . Gieger;
Treas.. O. W . Goodyear.— (V. 115, p. 74. 2267.)
NEW ORLEANS & NORTH EASTERN R R .— New Orleans, La., to
Meridian, Miss., 196 miles; trackage, 12 miles. Stock, $6,000,000 (par $100)
substantially all o f which has been acquired by Southern R y. Co. V. 104,
p. 73; V. 103, p. 1792: V. 105. p. 1529.
D IV .— (% ) I 06. 07. '08. ’09. TO. ’ l l . T 2. T 3. T 4-T 5. T6. T7 T8 - ’23.
Y e a rly --------- \ 5
6
4
5 6)4 6)4 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 o f the $1,500,000 income bonds of 1902 and
the cancelation o f the $6,163,000 Gen. Mtge. bonds (or the deposit of cash
to redeem any uncanceled Gen. M tge. bonds). Bonds o f $1,371,000 are
reserved to retire the Prior Lieu 5s and $363,000 to retire that amount out
of $605,000 equipment trusts outstanding Jan. 1 1917. The remaining
16,6 03,000 new bonds are reserved for additions and Improvements under
restrictions. The old bonds, except prior lien 5s. have all been retired.
V . 104, p . 865. 559; V . 105, p. 1892; V . 107, p. 1920. Future Issues are to
bear not over 6% interest, mature not later than Jan. 1 1967, and be
callable at such price** as the directors shall determine.
RE PO RT.— For calendar year 1922, in V. 117, p. 1770, showed:
Cal. Year— Total Income.
Interest, &c.
Dividends.
Balance.
1922..................... $828,606
$762,262 (6%)$360,000 def.$293.656
1921.....................
795,710
902,588 (6%)360,000
def.466,878
1920..................... 1,911,628
1,081,523 (6%)360.000
sur.470,104
1919..................... 1.247,316
524,031 (6%)360,000
sur.363,285
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., Fairfax Harrison; Sec., O. E. A. McCarthy, N . Y .; Treas., Charles
Patton, Cincinnati.— (V. 117, p- 2770.)
NEW ORLEANS LOWER COAST R R .— Algiers to Buras, La., 60 miles
Successor Dec. 1 1916 o f New Orleans Fort Jackson S Grand Isle R y ., fore­
c
closed and bid In for a syndicate. V. 103, p. 407. Pres., H. Hall, New
Orleans; V .-Ps., Lee Benolst and T . G. Bush; Treas., Bernard McCIoskey; Sec.. A . O. Hammer.— (V. 103. p. 1392; V . 104, p. 2343.)




NEW ORLEANS TERM INAL C O .— Owns extensive terminal prop­
erty at New Orleans -n d a belt railroad around the city, leased to the
Southern Railway for 99 years from July 1 1903, rental covering all ex­
penses o f operation, maintenance, taxes and interest. Southern Railway
owns the $2,000,000 outstanding stock ($5,000,000 auth.), and guarantees
the bonds. See V. 102, p. 886; V . 98, p. 304. 1460; V. 86. p. 721; V . 88,
. 564; V. 92, p. 660; V . 97, p. 1898. The passenger terminals are used
y the Southern Ry. System, New Orleans Great Northern R R . and Lou­
isiana R y. & Nav. Co. Pres., Fairfax Harrison.— (V. 117, p. 2770.)
NEW ORLEANS T E XA S & M EXICO R Y .— (See M ap.)— R O A D .—
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.,
Beaumont Sour Lake & West. R y. and Orange & Northwest. R R ., form a
direct line from Brownsville. Tex., to Baton Rouge. La., whence ferry across
the river and the Yazoo & Miss. Valley R y. (Illinois Central R R .) afford
an operating connection to New Orleans. Tentative valuation, V. 113.
p. 1053.
Mileage Operated Dec. 31 1922 (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
spurs, 260 miles: operated under trackage rights, 99 miles; operated
under special traffic agreement: Y . & M . V. R R ., 93 miles; total operated,
1,015 miles; side track, 62 miles; yard track and spurs, 184 miles; total
track. 1,261 miles.
Subject to necessary corporate action of the company and the approval or
the I.-S. C. Commission, the company has purchased the entire capital
stock of $7,500,000 of the International Great Northern R R ., this stock
having been deposited according to the reorganizatipn plan under a voting
trust giving the voting trustees the power of sale.
Subject also to necessary corporate action and the approval of the I.-S.
C. Commission, New Orleans Texas < Mexico R y. will offer to adjustment
&
bondholders of the International-Great Northern R R . 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 R y. the option to purchase their bonds until
Jan. 1 1928 at 85 and interest, and thereafter at par and interest.
The company in April 1924 obtained permission of the I.-S. C. Commis­
sion to acquire control of the Houston & Brazos Valley R y. by pin-chase 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.
O RGAN IZATION .— Formerly part of St. Louis S San Francisco R R
c
hut In 1916 separately reorganized, after foreclosure sale, per plan In
V. 101. p. 774, 768, 1714; V. 102, p. 886. Incorporated in Louisiana.
SECURITIES.— These Include (see V. 103, 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 at
a premium. Reserved under restrictions for future extensions, improve­
ments. &c., $7,928,500. Issued, $7,071,500, of which $169,000 were
intreasury and $1,032,500 were pledged Dec. 31 1922. V. 103, p. 61,
1593, 2156
5% Non-Cumulative Income Bonds.— Limited to $25,000,000 secured by a
trust indenture. T o bear non-cumulative interest payable semi-annually
at rate of 5% per annum, but payable only when and as authorized by
the board of directors, according to provisions of the indenture. Entitled
bo share in the security of any new mortgage issue on a parity with any
such indebtedness created in excess o f $15,000,000 1st M . Initial interest
payment, 1 )4 % . made April 1 1917, and further 3)4% Oct. 1, making
5% for year; thereafter 2 )4 % semi-annually, 5% p . a. to and Ind.
___
Apr. 1 1923. Outstanding, $13,579,500; in treasury, $589,800.
Capital Stock.— $25,000,000: Issued__________________________$15,005,300
All the outstanding ($535,000) St. Louis Brownsville & Mexico R y. 6%
receiver’s equipment trusts due serially to June 1924 were called for pay­
ment June 1 1918. V . 106, p. 2011.
The stockholders on Feb. 4 1924 (a) increased the authorized capital stock
from $15,000,000 to $25,000,000; (b) approved the issuance of $1,500,000
new stock in the form of a 10% stock dividend; and (c) authorized a new
mortgage to secure an issue of bonds not to exceed $50,000,000. Of these
bonds, $7,500,000 will be issued and reserved to refund outstanding First
Mtge. bonds and $13,500,000 will be likewise issued for the refunding of a
like amount of 5% Income bonds. The remainder will be issuable for the
acquisition of new properties and for additions and betterments.
Dividends.— Initial div. o f 1)4% on the capital stock was paid Dec 1.
1920; same amount paid quar. to Dec. 1 1922; Mar. 1 1923 to M ar. 1 1924
paid 1)4% quar.
REPO RT.— For 1922, In V . 116, p . 1887, showed:
[Incl. N . O. Tex & Mex. R y., St. L. Browns. & M ex. R y ., Beaumont
Sour Lake & W . R y., Orange & N. W . R R ., New Iberia & N . R R ., Iberia
St. Mary & Eastern R y. and Louisiana Southern R y. leasehold.!
-Corporate—
Federal.
Combined.
1922.
al921.
Operating Revenue—
1919.
cl920.
Freight________
$6,224,275 $9,391,706 $8,159,444 $7,811,368
1,914,565
2,284,941
Passenger______________ 2,439,023
3,284,274
688,042
759,266
645,716
Mail, express, &c______
498,159

g

Total oper. revenues.. $9,161,457 $13,435,246 $11,090,101 $10,413,975
1,837,921
Maintenance of way, &c. 2,103,479
1,999,098
1,586,517
1,767,844
Maintenance of equip’t . 1,748,349
319,891
141,505 11.141,034
Traffic expenses_______
311,555
2,785,312
3,697,160
Transportation________ 2,909,120
397,133
439,818
G en eral_______________
373,164)
Total oper. expenses.. $7,275,618 $11,141,034

$8,215,473

$6,926,774

RAILW AY STOCKS AND BONDS

[V ol. 118.




QC
cs

M ay , 1924.]

Miles Date
Road Bonds

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

13
17.25
First oons mtge (now 1st M) gold guar by L I . Ce.o* 17.25
H Y Central RR. Co.— Stock ($400,000,000 authl Tr
Convertible bonds call 110 $100,000,000_____c*Ar*
RefA Impt M g .Series’ ‘A .’’assumed .see text Q .c*Ar *
do Series “ C ” red 105 after Oct 1 ’5 1 .G .c ,'Ar*
ConsolidationM ($1 6 7,102,500)..____Ba.xxxc*Ar
(1) Underlying Main Line Mortgage—
N Y O A H R RR M $100,000,000 g____Ce.xc*Ar 1.828
do
do
Mtge on Spuyten D A P M g.Ce.
Lake Shore A M 8 1st M gold, ass______ Us.xc*Ar
826
do
Debentures (sec by 2d M) g. ass Ce.xc*Ar*
_
do
do
do
gold assumed____Ce.xc*Ar*
(2) N Y C A H Riv bonds secured by Consol’n Mtge etc on
Collateral 3 J4s (Mich Cent stock as collateral).G.x
Lake Shore Collateral 3>4s assumed_____G.xc*Ar
Debentures! Junior liens under Con- f ____Us.xc*Ar*
do
f solidation M of 1913!_____ G.sc*Ar
(3) Other New York Central A Hudson River RR Assum
Debentures (V 69, p 1102: V 71, p 502, 964)_____x
New York A Northern first mortgage gold_____zc
57
V Y A Putnam cons g gu p A 1__________ Un.zc’ Ar
57
Mob A Mai 1st M $15,000 p m g gupAi(end)Col xc*
182
182
Consolidated mtge gold_______________ G.xc*Ar
Carthage A Adirondack 1st M g guar____Un.xc*Ar
46
Carth Water A Sack Har 1st M g gu p A 1 (end)-.x
29
Gouverneur A Oswegatchie 1st M g gu p A i.Un.xc
13

New York Bay— First mortgage 56,000.000 gold.QPx

1908

N Y Bklyn A Manhattan Beach— Pref stock non-oum.

1885
1915
1914
1921
1913

Amount
Outstanding

Rate
%

$1,000 $5,201,000
4g
100
650,000
5
1,000 1.726,000
5g
100 300.000,000 See text
Par
6
$ £ A fr 100,000,000 414 g
40.000.000
100 Ac 85.000,000
5g
1.000Ac 65,749,000
4g

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

A J Jan 1 1948
A O Apr 1924 214%
A O Oct 1 1935
Q— F May 1 1924 \H
M A N May 1 1935
A A O Oct 1 2013
A A o Oct 1 2013
F A A Feb 1 1998

J
A
A

Federal.
Operating Revenue—
1919.
Net earnings____________$1,885,839
Taxes, &c______________
274,770
Operating income___ $1,611,069
Equipment rents (net)____________
Joint facility rents (net)___________
Net operating income___________
Income from lease of road_________
Miscellaneous rent income_________
Dividend income__________________
Income from funded securities______
Income from unfunded securities_
_
Miscellaneous income______________

Combined. ------------Corporate----c l 920.
al921.
1922
$2,294,208 $2,874,628 $3,487,201
554.366
382,960
431,378
$1,911,250 $2,443,249 $2,932,835
Crl40,887
582,126
45,955
320,694
255,586
257,873
$1,008,430 $2,141,708 $2,815,848
183,536
721,033
13,287
11,645
18,825
1,018
19,482
4,418
36,886
46,811
36,437
93.385
46,732
33,379
612,389
19.359

Total non-operating income______
Gross income_____________________
Loss on separately oper. prop, (new
Iberia & N. R R .)________________
Interest on funded debt___________
Interest on unfunded debt_________
Miscellaneous charges______________

$891,189
$1,899,621

$861,946
$3,003,655

$145,487
$2,961,336

53,751
1,060,582
4,932
42,315

55,556
1,114,390
9,612
10,829

29,731
1,203,830
668
5,313

Total deductions________________
Net income________________________
Dividend appropriations__________
Approp. for inv. in physical prop_
_

$1,161,571
$738,050
297,370
694,210

$1,190,386
$1,813,268
890,848
323,107

$1,239,543
$1,721,793
889,852
594,632

Balance to profit and loss________ def$253,531
$599,312
$237,309
a Includes adjustments applicable to the six months ending Aug. 31 1920.
b For comparative purposes the entire income for the year 1920, showing
results if there had been no change in form of control during the year issued.
For 8 mos. ended Aug. 31 1923, gross, $7,452,392; net oper. income,
$2,224,885; other income, $166,237; deductions,$1,055,233; com. divs.,
$704,491; bal., sur., $631,398.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, G. H. Walker; Pres., J, S. Pyeatt; V.-Pres. A
Sec., Roy Terrell; Treas.. A . T . Cole.
DIR E C TO RS.— J. S. Pyeatt, G. H. Walker, Frank Andrews, Alex
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.
M cM illan, W. K. Bixby and Elisha Walker. N. Y . office, 60 Broadway.
— (V. 118, p. 1773.)
NEW Y ORK BAY 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 BROOKLYN & MANHATTAN 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:
total, 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 o f principal
and interest in addition to facts as to lease .In Jan. 1919 the Long Island
R R . C o., had agreed to the use o f the line from Nostrand Ave. to Man­
hattan Beach as part o f the Dual Rapid Transit system for operation by the
nterborough Rapid Transit C o., provided other necessary details can be
arranged. V. 108, p . 379.— (V. 115. p. 2794.)
NEW Y ORK CENTRAL RAILROAD CO. (TH E )— (See M aps.)— Owns
in fee direct line from New York to Chicago, 953 miles o f first and second
track, 723 miles o f third track, 657 miles o f fourth track, 14 miles of fifth
track and 3 miles o f sixth track, and numerous branches, the total mileage
owned Dec. 31 1922 aggregating 3,716 miles. Also owns stock control of the
West Shore RR. (leased), N. Y . to Buffalo, and thence to Chicago, via Mich­
igan Central RR. and Canada Southern Ry. By similar control of the Pitts­
burgh & Lake Erie R R . the Cleveland Cincinnati Chicago & St. Louis Ry.
and other companies, has close running connection to Pittsburgh, Columbus,
Cincinnati, Indianapolis, St. Louis, Ac. Total system owned, controlled,
&c., Dec. 31 1922. 6.900 miles o f first track, and total trackage o f 17,195 m.
Operated Directly.
Lines Owned—
Miles.
Walkill Valley....................
33
70
New York to Chicago_______ 953
Mahoning Coal R R *_________
Branches__________________2,763
Detroit Hillsdale A 8 W *_____
65
28
Lines Leased, etc. (*See this co .)— Lake Erie & Pitts____________
98
Fort Wayne A Jackson*______
West Shore*______________ 479
Lake Erie Alliance & Wheeling.
88
6
Troy A Greenbush*________
22
New York A Harlem*________ 136 Erie A Kalamazoo R R ________
454
New Jersey Junction*________
6 Trackage rights, A c ,________
Detroit Toledo A Milwaukee_______ 47 Total In earnings Dec 31 22.5,710
Leased— Operated separately—
58
Kalamazoo A. & G. R _____
St. Lawrence A Adirondack*_
56 Boston A Albany system______ 394
Ottawa & New York_________
57 Toledo A Ohio Central________ 396
Rattle Creek & S turgis..______ _
7 Kanawha A M ichigan_______ 169
Zanesville AlWestern_________
77
Beech Creek R R .* _________ 142
Beech Greek Ex ten. R R ., Ac.*.. 134 Toronto Hamilton A Buffalo___ 104
|
Kanawha & West Virginia_____
44
ORGAN IZATION .— The New York Central R R . C o. was formed by
consolidation, effective Dec. 23 1914, under laws of N. Y .. Penna., Ohio,
Ind.. M ich, and 111., o f the N . Y . Central A Hudson River R R . (as enlarged
In 1913 by the absorption o f Rome Watertown A Ogdensburg and other
New York branch lines; see bond table above) and Its leading Western sub­
sidiary. the Lake Shore A Mich. So. R y ., 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 o f the N . Y . Chicago A
St. Louis R R . to Cleveland interests. V. 104, p. 1598. Entire stock
Clearfield Bituminous Coal Co. Is owned. V. 103, p. 1794.

Grand Central Ter, N
do
do
do
do
do
do
do
do

Y

do
do
Grand Central Term.NY
do
do
do
do
do
do
do
do
do
do
do
do
do
do
Grand Cent Term, N Y
do
do
do
do
Am Exch Nat Bk. N Y
Lincoln Nat Bank. N Y
Treas Grand Cent Term
Treas, Grand Cent Term
o
•o

1,000 Ac 94.000,000
3H g J A J July 1 1997
1,000 Ac 2,500,000
314 g J A 1) June 1 1959
1,000 Ac 50.000.000
314 g J A D June 1 1997
1,000 Ac 50,000,000
4 g M A S Sept 1 1928
1,000 Ac 50.000.000
4 g M A N May 1 1931
Y to Buf falo, Ac., a nd (b) B uffalo to Chicago, Ac
1.000 Ac 19.336,000
314 g F A A Feb 1 1998
1,000 Ac 24,829,000
314 g F A A Feb 1 1998
l.OOOAc 48,000,000
M A N May 1 1934
4g
1,000 Ac 9.188.000
4 g J A J Jan 1 1942
Issues—
1 bond
5,500,000
3bi e J A J July 1 2000
1,000 1.200,000
5 g A A () Oct 1 1927
1.000 3.987.000
A A O Oct 1 1993
4g
1.000 2.500.000
M A s Sept 1 1991
4g
1.000 Ac 3,900.000
314 g M A R Mar 1 2002
1,000 1.100.000
4 g J A I) Dec 1 1981
1,000
300.000
5 g J A J July 1 1931
1,000
300,000
5 g J A 1) Junel 1942
3
J S J July 1 1932
c
250.000
ar 1915
1,000 4,850.000
4 g J A J July 1 1950
1.000 Ac 15.150,000
4 g J A J Jan 1 1956
1,000
400,000
J A J Jan 1 1940
5
1.000 3,500.000
J A D Dec 1 1932
6
1.000
322,000
3 g J A D Deo 1 1989

Treasurer, Philadelphia
Checks mailed
Treasurer Penn RR. N V
Grand Central Term, NY
Grand Central Ter. N Y
N Y . London A Pari:
New York
Grand Central Tr, N Y

o
•o

1897
1909
1897
1903
1906
line N
1898
1898
1904
1912
ed. A c.
1900
1887
1894
1892
1902
1892
1891
1892
1902
and M
1901
1906
1890
1885
1889

Par
Value

(4) Bonds o f Other Companies Included in terger of Jan
Indiana Illinois A Iowa 1st M gold________ IC.xc*
203
Chic Ind A South consol M gold_______ G.xc*Ar
337
_
37
Kalamazoo A White Pigeon 1st M assum_ Un.xc
Pine Creek 1st M gu prin and Int endorsed_______ r
76
Sturgis Goshen A St Louis 1st M gold p & 1 guar_.»
29
Jamestown Franklin A Clearfield—
1st M 525,000,000 auth guar_________ Q.xc*Ar*
1909 1,000 Ac
_ 1911 1.000 Ac 11,000.000
Cleveland Short Line Ry 1st M gold guar__G.xc*Ar
11.800,000
Lake Brie A Pittsburgh— see that company—
Equip trust (B A A) $500,000 due yrly_G.zc*Ar
1912 $1.000Ac $2,000,000




87

RAILW AY STOCKS AND BONDS

Grand Cent Term, N Y
do
do and Lond

4g J
4 14 g A

A
A

D June 1 1959
OlApr 1 1961

414 g A

A

0|Yrly to Oct'27 New York

In 1917 a subsidiary, the Hudson River Connecting R R ., received au­
thority to build a bridge across the Hudson River 11 miles south of Albany
See that co. above and V. 114, p. 2360. Cleveland terminal, V. 113, p.
2505, 2614. Proposed new Niagara River bridge, V. 106, p. 1689, 2011.
Court decision respecting Toledo A Ohio Central, A c., V. 105, p. 819, 998.
Lease of real estate in New York City, V. 110, p. 2292. Tax decision,
V. 110, p. 2658. Wins ejectment suit, V. I l l , p. 2229; V. 113, p. 2313;
V. 115, p. 308. Rate decision. V. I l l , p. 2424.
The directors on Dec. 14 1921 authorized the making o f an offer to
purchase the stock o f the Cleveland Cincinnati Chicago A St. Louis R y . Co.
on the basis of one share o f New York Central stock for one share o f 5%
Cleveland Cincinnati Chicago A St. Louis preferred stock, and of 80 shares
of New York Central stock for 100 shares of Cleveland Cincinnati Chicago
A St. Louis common stock. V. 113, p. 2614; V. 115, P- 308, 436, 1429.
The directors also authorized the lease o f the Toledo A Ohio Central,
including with it the Zanesville A Western, the Kanawha A Michigan and
the Kanawha A West Virginia railroads to the New York Central for a
rental o f fixed charges and taxes, and in addition thereto an amount equal
to the net earnings of the Toledo A Ohio Central for the year 1921, and in
the case of the Kanawha A Michigan 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 A Indiana R R . by the purchase of not exceed­
ing $750,000 stock, and also authorized the Chicago River company to
acquire control of the property of the Chicago Junction R y. by lease.
V. 114, p. 2241.
la nSj .-y-n—irf
Partial List of Stock Holdings Dec. 31 1922.
------ Amounts Owned------------- Total Outstanding----Pref. Stks. Com. Stock. Pref. Stks. Com. Stock.
Michigan Central.................................. $17,437,500
None $18,736,400
l7 ,993,100
None 35,985,600
Pittsburgh A Lake Erie. ________
Mahoning Coal R R ____
399,500
894,650
661.367
1,500,000
O O O A St Louis R y .
8.235,200 42,894,400
9,998,500 47,028,700
Toledo A Ohio Central..
3,701,400 5,846,300
3,701,400
5,846,300
New York A H a rlem ...
1,142.950 5,551,400
1,343,950
8,656,050
Reading Co , 1st p r e f .._ 6,065,000
9,852,500 28,000,0001 70,000,000
Second preferred_____ 14,265,000
42,000,000/
N Y State R ailw ay s...
600 13,604,300
3,862,500 19,952,400
Mohawk Valley Co.........
5,114,300
None
7.500.000
West Shore R R ________
______ 10,000,000
______ 10,000,000
The New York State Railways Co. (see “ Electric Railway Section") Is
the company’s trolley ally. Compare V. 100, p. 399 475.
In April 1922 the company sold its interest in the Lake Erie A Western
RR. to the Van Sweringen interests of Cleveland. V. 114, p. 1890.
STOCK.— Dividends on stock regist. in London are pay. at 49 j$d. to $.
The authorized amount of the capital stock Is $400,000,000. of which
on Dec. 31 1923 $267,977,020 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 of 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. A Impt. M . 414s and
$8,000,000 20-year 6% convertible bonds. V. 84, p. 52, 571; V. 89. p- 411.
D IVIDEN DS
1 '07. '08. '09' '10. '11.
1912 to '22 1923
P e r c e n t . . . ........... ........f
6
5
53
A 3%
5yrl.v.
6
Paid in 1924: Feb., 1 ^ % ; M ay, 1M % .
C onsolid ation M ort. $167,102,400 S ecures W ith ou t Increasing Debt.
(1) Equally by Lien Prior to that Securing the Debentures and the 4% bonds—
(a) N . Y .C en t 3 H % Lake Shore coll, bonds o f 1898-1998____$90,578,000
j
(On Dec. 31 1922 $65,749,000 of these had been exchanged
for Consolidation M tge. Series A 4s. See below.)
(0) N. Y . Cent. 3 X % Mich. Cent. coll, bonds of 1898-1998____ 19.336.000
(2) Equally by Lien Subsequent to Lien of Aforesaid—
(c) N . Y . Cent, debentures of 1904, due 1934_________________$48,000,000
(d) N . Y . Cent, debentures o f 1912. due 1942_________________ 9.188.000
(e) 4% Consolidation Mtge. bonds dated. Aug. 1 1913 and due
Feb. 1 1998. issuable in series A . B. O and D only to refund
above collateral bonds and debentures, respectively. See below.
The Consolidation Mortgage (securing the collateral Issues and other
bonds in the order Indicated above) covers by alien ranking ahead of the Re­
fund. A Impt. M tg. (see below), the lines owned in 1913 (incl. those then
brought In by consolidation or merger). 75% (3.750 shares) of the stock of
Hudson River Bridge Co. at Albany and the leases o f Troy A Greenbush.
New York A Harlem, West Shore and Beech Creek railroads. On the main
line between New York and Buffalo there Is no lien ahead o f it except the
$100 000,000 1st M . of 1897: and on the ra.lroads consolidated or merged in
1913, such as the Rome Watertown A Ogdensburg, Mohawk A M alone.
A c., there are no prior liens except the old underlying mortgages thereof
and the N. Y . Central’s $100,000,000 1st M . V. 102, p. 800. 1541
R efu n d in g & Im pt. Mtge. for New C apital and D ebt U n ifica tion .
The purpose o f the Refunding and Impt . Mtge. was to provide for future
financing of the N . Y . Cent. A Hud. River and the consolidated company,
and for the unification of the debt. The bonds are issuable in series, all
due Oct. 1 2013, but bearing date of April 1 or Oct. 1 next preceding the
date on which the series is authorized, and carrying interest at such rates,
subject to call at such dates, and prices, and with such provisions as to con­
version. A c., as shall be fixed for successive series. V. 96, p. 1424.
The amount o f bonds which may be Issued under the Ref. and Imp. M .
Is not limited to a stated amount, but is determined bv standards set up
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 Impt. M . bonds outstanding cannot exceed
three times the amount o f the capital stock as from time to time Increased.

88

RAILWAY STOCKS AND BONDS

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

Miles Date
Road Bonds

••w York Central RR (Concluded)—
Equip tr due $1,031,000 yrly due Jan 1____G.yc*Ar
Equipment trust $2,415,000 yearly April 15-G.c*
Equip trust No 43 due $911,600 yearly_____
Ten-year notes. Sec o f Treas o f U S_________
New York Central Lines (incl various associated c os)--Joint eq tr g $2,000,000 an (V 90, p 914)._G.zc*&r
do
do due $1,000,000 yearly_______ Q zo*Ar
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
due $1.843.000 yearly_______ G.zc*
do
due $844,000 yearly_________ Gzc*
do
do
do
due $1,156,000 yearly_____ G.zc*
N Y C hic & St L RR — Com stock $59,620,000 auth
Pref stock Ser" A ” 6% cum $45,880,000 auth__kxxx
First mortgage gold (closed)____________ Ce.xc*Ar
505
2d & Impt Mtge $25,000,000 g Ser A,B & C.xxxkc*
505
Debenture bonds gold sec by 2d M tge_ G.xc*&r*
_
Eqps o f '16 $1,100,000 due$l 10,000 each Aug 1G.c*
Equipment trusts due $30,000 yrly Oct 1______ G
do
do sink fd red 101 & int__________ xxc*
do
do due $225,000 yearly___________ xxxc*
do
do sink fund red 102 A int_________
do
xxxc*
do due $285,000 yearly____
do
do due $191,000 yearly_________ G.xxxc*
Equipment trust notes due $78,800 annually_____G
Collateral trust note_________________________
Lake Erie & Western Bonds—
1st M ($10,000 per mile, see V 46, P 45) g.-C e.x c*
710
2d M (V 64. p 414) $3,625,000 ($5,000 p m) gCe.xc*
710
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 Hen mortgage $10,000,000 gold
F.xoAt
451
45’
First mtge g *6,500,000 red a f t c July 1025 Fu jii * i
t Regis, int. on 1st M . 4s and deb at Treas. Office Olevel

Par
Value

Rate
%

When
Payable

Last Dividend Places Where Interest ant
Dividends are Payable.
and Maturity

1917 $1.000&c $8,248,000
1920
500 Ac 26,565.000
1920
10.027.600
1920
609,000

4H g J A J To Jan
A A O To Apr
7g
J A J 15 To Jan
6
J A D 23 Dec 23
6

1910
1912
1913
1917
1920
1920
1920
1922
1922
1923

2,000.000
3,000,000
6.400.000
10.053.000
13,729.343
5,136,000
10,149.700
25 802.000
11.816,000
16.184.000
45,942,800
32,508.300
17.655,000
12,230.000
10.*00,000
330,000
90,000
3.157,000
3,150,000
326,000
4,275,000
2,865,000
866,800
1,000,000

4J4
4H
4H
4H
7
6
6
5g
4K
5g
6
6
4g
6 K
4g
4H
434
5
5g
5J4
5g
5g
6g
6

7.250,000
3.625.000
330,000
475,200
1.170,000

6g
5Z
4K
6
6

9.575.000
6.500,000

1887
1918
1906
1916
1916
1917
1922
1922
1923
1924
1920
1922
1887
1891
1917
1920
1922

1.000 Ac
1.000 Ac
1.000 Ac

500A1000
500 Ac
500A1000
100
100
1,000
500 Ac
1.000
1,000
1.000
1.000
1,000
1,000
1.000
1,000
1,000
1.000
1.000

1900 1.000 Ac
1900 1.000 Ac
and.

After $500,000,000 or the bonds shall have been Issued, not more than
80% o f the cost o f Improvements additions or new property can be paid
for from the proceeds of bonds. Not more than one-third of the amount
of bonds can be used in the acquisition of bonds or stocks of otner com­
panies. After $500,900,000 of bonds shall have been Issued, no additional
bonds can be issuer! without tne vote of 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. 1079;
V. 104. p. 1387: V. 106, p. 2757.
The Rer. & Impt. M . Is (1) a lien next to the lien of the Consolidation
Mtge. (see above) on the properties, A c.. covered by the Consolidation
Mortgage. (2) A first Hen on the leases o f the Beech Creek Extension
New Jersey Junction and Wallkill Valley railroads, subject to the out
standing bends of each. (3) A first collateral Hen on $500,000 2d Mtge
bonds of Beech Creek R R . and $3,964,000 Consol Mtge. 4s of the Beeci
Creek Extension RR companies. (4) A first collateral lien on—
Pledge o f Stock owned in— Pref. Stock. Com. Stk. Pref. Iss'd Com.Iss’d.
N .Y .& Harlem RR.(par $50)$1.142.950 $5,551,400 $1,343,950 $8,656,051
West Shore R R ______________ ________ 10.000.000 ............... 10.000.00(
Beech Creek Extension R R .. ________ 5.179,000 ________ 6.179.001
New Jersey Junction R R ____ ________
100.000 ________
lOO.OOf
The Refunding & Impt Mtge. Is also a lien upon the properties described
In the supplemental indenture (dated June 15 1915), assuming, as authorized
by the shareholders, the obligations of the Ref & Impt. Mtge. and extend
Ing the Hen thereof over the former Lake Shore & Mich. So. R y .. Chicago
Ind. S So. R R .. Geneva Corning S So. RR . Dunkirk Alleg Vp.l A Pitts
c
c
RR. ana all of 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 S St Louis Ry and Elkhart S Westerr
c
c
R R .. acquired by conveyances In 1915 (see ‘ Organization" above). Tin
lien created by thi» supplemental mortgage is subject. as to parts of th»
mortgaged properties, to the respective prior Hens of the several underlying
mortgages thereon shown in table above. In 1914 $40,000,000 Series A
41$ % bonds, issued under this mortgage, were sold (V. 98, p. 1245)
None of the Series B bonds are outstanding in hands o f public. 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........ ......................................................$100,000,000
Consolidation Mtge. (see above) dated 1913, due 1998______ 167.102.40C
17 divisional issues of N. Y. Cent. & Hud. River R R ................. 29.509.00C
Old bonds of Lake Shore and other cos. absorbed in 1914-15_- 197.002.0Of
C o n v e r t i b l e 6 % 2 0 Y e a r B o n d I s s u e o f $ 1 0 0 ,0 0 0 ,0 0 0 D a t e d M a y 1 1 9 1 5

These bonds are convertible into stock at the rate of $100 o f stock for
$105 o f bonds, between M ay 1 1917 and May 1 1925. They may be called
for redemption on any interest date at 110 and int. upon 90 days’ notice
but, if so called, they may be converted Into stock up to 30 days prior tc
date o f redemption. Denom c* $1,000: r* $100. $500, $1,000, $5,000 and
$10,000. 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 TR A L S HUDSON R IV E R R R .— Firsi
c
mortgage is for $100,000,000, covering the original road owned, and, bj
■uDDlemental deed. 930 miles of lines (Rome Watertown A Ogdens
burg, Ac.) merged in 1913.
V. 77. p.452; V. 86, p. 1043. 1101; V. 88
p. 506: V 94. p. 208; V. 96. p. 1424.
Collateral trust 314s of 1898 were secured by deposit of stock of the Lake
Shore A M ich. Sou. and Mich. Central R R s., respectively, at the rate of
$100 of L. S. A M . S. stock for each $200 o f bonds and $100 of Mich. Cent,
stock for each $115 of bonds. The Lake Shore collateral 3J^s (75%)
exchanged for Consolidation Mortgage 4s, Series A, are a 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 R R . and Swan
Creek R y. o f Toledo. See the “ Consolidation Mortgage” above. V. 96,
p . 1424; V. 66, p .3 3 6 .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
to secure the payment o f (a) the 3k i% gold bonds. Lake Shore Col­
lateral, and (6) by secondary lien thereunder so many of the 4% Consolida­
tion Mortgage Gold Bonds, Series A. as may be issued to pay and retire
an 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
the Lake Shore, and also on the property o f Its four former subsidiaries
viz.: Det. Monroe A T ol. R R . C o., Nor. Central Mich. R R . C o., Kal. A
White Pigeon R R . Co. and Swan Creek R y . of T ol., such lien following the
Hen thereon o f Lake Shore A Mich. So. 1st M . 3)4s of 1897 and the $100,•00.000 Lake Shore debenture (now mortgage) bonds o f 1903 and 1906.
LAKE SHORE A M IC H . SOUTHERN BONDS.— The N . Y . Central
R R . b y supplemental Indenture (dated Jan. 1 1915) assumed the obliga­
tions o f the $50,000,000 3M % 1st M . o f 1897 (see V. 64, p. 1182), and has
extended the lien o f that mortgage over the railroads, A c., formerly
owned by Det. Monroe A Toledo R R C o., Northern Central M ich. R R .
C o . . Kal. A White Pigeon R R . Co. and Swan Creek R y. Co. of Toledo, and
It has also executed a supplemental indenture dated Jan. 2 1915, assuming
the obligations of the mortgage dated July 1 1914, securing the 25-year
4% gold bonds of 1503 and 1906 aggregating $109,000,000 (twe issues,
$50.000,000 each), and extending the lien thereof to said add’l properties.
As to guaranty of Kanawha A Hocking Coal A Coke and Continental
Coal Co. bonds, see V. 109, p. 1527. Joint guaranty o f Cleveland Union
Terminal Co. bonds, V. 114, p. 2716.
EQU IPM EN T BONDS.— See “ N . Y . Central Lines” below.
B . A A . equipment trust, see V. 95. p. 1040, 1332, 1403; V . 98, p. 1072
Equip. Trust o f 1917. V. 105. p . 1209: V . 106, p. 396; V . 104, p . 2235
1598
Equipment trust o f 1920, V. 110, p . 1526.
Equipment trusts Issued to Director-General for rolling s t o c k allocated
t o this company.
See article on page 3 and V. 113, p. 1471.
Venner suit. V . 108. p. 1275, 1937.
Company's real estate holdings in N . Y . City. V. 106, p. 607.




Outstanding

[V ol. 118.

1 1932 Guaranty Tr Oo. N 1
15 1935 Guaranty Trust Co, N Y
15 1935
1930

gJ
gJ
gJ
J
4
.1
.1
.1
gM
J

A J Jan 1 1925
St .1 To Jan 1 1927
A J To Jan 1 1928
& J To July 1 1932
<c () To Oct 15 1935
K
& 1) To Dec 23 1935
A .1 To Jan 15 1935
Sc I) To June 1 1937
A S To Sept 1 1937
A 1) To June 1 1938
Q— 1 July 1 1924 1 H
< — J July 1 1924 1H
;
A A o Oct 11937
M A N May 1 1931
M & N May 1 1931
g F A A Aug 1 ’24 to ‘26
A A () Oct 1 '24 to ’26
M A N May 1 1931
V A H Sent, 1 '24 to ‘ 37
I
M A N To May 1 1932
F A A To Aug 1 1938
M & S To Mar 1 1939
J A J 15 To Jan 15 1935
Mar 1 1930

Sc

Guaranty Trust Co, N Y
New York and Londos

Guaranty Trust. Co, N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y
tOhase Nat Bk N Y
do
do
tOhase Nat Bank, NY
Guaranty Tr Co, N Y
Guaranty Tr Co, N Y
New York and Cleveland
(Jn Tr. Clev: Gu Tr, N Y
New York & Cleveland
UnTr.Clev: GuarTr.N Y
Guaranty Trust Co, N Y
Guaranty Trust Co, N Y

A

J

A

Guaranty Trust Co. N Y
J Jan 1 1937
do
do
J July 1 1941
J To Jan I 1927 Philadelphia
J T o Jan 15 1935 Guaranty Trust Co, N Y
Apr 26 1932

3H | J
4E A

Sc
Sc

J July 1 1925
O Apr 1 1950

J
J

J

S
c

Irv Bk- Col Tr Co, N Y
Irv Bk-Col Tr Co. N Y

R E PO RT.— For 1923, in V. 118, p . 1259, showed:
1923.
1922.
1921.
5,699.73
5,710.08
5,704.27
Miles operated________________ _____
Operating Income—
$
$
$ ___
Railway 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 op er'n s,. 86,573,167
Percentage o f expenses to revenues..
(76.29)
Railway tax accruals_______________ 20,053,594
Uncollectible railway revenues______
98,159
Railway operating income________ 66,421.414
Equipment rents, net debit_________ 4,126.179
Joint facility rents, net credit_______ 3,520,566

66,219,628
(79.09)
17,361,159
53,416

70,362,605
(75.91)
18,132,163
54,085

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

T o ta l o p e ra tin g inco m e___________ 66,026,083
N on -O p era tin g In co m e—A d ju stm e n t o f sta n d a rd r e tu rn ______
______
Incom e fro m lease of ro a d ___________
120,947
M iscellaneous re n t inco m e___________ 2,114,061
M isc. n o n -o p era tin g ph ysical p ro p ___
781,772
S ep arately o p erated p ro p .— p r o f it___ 3,460,024
D ividend inco m e_____________________ 14,464,455
Incom e fro m fu n d e d secs. A acco u n ts 3,250,635
Incom e fro m u n fu n d ed secs. A a cc ’ts . 1,208,878
Incom e fro m sin king A o th e r res. fu n d s 148,620
M iscellaneous inco m e_______________ _d e b .232,088
T o ta l n o n -o p eratin g inco m e______ 25,317,305
G ross inco m e_________________________ 91,343,388
D ed u ction s fr o m Gross In co m e—
R e n t for leased ro a d s________________ 7,738,544
M iscellaneous re n ts ___________________
860,955
M iscellaneous ta x a cc ru a ls___________
281,945
S ep arately o p erated p ro p e rtie s— lo ss. 1,702,825
In te re st on fu n d e d d e b t______________ 33,881,249
574,651
In te re st on u n fu n d ed d e b t___________
A m o rtizatio n of disc, on fu n d e d d e b t.
637,407
M ain te n a n c e of in v e stm e n t o rg an iz’n
5,112
M iscellaneous incom e ch arg es________
321,274

50,899,814

54,975,555

4,281,608
367,389
131,725
3,423,369
1,985,592
511,893
661,867
32,195
1,520,309
6,316,257
10,309,803
3,171,613
3,418,231
2,783,073
1,682,201
90,740 deb.71,475
deb .749,193 deb.836,928
19,051,274' 20,121,944
69,951,089 75,097,499

6,703,481
6,690,585
1,157,913
907,983
278,196
269,686
1,323,143
3,613,258
34,855,173 33,598,469
7,196,207
1,062,568
553,788
572,511
2,582
4,507
1,988,034
1,339,631
Total deductions from gross income 46,003,961 49,315,903 52,801,813
Net in c o m e ..._____________________ 45,339,427 20,635,186 22,295,686
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. A L . . 17,590,649
7,643,871
9,747,588
For latest earnings see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., Patrick E. Crowley; Chairman, Chauncey M . De­
pew: 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., Milton S. Barger; Sec., E. F. Stephenson.
Directors: F. W . Vanderbilt, C. M . Depew, Harold S. Vanderbilt,
George F. Baker, W. K. Vanderbilt, Ogden Mills, R . S. Lovett, Albert H.
Harris, Bertram Cutler, Patrick E. Crowley, Edward S. Harkness, Jackson
E. Reynolds, Warren S. Hayden, James B. Forgan and Frank J. Jerome.
— V. 118, p. 2179.
NEW YORK CENTRAL LINES.— The N. Y . Central Lines equip,
trusts cover engines, passenger cars and freight cars used by various lines
of the system, which jointly and severally agree to pay prin. and int., the
larger part being for N. Y. Central. V. 117. P. 1556.
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, Ind. and 111.
as a consolidation of the New York Chicago A St. Louis R R ., Chicago A
State Line R R ., Toledo St. Louis A Western R R ., Lake Erie A Western
R R . and Fort Wayne Cincinnati A Louisville R R . The consolidated
company operates 1,695 miles of road, its main line extending from Buffalo
through Cleveland to the three Mid-Western gateways at Chicago, Peoria
and St. Louis. Its lines also reach Fort Wayne, Indianapolis, and the
important Lake ports of Sandusky and Toledo and the company also owns
half the capital stock of the Detroit A Toledo Shore Line R y., connecting
Toledo with Detroit.
Consolidation Plan.— (V. 116, p. 721):
The agreement and articles o f consolidation were entered into by the
directors of 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, of the lines of railroad o f the constituent com­
panies by the consolidated corporation, and approved the necessary issue of
securities.
The total capital stock of the consolidated company authorized by the
agreement and articles of consolidation is $105,500,000, of which $45,880,000
is to be preferred stock and $59,620,000 is to be common stock. The
amount of stock authorized by the I.-S. C. Commission to be presently
issued in exchange for the stocks of the constituent companies is $78,967,900,
of which $32,720,000 is preferred stock and $46,247,900 is common stock.
On Dec. 31 1923 capital stock o f the constituent companies amounting to
$78,468,800 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 consolidation o f $499,100. A part o f the stock which will be
issued to discharge that liability will be contributed to the company pur­
suant to the agreement. Because of contributions by stockholders and
other adjustments incident to the consolidation, the company holds in its
treasury, out o f the total of $78,468,800 issued and exchanged to Dec. 31
1923, fully paid preferred stock of the par value o f $6,785,714 and fully
paid common stock o f the par value o f $15,751,596.

M ay , 1924.]

89

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

IN V C onn R R — IstM gred 105 begAug'18.Q .yc*Ar»
1913 $1 .OOOAc
N Y & Greenw Lake— Prior lien M gu p & l.N .gxc*
54 1896
100 Ac
New\ork & Harlem— Common 10% guaranteed_____
146
50
Preferred stoek 14%. 10% guaranteed___________
146
50
Ref. mtge (now first) $12,000,000 guar.. G.xo'Ar
136 1900 1.000 Ac
100
N Y Lackawanna & Western— Stock guar55% (end'
214
1st A ref mtge Series B guar p & i (end)_ F.xxxc*
_
1,000
214 1923
do
Series A ______________________________
1.00C
1923
Oo istruotlon mtge guar by D L 4 W (end) __F.xo*
214 1883
1.000
New Vork Lake Erie & Western— See Erie RR
N Y % Long Br— Gen M (now 1st) $2,500,000 g .-C e .o ’
38 1891
1,000
New Vork New Haven & Hartford— Stook (see text)
10C
Pref. aAd stock 7% cum $45,000,000 call 110_____
...
—
100
First and refunding mortgage— See text
1,000
Debentures ($5,000,000 are 4s) non convert-.zoAr
’97-’01
D -benuires (for F H A W) (V 78, p 2335)_____ .x
1904
500 Ac
D-beutures (tor N Y O 4 W) (V 80, p 2458) - zo * * t
1,000
1905
D“bentures convertible (see text)____________xo’ Ar
100 Ac
1906
Debentures not convertible_____________________ z
1906
1907 fres A $
European loan (see text)________________________ x
Debentures $39,029,600 gold conv (te x t)___ zc’ Ar
1908
100 Ac
1916
Debs N . H. station due $100,000 yly (V. 106, p. 1675)
Gold coupon debentures_______________________xc*
1920
1,000
Notes to U S Gov call (U S Dar, others 102)_ text
_
1920 1.000 At
Note to Director-General o f Railroads___________
1920
do
do
do
_____________________
1922 _________ _
Notes to Secretary o f Treasury__________________
’20-’23
S ) pi & Bost genM (now 1st) gass,$4.000.000zcAr
i
1,000
62 1892
87 1887
Bousatonlc con M g (assumed)____________ P zc*
1.000
362 1895
1.000
V Eng cons (now 1st) M $17,500,000 5s g gu.Ba.zo*
Danbury & Norwalk—
30 1885
1,000
Gen mtge Danbury, Conn, to Wilson Pt, Ao.zc*
30 1905
First ref mtge V 82, p 210) gold assumed.xc* Ar
Bariem R A Port 1st M gold $15.000,000-Uz.xc* Ar
12 1904 1,000 Ac
61 1904 1.000AC
* augatuok first mortgage gold assumed____ x c’ Ar
D ebentures..______________________________
1902
1,000
dostnn A N Y Air Line 1st M $5,000,000 (assum) „ x
1905
1,000
Pawt.uxet Valley 1st M __________________________
5.60 1900
N F A Northampton ref M $10,000,000 guar p A 1.x
1906
°rovldence Term 1st M $7,500,000 g assum ..xo* Ar
1906 l.OOOAo
a Reg.interest Anter. Exch.Nat.Bank: coup. Int. Tre'as of Penn. R R .. Phi
Plan for Exchange and Disposition of Capital Stock.
Balance Contributed to
-Stockholders Will Receive- ----- Consol. Co. Treas.----Exts'ina Stock—
Issued.
Preferred.
Common.
Preferred.
Common.

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest an
Dividends are Payable
and Maturity

$24,000,000
4H g F A A Aug 11953
1.471,900
5 g
M & N M ay 1 1946
8,656,050 See text See text See text
1.343,950 See text See text See text
12,000,000
3 X g M & N M ay 1 2000
See text
5
Q— J Apr 1 1924
10,000.000
4 X g M & N M a y l 1973
M A N M a y l 1973
10,635,000
5
M A S Sept 1 1930
3,699,500
7
2,500.000 4 g A 5 M A
157.117,900
9,991,000 3M A 4
9,997,900
3H
15,000,000
4
8,912,350
3H
15,000,000
4
23,223,126
7g
6g
38.541,200
100.000
5 g
11.672,000
4 g
43,000,000
6
17.000,000
6 g
4,000,000
6g
23,930,000
6 g
1,000,000
4 g
2,839,000
5g
17,500,000 4 g A 5 g
150.000
350.000
15.000,000
2.500,000
234,000
3,777,000
160.000
2,400.000
4.000,000
1

5
4 g
4 g

4g
3*
4g
4

4
4 g

S Sept 1 1941
See text

SMoh 1 1947
A v
A o Apr 11954
A J July 1 1955
A J Jan 1 1956
A N May 1 1956
A o See text
A J15 Jan 15 1948
A N Nov 1924
A N M a y l 1957
See text
M & S Mar 1 1930
Various Oct 31 1930
A < O To 1935
fc
A A o Apr 1 1942
M A N Nov 1 1937
J A J July 1 1945
M
A
J
J
M
A
J
M
M

A
J
M
M
A
F
A
J
M

A

A
A
A
A
A
A
A
A

O Apr 1 1925
r> June 1 1955
N May 1 1954
N May 1 1954
O Oct 1 1930
A Aug 1 1955
O Apr 1 1925
n June 1 1956
s Mch 1 1956

1H

See •'a'' below
50 Church St, New York
Grand Central Term,NY
do
do
do
do
Lack & West,
do
do
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
Irv Bk-Col T r, Line office
Second Nat Bank, N H
Irv Bk-Col T r. Line office
J P Morgan & C o.. N Y
i Second Nat Bk, New Ha v
& 1st Nat Bk, Boston
Iquit Trust Co, N Y

OentUnion Tr C o, N Y
Farmers' L & Tr C o, N Y
Safe Dep & Tr Co,Boston
Second Nat Bk, NewBav
do
do
Irv Bk-Col Tr Co, N Y
Second Nat Bk, N Baven
do
do
do
do
New Baven, Conn
Second Nat Bk, N Haven
do
do

int., jointly and severally, by Pennsylvania R R . and N. Y . N. H. & H. R R .
— (V. 118. p. 1773.)
NEW YORK & GREENWOOD LAKE R Y — (See Map of Erie RR .)—
Owns from Croxton Jet., N. J., to Sterling Forest, 42 m., and branohes to
N Y C.& St.L .,pref. $5,000,000 $5,000,000
................
Rlngwood, Ac., 8 m.; Watchung R y., Forest Hill to Orange, N. J., 4 m.;
Each $100
100%
total owned, 54 m. Stock, $100,000; par, $50. Leased to Erie R R . for
do 2d pref......... 11,000,000 11,000,000
.............
999 years from May 1 1896. Prior lien bonds are guaranteed, prln. and Int.;
Each $100
100%
by Erie. See V. 63. p. 513: form of guaranty, V. 65, p. 463.
do Com m on____ 14,000,000
................$14,000,000
Each $100
100%
NEW Y ORK & HARLEM R R .— (See New York Central Railroad).—
C & State L. 1st p f.
250,000
$250,000
Owns steam road N. Y. City to Chatham, N. Y ., 136 m. Also owns street
550,000
do 2d pref_____
550,000
railroad on Fourth & Madison avenues. N.Y. City, 10 m. Assets, V. 95. p. 47
do Com m on___
$700,000
700,000
The N. Y . Central R R . owned on Dec. 31 1922. $5,551,400 common and
1.184.000
Lake Erie & W . pref. 11,840,000
5,920,000
4,736,000
$1,142,950 preferred of the $10,000,000 stock. V. 94, p. 208, 768; V. 93.
Each $100
50%
40%
10 7o
p. 1788, 1600. 1696; V. 94, p. 1057: V. 98. p. 1157; V. 99, p. 1749.
6.512.000
do C om m on___ 11,840,000
................
5,328,000
The steam road (since partly electrified) was leased April 1 1873 for 401
Each $100
55%
45%
years to the N. Y . Cent. & Hudson River R R . Co.; and the street railway
F t. W . C. & L . c om . 3,787,900
3,787,900
was leased July 1 1896 for 999 years to the Metropolitan Street R y. (now
b 3 ,500,000
T ol. St. L. & W . pref 10,000,000
6,500,000
................
N. Y . Railways C o.), at annual rental intended to provide dividends as
Each $100
35%
65%
follows, the interest on the bonds being taken care of under lease of the
2 , 000,000
do
C om m on___ 10,000,000
.......................
8 , 000,000
steam road.
20 %
Each $100
80%
Rental—
Dividends.
Payable—
Steam road— 10% per annum guaranteed____________ Jan. 5% ; July 5%
T o ta l.......................$78,967,900 $28,420,000 $32,064,000 $4,300,000 $14,183,900
Street railway— $400,000 yearly— 4% p.a. (see below).April 2% : Oct. 2%
DIYS.— On July 16 1923 paid 3% on new pref. stock and 3% on new com*
These last dividends
the N . Y
mon stock; Oct. 1 1923 to July 1 1924 paid 1H % quar. on each class of having defaulted on thewere not paid in 1919, By order .ofRailways Co.
street railway rental.
Judge Julius
stock.
M . Mayer in Jan. 1920, the street railway line was returned to the com­
BONDS.— First m tge., a b stra ct, V. 45, p. 541.
pany as of Jan. 31 1920 V. 108, p . 79; V. 109. p . 1273; V. 110. p. 360.
The stockholders on July 2 1918 authorized a “ Second & Im pt. M tge.”
R E PO
int. and rentals,
for $35,000,000, including the $10,000,000 debentures o f 1906, which are $630,056;RT.— For 1922, total income, $1,613,851; bal., def., $16,205.
pref. divs., $134,395 common divs, $865,605;
equally secured, leaving $25,000,000 that may be issued for improvements.
OFFICERS.— Pres., P. E. Crowley; Sec., E. F. Stephenson; Treas.,
The bonds are to be issued in series, each series to bear such rate of interest
as may be fixed by the directors. At April 30 1924 $14,309,000 had been M . S. Barger.— (V. 118, p. 2438.)
issued, o f which $1,389,000 were pledged as security for $1,000,000 note
NEW YORK LACKAWANNA & WESTERN RY.— Binghamton to Buf­
issued to U. S. R R . Administration. V. 108, p. 1061,579; V. 107, p. 1670.
The stockholders on April 4 1924 authorized an increase in the bonded falo and Internat. Bridge and branohes, 214 m., of whloh the main line, 213
indebtedness of the company to $500,000,000, but not to exceed at any time m.. Is double track; D L. A W. has a lease for duration of charter from Oot.
the amount o f the fully-paid outstanding capital stock o f the company and 1882, giving a guaranty of the bonds and 5% yearly on the stook. See form
the placing of a mortgage on part or all o f the company’s property to secure of 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 capital
Eauipment trusts, V. 103, p. 1032; V. 104, p. 952, 1592, 1801; V. 106, p. stock from $10,000,000 to $15,000,000.
The $10,000,000 1st & ref. mtge. 4H % gold bonds Series B are uncon­
2007; V. 115, p. 1321; V. 117, p. 894; V. 118, p. 907.
Joint guarantee of Cleveland Union Terminal Co. bonds, V. 114, p. 2716. ditionally guaranteed by endorsement, both as to principal and interest, by
Del. Lack. & West. R R . Authorized, $30,000,000. There have also been
V. 117, p. 208.
issued $13,639,000 Series A 5% bonds, all of which are held in the treasury
R E PO RT.— For 1923, in V. 118, p. 2195, showed:
of Del. Lack. & West. R R . The $3,699,500 construction mtge. bonds
Consolidated Income Account.
were extended at 7% to Sept. 1 1930.— (V. 116, p. 2767.)
Calendar Years—
1923.
1922.
1921.
Railway operating revenues_________$57,477,379 $50,948,425 $45,596,128
NEW YORK & LoNU BR ANCH RR.— Perth Amboy to Bay Head. N. J..
Railway operating expenses_________ 43,938,162 39,060,667 36,070,390
38 miles. Operated under an agreement made in 1888 for a period of 99
years with Penn. R R . and Cent. R R . of N. J., whloh Jointly and severally
Net revenue from railway oper____ $13,539,217 $11,887,758 $9,525,738 guarantee Interest and 7% on the $2,000,000 stook, all owned by CeDtra)
Railway tax accruals------------------------- 2,852,483
2,604,454 2,520,516 RR. of N. J. Of the bonds $192,000 are 5s. Pres., George F. Baker;
Uncollectible railway revenue_______
7,690
5,891
3,451 Vice-Pres., Robert W. de Forest, and Sec. & Treas., F. T . Dickerson.—
(V. 72, p. 438.
Railway operating income________ $10,679,044 $9,277,413 $7,001,771
NEW Y O R K NEW HAVEN & H ARTFO RD R R . CO. (T he).— Covers
Equipment rents (net)_____________
1,305,171
815,956
483,566
Southern New England and the only direct routes between New York and
Jomt facility rents (net)____________
175,019
87,612
202,342
Boston.
N e t ra ilw a y o p e r a tin g in c o m e ______$ 9 ,1 9 8 ,8 5 4
$8,373,845 $6,315,863
Lines owned inFee—
Miles.
Leased {part owned)—
Miles.
Non-operating income_____________
1,243,510
564,757
769,455 Woodlawn Jet. N , Y .. to Provi­
Old Colony R R . (which see)_
_ 533
dence, R. I___________________173
Lines Leased—
Gross incom e.------------------------...$ 1 0 ,442,364 $8,938,602 $7,085,319
Boston, Mass., to Danbury,
Providence and Worcester_____
48
Deductions________________________
4,111,022 3,598,639
3,361,261
C o n n ________________________ 179 |Norw. & Worcester (which see)
71
New Haven, Conn., to SpringOther lines___________________ 160
Net income________________________$6,331,342 $5,339,963 $3,724,058
field, Mass____________________60 Track to New York City. Ac.
Income applied to skg. & oth. res. fd s.
$98,482
$98,226
$98,891
Lines to Pittsfield, Litchfield,
(V. 88. p. 53)...........................
Dividend appropriations___________
3,556,648
1,499,365
1,499,365
Springfield, &c_______________ 777
Total operated Dec. 31 1923_____ ------------------------- ------------------2.001
Income bal. transf. to profit & loss. $2,676,211 $3,742,372 $2,125,802
Sedond track,
Previous balance___________________ 17,421,930 12,114,477 11,671,257 main tracks, 27 813 m.; third track, 126 m.; fourth track, 116 m.; all other
miles.
Balance transferred from income acc’t
487,131
On Jan 17 1918
operating N. Y
Profit on road and equipment sold_ *
_
10,517
20,340
34,798 above). V. 104, p. began V. 105, p. 2094. . Connecting R R . (which see
1592:
Unrefundable overcharges__________
4,496
18,506
33,801
In
of
N. Y .
West,
Donations__________________________
9,310
20,442
6,973 stock Oot. 1904 $29,160,000per the $58,118,982 $2,200 Ont. A $4,000 com
aoqulred at $45
$100
of the
Miscellaneous credits and adjustments 16,637,422
2,211,854
188,798 V. 95 was481: V. 79. p. 2086. 2642: share and 1363; V. 95. p. 1427. pref.
p,
V. 80. p.
This company and the New York Central each own $2,352,050 or the
Total surplus------------------------------- $37,247,019 $18,127,992 $14,061,429
pref.
f
Dividend appropriations___________
798,110
--------1,774,360 majority 95, p. stock oV.the Rutland R R . V. 93, p. 1600, 1788; V. 94, p.
1317; V.
1608;
101, p. 1974.
Surp. approp. for inv. in phys. p ro p ..
9,310
20,442
7,248
Owns greater part of stook of
and
Debt diset. exting. through surplus..
228,604
85,692
244 guarantees $14,512,000 gen. 4s. Central New England R y. (whloh see) 866.
V. 92, p. 1179, 1375, 1436; V. 93, p.
Loss on retired road and equipment-.
134,478
141,767
138,766
Owns oraotlcally all the stook of the N. Y . Westchester a Boston. 177tL
Premium on equip. trust certificates _.
1,370
Miscellaneous debits-----------------------191,454
458,314
26,335 St., N. Y . C., and M t. Vernon, &c., and guarantees payment o f prin. & int,
of the $19,200,000 4 % 1st M . gold bonds. See bond offering, &c., V. 93;
). 346, 866; V. 94, p. 1508, 1627; V. 95, p. 48, 298, 964, 1040, 1208; 1746
Profit and loss balance___________ $35,883,692 $17,421,747 $12,114,477
f . 100, p. 643, l9 l9 . See “ Electric R y. Section.” Tentative valuation,
For latest earnings, see “ Railway Earnings Section’ * (issued monthly).
Chairman, O. P. Van Sweringen; Pres., J. J. Bernet; Sec., George S. Ross; V. 115, p. 2478, 2581; V. 116, p. 77.
Treas., L . B. Williams. Office, Cleveland, Ohio.— (Y. 118, p. 2438.)
MASSACHUSETTS A C T .— An Act of Mass. Legislature duly adopted
by directors on May 8 1917, (1) grants authority to retain possession of
NEW Y O R K CONNECTING R R . CO. (THE).— Owns 4-track viaduct 14 subsialarles, but requires the sale of the Rutland RR. stock within five
bridge and connecting road forming a line 8.96 miles in length from Port years (subsequently extended to M ay 8 1927); (2) makes numerous stipula­
Morris, N . Y ., at Hell Gate, to Long Island City (with line to Fresh Pond, tions as to how sundry branch line securities shall be treated in the accounts,
4.32 m .), a connecting link between the N . Y . N. H. & H. R R . and the and (3) limits dividend on com. stock to 5% p. a., until various conditions
Pennsylvania R R ., each o f which owns $1,500,000 o f the $3,000,000 capital are complied with. V . 104, p . 2010; V . 114, p. 1766.
stock. Opened for passenger service April 1 1917 and for freight service
Jan. 17 1918.
SEGREGATION.— The stockholders on Apr. 211914 approved an agree­
Passenger trains run thence direct to Penn. R R . station in N . Y .; freight ment which had been reached with the Govt, for a surrender to inde­
trains go to Bay Ridge, Brooklyn, passing by ferry to and from Green­ pendent control of certain parts of the system so as to prevent a suit under
the anti-trust law as follows: (1) The Boston RR. Holding Co. stock own­
ville, N . J. V. 104, p. 1045, 1388; V. 106, p . 396. Of the 1st M . 4 H %
($30,000,000 auth.), $24,000,000 have been sold, guaranteed, principal and ing 28.3% of the stock o f the Boston A Maine R R . has been transferred to




90

KAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 0]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

■•w York New Haven & Hartford (Concluded)—
Consolidated Ry debentures________________ _ ____
Providence Secur Oo debs g gu red 105 beg 1917_xc*
1907
$1,000 See text
48
Bds of elec roads. See text below & "Electric By Sectio n ”
See text 4. 4 H . 5
Equipment trusts, Ser. A due $166 000 yearly _.F
1914
1,000
$664,000
5
do
ser A A due $48 or $49.000s-a.PhPc*
49,000
1914
1.000
6g
do
ser BB due $123 & $122,000 s-a.C P
367,000
1915
4H
do
ser OO due $65,000 s - a
CP
1916
325,000
4«
1.000 1,368,000
do
ser D D due $171,000 s a _ C P c*
_
1918
6
do
ser EE Class A _________1920
1,000 1,592,000
7
1920
do
Govt No 53, due $295,900 yearly_
3,254,900
6
do
due $149,000 s-a________ 1923
1,000 1,043,000
6
Bonds o f Leading Proprietary. A c.. Lines (V 103, p. 1604)
Boston R R Holding Oo— Boston Term Oo— Central New
Engla nd R y— See those co mpaniea
New York Connecting RR and Old Colony— See th ose co mpanl 69
See text
N Y Wes & Bos 1st M $60,000,000 g red 110(1 io*& r‘
1911 $ & £
4H 8
Hew York & N orth ern— See N Y Cent R R .

...

When
Payable

[V ol. 118.
Last Dividend Places Where interest and
Dividends are Payable
and Maturity

Equitable Trust Co. N Y

M & N May 1 1957
Various 1924 to 1956
A & O Apr 1925-1929
M & N Nov ’24-Nov '24
J & D Dec ’24-Dec ’25
M & S Sept’24-Sept '26
M & N 1 5 Nov ’24-Mav'28
A & O T o Oct 1 1935
J & J To Jan 15 1935
J & D Jan ’25-July ’27

Farm Loan & TrOo, N Y
Phlla Tr S D & Ins Co
Commercial Tr Co, Phila
do
do
Commercial Tr Co, Phila
Old Colony Tr Co, Bost
Guaranty Trust Oo, N Y

J

New York & London

&

J July 1 1946

Note.— Certain property o f this company is subject to a lien un der a mo rtgage of th e New Y ork & Ne w England R R . Co. to secure Boston Tertninal bonds o f that company to the amount o f $1,500, 000, d ue Apr 1 1939 bearing in terest at 4%

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 holding company, they shall
sell the Bos. & Maine stock before (as extended) O ct.l 1923. V.107.P.1482.
1802. See V. 103, p. 166; V. 99, p. 1221. See Boston & Maine. Federal
Judge Mayer in the U. S. District Court for the Southern District o f 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 R y. System
and o f holdings in the Boston & Maine R R . The modification restores
to the New Haven its investment in the B. & M . See V. 116. p. 2637, 2884.
(2) The stocks of the companies which control the Connecticut and
Rhode Island trolleys were placed In the hands of trustees— five for each
State— and ordered sold by Apr. 1 1925 (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 o f the Merchants’ < Miners' Transportation Oo
fc
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.-8. C. 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 soid by Apr. 1 1925. V. 108. p. 1275
(7) The stocks of companies owning or controlling street railways in
N . Y . shall be sold by Apr. 1 1925. V. 8 9 ,p . 1000. 1072. 1157, 1239. 1246
V . 99, p. 467, 270, 198. 120. 1131. 1221: V. 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. Y. 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 o f them, or to
merge or consolidate any or all of them with this company: (a) Central New
England R y.; (ft) Harlem River & Port Chester RR.; (c) New England SS.
C o.; (d') Hartford & New York Transportation Co.; (e) New Bedford Mar­
tha’s Vineyard & Nantucket Steamboat Co.
Report o f Joint New England Railroad Committee suggesting plans to
rehabilitate the New England roads. V. 117, p. 87.
STOCK.— Common stock, authorized issue unlimited. Pref. stock,
authorized, $45,000,000 7% cumulative. The plan to sell a block of this
stock in order to take up the collateral notes ($43,964,000) was withdrawn
In March 1918 when the Gov’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 .—
J1873-1895
1896 (0 1912. 1913.
1914. None
Per c e n t ____________ 1 10 yearly
8
7
since
GOVERN M EN T LOANS.— On March 27 1918 the Director-General
agreed to advance to the company, for the purpose of protecting its matur­
ing notes, $ 4 3 ,9 6 4 ,0 0 0 due as extended A p ril 15 1920 at 6 % int., with the
right o f renewal to the company for 1 year more on the same terms.
The note was reduced by payment on account from $43,964,000 to $43,626,500. A new note in tnis latter amount, dated N ov. 1 1920 and payable
Oct. 31 1930. was given to the Director-General to replace the note for
$43,964,000. dated April 15 1918 and reduced by payments to $43,026,500,
and $50,620,000 o f 1st & Ref. M . bonds were deposited with the U. S.
as collateral security therefor. A note in the amount of $17,000,000
dated N ov. 1 1920 and due Mar. 1 1930 with interest at 6 % , was given
to the IT. S. to refund indebtedness of the company incurred during i he
period o f Federal control, and 1st & Ref. M . bonds in the amount of $20,000,000 were deposited as collateral security therefor. A 6% collateral
gold note for $4,290,000 due April 1 1925 was issued to the Director-General
o f Railroads during 1922. The company also issued its notes, payable
in 15 years from date, to the IT. S. o f the total amount o f $8,130,000, with
Interest at 6% in return for a loan o f that amount from the revolving fund,
created by the Transportation Act o f 1920, and deposited its 1st & ref. M .
bonds to the amount o f $9,565,000 as collateral security.
Further loan under the Revolving Fund o f $8,000,000 was certified by
the Inter-State Commerce Commission on Aug. 29 1921. Two ten-year
notes in the respective amounts o f $3,000,000 (dated Sept. 15 1921) and
$5,000,000 (dated Oct. 15 1921) were given to U. S. in return therefor.
1st & Ref. M . bonds o f Series “ B " In the amount of $4,775,000 were pledged
as collateral security for the $3,000,000 note, while certain stocks and
bonds o f other carriers were deposited with the U. S. as security for the
$5,000,000 note.
itf On N ov. 1 1921 a further loan o f $400,000 covering equipment purchased
under Trust “ EE” was made and equipment trust notes Class “ B ” amount­
ing to $400,000 and first and refunding mortgage bonds. Series “ B ,”
amounting to $660,000 deposited as collateral security. $100,000 of the
above loan have since been paid off, releasing a corresponding amount
o f “ E E ” trust certificates which were canceled.
On M ay 26 1922 a further loan of $500,000 covering equipment pm-chased
under trust “ E E ” was made and equipment notes class A and B amounting
to $600,000 deposited as collateral security.
Series C aggregating $2,400,000, issued to secure loans from IT. S. Govt,
to secure following notes: M ay 1 1922, $2,100,000 6 % , due M ay 1 1932;
June 1 1922, $300,000 6% , due June 1 1932, on account of 10% installment
European loan maturing April 1 1925.
A Govt, loan of $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 used for additions and
betterments.
BONDS.— The company has executed and delivered to the Bankers
Trust C o., trustee- its 1st & Ref. M . 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 U. S.
Government.




The aggregate principal amount o f 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 ex­
ceed twice the amount of the then outstanding stock (now $157,117,900).
plus premiums paid in thereon (to date $19,282,887 50), which at the present
time would limit the amount to $352,801,575.
A total of not more than $95,000,000 of new bonds is authorized, of
which not exceeding $80,000,000 Series A 6s, dated N ov. 1 1920 and
due Oct. 31 1930, are authorized to refund company’s indebtedness to
U. S. Governmsntincurred during period ef 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 U. S. for loans that may be made to the co. for
equipment and betterments (as of Dec. 31 1923 a total of $99,168,000
(Series A , B, C, D & E) had been issued and were owned by the co., of
which $96,716,000 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. I l l , p. 2423.
2041. 1942Harlem River & Portchester Div. 4s o f 1904, V. 85, p. 1143.
Debenture certfs. o f 1906, V. 81, p. 976, 1039, 1493; V.84, p. 103. 694.
In Feb 1907 145,000,000 francs ($29,000,000) 4% 15-year debenture*
with a fixed rate in marks and £ were sold; $23,223,126 outstanding. V. 84,
p. 391, 450, 508, 804, 931. The dollar bonds are issued in exchange for
the foregoing bonds $ for $, and are to be seemed by any future mortgage
on the main line between Woodlawn, N . Y ., and Providence, and also
Springfield, 235 miles, pro rata with any other bonds secured thereby.
The company has executed its 1st & ref. mtge. dated Dec. 9 1920, and in
accordance with the foregoing has expressly included these debentures under
the terms and lien of the indenture. V. 103, p. 759. The company in a
notice to the holders of the 4% debentures outlined a plan fo l extending
these debentures, holders being paid 10% o f the amount of their debentures
in cash and payment of 90% being extended until April 1 1925 with interest
at the rate of 7% p. a. The lien o f 1st & ref. mtge. as security for these
debentures will remain unimpaired.
The extended 90% of the franc debentures will be payable, at the option
of the holders, in dollars in New York, viz., $86 85 per 450 francs. The
extension plan was declared operative on M ay 13 1922. Compare V. 114,
p. 1180, 1287, 1534, 1766, 2241; V. 115, p. 544.
Providence Terminal Co. bonds ($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.
The 5% debentures for New Haven station are seemed by lien of first
and ref. mtge. V. 103, p. 1302, 1119, 1503; V. 106, p. 1675.
In April 1918 $3,141,000 of the $19,899,000 30-year 4% debentmes of
the Providence Securities Co. had been acquired by the N . Y . N . H. &
H. R R ., which had assumed the issue, ana Its shareholders voted April
1917 to authorize not exceeding $16,758,000 4% debentures due in May
1957, to be exchanged $ for $ for the rest. InD ec. 1923 $11,672,000 had
been exchanged, leaving $5,086,000 outstanding. V. 106, p . 1577, 1689;
V. 110, p. 2488, 2658.
„„„
Equip, notes, V. 106, p. 1560, 1676; V. 98. p. 913: V. 99. p. 1367. 1452.
1911; V. 105. p. 1708, 910; V. 103, p. 119. 1601.
V. 106. p. 2560.
The I -S O Commission on Oct 16 1920 authorized the company to
Issue and pledge $3,500,000 equipment trust notes. Series EE (Old Colony
Trust Co , trustee), $2,800,000 thereof to be 7% “ Class A " notes ($2,000,000
of these to be pledged to secure $2,000,000 promissory notes) and $700,000
to be 6% “ Class B ” [second lien notes]
These “ Class B ” notes and the
remaining $800,000 “ Class A ’ notes to be turned over to the U, S. Treasury
In retmn for a loan of $1,500,000 under terms o f Transportation Act o f 1920.
The “ Class A ” notes are in denom. of $1,000, due serially 1921 to 1935.
The “ Class B ” notes are in denom. of $100,000, are due each Oct. 1 1921
to 1927 inclusive. V. I l l , p. 1567.
Of the $21,390,000 N . Y . Westchester & Boston 1st 43£s, this company
owned $2,190,000 on Dec. 31 1923- See “ Electric R y. Section."
Outstanding Consolidated Ry. Co. Debentures Assumed (see “ Elec. R y. Sec.” )
4% 1904 ...$4,255,000 July 1 195414% 1906 . . $2,011,000 Jan. 1 1950
4% 1905 — 2,309,000 Jan. 1 1955 4% 1905 - 972,000 Feb. 1 1930
4% 1905 — 1.340.000 Apr. 1 19551
Outstanding Street Railway Bonds Assumed as of Dec. 81 1923.
(All 5 per cents except as shown. See “ Elec. R y. Section ”).
W. & O. E. 4>$s $1,564,000 Jan.
'43 Greenw. Tram . . 320,000 July '31
57,500 Oct. '37
N. H. & Cent_ 283,000 S e p t.'33 Branford E le c ...
H art.M .& R ock
200.000 Oct.
'24 M er.So.& C om p. 175,000 July '28
Hartf. St. 4s— $2,500,000 Sept. ’36 Staff. Sp. St___ 400.000 July ’56
4% debs______ 165,000 Jan. '30
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 2470.
R E PO RT.— For 1923, in V. 118, p. 1658, showed:
Calendar Years—
1923.
1922.
1921.
2,001
2,003
1,986
Average miles operated____________
Operating Revenues—
$
$
$
Freight____________________________ 67,186,374
59,931,677 53,593,930
Passenger__________________________ 51,360,209 49,217,795 50,934,293
9,284,224
8,648,266 6,608,833
Mail, express, &c___________________
Incidental__________________________ 4,949,794
4,431,069 4,139,697
Joint facility________________________ 1,159,985
1,017,843 1,128,480
T otal_________________ .__________ 133,940,586 123,246,641 116,405,233
Operating Expenses—
Maintenance of way and structures._ 16,376,045 16,488,932 17,355,931
Maintenance of equipment_________ 32,217,092 26,404,332 27,424,576
Traffic_____________________________
711,224
657,359
728,599
Transportation____________________ 53,037,109 51,082,709 54,728,204
Miscellaneous operations___________
2,076,259
2,952,509 2,108,133
General____________________________ 3,403,443
3,405,297 4,061,645
Transportation for investment______
Cr.5,078
Cr.2,282
Cr.4,794
T otal_______________

107,816,094

99,988,856 106,402,295

M ay , 1924.]

91

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

isw York Ontario & Western— Common stook--------Refunding (first) mtge >20,000,000 gold..Ba.xo’ Ar Text
• Gen M >12,000.000 gold red 110 (see text) ..Nxc* At
Equip notes Ser O $30,000 »-a (V 96.P 420 _Ba*
Haw York & Ottawa— See N Y Central RR.
New York Phila & Norfolk—
First mtge >3,000.000 g (V 68, p 773. 978) ..FP.xo*
112
Income mtge g non-cum regls (V 68, p 978)___FPx
112
Vew York & Putnam— See New York Central RR.
N Y Sus & West— Midland RR 1st M g ext T0.Ce.xo*
72
Paterson ExtenRR 1st M ext in 1910 at 5% s f g.xc*
1
New York Susq & Western first M ref g ____ Ce.so*
127
127
Second M 01,000,000 gold) 3d M on 72 m.Ce.xo*
General mortgage for >3,000,000 gold___ Ce.xc*
127
Terminal first mtge for >2.000,000 gold___Usx.o* Ar
Wllkes-B & E’n 1st M g gu p &i (V 60. p 481) -G.xc*
65
Equip notes O due $28,000-$27,000 semi-ann guar
Allied Companies—
Passaic & N Y 1st M (999 years rental) ext 1910 ..x
3
N e w York Texas & Mexico— See Galveston Harrisburg & San
N e w a r k & Bloomfield— Stock, 6% rental.....................
4
N e w p o r t & Cincinnati Bridge—See Louisville A Nash ville
Norfolk & Carolina— See Atlantic Coast Line RR
N o r f o l k Southern— Stock >16,000,000 authorized___
First mortgage............................................... Mp.xo*
223
First General mortgage gold redeemable at 115--Ox
223
Suffolk & Carolina First Cons mtge gold red 110 xo*
75
1st &Ref M >35,000,000 red 105 since 1915 Ce.xc* Ar*
789
Raleigh & Cape Fear 1st M g______________CoLxo*
32,
Raleigh A Southport first mort >2,000,000 _ Colx
_
61
Aberdeen & Asheboro 1st M >164.000 g.MeBa.xo*
82
Equipment trusts No. 55, due $8,800 yearly____G

Par
Value

f§92
1905
1913
1899
1899

Amount
Outstanding

Rate
%

$100 $58,113,983 See text
1,000 20.000,000
4g
1,000 8.630.000
4g
240.000
1,000
4X
$1,000 $2,600,000
627,000
1.000
328,173

4g
4

When
Payable

See text Oct 17 1921,2% Checks mailed
Office, Gr Cent Ter, N 1
M A S June 1 1992
do
do
J A D June 1 1955
M A S Sept'24-Mar '28 Bankers Trust Co, N Y
J A J Jan 1 1939
M A N Jan 1 1939

Office, 50 Church Street
O Apr 1 1940
do
do •
D June 1 1950
do
do
.1 Jan 1 1937
do
do
A Feb 1 1937
fie
do
A Aug 1 1940
do
do
N May 1 1943
do
do
n June 1 1942
j J’ly’24 to J’ly’26 Phila Trust Co. Phila

J

A

D Deo 1 1940

A

A

O Apr 11924 3% 90 West St. New York

3.488.500
200,000
3,745,000
447,000
2,552,000
2,000.000
3.000,000
137,000

....

500

70.000

«

50

1.600.000

e
5g
5g
5g
5g
6g
5g
5g
6
6

M A
J A
J A
F A
M A
J A
J A
J & J

1891
19C4
1902
1911
1903
1905
1910
1920
1923

100 16,000,000
1,000 1,655,000
1,000
825,000
1.000
642.000
500 Ac h ll 256,000
1,000
137.000
1,000
374,000
1,000
164.000
96,800
140,000

Broad St. Station, Phila
Checks mailed

A
A
A
A
A
A
A
A

1880
500 A c
1881
1,000
1887
1,000
1887
1,000
1890
1,000
1893 1,000 &c
1892
1.000
1916
1,000
1885
Anton lo

Last Dividend Places Where Interest an*
Dividends are Payable
and Maturity

A
5g
5g J
5g J
4M g F
5g F
6g M
6 g ,1
4)4 g J

Jan 1 1914,)4 %
N May 1 1941
.1 July 1 1954
J July 1 1952
A Feb 1 1961
S Moh 1 1943
n June 1 1965
j Jan 1 1940
15 To Jan 15 1935
To 1933

Offloe. 50 Churoh St. N T

Checks mailed Norf office
Metropol Tr Co, N Y
Guaranty Trust Co, N Y
International Tr Co, Balt
Central Un Tr Co. N v
Irv Bk-Col Tr Co, N Y
Irv Bk-Col Tr Co, N Y
Merc Tr A S Dep Co,Balt
Guaranty Trust Co, N Y

h Further amount pledged, see text.

Calendar Years—
1923.
Net operating revenue______________ 26,124,492
Tax accruals_______________________
4,934,004
Uncollectible revenues______________
94,929

1922.
1921.
23,257,785 10,002,938
4,586,324 4,443,275
30,558
45,722

Operating income________________ 21,095,558 18,640,902 5,513,941
Hire o f freight cars________________Dr.3,486,187DT\2,436,824Dr.l,100,055
Rent for equipment_________________ Dr.224,339
Cr.4,280 Cr.500,666
Joint facility rents_________________D?\4,107,304Dr.4,134,188Dr.4,174,518
Net railway operating income____ 13,277,728
Non-operating Income—
Dividend income___________________ 2,505,506
Income from funded securities_______ 1,134,663
Income from unfunded securities___
1,219,624
Income from lease o f road__________
1,197,513
Miscellaneous rent income__________
1,095,872
Miscellaneous______________________
39,054

12,074,160

740,034

1,666,885
1,120,607
1,232,285
1,197,000
1,101,808
6,322

1,595,613
1,079,040
1,476,450
1,196,906
864,041
4,826

Total non-operating income_______ 7,192,233
Gross income_______________________ 20,469,961
Deductions__
Rent for leased roads_______________ 5,846,451
Interest on funded debt____________ 15,491,206
Interest on unfunded debt__________
497,999
N. Y . W . B. Ry. guar, (bond interest)
864,000
Separately operated property_______
112,588
Miscellaneous______________________
574,823

6,324,906
18,399,067

6,216,875
6,956,909

5,853,452
15,148,699
649,118
864,000
112,000
682,734

5,853,761
13,883,311
1,007,485
864,000
112,000
562,986

Year end. Dec. 31—
Government guarantees.

1923.
___

1922.

1921.

Net corporate income.sur$122,785 def$748,099
$636,460
Preferred dividends____
$210
$210
$210
Common dividends_____
(2)1,162,146

1920.
1,465,156
$805,889
$210
(1)581.073

Bal., sur. or def______ sur$122,575 def$748,309 def$525,896 sur$224,607
For latest earnings, see “ Railway Earnings Section" (issued monthly).
Pres., John B. Kerr; V .-P ., Sec. & Treas.. Richard D . Rickard. Office,
Grand Central Terminal, New York.— (V. 118, P- 21790
NEW Y O R K PHILADELPHIA AND NORFOLK R R . CO.— Leased to
Penn. R R . for 999 years from July 1 1920. V. 113, p. 849. Penn. R R .
owns practically 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 1923, 12% yearly.
EARNING S.— For calendar year 1923: Gross income, $806,049; de­
ductions, $123,321; net income, $682,728; dividends paid, $300,000.
OFFICERS.— Pres., A. J. County; Sec., Lewis Neilson; Treas., Jas. F.
Fahnestock. Office, Philadelphia, Pa.— (V. 114, p. 79.)

NEW YORK SUSQUEHANNA A WESTERN RR.— {See Erie M op.)
Owned {in fee) or entire stock. Miles. IWilkesbarre A Eastern-------------- 64
Jersey City to Stroudsburg. P a -- 99 Susquehanna Connecting R R ------ 8
Net income-------------------------------- def2,917,105 def4,910,936defl5326,635
(Double track 19 miles.)
Other branches-------------------------- 24
Government guarantees.x__________
________
45,168
1,205,012 Beaver Lake, N. J., to Unlonvllle. 2 0 1
Trackage__________________ ____ 8
Total road operated December 31 1922___________________________ 223
Net corporate income.....................def2,917,105def4,865,768defl4121,623
STOCK.— Pref., $12,933,404: com .. >12.810,987, of which the Erie
x The figures shown against this item cover lap-over items audited during owns $25,622,300 common and preferred— of this, $6,630,000 com.
the year applying to the Federal control or guaranty periods.
and $6,630,000 pref. being deposited under its mortgages. Dividends on
For latest earnings, see “ Railway Earnings Section” (issued monthly).
pref., Nov. 1891 to 1892, 2)4% yearly; none since.
BONDS.—General 5s are reserved to retire 2d 4 Ks. See abstract, V. 52,
OFFICERS.— Pres., E . J. Pearson; V.-P. & Gen. Counsel, E . G. Buckland; V .-P ., B. Campbell, A . P. Russell; Gen. M gr., Clinton L. Bardo; p. 84. The seconds are exchangeable for generals on payment of an assess’t.
Terminal bonds, see issue of Jan. 1898 and abstract, V. 57, p. 512.
Sec., Arthur E. Clark; Treas., A. S. M ay; Comp., H. S. Palmer.
The >3,500.000 Midland R R . 6s were extended 30 years from 1910 at 5%
Directors.— Howard Elliott, N . Y .; James L. Richards and Jos. B. Rus­ and >200,000 Paterson Ext. 5s 40 years at same rate. V. 90. p 373, 91.
sell, Boston; John T . Pratt, R. G. Hutchins and J. Horace Harding, N. Y .
Equipment notes, 1916. V. 103, p. 61.
City; Arthur T . Hadley, New Haven; W . B. Lashar, Bridgeport; Francis T.
RE PO RT.— For fiscal year ending Dec. 31:
Maxwell, Rockville, Conn.; Edward Milligan, Hartford, Conn.; Frank W .
Calendar Years—
1922.
1921.
1920.
Matteson, Providence, R. I.; Harris Whittemore, Naugatuck, Conn.; Edw.
G. Buckland, Benjamin Campbell and Edward J. Pearson, New Haven; Gross operating revenues___________ $4,495,482 $4,513,812 $4,920,489
Operating income__________________ def419,179 def273,136defl,319,341
Charles F. Choate Jr., Southboro, Mass.; Frederick O. Dumaine, Concord,
234,884
391,842
--------Mass.; George Dwight Pratt, Springfield, Mass. Offices, New Haven, Other income_______________________
Conn.; South Station, Boston; Grand Central Terminal Bldg., New York.
Gross income_____________________ def$184,295
$118,706
$513,771
— (V. 118, p. 2305.)
782,231
788,106
797,072
Interest on funded debt_____________
NEW Y O R K ON TARIO & WESTERN R Y . CO.— Operates from Other deductions____________________
39,172
53,732
9,058
Weehawken, opposite N . Y . City, to Oswego, on Lake Ontario, in all 569
miles, viz.:
Balance, surplus________________ def$l,005,698 def$723,132 def$292,359
Road Owned—
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Miles.
Road Controlled, A c .—
Mites.
Oswego to Cornwall, N. Y - .------ 272 fPecksport, Conn, (leased)______ 4 — (V. I l l , p. 190.)
branch to New Berlin__________ 22 font. Carb. A S. (leased) Cadosla,
N IAGARA JUNCTION R Y .— A terminal and switching road extending
do
to Delhi.................. -------17
N. Y ., to Scranton, Pa, A c____73
do
to Ellenville, e t c __ ------ 9 Rome A Clinton (leased)_______ *13 from Niagara Falls, N . Y ., to Pfletchers Corners, N . Y ., 4.86 miles; factory
Utica Clinton & Bing, (leased) ..*31 sidings, 9.16 miles. Electrically operated since Sept. 1 1913. V. 97, p.
Total owned____________ . . . 320 t Wharton Valley (owned)______ 7 1837. Stock, 10,000 shares of no par value, all owned by Niagara Falls
Power Co.
rrackaoettlll 2079) W.Shore R R .
tEllenvllle & Kingston (leased) - . 2 8
Pres., Paul A. Schoelkopf; Sec., Fred’k L. Lovelace; Treas., W . Paxton
G’nwall to W ’ken (V .61.p.425). 53 tP t. Jervis Mont. A Summltville
Other trackage_________________ 3
(leased)______________________ 38 Little.— (V. 115, p. 2906.)
• See this oompany.
NORFOLK SOUTHERN R R . CO.— Operated Dec. 31 1923 931.883
t Entire stock and debt owned by N . Y . O. & W .
miles extending from Norfolk, Va., to Raleigh, Goldsboro and Beaufort and
OONTROL.— In Oct. 1904 N. Y. N. H. & H. R R . acquired >29.160.000 the Piedmont Section, N. C ., with branches. Of this total, the company
com. stock at $45 per share and $2,200 o f the $4,000 pref. V . 95. p . 481. owns 790.263 miles and leases 133.895 miles (from Goldsboro to Morehead
V. 79. p. 2086, 2643; V. 80. p. 1363 . 2458: V . 81. p. 1044; V. 97. p. 1427. City), and has trackage rights on 7.725 miles.
Owns entire capital stock and bonds of John L. Roper Lumber C o. and
Tentative valuation, V. 114, p. 522, 627, 1064.
entire stock ($175,000) o f Carolina R R ., Snow Hill to Pink HiU, N . O .,
35 miles, which company leased in 1921 the Kingston Carolina R R . Co.
STOCK.— There is >4,000 old preferred. V. 79. p. 977. 980. 1332.
until 1996. V. 95, p. 1684; V. 96, p. 863. Acquired the Durham & South
COAL PROPERTIES— “ OTHER IN C O M E .” — In 1899-1900 coal Carolina R R . in 1920. V. 110, p. 2292.
properties having then a maximum output capacity o f 2,700,000 tons
As to Cumnock Coal Mining C o., an ally, see V. 106, p. 607. 822.
annually, were brought under friendly control with aid o f loans from the
Tentative valuation, V. 113, p. 1054.
Railway Co. and are now owned by the Scranton Coal Co. and the Elk
Hill Coal & Iron’C o.. the Railway Co. owning the stock o f both companies.
ORGANIZATION.— Successor May 5 1910 to N. & S. Railway, foreclose
The $6,000,000 5% 1st mtge. notes issued by the railway to enable these Deo. 7 1909 per plan V. 87. d . 614, 678. Incorp. In Virginia May 2 1910
coal companies to acquire the aforesaid properties were all paid off on or
BONDS.— Of the “ First & R ef.” $35,000,000 bonds, $3,981,000 were
before Dec. 1915, and on Dec. 31 1923 the railway held as first Hens on
said properties former 2d mtges. for $1,000,000 and $2,225,000, espec- reserved to retire a like amount of underlying bonds. T o Dec. 31 1923
retired by sinking fund, $2,169,000, held for company by Central Union
tively. All interest on the mortgages to date has been paid.
Co., $2,039,000;
as coUateral for 3-year
DIVS. ’06-T1. T2. *13. T4-T5. T6. 1917. *18. T9. ’20. '21. '22. 1923. Trust o f 1917 pledged, held by pubUc, $11,256,000;Govt, and Dir. Gen. of
notes
$1,577,000; held by U. S.
C om .(% ) 2 y ’ly
0
2 None
1 None 2
1 1 2
None
RR. as collateral, $389,000; in treasury, $11,000. V. 107, p . 604.
BONDS, AC.— Refunding mtge. for >20,000,000 oovers 319 miles of road
These bonds are secured by a first mortgage on 334 miles, and. subject
•wned, Ml the securities of the Ont. Carb. & Scran. R y., 54 miles, and all to underlying Issues aggregating $3,805,000, on 455 additional miles, and
after-acquired property. V. 72, p. 87; V. 78, p. 2012; V. 80, p. 651. As also by a first lien on practically the entire equipment, valued at about $2,to the $12,000,000 Gen. M . 4s of 1904 see V. 79, p. 1332, 1432; V. 92. 720,625: also by a 1st lien on the entire stock ($1,000,000) and 1st M . bonds
p. 462; V. 94, p. 1508; V. 96. p. 420, 653.
of the John L. Roper Lumber Co. Sinking fund $100,000 yearly, as long as
the lumber company bonds are pledged, at least one-half for purchase or
R E PO RT.— For 1923.
redemption o f bonds o f this issue, and the balance, if any, for construction.
Year ending Dec. 31—
1923.
1922.
1921.
1920.
Gross earnings___ $13,937,366
$12,341,912 $14,127,867 $13,154,689 Impts., Ac. V. 93. p. 1534; V. 96. p. 487: V. 97. p. 1204: V . 98, p. 523.
Net, after taxes__ 1,368,425
901,080
1,603,349
10,714 Equipment trust 6s, Series B , due on or before 1926, $5,200 (Dec. 31 1923).
Equipment trusts issued to Director-General for rolling stock allocated
Other income____
536,436
349,268
761,813
893,700
Interest on funded debt. 1,164,454
1,164,721
1,170,175 1,176,430 to this oompany. See article on page 3
Government loan, V. 114, p. 307, 1651; V . 115, p. 2794.
Other deductions______
617,620
833,725
558,527
387,251
DIVIDENDS.— In 1911, 2% (quar.); 1912 to Jan. 1914. 2% (Q.-J.).
Net income-------------- sur$122,785 def$748,099
$636,460 def$659,267 None since. V. 98. p. 1000, 1072.




92

RAILW AY STOCKS AKD BONDS

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

Miles Date
Road Bonds

Norfolk Terminal— 1st M $2,000,000 e gu r e d .. Q.xo* 2.42
Norfolk & Western— Common stock $250,000,000-Ox
_
Adjust oref(p&d)4% stock non-cum $23,000,000-Gx
N & W gen (now 1st) M Norf to Brls &c g ..F P .xo*
428
New River Division first mortgage gold__ FP.xo*
194
Improvement <e extension mortgage gold-FP.xc*
5
566
Soloto Valley & New Eng 1st M assum gold-Ce.zc*
127
N & W First Consol mtge$62,500,000 g.-B a.xc* &r* 1,621
Div 1st Hen A gen M (text) g red 105 beg 1929 tix 1,871
Pocah Joint M $20,000,000 g call 105 s f-dP .xc*& i
Convertible bonds gold red text________________ Qx
do
do
13,300.000 gold red-.Q xc*&r*
_
do
do
see text gold r e d ____G.xc*&r*
.
do
do
$17,945,000 g see text G.yc*&r*
Wlnston-Sal So’b ’d lstM$5.000,000 g gu Us.xc*&r*
89
Equip tr Series of 1914 a ku $500,000 a a ____ ye*
do
Series o f 1922 due $670,000 ann ..C P
do
Series o f 1923 due $800,000 ann_____
do
Series o f 1924 due $600,000 s-a _.c*
North Carolina— Stock 7% paid from rental............
226
North East Penn— 1st M gold gu P & R (ext) red 105
after 1925------------------------------------------ GuPkvc*
25.6
North Penn— Stock 8% gu 990 yrs $6,000,000 auth..
88
Old second M (now 1st) (7s extended in 1896) ..k v c
57
General mortgage extend, in gold in 1903-FP.kvc&r
88
N orth & S outh C arolina— See Seaboard Air Line
Northern Alabama— 1st M ($350,000 prior lien) Col xo
Northern (N H)— Stock 6% rental.........................—
Northern California Ry— See Southern Pacific RR—
Northern Central— Stock (see text).......................... ....
First mortgage State of Maryland loan (V 74,p 1197)
Consol General mortgage of 1874 gold Series E .. xc
Second Gen M Ser " A " A “ B” (A $2,474,000) -FPx
Northern of New Jersey— Stock guar (see V 69. o 81)
l*t M ext at 4)4 % till July 1 1927 see text________ c
_
Gen mtge $1,000,000 g int guar by lease_ Usm.xo*

Par
Value

$1,000
100
___
100
1881
1.000
1882
1,000
1883
1,000
1889
1,000
1896
100 dsc
1904 1.000&C
1901
1.000
1907 1,000 &c
1912 1,000 Ac
1913
1.000&C
1919 1.000 &c
1910
1.000
1.000
1914
1922
1.000
1923
1,000
1924
1,000
100
1911

1890
1866
1873
1898

112 1896
83
- .
144 1855
144 1885
144 ’76-’82

--

21 1887
1900

Rate
%

s

400.000
5,522,650
1.500,000
4,500,000
408,000

5g
8
4
3.3 e
4g

1.000
100

1,650,000
3.068,400

5
6

50 27,079,600
1,500,000
1 757.000
3.474.000
1.000.000
654.000
154,000

1,000
1,000
100
100 &o
1.000

x Includes Federal compensation and other Income.
For latest earnings, see Railway Earnings Section” (issued monthly).
OFFICERS.— Marsden J. Perry, Chairman o f Board: Geo. R . Loyall,
Pres.: Ernest Williams and E. D. Kyle, V.-Prest’s; J. F. George, Treas.;
M . S. Hawkins, Sec.; L. V. Lockwood, Asst. Sec. Office, Norfolk, Va.
— (V. 118, p. 2035.)
NORFOLK TERMINAL RY.— Owns a union passenger station at
Norfolk, Va., with approaches, opened June 1 1912, used by the Vir­
ginian R y., Norfolk A Western R y. and Norfolk Southern R R ., which
own the entire stock and undertake to meet all expenses, charges and
Interest and principal of bonds. Bonds authorized March 20 1911, $2,000,000, guaranteed, prln. and lnt., by the three lessor oompanles. of
which $1,000,000 have been sold. Redeemable at 105 after N ov. 1 1925.
V. 92, p. 660, 1109: V. 93, p. 667, 1191. * Pres., C. W. Huntington, New
York; Treas., M . Manly, Norfolk, Va.— (V. 118, p. 795.)
NORFOLK AND WESTERN R Y . C O — (See M ap.)— System extends
from Norfolk, Va., westward to Columbus and Cincinnati, O., and north­
ward to Hagerstown, M d., with branches to the various coal fields in
Virginia and West Virginia.
Miles.
Road Owned—
Miles.
Norfolk, Va., to Columbus, O_ 707 Roanoke to Winston__________ 122
_
Radford, Va., to Bristol, T e n n .-lll Sundry branches______________ 661
21
Roanoke, Va., to Hagerstown. .238 Oper. under lease_____________
Graham to Norton______________ 100 T rackage____________________
16
No. Caro. Junction to Fries____ 44
Total operated Dec. 31 1923.2,240
Lynchburg to Durham, N. C____115
Portsmouth Junction to Cincin­
556
nati and Ivorydale____________106 Double traok________
ORGAN IZATION .— Successor in 1896 of Norfolk & Western R R ., &c.,
foreclosed per plan in V . 62, p. 641. As o f Dec. 31 1923 the Penn. R R .
owned $33,757,700 common and $6,320,000 adjust, pref. and the Penn Co.
owned $5,000,000 pref. and $3,190,500 com. stock. V . 83, p. 502; V. 88,
p. 1062: V. 98. p. 763: V. 95. p. 361. 688. Boat lines, V. 105, p. 73.
Proposed lease by Pennsylvania R R ., compare V. 118, p. 1657.
STOCK.— Provisions of pref. stock were in the Issue of April 1897, p. 4On April 10 1919 stockholders authorized an increase in the authorized
common stock to $250,000,000 chiefly in order to provide for the conver­
sion feature of new convertible bonds. V. 108, p.1512. See below.
DIV8—
J ’04. ’05. '06. ’07. ’ 08. ’ 09. ’ 10. ’ l l . ’ 12-’ 15 T6 1917-24
J o m m o n ..% l 3 3)4 4)4
5 4 4)4
5 5)* 6 y ’ly. 7H Text
In June 1916 dividend was increased to 1H % quarterly and an extra of
1% was paid. 1917, M ar., 1)4% and 1% extra; June 1917 to June 1924,
1M % quar.; also paid 1% extra in Dec. 1922 and 1% extra in Dec. 1923.
Adjust, pref. receives 4% p. a. (1% Q.-F. 19).
BONDS.— TheFlrstOonsolldated m tge.of 1896 Is limited to $62,500,000.
the balanoe unissued being reserved to retire the underlying bonds. V 73
p. 502; V. 74, p . 151; V. 75, p . 505; V. 77. p. 1785; V. 78, p . 223. See
ab stract, V. 64. p. 37*; V. 72. p. 137, 438, 532, 723. 1080; V. 75, p . 505:
V. 79, p . 213: V. 81, p. 212.
The’ N. & W .-Pocahontas joint bonds are secured by about 300,000 acres
of coal lands owned and held by the Pocahontas Coal A Coke C o., of
which about 78,632 acres have been leased to companies whose stock is
all owned by the United States Steel Corporation ana 99,368 to other con­
cerns, subject to royalties. They are subject to call at 105 for a sinking
fund o f 2)4 cts. per ton mined, V. 106, p. 1239. V . 73, p. 845, 902; V. 74,
p. 41, 380, 1197; V. 75, p. 502. These bonds are the joint and several
obligations o f the Railway Co. and o f the Coal A Coke C o., but as between
the two companies the debt is to be paid by the latter company. To
M ay 1 1924, $5,502,000.
Divisional 1st Lien and Qen. Mtge. 4s o f 1904 ($35,000,000) authorized for
future capital requirements are a 1st lien on extensions and branches and
also a lien subject thereto upon properties covered by IstC on sol.M . V .78,
p. 1549; V. 79, p. 501, 628, 973. 1642, 1704, 2148; V. 80, p. 1175; V . 82.
p. 510; V. 83, p. 1471; V. 88, p. 231, 453.
The Oonv.4s of 1907. o f which $25,569,000 were Issued 1907-10 (V. 83,
U 380.435, 575) were convertible into common stock, $ for $, prior to June 1
1917, and thereafter subject to call at 105 & int.; $25,284,000 bonds were
converted. V. 83, p. 1412, 1471; V. 84, p. 1248; V. 86, p. 109, 286; V. 90.
p. 772.1425; V. 93, p. 1324.1534; V. 104, p. 1592; V. 106, p. 1237.
Convertible bonds o f 1912 were convertible into common stock, $ for $,
prior to Sept. 1 1922, and thereafter subject to call at 105 and int. $13,259.000 bonds were converted. V. 94, p. 208, 417: V. 95, p. 687
The 25-year 4)4 % convertible bonds o f 1913 were convertible into com­
mon stock, $ for $, prior to Sept. 1 1923, and thereafter are sub. to call at
105 & int. Converted. $18,238,000. V. 96. p. 360, 653, 948; V. 97, p. 666.
T o provide for capital requirements during 1919, &c., the holders of
both classes o f stock o f record Dec. 18 1918 (see V. 107, p. 2098) had the
privilege o f subscribing at par for $17,945,000 Convertible 10-year 6%
gold bonds o f 1919 in amounts equal to 12)4% of their respective holdings.
The bonds are convertible at any time before maturity into common stock,
$ for $. Converted to M ay 1 1924, $8,653,800.
The $5,000,000 Winston-Salem Southbound R y. 1st Mtge. bonds are
guar, jointly with the Atlantic Coast Line R y. Co. Also guar., with Virglnian R y. and Norfolk Sou. R y ., $1,000,000 Norfolk Term. R y. 1st 4s,
and, with Southern R y. and Winston-Salem Southbound R y ., $250,000
Winston-Salem Union Station Oo. 1st 5s.

When
Payable

Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity

$1,000 000
4g
U St N May 1 1961
131,434,800 See text
0 — M June 19 '24 1 H
22,992,300
4
Q— F M ay 19 ’24 1%
7,235,000
6 g M A N M ay 1 1931
2,000,000
6 E A A O Apr 1 1932
5,000,000
F A A Feb 1 1934
6g
5,000.000
4g
M & N Nov 11989
40,387,500
4 g
A A O Oct 1 1998
23,000,000
4g
J A J July 1 1944
14,498.000
4g
J A D Deo 11941
285,000
4 E J A D June 1 1932
41,000
4 E M A S Sept 1 1932
115,000
Sept 1 1938
4)4 « M A
9,291,200
6 g M A s Sept 1 1929
5,000,000
4 g J A J July 1 1960
479,000
4 X g F A A Aug 1924
M A N T o M ay 1 1932
5,360,000
4)4
7,200,000
4)4 F A A To Feb 1 1933
12,000,000
4)4 g A & O Oct ’24-Apr ’34
4,000,000
F A A Feb 1924 3%
7

1.000
50
500 < e
So

R E PO RT.— For 1923, in V. 118, p. 2035, showed:
Bal
Calendar
Oper.
Int., rent,
Total
Net (after
Sur
Year—
Rev.
&c.
income.
taxes)
$374,350
1923______ $9,386,653 $1,798,043 $2,581,812 $2,207,462
$109,051
1922..........-$8,412,957 $1,413,673 $2,049,601 $1,940,549
def323,674
1,955,562
1921______ 8,056,795
957,820
1,631,889
def53,561
1,168,739
1920--------- 7,294,634 def569,079 x l .115,178




Amount
Outstanding

[V ol. 118.

Guaranty Trust Co N '
Offloe. Philadelphia
Office, Philadelphia
Banker* Trust Co, N *
do
do
do
do
do
do
Bankers Trust Co, N Y
do
do
do
do
Bankers Trust Co, N V
do
do
do
do
do
do
United States Tr Co. N '
Bk of N A & Tr C o, Phila
do
do
do
do
do
do
Burlington, N C

Reading Terminal. Phila
A A O A dHI 1 1930
Q— F M ay 26 '24 2% Office, 240 S 3d St. Puila
do
do
M A N M ay 1 1936
do
do
J A J Jan 1 1953
Reading Terminal, Phila
M Al N Nov 11928
j

Treas’ off ice, Washington
A J July 1 1928
Q— J Apr 1 1924 1)4 50 Congress 8t. Boston

8
J A J Jan 15 1924 4% Treasurer’s Office Ba
do
do
6
Q - J 27 Irredeemable
do
do
4)4 g A A O Apr 1 1925
do
do
5
J A
J Jan 1 1926
Q— M June 1924 1% 50 Church St. New Yore
4
do
do
J A
J July 1 1927
4)4
do
do
4 * g J & J Jan 1 2000

R E PO RT.— For 1923, in V. 118, p. 1405, showed:
Calendar Years—
’
1923. ’
1922.
1921.
1920.
Gross oper. revenue____$95,591,682 $90,352,887 $80,718,802 $88,489,356
Net operating revenue._ 22,992,811 22,300,084 16,371,945
3,545,519
Federal compensation..
______
______
______ xl9,315,345
Taxes, &c______________ 6,251,172
6,007,939
4,757,981
2,260,000
6,871,437
3,482,021 3,973,379
881,395
Other income__________
Deductions____________ 4,824,579
5,219,178
5,544,162
5,439,951
919,692
919,692
919,692
919,692
Preferred dividends____
Common dividends____ 10,327,617
9,960,678
8,506,190
8,503,989
B alan ce_____________$7,541,188
$3,674,519
$617,299 $3,073,107
x Includes Fed. comp. 2 mos., $3,611,787: railway oper. income guar,
period (6 m os.), $11,005,436: railway oper. Income <
Sept .-D ec.), $4,698,122.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Pres., A. C . Needles; V .-Ps., W . J. Jenks, B. W . Herrman
C. S. Churchill, E H. Alden; Sec. & Asst. Treas., I. W . Booth; Treas.
Joseph B. Lacy; Comp., W . H. Wilson; Gen. M gr., W . J. Jenks. Offices,
Roanoke, Va., and Commercial Trust Building, Philadelphia.
Directors.— F. S. Royster, Norfolk, Va.; David W . Flickwir, Roanoke*
Va.: E. H. Alden, Samuel Rea and W. W . Atterbury, Phila.; T. W . Reath,
A. J. County, Phila.; S. P. Bush, Columbus, O.; M . C. Kennedy, Phila.;
N. D. Maher and A. C. Needles, Roanoke, Va.— (V. 118, p. 2439.)
NORTH CAROLINA R R .— Owns from Goldsboro to Charlotte, N . O ,
222.44 m.; Oarolelgh Jet., N. O., to Oarolelgh Mills, 1.90 m.; total, 224.34
miles. Leased from Jan. 1 1896 to the Southern Ry. for 99 years at $266.000 (6)4% on stook) per year till Deo. 31 1901 and $286,000 (equal to 7%
onstock) balanoe of lease; also taxes. V. 63. p. 361. State of North Caro
lina holds $3,000,000 stock.— (V. 117, p. 325.)
NORTH PENNSYLVANIA RR.— Owns from Philadelphia, Pa., to Beth
lehem. Pa., 56.53 m.; Delaware River branch, 21.50 m.; Doylestown branch,
16.09 m.; total first track, 88.12 m .; total track, incl. 2d, 3d and 4th track
and siding*, 278.94 m. Leased for 990 years from M ay. 1 1879 to Phila.
S Reading R R . at 8% on stock, and lease assumed In 1896 by Phila. &
t,
Reading R y. Pres., Charles E. Ingersoll.— (V. 18, p. 668; V. 103, p. 2429.)
NORTH EAST PENNSYLVANIA RR.— Owns road from Glenslde to
New Hope, Pa., 25.64 miles; 2d track. 1.99 m.; total tracks, 33.05 miles
Cap. stock, $400,000. of which $328,950 owned by Reading Co.; par $50
The $400,000 1st Mtge. 5s due April 1 1920 were extended to April 1 1930.
— (V. 113, p. 72.)
NORTH & SOUTH R Y . OF W Y O M IN G — (V. 118, p . 1912.)
NORTHERN ALABAMA RY.— Sheffield to Parrish, Ala., and branches,
112.50 miles. In April 1899 a majority of stook and bonds purchased by
the Southern R y. V. 68, p. 824, 873. See also V. 69, p. 391.
Stock is $2,000,000, of which Southern R y. owned $1,895,400 on Dec. 31
1922. Under supp. mtge. of 1898 $400,000 o f the outstanding $1,700,000
1st 5s were made prior liens. V. 67, p. 1208.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres . Fairfax Harrison, Washington, D . O.— (V. 69. p. 28.)
NORTHERN (N. H.) RR.— Owns Conoord, N. H.. to White River Jot.
Vt.. 70 m.; branch to Bristol, N. H ., 13 m.; total, 83 m. Subsidiary lines
Conoord A Claremont R R ., 71 m.; Peterborough A Hillsborough R R .. 19 m
Lease to Boston & Lowell for 99 years from Jan. 1 1890 was assigned to
Bos. S M e.; rental now 6 % , payable in gold. Until July 1897 1% extra
c
was paid regularly from contingent fund. Also in 1894, Jan., 5% extra
In 1896. 2 % ; In 1897. 5 % ; in 1904. )4% extra.— (V . 106, p . 924.)
NORTHERN CENTRAL RY — Owns Baltimore, M d., to Sunbury, Pa ,
134 mile*, all double track; branch, 8 miles; total, 142 miles. Leases of
Shamokin Valley S Pottsvllie R R . and Elmira S Williamsport R R . wert
c
c
assumed by Penn. R R . in 1914.
The stockholders on Nov. 2 1910 voted to lease road to Pennsylvania R R .
for 999 years from Jan. 1 1911, the holders of the $19,342,550 stock tt.
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 91. p. 154, 337. 464. 871, 1026. The lease went into effect in July 1914.
V. 99. p. 343. 49; V. 91. p. 1768; V. 92, p. 527. 1109, 1179, 1243. 1566
V. 93, p. 45, 286; V. 96, p. 572; V. 102, p. 2342. State of Maryland 1st M .
of 1855. V. 102, p. 1060, 1250.
STOCK.— Penn. RR. on Dec. 31 1923 owned $13,058,050 of $27,077,200
outstanding stock. The auth. Issue was increased In Nov. 1910 fronr
$20,000,000 to $27,079,600, and in Feb. 1924 to $33,079,600. A 40% stock
dividend ($7,737,000) was paid Aug. 5 1914. V. 91, p. 1630; V. 98, p. 1695;
Y. 99, p. 271, 538.
DIVS.— ’88. ’89. ’90. ’91. '92. ’93. ’94-'00. ’01-’ 14.Since under Lease.
8
8
7
8
8 7 yrly. 8 yrly.*
8 yearly
Percent____ 7
•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.
REPO RT.— For cal. year 1923: Rental from lease of road, $2,566,698,
interest, &c., charges, $400,330; dividends, $2,166,172; surplus, $196.
Pres., Samuel Rea; Treas., Jas. F. Fahnstock.— (V. 118, p. 1392.)
NORTHERN COLORADO & EASTERN R R .— (V. 118, p. 2439.)
NORTHERN RR. OF NEW JERSEY.— Owns from Croxton, N. J., to
Sparklll, N. Y .. 21 m.; leases Sparkill to Nyaok, 5 m. Leased to the Erie
RR. 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 t917.
were extended until July 1 1927, with 4 )4 % int.
V. 104, p. 2553.—
(V. 104. p.2553.)

May, 1 9 2 4

]

RAILW AY STOCKS AND BONDS

ffO
OS




94

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
Northern Ohio— 1st M g ($15,000 p m) gu p & 1-Ce.xc*
Northern Pacific Ry— Stock $25(5,000,000 authorized
Wash & Columbia River 1st M gold assumed.F.xo*
Mortgages of Northern Paclflo 'Railway—
Prior lien M $129,537,000 gold land gr.Ba.xc* Ar
General lien M $190,000,000 gold land gr_F.xo*&r
St Paul-Duluth Div pur money M $20,000,000 G.xc*
Ref and Impt M gold ($, £, fr) red text__Q.c*&r*
do
do
Series B bonds red (text)_.c*&r*
do
do
Series O bonds red (text). . G .c *&r *
do
do
Series D bonds red (text)..G c*A r*
EouiD. trust cert, due $450,000 yearly____Ba c*
do
do
Due $450,000 yearly.
Bonds Underlying St Paul & Duluth Div Mtge
St Paul A Duluth first mortgage assumed.......... zo*
Consol mtge assumed $5,000,000 gold._Mp.zo*
Washington Central 1st M g $15,000 p m ------xCol
fnrthern Pac Term Co— First M gold red 110 --F.xo*
lo r them Railway (Cal)— See Southern Paclflo R R
N orthern Securities— See Industrials.
Cal Northw 1st M g s k f d ------------------------------------ z
IstA Ref M $35,000,000 g red 110 aft 10 yrs.F.xo* Ar
Northw Term Ry— 1st M gold call at 1 0 2 ^ ------- c*
lorw ich & Worcester— Preferred stock 8% r e n ta l...
Bonds (not mtge) int guarunderlease, c u r ------zoAr
Norwood & St L— 1st M $300,000 g red 110 1 9 1 2 ..Eqx
(laden Mine R » — «*ook (5% rental Central of N J)._
Oadensburc & Lane Champlain Ry— See Rutland RR
O h io Conn Ry— 1st M $2,000,000 g gu (te x t)....F x c *
O h io Sc Kentucky— 1st M gold sk fd call at 110.Ce.zc*
Debenture certificates__________________________ z
Ohio Sc L ittle Kanawha Ry— See Balt S Ohio RR.
c
O h io River— See Baltimore & Ohio
a b Incl. amounts in treasury, viz: a $5,448,500.

Date
Mile
Road Bonds
162
__ 1895
__

162 1895
4,954
4,954
239
6.497
6.497
6,497
6,497

Par
Value

Amount
Outstanding

Rate
%

$1,000 $2,500,000
100 248.000.000
1,000 b2,620,000

5g
5
4g

_

1896
1896
1900
1914
1921
1922
1923
1920
1922

500 Ac
500 Ac
1,000
100 Ac
100 &c
100 &c
100 &c
1,000
1,000

109,124,600
a60.000.000
355.000
20,000,000
106,959,600
8,702,300
10.000,000
2,700,000
4,050,000

165
226
130
40

1881
1898
1898
1883

1.000
1,000
500 Ac
$1,000

1,000,000
1,000 000
788,000
2,020,000

100 35.000,000
518
1.000
899,000
40 1898
C
1907 1,000 & 29,474,000
1,000
360,000
76 1914
1.000 2,217,000
•-- 1906
100 3,000,000
72 __
1,000
1897
1,200,000
20 1902
600 Ac
147,000
100
450,000
10 __
9 1903
26 1896
1914

1,000
1,000
1.000

1,813,000
250,000
175,000

When
Payable
A
J

[V ol. 118.
Last Dividend Places Where Interest and
and Maturity
Dividends are Pay able

A O Oct 1 1945
Chase Nat’l Bank, N Y
Q— F M ay 1 1924 1X J P Morgan A Co. N Y
A J July 1 1935
Office 34 Nassau St, N Y

Q— J Jan 1 1997
J P Morgan Co, New York
4g
3g
0— F Jan 1 2047
do
do
4 g J A D Deo 1 1996
do
do
c
New York. Ac.
4)4 g J S J July 1 2047
J & J July 1 2047
6
New York
J A J July 1 2047
5g
New York.
J & J July 1 2047
5g
New York
M & N,To M ay 15 1930 J. P. Morgan A C o..N .Y
7 g
F & A To Aug 15 1932 J P Morgan A Co, N Y
4)4
5
4 g
4g
6g

F A A
J A D
Q— M
J A J

Aug 11931
June 1 1968
Mar 1 1948
Jan 1 1933

J P Morgan A Co, N Y
do
do
Bankers Trust C o. N Y
Winslow,Lanier A Co.N Y

5 g A A O Apr 1 i928
4)4 g M A S Mch 1 1957
4 Sc 5 A Sc o Aug 1 1964
5 g J A J July 1 1926
8
Q— J Apr 1 1924 2%
4
M A s Mch 1 1927
5 g A A o Apr 1 1932
J AJ15 Ju lyl5 ’24 2)4%
5

Safe Dep A Tr Co, Balto
Jan 1918 coupon not palffi
Mech Nat Bk, Worcester
Company’s office, Boston
Watertown(NY) Nat Bk
517 Chestnut St, Phlla

4g
5 g
4 &5

Penn R R Oo. New York
Seaboard Nat Bk, N Y
do
do

M A
J A
J A

s Sept 1 1943
J July 1 1926
D July 1 1926

San Francisco

b 2.48 0.000.

NORTHERN OHIO R Y .— Owns Akron to Delpbos, O., 162 miles.
Was leased for 999 years to Lake Erie & Western R R ., which owns the
$3,580,000 common stock, but in Jan. 1920 the latter company disposed of
the lease to the Akron Canton & Youngstown R R . V. 110, p. 562. Pref.
non-cum. 5% stock, $650,000; par, $100. Mortgage auth., $4,000,000;
issued $2,500,000, and $1,500,000 reserved for extensions at $15,000 per
mile.— (V . 66. p. 337.)
NORTHERN PACIFIC R Y . CO.— (See M aps.)— 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.
_ 179
Main Line—
Miles. Operated by controlled lines_
Ashland, Wis., to Portland, Ore.2,266 Operated by other companies. _ 437
St. Paul to Staples and Brainerd 180 Industrial spurs_______________ 167
Other main lines______________ 520
Total system Dec. 31 1923_7,452
Total main line____________ 2,966 2d, 3d and 4th track__________ 850
Various branch lines__________ 3,703 Yards tracks and sidings______ 3,089
Total oper. directly________ 6,669 T ot. system track Dec.31 ‘23..11,391
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 A Se­
attle Ry . extending from Portland to Spokane, Wash., with branches;
see V. 81. p. 1101; V. 83, p. 1111; V. 86, p 1530. The Sp. Port. A Seattle
owns majority of the stock 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.
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. I d
Jan. 1918 began running its own trains Into Vancouver, B. G.; discontinued

FINANCES.-—In 1901 Nor. Pac. and Gt. Northern acquired $107,612,600 of the $110,839,100 stock of Chic. Burl. A 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 EPO RT.— For 1923, in V. 118, p. 1765. showed:
Operating Revenue—
1923.
1922.
1921.
Freight revenue_____________________ $77,610,570 $71,725,006 $69,246,505
Passenger revenue___________________ 15,438,784 15,551,897 17,015,155
Other transportation revenue_______
6,290,815
6,279,749
5,830,904
Incidental and joint facility__________ 2,661,891
2,519,414
2,445,495
Total operating revenues_________ $102,002,060 $96,076,066 $94,538,059
Operating Expenses—
Way and structures__________________$14,022,694 $12,826,641 $14,312,916
Equipment_______
22,464,341 18,064,615 21,825,817
Traffic_______
1,954,443
1,670,068
1,537,545
38,535,417 36,801,628 35,797,967
Transportation ______
Miscellaneous operations____________ 1,822,139
1,664,962
1,585,337
2,644,625
2,565,956 2,868,490
General_______________________
Transportation for investment_______01,078,849 Cr939,l50 0297,205
Total operating expenses__________ $80,364,810 $72,654,711 $77,630,867
Net operating revenues______________ $21,637,250 $23,421,355 $16,907,192
8,455,566 9,032,017
Taxes and uncollectible revenues____ 8,482,319
Railway operating income_________ $13,154,931 $14,965,790 $7,875,176
Equipment rents, net_________________ $2,404,238 $2,566,626 $1,445,606
1,541,389
1,918,099 1,523,044
Jointfacilityrents.net______________
Net railway operating income______$17,100,557 $19,450,514 $10,843,826
Non-operating income______________ 11,181,676 11,271,729 26,552,683

Gross income_____________________ $28,282,233 $30,722,244 $37,396,509
debt................. ...$14,707,679 $14,992,473 $14,480,620
AU 1912* the'Midland R y. of Manitoba, formed In the Joint Interest of the Interest on fundedfrom income______
ln"
593,127
672,841
850,490
company and the Great Northern, obtained trackage rights from the Cana­ Other deductions
dian Northern R y. between Emerson, Mem., and Winnipeg, 66 miles, for
Net income------------------------------------$12,981,426 $15,056,930 $22,065,399
20 years with provision for 999 years
V. 95. p. 298.1129: V. 97, p . 1038.
In March 1921 organized the Absaroka Oil Development C o., in order Dividend appropriations------------ (5% ) 12,400,000(5) 12400,000(7) 17360,000
to further the development of the railway’s oil and gas lands and rights in
Balance...............................
$581,425 $2,656,930 $4,705,399
North Dakota. Montana and Wyoming. V. 112, p. 933, 2759. In Jan.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
1922 acquired the Walla Walla Valley R y. V. 114, p. 410.
HISTORY.— This Wisconsin company on Sept. 1 1896 succeeded to the
OFFICERS.— Howard Elliott, Chairman; Charles Donnelly, Pres.,
railroads, land grant and other property of the Northern Paclflo R R ., Chas. W . Bunn, V.-P. A Gen. Counsel; H. A. Clifford, Treas.; E. A. Gay,
foreclosed In July 1896 and reorganized per plan In V. 62, p. 550.
Sec. A Asst. Treas. N . Y . office, 35 Nassau St.— (V. 118, p. 1912.)
The original Northern Pacific Company was chartered by Congress July 2
NORTHERN PACIFIC TERMINAL CO. OF OREGON.— Owns terminal®
1864: 450 miles to Bismarck were foreclosed In 1875.
•n the Willamette River, Ore., at Portland, East Portland and Albina,
D IV ID E N D S —
[ ’05. ’06. ’07, ’08. ’09. T0-'21. ’22. ’23.
aomprlsing 270 acres land, 40 m track, dock frontage 7.904 feet.
On common (% )_______________ 1 7
7
7
7
7 7 yrly. 5)4 5
LEASE.— Leased for 50 years from Jan. I 1883 Jointly and severally to
Paid in 1924’ Feb. 1, \X%\ M ay 1, 1J4 % .
Northern Paolflo. Oregon Ry. & Navigation and Oregon & California, with
•Also Deo. 1908. l l 26% from surplus of N. W. Impt. Co. V. 87. p. 1238.
BONDS.— The Refunding and Improvement Mortgage o f 1914 covers fuaranteed rental to pay Interest, sinking fund and taxes; leases assumed
n 1899 by new Nor. Pac. and Oregon RR. A Nav. V. 69, p. 230.
6 501 miles of road, on 1,012 of which it Is a first lien. It is an open mortgage
and not limited to any specified amount, but the bonds at any time out­
STOCK.— Stock ($3,000,000) owned by said three companies (40% by
standing are limited to three times the outstanding capital stock, now
3regon Ry. & Nav. Co., 40% by Nor. Pac. and 20% by Oregon & Cal.
amounting to $248,000,000. When the amount o f bonds Issued thereunder
S R .), and held by Central Trust Co. of New York, to be delivered after
(bearing Interest at rates to be fixed) reaches $500,000,000, further Issues
payments to the sinking fund, which Is to cancel the bonds.
must be limited to 80% of the cost o f new property placed under the mtge.
BONDS.— The first mortgage is for $5,000,000; to Dec. 31 1923 $4,323,R oods o f anv series may be made redeemable before maturity or convertible
000 had been issued, of which $2,303,000 retired by sinking fund.— (V. 118,
at the election of the holders Into capital stock on terms and dates to be p. 552.)
fixed
Of the bonds. $421,492,500 are reserved to retire. $ for $, prior
bonds at or before maturity.
NORTHERN SECURITIES CO.— 8ee Industrials.
Xn 1914 $20,000,000 Series A 414s were sold, callable as a whole at 110 and
NORTHWESTERN PACIFIC RR .— (See Map Atch. Top. & S F .)—
Interest on and after July 1 1919. V. 99, p . 120, 271; V. 105, p. 2366.
Iperates a system extending from Point Tlburon and Sausallto, Cal.
Series B 6% bonds were issued in conversion o f the joint C. B. & Q
collateral 6)4% bonds, due 1936, and the mortgage will also cover such (whence ferry to San Franolsoo, 6)4 miles), northerly to Eureka, with
shares o f stock o f the C . B . & Q . as were released as a result o f such conver­ branoh r , .: 8 miles in all. Inoorp. Jan. 8 1907 In the Interest of Southern
sion The Series B 6% bonds may be redeemed on and after July 1 1936 Pac. am. Auoh. T op. A San. Fe, which each owns $17,500,000 stock. V.
at 110 and interest. In July 1922 $8,702,300 Series C bonds were sold, 95, p. I l l ; Y. 96. p. 1489.
the proceeds providing funds for payment and cancellation of the un­
BONDS.— Cal. N . W . 5s s. f. $5,000 yearly call, at 110 and int.
converted joint 6)4% bonds called for redemption July 27 1922 at 10314
Of the 1st & Refund. 43^s o f 1907 ($35,000,000 auth.), $29,474,000 were
and Int. Series O bonds are redeemable as a whole only on and after July 1 outstanding Mar. 31 1924, $26,388,000 being owned by Sou. Pac.; the mtge.
1952 at 105 and int. The series D bonds were sold in Jan. 1923 and are reserved $6,676,000 to retire a like amount of underlying bonds, $5,000,000
redeemable as a whole only on and after July 1 1953 at 105 and int. V. 116, for impts. and equip, and $13,324,000 for new construction, incl. line from
Ihively to Wlllits and from Wendling to connection with main line at
P A bstracts o f prior lien and general lien mortgages of 1896 were in V . 63,
Realdsburg; s. f. $10,000 yearly; bonds drawn at 110. V. 84, p. 221,
p. 1012-1019, 1072; see V. 99, p. 49.
194; V. 85. p. 222; V. 96, p. 1773: V. 98. p. 1316.
Of Gen Lien bonds, $130,000,000 wero reserved to retire Prior Lien 4s.
Equipment trusts issued to Director-General for rolling stock allocated
The St Paul-Dulutfi Division mortgage secures $20,000,000 purohase to this company ($271,500, due $18,100 annually). See article on page 3.
money bonds on the former St. Paul A Duluth, of which $9,215,000 were
R E P O R T — For 1923, gross, $7,994,091; net oper. income, $1,524,576;
iMued to acquire the road, $5,283,000 were reserved to retire existing St.P
other income, $178,098; int., rentals, &c., $1,727,893: bal., def., $25,219.
A D bonds and the balance for Improvements to the property. V. 70, p. For latest earnings, see “ Railway Earnings Section” (issued m onthly).
1250' V 71, p. 1167. The lands inoluded in the grant of the former St. Paul — V . 117, p. 440.)
Sc Duluth are being sold and proceeds applied to purchase o f the bonds at
NORTHWESTERN R R . OF SOUTH C A ROLIN A.— (.See M ap Atlantic
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 Coast Line.)— Wilson Mill, S. C ., via Sumter to Camden, 62.5 miles; branch,
therefor. T o Apr. 12 1924 $10,419,000 had been Issued but $10,064,000 had Millard to St. Paul, 3.5 m.; Mannville to Rose Hill, 9.5 m.; trackage, 5 m.;
been purchased and canceled. V. 71, p. 1167; V. 72, p. 339. The total, 81 miles. Stock, $100,000. Dividend, 6 % , paid yearly Dec. 1900
First Nat. Bank o f N. Y ., acting as agent for the company, in Aug. 1920 to 1902; 1903 to 1905, 6% ; 1907 and 1909, 4 % ; 1910, 5% : 1911 and 1912,
offered 4 X % Liberty bonds in exchange for these bonds. V. I l l , p. 693. 6% : 1914.4%; 1915,5%; 1916-19,6% yearly; 1920, 7% ; 1921, 6% ; 1922,6%.
Of the outstanding $360,000 first consol, mtge. bonds, $285,000 are 4s and
Government loan, V . I l l , p. 793, 1753; V . 113, p. 2614.
LAN D G R A N T .— The land grant was 12,800 acres to the mile in the $75,000 5s. Year 1922, gross, $184,328; net oper. income, $48,687; other
States o f Minnesota and Oregon and 25.600 acres per mile in the (then) income, $4,757; deductions, 40,076; bal., sur., $13,368.
intermediate territories. Unsold on Dec. 31 1923, 5,337,548 acres. yiz.:
NORTHWESTERN TERMINAL RY.— Owns terminals ooverlng 36 acres
Minn., N o. Dak. A W ise ..
55,338 Idaho____________________ 299,640 at Denver and 102 acres of right of way in that oity, and 100 acres of freight
68,447 W ashington______________ 1,345,799 terminals at Utah Junction, 3 miles north of Denver. Leased for 50 years
W yom ing________________
85,527 from Jan. 1 1914 to Denver S Salt Lake R R ., which owns the $3,000,000
M ontana_________________3,482,797 Oregon----------------------------c
Congressional investigation o f land grant, V. 118, p. 907, 1774.
stock, rental covering Interest on bonds, operating expenses and taxes.




M ay , 1924.]

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

Oklahom a C entral— See Atch Topeka A Santa Fe
Jld Colony— Stook 7% guaranteed by rental
. o’
Bonds noi mortgage___________________ _______ zr
Bonds not m ortgage________________________zoAr
Bonds not m ortgage______ _________________ zoAr
Oregon & Cai— 1st M g drawn at 100 eu p & 1-Un.zo*
O regon P a c i f i c & East Ry— 1st M $500,000 gold—
Oregon Short Line RR—
Utah & North 1st M ext 1908 (V 86, p 1410) ---zo *
Cons M gu $15,000 p m s f not drawn g __AB.zo*
Cons 1st M $36,500,000 g (1st M on 400 m) ~ G .x o»
Ref M $100,000,009 g gu red (text)______ Ea.xo* Ar
Inoome bonds SerUs A 5% non-cumulatlve____OBz
First & Cons M $150,000,000 g red text__Ce.xo*Ar*
Oregon-Wash RR & Nav— Com stk $50,000,000 auth.
Ore R R A Nav oons(now 1st) $24,312,800 g ..N .xo*
lstA R efM $175,000,000 ggu p A 1red lOS.F.xo* Ar*
Oswego A Syracuse— Stock 9% guaranteed D L & W
O verton C ou n ty RR— See Tennessee Kentucky A N
Ozark A Cher Cent— See St Louis A San Franolsco
P a c i f i c G reat Eastern— 1st M 434% guar deb stock
2d charge ranking aft 1st M gu by Gov o f B C 1915Pacific A Idaho North Ry— 1st M g s f 1% y iy -- G.zo
2d M $3,000,000 gold_____________________ Ce.o
P a d u c a h A 111— 1st M gu $7,000,000 red..U C .c*A r*
P a n - A m e r (M ex-Guat)— See Nat. Rys. o f Mexico.
Paragould Southeastern— See St Louis Southw Ry
b Ser “ A .” $1,000: Ser “ B .” $5,000.

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

$100 $22,294,000
1924 1,000 Ac 3,500,000
1.000 4’ O O OO
U .O
1888
1895 1.000 Ac 5,598,000
1902 1,000 Ac 1.000.000
680 1887
1,000 17,437.000
27.78 1914
(b)
330,000
—

Rate
%

1912
1915
89.9 1899
76 1907
14 1915

When
Payable

5)4 g F
J
4
J
4
3)4 J
5g J
5g J

1,000 4,991.000
488 1878
1,000 1,337,000
488 1886
500 Ac 28,752,000
1.178 1897
1904 1,000 Ac 45,000.000
500
272.500
- - - 1897 1,000 Ac See text
Ac
1910
100 See text
- - __
1,000 23.380.000
1,135 1896
A £ c54.685,370
Text 1911
50 1.320,400
35
orther n" R R .
£1 Ac £2.925,000
£1 Ac see text
1,000 1,027,000
1,000
956.000
1.000Ac 5.000,000

4
5
5
4
5

(7)
g
g
g

4 g
4g
9

O— J Apr 1 1924 \M Treasurer’s Offloe. Bos*
A A Feb 1 1944
do
do
A J Jan 1 1938
do
do
A 1) Deo 11925
do
do
A J July 1 1932
A J July 1 1927
Southern Paolflo Co. N Y
A J Jan 1 1934

J
J
J
J

A
A
A
A
Sept
J A

J
J
J
D

July
July
July
Deo
July
D Deo

1 1933
1 1926
1 1946
1 1929
1 1946
1 I960

120 Broadway, New York
do
do
do
do
do
do
do
do

15 July
15 July
N Nov
A Feb
J July

15 1942
15 1942
1 1949
1 1937
1 1955

Brown,S A Oo.LonAVlct.
do
do
Nov 1914 last paid
Not regularly paid
New York and Chicago

Offloe 120 B ’way, N Y
J A D June 1 1946
do
do
J A J Jan 1 1961
New York and London
F A A 20 Feb 20 1924 4 )4 Del Lack A West RR.NY

J A J
J A J
5 g M A
5 g F A
4)4 g J A

4 )4
4 )4

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

c Of which $ 2,008. 870 are sterling bonds at $4. 85 per £; an addi tlonal $16,996,5 00 la owned by U. P R R

V. 98, p. 913. Operated by Denver & Salt Lake R R . C o. by virtue of
lease. Interest was defaulted Jan. 1 1918 and subsequently, and In
Jan. 1919 a protective committee with S. M . Perry o f Denver, as Chair­
man, called for the deposit o f the bonds with the International Trust Co
o f Denver or Bankers Trust Co. of N. Y . V. 108, p. 269. 379. 1061
V. 106, p. 86. A suit for the foreclosure o f 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 RR.— Owns from Groton, Conn., to Woroester, Mass., 71.04 miles. Leased to New England R R . for 99 years from
Feb. 1 1869 (now N. Y . N. H. & H.): rental 8% on pref. stk.— V.106, p.924.
NORWOOD & ST. LAWRENCE R R .— Norwood to Waddington, N .Y .,
20 miles, incl. extension, 13 m ., opened July 1909. Stock, $250,000; par
o f shares, $100. Bonds are subject to call at 110 since April 1 1912. Y. 95.
p. 1542. For 1923. gross, $175,307; net, $41,393; other income, $2,206;
Int. and rentals, $29,064: bal., sur., $14,536. Pres., F. L. Carlisle; V.-P. &
Treas., R. B. Maltby; V.-P.. D. M . Anderson; Asst. Treas., C . B. Martin;
Aud., P. F. Weed.— (V 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 R R of N J for 5% per ann. on stook and $500 yrly. for org. exp
OHIO CONNECTING RY.— 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. 117, p. 670.)
OHIO & KENTUCKY RY.— Owns from Lex. & East. R y. at Jackson.
K y., to Gannel City, K y. Receiver was discharged in 1916. V. 103, p.
2238. Common stock, $200,000; pref. stock, $100,000. 1st M . bonds are
guaranteed bv Kentucky Block Cannel Coal Co. Year ended Dec. 31 1922
gross, $111,200; net def., $154; other income, $187; fixed charges, $36,486;
bal., def., $36,453.
OKLAHOMA CENTRAL R R .— See Atchison Topeka & Santa Fe.
OKLAHOMA CITY-ADA-ATOKA RY.— (V. 118. p. 1392.)
OLD COLONY R R . (MASS.)— Owns road from Boston to Provincetown,
Mass., Newport, R . I., Ac., 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.)B
OREGON A CALIFORNIA RR.— (See Map Southern Pac.)— Portland.
Ore., to California State line, 367 m .; Albany Jot to Lebanon. 11 m. Port­
land to Corvallis, 101 m.; Lebanon to Woodbum, 49 m.: Portland. Ore., to
Airlee. Ore., 74 m.; Mohawk Jet. to Wendling, 16 m.: Salem to Oeer, 7 m.;
Springfield Jet. to Tollman, and branches, 54 m .; total mileage operated
Dec. 31 1923, 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
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 o f 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 o f the 5% bonds. See V. 63, p. 754.
EARN ING S.— For 1923, gross income, $1,647,600; deductions, $1,498,263; bal., sur., $149,337.— (V. 115, p. 1429.)
OREGON 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 o f 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. 31 1922, total oper. revenues, $76,015; net oper. inc.
$21,882; Int. & rentals, $19,846; bal., sur., $2,036. Pres. & Gen. M gr., J.
H. Chambers; Sec. & Aud., A. N . Ward.— (V. 105, p. 1618.)
OREGON SHORT LINE R R .— (See M ap Union Pacific.)Mileage ownedDec. 31 1923: Main line and branches, 2,200 m.; trackage rights, 11 m .;,
leased from Ore.-Wash. R R . & N av. C o., 207 m.; total, 2,418 m .; deductmileage owned but not operated, 52 m .; total operated Dec. 3 l 1923,,
2,365 miles. Tentative valuation, Y. 114, p. 2360.
H ISTORY.— Suooessor March 16 1897 of the Oregon Short Line & Utah
Northern R y., foreclosed per plan in V. 62, p. 504, 505. Controlled by Un.
Pac.. which holds entire capital stock. V. 84, p. 52. 572. 932.
CAPITAL STOCK— Stock, $100,000,000. all in the U. P. treasury.
Y, 91. p. 871: V. 93. p. 1387. 1669.
BONDS.— First Consols, $22,029,000. were reserved to retire old bonds
Series A lnoomes, non-cumulatlve 5 per oents, have received: In Sept.
1897. 4 % : Sept. yrly. slnoe, 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 By. com. stock, $1,845,000 Chicago
Milwaukee A St. Paul R y. pref. stock. $27,577,000 Los Angele? 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, Y. 80. p. 2408:
V. 79. p. 2086: V. 80. p. 1913: V. 96. p. 1424.




95

RAILW AY STOCKS AND BONDS

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. 1923,
but $41,487,000 were then 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 . 7 8 2 .)

OREGON-WASHINGTON RAILROAD & NAVIGATION CO.— (See
M ap Union Pacific.)— O w n s fr o m E a s t P o r tla n d , O r e ., t o H u n tin g to n ,
O re ., 3 8 8 m ile s ; U m a tilla , O re ., t o S p o k a n e , W a s h ., 184 m .; o th e r lin e s ,
62 m .; b ra n ch e s, 1 ,3 4 2 m ile s; t o t a l o w n e d , 1,976 m ile s, in c lu d in g 207 m iles
leased t o O re go n S h o rt L in e R R . ; leased fr o m D e s C h u te s R R . , 95 m .;
o w n e d jo in t ly w ith C h ic . M ilw . & S t. P a u l R y ., & c ., 74 m .; tr a c k a g e
r ig h ts, 304 m iles; t o t a l o p e r a te d D e c . 31 1923 (e x cl. 207 m iles lea sed t o
O re go n S h o rt L in e R R . a n d 11 m iles o w n e d b u t n o t o p e r a t e d ), 2 ,2 3 2 m iles.
A ls o o p e ra te s 101 m ile s o f w a te r lin e s.
T e n ta tiv e v a lu a tio n as o f Ju n e 30 1916, $ 1 2 9 ,8 1 0 ,9 1 3 . V . 116, p. 2 13 1.

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 by the Union Pacific. V . 91, p. 1447, 1512,
1630. 1768. Stook auth., $50,000,000; $49,998,500 owned by Ore.Sh.Llne.
BONDS.— The 1st and R ef. 50-year gold 4s ($175,000,000 auth. Issue)
are guar. p. A 1. by U. P . Series A ” are dollar t mds, Series “ B " sterling
bonds, each redeemable (but not part o f either) at 105 on any int. day on
90 days' notice. Sterling bonds are exchangeable for dollar bonds at $4 85
on payment o f $15 per £100 bond. See Y. 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 traokage. See V. 92, p. 1500, 1566:
<2,3.380,000 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 abstraot 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 A SYRACUSE RR.— Owns from Oswego, N. Y „ to Syracuse,
N. Y .. 35 miles Leased In 1869 during length of oharter and renewals
thereof to the Del. Lack. & Western 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 A Western R R . to assume obligations and
liability, as guarantor, in respect of said bonds.— (V. 117, p. 1462.)
PACIFIC GREAT EASTERN R Y . — I n c o r p o r a t e d in B ritis h C o lu m b ia
e a r ly in 191 2. O perates fr o m N o r t h V a n c o u v e r t o W b y t e c li f f , 12.7 m .
F r o m S q u a m is h , a t th e h e a d o f H o w e S o u n d , t o Q u esn el, 3 4 8 .5 m . L in e
h a s be e n c o m p le t e d t o C o t t o n w o o d R iv e r , 364 m ile s .
L in e u n d er c o n ­
s t r u c tio n , C o t t o n w o o d R iv e r t o R e d R o c k C r e e k , 4 6 -8 m ile s , w h ich w h en
c o m p le t e d w ill g iv e th r o u g h c o n n e c t io n b e tw e e n S q u a m ish a n d t h e C a n a ­
d ia n N a tio n a l R y . s y s te m a n d F o r t G e o rg e .

Under the settlement, which received royal assent April 23 1918, the
Province of B. O. had In Oct. 1918 acquired the entire share capital stock
of the railway ($25,000,000), the Pacific Great Eastern Equipment Co. and
the Pacific Great Eastern Development C o., and had exercised its option
also on the lands and assets of the last-named, the promoters being released
from their obligations. There has been no change in the bonded debt, the
Province being fully liable for both principal and Interest on bonds.
V. 107. P 1580. 1101, 182; V. 106. p. 929. 2123.
In Oct. 1917 the total securities guaranteed by the Province of B. O .,
applying on the main line, amounted to $16,800,000, secured by a firs*
charge on the line, and $3,360,000 secured by a second charge, making a
total of $20,160,000, of which $14,234,805 (£2,925,000) have been issued.
The balance. $5,925,195, had been pledged to secure a loan of $4,800,000.
T h e L e g is la tiv e A s s e m b ly o f t h e P r o v in c e o f B ritish C o lu m b ia has p assed
t h e f o llo w in g A c t s e n a b lin g t h e P r o v in c e t o b o r r o w th e fo llo w in g a m o u n ts
t o b e lo a n e d t o t h e c o m p a n y fo r t h e c o n s tr u c tio n , e q u ip m e n t a n d o p e r a tio n
o f t h e r o a d : L o a n A c t 1916, $ 6 ,0 0 0 ,0 0 0 ; L o a n A c t 1920, $ 4 ,0 0 0 ,0 0 0 ; L o a n
A c t 1 92 1, $ 4 ,0 0 0 ,0 0 0 .
E A R N I N G S .— F o r 192 3, g ro ss, $ 4 3 6 ,0 4 9 ; n e t o p e r . in c o m e , d e f ., $ 2 2 4 .577 ; o th e r in c o m e , $ 1 5 ,4 4 0 ; d e d u ctio n s , $ 2 ,2 2 6 ,7 9 8 ; b a l., d e f ., $ 2 ,4 3 5 ,9 3 5 .

PACIFIC & IDAHO NORTHERN R Y .— Owns Welser to New M a a dows, Idaho, 90 miles. In June 1918 the receiver appointed In 1915 was
discharged. V. 106, p. 2560. V. 101, p. 846. Stock, $2,929,800; par
$100. B o n d s . 1st & 2d M t g e s ., see ta b le a b o v e . F o r y e a r end. Dec. 31
1923, gross, $188,525; n e t, a fte r taxes, $12,463; o t h . inc., $7,112; int., chgs.,
&c.i $148,348; b a l., def., $128,773. Pres., Samuel Norris; Treas., James B.
Ford; Sec., John D . Oarberry; Asst. Treas., F. D . Stover; Gen. M gr.,
Le Grand Young. Office, Weiser, Idaho. N . Y . office, 1790 Broadway.
— (V. 113, p. 1054.)
PADUCAH & ILLINOIS R R .— Line from Metropolis, 111., to Paducah,
Ky., 14 miles, including the double-track steel bridge over the Ohio River
was completed Dec. 31 1917. Owned jointly by Nashv. Chatt. A St. L . and
Ch. Bur. & Q., which use same as part of a route from Northern and Central
points to the Gulf, and unconditionally guarantee prln., int. and sinking
fund (over $120,000 yearly) on bonds. Stock auth., $5,00u,000 pref. and
$10,000 common, outstanding, $10,000, all, except directors’ shares, owned
by the guarantors and by them pledged with the mortgage trustee. V. 99,
p. 609. The bonds ($7,000,000 auth.) are redeemable for sinking fund be­
ginning 1921 at 102)4* See offering V. 102, p. 67. 251: V . 103,p. 2342; V
104, p. 664.— (V. 107. p . 1580.)

RAILW AY STOCKS AND BONDS
[V
ol

. 118.




to
a

M
a y

, 1924]

RAILW AY STOCKS AND BONDS




98

[V ol. 118.

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]
Paterson St Hudson Riv— Stock 8% rent N Y L E& W
Paterson & Ramapo— Stock (rental guaranty)...........
eemieewasset Valley RR—Stock (rental guaranty)..
Pennsylvania RR —Stook auth $600,000,000----- .Tr
Gold coup s f 1% not d r ----- kv.o*
Consolidated
$100,000,000 Sterl (s f In 1900) not d r.k v.o ’ r&r*
do stamped pay’le in $_kv.cAr
(now 1st)
Sterling__________
. . kv.c*Ar*
M of 1873
do stamped payable In $kv.c*Ar*
teoures all
Gold dollar bonds . . _kv.c*Ar*
equally
G o ld ______________________xc*Ar*
G.P.
New York Phila & Norfolk stook trust oert ___ kv
General mortgage gold------------------------ GP.yc*Ar*
do
do
5% bonds Series B __yc*Ar*
do
do
Ser C $110,000,000 pledged.
Secured gold bonds________________________c*Ar*
Bonds o1 Cos. Merged in Pennsylvania RR.—
Sunt) Haz & Wllk first Series A drawn at 100----- zo
Second mortgage i n c o m e .._____ _______ zo&r
Sunb & Lewis first mtge 5600,000 p& l g _GuP,vc*
West Penn oonsol mortgage g assumed— PIP.kvc*
Allegheny Valley gen (now 1st) M g FPi.kv.o*&r
Junction (Phila) Gen M (now first) g$725,000 ..k v
Pitts Va & Ch first mtge gold gu p & l.G P .k v o ’ &i
Cambria S Clearfield 1st M (V.96,p. 286) g CP. kvc*
c
Cambria & Clearfield Gen M $7,500,000. _____ kv
Clearfield S Jefferson first m ortgage.. QuP.kvo*
c
Pennsylvania S N W gen M $2,500,000, GuP.kvc*
c
Harrisb Portsm M t J S L 1st M ext in 1913_.Gp.kx
c
Hollldaysburg Bedf A Oumb 1st M g gu ass. kxxc*
Girard Point Storage 1st M guar p & 1 by Penn., kr
Susq Blooms S Berwick— First M g __________ FPx
c

Miles Date
Road Bonds
63 1912
14
14
1463
1463
1463
1463
1463
1463
1463

1893
1895
1895
1908
1908
1908
1915
1908
2834 1915
2834 1918
2834 1920
1920
1921
1923
44
44
56
140
264
3
91
102
407
67
87

1878
1878
1896
1888
1892
’00-07
1904
1891
1905
1886
1890
1853
72 1911
1890
42 1902

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest an4
Dividends are Payable
and Maturity

1,000
600,000
6 g J S J July 1 1932
c
$50
$630,000
J S J July 1924 4%
c
8
50
c
298.000 5 In )920 J S J See text
F S A Feb 1924 3%
c
100
541,500
6
Q— F M ay 31’ 24 I K
50 499,173.400 6 in ’23
1,000 2.317.000
c
4 g M S N May 1 1943
£200 12.582,720/
c
3H 8 J S J July 1 1945
c
$1,000
3H g J S J July 1 1945
c
£200
M S N M ay 11948
5.267,100
4
M S N May 1 1948
c
$1,000 14.570,000
4g
M S N M ay 1 1948
1,000 19.994.000
4
c
1,000 49.000,000
4H g F A A Aug 11966
1,000 7.478.250
c
4 g J S n June 1 1948
1.000 125.000,000
4H g J A D June 11965
1,000 50,000,000
5 g J A D Dec 1 1968
Pledged
1,000
A S <) Apr 1 1970
c
6g
500 See 50.000.000
A S o April 1 1930
c
7g
c
60.000.000
6H g F S A Fph 1 1936
Mar 1 1930
69,100,000
6

First Nat Bk, N Y A Ohic
Paterson, N J
do
Ohecks mailed
Office, Phila A N Y
Treasurer, Phila A N Y
Condon, England
Jffice, Phila A N Y
London, England
Office, Phila A N Y
Office, Phila A N Y
do
do
Fidelity Tr C o, Phila
Office. Phila A N Y
do
do

100 &o
210,900
100 Ac
1,349,500
1,000
500,000
1,000 4.000,000
1,000 20,000,000
1,000
725.000
1,000 6,000,000
1,000
534.000
1,000 2,000.000
500 Ac
1.000,000
1.000
1.021.000
500 Sec
700,000
1.000
1,073.000
1,766.000
1,000
1.000
700.000

Broad St Station, Phila
do
do
do
do
do
do
Office Phila A New York
Broad St Station, Phila
Office Phila A New York
Broad St Station, Phila
do
do
do
do
do
do
do
do
do
do
Treasurer’ s Office. Phila
Fidelity Trust Oo, Phils

M S
c
5
6
M S
c
4g J S
c
c
4g J S
c
4g M S
c
3K 8 A S
c
4g
M S
5g J S
c
4g F S
c
6
J A
5
J A
4
J A
4g J A
A A
3H
5g A A

N May 1 1928
N May 1 1938
J July 1 1936
D June 1 1928
S Moh 1 1942
o Apr 1 1930
N Nov 11943
J Jan 1 1941
A Feb 1 1955
J Jan 1 1927
J Jan 1 1930
J July 1 1943
J July 1 1951
O Apr 11940
O Oct 1 1952

Office, Phila A New York

i
Principal Leased Lines.
Miles.
Miles.
Belvidere Delaware R R ______ 80.35 Phila. Balt. A Washington_ 413 27
_
Delaware R R ________________ 245.15 United N J. R R . & Canal___ 166 56
Cin., Lebanon A N orth_
_
76.17 Western N. Y . A Pennsylvania563.31
476.69 <
Grand Rapids A Ind______
Cleve. Akron A Cincinnati____335.20
N. Y ., Phila. & Norfolk_
_
122.28 Cleveland A Pittsburgh______ 204.75
<
Pitts., Cin., Chic. A St. L . 1,862.15 Erie & Pittsburgh___________ 82 99
Delaw Maryland A Virginia.. 106 38 Pitts. Ft. Wayne A C hicago..471.23
Elmira A Lake Ontario______99.91 Pitts. Youngstown & Ashtab._140 49
Elmira A Williamsport_______ 73 49 Toledo Col. A Ohio River____345.14
Northern Central____________142.13
ORGANIZATION, LEASES. Ac.— 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 the Pennsylvania Company, see that
Company’s statement below, and V. 106, p. 1031.
In Nov. 1917 it was agreed that, effective Jan. 1 1918, or such later dates
as might be determined, the leases of railroad property held by the Penn­
sylvania Co. should be reassigned to the Penn. R R .. and the lines west
of Pittsburgh operated directly by the Pennsylvania R R .. through the same
officials who had heretofore been in charge of the operation of those lines.
In pursuance of this plan the Penn. RR. Co. had resumed in Oct. 1918
operating under lease the Pitts. Ft. Wayne S Chicago R y.. Cleveland S
c
c
Pittsburgh R R ., Erie & Pittsburgh R R ., and Pitts. Youngs. & Ashtab.
R y. V. 107, p. 83. 284; V. 106, p. 86. 1031; Y. 105. p. 2094, 2184. During
1918 accordingly the Pennsylvania Company was relieved of the operation
of all the aforesaid lines, which were operated directly by the Penn. 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 west o f Pittsburgh.
The system will be divided into four regions, each in charge o f 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 M ay 1920 announced that the West Jersey & Seashore R R . and the
N. Y . Phila. A 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-Mlchigan 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 R R . for 999 years.
V. 116, p. 1893.
In April 1918 took title to the Susqhehanna Bloomsburg S Berwick RR
c
• 42-mile line Watsontown to Berwick. Pa., A c., with $700,000 First Mtg*
gold 5% bonds outstanding. V. 106, p. 2011.
On Jan. 1 1921 leased for 999 years the Gra-'d Rapids & Indiana Rv. a n d
the Pitts. Cin. Chic. & 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. O. Commission to lease
in perpetuity the property of the New York Philadelphia & Norfolk R R .,
beginning July I 1921. V. 113. p. 731. Has also been authorized to
purchase from the Pennsylvania Co. the stock o f the Pitts., F t. Wayne
& Chicago R y. V. 112, p. 2191; V. 117, p. 2324.
Suggested lease of Norfolk & Western R y., V. 118, p. 1657.
SECURITIES OW N ED .—T otal dook value of these on Dec. 31 1923
was $532,862,439, many of which are pledged to secure Pennsylvania issues.
Revenue derived from these securities in 1923. $21,549,472. The securities
include $7,753,800 Sou. Pac. Co. stock, $38,757,700 (common) stock of the
Norfolk & Western, and $5,312,500 stock of N Y . N. H. S H. R R . Co
c
With a view to complete stock control of the Pittsburgh Cincinnati Chi­
cago S St. Louis R R ., the directors of the Penn. R R . Co. and of the Penn
c
Co. on Mar. 10 1920 offered to purchase the minority stock of the Panhandle
Co. and to pay for the same, par for par, in new 50-year mtge. bonds of the
latter co. when Issued to the Penn. Co . bearing int. at the rate o f 5% p. a.,
prin. & int. to be guaranteed by the Penn. R R . V. 110, p. 1188. See also
Pitts. Cin. Chic. & St. L. R R . below.
The Pennsylvania Co. also offered to acquire the minority shares of the
Grand Rapids & Indiana R y., by exchanging therefor, par for par, 2d mtge
4% bonds o f the latter company, held in its treasury.
DIV ID E N D S.— ’93-’99. 1900-’05-’06. ’06. ’ 07. ’08-’ 20. ’21. ’22 ’23.
P ercen t------------------- 5 y ’rly
6 yearly 6 ^ 7 6 y ’rly 4H 4H
6
In 1893 paid also 2% in scrip.
Paid in 1924: Feb. 29, 1 K % ; M ay 31. 1 H % .
CAPITAL STOCK.— Stockholders of record M ay 5 1913 subscribed for
10% in new stock ($45,387,750) at par.
BONDS.— Consolidated mortgage of 1873 (see in V. 86, p. 1043. 1101) in
June 1915 covered 993.01 miles of road by a first lien and by supplement
dated 1913, 409.47 miles by a subsequent lien. V. 100, p. 399, 475. 819,
1169. In 1916 majority of 4% sterling bonds of 1908 were stamped as "$ ’
bonds. V. 101. p. 2072 , 2255: V. 103. p. 321.
The General Mortgage Bonds o f 1915 (V. 98, p. 695) are a direct obligation
of the company and are secured by a mortgage on its property subject to
prior liens amounting to approximately $165,000,000. The prior liens
T o t a l....................................................................................... 10.509.92 ‘
mature from 1919 to 1960, cannot be Increased and a sufficient amount of
Cana] and ferries_________________________________________
67.00 ‘
bonds authorized by this mortgage is reserved for their retirement.
Data Regarding Issuance of General Mortgage Bonds of 1915.
Mileage of System.
Authorized, limited to paid up capital stock of the company
Miles.
Operating Companies—
Jointly Owned Cos.—
Miles.
outstanding at the time of issue___________________________ $499,265,700
Pennsylvania R R ______ 10,576.92 Central Indiana______________ ll7.69 Outstanding including $60,000,000 sold in March 1917, and
Balt., Ches. A A tl______
87.61 Cherry Tree & Dixonville_____ 38.37
bonds in sinking fund______________________________________ 125,000,000
Long Island___________
397.13 Lorain, Ashland & So________ 66.55
do series B issued in 1919, chiefly for additions and im­
M d ., Del. & Va________
52.33 Monongahela Ry____________106.75
provements and purchase of Trenton R R ________________ 50.000,000
Ohio River A Western._
110.47 Pitts., Chartiers A Y _________ 20.53
do Series C pledged as security for $50,000,000 10-year 7%
West Jersey A Seashore.
361.20 Washington Term___________
1.60
Secured gold bonds o f 1920 and $60,000,000 6 H % gold bonds
Other lines____________
104.40 Wilkes-Barre Connecting___________ 6.65 of 1921----------------------------------------------------------------------------- 110,000.000
Reserved to retire equal amount of prior liens_______________ 161.605,895
Total
11,690.06
Issuable when and as voted by stockholders________________ 112.659,805

PARIS & MT. PLEASANT R R .— Owns Paris, Tex., to M t. Pleasant,
51.43 miles. Stock authorized, $75,000.
Ot the 1st gold 6s 152,000,000 auth. Issue), *600,000 have been sold
against the present property 153 miles), Including terminals, rolling stock
Ac., the remainder being reserved for future construction. Redeemable
since July 1 1915 at 105 and lnt. Sinking fund 5% of gross earnings
beginning Jan. 1 1915, to be Invested In income-producing securities or ap­
plied to redemption o f bonds. V , 94, p. 1509.
Receivership.— R . W . Wortham o f Paris, Tex., was appointed receiver by
Judge Ben H. Denton In March 1920 on the petition o f T . D . Wilson and
S. G. Norris o f Detroit, alleging that the road was in a rundown condition
and there were 350 cars o f freight awaiting transportation and delivery to
consignees on which demurrage and other charges were accumulating.
The receiver was authorized, in July 1920, to issue $100,000 receiver’s
certificates for repairs and equipment.
For year ended Dec 31 1922, gross, $179,820; net, $24,496; other income,
$16,597; deductions, $51,846; bal., def., $10,753. Pres.. R . P. Scott:
Treas., T . J. Recard. Office, Paris. Texas.— (V. 115, p. 544.)
PARIS-LYONS-MEDITERRANEAN R R — (V. 117, p. 2111.)
PARIS-ORLEANS R R . CO.— See “ Railway and Industrial Section” for
N ov. 1923, and V. 118, p. 2180.
PATERSON & HUDSON RIVER.— Owns from Marlon, Jersey City
N J. (south to Bergen Junotlon), to Paterson, N. J., 14 miles: slngle-traok
Leased In perpetuity (at $48,400 per year for road, $5,000 for rent of lot
Ac.) to Erie R R .. forming part o f main line. Erie has built a second track
PATERSON & RAMAPO RR.— Owns from Paterson, N J., to New York
State line, 14 miles; single-track; part of main line of Erie R R ., to which
leased Sept. 1862 during legal existence, at $26,500. and which has built a
second track. Dividends have been paid at various rates. In 1906-07
82%; 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 % .— (V. 99, p. 1833.)
PEMIOEWASSET VALLEY RR.— Plymouth. N. H., to Llnooln, N. H21.41 miles. Leased to Boston & Maine for 6% on stock.
PENNSYLVANIA-DETROIT RR. CO.— Incorp. in Mich. Feb. 27 1917
with authority to construct and operate a line of railroad in that State. Its
outstanding capital stock is $5,000,000, all of which, except directors’ quali­
fying shares, is owned by the Pennsylvania RR. 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 the Pennsylvania. Construction work was
begun in 1917 and the line opened for passenger traffic on Jan. 1 1923 and
for freight traffic on May 1 1923. The entire project, however, is not yet
completed. The railroad of the company extends from a connection with
the Pere Marquette Ry. at Carleton, 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 28-95 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 R y . between Carleton, M ich ., and Alexis Junction,
O., a distance of 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.
The Interstate 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 o f 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 of the Pennsylvania. The Pennsylvania
is also to pay all taxes as they shall accrue and a sum each year sufficient to
pay all installments o f 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 o f the Detroit Co.— (V. 117, p. 1556.)
PENNSYLVANIA R AILROAD CO. (THE).— (See M aps.)— 'The sys­
tem, as shown on the adjoining maps, extendsfrom 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 1924 aggregated 11,690
miles. On Jan. 1 1924 the lines included in the company’s results aggre­
gated 10,577 miles.
Lines Aggregating on Dec. 31 '23 10.577 Miles Included in Penn. RR. Results
Rail lines owned__________________________________________ 3.032.46 miles
Rail lines under leases and contracts______________________ 6,989.00 “
Rail lines under trackage rights---------------------------------------- 488.46 “




Pennsylvania RR (Concluded)—
Equipment Trusts—
Gold guar p & i due *3,894,000 yearly__________ G
Gen equip trust due $2,100,000 yearly--------- FP.xc*
do
Series “ B” due $1,340,000 ann----- FP.xc*
Pennsylvania Company—
Guar tr certs $5,000,000 g ass’d Pa RR Ser A-kvr
do
10.000,000
do Ser B QPkvo*
do
5.000.000
do Ser C-.-kvo*
10.000,000
do SerDQPvkc*
da
do
10 000,000
do SerE-GPkvc*
< old loan red after 15 yrs (gu V 83, p. 1229)-(lPkvc*
3
Pennsylvania & Northwestern— See Penn. RR-----Peoria & Bureau Valley— Stook rental (see text)----Peoria & Eastern— Ind Bloom & W 1st M pf.Ce.zo&r
Ohio Indiana A West 1st M pref g lntguar— Ce.xc*
Peo A E 1st (cons) M $10,000,000 Int guar..Cex.o*
Income M lnt vrhen earned non-cumulative.-Ce.se

1,000

29,400,000
1,000 20,100,000

6 g
5
5

1,000 3,618.000
1,000 7 592.000
1,000 3,780.000
7,905,000
1,000
1,000 9,145,000
1,000 19,900.000

1897
1901
1902
1904
1912
1906

344
344
344
344
4g
4g

100
100 Ac
500 Ac
1,000
1.000

1879
1888
1890
1890

Of the Gen. M tge. 4 34a $65,000,000 was sold In M ay 1915 (V. 100, p1593) and $60,000,000 in 1917 (V. 104, p. 1388; V. 105, p. 1105); $50,000,090 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.
R R . on dissolution of Storage co. In 1917. V 105. p. 1310. 1523. 2543
The 10-year 7% gold bonds due April 1 1930 are secured by deposit of
$50,000,000 Penn R R . gen. mtge. 6s. series O, 1970, and $5,000,000 Phila.
Balt. & Wash, new gen. mtge. 6s. V. 110, p. 1527
The 15-year 6)4% gold bonds due Feb. 1 1936 are secured by deposit of
$60,000,000 Penn. R R . gen. mtge. 6s, Series C, 1970, and $6,600,000
Phlla. Balt. & Wash. gen. mtge. 6s, Series A, I960. Proceeds used
for purchase o f equipment, from Pennsylvania Co., purchase of $1,704,420
stock of P. C. C. A St. L. R R . and $20,466,100 stock of Pitts. Ft. Wayne &
Chicago R y., Ac. V. 112, p. 1025.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1471; V. 114, p. 410.
Equip, trusts of 1923, V. 116, p. 1178.
Equipment trusts o f 1924, V. 118, p. 1774.
Government loan, V. I l l , p. 1753. 2229; V. 112, p. 1978, 2306. Wage
reductions, V. 112, p. 984.
R E PO RT.— For 1923, in V. 118, p. 1656, showed;
1923.
1922.
xl921.
Mileage (incl. 67 miles of
canals and ferries)-----10,577
10,601
____
Railway Oper. Rev.—
$
$
$
Freight_________________ 502,698.606 439,528,929 405,210,980
Passenger______________ 155,516.003 147,424,247 155,065,297
Mail, express, A c_____ 41,816,898 39,459,714 34,850,921
Incidental_____________ 21,324,982 19,807,454 20,191,384
Joint facility— c re d it.._
40,919
131,763
405,321

1920.
7,425
$

Total ry. oper. r e v s ..721,397,408 646,352,108 615,723,905
Ry. Oper. Expenses—
Maint. of way A struc— 85,383,281 78,536,995 76,548,215 There were
Maintenance of equip_ 188,577,703 167,127,562 165,659.131 no corre_
T ra ffic ________________ 7,754,739
6,953,139
7,058,240 sponding
Transportation________ 281,851,982 255,732,666 265,102,429
items in
Miscellaneous operations 9,772,346
9.310,789 this year.
9,700,743
General________________ 17,345,432 16,128,117 16,976,455
Transport, for investm’t Cr.167,454
Cr. 41,846
Cr.60,537
Total ry. oper. exps-_590,518,030 534,118,684 540,613,413
Net rev. from ry. oper.-130,879,378 112,233,424 75,110,492
Railway tax accruals_ 32,690,522 29,083,520 26,782,849
_
Uncollectible ry. revs_
_
124,598
114,132
120,150
R y. oper. income___ 98,064,258
Hire o f eq.— Debit b a l.. 13,927,103
Jt. facil. rents— Cr. bal. D r.590,487

83,035,772
9,689,671
59,227

48,207,493
10,622,301
427,858

Net ry. oper. incom e-- 83,546,667
Non-operating Income—
Income fr. lease o f road.
5,736
Miscell. rent income___
2,352,543
Misc. non-op.phys.prop.
56,362
Sep. oper. prop., profit.
66,806
Dividend income_______ 19,802,002

73,405,328

37,157,334 y63,103,867
81,435
1,967,266
118,055

16,905
1,205,996
87,256

2 ,5 8 8 ,6 2 7

13,570
2,820.077
120,111
191,287
18,232,009
2,266,209

15,988,559
2,297,795

14,771,513
1,885,520

5,805,915

3,089,202

5,894,663

4,337,849

2,530,049

2,616,357

483,508

1,637,455

3,921
3,921
50,648 Dr.259,590

3,921
11,201,263

3,921
616,417

Total non-op. income. 33,262,610 29,093,153
Gross income--------------- 116,809,278 102,498,481

38.036,467
79,258,435

24,562,833
87,666,701

34.290,804

15,617,101

22,741,979

910,789

2,746,825

1,064,717
356,327
25,571,853
7,373,689

1,014,709
281,082
42,763
25,808,688
8,803,980

548,243

and accounts________
Inc. from sink. A other
reserve funds________
Release of premium on
funded debt_________
Miscellaneous income_
_

T iP ih irti rtn^i___

_
Rent for leased roads_ 35,246,256
Oper. deficits of branch
roads borne by P a.R R . Cr957,964
Rent for Penn. C o.equip.
_____
Miscellaneous rents___
1,163,997
Misc. tax accruals______
209,559
Sep. oper. prop., loss_
_
______
Int. on funded debt___ 28,062,553
Int. on unfunded d eb t-.
841,204
Maint. of inv. organiza.
______
Miscell. income charges.
705,594
Total deductions____ 65,271,200
Net income___________ 51,538,078
Disposition of Net Inc .—
Sink. A oth. res. fu n d s.. 5,112,397
D ividen ds____________ 29,950,404
Balance, surplus____

16,475,277

635,617

742,270
683,397
72,529
137,121
18,448,750
7,826,208
227,475
2,251,050

70,116,423 54,950,766
32,382,058 24,307,669

54,865,028
32,801,673

3,923,490
24,958,670

3,907,626
19,966,936

2,239,790
29,950,404

3,499,909

433,107

611,479

x To make a comparison with 1921, the railway operating revenues and
expenses to and including net railway operating income are restated so as to
embrace the operating results of the same mileage of the various companies
in both years.
y Includes net railway operating income for 4 months ended Dec. 31 1920,
$11,965,085; Federal compensation for use of property in Jan. and Feb.
1920, $13,156,968; and estimated Federal guaranty for half-year ended
Aug. 31 1920, $37,981,813; total, $63,103,866.
For latest earnings, see “ Railway Earnings Section” (issued monthly).




Rate
%

$ 1,000 $42,834,000

1920
19231
1924

47
202
338
338
338

Amount
Outstanding

Par
Value

Miles Date
Road Bonds

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

I n c . fr o m fu n d . secu rs_ _
I n c . fr o m u n fu n d e d se c.

99

RAILW AY STOCKS AND BONDS

M ay , 1924.]

1,500,000
947,500
500,000
8.376,000
4.000.000 Up

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

J A J 15 T o Jan 15 1935
M A S To Mar 1 1938 Fidelity Trust C o, Phlla
do
do
A A O To Apr 1 1939
gM
g F
KJ
gJ
M
A

A S Sept
A A Feb
A D Deo
A D Deo
A N May
A O Apr

1 1937
1 1941
1 1942
11944
1 1952
11931

744 F A A See text.
A A O Apr 11940
4
5g
Q— J Apr 1 1938
A A O Apr 1 1940
4
to 4
Apr 11990

Penns R R . New York
and Girard Tr Co.
Philadelphia
Bankers Trust C o, N
Treas office. N Y
do
do
de
do
4% paid April 11913

OFFICERS.— Pres., Samuel Rea; V.-Ps., W . W. Atterbury, M . O. Ken.
nedy, G. L. Peck, Geo. D . Dixon, A. J. County and Henry Tatnall; V.-P
& Gen. Counsel, O. B. Heiserman; Treas.. J. F. Fahnestock; Sec., Lewis
Neilson; V.-P. in charge of regions; Eastern, Charles S. Krick; Central,
Elisha Lee; Northwestern, Edward T . Whiter; Southwestern, Benjamin
M cKeen. New York office, 85 Cedar St.
D IR E C TO RS.— Geo. H. McFadden, Charles E. Ingersoll, Samuel Rea,
Clement B. Newbold, Geo. W ood, O. Stuart Patterson, Jay Cooke, W . W .
Atterbury, Geo. D . Dixon, Henry Tatnall, A. J. County, Arthur W .
Thompson, E. B. Morris, Levi L. Rue, Edgar O. Felton.— (V. 118, p. 2180.)
PENNSYLVANIA COMPANY.— (See Maps Pennsylvania RR.)— Oper­
ated all the Pennsylvania Railroad lines west of Pitts, until Jan. 1 1918.
Owns no road in fee, and since Jan. 1 1918 has acted solely as an Invest­
ment company. (V. 108, p. 967).
To effect a closer unity of its system, the Penn. R R . Co. in 1917 entered
into an agreement to take over as of Jan. 1 1918 the leases, business and
assets o f the Pennsylvania Company, and assume its obligations, liabilities
and duties to the lines and properties in which it had an interest. Thu
Penn. R R . owns the entire capital stock o f the Pennsylvania Co. and guar­
antees its outstanding bonds. V. 106, p. 1031; V. 107, p. 82. Acquisition
of “ Panhandle” and Grand Rapids & Indiana R y. minority stock, see
Pennsylvania R R . above.
ORGANIZATION.— Chartered In Penna. April 7 1870. Its $80,000,000
stook is owned by the Pennsylvania Railroad. On Deo. 31 ’ 22 the Penn. Oo.
owned sundry stocks and bonds having value, per balance sheet, $136,474.702, yielding in 1922 income o f $7,482,019.
DIVS.— 1 '08. '09 ’ lO to’ 13. '14. ’15. 1 0 .'1 7 .’ 1 8 .' 19. ’20. '21. '22 ’23.
P ercen t— J 7 8
7 y'ly
4
0 8 0 6
6
6 6
26 6
BONDS.— The gold bonds of 1921, secured by leases of P. Ft. W . A
C., the Clevel. A Pittsb. and Erie A Pittsb. railroads and of bonds and
stocks having a par value of $20,448,450, as well as real estate, were paid
off in 1921 and the collateral released.
Guaranteed trust certificates, " A ," " B ,” “ D ,” and “ E ” were issued by
Girard Trust Co., Philadelphia, as trustee, under a deed of trust made by
the Penn. Co. and the Penn. R R . C o., whereby the Penn. Co. pledged
an equal amount at par of the 7% guar, special stock of the Pittsb. Ft. W.
A Chic. Ry. Co. These certificates were assumed by the Penna. R R . in
1921. See V. 65. p. 368, 572, 1116; V. 67. p. 122; V. 79, p. 2457; V. 94.
p. 768; V. 114, p. 1527.
The $20,000,000 gold loan 4s o f 1906, guaranteed, were at Dec. 31 1922,
secured by deposit of $33,500,000 Pitts. Cin. Chic. A St. Louis stock, and
$1,000,000 Pitts. Youngstown A Ashtabula pref. stock. $5,500,000
Cleveland A Pittsburgh R R . Co. special guaranteed betterment stock,
$500,000. The Little Miami R R . Co. special guaranteed betterment
stock $900,000 Erie A Pittsburgh R R . Co. special guaranteed betterment
stock, and $250,000 Norfolk A 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 RT.— For 1922, in V. 117, p. 889, showed:
Calendar Years—
1922.
1921.
1920.
Gross income---------------------------------- $8,329,213 $7,926,806 $12,700,393
Taxes, interest. A c_________________ 2,187,154
4,353,314 5,600,772
N etin com e......................
$6,142,059
Sinking, Ac., reserve funds_________
49,933
Investment in physical property_____
118,948

$3,573,492 $7,099,621
571,334
1.524,033
118,948
208,234

B ala n ce..-------------- --------------------- $5,973,178 $2,883,210
Dividends--------------------------------------- 4,800,000 4.800,000

*5,367,354
4,800,000

Surplus--------------------------------------- $1,173,178df$l,916,790 $1,367,354
Profit and loss, surplus______________$7,445,479 $17,397,988 $17,941,743
— (V. 117, p. 2324.)
PEORIA & BUREAU VALLEY RR.— Peoria to Bureau Jot.. III., 47
mhos. Leased in 1854 to G. R. I. APac. R y. for $125,000 yly.: diva., usu­
a lly 8% yearly, and for some years occasionally more Feb. 1908 and Aug.
1915, 1% extra. In 1919, 1920, 1921 and 1922, at the rate o f 744%, 344 %
being paid in Feb. and 4% in Aug.— (V. 86, p. 169.)
PEORIA & EASTERN R Y .— (See M ap New York Central Lines.)—
Owns from Pekin, 111., to Ill.-Ind. State line: holds lease in perpetuity.
IU.-Ind. State line to Indianapolis, also quit claim deed for same effective
when mortgages on leasehold are satisfied, 202 m .; and holds a purchasemoney lien of $5,000,000 from O. O. O. A St. Louis B y. Oo. (owner) on
Springfield D iv., Indianapolis to Springfield, O,. 136 m .; trackage Pekin
to Peoria, 9 m.; trackage, 5 miles, at Indianapolis; total oper., 219 miles.
OPERATING A G R E E M E N T, Ac.— Formerly Ohio Indiana A Western,
sold in foreclosure in 1890, reorganized per V. 49, p. 616. Has operating
agreement till April 1 1940 with Clev. Cine. Chic. A St. L ., which guar­
antees interest, but not principal, of the 1st consols and the underlying
bonds, and owns $5,000,100 of the $10,000,000 stock, par $100. See
“ Supplement” of Jan. 1894 as to provisions respecting any surplus over
charges. Company owns $125,000 stock of Peoria A Pekin Union R y.
Offer by “ Big Four” to purchase stock and income bonds, see Cleveland
Cincinnati Chicago A St. Louis R R . above, and V. 116, p. 722.
A committee (W. A. Carnegie Ewen, Chairman; Leroy B. Dorland,
2 Wall St., Sec.) asked deposits of income bonds with Empire Trust Co.,
N. Y ., with a view to taking action, owing to the failure to pay interest on
the bonds. On April 20 1920 the committee announced that it had effected
a settlement of accounts with the “ Big Four,” the deposited bonds being
returned on presentation of certificates of deposit on payment of $15 per
bond to cover expenses. V. 110, p. 1742.
BONDS.— See abstracts of mtges. of 1890 in V. 51, p. 246.
D IV ID E N D ON INCOM ES.— April 1 1902 to 1908, both incl., paid 4%
yearly; 1909. none: 1910 and 1911, 4% ; 1912. none; 1913, 4 % ; none since.

100
RAILW AY STOCKS AND BONDS

[V ol. n s .




M
a t

, 1924]

RAILW AY STOCKS AND BONDS

101




102

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

Peoria & Pekin Union— First mortgage___________
Second mortgage_________________________________
U S Government loan_____________________________
Debentures due $45,000 y ’ly (In 1930 $30.000)____*
P e o r i a R y Term— 1st M gu g red 102 H beg ’16-IC.xo*
let A Ref M r gu (owned by O R I & Pac Ry)-Ba.*
Fere Marquette Ry., Oommonstock_______________
Prior prei (a & d) stock 5% cum red at par & diva..
Pref (a S d) stk 5% cum aft Jan 1 '19 red par A divs
c
1st mtge gold fSer. A 5% call at 105 & int.yc*Ar*
$75.000.000Bal8er. B 4% call at 100 St lnt.yc*Ar*
Lake Erie & Detroit Rlv Dlv coll tr M gold_____ Q
Equipment gold notes Ser 63 due $448,800 yly.Gr*
Perklom en— 1st M Ser 1 gold callable 105 from
Jan 1923................................................PeP.kv.c*
First M Ser 2 g call 105 from Jan 1923..PeP.kv.c*
Paterborough RR— Stook (rental 4%)
Petersburg RR— See Atlantlo Coast Line RR.
P n l l a & B a l t i m o r e C e n t r a l — See Phila Balt St Wash
Phila B a lt i m o r e & Wash— Stook autb $29.900,450..
Plain bonds gold__________ (
secured by l.xr
Plain bonds gold.................. [ 1903 mortgage. J.xr
First mortgage $20,000,000 gold________ a.xc*Ar*
General mortgage, Series A_____________________
do
do
Series B _______________ xc*Ar*
Phila A Balt Cent— 1st M $10,000,000 g gu pAIFP.x
Columbia St Port Deposit first mortgage gold____x
Chester Creek RR 1st M $185,000 gold..^____

Miles Date
Road Bonds

1921
1921
1921
1911
1907
1911
1916
1916
199 1903
1920
38.2
38.2

1888
1888

413
86
43
6

Amount
Outstanding

$ 1,000
1,000
1,000
100
100
100
l,000Ac
1,666
1,000
$100 S c
c
1.000
100

Rate
%

When
Payable

Last Dividend Places Where Interest one
Dividends are Payable
and Maturity

Central Un Tr Co, N
Q— F Febll 1926
$376,000
7
do
do
M & N Feb 1 1926
821.00C
7
do
do
F & A Feb 1 1926
1.797.00C
6
do
do
5 g M A N 1924 to 1930
300.00C
First Nat Bank, N T
4 g J A J Jan 21937
944,000
do
4 * g J A D Dee 1 1041
1.500.000
45.046.000 See Text Q— J Apr 1 1924 1% Office of company, N
Q— F May 1 1924 1 H Office of company, N
11.200,000
5
do
do
12.429.000
5
Q— F May 1 1924 1H
Office of company, N
34,476.000
6 g J A J July 1 1956
do
do
8.479,000
4 g J A J July 1 1956
do
do
3.000.000
4H g F A A Aug 1 1932
6 g J A J To Jan 15 1935 Guaranty Trust Co, N
7,392,000
797,100
1.125.000
385.000

5g
5g
4

Q— J Jan 1 1938
O— j
Jan 1 1938
A A O Apr 1924 2%

60 29,836,950
1.000
i§9i
930,000
1892
1,000
1.000,000
1904 1,000 Ac 16,070,000
l.onn ll.onn.nnr
1920
1924
1,000 10 ,0 0 0 ,0 0 c
1.000 2.200.00C
1911
1890
1,000
l , 5 o o .o o r
1,000
1868
185,000

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

J
J
A
M
A
F
M
F
J

—

229

Par
Value

R E PO R T .— For 1923, in V . 118, p. 1136, showed: Gross, $4,561,563;
net ry. oper. deficit, $105,230; other income, $315,401; int., rentals, Ac.,
$24,296; net deficit, $234,466: sinking A other res. funds, $5,375; invest­
ment in physical property, $238,363; bal., def., $478,202.
OFFICERS.— Pres., A. H. Smith; Sec., E . F. Stephenson; Gen. Treas.,
M . S. Barger.— (V. 118, p. 1393.)
PEORIA AND PEKIN UNION RY. CO.— Owns Pekin to Peoria, on
both sides o f Illinois River, and yards at and opposite Peoria. Mileage
main track, 16.11; second main track, 10.51; total main track owned, 26.62
miles. Mileage o f side and yard tracks owned, 112.34.
Capital stock. $1,000,000. Owned by Peoria & Eastern (Cleveland Cin­
cinnati Chicago & St. Louis system), Chicago & North Western, Chicago
Peoria St St. Louis, Illinois Central system. Lake Erie St Western and
Tol. Peo. St West, companies. Extension of bonds and Govt, loan, V. 112
p. 563, 933. $1,119,000 1st mtge. bonds and $678,000 2d mtge. bonds are
deposited with U. S. Govt, as security for the loan of $1,797,000. Divi­
dends: 1891. 4% ; 1895-1901, 6% per ann.; 1902, 4% ; 1905. 5% ; 1906-16,
none; Jan. 1917, 6% ; none since. Debentures, V. 93, p. 1260. Cal. year
1923, gross, $1,799,359; net oper. Income, $13.3,506; other income, $306,085;
interest, rentals, Ac., $218,894; bal., sur.. $220,698- V . 118, p. 1774. For
latest earnings, see “ Railway Earnings Section” (issued monthly). Pres.
V. V. Boatner; V .-P ., S. M . Russell; Sec., C. Leber; Treas., E. T . Gibbons.
— (V. 118, p. 1774.)
PEORIA RAILWAY TERMINAL CO.— Owns terminal road between
Peoria and Pekin, 111., 9 miles, over private right-of-way. and local lines;
total, 11.4 miles: 32.22 miles of track.
Freight business handled by
steam. Local passenger business In and between Peoria and Pekin by
electriolty. Has union depot In Pekin. Owns a 1,000-ft. steel drawbridge
over the Illinois River. Capital stook, $1,000,000, all owned isf Chicago
R. I. A Pao. and Chicago & Alton, which guaranteed the 1st M. bonds.
The former owns the $1,500,000 First & Ref. M . 4 Hs), Valuation, V. 113.
p. 1574. For year ending Dec. 31 1 9 2 3 . gross, $427 ,485; net, inc., $718
ether income, $18,598; deductions, $132,582; bal., def., $113,266.
W . G. Bierd and H. I. Battles were appointed receivers in Aug. 1922.
V. 115, p .989 .
Pres., W . G. Bierd; V .-P ., J. E. Gorman; Sec., Carl Nyquis; Treas., James
Williams; Compt., E. S. Benson; M gr., H. I. Battles.— (V. 115, p. 989.)
PERB MARQUETTE RY.— Total system Dec. 31 1923 2.262 miles
The company's lines gridiron the State of Michigan, serving Detroit
Port Huron, Bay City, Lansing, Grand Rapids, Muskegon, Manistee
Traverse City, Sec., Stc. By means of extensions of its own lines and track’
age over other systems the company is able to reach Chicago (entering over
B. St 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 of Flint Belt RR. V. 113, p. 1157.
Lines Owned—
Miles.
Trackage—
Main lines and branches______ 1,788 St. Thomas, Ont., to Interaat'l
Business producing branches_____ 21
Bridge and Niagara. N . Y ____132
Controlled—
Miles. Other trackage_________________ 110
Lake Erie St Detroit River______ 199
Other lines______________________ 11
Operates oar ferries Ludlngton to Milwaukee and Manltowoo.
ORGANIZATION.— Incorp. In Michigan March 12 1917 and took pos­
session of property as of April 11917. A reorganization, per plan in V.103
I , 1692, 2342. of Pere Marquette Railroad Co. after foreclosure sale, under
Consol. M . of 1901. Ref. 4% M . and Impt. St Ref. Gen. M .; Flint St Per*
Marquette Consol. M . and 1st M .; Port Huron 1st M. 5s; Grand Rapid;
Belding St Saginaw 1st M . 5s, and Chicago S West Michigan 1st M . 5s,
c
Chicago St North Mich. 1st M . 5s: Pere Marquette of Ind. 1st M . 4s, and
Detroit Grand Rapids & Western 1st Consol. 4s. Sale of stock Interest oi
J. P. Morgan St C o., see V. 109, p. 173. 73.
Tentative valuation as of June 30 1915, $63,309,242. V. 115, p. 183.
CAPITAL STOOK.— The new stock (V. 103. p. 1692) Includes:
Common stock______________________________________________ $45,046,000
Prior pref. stock 5% cumulative, 1st pref. as to prin. and divs.
Redeemable at par and dividends____________________ - ____ 11,200,000
Pref. stock 5% cum. since Jan. 1 1919, 2d pref. as to prin. and
divs. Redeemable at par and divs________________________ 12.429.000
Voting Trust Ended.— All three classes of stock were held in a voting trust
which expired March 1 1922.
DIVIDENDS.— No. 1, of 1 2-3% , was paid Aug. 1 1917 on the Prior
Lien Pref. stock for the 4 mos. ended July 31 (V. 105, p. 73): Nov. 1 1917.
to M ayl 1924 1 X % quar. V. 109, p. 1367, 1793. On Jan. 3 1922 paid
10% on the preferred stock; on May 1 1922 paid 1 2-3% (for 4 months’
period) and 1% on account of accumulated divs, and on Aug. 1 and Nov. 1
1922 paid 1H % quar. and 1% on account of accumulated divs. On Feb.
1 1923 paid 1)4% quar. and 2% on account of accumulations, clearing up
all back dividends: May 1 1923 to May 1 1924, paid 1 J4% quar. On com.,
paid initial div. of 1 % on July 2 1923: same amount paid quar. to Apr. 1 '24.
BONDS.— The first mtge of 1916 is a direct first lien on sli the railroad
property, equipment, Ac., owned by tbe company in the U. S. and also
covers securities owned In several subsidiaries. The mortgage is for
•75,000.000 (see V. 103, p. 1692, and offering In V. 104, p. 1265, 1388),
Issuable in series, with. If desired, different maturities and call features, the
Interest rates to be fixed at not over 6% p. a. for the following purposes:
Now Issued all equally secured, covering as a direct first lien
about 1,821 miles of main line and branches and as a sec­
ond collateral lien 199 miles; total, about 2,020 miles ($6,000.000 Series A for sale to syndicate; rem. for exchange)—
Series A 5% , due July 1 1956, redeemable at 105 St int
34,476,000
Series B 4 % . due July 1 1956. redeemable at par A int
8,479,000
Reserved to retire undisturbed bonds, viz.: $3,000,000 P. M .
(Lake Erie & Detroit River Ry. div.) Collateral Trust 444s 3,000,000
Reserved for issue after July 1 1918 for acquisitions, additions,
betterments and improvements, under restrictions________ 29,045.000




[V ol. 118,

RAILW AY STOCKS AND BONDS

A D Dec
A J Jan
A O Oot
A N Nov
A O Anr
A A Feb
A N|Nov
A A Aug
A J Jan

Y

Y
Y
V
Y

Reading Terminal, Phil*
do
do
Nashua, New Hampsblr»

30 ’23. 3% Bread St Station, Phil*
Broad St Station, Phil*
1 1926
do
do
1 1932
do
do
11943
do
do
1 I960
do
do
1 1974
do
do
1 1951
do
do
1 1940
do
do
1 1933

Equipment trusts Issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 114, p. 410.
RE PO RT.— For 1923, in V. 118, p. 2432, showed:
---------------------Corporate--------------------- Combined,
1923.
1922.
1921.
1920.
Freight revenue________ $36,345,428 $29,853,253 $29,424,895 $29,754,566
6,938,505
5,940,810
Passenger______________ 5,341,020
4,946,792
980,023
493,263
M ail___________________
499,038
498,497
583,212
980,245
Fxpress________________
985,544
914,828
1,719,475
1,860,849
Miscellaneous__________ 2,794,707
2,184,563
Total oper. revenue..$45,965,737 $38,397,933 $38,303,029 $40,372,814
Maint. o f way & struct. $5,949,529 $4,505,904 $4,538,486 $5,309,720
9.776,225
8,119,337
_ 9,841,415
Maint. o f equipment_
7,750.756
561,127
598,623
T raffic________________
585,770
614,329
Transportation________ 17,352,107 14,716,441 15,441.039 19,667,511
1,530,112
Miscellaneous__________ 1,420,643
1,404,217
1,383,960
Transp’n for inv_______
291,220
Cr.52,550 Cr. 112,740
Cr. 60,125
Total oper. expenses..$34,871,097 $28 911,265 $30,036,300 $36,731,955
Net operating revenue.. 11,094,640
9,486.669
8,266,729
3,640,859
Non-operating incom e..
806,242
623,396
690,654
708,302
Gross income________ $11 ,900,882 $10,110,064
Taxes_________________
1 ,849,446
1,791,795
Bond interest__________
1 ,664,974
1,612,852
Interest on bills payable.
89,898
4,587
Equipment note interest
488,881
526,310
Miisc. income charges'_
_
15,318
16,094
Hire of equipment_________ 1
,625,249
1,010,407
Rentals________________
797,459
967,306
Divs. prior pref. ( 5 % )..
*560.000
560,000
Divs. preferred stock_
_
870.030
*890,745
Divs. common stock_______ 1
,351,380

$8,957,383
1,408,481
1,687,754
57,562
639,030
8,522
550,381
839,771
560,000

$4,349,161
1,073,822
1,687.760
46,671
505,058
7,499
1,692,868
827,994

Balance, suimlus_____$2,421,400 $2,899,815 $3,205,880df$l ,492,511
* Paid out or surplus, x During year ending Dec. 31 1920 quarterly divi­
dends of 1 }4 % were regularly paid on prior preference stock; payments were
made out of surplus on Dec. 31 1919 and amounted to $560.OOO.
OFFICERS.— E. N. Brown, Chairman; F. H. Alfred, Pres.; Clarence S .
Sikes, V.-Pres. & Gen. Aud.; J. L. Cramer, V .-P. St Treas.; E. M . Heberd,
Directors.— S. T . Crapo, F. H. Alfred, G. W . Currier, Francis R . Hart,
John W. Stedman, E. N. Brown, Franklin Q. Brown, E. V. R. Thayer,
Walter W. Colpitts, Wm. J. W ilson, Matthew C. Brush, George C. Fraser,
M . L. Bell, Thomas F. W oodlock and W m. H. Porter. New York office,
120 Broadway.— V. 118, p. 2432.)
PERKIOMEN R R .— Owns from Perklomen Jet., P a., to Emaus Jet..
Pa., 38.21 m.; trackage on P. & R. R y.. Emaus Jet. to East Penn Jet..
3,6 m. Stock ($1,500,000, par value of shares $50) owned by the Reading
Oo. and mostly deposited under its Jersey Central collat. 4% mtge. o f 1901.
V. 72. p. 283. The bonds, extended till Jan. 1 1938. are subject to call on
or after Jan. 1 1923 at 105 and int. V. 105. p. 1802. For 1923, gross.
$1,173,420; net after taxes, $409,418; other income, $39,483; interest and
rentals, $l7l,670; balance, surplus, $277,231 (to profit and loss).
For latest earnings, see "Railway Earnings Section" (issued m onthly).
PETERBOROUGH R R .— Wilton to Greenfield, N . H .. 10.64 mile*
Leased April 1 1893 to Boston St Maine for 93 years at 4% on stock and ex
penses. Capital stock. $385,000; par. $100; div. A. S O.
c
PHILADELPHIA BALT. & WASHINGTON RR.— (Sea M atlPenn.RB.)
Lines owned—
Miles
Lines controlled. Leased, A c.—
Phlla to Washington, D. O., via
Delaware R R __________________ 245
Balt., all double track________ 131 Delaware. Maryland St Virginia 98
Phila. to Octorara. M d., S brs_93 Other lines (5). trackage. See_____
c
Perryville. Md., to Columbia.
Pa., Stc______________________ 43
Bowie to Pope’s Creek, Md______ 49
Sundry branches, Ac_____________98
Total operated______________ 762
ORGANIZATION.— 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. RR. Co. (V. 106, p. 1031) for 999 years from
Jan. 1 1918 at a fixed rental providing for dividends on stock at rate of
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 1923 owned $29,836,944 o f 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. 1923, 3% s. a.; 6% P- a.
BONDS.— The flrst mortgage of 1904, ($20,000,000 authorized) is a first
lien on the Phlladelphla-Baltlmore division, 117 miles, all double-traoked.
»nd also secures pari-passu the $2,930,000 debentures of the former P. W . A
B., and also on the line from Baltimore to Washington. V. 78, p. 49; V. 92.
p. 795; V. 97, p. 1427, 1734; V. 98. p. 237, 1000.
The $11.000,000 gen. mtge. Ser. A 6% bonds were issued to the Pennsyl­
vania 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 6 H % secured gold bonds due Feb. 1 1936. V. I l l , p. 2424.
In Feb. 1924 $10,000,000 Series B 5% bonds were sold. V. 118, p. 665.
The authorized amount of general mtge. bonds is limited to $60,000,000,
o f which $22,885,000 are reserved to retire a like amount o f prior lien obli­
gations, all of which are closed at their outstanding amounts (except that
Phila. Balt. A 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.
REPORT.— Report for 1923 shows: Income from lease of road, $3,759,405: other income, $1,384, Int., Ac., charges, $1,929,963, dividends (6%).
$1,790,217; bal., sur., $40,610.
Pres.. Samuel Rea; Treas., Jas. F. Fahnestock; Sec., Lewis Neilson,
Broad St. Station, Philadelphia, Pa.— (V. 118, p. 1136.)

1Fo r

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

0]

Phila & Cbei V— 1st M pref old 5s red '96 g - PeP. kv .o*
1st mtge old 4s not prel lnt reduced In '96 g PeP.kv o*
Philadelphia & Erie— See Pennsylvania RR
Phila Qerm & Norristown— Stock rental P & R R y —
Phila Newtown & N Y— 1st M|(3s first charge)_kv.c*
Philadelphia A Reading Ry— See Reading Company
Philadelphia & Trenton— Stook 10% rental Penn RR
Philippine Ry— Stook 55,0010,000 authorized-----------1st M 515,000,000 g lnt guar s f red 110--.Ba.xo* Ar*
Piedmont A Cumberland— See Western Maryland
Pine Creek— See New York Central
^utsburch Bessemer & Lake Erie— Common 3% rent
Preferred stook 6% cumulative guaranteed by rental
Pittsburg Shenango & Lake Erie 1st M g .Ce.xxo*
Consolidated llrst mtge for 54,800,000 g -Ce.xxc*
Pitts Bess A L E oons mtge 510,000.000 g -Us.xxo*
•Gttsb Chart & Yough— Gen M 51.000.000 g gu.FPlk
M ttsb C incinn ati C hic & St L RR (new)— Stock—
Ohio St L & Pitts oons M (522.000.000) g-.U n.xoAr
" A ” gold.xo*
. “ B " gold.xc*
?tttab Oin Ohlc & St Louis Ry—
Consolidated mortgage 575.000,000 “ C” gold.xo*
•gold guaranteed prln & lnt (end) by “ D” gold_xo*
Pennsylvania Company uncondi­ “ E” gold.xo*
tionally, all equally secured______ “ F” gold.xo*
“ G” gold.xo*
“ H ” gold.xo*
“ I ” gold.xa*
" J " gold.xc*
Gen mtge Series “ A ” guar_________ UPIxxxc*Ar
Uhartiers first mortgage assumed______________xo
Terre H A Xnd oons M (now first) gold assumed.Fa
Vandalia RRICons M Ser A sf assmd.F.xc*rAr*
$25.000,000) Series B assumed________________ x
Pittsburgh Cleveland & Toledo— See Baltimore A Oh
Pitts Ft Wayne A C— Pref stock (orig’l guar stock)
Original guaranteed stock unexchanged toDee.31’ 21
Common stock (gu spec stock) 7% gu $100,000,000
Guaranteed special stock unexchanged to Dec 31’ 21
Pittsburgh Junction— See Baltimore & Ohio RR

M ile s
R oad

D a te
B onds

24 1888
24 1888

Par
V a lu e

R a te

$280,510
100,000

4g
3g

%

W h en
P a y a b le

A
A

50
1.000

2,246,900
1,599.000

26.61

100
100
1.000

See text
5,000,000
8.549,000

10
4g

J

50 10,000,000
50 2,000,000
1,000
2,983,000
1,000
574,000
1.000
0.443.000
1,000
125,000
100 84,714,000
1,000
1,412,000
1,000 9.680,000
1.000 8,476.000
1,000
1,366,000
1,000 3,502,000
1,000
1.316 000
1,000 7,698.000
1,000 7,387,000
1.000
2,281,000
1.000 6.629,000
1 000 3,453,000
600 Ac 20,000,000
1,000
625.000
1,000
1.899.000
1,000 9,530,000
1.000
6,988,000

3

A
J
A
J
J
A
J
A
A
A
M
M
F
J
M
F
F
M
J
A
J
F
M

...

1907

__ __

119
136
178
20
1.854
581
1,144

_

23
99
051
651

1890
1893
1897
1892

__

1883
1890
1892
1892
1895
1899
1903
1907
1910
,1913
1914
1920
1901
1885
1905
1907

__
_ __
471 __

471
---

100 17,458.200
100 2.256,086
100 26,883,400
100 38,333,500

12
3A 5

6
5g
5g
5g
4g
4
5g
4Wg
4H 8
4X g
4?
3H g
4g
4g
4g
4J*
43*
5g
3}* z
5 g
5g
4g
7
7
7
7

A
A

L a s t D iv i d e n d
a n d M a t u r it y

O Apr 11938
O Apr 11938

P la ces W h ere In terest an d
D iv i d e n d s are Payable

Reading Terminal, Phils
do
do

Q— M June 4 1924 3% Mar A Mer Bldg. Phils
Reading Terminal, Phila
A A O Oot 1 1942

30
22.22 1892

P H I L A D E L P H I A O E R M A N T O W N & N O R R I S T O W N R R — Phila . Pa
to Norristown and Germantown, Pa., 21.52 miles; second track, 20.43 miles
third track, 3.81 miles; total track, 80.5 miles: leases Plymouth R R ., 8.93
miles
Leased on Nov 10 1870 to Phila A Reading for 999 vears; rental.
$277,623, incl. $8,000 yearly for organization expenses. The quarterly
dividend paid Sept. 4 1918 was only $1 25 per share (2 )* % ) and that pUd
Dec. 4 1918 and again Mar. 1919, $1.35, instead o f $1.50 (3% ) as previously
owing to pending litigation with lessee as to which company should pay
the excess profits. In Mar. 1919 Judge Audenreid at Phila. decided that the
lessee was liable for this tax and gave judgment for about $12,000 against
the P. & R. In Dec. 1919 paid $1.50 (3%) and an extra of 85 cents being
the amount deducted from former dividends; Mar. 1920 to June 1924 paid
$1.50 (3% ) quar.— (V. 108. P. 974. 1987.)
P H I L A D E L P H I A N E W T O W N & N E W Y O R K R R . — Philadelphia to
Newtown. Pa., 22.22 miles;2d track. 3.50 m.: 3d track, 2.16 m.; sidings and
laterals, 4.88 miles. Stock— common, $1,225,000: preferred, $400,000:
Reading owns preferred, $382,450; common. $638,100; par, $50- Of
the bonds, $849,100 (with coupons only partly paid— see V. 64, p. 331)
are owned by the Reading Co. and deposited under Its gen. mtge. of 1897
$271,100 additional being owned but not pledged. In Oct. 1898 Int. on
$507,000 bonds was reduced to 3% from April 1 1897 and made a first
charge; remainder 5 % . subject to said agreement. V. 68, p. 773.
P H I L A D E L P H I A & R E A D I N G R Y . — See “ Reading Company.”
P H I L A D E L P H I A & T R E N T O N R R . — Phila. (Kensington), Pa., to
Morrlsvllle, Pa., 30.65 m., mostly four-tracked. On June 30 1871 leased for
999 years to Pennsylvania RR. at 10% on 5494,100 stook, the balance.
$765,000. being owned by United New Jersey R R . A Canal Co.
PHILIPPINE R Y . CO. (TH E ).— Under a concession granted July 13
1906 by the Philippine Government, in accordance with an Act of Congress
o f 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.
ORGAN IZATION .— Incorp. Feb. 5 1906 In Connecticut with an autb.
capital o f $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 o f the concession the
Philippine Govt, guarantees interest on an issue o f 1st M . 30-year sinking
fund 4% gold bonds, which may be Issued to extent o f 95% of cost of
construction. Any interest payments by the Government become a cum u­
lative lien on the property, subject to the lien o f the 1st M . bonds.
R E PO RT.— For 1923 showed: Gross, $618,672; net after taxes, $126,023; other income, $3,138; interest, rentals, &c., $346,086; additions and
betterments, credit, $680; bal., def., $216,245. V. 118, p. 2301.
D IR E C TO RS.— H. T . S. Green, J. H. Pardee, C. Lewis. Jacques Wein*
berger, Major-Gen. Frank McIntyre, Col. Win. Barclay Parsons, J. G
White, Alonzo Potter, Charles M . Swift, Gen. Cornelius Vanderbilt, ColChas. C. Walcutt Jr. Chairman. J. G. White; Pres., Charles M . Swift;
Sec. & Treas., T. W . M offat. Office, 43 Exchange Place, N. Y . City.—
(V. 118, p. 2301.)
PITTSBU RGH 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,
613.23 miles, all o f which is leased to Bessemer & Lake Erie RR. C o., who
In turn leases to Union R R . mileage between North Bessemer, Pa., and
East Pittsburgh, Pa., o f 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.
ORGANIZATION, Ac.— A consolidation Jan. 14 1897. Boat lines to
Canada, see V. 77, p. 1228; V. 76, p. 1358. 922: V 61, p. 241, 795.
Of the stock, 55,500,500 common and 5761.000 preferred are owned by
the U. S. Steel Corp. Leased for 999 years from April 1 1901 to the Besse­
mer A Lake Erie R R ., a subsidiary organization of the U. 8. Steel Corp.,
for 6% on pref. and 3% on com. stock, interest on bonds and organization
expenses. &c., lease guaranteed by the U. S. Steel Corp. V. 72, p. 137.
BONDS.— The mtge. o f 1897 is for $10,000,000; $3,568,000 reserved to
retire Pittsburgh Shenango & Lake Erie bonds.— (V. 112, p. 1399.)
P I T T S B U R G H C H A R T I E R S & Y O U G H I O G H E N Y R Y . — Owns from
Ohartlers to Beechmont, 20 miles; trackage (Chartiers R y .. 1.40 m.; 22 m. iE
all. STOCK outstanding, $1,390,000, owned jointly by guarantors men­
tioned below. Auth. stock,
V. 82, p. 1269.
D IV ID E N D S.— 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 % . Of the 4s, half are guaranteed (en­
dorsed) 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 & other reserve funds, $11,650; bal., sur., $147,669. Pres., Henry
C. Nutt.— (V. 112, p. 1742.)
P ITT S . CINCIN. CHIC. & ST. LOUIS R R . (Consolidated Company).
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. Va__
22.19
Wheeling Branch— Wheeling Jet. to Benwood, W. Va___________
27-80

$l,5O0,o0o.

A m oun t
O u ts ta n d in g

$500
500

P H I L A D E L P H I A & C H E S T E R V A L L E Y R R . — Road from Brldgepon
to Downlngton. Pa.. 23.96 miles. Chartered In 1888. Capital stock (par 550)
oommon. 5550,000: preferred, 5205.100; total, 5755,100, of whloh Read;
tag Company owns 5489.300 oommon and 5205,100 pref.. 5450,000 oommon
and 5205,1(K) pref. being deposited under Its gen. mtge. of 1897
Reading
Oo. guarantees bonds, with int. reduced. See V . 63. p. 1064.




103

RAILW AY STOCKS AND BONDS

M ay , 1924.]

Q— J
A

Apr 10 ’ 24 4)*% Treas Penn R R Co. Phila
J July 1 1937

Bankers Trust Co. N Y

Cheok from Co’ s Office
A O Apr 1 1924
do
do
A D June 1 1924 3%
Central Union Trust N Y
A ,© Oct 1 1940
do
do
A J July 1 1943
United States Tr Co, N Y
A J Jan 1 1947
Office, Pittsburgh. Pa
A O Apr 1 1932
A J20 Jan 19 1924 2% Treas office. Plttsb, Pa
Reg Penn R R , N Y coup
A O Oot 1 1932
Penn RR Oo., N Y
A O Oot 1 1940
do
do
A O Apr 1 1942
do
do
A N Nov 11942
do
do
A N Nov 11945
do
do
A A Aug 11949
do
do
A D Deo 11953
do
do
A N Nov 11957
do
do
A A Feb 1 1960
do
do
A A Aug 1 1963
do
do
A N May 1 1964
Pittsburgh and N Y
A D June 1 1970
Go's office, PittsDurgh.Pa
A O Oot 1 1931
Pa RR Oo. N Y
A J July 1 1925
Treasurer. Pittsburgh
A A Feb 1 1955
Pa RR Co. N Y
A N Nov 1 1957
Q— J
O— J
Q— J
Q— J

Apr
Apr
Apr
Apr

8
8
1
1

1924
1924
1924
1924

I X Winslow, Lanier AOo.NY
do
do
1X
do
do
IX
do
do
IX

Main Line
Miles.
Muncie Branch— Converse to Muncie, Ind______________________
43.02
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_________________________________
.1,862.15
Total mileage owned
ORGANIZATION.— This railroad company completed its organization
on Jan. 1 1917 with $100,000,000 of auth. capital stock, per plan in V . 103,
p. 666, 844, 2429, as a consolidation of the rollo wing cos belonging to the
Pennsylvania R R . system; Pitts. Cine. Chic. A St. L. R y., Vandalia R R .,
Pitts Wheel. A K y.. Anderson Belt R y. and Chic. Ind. A East R y.
The stockholders on Dec. 29 1920 approved the lease of 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 of 4% per annum upon the stock for five years and thereafter at the
ra te o f 5 % .
V . I l l , p . 1950; V. 112, p. 63: V 115. p 43 7 , 989 .
STOCK.— On Dec. 31 1922 the Pennsylvania Company owned $74,210,700 of the outstanding stock and Pennsylvania Railroad $450,000,
not including $146,218 for conversion of outstanding securitiesof constituent
cos. In Mar. 1920 the Pennsylvania RR. 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. A 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,
Ac. They are guar, unconditionally as to prln. A lnt. by the Penn. Oo.
The ten series are all equally secured
See adv. in “ Chronicle” M ay 21
1892 and guaranty on bonds. V. 96, p. 488; V. 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 1923, $9 713 426.
Dec. 31 1923, collateral notes, U. S. Government, $11,250,000.
To retire the $1,899,000 old bonds of Terre Haute A Ind. told Vandalia
RR.) an equal amount of consols of 1905 was reserved. See V. 80, p. 1243,
1236: V. 82, p. 162, 630; V. 86, p. 1531; V. 90, p. 850. 915, 1420.
The stockholders on M ay 27 1920 authorized an issue of Gen. Mtge
bonds, $20,000,000 of which were issued to reimburse the Pennsylvania Co
for advances made to cover the impt. & exten. of the “ Panhandle” property
R E PO R T .— For 1923, in V. 117, p. 890, showed: Gross income, $8,692,681; deductions, $6,537,353; divs., $3,388,548; bal., def., $1,233,220. (after
deducting dividends charged to profit and loss.).
Pres., Samuel Rea., Phila.; Sec., S. H. Church; Treas., T . H. B. MeKnight, Pittsburgh.— (V. 118, p. 2042.)
P I T T S B U R G H F O R T W A Y N E & C H I C A G O R Y . — ( S e « M aps Penn. RR.)
R O A D — Owns from Pittsburgh, Pa., to Chicago. 111., and branches, 471
miles. Double track. 469 miles
Leased to Penn. R R . 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 of 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 of 5% % on both common and preferred in
addition to regular quarterly payments of 1 X % . Compare V. 108, p. 1275.
CAPITAL STOCK.— A plan was adopted Oct. 17 1917 (1) Increasing
the limit of capital stock to $100,000,000, thus permitting the issuance
from time to time as required of $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 of approximately
$1,500,000. after meeting expenses of recapitalization, to all stockholders
other than Penna. R R . and Penna. Co. See V. 105, p. 716. Under the above
plan the authorized capital stock was increased to $100,000,000, and there
had been Issued to Dec. 31 1922 $17,136,900 of pref. stock in exchange for
original guaranteed stock and $25,583,400 of common stock in exchange for
guaranteed special stock and to Penna. RR. for additional betterments.
In May 1922 the authorized common stock was increased from $80,285,700
to $100,000,000.
On Dec. 31 1923 the Penna. Co. owned $5,320,000 guar, special stock,
$19,700 pref. stock and $807,100 common stock.
Capital Stock Dec. 31 1923 (Total Authorized $119,714,300).
Authorized.
Issued.
Reserved f o r C on version .
Pref. stock________ $19,714,300 $17,458,200 $2,256,088 (original guar.)
Common stock____ 100.000,000
26,883,400 38,333,500 (special stock)
R E PO RT.— For 1923. gross income, $5,967,483; deductions, $21,665,
dividends. $5,945,183; balance, sur., $634.
Pres., Charles Lapier; V.-Pres., James F .D . Lanier and Charles A. Pea­
body; Sec. A Treas., R. M . Coleman, New York.— (V. 118, p. 795.)
PITTSBURGH & 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, A c., Pa., 10 m.: total
owned, 75 m. (of which 68 m. double track; 49 m. 3d and 45 m. 4th track;
leases Pitts. McKeesport A Yough. (which see), 122 m.; Mah. State Line
R R ., 3 m.; trackage rights Monongahela R y., lm .; Ferrona branch, Erie
R R ., 24 m.; Haselton to Youngstown, Erie R R ., 3 m .; total, 228 miles.
in Jan. 1910 a 99-year trafflo agreement was made wltfi the Western
Maryland. V. 90. D. 237: V. 92. p. 874.
STOOK.— Operated in harmony with the N . Y . Central, which, Dec. 31
1922. owned $17,993,100 of the $35,985,600 outstanding stock.
P. A L. E. owns stock of Pitts. M cK . A Yough. Ry. (see below; stock
md bonds in Monongahela R y. Oo., which see above); Mahoning State
jine RR ., $96,150; Pittsburgh A Clearfield R R .. $107,000; Lake Erie A
eastern R R ., see that co.

91-14

104

RAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, A c., see notes on page 6]
Pittsburgh & Lake Erie— Stock auth $.50,000,000—
First mortgage gold____________________________ sc
Second mortgage gold Series A and B________ N.sc
Equipment Trust Oertifldates________________ c*Ar
ao
do
due $99,000 yearly_____Q.c*___
do
do
due $38,800 yearly___________ Q
do
do
(N Y O) due $31,856 yearly_____
Pittsburgh McKees & Yough— Stock guar (see text)
First mortgage guar b y P & L E a n & L S & M S.xc
Id M guar p & 1 (end) b y P & L E a n d L S & M S.xc
Equipment trusts due $186,700 yearly___________Q
do
do
( N Y O Lines)__________________
Pittsburgh Palnesville & Fairport— See Baltimore &
Pittsburgh & Shawmut RR—Stock_______________
First mortgage gold red 105___________CE.xc*Ar*
First Lien Trust 10-year notes $8,760,000 g________
Collateral trust notes $1,500,000 auth (ext. 1 yr.)._
Equipment trusts $30,000 semi-annually_____ Colx
do
do
$13,000 semi-annually_____ Colx
do
do
$7,000 semi-annually_____ Colx
Pittsburgh Shawmut & North—-Receivers’ certific
Central N Y * Western BK 1st M ________________
First mortgage gold $12,000,000___________ Ea-xo*
Refunding mortgage gold $15,000,000____________
Pittsburgh Virginia & Charleston— See Pennsylvania
Pittsburgh & West Virginia Ry—
Common stock__________________________________
Pref stock 6% (p S d) cum; call 105 & dlv-----------c
West Side Belt 1st M g.................................. UPix
do
Equip ctfs Ser “ A ” due 42 S & 43 M s-a C
do Equip tr ctf Ser “ B” due $75,000 s-aFP.c*
Pittsburgh Term Coal Co 1st M s fd______CPI.xc*
Pittsburgh & Western— See Baltimore & Ohio HR
Pittsb Westmoreland & Somerset— See Cambria A

M il e s
R oad

D a te
B onds

Par
V a lu e

$50 $35,985,600
75
1,000 2,000,000
75 1878
1.000 2.000,000
75 1889
1 188,000
1913 1,000 See
500 Ac
1.327,330
1920
426,800
1920
350,416
1920
$50 $3,959,650
1882
1,000 2,250,000
57 1882
1.000.000
1,000
57 1884
1920
2,261.200
3,345,000
1922
Ohio RR
100 15.000.000
1,000 2,434,000
1909
1,000 7.260,000
1917
1,250,000
1920
_ 1914
1.000
30,000
78,000
1,000
1916
42,000
1.000
1917
1,000 2,170,000
1924
1,000
733,000
1892
1,000
164.000
1899
1,000 14.491,600
1902
RR
Text
Text

1897
1916
1917
1902

100 30,000,000
100 9,100,000
1.000
79,000
1.000
170,000
1.000
450,000
1.000 3,168,000

R E P O R T .— F o r calen dar y e a r 1923, in V . 118, p . 1518, show ed:
Net, after Total Net Interest, etc. Dividends Balance,
Taxes, A c. Income.
Charges.
(1 0 % ). Surplus.
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
1920------2 9 ,533 ,190def.756,378 10,839,741 2.597,814 3,598,560 4,643.366
Calendar
Gross
Year— Earnings.

t Deficit.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).

P re s ., P a tric k E . C row ley: Sec., E d w . F . S tephenson; G en. T re a s.,
M ilto n S. B arg er.— (V. 117, p . 1993.)
PITTSB RUtt McKEESPORT * VOUaHlOQHENY RR.— (See Maps
Neu Xur* Central Lines).— Owns from Pittsburgh to OonnellsvUle, Pa.,
66.70 miles; Belle Vernon Jet. to Brownsville Jet., Pa., 38.52 m.; branches.
11.00 m •leases. 2.00 m : total, 116.22 m.. of which 95.22 miles double tr n
LEASE — Leased to Pittsburgh & Lake Erie RR. for 999 years. Rent 1
If 6% on the stock, principal and Interest of the Pittsburgh MoKeesport &
Youghiogheny bonds being guar, by Pitts. & L. Erie and Lake Sh. A Mich
Bou. (now N . Y . Central R R .) companies, the guaranties being endorsed od
the 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
1934. See wording of guaranty In V. 56, p. 774. Stock authorized,
$4,000,000; first mortgage bonds authorized. $2,256,000; second mortgage
bonds authorized, $1,750,000.
The Pitts. A Lake Erie and Lake Shore S Mich. Sou. (now N .Y . Central
c
R R .) offered jointly to purchase the stock at $65 per $50 share; $3,135,200
acquired up to Dec. 31 1922 — (V. 106, p. 818; V. 107, p. 182.)
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.)
PITTSBU RGH & SHAWMUT R R .— Owns from Erie June., Brock
wayvllle. Pa., to Freeport, Pa., main line. 102.96 miles; sidings, 53.04 miles.
BONDS AN D NOTES.— In 1909 sold $4,000,000 of an authorized $12.800,000 of 50-yr. 5% g. bonds, callable at 105: ann. s. f., $100,000. beg.
Dec. 1914. The bonds are secured on the 103 m. in operation; also pledge
of $11,953,000 o f $14,491,600 Ref. 4s and $58,000 of $164,000 Pitts. 8. A
Nor. 1st 5s outstanding, pledge o f entire $3,666,362 stock and $2,019,703
5% notes o f Allegheny River Mining C o.; also contract with last-named
Company for minimum coal tonnage. T o t a l b o n d s I s s u e d $11,000,000.
o f which $2,434,000 outstanding, $1,565,000 have been canceled by sinking
fund and $8,000,000 pledged as collateral (see below).
Under plan o f refinancing M ay 1 1917, $8,760,000 10-year 5% Trust
Notes were authorized, o f 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 o f the property, were on Jan. 1 1918 secured
by pledge o f $7,000,000 o f the company’s 1st M . 5s of 1909 and $3,000,060
1st M . bonds o f 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) o f 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.

T h e on e-year C o llateral N o te s ex t. to M a r. 1 1922 are secured by $1.000,000 1st m tg e. 5% bo nd s of P ittsb u rg h A S h aw m u t R R ., $510,387 6%
n o te of th e receiver P . S. & N . R R . a n d $600,588 d em an d n o te of
A llegheny R iv er M in in g C o. V . 110, p . 2388. A nnounced in M a r. 1921
th a t th e n o te s “ are h e ld p riv a te ly b y m a jo rity stockholders of th e co. an d
a re bein g carried as o v er-due com p an y o b ligation s, on w hich th e in t. w ill be
reg u la rly p a id b u t th e p rin c ip al m a y n o t be called for a y e a r or m o re .”
R E P O R T .— F o r y e a r end ed D ec. 31 1923: G ross, $1,264,602; n e t operincom e, d e f., $145,848; o th e r incom e, $859,552; in t. & re n ta ls, $620,470;
b a l., $93,234.
demand

In the calendar year 1920 the company and the Allegheny River Minin?
Co. (all the securities of which are owned by the railroad co.) showed com
blned net earnings of $1,984,151. while the combined fixed charges wer*
$869,162 leaving a surplus of $1,115,689.
For la te s t earnings, see “ R ailw ay E arn in g s S ection” (issued m o n th ly ).

D IR E C T O R S .— A rth u r T . W alker (C h a irm a n ), W m. sn illab e r J r ., Jo h n
H u b b a rd , E dw in E . T a it (P re s.), H e rb e rt G . G a te s ,‘N a th a n L . S trong ,
A . C . G riffith (T reas. & A u d .), L ew is L . D elafield, E . E . R u d d , R . E .
B a ll, W . W . M o rriso n, E d g a r W . T a it (V .-P .).— (V. 117, p. 2771.)
PITTSBU RGH SHAWMUT & NORTHERN R R .— Owns a road ex
tending from bituminous coal fields in E lk County, P a ,, northerly to Way




R a te
%

W h en
P a y a b le

10
6

F

444
644 g
6 g
7
6
6
6
6 g
5

J

2 J
52 A

5g

A
J
A

J
J
J
J
J

j

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

& A Feb 1 1924 5%
& J Jan 1 1928
& O Jan 1 1928
Sc
J Jan 1 1928
& O To Oct 1 1935
& J 15 T o Jan 15 1935
& O 15 T o Apr 15 1935
& J Jan 2 1924 3%
Sc
J July 1 1932
& J July 1 1934
& J 15 T o Jan 15 1935
& D 1937

Go's

Office, Pittsburgh
do
do
New York Trust Co, N T
Guaranty Trust Go. N Y
Guaranty Tr C o, N Y
Guaranty Tr C o, N Y
Central (Jn Tr Co, N Y
do
do
do
do
Guaranty Tr Co, N Y

in te r n e t

& ri Deo 1959

Bank.NewVork
Co, N Y

Irv B k-C ol Tr
5 g M A N May 1 1927
6 g M A S Mar 1 1922
M A N N o v 1924
5
Irv Bk-Col Tr
J A J July ’24-Jan '27
5
do
do
5 g A A O O ct '24-Apr '27
6 g Semi-an. 1927
do
J A J Jan 1 1943
In default
5
Feb 1905 lnt
5 2 F & A Feb 1 1949
4 g F A A Feb 1 1952
do

6
52
5
6

5g

Q— F
M A S
M A S15
A A O
J
A J

Feb 28 1925 144
Sept 1 1937
Sept ’24- Mar '26
Oct ’ 24-Apr '27
July 1 1942

Co. N Y
do
do
do
last paid
do

Plttsb’h, Colonial Tr Oc
N Y , Blair A Co
Fidelity Trust Co, Phila
Colonial Trust Co, Pittsb

Pittsb urgh R R.

The Pittsburgh & Lake Erie and N. Y. Central R R . jointly own $3,135,200 of the $3,959,650 Pitts. McKeesport & Youghiogheny R R . stock.
Covenants to pay New York Central Lines equipment trusts of 1913, its
share of the amount outstanding Dec. 31 1922 being $1,327,330.
Equipment trusts o f 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, p. 1472.
LATE D IV 8.— f’07. ’08. 09. 10 ’l l ’ 12 ’ 13 1914 to
F e b 1924
Per c e n t ...............\12 11 10 50 35 22 15 10% yearly (F . & A.)
An extra dividend o f 20% was paid Aug. 12 1916, and simultaneously
shareholders were allowed to subscribe at par for 20% ($5,997,600) new
stock, increasing outstanding amount to $35,985,600. V. 103. p. 494.

land, N . Y . Total road owned, 161
Owned—
•
Miles.
W ayland.N . Y .. to Hyde. Pa.144.50
Prosser to Olean, N .Y _______ 9.00
Kasson to Hazlehurst, Pa____ 4.82
Brown’s Run Branch________
1.50
Horton City to Drum m ond., 1.27
Leased—
Moraine to Hornell. N . Y ____10.38
Kersey R R . to Cardiff, Pa____16.92

A m oun t
O u ts ta n d in g

[V ol. 118.

miles; total operated, 210 miles.
Leased—
Miles
Clarion River R y_____________ 11.83
Trackage—
Hyde to Brockwayvllle. Pa___ 6.17
Wayland to Wayland Jet.,N .Y . 1.26
St. M ary’s, Depot to Junction 6.42
Brockport to Horton C ity, P a , 2.42
Total operated______ _____ 210.48

REORGAN IZATION .— On Aug. 1 1905 a receiver was appointed.
92. p. 188; V. 96, p. 864; V. 101, p 208; Y. 111. p. 2521.

V.

R e c e iv e r ’s c e r tific a t e s a n d p r o m is s o r y n o t e , Y . 118, p . 2 1 8 0 .

The $5,836,000 old firsts of 1899 exchanged for the bonds of 1902 hare
not been canceled. V. 75, p. 291.
In 1917 there were still outstanding $733,000 5% bonds o f 1892 of the
former Central N . Y . A: Western R R ., the holders o f which claim as regards
the 67 miles of road extending from Wayland to Angelica, Hornell to M o­
raine, and Olean to Bolivar, ’ ‘the priority of the lien of said bonds, or of
the mortgage securing the same, or o f the judgment or decree o f foreclosure
of the latter, to the lien of the bonds [and also the receiver’s certificates of
the Pittsburgh Shawmut S Northern R R .
c
In Jan. 1918 the foreclosure sale of this piece of road, sought by the
Pacific Impt. Co. as owner of $656,606 of the bonds of 1892, was deferred
by the Court, but the railroad was required to give bonds for $406,660 to
protect the Impt. Co. from loss arising from the delay. See V. 106.
p. 190; V. 105. p. 812.
Protective committee for P . S. Sc N . bonds, Howard Bayne, Chairman
A. N . Hazeltine, Sec., 60 Broadway, N . Y . In April 1916 a majority o f
each class of bonds had been deposited with Columbia Trust Co. as deposi­
tary. V. 102, p. 438. For causes delaying reorganization, V. 105, p. 389 .
Committee to protect receiver’s certificates, Ohellis A. Austin. Chali*
man: John A. Burns, Secretary. V . 166, p. 930.
R E P O R T .-— F o r 192 3, gro ss, $ 1 ,3 8 6 ,2 0 6 ; n e t o p e r . in c o m e , d e f . ,($ 2 4 0 ,8 6 0 ;
o th e r in c o m e , $ 2 6 5 ,1 2 1 ; i n t ., re n ta ls , & c ., $ 1 9 6 ,7 0 0 ; b a l., d e f ., $ 1 7 2 ,4 3 8 .
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 ” (issu ed m o n t h l y ) .
R e c e iv e r , J o h n D . D ic k s o n .— ( V . 118, p . 2 1 8 0 .)

PITTSBURGH & SUSQUEHANNA R R .— (V. 113, p. 2615.)
PITTSBURGH TERM. R R . & COAL C O .— See P itts . Sc W. Va. R y ,
PITTSBURGH & WEST V IR G IN IA R Y . CO. (T H E ).— Owns road
e x t e n d in g fr o m c o n n e c tio n w ith W h e e lin g & L a k e E r ie R y., near J e w e t t, O . ,
e asterly t o P ittsb u rg h , P a ., a b o u t 60 m iles; a lso 4 -m ile co n n e c tio n w ith Union
R R . , and e x te n siv e te rm in a ls a t P it t s b u r g h , and t h e e n tire $ 1 6 ,0 0 0 ,0 0 0
s t o c k o f P itts b u r g h T e rm in a l C o a l C o . , a n d ow n e rsh ip o f th e $ 1 ,0 8 0 ,0 0 (i
c a p ita l s t o c k o f th e W e s t Side B e lt R R . , o p e r a tin g a b e lt lin e from
P itts b u r g h t o C la ir to n , P a ., 21 m iles, a n d b r a n c h o f 2 m ile s.
T o t a l m ain
lin e m ilea ge o p e r a te d (in c lu d in g th a t le a se d f r o m th e W e s t Side B e lt R R .)
a t D e c . 31 1923 w as 89 m ile s. V . 108, p . 2 6 2 , 1611; V. 101, p . 4 4 . On
N o v . 15 1920 th e s to c k h o ld e r s a p p r o v e d t h e p u r c h a s e o f th e W e s t S id e
B e lt R R ., w h ic h w as ta k en o v e r fo r o p e r a t io n as o f J a n . 1 1921. V . I l l ,
p . 897 , 2041: V . 113, p . 272 1. T h e I .- S . C . C o m m is s io n o n F e b . 6 1923
de n ie d th e a p p lic a tio n o f th e c o m p a n y fo r a u t h o r it y t o issu e $ 3 ,0 0 0 ,0 0 0 p r e f.
a n d $ 4 ,4 0 0 ,0 0 0 c o m m o n s t o c k a n d t o a ssu m e o b lig a t io n an d lia b ility in
r e s p e ct o f ce rta in se cu ritie s in c o n n e c t io n w it h p u rch a s e o f p r o p e r t y o f
W est Side B e lt R R .
T h e a p p lic a tio n fo r a u t h o r it y t o c o n t r o l, b y p u rch a s e ,
th e W e s t Side B e lt R R . w as a ls o d e n ie d . A n a p p e a l w as ta k e n t o t h e
S u p rem e C o u rt o f th e D is t r ic t o f C o lu m b ia a n d carried th ro u g h t h e C o u r t
o f A p p e a ls o f th e D is t r ic t t o th e U . S. S u p re m e C o u r t . C o m p a re V . 1 1 6 ,
p . 1050. 1 4 1 2 . 1893.

ORGANIZATION.— Incorporated in Penn, and W . Va. in Jan. 1917 as
tuccessor of Wab. Pitts. Term. R y., foreclosed per plan in V . 103, p. 940:
V. 104, p. 74. 258.
S T O C K .— The new pref. 6% (a . S d.) Is cumulative; it is subject to
c
r e d e m p tio n o n 90 d a y s ’ n o t ic e a t 1 0 5 % an d d iv s .
T h e s to c k h o ld e r s in J u ly 1922 v o t e d t o in cre a se th e a u th o r iz e d ca p ita l
s t o c k fr o m $ 4 7 ,0 0 0 ,0 0 0 t o $ 5 1 ,9 0 0 ,0 0 0 , t h e a d d itio n a l $ 4 ,9 0 0 ,0 0 0 2 t o b e
p re fe rre d s t o c k .
V . 114, p . 2 58 0.
D iv id e n d s o n p r e f. s t o c k S e p t. 1 1917 t o F e b 28 192 5, b o t h in c lu s iv e .
6 % p . a. (114% Q .- M .) .
B O N D S , & c .— T h e new c o m p a n y has n o b o n d s. T h e u n d is tu r b e d ’ o b llg a tio n s in clu d e : P itts . T e r m . C o a l C o . 1st M . 5s o f 1902, d u e J u ly 1J1942
(see V. 105. p . 161 8 ), $ 3 ,1 6 8 ,0 0 0 , g u a ra n te e d b y W e s t S id e Belt R R .
(V . 7 8 , p . 7 0 3 ); W e s t Side B e lt R R . 1st M . 5s, $ 7 9 ,0 0 0 .
Equip, certificates West S ide Belt R R ., V. 102.
1164; V. 104, p. 1265.
R E P O R T . — F o r 1923, in V . 118, p . 1259, s h o w e d :
1923.
1922.
1921.
G ro ss e a rn in g s_______________
$ 3 ,8 4 4 ,5 8 7 $ 2 ,8 3 5 ,6 0 1
$ 2 ,8 0 8 ,9 3 9
N e t ra ilw a y o p e r a tin g in c o m e _________
1 ,3 2 2 ,5 8 4
7 9 7 ,7 0 4 d e f 1 ,1 7 3 ,2 3 0
D iv . P . T . R R . & C . C o ____________
7 2 0 .0 0 0
5 6 0 ,0 0 0
4 8 0 ,0 0 0
M i s c e l l a n e o u s . .. ________ ______________
8 6 ,8 3 4
2 6 5 ,9 5 8
1 ,7 0 5 ,6 1 4

G ross inco m e______________
$2,129,418
D eduction s, in te rest, & c___________
253,545
Dividends (6 % )_____________

544,242

B alance, su rp lu s___________________$1,331,632

$1,623,662 $1,012,382
224,305
62,384
544,242

$855,115

544,242

$405,756

For latest earnings, see "Railway Earnings Section” (issued monthly).

O F F IC E R S .—-Frank E . T a p lin , C h airm a n a n d P res.; F . H . H arv ey ,
Sec. & G en. A ud .; H . C . M oore, T re a s., P ittsb u rg h ; C h arles F . T ap lin ,
G eneral C ounsel, C leveland . O ffice, W a b ash B ld g ., P ittsb u rg h , P a .;
N ew Y ork office, 66 B roadw ay.
D ir ecto r s .— C h arles F . T a p lin , F ran c is W . P a in e , R ic h a rd S u tro , H A W .
N e th k e n , W alter L . H aeh nlen, G eorge P . S m ith , W illiam C . A tw ate r,
Jo sep h R . K rau s, H . E . F a rre ll, Jo sep h W alk er J r .— (V. 118, p . 2305.)
P ITTSB U R G H YOUNGSTOW N & ASHTABULA R Y . CO.— O w ns
W est R o ch ester, P a ., to A sh ta b u la r H a rb o r, O ., 102 m .; N iles to A lliance
Ju n e ., O ., 24 m .; H om ew ood to W am p u m Ju n e ., 6 m .; L aw rence Ju n e , to
N ew C a stle , 3 m .; B essem er B ran ch , 5 m .;Itra c k a g e , lx m . T o ta l, 140

M ay , 1924.]

KAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

105
Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

138
Pitts Youncst & Ash—Com stk 52.100,000 7% guar.
Q— M‘ June 2 1924 I X Treasurer. Pittsburgh
$100 $2,100,000
7
Preferred stock 7% guaranteed $9.100,000______
Q— M June 2 1924 I X
138
do
do
100 9,089,000
7
123 1887
Consol mtge sinking fund 1% not drawn____F.xo
M S N Nov 11927
c
1.000
5
Pennsyly R R Oo, N Y
1,486,000
i .non 4,503,nnn
do
do
4 tr ,T .la D June 1 ta ie
First General mortgage $15,000,000 g o ld s f_Ce.xc
140 1 9 0 8
do
Series B _______________________ Ce.xc
do
do
1,000 4,479,000
140 1908
5 g F & A Feb 1 1962
Portland & Rochester— See Boston S Maine RK
c
Portland. Me
100
Portland & Rumford Falls R R —Stook $1.000,000_
_
1,000,000 See text See text See text
100 2.000,000
Portland & Rumford Falls Ry— Stook 8% guaranteed
8
Q— F M ay 1 1924 2% Portland, Me
Cons (now 1st) M $1,000,000 gold________ OB.zo* 95.98 1896
Old Colony Trust, Boston
1,000
c
830,000
4 g M S N Nov 2 1926
F S A Aug 1 1927
Portland, Me
Debentures sinking fund gold $350,000.. ______ so
1897
c
500 S c
c
350,000
4g
Debenture bonds guar p & 1 by end by Me Oen RR
do
1915
J A D June 1 1935
300.000
4
Portland Term Co— P Un St bds (not M) ser A&B g s f
’87-’89
J S J J A J 1927 to *29 Portland, M e and Boston
c
1.000
300.000
4
New M *10,000,000 gold guar $1,000,000 are 5%
N Y . Boston S Portland
c
(t e x t )__________________________________ xc*Ar
1911 1,000 Ac
5,500,000 4A 5 k 3 Sc 3 July 1 1961
One-year gold notes guar_________________________
1924
Apr 1 1925
1,800,000
5)4 S
Reading Terminal, Phlla
1.000
& '* j Jan 1 1941
Pori Reading—1st M g guar by old P & R ..P eP .xo*& r
21 1891
1,500.000
5 g
Penn Co for Ins, &o, Phlla
& D June 1 1949
1,000
397,000
Potom Fred & P— 1st M g red 105_____________ PeP.
38 1909
4g
Potosl & Rio V— 1st M *15,000 p m call 110 G.xc*
A O See text
See text
1.000
32 1898
475.000
6g
Providence & Springfield— See New York New Haven &Har tford
Providence Terminal— See New York New Haven & H artfor d
100 3,500,000
10
Providence & Worcester—Stook (10% rental)..
51
Q— M M ar 31 ’24, 2)4 Cheoks mailed
A & O Oot 1 1947
R I Hosp Tr Co, Prov, Ri
1,000
1,500,000
4
First M (ref) cur $1,500,000 (V63, p 1 0 6 4 )........ xc*
51 1897
Metropolitan Tr Co, N T
1.000
Pueblo Union Depot & RR— First mtge ext___ Mp.zc
2.59 1889
272,000
6 * g M & s Mar 1 1924
J A J Perpetual
London and Toronto
Quebec & Lake St Joh n — let M deb stock guar____ 278.9 1012
4
4,359.015
Baltimore, Tr Oo M0
200 Ac
Raleigh & Chari— 1st M prior lien Dds g redtextg-xo*
c
43 1906
350,000
4 g F S A Feb 1 1956
do
do
200 S o
c
c
Consol mtge bonds $1,000,000 g guar red text___xo*
200.000 See text. F S A Feb 1 1956
43 1906
Raleigh & S outhport R v.— See Norfolk Southern
100
Jersey City
920,000 see text
Raritan River R R — Stock *1.000.000 auth_______ __
New Jersey Title & Tr
1,000
First mortgage gold____________________________ sc
400,000
23 1889
5s
Reading Terminal, Phlla
$850,000
4g
R eading & C olum bia— 1st consol M g _____ PePkv 54.03 1912
$1,000
Debentures_____________________________________ 0
Interest not pa id
1877
1,000.000
6
Debentures_________________________________
1912
150,000
5

QUEBEC MONTREAL & SOUTHERN R Y .— Owned lines; St. Lambert
miles. Pennsylvania Company owns *5,875,000 of the pref. stock and also
the *2.100.000 common. Leased to the Pennsylvania Co. for 999 years to Fortierville, 109-69 miles; Bellevue Jet. to Noyan Jet., 81.09 miles;
trackage rights, 9.39 miles. Napierville Junction R y., also owned by
from July 1 1910. the rental to oover all charges, maintenance and 7%
dividends on both olasses of stock, the cost of betterments to be represented Del. & Hudson, operates from International Boundary to Delson Jet..
by, stock or bonds bearing such rate of dividend or interest as may be 27.15 miles, west side of loop to Delson .Tct., 1.30 miles, and has 14.56
satisfactory to the lessee. On Jan. 1 1918 lease was transferred to Penn
miles of trackage rights over Canadian Pacific Ry.
Stock authorized, $2,000,000; outstanding, $1,000,000, all owned by the
RR. Oo. V. 90. p. 915, 1364: V. 92. p. 1243,
BONDS.— First Gen. mtge bonds o f 1U08 $15,000,000 auth.. of which Del. & Hudson. Certificates of indebtedness, $6,000,000. For year end­
*4,503,000 Series A outstanding, $497,000 having been canceled by sinking ing Dec. 31 1923, gross, $680,491; exp. & taxes, $877,002; other income.
fund; also $4,479,000 Series B outstanding. Y. 118, p. 665: V. 108, p. $510,284; charges, $397,974; balance, deficit, $84,200.
1823; V. 105, p. 73: V. 87, p. 416; V. 97, p. 729; Y. 98, p. 1538, 1994; V. 99,
* QUEEN & CRESCENT."— Common name for Cln. N. O. & Texas Pao
p. 50: V. 107, p. 2290.)
R E PO RT.—-For 1923, gross, $1,039,682; deductions, $256,452; divi­ Ala. Gt. Sou.. Ala. Sc Vicks, and Vicks. Shreve. & Pac. lines.
dends, $783,230.— (V. 118, p. 1136.)
RAHWAY VALLEY RR.— Owns Aldene, N. J., on Central R R . of New
PORTLAND & RUMFORD FALLS RR.— Leases for 1.000 years from Jersey, to Roselle Park on Lehigh Va'ley R R ., and Summit, on the Del.
April 1 1907 the Portland & Rumford Falls Ry. and the Rumford Falls & Lack. & W est., 10 miles. V. 83, p. 380. Operated under lease by Rahway
Rangeley Lakes R R ., together extending from Oquossoo, Me., to Rumford Valley Co.
Stock auth.. *400,000: outstanding, $213,200. Bonds auth., *400,000
Jet., 92.35 miles, with branch to Livermore Falls, 10.27 m.; total, 102.62 m.
Lease provides for Interest on bonded debt or two companies ana 8% on 1st 25-year 5s due July 1 1931- Of the bonds, *328,000 with *164.000 stock
*2,000,000 stock of P. S R. Falls Ry. and 2% on $300,000 stook of the R F. were at last accounts deposited as collateral for notes payable. Pres, of
c
A Rangeley Lakes R R . The company Is Itself leased to the Maine Centra) R. V. Co.. C. J. Wittenberg, Springfield, N. J.— (V. 90, p. 699.)
RR. V. 84. p. 868; V. 85. p. 922. Has $1,000,000 auth. stock. Divl
RAILROAD SECURITIES CO.— See “ Ry. & Ind. Section” for May
dends, 6% per annum since 1907. Of the *2.180,000 bonds of the R. F A 1922.
W L R R .sn d P S R. F. Ry. as above, $312,500 were In sinklm* fundu In
c
Feb. 1924. Collateral trust 4% bonds were called for payment Feb. 1 1924.
RALEIGH & CHARLESTON R R .— Owns Lumberton, N . O., to South
Debentures o f 1915, see V . 102, p. 773.— (V. 117, p . 1993.)
Marion, S.O., 42.58 m. V. 81, p. 1241, 1437. Owns stock o f Marion A
PORTLAND TERMINAL CO.— Owns railroad property In the cities of Southern R R ., 27.0 miles. Stock outstanding $574,500, allowned by Sea­
Portland, South Portland and Westbrook; sub-leases from Maine Central board Air Line Ry. V. 95, p. 892.
Of the bonds (Baltimore Trust C o., Balt., M d ., trustee), $350,000
the property belonging to the Portland S Rumford Falls R R . and
c
Portland & Ogdensburg R y. Furnishes terminal facilities at Portland are 1st mtge. prior Hen 4s and $1,000,000 oonsols, the llrst ten coupons on
(Including passenger and freight stations, wharves, ooal-dlsoharglng the latter to be paid In cash up to 4% as earned, the balance In 10-year 6%
c
giants, shops and yard facilities) for the Maine Central and Boston S Maine. 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 liens
'wns 23.42 miles and leases 8.27 miles o f track; 2d, 3d S 4th tracks owned
c
12.21 m.; leased, 4.24 m.: yard tracks and sidings .owned, 66.86 m.; leased. and $450,000 for future extensions and improvements. The Seaboard Air
12.46 miles. V. 95. p. 1202. Formerly Portland Union R y. Station Oo. Line guarantees all of the bonds. V 95, p. 892.; V. 83, p. 97.
Year ending Dec. 31 1§23, gross, $129,053; net, after taxes, $25,029;
V. 92. p. 1566. The tenant companies pay In proportion to use all costs
of maintenance and operation. Stock, * 1,200,000, owned by Maine Cent. gross income, $29,026; interest, &c., $53,487; bal., def., $24,461. Pres.,
S. Davies Warfield, Baltimore; Sec. & Treas., Robert L. Nutt, 24 Broad
Valuation. V. 113, D. 1540.
St., New York.— (V. 95, p. 892.)
BONDS, E T C .— The Boston S M . andMalne Cent. Jointly guarantee the
c
*300,000 bonds of 1887-89. V. 93, p. 940. The 1st M . bonds of 1911
RARITAN RIVER R R .— South Amboy to New Brunswick. N . J., 18
(*l0,OO0,OOO auth. issue; Fidelity Trust Co., Portland, M e., trustee), are miles; branches, 10 miles; total, 23 miles. The I.-S. C. Comm, in 1921 ap­
guar, by Maine Central, prin. S int.; $4,500,000 bear 4% and $1,000,000 proved the plan to issue $160,000 capital stock on account o f additions. Scc.
c
5% Interest; the unissued bonds are reserved for extensions and improve­ (approved by N. J. P. U. Comm, in 1918).
ments at not exceeding cost. V. 95, p. 1332, 1404; V. 108, p. 2023.
DIVS. (% ) ’08. ’09. ’ 10. ’ l l to July ’ 15. ’ 16. ’ 17 to ’ 20. ’ 21. 1922. 1923.
Pres., Morris McDonald; V.-P. S Gen. M gr., D . C. Douglass. Port (Cal year)s- 5 5)4 8
c
8% (J. & J.)
9
10 yrly. 2)4 1
4
Dec. 1916, 8% extra; 1917, Dec., 12% extra: 1918, Sept. 3, 15% extra.
land. M e.— (V. 118, p. 1521.)
For 1923, gross, $544,302; oper. income, $96,371; other income, $30,607;
PORT READING RR.— Owns 21,16 miles of road, completed Sept. 1892
from Port Reading Juno , N. J., to coal piers on Staten island Sound; sid­ int. & rentals, $73,670; com. divs., $36,800; bal., sur., $16,508. Pres.,
E. W . Harrison; V .-P ., Geo. Holmes; Sec. & Treas., Chas. H. Sisson.—
ings and laterals, 57.83 miles; total, 78.99 miles.
Capital stock authorized. $2,OOO,OO0; par, *100, all owned by Reading (V. 116, p. 1533.)
Oo., *1.555,000 being deposited under Its general mortgage o f 1897 and
READING BELT RR.— Belt railroad 7.78m. In length around Reading,
*440,000 under its Jersey Central collateral mtge.— (V. 113, p. 2313.)
P a .: 2d track. 8.38 m. V. 71. p. 751. Stock. *750.000. all owned by
Beading Company. Road leased to Phlla. S Reading R y. for 999 yean
c
POTOMAC FREDERICKSBURG & PIEDMONT R R .— (3 Ft. Gauge.)
— Fredericksburg to Orange, Va., 37.6 miles. Stock auth., $1,460,000 from July 1 1902 for int. and taxes and 4% on stock. See Reading Co. for
outstanding, $446,600. par, $100. Of the first gold 4s, $300,000 is re­ proposed merger.— (V. 117, p. 1778.)
served for issue on vote o f stockholders. V. 89, p. 470. For year ending
READING & COLUMBIA RR.— Owns Columbia to Sinking .Springs. Pa..
Dec. 31 1923. gross, $63,750; net Income, $15,887; charges, $16,180; bal.,
def., $213.
Pres., Geo. W. Richards, Fredericksburg, Va.; Sec., Gilbert 10.33 m.; branches. 13.82 m.; operates Marietta June, to Chickiefl, 6.17 m.t
total operated. 60.32 miles. Stock, *958,373 (par *50), of which *788,200.
W. Sheldon. Office, Fredericksburg, Va.— (V. 89, p. 470; V. 95, p. 1123.)
together with *698,000 1st consol. 4s and *1.006,000 debentures of
POTOSI & RIO VERDE R Y .— San Luis, Potosl, on National Rys. oi
1917
new debs, of 1962. are
Reading C
Mexico to Ahuacatal, 38 miles. As a result o f the political disturbance* except and *150.000 $150,000 debentures and owned by first mtge. o., all
$3,200 stock,
bonds
In Mexico since 1910, it was found necessary to suspend payment of Interest deposited under its general mortgage. The 1st $653,006 1912 are guaran­
Consols of
on the company’s bonds which became due on Oct 1 1914 and subse
teed p. & i. by the Reading Co. V. 93. n. 1789: V. 94, p. 632: V. 95, p. 833.
quently. The principal, amounting to *600,000, o f which $78,000 art- Year 1923, gross, $787,990; net, $74,158; other income, $4,145; deduc­
held in the sinking fund, matured Oct. 1 l9 l8 , and In Sept. 1918 local tions, $232,713; bal., def., $154,410.— (V. 94, p. 632.)
political conditions permitting operation at a fair profit It was proposed,
subject to acceptance by substantially the entire issue, to extend the prin­
READING COMPANY — PHILADELPHIA & READING
RY.—
cipal o f the bonds for 10 years, to pay in cash the coupons which matured The Phlla S Reading Ry. operates In connection with the great
c
on Oct. 1 1914, April 1 1915 and Oct. 1 1915, and to pay in scrip, bearing anthracite coal properties of the Philadelphia S Reading Coal S Iron Co. In
c
c
Interest at 6% , the remaining six coupons, such scrip to be secured by the the Schuylkill region, Pennsylvania, a system of roads centering at Phila­
surrendered unpaid coupons, and to be payable In 10 years with the rlgnt delphia, extending to Hazleton and Williamsport on the north and westerly
of prior redemption. Depositaries for assenting bonds, V. 107, p. 1193
to Harrisburg, Shlppensburg and Gettysburg, in Pennsylvania, and Wil­
Spencer Trask & C o.. N . Y ., or Isaac Jackson, Esq., o f 50 Congress St.,
mington, Del., on the south; also easterly In N. J to Atlantlo City and Cape
Boston. President, George Foster Peabody. N . Y .— V. 107. p. 1193.
if ay on Atlantlo Ocean and to Port Reading on N. Y. Harbor, viz.:
PROVIDENCE & WORCESTER RR.— Owns from Provldenoe, R. I., to
Lines owned in fee—
M iles. Oatawissa R R .* _____________ 104.0
Worcester, Mass., 44 miles, of which 5 miles are owned Jointly with Boston &
Norristown Juno. R R _________ 0.3
Phil, to Mt. Carbon, Ac., and
Providence; branches, 7 miles: total owned. 51 miles; July 1 1892 leased for
c
branches__________________ 126.65 Norrlst. S Main Line Conn____ 0.6
99 years at 10% per annum on stook to N. Y. N. H. & H.— (V. 105,p. 2457.)
North Pennsylvania RR •_____ 88 1
Lebanon Valley branch---------60.93
c
PUEBLO UNION DEPOT & RR.— Owns union passenger station at Lebanon & Tremont bran ch .. 51.46 Delaware S Bound B. R R .* ___31.6
Mahanoy & Shamokln branch. 89-55 Schuylkill S Lehigh R R ............ 47.7
c
Pueblo, Colo., with 2.59 miles of track and sidings. Stock auth., $300,000.
Phlla. Har. S Pitts. R R .* ____44.4
c
Schuylkill S Susq. branch___ 53.27
c
outstanding, $40,600; one-fifth being owned by each of the tenant roads.
c
Denver & Rio Grande Western, Atch. Top. & Santa Fe, Colorado & South., W eit Reading branch________ 1.80 Wilmington S North. R R .* .. 90.4
°hlla. S Reading Term R R . 1.2
c
Missouri Pacific and Chic. Rock Island & Pacific, which contribute $4,000
Total (2dtrack, 186m iles)..383.66 East Trenton R R _____________ 3.1
yearly to a sinking fund to redeem bonds. Latter were extended from
Lines leased— (See each Co.).
Reading Belt R R ___________
7.8
Sept. 1 1919 to Sept. 1 1921 and again to Sept. 1 1923, and Mar. 1 1924,
c
int. rate being raised from 6 to 6 )4 % ■ Operations are all at cost for Jolebrookdale R R _____________12.8 Philadelphia S Frankford R R 2.6
East Pennsylvania RR*,______35.8 Allentown Terminal R R ______ 3.6
benefit o f tenant lines. Pres., J. H. Young; V.-Pres., C. H. Bristol,
La Junta, Colo.; Supt., C. W . Climenson; Sec. & Treas., A . S. Booth, Allentown R R * ---------------------- 4.4 Mount Carmel R R ____________ 5.8
Little Schuylkill Nav. & R R .* . 31.8 Phila. Wilm. S Balt. R R ........... 10.0
c
Pueblo, Colo.— (V. 117, p. 1018.)
Mine Hill & Schuy. Haven*_ 65.3 Plymouth R R ________________ 8.£
_
QUEBEC CENTRAL R Y .— (V. 107, p. 1670,2094: V. 109. p. 1793,2072.)
New York Short Line_________ 9.4 Swedesford Bridge Oo________
.3
EIQUEBEC & LAKE ST. JOHN RY.— Owns Quebeo, Can., to Roberval on Mt. Carbon & Pt. Carbon RR.* 2.6
Tot. leased (2d. track 352m.)_704.
Mill Creek S Mine H. R R .* ----- 6.1
c
Lake St. John, 190 miles, with branches Chambard to Chlooutini, 51 m.,
Entire stock ow ted—
Mitt
andfLa Tuque Jot. to La Tuque, 40 m.; Gasford branch, 5 4 m.: total, Schuylkill Valley Nav. S R R .* 17.1
c
East Mahanoy R R .* ---------------- 11.3 Chester S Delaware R R ______ 5
c
286)4 m. V. 94, p. 279, 1186. Controlled by Canadian Northern Ry.
c
Shamokln Sun. S Lewlsburg— 32.1 Rupert S Bloomsburg_______ 1
c
V . 98, p. 1600, 1607. Stock outstanding. S4.524.000Phlla. German. S Nor. R R .* .. 21.7 Mlddlet’n S Hummelst’n R R . . 6
c
c
As to debenture stock see Canadian Northern R y. (bond table) above
c
Chestnut Hill R R .* __________
4.0 Tamaqua Hazel, i« S N. RI ,. !•
andialso see V. 94, p. 279, 1186.— (V. 96. p. 361.)




106




RAILW AY STOCKS AND BONDS

[V ol. 118.

M ay , 1924.]




BAILW AY STOCKS AND BONDS

107

108

BAILW AY STOCKS AND BONDS

RAILROAD CO 1
4PANIES
[For abbreviations, &c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Reading Company— Common stock_________________
$50 $70,000,000
First preferred stook 4% non-oumulatlve________
50 28.000,000
50 42.000.000
Second preferred stock 4% non-cumulatlve_______
Gen & ref mtge g. Series A _________________ Ce
100 &c See text
1924
__ 1901
Jersey Central coll trust mtge g red 105-PeP.xo*&r
1.000 21.987,000
Philadelphia Subway M $3,100,000 gold_ PeP kv
_
1907
Wllm & Nor stk tr otfs g red 105 (V 72, p 340) QP.xr
1900
1,000
1,295.000
Equip trust Ser F due $300,000 s-a___________PeP
1.500,000
1916
do
do Ser G due $450,000 s -a ___________ PeP
1917
2,700.000
do
do Ser H due $95,000 s-a________________
1,000
1920
1,235.000
do
do Ser I ___________________________ PeP
1922
1,000 6,000,000
do
do Ser J due $415,000 s-a____________PeP.c
1922
1,000
7,065,000
Old Phila & R RR (now R y)—Bonds UnderlyingOen eral M ortgage of 1897.
Delaware River Terminal puroh money M g old..so*
1,000
1892
500,000
Delaware River Term ext puroh money M gold _xo*
1,000
1892
534,000
•Mortgage loan of 1868 gold extended 1893.. kvo&r
1.000 2,696,000
148 1868
■Imp M gold ext ’97 (see V 65, p 870) g . PeP. kvo&r
9.328,000
325 1873
■Consol mortgage 5s ext 1897 (V 65. p 278). kvo&r
500 &o 5,766.500
327 1882
■Terminal mortgage gold (see V 64, p 85)_kvo*&r
1891
1,000 8,500,000
- - ■Philadelphia & Reading Coal & Iron—
18Q2
i.nnn
sin.nnn
sCol s f gold loan (RR) guar extended In 1902 _kv
R eading Belt 1st mtge__________________________ kv
1,000
750,000
8 1900
1,000
500,000
Phila & Frankford 1st mtge_____________ GuP.kvc*
2.55 1892
1,000 2,000,000
Phila, Harrisburg & P itts 1st mtge g ______ kvc*&r
46 1890
Schuylkill & Lehigh 1st mtge_________________ kv
49 1898
1,000
600,000
1,000
Sham Sunb & Lewisb 1st M ext 1912______ kvc*&r
32 1882
1,000,000
Second mtge gold____________________________ kvc
1,000
32 1890
1,000,000
N Y S hort Line 1st mtge g _____________PePkvc*
1,000
1,500,000
9.38 1905
N orristow n & Main L C onn 1st mtge g --------- GPkv
1,000
64 1902
250,000

Rate
%

When
Payable

[V ol. 118,
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

8
4
4
4X S
4g
3(4 e
4 ft
4H 8
4H
6
5
5

O— F M ay 8 ’24 2%
Q— M June 12 '24 1 %
Q— J Apr 10 19241%
J & J Jan 1 1997
A & O Apr 11951
F & A Feb 1 1957
Q— M When drawn
J & J July '24-July ’26
J & j July '24-Jari '27
M & S Sept’24-Sept’30

5
5
5
4
4
5

M & N
J & J
A * O
A & O
M & S
Q— F

g
g
g
g
g
g

J

&

4 g F -V
4
M &
4Y g F &
5g
A &O
4
M &
4
M &
J &
6g
F &
4g
M &
4g

J July ’24-July’32
May
July
Oot
Apr
Moh
May

A Feb
S Sept
A Aug
15 Oct
N M ay
N July
J July
A Feb
S Sept

Reading Terminal, Phila
do
do
do
do
JPM organ&C.NY&Phil
Girard Trust Co, Phila
Philadelphia
do
do
do

20 1942
1 1942
1 1933
1 1947
11937
1 1941

Guarantee Trust Go, Ph i
do
do
Reading Terminal, Phila
do
do
do
do
Prov Life & Trust, Phila

11939
1950
1 1952
15 1925
1 1948
1 1925
1 1925
1 1955
1 1952

Reading Term Bldg °h!P
Reading Terminal, Phila
do
do
do
do
do
do
do
do
do
do
do
do
do
do

Note.— General mortgage of 1897 requires that the R eadlng Oo an d Readln g Goal & Iro n Oo ihai 1be respo nslbleforall old bonds marked as abose.

Controlled—
Phila Newtown & N. Y. R R .* . 22.2
Central R R . of New Jersey___ 645.8 Port Reading RR •_______ 21.2
Reading & Columbia R R * _____60.2 Pickering Valley______________ 11.2
North East Penn. R R .* ...........25.6 Stony Creek R R ______________ 10 2
Phila. & Chester Valley R R .*__ 24.0 Williams Valley R R ______ 11.0
Atlantlo City R R . & branches. 170.2
(•See this c o m p a n y . ) --------Catasauqua & Fogelsvllle RR**31.7
Total controlled_______1,137.49
Gettysburg & Harrisburg R y.* 41 6
Trackage__________________ 37.46
Perkiomen R R .* _______________38.2
Total system Dec. 31 1922 (second track, 883-14 miles)______ 2,225 96
From the company’s docks at the extensive terminal at Port Richmond
It operates a line of steamers and barges In coastwise coal traffic and pro­
vides berths, with elevators, graln-drler and accommodations for several
trans-Atlantlo 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 1923 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.:
Philadelphia & Reading R y.
Philadelphia & Frankford R R .
Chester & Delaware River R R .
Philadelphia Harrisburg & Pitts­
Middletown & Hummelstown R R .
burgh R R .
Rupert & Bloomsburg R R .
Schuylkill & Lehigh R R .
Tamaqua Hazleton & Northern R R . Shamokin Sunbury & Lewisburg RR.
Norristown Junction R R .
New York Short Line RR.
Reading Belt R R .
.Norristown & Main Line Conn. RR.
ORGANIZATION.— The Philadelphia & Reading RR. (chartered April
4 1833) and the P. & R. Coal & 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 seourity
holdings, real estate, equipment, &o., of tne old Phila. & Reading RR. Co.,
also the $20,000,000 stock and $20,000,000 bonds of the Phila. & Reading
Ry. and the $8,000,000 stook of the Coal & Iron Co The right to mine
coal, given by charter. Is protected by State Const, of 1873
V. 82, p 393.
The U. 8. 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 organisation 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 IT. 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 of the
Government's charges of Illegal combination against the company and cer­
tain of its railroad and coal subsidiaries, and ordered their dissolution. See
V . 110. p. 1816. The company on June 1 1920 sought a modification of the
dissolution decree. The motion, however, was dismissed by the Court 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 TJ. S. District Court for the
Eastern District o f Pennsylvania a third modified plan for the carrying
out o f the decision o f the IT. S. Supreme Court.
On Feb. 14 1921, in pursuance of the decree on mandate o f the District
Court entered Oct. 8 1920 (V. I l l , p. 1473; V. 110, p. 1816, 2358, 2488)
the Reading C o., the Philadelphia & Reading R y. and the Philadelphia &
Reading Coal & Iron Co. submitted a plan for the dissolution of the com­
bination existing and maintained through the Reading Co. which had been
declared to be illegal by the U. S. Supreme Court in its opinion rendered
April 26 1920. On M ay 12 1921 the company submitted modifications of
the plan (V. 112, p. 745) and on June 6 1921 the District Court entered its
decree approving the modified plan (V. 112, p. 2306, 2538) as supplemented
by the provisions o f the decree. The U . S. Supreme Court in its opinion ren­
dered M ay 29 1922 directed certain modifications o f the decree and affirmed
the decree with the modifications directed.
On June 30 1922 the District Court entered an order directing the defend­
ants to submit to that Court for its consideration a plan for the modification
o f the decree of June 6 1921 to accord with the opinion of the U. S. Supreme
Court. In pursuance of that order, on Jan. 30 1923 a second modified plan
and supplement was submitted (V. 116, p. 479). Objections thereto were
filed, among others, by a committee o f the holders o f the general mortgage
bonds, and by the Central Union Trust C o., New York, as trustee of the
general mortgage. The District Court set M ay 10 1923 for a hearing. To
secure an adjustment o f the issues raised by the objections, and with the
assurance that if the same be approved by the Court it will be assented to by
the bondholders’ committee and the trustee, the Reading Co. and the coal
company fhed the following third modified plan:
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) o f Section 5 below], additional general mortgage bonds
may be issued to the trustee o f the new mortgage o f the Reading Co. [pro­
vided for in Section 10 below] and stamped to show that they represent
obligations o f the Reading Co.
2. After payment by the Iron Co. to the Reading Co. o f a dividend or
dividends o f $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 C o., including the present right to vote and receive dividends thereon,
to the Coal Co. for $8,000,000. The stock o f the Iron Co. will, however,
remain subject to the lien o f the general mortgage but as security for the
obligation o f the Coal Co. and not the obligation o f 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 o f 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 . Co. 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 C o.; (6) $5,766,717 of 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 Co. 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 o f the Coal
Co. and are not secured upon any property o f the Coal Co. 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 (b) 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 dascribed 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 Co., including the claim of approxi­
mately $70,000,000 carried on the books o f 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 o f 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 Co.
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 Co., preferred and common, share and share alike, for $5,600,000, or $2 00 for each share of 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 C o., 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., all in accordance with the decree of this
Court entered June 6 1921.
9. The Reading Co. will merge the Railway Co. under the authority
contained in the present charter of the Reading C o., and will subject the
Railway C o.’s property to the direct lien of the Gen. M tge. The name
of the Reading Co., after merger, will not be changed.
10. In order to compensate for any injury to the security which the modi"
fication of 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 of general mortgage bonds:
(a) The Reading Co. shall execute a new mortgage which will provide
for the creation of a series of bonds to be known as Series A , to be limited
to the aggregate principal amount of $63,084,666 2-3, and to be issuable
only upon the surrender of general mortgage bonds as hereinafter provided
Said bonds of Series A will bear interest at the rate of 4 J4 % per annum, will
mature Jan. 1 1997 and will be redeemable as a whole only at 105 and int­
on any int. day on 60 days’ notice. The new mortgage will contain appro­
priate provisions for the creation and issue of additional series of bonds
equally secured thereby bearing interest at such rates and maturing on
such dates and otherwise in such form and containing such provisions as
may be determined by the directors at the time of issue.
(b) The Coal Co. shall execute a new mortgage which will provide for
an issue of bonds limited to the aggregate principal amount of $31,542,333 1-3, and to be issuable only upon the surrender of gen. mtge. bonds 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 of new bonds (with an adjust­
ment of interest as of the date of the surrender of the gen. mtge. bonds for
exchange) as follows:
Two-thirds of said principal amount in 4J4 % 74-year gen. (or, if and when
practicable, first) & ref. mtge. gold bonds. Series A, of 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.)
11. The Court will retain jurisdiction to supplement, modify, execute
and enforce the third modification plan and the final decree.
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 of the Reading Co. and its subordinate concerns
within six months.
The decree adopted the third modified segregation plan submitted May
10 1923.
The Department of Justice announced Aug. 27 1923 that the Government
would not appeal from the Philadelphia Federal Court decree of June 28
1923.
The stockholders on Oct. 15 1923 authorized the officers and directors to
do whatever may be necessary or expedient to carry into effect the plan.
Compare Y . 117, p. 1778.

109

RAILW AY STOCKS AND BONDS

M ay , 1924.]

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

Rensselaer & Saratoga— Stock 8% guar D & H (end)
First mortgage. Interest guar D . & H _ USMxxx
_
Richmond Fredericksburg & Potom— Com stook-----Dividend obligations (same dlv as oommon sto o k )..
Stook guar 7% except $19,300 guar 6 % __________
Com stock non-voting 6% (see text)_______________
Consolidated mortgage $500,000 gold— Ce.xo*&r
General mortgage $4,000,000__________________ x
Washington Southern Ry 1st Mtge bonds (assumed)
Equipment trusts due $93,700 yearly____________ G
Richmond & Petersburg— See Atlantic Coast Line HR
Rich-Wash Co— Coll trust gold guar red 105-Nao*&r

Miles Date
Road Bonds

190 1921

'8 2
—

1890
1903
1903
1920

Par
Value

$100 $10,000,000

1 ,0 0 0

100
100
100
100
1,000
Various

P r o te c tiv e C om m ittees.

P u rsu a n t t o th e fin a l d is s o lu tio n d e cre e , th e R e a d in g C o . in Ja n . 1924
o ffe r e d t o its s to c k h o ld e r s, p re fe rr e d a n d c o m m o n , share a n d share alik e,
th e rig h t t o s u b s crib e fo r c e r tific a te s o f in terest in 1 ,4 0 0 ,0 0 0 shares o f th e
c a p ita l s to c k (n o p ar v a lu e ) o f P h ila d e lp h ia & R e a d in g C o a i & Ir o n C o r p .
S to c k h o ld e r s o f r e c o r d D e c . 17 1923 h a v e th e rig h t t o s u b s crib e fo r said
c e r tific a te s o f in terest a t th e ra te o f a c e r tific a t e o f in terest in o n e share o f
s to c k o f P h ila d elp h ia & R e a d in g C o a l & Iro n C o r p . fo r ea ch t w o shares o f
s to c k o f R e a d in g C o . p r e f. o r c o m . h e ld . T h is rig h t o f su b s c r ip tio n m u st
b e exercised b e fo r e Ja n . 1 1926. T h e p r ice o f s u b s c r ip tio n is i f fo r each
share o f s to c k o f P h ila d e lp h ia & R e a d in g C o a l & I r o n C o r p . re p re se n te d b y
th e ce r tific a te s o f in te re st s u b s crib e d fo r , or $2 fo r ea ch share o f R e a d in g
s t o c k . C o m p a re V . 118, p . 203 , a n d S e gre ga tio n P la n a b o v e .

’06-09.
4 yrly.
4 yrly.
4 yrly.

’ 10-’ 12. To to 2ndjquar.’24
4 yrly. 4 yrly. IQ— M
4 yrly. 4 yrly. (Q —J
(Q — y
6 yrly. 8 yrly.

B O N D S .— T h e fin a l d e cre e o f th e U . S. D is t r ic t C o u r t fo r th e E a stern
D is tr ic t o f P e n n s y lv a n ia , en te re d Ju n e 28 1923, p u rsu a n t to th e m a n d a te o f
th e U . S. S u p rem 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 again st R e a d in g
C o . e t a l., sev ered th e jo in t lia b ility o f R e a d in g C o . a n d P h ila d e lp h ia &
R e a d in g C o a l & Ir o n D 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 ortg a g e u p o n th e p r o p e r tie s o f said c o m p a n ie s an d d e cre e d th a t
th e lia b ility o f R ea d in g C o . in r e s p e ct t h e r e o f b e tw o -th ird s th e r e o f a n d th e
lia b ility o f P h ilad elp h ia & R e a d in g C o a l & Ir o n C o . o n e -th ir d th e r e o f. A s
fu r th e r d ir e cte d b y said fin a l d e cre e , R e a d in g C o . a n d P h ila d elp h ia &
R e a d in g C o a l & Ir o n C o . o ffe r e d t o th e h o ld e rs o f G e n . M t g e . b o n d s th e
r ig h t t o surrender th eir G e n . M t g e . b o n d s a n d r e c e iv e in exch a n g e : (a)
$66 6 2-3 p r in cip a l a m o u n t o f G e n . & R e f. M t g e . 4 X % G o ld b o n d s . Series
A
“ A , ” o f R e a d in g C o ., issued u n d e r th e m o rtg a g e a n d d e e d o f tru st d a te d
J a n . 2 1924, m a d e b y R e a d in g C o . t o C en tral U nion T r u s t C o ., (N e w Y o r k ,
tru stee; a n d (b) S333 1-3 p rin c ip a l a m o u n t o f R e f. M t g e . 5 % S inking F u n d
G o ld b o n d s o f th e P h ila d e lp h ia & R e a d in g C o a l & Ir o n C o . issued u n d e r
th e m o rtg a g e an d d eed o f tru s t d a te d Jan . 2 1924, m a d e b y P h ilad elp h ia &
R e a d in g C oa l & Ir o n C o . t o C e n tra l U n io n T r u s t C o ., N e w Y o r k , tru stee,
fo r ea ch $ 1 ,0 0 0 o f G e n . M t g e . b o n d s so su rren d ered . T w o -th ir d s in p rin ­
c ip a l a m o u n t o f th e G e n . M t g e . b o n d s su rren dered fo r e xch an g e w ill b e
sta m p e d t o s h ow th a t t h e y are s o le ly o b lig a tio n s o f R e a d in g C o . an d p le d g e d
u n d er th e m o r tg a g e se cu rin g th e n e w 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 ird in p r in cip a l 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
s h ow th a t th e y are s o le ly o b lig a tio n s o f P h ila d e lp h ia & R e a d in g C o a l & Ir o n
C o . an d p le d g e d u n d er th e m o r tg a g e secu rin g th e n e w R e fu n d in g b o n d s o f
P h ila d elp h ia & R e a d in g C o a l & Ir o n C o .— V . 118 , p . 2 0 3 , 230 5.

Rate

When
Payable

%

8

2 ,0 0 0 ,0 0 0

•J S
o
M S
o
J S
o
J S
o
M S
o
J S
o
A S
o
A S
o
J S
o
o
J S J

1.316,900
9 8
See text
9
500.400 See text
4.000.
000
6
500,000
4M g
2.680 000
3H
4.000.
000 g
4
1,124,400
6g

’ 03-T2 1.000 &o 10,000,000

Common Stock.— Seward Prosser, Pres, o f the Bankers Trust C o., Chair­
man; Mortimer N. Buckner, Pres, o f New York Trust C o., and John H.
Mason, Pres, o f Commercial Trust Co. o f Philadelphia.
Gen. Mtge. 4 s . — James M . Willcox, Chairman (V.-Pres. Philadelphia
Saving Fund Society), Phila.; George W. Davison (Pres. Central Union
Trust C o.), N. Y .; William A. Day (Pres. Equitable Life Assurance Society
o f U. S.), N. Y .; Edward D . Duffield (V.-Pres. Prudential Insurance Co
o f America), Newark, N. J.; William P. Gest (Pres. Fidelity Trust Co.),
Phila.; E. B. Morris (Pres. Girard Trust C o.), Phila.; C. S. W. Packard
(Pres. Penn.Co. for Ins. on Lives & Garnting Annuities), Phila.; Asa S.
Wing (Pres. Provident Trust C o.), Phila., with A. S. Fenimore, Sec.,
700 Walnut St., Phila., and Henry, Pepper, Bodine & Stokes, counsel.
Depositaries— J. P. Morgan & C o.. N. Y ., and Drexel & C o., Phila.
STOCK.— Reading Co. has the right to convert the 2d p re f. stock Into
one-half first pref . and oD e -h a if common stock. See v 64 p 709.

DIVS.—
’01. •02. '03. ’04. '05.
_
First pref_ % 4
4
4
4
3
Second pref_% 0
4
0
1H 4
O om m on_ % 0
_
0
0
0
3H

Amount
Outstanding

4 g

J

J
N
D
D
N
D
O
O
D
15

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Jan 1 1924 4%
May 1 1941
See text
See text
See text
See text
Apr 11940
Apr 1 1943
June 1 1943
T o Jan 15 1935

S D June 11943
o

Del & Hudson Co, N T
do
do
Rlohmond, Va
do
do
Richmond, Va
N y , Phlia or Rlohmond
Rlohmond
Sav Dep & Tr Co, Balt
Guaranty Tr Co, N Y
New York Trust Co, N Y

Railway Operations (Concluded)—
1922.
_
Fixed charges, taxes and depletion of coal lands_ 21,075,361
Dividends— Reading Co. 1st Pref. (4 % )_________
1,120,000
Second Preferred (4 % )________________________ 1,680,000
Common (8 % )------------------------------------------------ 5,600,000

1921.
15,715,178
1,120,000
1,680,000
5,600,000

Surplus for year, all companies________________ $12,675,361 $11,124,808
Coal Production.
From Lands From Lands From Other
Mined by—
Owned. Controlled. Lands.
Total.
238,556710,706
Company— 1922............ 5,151,606
6,100,869
1921_____ 8,769,085
451,865
1,357,015
10,577,967
Tenants— 1922______
734,888
88,526
823,414
1921______
872,389
137,644
1,010,033
Co. & tenants— 19225,886,494 327,083
710,706
6,924,284
1921 .
9.641,474 589,510
1,357,015
11,588,000
For latest earnings of Phila. & Reading R y., see “ Railway Earnings
Section’ ’ (issued monthly).
OFFICERS OF R EADIN G CO.— Pres., Agnew T . Dice; V.-Pres.,
v B. B ierck ; V .- P . & T r e a s ., H . E. P a is le y ; S e c ., J a y V . H a re .
DIRECTO RS.— E. T . Stotesbury, Joseph E. W id e n e r , A. H. Smith,
Ague-v T . D ic e , D a n iel W illa r d , C h arles H . E w in g , W illia m A . L a w , S am u el
M . C u r w en, Ira A . P la c e .
O ffic e , R e a d in g T e r m in a l, P h ila d e lp h ia .—
( V . 118, p . 2 3 0 5 .)

RENSSELAER. & SA R A TO G A R R .— (See Map Delaware & Hudson . ) —
Road Owned—
Miles. I Leased—
Miles.
T r o y t o L a k e S ta tio n , W h i t e h a l l- - 7 2 IA lb a n y t o W a t e r fo r d J u n c t io n ___ 12
F o rt E d w a rd t o L a k e G e o r g e ____ 15 S c h e n e c ta d y t o S a r a t o g a ___________2 0
E a gle B rid g e to R u tla n d . V t _____ 631 V e r m o n t L in e t o O a s tle to n , V t
7
L E A S E .— L e a se d In p e r p e tu ity M a y 1 1871 t o T h e D e la w a r e & H u d s o n ,
w hich ow n s $ 8 0 0 ,0 0 0 o f s t o c k ; r e n ta l, 8 % o n th e s t o c k a n d in te re st o n b o n d s .
D iv id e n d s b e in g p a id less in c o m e ta x , V . l l l . p . 1184. G u a r a n ty on s t o c k ,
V . 56, p . 77 3 . T h e $ 2 ,0 0 0 ,0 0 0 7 % b o n d s d u e M a y 1 1921 w ere r e fu n d e d
b y a lik e a m o u n t o f 6 % b o n d s d u e M a y 1 1941. V . 112 , p . 186 7.— ( V .
114, p .1 6 5 2 . )

RICHMOND FREDERICKSBURG & POTOMAC R R . 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. T h e R .F .& P .
R R . guar, stock is secured by mtge. New station in Richmond, V. 107.
p. 270.
The Richmond-Washington Co. (see below) in 1901 took over $947,200
of the $1,316,900 common stock. V .7 4 ,p . 149. Connection R R . franchise
suit, V. 107, p. 2188. The Washington Southern R y. was merged in Feb.
1920. V. 110, p. 168. 872. 1416.

D IV ID E N D on stock and divi-f 1900-04. 1905-16. 1917. 1918-22. 1923.
dend obligations----------------% -\8 yearly. 9 yearly. 14
9 yearly.
7
♦Also in Jan. 1907 25% in dividend obligations, and in Feb., 1916 50% in
same on both stocks and dividend obligations
V. 102, p. 610; V. 83,p. 1525.
In Feb. 1923 paid 100% in dividend obligations. V. 116, p. 296.
On non-voting common stock paid 6% in 1922 and 1923.
STOCK.— The 6% non-voting common stock was issued in exchange for
a like amount of common stock of Washington Southern Ry.
The stockholders on Feb. 5 1923 increased the authorized capital stock
Improvement mortgage 6% Donas of 1873 due Oct. l is y / were extenaec from $9,500,000 to $15,000,000. V. 116, p. 722.
at 4% for 50 years from April 1 1897, payable in U. S. gold, and guarantee!!
BONDS.— Of the gen. 3H s of 1903 due April 1943 ($4,000,000 author­
principal and interest by the Reading Co. V. 64, p. 470: V 65, p 516. ized), $3,500,000 were Issuable for double-tracking and Improvements (of
The consol 5s of 1882 for $5,766,500 were also extended at 4% till March 1. which $2,680,000, outstanding), is owned oy Richmond-Washington Co. and
1937, the Reading Go. and the Coal S Iron Co. becoming responsible. Set pledged under its mtge. (V. 81, p. 1178). the remaining $500,000 being re­
o
V. 65, p. 870, for contract
V 65, p. 152, 870
served to retire the consol 414s at maturity. See V. 77. p. 2388. 2391.
Terminal mortgage bonds, see V 64, p. 85, and V. 60, p. 732.
Guarantees, jointly with Atlantic Coast Line R R ., $3,380,000 1st mtge.
For ten-year sinking fund loan see Jan. 1895 “ Supp.” The bonds were in 5% gold bonds due Jan. 1 1952 o f Richmond Terminal Ry. V. 114, p. 948.
1902 extended to Feb. 1 1932 at 4% , being guar, by the Reading Co.,
Equipment trusts issued to Director-General for rolling stock allocated
and sinking fund reduced to $30,000 yearly. V. 72. p. 242: V 74. n. 206
to this company. See article on page 3 and V. 113, p. 1472.
The Philadelphia Subway Loan o f 1894-98 has been issued from time to
R E PO RT.— Year ending Dec. 31 1923, gross, $12,077,813; oper. income,
time up to a total of $2,782,000 to reimburse the company for installments
income, $172,646;
o f one-half o f the city loan and interest as paid; entire $2,782,000 issued $2,811,335; other latest earnings, see “deductions, $686,946; net income,
$2,297,035. For
Railway Earnings Section” (issued
was in P. S R. Ry. treasury Dec. 31 1922. V. 81, p. 1437: V. 85. p. 731.
o
Call.; Treas.,
The Jersey Central collateral trust bonds ($23,000,000 present Issue; are monthly). Pres., Eppa Hunton, Jr.; V.-P. & Sec., NormanVa.— (V. 118,
D . K. Kellogg, all of Richmond, Va. Office, Richmond,
teoured by deposit of $14,504,000 Cent. RR. of N J. (cost $23,200,000) of
the $27,436,800 stook outstanding, $1,495,000 Perklomen stock and $440,- p. 2305.)
000 Port Reading RR. stock, the remainder of the $45,000,000 auth. being
RICHMOND-WASHINGTON COMPANY— Controls a “ union” line,
reserved to aoqulre the minority stook of the Central Co. They are callable Washington. D. C.. to Richmond, Va ,117 miles. In the joint interest of the
on any lnt. day at 105 S Int. See abstract. V. 72, p. 487: V. 73, p. 847.
o
following roads, viz.: the Pennsylvania R R ., Baltimore S Ohio R R ., Atlan­
o
Equipment trust Series F, dated Jan. 1 1916, covers equipment described tic Coast Line Co., Southern R y., Seaboard A. L. Ry. and Ches. S O. R y ,
o
In V. 107, p. 697. Series G covers equipment mentioned in V. 106, p. 1786. each of which owns 1-6 of the $2,670,000 capital stock. Dlvs. In 1902, 3% i
V. 108, p. 684, 2324. Series J, V. 115, p. 183.
1903 to 1905, Incl., 4% yearly; 1906 and 1907, none; 1908 to 1915, 4 % ;
1916, 5% ; 1917 to 1922, 6% yearly.
R E PO RT.— For 1922, in V. 116, p. 2384, and V. 117, p. 1659, showed:
Incorporated on Sept. 5 1901 and aoqulred $947,200 of the voting capital
Railway Operations—
1922.
1921.
stock of the Richmond Fredericksburg & Potomac RR. and the entire stook
Railway company receipts______________________ $81,934,751 $84,924,227
of Washington Southern R y .. Long Bridge to Quantico, 36 miles.
Railway company expenses_____________________ 65,312,500 72,118,560
The collateral trust 4s of 1903 ($11,000,000 auth. issue) are guaranteed.
Jointly and severally, prln. and lnt., by the six roads named above. Of the
Net operating income________________________ $16,622,251 $12,805,667
bonds, $10,000,000 (Ser. A to E) have been sold. V. 77 ,p . 629, 695; V. 78.
Other income__________________________________
434,245 def201,469
p. 584, 1393; V. 84, p. 932. This collateral consists of $2,680,000 Rich­
o
Total net income, railway c o __________________ $17,056,496 $12,604,198 mond Fred. S Potomac gen. 3 J4a, $947,200 common, $2,604,800 dividend
obligations, $4,000,000 Washington Southern 1st 4s, $4,000,000 Rich.
Coal and iron company receipts__________________ $53,723,599 $71,844,495 Fred. & P ot. non-voting stock. See form of guaranty ,V .7 7 ,p .2 3 9 1 ;V .8 1 ,
Coal and iron company expenses_________________ 50,524,705 65,092,696 p. 1178.— (V. 84, p. 932.)
RIO GRANDE JUNCTION RY.— Owns road Rifle Creek, Col., to a con­
Coal and iron company net earnings___________ $3,198,894 $6,751,799
nection with the Denver & R . G. Western at Grande Jet., 62 miles. T hisisa
connecting link in the standard-gauge route between Ogden and Denver
Reading Company net income___________________ $20,284,713 $15,883,989 and Colorado Springs. Leased by Colorado Midland Railway (foreclosed)
and Denver Sc Rio Grande at 30% o f gross earnings, which companies
Net earnings, all companies___________________ $40,540,103 $35,239,986 Jointly and severally guaranteed the bonds, prin. and int. The Denver Sc




110

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Rio Grande Junction— Stock_____________________
$ 100 $2,000,000
First mortgage gold guaranteed___________ CeJto*
s
2.000,000
5g J A
1.00(
62 1889
1,000 4.509,000
Rio Orande Southern— First M g 52.277.000 areeu_x
4g J
A
s
175 1890
Rio Orande Western— See Deny A Rio Grande West.
c
Roberval-Saguenay Ry—
c
Consolidated mortgage sinking fund___________
1.330,000
7g J A
1919
A
t
555.200 See text J
Rochester & Genesee Val— Stock rental Brie RR____
100
18 —
Rock Island Ark & Louisiana— See Chlo R I A Pacific
s
As
Rock Istand-Frisco Term— 1st M gold guar Jolntly-xo*
1,000 3,390,000
5g J
1907
A
c
Rome & Clinton— Stook (rental guaranteed)________
345.360 See text J
100
12 H
(The) Rome Watertown Sc Ogdensb— See New Yor k Cen tral R R.
Roscoe Snyder Sc Pacific—
1.000 See text.
1st ref M $5,000,000 gold red text_____________ Qy
M &
1912
6g
2
100
300,000
Rumford Falls & R L— Stock $300,000____________
M &
A &
Rumford Falls A R L first mtge gold sinking fund.z
c
5g
500 &c
400,000
7 1897
$100 8.955.406
Rutland— Stook cum 7 % pro! vsee text)___________
397
4H g J Ac
1.00(J 3.499,000
First consol mortgage for 53.500,000 gold-— Us.xo
120 1891
c
1,000 4.400,000
Ogd & L, Ch 1st M 54.400.000 gold assumed.Ce.xo
4g J A
127 1898
Rut-Can first M gold assumed 51.350.000--OB.xo
4 g J Ac
1.000 1,350,000
1899
500.000
Bennington <>Rutland— 1st ref M g ass------------ N.x
s
1.000
4 h e M Ac
435l 1897
Chatham A Leb Val 1st M 5500,000 g p A 1 guar.G
c
s
4 g J Ac
1,000 In treasury
58 1901
102.000
4H g M Ac
1,000
Equip trusts due $34,000 yrly (V 94.p 1250).Q.«c*
1912
434 A &
1913
1.000
56,000
do
do due $14,000 yearly------------------------ x
s
1.000
5g J A
20.000
Ogd Ter Co M g int gu s f 510.000 y ly ------------ Go*
1911
4g
s
A A
225,000
Rutland Toluca & Nor— 1st M g gu red Oct 15-NC.xo*
27 1910 100&1000
255,700 See text Q - -F
100
Rutland & Whitehall RR— Stock (no bonds)..........
6.75
A Belt RR
c
St Clair Madison & St Louis Belt— See Missouri A 1 1 noli B ridge
i 11
8aa Tuscola & Huron— See Pere Marquette RR.
4
J &
£560.543
1912
St John & Quebec Ry— 1st M deb stk guar see text___
1.700 000
prov Govt 4 34 % bds $10,000 per mile____________
170 1914
1.268,000
Prov Govt 5H % bonds__________________________
1,416,000
Prov Govt 6% bonds____________________________
5 g M Ae
118 1894
1.00" 2,500,000
It Johnsb & Lake Champ— 1st M (51.328.000 gu).xc*
100 4.600,000
St. Joseph & Grand Isl Ry— Common stock..-----100 5,499.400
1st pref stock 5% non-cumulative $5.500.000____
3.500.000
2d pref stock 4% non-cumulative________________
1.660 4.000.000
c
4 g J A
First mtge $5,000,000 gold______________Ce.xc’ &r
251 1897
Further $25,000 owned by Rutland RR. Co.
A
t
800,000
5C J
1.000
1896
$t Lawr & Adirondack Ry— 1st M 5800.000 g — N.xo*
1.000
c
400.000
6«
A A
1896
Seoond mortgage 5400,000 g .............- ........... — N.x
R. G. Western owns $1,958,300 o f the $2,000,000 capital stock. V. 105. p
2457: V . 95, p. 1542; V. 97, p. 888. Proposed consolidation into that sys­
tem, see Den. & R . G. West, reorganization plan in V. 116, p. 2881; also
statement o f Den. & R . G. West, above.
DIVIDENDS — 1905. 1906. 1907-12. 1913-14. 1915. 1916-17. 1918
Since 1903, % .........35*
4kC 5 yrly.
Nil
15% 5% yrly. 51.6%
— (V. 114, p. 522.)
(THE) RIO GRANDE SOUTHERN RR. CO.— Ridgeway, Colo., to
Durango, 162 m., and branches, 13 m. Stock, $4,509,000, of which $3,579,737 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 & Rio
Grande Western reorganization plan. See V. 117, p. 1235.)
For 1922, gross, $681,078: net, $8,148: other income, $3,364; deductions,
$207,937; bal., def., $196,425. Pres., T . H. Marshall; Sec., J. A . Handley; Gen. M gr., James Russell.— (V. 114, p . 80, 199, 411.)
ROBERVAL-SAGUENAY RR.— Main line. Port Alfred to Ha-Ha
Bay Jet., 19.2 miles.
Branches, 37 miles.
Stock, common. $500,000,
and pref. 6% nou-cum., $800,000; par, $100. The $536,400 consol, ref.
mtge. 5s, $723,600 Ha-Ha Bay R y. 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 19.55. For year ended
Dec. 31 1922: Gross, $341,617; net, $75,731; deductions, $93,242; bal.,
def.. $17,511. Pres., Hon. F. L. Beique, Montreal; V.-P. and M an. Dir.,
J. E. A. Dubuc.
ROCHESTER & GENESSEE VALLEY RR.— Avon to Rochester. N. Y .
18 m. Leased 1871 In perpet. to Erie Ry. Rental, $34,012. paid by Erie
RR. direct to stockholders, $33,312. organis’n. $700. See V. 108. p. 5S0
ROCK ISLAND LINES.— This is the popular name for tne umcago
Rock Island & Pacific system, whose ^earnings, securities, Sec., are shown
on preceding pages.
ROCK ISLAND-FR1SCO TERMINAL RY.— Furnishes part of St. Louis
terminals of the Rock Island and St. Louis-San Francisco systems, includ­
ing freight station and yards In St. Louis, M o., the Chicago R . I. &
Pao., St. Louis-San Fran, and Chic. & 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,
$500,000, $300,000 being owned Dec. 31 1923 by Ch. R. I. & Pacific Ry
and $200,000 by St. Louis-San Fran. R y. Co. The bonds (see above)
are jointly guaranteed by endorsement by Chic. R. I. & Pac. R y. and old
St. Louis A San Francisco R R . C o.. Merc Trust Co. of St. Louis is trustee
c
V. 84, p. 571, 749. Pres., J. M. Kurn; V .-P. A Gen. M gr., A. D. Aiken;
c
Sec., F. H. Hamilton. Office, St. Louis, M o.— (V. 84, p. 749.)
ROME & CLINTON RR.— Owns road from Rome to Clinton, N. Y ., 13
miles. Organized in 1869. Leased in perpetuity in 1891 to Delaware &
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.
Divs. at 6 34% p. a. (314% J.-J.) paid to Jan. 1910, but payments reduced
thereafter on account o f Federal income tax; 3% paid July 1910; 1911 &
1912. 6 1 9 1 3 , 6>4%; 1914 to July 1917, 6 3 4 % ;Jan. 1918 to Jan. 1919,
3% s-a.; July 1919, 2 % % ; Jan. 1920, 2M % ; July 1920, 3% : Jan. 1921.
2Vs%\July 1921,3% ; Jan. 1922 to Jan. 1924, 2% % s.-a.— (V. 118, p. 907.)
ROSCOE SNYDER & PACIFIC RY. — Owns Roscoe, Tex., to Flu­
vanna. 50 miles. Stock, $200,000. Dividends for year 1914-15. 25%;
1815-16, 15%; 1917,15% ; 1920, 33 1-3% instock; 1921-22, none; 1923, 6% .
1st ref. gold 5s ($5,000,000), limited to $20,000 per mile, $158,000 were re­
served to retire 157,511 prior liens due July 1917 held by Texas & Pacific
R y. Of these $57,511 were paid off at maturity and the remaining $100,000
extended for 2, 3 and 4 years, respectively, due one-third each year (paid
in full in June 1921). Bonds are subject to call on any interest day in
blocks of $1,000,000- V. 95, p. 1685. For year ending Dec. 31 1923, gross,
$275,718; net, $95,755; int., rentals, See., $39,274; divs., $12,000; bal.,
sur., $44,480.
RUTLAND R R . CO.— {See Maps N . Y. C. RR.)— 413 miles, viz.:
RR. Lines Owned—
Miles.
Leased, A c.—
Miles.
Bellow’s Falls, Vt., to OgdensLines to Tlconderoga, A
co________ 17
burg, N. Y .................................282
Rutland, Vt., to Chatham, N. Y.114
Owns entire $100,000 stock and $100,000 4% bonds of Rutland & Noyan
RR., entire $1,000,000 stock of Rutland Transit Co., entire $100,000 stock
Ogdensburg Term. Co., entire $500,000 Chatham Sc Lebanon Valley RR.
lat mtge. bonds. $495,900 (total $500,000) stock of Addison RR. Co. and
$149,500 stock (total $150,000) of Champlain Construction Co. V. 75,
p. 1029; V. 73. p. 437: V. 72. p. 88. 822. In May 1915 the I.-S. Commerce
Commission ordered the company to sell the Rutland Transit Co. by Dec. 1
' 9 1 5 : six of the Transit Co. shins were sold In Aug. 1915- V. 101. p . 695
V. 100, p. 1753; V. 104, p. 2637. Tentative valuation, $22,205,821 as of
June 30 1916.
STOCK.— 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 RR. owned $102,200 and the N. Y . Central RR. and the
N. Y . N. H. A H .R R . Co. each owned $2,352,050 of the company’s $9,057.c
600 pref. stock.
Divs. 1 ’98. ’99. ’00. ’01. ’02. ’03. ’04-’05. ’06-’08. ’09-’15. 1917. 1918.
on p f.j 2
2
3
4
3
1
0
134 yrly
0
Apr. 2 Jan.,
Accumulated dividends on preferred aggregated about 279% Jan. 1924.
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.
R E PO RT.— Report for cal. year 1923, in V. 118, p. 2434, showed
Gross, $6,695,786; net. oper. income, *868,143; other income, $51,597,
deductions, $455,831; bal., sur., $463,909.
For latest earnings, see “ Railway Earnings Section” (issued monthly).




[Vo l . 118.
Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

n Deo 1 1939
j July 1 1940

\ 52 WUllam St. N Y
Jan 1922 int unpaid

j July 1 1955
Credit Gen du Can, Mont
j Jan 2 1924 3% Erie R R Co. New York
,TJan 1 1927
New York or St Louis
J Jan 1 1924 2J4 By oheok.
N Nov 1 1942
N May 1 1924 1%
O Oct 1 1937
Jan 23 '18 2%
j July 1 1941
J July 1 1948
J July 1 1949
N Nov 1 1927
.) July 1 1951
N To M ay 1927
O To Apr 1928
J 1924 to 1925
o Oct 1 1930
15 M ay 15 ’24 134

do
do
do
do
Old Colony Trust Co,Bos
466 Lexington Ave, N Y
do
do
Guaranty Trust C o, N Y
do
do
466 Lexington Ave, N Y
See text
United Nat Bank, Trov

D 1962

Bank of Montreal, Lone

S Moh 1 1944

Company's office, Boston

New York
Portland, Me
Old Colony Tr Co, Boston

1902, 5%

J

Jan 1 1947

U S M tge At Tr Co. N Y

J July I 1996
O Oot 1 1996

New York Trust Co. N V
Equitable Trust Co. N V

OFFICERS.— Pres., P. E. Crowley; Sec., Edw. F. Stephenson; Gen.
Treas., Milton S. Barger. Office, Rutland, Vt. General Treasurer's office.
466 Lexington A ve., New York.— (V. 118, p. 2434.)
RUTLAND TOLUCA & NORTHERN RR.— Rutland to McNabb, 1 1 .
1
27 miles. Leased to Chicago & Alton R R ., which owns all the $97,000
stock, for 999 years from Oot. 1 1910 and guarantees the bonds, orln & lnt
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 A C o.), Nathan
c
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 C o ., 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 and Oct. 1 1923 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 Sc WHITEHALL R R .— N. Y. State Line to Oastleton Vt
6.75 m. Leased 1870 in perpetuity to Rensselaer & Saratoga R R . (rental
115.342—6% on stock, less U. S. income tax); operated by Del. A Hudson.
c
ST. JOHN Sc QUEBEC R Y .— Operated by tne (janadlao National Rail­
ways.
Fredericton northwest to Centreville, 88 miles, and Fredericton
southeast to Gagetown; also since Oct. 1 1919 from Gagetown to Westfield
Beach thence over the Can. Pacific Ry. to St. John.
The 1st M . debenture stock, unconditionally guaranteed, prin. A Int.,
t
by the Province of New Brunswick. Callable for 1% fund beginning in
1922 at 105. V. 94. p. 1450; V. 95. p 1747.
The title of the railway being now vested in the Prov. of N . B .. the Prov.
of N . B. loaned Provincial 4 34 % bonds to complete the railway between
Oentreville and Westfield, 157 miles. W . P. Jones, Pres., Woodstock.
N. B.; Robert Bayley, Sec., Fredericton, N. B.— (V. 98. p. 1678; V. 112.
p. 2191.).
ST. JOHNSBURY & LAKE CHAMPLAIN R R . CO. (THE).— Owns
Lunenburg, Vt., to Swanton, Vt., 118 miles (22 miles from Lunenburg to
St. Johnsbury, Vt., is leased to the Maine Central R R . C o.). The road is
operated independently, although a majority of the stock is owned by the
Boston & Maine. Stock, com ., $2,452,449: pref., $1,154,400; par, $50.
Valuation, V. 113, p. 1540. In 1923, gross $539,705; net ry. oper. income,
def., $35,159; other income, $24,252; deductions, $138,005; bal., def.,
$127,098.— (V. 113, p. 629, 1575.)
ST. JOSEPH S GRAND ISLAND RY,— Owns St. Joseph, Mo., to Grand
c
Island, Neb.. 251 miles; Stouts to Highland. Kan.. 7 in.
HISTORY.— A reorganization Feb. 23 1897 (per plan in V. 62, p. 784
950) of the St. Jos. A Grand Island Railroad, sold In foreclosure. Union
Pacific Dec. 31 1923. owned $4,571,900 com., $5,361,490 first pref. and
$3,435,980 2d pref. V. 84. p. 52. 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 R R . Co. The appeal of the plaintiffs from this decision to the
U. 8. 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 R R . Co. V. 102. p. 1812.
DIVIDENDS (% )—
11898 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 In V. 64, p. 1138;
V. 94, p. 763. Action has been dropped on proposed new bond Issue, owing
to pending stockholders' suit. V. 95 p. 420, 1123. 1536.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., O. R. Gray; Sec., Thos. Price; Treas., F. V. S. Crosby.— (V. 113,
p. 1675.)
ST. JOSEPH SOUTH BEND & SOUTHERN RR.— Owns South Bend.
Ind., to St. Joseph, Mich., 39 m. Stock, $500,000 oom. and $250,000 5%
pref. Leased to Ind. 111. & Iowa R R . (now New York Central R R .) for 50
years from Feb. 23 1900, the Michigan Central assuming operation on Feb. 15
1905; 5% per annum on pref. and 2% on com. are paid yearly (M S 8 15)
c
since Sept. 1901. In 1905 and 1907 and March and Sept. 1909, Sept. 1911.
Sept. 1913, Sept. 1915, Mar. 1918, and Mar. 1920 paid 34% j0xtra on com­
mon. No bonds. Officers: Jacob S. Farlee, Pres.; Colgate H oyt, V.-Pres.;
Frank H. Carter. Sec. A Treas.— (V. 106, p. 930, 1127.)
c
ST. LAWRENCE Sc ADIRONDACK R Y.— (See Maps N . Y . C. Lines
—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 has
trackage rights over Can. Pac. from Adirondack Jet. to Montreal. Que..
8.80 m.: other lines, 5.46: total. 70.63miles. New York Central R R . owns
entire stock, $1,615,000, and leased the road for 21 years from Jan. 1 1916.
V. 102. p. 1443; V. 99, p. 1699; V. 101, d . 460, 775. As per lease, the earn
tags are now included with those of the lessee.— (V. 101. p. 775.)
ST. LOUIS Sc HANNIBAL R R .— Hannibal to Gilmore, M o., 85.6 miles;
Rolls Junct. to Perry, 17.80 m. The railway was sold under foreclosure
Sept. 28 1917 and reorganized per plan In V. 105, p. 717, all the old bonds
being retired and no new bonds issued. The new company took possession
Dec 31 1917. The company In Sept. 1920 withdrew Its petition made to
the Missouri P. 8. Commission in M ay 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
Ringllng (one of the brothers who owns Rlngltag Bros. Circus), who intends
to Improve the property and operate It. Auth. capital stock, $250,006
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 RY.— (Bonds.)—
V. 116. p. 177.

M ay , 1924.]

111

BAILW AY STOCKS AND BONDS

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61
Louis & Cairo— See Mobile & Ohio
it Louis Bridge— See Terminal Railroad Association
St Louis iron Mt & S outhern— See Missouri Pacific
St Louie Memphis & S E— See St Louis & San Fra
It Louis Merchants’ Br Term— 1st M gu p & 1g_SSt.sc
Merch Bridge 1st M red slnoe Feb 1 1909 at 110-SSt.x
It Louis & O’Fallon—
Second M $300,000 g red par beg Oct 1912______y
$t Louis Peoria & N W Ry— See Chicago & North W
f t Louis-San Francisco Rv— Com stk $250,000,000
Pref stk non-cum $200,000,000 serA6% red p a r_
_
Prior lien M $250,000,000 gold securing—
Series A 4% callable at par__ _____Cexc*Ar*
Series B 6% callable at 105 _______ Cexc*Ar*
Series C 6% callable at 1 0 2 3 4 ---------- Ce.xc*Ar*
Series D 534 % callable at 10234
- Ce.xc*Ar*
Adjust M cum $75,000,000; ser A, call par & IntBax
income M non-cum $75,000,000; ser A, call par.Un
Old QenM gold(lston658m)$3,659,000are6sUs.*o*

Miles Date
Road Bonds
of St
n

Amount
Outstanding

Rate
%

$500 Ac $3,500,000
1.000 2.000.000

5g
6

A
F

A
A

O Oot 1 1930
A Feb 1 1929

St Louis Union Tr Oo
Farmers L A Tr Co, N Y

6g

M A

S Sep 1 192S

State Bank. Chicago

When
Payable

Last Dividend Places Where Interest an*
and Maturity
Dividends are Payable

Louts
1890
1889

9 1903
estern R f
3.471
3,471
3.471
3,471
3,471
3,471
986

Par
Value

1916
1916
1918
1922
1916
1916
1881
1920
1922
Equip trust certif due $400,000 yearly ______ Gc*
1922
Kansas City Ft Scott & Memphis System bonds— see tb at co.
Remnants Old Bonds, Ac, still exchangeable under plan —
St Louis & San Francisco—
Collateral trust mortgage on branches goldC e.sc*
64 1887
188 1896
Consol mtge (V 64. p 1861) gold, no option.Ba-s
Southwest Dlv M $1,500,000 red at par g___Ce.so*
112 1897
Quanab Acme & Pac Ry 1st M call 105___________
79 1909
Kansas City Fort Scott & Memphis— See that co
KO Memphis & Birm— See K O Ft Scott & Memphis
Auxiliary Companies
Ft Worth & Rio Gr 1st M gold old 5s lnt red.Ce.xo*
223 1888

500 Ac

300.000

$100 $50,447,026
100 7,846,900
100 Ac
100 Ac
100 Ac
500 &c
100 Ac
100 Ao
1,000

d91,064,450
4g
24,950,000
5g
10.598,000
6g
15,432,000
534 g
d40,457,243
6g
35,172,000
6g
9,362,000 5 & 6 g
10,288,300
1,000 5.600.000
5 g
3,000,000
6g

A J July 1 1950
A J July 1 1950
A J July 1 1928
A J Jan 1 1942
A O July 1 1955
Oct. 1 July 1 1960
J ft J July 1 1931
J A .1 1.< To .Tan 15 1935
5
M A S Sept 1 ’ 24 to '37
M A S 1930

1,000
1.000
1,000
1,000

A
J
A
A

18,000
155,000
379,000
120.000

5
4
5
6

g
g
g
g

.1
J
J
J
A

A O
A J
A O
A O

Oot
July
Oot
Oct

1 1987
1 1996
1 1947
1 1939

Office o f Company,
do
do
do
do
do
do
Paid in full to Apr
Paid in full to Oct
Bankers Trust Oo.

N Y
1924
1923
N 3

New York

Cent Un Trust Co, N Y
Bankers Trust Co. N Y
do
do
American Tr Co, S t L

1.000
1.046.000
Central Union T r N Y
4 g J A J July 1 1928
d On Dec 31 1923 an additional $2,244,050 Prior 1
1en “ A “ 4% b onds and
$90,575 A 6% ad Justment bonds were hel d by reorganization
. & M . R y. pref. stk. and und arlying b onds.
managers for retirement of trust certificates 1 or K. O .F . 8
.

.

ST. LOUIS KENNETT & SOUTHEASTERN R R .— Owns Kennett,
STOCK.— The company’s share capital embraces:
M o., to Piggot.t, Ark., 20 miles. Stock, $300,000; par, $100. Pres., Non-Cum. Pref. Stock, $200,000,000 Auth.; Now Issued_______ $7,846,900
W. D. Lasswell; V.-Pres., H. B. Pankey; Sec. A Treas., H. B. Pankey.
Entitled to receive for any fiscal year such non-cumulative dividends
Office, Kennett, M o.— (V. 118, p. 1393.)
as may be determined by the board, provided for the two fiscal years next
ST. LOUIS MERCHANTS' BRIDGE TERMINAL RY.— ORGANI­ preceding the full interest shall have been paid on the Income Mortgage
Issuable in series and redeemable, in whole or in part, at such
ZATION.— Double-track road from near Union Station, via Main St., Hall oonds
So.. Ao., to Ferry St., opposite the Merchants’ Bridge, 4.01 m .; it owns and premiums, A c., as may be fixed at time of issue.
controls the Madison 111. & St. L. R y., 1.91 m.; total, 5-92 miles. The
Common Stock. $250,000,000 Authorized; $50,447,026 Now Issued.
property o f the Merchants' BridgeCo. (1.99 m.) was conveyed by deed
Equipment trusts issued to Director-General for rolling stock allocated
Aug. 24 1920 to the company subject to mortgage for $2,000,000.
to this company. See article on page 3 and V. 114, p. 411.
Stock auth., $3,500,000; Issued, $2,939,500; par, $100; of this the Ter­
R E P O R T . — F o r 1923. in Y . 118 , p . 2 43 0, s h o w e d :
minal Railroad Association owns a majority. In Nov. 1893 Term. RR.
Assn, of St. Louis guaranteed by endorsement the prin. and int. of its
1923.
1922.
1921.
1920.
$3,500,000 1st mtge. bonds and the interest on $2,000,000 Merch. Bdge. 6s
A v g e . m ileage o p e r a t e d .
5.2 4 6
5,246
5 ,2 5 6
5,2 5 2
Suit, V. 91, p. 1448.
T o t a l o p e r . r e v e n u e ____ $ 8 9 ,6 3 3 ,1 5 2 $83 ,0 0 8 ,0 2 3 $ 8 6 ,2 9 2 ,5 8 4 $ 9 8 ,7 2 3 ,0 3 9
Year—
Gross.
Net.
Other Income. Charges
Balance.
Net operating revenue . 23,698,532 20,3 7 6 ,2 9 1 2 1 ,9 0 6 ,8 7 8
8 ,8 3 6 ,4 9 4
1922 ...........$4,118,952
$961,826
$775,444 $1,043,227 sur.$694,043
Operating Charges—1921_ 3,658.660
531,975
595,641
878,748 sur.248 868 T a x e s ____________________ $ 4 ,2 8 9 ,3 3 7 $ 3 ,7 2 6 ,6 8 4 $ 3 ,6 7 2 ,7 0 3 $ 3 ,5 3 3 ,5 1 4
1920 - 4,36 >,490 def524.320
xl.553.918
1,097.952 def. 68.354 U n c o il. r a ilw a y r e v e n u e .
3 1 ,757
61,142
3 3 ,8 4 8
43,2 9 2
1919 — .....................
...............
x51.3,689
589.014 def. 75.325
H ire o f e q u ip m e n t— n e t .
4 7 9 ,9 9 6
1 ,0 5 1 ,8 3 2 .
427,981
1 ,9 2 6 ,0 9 4
1918 - _____ ________
________
X453.929
486,288 def 32.359
J o in t fa c ility re n ts — n e t .
2 4 3 ,5 6 0
174,799
2 3 7 ,6 0 2
4 3 4 ,0 2 9
x Includes compensation due from Government. For latest earnings, see
“ Railway Earnings Section’’ (issued monthly).— (V. 91, p. 1448; V. 108,
O p e ra tin g in c o m e ___
$ 1 5 ,3 6 1 ,8 3 4 $ 1 7 ,5 3 4 ,7 4 2 $ 2 ,8 9 9 ,5 6 4
p. 2241.)
O th er in c o m e ___________
4 51 ,827
4 9 4 ,6 5 0
3 9 7 ,9 8 0
3 0 4 ,7 2 3
ST. LOUIS & O’ F'ALLON R Y .— East St. Louis. III., to Mine No. 2
$ 1 5 ,8 5 6 ,4 8 4 $ 1 7 ,9 3 2 ,7 2 3 $ 3 ,2 0 4 ,2 8 7
8.94 miles. Incorporated in Illinois June 1 1896. Stock. $410,000. all
$23 6 ,3 0 7
$2 2 6 ,9 3 4
$ 2 3 9,49 7
$24 1 ,5 5 3
Issued. Pres., William Cotter, St. Louis, M o.; Treas., Philip Marsh.— D e d u c t — R e n t a ls _______
M is c . in c o m e c h a r g e s___
161 ,977
171 ,163
15.111
a
(V. 103, p. 62.)
M is c e lla n e o u s t a x e s ____
13,4 2 9
16.368
1 6 4 ,9 8 4
a
ST. LOUIS-SAN FRANCISCO RAILW AY CO.— The company on S in k. & o th e r res. fu n d s .
2 7 1 ,9 2 7
2 4 5 ,2 4 4
5 0 ,658
130 ,865
Dec. 31 1923 operated directly or through subsidiaries a total of 5.244 m. of S e p a r. o p e r . p r o p ’ y — loss
82,601
4 8 ,9 9 0
road of which 3.936 miles are owned, 1,215 miles leased and 93 miles operated
under trackage rights. The mileage of the company extends from St. Louis
$ 1 5 ,1 8 4 ,2 1 2 $ 1 7 ,3 9 4 ,8 2 9 $ 2 ,8 6 3 ,0 8 6
into the States of Missouri, Kansas, Arkansas, Oklahoma, Texas, Alabama, In te re s t o n —
Mississippi and Tennessee. Through the Kansas City Ft. Scott A Memphis
F ix e d c h a r g e s ________ $ 1 0 ,0 3 9 ,2 3 2
$ 9 ,8 8 7 ,7 9 5 $ 9 ,6 6 5 ,8 7 9 $ 9,630,761
R y., which t controls by stock ownership, the St. Louis-San Francisco R y.,
C u m . a d ju s t, b o n d s ._
2 ,4 2 7 ,6 5 6
2 ,4 3 1 ,8 8 4
2 .3 9 1 ,7 5 0
2 ,3 4 0 ,8 9 3
also has a direct through route from Kansas City to Memphis and Birming­
I n c o m e b o n d s ________
2 .1 0 9 ,7 2 0
2 ,1 1 1 ,5 2 0
2 ,1 1 1 ,5 2 0
2 ,1 1 1 ,5 2 0
ham. V. 106, p. 2006; V. 107, p. 2377.
ORGAN IZATION .— Incorporated in Missouri Aug. 24 1916 and suc­
B a la n ce o f in c o m e ____ $ 3 ,7 6 2 ,8 5 9
$ 7 5 3,01 3 $ 3 ,2 2 5 ,6 8 0 d f$ l 122 0,08 8
ceeded on Nov. 1 1916, per plan in V. 102. p. 896, 1061, to certain proper­
eou
ties of St. Louts & San Francisco RR.. foreclosed under the General Lien D eac .M is ce lla nare s ta xe s da n d “m isce lla n e o u s ein c o m e ch a rg e s fo r y e a r en d ed
31 1920
in c lu d e in O th er I n c o m .”
and also the Refunding Mortgage. V. 102. p. 2167, 1256, 1342.
F o r latest earn in gs, see “ R a ilw a y E a rn in g s S e c t io n " (Issued m o n t h ly ) ,
Securities of Present Co. (compare V 104. p. 452, 1703: V. 107. p. 2477;
O F F I C E R S .— C h a irm a n , E . N . B r o w n : P r e s ., J . M . K u rn : V . - P . . S ec.
Prior Lien Mtge., Series A 4% ; B 5% Bonds; C 6% Bonds; D 5H % Bonds.
A T r e a s ., F . H . H a m ilto n ; V .- P . , J . R . K o o n t z , J . E . H u tch in s o n , B . T.
Limited to $250,000,000. Issuable in separate series bearing such inter­ W o o d a n d C . W . M ic h e l.
est rates not to exceed 6% , maturing at different dates and redeemable at
D I R E C T O R S .— E . N . B r o w n , F re d e rick H E c k e r , W alter S. F ran klin
such times, and premiums as may be determined. Including Dec. 31 1923. C . W . M ic h e l, T h e o d o r e G . S m ith , T h o s . F . W o o d lo c k , E . V . R . T h a y e r .
Series A 4% bonds in hands of public________________________$91,064,450 F ra n k C . W r ig h t, R o b e r t M . T h o m p s o n , N e w Y o r k ; A . G . B e c k e r , C h ic a g o ;
Held to retire remnants o f old securities----------------------------- 2,244,050 J . M . K u r n , S am L a za ru s, F estu s J . W a d e , M . L . W ilk in s o n , S t. L o u is ;
In insurance fund__________________________________________
90,000 B . F . Y o a k u m , N e w Y o r k ; D a v id P . B e n n e tt, P itts b u r g h ; G ra n t R . M c ­
C u llo u g h , T u ls a , O k la . G e n e ra l o f fi c e , F r is c o B ld g ., S t. L o u is , M o .
Series B 5% Bonds, held by public (V. 103, p. 1889; V. 106. p.
2006) — ............... ............................................- ............................ 24.950.000 N e w Y o r k o ffic e , 120 B r o a d w a y . Y . 118, p . 2 30 6.
Held In Insurance fund________________________ - -----------50.000
ST. LOUIS SOUTHWESTERN R Y .— System embraces:
Series C 6% bonds sold in Dec. 1918 (see V. 107, p. 2477; V. 108,
p. 2325)______________________________ 1__________________ 10,598.000
St. Louis S W. Ry. (970miles).—
Shreveport Branch_____________63.2
Series D bonds, sold in Apr. 1922 and Apr. 1924 (V. 114, p. 2013; V. 118, Main Line— Delta to Texarkana412.4 P&ragould S. E. Ry. (leased).. 37.3
Main line trackage----------------- 1.9 St. L. SW. Ry. of Texas (807 miles).—
p. 1666.
The balance, bearing such rates of interest not exceeding 6% and having Illinois Division (trackage)----- 161.6 Main L— Texark to Comanche.373.9
such maturities as may be determined by the directors, are under the mort- Cairo and New Madrid Branohes 63.7 Fort Worth & Dallas Branohesl71.6
Grays Point Term. R y. (leased) 13.3 Sherman & Hillsboro Branohes 92.5
age reserved and issuable for the following purposes;
Memphis Dlv. trackage, &o----68.6 Lufkin
ranch_______________ 130.9
2,984,600 for the general corporate purposes of the company.
9,484,000 for the refunding or acquisition o f St. Louis A San Francisco Cent. Ark. & Eastern (leased). 43.3 Steph. N . A S. T . (leased)_____ 38.3
Stuttgart*Little Rook Branohes 78.8
R y. Co. gen. mtge. 5% and 6% bonds maturing in 1931.
522,000 for the refunding of equipment obligations matured or maturing Pine Bluff Ark. River (leased). 25.7 Total operated Dec. 31 1923.. 1.777
subsequent to Jan. 1 1922.
On Jan. 1 1918 leased Pine Bluff Ark.River Ry.,26 miles.— V. 106.p.297.
43,341,500 for the acquisition o f other lines o f railroad and terminals or the
The Stephenvllle North * South Texas R y.. Stephenvllle to Gatesvllle.
capital stock and bonds representative thereof.
75 m .. and Edson (near Hamilton) to Comanche. 30 m .. Is leased from
29,420,400 for new equipment at the cumulative rate of $4,000,000 bi­ July 1 1913 with option of extension for 40 years, or right to purchase at
ennially, but only for two-thirds of cost thereof.
any time. V. 96. p. 1090. 1490. 1774; V. 96. p. 1841. Leases for 30 years.
18,674,300 for improvements and betterments and additions other than from July 1 1910. with privilege of purchase on payment of bonds, the Cent.
new mileage at the cumulative rate of $4,000,000 biennially, Arkansas A Eastern, operating from Stuttgart. Ark., to England, and Rice
but only for two-thirds of cost thereof.
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
Cumulative Adjustment Mortgage Bonds.
Limited to $75,000,000. Bankers Trust C o. and E. F. Swinney, Trus­ Ry. Co. for a period of two years from Mar. 1 1920. V. I l l , p. 793;
tees. Interest payable at such rate not exceeding 0% per annum as fixed 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
at time of issue, but payable, prior to the maturity of the principal, only out
of the “Available Net Income.” Interest accumulated must be paid at acquire control of the Valley Terminal R y. by lease. V. 115, p. 2581.
or before maturity, but accumulations shall not bear interest.
ORGAN.— Reorg. of St. Louis Ark. A Texas, foreclosed in Oct. 1890.
The full semi-annual 3% interest on the outstanding Adjustment bonds
’09. TO. ’ l l . T2. T 3. T4. ’ 15-’21. '22. ’23.
has been paid to and including Apr. 1 1924, and on Oct. 1 1916 to Oct. 1
5
4 5Ji 4Ji m
None. 214
5
1923, also the full 6% (annual) interest on the outstanding income bonds. PREF. DIVS. ( % )............... 2
Divs. on pref. stock were resumed on Dec. 30 1922 with a payment of
V. 106. p. 822: V. 107. p. 1005; V. 108, p. 1166; V. 109, p. 888.
Outstanding as of Dec. 31 1923______________________________ $40,457,243 234%: April 2 1923 to June 30 1924 paid 134% quar.
BONDS.— First Consols; auth. Issue. $25,000,000; unissued bonds were
Res. for part ref. stock trust certif. for pref. stock o f K. C. F. S.
A M . Ry. C o--------------------------- -------- --------------------------------90,575 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.
Reserved for 33 1-3% of cost of equipment and improvements
2160: V. 84. p. 1249: V. 87. p. 814: V. 88. p. 453.
to be Issued at par after Jan. 1 1922, $4,000,000 biennially
The First Terminal and Unify'ng 5s of 1912 (1100,000,000’auth. Issue)
($2,000,000 for equip, and $2,000,000 for improvements)..$20,000.000
cover all the property secured by existing mortgages and will also have a
Reserved to be issued at par after Jan. 1 1932, at the cumulative
Urst lien on all extensions, branohes, equipment, Ac., constructed or aorate of $3,000,000 annually for that part of the cost of im­
pulred with the proceeds of the bonds. Of the bonds, $12,269,000 have
provements and for additions other than new mileage, in re­
spect of which Prior Lien Mtge. bonds shall not be issued.. 14.452.182 been Issued, Including $4,114,000 In treas. on Dec. 31 1923 Of the remain­
ing bonds, $82,000 are held for company by trustees of annuity trusts,
Non-Cum. Income Mtge. Bonds, $75,000,000: Now Issued. $35,172,000.
Limited to $75,000,000. Trustees, Central Union Trust Co. of N . Y . and $38,191,000 are reserved to retire prior lien bonds of the company and
I . H. Smith. To bear non-cumulative Interest at such rate not ex- controlled companies maturing during the life of the mortgage, and $49,458 ,seeding 6% per annum as may be named at time of issue, but only after the 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;
payment of all interest on the Adjustment Bonds, which see above.
V . 100, p. 1673; V . 102, p. 1718. Equip, trusts, series F. V. 103, p. 1211.
Reserved for issue at par for Improvements, additions and equip­
ment. 1922 to 1931, $2,000,000; thereafter $3,000,000 yearly 39,808.000 Series H, V. 116. p. 1650. Equip, trusts of 1924, V. 118, p. 552. 1136.

f




112

KAILW AY STOCKS AND BONDS
Par
Value

Amount
Outstanding

Rate
%

1,223 1891
1,223 1891
1,271 1902
__ 1912
106 1910
37 —

$100
100
1.000
500 &o
1,000
1,000
1,000
1,000

$16,356,100
19.893,650
20.000.000
3.042,500
20,876.750
8,085,000
2,423,000
See text

5
4
4
4
5
5
5

1916
1923
1924

1,000
1,000
1,000

105,000
2,520.000
1,800,000

16 1897
1906
45 1910
1905
1904
1923
. . . 1909

1,000
1,000
1,000
1,000
500
1,000
1.000

500,000
See text
1,085,000
450,000
500,000
280,000
400,000

Miles Date
Road Bonds

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 6]
St Louis Southwestern— Common stock 5110,000.OO
u
Preferred stock 5% non-cumulative $20,OOO,OO0—
First mortgage certs ($16,500 per mile) gold.Ce.xc*
Seoond M 4% lno $10,000,000 non-cum g-.Ba.xo*
First Consolidated mtge $25,000,000 g--E q.xo*& r
First and Term Unifying M $100,000,000 g_Qxo*&r*
SteDhenvllle Nor & Sou Tex 1st M g gu red 105.XO*
Paragouid 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
do due $60,000 s-a_______________c*
Guaranteed Bonds, &c.—
Gray’ s Pt Term 1st M guar p & 1 gold____ SSt.io&r
1st Ref&Ext M$4,000,000g red text gu p&lEq.xo*
Cen Ar&E 1st M $3,000,000 g red 105 text SSxo*&r*
Shreveport Bdge A Term 1st M $500,000 g g u ----- x
St Louis Troy & Eastern— First mtge $500,000— CC
Equip trust cert SeriesA due semi-ann____________
St Paul Bridge & Term Ry— 1st M $500,000-. xxFCz
St Paul Eastern Qrand Trunk— See Chic & North West
8t Paul & Kansas City Short Line RR— See Chicago R
St Paul Union Depot— First M gold, lnt as rental.
Consol mtge gold ($100,000 are 4s), lnt as rental ..s
1st & ref M Ser A gu $20,000,000 auth red (text) _zc*
Salt LC Un Dep & RR— 1st M $1,500,000 g red-B a-.x
Salt Lake Qar &West Ry— 1st M $600,000 call 104CC
Second mortgage $200,000 authorized_______
Third mortgage, $150,000 authorized________
San Antonio & Aransas Pass— Stock---------------First M $21,600,000 g guar p & 1 (end)— Ce.zo*&r
San A n ton io Uvalde & G u lf— 1st M $13.500.000.gx
San Diego & A rizona R y.— Mortgage $12,000,000
Guar, equip, trust certif. Series “ A ” ______ xxxc*
San Francisco & Nor Pacific— See Northwest Pao RR
San Francisco & San Joaquin Valley— See Atchison T
San Joaquin & Eastern— 1st M gold red text------c*

...

2
2
2

Last Dividend Places Where Interest an•
Dividends are Payable
and Maturity

Q—J June 30 ’24 1M Office, 501 5th Ave, N Y
Guaranty Trust Co, N V
M & N Nov 11989
Bankers Trust Co, N Y
A J Nov 1 1989
Equitable Tr Co, N Y
A D June 1 1932
New York, London, Set
A J Jan 1 1952
New York and St Louis
A J July 1 1940
1943

4W k M S 815 Sept ’24-Sept’26 Guaranty Trust Co, N Y
r
5 X g A & O Oct ’24-Apr ’ 38
5H g M & 8 Sept ’ 24-Mar'39
52
5g
52
52
52
6
6 2

&
A

N Y , Eq Tr A St Louis
Deo 1 1947
do
do
Aug 11956
Guar Tr Co. N Y & S t L
July 1 1940
St Louis, Mo
Aug 11955
Miss Val Tr Co, St Louis
Deo 11924
O Oct ’24- Oct ’30 Liberty Cent Tr Co, St L
First Tr A Sav Bk, Ohls
J Jan 1 1929

I A P

1,000
250,000
1880
6 2 M A 2 May 1 1930
1.000
250.000 4 2 A 5 2 M & I May 11944
1894
1922 500&1000 12,500,000
Jan 1 1972
5g J &
1,000
1.035,000
4.38 1908
5 2 M A 1 Nov 11938
100&C
275.000
To Sept 1941
M A
. . . 1916
165.000
Q— F
7 8
150.000
Q— M
1919
7
100
1,000,000
1,000 17.544,000
4 g J & J Jan 1 1943
729.29 1893
1.000 4.413.000
318 1913
5 2 F A A Feb 1 1943
See text
6
July 1 1957
1917
600,000
500 &c
1921
6H J & J15 June 15 1936
opeka A Sans Fe
1,000
61 1912

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.
Of the Gray’s Point Term. R y . 1st Ref. & Ext. 50-yr. gold 5s, redeemable
after 5 yrs. at 105 ($4,000,000 auth. Irsue), $500,000 are reserved tc
retire the first 5s, $600,000 to acquire $600,000 So. 111. & Mo. Bridge bonds
$843,000 Issued and pledged under St. L . & 8. W . First Term, and Unif
mtge. V. 93, p. 273. 819. 890; V. 85. p. 222, 601.
The Shreveport Bridge & Terminal Co., which is controlled by 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.
Cenv. Ark X Kascern 1st <js issuable at *25,O0O pei mile are guar. p. & i.
also Stephensvllle No. & So. Texas 1st 5s and Paragouid Southeastern lsl
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 Ry
(leased) 1st 5s, $126,000 issued, held by St. Louis S. W . Dec. 31 1923RE PO RT.— For 1923, showed:
--------------------- Corporate--------------------- Combined.
1923
1922
1921
1920.
Freight revenues_______$24,596,071 $22,297,231$ 20.837,819 $25,280,354
Passenger_____________
3,390,917
2,686,794
3,089,890
4,026,709
Mail, express, &c____ 1,085,618
946,331
932,409
1,312,712
Incidental, &c_________
478,514
229,557
293,343
401,183
Total oper. revenue-.$29,551,120 $26,159,914 $25,153,462 $31,020,958
Maint. o f way & struc. .
$4,251,897 $4,299,438 $3,962,520 $6,326,553
Maintenance of equip—
6,798,326 4,831,412
4,415,772 6,717,152
784,522
740,968
800,443
755,704
Traffic expenses_______
Transportation________ 8,984,543
9,091,609
8,764,729 10,898,597
General, &c___________
1,170,924
1,043,999
1,169,089 1,188,051
Total oper. expenses. _$21,990,212 $20,007,425 $19,112,553 $25,886,056
Net earnings------------------$7,560,908 $6,152,488 $6,040,909 $5,134,902
Tax accruals--------------1,630,624
1,261,882
1,155,912
1,247,677
Uncollectibles-------------5,855
5,066
3,708
1,777
Operating income----- $5,924,429
249,766
Hire o f freight cars_____
Joint facility rents_____
254,777
Interest income-----------217,397
Miscell. other income—
149,129

$4,885,541
109,980
239,373
169,074
144,499

$4,881,289
329,679
236,396
138,936
120,559

$3,885,448
921,810
236,909
367,162
311,041

Gross income-------------- $6,795,498
Deductions—
Joint facility rents----- $775,001
Rent for leased roads_
_
_____
Miscellaneous rents----61.578
Interest on funded debt. 2,522,425
6,110
Other interest_________
Miscellaneous_________
29,292

$5,548,467

$5,706,858

$5,722,400

$787,116

$674,453

20,259
2,449,192
2,874
32,346

31,996
2,473,697
1,567
47,457

$602,952
318,618
32,238
2,236,887
15,924
92,041

Net income--------------$3,401,092
Federal net income_____
______

$2,256,679
______

$2,477,685
______

$2,423,743
def536,093

Corporate net income. $3,401,092 $2,256,679 $2,477,685 $2,959,836
For latest earnings, see “ Railway Earnings Section” (issued monthly).
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., R. D. Cobb, St.
Louis.
Directors.— Edwin Gould (Chairman), Dave H. Morris, Winslow S.
Pierce, David H. Taylor, Frank Miller Gould and Franklin Q. Brown
New York; Daniel Upthegrove, Harry B. Wallace and F. W . Green, St.
Louis. Office, Railway Exchange Bldg., St. Louis. N. Y . office, 501
Fifth Ave.— (V. 118, p. 2174.)
ST. LOUIS T R O Y & EASTERN R R .— East St. Louis, 111., to Troy, 111,,
with branch 1 mile to Donkville, 111.; total, 18.9 miles; leases St. Louis &
HI. Belt, Edwardsville, 111., to near Formosa, 111., 7 m.; yard track and
sidings, 17.28 m .; total, 45.19 miles. Strictly a freight road. The$850,000
capital stock is owned by the Merchants & Mfrs. Investment Co. Div.
record: 12H % in 1903 and 1904; 25% each year 1905 to 1909
incl.; 1243 % in 1910 and 10% in 1912. None thereafter until 1918, when a
div. amounting to $403,649 was paid; none in 1919; 1243 % in 1920. Equip,
trusts Series A , V. 117, p. 1557. For year 1922, gross, $588,642; net,
$156,358; other income, $47,350; fixed charges, $50,150; bal., sur., $153,558.
Pres., E. H. Conrades, 314 N . 4th St., St. Louis.— (V. 117, p. 1993.)
ST. PAUL.— See Chicago Milwaukee & St. Paul
ST. PAUL BRIDGE 5c TERM INAL R Y .— Owns 2.31 miles of right-ofway from St. Paul terminals to stock yards at South St. Paul, w>th 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 yea
ending Dec. 31 1923, gross earnings were $516,213; net after taxes, $70,776;
rentals, interest, &c., $42,936; bal., sur., $27,840. 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. 1611.)
(THE) ST. PAUL UNION DEPOT CO.— owns Union Passenger Station
with 11.56 miles o f track and is building a new station, &c.. to cost about
$11,000,000, the first unit o f which was placed in operation in April 1920.
V . 110, p. 2293; V. 109, p. 1987; V. 107, p. 1838; V. 105, p. 2543; V. 104.
p. 560. 2119; V. 100, p. 641.
Great Northern, Northern Paoiflo, Ohio. St. Paul Minn. A Omaha, Chic.
Mil. A St. Paul, Chic. Great Western, Ohio. Burl. A Quinoy, Minn. St.
Paul A S. Ste. Marie, Minn. A St. Louis and the Ohio. R . I. A Paoiflo.
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.




g

When
Payable

[V ol. 118.

1.000,000

5g

M A S

Mar 1 1952

Central Union Trust, NY
Northwest'n Tr Co, 8t P
J P Morgan & Co, N Y
Bankers Trust Co, N Y
Oont A Com Tr & S B , GUIs
Central Union Trust, NY
St Louis, M o
San Francisco
Secur Tr A Sav Bk, Los A

Stock authorized, $1,000,000; outstanding, $932,400: par, $100. Rentals
cover lnt. on bonds, &c., and 4% on stock since May 1 1901. From 1881
to M ay 1901, 6% divs. were paid. For year ended Dec. 31 1923: Total
inc., $725,371; deductions, $20,831; int. & amort., $667,344; net inc..
$37,296. Pres., Ralph Budd; Sec., Charles Jensch.— (V. 117, p. 2543.)
SALT LAKE CITY UNION DEPOT & RR.— Owns union depot and
facilities at' Salt Lake City, opened Aug. 20 1910. Stock, $200,000,
equally owned by'Denver & Rio Grande Western and Western Pacific, which
Jointly guar, bonds, prin. and int. Bonds are subject to call at 105 on and
after N ov. 1 1923. 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. Y. 65, p. 824. In Aug. 1919 elec­
trification of line was completed, only electric power now used. The 1st M .
is limited to $600,000 issued, $300,000 paid off, $18,000 call, at 104 and int.
on any int. date in reverse of numerical order. Remaining bonds are issuable
for 80% of cost of extensions, &c., when net earns, are twice the int. charge,
Including the additional bonds. The Sait 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 1923, gross, $165,006; net, after taxes, $38,905; other
Income, $33: deductions, $83,533; bal., def., $44,596.— (Y. 105, p. 608;
V. 106, p. 2011.)
SAN ANTONIO & ARANSAS PASS RY.— Owns from Kerrville to Hous­
ton, 312.66 miles; Kenedy to Corpus Christl.Tex., 88.97 miles; Yoakum to
Waco. 171 miles; with branches, 156 miles; total, 729.29 miles.
BONDS.— Mortgage Is for $21,600,000 (trustee, Central Trust Co.), and
the Sou. Pao. Co., by endorsement on each bond, guarantees, uncondition­
ally, "the punctual payment of the principal and interest.” Bonds for
$2,700,000 reserved for extensions, limited to 100 miles at $27,000 per
mile equipped. Abstract of mtge., V. 56, p.540.
In 1903-04 (under order of the Texas Railroad Commission) osncelsd
$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.
R E PO RT.— For cal. yr. 1923, gross, $6,455,496; net after taxes, $837,903; other income, $64,214; deductions, $1,425,403; bal., def., $523,286.
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. 114, p. 1892.)
SAN ANTONIO BELT & TERMINAL R Y .— Organized M ay 2 1912
with $175,000 capital stock, all owned by Missouri-Kansas-Texas R R . Co.,
to own freight and passenger tern;Inals at San Antonio, Tex. See report of
Mo. Kan. & Tex. Ry. Co. in V. 101, p. 1816. Property rented by the
M .-K .-T . R R . Co. of Texas. V. 108, p. 1061; V. 102, p. 1718; V. 105, p.
710. Pres., C. E. Schaff.— (V. 118, p. 304?.)
SAN ANTONIO UVALDE & GULF R R . 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. of St. Louis owned practically all the bonds, and these,
following judicial sale of 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
V. 116, p. 1761.)
SAN DIEGO & ARIZONA R Y .— Owns and operates a standard gauge
steam railroad connecting San Diego with Ei Centro, Calif. Main and
branch line trackage owned aggregates 141.3 miles. In addition, company
leases or operates under trackage rights 19-59 miles o f line. Lines in lower
California aggregating 44.4 miles are controlled through stock ownership
of Tijuana & Tecate Ry.
The ownership of 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 of the total outstanding bonded debt of $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. R y. owns some
73 miles of road in and about San Diego, Calif. V. 105, p. 2366; V. 106, p.
1231, 2758; Y. 108, p. 80.
In Oct. 1918 the Calif, R R . 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. 1670In 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 1923, gross, $1,190,104; oper. income, $151,292;
other income, $52,747; deductions, $996,646: bal., def., $792,607. Pres.,
John D. Spreckles; V.-Pres., R. O. Gillis; Sec., L. J. Masson; Treas., W . G.
Daniels; Gen. M gr., A . T . Mercier. Office, Spreckles Bldg., San Diego.
— (V. 117, p. 1463.)
SAN JOAQUIN & EASTERN R R .— El Prado, Cal., on the Southern
Pacific, to Cascade, 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 lnt. on 60 days’ notice or by lot for a
■inking fund of 1% of outstanding bonds from Mar. 1 1917 to Mar. 1 1951.
Chairman, H. E. Huntington; Pres., J. B. Miller; Treas., W . L. Percey;
Sec., O. V. Showers; Compt.. A. N . Kemp. Office, Los Angeles, Cal.— -(V. 99. p. 1836.

M ay , 1924.]

RAILROAD COMPANIES
[For abbreviations, &c., see notes on page 61
San Luis Southern Ry— First mtge $1,000,000 gold-.x
San Pedro Los Ang & Salt Lake R R — See Los Ang
Santa Marla Val RR— 1st M $200,000 g red 105 -C*
Santa Pe Prescott & Phoenix— See Atchison Topeka A
Saranac & Lake Placid— SeeChateaugayA Lake Placid
Saratoga & Schenectady— Stock, $450,000 guar 7% .
Sault Ste Marie Bridge— 1st M gold s f . ---------------xo
Savannah & A tlanta Ry— Brinson Ry 1st M g-_F xc*
1st S Consol M $5,000,000 conv par call 105-Fr.c*
c
Pt W Ter Corp g bonds $2,000,000 not gu__ x.Eq.c*
Savannah Florida & Western— See Atlantic Coast Lin
Sav & Statesboro— 1st M $500,000 gu p A 1 (end).xo*
Savannah Union Station Co— 1st M $600,000 g — G.xr
Schenectady & Duanesburg— See Delaware A Hudson
Schuylkil! & Juniata RR — See Pennsylvania RR
Schuylkill Valley Navigation & RR — Stock--------------

Miles Date
Road Bonds
32
eles S
c
18
Santa

m_

1 H 1887
111 1910
144 1917
1920
e RR
33 1903
1902
Oo
-w__

First mtge gold subj to oall (see text) ...C oB a.xoA t 2,483
Refunding mtge $125,000,000 red 105_ N.xo’ Ar* 3,057
_
1st S Cons M $300,000,000 serA call 107 A G.c*Ar* Text
c
Adjust M(5% oumlnt) $25,000,000 red par FBa.xc*
Divisional Bonds and Equipment Trusts.
Atlanta-Blrm Division 1st M $i(),000,000--CoI.xo*
217
Florida West Shore first mortgage g old __________ x
66
Equipment mtgg Ser Q due $72,000 s-a (V98,pl695)
do •*B’ ’ due $25,000 and $26,000 s -a .-.Q P .c *
do
do “ S” due $ 6 0 ,0 0 0 s a ___ _______________
do
do

“T”
“U”
“ V”
“W”

d u e $ 8 7 ,5 0 0 ’s-a red 105 - _______ _ c
d u e $ 128,000 s-a red 105.
- - -x x x c*
due $ 2 7 5,00 0 s-an re d 10 5 - - .x x x c *
d u e $ 6 0 ,0 0 0 s-a red 105 _ - -x x x c *

Par
Value

Amount
Outstanding

1909
$1,000
$327,000
Salt L ake RR above
139,000
1911
1.000
Fe

“““

do
do

113

RAILWAY STOCKS AND BONDS

1900
1909
1915
1909
1903
1904
1914
1916
1917
1922

1922
1923
1923
1Q9 2
/

100
1.000
1.000
500 Ac
500 Ac

450,000
357,000
865,000
2,500,000
1.000,000

1,000
1.000 Ac

185,000
600.000

50
100
100
100
1.000 Ac
1,000
100 Ac
1.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000

1920

Rate
%
0 g
6g

128 .000
4 2 0 .0 0 0

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

A

J Dec 1 1939

Internat Tr Co, Denver

M A

S Sept 1 1931

Sec Tr A Sav Bk. Los An

J

6g
8g

o
J S J Jan 2 1924 3 A
J A J July 1 1937
M A N May 1 1935
J A J 15 May 1 1935
A A O Oct 1 1950

Troy, N Y
Bank of Montreal. N Y
May 1921 coup In default
Franklin Trust Oo, N Y

5g
4g

J
A

A
A

o

J Jan 1 1953
Apr 1 1952

S a v a n n a h B k A T r , S a v ’h

J

A

J See text

Reading Terminal, Phila

A
A
M
F

A
A
A
A

7

5g
5g

576,050
5
37.019,400
23,894,100
37,300
q 12775,000
4g
rl9,350,000
4g
s27,777,500
6g
25.000,000 Up to 5
5,910,000
755.000
72,000

When
Payable

4g

5g
5
4K

2,275,000

6
6

2 ,1 7 6 ,0 0 0
6 ,0 5 0 ,0 0 0
1 ,6 2 0 ,0 0 0
4 ,2 7 1 ,0 0 0
1 ,2 1 0 ,0 0 0

6 g
6 g
6
6

5A

o
o
s

Apr
Oct
Sept
A Oct

1
1
1
1

1950
1959
1945
1949

Guaranty Trust Co.N Y.

1

24 Broad St, New York
24 Broad St. New York
Guaranty Trust Oo, N Y
B la ir A Co, New York

A s May 1 1933
24 Broad St, New York
A J Jan 1 1934
do
do
A J July 1924
Girard Trust C o, Phila
S J J u ly '2 4 -J u ly '2 6
c
do
do
A D D e c '2 4 -D e c ’ 27 Com Tr C o, Phila
F & A A u g ’2 4 -A u g ’ 37 C h a se N a t B a n k , N Y

M
J
J
J
J

do
O O c t '2 4 -O c t ’ 32
O O c t ’ 2 4 - A p r ’ 35
do
D iJ ne 2 4 - J ’n e 37
do
A
J A J 15 T o Jan 15 1935 G u a r a n ty T r u s t

A
A
J
F

&

&
&
A

do

do
do

Co, N Y

q r s Additional amounts outstanding as collateral. viz. q $27.00 0 ,0 0 0 . r $ 4 2 ,4 1 1 ,0 0 0 s $25,705 ,000; b o n ds proprietary c os, $5,947,000

S A N L U I S S O U T H E R N R V . — O w n * B la n ca , O o l o
o o D e n v e r A K io
G ra n d e t o J a ro s o , o n N e w M e x ic o -C o lo r a d o State lin e , 3 1 .5 3 m . A . C .
R o b in s o n w as a p p o in te d r e c e iv e r in M a r c h 1924. V. 118, p . 1521. C o m .
s t o c k , $ 75 0,00 0; p r e f., $ 2 5 0 ,0 0 0 .
R e c e iv e r ’s c t fs ., $ 4 0 ,0 0 0 . V . 118, p .
2 18 0. B o n d s ($ 1 ,0 0 0 ,0 0 0 ) o u ts ta n d in g , $ 3 2 7 ,0 0 0 .
In te r n a tio n a l T r u s t
C o ., D e n v e r , tru stee. C a l. y e a r 1922, gross, $29 ,6 9 1 ; n e t d e f . , $ 2 ,2 1 4 ; in t .,
ren ta ls, & c ., $ 17 ,520 ; b a l., d e f ., $ 1 9 ,7 3 4 .
P r e s ., H e n r y S. T h o m p s o n ;
S e c ., G . W . B rerb a u or: T r e a s ., C h a s. A . R o b in s o n . O ff ic e , San A c a c io ,
C o l o . — ( V . 118, p . 218 0 .)
SANTA MARIA VALLEY R R .—Bettaravla t o Roadamite, C a l., 18 m.:

leases Guadulupe to Bettaravla, 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 8s
sinking fund 6 % gross earnings y e a r ly ; redeemable after 1915 at 105.
For y e a r ended D e c . 31 1923, gro ss, $ 7 3 ,0 9 4 ; n e t o p e r . in c o m e , $ 7 ,1 7 4 ;
other in c o m e , $ 2 5 ,6 4 9 ; in t ., re n ta ls, & c., $ 2 2 ,0 1 8 : b a l., s u r ., $ 1 0 ,8 9 5 . P re s.,
C . C . M a g e n h e im e r; V .- P . , E. J. G a te s; S e c ., E. J . M ile y , L o s A n g e le s,
C a l.; A u d it o r , J M . D a v is , S an ta M a r ia ; T r e a s ., J a y S p e n ce r, L o s A n g e le s.
C a l.— ( V . 101, p . 132 .)

SARATOUA & SCHENECTADY RR.— (See Map Del. & Hudson.) Saratoga to Schenectady 20.56 m. Leased in perpetuity In 1861 to Reas
A Saratoga and lease assigned to Del. A Hudson, by whioh It Is operated
Rental, $31,750 per year. Stock, $450,000. Dlvs., 7% yrly. (J. d J. 1)
o
— (V. 106 p. 924.)
SAULT STE. MARIE BRIDGE.— Owns Sault Ste Marie Bridge, In clu d ­
ing 6,421 feet of main t r a c k . The Can. P a o ., D u l. So Shore d Atl. and
o
Minn St. P . d S. Ste. Marie R R . cos. agree to pay for use of brid ge an
o
amount equal to operating expenses an d interest and s. f. on debt
B onds
a u th o riz e d , $ 1 ,0 0 0 ,0 0 0 ; issu e d , $ 9 0 0 ,0 0 0 ; sin kin g fu n d , $ 5 ,5 0 0 y e a r ly ,
red eem a b le at 110 i f n o t p u rch a s a b le a t a lo w e r figu re ; o u ts ta n d in g in han ds
of p u b lic (D e c . 31 1 9 2 3 ), $ 3 5 7 ,0 0 0 ; h e ld a liv e in sin k in g f u n d , $ 5 4 3 ,0 0 0 .
S to c k , $ 1 ,0 0 0 ,0 0 0 .
SAVANNAH dt ATLANTA R Y .— O w n s and o p e r a te s 144.7 m iles of
r a ilroa d , exten d in g fr o m C a m a k , G a ., o n G eorgia R R . , t o S a v an n ah
The P o r t W e n tw o r th term in al, w h ich Is o w n e d b y th e S a v an n ah & A tlan ta
R y . C o . , com prises a b o u t 3 ,0 0 0 acres o f la n d ly in g a lo n g th e S a v a n n a h R iv e r
on tid ew a ter, 6 m iles fro m S a v a n n a h . O n this p r o p e r ty are lo c a te d a lu m ber
c o m p a n y , sugar r e fin e ry , sh ip b u ild in g c o n c e r n , p u lp m ill, barrel f a c to r y . A c .
I n M a r . 1921 C h arles E . G a y Jr. a n d T h o m a s B . F e ld e r w e re a p p o in te d
rec e iv e r s fo r b o th c o m p a n ie s . V . 112, p . 1025. M r . F e ld e r resign ed as
re c e iv e r fo r P o r t W e n tw o r th T e r m . C o r p . in J u ly 1 92 2 a n d w as s u cce e d e d
b y P a u l J . B u rra g e.

STOCK, Ac.— In July 1917, to purchase the Savannah A Northwestern
R y., 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 o f July 1917, the o ld securities were retired,
except the $865,000 B r in s o n R y. 5s and $46,198 equipment trusts, and
there was created a new $5,000,000 First A Consol. M tge. to the Franklin
Trust Co. of N. Y ., as trustee, o f which $2,500,000 Issued. Additional bonds
can be issued for only 85% of the cost o f extensions. A c., when net earnings
are twice the total Interest charge as increased. See V. 104, p. 2642.
M ay 1921 c o u p o n w as d e fa u lte d an d p r o t e c tiv e co m m itte e fo r m e d ; V . 112, p.
1979; Y. 113, p . 2506. F o r e c lo s u r e p r o c e e d in g s to b e in s titu te d , V. 113, p
1888, 1983. P o r t W e n t w o r t h T e r m , b o n d s (n o t g u a r a n te e d ), V . I l l , p.
1370.
In Sept. 1919 was a u th o riz e d to issue $145,125 o f equipment notes t o
p u rch ase .3 lo c o m o t iv e s a n d o n e lo c o m o t iv e cra n e. V. 109. p. 1180.

E A R N I N G S .— -For c a l. y e a r 1923, gro ss, $ 1 ,0 5 1 ,7 7 6 ; r y . o p e r . in c o m e ,
$ 1 3 0 ,9 9 3 ; o th e r in c o m e , $ 1 3 ,9 4 3 ; d e d u ctio n s , $ 4 4 4 ,3 4 5 ; b a l., d e f ., $ 2 9 9 ,4 0 3 .
O ffic e , S a v a n n a h , G a .— ( V . 114, p . 6 2 8 .)

S A V A N N A H & S T A T E S B O R O R Y . — O w ns C u y le r t o S ta te s b o r o , G a .,
3 2 .6 m .; sid in gs, 5-34 m .; tr a c k a g e , C u y le r t o S a v a n n a h , 20 m .
S to c k ,
$ 2 0 0 ,0 0 0 , all o u ts ta n d in g .
H a s t r a ffic a greem en t w ith S e a b o a rd A ir L in e ,
w h ic h g u a ra n tees b o n d s b y e n d o r s e m e n t, p rin c ip a l a n d in te re st; C o n tin e n ta l
T r u s t C o . , B a ltim o re , tru s te e . V . 75, p . 1303; V . 7 7 , p . 69 5 . F o r m o f
g u a r a n ty , V . 81, p . 614.
E A R N I N G S .-— F o r y e a r e n d in g D e c . 31 1923, g r o s s , $ 6 6 ,8 1 2 ; n e t o p e r .
d e fic it , $ 1 2 ,1 4 7 ; d e f. a fte r ch a rg e s , $ 1 1 ,9 4 3 . P r e s .. J . R a n d o lp h A n d e r s o n ;
S e c ., S am u el A . C a n n , S a v a n n a h , G a .; T r e a s ., T . W . M a t t h e w s , P o r ts ­
m o u t h . V a . O ffic e , S t a t e s b o r o , G a .— (Y . 9 3 , p . 1 4 6 4 .)

SAVANNAH UNION STATION CO.— Owns union pass.station and ter­
minal at Savannah, Ga., with 8 m. of track. Leased by the Southern Ry.
Sav. Fla. & West, (now Atl. Coast Line R R .) and Seaboard A . L. R y.,
which own the $300,000 stock,the rental providing for interest and s.f, on
bonds, maintenance, Ac. Pres., J. R. Kenly; Treas., Savannah Tr. Co,
Sec., W . V. Davis.— (V. 71, p. 343; V. 74, p. 1039, 1253.1
SCHUYLKILL VALLEY NAVIGATION & RR,— Port Carbon to Reeves
dale Pa., i f . 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 (JAJ) and State taxes.
S C O T T ’ S R U N R Y . — (V . 117 , p . 2 0 9 .)
S E A B O A R D A I R L I N E R Y . C O .— T h is sy s te m in clu d es a lin e fro m
R ic h m o n d a n d P o r ts m o u th , V a ., t o A tla n ta , B ir m in g h a m , C h a rle sto n an d
T a m p a . O n D e c . 31 1923 w as o p e r a tin g 3,5 7 2 m ile s o f r o a d , v iz .:
M ile a g e o w n e d ___________________3 ,4 6 9 IL e a se d lin e s __________________________ 60
L ess lea sed t o o t h e r s ____________
2 O p e ra te d u n d e r c o n t r a c t ____________ 4
P r o p r ie t a r y c o m p a n ie s _________
10 I Trackage— T o A t la n t a , & c __________ 31

Also owns a 1-6 Interest in the Richmond-Washington Co., controlling the
road from Riohmond, V a„ to Washington, D. C. (V. 73, p. 843), and unde;
trafflo agreement with the Penn. R R . maintains through oar service between
N . Y ., Phila., Washington and the South. In Jan. 1907 the entire stock of
the Maoon Dublin A Savannah, Macon to Vidalla, Ga., 93 m., was aoquired
or secured under option, the $1,529,000 5% bonds ($1,840,000 auth. issue)




b e in g g u a r ., p rin . a n d in t. V . 84, p . 104, 451 . O w n s th e e n tire c a p ita l s to c k
o f th e B a lt. S team P a ck e t C o ., o p e r a tin g a lin e o f steam ers b e tw een B a lti­
m o r e a n d N o r fo lk .
O w ns e n tire s to c k o f C h e s te r fie ld & L a n ca s te r R y ., 38 m .; a lso ow n s
e n tire c a p it a l s to c k o f C h a r lo tte M o n r o e & C o lu m b ia R R ., M c B e e t o J ef­
fe rs o n , S. C ., 18 m ile s; E a s t & W e s t C o a s t R y ., B r a d e n to w n t o A r c a d ia ,
F la ., 51 m iles; F lo r id a C e n tr a l A G u lf R y . , H e rn a n d o t o In g lis , F la ., 29
m ile s, a n d K issim m e e R iv e r R y ., W a lin e ra t o N a la ca , F la ., 7 14 m ile s .
In July 1912 a cqu ired all th e s to ck o f R a leigh A C h arleston R R ., e x t e n d ­
ing from L u m b e rto a , N . C ., to M arion , S . C . 43 m iles, a n d , th rou gh s t o c k
ow nership a 12-m e x te n sio n k n ow n as the M arlon A S ou th ern R R .; also
i f the T a m p a N orthern R R ., e x te n d in g fro m T a m p a , F la ., t o B r o o k v ille ,
78 m iles.
V. 94. p. 49; V. 95. p. 908. Also guarantees $750,000 bonds and
owns s to c k of T a m p a & Gulf C o a s t R R ., T a m p a , F la ., t o St. P eters­
bu rg.
Y . 9 6 . p. 1425
See c a p tio n “ T a m p a N o rth e r n R R . "
In J a n . 1922 o rg a n iz e d th e S e a b o a r d -B a y L in e C o .
V. 114, p . 52 2 .

To lease Florida Western & Northern R R ., V. 118, p. 1774.
M E RG ER , A c.— In 1915 the company provided for present and future
requirements through a financial plan (V. 101, p. 528. 1189, 1273).
In Treasury Held by
C A PIT A L STO C K .—
or Pledged.
Public.
Common Stock (par $ 1 0 0 )_____________________________ $ 3 ,0 2 1 ,6 0 0 $ 3 7 ,0 1 9 ,4 0 0
Preferred Stock $ 2 7 ,2 8 0 ,0 0 0 , Issued [w ith o u t p r e fe r ­
en ce o f o n e p a rt o v e r a n o th e r] as fo llo w s :

(a) A s 6% n o n -c u m u la tiv e p r e fe rr e d ______________ 2 ,2 3 5 ,8 0 0
3 7 ,3 0 0
(ft) 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 23.894,100
BONDS.— The new First and Consol. Mtge. to the Guaranty Trust
C o . o f N . Y . , as tru ste e secu res an a u t h . issu e o f $ 3 0 0 ,0 0 0 ,0 0 0 b o n d s , o f
variable Interest rates a n d m a tu r itie s . T h is m o r tg a g e Is a fir s t lien o n th e
436 m iles o f m a in -lin e tra ck b e tw e e n H a m le t a n d S a v a n n a h . v ia C h a r le s t o n ,
Lanes and G e o rg e to w n , S . G ., an d o n th e lin es r u n n in g fr o m M c B e e , S . O .,
lo ca te d o n th e H a m le t-G o lu m b ia lin e , t o F lo r e n c e . P o s t o n . S u m te r an d
r tm m o n s v ille , S. C . T h e m o r tg a g e has n o d ir e c t lien o n th e fo r m e r S e a ­
board A ir L in e R y .'s p r o p e r t y , b u t th e re a re p le d g e d u n d e r It a m a jo r ity
($ 4 2 ,4 1 1 ,0 0 0 o u t o f $ 6 1 ,7 6 1 ,0 0 0 o u ts ta n d in g ) o f th e R e fu n d in g M t g e . b on d s,
w hich g iv e s it a co lla te ra l lien o n 3 ,0 5 7 m iles; a n d also all th e s t o c k of
R a leigh A C h a r le s to n R R . C o . , K issim m e e R iv e r R y ., T a m p a & G u lf
C o a s t R R . , E a s t & W e s t C o a s t R y . a n d T a m p a N o rth e r n R R . C o . , F lo r id a
C e n tra l & G u lf R R . , a n d o n e -t h ir d o f th e o u ts ta n d in g s t o c k o f T a m p a
U n io n S ta tio n C o . , a n d a ll re fu n d in g b o n d s h e re a fte r issu ed w ill b e p le d g e d
th e re u n d e r.
A p r il 1 1924 8 2 7 .7 7 7 ,5 0 0 F irst & C o n s o l. M t g e . 6s (Series A ) w ere o u t ­
sta n d in g an d a fu rth e r $ 2 5 ,7 0 5 ,0 0 0 w ere p le d g e d o r in tre a su ry ; $ 6 9 ,7 3 9 ,0 0 0
were re s e rv e d fo r r e fu n d in g an e q u a l a m o u n t o f S e a b o a rd R e fu n d in g b on d s
an d va rio u s u n d e rly in g b o n d s; t h e r e s t o f sa id issu e are t o b e re s e rv e d fo r
b e tte r m e n ts , im p ro v e m e n ts , a d d itio n s an d e x te n s io n s , r e fu n d in g o r p a y ­
m e n t o f liens o n a fte r-a c q u ir e d p r o p e r t y a n d r e tir e m e n t o f e q u ip m e n t o b li­
g a tio n s . u n d e r re s tric tio n s .
V . 101 , p . 528 , 1 18 9, 1974; V . 103, p . 1707.
1981, 2156

Of the First Mtge. 4s o f 1900 ($75,000,000), $12,775,000 are In hand*
of public and $27,000,000 are pledged as collateral under the Ref. mtge. of
1909. Of the $12,775,000, $12,433,000 are stamped subject to call at par
on any interest day. V. 89, p. 666.
The $125,000,000 Refunding Mortgage of 1909 provided for the Issuing
of bonds as follows: (a) To retire underlying and divisional bonds, except
■ome $10,728,000 maturing prior to 1959 and certain short-term obligation*
and equip, obligations not over $72,076,000; sundry Improvements, double­
tracking, A c ., $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 o f 1900. On A p r il 1 1924 $42,411,000 o f the
$61,761,000 Ref. M tge. bonds outstanding had been pledged under the new
First S Consol. M tge., as will also all further Ref. M tge. bonds. V. 92
c
p. 189, 1110, 1179. 1244; V. 93. p. 470, 956.
T h e A d ju s tm e n t M t g e . b o n d s (issue lim ite d t o $ 2 5 ,0 0 0 ,0 0 0 ) are en titled
to cu m u la tiv e in t. a t 5 % , t o b e p a y a b le as earn ed in in sta llm e n ts o f 1 *4 %
o r m u ltip le s t h e r e o f, a n d are re d e e m a b le at p ar an d all u n p a id cu m u la tiv e
in t. o n a n y in t. d a te , th e ir lie n t o b e im m e d ia te ly su b se q u e n t t o th e r e fu n d ­
in g b o n d s . N o d iv s . t o b e p a id o n th e s t o c k u n til a n y arrears o f in t. on
th e b o n d s are p a id in f u ll. V . 9 0 , p . 1171, 1297, 1555; Y . 91, p . 1575.
In t.
o n a d ju s tm e n t b o n d s , 2 A % A u g . 1 1910; 1911 to F e b . 1921, i n c l.,5 % y e a r ly ;
th e n n o n e u n til F e b . 1 1924, w h en 2 A % w as p a id .
A tla n ta & B irm in gh a m d iv isio n 4s o f 1903 ($ 1 0 ,0 0 0 ,0 0 0 au th o riz ed issu e ),
see V . 76, p . 1302: V . 77, p . 647: V . 8 1 , p . 1850. E q u ip . T r . “ R . ” V . 105.
p . 2007; “ S ,” V . 105, p . 2 2 7 3 ; “ T , ” V . 115, p . 1101; “ U , " V . 115, p . 1430;.
“ W , ” V . 117, p . 2 43 3.

GUARANTIES.— On Dec. 31 1923 the company was liable as guarantor
of the Athens Terminal Co. 1st M .. $100,000; Birmingham Term. Co. 1st
M . (S ea b oa rd p r o p o r t io n , 1-6). $ 1 ,9 4 0 ,0 0 0 ; F ru it G ro w e rs E x p ress Co.,
p a y m e n ts , $ 5 6 9 ,0 4 9 ; J a c k s o n v ille T e r m . C o . 1st M . (S ea b oa rd p r o p o r t io n ,
1 -3 ), $40 0 ,0 0 0 ; 1st & g e n . (S e a b o a rd p r o p o r t io n , M ) , $10 0 ,0 0 0 , an d r e f. &
e x t. m t g e ., A o f $ 3 ,1 0 0 ,0 0 0 ; M a c o n D u b lin & S a v an n ah R R . 1st M . ,
$ 1 ,5 2 9 ,0 0 0 ; R a le ig h & C h a rle s to n R R . p r io r lien & c o n s o l, m tg e s ., $ 5 5 0 ,0 0 0 ;
R ic h m o n d -W a s h in g to n C o . c o ll, tru s t m tg e . (S e a b o a rd p r o p o r t io n , 1 -6 ).
$ 1 0 ,0 0 0 ,0 0 0 ; S a v a n n a h & S ta te s b o ro R R . 1st M ., $ 1 8 5 ,0 0 0 ; T a m p a & G u l f
C o a s t R R . 1st M ., $ 7 5 0 ,0 0 0 ; W ilm in g to n R y . B r id g e C o . (S e a b oa rd p r o ­
p o r t io n , A ), $ 2 1 7 ,0 0 0 ; S . E . In v e s tm e n t C o . n o te s , $ 1 5 0 ,0 0 0 ; S ea b oa rd B a y L in e C o . n o te s t o S e cre ta ry o f T re a s u ry o f U . S ., $ 4 ,2 3 9 ,0 0 0 .
A ls o g u aran tees p r in c ip a l, in t. & s in k , f d ., $ 7 ,0 0 0 ,0 0 0 1st m tg e . 7 % g o ld
b o n d s d u e 1934 o f F la . W e s t . & N o r . R R .
C o m p a re V . 118, p . 2 3 0 3 .

Equipment trusts issued to Director-General for rolling stock allocated'
to this company. See article on page 3.
Notes to Secretary of Treas. of U.S. (Dec. 31 1923), -814,557,400, due
1931-35.

114

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Ry C o . (Concluded)—
271
daroiina Cent 1st cons M gold guar p & 1 (end) --F*
42
Durham * Northern first mtge 5150.000 —-MeBa*
Florida Cent A Penin second M (1st on ext, 92 m)
607
55,226 p m g _________________________Mp.zo*
808
Consol mtge 57,800,000 (510,000 p m) gold_G.zo*
139
South Bound 1st M gold Interest rental.MeBa^c*
107
Raleigh & Augusta Air Line 1st M_______________t
400
Georgia & Ala 1st M cons 56,185,000 gold.BBa.xc*
2
Ga & Ala Term Co 1st M callable at 110 guar p & 1.x
268
Georgia Carolina & North 1st M gold guar.MeBa.zc*
99
Raleigh A Gaston first mortgage gold____MeBa.zc
81
Seaboard A Roanoke first, m ortgage.. MeBa.zc*Ar
238,
Fla West A Nor 1st M s f “ A ” gu p & i (end)kxxx.c*
40
S h a m o k in V a lle y & Pottsville— Stock guar by Nor Cen
33
S h a r o n — Stock ( 5 1 . 6 0 0 , 0 0 0 ) guar by rental text— F
16
S h a r o n first mtge gold (Sharon toPym at, A c ). . F-x
17
N e w Castle & Shen.V.— First M extended lnt guar.x
S h r e v e p o r t B r i d g e & T e r m i n a l — See St Louis Southwe item
76
S ie rra R a il w a y ( o f C a li f o r n ia ) — First mortgage gold.z
76
Second mortgage S860.000 g old ------------------------- *
Yosemlte Short Line 1st M gold gu a r------------------ z
S ilv e r S p r i n g O c a la & Q u if — See Atlantlo Coast Line
S o m e r s e t Railway— See Maine Central RR
S o u t h C a r o lin a & Ga— See Southern Ry Carolina Dlv
11
S o u t h C arolina P acific— Pref stock 6% cum--------S o u t h C a r o l i n a W estern— See Seaboard Air Line . .
97
S o u t h P a c i f i c C o a s t — 1st M gold gu (s fl9 1 2 )— F.zc
S o u t h & N o r t h A l a b a m a — S e e Louisville A Naahvlll
4.64
S o u t h e r n I ll i n o i s & M o B r — 1st M 53,000,000 g-Ba.xo*
S o u t h e r n I n d ia n a — See Chlo Terre H & Southeastern
S o u t h e r n P a c i f ic C o — Stock (5394,451.800 auth.)
(Joll trust mtge gold subject to oall par.-Un.xo*<Scr
Oonv bonds 582,000,000 gold redeem text..xo*A r*
d bds 5100.000.000 call
f o lFr.Term. 1st M . g call 105 since July ’ 12 . —G.x
.
105 since ’ 15U«mxc* Ar*
O o n v b o n d s $55,000,000 g call t e x t _____yc*Ar*

S e a b o a r d A ir L in e

RR

Par
Value

Amount
Outstanding

1898
1888

$1,000 $3,000,000
100.000

1890
1893
1891
1885
1895
1898
1889
1897
1886
1924

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

1889
1887

1,000
1.000
1.000
1,000
50
50
1.000
1,000
1,000

$344,000
4,372,000
2.033,000
1.000,000
6.085.000
1,000.000
5,360.000
1.200.000
9,500.006
7,000,000
869.450
1,389,000
164.000
250.000
1,131,000
757,000
625,000

Rate
%
4g
6
5g
5g
52
6
5g
5g
5e
5 g
*
7g
6
5
5)4 g

When
Payable

J
M

J
J

J

A

J

J
J
J

J
M
F
M
J

[V ol. 118,
Last Dividend
and Maturity

A J Jan 1 1930
A J Jan 1 1943
A O Apr 11941
A J Jan 1 1926
A J Oct 1 1945
A n Deo 1 1948
A .1 July 1 1929
A j Jan 1 1947
A j July 1 192«
A N15 M ay 15 1934
d A Feb 192-1 3%
o
See text
A s
Jan 1 1937
A
Jan 1 1937
A

Broad St Station, FhUa
Sharon, Pa
Farmers L d Tr Oo, N Y
o
do
do

6g
A 12 A O Apr 12 1937
5g
M 15 A S Sept 15 1944
Sept 1 1945
4)4 g M A

Crocker Nat Bank, San F
do
do
do
do

4)4 g

J

100

104.600

6

J

A

1887

1.000

3.297,000

4g

J

A

j July 1 1937

1901

1.000

3.000.000

4g

M A

N Nov 11951

1899
1909
1909
1910
1914

REPO RT.— For 1923, in Y. 118, p. 2193, showed:
Operating Revenues—
1923.
1922.
1921.
Freight_____________________________$36,574,384 $31,998,052 $29,205,390
Passenger__________________________ 10,349,864
8,936,217
9,754,522
Mail______ ________
1,207,878
1,109,555
1,076.019
Express____________________________ 2,303,766
2,045,575
1,130,680
533,523
428,700
509,960
Other transportation________________
Other than transportation__________
1,279,695
1,160,949
1,168,361
Total operating revenues_________ $52,249,110 $45,679,048 $42,844,933
Operating Expenses—
Maintenance o f way and structures.. $6,972,362 $5,358,092 $5,003,620
Maintenance o f equipment_________ 8,947,037
8,424,973 7,848,414
Traffic___________
1,642,467
1,478,277
1,460,462
Transportation_____________________ 20,317,381 18,667,039 20,555,651
Miscellaneous operations___________
465.441
378,041
392,493
General____________________________ 2,026,814
1,945,711
1,776,284
Transportation for investment______ Cr.29,243
Cr.29,249
GY. 12,123
Total operating expenses_________ $40,342,259 $36,222,884 $37,024.801
Net operating revenues______________$11,906,851 $9,456,164 $5,820,132
Taxes_______________
2,204,054
2,124,235
1,862,057
Uncollectible railway revenues______
12,314_______ 3,776 _ _ 36,014
Operating income_________________ $9,690,482 $7,328,153 $3,922,061
Other Income—
Joint facility rent income___________
131,421
113,459
71,956
86
1,278 x l,474,579
Income from lease o f road__________
Dividend income___________________
67,456
49,409
644,037
Income from funded securities______
214,427
197,048
552,599
Income from unfunded secs. & accts.
39,943
88,096
78,306
Miscellaneous______________________
194,843
153,244
177,447
Gross income____________________ $10,338,660 $7,930,686Cr$6.920,985
Deductions— Hire o f equip.— Dr. bal. $1,644,548 $2,991,975 $1,735,730
Joint facility rents________________
219,392
219,068
195,915
Interest on funded debt__________ 5,395,019
5,328,356 5,269,716
Interest on equipment obligations..
679,742
249,192
180,580
Rent for leased road______________
59,068
58,865
59,364
Miscellaneous____________________
68,510
85,846 Cr.226,952
Net surplus______________________$2,272,379Zoss$1002617 Zoss$293,369
lnt. on adjustment mortgage bon ds..
625,000
______ yCr.208,333
Annual allotment of discount securs..
252,939
155,613
139,171
Surplus for year__________________ $1,394,441 d f$ l,158,230'def$224,207
x Includes $1,473,279 accrued additional compensation applicable to
period o f Federal control, y Reversal o f N ov. and Dec. 1920 accrual.
Earnings for 3 months ended Mar. 31 1924: Gross earnings, $14,798,887;
net operating income, $2,734,995; interest, &c., $1,737,637; net income
before adjustment interest, $1,162,924.
For latest earnings, see ‘‘ Railway Earnings Section” (issued monthly).

24 Broad St, New York
do
do
Continental Tr Co, Balt
Continental Tr Co, Ball
24 Broad St, New York
do
do
24 Broad St. N Y; & Balt
Continental Tr Co, Balt
24 Broad St, New York

n
j

1.000

100 344,380.905
500 Ac 34,100,500
1,000 Ao 53,811,000
1,000
227.000
100 Ac 24,883,800
500 Ac 3.185,000

Blair & Co, New York
Merc Tr A Dep Co. Ban

A J Jan 1 1949
A N Nov 11928

1897
1904
1905

100

Places Where Interest and
Dividends are Payable

s

8
4g

j Jan

n
s
J
j
J AD

Q— J
J A
4g M A
A
4)4 g
A A 0
4g
5g

1924

3% Wilmington, N O
So Pao, 165 B’way, N Y
Bankers Trust Oo. N *

July 1 1924 1 Vi Cheoks mailed
165 Broadway. NewYork
Aug 11949
do
do
June 1 1929
do
do
July 1 1929
New York, London. A»
Apr 1 1950
June 11934

SOUTH GEORGIA R Y .— Adel to Greenville, Fla., 51 miles: West
Coast R y., Greenville to Hampton Springs, 31 m.; total, 82 m. Stock,
pref., $199,000; common, $58,000. Dividends paid in 1908-09, 20% ; in
1909-10, 30%; in 1910-11, 25% ; in 1911-12, 35%; in 1912-13, 45%; in 191314, 50%; in 1914-15, 60%; 1916, 40% ; 1917, 40% ; 1918, 6% ; 1919, 4 7 X % ;
19201 24%; 1921, 12%; 1922, 40% . Year ended Dec. 31 1923, gross,
$303,668; net after taxes, $68,909; other income, $14,092; int., rentals,
Ac., $45,694; divs., pref. (7 % ), $13,930; divs. com. (35% ), $20,300; bal.,
sur., $3,078. Pres., J. W. Oglesby; Sec. A Treas., C. T. Tillman. Office,
Quitman, Ga.— (V. 118, p. 2180.)
SOUTH PACIFIC COAST RY.— Elmhurst to Santa Cruz, with branches,
total, 105 miles; ferry, 3 m. Leased for 55 years from July 1 1887 to South­
ern Pacific Co., which guarantees the bonds and owns all the $6,000,000
stock. Year 1922, gross income, $463,347; deductions, $133,795; bal.,
sur.. $329,552.
SOUTHERN ILLINOIS & MISSOURI BRIDGE CO.— Owns bridge (and
4.64 miles of track) across Mississippi River at Thebes, 111. Stock, $50,000,
all outstanding, equally owned by the St. Louis Iron Mountain & Southern,
St. Louis Southwestern, Illinois Central, Chicago & Eastern 111. and Mo.
Paoiflo, all of which, except the last named, have a 50-year contract dated
Nov. 1 1901 for use of the bridge, under which they agree to meet all charges
Pres., W. J. Jackson: Sec. A Treas., F. P. Johnson.— (V. 107. p. 402.)
SOUTHERN NEW ENGLAND R Y .— See Central Vermont R y. and
V. 110, p. 1416; V. 107, p. 2009; V. 106. p. 2758; V. 102, p. 1718; V. 96, p.
841.

SOUTHERN PACIFIC COM PANY.— (See M ap.)— This company own*
only 562 m. in fee (operated by Oregon A California R R ., A c.), but prin­
cipally through ownership of stock, it controls a great system of road*
extending from San Francisco to New Orleans (thence by company’ s
steamers to N. Y .,A 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. Controlled as above (Concl.)— Miles
Central Paclflo Ry (see beiow) .2,283 Lake Charles A No. R y _______
73
South Pacific Coast R y________ 105 Houston A Shreveport R R _________ 41
Southern Pacific R R __________ 3,494 Houston E. A W. Texas R y _
_ 191
Oregon A California R R _______ 704 (3) Controlled by Morgan’s La. & Tex.
Iberia A Vermillion R R _______
21
2) Controlled by So. Pac. Co.— Op­ Less duplications. A c. (net)___
32
erated by Cos. owning them.
Total in system Dec. 31 '23.11,244
Arizona Eastern (V. 90, p.448) 383
Other Proprietary Companies—
Galv. Harrisb. A San Ant. R y .l,3 8 o
(x Jointly controlled.)
Houston A Texas Central R R .. 923 Southern Pao. R R . of Mexioo_-l,241
Louisiana Western R R ________ 208 Northwestern Pacific R R ____ x497
Morgan’s La. A Tex. RR. A SS. 401 Sunset Railway 0 4 ) _________
x63
Texas A New Orleans R R _____ 508 San Diego A Arizona R y ______ 201
Affiliated companies_______
953
Trackage agreement with Western Pacific, V. 118, p. 1270.
PR O PR IE T A R Y LINES.— These, with a total mortgage indebtedness
DIRECTO RS.— S. Davies Warfield (Chairman), J. W m. Middendorf,
L. R . Powell Jr., Baltimore; Pierpont V. Davis, L. F. Loree, B. F. Yoakum, Dec. 31 1923 of $434,769,296, are controlled through stock ownership, only
R . C. Ream, F. N. B. Close, Robert L. Nutt, New York; Milton E. Ailes, $59,000 out of their total capital stock o f $346,832,900 not being held on
Washington, D. C.; Mills B. Lane, Savannah, Ga.; Robert F. Maddox, Dec. 31 1923 by the Southern Pacific Co.
O R GAN IZATION .— Organized under laws of Kentucky.
Atlanta, Ga.; J. P. Taliaferro, Jacksonville, Fla.; A . H. Woodward, Wood­
As to disposal made by Union Pacific of its interests in company in
ward, Ala.; Jas. C. Colgate. Bennington, Vt.; M . J. Caples, C. R. Capps,
1913 under order of court, see V. 97, p. 50, 445, 667.
Norfolk, Va.
Suit by the Govt, to compel the company to dispose of Its holdings in
Pres., S. Davies Warfield; V .-P ., C. R. Capps, M . J. Caples, L. R.
Central Pacific was decided against the Govt, in the lower court in March
Powell Jr., W. R. Bonsall, W. L. Seddon, Walter L. Stanley, M . H. Cahill
1917; an appeal by the Govt, came up for hearing in the Supreme Court on
V .-P., Sec. & Treas., R. L. Nutt. General offices, Norfolk and Ports
mouth, Va.; executive offices, Baltimore, M d., and 24 Broad St., New April 17 1921, and, after full oral argument, was submitted on April 1§ 1921
and taken under advisement by the Court. On Jan. 9 1922 the Court
York.— (V. 118, p. 2306.)
ordered a re-argument of the case. On M ay 29 1922 the U. S. Supreme
SHAMOKIN VALLEY & POTTSVILLE RR. CO.— (See M aps Pa. RR.) Court ordered the dissolution o f ownership and control o f the Central
— Sunbury, Pa., to M t. Carmel, Pa., and branches, 40.86 miles. Leased Pacific Ry. by the Southern Pacific Co. V. 107. p. 1542; V. 104, p. 1046;
Feb. 27 1863 for 999 years to Northern Central Ry. C o., with a guaranty of V. 107, p. 513; V. 114, p. 199, 2470. 2718; V . 115, p. 646, 1732. The com­
taxes, interest on bonds and 6% on stock, o f which N. C. owns $619,650. pany in Oct. 1922 filed an application with the l.-S . C. Commission asking
authority to acquire control o f the Central Pacific by lease and stock own­
The lease assumed in 1914 by the Penna. R R . Co.— (V. 97, p. 1735.)
ership, pending final determination by the Commission of a plan for con­
SHARON RY.— Owns from Newcastle, Pa., via Sharon, to Pymatuning, solidation of the railroads into a limited number of systems. This applica­
P a „ with branches, 32.75 miles. Leased to Erie R R . for 900 years from tion was approved by the Commission upon certain conditions on Feb. 6
Dec. 1 1900 for taxes, interest and a sum equal to 6% on stock, &c. In 1923. Compare V. 116. p. 685, 2768; V. 117, p. 782. As to Union Pacific
1918 reduced to 5)4% and In 1919 to 5% . due to refusal o f lessee to pay decision in 1912, see V. 97, p. 445, 667.
Oil land decision, V. 98, p. 1994; V. 99. p. 1461; V. 100, p. 399. 734, 2011;
Income tax. In 1922 and 1923 paid 5Vi% yearly.
The stock has been increased from time to time on account of Improve­ V. 103, p. 1221; V. 106, p. 2123; V. 107, p. 513; V. 109, p. 889, 1988. 2172;
ments and In 1919 was increased from $1,203,650 to $1,389,000 in connec­ V. 110, p. 1090. Land grant suit, see Oregon A California and V. 103, p.
1222; V. 104, p. 1703; V. 107. p. 513.
tion with double tracking o f the New Castle branch. V. 108, p. 380.
The directors on Dec. 1 1920 adopted a plan for the separation of the
The New O. & S. V. 6% bonds were extended in 1917 at 4)4% lnt. and
he $164,000 4)4s due June 1 1919 until Jan. 1 1937 at 5 )4 % • (V. 111. 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
P. 793.)
Pacific Oil Co., being organized for this purpose. See Pacific Oil Co. un­
SIERRA RAILW AY (OF CALIFORNIA).— Owns road from Oakdale der “ Industrials.”
On Jan. 11917 agreed to take part in building and then to operate the San
In Stanislaus County,Cal.,to Tuolumne, Tuolumne County,56.65m.; James­
town to Angels, 19.3 m.; total, 75.95 m.; yard, Ac., track, 21.40 m. Tenta­ Diego A Arizona R y. (V. 104, p. 74), San Diego to Yuma, Cal., 220 miles
and branches. V. 104. p. 74: V. 105. p. 2367; V. 107. p. 514.
tive valuation, $2,077,276 as of June 30 1916.
_ _
Southern Pacific R R . of Mexico, incorporated 1909 with $75,000,000
Stock authorized. $5,000,000; issued. $3,248,000. Bonds, V . 79. p . 270.
For year ending Dec. 31 1923, gross, $697,472; net. $73,812: other in­ stock (all owned Dec. 31 1923 by Southern Pacific O o.), took over the 1,507
come, $11,123; interest, A c., $150,539; bal., def., $65,599. Pres., R . H. miles covered by Mexican concessions, extending from Empalme to Guada­
Downes; Sec., J. T . Bullock; Treas., O. N . Hamblin, Jamestown, Cal.— lajara, 815 miles, with branch lines 692 miles, o f which 1.241 miles had been
completed Dec. 31 1923. In Dec. 1910 obtained additional concession
(V. 115, p. 2047.)
from Guadalajara to Mexico City. V. 83, p. 1536; V. 84, p. 1141; V. 86.
SOUTH CAROLIN A PACIFIC R Y . CO.— No. Caro. State line to Ben- p. 350; V. 87, p. 414; V. 88, p. 303, 1622; V. 91, p. 1645, 1770. It was
nettsvllle. 8. O ., 10.58 miles
Common stock, $100,000. $82,200 being announced in March 1923 that work had been resumed on the Southern
owned by Atlantic Coast Line R R ., which leases the road for a term of Pacific R R . of Mexico, which will connect the main line at Tucson with
years from Jan. 11915 at a rental sufficient to pay 6% yearly on $104,600 Mexico City by meeting the National Railways of Mexico at Orendian. All
cum. pref. stock and dividends on the $100,000 common stock as follows: but 98 miles of the line were completed when revolutions interrupted in
4% for 4 years ending Jan. 1 1922, and 5% thereafter to end of lease. The 1910. This gap is now to be bridged. The road is not expected to be com­
pref. stock is convertible with all accumulated dividends, at option of holder pleted before 1926.
Northwestern Pacific R R . (jointly owned with
at par Into any bonds that may be Issued which would rank ahead of the Atchison), see that company.
The Southern Pacific Equipment Oo. was incorp. In May 1920. V.
pref. stock either as to prin. or divs. V. 99 p. 1675; V. 100, p. 142.— (V.
11 0,p 2293.
100, p. 142.)




115
RAILWAY STOCKS AND BONDS

May , 1924.]



116

RAILW AY STOCKS AKD BONDS

RAILROAD COMPANIES
lFor abbreviations, A c., see notes on first pageJ

Miles Date
Road Bonds

Rate
%

$117,000
$1,000
1.000
1,022 000
1,000 13,750,000

1923
1924

Ser F d u e $ 2 ,1 0 0 ,0 0 0 y e a r ly b e g 1 92 8- - - c *

do Ser G due $1,176,000 yearly________ _xxxc*
Equip gold notes due $187.600,yearly___________ G

Amount
Outstanding

1914
1916
1920

S ou th ern P a cific Co (Concluded) —
do SerO $117,000 yly call 102 H _______ _____
do SerD $511,000 due yrly; call 102 H ________
do Ser E $1,250,000 due yearly____________ xc*
do

Par
Value

1,000 17,640,000

4)4
4)4
7
5
5
6

1920

So Pao Br 1st M gold a f $50,000 1897 not drawn
Flrat Consol mtge guar gold a f not drawn.Ce.xc* Ar
Northern Ry (Cal) cons(now 1st) M gold.Un.zo*&r
Northern California first mortgage g o ld -..............«
First Ref M g gu red 105 since 1910------- Ea.xc* Ar*
Coast Line Ry 1st M (owned by So Pac Co) _____
fouthern Railway— Common stock $120,000.000___
Preferred 5% non-cumuiatlve $60,000,000________
M & O stock trust certlfl cates___________________ x
Southern Railway Issues—
First Cons M 1st on 900 m g($120,000,000) Ce.xc* Ar
Development <c Gen M ($200,000,000) g.-G .xo*A r
5
do
do
_______ . . .
______
_
_
do
do
. ___ . . .
Monon JointMred 105 since 1907half share (l.xo*<Scr
Col M g $9,500,000 s f (M ob & Ohio)____Q.xc*&r
Eq Series
Series T gold due $235,000 M & N . . . ...........PeP
Series U gold due $255,000 M & N 15______ PeP
Series 67 due $686,200 yearly______________ Gc*
Series W gold due $310,000 M & N _ _ ___ __ c*
Series X due $225,000 A & O .
..P eP c*
Series Y due $220,000 M & S__________.P ep.c*
A— Properties Merged in Southern Railway Co.
RIohmA Danv deb M old 5s (no longer Incomes) Ces
Virginia Mid— Mtges E due 26; F. 31__________ z
General mortgage..............
........ ................Cez
East Tenn Virginia & Georgia Div mtge g..U n ,»o*
E T Va A Ga cons M g ($20,000,000) . . -Ce.xoAr
b Also on Dec 31 1922 $45,949,000 in treasury

240
1.685
377
54
3.109

1887
1893
1888
1889
1905

4,943
text
text
text

1894
1906
1906
1906
1902
1901
1916
1916
1920
1922
1923
1924

1882
1881
403 1886
652 1880
1,020 1886

1,000

2 .0 6 3 .6 0 0

100 160,000,000
3.533,000
6g
500 Ac 4,127,500
56
1,000 4.751.000
5g
1.074,000
1,000
5g
500 Ac 143,772,500
4g
700.000
6
100 120,000,000 See text
5
100 60.000,000
4
100 5,650,200
1,000 Ac 79,414,000
1,000 Ac b61,333.000
1,000 Ac 30,000,000
1,000 A c 20,000.000
1,000 Ac 5,892.500
1,000 Ac 8,355,000
1,000
1.000
1,000
1,000
1.000
1,000

P a c ific C o . o n D e c . 31 1923 a g g re g a te d $ 1 5 8 ,2 1 3 ,7 6 0 ; o f p r o p r ie ta ry c o .,
$ 4 3 4 ,7 6 9 ,2 9 6 ; t o t a l, $ 5 9 2 ,9 8 3 ,0 5 6 , h eld as fo llo w s: I n h a n d s o f p u b lic,
$ 4 7 8 ,5 5 9 ,6 3 8 ; ow n ed b y S ou th ern P a c ific C o ., $ 9 7 ,0 0 2 ,4 1 8 ; o w n e d b y p r o ­
p r ie ta ry c o s ., $ 1 ,0 9 6 ,0 0 0 ; h eld in sin k in g fu n d s o f p r o p r ie ta ry c o s ., $ 1 6 ,-

325,000.
The 4% collateral trust gold bonds of 1899 are limited to $36,819,000 and
are subject to call at par on 6 months’ notice. The $34,100,500 outstanding
Dec. 31 1923 were secured by $67,274,200 common and $17,400,000 pref
stocks of the Cent. Pac. R y. C o. See mtge. abstract, V. 69, p. 859Collateral for Central Pacific Ry. 4% 35-year European Loan of 1911
(a) Stocks; Houston E. & W. Texas, $1,919,000; Morgan’s La. A
Tex. RR. A SS. C o., $10,000,000; Oregon & Cal. R R . com.,
$6,900,000, and pref., $11,991,000; So. Pac. R R .. $35,000,000;
So. Pac. Term. Co., $1,999,500.
(6) Bonds: Galv. Har. A San
Ant. Ry. 1st M. East D iv.. $4,728,000, and 2d D iv., $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 for $81,814,000 of 4% 20-year
bonds at 96, convertible to June 1 1919 into common stock at 130 at option
of holders and red. at 105. A total of $27,319,240 bonds were so converted
into $ 2 1 ,0 1 4 ,8 0 0 par value o f stock. V . 109, p. 285; V . 88, p. 507, 1062:
V. 89, p. 4 4 , 105.
On June 8 1909 the directors authorized an Issue of not exceeding $100,
000,000 4)4% 20-year gold bonds for “ corporate purposes” ; under option
then given $227,000 was exchanged, along with $20 per share In cash, for
$227,000 pref. stock; no others issued. V . 88, p. 1501; V. 89, p. 1420.
"San Francisco Terminal” bonds ($50,000,000 auth.; int. rate 5% or less)
cover Bay Shore line and terminals; $24,883,800 4s outstanding.
V. 90, p
373. 448, 1555, 1615, 1678: V. 91, p. 1631: V. 92, p. 1180.
The 5% 20-year convertible bonds sold in 1914 were made convertible
at option of holder at any time on or before June 1 1924 into full-paid stock
at par and subject to call (as a whole only) at 105 on 90 days' notice. If
called, they may be converted up to 30 days prior to call date. V. 98,
V: 110, p. 2488; V. 117, p. 2213; V. 118, p. 2043.
Equipment trusts. V. 96. p. 1425; V. 97, p. 597, 730; V. 99, p. 1599.1675
V. 110 . p . 2488; V . 117 , p. 2 21 3.
Guaranty of Pacific Fruit Express Co. equipments, V. 110, p. 2082.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1472.
R E P O R T . — F o r 1923, in V . 118, p . 2 2 9 6 , sh ow ed :
Years ending Dec. 31— •
1923.
1922.
1921.
T r a n sp o rta tio n o p e r a tio n s ____________$ 2 8 7 ,2 0 4 ,6 3 5 $2 6 2 5 1 9 .1 7 0 $ 2 6 9404,365
O p era tin g expen ses a n d ta x e s _________ 2 2 7 ,5 3 1 ,9 1 1 2 1 2 ,5 2 3 ,8 1 2 2 2 8 ,2 3 6 ,2 9 8
N e t re v e n u e s _________________________ $ 5 9 ,6 7 2 ,7 2 4 $ 4 9 ,9 9 5 ,3 5 8 $ 4 1 ,2 5 8 ,0 6 7
4 6 ,2 2 2 ,8 4 6 35,9 4 6 ,7 9 1
__________
1,587
4 ,5 0 1 ,3 4 3
4 ,4 4 3 ,1 7 0
3 ,1 7 4 ,0 4 4
7 ,9 9 6 ,5 3 8
6 ,0 4 5 ,3 7 3
3 ,2 5 2 ,0 4 4
2 ,5 5 7 ,1 4 9
2 ,8 9 3 ,0 4 6
3 ,1 6 4 ,8 5 8
4 ,2 9 5 ,5 5 6

Net o p e r a tin g in c o m e ---------------------------- 5 4 ,2 2 8 ,0 2 3
S ta n d a rd r e t u r n ________________________
D iv id e n d in c o m e _______________________
I n c o m e fr o m fu n d e d se cu ritie s, & c ___
R e n ta ls , A c ____________________________

T o t a l in c o m e _________________________ $ 6 7 ,6 0 9 ,6 0 7
R e n t fo r leased r o a d s __________________
2 3 9 ,1 0 8
R e n ts , & c _______________________________
1 ,3 0 4 ,5 6 9
B o n d , & c ., in te re s t-------------------------------- 2 0 ,1 4 0 ,6 1 4
O th er in te re s t_______ ___________________
1 ,1 3 2 ,2 3 0
M is c e lla n e o u s ___________________________
2 4 0 ,6 0 4

$ 5 5 ,8 1 5 ,3 7 9 $ 5 5 ,2 9 7 ,3 7 7
2 3 8 ,3 9 9
2 04 ,436
1,1 3 4 ,3 2 2
1 ,3 1 9 ,5 3 6
2 0 ,1 8 4 ,5 5 8 2 0 ,4 0 4 ,9 2 4
1 ,1 2 5 ,2 1 8
2 ,2 4 3 ,6 5 5
532,731
5 15 ,048

Dividends paid ( 6 % ) _______________ 20,662,854

20,663,139 20,639,250

S in k in g, & c ., r e s e r v e ----------------------------

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

T o t a l d e d u c t i o n s .----------------------------- $ 4 5 ,2 5 7 ,5 1 0
B a la n ce , su rp lu s_______________________ $ 2 2 ,3 5 2 ,0 9 7

1 ,1 2 8 ,1 1 6

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

1,0 8 1 ,5 5 9
2 2 ,0 0 0

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

For latest earnings, see “ Railway Earnings Section” (issued monthly).
DIRECTO RS.— Julius Kruttschnitt. J. N. Jarvie, E. P. Swenson. J.
Horace Harding, Paul Shoup, F. D. Underwood, Henry W. De Forest,
James S. Alexander, H. E. Huntington, Lewis J. Spence, Ogden Mills,
L. F. Loree, Edward S. Harkness, William Sproule and Samuel Rea.
Chairman Exec. Comm., Julius Kruttschnitt, N. Y .; Pres., William
Sproule, N. Y .; Treas., A. K. Van Deventer; S e c ., Hugh N e ill. O ffic e s .
165 Broadway, N. Y ., and 65 Market St., San Francisco.— (V. 118, p. 2 2 9 6 .)
SOUTHERN PACIFIC RR C o.— (See Maps.)— 3,494 m., embracing
• through line from east bank of Rio Grande River through New Mexico and
Arizona, via Los Angeles, San Francisco and Oakland, to Tehama, in No.
California, with branches (V. 105, p . 181): 24 m. are leased to other roads




940,000
1,275.000
7.548,400
8,060,000
6.300.000
6,600,000

1,000 3,368,000
100 AC 3,084,000
1,000 4,859,000
1,000 3,106,000
1,000 12.770,000

ELECTRIC R A ILW A YS.—The electric roads controlled include (al
Pacific Electric R y., 683 miles of electric interurban road radiating frou.
Los Angeles; (b) Peninsular R y., serving San Jose, Santa Clara. A c., 65 m.
c) San Jose Railroads, 30 m.; (d) Stockton Electric C o., 13 m.; Visalia Elecrlc R R .. 52 m ., and (e) Fresno Traction C o., 31 m. See “ Elec. Ry. Sec.”
CAPITAL STOCK.— Against the common stock of Southern Pacific Co.
there was on deposit with Union Trust Co. of N. Y . on Dec. 31 1923, stocks
of subsidiary companies as follows (at par value); Gal. Har. & San Ant.
J27.005.600: La. West. R R .. $3,310,000; Morgan’s La. & Texas RR. A SS.
C o.. $4,994,000; Sou. Pac. R R ., $124,671,861; Texas & 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 South­
ern Pacific Co. stock held. See Pacific Oil Co. under “ Industrials.”
DIVIDENDS.—
lOot. '06-Apr. ’07. Ju ly ’07. Oot. ’07 to J u ly ’24.
(Common stock)____/5 % yrly. (2H s.-a.) 1H % 6% yrly. (lH quar.)
BONDS. A c.— The funded and other Interest bearing debt o f Southern

Invest, in physical properties_______

2 3 ,1 0 0 ,0 0 0

When
Payable
3 A
M A
J A
.) A
M &
J & J

D
N
D
1)
N

15

[V ol. 118.
Last Dividend Places Where Interest aud
and Maturity
Dividends are Payable
Dec 1 1924
N Y office and Phila
do
M ay’ 25-M ay’ 26
do
To June 1 1935 New York
do
D e c 1 ’ 28 t o '3 8
To M ay 1 1939 N e w Y o r k

A A O Apr 1 1937
So Pao, 165 B’way. N Y
M A N Nov 11937
do
do
A A O Oct 1 1938
So Pac. 165 B’way. N Y
J A n June 1 1929
do
do
J A i Jan 1 1955
do
do
M A N Nov 1 1941
Text M a y 1 1924 1 )4 J P Morgan A Co, N V
do
do
A p r 21 1924 2 n
Q-J
A & O A p r 1 1924 2 %
do
do

5g J
4g A
6)4 g A
6 g

4 i
4g

A J July 1 1994
A o Apr 1 1956
& o Apr 1 1956
A & <) A p r 1 1956
J A I July 1 1952
M A s Sept 1 1938

4)4 g M
4H M
J
6 g
5)4 g M
A
5 g
5 g M
5
5
5
5g
5g

do
do
do
do

do
do

do
do
do
do

do
dc

A N N o v ’2 4 - M a y ’ 26 Pa Co for Ins, Ac, Phila
A N15 Nov ’24-Nov ’ 26
do
do
& J T o Jan 15 1935 G u a r a n ty T r u s t Co. N Y
& N N o v ’2 4 - M a y ’37 Pa Co fo r In s, Ac, Phila
do
& O O ct ’ 24-Apr ’ 38
do
do
& s S e p t '2 4 - M a r ’ 39
do

A A o
M A s
M A N
J A J
M A N

Apr
Mar
May
July
Nov

1 1927
’26A'31
1 1936
1 1930
1 1956

J P Morgan & Co, N Y
Safe Dep A Ti Co. Balt
J P Morgan & Co, N Y
de
do
do
do

STOCK.—Sou Pao Co. Dec. 31 1923 held all the $160,000,000 stock.
■
Jlvs t
in 1906-07; 1 3 % 1907-08; 5 % , 1908-09; 6% from 1909-10 to
June 1914, incl.; 5% 1914-15; 6% 1915-16; 1917 to 1923, 6% yearly.
BONDS.— Consolidated Mortgage of 1894 abstract was in V. 57, p. 104.
The First Refunding 4s of 1905 ($160,000,000 auth.issue) will eventually
be a first lien. Guaranty, V. 82, p. 49. The mortgage is a Hen subject to
axisting mortgages on the entire owned mileage, which on Dec. 31 1923
consisted of 3,494 miles. It is a first lien on 2,438 miles, save lien of consol.
5* of 1893 at less than $1,700 per mile (V. 87, p. 1012)
V. 88, p. 159
V. 89, p. 164; V. 98, p. 264. Sufficient of the issue is reserved to retire
the underlying bonds.
On Dec. 31 1923 Union Pacific owned $6,027,000 and Southern Pacific
C o. $6,425,500 of the bonds. V. 106, p. 2758.
REPO RT.— For year ending Dec. 31 1923 earnings were; Income from
lease of road, $21,417,771; other Income, $2,778,123; deductions, $6,555,619;
divs., $9,600,000; bal., sur., $8,040,275.
Pres., William Sproule.— (V. 115, p. 1733.)
SOUTHERN
R A IL W A Y .— (See M aps.)— System embraces 7,090
miles, extending from Washington, D . O., and West Point and Richmond,
Va., to Danville, Va., Greensboro, N . O ., Norfolk, Va., Charlotte, N . O .,
Columbia, S. O. and Atlanta, G a., thence northerly to Bristol, Tenn.,
southeasterly to the coast at Brunswick. G a.,and to Columbus. Miss.
ownea in Tee—
Mines. Leased (.’ see this co.)—
Alexandria (near Washington)
•North Carolina R R .—
to Greensboro, N. C________ 279
Goidsb.,N. C., to Greensboro.
Charlotte, N. 0., to Augusta,Ga 190
Charlotte, Ac______________ 226
Columbia,S.Co.,toGreenv.,S.C._ 144 Atlantio A Danville R y.—
West Point, Va., to N eapolis.. 179
Norfolk to Danv., Va.. A br_ 276
Salisbury, N. 0 ., to Morristown,
•Virginia A S. W_______ _____ 189
Tenn _____________
231 Nortli Carolina Midland_______
54
Memphis to Stevenson, Ala____ 272
Controlled by Securities—
Bristol to Chattanooga. T en n .. 242
10
Coster to Cumberland Gap, Ky_
64 State University R R .
Ensley Southern R y __________
33
Ooltewah Jot., Tenn., to Bruns­
78
wick, Ga___________________ 412 Other roads.
Austell, Ga., to Miss.State line. 261
Trackage Rights—
Atlanta Jet., Ga., to York, Ala_ 271 Hardeev’e, S. C., to Savan., Ga.
Atlanta, Ga.. *o Ft. Valley, Ga. 102 Washington, D. C., to Alex.,Va.
S.St.L., 111., to Ind. State Line 147 Stevenson,Ala.,to Chattanooga,
Branches, A c_________________ 1,429
Tenn., &o__________________
York, Ala., to Meridian, Miss_
Total owned________________ 4,223 Kentucky & Indiana Term. R R .
Leased— (’ see this co.)—
Miles Selma, N.C., to Pinnert Pt., Va.
•Atlanta & Charlotte Air Line,
Savannah,Ga.,to Jaoksonn, Fla,
Chari., N C., io Armour, Ga. 263
•Georgia Midland R y _________
98
•Mobile A Birmingham R R .—
Total mileage Dec. 31 1922 .7,090
Mobile, Ala., to Marion Jct._ 150 Leased to other companies____ 119
•Southern R y., Car. Div.—
Balance oper. Dec. 31 1922 .6,971
Charleston, S. C., to Augusta,
Controlled—operated separately—
Ga., with branches to Co­
lumbia, S. C., Ac________ 217 Blue Ridge______________________ 44
57
Camden,S.C.,to Marion,N.C. 208 Tallulah F a lls..........................
Biltm., N. C., to Alston, S. O. 134 Danville & Western______________ 83
Other branches_____________ 194 Hartwell R y _____________________ 10
•Richmond & Mecklenburg R R .
31 Atlantic A Yadkin______________ 163
Lockhart R R . ________________
14 Yadkin R R --------------------------------- 52
Elberton Southern R y ________
51 H. P. R . A . & So. R R ................. 28
Leased for 50 years from July 1 1912. Bluemont branch, 54 m ., to Wash.A
Old Dominion Ry. Water lines— Chesapeake SS. C o.. 200 miles.
Also nas one-sixth interest in RIohmond-Washington Co., owning line
between Richmond and Washington, 115 miles
V. 75, p. 449
Affiliated— (See each company).
Alabama Great Southern_______ 318[Northern Alabama______________ 111
Cincinnati N. O. & Texas Paciflo.338] Georgia Southern A Florida_____ 402
M o b ile * O h io _______________l,165|New Orleans & Northeastern------208
In July 1918 the Carolina & North Western R R . (V. 105. p. 605), with
lines from Chester, S. O., to Edgemont, N. O., 134 miles, was acquired
by Southern Railway Interests, but remains a separate corporation V.
10 7,p.1670.
ORGANIZATION.— Organ. 1894. V .5 8 ,p .3 6 3 .385,058,874, 1016.1058
In 1903-04 Jointly with Louisville A Nashville acquired $13,680,300 of
the $15,500,000 Chicago Indianapolis & Louisville stooh in exohange for
their Joint 50-year 4% bonds. V. 74, p. 1029, 1090.
In 1916 purchased most of stock of N . O. & Northeastern R R ., which
see: also V. 104, p. 74: V. 105. p. 1530
Effective Mar. 1 1920, for the purposes of administration, the lines con­
stituting the Southern Railway system were divided into two groups, viz.;
(1) Lines West— Cincinnati New Orleans & Texas Pacific R y ., Alabama
Great Southern, New Orleans & Northeastern, Harriman & Northeastern,
Cincinnati Burnside & Cumberland River, Northern Alabama, Georgia
Southern & Florida and the St. Louis Louisville, Memphis, Atlanta, Colum-,
bus, Birmingham and M obile operating divisions of Southern Railway;
(2) Lines East— the following operating divisions of Southern Railway:
Washington, Danville, Charlotte, Richmond, Norfolk, Winston-Salem
Columbia, Charleston, Spartanburg. Knoxville, Coster, Appalachia, Ash?
ville, Murphy and Transylvania.
STOCK.— Authorized $120,01)0,000 com. and $60,000,000 5% non-cum
pref. stock. As to whether the pref. is callable, see V. 72. p. 1136.
D IV S .(% ) \’07.’08-’ 10.’ l l . ’ 12.’ 13.’ 14. ’ 15.’ 16. ’ 17.’ 18.’ 19.’20.’21. '22. ’23.
On p r e f ../ 4
0
2 4 ^ 5 4 H none 2)4 5 5 5 0 2)4 5
In April 1914, 2 l % cash; Oct., 2% , payable in 5-year 4% interestA
bearing scrip. V. 99, p. 1053, 749. The dividend scrip was paid off
p. & i., on N ov. 1 1919. V. 109, p. 1701. Dividends resumed in 1917 with
2)4% N ov. 20. April and Nov. 1918, each, 2 )3 % ; June and Dec. 1919,
2)3 % each; June and Dec. 1920, 2)3 % each; then none until N ov. 15 1922..
when 2)3 % was paid; Apr. 20 1923 to Apr. 21 1924 paid 2)3 % semi-ann.
On common stock, paid initial div. of 1)4% quar. on M ay 1 1924.

May, 1924.]

r*r'
RAILROAD COMPANIES
U p" [For abbreviations, A c., see notes on page 6]

Miles Date
Road Bonds

Par
Value

Amount
Outstandingj

Rate
%

When
Payable

S outhern Railway— (Concluded)—
66 1885
Knoxville & Ohio 1st M g j V 79, p. 1466)__Ce.xc*&r
1,000 2,000,OOoj
6g J
B— Southern Railway Divisional Securities.
East Tennessee lien gold________________ Ce.xc*&r 1,020 1894
1,000 4,500,000!
5g M
292 1898
1,000 6,883,000'
Memphis Div 1st M ($8,000,000) gold_ G.xc*&r
_
5 g .1
24 1898
500
Aiken Branch first mtge gold (V 68. p. 826)_ Mp.x
_
150,000,
4 g .1
St Louis Division 1st M g $15,000,000__IC.xc*&r
365 1901
1,000 12,474,000
4g J
M obile & Ohio bonds— See Mobile & Ohio R R Co
C-—On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
31 1898
1,000
aRichmond & Mecklenburg 1st M $315,000 g ___ xc
315,000
4g M
_ __
100
aAtlanta & Charlotte— Stock_____________________
1,700,000
9
M
263 1914 1,000 &c 20,000,000 4H & 5 J
1st M $20,000,000 ($14,500,000 Ser B 5s)Ce.yc*&r
C— On Properties Practically Owned by (*) or Leased to (a) Southe rn Ry.
1,000
aGeorgia Midland first mortgage interest guar Ce.x
98
1,650,000|
3g A
_ 1896
100 4,000,000
F
aNorth Carolina stock 7% guaranteed____________
7
149 1895 2001,000
oM obile & Birmingham RR prior lien gold____Ce.xc
600,000
5 g .1
149 1895 2001,000
First mortgage $1,200,000_______________ Ba.xc
1,200,000
J
4
_
100
900,000
4
.1
53 1891
1,000
aNorth Carolina Midland RR 1st M bonds_ Ce.c*
_
801,000
6g J
100
Stock____________________________________
924,000
3
1
Northern Alabama Ry— See that company
1,000 3,925,000
278 1900
aAtlantic & Danville first mortgage____________Ba
4g J
1,000
278 1904
Second mortgage gold________________________ Eq
1,525,000
4 g .1
136 1903 1,000 &c 2,000,000
Virginia & Southw— 1st M g gu by Va I C & C .-G .x
5g J
209 1908 1,000 &c 5,000,000
First consol mtge $7,000,000 gold_____G.xc*&r*
5g A
S outhern Railway, Carolina Division—
1,000 5,250,000
248 1919
aSo Car & Ga 1st M g ext gu call 107K --Ce.xxxc*
5H g M
__ 1895
1,000
*Spar Union & Col $1.000,000 guar Ash & Sp g.C.xc*
1,000,000
4 g .1
1,000 5,000,000
General mortgage $18,000,000 gold--------------------- N
4g J
- - - 1902
S outhw est Penn RR— See Pennsylvania RR
333
100 5,191,100
J
S outhw estern (G eorgia)— Stock (see text)-----5
S p artan bu rg Union & Colum bus— See Southern Ry Caroli na ~Di vision.
1,000 4,200,000
141 1905
S pokane Internatl— First M $4,200,000 g__Col.vc*
5g J
22 1910
1,000
Coeur d ’A & Pend d ’O 1st M $544,000 g gu.U s.vc*
544,000
5 g .1
495 1911 1,000 &c 73,710,000
Spok P & S— 1st M $125,000,000 g red text.Ce.c&r
4g M
S puyten Duyvil & Pt Morris— See New York Central
24 1898
1,000
State Line & Sullivan— 1st M $300,000 g — Un.xc*
272,000
4K g J
1
S taten Island Ry and Staten Island Rapid T ransit — See Baltim ore & Oh io
105 1910
1,000 2,607,000
Stephen Nor & Sou Texas RR— 1st M g gu red 105 c*
5g J
10 1872
1,000
S ton y Crk— lstM$350,000ext’07 gu (V85,p532)-FP.x
350,000
4
A
1,000
A
Sullivan C oun ty RR— First mortgage— ------357,000
6
- - - 1924
BONDS AND NOTES.— In Feb. 1917 plan for creation of a refunding
and impt. mtge. V. 103, p. 1593, 2079; V. 104, p. 765; V. 105, p. 1530.
First Consol. Mtge. for $120,000,000, abstract, V.59, p. 783; see V.81,
1850; V. 84, p. 392; V. 89, p. 1598; V. 92, p. 796; V. 97, p. 300, 1205;
99, p. 1834; V. 100, p. 310; V. 102, p. 610; V. 103, p. 580; V. 107, p. 1921.
The $1,000,000 1st mtge. 6s of Ala. Central R R ., due July 1 1918, were
acquired by So. Ry. Co. and pledged under its first consol, mtge.
Application of $120,000,000 First Consol. Mortgage 5s of 1894.
Issued to date (of which $154,200 in treasury)---------------------- $79,414,000
Issuable only t o j “ prior bonds” (see V. 59, p. 785)---------------- 34,886,000
retire certain!stocks (see V. 59, p. 786)--------------------------5,700,000
Application of $200,000,000 Development and General Mortgage Bonds.
Issuable fortwith and to retire coll. tr. 5s ($16,000,000) Apr.1909$31,000,000
(1) To retire prior liens not provided for by consol, mortgage-- 31,158,000
(2) To retire equipment obligations maturing 1906-21------------ 18,008,000
(3) T o acquire capital stocks of certain leased lines---------------- 10,000,000
(4) For Eastern Division o f Tennessee Central (option expired) 10,000,000
(5) To provide for future acquisitions and betterments under
stringent provisions (a) at not exceeding $5,000,000 yearly
for improvements and equipment and (b) in exchange for
1st mtge. bonds not exceeding in amount the actual cost
thereof o f railroads and terminals hereafter acquired------- 99,834,OOo
On Dec. 31 1922 $61,333,000 o f development & gen. mtge. 4% bond
were outstanding and a further $45,949,000 was available for company’s useThese 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 6J^%, and in N ov. 1923 $20,000,000 bonds were issued,
bearing 6% interest. Prin. and 4% int. will be secured by the lien of the
dev. & gen. mtge. Pursuant to a supplemental indenture, the company is
to affix to the bonds its obligation to pay additional interest (2 X % and 2 %,
A
respectively), thus making the total int. rate
and 6% per ann. The
additional int. obligations will not be secured by the dev. & gen. mtge., but
in the supplemental indenture the company will covenant that it will not
create any new mtge. upon any part of the railways subject to the dev. &
gen. mtge. unless such new mtge. expressly shall secu re the payment of the
additional interest o b lig a tio n e q u a l] v and ratably w i h anv indebtedness
secured bv such new mtge. T ie total 6V £ % and 6 % int. o b lig a t io n is com­
bined in the several coupons. V. 114, p. 307; V. 117, p. 2214.
Divisional First Mtge. 5s were issued in 1898 on account of purchase of
Mem. & Chari. Ry. Total auth. issue, $8,000,000. V. 67, p. 179; V. 81,
p. 1180; V. 83, p. 436; V. 84, p. 392. Second mtge. on former Mem. &
Chari, secures $2,500,000 o f 5s, all of which are owned by Southern Ry.
and pledged under the development & gen. mtge. St. Louis Division Mtge.,
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 & Ohio gen. 4s as acquired, by a pledge o f which they are secured.
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
$9,472,000 bonds and $5,670,200 of the $6,017,000 stock have been depos­
ited. V. 72. p . 439: V. 73. p. 66 4 . See M . < O. statement.
fc
Jointly with St. Louis & San Francisco RR. guaranteed bonds of New
Orleans Terminal Co., 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. 1850; V . 82, p. 1323; V. 88, p. 1374; V. 90,
p. 978; V. 97, p. 366; V. 98, p. 1158; V. 102, p . 1897; V. 103, p. 1889, 1981;
V . 114, p. 1892; V. 118, p. 1393.
Atlanta & Chari. Air Line R y. (leased line) bonds, V. 102, p. 1058, 1162.
As to extension and guaranty o f South Carolina & Georgia Ry. 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 P O R T .— For 1922, in V. 117, p. 1674:
Years ending
*1923.
1922.
1921.
Dec. 31—
$
$
$
Gross operating revenues____________ 150,467,985 128,489,847 128,715,150
Net, after taxes_____________________ 28,128,137 20,472,778 18,218,807
Other income_______________________ 3.584,167
4,483,467 5,717,194
Total gross income_______________ 31,712,304
Deduct— Rents, int. on debt, &c_____ 16,575,305
Preferred dividends_______________ 3,000,000

24,956,245
16,132,449
1,500,000

23,936,001
21,916,631
---------

Balance, surplus________ ______ __ 12,136,998

7,323,796

2,019,370

* Preliminary statement.
For latest earnings, see ‘ ‘ Railway Earnings” Section (issued monthly).
Balance sheet as o f Dec. 31 1923 in V. 118, p. 1136.
OFFICERS.— Pres., Fairfax Harrison; V.-P. & Gen. Counsel, L. E.
Jeffries: V .-P .. H. W. Miller, R. B. Pegram, E. H. Shaw, J. B. Munson,
F. S. Wynn; Treas., E. F. Parham; Sec., C. E A . McCarthy.
DIR E C TO RS.— Fairfax Harrison, Belvoir, Va.; Henry W . Miller, Wash­
ington; Jonathan Bryan, Richmond, Va.: John Kerr Branch, Richmond,
Va.; Robert Jemison Sr., Birmingham, Ala.; Adrian Iselin, Devereux Milburn, Charles Lanier, George T. Slade, Guy Cary. Jeremiah Milbank, New
York; Gasper G. Bacon, Boston. General office, Washington, D. C.
New York office, 120 Broadway.— (V. 118, p. 1775.)
SOUTHERN R A ILW A Y CAROLINA D IV IS IO N — Cayce, S. C ., to
Hardeville, 129 miles; Charleston. S. C., to Augusta, Ga., 137 m.; Kingville, S. C ., to Marion, N. C ., 208 m.; branches, &c., 281 m.; total, 755 m.
Leased to the Southern R y. Stock authorized, $7,798,700, of which
$4,176,200 owned by the Southern Ry. V .7 5 ,p .l3 6 . Holders o f $5,250,000 South Caro. & Georgia 1st M . 5s, due May 1 1919, had the privilege
o f extending their bonds for ten years at 5 H %, at the same time receiving
a cash bonus o f 2 K % . The extended bonds are guaranteed (endorsed) as




117

EAILW AY STOCKS AND BONDS

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

&

j July 1 1925

&
&
&
&

s Sept
J July
.1 July
J Jan

1
1
1
1

1938
1996
1998
1951

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

do
do
do
do

& N Nov 1 1948
do
do
< S Mar 1 '24 4V2 % U S Mtge & Trust, N Y
fe
& J July 1 1944
Central Un Tr Co, N Y
& o Apr 1 1946
• P Morgan &
T
& A Feb 1924 0V2% Burlington, No
< J July 1 1945
fe
J P Morgan &
& J July 1 1945
do
& J Jan 2 1924 2%
do
& J July 1 1931
& J July
& J July
& J Jan
& O Apr

Co, N Y
Caro
Co, N Y
do
do

1 1948
1 1948
1 2003
11958

Bankers Trust Co, N Y
Equitable Trust Co, N Y
Guaranty Trust Co, N Y
do
do

& N M ay 1 1929
& J Jan 1 1995
& J July 1 1952

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

&

J Jan 1924 2M % Macon and Savannah,Ga

& J July 1 1955
<c .1 July 1 1960
K
& S Mar 1 1961
&

J Jan 1 1929

& J July 1 1940
< o Oct 1 1957
&
& o

Amer Exch Nat Bk, N Y
do
do
Central Union Trust,N Y
do

do

N Y and Com Tr Co, St L
Reading Terminal, Phila
Safe Dep & Tr Co,Boston

to principal and interest by the Southern R y. C o., and are subject to cal
at 107H and int. V. 108, p. 1166, 1512, 2023.
SOUTHWESTERN R r . (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, Macon, Ga.
— (V. 110, p. 872.)
SPOKANE INTERNATIONAL R Y .— Owns Spokane, Wash., to East1
port, 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.
Oth. Inc.
Int., A c.
Balance.
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.,
A. T. Herrick, Spokane, Wash.— (V. 113, p. 1054.)
SPOKANE PORTLAND & SEATTLE R Y .— {See M ap Northern Pacific.)
Road Oper. (549.88 m.)—
Miles.
Corporations Controlled—
Miles.
Spokane,Wash.,to Portl.,Ore.369.45 Oregon Trk.Ry.(V . 89, p. 666)-156.9
Goble, Ore., to Holiday, O re.. 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______.________ 19.98
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 of 1911 ($125,000,000 auth. issue), redeemable at 105
and int. after March 1 1931, $80,000,000 are issuable for corporate purposes,
$25,000,000 are reserved for acquisitions, stocks and bonds in other com­
panies, and $20,000,000 reserved for impts., &c., at not exceeding $1,000,000 a year. V. 92, p. 886.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3.
R E PO RT.— For calendar year 1923, gross oper. rev., $.8,704,943; net
oper. income, $2,249,115; other income, $802,743; interest rentals, &c.,
$4,555,973; bal., def., $1,503,935.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., W. F. Turner; V.-Pres., Geo. T. Reid; Sec. & Compt., Robt.
Crosbie; Treas., J. E. Mang.—(V . 116, p. 327.)
S P O K A N E T E R M I N A L C O .— See “ E le c t r ic R a ilw a y S e c t io n .”
S P R I N G F I E L D (O .) U N I O N D E P O T C O .— (V . 7 7 , p . 77 0 ; V . 7 9 , 2 5 8 9 .)
S T A T E L IN E & S U L L I V A N R R . — O w n s M o n r o e t o n , P a ., t o B e re n ice ,
P a ., 2 4 .0 6 m iles.
S to c k , $ 9 8 0 ,2 5 0 (par, $ 5 0 ).
D iv id e n d , 1 % , p a id D e c . 7
1904. M o r tg a g e c o v e r s 5 ,0 0 0 a cres o n c o a l la n d s .
T h e b o n d s are s u b je c t t o
ca ll at 105 a fter 1914 a t p a r .
V . 67, p . 1209R o a d lea sed t ill 1934 t o
P e n n s y lv a n ia & N e w Y o r k C a n a l & R R . (re n ta l, $ 4 0 ,0 0 0 p er a n n u m ), an d
so o p e r a te d b y L e h ig h V a lle y .— (V . 7 4 , p . 479 ; V . 7 6 , p . 3 3 2 .)
S T E P H E N V I L L E N O R T H & S O U T H T E X A S R R . — O w n s G a t e s v ill*
t o H a m ilto n , T e x ., 3 1 .6 4 m .; E d is o n t o C o m a n c h e , 3 1 .8 6 m ., a n d H a m ilto n
t o S te p h e n v ille , 4 2 .2 3 m .; to t a l, 105 .73 m .
S to c k a ll o w n e d b y S t. L ou is
S o u th w e ste rn R y ., w h ic h leases th e r o a d ( V . 118, p . 1912) a n d op era tes it
as p a r t o f its W a c o d iv is io n .— ( V . 118, p . 191 2.)
S T O N Y C R E E K R R . — N o rr is to w n t o L a n s d a le , P a ., 1 0 .2 2 m iles; to ta l
tr a c k s , 14 .1 5 m . S t o c k , $ 3 0 0 ,0 0 0 a u th . (p ar $ 5 0 ), o f w h ic h $17 6 ,1 0 0 o u t ­
s ta n d in g , th e R e a d in g C o m p a n y o w n in g $ 1 1 0 ,9 0 0 . B o n d s , p rin c ip a l an d
in te re st, g u a ra n te e d b y P . & R . R R . C o .— (V . 85, p . 5 3 2 .)
S U L L I V A N C O U N T Y R R . — R o a d fr o m B e llo w s F a lls t o W in d s o r , V t . ,
2 6 .0 4 m ile s. O p e ra te d sin ce A p r il 1893 b y B o s to n & M a in e as a g e n t u n d er
lease o f C o n n . R iv e r R R . (co n s o lid a te d w ith B o s t o n & M a in e R R . o n D e c . 1
1919.), th e S u lliva n C o u n t y re c e iv in g e a rn in gs o v e r ch a rges w ith a m in im u m
g u a r a n ty o f 8 % o n s t o c k .
S to c k , $ 5 0 0 ,0 0 0 , o w n e d b y V e r m o n t V a lle y R R .
F o r y e a r 192 3, g ross,
$ 9 3 9 ,0 3 3 ; n e t ra ilw a y o p e r a tin g in c o m e , $28 8 ,6 9 1 ; o th e r in c o m e , $462;
d e d u ctio n s , $ 1 7 ,4 0 0 ; d iv id e n d s , $ 5 0 ,0 0 0 ; b a l ., s u r ., $ 2 2 1 ,7 5 2 .— ( V . 11 8 , p .
166 7.)
S U N C O O K V A L L E Y R R . — O w n s S u n co o k t o P itts fie ld , N . H ., 1 7 .5 5
m ile s. L ea sed t o B o s t o n & M a in e R R . fr o m A p ril 1 1921, lease t o c o n tin u e
u n til 30 d a y s ’ n o t ic e sh all h a v e b e e n g iv e n b y eith er p a r t y . T h e lease w as
fre e o f re n ta l. P r e s ., F ra n k W . S a rge n t, M a n c h e s te r , N . H .— (V .9 4 ,p .2 8 0 .)
S U S S E X R R . — S ta n h o p e t o F ra n k lin , N . J ., a n d b r a n c h , 30 m iles.
O p era ted u n d er lease b y D e l. L a c k . & W e s te rn , w h ich o w n s a m a jo r it y o f
th e $ 1 ,6 3 8 ,0 0 0 s t o c k . V . 118, p . 101 3. Y e a r e n d in g D e c . 31 1923: G r o s s ,
$23 1 ,0 4 2 ; n e t o p e r a tin g in c o m e , d e f ., $ 2 0 8 ,2 1 1 ; o th e r in c o m e , $ 4 ,1 5 1 ; in ­
te re st, re n ta ls, & c ., $ 2 4 ,8 6 5 ; b a l., d e f ., $ 2 2 8 ,7 2 5 .— (V . 118, p . 101 3 .)
S Y R A C U S E B IN G H A M T O N & N E W Y O R K R R .— G eddes, N . Y ., to
B in g h a m to n , N . Y . , 81 m iles. S to ck h o ld e rs v o t e d D e c . 6 1911 t o lease th e
r o a d d u r in g its c o r p o r a t e e x is te n ce t o th e D e l. L a c k . & W e s tern R R . fo r
1 2 % o n th e $ 2 ,5 0 0 ,0 0 0 s t o c k , o f w h ich th e lessee a t la st a d v ic e s ow n ed
$ 2 ,1 6 5 ,9 0 0 . L ea se t o o k e ffe c t O c t . 1 1912. I n th e su it o f m in o r ity s t o c k ­
h o ld e rs J u stice G e ig e rich in th e S u p rem e C o u r t in N . Y . o n N o v . 16 1916
d e c id e d th a t th e lease o f 1912 w as in e q u ita b le t o th e m in o r ity in terests.
O n J u ly 2 1920 th e A p p e lla te D iv is io n re v e rse d t h e ju d g m e n t o f t h e trial
e o u r t a n d d ism issed th e c o m p la in t. T h e C o u r t o f A p p e a ls a ffir m e d the
ju d g m e n t o f th e A p p e lla te D iv is io n . T h e m a tte r is n o w fin a lly d isp osed o f.
D I V S .—
1 ’ 8 8 . ’ 8 9 . ’ 9 0 . ’ 91. — 1892 t o 1909— ’ 1 0 -T 2 . S in ce t o 1923.
P e r c e n t ______J 12
8
8 13 8 y ’l y (2 % q u a r.) 10 y ’ly
12 y e a r ly
— (V . 9 4 , p . 828 ; V . 9 5 , p . 481 ; V . 103, p . 1982; V . 106, p . 60 1 .)

118

INDUSTRIAL STOCKS AND BONDS

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

Miles Date
Road Bonds

Sun bury Hazleton & Wilkes-Barre— Sunbury & Lewis tow n_
Suncook Valley— S to ck ____________________________
Susquehanna Bloomsburs St Berwick— See Penn sylvan
Syracuse Binghamton St N Y— Stock 12% rental----81
TzJlulah Falls— First m ortgage.................................. 0
58
Tampa & Quit Coast— 1st M g gu red 105.CoBa.xc*
78
Tampa & Jacksonville— First mtge (see t e x t ) ........ Qx
Tampa Northern— First M *5,000.000 g red 1 0 6 ..OBx
Tam pa U nion S tation Co— First mortgage________
Tavares & Gulf RR— 1st M gold________________Bax
34
T ennessee Central Ry— Stock____________________
First mortgage bonds_____________________________
Collateral trust notes_____________________________
„_
Terminal Railroad Association— First mtge gold Q .tc *
_
First Consolidated mtge *12,000,000 gold_ Oxc*
_
Gen M Ref *50,000.000 g s f call (text)_.Ce.xc*&r*
St Louis Bridge Co 1st pref stock guaranteed..........
Second preferred stock guaranteed (endorsed). .
First mortgage gold_______________________ xc»
—
Tunnel R R of St Louis stock guaranteed (endorsed)
- -American Locomotive Co eauip due $88,000 yearly.
Equipment trusts due $24,700 y ea rly__________ G
Terre Haute & Indianapolis; Terre Haute & Loganspor l— See
Tsrre Haute & Peoria—
First mtge *2.500,000 gold guar p & 1 (end). Un zc*
145
Texas Central— Common stock *2,675,000 authorized
Preferred stock non-cumulatlve *1,325,000 auth..
111
Texas Midland RR— First Refunding mtge *2,500,000

Par
Value

Amount
Outstanding

%

See Pe nniylvan) a RR
$100
$341,700

I&

1909
1913
1909
1906
1910
1890

100

_

1,000
1,000
1,000
1.000

1922
1922
1,000
1880
1894
1,000
1903 1,000 &C
100
100
1879
500 See

-----

1920
1920
Vanda ila RR
1892

1.000

1908

1.000

When
Payable

Rate

2.500.000
12
1.519.000
5
750.000
5g
520.000
5
5g
1.258.000
5
225.000
209.000
5 g
3.000. 000
a l .500,000
6g
1.500.000
6
7.000.
000
5.000. 000
21,790,000
4g
2.490.000
6
3
3.000.
000
7
5.000.
000 g
6
1.250.000
88,000
6g
271,700
6

I

St

[V ol. 118,

Last Dividend Places Where Interest and
and Maturity Dividends are Payable.

3 Jan 2 1924 I X Manchester, N H, Nat Bk

Q— F
M & S
A & O
A & O
3 S 3
t
M & N
J S 3
t

2.230.000
5x M A S
2.675.000 See text
1.325.000 See text
F S A
t
2 , 000,000
4

M ay 1 1924 3% D L & W RR Co. N Y
Guaranty Trust Co. N Y
Mob 11959
New York 8c Baltimore
Apr 1 1953
Oct 1914 lnt not paid
Apr 11949
Old Colony Tr Go, Boston
July 1 1936
Safe Dep S Tr Co, Balt
c
Nov 1 1940
July 1 1921
Oct 1 1939
Aug 11944
Jan 1 1953
Jan 2 1924 3%
Jan 2 '24 I X %
Apr 1 1929
Jan 2 1924 3%
Jan 1925
To Jan. 15 1935

J P Morgan 4 Oo, N Y
do
do
do
do
do
do
do
do
New York and London
J P Morgan S Co. N Y
t
Amer Loco Co, N Y
Guaranty Tr. C o., N .Y

Sept 1 1942
See text
See text
Aug 11938

Penn RR C o. N Y
61 Broadway, N Y
do
do
None ever paid

a Also $1,500,000 pledged as collateral for the 6% notes

TALLULAH FALLS R Y .— Owns Cornelia, Ga., to Franklin, N. C.,
57-20 miles. Southern R y. owns $200,000 common stock, o f 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 was appointed receiver in July 1923. V. 117, p. 89. Year ending
Dec. 31 1922, gross, $187,374; net oper. inc., def., $19,450; other inc., def.,
$12,812; int.. rentals. &c.. $79,632; bal.. def., $110.742.— (V. 117, p. 89.)
TAMPA St 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 R y. guarantees the bonds, prin.
and interest and also owns the entire capital stock.
Of the 1st 5s ($5,000,000 authorized issue) the remainder Is issuable
for extensions or branches at $12,000 per mile, or. In case net earnings for
a preceding year shall have been 1 X times the Interest on outstanding
bonds, additional bonds may be Issued to such an amount that rhe total
shall not exceed $17,500 per mile o f main track. V. 96, p. 1425. For
1923, gross, $600,935; net oper. income, $128,039; other income, $7,382:
interest, rentals, Sec., $202,580; bal., def., $71,159. Pres., S. Davies Warfield, Baltimore; Treas., R . L. Nutt, New York.— (Y. 96, p. 1425.)
TAMPA & JACKSONVILLE R Y.— Sampson City to Kmathla. Fia., 5e
m.
8tock auth.. $1,000,000; par, $100; issued. $604,900.
The first
5s 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 Wm. Shillaber Jr., New York, with
Graham Adams. 61 Broadway. Sec.
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 NORTHERN R R .— Owns Tampa, Fla., to Brooksville, 50 miles,
In July 1912 the Seaboard Air Line Ry. acquired entire stock. V. 95, p. 49,
112. Stock, pref.. $250,000; common, $500,000. Bonds authorized issue
($5,000,000) are limited to $10,000 per mile o f road, 80% o f the cost of new
equipment and the actual cost o f terminals. V. 87, p. 814; V. 89, p. 1484.
Seaboard Air Line Ry. guarantees $100,000 notes and has deposited as se­
curity therefor $480,000 o f 1st & consol. M . bonds. V. 95, p .8 9 2 . Govt,
loan, V. 112, p. 2750. Pres. S. Davies Warfield, Baltimore; Sec. & Treas..
R. L. Nutt, 24 Broad St., N . Y .— V. 112, p. 2750.
TAMPA SOUTHERN R A ILR O A D .— (V. 110, p. 872.)
TAMPA UNION STATION CO.— Property used jointly by Atlantic
Coast Line R R ., Seaboard Air Line. Tampa Northern and Tampa A
Gulf Coast R R .
TAVARES St GULF R R .— Owns Ellsworth Jet to Ocoee, Fla., 28.02
m il e s ; 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.
$250,000; par. $100. Ronds $399-Ono 1st 5s (auth. $9,000 per mile)
see table. For year 1922, gross, $76,960; net oper. Income, def., $72;
lnt., rentals, Sec., $45,908; bal., def., $54,391. Pres., Henry H. Jackson;
Sec., S. H. Jackson, New York. Office, Tavares, Fla.— (V. 112, p. 654.)
TENNESSEE ALABAMA & GEORGIA R R .— Owns road from Tennes­
see State line to Gadsden, A la., 86.74 m .; branch, 1.38 m .; trackage to Chat­
tanooga, 7.85 m. V. 91, p. 1628, 336; V. 92, p. 323. Gen. M gr., Charles
Hicks was appointed receiver in Dec. 1920. V. 111, p. 2424: V. 112. P.12S4.
The road was sold April 8 1922 to C . E. James, Chattanooga, for $130,000.
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
1 respect of $97,500 notes made by C. E. James. V. 115, p. 1533. Up to
b
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 o f 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 1922, gross, $90,616; net oper. income, $3,929; other income, $50;
Int., rentals, &c., $13,793; bal., def., $9,814.
Pres., C. E. James; V .-P ., W. T . James; Sec. & Treas., J. L. Davies,
Chattanooga, Tenn.— (V. 118, p. 2306.)
TENNESSEE CENTRAL R Y. CO.— Incorp. In Tennessee Jan. 26
1922. Company purchased all the properties of the Tennessee Central
R R . and possession of same was g.ven at midnight Jan. 31 1922. Mileage:
Main line owned, 295.25 miles; leased, 1.40 miles; total operated, 296.65 m.
SECURITIES.— For new securities issued by reorganized company, see
table at bead o f page: also compare Y. 115, p. 545, 1633.
R E PO RT.— For 1923, gross, $3,055,803; ry. oper. income. $575,875;
other income, $35,802: deductions. $442,632; net income. $169,045
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Pres., H. W . Stanley; V.-Pres., W . F. Kenny and B. P. Morse; Sec.,
W. T. Hale Jr.; Treas., P. D . Houston; Comptroller, Wm. M . Mooney.
— (V. 116, p. 2251.)
TENNESSEE KENTUCKY & NORTHERN RR .— 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. R y. 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 S Northern has Issued
c
$10,000 stock and no bonds. Pres., Mrs. P. E. Clark: V.-P. & Gen. M gr.,
8ec. & Treas..T.C.M cCam pbell,N ashville, Tenn.— (V.112, p. 1868,2191.)
TENNESSEE & NORTH CAROLINA R Y . CO.— A reorganization, as
of June 26 1920, o f the Tennessee & North Carolina R R . Operates New­
port. Tenn., to Crestmont, N . C ., 19X 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 o f 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 of the Tennessee Railway (V. 107, p. 502). The main line as now oper
ated extends from Oneida to Fork Mountain, about 45 miles, with several
short branch lines in Scott, Campbell and Anderson counties. The main
line and branches are chieflv used to handle timber and coal.
The road was in receiver’s hands from Jan. 21 1921 to Feb. 13 1922.
New securities authorized, &c., compare V. 115, p. 1633.
TERMINAL RR. ASSOCIATION OF ST.LOUIS— P R O P E R T Y — Owns
and operates extensive terminals at St. Louis, with belt lines and bridges,
and a tunnel 4,800 feet In length; owns and operates East St. Louis S
c
Oarondelet R y., 7.78 m., since 1903. V. 74, p. 479; V. 83, p. 1168. Touch­
ing the Missouri S Illinois Bridge & Beit R R .. see that oo’ s statement.
t
ORGANIZATION.— Organized in 1889. The following companies are
sole owners: Cleveland Cincinnati Chicago S St. Louis, Louisville S Nash­
c
c
ville, St. Louis Iron Mountain S Southern. Baltimore & Ohio Southwestern,
c
Missouri Pacific, Wabash, Pitts. Cin. Chic. S St. Louis R R ., Chic. Rock
c
Isl. & Pacific. St. Louis & San Fran., Ohio. S Alton, Chic. Burl. S Quinoy,
c
c
Til. Cent., Southern R y., Mo. Kan. S Tex. and St. Louis Southwestern,
c
V. 75, p. 1355: V. 76, p. 103. These companies agreed under oontraot to
use the property forever and pay as tolls the interest, taxes, rentals and
other charges, each line to contribute Its proportion to the extent of
one-fifteenth to make up any deficiency from unforeseen circumstances.
See V. 79. p. 499. See also St. Louis Merchants’ Bridge Terminal R R .
Government suit, V. 88. 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: V. 98. p. 764. 1394. 1994: V. 100. p. 1734.
In the litigation between the western lines of the Terminal Railroad Asso­
ciation and the eastern lines over the “ bridge arbitrary,” Judges of the Cir­
cuit Court of Appeals, en banc as District Judges, on Feb. 8 1923 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.
LEASES.—The leases of the Bridge and the Tunnel are for their oorporatz
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.
STOCK— Authorized. *100,000,000: outstanding $3,087,800.
BONDS. < eo— Of theGen. M. R ef. 4% s.t gold bds. of 1953(*50.000.000
S
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; $1,800,000 bonds have been canceled by
sinking fund. The entire issue is subject to call at 110 and int. since Jan. 1
1910. See V. 76, p. 267, 383, 481,807; V. 79, p. 499; V. 83, p. 1168; V. 85.
p. 1647; V. 99, p. 50; V. 100, p. 1079; V. 104, p. 2642.
Guarantees $3,500,000 St. L. Merchants’ Bridge Ter. 1st 5s and interest
on $2,000,000 1st 6s of Merchants’ Bridge. See those companies.
Equipment trusts issued to Director-General for rolling stock allocated
to this company. See article on page 3 and V. 113, p. 1472; V. 114, p. 855
Government loan. Y. I l l , p. 1184. 2230.
R E PO RT.— For calendar years:
Charges. BaL.Suro.
Year—
Gross.
Net.
Other Inc
$793,770 $1,897,745 $2,730.711def$39,196
1923 ________ $5,121,839
2,664,200def 67,732
1922 _________ 4,498,456
728,907
1,867.561
2.701,088def674,146
1921_________ 4,527,866
588.330 (x)l,438,612
2.700,447
322,641
1920 _________ 4.649.623 def 136.614 (x)3.159.702
(x) Includes compensation due from U. S. Govt.(subject to amendment.)
For latest earnings, see “ Railway Earnings Section" (issued monthly).
Pres., Henry Miller: V.-P. & Gen. Counsel, T. M . Pierce; Sec., C . A.
Vinnedge; Treas., G. H. Steinberg.— (V. 118, p. 2043.)
TERRE HAUTE & PEORIA R R — (See Maps of Pennsylvania RR.) —
Road operated from Terrre 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. I 1892 leased for 99 years to the
Terre Haute S Indianapolis at rental of 30% of gross earnings, with a
c
minimum sufficient to pay int. on debt, the lease being assumed Jan. 1 '17
by Pitts. Cin. Oh. & St. L. V. 104. p 73: V. 55. p. 766; V. 81, p. 212.
I-essee owns $646,700 of the $1.837,400 pref. and $1,570,400 of the $1.926,800 common, and Pennsylvania Co. owns $1,168,700 pref. and $269,300
common.
BONDS.— The oonsols (Union Trust Co., N Y ., trustee), oarry the
guaranty of the T . H. & Indianapolis, In 1905 all back coupons were paid.
V. 81. p. 156. 212; V. 72. p. 481. 873. See guaranty. V. 81. p. 212.
EARNING S.— For year 1923, gross, $303,479; deductions, $251,078;
dividends, $110,244; bal., sur., $52,400, before deducting dividends, charged
to profit and loss.
TEXA R K A N A . ASHDOWN & NASHVILLE.— (V. 115, p. 1211.)
TEXAS 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. M o.-Kan.-Tex. R R . of 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 t o ’07. '08 t o ’l l . ’ 12. 13. 1914. 1915-'23.
C om m on..
2 X 2 H y 'ly . 5 yearly.
0
5 5 5 5-6
Below
P re f..%
7M 5 yearly 5 yrly.
5 yrly. 5 5 8 1-3
Below
Dividends paid under lease, 5% on both classes. July 1914 to Jan. 1924.
TE XA S C IT Y TERMINAL R Y . OF T E X A S .— (V. 112. p. 373.)
TEXAS MIDLAND RR.— Road from Ennis on Houston & Texas Central
Ry. to Paris, Tex.. 125 miles, of which 14 trackage over St. Louis South­
west. Extension from Commerce to Greenville, Texas. 14 miles, was
completed and put in operation N ov. 15 1921. Tentative valuation.
V. 113. p. 1054. Stock, $112,000; par, $100.
Year end. Dec. 31 1922, gross, $944,645; net oper. deficit, $52,533; other
Income, $18,855; deductions, $179,592; bal., def., $213,269. Pres., E. H.
R. Green; Treas., W . P. Allen. Terrell, Tex.— (V. 113,
1054.

M ay , 1924.]

119

RAILW AY STOCKS AND BONDS

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

Consolidated mortgage for $4,195,000___ G zo*&r
Dallas Dlv 1st M gold $20,000 per m (text)-Un.zc*
Burrs Ferry Browndell S Chester first mortgage_
c
_
Tixas ec Pacific— First oonsol (now 1st) M g . . FP.xc*
Second Cons InoM ($25,000,000) g (see rem)_Ba.xo*
Louisiana Dlv Br lines 1st M gold $12,500 p m.Bax
Equip bonds, do Series DDdue $25,000 s-a~_______
do
do
do Series EE due $60,000 s-a_______
do
do (U. S. R R . Adm.) due $159,500 ann.G

Miles Date
Road Bonds

1875
208 1893
1900
1907
1,387 1888
1.387 1888
456 1901
1916
1917
1920
1920
1920
1920
_ 1922
ee text.
103 1895
i
; 1891
/ 2411 1893
1902

Receivers’ equip. 6% notes_ ____ ____ __
_
__ _
Receivers’ equip cert'Series F F _____
____ . . _
For securities to be issued under Reorganization Plan, s
Toledo Col S Ohio Riv— Cleve & Mar 1st M g gu F.xc*
c
Tol W V & O 1st M 1"A” guar p A 1 (end) . __F.xc*
($15,700 per m) ^ B”
“
do
do
. _xc*
$4,000 000 gold J " C ”
do
do
sk.fd.xc*
Tol & O hio Central— C om stock ($6,500,000 auth)_
Preferred stock ($3,708,000 auth)________________
First Mortgage gold (V 53, p 4 3 6 ).............. ..C e .x
197
Western Division first mortgage gold________ N.xo* Text
General mtge (V 62. p 594) ($2,000,000) g ..Ce.xo*
395
St Mary’s Division first mtge gold $500.000.-G.xc*
60
do
first pref lno $500,000 non-oum 4 % .G .r
60
Equipment trust certificates_____________________
do
do
No. 52 due $144,800 annually Q
Guaranteed Bonds— Kan & Mich Ry— See that oo

1885
1892
1894
1901
1901
1913
1917
1920

Par
Value

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

1,000
1,000
1,000
1,000
1,000
100
100
1,000
1,000
1,000
1,000
1.C00

Amount
Outstanding

Rate
%

$862,000
1,620,000
3,997.000
165,000
24,989.000
24.660.000
4.970,000
100,000
360.000
1,754,500
1,055,346
188,814
333,000
756,000

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

When
Payable

Last Dividend Places Where Interest atie
Dividends are Payable
and Maturity

F S A
c
c
J S J July 1 1943
F S A Aug 1 1930
t,
A S O Apr 11937
c
c
J S D June 1 2000
March 1 Deo 1 2000
J fc J Jan 1 1931
J S J July’24-Juiy ’26
c
F S A Aug '24-Feb ’27
c
J S J15 To Jan. 15 1935
c
May 1 1930
J & J Jan 1 1930
M & S Sept. 1 1930
A & o Oct 1 1938

1,130,000
c
4 x e M S N May 1 1935
1,489,000
4 K g J S J July 1 1931
c
968,000
c
4 K f J S .1 July 1 1933
4 c
r M S S Sept 1 1942
988.000
c
5,846,300 See text
3,701,400 See text
3.000,000
5 g J S J July 1 1935
c
2,500,000
c
5 g A S o Oot 1 1935
2,000,000
5 g ,1 S D June 1 1935
c
F S A Feb 1 1951
c
500,000
4g
500.000 Oot 1 If earned Feb 1 1951
1,066 615
c
4H J S J Jao 1 1928
.1 Jan 1925-27
360,000
4M J *
1,592,800 6 g
J & J 15 To Jan 15 1935

So Pao, 165 B ’way, N Y
do
do
Oommonw’th Tr C o. Stb
Bankers Trust Co, N Y
See text
Bankers Trust Oo, N Y
Blair S Oo, NewYork
c
Equitable Tr Co, N Y
Guaranty Tr Co, N Y
Bankers Trust Co. N Y
Penn RR Co. N Y
do
do
do
do
dr.
do
Central Union Tr, N Y
do
do
do
do
Guaranty Trust Co, N Y
Second Nat Bank. Toledo
Guaranty Trust Oo. N Y
Guaranty Trust Co, N Y

TEXAS & N EW O R L E A N S RR.— (See Map So. Pac.)— H o u s to n , T e x . ,
to O range (Sabine R iv e r ), i l l m iles: and S a b in e Pass t o D allas, 314 m ile s,
s u n d r y bra n ch es, 83 m iles; to t a l D e c . 31 1923, 508 m iles.
In S e p t. 1921
leased fo r 5 yea rs th e T e x a s S ta te R R .
V . 113, p . 1472.
S E C U R I T I E S , & C.— T h e s to c k is 5 5 ,0 0 0 ,0 0 0 , all b u t 5900 o w n e d b y the
S ou th ern P a cific .
D iv id e n d o l 2 0 % p aid In 1909-10 fro m a c c u m u la te d s u r ­
p lu s .
O f th e $ 3 ,9 9 7 ,0 0 0 D a lla s D lv . 1st 4s, $ 4 6 6,00 0 are o w n e d b y th e S ou .
P a c. C o . and th e rem a in d e r are in sin k in g fu n d s o f p r o p r ie ta ry c o m p a n ie s.
O f th e $ 8 6 2,00 0 m ain lin e firs t 3 0 -y e a r 6s, $47 5,00 0 w ere o n D e c . 31 1923
held in th e S ou . P a c . treasu ry a n d the rem ain d er in th e sin k in g fu n d s o f
ro n r ie ta r y c o s . T h e re w ere also $ 2 ,5 7 5 ,0 0 0 S ab ine D iv is io n b o n d s , all
eld b y S ou . P a c . C o . D e c . 31 1923.
E q u ip m e n t 6s $ 2 0 4 ,0 0 0 a ll o w n e d b y
S ou . P a c.
In 1923, g ros s , $ 9 ,0 6 8 ,8 5 0 ; n e t o p e r . in c o m e , d e f ., $ 3 7 8 ,2 7 9 ; o th e r in c o m e ,
$ 6 2 ,6 5 0 ; d e d u ctio n s , $ 1 ,0 4 8 ,5 8 0 ; b a l., d e f ., $ 1 ,3 6 4 ,2 0 9 .
F o r la test earn in gs, see “ R a ilw a y E a rn in g s S e c tio n ” (issu ed m o n t h ly ).—
V . 113, p . 147 2.)
T E X A S A N D P A C I F I C R Y . C O . ( T H E ) .— N e w O rlean s. L a ., w e st t o
E l P a so , T e x a s , 1,164 m iles; M a rs h a ll v ia T e x a rk a n a J e t. a n d W h ite sb o ro
t o F o r t W o r t h , 312 m .; O p e lo u sa s b r a n c h , M e lv ille t o C r o w le y , L a ., 57 m .
b r a n c h e s , 420 m .; t o t a l, 1,9 5 3 m .; d e d u c t 104 m . tr a c k a g e r ig h ts, Sierra
B la n c o t o E l P a so ; b a la n c e o w n e d , 1,848 m iles.

(4)
New Preferred Stock.— 5% non-cumulative. In the event of the dis­
solution, winding up or liquidation otherwise of the company, holders of
preferred stock shall be entitled to receive out of the assets of the company
the par value of their shares before any distribution shall be made to the
holders of the Common stock, but shall not he entitled as holders of such
Pref. stock to share in any assets of the company thereupon remaining.
Pref. stock red., all or part, on 30 days’ notice at par and divs.
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 provided for, the General & Ref. Mtge. bonds and equipment trust
obligations) shall be issued, and no stock on a parity with, or having a
priority, either as to dividends or assets, over the Pref. stock shall be issued
without, in each such case, the consent of the holders of a majority of the
outstanding Preferred stock.
The plan was declared operative in M ay 1924. V. 118, p. 2306.
ST O C K — Authorized, $50,000,000; Issued, $38,755,110: par. $100.
Missouri Pac. R R . Dec. 31 1923 owned $10,000,000 stock and $23,703,000
2d M . bonds and $2,979,420 6% notes due June 1 1915.
Stockholders' Protective Committee.— Alvin W Krech, Pres, of Equitable
Trust C o., Chairman. Depositary. Equitable Trust Co. V. 102, p. 154.
Samuel Armstrong. Sec., 37 Wall St.
On Oct. 27 1916 J. L. Lancaster and Pearl Wight o f New Orleans were
appointed receivers on application o f Receiver Bush o f the St. Louis Iron
Protective Committee for Minority Income Bonds.— Mortimer N . Buckner,
Mtn. & So. R y., $410,040 o f the judgment of $842,000 obtained by him Id Chairman ; Herbert W . Morse, Sec., 100 Broadway, N . Y . Depositary.
D ec. 1915 remaining unpaid. V. 103. p. 1688. In July 1918 M r. Lancas­ New York Trust Co. V. 102, p. 610: V. 103. p. 1688.
ter was made Fed. Mgr. of this and other roads, Mr. Wight becoming sole
BONDS.— See 1888 mortgage abstracts, V. 47, p. 82: V. 78, p. 1448.
receiver. V. 107, p. 182, 803. M r. Wight resigned in Dec. 1919 and J. L
Lancaster and Okas. L. Wallace were appointed receivers, M r. Lancaster The Weatherford Mineral Wells & Northwestern ($660,000 5s of 1902) are
guaranteed, principal and Interest, by endorsement. V. 78, p. 344. The
resign in g as F ed era l M a n a g e r . V . 109 , p . 226 3. T h e re c e iv e r w as d is ­
$100,000 Denison S Pacific Suburban 5s are also guaranteed. Trans-Mist.
c
ch a rg ed in M a y 1924.
Terminal notes, see caption of that company.
O R G A N I Z A T I O N .— In 1888 re o rga n ize d (V . 43, p . 164; V . 45, p . 401)
Louisiana Branch Lines mtg. is limited to $7,000,000. V. 72, p. 577, 1189.
w ith ou t h a vin g foreclo su re sale co n firm e d , th u s preservin g F ed eral c h a r te r .
On 2d
income 5s
The Trans-Mlsslssippi Terminal C o., which was formed to build New 1st mtge.M. All except there Is no right to foreclose unless default is made on
$960,000
Orleans terminals, in 1914filed a mortgage tosecure($7.500.000bonds. The St.Louis Iron Mtn. S S. 4s. V. of the 2ds have been exchanged for 65% In
c
68. p. 525, 619, 725, 774: V. 70. p. 533.
Texas Sc Pacific and Missouri Pacific R y. each owns one-half ($1,000,000)
to 1907. 1908- 1909 to 1923.
of the stock and guaranteed its bonds, pledged to secure a note issue of Interest on (second mtge.11900. 1901. 1902yearly.
$
4
5
3H
0
Inoomes % ) .............../ 1 V
$3,653,000 due N o v . 1 1923 (extended fro m N o v . 1 1920. V . 102. p. 68;
The $5,000,000 5s due Apr. 1 1942 o f the Union Terminal C o., Dallas,
V. 104. p. 2005: V . 105, p. 1523. 1709: V . I l l , p. 1754.
Tex., are guaranteed jointly with seven other proprietary companies.
Suits.— On Dec 27 1915 the Bankers Trust Co., as trustee under the 2d
Equipment trusts of 1917. see V. 104, p. 864.
M . (Income) bonds, filed suit for a receivership on request of receiver Bush
The I.-S. C. Comm, in N ov. 1920 auth. the company to issue $477,000
of the 8t. Louis Iron M t. & So. R y. (now M o Pac. R R ), owner of $ 2 3 ,7 0 3 ,000 o f the $25 .0 0 0 ,0 0 0 2d M . bonds. on which It was claimed interest had bean 8% Receivers’ Equipment notes, to be dated Sept. 1 1920 and maturing
earned b u t not p a id . This su it w as d ism issed M a y 22 1916 fo r la ck o f ju r is ­ semi-annually 1921 to 1930. V. I l l , p. 1853.
Equipment trusts issued to Director-General for rolling stock allocated
diction, but on M a y 26 a new su it w as b e g u n in L o u is ia n a . V . 102. p
to this company. See article on page 3 and V. 114, p. 1653.
98 8 , 2 07 8.
T h e su it w as d ism issed in A u g . 1921 an d th e d e cisio n w as
Government loan, V. I l l , p. 794.
u p h eld b y th e U . S. D is t r ic t C o u r t o f A p p e a ls in Ju n e 1922.
V . 113,
R E PO RT.— For 1923, in V. 118, p. 2297, showed:
p . 281 9; V. 114, p . 2 82 6. O n D e c . 31 1915 M r . B u sh file d suit in L o u isian a to
Calendar Years—
1923.
1922.
1921.
r e c o v e r o n $ 8 4 2 ,0 0 0 6 % p ^ om issorv n o te s d u e Ju n e 1 1915, h e ld b y his
Gross earnings______________________ $32,592,489 $31,381,795 $35,600,474
roads. V . 102, p . 154 , 216 7; V . 103 , p . 150 5, 2 2 3 9 .
Net earnings________________________ 7,610,831
5,887,710
7,175,569
Readjustment Plan (V. 117 , p. 2 4 3 3 ).
Taxes accrued, &c__________________
1,457,832
1,239,339
1,448,182

E

T h e s to ck h o ld e rs o n D e c . 31 1923 a p p r o v e d a p la n fo r th e r e a d ju s tm e n t
of the fin a n ce s o f th e r o a d . T h e p la n w ill n o t d istu rb th e p re se n t c a p ita l
Operating income________________ $6,152,998 $4,648,370 $5,727,387
s t o c k a n d w ill p la c e n o assessm en t o n it, b u t o ffe rs h o ld e rs o f th e 2d M t g e .
1,065,179
937,720
991,753
Other income_______
I n c o m e b o n d s 5 % n o n -c u m u la tiv e P r e f. s to c k on a p a r -fo r -p a r exch a n g e
ba sis. T h e p la n c o n ta in s th e fo llo w in g p ro v isio n s:
Total net income___________________ $7,218,177 $5,586,090 $6,719,140
(a) P ro v is io n fo r im p ro v e m e n ts , a d d itio n s a n d b e tte r m e n ts is t o b e m a d e
Deduct— Interest, rentals, &c_______
3,387,672
3,396,170 3,624,804
b y th e crea tion o f an issue o f n e w G e n e ra l & R e f. M t g e . b o n d s se cu re d b y
Other deductions____________________
397,394
417,335
353,612
a n e w m o r tg a g e s u b o rd in a te o n ly t o p rio r m o rtg a g e s u n d e r w h ic h th e re w ill
b e ou ts ta n d in g , u p on th e c o m p le t io n o f th e r e a d ju s tm e n t, b o n d s aggre­
Balance, surplus--------------------------- $3,433,111 $1,772,584 $2,740,723
g a tin g less th a n $ 3 1 ,0 0 0 ,0 0 0 , o r a t th e ra te o f less th a n $ 1 7 ,0 0 0 p e r m ile ,
For latest earnings, see “ Railway Earnings Section” (issued monthly).
a n d su b o rd in a te as t o e q u ip m e n t t o o u ts ta n d in g e q u ip m e n t tru s t o b lig a ­
DIRECTO RS.— N . S. Meldrum, Kingdon Gould, Henry A. Bishop.
tion s a ggrega tin g a p p ro x im a te ly $ 4 ,6 0 0 ,0 0 0 .
Harry Bronner, George G. Haven, C. C. Huitt, J. L. Lancaster, A. A . Jack"
(6)
T h e h old ers o f th e 2d M t g e . I n c o m e b o n d s are t o p a r ticip a te in th e
son, Dunlevy Mllbank, Wm. Church Osborn, Finley J. Shepard. John Ip la n o n th e b asis o f an exch a n g e o f th eir b o n d s fo r 5 % n o n -c u m . P r e f. s t o c k ,
Waterbury, Wm. H. Williams, John G. Drew, O. B. Huntsman, H. L.
p ar fo r p a r .
Utter, Matthew C. Brush.
(c)
T h e ju d g m e n ts re c o v e r e d u p o n th e n o te s o f th e T e x a s & P a c ific are Pres., J. L. Lancaster. N. Y . office, 120 Broadway.— (V. 118, p. 2439.)
t o b e fu n d e d in to n ew u n se cu re d n o te s .

New Securities to Be Issued under Plan.
(1) General
Ref. Mtge. Bonds.—-A u th o rize d issue n o t t o ex ce e d 1 V£ tim es
th e p a r a m o u n t o f th e ca p ita l s to c k f r o m tim e t o tim e is su e d . T h e m o rtg a g e
secu rin g th ese b o n d s shall b e a lie n , s u b je c t o n ly t o su c h o f th e existin g liens
a s are n o t d isp la ced (th e a g g re g a te o f w h ich w ill b e a p p r o x im a t e ly $17 ,000
p e r m ile) u p on all th e ra ilro a d s, p r o p e r t y a n d fra n ch ises, a n d , s u b je c t t o
ex is tin g eq u ip m e n t tru sts, u p o n a ll e q u ip m e n t n o w o w n e d , w ith s u ch ex­
c e p tio n s a n d a d d ition s as th e r e a d ju s tm e n t m an agers m a y d e e m w ise.
T h e lien o f th e m ortg a g e sh all also ex te n d (s u b je c t t o p rio r lien s) t o all
r op erties h ereafter a cq u ire d b y th e use o f the n e w G e n . & R e L M t g e .
o n d s o r th eir p r oceed s . Such lien sh all b e in th e fo r m o f a d ir e c t m o rtg a g e ,
b u t it m a y ta k e th e fo rm o f th e p le d g e o r assign m en t o f se cu ritie s o f a c o r ­
p o r a t io n o r c o r p o r a tio n s o w n in g p r o p e r t y t o w h ic h th e lien is in te n d e d t o
e x te n d .
G en era l & R e f. M t g e . b o n d s m a y b e issued in se p a ra te series, m a tu rin g
o n th e sa m e o r d iffe re n t d a te s , an d b e a rin g th e sam e o r d iffe r e n t rates o f
in te re s t, a n d a n y series m a y b e m a d e re d e e m a b le , in w h o le o r in p a r t, a t
tim e s , o n n o tice a n d a t pre m iu m s, a n d m a y h a v e s u ch c o n v e r s io n p riv ile g e s
a n d o th e r p ro v is io n s as d e te rm in e d b y th e d ire cto rs.
(2) Notes to Director-General of Railroads.— Such n o te s are t o b e a r in te r­
es t a t t h e r a te o f 6 % p e r a n n u m a n d are t o b e issued t o fu n d in d e b te d n e ss o f
th e rec e iv e r s t o th e D ir e c to r-G e n e r a l. T h e y w ill m a tu r e M a r . 1 1930 and
w ill b e secu red b y p le d g e o f G e n . & R e f. M t g e . b o n d s . A m o u n t t o b e
Issued, $ 4 ,4 0 0 ,0 0 0 .
. (3) Unsecured Coupon Serial Notes.— U n secu red c o u p o n serial n o te s b e a r­
in g in teres t a t ra te o f 6 % p er a n n u m are t o b e issued t o th e a m o u n t o f th e
ju d g m e n t s o n th e u n secu red n o te s o f th e T exa s & P a c ific a n d in t. th e re o n
t o J a n . 1 1924.
S u ch n o te s w ill b e d a te d Jan . 1 1924, w ill m a tu r e in equ a l
an n u a l in sta llm en ts o v e r a p e r io d o f 10 yea rs, b e g in n in g J a n . 1 1930, an d
w ill bea r in terest fr o m Jan . 1 1924. A m o u n t to b e issu ed , $ 4 ,4 4 0 ,5 8 3 .

E




TIDEW ATER SOUTHERN R R .— See Western Pacific R R .
TOLEDO COLUMBUS & OHIO RIVER RY.— (See Maps Pennsylvania
RR.)—Owns road Toledo Jet. to Toledo, O., 81 miles, and Loudonvllle to
Coshocton. O., 45 m.: Sandusky to Columbus 108 m.: Marietta to Canal
Dover, 103 m ., branch, 8 m. Total owned 345 miles; trackage, Cleve. Gin.
Chic. & St. L. in Sandusky and Columbus, O., 2 miles; N. Y . O. Lines.
B. S O. Jet. to Union Station, Toledo. O.. 2 miles; total. 349 miles,
c
Pennsylvania Co. owns the entire $12,000,000 capital stock and leases
the property for net earnings, and guarantees the bonds of the old cos.
V. 92. p. 1702; V. 93, p. 106.
IN COM E.— For cal. year 1923. gross income, $682,329; deductions,
$202,329; dividends, $480,000 — (V. 117, p. 1130.)
TOLEDO & OHIO CENTRAL R Y -— Operates 503 miles, viz.;
Lines owned—
Miles. \Branches________________________76
Whitmore to B rem en _________ 171! Leased lines_____________________ 5
Toledo to Thurston . . . . . . 148 |
Trackage (Kan. & M ich., & c .)_ ..103
Owns all stock and bonds of Zanesville & West. B y., Thurston to Shawnee
»nd Zanesville, O., with branches, 90 m., oper. separately. V. 75. p. 906.
In 1914 purchased from the Ches. & Ohio R y. and Lake Shore S Mich.
c
Southern Ry. now New York Central R R . $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 S Ohio Central R y. V. 90. p. 771. 1095: V. 92, p. 804.
c
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.

130

RAILW AY STOCKS AND BONDS

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

Toledo Peoria & Western— 1st M (for $5,000,000) F vo*
Toledo Terminal— First vi $6,000,000 g lnt guar.Col.x
Toledo YYalhonding Valley & Ohio— See Toledo Colum
Tom blgbee Valley— See Alabama Tennessee & Nort
T onopah & G old field — Common stock___________
Preferred stock 7% non-cum_____________________
T onopah & Tidewater R R .— 1st M deb stk certs g gu
Sterling bonds, guar, redeemable 105____________
Toronto Ham & Buff— 1st M g _______________AB.zo*
Consol 1st M $10 000,000 sk fund guar_________ Gr
Tr*n»-M ls*lssiopi Term Co— 1st M sf red 105 Gyc*r*
Notes— see Text.
Transylvania— First mtge gold $500,000 ___ G.xo*&r
Traverse City RR— See Grand Rapids S Ind Ry—
c
Tremont A Gulf— First mtge gold red text__ IC.xo*
Troy & Greenbush— Stock 7% rental New York Cent

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

[V ol. 118,

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable.

* 1.000 $4,895,000
4g
& J July 1 1917
1887
& N Nov 1 1057
1907
1.000 a4,707,000
4M e
Ohio River Ry
Ry
100
1.650.000 See text Various Mar 15 ’ 24 3%
100
500.000 See text Various Mar 15 ’24 7%
A & O 15 •July 1 I9r,u
£500.000
4H
1905
£100
M & S July 1 1960
5
150.000
1907
1,000 3.280.000
4 g J & D June 1 1946
104.31 1896
c
1,000
2 .000.000
4>* g F S A \ug 1 1966
1916
100 &c See text
J S J July 1 1944
c
5
1914

230
31.27
bus &
hern

1906

1.000&C

434.000

67 1908
6

1.000
$50

1,550,000
*275.000

42

A

J Jan 1 1956

July 1 1917 lnt defaulted
Irv Bk-Coi Tr Co. N Y
Company’s office. Pblla
do
do
lnd & Gen lnv Tr .London
;ivu,Mtlls,Curr& Co,Lon
f Treas., 466 Lexington
\Ave., N. Y. City.
8 V T re a s O f.G r G en Tel
Guaranty Trust Co, N V

15 g

J

5
7

F A A Feb 1 1948
Mew York and Chicago
J & D 15 June 15 ’ 24 3H Troy, N Y

a Additional 293,000 in treasury.

BONDS.— Under traffic agreement with N. Y. Central, Michigan Cent.
D IV ID E N D S .—
1909. 1910. 1911. 1912-13. 1913-21 1922
Canada Southern and Canadian Pacific, Interest on 1st Mtge. bonds la
Common (since 1908) -(% )
5
None
7H
5
5 yearly
practically guaranteed. See V. 68, p. 475. and advt.Jn “ Chronicle” of
Preferred (1 % )__________
5
None
5
7 hi
5
5 yearly
Mar 11 1899
GU ARAN TIES.— The company guarantees the principal and lnt. of the
The Consol. 1st M . bonds (*10,000,000 auth.) are a first Hen on the former
Kanawha & Michigan first mtge. bonds (see that company).
Erie S Ontario Ry. at $45,000 per mile, and a second lien on remainder of
c
Equipment trusts issued to Director-General for rolling stock allocated the property, to provide for betterments, refunding. Sec. V. 101. p. 528;
to this company. See article on page 3 and V. 114, p. 411.
V .9 9 ,p 1750. The Michigan Central R R . C o.. Canada Southern Ry. Co.
te, Government loan, promissory notes, &c., V. I l l , p. 2521; V. 112, p. 163
and Canadian Pacific Ry. Co. were to join In a guaranty of the interest
for sinking fund in
R E PO R T .— For 1922, total income, $1,889,758; interest and rentals, thereon and provide in March 1917 the proportion to their respective In­
but
Ohio Supreme Court
$1,244,619; pref. divs., $185,070; common divs., $292,315; bal., sur., $177,- terests therein,York Central might guarantee such of the Torontoneld that,
while the New
Hamilton
356.
S Buffalo bonds as it may itself own or acquire, it Is not permitted, under
c
Pres., A. H. Smith; Sec., E. F. Stephenson; Gen. Treas.. M . S. Barger
the Ohio law, to make a Joint guaranty with the other proprietary com.
— (V. 117, p. 81.)
panles. See V. 101. p. 1975. and Can. Pac.. V. 103, p. 1508; V. 104, p.1146TOLEDO PEORIA & WESTERN R Y . CO.— (See Maps of Penn. RR.) Cal.
Gross
Net (after
Other
Charges,
Balance.
— Owns from Eflner, Indiana State line, to Warsaw, 111., 220 runes, l.* Year— Revenue.
Taxes).
Income.
Ac.
Dividends.
Surplus.
Harpe to Iowa, 111., 10 miles; Jointly with Wabash, 1 mile; trackage at 1923___$2,910,527
$721,981 $323,896 $234,509 (6%)$270,570 $540,618
Peoria and Burlington, la ., 17 m .; total, 248 milea. Stock, *4,500,000 1 9 2 2 .. - 2,444,381 450,108 327,852 255.557 (6%) 270,750 251,653
(par *100); outstanding, *4,076.900, o f which the Pa. Co. and O. B. A Q
1 9 2 1 .. . 2,677,984 379,838 329,713 374,300 (6% ) 270,750
64,501
each own about $2,011,200. Mortgage abstract. V. 45. p. 242— (V. 118, p. 2439.)
In July 1917 Pres. E. N . Armstrong was appointed receiver, both prln
TRANSCONTINENTAL R Y .— See Grand Trunk Pacific R y . above.
clpal and Interest due July 1 1917 on the *4.895.000 1st Mtge. 4s being in
TRANS-MISSISSIPPI TERMINAL CO.— New Orleans terminals.
default. V. 105, p. 73. In Aug. 1921, Samuel M . Russell of Peoria was
opened Feb. 15 1916. Texas S Pacific R y. and M o. Pac. R R . C o. each
c
appointed receiver to succeed E. N . Armstrong, deceased.
Bondholders’ Committee; Thomas Denny. Adrian Iselln Jr. and Henry own one-half o f the $2,000,000 stock o f Trans-Mississippi Terminal R R .
C o., successor to the Trans-Mississippi Terminal C o .. and jointly guarantee
K . McHarg
Depositary, Farmers' Loan A Trust C o., N . Y . City
principal and interest not exceeding $7,500,000 bonds. Of the bonds,
Majority deposited. V. 104, p. 1048; V. 105, p. 73. 390.
*5,213,000 have been deposited to secure an issue o f 8% 3-year gold notes
R E PO RT.— For 1923, gross, $1,826,217; ry. oper. deficit, $282,475: dated Nov. 1 1914. The shareholders voted Oct. 22 1917 to extend
other income, $82,488; deductions, $266,444; bal., def., $466,431. V. 118, the 6% notes, due N ov. 1 1917 to Nov 1 1920, the Interest rate being
p. 1269.
Increased from 6 to 7% , the joint guaranty also being continued. The notes
For latest earnings, see “ Railway Earnings Section” (issued m onthly).— were again extended In 1920 to N ov. 1 1923 at 7 H % . with the exception ef
$1,000,000, which were paid off through the aid o f a Government loan.
(V. 118, p. 1269.)
V. 105, p. 1709; V. I l l , p. 1754, 2326.
The I.-S. C. Commission on Oct. 26 1923 authorized: (1) The extension of
TOLEDO SAGINAW & MUSKEGON R Y .— From Muskegon, Mich .
$3,653,000 6% 3-year gold notes from N ov. 1 1923 to Nov. 1 1924, with
to Ashley, M ich., 95.91 miles. The Grand Trunk o f Canada owns thi
interest thereon at a rate not exceeding 6 % per annum; (2) The Texas S
c
*1,600,000 stock and also the *1,662.000 bonds. V. 71. p . 85; V. 72, p. 338
Pacific R y., the Missouri Pacific R R . and J. L. Lancaster and Charles L.
TOLEDO TERMINAL RR — Owns belt road, 28.77 miles (Including two Wallace, as receivers of the Texas & Pacific R y., to assume obligation and
bridges), with 2 H-mHe branch to terminal station; total, 31.27 miles.
liability, as guarantors, in respect of the principal of and interest on the
(3) the Trans-Mississippi Terminal
ORGANIZATION.— Controlled by nine roads. V. 84. p. 130: V. 85; notes; and interest. Compare Y. 117, p. 1993.R R . to sell $1,000,000 notee
at par and
:
p. 100, 347, 1402; V. 86. p. 170.
For cal. year 1923, gross, $256,140; net oper. income, def., $303,831
Stock authorized, $6,000,000; outstanding, $4,000,000. The Pere
Marquette and Cincinnati Hamilton & Dayton (foreclosed), each guaranteed other income, $832,605; int., rentals, &c.. $528,774.
Pres., J. L. Lancaster.— (V. 117, p. 1993.)
payment o f 16.12% of the Interest on the bonds, and the Hocking Valley
TRANSYLVANIA RR.— Hendersonville to Lake Toxaway, N . O., 42
Pennsylvania C o.. New York Central, Mich. Central, Tol. St. L. & West
miles. Leased to Southern R y. for 50 years from Jan. 1 1906 at a rental
Grand Trunk Western, Hocking Valley and Toledo S Ohio Central 9 6 8 ^
c
each. For cal. year 1923, gross, $1,619,069; net oper. Income, $384,853; of $25,000 yearly for 10 years and $30,000 thereafter. V. 83, p. 97. Stock
other Income, $333,215; interest, rentals, &c., $366,305: bal., sur., $351,763. authorized, $420,000. Bonds, see table.— (V. 87, p. 814.)
A. B. Newell, Pres. & Gen. M gr.; D. C . Follas, Sec. & Aud.; C. H.
TREMONT & GULF R Y .— Owns Tremont to Winnfield, La., 48 miles,
McKeand. Treas.— (V. 115. p. 1S4. 309.)
Menefee to Rochelle, 18.47 miles; total, 66.74 miles. Stock authorized,
TONOPAH AND GOLDFIELD RR. CO.— Owns Tonopah Junction $5,000,000; outstanding. $2,000,000; par, $100. Of the bonds ($5,000,000
via Tonopah to Bullfrog Junction, Nev., 89 miles; trackage, 9 miles; auth. issue), redeemable in whole or part on and after Feb. 1 1918 at 105
branches, &c., 14 miles. V. 82, p. 80. Tentative valuation, V. 113, p.1054 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
IBblV sT —
^ r ™ 1 4 T ’ i?^T 6’^ 7 " v ^ 1 9 ^ 720“ ’2T“ ’ 2 2T 2 3 “ l 924. mortgage. V. 88, p. 1314. For 1922, gross, $571,848; net, $61,877; other
i8
income, $9,198; fixed charges, $134,478; bal., def., $63,403. Pres., J. S.
C om m on ... 2
7 ^ 7 10^ 7
3H 10H 7 7
0
0
7
3
P referred .. 7 7 7 7 7 7
7
7 7 0 0 7
7
Joyce, Chicago; Sec., Frank P. Stubbs, Jr., Monroe, La.— (V. 113, p. 1889.)
T R IN IT Y & BRAZOS VALLEY R Y .— Owns Cleburne to Houston;
A sink, fund retired to July 1 1917, all the *1,150,000 bonds theretofore
Tex., 236 m.; Teague to Waxahachie, 67 m.; operates trackage, 67 m.;
■sued under the $1,500,000 mortgage of 1906. V. 105 p. 717; V. 82, p.806
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
R E PO RT.— For years ending Dec. 31:
Gen. John A. Hulen was appointed receiver to succeed L. H. Atwell, re­
Gross
Total Net
lnt.
Pf. Divs. Com. Div. Balance,
signed. V. 109, p. 1180; V. 98, p. 1921.
Earns. Income. Rents,&c.(7%p.a.) (7% p.a.) Sur. or Del
Colorado & Southern and Chic. R .I. &
in stock
1923 .................$412,746 $336,116 $10,875 $35,000 $115,500 sur.$74,741 (the Rock Island’s interest being subject Pac. each own half interest& South­
to the
77,809 11,726
_________ sur.66.083 ern mtge.) The Chic. R . I. & P. R y. Co. also lien of the Coloradoon May 1
1922 __________ 420,997
agreed to pay for,
_______ sur.107,459
1921 ................... 378,942 118.618 11,160
c
1920__________ 464,180
76,420
8.812 35.000 $115,500 def. 82.892 1935 (date of maturity of Col. S Sou. refunding and extension mtge.).
110,283
7,733 35,000 115,500 def.*47,950 one-half of the 1st mtge. bonds and other securities of the Tr. Sc R . V. Ry.
1919 ................... 481.471
V. 80, p. 1423. 2622; V. 82, p. 930, 986; V. 99, p. 1529. This latter obliga­
Pres., M . B. Cutter; Sec. & Treas., W m. F. Henshaw, Bullitt Bldg., tion was disavowed by receivers of the Ch. R . I. & Pac., but in Jan. 1919
a settlement was reached by which the latter company on payment of about
Philadelphia.— (V. 118, p. 1269.)
$4,000,000 cash to the Colorado Southern, obtained ownership of a half
TONOPAH & TIDEW ATER R R .— Owns Ludlow, Cal., on the Atch. Interest in the property. V. 109, p. 672, 677; V . 108, p . 380, 1611; V . 103,
T op . & 8. Fe., to Beatty, N ev., 169 miles; extension proposed to Tonopah, p. 2429; V. 100, p. 2087: V. 102. p. 885.
N ev., 110 miles. Acquired the Bullfrog-Goldfield R R . in 1920. V. I l l , p.
Owns one-quarter interest in Houston Belt & Terminal Ry.
1567. Stock auth., $1,000,000. The debenture stock certificates are guar,
Tentative valuation, V. 113, p. 1054.
by Borax Consolidated, Ltd., and are secured by deposit of mortgage and
Stock, $304,000; par, $100. In Aug. 1905 made a first mortgage to
bonds Issued thereunder with the Indian & General Trust Co., Ltd., of secure 30-year 6% bonds due 1935 at $30,000 per mile, all to be deposited
London; redeemable at 105. V. 81, p. 1793; V. 82, p. 753, 871, 1440. The as issued under Col. & South, refunding mortgage; outstanding Dec. 1923,
bonds o f 1905 and 1907 are guar, by Borax Consolidated. V. 86, p. 722.
$8,760,000. During 1919 the Colorado S Southern R y . Co. and the Chicago
c
Rock Island S
c
the outstanding and
OFFICERS.— Pres., R . O. Baker; V.-P. & Gen. M gr., O. B. Zabriskle; 6% certificatesPacific R y. Co. canceled all ofissued by the Trinity unsecured
of indebtedness theretofore
S Brasos
c
Sec., M . R. Musser.— (V. 113, p. 1054.)
Valley R y. Co. under the provisions of the agreement of March 31 1906. for
c
TORONTO HAMILTON & BUFFALO R Y .— Owns Welland Junction advances made to cover deficits in the income of the Trinity S Brazos Valley
to Waterford Junction, Ont., 80 miles; Port Maitland on Lake Erie, Ont., Ry. Co. from June 1 1907 to June 16 1914, inclusive. The 5% equip, bonds
c
c
c
north about 20 miles to Smlthville; trackage, 4 miles. Operates car ferry of 1907 are guar, jointly, p. S L. by Col. S Sou. and Chic. R . I. S P.
between Ashtabula and Port Maitland in connection with N. Y . Central V. 84, p- 509.
Lines. V. 106, p. 930.
For year end Dec. 31 1923, gross, $3,482,581; oper. income, $798,995;
other income, $32,741 deductions, $996,672; bal., def., $164,937. Pres.,
STOCK.— Authorized, $5,500,000, $4,512,500 outstanding, held by Receiver & Gen. M gr., John A. Hulen; Sec., D. C . Haggart; Treas., R . G.
New York Central system and Canadian Pacific, the last named on Ballinger.
Dec. 31 1923 owning $1,224,600 stock. V. 61. p. 753; V. 63, p. 359; V. 68.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
S. 475, 1134; V. 69, p. 29. In Oct. 1912 a cash dividend o f 20% was paid.
Office, Houston, Texas.— (V. 114, p. 308, 628.)
n Oct. 1 1913 1H % (quar.) was paid; 1914, Jan., April and July, 1M%:
TROY & GREENBUSH RR.— Owns from Troy to Rensselaer, 6 miles,
none then to Jan. 1917, when 1)4% was paid; April 1917 to Jan. 1919.
5% p. a. (1M % quar. J.i. In April. July and Oct. 1919 and Jan 1920. double track; leased to the Hudson River R R . Co. in 1851 at 7% on $275.©aid 1 H % : 1921. 6% ; 1922, 6% ; 1923, 6% .
000 stock. lease assumed by N . Y . Cent. R R . Dec. 1914.— V. 106, p.924g




131
RAILW AY STOCKS AND BONDS
, 1 9 2 4 .]
a y

M




122

[V ol. 118.

KAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

Par
Value

Amount
Outstanding

Rate
%

Tucker ton RR— 1st M ext 1910 red 1920 at 105____o*
$100,000
29 1880 $500 &o
Ulster & Delaware— Cons M tor 52.000,000 -g.Ce.o*
1,000 2.000.000
101 1888
Refunding mortgage 53,200,000___________Q.o*&r
1,000
1,000,000
1902
200.000
Unadilla Valley— First M 5200.000 gold redeem at 110 • 19 1904 1.000 &c
Union Pacific RR— Common stook 5296.178.700____
100 222.291.600
100 99,543,500
Pref stook 4% non-oum 5200,000.000 (V 80, p 1364)
First M g R R S land grant 5100,000.000 g ___ Bax 2,090 1897
c
500 Sec 100.000,000
Bonds redeemable convertible (text)_________ Bax
500 < to 26.835.225
5
1907
a63,652,000
FlrstLlen & Ref mtgered 107 H _________ Eq.xo*&r* 3.556 1908
$
do
do
do
_____________________ 3.556 1908
1,000 20,000.000
£
do
do
do
sterling________________ 3.556 1908
2,182,500
1.000 20.000,000
Ten-year Secured gold bonds_________________c*&r
1918
Serial equip trust certificates due $833,000 yrly_c*
1920
1,000 8,330,000
Equip tr ctfs Ser B due $618,000 ann beg 1927--CP
1,000 6,800,000
1922
do
Series C due serially___________________
1,000 5,687,000
1923
Union RR— 8ee U 8 Steel Oorp under "Industrials’ 1
Union Station Co of Chicago— See Chicago Union Statlo n Co
Union Springs & Northern— See Birmingham S South caster n
c
$1,000 5,000,000
Un Term Co. Dali— 1st M red 105 beg '22 text.CCyc*
1912

...

6
5g
4g
4g
10
4
4g
4g
4g
5g
4g
6g
7
5
444

A
J
J
M
M
M
J
J
M
M

...

5g

A

.

When
Payable

J
J
A
J

Last Dividend Places Where Interest an«
Dividends are Payable
and Maturity

S J July 1 1930
c
S D June 11928
c
S () Oct 1 1952
c
ft J Jan 1 1934
3— J July 1 '24 244%
& O Apr 1 1924 2%
S J July 1 1947
c
& J July 1 1927
S N June 1 2008
c
S S June 1 2008
c
& 8 June 1 2008
S J July 1 1928
c
S I) To June 1 1934
c
& S Mar 1 ’27 to ’37
S N 1928 to 1938
c
S O Apr 1 1942
c

Camden (NJ)S D * Tr Oc
Central Un. Trust Co.N Y
do
do
Bankers Trust Co, N Y
Oftloe, 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

Cont&Oom Tr&S Bk. Oh

a Union Pacific RR on Dec 31 1923 owned an additi onal $ 14,098 ,000.

TUCKERTON RR.— Owns Whitings Station to Tuokerton, N. J 29 m
Stook authorized, common. 5125.000: pref., 5500,000: outstanding, com
mon, $106,868; pref., $445,375; par, $50. Year ending Dec. 31 1923, gross,
$137,388; net oper. income, $8,912. Pres., John C. Price; V.-P. & Treas.,
Wm. Selfridge, Phila.; Sec., T . P. Price, Tuckerton.— (V. 113, p. 2186.)
(THE) ULSTER & DELAWARE RR.— Owns from Kingston Point (on
Hudson River), N . Y ., to Oneonta, 107.03 miles, with branches, a total of
128.88 miles. V. 74, p. 42. Stock, $3,000,000: outstanding, $1,900,000
par, $100. As to refunding 4s of 1902, see V. 75. p. 667; V. 79. p. 153.
Fare increase, V. I l l , p. 1754.
D IVIDEN DS.— Divs. of 3% declared annually in Dec. 1914 to 1922.inclRE PO RT.— For calendar year 1922, in V. 116. p. 2630. showed: Gross,
$13352.803; net, after taxes. $109,256; deductions, $221,826; divs. (3% ),
$5^,000; bal., def., $169,570.
For latest earnings, see “ Railway Earnings Section” (Issued monthly).
Pres., Edw. Coykendall; Sec., H. H. Flemming; Treas., Frank Coykendall. Office, Kingston, N . Y .— (V. 116, p. 2630.)
UNADILLA 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, p. 1499. Lewis R. Morris is trustee. Year 1923,
gross, $105,960; net oper. income, $17,388; int., rentals, &c., $8,784; bal.,
stir., $8,604. Pres., Lewis R . Morris, 27 Cedar St., N. Y .— (V. 117,
p.1440.)
UNION PACIFIC R R . CO.— (See M ap.)— The lines operated on Dec. 31
1923 aggregated 9,500 miles o f road (with 1,438 miles of 2d track and 3,538
miles of yard track and sidings), extending from Council Bluffs and Kansas
Oity in the east, via Denver, Cheyenne, Ogden, &c., to Portland,Ore.,
ana Spokane, Seattle, &c., in the west. The system comprised:
Miles of Road on
Wholly Owned Leased Tr’k'ge DeducTotal
Dec. 31 1923—
Owned. Jointly.
«
,
&c. Rights. tions. Operated.
Union Pacific R R __________ 3,656i
3
47
13
5
3,715
__
Capital Stock Owned (See each co.)^
Oregon Short Line R R ______2,200 »
x207
11
52
2,365
Ore.-Wash. R R . S N. C o __ 1,976 .
c
304
y218
74
95
2,232
Los Angeles & Salt Lake R R .l ,0781
1
130
1,209
—
Total------------------------------- 8,910I

78

349

x Leased from Oregon-Wash. R R . S Nav. Co.
c
leased to Oregon Short Line.

458

275

9,521

y Includes 207 miles

HISTORY.— Inoorp. In Utah In 1897 per 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 of the Southern Pacific stock ap­
proved by the U. 8. District Court June 30 1913 (V. 97. p. 50). $38,292,400
at the Southern Pacific Co. stock was on July 16 1913 exchanged for the
entire holdings of $42,647,200 Baltimore & Ohio stock (one-half pref.) of
the Penn. RR. The remaining $88,367,600 So. Pac. stock formerly owned
was deposited with a trustee. which Issued certificates of interest In the
stock, certificate holders to have no voting rights and receive no dividends
until they exercised the option to convert their certificates Into So. Pac.
Co. stock, after first making affidavit to the effect that the applicant owned
no Union Pacific stock and was not acting for any stockholder thereof, or in
the Interest of the Union Pacific. In 1916 reported net profit of $16,099.290 from sale of Southern Pacific Oo 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.
97. p. 177. 445, 662. 730, 1288. 1904: V. 99. p. 895. 1675: V. 95. p. 1543.
Relations with Southern Pacific in regard to Central Pacific R y., see
1.43. O. Commission decision in V. 116, p. 685.
SECURITIES OW N ED .— On Dec. 31 1923 the company and Its sub­
sidiaries held: (1) In affiliated companies: (a; stocks, $34,128,503; (b) bonds
and notes, $15,776,786; (2) In outside companies’ stock, $65,088,947, and
their bonds, notes and equipment trusts, $91,858,594; (3) U. S. Liberty
bonds, $38,309,800.
*
Some o f Principal Securities Owned as Aforesaid Dec. 31 1923 Face Value.
B.Sc O . R R . com . S p re f. $ 5 ,400,027
c
Joint Ref. 5s ($5.Bonds S equip. 4 " 4 s . .
r
6,650,000
000.000), &c............. 6.740.000
O .* A lt.R R . Gen.Mtge.
N. Y . Cent. RR. stock.w$21.000,000
6s ($8,417,000), « c 9.228.000
Ref. S Impt. M . 444s. 3,000.000
c
O.ft N . W . Ry. com. stk. v4.420.600
Convertible 6s_______ 8.000.000
Gen.M. ($4.500,0001.&C. 7,070,200 Penn. RR.Var. b’nds, Ac 7,600.000
Oh.Mll.& St.P.Ry.pref.. xl.845.000 RR. Secur. Oo. stocks.. 5.423.320
Sundry bonds________ 4.975,000 So. Pacific Oo. 4s. 1949. 6,399.000
Oh. St. P. M . & O. deb. 5s 3.700,000
Equip trust 444»____ 1,533.000
D. S H . gold notes. &c_ 3.466,000
c
So.Pac.RR.1st ref. 4a. 6,027,000
HUnoia Cent. com.stock _y22.5 0 0 .0 0 0 1N Y. Conn. RR. 1st414s 3.000.000
Preferred stock________ 4,500,000 Wabash Ry. equip. 5s_
_ 2,800,000
v w x y z Amounts Pledged.— Oregon Short Line mtge. covers $4,018,700
of item 4lv,” $20,000,000 o f “ w,” all o f “ x ” $8,700,000 o f ‘ ‘y .’V 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
$100,000,000, to provide for conversion of First Lien 4s, and on June 15 1907
by $100,000,000, of whioh $42,857,200 was reserved for conversion of the
$75,000,000 4s of 1907: balance for future requirements. See BONDS
Mow. V. 82. p 1271; V. 84, p. 1115: V. 85, p. 1587.
LATE DIVS.—
’06. ’07-’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19-’23
Common (% )___
8 10 y ’ly
9 8
8
8 9H 10 y ’ly
Extra (% )______
. . . . . . . . text . . . . 344 44 . . . . . .
Jan. 1917 paid 2% and 2% extra, Apr., July and Oct.. 2% and
extra
Jan. 1918, 2% & >4% ext.; April 1918 to July 1924, 2>4% 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. S Ohio pref. and
c
2244% of B. 5c O. com. held In the treasury and also $3 per share in cash.
V. 98. p. 157, 238. 454. 525. 840. 914. 1246. 1394. 1539. 1847; V. 99. p.
199. 1682.
BONDS.— The 1st mtge. of 1897 oovers the original 1,854 miles, Includ­
ing the telegraph, terminals, equipment and land grants. V. 66. p. 618.
Stockholders subscribed In 1907 for $73,762,000 of $75,000,000 new con­
vertible 4s at 90. These are convertible at any time before July 1 1917 Into
oommon stook at $175 per share, and are redeemable at the option o f
the oompany, or on any semi-annual Interest day slnoe July 1 1912, at a
premium of 2 44%, upon 90 days’ notice. In whioh case the privilege of con­
version will terminate 30 days before redemption date. V. 84, p. 1115.
1183: V. 85. p. 100. 161.
The First Lien and Refunding 4s of 1908 are secured by first mort­
gage on 1,466 miles of main track. Including the line from Julesburg to
La Salle, Cplo., and also, subject to the 1st mtge., the 2,090 miles of road
covered thereby, making a total of 3.556 miles oovered by the mtge. Of the
remaining bonds $100,000,000 are reserved to retire t>e 1st 4s of 1947, the
other $14,098,000 to be issued only for additional lines, impt., &c. 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 & ref.
mtge. bonds and int. thereon at the rate of 4% per annum. V. 99, p. 749,
818, 895; V. 86, p. 1468; V. 87, p. 546, 1012, 1541; V. 90. p. 448. V. 91. p.
872; V. 100, p. 1834; V. 101, p. 1465; V. 102, p. 801. 1719; V. 117, p. 1130.
In July 1918 sold an Issue or $20.0(10.000 10-year 6% 8ecured G old bonds.
Secured (V. 106, p. 2758) by deposit of the following collateral: $2,000,000
Chicago & N. W . Ry. Gen. Mtge. 4s and $2,500,000 5s, due 1987; $3,000,000
N. Y. Central R R . Ref. & Impt. 444s. due 2013; $1,000,000 Penna. R R .
Consol. Mtge. 444s, due 1960 and $2,500,000 Gen. Mtge. 444s, 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 .
444s . 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, p. 1181.
Guarantees $54,685,370 Ore.-Wash. RR. & Nav. 1st & Ref. 4s ($175,000,000 auth. issue), not including $17,249,500 in treasury and $45,000,000
Oregon Short Line RR. refunding 4s. See those companies. V. 92. p.
1437; V. 93. p. 1325.
R E PO RT.— For 192 !, in V. 118, p. 1788, showed:
1922.
1921.
1920.
1923.
8,191
9,406
9,352
Average miles________
9,483
$
$
$
$
Operating revenue___ .211,318,465 192,877.122 200,970,219 209,049,510
.165,843,930 157,111.055 160,899,062 169,035.310
. 45.474,535
Net from operations__ . 39,660.246
Federal rental________
. jl7,513,566
Income from in v ., &C-

35,766,067
33,496,318

- 57,173.812
. 17,270,343
Preferred divs. (4 % )_ . 3,981,740
_
. 22,229.160

49,245.881
16,915,574
3,981,740
22,229,160

15,749,563

40,071,156
35,316,410

40,014,200
39,261,267
47,248,264
ll,941,268j f 1,492,885
l 12,298,957

47,257,678
17,204,998
3,981,740
22,229,160

48,261,218
15,597,864
3,981,740
22,229,160

Balance, surplus_____ 13.692.569
6.119,407
3.841,780 6,452,454
For latest earnings, see “ Railway Earnings Section” (issued monthly).
OFFICERS.— Chairman, Robt. S. Lovett; Pres., Carl R . Gray; V.-Ps.,
E. E. Calvin (in charge of operations), H. M . Adams (in charge of traffic):
Sec., Thomas Price; Treas., Edward G. Smith; Gen. Counsel, H. W .
Clark; C om pt., F. W. Charske.
D IR E C TO 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. 118, p. 1775.)
UNION RR., Pittsburgh.— Owns East Pittsburgh to Streets Bun and
Duquesne, Pa., 9.92 m.; leased: North Bessemer to East Pittsburgh. Pa.,
8.08 m.; P. B. S L. E. RR.; Monongahela Jet. to Mifflin Jet.. Pa., 6.77 m.:
c
Monongahela Southern RR.; total. 24.77 miles.
STOOK.— Auth. and outstanding, $2,000,000; par, $50; all or a majority
owned by U. 8. Steel Oorp.
BONDS.— See U. S. Steel Oorp. under “ Industrial Companies” below
(THE) UNION TERMINAL CO.. DALLAS, TE X.— Owns union passen­
ger station at Dallas, Tex., completed Oct. 1916, for use by the Mo. Kan. S
c
Texas, Texas S Paolflo, Houston & Texas Central, Gulf Colorado S Santa
c
c
Fe (Atchison T . & S. Fe system). Trinity S Brazos Valley, St. Louis & San
c
Francisco, Chicago Rock Island S Pacific and St. Louis Southwestern
c
«ysterns, each owning 44th of the $48,000 capital stock. Under 99-year
operating contract the company handles the passenger business of the afore­
said companies, who discharge all its expenses, liabilities and receive all
Income. In Dec. 1915 the Trinity S Brazos Valley Ry. Oo. had dls
c
continued operating trains into Dallas, but while It Is not released from
any of its obligations under the operating agreement, its obligations
will as agreed, be discharged by the remaining companies. V. 101. p. 1887.
Oovers about 144 city blocks on 10 44 acres of real estate in business
district, with 10 parallel tracks and space for 8 more; total trackage, 4.84
miles of main track, 11.80 miles of yard tracks. All of the bonds ($5,000,-

133
RAILW AY STOCKS AND BONDS
M ay , 1 9 2 4 . ]




134

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

General mortgage of [Loan of 1929 gold_____ xc&r)
1871 for $20,000,-1Loan 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
cures all equally (.Loan o f 1973_______________.
Utica & Black River— See New York Central BR

167

1889
1894
1901
1908
1923

Amount
Outstanding

$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
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

10
J Apr 10 ’24 214 Offices, Penn R R , Phila
fc
*
do
do
4 g M < S Sept 1 1929
M & S Mar 1 1944
do
do
4g
S
do
do
3 14 g M <c s Mar 1 1951
M < s Sept 1 1948
fe
do
do
4g
4 g M & s Feb 1 1973
do
do

—

100
100
1.000
100
100

4.000,000
6
649,224 See text
800,000
5
200,000
5
750.000

1910

100
50
1.000

3.193,000
A
6
1,000,000 See text J
1.500,000
4M g A

1901
1923
1885

100
100
1,000
1,000
1.000

Apr 16 ’24 4%
2,856,500 See text
2,142.800 See text A & O Apr 16 ’24 2)4
677,000
M A N May 1 1941
5
M & N N ov 1 1973
1,545,000
6g
1.323.000
5 g M & N Nov 1 1940

1913

1.000

97
81 1889

Debenture stock, guar dlv________________________
11
Valley (N Y)— Stook 5% guaranteed by D L A W ----Van Buren Bridge— See Bangor & Aroostook BR.
Vandalla RR— See Plttsb Cln Oh Sc St Louis BR
Vara Cruz & Isthmus— See National Railways of M exico
69
Vermont & Mass— Stock 6% guar by Bos & Maine..
24
Vermont Valley Ry— Stock....................... ....................
24
First mortgage $1,500,000 gold_________BB.zcAr
Vicksburg & Meridian— See Alabama A Vicksburg
188
Vicksburg Shreve & Pac Ry— Com stock $3,000,000Preferred stook 5% non-cumulatlve $2,200,000___
188
General mortgage $3,500,000...........................F.so*
R ef & Impt mtge Series “ A ” red (text)________ zc*
188
Vicks Shrev A P RR prior Hen ext '15 at 5% g.Ce.xe*
Virginia Air Line— See Chesapeake & Ohio
Virginia & Caro Sou— 1st M $1,000,000 g (see text) _x 64.22
Virginia Midland— See Southern Ry
136
Virginia & South w— 1st M g gu by Va I C A C ........ Gx
209
First Consolidated mtg $7,000,000 gold-.G.xc* Ar*
Virginian Ry— Common stock auth $40.000,000___
Pref stock $35,000,000 auth 6% cum red text___
470
First mtge $75,000,000 g red at 110..........F.xo'Ar*
Equip trust cert Ser “ C due $260,000 s-a______c*
do
Ser “ D ” due $380,000 ann_______
do
due $108,700 annually_________

Par
Value

[V ol. 118.

524,000

5g

1903 1,000 Ac 2.000.000
5g
5.000,000
5g
1908 1,000 Ac
100 31,271,500 See text
100 27.955,000
6
100 Ac n37,844,000
1912
5g
1.000 3.120,000
1920
6 g
1.000
1923
5,320,000
5g
1.195.700
6
1920

M A
F AA
.1 A
J &
J A

N M a y l 1924 3%
10 See text
J
D
J Jan 2 ’ 24. 214%

D L 4 W RR, New York
Utloa (N Y )C ity Nat Bk
New York Trust Co, N Y
No maturity
’D el Lack & Western,N Y

O .
924
3% 53 Devonshire St. Boston
& J See text
A O Oct 1 1940
Safe Dep & Tr Co. Boston

A

J

A

J
A

A
A

F &
M fc
A *
M *
J fc J

J July 1 1943

Treas. office. New Orl
Central Un Trust N Y
do
do
Nat Park Bank, N Y
Farmers’ L & Tr Co. N Y
Safe Dep Sc Tr.

Balt

Guaranty Trust Co, N Y
.1
do
do
O Apr 1 1958
Dec 31 ’23 4%
A Feb 1 1924 3%
Farmers’ L A T Co A Lon
N M ay 1 1962
O Oct '24-Apr '30 New York and Phila
N To M ay 1 1938
15 T o Jan 15 1935

(a) Does not include $5,761,000 held by or for compa ny.

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 S alom on* Co., 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. Pres., F. G. Pettibone, Galveston, Tex.;
Sec., A . S. Steirer, Dallas, Tex.; Treas., M . L. Buckner, Dallas, Tex.
V. 117, p. 327.)
UNITED NEW JERSEY RAILROAD & CANAL CO.— (See Map Penn.
R R .).— 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 o f 165 miles; Hudson River ferries to New York,
I m .; Del. & Raritan Canal, from Bordentown to New Brunswick, A c.,
66 m .: Phila. * Trenton and Belvldere, Del.— which see— are leased lines.
LEASE — Leased In June 1871 to the Pennsylvania R R . for 999 sears
rental equal to 10% on stook. Interest on bonds, taxes. Ac.
Of the $21,240,400 stock outstanding, the Penn. R R . on Dec. 31 1923
owned *1.360.000.
EA R N IN G S.— For year 1923, gross, $2,966,783; deductions, $843,345;
dividends, $2,124,040; bal., def., $602.— (V. 117, p. 1557.)
UNITED RAILROADS OF YUCATAN.— (V. 111. p. 2042.)
UNITED RAILW AYS OF THE HAVANA & REQLA WAREHOUSES
LTD.— (V. 117. p. 2105.)
R A IL W A Y — See V. 104. p. 1389; V. 105, p. 2544; V. 106, p.2012
UTICA CHENANGO & SUSQUEHANNA VALLEY RY.— Owns Utica.
N . Y ., to Greene, N. Y ., 75 miles; branoh to Richfield Springs, 22 miles
Leasedto Delaware Lackawanna A Western at 6% on stock. No bonds.
c
— (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 C o., which pays rental of $61,500
per. ann., and sub-leased to N. Y . Ont. & Western. V. 118, p. 907. The
street lines owned (10 miles) are leased to Utica & Mohawk Valley Ry.
for $15,000 per ann. Capital stock, $849,224 (par $100), $200,000 of which
is guar, by Del. & Hudson 5% per ann.; balance, variable—3 M % , 1898 to
1912 incl.; 1913, 4% ; 1914, 3 U % ; 1915 and 1916, 3 % %; 1917, 314%; 1918,
314%; 1919, 314%; 1920, 3% ; 1921, 3 M % ; 1922, 3% ; 1923, 3% ; 1924
(Feb. 11), 1 ^ % .— (V. 118, p. 907.)
VALLEY (N. Y.) R R .— Binghamton, N. Y ., to State Line of Penna.,
II m ile s . Leased t o D e la w a re L a ck a w a n n a & YVestern a t 5% per a n n u m
on s t o c k . Bond a p p lic a t io n , V. 118, p . 1013.— (V. 118, p . i521.)
VANCOUVER, VICTO RIA & EASTERN RY. & N A V IG A TIO N .—
Passenger and freight terminal at Vancouver. B. C.— (V. 103, p. 2080.)
VERA CRUZ TERMINAL.— (V. 105. p. 1210; V. 106, p. 1578. 2015.)
VERMONT & MASSACHUSETTS R R .— Road, Fitchburg to Green
field. Mass., 56 miles o f 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 VALLEY R R .— Owns Bellows Falls to B rattleboro, Vf«
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
o f Sullivan County R R ., Bellows Falls to Windsor, V t., 26.04 miles. In
March 1911 acquired control of the Montpelier S Wells River, Barre and
c
Chelsea R R s., incl., with spurs, 68 miles. V. 92, p. 528. 660. Dividend,
long 6% ; 1904. 8% ; 1905 to July *16, incl., 10% yrly.; T 7-’ 19, none; '2 0 ,4 % :
1921, 4% ; 1922, 4 % ; 1923, 4% .
Bonds ($1,500,000 1st 4 Hs of 1910) are secured by first lien on road, 24
miles, and additionally by deposit of $700,000 Connecticut & Passumpsfc
River* R b and sinn.noo \fnssawlpn1 Valley Ry stock. V 91 p 701
In Jan. 1914 sold $2,300,000 one-year 6% notes to construct the Brattleboro extension and for payment o f notes for acquisition o f the Montp. &
Wells River, Barre and Chelsea Brand 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.)
Calendar
Gross
Net Railway
Other
Interest,
Balance,
Years—
Earnings.
Oper. Inc.
Income.
Rents, &c.
Surplus.
1923 ------------ $855,565
$115,708
$134,281
$206,020
$43,969
1922 ------------ 763,426
48,388
120,531
206,019
def.37,100
— (V. 115, p- 1733.)
VICKSBURG SHREVEPORT & PACIFIC RY. CO.— Delta, La., on
Mississippi River, to Lorraine, La., 188 miles.
BONDS, &c.— 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 10714 and int. on or prior to N ov. 1
1928 at 105 and int- after N ov. 1 1928 and on or prior to N ov. 1 1963, and
at 14 o f 1% less than 105 and int. for each succeeding year
Of the $1,545,000 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 $300,000 of
bonds were used to reimburse the treasury in part for expenditures made
prior to 1923 for additions and betterments. V. 117. p. 1887.
DIVS.— f’09-’ 12. T3. T4. T5. T6. T7. ’ 18-’20. ’21.’ 22. ’23.A p r .’24.
Common— !
0
2
0
0
0 214 214 yly- 0 0 2H 2H
Preferred
---- 5% yearly—
0
5 5
5 yly. 214 5 5
4
k R E PO RT.— For 1923, in V. 118, p. 1768, showed;
WYear —
Gross.
Total Inc. Int., &c. Pref. Divs. Com. Divs. Surplus.
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
1920_____ 4,682,410
376,731
266,447
107,140 $71,413 def.68,269
For latest earnings see “ Railway Earnings Section’ ’ (issued monthly).
Pres., L. A. Jones; Treas., Udolpho W olfe.— (V. 118, p. 1775.)
-

UTAH




VIRGINIA & CAROLINA SOUTHERN RR.— Owns from LumbertonN. C ., north to Hope Mills, 25.23 m.; St. Pauls, N . O., to Elizabethtown.
27.71 m.; Lumberton Jet. to North Lumberton and East Lumberton.
3.86 m.; sidings, &c., 7.42 m.; total, 64.22 m. Stock at last accounts.
$141,000; majority owned by Atl. Coast Line. Year ended Dec. 31 1923:
Gross, $196,281; net oper. income, $66,490; int., rentals, &c., $50,514; bal.sur., $16,810. Pres. & Gen. M gr., H. B. Jennings, 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 Buil’s Gap, Tenn., 14 m.; traokage, 22 m.; total,
225 miles. In 1908 Southern R y. purchased the $2,000,000 stook at $200
per share and on 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 oblige. V. 87, p. 98; V. 103, p. 321. Divi­
dends 5% each paid June 1912, June 1913 *nd Feb., June snd Dec. 1914,
June and Dec. 1916 and June 1916. Virginia Iron, Coal & Coke Go. guar.
1st M. oonds, p. * 1. V. 75, p. 348. 398, 736; V . 76. p. 273. Of the first
consol. 50-year 5s ($7,000,000 auth. Issue), dated April 1 1908, $2,000,009
are reserved to retire 1st 5s. V. 86. p. 1102, 116L. 1187; V. 87. p. 1808;
V. 93, p. 1192.— (V. 115, p. 2478.)
VIRGINIAN RAI LWAY CO. (THE)— (.See map.)— The main line o f the
road extends from Deepwater, on the Kanawha River, in West Va., to
Sewall’s Point on Hampton Roads, near Norfolk, Va., a distance of 441 miles.
Winding Gulf branch, Mullins, W. Va., to Leekie, 33 miles; other lines
owned and leased, 70 miles; total, 543 miles. On Sept. 1 1922 leased for 999
years the Virginian & Western R y. V. 115, p. 870, 989.
Road taps the Pocahontas and New River coal fields, and forms “ the short­
est possible route to tidewater over the lowest grades.” From Prinoeton,
the main coal-gathering yard, 350 miles west of Sewell’s Point, the eastbound grade does not exceed 0.2 of 1% , or 1014 ft. per mile, exoept for a
9-mile seotion over the Allegheny Mountains, where the maximum grade
is 0.6 of l % ,o r 3 2 ft. per mile; on this seotion a pusher Is used. One
locnrnnHve will h a u l 80 loaded 50-ton coal oar« o r 4,00(1 tons of coal oertrain
Tentative valuation as o f June 30 1916, $55,862,622. To electrify 213
miles of track. V. 116, p. 2008.
S T O O K . — Pref. stock is redeemable as an entirety at any time after 3
years from date of issue by vote o f majority in amount o f 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.
The shareholders on Jan. 27 1917 authorized an increase of capital stock
from $65,000,000 to $75,000,000, consisting of $40,000,000 common and
$35,000,000 5% cum. pref. stock. V. 104, p. 258, 453.
In Feb. 1917 paid dividends of 7% on pref. stock on account o f accumu­
lations. V. 106, p. 2346. In Jan. and June 1921 paid 3% each on pref.
stock. In Jan. 1922, 2 H % : July 1 1922. 2 14%: July 31 1922, 3 * % ;
Feb. 1 1923, 3% ; Aug. 1 1923, 3 % ; Feb. 1 1924, 3% .
On common initial div. of 4% was paid Dec. 31 1923.
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 $31,395,000 are reserved for extensions o f 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. 44, 1270;
V. 98. p. 454. 1539: V. 102, n. 252: V. 105, p 2186.
Equipment trust 6% certificates of Apr. 1 1920, V. 110, 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.
RE PO RT.— For 1923, in V. 118, p. 2301, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross revenue_________$20,328,348 $19,009,444 $18,024,357 $15,989,750
Net revenue___________
6,716,927
5,618,629
4,510,729
6,570,052
Federal com p. (minimum) ________
2,308,095
513,365
Other income__________
944,932
" 881,444
799,591
284,209
Interest charges_______ 2,156,243
2.096,864
2,126,709
1.733.582
Rentals, &c___________
649,956
417,392
310,234
287,260
Surplus---------------------$3,671,445 $3,408,033 $5,245,827 $3,287,462
In 1923 bituminous coal tonnage was 7,389,781 tons, against 6,558,851
tons in 1922, 5,691,790 tons in 1921 and 7,145,731 tons in 1920.
For latest earnings see “ Railway Earnings Section’ ’ (issued monthly).
OFFICERS.— Pres., C. W . Huntington; V.-Pres., A. H. Larkin, 60
Wall St., N. Y ., and 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 .
DIRECTO RS.— William E. Benjamin, W . R . Coe, E . W . Knight,
C . W . Huntington, G. M . Hyams, Adrian H. Larkin, Noel McVickar,
H. H. Rogers, William H. Truesdale, Charles H. Hix, James H. Perkins.
— (V. 118, p. 2301.)
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, Ind__ 110 Pattonsburg, M o ., to Council
Montpelier, O., to Clarke Jet.,
Bluffs, la __________________ 144
I n d __________________
150 Other ...............
451
Toledo, O., to Aladdin, 111_____ 460
Total owned < operated____2,034
fc
O & W . I. Jet. to Effingham,111. 205
79
Decatur to Bridge Jet________ 109 L eased _______________________
_ 374
St. Louis to Harlem, M o ______ 274 Oper. under trackage rights_
Moberly, M o., to Ottumwa, la . 131
Total operated Dec. 31 1923-2,487
Owned and not operated______
7

125

RAILW AY STOCKS AND BONDS

May, 1924.]



126

RAILW AY STOCKS AND BONDS
Miles Date
Road Bonds

RAILROAD COMPANIES
For abbreviations, A c., see notes on page 6]
W abash Railway Co—
Common stock, $67,927,600 auth — ------------------Pref stock A 6% prof-shar, red 110 aft 5 yrs (text) Conv 6% pref stock B red 110 $8,694,800 auth-----Underlying Securities—
Plrst mortgage gold ($34,000.000)------------- Ce.zc*
Second mortgage gold--------------------------------- Mp.zc
Dehen mtge Income non-oum Series B not red _Ba
Detroit A Chicago Ext 1st M g s 1 red 110 ...C e.zc*
I Des Moines Dlv 1st M g $1,800,000 (V 68, p 574) Nxo*
Toledo & Chicago Dlv mtge g $3,000,000 ..C ol.xo*
Omaha Dlv $3,600,000 gold (V 75. p 686) —Eq.zo*
1st lien terminal mtge $10,000,000) gold— Ba.xc*Ar
Kan City Exo Sp & Nor M g guar (V 79 p 2697) -Z
IJColumbla & St Louis $300,000 gold guar p Al.SSt x
Equipment gold notes, due $755,400 yearly--------- Q
do
do
due $283,000 yearly---------CP.c*
Equip trust ctfs due $134,000 ann-------------Note to Dir-Gen o f R R ------------------------------Wabash Chester & Western— First mtge gold----- zo*
First consolidated mortgage $1,000,000 g _SSt.xo*
W a r r e n (N J ) — Stock 7% perpetual guar D L & W—
First ref mtge $2,000,000 g gu p A 1------- F.xc*Ar
Washington & Columbia River— See Northern Pacific
Washington County— See Maine Central RR
Washington & Franklin— 1st M $475,000 g int rent-.i
Washington Ohio & Western— See Southern Ry
Wash Ter— 1st M g gu($2,000,000 4s) (text) .Us.xo* Ar
Wash & Vand— 1st M $1,500,000 g gu pAi-SBa.xo*
Weath Minn Wells & Nor— 1st M gu end (text)------NX
West Chester— See Penns* Danla RR
W e s t J e r s e y & S e a s h o r e — Com sto ck .--------First Consol Mortgage Series A g s f ________ xc*
Series B $1,500,000 g old --------------xo*
Gold Series C & D ($714,000 Series C 3 )4s) .xo*
Gold Series E -------------------------------------------------- x
Gold Series F - --------- ------------------- ---------------xo*
W e s t Shore— 1st M gu p & 1 end by N Y C—Un.zoAr
W e s t Side Belt RR. Pitts— See Plttsb Terminal RR
W e s t Virginia Central & Pittsburgh— See Western Ma
West Virginia & P ittsburgh— See Baltimore A Ohio

Par
Value

Rate
%

When
Payable

$100 $64,202,325
100 66,837,600
100 7,453,042
1.542
1,009
1,542
150
94
225
144
9

22
__

Hi
65
18
18

1889
1,000 33,891,000
1889
1,000 13,993.000
1889
1,000
211,526
1891
1.000 2,345,000
1899
1.000
1,600,000
1901
1,000 3.000.000
1901
500 Ac 3.173,000
1904 1,000 Ac
3,923.909
1901
500
100.000
1902
1.000
200.000
1920
1,000 8,309,400
1922
1,000 3,962.000
1923
1,000 2,010,000
1922
1,500.000
1888
1,666
300.000
1,000
1893
390,000
50
1.800.000
1900
1,000
1.394,000

19 1901

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable
Apr 30 1918 1%

5g M A
F A
5g
J A
6
5g J A
4g J A
4g M A
314 2 A A
4g J A
4 g ,T A
4g M A
6 g J A J
F &
5
J &
5)4
6
M
52 J A
5g J A
AAO
7
3 14 g F A

N May 1 1939
A Feb 1 1939
J Jan 1 1924 3%
J July 1 1941
J Jan 1 1939
v
SMch 1 1941
(> Oct 1 1941
J Jan 1 1954
J Jan 1 1928
N May 1 1942
15 To Jan 15 1935
A Aug 1 '24 to '37
.1 To July 1 1938
8 Mar 1 1930
J July 1 1918
J Jan 1 1928
15 Apr 15 1924 314
A Aug 12000

C o’s off, 120 B ’way, N Y
do
do
do
do
do
do
do
de
do
do
do
do
do
do
do
do
do
do
Guaranty Tr C o, N Y
G o’s office, N Y
New York
July 1913 conp last paid
July 1894 paid July 1 '9fi
Del Lack A W R R , N Y
do
do

A

J Jan 1 1939

Reading Trust Oo, Phlla

1905 1,000 Ac 12.000,000 3 )4 A 4 g F A
400 1907
1.000
4 14 g F A
720.000
41 1902
1,000
F A
660.000
52

A Feb 11945
A Feb 1 1947
A Aug 11930

Washington A New York
U S Tr Oo. N Y: A Balt
Bankers Trust Co, NY

1,000

378,000

52

J

50 11.586,250 4 in 23 A A 015 Apr 15 1924 2% Broad St Station, Phlla
1896
1.000
do
do
1,522.000
4 g J A J July 1 1936
do
do
1896
1,000
758.000
3 4 g J A ,TJuly 1 1936
do
do
1896
1,000
1,771.000 314 A 4 ,T A ,TJuly 1 1936
1896
1,000
do
do
669.000
4 g J A J July 1 1936
1896
do
do
840,000
4 2 J A J .Tiily 1 1936
479 1886 1,000 Ac $49,994,500
Grand Centred Term, N Y
4
J A J Jan 12361
A Coal Co
ryland RR
338
338
338
338

Entrance to Chicago is over Chic. & West. Indiana, o f whose stock this
company owns $1.000.000.
The I.-S. C. Commission on July 17 1923 approved the acquisition by
the company of control of a line of railroad of the Missouri-Kansas-Texas
R R ., by lease. The line extends from Moberly to Hannibal, M o., a
distance o f 69.75 miles.
ORGANIZATION.— Incorporated In Indiana Oct. 22 1915 as successor
of 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 Nov. 1 1915. The plan reduced the fixed charges from $5,795,278
to $3,183,915. besides eliminating guaranties and unsecured obligations.
V. 108, p. 270, 1927.
Deficiency Judgment In foreclosure affirmed. V 109, p 2074, 2173:
V. 110. p 1090
STOCK.— The pref. shares A and B are respectively pref., prln. anddlvs
(non-cumulative) and are callable after 5 years at 110. The A shares are
entitled, after payment In any year of 5% on all stock (com .and pref.). to
participate in any further dividend for that year at the same rate as de­
clared on common stock (above said 5 % ).
Of the authorized com­
mon and convertible preferred, $3,750,000 and $1,250,000 respectively
were issuable from time to time on account of unsecured creditors’ claims
against old co. The pref. and common are issuable as needed for conversion
of pref. B, and in Dec, 1923 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 of page. V. 108, p. 1929; V. 107, p. 182; V. 101, p. 2072.
599: V. 102, p. 1812.
The holders of the convertible pref. stock may at any time after Aug. 1
1918 and up to 30 days prior to any date fixed for the redemption of the
entire issue of said Profit Sharing Pref. Stock A, convert the same into and
exchange the same for profit-sharing pref. stock and com. stock at the rate
Of $50 of profit-sharing pref. stock and $50 of com. stock for each $100 of
■onvertible pref. stock, with adjustment of unpaid dividends.
D IVIDEN DS.— No. 1 on pref. " A ” stock Jan. 29 1917. 1% : April. July
and Oct., 1%; 1918, Jan. and April, 1% ; none since. Compare V. 108, p
1929; V. 109. p. 2264.
BONDS Ac.— The plan of 1915 left it to the new co., after reorganiza­
tion, to provide, by a First A Ref. M tge., or otherwise, for refunding the
underlying bonds at maturity and for future capital requirements.
Abstracts of the mortgages of 1889 were In V .49. p. 270-273; Detroit
A Chicago Exten. mtge., V. 54, p. 1049.
Des Moines Division bonds
of 1899. see V. 68. p. 574; V. 69, p. 1248. Col. A 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. d . 1437: V. 82. p. 570; V 8 3 .0 1236: V. 84. p. 997.
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.
REPO RT.— For 1923, in V. 118, p. 1902, showed:
--------------------- Corporate------------------- - Combined.
1923.
1922.
xl921.
1920.
Aver, mileage operated2,476.59
2,472.96
2.472.96 -,2 -4 7 2 .9 6
Freight revenue_______ $51,698,168 $43,911,074 $45,688,528 $43,324,699
Passenger
- ......... 9,794,594
9.087,894
9,931,246 11,218,051
Mail
'
______
832,169
905,714
1,146,484
1,853,988
E xpressl-I-" __________
1,690,049
1,493.995
541,160
1,697,769
Misceilaneous_________ 2,602,656
2,263,819
1,910,274
1,887,774
Totaloper.revenues--$66,617,636 $57,662,496 $59,217,692 $59,982,282
MahitToTway & struct-- $9,501,515 $8,270,927 $9,210,291 $10,541,360
Maint. o f equ ipm ent... 13,884,271 12.282,949 11,843,729 14,735,801
Traffic - - - - - - _______ P518.004
1.378.262
1.341,678
1,169.383
Transportation________ 24,997,690 24,086,905 25,726,606 30,023,953
Miscellaneous operations
326,555
297,998
376,110
389,083
1,805,457
1,724,256
2,007,754
1,999,814
General. - T____- _______
Total oper. expenses..$52,033,494 $48,041,297 $50,506,169 $58,859,395
Net rev. from ry. oper__ 14,584,141
9,621,199
8,711,523
1,122,886
Tax a c c r u a l s - .- - ..- —
2,470,800
2,262,675
1,860.487
1,574,472
Uncollectibles_________
16,384
23,871
4,232
3,354
Operating income____$12,096,957
Other incom e_________
482,325
Non-operating incom e.716,746

$7,334,653
335.759
1,165,159

Gross income________ $13,296,028
Hire o f freight cars_____ 1,751,072
Joint facility rents_____ 1,679,780
Rent for leased roads_
_
296,527
Interest on funded debt- 3,860,182
Rent of equipment_____
207,154
Miscellaneous_________
90,438

$8,835,571 $8,690,504
1,673,894
1,349,405
1,677,026
1.753.139
250,462
3,689,392
3,629,804
212,071
241,057
122,338
149,9.4

$6,846,804 def$454,940
360,136
300,837
1,483,564
562.454
$408,351
1,701,263
1.769.700
3,660,796
192,604
221,022

Total deductions------$7,885,153
$7,625,183 $7,409,144 $7,778,177
Balance - - - - - - ____ 5,410,873
1.210,388
1,281,361 df7,369,826
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 monthly).
OFFICERS.— Chairman, William H. Williams; Pres., J. E. Taussig,
V.-Pres. (in charge of traffic), W . C. Maxwell; V.-P. & Gen. M gr., S. E.
Cotter; V.-P & Gen. Solicitor, N . S. Brown; V.-P. & Comp.. L. G. S co tf
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. Krecb;
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. 118, p . 1902.)




Amount
Outstanding

[V ol. 118.

WABASH CHESTER & WESTERN R R .— Menard. 111., to M t. Vernon,
111., 65 miles. The company passed into the hands of J. Fred Gilster, re­
ceiver, on Jan. 4 1924. Mr. Gilster formerly served as receiver from July 15
1914 to 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 1922. gross, $438,704: net., def.,
$90,319; other income, $71,120; charges, $175,824; bal., def., $195,023-—
(V. 118, p. 796.)
W ACO, BEAUMONT, T R IN IT Y & SABINE R Y .— (V. 117, p. 1130.)
WARREN RR., N. J.— New Hampton Jet. to Dela. Bridge, N. J., 19.8
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. 108, p. 601.)
WASHINGTON CENTRAL RY.— See Northern Pacific Ry.
WASHINGTON & FRANKLIN RY.— Hagerstown. M d., to Znmbro.
19-11 miles. Controlled by Phlla. A Reading R y. 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.)
WASHINGTON POTOMAC & CHESAPEAKE RY.— (V. 106, p. 88.)
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 Phlla. Balt. A Wash. (Penn.RR. system) and
the Balt. A Ohio own the outstanding $4,252,000 stook (auth. amount
$5,060,000) and guarantee the bonds, of which $10,000,000 bear 3 )4 % int.
and S2.000,000 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. A 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., Daniel Willard,
Philadelphia; Sec., C. W . Woolford; Treas., E. M . Devereux.— (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 1922, gross, $64,525;
net oper income, def., $22,779; other income, $2,277; int., rentals, A c.,
$55,750; bal., $76,252.
W ATERTOWN & SIOU X FALLS R Y .— Owns Sioux Falls. 8. D ., to
Watertown, 102 miles. Successor of South Dakota Central Ry.. foreclosed
June 12 1916. Capital stock, $1,500,000 authorized; $1,100,000 outst’d ’g.
As of Jan. 1 1922 the line o f railway A properties of the Watertown A
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 o f the Great Northern R y. System.
OFFICERS.— Pres., O. O. Kalman; Sec.-Treas., F. L . Paetzold.
— (V. 103, p. 62.)
WEATHERFORD MINERAL WELLS & NORTHWESTERN R Y.—
Owns Weatherford via Mineral Wells to Graford, Tex., 41 miles. Stook,
$100,000, of which Texas & Pacific owns $94,680. Latter guarantees the
nonds ($1,354,000 authorized Issue), principal and Interest, by endorse­
ment. V. 75. p. 908, 1356. See form, V. 78, p. 344. 1923, gross, $214,760; net oper. inc., $29,047; other income, $14,440; interest, rentals, Ac.,
$65,196; bal., def., $21,709. Pres., J. L. Lancaster, Dallas; Sec., J. Burke,
Dallas.— (V. 109, p. 478.)
WEST JERSEY AND SEA SHORE R R . CO.— (See Map 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, 361.20 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.
STOCK.— The stockholders on Feb. 4 1915 authorized an increase In the
common stock from $10,000,000 to $13,000,000. On Dec. 31 1923 Penn.
R R . owned $6,747,900 common and $45,350 special guaranteed stock.
D IVIDEN DS.— Common, Sept. 1896 to March 1905. lncl., 5% yearly)
then to ’07. Inch. 6% yrly: '08. 4% ; '09. 4 U % : ’ 10 to Apr. 1 ’20, 5% (A .-O.)
In Oct. 1920 paid 2) 4%: then none until Apr. 16 1923, when 2% was paid;
same amount paid Oct. 15 1923 and April 15 1924.
BONDS.— First consol, mtge. Is for $7,000,000; $90,000 reserved for prior
lien bonds when due. V. 62, p . 1179; V. 84, p. 160; V . 89, p. 995: V. 92.
0. 1702; V. 100, p. 57. 311. 473; V. 102. p. 1156.
R E PO RT.— For 1923, in V. 118, p. 2037, showed:
Cal.Y,ars. Cross.
Net.
Total Inc. FixedChgs. D i v s . C B a l .
1923--$14,142,520
$990,825 $1,547,494 $530,246 $463,450 $553,798
1922— 14,018,091
1,279,702 1.533,986 434,177
231,725 868.083
1921— 12,929,706
286,636
605.075 517,592
87,483
For latest earnings, see “ Railway Earnings Section” (issued monthly).
— (V. 118, p. 2037.)
WEST SHORE R R .— (.See Maps N . Y . Central.)— Weehawken, N . J.,
opposite N. Y . City, to Buffalo, N. Y ., with branches, 479 miles. Between
Utica and Syracuse is equipped electrically.
LEASE.— Leased In 1885 for 475 years to the New York Central A
Hudson River (now New York Central R R .). with the privilege of a further
term of 500 years, and all earnings, Ac., included in that company's report.
The $10,000,000 of stock Is owned by the New York Central RR.
BONDS.— The bonds cover 479 miles o f road and also the terminals at
Weehawken. Abstract o f mortgage in V. 42, p. 176. Pres., A. H. Smith;
Sec., E. F. Stephenson; Treas., M . S. Barger.— (V. 109, p. 1457.)

M ay , 1924.]

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

Miles Date
Road Bonds

Amount
Outstanding

Rate
%

$1,000 $1,543,000

6g

A

A

100 49.426.098
100 17,742,050
100 9,999,000
616 1917 1,000 Sec As Oollat
’21-’22
1,000,000
622.800
1921
2,000,000
1922
5,800,000
1923

58
6
6
6
7g

J
A
F
M
F

A J
& o
o
A s
A A

W estern (A la)— 1st M g gu by Ga R R & Bkg O o-.zc* 133.42 1888
W estern Maryland Ry Co—
First Pref (p S d) stock 7% cum $18,000,000 auth.
c
2d Pref (p A d) stock 4% non-cum $10,000.000___
IstARef M . $150,000,000 Sot A (see text).Eqc*&r*

Underlying Bond and Equipment Issues—
First mortgage $50,000,000 gold______ Ba.xc* A r ..
Eq tr “ B " due 10 $22,000 s.-a........................ ......Eo

Text

1902
1916
1923
1916
1916
1917
1917
1920
1920
1922
1921
1891
1879
1879
1886
1888
1914

Par
Value

1,000 46,565,990
88,000
1,000
1,425,000
1,000
432,691
280,668
953,170
311,406
628,100
125,000
420.000
1,000
1,000
1,200,000
1,000
849,005
44.500
500
63.800
100 &c
690.000
1,000
1,000
204,000
115.000
500 Sec

do
do
due $30,000 a n n .. _ _______ CP
Equip gold notes pref series due $100,000 yrly.E q.c*
Potomac Val 1st M $2,000,000 g assum.MeBa.zc* Ar
31
3
Balt & Cumb Val Ry 1st m tg e __________________
Balt A Cumb Val RR 1st mtge __________________
5
Balt & Harrisburg Ry mortgage gold.M eBa.z___
66
Balt S c Harrisburg Ry W Ext g guar -M eB a.z-.c*
15
Haz. Wh’f Co 1st M $150,000 g(V 87 p 482)MeBa.c*
Sectiritie.i of Leased Lines—
Balt & Cum Val RR Ext and Washington & Franklin R y— See sta tements
1,000
» estern N V & Penn— 1st M ($10,OUO.(XXb g.Ba.xc*
676 1887
1,000
General mortgage $10,000,000 gold________Ln.xc*
600 1895
1,000
Income bonds $10,000,000 gold non-cum ..FP.xc*
1895
100
100
Pref stock 6% non-cum. red at 105 conv Into c o m ..
100 Ac
Western P acR R Co. (oper co) 1stM callpar.xxc*Ar 1,011 1916
100 Ac
do
do
call 102 H ___________ xxc*Ar* 1,011 1916
xxx
Securednotes red par . _ . _____ ______
1920
1,666
Equip trust ctfs due $375,000 annually_ Eq.xxxc*
_
1923
1,000
do
do Series “ C ” due $207,000ann.Eq.xxxc*
1924
—
WESTERN RY. OF ALABAMA (THE).— Selma to West Point, 133.42 m.
Central Trust Co. of N .Y ., as trustee under Central Railroad & Banking
Co. coll, trust 5s o f 1937, and Louisville & Nashville, as trustee for Itself
and Atlantic Coast Line R R ., each own one-half the $3,000,000 stock
The $1,543,000 4)4s o f 1888 due Oct. 1 1918 were extended to Oct. 1 1928
at 6 % .
In March 1920 announced that the Georgia R R ., the Atlanta A West
Point and the Western Ry. o f Alabama would in future be operated in close
organization Independently. The three properties will be directed as to
operation from Atlanta, Ga.
DIVS.— J’94-’96. ’97. ’98. ’99. '00. ’01. ’02-’06. '07-'13. 1914 to 1923.
Percent . 12 y’lv 3
0
2
7
4 4 y ’ly 5 y ’ly 6% 6% yearly
Paid in 1924: June 30, 3>£%.
For year ending Dec. 31 1923, gross, $3,042,221; net oper. income,
$546,378; other income, $256,250; int., rentals, &c., $410,507; divs. (6% ),
$180,000; bal., sur., $212,120.
For latest earnings, see “ Railway Earnings Section” (issued monthly).
O. A. Wlckersham. Pres.. Atlanta, Ga.— (V. 118, p. 2181.)
WESTERN MARYLAND RA ILW A Y C O — Embraces:
Main line—
Fulton Junction, M d ., to Connellsville, Pa___________
Emory Grove, M d., to Highfield, M d _________________
Ridgely, W . Va., to Belington, W . Va________________
South Elkins, W . Va., to Durbin, W . Va______________
Other main line_______________________________________

Miles.
251.06
73.48
128.10
46.38
49.06

Total main line.
Branches and spurs.
Leased lines______
Operated lines____
Trackage rights___

548.08
75.64
45 63
21.27
113.82

Total mileage operated Dec. 31 1923__________________________ 804.44
Second track, 85.84 miles; sidings, 391.39 miles.
ORGAN IZATION .— A consolidation Jan. 23 1917 per plan In V. 103, p.
1700. o f "The Western Maryland Ry. (formed as stated in V. 89, p. 287),
and subsidiaries, Ac. (V. 104, p. 74, 766, 1047, 1265; V. 105, p. 717.)
This plan was to affect the status o f the coal, A c ., properties as follows:
(а) The acquisition by the new company o f all the system’s terminal
properties at Baltimore, including grain elevator with storage capacity of
1.900.000 bushels. Ac.
(б) The underwriting and offer to shareholders at par o f $18,000,000 7%
l it pref. stock (cum. from July 1 1918) in amounts 30% of their holdings,
the subscriber with each $100 o f 1st pref. receiving also $22 stock of Davis
Goal & Coke Oo. and $25 stock o f Monongalia Coal Lands Oo., (V. 103, p.
2157; V.104, p.766). thus distributing the entire outstanding stocks of the
coal cos. In 1917 these coal properties were merged. V. 105, p . 1421, 717
(c) The lease to the Davis Coal & Coke Co. for 99 years of all the rail­
way's coal mining properties and the transfer o f the reserve coal lands to the
Monongalia Coal Lands C o., this measure, with the distribution of their
stock, removing danger o f legal complications owing to ownership o f coal
properties by the railway. The new railway co., under the lease, was to
receive as rental 6 cts. per ton on coal mined and was to transport all the coal.
Davis O. & O. Co. was to operate 31 mines having an annual capacity of
2.500.000 tons.— V. 103. p. 1791.
Description of New $150,000,000 First and Refunding Mortgage.
(1) A direct first mtge. upon road from Cumberland. M d ., to Connells▼Ule, Pa., together with branches, in all 119.49 miles; (2) a new First Lien
by pledge of all securities representing ownership of branch lines (V. 103. p.
1611). aggregating 17.82 miles; (3) a mortgage subject to existing $500,000
mortgage upon Western Maryland RR. Terminal, and, subject to a $115,000
mortgage upon the Baltimore Fidelity Warehouse and Hazard Wharf:
(4) a blanket mortgage, subject only to existing underlying mortgages,
amounting to $50,177,000, on lines acquired In the consolidation as well as
all extensions, A c., hereafter constructed or acquired with the new bonds:
(«) Reserved for corporate purposes__________________________ $1,000,000
(5) For funding of underlying and divisional bonds__________ 60,000.000
(c) Under restrictions for terminals and terminal facilities____ 25,000,000
(d) Under restrictions for new equip., extensions & improv’ts_ 67,500.000
On Dec. 31 1923 $15,924,000 o f these bonds were pledged.
The 1st M . 4s of 1902 cover some 522 miles o f road, subject as to part
to $1,281,500 underlying issues and also coal and coke properties which
in 1917 were taken over under lease or otherwise by the coal companiei
mentioned. Compare V. 103, p. 1700; V. 75, p. 550. 850; V. 79, p. 1024:
V. 79, p. 2692, and V. 81, p. 266; V. 80, p. 473, 1914; V. 81, p. 6 l £ V. 83,
p. 273; V. 89, p. 666; V. 92. p. 120, 1437; V. 93, p. 1465.
The 7% equip, gold notes, pref. series, are followed by $1,500,000 notes
of a junior series, which were taken by the U. S. Govt, and which will mature
serially at the rate of $100,000 per annum. V. 112, p. 746.
For 5% 10-year serial equip, trust notes o f 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 & ref. mtgebonds. V . 117, p. 1888.
Govt. Loans.— The following govt, loans have been m ad e:(l) $622,800,
(3) $1,500,000, (4) $1,000,000, all o f which bear interest at the rate o f 6
% per nnum and are secured by pledge of 1st & ref. bonds.
V. I l l , p.
1371, 2230; v . U 2. p. 934; V. 113, p. 850, 12 52, 1473.




127

RAILW AY STOCKS AKD BONDS

4g
5
6
5
5
4.52
4.52
6
6
5g
7g
5g
6
6
5g
5g
5 g

When
Payable

A A
J A
c
J (S
M A
M A
F A
J A
J A J
A
M
J
J
J
M
M
A

Last Dividend Places Whe e interest an
and Maturity
Dividends re Payable.

o Oot 1 1928

July
Oct
Jan
Mar
Aug

1
1
1
1
1

1967
1931
1931
1930
1928

Atlanta, Ga

New York

O Oct 1 1952
Bankers Trust Co. N Y
J July ’24-Jan '26 71 Broadway, New York
To June 15 1933
To March 1926
To Serpt 1926
do
do

D
8
S
A
D
15

To Jan 15 1935
To M ay 1 1929
& O To Oct 15 1937
& 8 To Mar 1 1936
& J Jan 1 1941
A J July 1 1929
A J July 1 1929
Sc
N Nov 1 1936
S N May 1 1938
c
A O Oct 1 1924

for those co mpanies
9,990,000
5 g J A J Jan 1 1937
A A O Apr 1 1943
10.000,000
4g
Nov 1 Apr 11943
9,805,000
5g
45.523,425
6
26,184,512
Apr 1 ’24.1 46 %
Q— J
23,945.700
5 g M A s Mar 1 1946
3,000,000
6 g M A s Mar 1 1946
4g
A A () Oct 1 1930
5,057,000
5,225,000
5V3 M & s To Mar 1 1938
<c D To Dec 1 1938
S
3,105,000
J
5

Guaranty Trust Co, N Y
Commercial T r Co. PMla
New York
Nat Bank of C om .. Balt
do
do
do
do
do
do
do
do
Merc Tr A Dep Oo Balt.
Treas. Phil. A N. Y.
do
do
Fidelity Tr— when earn
Checks mailed
Equitable Trust Co. N Y
do
do
Equitable Trust Co, N Y
do
do

R E PO RT.— For 1923, in V. 118, p. 2297, showed:
---------- ----------- Corporate--------------------Corp. & Fed.
1923.
1922.
1921.
1920.
Gross oper. revenue___ $23,055,036 $18,575,350 $17,619,972 $20,205,687
Operating income........... 4,334,552
3,238,094
3,021,186 def.791,666
Other income.
794,380
208,498
824,628
1,657,869
Total income_________ $5,128,933 $3,446,592
Rentals, &c___________
388,852
302,849
Int. on funded debt____ 2,642,036
2,602,968
Int. on equip, obligations
420,532
413,739
Int. on unfunded d e b t ..
5,530
76,239
Miscellaneous deductions
81,4
1,051

$3,845,814
295,319
2,500.370
423.743
122,727
82,357

$866,203
351,008
2,412,813
277,814
151,404
36,626

N etin com e............su r.$1,671,169 sur.$49,745sur.$421,296df$2,363,463
For latest earnings, see “ Railway Earnings Section” (issued monthly).
Chairman. Lawrence Greer; Pres., M . C. Byers; V .-P ., Traffic Dept..
D. G. Gray; Sec., J. W . Broome; Treas., S. R. Gehlert.— (V. 118, p. .2297WESTERN NEW Y O R K AND PENNSYLVANIA R Y . CO.— (See Map
Pennsylvania RR.)— Owns Buffalo to Emporium, Pa., 121 miles; Buffalo to
Oil City, Pa., 137 miles; Oil C ity to Glean, 110 miles; Stoneboro to Mahoningtown, 37 miles; Hinsdale to Rochester, 98 miles; branches, including pro­
prietary lines, 88 miles; total owned and operated under contracts, 592 mile*,
trackage rights, 66 miles; total, Dec. 31 1923. 657 miles.
ORGANIZATION.— Reorganization Mar. 18 1895 (per plan in “ Sup­
plement" of Jan. 1895) of the Railroad, foreclosed Feb. 5 1895.
Penna. R R . owned on Dec. 31 1923 $19,439,001 of the $20,000,000 itock
and $9,421,000 of the 5% income bonds and leases the road for 20 yean
from Aug. 1 1903, subject to termination on 60 days’ notice. V . 75, p.1255.
BONDS.— Abstract o f 1st M . in V. 47. p. 109.
R E PO R T .— For 1923, gross, $24,512,668; net ry. oper. income, $2,104,641; other income, $101,917; deductions, $2,284,769; bal., def., $78,210.
— (V. 118, p. 2181.)
WESTERN PACIFIC R R . C O R PO R ATIO N .— A Delaware holding
company owning all the stock of the Western Pacific R R . (of C al.), which
in turn owns the railroad running from San Francisco to Salt Lake City,
via Oakland. Stockton, Sacramento, Marysville and Orovllle. Cal., a dis­
tance of 930 milas (including San Francisco Bay ferry, 3 miles); branch
lines, 116 miles. Total mileage Dec. 31 1922. 1.046 miles. Crosses the
mountains at maximum grade of 1 % . Trackage agreement with Southern
Pacific C o., V. 118, p. 1270.
In October 1917 arrangements had been made to give financial assist­
ance to the following companies in the construction of their projected
lines which will serve as feeders for the Western Pacific, the latter receiving
In return for the investment a considerable Interest In their capital stock:
(1) Indian Valley R R ., Paxton Junction to Taylorsville and Engles Copper
Mine, Cal., 21 miles :(2) Deep Creek R R ., Wendover, Utah, southerly into
Gold Hill and Ferber Mining District, 46 miles; (3) in 1917 purchased
$1,137,968 of the capital stock of the Tidewater Southern R y., an electric
railway, now 56 miles in length, extending from Stockton to beyond
Turlock (see “ Electric Railway Section” ). Tentative valuation, V. 113,
p. 1055.
ORGANIZATION.— Both the holding company (The Western Pacific
RR. Corp., lncorp. in Delaware), and the operating company (The Western
Pacific R R .. Co. lncorp. in Calif)., were formed in June 1916 per reorgani­
zation plan of Western Pacific R y. foreclosed. Possession taken July 13
1916. See plan, A c., V. 102, p. 155, 160, 2168, 2255; V. 103. p. 62. 240.
408; V. 104. p 165. 258. 560. V. 103. p. 2080.
In 1917 the Equitable Tr. Co. of N. Y ., as mortgage trustee, brought suit
against Denver & Rio Grande R R ., as guarantor of the 1st M . bonds of the
old (foreclosed) Western Pacific Ry. (the holding co. owning $47,437,500
of this $50,000,000 issue), and in Jan. 1918 obtained a judgment for $38,270,343. V. 166, p. 1797. The Judgment was followed by a receivership
for the D . & R . G. V. 106, p. 85. 192, 498; V. 107, p. 503, See Denver
S Rio Grande R R .
c
In Sept. 1918, having realized to date about $7,771,395 on this Judgment
the Trustee made distribution of $150 per bond or old Western Pacific R y.,
over 90% of these bonds being owned in the interest of the new Western
Pacific R R . V. 107, p. 1102. 1187.
In June 1918 the equity In the $10,000,000 stock of Utah Fuel Co.
owned by D . & R. G. (subject to collateral lien of $15,080,000 Rio Grande
Western R y. 1st Consol. 4s) was sold in partial satisfaction of above judg­
ment and was bid in for the Western Pacific R R . Corp. for $4,000,000.
V. 106, p.2648, 2759.
On Aug. 16 1920 a further distribution at the rate of $40 on each $1,000
bond was made; in Dec. 1920, $32.50: in July 1921, $100; in Aug. 1921, $40.
In April 1922. $25. V. 113, p. 732; V. 114, p. 1654.
The Denver & Rio Grande property was sold at public auction on N ov. 20
1920 for $5,000,000 to John F. Bowie of New York, representative of the
Western Pacific R R . For litigation over sale, A c., see Denver & Rio
Grande Western R R .
A Delaware charter was granted N ov. 15 1920 to the Denver & Rio Grande
Western R R . with an authorized capital of $150,000,000, authorizing it to
own and operate railroads and railways outside of Delaware. The company
was formed for the purpose of taking over the Denver & R io Grande R R .
A plan of reorganization of the Denver & Rio Grande R R . was submitted
In Feb. 1922, but was subsequently withdrawn. A receiver for the Denver
& Rio Grande Western R R . was appointed in July 1922 and a reorganization
plan dated June 15 1923 has been approved by the various committees and
the directors of the Western Pacific R R . Corp. For details of plan, see
Denver & Rio Grande Western RR.
In 1921 acquired over 91% of the stock and bonds of 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.

138

RAILW AY STOCKS AND BONDS

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

Miles Date
Road Bonds

W heeling and Lake Erie Ry—
Prior Lien 7% stock cum convert redeem_________
Pref stock (a & d) 6% non-cum convert redeem ._
_
Common stock (further amounts for conversion)___
R ef mtge $50,000,000 gold callable 102HCe.yc*Jcr*
Ten-year gold notes___________________________ CC
Oertlfs o f participation (In Lor 4 W Va R y )___CCI
Equip trust ctfs Ser B due $462,000 yly call 102 H. c*
Left Undisturbed (Issues closed by R ef M o f 1916)
First mortgage Lake Erie Division gold___ Ba.zc*
187
50
First M Wheel’g Dlv $ & £ (2d on 187 m) g -.C e .z c*
260
Exten and Imp t mtge ($1,900,000) gold___Ce.zc*
451
First Consol mortgage gold $11,697,000____Ba.xc*
Equipment gold notes due $305,000 annually____G
U S Government Long-term notes________________
Natl R y Service, Eq Tr “ A " due $454,300 ann____
W heeling Term— 1st M $2,000,000 g s f gu p & I.xc*
White & Black River Valley— 1st M g lnt guar—F.xo*
White Pass & Yukon— Stock £1,700,000----------------“ A ” shares £10,000, pref rights to 80% profits_____
Prior Lien debenture stock £100,000______________
110
Cons first mtge deb stock £794,802 red after 1920 .
Mortgage debentures (navigation) £273,440 red 105Secured notes 6% £70,000________________________
Income debentures 6% £168.430 red______________
20
W hite River RR — 1st M *250,000 auth gold___ AB
W ich ita N orthwestern RR— 1st M g call_________ 100.2
9-11
Wich Un Term Ry— 1st M g gu red 108 H beg ’21-Cei
4.2
W ildw ood and Delaware Bay Short Line RR— IstM
4.27
Wilkes-Barre & Scranton— Stock 5% rental-----------4.27
First mortgage gold guar p & 1 by L C & N Co —xxx

1916
1923
1917
1886
1888
1889
1899
1920
1900
1900
1918
1900
1901
1903
1921
1911
1910
1888

Par
Value

Amount
Outstanding

$100 $11,882,600
100 10.344,958
100 33.641,300
4.827.000
1.000
900.000
300.000
1.000 1.386.000
1,000
1,000
1.000
1,000

2 , 000,000

894.000
409.000
6.870.000
3.355.000
4.360.000
11,357,500
1,000
1.415.000
1,000
600.000
£10 £1,275.000
£1
(?)
£10T&c
£^82.870
£100
£273,385
£14,000
£168,430
$ 1,000
$ 200,000
381.750
381,750
1.000 ) 2,300,000
550 & c
472,500
50
500.000
1.000
500.000

S T O C K .— T h e tw o c o rp o ratio n s h av e precisely sim ilar c ap ita l sto ck s,
•com m on a n d p re fe rre d , a u th . a n d issu ed, th e holding com p an y ow ning

Rate
%

When
Payable

[V ol. 118.
Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Quar
4H g M &
6
g
A &

I 8
6 g

5g

A
J
F
M
J

5g

F
J

58

J
J

New York
S Sept 1 1966
Union Tr Co, Cleveland
Jan 1 1933
O Jan 1 1927
Apr 1925 to ’27

&
&
&
&
&

Oct 1 1926
July 1 1928
Feb 1 1930
Sept 1 1949
T o Jan 15 1935
Various
Various
& A Aug 1 1940
& J June 30 1980
Jan 15 1913 1%

Dec 1 Dec 1 1935
& J Deo 31 1930
& J Jan 1 1930

Redeemable
J & J Jan 1 1933
6*
J & D June 1 1931
4H S M & N Nov 11941
J A, D June 1 1940
58
Deo 31 See text
4H g M & N May 1 1938

Bankers Trust Co, N
Central Un. Trust N
do
do
Bankers Trust Co, N
Guaranty Trust Co, N

Y
Y
Y
Y

Winslow,Lanier&Ce,N Y
First National Bank. N Y
Office 7 Moorgate St,Lon
See text
See text
O D Parker & Co, Boston
Mldw R esT r Co, KO M o
Dillon, Read & Co, N Y
B w ay Tr C o , C a m d e n , N J
437 Chestnut St, Phila
do
do

G ov ernm en t loan, V . I l l , p . 794, 1371, 2230; V. 112, p . 373; V . 113.
8 5 1 ;V . 115, p . 2479.
E q u ip m e n t tru sts issued to D irector-G eneral for rolling sto ck allocated
to th is c om pany . See a rtic le on pag e 3 and V . 114. p . 1654.
R E P O R T .— F o r y e a r 1923 show ed: G ross, $19,211,572; n e t o p e ra tin g
incom e, $3,130,214; o th e r incom e, $462,789; d e d u c tio n s, $1,846,400;
b a l., s u r., $1,746,603.
^ D I V I D E N D S .— O n p re f., F e b . 1918 to J a n . 1919 p a id 1 H % q u a r.; M a y
F o r la te s t earn in g s, see “ R ailw ay E arn in g s S ectio n ” (issued m o n th ly ).
1919 to A pril 1920, 1% q u a r.; Ju ly 1920 to A pr. 1924, 1M % q u a r.
BONDS OF OPERATIN G COM PANY — Secured by a first
tgag e
O F F IC E R S .— C h airm an & P re s ., W . M . D un can: V .-P . & G en. M g r.!
on che existing railway properties and all property hereafter acquired
T ru stee s, F irst F ed eral I r u s t C o ., S an F ra n ., a n d H e n ry E . C ooper. G eo .D u rh am ; Sec., C .E . B ahl; T re a s., J .G . Stid ger; A u d ., H .H .H e n d e rso n
Total a u th . issue, $50,000,000. Sinking fu n d beginning in 1919, $50,000
D IR E C T O R S .— H . E . C ooper, T h o m as S. G rasselli, E . A. L an g en b ach ,
annually. V. 104, p. 1593; V. 103, p. 2157, 2080.
E . A . P e tre q u in . G eorge A . C o u lto n , W . M . D u n ca n , A . W . C allow ay,
The remaining 1st Mortgage bonds are reserved for fu tu re use, w ith F red erick H . E ck er, W . F . N ash . W arren B ickn all, B e rtra m C u tle r, J . A .
Int. rate not to exceed 6 % , for or against betterments, add ns and extens., H ouse, W a lte r S. B ow ler, L . F . L oree.— (V. 116, p . 2989.)
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.
W H E E L IN G T E R M IN A L R Y .— O w ns a railw a y bridg e a t Wheeling.
N O T E S .— T h e com pany in A ug. 1920 offered to exchange its 4% 10-year W . V a.. a n d 10 m iles of te rm in a l tra c k . L eased to P e n n a. R R .
S ecured N o tes for D en v er & R io G ran d e a d ju stm e n t m o rtg ag e bonds;
S T O C K .— $2,000,000. a ll ow ned b y P e n n sy lv an ia C om p a n y, which
$5,057,000 exchanged. V . 113, p . 1573.
g u a ra n te e s p rin . a n d in t. of b o nd s of w hich $400,000 a re reserv ed for
It.E q u ip m e n t tr u s t certificates, V . 116, p . 823; V . 118, p . 1270.
ad d itio n s a n d im p ro vem en ts; m tg e. tru ste e s C om m ercial T r. C o. of Phila.
R E P O R T .— O f o p e ra tin g com pany for 1923 show ed:
V . 98. p . 612, 1769. F o rm of g u a ra n ty , V . 76. p. 655. D iv s. 2% p a id In
------------------------ C orporate ---------------------- C om bined, 1906, 1907, 1911, 1912 a n d 1913. 1916, 2% ; 1917, 3% ; 1918-1923, 4% a n n .
h, tiM
F o r th e year 1923, gross incom e, $143,204; ded u ctio n s, $57,508; d iv id e n d s,
F55
1923
1922
1921
1920.
G ross earn in g s__________ $14,138,269 $12,505,348 $12,104,155 $15,612,843 $80,000. Sec., S. H . C h u rch .— (V. 117, p . 1130.)
T o ta l inco m e___________ $4,327,347 $3,150,102 $4,926,486 $4,985,848
W HITE & BLACK RIVER VALLEY R R .— Brinkley to Jacksonport,
In te re st, ren tals, & c____ 2,507,552 2,044,757 2,067,953
2,855,440
Ark., 56 miles; Wiville, Ark., to Gregory, 6 m.; total, 62 miles. Leased for
N e t in c o m e .............. $1,819,795 $1,105,345 $2,858,533 $2,130,408 80 years from July 1 1900 to Choctaw Oklahoma & Gulf R R . (now Chic.
P referred d iv id e n d s____ 1,650,000
262,900 1,650,000 1,925,000 R. I. & Pac. R y.) for guaranty o f Int., endorsed on bonds. Stock auth.,
S inking f u n d s __________
50,000
50,000
50,000
------$1,875,000; paid in, $323.000.— (V. 90. p . 504.)
t B alance, su rp lu s_____ $119,795
$792,445 $1,158,533
$205,408
W HITE PASS & YUKON R Y .— O w ns a narrow-gauge line 110 mile6 In
length, extending from Skaguau, Alaska, to White Horse with branch to
F o r la te s t earnin gs, see “ R ailw ay E arn in g s S ection” (issued m o n th ly ).
White Horse copper mines, 12 miles (V. 69, p. 335; V. 67. p. 1162, 1138);
W R e p o rt of holdin g c o m p an y fo r y e a r end ed Ju n e 30 1923: T o ta l incom e,
also operated steamers between White Horse and Dawson City and Caribou
$2,176,016; general expenses, $220,265; taxes, $112,265; d ep reciatio n, and Atlin. V. 73. p. 443; V. 75, p. 1300.
$63,158; in te rest, $204,000; n e t incom e. $1,576,327. V . 117, p . 1018, 1126.
R E O R G A N IZ A T IO N .— I n 1918 th e se cu rity ho ld ers fo rm ally a p p ro v e d
Officers o f Operating C om p a n y. — C h airm an , A lvin W . K rech; P res.,
m en en ts,
n
V
2478.
C h as. M . L evy; V .-P . & G en. M g r., E dw . W . M ason; V .-P . & T re a s., w ithresom e e aJa n . d1m1915 a npdlasu bo u tlin ed in as .p a107, p . 605,r d2099,lte d .
In te s t d u
seq u en tly w
id In scrip o e fa u
C h arles E lsey; Sec., W m . G . B ru e n .— (V. 118, p . 2306.)
In ord er to raise £95,000 (£52,000 for w orking c a p ita l, a n d a b o u t £38,000
to p a y off loan s, a n d £5,000 for com m issions, & c.), it w as a rra n g e d under
WHEELING AND LAKE ERIE R A ILW A Y.— 512 miles o f road, viz.:
th e p la n to issue £100,000 7% P rio r L ien d e b e n tu re sto ck .
Lines owned—
Mites. I
Miles.
P res, of local (subsidiary) cos., F . C . E llio tt, 111 W . W ash in g to n S q ..
Toledo, O., to Terminal June___ 2101Various branches ow ned---------- . 81
C h icag o.— (V. 113, p . 2820.)
Cleveland to Zanesville, O_______144 ITrackage (O. O. O. & St. L .) Llnall the outstanding shares o f the operating company. The pref. is conver­
tible by holders. $ for $. into common.
The stockholders on N ov. 18 1920 approved an increase in the capital
stock from $75,000,000 to $100,000,000. Of the total capital $40,000,000
Is Preferred (par $100) and $60,000,000 Common (par $1001, Compare
details in V . I l l , p. 1864.

p.

§

Canton to Sherrodsville_________ 4 5 1 dale to Wellington-------------------- 32
Hf ORGAN IZATION .— Incorporated In Ohio Dec. 12 1916 as successor of
[oldWheeling & Lake Erie R R ., per plan In V . 103, p . 1211, 1689.
In May 1917 Kuhn, Loeb & Co. and Blair & Co. sold their large holding
o f 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. p. 285.
HiSTOCK.— Issued: Prior Hen. $11,882,600: com .. $33,641,300; pref..
$10,344,958.
Prior Lien 7% Stock, entitled to (a) cumulative dlvs. from N ov. 1 1916
payable quar.’ (ft) to priority over all other stock both as to dlvs. and
m liquidation, and also, so far as legal, redeemable on or after N ov. 1
1919 at $115 per share and dlvs.; (c) convertible at any time after N ov. 1
1919 Into com. stock, $ for $, with an adjustment of dlvs.; (d) To elect
for first five years a majority o f the directors, and thereafter a majority
o f the board. In case of failure to pay the full dlv. on the Prior Lien stock
for five consecutive years; otherwise the three classes o f stock shall have
proportionately equal voting rights.
Preferred 6% Stock, entitled to non-cum. dlvs. from N ov. 1 1916. Pref.
| over the com. stock both as to dlvs. and in liquidation, and, so far as
legal, redeemable on or after N ov. 1 1919 at $105, and convertible at any
g time after N ov. 1 1919 into common stock, $ for $.
BONDS.— New Refunding Mtge. V. 104, p. 864. 1900; V. 103, p. 1211.
Purposes for Which the $50,000,000 Refunding Bonds Were Made Issuable,
(a) Issued In exchange for such 1st Consol. 4% bonds as
assented to plan: Gold, 4 K b, callable on any lnt. date at 1 0 2 -$ 4 ,8 2 7 ,0 0 0
(6) All other Ref. M . bonds to bear not over 6% lnt., and to be
redeemable on any lnt. date, rate o f lnt., lnt. dates and re­
demption prices to be fixed at time of Issue. Reserved:
(aa) To pay or refund the Lake Erie Dlv. bonds, the Wheeling
Dlv. bonds and the Extensions & Improvements bonds____ 3,303,000
(bb) An amount equal to the amount o f First Consol. 4% bonds
not assenting to plan, reserved to pay or refund the same—
6.870,000
(cc) Under restrictions for betterments, extensions and new
properties, and to aid In refunding the above-mentioned
bonds, and to retire equip, oblig’ns o f receiver or o f old co— 35,000,000

W HITE RIVER R R .— Owns Rochester to Bethel, V t., 20 miles.

S to ck , $250,000; p a r, $100. B o nds ($250,000 a u th Issu e), see ta b le
abo ve. P re s., C h au ncey D . P a rk e r, B o ston , M ass. O ffice, R o ch e ster, V t
W IC H IT A F A L L S & N O R T H W E S T E R N R Y .— A ll th e p ro p e rty o f
th is com p an y w as so ld u n d e r foreclosure; now ow ned a n d o p e ra te d by
M isso uri-K ansas-T exas R R . C o.
W ICH ITA FALLS & SOUTHERN R Y .— (V. 115, p. 1211. 2795.)

W IC H IT A N O R T H W E S T E R N R R .— A reo rg an iz atio n of th e A n th o n y
& N o rth e rn R R . R o ad c o m p leted in 1917 fro m T ro u sd ale , K a n ., to
V augh n, 47 m iles, a n d P r a tt v ia T ro u sd ale to K in sley , 53 m iles. O . P .
B yers a n d J . E . C o nklin w ere a p p o in te d receivers on N o v . 10 1922. C a p ita l
sto c k , co m m o n , $860,000, a n d p re fe rre d , $830,000. T h e c o m p an y o b tained
a G o v ern m en t loan am o u n tin g to $381,750. T h e lo an is in th e form of
one b o n d d ep osited w ith th e T re a su re r of th e U n ite d S ta te s. T h e C om m erce
T ru st C o ., K ansas C ity , M o ., successor to M idw est R eserve T ru st C o .,
is tru ste e u n d er th e te rm s of a 1st C onsol. M tg e . in th e p rin c ip al sum of
$600,000 to sectue th e 6% 1st C onsol. M tg e . b o n d a m o u n tin g to $381,750.
T h e bond is callab le u p o n a n y s.-a . in t. p a y m e n t d a te u p o n th e railw ay co.
giving 30 d a y s’ no tice to tho se concerned of its in te n tio n to re tire th e sam e.
F o r 1923, gross, $130,571: n e t o p er. incom e, $2,648; o th e r incom e, $2,011;
in te re st, re n ta ls, & c., $32,018; b a l., d e f., $27,359. P re s ., O . P . B yers;
S ec., T . A . F ry .— (V. 114, p . 2719.)
W IC H IT A U N IO N T E R M IN A L R Y .— O w ns ra ilw a y te rm in a l a t
W ichita, K a n ., in clu ding a passen ger sta tio n w ith e lev a ted tra c k app ro aches
of a b o u t 2 m iles, in clu ding a 4 -tra c k m ain lin e, to be u sed b y th e A tchison,
C hic. R . I . & P a c ., S t. L ouis & S an F ran cisco a n d K a n . C ity M ex . & O rient
T hese 4 ro ad s ow n th e sto c k a n d g u a ra n te e jo in tly a n d se v e rally th e $2,300,000 30-year 4 H % gold b o nd s. V . 101, p . 1629. P re s ., F. C . Fox.
— (V. 101. p . 1629; V . 113, p . 629.)
WILDWOOD AND DELAWARE BAY SHORT LINE R R .— R o ad
connects w ith A tla n tic C ity R R . (P h ila. & R eadin g S ystem ) a t W ildw ood
Ju n c tio n , 4 .2 m iles fro m W ildw ood. Sto ck , $500,000; issu ed, $378,000;
par, $50. B onds a u th ., $562,500 1st gold 5s; issued, $479,000. B ro a d ­
w ay T ru s t C o ., C a m d e n , N . J .. tru ste e ; see ta b le ab o v e. F o r 1923, gross,
$124,808; n e t o p er. incom e, $35,143; in te re s t, re n ta ls , & c., $44,583; b a l.,
d e f., $8,893. P re s., L . R . B aker; V .-P . & G en. M g r., E . G . S laughter;
*" O f th e R efund ing m tg e. 4 ^ s of 1916 th e re had been issued to D ec. 31 T reas W . F . S hort; Sec., O . I . B lackw ell. O ffice,^.W ildw ood, N .|J . —
1923, $15,423,000; held in tre a su ry or te m p o rarily pledged as collateral for (V . 117, p . 2655.)
loan s, $10,596,000; b alance in h a n d s o f p u blic, $4,827,000.

Equipment trusts of 1917, V . 104, p. 1047; of 1902, see V. 103, p. 2429.
■» The $300,000 non-transferable certificates o f participation are payable
out o f the earnings o f the Lorain & West Virginia R y. Co. All o f the out­
standing securities o f the L. & W . Va. R y., viz.: $1,999,300 stock and
$2,000,000 First M tge. bonds o f 1913 are owned.




•^WILKES-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.
L e a se assigned to Central of N .J . at 6% on cost of road ($1,141,676) &taxes.

M ay , 1924.]

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

Miles Date
Road Bonds

11
Williams Valley— First mtge 5120,000 auth---------kv
Wilmington Columbia & Augusta— See Atlantia Coast Line
Wlllmar & Sioux Falls— See Great Northern
90
Wilmington & Northern— 1st M oall 1907 lnt gu — xr
Gen mtge $1,000,000 gold p & 1 guar (end) —PeP.xr
90
Debenture bond--------------------------------------------------Wilmington & Weldon— See Atlantic Coast Line RR
2.4
Wilmington Ry Bridge— M guar Jointly--------------SBa
89
Winston-SalemSouthbound— 1st M g gu —Us.xc* Ar*
—
Winston-Salem Union Station Co— 1st M g call.c*
Wisconsin Cent Ry— Common stock $17,600,000—
Pref stk 4% n-c$12,500,000 auth_________________
831
First General mortgage_________ _____ ____ Us.xo*
33
Marsh A S E Dlv 1st M gold subj to oallat 105Usxc*
158
Sup A Dul Dlv A Term M $7,500,000 g (text) Us-xo*
First and Ref Mg($60,000.000au) lntguEm.xo*&r* 1022
Secured gold notes (guar.) redeem (text)_ Eq.c*
_
Car trusts various dates_________________________
—
Wise Minn & Pacific— See Chic Great West Ry
Worcester Nashua & Rochester— See Boston & Maine
Yosemite Short Line Ry— See Sierra Ry ol California
78
Yesemite Valley— First mtge $3,000,000 gold s Ij o *

Par
Value

Amount
Outstanding

Rate
%

When
Payable

1903
RR

500

120,000

4

1887
1892

500
1.000

354.000
462.000
61.500

5

J

|8

J

J

A

1906

1.000

3.000.000

5g

J

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

D Deo 1 1938

Tower City (Pa) Nat Bk

Reading Terminal, Phlla
A D Deo 1 1927
do
do
Quar Aug 1 1932
Owned by Reading Company
A J

1893
217.000
A A O
5
1910 1.000 Ac
5,000.000
4g J A J
1,000
1916
250.000
A A O
fig
100 16,126.300
100 11,265.900 See text See text
1899
1.000 22,250,000
4K J A J
1,000
1901
323,000
4g M A N
1.000 7,500,000
1906
4g M A N
$ A £
1909
5,816,000
4g A A O
1924
1,000 6,000,000
5 14 g A & O
ll-’l
2,324,502 5.6>*, 7 Various

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 o f 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 M ay 16
1921 organized this company to take over and operate the property.
The I.-S. C. Commission in June 1921 authorized the company to issue
at par (1) $500,000 1st mtge. 6% gold bonds; (2) $200,000 non-cumulative
6% pref. stock, and (3) $500,000 common stock, in full payment for its
railroad property, rights, and franchises.
The bonds are proposed to be issued under a mortgage to Harrisburg
Trust Co., Harrisburg, Pa., dated July 1 1921. Authorized $500,000 of
which only $200,000 will be now Issued. The common and preferred stocu
represent the entire authorized issues.
EARN INGS.— 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 ILMINGTON & NORTHERN R R .— Owns Wilmington, Del., 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 314 % div.
on stock, payable quar. (Q.-F. 15) and organization taxes. V 80, p. 1858;
V. 102, p. 1812. Supreme Court decision, V. 110, p. 1816.
WILMINGTON RY. BRIDGE.— Owns Hilton to Navassa, N. C., 2.4
miles. Stock, $40,000, owned by Seaboard Air Line R y. and Atlantic
Ooast Line R R ., whlohJointly guarantee the $217,000 bonds— see table
above. Pres., Geo. B. Elliott. Wilmington, N. C.; Sec. and Treas., R L.
Nutt. 24 Broad St., New York.
WINSTON-SALEM SOUTHBOUND R Y . CO.— Owns Winston-Salem,
N. C ., on Norfolk & Western, to Wadesboro on Atlantic Coast Line R R .,
88 miles; branches, 6 miles; trackage rights, 7 miles; total operated. 101 miles,
Under trust agreement (V. 106, p. 1239) said two roads own the $1,245,000
stock and, jointly and severally, guarantee the $5,000,000 bonds, prin. &
lnt. See form, V. 92, p. 396; V. 105. p. 2367. Report for 1922: Gross,
$997,617; net oper. income, $240,777; other income, $49,027; deductions,
$372,237; bal., def.. $82,433. 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. 113.
p. 1055.)
WINSTON-SALEM (N. C.) UNION STATION C O — The bonds are
a first lien upon the union passenger station at Winston-Salem, N. C ., and
the parcel or land (.84 of an acre) upon which the station is erected. The
Norfolk & Western R y. C o., Southern R y. Co. and Winston-Salem South­
bound R y. Co. own the capital stock, unconditionally guarantee the bonds,
lointly and severally, both prin. & int., by endorsement on each, and have
contracted to use the terminal throughout the life o f these bonds, paying
as rental an amount equal to the cost of operation and int. on the bonds.
Bond issue (limited to $250,000) is callable at 10714 & iut. after Oct. 1930,
V. 103, p. 944. Inc. in N o. Caro. Dec. 16 1915. Pres.. H. E. Fries.—
(V. 103, p. 240.)
WISCONSIN CENTRAL R Y. CO.— System extends from Chicago
to Ashland, Wls., and Lake Superior Iron mines; also to St. Paul and Minne­
apolis and to Superior and Duluth. By oar ferry connects with the 1 ere
Marquette and has a short line to the East. V. 63, p. 117. System lno udes
Lines owned—
Miles.
Lines owned—
Miles.
Ohio, to Trout Brook Jet., Wls_456 Other branches______________
91
Leased—
Spencer to Ashland, Wls________ 146
22
Owen to Superior_______________ 153 Stanley to Walrath, W is______
Branch to Bessemer_____________34 Trackage to Ohio., Minn., <3co.
93
28
Stevens Point to Portage C ity .. 7l Rugby to Milwaukee. &o_____
Neenah to Manitowoc____________37
Marshfield to Nekoosa_______
33 Total own.&oper.Jan. 1 1924--1.154
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% o f common stock, and in March
1924 acquired 95% o f the remaining minority stock and operates the road




129

EAILW AY STOCKS AND BONDS

A

Apr 1 1943
July 1 1960
Apr 11960

Safe Dep & Tr Co, Balt
United States Tr Co. N T
NY .OhaseNatB.orWin-S

Oct 1 1921 2% Checks mailed
July 1 1949
New York
May 1 1951
Bank of Montreal
May 1 1936
Apr 11959
New York
Apr 15 1927
T o Mar 1 1935

J Jan 11930

Mercantile Tr Co, San Fr

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. V. 88, p.
159, 232, 566, 626, 750, 1003, 1439; V. 89, p. 780; V. 118, p. 1667.
STOCK.— Stook, authorized, common. $17,500,000; pref., 4% non­
sum. $12,500,000. Outstanding, oom., $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 such year. The preferred has the right to eleot a majority of the direc­
tors on failure for two successive years to receive 4% per annum.
DIVIDENDS.— First dlv. on pref.. 4% for the year, paid 1% Deo. 23
1908 and 1% eaoh on Moh. 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, equlpm'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. 1236; V . 80, p. 1591.
The Superior & Duluth Division A Term. 4s are limited to $7,500,000;
the present amount outstanding; they oover the road from Owen, Wis.;
via Superior to Duluth, Minn., 158 miles, and terminals at both Superior
and Duluth. V. 82, p. 806, 930, 1103; V . 83. p. 986; V . 84. p. 1429; V.
85. d . 532: V. 86. p. 1411: V . 88. p. 824.
The “ First and R ef.” mtge. Is limited to $60,000,000, of which $36,459.00 0
is reserved to refund existing bonds and equipment obligations and the re mainder for general purposes; $5,816,000 nave been sold. V. 88, p. 087 .
824, 884; V. 89, d . 44. 1069; V. 94, p. 489; V. 98, p. 840. The Minn. St .
P. 9c Sault Ste. Marie guarantees interest on the oonds. V. 95. p. 909 .
NOTES.— The 3-year notes of 1924 are secured by the deposit of $8,000,"
000 Wisconsin Central R y. 1st & Ref. M tge. 5% gold bonds, due April 1
1959. Principal and interest guaranteed by endorsement by the Minn.
St. Paul & S. S. Marie R y. Co. Redeemable, all or part, by lot, at any
time on 60 days’ notice, at 101 and interest to April 15 1926, and at 100
and interest thereafter. V. 118, p. 1776.
R E PO RT.— Report for year ending Dec. 31 1923:
1923.
1922.
1921.
1920.
______
Operating revenue_____$20,388,242 $18,472,044 $16,559,636
Operating income______ 3,534,272 3,243,039
198,036
$57,825
Standard return________
______
______
______
2,303,924
Other income__________
230,999
172,217
358,587
163,789
Total income________ $3,765,271 $3,415,256
Interest, taxes, &c_____ 3,331,708 2,918,886

$556,623 $2,525,538
3,322,138 2,197,580

Balance, surplus_____
$433,563
$496,370df$2,765,515
$327,958
Dividends on preferred______
______
450,630
450,624
Dividends paid out o f accumulated surplus, but substantially paid dur­
ing respective years shown— see V. 93, p. 792.
OFFICERS.— Chairman, E. Pennington; Pres., C. T. Jaffray; V .-P .’
G. W . Webster; Sec., W . R. Harley; Treas., C. H. Bender; Com p., D. JBond.— (V. 118, p. 1776.)
WISCONSIN & M ICHIGAN R R .— Operates from Faithom June.,
M ich., to Iron Mountain, M ich., 70.25 miles. Successor, after foreclosure
sale, of the Wisconsin & Michigan R y. C o., acquiring or at least operating
only the portion of the road above mentioned. The I.-S. C. Commission
in Dec. 1920 authorized the company to rebuild 7.17 miles of road between
Fairhorn Jet. and Aragon Jet., Mich., and to resume operation of 13.8
miles of road in Dickinson County, Mich. V. I l l , p. 2522. Tentative
valuation as of June 30 1916, $2,209,333.
Pres., John Marsch, Chicago; V.-Pres., W. H. Wright, Menominee, Mich,
Treas., Nicolas Marsch, Chicago: Sec., Harry Goldman, Marinette, Wis.
Office, Menominee, M ich.— (V. 116, p. 177.)
W YOMING NORTH & SOUTH R R .— (V. 117, p. 1994.)
YOSEMITE VALLEY R R .— Merced, Cal., to the Yosemite Natlona
Park, 78 miles, completed M ay 15 1907. Stock, $5,000,000, all outstand­
ing; par, $100. 1st M . bonds ($3,000,000 auth.). V. 82, p. 511. 930; V. 84,
p. 1553. Chairman o f bondholders’ committee, Charles K. McIntosh, care
Mercantile Trust C o., San Francisco. 1st M . coupons due Jan. 1 1919 were
met in June 1919, the stockholders providing at least a part of the funds.
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
June 30 1914. Pres., Frank G. Drum, West Coast Life Bldg., San Fran­
cisco.— (V. 117, p. 90.)

INDUSTRIAL AND PUBLIC UTILITY
MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on page 6]

Adams Express— Stock, 120,000 shares (20,000 held by co)
Collateral trust mortgage gold________________________Baz
Collateral trust distribution mortgage g o ld __________ Qz
Advance Rumely Co.— Debs $3,500,000 g sk fd call 102X
Common stock authorized $13,750,000__________________
Pref (a < d) 6% cum after 1918; call 105________________
&
Air Reduction Co.. Inc.— Stock 293,334 shares auth-----Alax Rubber Co Inc— Stock, 500.000 shares auth________
First mtge s f gold bonds callable 110__________ kxxxc*&r
Alaoama Power Company—
1st M $100,000,000 s fd call 105 after 1921.............Us.c*
1st M lien & ref call (text)_______________Usmxxx
do
do
call (t e x t )_________ Usm.xxxc*&r:'
Selma Ltg Co 1st mtge (closed issue)_____________________
Montgomery L & W P 1st cons red 1 0 5 __________________
Montgomery L & P 1st mtge____________________________
Alabama Trac Light & Power Co— Com stock $25,000,000. Preferred stock (a & d) 6% cumulative $5,000,000_______
First M $25,000,000 gold red 105 1% sinkfundbeg 1920c*
Other bonds— see text,
t N ot including amount pledged.

Date
Bonds

1898
1907
1915

1921
1916
1921
1922
1902
1903
1898
1912

Par
Value

Bate
%

100 $10,000,000 See text
500 &c 6,062,000
4g
500 &c 8,012,000
4 g
790,000
6g
loo 13,750.000
100 12.500,000 3 in ’23
None 173.586 sh.
$4
None 425.000 sh. See text
100 &c 3,000,000
8g
1.000 110,221,000
500 &c 21.000,000
500 &c 4,700,000
500 &c
238,000
654,300
276,000
100 17,000,000
100
1,435,900
100 13,668,900

ADAMS EXPRESS CO. (TH E ).— ORGAN IZATION .— An unincor­
porated association formed in 1854. V. 100jP. 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
•f working capital, was turned over to the American Railway Express Co.
(which see) in return for stock in that company, amounting in Dec.
1923 to $11,904,300. (See Ajner. R y. Exp. Co. for dividends declared by
that company.)
The I. 8. C. Commission in Dec. 1920, approved the permanent consoli­
dation of the transportation business and properties o f the American, Adams,
Wells Fargo & Co. & Southern Express Co. into the American R y. Express
Co. V. I l l , p. 2522.
The Adams Express Building at 61 Broadway, N. Y ., was sold In M ay
1920.
In Juno 1923 the Adams Express Armored Car Co., a subsidiary, was
organized. Y. 116, p. 2996.
CASH DIVS., &c.—
1914. 1915. 1916. 1917. T 8-’21. ’ 22. ’23.
$6 $5.50 none $1 $5
Per share______________________ $5.50 $4
Paid in 1924: Mar. 31. $1 50; June 30, $1 50.
RE PO RT.— The consolidated income account o f Adams Express Co. and
Southern Express Co. for the year ended Dec. 31 1923, in V. 118. p. 787.
shows: Total revenue, $1,646,325: total expenditures, $731,486; net in­
come, $914,838; dividends, $500,000; bal., sur., $414,838.
OFFICERS.— Pres., W m. M . Barrett; Treas., Thos. J. Degnen; Sec.,
Horatio H. Gates. Office, 61 Broadway, New York.— (V. 118, p. 787.)
ADVANCE-RUMELY CO.— O RGAN IZATION .— Incorp. in Indiana
Dec. 15 1915, per plan in V. 101, p. 777, 851, 1276, 2146. Business estab­
lished in 1853. Has plants at La Porte, Ind., Battle Creek, M ich., and
Toronto, Canada. Products, agricultural implements, such as tractors,
separators, plowing engines, &c. V. 102. p. 1626; V. 104, p. 1486; 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. & D EBEN .— (a) $13,750,000 com. stk., par $100; (b) $12,5)0.000 6% pref. (p. & d.) stock cum. after Jan. 1 1919, and callable any
lime at 105 and divs., par $100; (c) $3,500,000 10-year 6% sinking fund
debentures (callable 102H and int.) protected by provisions o f trust deed
and a sinking fund o f $100,000 yearly for first 5 years and $200,000 per ann.
thereafter. To Dec. 31 1923 $2,710,000 debentures had been retired, leav­
ing $7 90 .OOOoutstanding.
Preferred. Dividends.— No. 1, 14£% Paid April 1 1919: to July 1 1921,
\Y±% quar.; Oct. 1 1921 to Apr. 1 1924, H % quarterly. Accumulated
divs. on Dec. 31 1923 amounted to 714%.
R EPO RT.— For 1923, in V. 118, p. 1667 and 1776, showed:
Calendar Years—•
1923.
1922.
1921.
1920.
Gross profits____________$2,008,885 $1,804,980 $1,353,452 $4,971,129
Net income___________
319,667
2,723,555
261,226 loss455,784
Adjust, o f inventory____
______
837,936
1,279,198
Loss on sale o f U. S. and
______
Canadian Govt, secur.
279,337
Bond interest, &c______
242,944
169,850
123,615
229,234
Res. for Federal taxes_
_
______
______
______
159,200
Depreciation reserve_
_
334,088
______
______
Preferred dividends____
374,253
374,253561,380 506
748',
Balance, surplus_____def$631,618 def$236,643df$2,525,596
$528,725
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. I n d — (V. 118, p. 1776.)
AETNA EXPLOSIVES CO., INC.— See Hercules Powder Co.
AIR REDUCTION CO.. 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-Bournonville Co. Interest in Cali­
fornia Cyanide C o., V. 116, p. 825, 1414.
C A PITA L STOCK.— See table at head o f page.
D IV ID E N D S.— Paid $1 per share quar. continuously from July 14 1917
to Apr. 15 1924. Also paid an extra div. o f 50 cents per share in Second
Liberty Loan bonds on Oct. 15 1918.
BONDS.— The convertible debentures Series A bonds were redeemed on
April 1 1924 at 105 and int. V. 118, p. 433.
R EPO RT.— For 1923 showed:
1923.
1922.
1921.
1920.
Gross income---------------- $10,201,061 $7,021,209 $5,338,869 $7,189,767
Operating income--------- 3,725,597
2,169,175
1,674,141
2,373,278
Reserves_______________ 1,031,168
958,971
903,616
830,555
Bond interest__________
118,138
142,963
124,992
140,000
Prem. on bonds redeemed
23,265
_______
81,093
Compens. to off. & empl.
112,500
64,034
80,198
302,503
120,338
Federal taxes---------------59.079
244,884
Dividends paid________
687,588
627,466
612,232
611,999
Balance, surplus------- $1,450,435
$255,403 def$40,786
$399,557
For 3 mos. ended Mar. 31 1924: Gross, $2,448,779; oper. expenses, $1,574,609; addition to reserves, $271,750; bond interest, &c., $5,387; net
profits, before Federal taxes, $597,033. V. 118, p. 2044.
OFFICERS.— Chairman, F. B . Adams; Pres., C. E. Adams; 1st V.-Pres..
A. R. Ludlow; 2d V.-Pres. & Sec., M . W . Randall; V.-P. & Oper. M gr., H.
Van Fleet; V.-P. in Charge o f Devel. & Research, F. J. Metzger; Treas., C.
L . Snow; Asst. Treas., R . W . Ryder; Asst. Sec., R . B. Davidson. Office,
Canadian Pacific Bldg., Madison A ve., N . Y .— (V. 118, p. 2044.)
A JA X RUBBER CO., I N C — ORGANIZATION.— Incorp. in N. YDec. 20 1915, succeeding Ajax-Grieb Rubber C o., Trenton, N. J., estab’
lished Sept. 11 1906. V. 101, p. 2073 , 2146. Owns plants In TrentonN . J. ana Racine, Wis.
The stockholders on Jan. 11 1922 authorized the issuance o f shares with­
out par value and the exchange o f the outstanding 200,000 shares (par $50
each) shpre for share for the shares without par value, and also authorized
an increase in the number o f shares which may be issued from 400,000,
par $50, to 500,000 shares without nominal or par value
Stockholders of record Jan. 12 1922 had the right to subscribe at $12 50
a share for 200,000 shares o f capital stock (no par value), to the extent of
one share o f new stock for each share o f stock held. V. 114, p. 200.
D iv. 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.




Amount
Outstanding

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q—M June 30 ’24 $114 Chase Nat Bank, N Y
M & s Mch 1 1948
Bankers Trust Co, N Y
& I) June 1 1947
Guaranty Trust Co, N Y
M & S Dec 1925
Bankers Trust C o. N Y

J

0 — J Apr
Q -J 15 Apr
Dec
J & D Dec

5g
6g
5g
5g
5g
5g

M
.1
J
J
.1
M

6
5S

• &
T
M &

1 1924 % %
15 1924 $1 Checks mailed
15'20. 2%
1 1936
W A Harriman&Co, N Y

& 8 Mar 1 1946
& 1) June 1 1951
& I) June1 1951
& 1) Junel 1932
<
fe .1Jan 1 1943
& S Sept 1 1947

Harris, Forbes & Co
do
do
do
do
West End Tr Co. Phlla
New York Trust Co, N Y
Harris, Forbes & Co, N Y

.1Jan 10 ’ 24 3% M o n t r e a l
See text
Mch 1 1962

s

R E PO RT.— For 1923, showed:
Calendar Years—
1923.
P r o fits -----------------------$552,885
Federal taxes__________
______
Int. on 1st mtge. bonds.
221,946
Int. on borrowed money
82,623
Depreciation---------------264,753
Extraord. adjustments._ 543,953
D ividen d s---------------------------

1922.
1921.
1920.
$665,824df$1,626,295 def$177,921
______
______
55,477
______
______
217,864
59,840
452,103
______
361,583
______
______
______
3,127,179
______
----------------- (11)1100,000

Bal., sur. or def---------def$560,390 sur$26,537df$5,205,577df$l,333,368
OFFICERS.— Joseph C. Weston, Pres.; Edward L. Fries, V .-P ., Sec.
& Treas. New York office, 218 West 57th St.— (V. 118, p. 1913.)
ALABAMA POWER CO.— ORGAN IZATION , &c.— Incorporated in
1906 in Ala. Serves directly and indirectly over 80% of the urban popula­
tion and practically all of the large industrial power requirements of the
State of Alabama outside of the city of Mobile. Does, directly, all the
electric light and power business in some 85 cities and towns, all the street
railway business in Anniston, Gadsden, Montgomery, Tuscaloosa and
Huntsville, and the gas business in Anniston, Selma, Decatur, M ont­
gomery, Tuscaloosa and Albany. Furnishes under contract all the cur­
rent used by the Birmingham R y., Light & Power Co. in Greater Bir­
mingham and Bessemer, and all the current used by the local public
service companies in Tuscaloosa, Alexander City, Tuskegee and Cordova,
and by the municipalities of Opelika, Sylacauga, La Fayette and Piedmont.
Also serves under contract a number of largo industrial power consumers.
Compare also V. 116, p. 517.
Pres. Thomas W. Martin in June 1923 announced that the company was
expend $10,000,000 in the construction c f a hydro-electric power dam at
Cherokee Bluffs, on the Tallapoosa River. Compare V. 117, p. 91.
The Gorgas steam plant, built by the Government during the war to
furnish auxiliary power at Muscle Shoals, was sold Sept. 24 1923 to the com­
pany for $3,472,487. V. 117, p. 1464; V. 118, p. 204.
. In Jan. 192d acquired the properties of the Montgomery Light & Trac­
tion C o., Montgomery I.ight & Water Power Co. and the Power Trans­
mission Co. V. 116. p. 178, 938.
Valuation, V. 116, p. 2639.
STOCK.— $18,751,000 Common, all owned bv Ala. Trac. Lt. & P. C o.,
which see; Preferred, 7% Cumul., auth., 100,000 shares; outstanding.
$597,500 of $100 par and 53,168 shares of no oar.
The stockholders on April 2 1924 increased the authorized capital stock by
300,000 shares of Pref. stock, no par value.
The company is offering to its customers at 98 and divs., 10,000 shares
of the no par value Preferred stock (entitled to $7 per share per annum).
V. 118, p. 2307.
There are also outstanding $12,170,000 income debenture certificates
These debentures are a non-foreclosable security having a contingent in­
terest in the balance available after the payment of preferred stock divi­
dends. They represent part c f the original investment in the property
over and above that represented by the outstanding bonded debt.
BONDS.— Of the authorized issue of $100,000,000 1st M . 5% bonds of
the Alabama Power C o., $24,333,000 on Sept. 30 1923, had been certified by
the trustee, of which $10,221,000 is in the hands of the public, $238,000 re­
served to retire Selma Ltg. Cos. 1st 5s, due 1932; no additional bonds to
be issued except for deposit and pledge under indenture securing 1st Mtge.
Lien & Ref. bonds., and $15,658,000 are pledged as security for 1st Mtge.
Lien & Ref. bonds. _ The 1st mtge. lien & ref. gold bonds are callable all
or part at 105 and int. to and including June 1 1932, and thereafter at a
premium reducing M % per annum. V. 112, p. 3644. 2751. 8ee V. 102,
p. 1250; V. 104, p. 2344; V. 108, p. 68; V . 112, p. 2644, 2751, V. 116, p. 517.
R E PO RT.— For 1923, in V. 118, p. 2044 and 2568, showed:
Calendar Years—
1923.
1922.
1921.
Operating revenue----------------------------- $7,999,088 $5,865,907 $4,629,478
Net earnings from operations________ $3,585,072
$2,750,721 $2,388,724
Other income--------------257,258
242,707
80,795
Interest on bonded debt------------------1,069,303
627,315
788,352
Deprec., amortization, rentals, &c___
604,213
885,195
667,535
Preferred stock dividends___________
340,884
78,073
35,723
Int. on 100-year gold deb. ctfs--------851,900
829,238
826,000
$976,030
$573,607
$151,910
Transferred to profit and loss------Pres., Thos. W . Martin, Birmingham, Ala.— (V. 118, p. 2568.)
ALABAMA TR AC TIO N , L IQ H T & POWER C O .. LTD .— ORGAN1
ZA TION .— Incorporated In Canada Jan. 5 1912 and owns through its sub­
sidiary, the Alabama Power Co. (which see above), hydro and other elec­
tric properties in Alabama .V. 94, p. 628, 981, 1696; V. 101, p. 283.
D IV ID E N D S.— A div. of 48% was declared upon the Preference stock,
covering the cumulative dividends to Dec. 31 1922, payable to shareholders
of record on that date on surrender o f the warrants, either immediately in
Preference stock at par, or on or before Dec. 31 1925, in cash without int.
Option of exchange must be exercised prior to Aug. 1 1923.
BONDS.— V. 106,p. 2556 V. 99, p. 1053 V. 101, p. 283 , 775.
R EPO RT.— For 1923, in V. 118, p. 2567, showed:
All
Gross
Net
Interest
Disc. A Depr. A Balance,
Cos.— Earnings. Earnings.
Charges.
Amort. Taxes.
Surplus.
1923---------$7,863,294 $4,066,415 $1,752,748 $312,736 $916,803$1084,128
1922---------- 5,889,611 2,689,327 1,310.760 317,397 277,205 783,964
1921---------- 4,604,611 2,316,956 1,471,654 293,467 350,454 201.381
1920---------- 4,149,233 2,101,763 1,360,785 234,332 262,201 244,444
Officers.-—Thos. W . Martin, Pres., Birmingham, Ala.; Lawrence M a c'
Macfarlane, K .C ., V .-P ., Montreal; William J. Henderson, Sec.-Treas.,
120 St. James St., Montreal.— (V. 118, p. 2567.)
ALASKA GOLD MINES CO.— O RGAN IZATION , &c.— Incorporated
in Maine Aug. 26 1912. Owns over 95% o f the $12,000,000 stock and over
93% of the $3,500,000 1st M . 20-year 6% bonds of the Alaska Gastineau
Mining Co. The latter company, it was reported in Aug. 1921, had ceased
operating its mining, property at Thane, Alaska, and would In future
engage in the manufacture and sale o f paper pulp. V . 113, p. 963.
DEBENTURES.— The 10-year 6% debentures. Series ‘ ‘A .’* dated
March 1 1915, as also Series “ B ,” dated Feb. 1 1916, are convertible into
stock at $30 per share and redeemable on or after 3 years at 110 on 60 days'
notice. See application to list, V. 102, p . 1626; V . 100. p. 1175, 476. As to
Ser. “ B ," see V. 102, p. 346.
Owing to lack of available funds the coupons due March 1 1918 to M ar.
1 1924 on the A and B bonds were not paid at maturity. V. 106. p. 930.

M ay , 1924.]

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

Date
Bonds

Par
Value

Amount
Outstanding

Rale
%

When
Payable

Last Dividend Places Inhere Interest and
Dividends are Payable
and Maturity

G old Mines— Stock authorized $10.000.000________
$10 $7,500,060
Debens Ser A g cony red 110 beg 1918 text________ G.yc* 1915
100 Ac
1.499.800
6 g M A S Mar 1 1925
do Ser B $1,500,000 g conv red 110 beg 1919_____Gyc* 1916
1.500.000
100 Ac
6 g M & S Mar 1 1926
Alaska Gastineau Mining Co (sub co)—
Capital stock portion held by public______ ____________
250,150
1st Mtge bonds portion held by public_________________ 1911
Feb 1 1931
231,000
6g
10 14,000,000
Alaska Juneau G old Min Co— Stock $15,000,000 auth____
First mortgage bonds $3,500,000 authorized_______ MS.xc 1919 500-1000
1.894.000
7 g M & S 15 Mar 15 1929
Alkoma Steel C orporation — See Lake Superior Corp.
All America Cables, Inc— Stock auth $40,000.000--------100
6 in 1923 Q— J Apr 14 1924 14$
T h e Alliance Realty Co— Stock $3,000,000 authorized-----100 2.500,000 8 in 1923 Q— J 15 Apr 18 1924 2%
None 2,177,843sh
Allied Chem St Dye Corp— Com stock 3,143,455 shs auth
See text M ay 1 1924 $1
$4
Pref (a & d) stock 7% cum red 120 $97,326,400 auth______
100 39,274,900
7
Q— J Apr 1 1924 I X
Xllls-Chalmers M anufacturing Co— Common stock--------100 26.000,000 4 in 1923 Q— F M ay 15 ’24 1%
Preferred stock (a & d) cum (see text) red 110- -----------100 16.500,000
7
Q— J Apr 15 1924 1 X
None 175,000 sh.
Amalgamated Leather Cos, In c.— Com stk 175,000 sh auth
July 1 1920, $1
Preferred (a & d) stock 7% cum $5,000,000 auth red 115-100 $5,000,000
Oct 1 1920. I X
None
Amalgamated Sugar Co— Common stock 724.624 sh-------Apr 1 1918 3%
724,624 sh
1st Pref a & d stk $5,000,000 8% cum call 120 s f 2% of issue
100 4,749.100 See text See text Aug 1 1924 5%
100 Ac
First (closed) mtge s f gold call 105__________________xxxc*
7 g A & O April 1 1937

A la s k a

EARN ING S.—
Calendar Years—
1920.
Product value................... $1,487,576
Mining profit....... ..............def275,195
Otherincom e..................
2,857
In te re st..........................
229,232
Depreciation.............. ..
311,421

1919.
$1,474,491
def278,628
5.231
225,060
311,522

1918.
$1,136,223
def96,944
deb.19,621
219,685
311,724

1917.
$2,009,632
285,158
12,071
228,552
312,996

Balance, deficit______
$812,991
$809,979
$647,974
$270,722
OFFICERS.— Pres., Charles Hayden: V .-P ., D . O. Jackling; 2d V .-P .,
O. vv. Peters; Sec., A. J. Ronaghan; Treas., J. R. Dillon: Man. Director,
B. L Thane.— (V. 113, P 963 )
ALASKA JUNEAU GOLD MINING CO.— Incorp. under laws of West
Virginia, Feb. 17 1897. Property of company is situated near the town of
Juneau, Alaska. The company’ s claims, it is stated, have a length of
over a mile on the mineralized Juneau Gold Belt.
BONDS.— The first mtge. 7s due Mar. 15 1929 are a first lien on all of
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
any o f the company’s properties or assets be distributed to stockholders
while these bonds are outstanding.
R E PO RT.— For 1923. total income, $1,518,034: mining expenses, $568,682: milling expenses, $659,275; depreciation, $167,826; other expenses,
$320,160; net loss. $197,908.
OFFICERS.— Pres., F. W. Bradley; V.-Pres., A. B. Davis and D. J.
Murphy; Sec. & Treas., J. W . Crosby. Main office, 1022 Crocker Bldg.,
San Francisco. New York office, 42 Broadway.— (V. 118, p. 1776.)
ALL AMERICA CABLES, INC.— Incorporated in New York Feb. 1 1881
as Central and South America Telegraph Co. and name was changed to
All America Cables, Incorporated, March 10 1920.
The company in conjunction with the Mexican Telegraph Co. owns,
maintains and operates lines o f cables and connecting land lines extending
from the City of New York to the Canal Zone with connections to San Juan
and Ponce, Porto Rico, and Santiago, Cuba, thence southward through
the South American republics on the West Coast of South America to the
Argentine Republic, thence through Uruguay, connecting with Montevideo,
to Santos, Sao Paulo and Rio de Janeiro in the Republic o f Brazil; and also
extending from the city o f Galveston in the State of Texas through the
Republic of Mexico and the Republics o f Central America and connecting
with the cables o f the said companies in the Panama Canal Zone and
8outh America.
The company has acquired the outstanding stock o f the Mexican Tele­
graph Co. by the exchange of shares on the basis of $180 Central and South
American Telegraph Co. stock for $100 Mexican Telegraph Co. stock.
The All America Cable system comprises over 24,000 miles of cables and
land lines. New lines are under construction and being put into service
as soon as completed.
In Aug. 1922 the company entered into a cable alliance with the Mackay
Cos. V. 115, p. 1102. 1212.
STOCK.— The stockholders on Dec. 15 1922 increased the authorized
capital stock from $25,000,000 to $40,000,000. A 20% stock dividend
was paid Dec. 30 1922.
No funded debt.
D IV ID E N D S ./ ’87. ’88-’96. ’ 9 7 .’ 98-.15. 1916. ’ 17. T 8. ’ 1 9 .’ 20-’22. ’23C a s h ______ % t 6 7 yrly. 6M 6 yrly. 6&3ex. 6
6 64$ 7 yrly. 6
In stock.— 1890, 20% ; 1907, 25%; 1917, 474$%; 1922, 20%.
Paid in 1924: Jan. 14, 14$%; April 14, 14$%R E PO RT.— For 1923, in V . 118, p. 1394, showed:
C al. Y ea r

—

131

INDUSTRIAL AND PUBLIC UTILITY

Total I n c . N et In c o m e . W a r T ax.

D iv id en d s. B a l., Surp.

1923__________ $7,330,951 $3,343,148 $391,116 $1,611,697 $1,340,335
1922__________ 7,929,867
3,820,923 440,576
1,451,206 1,929,141
1921__________ 8,867,229
4,672,124 660,000
1,548,999 *1,706,795
1920__________ 9,664,901
5,010,696 950,000
1,545,790 2,514,906
* After deducting $756,330 inventory adjustment.
Chairman, W . Emlen Roosevelt; Pres., John L. Merrill; Treas., Frank
K. Warren; Sec., Henry de la Montagne Jr. Office, 89 Broad St., N . Y .—
(V. 118, p. 1913.)
(THE) ALLIANCE RE A LTY CO.— Incorp. in N . Y . June 7 1899. En­
gaged in the business of holding, managing and dealing in real estate. Owns
$1,250,000 out o f $2,000,000 pref. stock and $1,620,400 out of $2,000,600
com. stock of The Broad Exchange C o., and also stock interests in other
concerns.
CA PITA L STOCK.— Auth., $3,000,000; outstanding, $2,500,000; par
value. $100.
D IV ID E N D S— / ’02-’05. ’06-’09. TO. T 1-T3. T4. ’ 15-’20. ’21-’23.
Per cent_________ \6 yearly 8 yearly 14 8 yearly 7 4$6 yearly 8 yearly
Also paid 25% in stock on Dec. 15 1922.
Paid in 1924: Jan. 18, 2% ; April 18, 2 % .
R E PO RT.— For 1923, in V. 118, p. 433, showed:
C alendar Y ears—
1923.
1922.
1921.
Net income: real estate oper. & invest.. $452,427
$280,432
$232,886
Corporate expenses, including taxes----75,141
34,696
29,176

1
1

No coupons paid
since Sept, 1917

Mercantile Tr Co, San.Fr
89 Broad St, New York
Checks mailed
Checks mailed
Checks mailed
Irv Bk-Col Trust, N Y
do
do
Co’s office, Ogden, Utah
Bankers Trust Co. N Y
M ercTr, S F, Ba Tr, N Y

C apital Stock. — The pref. stock has equal voting rights with common
stock and is redeemable in whole or in part at 120.
The authorized capital was increased on Mar. 7 1921 from 373,264 shares
of pref. stock (par $100) and 2,143,455 shares of common stock without
par value, to 973,264 shares of pref. stock (par $100) and 3,143,455 shares
of common stock without par value.
Divs.— Initial div. on com. stock of $1 per share was paid May 2 1921.
same amount paid quar. to M ay 1 1924. On pref., paid I X % quar. from
April 1 1921 to Apr. 1 1924.
RE PO RT.— For 1923, in V. 118, p. 1769, showed:
Gross income after prov. 1923.
1922.
1921.
1920.
for deprec., obsol., all
State & local taxes, re­
pairs and renewals-.-$21,974,558 $17,280,368 $13,093,890 $29,768,751
Reduc. of inven. to cost
or m kt., whichever was
lower as of Dec. 3 1 --________
________
3,940,557 10,226,688
Loss fr. sale of securities.
________
________
773,414
798,435
Federal taxes__________
2,826,086
2,165,414
733,009
2,563,689

Net income_________ $19,148,472 $15,114,955 $7,646,909 $16,179,939
Previous surplus_______126,428,336 122,659,080 126,369,006
-----------Total surplus_______$145,576,808$137,774,035$134,015,915
Pref. divs. ($7 per share) 2,735,094
2,731,942
2,706,108
Com. divs. ($4 per share) 8,631,746
8,613,757
8,650,727
Profit & loss surplus.$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. Lutkins; Sec., V. D . Crisp;
Treas., Thomas E. Casey; Comp., Frank Nay. Office, 61 Broadway, N . Y .
D ir ecto r s. — W. H. Nichols, W. H. Nichols Jr., Charles Robinson Smith,
Orlando F. Weber, W m. G. Beckers, Walter E. Frew, Rowland Hazard,
Armand Solvay, Emmanuel Janssen and Roscoe Brunner.— (V.118,p.2440.)
ALGOMA STEEL CORPO R ATIO N .— See Lake Superior Corporation
below.
ALLIS-CHALMERS MANUFACTURING CO.— O R G A N IZA T IO N .—
Incorporated in Delaware on Mar. 15 1913 as successor of the Allis-Chalmers Co. (foreclosed) per plan V. 94, p 913. Manufactures heavy engines,
mining and other machinery. V. 94, p. 913.
STOCK.— The 7% cumul. pref. stock is pref. both p. & d. It may elect
a majority of the directors and is redeemable at 110 and divs. V. 102, p.
1724;V. 106, p. 1128.
N o mortgage lien while any pref. stock remains outstanding, unless 80%
o f preferred consents.
DIVIDEN DS—
1916-1917. 1918. 1919. 1920. 1921. 1922. 1923
6X
7
7 7
7
7
7
Preferred (regular)_____ 6
On accumulations______ 3
3X
3
4
IX
Common_______________ . .
..
..
-.
2
4
4
4
In Jan. 1920 the accumulated preferred dividends were paid o ff in full
with a payment of I X %•
Initial dividend on common stock of 1% was paid Aug. 16 1920; same
amount paid quarterly to M ay 15 1924.
R E PO RT.— For 1923, in V. 118, p. 1935, showed:
1923.
1922.
1921
1920
Sales billed____________ $25,612/709 $20,794,046 $24,685,238 $31,516,209
Cost (incl. deprec. & c.)- 20,063,820 16,571,784 19,996,810 24,315,809
Factory profit_______ $5,548,889 $4,222,262 $4,688,448 $7,200,400
654,924
920,375
549,659
487,121
Otherincome__________
Net profit------------------- $6,203,813 $5,142,637 $5,238,107 $7,687,521
Sell., publicity, &c., exp. 2,969,176
2,634,087
2,862,639 3,023,272
Reserved for Federal
taxes & contingencies.
531,000
300,000
160,000
1,100,000
Preferred dividends (7% ) 1,154.811
1,154,811
1,154,811
1,143,920
Common dividends.. (4%) 1,030,830 (4)1,030,830 (4)1,030,830 (3)773,121
Balance, surplus------$517,996
$22,908
$29,827 $1,647,208
For 3 mos. ended March 31 1924: Sales billed, $6,819,331; net profit after
provision for Federal taxes, $831,181. V. 118, p. 2181.
OFFICERS.— Pres., Otto H. Falk; V.-P. & Gen. Attorney, Max W .
Babb; Sec. & Compt., W . A Thompson; Treas., R . Dill. Office, M il­
waukee.— (V. 118, p. 2440.)
AMALGAMATED LEATHER COMPANIES, INC.— Incorp. in March
1910 in Delaware as the F. Blumenthal Co.; present name adopted Nov. 17
1919. Manufacturers of black and colored glazed kid and other classes of
leather largely used in the manufacture of shoes. Plants are located in
Wilmington, Del.
STOCK.— See table at head of page.
D IV ID E N D S.— On present capitalization payments have been made as
follows: On pref., paid 1 % % quar. Jan. 1 1920 to Oct. 1 1920: none since.
On common, initial payment of $1 per share was made Jan. 1 1920; April 1
and July 1 1920, $1 each; none since.
R EPO RT.— For 1923 showed:
Calendar Y ears —•
1923.
1922.
1921.
Income from operations------------------$842,077 loss$675,995 $1,363,920
________
500,000
Res. to reduce inventory to cost value ________

Net earnings_________________________ $377,286
$245,736
$203,711
OFFICERS.— Pres., Walter T . Rosen; V.-Pres., Harry S. Black and
Clarke G. Dailey; Sec. & Treas.. Howard W. Smith. Office, 115 Broad­
way, New York.— (V. 118, p. 433.)
ALLIED CHEMICAL & DYE C O R PORATION .— Incorp. in N. Y . on
Dec. 17 1920 as a consolidation by means o f stock ownership o f the control
o f General Chemical C o., Semet-Solvay C o., The Solvay Process C o.,
The Barrett Co. and National Aniline & Chemical C o., Inc. The plan
Total income------------------------------$842,077 loss$675,995 $1,863,920
provided for the exchange o f the pref. and com. stocks o f the consolidating Previous balance------------------------------------- adj.def805,463 sur.108,254
companies by the holders thereof, based on their outstanding capitalizations Capital surplus.....................................adj.161,557
1,712,831
1,712.831
for the stock o f the “ new company".
The plan was declared operative in Dec. 1920. For details of plan,
Balance of capital surplus------------ $1,003,634
$231,372 def.$42,835
terms o f exchange, &c.. compare V. I l l , p. 1379.
OFFICERS.— Pres. & Treas., John B. Blatz; V.-P. & Sec., Louis Halle:
General Chemical Co. was incorp. Feb. 15 1899 in N. Y . Its business
., William C. Blatz; Asst. Treas., P. H.
is the production, manufacture and sale of acids and other chemicals. V .-P St., Philadelphia.— (V. 118, p. 1271.) Van Bloem. Office, 22 North
5th
The Solvay Process Co. was incorp. Sept. 28 1881 in N. Y . and is engaged
AMALGAMATED SUGAR CO. (T H E ).— ORGA N IZA TIO N .— Incorp.
in the manufacture of alkalis and soda products in the U. S., operating
plants at Syracuse, N . Y ., Detroit, Mich., and Hutchinson, Kan. Semet- Jan. 1915 in Utah. Owns eight beet sugar plants at Ogden, Logan, Lewis­
Solvay Co. was incorporated Jan. 31 1916 in New York and is engaged in ton, Cornish and Smithfield, Utah, and Burley. Twin Falls and Paul, Idaho.
the manufacture o f coke and its by-products. The Barrett Co. was incor­ V. 107, p. 804. (Statement to N . Y . Stock Exchange, V . 110, p. 2575.)
porated Feb. 6 1903 in New Jersey, its business being the manufacture and
C A PITA LIZA TIO N .— The stockholders in N ov. 1921 approved a
sale of coal tar products. National Aniline & Chemical Co. was incorpora­ financing plan, authorizing the issuance and sale o f $3,500,000 8% bonds and
ted M ay 26 1917 in N . Y . Business is manufacture and sale o f dyestuffs. reducing the Common stock from 2.500.000 shares, par $10, to 724,624




132

INDUSTKIAL AND PUBLIC UTILITY

MISCELLANEOUS CO vfPANlES
IFor abbreviations, A c., see notes on page 6]

American Agricul Chemical Co— Stock common $50,000,000
Pref (a & d) 6% cum $50,000,000_______________________
First mtge bonds conv $12,000,000 red 103_ Col.xc*&r*
_
First ref mtge s f gold bonds Ser A red (text). _OB.xxxc*&r*
American Bank Note Company— Com stock $10,000,000___
Preferred (a & d) 6% cum $5,000,000___________________
American Beet Sugar—Common stock_____________________
Preferred (a & d) stock 6% non-cum $5.000.000________
Amer Bosch M agneto Corp— Stock 100,000 shares_______
Sinking fund gold notes redeemable 105___________ xxxc*
American Brake Shoe & Foundry— Com stk 400,000 sh.auth
Pref (a <c d) stk 7 % cum red 110 $10,000,000 auth_______
S

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

[Veil. 118.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Checks mailed
See text
do
Apr 15 ’21 Ws
Irv Bk-Col Tr, N Y & Bos
& O Oct 1 1928
Lee, Higglnson & Co,
& A Feb 1 1941
N Y . Bos & Chicago
4.945,250 See text Q— F M ay 15 !24 2)4 Checks mailed
6
Q— J Apr 1 1924 1H
do
do
4.495,650
Checks mailed
15.000,000
4
Q—J31 See text
5.000,000
6
Q—J July 1 1924 1)4 Cheeks mailed
Oct 1 ’21 f 1.25 First Nat Bank, Boston
96,000 sh See text
First Nat Bank, Boston
J & D June 11936
2,374,000
8g
154,160 sh See text Q— M31 Mar 31 ’24 $1)C 30 Church 8t. N Y
do
do
7
9.538,500
Q— M31 Mar 31 ’24 1»A

$100 $33,322,126 See text
100 28.455.200
1908 1,000 &c 5,481,000
A
5
1921
500 &c 28,257,500
7H g F

1921

50
50
100
100
None
500 &c
None
100

shares o f no par value and making it assessable, but limiting the assessments
D IRECTO RS.— Robert S. Bradley (Chinn.), Peter B. Bradley, Geo. B.
to $1 50 in five years The stockholders rejected the proposition to issue Burton (Pres.), Ro.vall Victor (V .-P .). Charles B. Whittlesey. James S.
$1,000,000 2d pref. stock.
Alexander, Samuel F. Pryor, G. C. Lee, G. C. Clark, Hayden Stone,
A majority o f the common stock is held in a voting trust.
Phillip Stockton and Horace Bowker (V .-P .). Jas. A . Starrett is Sec.
An assessment of $1 39 a share on the outstanding Common stock was N. Y . office, 2 Rector St.— (V. 118, p. 1776.)
levied, payable Nov. 10 1921. This provided the $1,000,000 In­
AMERICAN BANK NOTE C O — O R G A N IZA T IO N .— Incorporated in
tended to be raised through the 2d Pref. stock issue. Compare V. 113, N. Y. Feb. 20 1906 as United Bank Note Corp., per plan V. 81, p. 1851.
p. 1474, 1677, 2082.
1794; V. 92, p. 1315. 1503; V. 96. p. 714. Has plant in Bronx and office
In April 1922 the company proposed an issue o f $4,000,000 7% bonds building at 70 Broad S t., N. Y . V. 104, p. 859. In Oct. 1919 sold the old
instead o f the $3,500,000 8% bonds mentioned above. V . 114, p 2015.
plant on Trinity Place, N. Y . V. 109. p. 1793.
This issue of $4,000,000 bonds was sold in M ay 1922. V. 114, p. 2243.
STOCK.— No lien or new stock without assent of 80% o each class.
Dividends.— The pref. div. due to be paid Aug. 1 1921 was omitted, no The authorized common stock was increased from $5,OOO,O00 tof $10,000,000
payments being made until June 15 1923, when 2% quar. and 8% on in March 1923. V. 116, p. 1053.
account o f accumulations was paid; Aug. 1 1923 to Feb. 1 1924 paid 2%
D IV S.—
(1907-11. ’ 12. '13. ’ 14. ’ 15. ’ 16. 1917-19. ’ 20. '21 ’ 22. ’ 23.
quar. On M ay 1 and Aug. 1 1924 paid 2% quar. and 3% on account of Common
% 14 yearly 5 6 3 ) 4 2 4
6
7 8
*30 9)4
accumulations, clearing up all back dividends.
* Also paid 10% in common stock.
Production and Net Earnings Years ending Feb. 28 (V. 116, p. 2009).
Paid in 1924: Feb. 15, 2 )4 % ; M ay 15, 2 )4 % .
Y ea r —
1920-21.
1921-22.
1922-23.
1923-24.
R E PO RT.— For 1923, in V. 118, p. 1137 and 1667. showed:
Production (lbs.)______
P en sio n
P re f. D iv .
C om m on
B alan ce,
________ 139,254,800 96,792,900 146,313,500 Cal. P ro fits (a ft. M is c e l.
In co m e.
F d ., A c . (6% p .a .)
D iv id en d s.
S urplus
Net after Fed. taxes___
$329,632 loss3388,499
$818,914 $2,398,172
Y r . D e p r .,A c .)
$155,370 $291,757 $269,739
$964,101 $618,461
19 23..
$1,988,689
Pres. & Gen. M gr., Henry H. Rolapp; Sec., F. S. Young; Treas., A . P.
200,346
269,637
269,739
1,348,710
16,019
1922.. 1,703,759
Bigelow. Office, Eccles Bldg., Ogden, Utah.— (V. 118, p. 2575.)
451,940
300,861
269,739
359,656
855,427
1921.. 1,333,742
AMERICAN A GRICU LTU RAL CHEMICAL CO.— ORGANIZATION
175,079
889,341
269,739
314,699 f l , 591,508
1920. . 2,890,209
— Incorp. in April 1899 in Connecticut under special charter. V. 68
t After deducting exchange losses, &c.
p. 974. and V. 72, p. 672; V. 73. p. 664; V. 75, p. 241, 292, 440; V. 77. p. 399:
Pres., D. E. Woodhml; Sec., John P . Treadwell Jr.; Treas., Charles L
▼. 83, p. 1230: V. 84, p. 272; V. 87. p. 874; V. 92. p. 324; V. 93. p. 1669; Lee. Office, 70 Broad St., N. Y .— (V. 118, p. 1667.)
V. 94, p. 209; V . 98, p. 525. See V. 71, p. 5 4 5 . Operates 39 fertilizer
AMERICAN BEET SUGAR CO.— Incorp. March 24 1899.— (V. 68,
plants, 15 by-products plants and 3 phosphate mining plants, and has
more than 55,000 local agents. Also owns and operates the Charlotte p. 280, 616; V. 88, p. 1250; V. 102, p. 715, 1809. Property, &c., V. 114,
p. 2112.)
Harbor & Northern R y.
D IV ID E N D S—
’ l l . ’ 1 2 .'13-T5. ’ 16. '17. ’ 18-’20. ’2 1 .’22-’23. ’24.
BONDS.— The 1st M . bonds ($12,000,000 auth.) are convertible Into
Nil
4)4 7)4 8 yrly. 2 None text
pref. stock at par. Sinking fund, 3 H % annually o f all bonds Issued; Common___________% l ) i 5
do extra________ %
retired by sinking fund to June 30 1923, $5,003,000; conv. into pref. stock,
_ _ ______________
$1,213,000. First ref. mtge. bonds are reserved to retire this issue. Preferred___________%lOc't. f "'99 to "July "’24 inch," 6% p"a. (1)4% Q-J)
The directors in March 1924 declared (from accumulated profits) four
V. 87, p. 741, 814, 874; V. 92, p. 264, 324.
The $30,000,000 first ref. mtge. 7 3^s are secured by a mortgage on all real quarterly dividends o f 1% each on the common stock, payable April 30,
July 31, Oct. 31 1924 and Jan. 31 1925 to holders of record April 12, July 12,
estate, plants and equipment, now owned or hereafter acquired, subject
only to the first (closed) mortgage 5s, to retire which first refunding mtge. Oct. 11 1924 and Jan. 10 1925, respectively.
bonds are reserved. The mortgage will provide that the 1st mtge. 5 % bonds
R E PO RT.— For year ending March 31 1924, in V. 118, p. 2307 and 2440,
shall not be extended, so that upon their payment, at or before maturity in showed:
1928, the 1st ref. mtge. will become a first mtge. on all the properties.
Y ears en d. M a r . 31—
1923-24.
1922-23.
1921-22.
1920-21.
None o f the subsidiary companies has any funded debt.
Gross sugar sales_______ $6,418,674 $5,656,794 $9,231,510 $11,540,715
Future series may bear such rate o f interest, mature at such times, be Net income___________ $1,515,973
$888,699df$2,634,046
$133,508
callable at such prices, have such convertible or tax provisions and be paya­ Preferred divs. (6 % )_
_
300,000
300,000
300,000
300,000
ble in such currencies and at such places as the directors may determine.
Common dividends_____
The total mortgage debt shall never exceed 75% o f the value of the mort­ Deprec’n, additions, & c.
______
______
21,409
233,170
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
Bal., sur. or def_____sur.$615,973 sur$588,699df$2,955,455 def$399,662
subject to the mortgage.
Pres., R. Walter Leigh; V.-P. & Treas., Charles C. Duprat; Sec., Charles
The total combined net assets o f the company and its subsidiaries, after E. Eller, 32 Nassau St., New York.— (V. 118, p. 2440.)
deducting all 1iabilities except funded debt, shall equal at least 250% of
AMERICAN BOSCH MAONETO C O R P O R A T IO N — O R GAN IZA­
the entire funded debt, including bonds proposed to be issued.
in N .
1919,
acquired the assets
If the total combined current assets fall below 160% o f total current TION .— Incorp. Bosch Y . Jan. 9 Co. o f and Y . City (previously of every
character o f the
Magneto
German
liabilities, the company shall declare no further dividends upon its common owned), including a plant at Chicopee, N .
Mass., &c. In Aug. 1920 the
stock until said ratio is restored;i f below 160% it will default under mtge.
stockholders of Gray & Davis, Inc., approved a contract by which American
N o further 1st refunding bonds shall be issued unless the average annual Bosch Magneto Corp. becomes exclusive selling agent and assumes manage­
net earnings for the last three fiscal years, applicable to interest charges, ment of the company. Suits brought by former interests. V. 113 p. 296.
shall oe twice the annual interest charges on the funded debt outstanding. 537; V. 115, p. 1535, 1841, 2049, 2381, 2907; V. 117, p. 442; V. 118, p. 1913.
Including the bonds proposed to be issued.
CA PITA L STOCK.— The
voted
The bonds are callable all or part at 105 prior to Feb. 1 1926, during next the auth. stock from 60.000 stockholders shares.on Dec. 17 1919 to increase
to 100,000
Shareholders of record
5 years at 103 H; next 5 years at 102 H ; next 4 years at 101: last year at
Jan. 5 1920 were given the right to subscribe to 20,000 shares of the addi­
1 0 0 )4 .
tional stock at $100 a share to the
o f holdings. The
Three per cent annually o f total 1st ref. mtge. bonds, first payment directors were authorised to issue to extent o f 33 1-3% of employees from
or for the benefit
F eb. 11923, to be used for purchase or call and retirement o f bonds sufficient time to time not more than 5,000 shares at $100 a share. V. 109, P- 1988.
to retire before maturity more than 50% o f the amount o f the present issue. 2358. Dividends 1919: April 5. $1 50; June 30, $1 50; Oct. 1, $2; 1920.
In addition a sinking fund of $375,000 per year is operating to retire the first Jan. 2. $2; April 1, $2 50: July 1, $2 50: July 15. 20% payable in stock
mtge. 5% bonds.
(increasing the outstanding stock to 96.000 shares. V . 110. p. 2293:
Common Dividends (.Rate % .)
Oct. 1. $2 50; 1921, Jan. 2, $2 50; Apr. 1, $1 25; none since. V . 112, p. 2645.
Jan.'12-July’ 10.
O ct.’16-July’17.
Oct.'17-JulyT8. O ct.*18-Apr.’21.
The report made to N .Y . Stock Exchange, dated April 23 1919. upon
4% p .a .(l% q u .) 5% p .a.(lJ4% qu.) (6% p .a .(l)4 %qu.) 8% p.a.(2% qu.) the listing of the stock was printed in V. 108, p. 2042.
Note.— The Jan. and Apr. 1921 divs. were paid in scrip convertible into
In M ay 1921 sold $2,500,000 8% sinking fund gold notes. V. 112, p . 219
common stock at par; none since. On pref., July 1921 and subsequent
R E PO RT.— For cal. year 1923 showed:
divs. have been deferred. V. 112, p. 2539; V. 113, p . 1363.
1920.
Calendar Years—
1923.
1922.
1921.
R E PO R T .— For year ended June 30 1923, in V. 117, p. 1015:
Net operating profit____
$148,711
$25,913 def$236,176 $1,595,962
Profits from—
al922-23.
al921-22.
1920-21.
1919-20.
126,089
Reserve for taxes______
______
______
______
Consol’d income after de524,173
Sundry adjustments____
54,636
23,581
1,813,815
_____ Dividends_____________
duct’g oper. charges &
880,000
______
______
120,000
int. on notes payable. $6,306,129 $5,234,143 b$l,912,208 b$9,093,130
Other sources__________
______
______
______
280,083
$94,075
$2,332df$2,169,991
$65,700
Balance, surplus_____
Earnings for 1st quar. of 1924 in V. 118, p. 2181.
Total incom e................ $6,306,129 $5,234,143 $1,912,208 $9,373,213
OFFICERS.— Arthur T . Murray, Pres.; Arthur H. D . Altree, Leon W .
Less reserves for freights,
T. Lang, V.-Ps.; JohniA . MacMartin, Sec.; Morris
disc., d’t f’la c c ’ts, & c.
1,762,891
2,335,445
4,130,667 1,176,096 Rosenthal and G.(V. 118, p. 2181.)
Interest paid & accrued. 2,529,942
2,576,272
1,437,929
607,204 Metcalf, Treas.—
AMERICAN BRAKE SHOE AND FOUNDRY CO. (T H E ).— OR­
Plant depr.&mines depl. 1,511,815
1,446,499
2,479,322 2,308,351
GANIZATION.— Incorp. in N . J. on Jan. 29 1902. Reincorp. in Delaware,
T o t a l............................. $5,804,648 $6,358,214 $8,047,918 $4,091,651 effective Oct. 1 1916. Official data, V. 103, p. 2427; V . 100, p. 558, 2012.
P ro fits.............................
$501,481 d f$ l,124,071 df$6,135,710 $5,281,563 A consolidation, V. 74, p. 579; V. 79, p. 2087; V. 90, p. 238; V. 91, p. 212; V.
Previous surplus________
1,545,880 2,669,950 18,105,306 17,080,478 92, p. 185; V. 90, p. 1240; V. 95, p. 1747; V. 96, p. 655; V. 98, p. 384; V. 100,
p. 557. Manufactures brake shoes for steam and electric cars and castings.
Total surplus_________ $2,047,361 $1,545,880 $11,969,596 $22,362,041 V. 105, p. 2453. Amer. Brake Shoe & Fdy. Co. o f Calif, V. 110, p . 1291.
During 1919 acquired the Southern Fdry. & Machine C o., Chattanooga,
Deduct—
........... $5,022,732
........... Tenn. (V. 110, p. 1219), and during 1920 acquired a two-thirds interest ia
Inventory adjustm ent.. $1,802,262
the Amer. Forge Co. V . 112, p. 1395. On Sept. 1 1922 acquired control of
Reserves:
the Ramapo Ajax Corp. V. 116, p. 1409. In Feb. 1924 purchased" the
Bad & doubtfulrec_
_ 3,241,181
National Car Wheel Co., Pittsburgh. V. 118, p. 796.
Unamort. bond disc’t
& expenses________ 2,168,352
CAPITAL STOCK.— The shareholders on July 1 1920 ratified a plan
Federal taxes, &c___
1,250,000
for recapitalization in accordance with which: (a) Holders of the old Pre­
A d j. o f prop, values.. 5,165,362
ferred stock were entitled to receive in exchange for each share thereof one
Losses on sundry inv.
475,860
share of the new 7% Cumulative Preferred Stock and three shares pf the
Misc. surplus adj____
761,927
new Common stock. (6) Holders of the old Common stock were entitled
1,707,312
1,705,460 to receive in exchange for each share thereof one share of the new 7%
Preferred divs. (6 % ).
______
(4)1,279,176 (8)2,551.275 Cumulative Preferred stock. The plan approved called for the Issuance
Common divs. (cash)_
_
______
(4)1,290,426
........... of $10,000,000 7% Cumul. Pref. stock, red. at 110. and 400,000 shares
Common divs. (sto ck )..
______
of Common stock of no,par value. Compare V. 110, p. 2293, 2569.
Profit & loss surplus.def$12,817,584 $1,545,880 $2,669,950 $18,105,306
The new Pref. stock is entitled to 7% cumulative dividends and has vot­
a Including in 1922-23 subsidiary companies and investments in (but not ing rights. Redeemable, all or in part, at $110 per share and accumulated
In 1921-22) Charlotte Harbor & Northern R y. Co. and associated companies, 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.
b After deducting operating charges and Federal taxes.




600,000

--------

--------

--------

M ay , 1924.]

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

American Can— Common stock $44,000,000 authorized_____
Preferred (a & d) stock 7% cumulative $44.000,000______
Debentures $16,000,000 g red 102)4 s f beg May ’ 14-Ba.xc*
American Car and Foundry— Common stock $30,000,000.-0
Preferred (a & d) stock non-cum $30.000,000__________ Q
American Chain Co, Inc— Com stock 357,143 shares auth
Class “ A ” stk 8% cum & partic red $30 $12,500,000 auth
Sinking fund debenture bonds red 1 0 5 ____________ kxxxc*
American Chicle— Stock common 162,500 shares authorized
Preferred (a & d) stock 6% cumulative $3,000,000______
Notes $1,710,000 auth (see text)_______________________
Deferred debentures____________________________________
Sen Sen Chiclet Oo.sk,fd. bonds call 107 X V.106. p. 2344 zz
American Cigar Co— Common stock $50,000,000 authorized
Preferred stock 6% cumulative $10,000,000 authorized____
American Cities Co— See ‘ Rleetrlc Railway Section.”
A m e r i c a n Druggists Syndicate— Stock $10.000,000_______

Date
Bonds

Par
Value

Amount
Outstanding

$100 $41,233,300
100 41.233.300
500-1000
5,494,000
100 30.000.00U
100 30.000.000
None 250,000 sh
25 $8,750,000
1123
500 &c 7,342.000
None 155.025 sh
100 3,000,000
1922
1,437,300
1921 100 &c
275,500
500 Ac
1909
1,768.000
100 15,000,000
100 10.000.000
—
19i§

The new common will not have voting rights until they shall be granted by
a vote o f a majority o f the new pref. stock. In case o f liquidation, the new
pref. will be entitled to priority to the extent of par and accumulated divi­
dends. and the new common to the remaining assets.
DIVS.— On new common stock o f no par value: 1920, $2 regular and a
special div. o f $2; 1921, $4: 1922, $4; Mar. 31 1923 to Mar. 31 1924. $1 25
quar.
R E PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
♦Net profits___________ $2,727,097 $2,120,540 $1,329,371
$2,042,300
Settlem’t with U.S.Govt.
______
______
______
542,293
Interest (net)__________
______
______
deb.9,100 deb.12,745
Net profits__________ $2,727,097 $2,120,540 $1,320,271 $2,571,848
______
______
______
$337,131
Loss on Liberty bon ds..
Federal taxes (est.)_____ See note
See note
See note
See note
Divs.: New P referred..(7%)667,695 (7)667,725 (7)664,024 X (3X1329,955
______
______
______
(6)296,292
Old Preferred________
New Common_______ ($5)792,083 ($4)620,496 ($4)594,222 ($4)592.848
Old Common_______
______
______
______ (3 X ) 155,844
Employees’ Common.
______
______
15,179
______
Divs. paid by sub. c o s ..
112
216
110
3.S35
$832,103
$46,737
$855,943
Balance, surplus_____$1,267,206
* 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 and 1920 after reduction o f inventories to
market value) and including dividends received on stocks o f associated
companies whose earnings are not incorporated herein and other income
(net) less estimated Federal taxes. V.118. p. 796.
OFFICERS.— Pres., J. B. Terbell; Vice-Presidents, James S. Thompson
William S. McGowan, Wm. F. Cutler, Wm. B. Given Jr., and Thomas
Finigan; Treas., George O. Ames; Sec. George M . Judd; Comp., Wm. M
M cCoy. Office, 30 Church St., N . Y.— (V. 118, p. 2044.)
AMERICAN CAN CO.— ORGANIZATION.— Incorp. In New Jersey on
March 19 1901 as a consolidation o f about 100 concerns. See V. 72, p. 682.
V. 84, p. 994; V. 90, p. 371, 629; V. 96, p. 1841. Sanitary Can C o ., acquired
In 1908, has been dissolved. V. 85, p. 656; V. 86, p. 336, 422; V. 90.
p. 504, 1230; V. 105, p. 2367; V. 106, p. 88; V. 86, p. 796. Has arrange­
ment with Goldschmidt Detinning C o., now Metal & Thermit Corporation
V. 88. p. 232, 373: V. 90. p. 371. Dissolution suit dismissed, V. 112, p
2539; V. 118, p. 2181. Liberty Ordnance C o., V. 107, p. 2190. Settlement
o f munition contracts, V. 108, p. 2435; V. 110, p. 655. Int. In Amer. M otor
Body Co., V. I l l , p . 794. Sale o f adding mach. business, V. 114, p. 2118.
PREF DIVS.
f ’ 13. ’ 14. '15. ’ 16. ’ 17. '18. ’ 19. ’20. 1921. '22. '23.
R e g u la r............ %\ 7 7 7 7 7 7 7 7
7 7
7
O naccum u_______ ( 24X - - - - - - 8.96 . . (All paid in 1917)
On Dec. 20 1917 paid the final 3.7157% due for accumulations on th»
pref. stock. V 105, p 2186, 1421. 999. 907
COM MON D IV ID E N D S.— Initial div. o f 1 X % on common stock was
paid on Feb. 15 1923 (V. 115, p. 2480); same amount paid quar. to May 15
1924. Also paid 1% extra on Feb. 15 1924.
DEBENTURES.— The debentures ($15,000,000 auth.), of which $14,
000.000 were sold, are callable at 102 X ; sinking fund, now $500,000 yearly
V. 96, p. 421, 489, 1230; V. 97, p. 1841. On Dec. 31 1923, $8,633,500 were
outstanding, o f which $3,139,500 were owned by the company.
RE PO RT.— For 1923, in V. 118, p. 786, showed:
1923
1922
1921
1920.
Earnings.................
$15,423,202 $14,898,925 $7,020,262 $9,851,876
Reserve for Federal taxes
2,000,000 2,000,000
1,000,000 3,000,000
Depreciation___________ 2,000,000
2,000,000
1,500,000
1,500,000
Interest on deb. b o n d s..
440,108
465,575
492,400
520,958
Preferred dividends____ 2,886,331
2,886,331
2,886,331 2,886,331
Common dividends_____ 2,473,998
515,416
______
______
Balance, surplus.........$5,622,765 $7,031,603 $1,141,531 $1,944,587
OFFICERS.— Chairman, F. S. Wheeler; Pres., H. W . Phelps; Sec. &
Treas., R. H. Ismon. Office, 120 Broadway, N . Y .— (V. 118, p. 2181.)
AMERICAN CAR AND FOUNDRY CO.— ORGAN IZATION, &c.— In­
corporated in New Jersey on Feb. 20 1899 as a consolidation. Manufac­
tures freight and passenger cars o f wood and steel. V. 68, p. 280, 377,1029V. 71, p. 86. 545; V. 73, p. 958: V. 83. p. 1413; V. 84. p. 1553
Purchase o f interest in Canadian Car & Foundry Co. and Pacific Car &
Foundry Co. V. 110, p . 563; V. 118, p. 2044.
DIVS.—
f ’06. ’07. ’08. ’0910 15. ’ 16. ’ 17. ’ 18. ’ 19. ’20. ’21. ’22. ’23
On com
%| 0
3
3
2 yrly. 2
8
8
9
12 12 12
12
Paid in 1924: Jan., 3% ; April, 3% .
Reserve for common dividends on ‘April 30 1922 amounted to $10,800,000,
to be paid when and as declared by directors.
R E PO RT.— For year ending April 30 1923, in V. 116, p. 3014:
1922-23
1921-22.
1920-21.
1919-20.
Earns, from all sources..$10,633,562 $9,051,721 $13,212,816 $14,382,565
6,583,320
8,550,856 10,401,192
Net earnings................... 6,213,611
Preferred divs. ( 7 % ) . . . 2,100,000
2,100,000
2,100,000 2,100,000
Divs. on common (12%) 3,600,000
3,600,000
3,600,000 3,600,000
Res’ve for common divs.
______
______
______
3,600,000
Balance, surplus_____
$513,611
$883,320 $2,850,856 $1,101,192
Profit and loss surpiusll$36,673,499 $36,159,888 $35,276,568 $32,425,713
D IR E C TO RS.— William H. Woodin (Pres.), S. S. De Lano (Treas.).
J. M . Buick (V .-P.), Gerald L. Hoyt. W . M . Hager (Asst, to Pres.), C. R.
W oodin, W. C. Dickerman (V .-P.), Chas. J. Hardy (Gen. Counsel), Hanson
R . Duval, Andrew Fletcher and John Sherman Hoyt. Sec. is H. C. Wick
New York office, 165 Broadway'.— (V. 118, p. 2044.)
AMERICAN CHAIN CO., INC.— Incorp. under laws of N .Y . cn D ec’
13 1912. Manufactures chains and automobile accessories and also, through
ownership of stock o f 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, bcth classes o f 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 March 31 1924.
On common, paid initial dividend o f $1 50 per share on Jan. 2 1924;
arch 26 1924 paid 50 cents per share.




133

INDUSTRIAL AND PUBLIC UTILITY

10

Rate
%

See text
7
5g
12
7
See text
8
6
See text
See text
6
8
6g
6 in 1923
6

6,783.730 See text

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— F M ay 15 ’24 I X
Q— J Apr 1 1924 I X
& A Feb 1 1928
Q— J » Apr 1 1924 3%
Q— J Apr 1 1924 1 %
Mar 26 ’24 50c
Q-M 31 Mar 31 ’24 2%
A & O .April 1 1933
Nov 1 ’20 $1
Apr 1 ’21 1 X %
A & O Oct 1 1927
Q— J Oct 1 1928
J & D June 14 1929
Q— If M ayl ’24 1 X %
Q— J Apr 1 ’24 I X %
F

Checks mailed.
Checks mailed
Bankers Trust C o, N T
Guaranty Trust Co, N Y
do
do
Chemical Nat Bank, N Y
Long Island City, N Y
do
do
Bankers Trust Co, N Y
Company’s office, N Y
Guaranty Trust Co, N Y
Checks mailed
do

Sept 15 '20 4%

RE PO RT.— For 12 mos. end. Dec. 31 1923 (incl. subsidiary cos.):
Twelve Months Ended Dec. 31 1923 (Incl. Subsidiary Cos.).
Income from operations (net)________________________________ $4,776,116
Deduct— Deprec’n of plants, mach’y, equip’t & amort, o f pat’ents 981,160
Interest on bonds and other interest________________________
444,945
Income tax (Federal and foreign)_____________________________
251,327
Dividends: (a) On capital stock red. April 2 1923, $162,531; (6) on
new Class “ A ” stock, $525,000; (c) on Common stock, $375,000 1,062,531
Surplus for year____________________________________________$2,036,153
Cash appropriation for dividends on new Class “ A ” stock for
three quarters ending Sept. 30 1924________________________
525,000
Balance, surplus____________________________________________ $1,511,152
Surplus at Dec. 31 1922 after adjustments resulting from recapi­
talization at April 2 1923___________________________________ 6,396,828
Adjustments (credit)__________________________________________
21,485
Balance, surplus, Dec. 31 1923_____________________________ $7,929,465
OFFICERS.— Pres., Walter B. Lashar; V .-P ., William T. Morris;
Sec., William M . Wheeler; Treas., Wilmot F. Wheeler. Office, Bridgeport,
Conn.— (V. 118, p. 1668.)
AMERICAN CHICLE CO;— ORGANIZATION.— Incorp. in N . J. on
lane 2 1899 and consolidated chewing gum interests (V. 71, p. 545): in
Aug. 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
over property of Sterling Gum Co. V. 103, p. 1594. 1890: V. 104. p. 258.
Cap. Stock.— The stockholders on M ay 6 1920 voted (a) to change the pat
value of the Common stock from $100 to shares of no par value and (b\
to increase the number of shares to 162,500 by issuing 82,500 additional
shares (no par value) to be offered for subscription at $40 per share to both
the Preferred and Common stockholders to the extent of X of thair hold­
ings as o f M ay 6 1920. Pref. and com. stocks have equal voting power.
On Oct. 3 1921 company offered stockholders $600,000 8% Deferred
Debentures, dated Oct. 1 1921, and maturing Oct. 1 1928, at 90, with one
share of stock for every $100 par value of Debentures at $10 per share. A
par value of $277,200 of Debentures and 2,772 shares of stock was sold.
In addition, 1,800 shares of stock was sold for cash at $10 per share. V. 113,
p. 1576, 1677.
DIVS.—
f ’01. ’02. ’03-’ 13. ’ 14. ’ 15. ’ 16. ’ 17-’ 18. ’ 19. ’20. ’21-’23.
)
11 18yly. 20 11X I X Nil $4 $4
None
Common________ ■ 8
Preferred------------ [6% yearly (I X % Q.-J.) to April 1 1921; none since.
NOTES.— The noteholders’ committee in Sept. 1922 announced a plan
for readjustment o f debt o f the company. The plan contemplated that
10% of the principal of the old serial notes be paid and that the remaining
90% be represented by new 6% notes ($1,710,000 authorized), maturing
Oct. 1 1927, but subject to earlier payment at the call of the company. The
plan was declared operative on Oct. 20 1922. Compare V. 115, p. 1212,
1841; V. 117, p. 671.
R E PO RT.— For 1923, in V. 118, p. 553 and 1390, showed:
Calendar Years—
1923.
1922.
’ 1921.
1920.
Total income____________ $2,473,973 $2,107,086 $1,985,670 $5,014,289
960,546
454,485 def911,377 1,368,700
Net income_____________
Depreciation____________
______
______
______
141,740
Interest, discount, &c___
460,747
623,701
466,639
434,869
Dividends______________
______
______
45,000
631,172
Balance, surplus........... $499,799 def$169,215df$l,423,016
$160,919
OFFICERS.— Pres. & Chairman o f the Board, Thomas H. Blodgett;
V.-Pres., S. T . Britten; Sec., J. Hoppemeld; Treas., A. A. Masterson.
Office, Thomson Ave. & Manly St., Long Island City, N. Y .— (V. 118.
p. 2307.)
AMERICAN C IQ A R CO.— The American Tobacco Co. owns majority of
the $15,000,000 com . and $10,000,000 6% cum. pref. stock. See V. 73
p. 1113: V. 78. p. 1393: V. 93. d . 1122-24. Holds a large interest In Ha­
vana Tobacco Co. common stock. V. 85, p. 285; V. 86, p. 110 V. 118, p.
672. Properties, V. 72, p. 185, 284, 937, 1037; V. 73, p. 958; V. 75, p. 1255.
The stockholders voted on Nov. 24 1920 to Increase the authorized
common stock from $10,000,000 to $50,000,000. The outstanding amount
was Increased from $10,000,000 to $15,000,000 through the payment of a
50% stock dividend on Dec. 15 1920.— V . I l l , p. 1853.
Divs. on pref. stock from July 1906 to July 1912, 6% yearly (3% s.-a.):
Oct. 1912 to Apr. 1924, 1 X % quar. On com. in 1912 to Nov. 1 1918.
6% yearly ( 1 X % Q .-F.); Feb. 1919 to Feb. 1922 paid 2% quar.; M ay 1922
to M ay 1924 paid 1X % quar. Paid 50% in common stock on Dec. 15 1920.
R E PO RT.— For 1923, in V. 118, p. 1138, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earns, aft. Fed. taxes $1,724,712 $1,636,268 $1,802,393 $2,489,869
Preferred dividends (6%)
600,000
600,000
600,000
600,000
Common dividends____(6%)900,000(6X1975,000 (8)1,200,000 (8)800,000
Balance, surplus.........
$224,712
$61,268
$2,393 $1,089,869
Pres., A. L. Sylvester; Treas., Geo. G. Finch, 111 Fifth Ave., N. Y .
— (V. 118, p. 1138.)
AMERICAN COAL CO. OF ALLEGHANY COUNTY.— V. 112, p.2308.
(THE) AMERICAN COTTON OIL CO.— See Gold Dust Corp. below.
AMERICAN DRUGGISTS SYNDICATE.— Has manufacturing plant
at Long Island City; stock largely owned by druggists throughout U. S.
Dividends paid regularly 1908-1920, rate in 1920, 8% ; none since.
RE PO RT.— For 1923, in V. 118, p. 910 and 1138, showed:
l923
1922
1921
1920
Profits.......................... ..
$189,472
$430,921 loss$883,569
$186,529
Previous surplus_______ defl86,410 def603,216
288,046
409,260
Total________________
Divs., &c., surp. charges
Prem. from sales cap. stk
Fed. income & prof .taxes

sur$3,062 def$172,295 def$595,523
______
______
______
______
______
______
______
xl4,114
7,693

$595,789
$498,641
Cr.l90,898
______

Surplus ndln z o f year
$3,062 def$186,410 def$603,216
$288,046
x Additional Federal income and profits iaxes paid for the years 1917 to
1919, inclusive..(V. 118, p. 1138.;

134

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

treate d as 100 $18,000,000 See text
American Express— Shares.. ______________par not fixed.
American & Foreign Power Co, Inc— See text.
None 796,690 sh See text
American Gas & Elec— Common stock auth 1,750.000 sh_ $50 $16,182,550
Preferred (a & d) stock 6% cum auth $25,000,000 red 120
6
Collateral M $6,282,000 gold callable at 105______ G.xc* 1907
100 Ac 6,282,000
5 g
Debenture bonds g (Amer series) red 110_____ G.kc*&r 1914
100 Ac 20.554.000
6g
100 11.500.000 None pd.
American Hide & Leather— Common stock $17,500,000------100 13.000.
Preferred (a & d) 7% cum $17,500,000 (V 76, p 104)--------See text
000
American Ice Co—
100 7.500.000
7
100 15.000.
Pref stock (new) 6% non-cum $15,000,000 (V 104. p 561) —
000 6
1.000
5.208.000
RealEst. 1st & Gen M $6,500,000 gs f r e d -----------PeP xx.o* 1912
6g
212,000
165 49.000.
See
000 text
Amer In t Corp— Oommonstock auth $49,000,000 -----------Managers' stock $1,000,000____________ _______ — _____
100 1,000,000 See text

AMERICAN EXPRESS CO.— An “ Association” formed under the laws
o f New York State N ov. 25 1868. N ot an Incorporated company.
On July 1 1918 the American Railway Express Oo. under Govt, control
took over the domestic express operations o f American, Adams, Wells Fargo
and Southern express cos. for duration o f war. Govt, control terminated
March 1 1920. The I.-S. C. Commission in Dec. 1920 approved the
permanent consolidation o f the transportation business and properties
o f the four companies. V. I l l , p. 2522. The 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. Exp. Co. for divs. paid by that co.)
The Am. Express C o., Inc., was incorporated in Conn, in Feb. 1919
with $6,000,000 to facilitate the company’s operation in foreign countries
V. 108, p. 880. New foreign securities service, V. 110, p. 1974.
DIVS.—
J ’01. ’02 to '05. '06. '07 to ’ 13. '14. 1915.
1916 to 1923
Per c e n t_____1 7 8% yrly. 11 12% yrly. 5
414
text
Jan. 1916 to Oct. 1920 paid 1 J^% quar. (6% per ann.) with special div.
o f $2 in Jan. 1917 for investments. V. 103, p. 1793. Jan. 1921 to Apr.
1923 paid 2% quar.; July 1923 to April 1924 paid 1H % quar. In July
1913 paid 25% ($4,500,000) in Wells & Fargo & Co. stock.
R E PO R T .— For 1923, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross income____________$7,052,297 $7,438,889 $8,548,293 $11,734,468
Oper. exp. (less taxes)__ $5,756,817 $5,821,073 $7,059,850 $8,740,080
Taxes, &c______________
117,574
617,537
411,039 1,104,302
D ividen d s____________
1,170,000
1,439,996
1,440,000 1,158,969
Surplus for year______

$7,906 def$439,717 def$362,596

$731,117

P re s., F re d P . S m all; T re a s., Jam es F . Fargo; Sec., J . K . L ivingstone,
65 B ro a d w a y , N . Y .— V . 118, p . 2182.)
AMERICAN & FOREIGN POWER CO., INC.— A holding com pany ,
organized u n d e r law s of M ain e D ec. 19 1923. O w ns securities contro lling
p u blic u tility p ro p erties o p e ra tin g in C u b a , P a n am a a n d G u atem ala. A
to ta l of 39 com m un ities (each e stim a te d to h av e in excess of 1.000 p o p u la ­
tion) are su pplied w ith electric po w er a n d lig h t, telep ho ne or o th e r services.
In a d d itio n , th e su b sid iary com panies o p erate in a n u m b er of su b u rb a n an d
ou tly in g d istric ts, m ak in g th e e stim a te d to ta l p o p u latio n served in excess
of 600,000. (F or list of su b sid iary com panies, com pare V . 118, p . 205.)
P R E F E R R E D S T O C K A L L O T M E N T C E R T IF IC A T E S .— T hese
certificates h av e been sold a t th e a llo tm en t price of $96 per sh are, of w hich
25% h as been p aid up on a llo tm en ts agg regating 400,000 sh ares of P referred
sto ck a n d 400,000 sh ares of C om m on sto ck , a n d th e rem ain ing 75% m a y be
called b y th e co rpo ration for p a y m e n t a t intervals of n o t less th a n four
m o n th s, no single call to be for m ore th a n 10% of said a llo tm en t price.
U pon p a y m e n t in full of th e a llo tm en t price of $96 a sh are, b u t n o t earlier
th a n Ja n . 2 1925, a llo tm en t c ertifica te holders shall be e n title d to receive
d efinitiv e certificates for th e n u m b er of full paid shares of P referred sto ck
called for b y th e several a llo tm en t certificates, to g eth er w ith definitive
certificates for a like n u m b er of fu ll p aid shares of C om m on sto ck of th e
co rp o ratio n , w ith o u t n o m in al or p a r value.
C A P IT A L S T O C K .—-The cap ita liza tio n of th e co rp o ratio n is as follow s:
P referred sto ck ($7 c u m u la tiv e ), red eem ab le 110. A u th o rized , 400,000
sh ares (no p a r v alu e). (T h e c o rp o ratio n has issued 100,000 sh ares and
h as lodged certificates th erefo r w ith a d e p o sita ry ag a in st th e in itial 25%
p a y m e n t on 400,000 sh ares. A d d itio n al shares u p to 300,000 w ill be
issued a n d certificates th e refo r lodged w ith th e d e p o sita ry as ad d itio n a l
p a y m e n ts a re m ad e b y a llo tm e n t c ertifica te holders.)
Second P referred sto ck . Series A ($7 cu m u la tiv e ), red eem ab le 105. 120,000
sh ares (no p a r v a lu e ). (A ll of th is sto ck has been issued for cash to
E lec tric B ond & S hare C o.)
C om m on sto ck , 1,500,000 sh ares (no p a r v alu e). (400,000 sh ares h av e
been issued a n d h av e been lodged w ith a d ep o sitary for deliv ery ag ain st
full-paid a llo tm en t certificates; 520,000 shares h av e been issued to E lec­
tric B ond & S hare C o ., a n d 480,000 sh ares are held for issue a n d deliv­
e ry .ag ainst o p tio n w a rra n ts e n titlin g th e holders th e reo f to p u rch ase
said n u m b er of sh ares of C o m m o n sto ck .
D IV S .— A n in itia l d iv . of $1 75 q u a r. on th e P ref. sto ck w as p a id A pril 1
1924.
O F F IC E R S .— S. Z. M itch e ll, P res.; Sam uel W . M u rp h y a n d W alter
H . S chw eikh ardt, V .-P s.; A . E . S m ith , C o m p t.; E . P . S um m erson, Sec.;
A . C . R a y , T reas. O ffice, A u g u sta, M e .— (V. 118, p . 2307.)

[V ol. 118.

When
Payable

Last Dividend Places Where Interest an»
Dividends are Payablt
and Maturity

Q— J

Apr 1 1924 $1 Yt Office. 65 B’way, N Y

Q— J
Q— F
F & A
M A N

Apr 1 1924 25c Checks mailed
do
M ay 1 1924 1 Y
Guaranty Trust Co. N Y
Feb 1 2007
do
do
M ay 1 2014
Jan 3 1921 1% Equitable Trust Co, i* i

Q— J 25 Apr 25 1924 1 %
Q— J 25 Apr 25 1924 1J4 New York
New York & Phlladel’a
F & A Aug 11942
Sept30 20 $1.50 New York
do
Sept30 20.$1.50

D IV ID E N D S.— On com. stock of no par value paid on July 2 1923
and Jan. 2 1924 a quar. div. of 25 cents per share and an extra div. of onefiftieth of a share of com. stock. On Oct. 1 1923 and Apr. 1 1924 paid 25
cents quar.
Chairman of Board, R. E . Breed; Pres., George N . Tidd; V .-P. & Sec.,
Frank B. Ball; Treas., F. W . Drager. Office. 30 Church St.. N. Y .—
(V. 118, p. 2307.)
AMERICAN GLUE CO.— (V. 118, p. 1668.)
AMERICAN HIDE & LEATHER CO.— O R G A N IZA T IO N .— Organ,sed in New Jersey in 1899 as a merger of upper leather Interests. See V.
89. p. 493; V. 68, p. 925; V. 70, p. 77; V. 102, p. 1348: V. 103, p. 753, an 4
xpplication 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.)
PREF. DIVS—
’06-15. ’ 16. T 7. '18.
19. '20.
’21. ’22-’23.
Per cent c a s h ______ nil
5
5
5
9
7
1%
0
U. S. Liberty b o n d s - _
_
__
2
__
..
-0
From Jan. 1919 to July 1919, lncl., paid 1 % % quar., Oct I 1919 paid
1%% regular and 2% extra in cash. Jan. 1920 to Jan. 1921, 1 % % quar.
\pril 1921 div. omitted. Overdue pref. divs. April 1 1923 about 13314%.
None since. Overdue pref. divs. April 1 1924, about 14014%.
R E PO RT.— For 1923, in V. 118, p. 1264, showed:
Calendar Years—1923.
1922.
1921.
x Profits from operations----------------- loss$38,998 $1,035,153 loss$550,920
3,634,938
4,185,858
Previous surplus----------------------------- 4,670,090
Profit and loss surplus____________ $4,631,092 $4,670,091 $3,634,938
x After providing for depreciation, repairs and interest on loans.
Earnings for quarter ended March 31 1924 in V. 118, p. 2307.
OFFICERS.— Pres., J. C. Lilly; 1st V .-P ., Aaron Hecht; 2d V .-P.,
F. L. Roenitz; Sec. & Treas., George A. Hill.— (V. 118, p. 1264.)
AMERICAN ICE CO.— ORGA N IZA TIO N .— Incorporated In New
Jersey March 11 1899. Transacts a wholesale and retail business In N. Y.

C ity , L ong Isla n d , N ew ark, P h ilad elp h ia, B o sto n , B altim o re, W ash in g to n ,
D . C ., C am d en a n d A tla n tic C ity , N . J . O perates in N ew Y o rk u n d e r
nam e of K n ickerbock er Ice C o. V . 104, p . 165, 363, 453, 561.
T h e sto ck ho lders on Ja n . 9 1923 in creased th e au th o rized C om m on sto ck
fro m $7,500,000 to $15,000,000 a n d a u th . a $10,000,000 b o n d issue to
ru n for 40 y ea rs, b e a r 6% in t. a n d be k n ow n as “ C o nso lidated G old B o n d ”
issue. C o m p are V . 115, p . 2908.
D IV ID E N D .— N o. 1, on new pref., Apr. 25 1917 to Oct. 25 1919, 1 }4%
quar.; also extra 1%. Oct. 25 1918 and 1919, making 6% foryear. Jan. 24
1920 to A p r. 25 1924 paid 1 1 4 % quar. On common declared 4% for
1920, payable 1% each on Jan. 24, April 24. July 24 and Oct. 25. On
'a n . 25 1921 paid 1 % q u a r. and 1 ^ ex tra: April 25 1921, 1 % ; Ju ly 25 1921.
1!4% ; Oct. 25 1921 to Apr. 25 1924, 1 K % quar.
BONDS.— The Real Estate First & General Mtge. sinking fund gold
6s ($6,500,000 auth. Issue) are a first lien on real estate in Maine, New
fork . New Jersey, Pennsylvania. Maryland and District of Columbia,
having an estimated value of $17,479,665 and a general lien, subject to exist­
ing encumbrances, on substantially all the remaining property. Of the bonde,
$5,208,000 in Oct. 1923 were outstanding, $225,000 in gen. inn. fund,
$1,067,000 in sinking fu n d . R edeem able a t 102Y as a whole on a n y in t.
d a te o r for y e a rly sinking fu n d beg innin g A ug . 1 1913, v iz.: 2% fo r 10 years,
th e n 2 K % . V . 95, p . 482; V . 99, p . 1453; V . 101, p . 529.

T he stock ho lders w ill v o te Ju n e 10 1924 on creatin g a new issue of
$3,375,000 15-year 7% con v. d eb en tu res, w hich w ill be offered to sto ck ­
ho lders a t p a r. V . 118, p . 2440.
R E P O R T .— Y ear end ing O ct. 31 1923, in V . 117, p . 2773, show ed:
Years end. Oct. 31—1922-23.
1921-22.
1920-21.
1919-20.
G ross re c e ip ts_________ $16,121,366 $16,000,404 $17,250,537 $15,440,130
Incom e fro m in v e stm ’ts,
in te rest, d isco u n t, & c331,070
346,577
249,897
232,310
T o t a l _________________$16,452,436 $16,346,981 $17,500,433 $15,672,440
L ess c o st o f m e rch an d ise,
op er. expenses, & c__. 12,934,967 12,439,512 13,491,250 12,645,193
B a la n c e _______________ $3,517,468 $3,907,469 $4,009,184 $3,027,246
B ond in t., F e d . ta x ., & c.
690,118
759,052
849,656
605,653
989,084
862,128
802,514
662,989
D e p re c ia tio n ___________
N e t g a in ______________ $1,838,266 $2,286,289 $2,357,012 $1,758,607
P referred div s. (6 % )____
899,742
899,656
899,505
899,438
AMERICAN GAS & ELECTRIC C O .— ORGA N IZA TIO N .— lncorpo
.C om m on d iv id e n d s____(7% )524,806 (7)524,755 (6)449,730 (4)299,776
rated in New York Dec. 20 1906, per plan V. 83, p. 1349, 1473, 1592
B alance, su rp lu s_____ $413,718
$861,878 $1,007,778
$559,392
V. 101, p. 2168; V. 102, p. 137. V. 106, p. 298, 398. Controlled by inter
O F F IC E R S .— P re s., W esley M . O ler; V .-P res., W a lte r Lee; V .-P res.
ests affiliated with Gen.’I Elec. Co. New 30.000 k.w generating plant a t
& T re a s., T h o m as P ettig rew ; V .-P re s., R o b e rt W . K elly; Sec., H en ry C .
Windsor, W Va. (Central Power C o.): V. 107, p. 2291: V. 106, p. 298: V
H arrison . O ffices, 15 E xchang e P lace, Jersey C ity , a n d 41 E a s t 42d S t.,
105, p 821. 1524. In 1916 purchased Citizens’ El. Co. o f Pittston. Pa
V. 102, p. 1719. In S ep t. 1923 acq uired fcne W est V irginia W a te r & E lec. Co. N ew Y o rk .— (V. 118, p . 2440.)

Nature of Business.— Owns public service corporations located in six
States, supplying electric light and power in 137 communities, including
Canton and Newark, O.; Muncie, Marion and El wood, Ind.; Scranton, Pa.;
Wheeling, W . Va.; Atlantic City, N . J.; and Rockford, 111.; serving an
aggregate population o f approximately 1,770,000.
Ohio Power Co.— Name changed from The Central Power Co. on N'>v. 20
1919, is a consolidation o f the electric light and power companies in Ohio
controlled by the American Gas & Electric Co. Operates in the richest
manufacturing, c o d and oil producing, and farming sections of Ohio,
serving 55 cities and towns with electric light and power.
STOCK.— The stockholders on Feb. 20 1923 voted to change the shares
o f common stock from par o f $50 to shares o f no par value and increase
the number of shares to 1,750,000 shares. The new shares of common
stock of no par value were issued in place of the outstanding shares of
common stock in the ratio o f 5 shares of common stock, no par value, for
each share o f common stock, par $50.
BONDS, &c.— Coll, trust 5s, see V . 83, p. 1349,1472; V. 86, p. 549,1102.
1531; V. 94. p. 700; V. 99. p. 1834. Debenture 6% bonds. V. 99. p. 51,122.
V. 115, p 1635
All of the outstanding ($2,979,000) 6% Secured Gold notes o f 1919 (of
which $2,479,000 were due Dec. 1 1921 and $500,000 were due Dec. 1 1924)
were called for payment April 29 1921 at lOOjtf and int.
EARN INGS — Years ended Dec. 31:
1923.
1922.
1921.
Gross earnings, subsidiary companies.$33,931,273 $21,738,994 $17,678,339
fN et earnings, subsidiary companies. 5,097,571
3,400,100
2,441,785
992,094
994,363
Earnings A . G. E . C o_______________ 1,084,261
A. G. E. Co. fixed charges and pref.
stock dividend___________________
1,979,551
1,358,970 _ 1 , 137,314
Balance, surplus_________________ $4,202,281 $3,033,224 $2,248,834
t Net earnings are after deducting all operating, maintenance, deprecia­
tion, fixed charges, pref. stock div.. &c.




AMERICAN INTERNATIONAL CORPORATION.— O R G A N IZA ­
TION.— Incorp. In N. Y . on Nov. 22 1915 with $50,000,000 capital stock
(par $100). consisting of $1,000,000 pref. stock known as managers’ shares,
and $49,000,000 common stock, each full paid. V. 102, p. 1813. Final
40% called. $20 per share on June 2 and the remainder on Oct. 15 1919. V.
108, p. 1513; V. 101, p. 1857, 1941, 1762.
is financially interested in following companies (V. 103, p. 2338): Pacific

M ail SS. C o. (V. 101, p . 2076); In te rn a tio n a l M ercan tile M arin e C o.
U . S. R u b b er C o ., Sim m s P e tro le u m C o ., N . Y . S h ipbu ildin g C o rp . (V. 103,
p . 2159, 1986), In te rn a tio n a l P ro d u c ts C o. (V. 104, p . 2237), A m erican
B alsa W ood C orp.
O th er in te rests are: In te rn a tio n a l A cceptance B a n k , B ak er, K ellogg &
C o ., In c ., C a rte r, M ac y C o ., In c ., L ockw ood, G reene & C o ., In c ., D e p a rt­
m e n t E l V alle del C anca, U len & C o. Sale of H og Isla n d S h ip y ard , V . I l l ,
p . 992. F o r list of in v e stm e n ts D ec. 31 1923 see V . 118, p . 1422.

Common and pref. stock are to be treated alike until over 7% is paid,
when managers'shares will receive 20% and common 80% of disbursements.
An installment of $10, payable Oct. 15 1917, increased the total amount
paid in to $60 per share; the final $40 was called for payment in 1919 at
stated in first paragraph above. V. 108, p. 2124, 2243.
Statement of Oct. 31 1919 as to financial policy. See V. 109, p . 1793.
DIVIDEN DS.— 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.

C O N S O L . R E P O R T .— F o r 1923, in V . 118, p . 1422, show ed:

Cal.
Total
Years.— Income.
1923
$666,070
1922
3,108,231
1921
5,587,197
1920 ---10,308,287

Net
Pref. & Com.
Earnings. Dividends.
$268,053
21,345
184,681
1,783,467
2,245,500

Balance,
Surplus.
$268,053
21,345
184,681
def462,033

Cotal
Surplus.
def$6,685,430
def5,878,113
def5,899,458
2,407,848

135

INDUSTRIAL AND PUBLIC UTILITY

M at , 1924.]

MISCELLANEOUS COMPANIES
l For abbreviations, cfee., see notes on page 6]

Date
Bonds

American-La France Fire Engine Co Inc—
Common stock $3,950,000 authorized___________________
Preferred (a & d) stock 7% cum red 120 $4,000,000 auth_
3-year notes call 102X to Apr 1 1925; thereafter 101X ____
American Light & Traction— Common stock J40,000,000____
Pref (a&d)stk 6% cum $25,000,000 auth(V 82, p 50, 279)Amerlean Linseed Co— Common stock $16,750,000______
Preferred $16,750,000 7% non-cumulative__________ ____

1923

Amount
Outstanding

Par
Value

$10 $2,904,000
100 2,906,209
100
100
100
100

OFFICERS.— Pres., Matthew C. Brush; V.-Pres. & Treas., Gordon H,
Balch; Sec., William L. Crozier. N . Y . office, 120 Broadway.— (V. 118.
p. 1394.)
AMERICAN LA-FRANCE FIRE ENGINE CO., INC.— Incorp. Dec.
12 1912 under laws o f New York as a reorganization o f American-La France
Fire Engine Co. Manufactures commercial trucks, motor fire apparatus,
chemical fire engines, aerial trucks, water towers and hand fire extinguishers.
Plants are located at Elmira, N . Y ., and Bloomfield, N . J. Also owns
the entire capital stock o f the American-La France Fire Engine Co. of
Canada, Ltd., with plant at Toronto, Ont.
STOCK.— Pref. and common stock have equal voting power, the pref.
10 votes for each share (par $100) and the common one vote for each
share (par $10).
The stockholders on Jan. 4 1924 increased the auth. common stock from
$2,950,000 to $3,950,000, and the authorized pref. stock from $3,000,000
to $4,000,000. Out o f the increased common stock $500,000 was offered at
par ($10) to stockholders o f record, both preferred and common, Jan. 15
1924. V. 118, p. 205.
D IV ID E N D S.— On pref., in full to date. On common, Feb. 15 1915 to
Aug. 15 1917, paid 1% quar.: N ov. 15 1917 to Feb. 15 1919, 1 X % quar.;
M ay 15 1919 to N ov. 15 1919, 2% quar. On new stock of $10 par value
aid
E 2 X % quar. from Feb. 16 1C20 to M ay 15 1924. A div. of 15%
i preferred stock was paid on common June 1 1921.
NOTES.— The 6% notes o f 1923 are callable at 102X prior to April 1
1925, and at 101X thereafter. V. 117, p. 1994.
R E PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits_______ _____
$937,424 $1,007,946
$897,800
$933,760
Federal. &c., taxes____
234,884
271,001
318,846
336,686
Preferred dividends (7%)
192,221
182,623
166,444
140,094
Common divs. (1 0 % )- .290,115
286,451
248,148
204,672
Balance, surplus_____
$220,204
$267,870
$164,363
$252,307
OFFICERS.— Pres., J. R. Clarke: V .-P ., Paul Appenzellar; Sec. & Treas.,
A. E. Rhodes. Main office. Elmira, N. Y . N . Y . office, 250 West
54th S t — (V. 118, p. 2182.)
AMERICAN LIGH T & TRACTION CO.— ORGA N IZA TIO N .— Incor­
porated in New Jersey M ay 13 1901 by Emerson McMillin and associates.
V. 72, p. 724, 871, 987; V. 73, p. 235, and V. 75. p. 343. Owns practically
all o f the stock o f the following companies:

2 , 000,000

30,639,700
14,236,200
18.750.000
16.750.000

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

10
Q -P 15 M ay 15 ’ 24 2 X
7
Q— J Apr 1 1924 1M
A & O Oct 1 1926
6
Checks mailed
See text
See text Q— F
do
do
Q— F M ay 1'24, I X %
6
See text
Mar 15 ’21 H %
July 1 1921 I X
see text

Milwaukee Gas Light C o., Grand Rapids (Mich.) Gas Light C o., Madison
fWis.) Gas & Elec. C o.. St. Joseph (M o.) Gas C o., St. Paul, (Minn.)
Gas Light Co. (V. 106, p. 2759): Binghamton (N. Y .) Gas Works, Detroit
City Gas C o., St. Croix Power Co., Somerset, Wis.; San Antonio P. S. Co.
(V.T05, p. 390); Muskegon (Mich.) Trac. & Ltg. C o., South St. Paul Gas S
c
Elec. Co.
NOTES.— The outstanding $3,000,000 6% gold notes due M ay 1 1925
were redeemed on M ay 1 1924 at 101 and interest.
DIVS. (% )— f’05. ’ 06. ’ 07. ’ 08. ’09. TO. ’ 11-T9. ’ 20. 1921 to M a y ’24
Common (cash) 3 X 4 X 5 X 6 X 9 9 X 10 yly. 7 X 4 yly. (Q-F)
do
(stock)
_ - - 12X 10 10 yly. 8 X 4 yly. (Q-F)
RE PO RT.— For 1923. in V. 118, p . 792, showed:
1921.
1920.
Calendar Years—
1922.
1923.
Earns, on stocks of sub.
companies owned _. $3,624,924 $3,636,335 $2,985,532 $2,463,565
1,096,713
Miscellaneous earnings. _
1,293,345
885,746
1,276,201
Gross earnings_______ $4,510,670
Expenses
_. __
421,627
Interest on 6% notes___
180,000

$4,912,536
529,986
330,000

$4,278,877
407,975
360,000

$3,560,278
323,746
185,037

Balance, surplus_____ $3,909,043
Previous surplus_______ 10,338,927

$4,052,550
9,462,317

$3,510,902
9,036,336

$3,051,494
10,324,745

Total surplus ______ $14,247,970 $13,514,867 $12,547,238 : 13,376,239
$
$854,172
$854,172
Preferred dividends
$854,172
$854,172
1,642,543
Common cash dividendsi 1,208,006
1,115,374
1,160,884
Stock divs. on com .stock 1,208,006
1,160,884
1,115,374
1,843,189
Surplus and reserve_ $10,977,786 $10,338,927 $9,462,317 $9,036,336
Pres., Alanson P. Lathrop; V .-P., W . F. Douthirt; V.-P. & Treas., James
Lawrence; V.-P. & Sec., Chas. Willard Young. New York office, 120
Broadway.— (V. 118, p. 2182.)
AMERICAN LINSEED CO.— ORGANIZATION, &c.— 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-cum. pref.)
par. $100. V. 76, p. 216. Divs. on preferred, 1899 to 1900, aggregated
10X % : none then till N ov. 1916, when 3% was declared payable, 1 X %
Jan. 1 1917 and I X % July 1 1917. In November 1917, 1918 and
1919 declared annual dividends of 7% , payable quarterly (Q.-J.) In
following years (V. 107, p. 201). Jan. 3 and Apr. 1 and July 1 1921 paid
1 X % ; none since. In N ov. 1919 declared an initial div. of 3% on the com­
mon stock, payable % o f 1% Dec. 15 1919 and M ar., June and Sept. 1920.
On Dec. 15 1920 and M ar. 15 1921 paid X %:; none since.

A merican Light & Traction
Company
Through its Ownership of Stock in

PUBLIC UTILITY PROPERTIES
Serves a Population in Excess of

2, 700,000
555,273 GAS CONSUMERS

In 1923
98,301 ELECTRIC CONSUMERS

used 26,956,500,300 cubic feet of gas
an increase of 12.78% over the previous year

used 126,035,785 k.w. hours of electric energy
an increase of 9.62% over the previous year

30,296,596 REVENUE PASSENGERS
were carried by the street railways
an increase of 19.15% over the previous year

Properties Affiliated with American Light & Traction Company:
Detroit City Gas Co. of Detroit, Michigan
Milwaukee Gas Light Co. of Milwaukee, Wisconsin
St. Paul Gas Light Co. of St. Paul, Minnesota
San Antonio Public Service Co. of San Antonio, Texas
Grand Rapids Gas Light Co. of Grand Rapids, Michigan
St. Joseph Gas Co. of St. Joseph, Missouri
Binghamton Gas Works of Binghamton, New York
White Star Coal Co. of

Madison Gas & Electric Co. of Madison, Wisconsin
Muskegon Traction & Lighting Co. of Muskegon, Mich.
West Allis Gas Co. of West Allis, Wisconsin
Wauwatosa Gas Co. of Wauwatosa, Wisconsin
South St. Paul Gas & Electric Co. of So. St. Paul, Minn.
St. Croix Power Co. of Somerset, Wisconsin
Gas Office Co. of Detroit, Michigan
White Star, Kentucky

AMERICAN LIGHT & TRACTION COMPANY
120 BROADWAY




NEW YORK CITY

INDUSTRIAL AND PUBLIC UTILITY
MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]

Date
Bonds

American Locomotive— Common stock ____________________
Preferred (a & d) 7% cum 525.000.000 (Bonds, see te x t)..
Richmond Locomotive Consol Mtge assumed__________ z 1889
Locomotive A Machine Co 1st 4s guar p A 1 ____________ * 1904
American Metal Co. Ltd— Com stock 1,000,000 shs auth
Pref (a & d) stock 7% cum red 110 conv (text) $5,000,000 au
American Pneumatic Service— Common stock 15,000,000__
First preferred (a & d) 53,000.000 7% cumulative______
Preferred (a & d) 6% non-cumulatlve 57,000,000............
Collateral trust mortgage $5,000,000 gold "Inking fund.lBz 1903
Amer P ublic U tilities Co— Com stock $20,000,000 auth_
Prior pref stock 7% cum red 110_______________________
Participating pref stock cum (see text) red 105__________
Preferred stock 6% cum________________________________
Coll tr gold bonds red 102 $20,000,000 auth_____CeCxc*
1912

Par
Value

$1,386,477
$85,998
200,000

1.750.000
1.500.000

$5,605,029
$86,243
435,000
1.750.000
1.500.000
1 , 000.000

Net to profit and loss____________ $3,626,565df$2,149,521
$833,786
Unfilled o rd e rs..________ ___________$17,789,873 $49,349,140 $3,344,300
STOCK.— The stockholders voted on June 11 1923 to change the common
stock from 250,000 shares of $100 par value to 500,000 shares of no par
value, stockholders to receive two shares of new for one share of old stock.
DIRECTO RS, Ac.— Andrew Fletcher (Pres.), Charles Hayden, Joseph
Davis (V.-Pres.), John W . Griggs, Fred k H. Stevens, W . H. Woodln,
L. L. Clarke, Albert H. Wiggin, Leigh Best (V.-Pres.), W. Spencer Robert­
son (Sec.), J. O. Hobby, Jr., is Treas. Office, 30 Church St., New York.—
(V. 118. p. 2575.)
AMERICAN MALT & G RAIN CO .— Dissolved In 1922. AU assets
distributed; last In July 1923.
AMERICAN METAL CO ., LTD. (THE).— Incorp. in New York in
May 1887. Owns or controls a number of subsidiary companies engaged in
the production, refining and distribution o f electrolytic copper, zinc, lead,
silver and other metals; also coal mining, production o f sulphuric acid, Ac.
STOCK.— Both classes o f stock have equal voting rights. The pref.
stock is convertible into common stock on or before June 1 1927 at the rate
o f two shares o f common for one share o f pref. The conversion basis is
subject to change in case o f future issues o f common stock or securities con­
vertible into common stock, but in no event shall be less than two shares of
common for each share of preferred converted.
D IVID EN D S.— On preferred in full to date. On new no par value
common stock paid 75c. quar. Sept. 1 1922 to June 1 1924.
REPO RT.— For 1923, in V. 118, p. 1014, showed:
Calendar Years—
1923.
1922.
Income after expenses___________________________ x$4,948,467 $3,215,569
Depreciation, depletion, A c., reserves___________ 2,245,261
1,194,664
Preferred dividends_____________________________
350,000
141,944
Common dividends__________________________ . __ 1,642,467
1,364,000
Balance, surplus______________________________
$710,739
$514,961
x Includes approximately 90% o f Cia Minera de Penoles, S. A ., earnings.
Three Months Ended March 31—
1924.
1923.
Net profits after all expenses and depreciation____
$897,383 $1,006,323
OFFICERS.— Chairman, Ludwig Vogelstein; Pres., C. M . Loeb; Sec. A
Treas., J. B. Beaty. Office, 61 Broadway, N . Y .— (V. 118, p. 2044.)
AMERICAN PNEUMATIC SERVICE CO.— 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., Ac. V. 84, p. 572, 1244; V. 88, p. 824; V . 102,
p. 2255. Official statement in V. 83, p. 34; see also V. 88, p. 824. Lamson
Co. new plant, V. 113, p. 1677.
Resumption o f pneumatic mail service, V. 114, p. 82. 201, 856, 1290,
2244, 2827; V. 115, p. 1213, 1535, 1636, 1734; V. 111, p. 1779: V. 118, p. 313
STOCK.— The 7% first pref. stock ranks ahead of old pref. V. 90, D.
449, 504, 701: V. 91. p. 334. In 1912 reduced the common to $4,995,662.
changing par from $50 to $25 a share. Sub. co. stock out. $52,089.
DIVIDEN DS on old (now 2d) pref. stock to Jan. 20 1902, incl., 6% per
annum in 1906. 44*% In 1907, Jan.. 14*%; 1912. 2% ; 1913 to March 30
1918, 3% ; then none until June 30 1923, when 1% was paid; Dec. 31 1923
paid 1% . Semi-annual div. on first pref.. Sept. 30 1910 to Sept. 30 1918,
7% yearly (34* % M . A S.): then none until March 31 1923, when 34*%
was paid: Sept. 29 1923 and March 31 1924, paid 34*% .
First Mortgage Collateral Trust Sinking Fund.— Of the $5,000,000 5% bond
issue, $1,849,000 has been issued, o f which $1,810,000 in treasury.
REPO RT.— For 1923 in V. 118, p. 2433, showed:
1920.
Calendar Years—
1923.
1922.
1921.
Gross in co m e .................. $4,086,726 $3,487,373 $4,249,282 $4,274,304
444,845
Net earnings___________
457,265
240,169
358,091
105,000
First preferred dividends. 105,000
105,000
105,000
Preferred dividends_____
126,577
______
______
581
Divs. on minority sto ck ..
16
294
581
Balance, surplus______ $225,672
$134,874
$252,510.
$339,263
Pres. A Treas., Gilmer Clapp; V.-Pres. A Sec., Merton L. Emerson.
Office, 1 Court Street, Boston.— (V. 118, p. 2433.)
AMERICAN PUBLIC SERVICE CO.— (V. 118, p. 2044.)
AMERICAN PUBLIC UTILITIES C O — Incorporated under laws of
Delaware in June 1912. Controls, through stock ownership, the following
properties operated under the management o f Kelsey, Brewer A C o., Grand
Rapids, M ich.: Albion Gas Light C o., Albion, Mich.: Boise Gas Light A
Coke C o., Boise, Idaho; Elkhart Gas A Fuel C o., Elkhart, Ind.; Holland
Gas Works, Holland, Mich.; Utah Gas A Coke Co., Salt Lake City, Utah;




When
Payable

Rate
%

None 500 000 shs. See text
lOO 25, 000,000
7
1,000
432.000
1 500.000
1.000
4g
None 590, 790 shs $3
100 $5; 000,000
7
25 4 995,663
1 498,477
50
7
50 i 6 328.800 See text
500 A c
39.000
5 g
100 2 823.700
1 268.700
100
7
100 3 407.800 See text
100
345.800
6
100 &c
456,300
5g

R E PO RT.— For 1923, in V. 118, p. 1777 and 1913, showed:
Calendar Years—
1923.
1922.
1921.
Net loss...................................................
$837,572 sur$791,119 $1,043,131
Preferred dividends_________________
______
______
586,250
______
______
125,625
Common dividends_________________
Deficit_________________ __________
$8377572 sur$79l7Tl9 1177557006
Profit and loss surplus__________ _
$4,697,044 $5,654,616 $4,863,498
Pres., R. H. Adams; Sec., W. A . Jones; Treas., W. I. Branigan. Office,
297 Fourth Ave., N . Y .— (V. 118, p. 1913.)
AMERICAN LOCOMOTIVE CO.— ORGAN IZATION .— Incorp. In
N. Y . on June 10 1901 as a consolidation o f various companies (see list V.
73. p. 80). V. 72, p. 1189; V. 73, p. 84. 186, 724; V. 83. p. 686; V. 88. p.
102; V. 89. p. 591: V. 78, p. 1111, 1393. 1448; V. 84. p. 1431; V. 80. p. 474;
V. 87, p. 675; V. 104. p. 2454; V. 105. p. 182, 906. V. 79. p. 1022.
Suit, V. 105, p . 2096. Plants are located at Schenectady, N . Y .; Dunkirk.
N. Y .; Richmond, Va.; Pittsburgh, Pa.; Paterson, N . J.: Montreal, Can.,
and Chester. Pa. Proposed new plant in St. Louis, M o. V. 112, p. 260, 935.
STOCK.— The capital stock was changed In June 1923 from $25,000,000
o f $100 par value to 500,000 shares o f no par value. Each shared o f old
stock was exchanged for two shares of no par value. V. 116, p. 2769.
DIVS. (% )— 1908. 1909-15. 1916. . 19_17. '18. *19. ’20-’21. ’22-’24
On common___ 3
Nil
IX 5 A 1 R .O . 5
6X
6
te*.
On Sept. 30 1919 le quarterly dividend was increased from I X to 1 X % .
which rate was paid quar. to M a r .31 1923; on June 30 1923 paid 2 H % quart
Sept. 29 1923 to June 30 1924, paid each quar $1 50 a share on new stock
o f no par value. On the preferred stock full 7% per annum from organiza­
tion to June 30 1924.
R E PO RT.— For 1923, in V. 118, p. 1010, showed:
Calendar Years—
1923.
1922.
1921.
Gross earnings___________ __________$90,180,176 $29,122,112 $35,711,507
M fg., maint. A admin, exp. A deprec. 75,892,614 27,735,635 30,106,479
Manufacturing profit____________ $14,287,562
Int., A c., on bonds o f constit. cos., Ac
$85,998
U. S. A Can. income A war profits tax 1.825.000
Preferred dividends_________________
1.750.000
Common dividends_________________ 2.500.000
Additions and betterments__________
4.500.000

Amount
Outstanding

[V ol. 118.

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q— M 31 June30’24 $1.50
Q— J June 30 ’24 1 X
A A O Apr 1 1929
M A S Mar 1 1924
Q— M June 1 1924 75c.
Q— M June 1 1924 1*'

Checks mailed
Checks mailed
30 Church St, New York
Royal Trust C o, Montr’l
Checks mailed
Checks mailed

M A S30 Mar 31 ’24 3) By check
Dec 31 ’23 l c Rv check
,
First Nat Bank. Boston
A & O Oct 1 1928
Q—J
Q— J
Q—J
M A S

Apr
Apr
Apr
Sept

1 1924 1* Checks mailed
do
do
1 1924 1%
do
do
1 1924 13
Cent Tr Co of 111, Chic
1 1942

Central Indiana Power Co., Indianapolis, Ind.; which has as subsidiaries:
Merchants Heat A Light Co., Indianapolis, Ind.; Northern Indiana Power
Co., Kokomo, Ind.; Indiana Electric Corp., Indianapolis, Ind.; Wabash
Valley Electric Co., Clinton, Ind., and Valparaiso Lighting Co., Valparaiso,
Ind.
STOCK.— The stockholders on Feb. 19 1924 authorized the creation of
two new classes o f stock, Prior Pref. and Par tic. Pref., into which the
$4,465,900 6% Pref. stock and its accumulation o f unpaid divs., whether
represented by the $310,040 scrip or not, might be converted. The partic.
pref. stock is entitled to cumul. dividends o f 4% for the first year following
its date o f issuance; April 1 1923; 5% for the second year: 6% for the third
year, and 7% for the fourth and each subsequent year. It is also entitled to
an addition 1% in any calendar year wherein the total cash dividends paid
on the common stock shall exceed $6 per share.
Chancellor W olcott in the Chancery Court at Wilmington, Del., in Nov.
1923 handed down an opinion ruling that the amendment to the certificate
of incorporation o f the company is null and void and without legal effect
in so far as it relates to the cancellation o f accumulated dividends on the old
pref. stock. Under the ruling the company will not be permitted to pay any
dividends whatever on its 200,000 shares o f common stock until it pays o ff
24% accumulated cash dividends on the old pref. stock. In his opinion, the
Chancellor refused the plea o f a group o f the company's stockholders for an
injunction to retsrain the company from paying any dividends on its new
pref. or common stock out o f its funds now on hand or any future profits
until it paid o ff the accumulated dividends. V. 118, p. 2435.
BONDS.— The 20-year secured gold 6% bonds due April 1 1936 were
redeemed on Oct. 1 1923. V. 118, p. 1464.
RE PO RT.— For fiscal year ended June 30 1923 in V . 118, p. 1013:
Gross earns, from op e r..$10,508,809 $7,523,240 $7,467,991 $6,051,136
xOper. expenses A taxes. 6,669,988
4,720,604
5,225,394
4,182,461
Net earnings _ _____ $3,838,821 $2,802,636 $2,242,597 $1,868,676
70,597
Miscellaneous income___
55.655
62,759
Gross income________ $3,838,821 $2,865,394 $2,298,252 $1,939,273
130,298
y Expenses________ ____
166.369
See y
209,736
1,796,223
Int. "on funded debt . . . 2,067,437
1.867,232
2,004,501
136,268
Miscellaneous interest..
194,750
209,218
177,373
See y
Federal taxes________ _
See y
See y
55,049
Miscellaneous deductions
97,575
Divs. on subsid. pref. stk
689,121
Remainder for deprec.
$69,900 loss$123,517
and company d iv s ..
$473,784
$720,418
x The reports for 1920, 1921 and 1922 shows “ operating expenses” and
for 1923 “ operating expenses and taxes.” y The 192# and 1921 reports

AMERICAN
PUBLIC UTILITIES CO.
Conservatively Financed
Successfully O
perated

A HOLDING COMPANY
C o . controls,
through stock ownership, the Central Indiana
Power Co. and its constituent properties, the
Utah Gas & Coke Co. of Salt Lake City and
other progressive and producing properties.
T h e A m e r ic a n P u b l ic U t il it ie s

C o . capitaliza­
tion is very low when compared with the total
value of subsidiaries owned. The company
has a funded debt of only $456,300 of 5 % Col­
lateral Trust Bonds, the interest on which is the
only lien ahead of its 7 % Prior Preferred Stock.
T h e A m e r ic a n P u b l ic U t il it ie s

P u b l i c U t i l i t i e s ’ subsidiaries are
increasing their business as rapidly as generating
capacities can be increased. Earnings of the
company are in such substantial proportions as
to assure ample funds for dividends, deprecia­
tion and constructive development purposes.

A m e r ic a n

For further -particulars regarding the
securities of the American Public Utilities
Co. inquire of your investment banker or

KELSEY, BREWER & CO.
ENGINEERS

OPERATORS

G R A N D R A P ID S, M IC H IG A N

M at , 1924.]

137

INDUSTKIAL AND PUBLIC UTILITY
Last Dividend
and Maturity

Places Where Interest a n d
Dividends are Payable

Amount
Outstanding

Rate
%

$25 $20,709,350
American R adiator Co— Common stock $22,000,000______
ion
Preferred stock (not as to assets) 7% cumulative S3.000,000
3,000.000
American Railway Express Co— Stock $40,000,000 auth_
_
100, 34.642.000
American R olling Mill Co.— Common stock $30,000.000_
25 20,000,000
Prof stock 6% $288 400_________________________________
100
88,400
100 11,809,700
Preferred (a & d) stock 7% cum $29,700,800 call 110_
_
Sinking fund gold notes redeemable (text)___ G.xxxc* 1923
1,000 7,000,000
25 20.000,000
American Safety Razor Corp— Stock auth $20,000,000___
None
Amer Ship & Commerce Corp— Stk auth 1,500,000 shares.
588,771 sh.
10-yr s f convertible notes $2,123,600 auth red 102___G.c* 1920 100-1000
946,300
100 14,714,400
American Shipbuilding— Stock common ?15,500.000_______
Preferred (a 4 d) 7% non-cumulative $785,600_________
100
785,600

16
7
6
8
6
7
6g
50c.

Q— M Tune 30 1924 4% Off 816 So Mich Ave.Ohlc
do
do
0 — F 15 May 15 1924 1 H
r> T) 5 Mar 21 ’ 24 1
Q— J 15 Apr 15 1924 2% Check
Q— J 15 Apr 15 1924 1 Check
Q— J 1 Apr 1 1924 1 *A Check
J & J Jan 1 1938
A & O Apr 1924 25c.

10
8
7

F & A 15 Nov 15 1930
Q— F Aug 1 1924 2% Cleveland, Ohio
do
Q— F M ay 1 1924 \ %

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

Date
Bonds

Par
Value

show "expenses” only, while the 1922 report shows “ expenses and Federal
taxes.” The 1923 report gives Federal taxes separately.
Note 1.— The 1923 statement Includes the full year’s earnings and expen­
ditures o f some o f the company’s newer properties, though their Incomes
were available to American Public Utilities Co., but for eight months o f the
fiscal year. It also includes eight months’ income of Jackson Public Service
C o., which accrued to American Public Utilities Co. before its sale, reported
herein.
Note 2.— The balance available for deprec. o f property and divs. on
American Public Utilities Co. stocks as a resultjof the operation o f its subs,
during the period o f its actual ownership o f all the properties was $578,493.
OFFICERS.— Pres.. Joseph H. Brewer; V .-P ., Lucius B. Andrus and
Peter D. Kline; Sec., Blaine Gavett; Treas., Willis J. Ripley; Counsel,
Charles McPherson. Office, Grand Rapids, M ich.— (V. 117, p. 2435.)
AMERICAN RADIATOR CO.— Incorporated In N . J. Feb. 10 1899
V. 68. p. 329; V 80. p. 2346; V. 90, p. 374, 629.
C A PITAL STOCK.— The shareholders on Mar. 3 1920 rated to reduce
the par value of the common stock from $100 to $25, four shares of new
common to be issued and exchanged for each share o f old common stock.
Stockholders (both pref. and com.) o f record Mar. 5 1920 were offered the
privilege o f subscribing to new common stock ($25 par) at $62 50 per share
to the extent of 10% of holdings.
LATE DIVS — 1910-11. 1912-13. 1914. T5. T6. ’ 17. T 8. ’ 19. ’20-’24
Common, cash— 10 yrly. 10 yrly. 11H 16 16 13
12 12
see
_50 stk. 4 bds.
text
Extra, stock. & c , ------- 10 stock 10 stk.
In Feb. 1918 paid extra 4% Liberty bonds; in Mar. 1919 an extra 4%
in 4H % Liberty bonds; in Mar. 1920 an extra o f 4% in cash. June 1920 to
June 1924 paid $1 (4% ) quar. on the new $25 par value stock; on Dec. 30
1922 also paid 50% in common stock.
RE PO RT.— For 1923, in V. 118, p. 1388, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits---------------------$9,908,217 $5,759,670 $3,046,645 $3,367,717
Preferred dividends_____
495,300
210,000
210,000
210,000
Common dividends______ 3,313,353
2,208,996
2,208,996
2,516,235
Balance, surplus______$6,099,564 $3,340,674
$627,650
$641,482
Chairman. C. M . Woolley; Pres., Charles M . Parker; V.-P. & Treas.,
Chas. K. Foster: Sec., Wetmore Hodges. Office, 104 West 42d St., N. Y .
— (V. 11S, p. 1388.)
AMERIC AN RAILW AY 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.
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 hi July 1918 and again Jan. 1 1919, Sept. 1 1929
and Oct. 13 1929. V. 107, p. 2065; V. I l l , p. 694, 794, 898, 1338. Govt,
control terminated March 1 1920. V. 109, p. 2405.
The l.-S. O. 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 Ry.
Express Co. V. 111. p. 2522.
Contract with railroads, V. 115, p. 439.
STOCK.— The total auth. cap. stock is $40,000,000, o f 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. 2# 1929
inclusive, the Director-General received 50)4% o f gross transportation
earnings, but this resulted, after paying operating expenses, taxes, &c.. In
a deficit which was mot 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 is 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.
DIVIDEN DS.— The company in April 1921 paid a dividend of $2 per
share on its $34,642,009 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 192J
V. 112. p. 1743. July 15 1921 to Mar. 21 1924 paid $1 50 quar.
RE PO RT.— For 1923, in V. 118, p. 1913, showed;
1923.
1922.
1921.
1920.
Calendar Years—
$
$
$
$
Total oper. revenues------- 157,443.761 152,503.171 184,896,761 195,665,044
Operating income______
833,871
1,107,579507,743df41,364,058
1,851,290
1,956,038
2,073,845 2,075,796
Other income__________
Interest, &c____________
225,393
289,897
272,368
547,625
Dividends----------------- ($6)2,078,520($6)2078,520 ($4^)1558890 ________
B alan ce____________ sur$381,248 sur$695,199 sur$750,330df39,835,887
OFFICERS.— Chairman, J. Horace Harding; Pres., Robert E. M .
Cowie; seven Vice-Presidents in charge o f operations, traffic and accounting,
with F. P. Small, Secretary, New York, and John W . Newlean, Vlce-Pres.
& Treas., New York.
DIRECTO RS.— G. C. Taylor, Charles Hayden, W . M . Barrett, C. A.
Peabody, H. W. de Forest, M . L. Schiff, J. Horace Harding. J. S. Alex­
ander, Newcomb Carlton, W . Averell Harriman, J. G. Milburn, Albert
H. Wiggin. General effices, 65 Broadway, N . Y .— (V. 118, p. 1913.)
AMERICAN REPUBLICS CORPORATION .— (V. 118, p. 2182.)
AMERICAN ROLLING MILL CO. (TH E).— ORGANIZATION.—
Originally incorp. in N. J. in 1899; in 1917 consolidated with Columbus Iron
& Steel, per plan in V. 104, p. 1900, under laws o f Ohio with present name.
Company is engaged in the manufacture and sale of a highly diversified line
o f specialty sheets— electric, enameling, galvanized, alloy coated, annealed,
pickled and black— used in the manufacture of a wide variety of products.
Plants, located at Middletown, Columbus and Zanesville, Ohio, and Ash­
land, K y., consist o f 4 blast furnaces having a total pig Iron capacity of
442,800 gross tons per annum; 18 open hearth furnaces with a combined
capacity o f 731,000 gross tons per annum; 2 blooming mills and 1 bar mill
with a capacity for semi-finished material (billets, slabs and bars) of 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 of coal and timber lands containing
large reserves o f coal o f 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 R y. Y. 118, p. 1668.
C A PITAL STOCK.— Preferred stock provisions In V. 116, p. 179. The
$6,882,600 7% debenture pref. stock was called for redemption on July 1
1923. The stockholders on M ay 15 1924 increased the authorized common
stock from $20,000,000 to $30,000,000. V . 118, p. 2440.




When
Payable

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 Apr. 15 1924 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 sinking fund 6% gold notes, due 1938, are redeemable, all or part, at
106 and interest to Jan. 1 1926; thereafter at 105 and int. to Jan. 1 1928;
the premium decreasing thereafter
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 2H % of the total amount of notes
issued. V. 116, p. 79.
The company has guaranteed the principal and interest of $600,000
Portsmouth By-Product Coke Co. first mortgage 6% bonds.
R E PO R T .— For 1923, in V. 118, p. 1777, showed:
Calendar Years—
1923.
1922.
1921.
Net sales__________________________ $26,691,235 $20,294,205 $11,740,728
Neb profit__________________________ 3,387,483
2,417,557 def267,347
186,137
Other income_______________________
463,529
304,148
73,918
240,340
Interest paid__ ______
158,381
Federal taxes_______________________
219,733
2,253,844
Provision for inventory adjustments.
______
175,000
Cash divs.— On 6% preferred s to ck ..
1,620
3,501
481,800
On 7% debenture preferred s to ck ..
89,301
On common stock________________
807,671
1,428,204
On 7% cum. pref stock__________
1,514,712
$392,861 df$2,408,973
Balance, surplus_________________ $1,059,595
Report for 9 mos. ended Sept. 30 1923, in V. 117, p. 2545.
Pres., G. M . Verity: Sec., R. C. Phillips; Treas., C. W . Verity. Office,
Middletown, Ohio.— (V. 118, p. 2440.)
AMERICAN SAFETY R A ZO R CORP.— O R G A N IZA T IO N — Incorp.
in July 1919 in Virginia as a consolidation of the Gem Safety Rzaor Cor­
poration, American Safety Razor C o., Inc., Kampfe Bros., makers of the
“ Gem,” “ Ever-Ready” and “ Star” safety razors. Also acquired at time
of consolidation all of the capital stock of the Ever-Ready Safety Razor Co.,
Ltd. of Canada, and the Ever-Ready Safety Razor C o., Ltd. o f Great
Pritain. Since organization lias acquired a majority of the stock of the
Jay & Johnson Box Corp. and the Ughtfoot Schultz C o., mfrs. of soaps
and toilet articles
The American Safetee Soap Corp., a subsidiary was organized in Dec .
1919. See V. 109, p. 1181. 1611, 2441. British-American Safety Raz r
C o., Ltd., V. I l l , p. 2425. 2524.
CAP. STOCK.— Auth. and outstanding, $20,000,000: par $25 ($7,590,000 o f the outstanding stock is held in a veting trust expiring Sept. 22 1924)
NV pref. stock or bonds.
D IV ID E N D S.— Initial div. of 25 cemts a share was paid Oct. 2 1922;
same amount paid semi-annually to April 1 1924.
R E PO RT.— For 1923, in V. 118, p. 1271, showed:
1922.
Calendar Years—
1923.
$917,664
Net profit______________________________________
$906,394
120, 0*6
Federal tax reserve______________________________
100,000
116.944
Depreciation____________________________________
122,077
Net incom e.__________________________________
$684,317
$680,720
OFFICERS.— Chairman of Board, Mayer L. Halff; Pres., Joseph Kauf­
man; Sec., Milton Dammann; Treas., Julius B. de Mesquita.— (V. 118, p1271.)
AMERICAN SHIP AND COMMERCE CO R P.— O RGAN 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 $11,271,000 capital stock (v. t. c .), total authorized,
$20,000,000. o f Was. Cramp Sons Ship & Engine Building Co. (see statement
above). Also owns the entire outstanding stock of the Atlantic Mall Corp.,
American Ship & Commerce Navigation Corp., 98% of Shawmut Steamship
C o., 100% of United American Lines, Inc., 50% of Thirty-Nine Broad­
way Corporation, 100% of United American Terminals, Inc., and 10*%
of Oceanic Service Corp.
NOTES.— The 10-year notes due Aug. 15 1930 are convertible at any
time into stock at the rate of 3 shares *f steek for each $100 of notes.
V 112. p. 1027.
REPO RT.— For 1923, in V. 118, p. 1394 and 2440, showed:
1923.
1922.
1921.
Total revenue_______________________ $27,991,140 $23,719,372 $27,924,693
Net profit___________________________ 3.507,966
4,812.591 3,062,184
Deduct— Depreciation_______________
1,412,939 $1,294,805 $2,177,571
Interest___________________________ 1,048,550
972,016
965,058
______
______
631,0*0
Taxes____________________________
Net profit________________________$1,046,476
Deduct proportion of net profits appli­
cable to stocks of sub. cos. in hands
of public_________________________
365,975

$2,545,770 loss$711,445
755,161

334,539

Net profit for American Ship &
$680,501 $l,790,6101ossl,045,985
Commerce Corporation________
OFFICERS.— Chairman, W . A. Harriman; Pres., R . H. M . Robinson;
V.-Pres., and Sec., Walter Camp Jr.; Treas., A. W . Lishawa. Office.
39 Broadway, New York.— (V. 118, p. 2440.)
AMERICAN SHIPBUILDING CO.— Incorp. in N. J. March 10 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 a ,
to properties, finances, &c.. on listing o f stock, was given In V. 105, p. 1716.
C A PITA L STOCK.— The directors on Mar. 1 1922 declared operative
the plan for exchanging the pref. stock for common stock, submitted in
Dec. 1921. The plan provided as follows:
(1) Increase authorized common stock from $15,000,000, par $100, to
$15,500,000, par $100. (2) Declare an extra dividend e f 20% upon the
old outstanding common stock out of accumulated surplus net profits
of previous fiscal years for the purpose of more nearly equalizing the values
of 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 (a) the unissued cemmon stock
amounting to $7,400,000, and (6) such proposed additional common stock
amounting to the aggregate par value o f $o00,000. (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 o f such sales
shall be applied pro rata as nearly as possible without the Issuance o f frac­
tional snares to tne purchase price o f such pref. steck and the amount of
common stock used in such purchase shall be corrsepondingly reduced.
V. 114, p. 82, 951. 1410. 1655.

138

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

American Smelting & Refining— Common stock $65,000,000
Preferred stock (a & d) 7% cumulative 550,000.000______
1st M 8er A callable at par from Oct 1 ’30___ C e c.’ Ar* 19i7
First mortgage Series B callable (text)________ Ce.vvc*&r*

Par
Value

Balance, surplus_________________ def$467,030df$4,141,932 def$602,820
Pres., M . E. Farr. Detroit: Sec. & Treas., James E. Davidson. Office
Cleveland, Ohio.— (V. 117, p. 1553.)
AMERICAN SMELTERS SECURITIES CO.— Dissolved. See Ameri
can Smelting & Refining Co. below.
AMERICAN SMELTING & REFINING CO.— ORGANIZATION. Ac
— Incorp. April 4 1899 under laws o f New Jersey; V. 68, p. 668. Owm
and operates plants for the smelting of ores and the treatment of lest
bullion, copper bullion and copper matte in Utah, Montana Colorado
Nebraska, Illinois, New Jersey, Mexico and elsewhere. The principal mer­
chantable products are bar eold and silver, pig lead, electrolvtic copp c «'•
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
o f 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 o f over 90% of the Sabinas Coal Co. V. 110, p. 1286. In 1923 sold
its lead mines in Missouri to the St. Joseph Lead Co. V. 117, p. 1888.
Report o f investigating committee. V. 114, p. 2244. Agreement with
Mexican Metallurgical Co., V. 116. p. 2773: V. 117, p. 210. 1354.
The stockholders o f 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 o f the public was entitled to be paid par plus accrued
dividend to the date o f 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 of the remaining $10,998,000 6% debentures of American Smelters Secur. Co.
DIVS. f ’07. '08. ’09-T1. T2. T 3-T 5. T 6. ’ 17-T8. ’19-’20. ’21. ’22. ’23.
C o m ,. % • 7% 5 4 y ’rly 4 2-3 4 y ’rly 4% 6 y ’rly 4 y ’rly
{
1
0 2%
Paid in 1924: Feb. 1, 1 % % ; M ay 1 ,1 % % .
BONDS.— In Jan. 1917 the company arranged to make a first mortgag”
bond Issue, limited In amount to the par amount of the full paid preferred
and common shares at any time outstanding, and issuable under suitable
restrictions for Improvements, additions, the acquisition of securities. Ac
The 1st mtge. is, directly or through the pledge of securities, a first lien
on all the property, plants and equipment o f 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 C o., $ for $.
These bonds are subject to call on ajid after Oct. 1 1930, all or part, at par
and int. Annual sinking fund beginning in 1918, 1% % o f the maximum
amount o f bonds at any time issued. In M ay 1917 holders o f 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 their 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%% and int., and thereafter at a premium equal to % % for
each 6 months between redemption date and date of maturity. Mortgage
provides for annual sinking fund payment equal to 1 % % of face value
of maximum amount of bonds outstanding for purchase or redemption of
bonds at not exceeding 110% and int.
RE PO RT.— For 1923, in V. 118, p. 1158, showed:
Calendar Years—
1923.
1922.
1921.
Smelting, refining, A c________________$16,091,420 $12,381,844 $8,652,333
Mining properties___________________ 3,465,580
2,458,695
426,054
Other income (net)_________________
597,914
233.676
403,084
$9,481,472
$1,056,532
243,969
4,797,597
1,618,030
54,403
$540,600
127,444
$3,500,000

Surplus or deficit______________sur.$3,104,775sur$2003,113def$2457.103




Rate
%

When
Payable

ns.

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

*100 *60,998,000 See text Q—F M ay 1 1924 1 % 120 Broadway .New York
100 50,000,000
do
do
7
Q— M June 1 1024 I X
100 Ac 41,499,700
Central Un Tr C o, N Y
5g
A & O Apr 1 1947
500 &c 9,829,000
6 g A & O Apr 1 1947

LATEST DIVS.
[’ l l . T2. T3 14 15. 16. T7. T8. T9. ’ 2 0 .’21-24
0 0
0
0 7% 12 16 16 See
Gommoncash_________ ( 4 0
do Liberty bon ds._ I
.. ..
..
. . 15 ______ text
Preferred_____________ ( 7 7 7 1 X 0 7 ( I X Q-F)
In 1917, also 1% for Red Cross.
In cal. year 1919 paid each quarter on common beginning Feb. 1, I X %
and 2 X % extra in cash. Same amount paid quar. from Feb. 1920 to Feb
1922. On April 24 1922 paid 1 X % 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 1923 declared four regular divs. of 2% each, payable N ov. 1
1923, Feb. 1 1924, M ay 1 1921 and Aug. 1 1921.
R E PO RT.— For year ending June 30 1923. in V. 117. p. 1465 and 1553.
1922-23.
1921-22.
1920-21.
Total income________________________ $2,701,319 $2,883,857 $3,357,979
Deduct— General, &c., expenses_____
637.743
480.491
784,525
State, county & miscell. taxes_____
303.025
226,583
261.277
Prov. foram ort. & demob, exp.,&C75,896
74,736
181,436
505,165
466.2,58
500,665
Depreciation____________________
Maintenance and repairs_________
353,843
125,343
313.896
Spec, allow, for exc. prof, tax., &c_
60,000
20,000
150.000
Common dividends_______________ 1,177,152
5,203.880
1,216.000
Rate o f divs. on common_________
(8%)
(49% % )
(16%)
Preferred di vidends______________ (7 %) 54.992 (7 %) 428,498(7 %) 553.000

Gross income____________________ $20,154,914 $15,074,215
Administration, &e., expenses________ $7,378,976 $1,136,031
732,211
Taxes (including Federal taxes)________________ 1,459,350
5,426.018
Depreciation, &c_________________
5,914,562
Bond interest (S. & R. C o .)________ 2,477,445
1,785,304
33,426
Interest on Rosita Co. & C. bon ds..
________
Miscellaneous deductions___________
________
43,082
American Smelters Securities Co.—
$376,800
Preferred A dividend ( 6 %) _________
$30,029
38,230
Preferred B dividend (5 % )-------------2,352
American Smelting A Refining Co.—
Preferred dividend (7 % )_____________$3,500,000 $3,500,000
Common dividend__________________ 2,287,425

Amount
Outstanding

[V ol.

OFFICERS.— Pres., Simon Guggenheim; Treas., John C. Emisoni
Sec., W. E. Merriss; Comp., Frank W . Hills. Office, 120 Broadway, New;
York.— (V. 118, p. 1668.)
AMERICAN SNUFF CO.— Incorporated In N. J. on March 12 1900.
Under plan of disintegration of Am Tobacco 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 Mempi is, Tenn., and the Yorklyn, Del., plant sold
In May 1915 the autb.
stock w, > reduced. V. 93. p. 280; V . 93. p. 1603: V. 100. D. 1439.
i
LATE DIVS. (TO. ’ l l . T2. T 3. T 4. T 5 fo '17. T8. T 9. ’20. ’ 21 *22 ’23
C om m on___ % (20 20 12% 12
9 12 yly.
10 12
11 11 12 12
do extra ____ ( 4
9
3
3 2% _______
_ _—
-Paid in 1924: Jan., 3% quar. and 2% extra; April, 3% .
Also I d Doc. 1911, 34 4-11% each in com stock of Geo. W . Helme and
tVeyman-Bruton companies (V 94. p. 280): In July 1913. 10% in Amer. Tooacco Co pref. stock and 4 54% of Amer Cigar Co pref stock (V. 96. p.
1631). I d Oct. 1914, distributed P. Lorillard Co. and Liggett & Myers
Tob. pref. stock out of surplus, making .02204 6-11 and .03127 3-11 o f a
•hare respectively. on each share of common stock. V. 99. p. 676, 1676.
R E PO RT.— For 1923, in V. 118, p. 1014, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earnings___________ *$2,082,520 *$2,193,955 *$1,811,6S0 *$1,906,760
237,168
237.168
237,168
237,168
Preferred dividends____
Common dividends_____
1,540,000
1,320.000
1,320,000 1,210,000
Balance, surplus_____

$305,352

$636,787

$254,512

$459,592

* After deducting Federal and war excess profits taxes.
Pres., Martin J. Condon; Treas., M . E . Finch. Office, Memphis, Tenn— (V. 118, p. 1014.)
AMERICAN STEEL FOUNDRIES.— O R G A N IZA TIO N .— Incorpor­
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 July 1919 purchased
most of the $8,755,600 common stock of the Griffin Wheel Co. (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 Co. in 1919 ('practically entire stock owned). which
built a plant in Detroit for the manufacture of automobile springs. In July
1923 acquired the entire outstanding common stock of Damascus Brake
Beam Co.
Works located at Chester, Franklin, Sharon and Pittsburgh, Pa.; Granite
City and East St. Louis, 111.; Indiana Harbor and Hammond. Ind., and
Alliance. Ohio.
STOCK.— Shareholders voted Apr. 22 1919 to authorize (1) an issue of
$25,000,000 7% cum. non-voting pref. stock, and also to change par value of
the common shares from $100 to $33 1-3 by increasing the number of
shares from 171.840 to 515,520. V. 108. p. 106.2 1276
On Mar. 18 1920
stockholders voted to increase the common stock to 750,000 shares. The
pref. is callable at 110 and divs. after 3 years; sinking fund equal to 1% of
Issue, began Dec. 31 1920. No mortgage can be created without the
consent of 66 2-3% o f this pref. stock. V. 108, p. 2350. In July and
August 1919 the first $8,481,300 was issued In payment for Griffin Wheel
Co. stock.
DIVS.—
’ l l . T2.T3. T4. T5. T6. T 7. *T8. T9. ’ 20- ’ 21. ’ 22. ’23
C om m on..
2% __ 2
2 ..
1% 6 7 6% +9
9
a9 9
.. ..
- - - - - 3%
7
7
7 7
Preferred............... __
♦Also 2 K % in Liberty bonds. tAlso $6 a share payable in stock
a Also 18% in common stock, payable Dec. 30 1922.
Paid on common in 1924: Jan., 2 % % ; April, 2 M % ■
R E PO R T .— For 1923, in V. 118, p. 667 and 1263, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Earns, from oper., after
deducting mfg., selling
and admin, expenses. .*$9,031,456 *$4,481,840 $1,428,188 $6,915,734
512,735
669,238
Deduct— Depreciation . . 1,370,391
945,626
Net profit from oper. $7,661,065 * $3,536,214
Miscellaneous income_
_
251,506
552,678
Total profits_________ $7,912,571
Federal taxes__________
See *
Net earns, of sub. cos_
_
298,659
Interest charges, &c___
17,967

$4,088,892
See *
307,607
71,420

Balance, surplus_
_
Pref. dividends (7 % ).
Common divs. (9 % ).

$3,709,866
586,691
1,836,090

$7,595,944
586,691
2,166,588

Balance, surplus_____$4,842,665

$915,453
325,885

$6,246,496
424,498

$1,241,339 $6,670,994
126,026
1,249,600
284,261
322,374
156,042
a602,578
$675,009
593,691
1,836,090

$l,287,085def$1754,772

$4,496,442
593,691
1,616,159
$2,286,592

* After deducting manufacturing, selling and administrative expenses
and Federal taxes, a Includes $322,373 loss on securities sold.
Quarter End. Mar. 31— 1924.
1923.
1922.
1921.
$738,728
$879,717
Net earnings__________ x$l,137,997 $1,883,449
Depreciation__________
250,255
320,380
167,541
152,848
Other income__________
Cr.95,028
Cr.49,105
Cr.79,727 Cr.94.304
Int., sinking fund, &c._
72,838
82,848
94,905
176,393
Federal taxes__________
See x
See x
78,570
126,500
Balance, surplus____

$909,933

$1,529,326

$447,439

$518,082

x Net earnings in 1924 and 1923 are after deducting Federal taxes.
DIRECTO RS.— Charles Miller, R . P. Lamont, F. E . Patterson, K. L.
Ames, W . D. Sargent, Geo. B. Leighton, Max Pam John M . Harri­
son. E. F. Goltra, Geo. E. Scott, R . H. Ripley, President, Robert P.
Lamont; First Vice-Pres., Geo. E . Scott; Second Vice-Pres., R . H . Ripley.
3d V .-P ., Warren J. Lynch; 4th V .-P ., J. O. Davis; Treas. & Sec., F. E .
Patterson: Asst. Sec. A Treas.. W . Epple; Com pt., Thos. Drever; Gen.
Counsel, M ax Pam. Office, Chicago.— (V. 118, p. 2182.)

M ay , 1924.]

139

IKDUSTKIAL AND PUBLIC UTILITY

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

American Snuff— Stock common 511,000.000-----------------New preferred (a & d) 6% non-cum $4,000,000 _____ _
American Steel Foundries— Stock ($25,000,000 auth) . .
Pref(a&d)stock7%cum non-vot$25mil call 110 1922 s.fd.1%
Am erican Stores Co— Stock common 1,800,000 shares_____
American Sugar Refining— Common stock 545,000,000----Pref stock 7% cum (not pref as to assets) 545,000,000___
15-year gold bonds call (text)___________________ kxxxc*
American Sum atra T o b a cco Co— Com stock $25,000,000..
Pref stock (pref. A. & D.) $2,000,000 7% cum call 110____
Sinking fund convertible gold notes (see t e x t )_________ xc*
American Telegraph & Cable— Stock 5% rental------------------American Telephone & Telegraph— Stock 51,000,000.000..
Collateral trust mortgage gold (V 70, p 40)______OB.sc*
Bonds, no longer convertible, call 105 (text)_OB.xxc*&r*
Convertible bonds redeemable, text____________________ z
Sinking fund collateral trust bonds s fd 1% call 105____OB
West T A T Co coll trust bonds $10,000.000 assum.OB.zc*
Conv bonds $50,000,000 conv into stock at 106c*______
Sinking fund gold deb bonds red (text)______Baz.c*&r*
195 Broadway Corp. mortgage— see text

Date
Bonds

_
_

] ------

i922
1920
1899
1906
1913
1916
1902
1918
1923

Par
Value

Amount
Outstanding

$100 $11,000,000
100 3.952.800
33 1-3 24.073.200
100 8,862,916
None 1,640 031 sh
100 45,000,000
100 45.000.000
500 &c 30,000.000
100 14,448,585
1,963,500
100
100 &c
3,640,900
100 14,000,000
100 747,792.200
1.000 78,000,000
1.000 &o 2,589,000
100 Sec 4,745.200
100 See 73,979.500
500 Sec 9,970,000
100 &c
8,307,600
100 &c 100,000,000

Bate
%

When
Payable

12
6
9
7
See text
See text
7
6g
See text
See text
7X g
5
9
4g
4g
4H
5g
6g
6g
5K g

Q— J
Q— J
Q— J 15
Q— M31
Q— J
J
j

Q— J
& J

& 15
0—M
Q— J
J & J
M & S
M Sc 8
J S D
c
J & J
F & A
M & N

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Apr 1 1924 3%
Apr 1 1924 1 K
A prl5 1924 2K
M ar 31 '24 1M
See Text
2 ’21 1H %
July 2 '24 1 K %
Jan 1 1937
Aug 1 1921 2%
Sept 1 '21 3 K
June 1 1925
June 2:1924 I K
Apr 15 1925 2 K
July 1 1929
Mch 11936
M ch 1 1933
Dec 1 1946
Jan 1 1932
Aug 1 1925
N ov 1 1943

Memphis, Tenn
do
do
Checks mailed
do
do
Philadelphia
Checks mailed
do
National City Bank, N Y
New York
Western Union Tel, N T
Checks mailed
N Y , Bos, Lond A Amst
N Y , Boston and Amstd
do
do
New York and Boston
Old Colony T r C o. Bos
New York and Boston
New York or Boston

a Does not include $12,794,081 capital stock installments.

AMERICAN STORES C O — ORGAN IZATION .— Incorp. In Dela
March 29 1917. Owns 34,700 shares o f the 35,000 shares of common
stock of the Acme Tea Co., and also the business and assets of the following
chain store companies: Robinson & Crawford, the Bell C o., Childs Grocery
Co. and George M . Dunlap Co. 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 Maryland. Deals in food prod­
ucts, coffees, groceries, meats, &c.
STOCK.— The directors on Mar. 15 1922 decided to call for redemption
all o f the oustanding 1st Pref. and 2d Pref. stock on June 1 1922 at office
o f Commercial Trust C o., Philadelphia, at 115 and div. to the date of re­
demption. V. 114, p. 1411. Common stock was increased from 150,000
shares to 300,000 shares in Feb. 1922 and to 1,800,000 shares in March 1923.
a 700% stock div. being paid June 15 1923. Initial div. o f $1 on common
stock paid April 1 1920: same amount paid quar. to April 1922; July 1922
to April 1923 paid $1 75 quar. On June 15 1923 paid a 700% stock div.
July 1923 to July 1924 paid 25 cents quarterly on increased capitalization.
On M ay 1 1924 paid 25 cents extra.
R E PO RT.—-For 1923 showed:
Calendar Years—
1923.
1922.
1921.
____________________ $94,579,851 $85,866,395 $86,068,176
Gross sales
Surplus (after deducting taxes, divs.,
$3,215,705 $1,406,888
and other adjustments)__________ $4,020,337
OFFICERS.— Pres., Samuel Robinson: Sec. & Asst. Treas., E. J.
Flanigan; Treas., Wm. M . M . Robinson. Office, Philadelphia, Pa.—
(V. 118, p. 2575.)
AMERICAN SUGAR REFINING CO. (THE).— ORGANIZATION.—
Organized in New Jersey in Jan. 1891. For plan, V. 51, p. 609 (see also Y.
91, p. 1571). Holds (see description V. 90, p. 164: V. 88, p. 943; V. 104, p.
2454) by direct ownership, and ownership of subsidiary companies, re­
fineries at Boston, Brooklyn, Baltimore, Chalmette and Philadelphia.
The company's refineries in New Orleans, formerly held in reserve, have
been dismantled. In N ov. 1919 acquired all the capital stock of a Cuban
corporation. Central Cunagua, a raw sugar property in Camaguey Province,
Cuba. V. 109, p. 1988; V. 112. p. 1020; V. 113, p. 186.
The company’s investments on Dec 3l 1923 were carried at $27,888,528.
which is said to be much below actual value
They include:
Beet Sug. Co. (minority)— Par val.
Beet Sug. Cos. (minority)— Par vat.
Continental Sugar Co.—
Michigan Sug. C o., p re f.-$2,043,800
Common_______________9,354 shs.
Common (V. 106, p. 933)1,757,400
Preferred_______________$300,000 Spreckels Sugar C o_______ 2,500.000
Gt. West. Sugar Co.,
Waverly Sugar C o., co rn ..
300,000
Common (V. 106, p. 825)2,649,600

common stockholders o f record M ay 24 1920 for subscription at 98 and int.
The holder of each share of stock was entitled to subscribe to $40, face value,
of notes. Compare V. 110, p. 2194, 2489.
The Preferred and Common stockholders o f record Aug. 18 1922 were
offered the right to subscribe to 52,900 shares of the Common stock o f the
Consolidated Cigar Corp. at $36 per share on the basis o f 32-100 of a share
of such stock for each share o f stock o f the American Sumatra Tobacco C o.,
whether preferred or common. V. 115, p. 990.
Divs.-—
Initial div. on common stock, 1% , Aug. 15 1917; Nov. 1 1917,
I K % ; Feb. 1 1918, 1 K % : M ay 1918. 2% : Aug. 1918 to Feb. 1921. 2 K %
quar.; May 1921, 2% ; Aug. 1921, 2% ; Nov. 1921 div. was omitted. V.
113, p. 1577. March 1922 div. on pref. stock was deferred.
NOTES, &c.— New convertible notes, see under “ Stock” above.
R E PO R T .— For year ended July 31 1923, in V. 117, p. 1882:
Years ended July 31—
1923.
1922.
1921.
1920.
$498,280
$18,439 $2,257,682 $5,201,282
Gross profits__________
Oper. expenses, &c_____
657,388
904,066
724,910
1,049,865
Operating income____foss$159,108 Zoss$885,627 $1,532,772
Other income__________
163,777
110,867
524,441
Gross income________
Interest, discount, & c_.
Inventory adjust., & c_.
Federal taxes, &c______

$4,669 Zoss$774,760
513,269
857,332
______
1,403,430
______
______

$2,057,213
1,014,976
______
75,600

$4,151,417
201,482
$4,352,899
794,376
173,319
804,173

N e t inco m e---------- *-..(oss$508,600/oss$3035 522 $966,637 $2,581,031
R e p o rt for 6 m os. end ed J a n . 31 1924, in V . 118, p . 1271, show ed: Loss
on sales, $72,824; o th e r incom e, $76,366; op er. expenses, $203,082; in te rest,
& c., $260,565; n e t loss before d ep rec. & F ed eral tax es, $460,105.
OFFICERS.—-Pres., Louis Leopold; V .-P ., Frank M . Argimbau; Sec. &
Treas., Ambrose Hardenbergh. Office, 131 Water St., New York.—
(V. 118, p. 1394.)
AMERICAN TELEG R A PH & C A B LE .— Owns two cables between Nova
Scotia and England. Leased until 1932 to Western Union.— V. 117,p 2656.
AMERICAN TELEPHONE AND TELEGRAPH CO.— O R G A N IZ A ­

T IO N .— O w ns a larg e in te re st, gen erally a m a jo rity in te re st, in th e cap ital
sto ck of th e lead ing local cos. o p e ra tin g u n d er th e Bell p a te n ts in th e U . S.
V. 107, p. 2100; V. 88, p. 1554; also owns the system of long-distance tele­
phone lines by w hich th e y are u n ite d . P u p in p a te n ts , V . 72, p . 677; V . 76,

p .3 3 2 ,5 9 6 ; V. 77. p. 39; V. 92. p. 796.1312. The major operating com ­
panies. greatly reduced In number of late years by consolidation, have had
their shares largely exchanged for stock of Am. T . Sc T . C o. V . 97. p. 446

T h e chief subsidiaries are: Illinois B ell T el. C o .. C u m b e rla n d T e l. & T el.
C o ., N ew Y ork T el. C o ., O hio B ell T el. C o ., M o u n ta in S ta te s T e l. & T e l.

DIVS.— (1891.1892. 1893. 1894 to 1899. 1900. '01 to '20. '21.’22-’ 23 Co . B ell T el C o. of P a ., In d ia n a B ell T el. C o ., C h es. & P o t T e l C o .,
Common .% \ 8
9
22j 12 y ’ly (3 Q-J) 6 K
7 y'ly
5 K None. S o uthw estern Bell T el. C o ., W isconsin T elep . C o ., N o rth w e ste rn B ell 1361
C o ., C in cin nati & S ub. B ell T el. C o ., N ew E n g la n d T el & T e l. C o ..
do ex tra.1 . .
. . July '18 to Oct '20, 3% ( K % quar.)
In Jan.. April and July, 1921 paid 1K % on common, the extra div. being M ichigan Beil T el. & T el. C o ., S o uthern Bell T el. & T el. C o ., S o u th ern
N ew E nglan d T elephone C o. a n d P acific T el. & T el. C o. V . 112. p . 1033.
omitted. V. 111, p. 1951. Oct. 1921 div. was passed. V. 113, p. 734.
A lso ow ns over 98% o f th e com m on sto ck o f W estern E lectric C o., In c .,
On preferred, in full to July 2 1924.
N ew Y
of electric
ho ne
In ep t. 1919
Bonds,— The 15-year 6% gold bonds due Jan. 1 1937 are callable as a offered o rk , m a n u fac tu re r ck for each a n d telepof th e su pplies. sto ckS of Moun­
in ow n sto
m
whole or by lot in amounts of not less than $1,000,000 at 105 if redeemed tain S ta$100 el. its T el. C o. or for $100 $114 28 a n d $14 in o rity
te s T
in
28 in
V.
on or before Jan. 1 1927, and thereafter at a premium decreasing K % for 478. A uto m atic& itchb oard s, extensionsto ck ll cable sy stem cash. K ey109, p.
sw
of
, and
W esteach full year until and incl. Jan. 1 1931, and thereafter at 102K - V. Havana telephone cables. See V. 110, p . to
979. In Mar. 1920 formed the
113. p. 2724.
205 Broadway Corp. as a holding company to handle the real estate of the
A. T . & T . C o.
RE PO RT.— For 1923, in Y. 118, p. 1260, showed:
In S ept. 1921 organized th e B ell T elephone S ecurities C o. V . 113, p . 1254.
Calendar Years—
1923.
1922.
1921.
1920.
T h e com pany also o p erates a rad io b ro ad castin g sta tio n in N ew Y ork C ity .
Profit from operation_ y$l,693,070x$10,083,833 y$2,177,276 $1,802,438
_
B E L L S Y S T E M .— On Dec. 31 1923 there were 15.000 101 telephones
Int. on loans & deposits.
2,955,675
y381,130 y l ,033,661
313,292
Income from investment
5,552,488 1,523,008
4,113,856 4,289,186 connected with the Bell System.which owned 10 406,155 and connected with
4,593.946 ow ned by con nectin g com panies a n d ru ral associations. T he
Net profit from invest..
4,542.631
129,063 y l ,489,310
-----Excess reserve former yrs.
______
______
______
2,417,085 c ap ita l obligations in th e h a n d s of th e public D ec. 31 1923 w ere $1,644,443,From sur. of former yrs.
______
______
5,311,368 10,686,280 395, w hile th e book costs of th e n e t assets d e v o ted to earn in g a re tu rn on
Total ________ ______ $11,357,724 $11,354,773 $4,724,977 $19,508,281
Depr., renew. & replace. $1,000,000 $1,000,000
______ $2,600,000
Sundry reserves----------- 4,542,631
______
______ 10,195,812
Interest on bonds______ 1,800,000 z l ,800,000
______
______
Dividends, pref. ( 7 % ) .. 3,149,986
3,149,986
3,150,000
3,150,000
C om m on --------------------------------- (3 K ) 1574977(9^)4162469
Total deductions____ $10,492,617 $5,949,986 $4,724,977 $19,508,281
Balance to surplus____
$865,107 5,404,787
______
______
x After provision for taxes, y Loss, z In Dec. 1921 company issued
$30,000,000 15-year 6% bonds.
D IR E C TO RS.— Earl D. Babst. Charles Francis Adams. Guy E. Tripp,
Van Lear Black, albert H. Wiggin, James H. Douglas, Philip Stockton,
Samuel McRoberts, James L. Richards, W . Edward Foster, Fred Mason
and Newcomb Carlton.
OFFICERS.— Pres., Earl D. Babst; V .-P., W . Edward Foster, Ralph
S. Stubbs, Fred Mason; Sec., Edwin T . Gibson; Treas., Arthur B. Wollam;
Comp., Henry Edgcumbe. N. Y . office, 117 Wall St.— (V. 118, p. 2044.)
AMERICAN SUMATRA TOBACCO CO.— O R G A N IZA TIO N .— Incor
porated in Ga. Feb. 12 1910 and is engaged in the operation of tobacco
plantations, raising, curing, sorting and merchandising o f cigar wrapper
tobacco. At organ, acquired the facilities and business in Gadsden County
Fla., and Decatur County. Ga., of eight established tobacco plantation cos.
Has since purchased Connecticut property; also A. Cohn & Co. V. 108,
p. 2023. Conn. Tobacco Corp., see V. 106, p. 1579. In Oct. 1919 ac­
quired the Griffin Tobacco Co. of Hartford and New York, the next largest
grower o f tobacco in Connecticut and a large exporter o f American cigar
leaf tobacco. V. 109, p. 1462.
STOCK, &c.— For changes in capital stock prior to June 1920, see “ RySc Ind. Section” for Nov. 1920.
The stockholders voted June 1 1920 to increase the common stock from
$15,000,000 to $25,000,000. The directors authorized, subject to the
Increase o f the common stock by the stockholders, an issue of $6,564,000
Five-Year 7 K % Sinking Fund Conv. gold notes. Convertible from Oct. 1
1920 to Dec. 31 1921 into common stock on the basis of 9 K shares of stock for
each $1,000 o f notes, and thereafter on the basis o f 9 shares of stock for
each $1,000 of notes. A sinking fund of 5% per annum of the greatest
amount o f notes at any time outstanding is provided for. Redeemable
at 105 and int. during the first year and thereafter to maturity at the
decreasing rate o f 1% per annum. The notes were offered to pref. and




these o u tsta n d in g securities am o u n te d to $2,287,000,000. T h e su rp lu s a n d
reserve agg regate $621,853,180. N e t p la n t ad d itio n s d u rin g 20 yearsto
D ec. 31 1923. $1,693,690,600. See a n n u al re p o rt in V . 118, p . 1150.
S T O C K .— T he au th o rized cap ital sto ck w as increased on A pril 1 1920
from $500,000,000 to $750,000,000, a n d on M arc h 28 1923 to $1,000,000,000
As to convertible bo nd s of 1906 a n d l9 l3 , see below , a n d V . 101, p . 1630,
V. 92, p . 47, 166, 231, 798, 1192. O f th e a u th o rized c ap ita l sto ck th e re
w as sufficient reserved to cover conversion of con vertib le bo nd s
T h e d irecto rs in M a y 1924 decided to offer to sto ck ho lders of record
Ju n e 10 1924 a d d itio n a l sto ck for su b scrip tio n a t p a r ($100) in th e p ro ­
p o rtio n of one sh are for each fiv e sh ares th e n held . T h e su bscription
privilege w ill expire a t th e close of bu siness A ug. 1 1924. P a y m en ts for
th e new sto ck w ill be sp read ov er a perio d of eig h t m o n th s, fro m A ug. 1
1924 to A pril 1 1925. C o m pare V . 118, p . 2575.
D IV ID E N D S .— Ju ly 1900 to Ju ly 1906. Incl., 7J^% P- a.; Oct. 1906 to
A pril 1921, 8% p . a. (Q .-J.). J u ly 1921 to A pril 1925 p a id (or declared)
2 $ i % q u a r., increasin g th e a n n u a l r a te to 9 % . V . 112, p . 2196.
CONVERTIBLE BONDS OF 1918.— An Issue of $50,000,000 6%
7-year convertible bonds was offered to the stockholders in July 19l8

for subscription at 94 and Interest, In the proportion of $100 In
bonds for each 10 shares held and-or any fraction of 10 shares. These
bo nd s h av e been co n v ertib le since A ug. 1 1920 Into stock at 106. V. 106,
p. 2651: V. 107, p. 84. 292, 698: V. 108, p. 271.
BONDS.— The (closed) $80,000,000 5% 30-year Sinking Fund Collateral
Trust bonds of 1916 have a sinking fund of 1% per annum and are redeem­
able at 105 and Int See V. 103, p. 1982, 2081, 2157, 2344; V. 105. p . 1710.
Security for 5% Collateral Trust Bonds of 1916 as of Mar. 31 1924.
$13,620,000 stock of New England Tel. & Tel. Co. (V. 103, p. 498).
43.100.000 stock of New York Tel. Co. (V. 103, p. 1122; Y . 102. p . 708).
15.020.000 stock of Southern Bell Tel. Sc Tel. Co. (V. 102, p. 1986.)
17.500.000 sto ck of N o rth w e ste rn B ell T e l. Co.
21,596,190 pref. stock o f Pacific Tel. & Tel. Co. (V. 102. p. 1883).
l,00O,OOO bonds Home Long D ist. Tel. C o. o f San Fran. 5% . due 1932.
Collateral Trust Mortgage o f 1899 is secured by collateral shown below
(compare V. 92. p. 397). On ad d itio n a l collateral further bonds may
be issued to an amount not exceeding 75% of the estimated value of collat­
eral; and the Issue at any time outstanding must not exceed the amount of
the company’s capital stock then paid un. V. 69, p. 1195,1249; V. 70. p. 40t
V. 85. d . 1398: V. 80. n 999. 1113: V. 92. D. 190. 397: V . 93, D. 347.
These bonds are a direct obligation of the company and secured by de­
posit with trustees of the following stocks and bonds of associated cos., par
$120,413,000, (Est. value. $118,328,052; V. 105. p. 1710; V. 9 7 .p. 446). viz.:

140

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES S
[For abbreviations, &c., see notes on pageb]

Date
Bonds

American Tobacco Co— Com. stk ( "A ”) $50,000,000 autn.
Oom stock B (non voting) $100.000,000_________________
Preferred (a & d) % $54,010,600 (see text)_______________
Gold bonds (not mortgage) $56,100,000 auth___G.xc* &r 1904
Gold bonds (not mortgage)____________________ G.xc&r* 1904
Consolidated Tobacco coll trust mtge gold___
G.xc*&r 1901
American Type Founders— Common stock $6,000,000 _____
Preferred (a & d) stock 7% cum $4,000,000 red 105______
Deb gold $1,000,000 s f $20,000 y ’ly began Sept 1900_Ba* 1896
Deb gold $2,000,000 red 106 s fd $30,000 y ’ly (t e x t).. G.z 1909
Deb gold $1,000,000 g call 105 s fd $40,000 yearly___ Q c* 1917
Amer Water Wki & Elec Co.. Inc.— Oom stock $10,000,000
First pref (a & d) 7% cum stock red 110 $10.000.000______
6 % participating pref stock red 105 $10.000,000__________
Oollat trust bonds $20,000,000 autb call 102 H _ Baxxx c* 1914
_

par
Value

Amount
Outstanding

Rate
%

12
$100 $40,242,400
12
100 57.369,400
100 52,699,700
6
314.300
50 &c
6*
50 &c
50 &c J 1,072,700
4g
See text See text
100
7
000
100 4.000.
484 200
100 &c
6g
100 dec
768,000
g e
742,600
100 &c
6g
100 10 000.000
9,050.000
100
7
100 1 0 .0 0 0 . 000 See text
100 &c al3,654,100
5g

When
Payable

Last Dividend
and Maturity

Q— M June 2 1924 3%
Q— M June 2 1924 3%
Q— J Apr 1 '24 1 X %
A & O Oct 1 1944
F & A Aug 1 1951
F & A Aug 1 1951
Q—J Apr 15 1924 1 %
Q— J Apr 15 1924 1%
M A N May 1 1926
M & NlMay 1 1939
M & N May 1 1937
A

[V ol. 118.
Places Where Interest and
Dividends are Payable

Checks or dlv scrip mailed
do
do
Checks mailed
Guaranty TruBt Co, N Y
do
do
do
do
Checks mailed
do
Bankers Trust Co, N Y
Guaranty Trust Co, N T
do
do

Q-F 15 M ay 15 ’24 1M New York
Q-F 15 M ay 15 ’24 1X New York
S O Apr 1 1934
c
New York

a Does not include $604,800 in treasury and $2,354,800 pur chased and pled ged with tr ustee.

Shares— Collateral Mar. 31 1924 for Col. Trust 4s of 1899.
Par Value.
228,130 Illinois Bell Telephone C o___________________________ $22,813,000
258.000 Mountain States Telephone & Telegraph C o________ 25,800,000
250.000 Southern Bell Tel. & Tel. C o........................................... 25,000,000
167.000 Southern New England Tel. C o_____________________
6,700,000
200.000 Michigan Bell Tel. C o ___________ _____ __ ________ 20,000,000
200.000 New England T . & T . C o ______________ ______ _____ 20,000.000
--------- Home Long Distance Tel. Co. (San Francisco) 5%
bonds due 1932____________________________________
100,000
The convertible 4s of 1906 ($150,000,000 original Issue) are to be ratably
secured by any future mtge. or coll, trust indenture. They have been sub­
ject to call since March 1 1914 at 105 and were convertible Into stock from
March 1 1909 to March 1 1918. See V. 82, p. 394, 571, 699; Y. 83. p. 438;
V. 84, p. 105, 160, 273, 933, 1369. 1489; V. 86, p. 171,1411; V. 87. p. 1013.
1481,1535, 1606; V. 88, p. 453, 508, 566, 627; Y. 93. p. 47, 231. Outstand­
ing issue was reduced from $150,000,000 to $2,589,000 by conversion into
stock. V. 101, p. 1630.
The 20-year 4 H % bonds of 1913 are convertible (a) Into stock at 120
since Mar. 1 1915, to Mar. 1 1925, or (ft) into an equal amount of stock upon
payment of $20 per share. They are redeemable at Sept. 1 1925 and there­
after at par. Amount out reduced by conversion from $67,000,000 to
$4,745,200 M ay 31 1924. V. 96, p. 204, 364, 792; V. 100, p. 644, 1630.
The debenture bonds o f 1923 are redeemable all or part at 110 and int. on
any int. date prior to M ay 1 1941; thereafter at 100 and int. A sinking fund
o f $1,000,000 annually is to be set aside in semi-ann. installments beginning
M ay 1 1924, such fund to be used in purchasing debentures of this issue if
obtainable at not exceeding 105% and int.; otherwise tq be used for capital
expenditures. Proceeds used to retire $40,000,000 5-year 6% notes due
Feb. 1 1924, and to provide the Bell Telephone System with funds for
additions and betterments and for other capital expenditures. For security
&c., compare V. 117, p. 2112.4
The Prudential Insurance C o. o f America has made a loan o f $8,400,000
on the company’s new 28-story building at Broadway and Dey Street, N . Y
City. The loan is for a term o f five years and bears interest at the rate of
6 % . The mortgage was made by the 195 Broadway Corp. realty holding
company for the American Tel & Tel. Co.
The collateral trust bonds o f 1902, made by the Western Telep. S Tel eg
c
Oo., were assumed in Sept. 1912 and will, on application to trustee, be
endorsed with the agreement to pay prin. and int. Their collateral consists
o f (stock) $3,900,000 Cin. & Sub. Bell Tel. Co., $1,700,000 Mountain States
Tel. & Tel. C®., $8,070,600 (com.) Wisconsin Tel. Co.; (bonds) $200,000
Home Long Dist. Tel. C c. of S. F. 5s, due 1932.
REPO RT.— For 1923, in V. 118, p. 1150, showed:
1923.
1922.
1921
Dividends received------------------------- $54,078,663 $44,972,929 $38,580,673
Telephone operating revenue_______ 71,840,735 65,324,890 58,268,539
Int. & other rev. from associated cos. 13,371,563 12,509,901 13,893,560
T otal---------------------------------------- $139,290,9611122,807,720S110,742,772
Expenses----------------------------------------- 43,901,043 41,139,280 37,218,959
Netearmngs--------------------------------- $95,389,918 $81,668,440 $73,523,813
Interest ----------------------------------------- 13,697,737 15,498,012 19,521,109
Dividends---------------------------------------- 63,274,388 52,971,252 42,674,403
Carried to reserves-------------------------3,000,000 5,000,000
3,000,000
Carried to surplus------------------------ $15,417,793

$8,199,176$

8,328,301

E a rn in g s fo r the Three M o n th s E nding M a rc h 31.

xl924.
1923.
1922.
1921.
Dividends---------------------$14,193,847 $12,401,664 $10,788,493 $8,894,427
Interest------------------------ 3,886,590
3.192,705
3,116,224 3,223,445
Telephone oper. rev----- 18,584,233 17,885,107 15,443,368 14,205,396
Miscellaneous revenues.
125,894
103,612
43,602
33,514
Total. -------------------- $36,79#,564 $33,583,088 $29,391,688 $26,356,782
Exp., mcl. prov. for Fed.
9,272,833
8,270,858
and other taxes--------- 11,156,791 10,298,788
Net earmngs--------------$25,633,772 $23,284,300 $20,118,855 $18,085,924
Deduct interest------------- 4,178,589
3,203,126 4,123,328 4,993,127
Deduct dividends---------- 16,754,947 15,096,787 12,493,993 8,868,556
Balance--------------------- $4,700,236

$4,984,388

$3,501,534

$4,224,241

x Subject to minor changes when final figures for March are available.
OFFICERS.— Pres., H. B . Thayer; Executive Vice-Pres., Walter S.
Gifford; Sec., A . A . Marsters; Treas., H. Blair-Smith; Compt., C. A . Heiss.
D IR E C TO RS.— Jas. S. Alexander, Arthur Lyman, H. B. Thayer, Edwin
F. Greene, George F. Baker, Henry S. Howe, Chas. E. Hubbard, William
Lowell Putnam, John I. Waterbury, Eugene V. R . Thayer, William A.
Gaston, Charles F. Adams, G. P. Gardner, Philip Stockton, W . Cameron
Forbes, David F. Houston, Walter S. Gifford, George F. Baker Jr., W . W.
McClench. Offices, 195 Broadway, N . Y ., and 125 Milk St., Boston.
— (V. 118, p. 2575.

D IV ID E N D S.— On common stock since "disintegration” of 1911-1912.
Year—
1912.
1913.
1914.
1915 to Dec. 1917. 1918-’23.
Regular. cash(%) 71*
20
20 (text)
2 0 (5 % Q .-M .)
text
In 1914 paid. Mar. June and D ec., 5% In cash; Sept. 1914, 5% in 6%
scrip, paid off Sept. 1 1915. Also Sept. 1912 $20 per share from sale of
certain securities under the disintegration plan, and 2.986% In Amer. M a­
chine & Foundry Oo. stock, and in March 1913 a similar cash distribution of
$15 per share. V. 95. p. 362, 620; V. 96, p. 421. On April 20 1914 a dis­
tribution was made in restricted B deferred ordinary shares of Imperial
Tob. Co. equaling about 215-240. or about 9-10 of a £1 share. V. 98. p. 841.
The directors in Jan. 1918 decided that for a period the dividends upon
the common stock should be paid in scrip, bearing Interest at rate of
• % per ann., int. payable M . at S. and maturing In 3 years from Mar. 1
1918 and redeemable at maturity in cash or common stock “ B ” at par.
Cash option eliminated beginning March 1 1919. Option to exchange for
stock was extended from March 1 1921. Accordingly paid each quarter
5% in scrip March 1 1918 to June 1919.
In Sept, and Dec. 1919 and Mar. and June 1920 paid a quarterly 5% In
cash. V. 109. p. 579; V. 108, p. 582, 975; V. 106, p. 193, 298, 608, 1902.
The stockholders on May 6 1920 approved the plan of the directors for a
75% stock dividend on common and common stock “ B " by the distribution
of authorized but unissued common stock “ B ” on Aug. 1 1920. The plan
carried with it the redemption of the outstanding scrip in exchange for stock,
In order that scrip holders may participate in the stock dividend. Compare
V . 110, p. 1644. On Sept. 1 and Dec. 1 1920 and Mar. 1 1921 paid 3% each
on common and common " B ” stock, payable in 8% scrip which was ex­
changed for common “ B” stock on March 1 1923. V. I l l , p. 591, 1854.
V. 112, p. 565. June 1921 to June 1924 paid each quarter 3% each on
common and common “ B ” stock in cash. On Aug. 15 1921 paid 4 ^ % In
par value of common stock of the Mengel Co. to common and common “ B "
stockholders. V. 113, p . 296.
R E P O R T — For 1923, in V. 118, p. 1263, showed:
Calendar
Net
Bond
Balance,
Year—
Sales.
Income.
Int., &c. Pref. Div. Com.Div. Surplus.
$
$
$
$
$
$
1923------138,473,340 17,942,544
213,303 3,161,98211,479,695 3,175,462
1922------143,901,445*20,380,840 1,412,371 3,161.98210,750,533 4,920.740
1921----- 155,963,752*20,068,774 1,814,110 3,161,98210,748,733 4,343,949
1920
143,106,332*18.615,398 3,464,243 3,161,982 9,396,796 2,592,377
* After deducting Federal excess profits and income taxes.
Also paid t u t » surplus in Aug. 1920 $38,375,400 in class B com. stock.
D IR E C TO RS.— Percival S. Hill (Pres.), Charles A. Penn, A. O. Mower,
J. H. Mahler and G. W. Hill (V .-Ps.), A . L. Sylvester (V .-P .), J. E.
Lipscomb, O. S. Keene, Thomas W . Harris, T . T . Harkrader, F. M .
DaCosta, Paul A. Noell, C. F. Neily (Sec.), Jesse R . Taylor (Treas.).
Office, 111 Fifth Ave.. N . Y .— (V. 118, p. 1777.)
AMERICAN TYPE FOUNDERS CO.— Incorp. In N . J. in 1892 and
acquired the leading type foundries of the United States. Its largest manu­
facturing plants are located in Jersey City and Elizabeth, N. J. Company
has 28 distributing branches in the leading cities in the United States.
Also has agencies in the leading cities of foreign countries. In addition to
the manufacture and sale of type company manufactures and deals in
printers’ machinery, materials and supplies. Also owns and manufactures
Kelly printing press.
Owns $1,000,000 Barnhart Bros. & Spindler com. stock and guarantees
$1,250,000 7% 1st pref. (par $100; dividends (Q.-F.); also $750,000 7%
2d pref. stock, prin. and divs., according to terms of an agreement with
Guaranty Trust Co. of N. Y . dated May 19 1911. V. »>. p. 1501.
STOCK.— The stockholders on April 25 1923 authorized an Increase in
the capital stock from $7,000 000 (consisting of $4,0®#.900 c o m m on and
$3,000,000 pref.) to $10,000,000 (consisting of $6,0#$,000 common and
$4,000,000 pref.).
The common stockholders of record Jan. 10 1924 were given the right to
subscribe on or before Feb. 1 at par ($100) to $2,000,000 additional common
stock in the ratio of one new share for each two shares held. This will in­
crease the outstanding common stock from $4,000,000 to $6,000,000.
D IV ID E N D S.— On common, Oct. 1898 to Jan. 1923, 1% quar.; Apr.
1923 to Oct. 1923 paid 146% quar.; Jan. 1924, 1 H % ; Apr. 1924, 1 % % .
In addition, in Jan. 1902 6% scrip; in Apr. 1903, 3% scrip; Apr. 1909, 2%
scrip; M ay 1913, 2% scrip was paid; Mar. 19l7, 2% scrip, applicable in
payment for bonds of 1917. V. 104, p. 1265.
DEBENTURES.— Annual sinking fund as follows: Debentures of 1896,
$20,000; debentures of 1909, $30,000 (to be increased to $50,000 when
all 1896 bonds have been retired); debentures of 1917, $40,000.
REPORT..—-For year ending Aug. 31 1923:
Y ea rs ended A u g . 31— 1922-23.
1921-22.
1920-21.
1919-20.
Net earnings---------------$990,972
$855,218
$829,616
$761,593
Common dividend (4% )
200,000
160,000
169,000
160,000
Preferred dividend (7%)
197,897
179,242
179,242
179,242

Bal. for year, surplus.
$593,075
$515,976
$490,374
$422,351
Pres., R . W . Nelson; Sec., W . S. Marder; Treas., J. Russell Merrick.
Office, 300 Communipaw Ave., Jersey City.— (V. 118, p. 205.)
AMERICAN TOBACCO CO. (THE)—O R G A N IZA TIO N .— A merg. r
AMERICAN W ATER W O R K S & ELECTRIC CO ., INC.— (See
0 « t. 19 1904 under New Jersey laws. V. 79. p. 1024, 1705; V. 80. p. 168.
On May 29 1911 the U. S. Supreme Court held the oompany a combination M a p .) — ORGANIZATION, &c.— Incorporated in Va. April 27 1914 (per
In violation o f the Anti-Trust law (V. 92, p. 1501) and required that various plan in V. 98, p. 914, 1074), as successor of the American Water Works &
•f its properties be disposed ef. Properties and output remaining after the Guarantee Co. V. 101, p. 372. 769; V. i05, p. 1519; V. 107, p. 1477.
Properties owned or controlled: (a) Water-works supplying cities and
aforesaid sale were given in V. 94, p. 280; V. 107, p.1670. For details of
towns in U. S.; (b) West Penn Co.; (c) 26,000 acres of land in Sacramento
disintegration plan, compare V. 93, p. 1122, 1325, 1557, 1603, 1670.
Owns a majority o f the stock o f the American Cigar Co. See separate Valley. V. 107, p. 1477.
statement for that company.
The company owns stock in other companies as follows:
In March 1923 purchased a substantial interest in the Schulte Retail
----- In corp ora ted -------------C a p. Stock Issu ed — Owned by
Stores Corp. V. 116. p. 1535.
W h e re.
W h en .
A .W .W .&
Contract with Tobacco Products Corp. See that company below.
E . C o ., I n c .
STOCK.— The pref. stock all ranks now as 6% cumulative with full Ajax Farms C orp._N . Y . M ay 4 1915 Common
$50,000
$50,000
VJtlng rights. V. 102, p. 523. The shareholders voted March 14 1917 to Amer. Construct. &
retire $25,989,400 o f treasury preferred capital stock, thus reducing the
Securities C o_____Del. Feb. 10 1913 Common
1 , 000,000 1 , 000,000
authorized pref. from $80,000,000 to $54,010,600. V. 104, p. 766, 1047.
Arkansaw Wat. C o-.A rk . N ov. 29 1880 (Preferred
56,000
56,000
, The shareholders voted Jan. 7 1918 to change 500,000 of the 597,(Common
1,549,400 1,549,400
576 snares o f unissued common stock into “ common shares Class B,
Birmingham Water
/Preferred
______
315,600
having the same rights to dividends and upon liquidation as any other
Works C o------------ Ala. Feb. 13 1885(Common
1,829,700 1,829,700
shares o f common stock, but without any voting rights. On Sept 15 1920 Butler Water C o____ Pa. N ov. 2 1877 Common
421,500
421.500
stockholders voted to increase the authorized amount o f Common “ B ” City Water Co.
(Preferred
438,300
438.300
^ ? k, / rom $50,000,000 to $100,000,000. V. I l l , p. 1185. See under
(Chattanooga) . .Tenn. Apr. 16 1869(Common
1,740,300 1,740.300
Dividends below.
Clinton W . W . C o .-D e l. N ov. 6 1906 Common
321,000
321,000




141
INDUSTRIAL AND PUBLIC UTILITY
, 1 9 2 4 .]
a y

M




142

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

Amer Wholesale Corp— Common 150,000 shares__________
Preferred (a & d) 7% cum call 110 s f auth $9,000,000____
American Window Glass Co— Pref stk $4,000,000 7% cum
American Window Glass Machine— Com stock $13,000,000-Preferred a & d stock 7% cumulative $7 000.000 ______
American Woolen— Common stock $40,000,000 auth______
Preferred stock 7% cum (a & d) $60,000,000 auth________
Shawsheen Mills gold notes (guar) redeemable; t e x t . . _c 1921
Webster Mills 10-yr gold notes (guar p & i) red text___ c 1923
American Writing Paper— Common stock__________________
Preferred (a & d) stock 7% cumulative $12,500,000______
New 1st M $12,000,000 skfund from Jan i 1919
call 105__________________________________ xxx_OB.c*&r 1919

Par
Value

Amount
Outstanding

None
*1,000
100
100
100
100
100
1,000
1,000
100
100

95,904 shs.
*7,471,100
7
4,000,000
7
12.998.600 See text
6.999.600
7
40.000.
000 7
50.000.
000 7
5.500.000
7g
5.500.000
6)4 g
9.500.000
12,500,000

1.000

9.293.000

Bate
%

6

When
Payable

[V ol. 118,

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

0 — J Apr 1 1924 I X
M & S Mar 1 1924 3)4
See text Apr 1 1924 2)4
Q— J Apr 1 1924 I X
Q— J 15 Apr 15 1924 I X
Q— J 15 Apr 15 1924 1X
A & O Oct 1 1931
J & D Dec 1 1933

Central Un Tr Co, N Y
By check from Pittsburgh
Pittsburgh. Pa
do
do
C o’s off, Andover, Mass
C o’s off, Andover, Mass
Brown Bros& Co, N Y, &c
do
do

Apr 1 1913 1% Checks mailed
J

&

J Jan

1939

Jan 1924 interest unpaid

Jacob Epstein, Pres.; A. Ray Katz, Sidney Lansburgh, V.-Pres.; Nathan
Epstein, Sec. & Asst. Treas.; Abraham I. Weinberg, Treas. & Asst. Sec.
Office. Baltimore.— (V. 118. p. 309.)
AMERICAN WINDOW GLASS MACHINE CO.— OR G A N IZA TIO N .
— Incorp. in N. J. on Mar. 6 1903. V. 76, p. 596. Owns exclusive rights
in certain window-glass machine patents in the U. S. See V. 109, p. 372;
V. 76, p. 596, 707; V. 107, p. 2010. Also owns $12,999,200 of the $13,000,000 com. stock of Amer. Window Glass Co. (V. 107, p. 1668) and leases
patent rights to latter on royalty. In Oct. 1919 accrued royalties had all
been paid and royalty was being paid regularly. See V . 109, p . 372. V .76,
p. 707, 867; V. 77. p. 2282; V . 79. p. 2644; V. 91, p. 1027. Patent
decrees. V. 110. p. 2489; V. 113, p. 2082; V. 114, p. 857.
D IV ID E N D S % .— 1917. 1918. 1919. 1920. 1921. 1922. 1923
On cum. P re f.e to ck -. 34
20
7
7
7
7
7
On Common, cash_
_
10
-14
7)4
6
7
do Liberty bonds. __
5
7
Mechanical Devel­
Paid on common in 1924; Jan. and April, 1) 4% quar. and 1% extra.
opment C o_______ Del. Feb. 14 1921
R E PO RT.— For 17 months period, in V. 117, p. 1991:
Middle States Water
_ -- Ysavs ended— —
Works C o________Del. N ov. 18 1916
Apr. 1 ’ 22 to March 31 March 31 Year ended
James Mills Hold­
Aug. 31 ’23. 1921-22.
1920-21. Apr. 3 0 ’20.
ing C o _________ N . Y . M ay 20 1915
Period ending—
(16 M is.). (12 M os.). (lx M os.). (12 M os.).
Mingo Jet. Water C o -.O . June 24 1898
Royalty received_______ $3,092,634 $i,292,040 $1,932,668 $3,627,220
Missouri Sew. C o_ Del. Oct. 15 1912
_
Other income__________
29,754
5,168
14,207
1,044,286
Monongahela Valley
Divs-onA . W .G .C o.stk .
______
162,490
649,960
______
Water C o-------------- Pa. Oct. 25 1897
M onon. West Penn
Total income_________ $3,122,388 $1,459,698 $2,596,835 $4,671,506
Pub. Serv. Co_W . Va. M ay 17 1912
General expenses_______
$45,525
$31,582
$26,840
$112,429
M t. Vernon Elec.
Taxes_________________
390,249
137,960
1,001,266 2,266.643
Lt. & Pr. C o_____Ind. Aug. 26 1904
Preferred divs. ( 7 % ) - 612,456
489,965
489,965
489,960
Muncie Water Wks.
Common divs. (ca sh )--.
974,873(6%)779,898(10) 1364,821 (8)1,039,888
C o _______________ Ind. Mar. 24 1885
______
______
(7)909,388
Com. divs. (Lib. bonds).___________
Potomac Edison Co__M d. Dec. 31 1923
Balance, sur. or def.surSl,099,285 sur$20,293 def$286,057 def$147,253
Pres., Wm. L. Monro; V .-P ., A. E. Braun; Sec. & Treas., R. S. Wilson.
St. Joseph Wat. Co_ _Mo. Dec. 9 1879
Office. Farmers Bank Bldg., Pittsburgh, Pa.— (V. 118, p. 1138.)
South
Pittsburgh
AMERICAN WOOLEN CO.— ORGA N IZA TIO N .— Incorporated in
Water C o_________ Pa. July 15 1904
Mass. Feb. 15 1916 as a reincorporation of the New Jersey company
_
West Penn C o_ W . Va. July 11 1911
with the same name and capitalization. In 1899 merged the Washing­
West Penn Rys C o _ Pa. M ay 23 1917
_
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,
Wichita Water C o -.D e l. Dec. 27 1911
2,272,000 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.
*A11 owned by West Penn Co.
347, 802, 1542. In March 1919 purchased Whitestone Mills. Ellenville,
x Owned by West Penn Monongahela Co., practically the entire stock Conn. V. 108, p. 1276. In Dec. 1921 purchased three mills owned by the
o f which is owned by West Penn Co.
Norwich Woolen Mills Corp. and known as the Norwich Woolen Mills,
Note.— For statements o f West Penn C o., West Penn Rys. Co. and the Winchester Woolen Mills, both of Norwich. Conn., and the Vantic
Woolen Mills of Yantic, Conn. In 1923 acquired the Strathmore Worsted
West Penn Power C o., see “ Electric Railway Se tion.”
of Concord. Mass.,
of
Co-operative agreements for mutual exchange of power, V. 118, p. 1395. Mills, Mills of Ludlow, Vt., the Tilton MillsSonsTilton, N. H .,o fthe Black
River
and S. Slater &
Woolen Mills
Webster,
STOCKS.— The 6% participating pref. stock Is entitled to share witn Mass. The last named has been renamed the Webster Mills and will be
the common stock in any dividends over 6% declared in any year on both. improved and extended. A corporation called the Webster Mills has been
D IVIDEN DS — The accumulated dividends having been discharged organized under Massachusetts laws for the purpose of taking over this
(compare V 106, p 50), I X % was paid quarterly Aug 25 1917 to M ay 15
1924 on the 7% cum. ist pref. stock. On 6% participating pref. stock Webster property. All of the capital stock of the corporation is owned by
paid initial div. o f 1% on May 15 1923; same amount paid quar. to Feb. 15 the company.Worsted Mill Corporation, which was merged in Sept. 1910,
The Wood
1924: on M ay 15 1924 paid 1) 4%.
yarns
BONDS.—-Bonds o f subsidiary companies in hands o f public Dec. 31 owned a large mill at South Lawrence, Mass., for the manufacture of86, p.
and men’s wear fabrics. V. 81, p. 900 842; V. 84, p. 1054; V.
1923, $122,275,755.
599: V. 90. p. 622; V. 91, d . 522, 1162.
R E PO RT.— For 1923, in V. 118, p. 1907, showed:
The Ayer Mills (merged Jan. 1 1922), built a yarn mill at South
Consolidated Income Account (Including Subsidiaries).
Lawrence, Mass. V. 88, p. 508; V. 90, p. 622, 701; V . 92, p. 1312; V.
Years Ended Dec. 31—
1923.
1922.
102. p. 888; V. 104, p. 766.
Gross operating earnings_______________________ $34,880,545 $24,351,179
Alliance with Consolidated Textile Corp., V. 115, p. 2480.
Operating expenses, taxes and maintenance______ 20,059,908 14,085,480
C A PITA L STOCK.— The stockholders voted May 25 1920 to Increase
Federal ta x es__________________________________
754,276
447,581 the authorized pref. stock from $40,000,000 to $60,000,000, and the com.
stock from $20,000,000 to $40,000,000. The additional $20,000,000 com.
Net earnings__________________________________$14,066,361 $9,818,118 stock was offered to stockholders of record June 7 1920 at $100 per share
Miscellaneous income___________________________ 1,499,781
903,320 ki the ratii of one new share for each three shares of stock held. Stockhold­
ers of record April 20 1923 were given the right to subscribe for $10,000,000
Gross income_________________________________$15,566,142 $10,721,439 pref. stock at par in the ratio of one share of pref. for each eight shares
Interest and amortization o f discount____________ $7,175,179 $5,728,678 (whether com. or pref.) held. V . 116, p. 1652.
Preferred dividends o f subsidiaries_______________
2,184,357
GUARANTEED NOTES.— The company guarantees, principal and in­
1,300,867
Minority interests______________________________
695,653
409,766 terest, $5,500,000 10-year 7% gold notes of Shawsheen Mills, due Oct. 1
Depreciation____________________________________ 2,186,941
1,541,116 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) 4%
Net Income__
$3,324,012 $1,741,012 gold notes of Webster Mills, due Dec. 1 1933, and redeemable as a whole or
Previous surplus.
4,058,332
3,341,180 in part at 104 to Dec. 1 1924, and thereafter at 103)4 in 1925, 103 in 1926,
Other credits___
79,700
79,685 102y2 in 1927, 102 in 1928, 101)4 in 1929, and 101 thereafter.
DIV ID E N D S.—
1916.
1917.
1918.
1919. ’20-23.
Total surplus.........................................
$7,462,044 $5,161,877 On common stock________
3X
5
5
5)4
7
Deduct—
do in Liberty bonds___________________________________
$79,685
$79,685 On pref. stock—-July 1899 to Apr. 1924, 7% per ann. ( 1 X %15
Credits to savings fund__________________________
Q.-J.)
Discount and expense on sale o f railway stocks____
351,990
528,406
In Oct. 1919 increased
common dividend from I X % quarterly to
Special appropriation fordepreciation____________
925,000
175,000 I X %: then to Apr. 1924 the % quarterly.
IX
Sundry adjustments____________________________
165,751
128,285
R E FO RT.— For 1923, in V. 118, p. 1162, showed:
Applicable to minority interest__________________ 0.398,719 Cr.224,798
1921.
xl923
yl922.
1920.
Divs. paid Am. W . W . & Elec. Co. 1st Pref. stock585,900
416,967 Net profits (after taxes) _ $9,326,623 $9,531,926 $9,192,622
do
Participating preferred__________________
300,000
_______ (“ aft.appl.res.” ) .
do
______
$6,855,259
2,800,000
2,800,000
Pref. dividend (7 % )____ 3,120,833
2,800,000
Profit and loss surplus________________________$5,452,437 $4,058,332
Com. dividend ( 7 % ).— 2,800,000
2,800,000
2,800,000
1,983,333
OFFICERS.— Pres., H. Hobart Porter; V.-Ps., J. H. Purdy, W . S. Reserve for taxes-.,____
______
*2,569,053
Finlay Jr., and W . R . Voorhis; Treas., Philip L. Ross; Sec. & Asst. Treas., Depreciation___________ 2,666,411
3,277,324
3,185,973
2,228,404
W . K . Dunbar. Office, 50 Broad St., New York.— (V. 118, p. 2576.)
Balance, surplus_____
$739,379
$654,602
$406,648df$2,723,531
AMERICAN WHOLESALE CORP.— ORGAN IZATION .— Incorp. June
x Shawsheen Mills and Webster Mills omitted, y Shawsheen Mills
27 1919 in Maryland. Its business started in 1881. Is conducted through
catalogue instead o f salesmen, and comprises nearly everything sold by omitted. * Provision for Federal taxes of previous years, &c.
OFFICERS.— Wm. M . Wood (Pres.), Andrew G. Pierce Jr., Geo. L.
the average department store (except groceries). See V. 109, p. 272.
STOCK.— Annual sinking fund for purchase or redemption of Pref. stock Shepley, Parry C. Wiggin (V .-P .), W . H. Dwelly (Treas.). Office,
commencing July 1 1920 is to receive 25% o f net profits after Pref. divi­ Andover, Mass.— (V. 118, p. 1130.)
dends, but not less than 3% o f the largest amount of Pref. stock at any one
AMERICAN W RITIN G PAPER CO.— ORGANIZATION.— Incorpor­
time outstanding. Redemption price, $110 and divs. No mortgage with­ ated in New Jersey on June 25 1899 as a consolidation. Has twenty-four
out consent o f 75% of Pref. stock. Initial dividend of 1 X % paid on Pref, separate manufacturing plants, 15 of these located in Holyoke, Mass., and
stock Oct. 1 1919; to Apr. 1924, I X % quarterly.
the other 9 in Mittineague, Huntington and South Lee, Mass., Man­
R E PO RT.— For 1923, in V. 118, p. 309, showed:
chester, Unionville and Windsor Locks, Conn., Franklin and Excello, O.
Calendar Years—
1923.
1922.
1921.
1920.
and De Pere, Wise. Departments: Writing and ledger papers, specialties
Gross sales_____________ $32,600,408 $30,028,337 $34,855,330 $38,236,077 and covers, books and papeteries and envelope papers. V. 69, p. 25, 128.
Total earnings................. 2,113,584
1,068,487
411,965
694,773 227: V. 70, p. 998; V. 80, p. 1172; V. 90, p. 625; V. 92, p. 458. In Feb.
Federal taxes (est.)____
265,000
134,000
41,000
69,000 1917 important new interests became directors. V. 106, p. 1793.
525,707
550,044
557,363
575,235
Preferred dividends____
Receivership.— Pres. S. L. Willson was appointed receiver on Oct. 5 1923.
V . 117, p. 1558. A protective committee for the preferred and common
Balance, surplus.
$1,322,876
$384,443 def$186,399
$33,977 stock was formed Sept. 12 1923, o f which B. W . Jones (V.-Pres. of Bankers
— Cap. Stock Issued— Owned by
A .W .W .&
E.Co.,Inc.
Oommorrvv’lth Wat.
f2d pref.
& Light Oo______ N . J. Mar. 19 1904 \Common
Connellsville W . C o-_P a. Mar. 21 1883 Common
East St. Louis & Interurban W at. C o .-I ll. Aug. 15 1916
Huntington Water
C orp-------------------Del. M ay 24 1917
Joplin W . W . C o___ M o. Feb. 6 1893
Keystone Power &
Light C o-------------- Del. Dec. 22 1922
Kokomo W at. Wks.
C o _______________ Ind. M ay 30 1887




-----Incorporated—
Where.
When.

MISCELLANEOUS COMPANIES
[For abbreviations, <kc., see notes on page 6]

Date
Bonds

American Zinc Lead & Smelting Co— Common stock-----Pref stock cum 24% (entitled to $100 per share in liquidation)
Granby Mining & Smelting 1st M; (closed) assumed call
sk fd. S100.000 yearly (V 104. D 1492. 1486)............... NC
Silver Dyke Min s f debs (guar p & i) red 105 xxxc
Anaconda Copper Mining Co— Stk $300,000,000 auth___
Secured gold bonds $50,000,000 Ser A ______________G.yc*
1st conM SerA s f g bds red(t’t)$200,000.000 a’th.Gkxxxc*r
Convertible debentures redeemable 110___ ____________c*
Anglo-American Oil Co— Stock £5.000.000 auth___________
Sinking Fund gold notes red, see text________________G.c*

Par
Value

$372,917
2,032,035
413,144

1916
1923
1919
1923
1923
1920

500 Ac
50
1,000
500 &c
500A 1000
Jtl
£1
$500 Ac

$443,238 def$260,101 def$614,071
x2,010,135 x2,655,021 3,695,152
421,338

379,563

403,885

T o ta l su rp lus D ec. 3 1 . $1,991,808 $2,032,035 $2,015,357 S2,677,195

x Adjusted.
OFFICERS.— C. W . Baker, Chairman; William A. Ogg, Pres.; F. W .
Batchelder, Sec. & Treas. Office, 55 Congress St., Boston.— (V. 118, p.
2182.)
AMOSKEAG MANUFACTURING CO.— (V. 117, p. 1889.)
ANACONDA COPPER MINING C O — 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 dis­
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 o f zinc, lead, gold, arsenic and other im­
portant metals, besides treating upon a custom basis large quantities o f 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 or 216,000,000 lbs. Another refinery, located at Perth Amboy,
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 road and wire mill at Great Falls with an annual capacity
o f 90,000,000 lbs. of manufactured copper. Its electrolytic zinc plant at
Great Falls has an annual capacity of 130,000,000 lbs.
For further de­
tailed description of properties and holdings, see V. 114, p. 74, in connection
with acquisition of American Brass Co.; also V. 116, p. 406; V. 117, p. 1558.
The company in Dec. 1921 made an offer to the shareholders of the Amer­
ican Brass Co. to acquire not less than 51% o f the stock o f said company,
and to pay therefor $150 cash, and 3 sh. o f the stock o f Anaconda for each
share of Brass stock. To provide for part o f the payment of the American
Brass Co., the stockholders o f the Anaconda company of record Jan. 3
1922 were offered the right to subscribe for 233,125 o f the 668,750 unissued
shares o f Anaconda company in the ratio o f one share o f new stock to each
10 shares owned. V. 113, p. 2725, 2822; V. 114, p. 201. In Feb. 1922.
149,817 out o f a total o f 150,000 shares o f Amer. Brass stock had been de­
posited or placed in the control of the committee for delivery. V.114,p. 741.
In Jan. 1923 the company acquired a majority interest in the Chile
Copper Co. through the purchase of 2.2OO,O0O shares from Guggenheim
Bros, at $35 a share. V. 116, p. 298.




Amount
Outstanding

Bate
%

When
Payable

1,153,600
5 g
600,000
7
150,000,000 See text
16.938,000
6 g
106,981,000
6g
50.000,000
7
£3.000.000 See text
None
8
$11,267,000
7H g

Last Dividend Places Where Interest one
and Maturity
Dividends are Payable

May 1 1917 4%
Nov 1 1920 6% Boston Mass

$25 $4,828,000 See text
25 2,414,000 See text

Trust Co.) is Chairman. Tne other members are M . C. Branch (Pres, of
Merchants’ National Bank), Richmond, Va.; Murray H. Coggeshall (of
Coggeshall & Hicks), John T. Gillespie (of L. C. Gillespie & Sons;, Percy H.
Johnston (Pres. Chemical National Bank), and Ridley Watts (of Ridley
Watts & C o.). C. O. Cornell, 16 Wall St., N. Y ., is Secretary. Bankers
Trust C o., depositary, 16 Wall St., New York. V. 117, p. 1238, 1351.
BONDED D E B T .— Of the $12,000,000 first mtge. sinking fund bonds
issued, $2,043,000 were in treasury (pledged), $534,000 were in sinking fund
and $130,000 had been retired on Dec. 31 1922.
Interest on the bonds was at the rate of 7% per annum from Jan. 1 1919
to and including Jan. 1 1922; thereafter, 6% .
Sinking fund; An annual 1% of bonds outstanding, plus: (1) 25% of the
net available surplus earned in any one year, after providing for deprecia­
tion, fixed charges, &c., until the amount o f bonds outstanding has been
reduced to $10,000,000, par value; and (2) thereafter 15% of such net sur­
plus till the bonds are all retired.
Interest D efau lted . — The interest due Jan. 1 1924 was not paid.
B ondholders ’ C om m ittee. — George C. Lee, Chairman (Lee, Higginson &
C o.), Boston; Philip Stockton (Old Colony Trust C o.), Boston; A. Willard
Damon (Springfield Fire & Marine Ins. C o.), Springfield, Mass.; Philip R.
Allen (Bird & Son, Inc.), East Walpole, Mass.; H. B. Lake (Ladenburg,
Thalmann & C o.;, Otto Marx, New York, with Josiah F. Hill., Sec., 44 State
St., Boston, and Ropes, Gray, Boyden & Perkins, 60 State St., Boston,
counsel.
D e p o sita ries . — Old Colony Trust Co., 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
1 9 2 0 .. . 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 4 months ended April 30 1923, lossfor period, $213,241; depreciation,
$300,000; net loss, $513,241. Compare V. 117, p. 784.
PREF. DIVS.— June 1908, 2% ; 1909, 1%; 1910 to April 1913, 2% yrly
none since. Y. 97, p. 367, 446. Accum. pref. divs. to April 1924, about
163 M % ■
OFFICERS.— Chairman, Walter T . Rosen. Receiver, S. L. Willson,
Sec.. James T . Robinson; Treas., L. S. Nold. Office, Holyoke, Mass.—
(Y. 118, p. 2182.)
AMERICAN ZINC, LEAD AND SMELTING CO.— ORGANIZATION.
— Incorporated Jan. 26 1899 in Maine as a mining and smelting company.
It is also a holding and operating company for certain subsidiaries (V. 102,
p. 73; V. 104, p. 1486) in Missouri, Tennessee, Wisconsin, Kansas and Illi­
nois, Settlement of 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. of $6 per
share Q.-F-, or 24% per ann. and are callable at $100 and divs., and in
liquidation will receive up to that amount. See official statement to N. Y.
Stock Exchange on listing of stock. V. 102, p. 2330, 1164, 69. The total
stock, common and pref., is limited to $7,500,000.
Year—
1907.1910. T l . 12. 13. Y4-T5.
1916.
T7 ’ 18-’23.
0
50% in.stk. 8 None
Com. d i v s ___ $1.25 $1.50 $2 $2 $1
Quarterly dividend on pref. shares, 6% each (24% yearly) was paid
Aug. 1 1916 to Nov. 1 1920; none since. V. 112, p. 374, 473.
BONDS.— Granby 5s $1 900 000 Dec. 31 1917; retired 1917-23, $746,400,
balance outstanding, $1 153,600.
Silver Dyke Mining Co. debentures, Y. 116, p. 2647.
R E PO RT.— For 1923, in V. 118, p. 1522 and 2182, showed:
Calendar Years—
1923.
1922.
1921.
1920.
$432,258
$516,313 loss$188,433 loss$92,409
Operating p rofit_______
Interest on bonds, &c_
_
$59,341
$73,075
$71,668
$39,625
Preferred dividends____
______
______
______
482,037
Balance, surplus_____
Previous surplus_______
Deduct— Deprec’n and
depletion reserves___

143

INDUSTKIAL AND PUBLIC UTILITY

M ay , 1924.]

J
J

& D June 1926
& D June 1 1928
Jan 21 24 l f i
J & J Jan 1 1929
F & A Feb 1 1953
F & A Feb 1 1938
See text M ay 15 ’24 12 M
Quar.
A & O April 1 1925

Chicago Northern Tr Co
National City Bank. N Y
Nat City Bk & Gu T.N Y
Nat City Bk AG uTr.N Y
do
do
Guar TrCo, N Y , Lon.A c
J P Morgan A Co. N Y

The stockholders of the Davis-Daly Copper Co. on Feb. 20 1924 voted to
sell all of the property and assets to the Anaconda Copper Mining Co. for
$3,000,000. For further details see V. 118, p. 557, 436.
STOCK.— The stockholders on Feb. 26 1923 increased the authorized
capital stock from $150,000,000 to $300,000,000.
DIVS.
%1 ’08-T1. ’ 12. ’ 13. ’ 14. ’ 15. T 6. T 7. T 8. T 9. ’ 20. ’21-’ 22. ’23.
Since 1 9 0 4 ../ 8 yrly.
9 12 10
6 14 17 16
9
8 None 4>3
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 l } 4 %
was paid; July 1923 to Jan. 1924 paid 14£% quar.; April 1924 div. was
omitted.
BOND ISSUE.— Of the ten-year Secured Gold bonds of 1919, $25,000,000 of Series A were sold in January 1919 to provide for the develop­
ment o f 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 theseveral South American companies (mining,
exploration and railway), but also in the Raritan Copper Works, Int.
Smelting C o., Int. Lead Ref. C o., Ac. No mortgage can be made without
securing these bonds as a prior lien thereunder. V. 108, p. 81.
The first consol, mtge. Series A sinking fund 6% gold bonds due Feb. 1
1953 are redeemable, all or part, at 105, if redeemable on or before Feb. 1
1933, at 103H thereafter if redeemable on or before Feb. 1 1943, and at
102 thereafter and prior to maturity.
Secured by a direct mortgage lien on all the plants, real estate and equip­
ment owned by the Anaconda Copper Mining Co. at the date of the execu­
tion of the mortgage and by the pledge thereunder of shares of capital stock
of certain controlled companies, subject to the prior payment of outstanding
Series A 6% 10-year secured gold bonds, due Jan. 1 1929, for the refunding
of which an equal amount of bonds are to be reserved under the First consol,
mtge. Company will specifically pledge with the trustee for the prior se­
curity of bonds issued under the 1st consol, mtge. the following collateral,
which, on basis of actual cost, represents a value in excess of $130,000,000;
2,200,000 shares (par $25) representing over 50 % of the issued capital stock
of Chile Copper Co.
149,500 shares or more (par $100), representing over 99% of the issued
capital stock of American Brass Co.
297,300 shares (par $20), representing over 25% of the issued capital
stock of the Inspiration Consolidated Copper Co.
The mortgage will provide for a semi-annual sinking fund beginning
Oct. 1 1923, sufficient to retire all present and future issues ofSeries A bond
by maturity. Prior to Oct. 1 1928 the semi-annual sinking fund payments
shall be in the amount of $750,000 each and shall be used by the trustee in
the purchase of Series A bonds at or below par, provided that any of such
payments remaining unapplied after the expiration of 60 days in each case
shall be returned to the company.
Beginning Oct. 1 1928, the sinking fund payments shall be cumulative and
sufficient to retire by maturity all Series A bonds outstanding on Oct. 1 1928
and all additional Series A bonds thereafter issued. Such sinking fund pay­
ments shall be applied by the trustee to the purchase or redemption of
Series A bonds at not exceeding the current redemption prices. The com­
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, basal upon the present par value of $50 a share, and at rates propor­
tionate thereto in case of any change in such par value; the first $10,000,000
of debentures to be presented for conversion may be converted at a price of
$53 a share; the next $10,000,000 at a price of $56 a share; the next $10,000,000 at a price of $59 a share; the next $10,000,000 at a price of $62 a
share; and the last $10,000,000 at a price of $65 a share.— V . 116, p. 298.
RE PO RT.— For 1923, in V. 118, p. 2298, showed:
Years Ending Dec. 31—
1923.
1922.
1921.
Fine copper produced (lbs.)________ 215,107,226 157,346,016 36,257,591
Silver produced (ounces)__________ 1 9,279,770
7,367,859
2,269,875
8,725
Gold produced (ounces)_____________ 30,063,534 26,026,110
Sales of copper, silver and gold_____$171,282,496$123,501,639 $31,097,214
Income from invest., sub. depts., A c. 16,538,297
8,322,032
2,136,043
Copper, silver and gold on hand_____ 46,402,343 43,672,793 17,817,364
Total receipts___________________ $234.223,136$175,496,462 $51,050,621
Copper, silver & gold on hand Jan. l-$43,672,792 $17,817,364 $36,516,880
Mining, trans., reduc., deprec., Ac__171,960,375 149,189,020 22,806,159
Total net income__________________$18,589,969 $8,490,078df$8,272,418
Interest______________________________ $9,830,294 $4,020,344 $3,108,268
Expenses during shutdown_________
______
930,494
5,680.503
Dividends__________________________
9,000,000
______
____
Balance for year_________________ def$240,325sr$3,539,240dfl7,061,189
Note.— Operations were suspended April 1 1921 and were not resumed
until Jan. 16 1922.
DIRECTO RS.— John D . Ryan (Chairman), C. F. Kelley (Pres.), 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.).
Offices.— Anaconda, M ont., and 25 Broadway, N . Y .— (V. 118, p. 2298.)
ANGLO-AMERICAN OIL CO., LTD.— ORGANIZATION, A c — Incorp.
In England In 1888. Markets most of the oil of the Standard Oil Co. of
N. J. in the United Kingdom and Is the largest marketing oonoern there.
Owns a large number of tank steamers, chiefly used In trade with the United
Kingdom. Formerly controlled by Standard Oil Co. of N. J. but segre­
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 o f 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 of 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.
V. 113, p. 74; V. 118, p. 2182.
The 5-year sinking fund g. 7 H % notes are redeemable , all or part, or for
sinking fund, at par and int.. plus a premium of 1% for each year or portion
of year from date o f call to maturity. A semi-anunal sinking fund of not
less than $1,250,000 began April 1 1922.

144

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

When
Payable

Last Dividend Places Where Interest end
Dividends are Payable
and Maturity

Armour & Co. of Delaware—
Guar pref (a & d) stk 7% cum red 110 auth $100,000,000-.
$100 $64,864,300
7
Q— J July 1 1924
1st mtge bonds Ser A (guar) red 105 ____CCk.xxxc*&r* 1923
100 &c 60,000,000
5)4 g J & J Jan 1 1943
Funded Debt of Morris A Co. (Assumed by North American Provisi on Co.)—First mtge auth $25,000,000 g red 103______FC.xc&r 1909
1,000 18,257,000
4 )4 g J & J July 1 1939
Ten-year s f gold notes $15,000,000 auth red text__xxxc* 1920
100 &c 14.000.
000 7)4 g M & S Sept 1 1930
Wm F Mosser Co 10-year s f notes guar p & i ______xxxc* 1920
100 &c 1,900,000
8 g A & O Oct 1 1930
Armour & Co. (of Illinois)—
Common stock Class A $150,000,000 auth________________
25 50,033,700
Common stock Class B $150,000,000 auth . . ___________
25 50.000.
000
Preferred stock 7% cumulative $100,000,000 auth________
100 59,298,400
7
Q— J July 11924 1M
Real estate 1st M $50,000,000 gold red 102H ___ xc*&r* 1909 1.000 &c 50.000.
000 4)4 g J & D June 1 1939
Armour Leather Co— Common stock authorized $15,000,000
15 15.000. 000 See text
Septl '20, 30c.
Preferred stock (a & d) 7% cum call 115 auth $25,000,000
See
100 10.000.
Apr 1 1921 1M
000 text
Founders’ stock authorized 100,000 shares_______________
None 100.000 shs
None 180.000 sh.
Arnold, Constable & C o., In c.— Stock 200,000 shares auth.
Art Metal Construction Co— Stock $6,000,000 auth_____
10 3,205,700
10
Q— .131 Apr 30 1924 2)4

D IV ID E N D S.— 1914. 1915. 1916. 1917. 1918-21. 1922. 1923Regular (% )______ 15
15
15
15
30 y ’ly
15
20
Extra ( % ) ________
5
5
5
10
____
____ ____
Paid in 1924: M ay 15, 12)4% (final div.).
Cal. Year— Profits. Deprec’n. Int., A 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 £600,000 df£l,651,908
19 20.. £2,931,885 £559,267 £600,267 £507,193 £900,000
£365 158
Office, 36,38 Queen Anne’s Gate, London, S. W. England.— (V. 118,
p. 2576.)
ANTILLA SU GAR C O — (V. 118, p. 434.)
ARMOUR AND CO. OF DELAWARE.— Incorp. in Delaware Dec. 27
1922 to acquire from Armour & Co. of Illinois certain of its properties and as­
sets for the purpose o f facilitating the administration and financing of its
business. The properties and assets acquired consist generally of certain
packing houses and cold storage plants, the Armour Fertilizer Works and
various other American subsidiaries, all the South American and Cuban
subsidiaries, plants devoted to the manufacture and distribution of by­
products, including the Armour Soap Works, and approximately $23,000,000
of investments. For list o f properties acquired, see V . 116, p. 80; V. 117,
p. 1889.
Acquisition of Morris & Co.— J. Ogden Armour, Chairman, on March 28
1923 announced that the acquisition o f the business and physical assets of
Morris & Co. by the North American Provision C o., a subsidiary of Armour
& Co. of Del. had been effected. Mr. Armour further said in substance:
Terms of the Purchase.— Payment will be made approximately as follows:
$2,750,000 in cash; not more than $5,000,000 pref. stock o f Armour & Co.
of Del.; $9,000,000 pref. stock o f Armour & Co. o f 111.; $10,700,000 common
(Class A) stock o f Armour & Co. o f 111. There remain a few contingencies
that may reduce the amount o f Delaware preferred stock.
This $5,000,000 of Delaware stock is in addition to the amount previously
Issued. To facilitate the transaction, and furnish the additional working
capital required for the increased volume o f business, an additional $10,000,000 1st 514 % o f Armour & Co. o f Del. will be placed through the
Morris interests, and there is an agreement that neither these bonds nor the
$5,000,000 o f Delaware stock will go on the market for at least a year.
North American Provision Co.— Will be capitalized at $10,000,000 7%
cum. pref. stock and $30,000,000 common stock, all of which will be owned
by Armour & Co. o f Del., except approximately $8,600,000 of pref. stock,
which will be issued to acquire a like amount of the pref. stock or Armour &
Co. required as part o f the purchase price. The funded debt of Morris &
Co. will be assumed by the North American Provision Co. Compare V.
116, p. 1415, 2887.
STOCK.— The entire $60,000,000 com. stock is owned by Armour &
Co. o f Illinois.
The pref. stock is guaranteed as to prin. divs. and sinking fund by
Armour & Co. of 111. Redeemable all or part at any time at 110 and divs.
on 60 days’ notice. On or before Feb. 1 1925 and in each year thereafter,
company shall, out of its net earnings, after payment o f full divs. on the
pref. stock, retire at not exceeding 110 and divs., not less than 1% of the
maximum amount of pref. stock theretofore issued. For further pref.
stock provisions, compare V. 116, p. 80.
BONDS.— The 1st mtge. 5) 4% gold bonds, Series A, are guaranteed,
prin. and int., by Armour & Co. of 111. These bonds, by direct mortgage
of the new company and through the pledge of 1st mtge. bonds or obligations
of subsidiaries, will be secured by a first mortgage upon lands, buildings,
machinery, fixed equipment and properties appurtenant thereto, appraised
at sound values exceeding $85,000,000. V. 116, p. 179.

[V ol. 118.

New York or Chicago
New York & Chicago
New York & Chicago
New York or Chicago

Farmers L & Tr Co, N Y

Armour & Co. of Delaware was organized in Dec. 1922 to acquire certain
of the company’s properties and assets. The entire common stock is owned
by Armour & Co. (of Illinois). Proceeds o f the issue of $50,000,000 1st
mtge. 20-year 5)4 % guar, gold bonds, Series A, and of $60,000,000 7 % guar,
pref. stock of the Delaware company were received by Armour & Co. of 111.
and used by it for the retirement of 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. Compare Armour
S Co. o f Delaware above and V. 116, p. 179.
c
Recapitalization.— The stockholders on July 28 1920 ratified a plan in
creasing the authorized capital stock from $160,000,000 to $400,000,000
The plan provided for an authorized issue of $300,000,000 Common stock
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 Common
stock received for each share of Common stock of the par value of $100 held
two shares of class “ A ” stock and two shares of class ” B " Common stock,
par value $25 each.
The Class A common stock has preference as to cash dividends up to 8%
over Class B common stock, and after 8% has been paid on Class B stock in
any year both classes of common stock will share alike In percentage of
additional dividends paid during such year. Each share of Class A common
stock shall be entitled to all the rights of any share of com. stock of the co.
DIV ID E N D S.—
1920. 1921-’23.
Class “ A ” stock_________________________________________ 4
None
Class “ B ” stock__________________________________________ . .
None
On preferred, Oct. 1 1918 to July 1924,1 H % quarterly.
BONDS.— Of the “ Real Estate 1st M tge.” 4H » ($50,000,000 authorize 1
issue), final $20,000,000 were sold in April 1916. V. 102, p. 1542. The?
are subject to call as a whole on any Interest day at 102 H and interest on
12 weeks' notice, and since Dec. 1 1914 in blocks of not less than 10% .
T. 88. p. 1374; V . 104, p. 665.
All of the outstanding 10-year 7% conv. gold notes, dated July 15 1920,
were redeemed at 105 and int. on April 26 1923. The company also re­
deemed on June 15 1923 all of the outstanding 6% serial conv. gold deben­
tures o f 1918 at 100 and int. V. 116, p .825.
R E PO R T .— For 1923, in V. 118, p. 1131, showed:
Incl. Armour A Co. of III., Armour A Co. of Del., Cal. Yiar 6 Mos. End.
No. American Provision Co. and Subsidiaries.
1923.
June 30 '23.
Income__________________________________________ $38,583,217 $16,712,403
Depreciation (buildings, machinery andcars)_____ 7,971,703
3,852,032
Interest charges_________________________________ 14,920,256 7,660,865
8,357,625 3,710,930
Preferred stock dividends________________________
Balance_______________________________________ $7,333,632 $1,488,575
Write-offs and reserves against securities_________
1,919,232
Surplus Dec. 31 1922___________________ ____ ____ 40,376.402

Surplus Dec. 29 1923__________________________ $45,790,803
OFFICERS.—Chairman, J. Ogden Armour; Pres., F. Edson White; 1st
V .-P ., Philip D. Armour; Sec., G. M . Willetts; Treas., Philip L. Reed.
Office, 208 La Salle St., Chicago, 111.— (V. 118, p. 2576.)
ARMOUR LEATHER CO.— Organized under laws of Delaware in
Feb. 1920 for the purpose of acquiring all of the tanning companies and
eather assets owned by Armour & Co. (See V. 110, p. 660.) In Sept.
1922 acquired control or Alexander Bros., Phila., leather belt manufacturers
CAPITAL STOCK.— 7% cumulative preferred, authorized $25,000,000;
outstanding, $10,000,000; par, $100; common, authorized and outstand­
ing, $15,000,000 (of which $4,500,000 is reserved to be offered to employees
and customers of the company): par $15; founders' stock, authorized and
S ecurities o f M o r r is A C o. (A s su m ed by N o rth A m e r . P ro v isio n C o .).
outstanding. 100,000 shares, no par value. The founders’ stock was acBONDS.— Auth. issue, $25,000,000; First Trust & Sav. Bank and Emile ■julred by Armour & Co. at $5 a share. Holders of Armour & Co. pref
K. Boisot o f Chicago and the Mercantile Trust Co. of St. Louis, trustees; stock were offered the privilege of subscribing to the stock of the new co.
Annual sinking fund, beginning July 1 1921, $324,000 (sinking fund was
R E PO RT.— For 1923 in V. 118, p. 1914.
$200,000 per annum from July 1 1910 to July 1 1920).— V. 91, p. 1510;
DIV ID E N D S.— After pref. dividends, the remaining surplus earnings
V. 89, p. 48, 107; V. 108, p. 2334.
, .
shall be available for dividends on the common and founders’ stock In
The 10-year sinking fund gold notes o f 1920 are redeemable at 107 during
first three years, 106 during next three years, 105 during next two years, equal aggregate amounts.
An initial div. on pref. stock at the rate of 7% per ann. for the period
and 104 during last two years. A sinking fund beginning Sept. 1 1922 will
retire in s. a. installments $5,000,000 before maturity as follows: On Sept. 1 from Mar. 1 to Apr. 1 was paid on Apr. 1 1920; to Apr. 1 1921,1 H % guar.
and March 1 o f each year from Sept. 1 1922 to and including March 1 1928, The Apr. 1921 div. was paid by Armour & Co. V. 112, p. 1027. July 1921
$250,000, and on the four following semi-annual dates $500,000 each. div. was passed. V. 112, p. 2416. Initial div. on com. of 60 cents (4% )
for period from N ov. 1 1919 to M ay 1 1920 was paid M ay 1 1920. On
V. I l l , p. 901.
Sept. 1 1920 paid 30 cents (2 % ); none since.
OFFICERS.— Chairman, J. Ogden Armour; Pres., F. Edson White
OFFICERS.— Chairman, Frank G. Allen; Pres., Henry W . Boyd, Chi­
1st V.-Pres., Philip D. Armour.— (V. 117, p. 1889.)
cago; V.-Pres’ ts, M . C. Weimar, Chicago; F. O. Von der Heide, Bottom
ARMOUR AND CO. (OF ILLINOIS).— ORGAN IZATION.— Incorp. M . P. Brennan, Olean, N. Y ., and Philip L. Reed; Sec. & Treas., C. B.
in Illinois April 14 1900. Owns plants in Chicago, Kansas City, South Eldridge, Chicago.— (V. 118, p. 1914.)
Omaha, East St. Louis, Fort Worth, Tex., St. Joseph., M o., Denver, Col.,
ARNOLD, CONSTABLE & CO., INC.— Incorp. under laws of N . Y.
South St. Paul, Hamilton, Can., England and Argentina, incl. packing
bouses, glue works, soap works, warehouses, refrlg. stations, tanneries, on June 29 1914. Conducts a general department store located at Fifth
&c., &c. See applications to list, V. 90, p. 370, and V. 95, p. 546; V. 98, Ave. and Fortieth Street, N . Y. City.
STOCK.— The entire outstanding stock is held in a voting trust dated
p. 1002. In Jan. 1917 acquired four large tanneries In Western Pennsyl­
vania. V. 104, p. 75, 2013, 2110. A new packing plant at St. Paul was Nov. 20 1922 and expiring N ov. 20 1927, the voting trustees being Duncan
opened in the fall o f 1919. In Dec. 1923 purchased the soap plant in New A. Holmes, Stephen J. Leonard and W . Forbes Morgan.
York formerly owned by B. T . Babbitt Co. V. 117, p. 2893.
RE PO RT.— Earnings for 13 mos. ended Jan. 31 1924:
The “ Big Five” packers in Dec. 1919 agreed to the entering of a decree Net sales_____________________________________________________$4,487,124
In the Government suit requiring them within two years to give up their Exp., depr., int., &c. (incl. loss In liquidating wholesale dept., &c.) 5,115,789
•tockyards and other outside interests (except their handling of eggs, but­
$628,665
Loss_____________
ter. poultry and cheese, which is loft for future consideration) and in general
35,969
to confine their operations to wholesale meat business. See V. 109, p. 2358. Other Income_________________________________________________
The time limit was subsequently extended to Jan. 1 2 ’25. V. 114, p. 1655.
D e ficit______________________________________
$592,696
The Swift and Armour interests on April 15 1924 filed in court at Wash­
ington, D . O., a brief declaring void the ’ consent decrees.” Compare
OFFICERS.— Pres., Stephen J. Leonard; Sec. & Treas., Thomas W .
V . 118, p. 1875.
Trimble. Office, Fifth Ave. and 40th St., New York.— (V. 118, p. 2307.)
On Jan. 14 1920 announcement was made of the formation of the Armour
A R T METAL CONSTRUCTION CO.— Incorp. March 24 1913 underLeather C o ., which would take over the leather and tanning properties of laws of Mass, and acquired the properties and assets of the New York
Armour & Co. Preferred stockholders of Armour & Co. of record Feb. 2 company of similar name. On M ay 1 1918 acquired the Crown Metal
1920 were offered the right to subscribe to the stock of the leather company. Construction Co., since dissolved, and in N ov. 1919 purchased the plant
V 110, p. 263. (See below.)
and machinery of the Steelwhite Co. and In June 1920 the assets, See., of
To sell control o f Fruit Growers' Express; sale of grocery concerns. V. the Interior Metal M fg. Co. Manufactures metal furniture, including
I l l , p. 2327. The Court in Feb. 1921 authorized the sale by the company desks, safes and steel filing cabinets; also structural grille work, partitions,
of its interests in the Chicago and Denver stock yards. V. 112, p. 851. brass railings, library, bank and similar equipment. Plants are located
at Jamestown, N . Y
Ordered to dispose of Spokane plant. V. 114, p. 2245, 2362.
Dividends Paid Since Organization.
Dissolution plan approved by Court. Compare Swift & Co. below and
V. 112 p. 1626. Text o f Meat Packers’ Bill, known as the Packers and Year . . . 1913. 1914. ’26-17. 1918. 1919. 1920. 1921. 1922. 1923
Rate (% ) 6
6
0
10
16
*13H
10
10
10
8tockyards Act of 1921, V. 113, p. 1422; V. 114, p. 2473. Public offering
♦Also 100% In stock on June 16 1920.
of interests in stock yards, V. 114, p. 630. Merger discussion, V. 115,
Paid in 1924: Jan. 31, 2)4%-, April 30. 2 ) 4 %.
p 2270.




Date
Bonds

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

Associated Dry Goods Corporation.-------------------------------Common stock $20,000,000 _____________________________
1st pref(a 4; d) stock 6% cum after Dec 1 1917 $20,000,000
2d pref (a & d) stock 7% cum after Dec 1 1917 $10,000,000
Associated Oil Co— Stock $60‘000,000 auth_________
12-year gold notes____________________________ AS.y.c*&r*
Atl a & W I SS— Com stk $20,000,000 listed on N Y Stk ExPreferred (a & d) stock $20,000,000 5% non-cum_________
Collateral Trust M g red text_____________________ Eq.xx
Marine equip trust cert dueannually_________________ G
1st lien marine epiqu gold notes__________________________
Bonds of sub. cos. (less amts. In treas., &c.)____________
Marine Equipment gold bonds due yearly-----------------------1st pref mtge gold bonds due yearly_____________________
Atlantic Refining Co (T he)— Stock $50,000,000 auth.. Eq
Pref (a & d) stk 7% cum $20,000,000 non-vot call text. Eq
15-year gold debentures________________________ Eqkxxxc*
Marine equipment notes due $90,000 annually___________
do
do
due $90,000 annually______________
Atlas Powder Co— Common stock 500,000 shares auth_____
Preferred stock (a & d) 0% cum,$10,000,000 (see text) —

R E PO R T .— For 1923, in V. 118, p. 1914, showed:
1923.
1922.
1921.
Net shipments for year. $5,705,107 $4,606,384 $4,661,492
Less cost goods shipped. 5,202,326
3,918.918
4,058,303
Gross profit.................
Admin. & selling expense
Inventory depreciation.
Int. & discount earned..
T a x e s_________________
D ividen d s......................

$502,780
Cr.27,139
______
$22,249
69,000
320,570

$687,466
______
______
34,853
90,000
320,570

$603,189
______
$129,617
15,158
75,000
320,570

Par
Value

Amount
Outstanding

Bate
%

$100 $14,9,85.000 See text

1923
1908
1921
1921
1922
1922
1923
1923

100 13,818,700
6
100 6.725.500
7
25 56.000.
6 in 1923
000
1,000 24.000.
000 6 g
100 14,963,400 See text
100 13,742,900 See text
500 &c 13.000.
000
1,000
2 , 666.000
7 8
1,000
900.000
5K g
6.963.000
5
1,000 2.730.000 7 g
1,000
1.440.000
6
100 50.000.
See
000 text
100 20.000.
000 7
100 &c 15,000,000
5g
180.000
5
180,000
5
None 260,895 sh. See text
100 9,000,000
6

1920.
$6,204,335
5,226,757
$977,577
______
$561,721
19,242
70,000
276,853

Balance, surplus_____
$162,598
$311,748
$93,160
$49,759
OFFICERS.— Pres., Henry K. Smith: V.-P. A Gen. M gr., Frank G.
Riehl: Sec. & Treas., E. O Uultquist
Office, Jamestown. N. Y .—
(Y. 118, p. 1914.)
ASSOCIATED DRY GOODS C O R P .— ORGAN IZATION.— Incor­
porated In Virginia May 24 1916 and in Aug. 1916 succeeded, per plan la
V. 102, p. 69, 64. to all the properties o f the Associated Merchants Co.
and United Dry Goods C o., viz. (V. 103, p. 1412): (a) Retail dry goods
■tores wholly owned, with net tangible assets valued Dec. 31 1923 at
$22,566,638, viz., James McCreery & C o., New York (V. 105, p. 1421);
Ratine & C o., Newark, N. J.; Stewart & Co., Baltimore; W m. Hengerer C o., Buffalo; Powers Mercantile C o., Minneapolis; J. N. Adam & Co.
Buffalo; Stewart Dry Goods C o., Louisville, Ky. (6) Adrico Realty Co.
owning equity In McCreery real estate. West 34th St., N. Y ., $1,600,000
(V. 103, p. 1208.) (c) Other Investments now Including Lord & Taylor
l*t pref. stock. 21 459 shares, 2d pref. stock, 15,869 shares, common stock.
25.350 shares, par of each $100 a share; O. G. Gunther’s Sons, 2,100 shares
common stock; Surety Coupon C o., all capital securities, $200,000: Asso­
ciated Dry Goods Oorp. of N. Y ., all capital securities, $25,000.
The aforesaid seven retail dry goods companies, whose capital securities
are wholly owned, had on Dec. 31 1923 tangible assets. $27,869,737; liabili­
ties, $5,303,099; net assets, $22,566,638.
CAPITALIZATION .— Of the capital stock as shown In table above
there was on Dec. 31 1923 $19,400 In treasury* and $780 held against
undeposited stock of Associated Merchants Co. and United Dry Goods Co
DIVIDEN DS.— Dividends of 1 K % were paid on the 1st pref. stock
Dec. 1 1917 quar. to June 3 1924. On 2d pref. stock (No. 1), I K % Mar. 1
1918, quar. to June 3 1924. On com., initial div o f 1% paid May 1 1920same amount paid quar. to Nov. 1 1923; paid 1 K % quar. on Feb. 1 and
M ay 1 1924.
R E PO R T .— For 1923, in V. 118, p. 910 and 1133, showed:
1923.
1922.
1921.
1920.
$4,234,953 $3,501,952 $2,180,090
Total profits__________ $4,576,339
Net cur. prof, (after de­
duct, res. for Fed. tax.) $3,975,406 $3,760,695 $2,835,565 $1,916,568
First pref. div. ( 6 % ) .- .
829,122
829,122
829,122
829,122
2d pref. div.
( 7 % ) ...
470,785
470,785
470,785
470,785
Common divs. ( 4 % ) ...
599,400
599,400
599,400 (3)449,550
Divs. on treasury stock.
Cr.2,721
0 .2 ,721
0 .2 ,7 2 1
0.2 ,6 2 1
Balance, surplus_____$2,078,820 $1,864,109
$938,979
$169,732
OFFICERS.— Samuel W. Reyburn, Pres.; Charles A. Gould and O. PPerrie, V.-Ps.; Ralph M . Stauffen, Sec. & Treas.— (V. 118, p. 1133.)
ASSOCIATED OIL CO.— ORGANIZATION.— Incorp. in Cal. Oct. 5
1901. Owns and leases mineral locations in and adjacent to various
producing fields In California. Also stockholdings in Associated Pipe Line
C o., California Coast Oil C o., Pantheon Oil Co., Pioneer-Midway Oil Co.,
Consolidated Reward Oil C o., Sterling Oil & Dev. Co., The Coalinga Unity
Oil C o., West Coast Oil C o., Associated Supply Co. and Miley-Keck Oil
Co. The Amalgamated Oil Co. was merged in 1924. Compromise with
Government as to oil lands. V. I l l , p. 795.
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-’ 12. ’ 13-’ 14. 1915. '16. ’ 17-’ 19 ’20-’23.
P e rc e n t... 3 1 K % 1 K % None. 3 yrly. \K
4
5
0
In Jan. 1920 paid 1 K % . increasing annual rate from 5% to 6% : to Apr
1924, 1 K % auar.
BONDS.— All the outstanding first and refunding mortgage 5% bonds
due 1930 were redeemed on Jan. 15 1924 at par and interest.
N O T E S..The $24,000,000 12-year 6% gold notes were offered in Aug.
1923 (V. 117, p. 1019). On Sept. 1 1925 and semi-annually thereafter until
all o f 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 102K 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 1923, in V. 118, p. 2435, showed:
Calendar Years—
*1923.
1922.
1921.
1920.
Total receipts.................$67,266,992 $37,863,290 $53,487,559 $51,961,248
Net earnings___________ 12,369,776
8,457,578 12,718,147 13,620,024
Interest, taxes, &c_____
1,651,635
1,405,185
1,839,312
2,555,035
Depreciation, &c.............. 4,767,459
2,861,826
2,720,883
2,257,271
2,632,672 (6)2,385,345 (6)2,385,343 (6)2,385,348
Dividends...... ..........
Balance, surplus_____$3,318,011 $1,805,223 $5,772,609 $6,422,370
* Including operations o f Amalgamated Oil Co.
OFFICERS.— Pres., Paul Shoup; Treas., W . A . Sloan; Sec., P. G.
Williams. Office, Sharon Building, San Francisco.— (V. 118, p. 2435.)
A TLAN TIC GULF OIL C O R P — (V. 117, p. 1890.)
ATLANTIC GULF & WEST INDIES STEAMSHIP LINES.— Incorp. In
Maine Nov. 25 1908 as successor of the Consolidated SS. Lines (V. 87, p. 287.
1013, 1090) and owns nearly all the stock of the Clyde, Mallory, N. Y . 4
Cuba Mall SS. C o., and all o f the stock of ths N . Y . & Porto Rico SS. C o,
and the Compania Cubana de Navegacion. Also controls a number of
smaller companies. On Dec. 31 a receiver was appointed for the N . Y . &
Cuba Mail SS. Co. See V. 118, p. 92, 440, 560.
In Dec. 1923 owned 79 ships. See V. 116, p. 2154.
The Atlantic Gulf Oil Corp. o f Virginia, of which the company owns
53 K % . owns or controls several producing wells In Mexico located about 75
miles south of Tampico. Compare V. I l l , p. 601; V. 116, p. 2152.




145

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

When
Payable

Last Dividend Places Where Interest anA
and Maturity
Dividends are Payable

Q— P M a y l 1924 IK
Q— M June 3 1924 1 K
Q— M June 3 1924 1%
Q— J 15 Apr 25 '24 I K
M & S Sept 1 1935
Feb 1 1921 5%
See text
J & J Jan 1 1059
J & J Jan 15 1934
A & O Oct 1 1924
semi-an. See text
M & N May 1 ’25 to ’31
M & N May 1 ’ 25 to’ 27
Q -M 15 June 16 ’24 1 %
Q— P M ay 1 1924 1)
J & J July 1 1937
To 1926
To 1926
Q— M June 10 1924 $1
Q— F M ay 1 ’24 I K

Checks mailed
Checks mailed
New York and San Fran
New York
do
Equitable Trust Co. V \
Guaranty Tr Co, N Y
New York
New York Trust Co, N Y
New York Trust C o, N Y
Equitable Trust C o, N Y
do
do

The Clyde Steamship C o., early in 1920, acquired by purchase the steam­
ship interests of Edw. M. Raporel & C o., Inc. V. 110, p 766Interest in pipe line to be built in France, V. I l l , p. 1795; V. 112- p. 852.
STOCK.— Both classes of stock were listed on the New York Stock Ex­
change In July 1916. See official statement to the Exchange describing the
properties, stock rights, &c. V . 103, p. 157 to 161.
D IV ID E N D S.— On pref. stock N o. 1. Apr. 10 1916. 1% ; July 1, 1% .
In Oct. 1916 a dividend of 1 K % was paid. Including K % for the Apr.
and K % for the July dividends, thus placing the pref. on a 5% basis; Jan.
1 1917 to Jan. I 1920. both incl. 5% per ann. (lH % q u a r .) V. 108, p. 881.
In Mar. 1920 declared 5 % , payable In quarterly Installments, Apr. 1,
July 1 and Oct. 1 1920 and Jan. 1 1921; none since. V. 112, p. 1869.
An initial dividend of 5% was paid Feb. 1 1917 on the common stock
Aug. 1917 5% and 1% to Red Cross; Feb. 1918 to Feb. 1921,5% semi-ann.
BONDS.—The auth. Issue of collateral trust 5% gold bonds Is $15,000,000. The $2,000,000 unissued can only be put out on vote of 66 2-3% o t
pref. stock. Redeemable at 105 and int. on any date by lot
No foreclsoure proceedings can be brought for default In Int. for less than 2 years.
V. 88, p. 160. All coupons free of Federal income tax.
The stockholders on M ay 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 Agwistone and Agwismith. in order to finance the
balance due the builders for the construction of the steamships. V 114.
p. 2245, 2363.
Bonds of Sub. Companies, $6,963,000.
Int.

b Clyde SS. Terminal Co. 1st M ..5 A & O
c N .Y .& Cuba Mail SS. Co.1st M ..5 J & J
c N .Y .& Porto Rico SS. C o .lst M ..5 M & N
b Carolina Terminal Co. 1st M ____ 5 M & N
c M allory SS. Co. 1st M . . . ..............5 J & J
Atlantic Gulf Oil Corp. 2d M tge___ 6 J & J
c Clyde SS. Co. 1st M .........................5 F & A
b Callable at 105. c Callable a t 110.

Outstanding.

$398,000
5.075.000
1.284.000
474.000
2.375.000
1.500.000
2.432.000

Maturity.

Oct. 1 1934
Jan. 1 1932
M ay 1 1932
N ov. 1 1937
Jan. 1 1932
June 1 1929
Feb. 1 1931

(V.91,p.1887),
(V.89.P. 229)
(V.88,p. 235)
(V.95,p.l748)
(V.83,p. 194)
(V.82,p. 807)

R E PO RT.— For calendar year 1923 (incl. sub. cos.), V. 118, p. 2570:
Calendar Years—
1923.
1922.
1921.
1920.
Operating revenue____ $36,467,417 $31,947,883 $40,717,775 $54,983,504
Total operating expenses 35,410,852 32,570,979 35,650,446 52,541,307
Net operating income. $1,056,565 def$623,096
519,238
803,258
Other income__________
Gross income------------ $1,575,803
Interest, rentals, &c____ 3,204,383

$5,067,329
492,640

$180,162 $5,559,968
3,762,898 3,778,631

$2,442,197
1,204,745
$3,646,943
3,498,712

Net income for year.def$l,628,580df$3,582,736 $1,781,337
$148,231
OFFICERS.— Chairman, Galen L. Stone; Pres., F. D . Mooney;
V .-P ., R. F. Hoyt: Sec., J. G. Gredler; Treas., R. C. MacBain. Office,
25 Broadway, N . Y .— (V. 118, p. 2045.)
ATLANTIC LOBOS OIL CO.— (V, 118, p. 2307.)
A TLAN TIC REFINING CO. (TH E).— ORGANIZATION, & c — In­
corp. in Pennsylvania in 1870. Has refining plants at Philadelphia, Frank­
lin and Pittsburgh, Pa., and Brunswick, Ga. Also owns an extensive sys­
tem of sales stations, warehouses and storage plants throughout Pa. and Del.
with gasoline and motor oil stations in New England States; a fleet of 14
tank steamers, &c. Formerly controlled by Standard Oil Co. of N . J..
but segregated in 1911.
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
Cla Terminal de Productores, S. A .; (2) Atlantic Oil Producing C o., operat­
ing producing properties in Texas, Okla., Kansas and Kentucky; this sub­
sidiary owns 50% of the com. and pref. stock of Atlantic Lobos Oil C o.; is
also interested in the Gulf Coast Oil Corp., the Panuco-Boston Oil Co. and
the Superior Oil Corp.; (3) Atlantic Refining & Asphalt Corp.; (4) A. R . Co.
of 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 record
Oct. 6 1919. A 900% stock div. on the common stock was paid in Dec.
1922. V. 115, p. 2480. Pref. stock is redeemable as a whole after N ov. 1
1924 at 115.
Dividends on common stock Dec. 1914 to Dec. 1922, 5% quar. On
Dec. 20 1922 paid 900% in common stock. V. 115, p. 2480. March 15
1923 to June 16 1924 paid 1% quar. on increased capitalization. Initial
div. of 1K % on pref. paid Feb. 2 1920; same amount paid quar. to M ay 1
1924.
R E PO RT.— For 1923, in V. 118, p. 2045, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Profits after taxes______
$835,634 $7,075,6621oss$3740261 $10,513,694
Common dividends......... 2,000,000
1,000,000
1,005,600
1,000,000
Preferred dividends____ 1,400,000
1,400,000
1,400,000
1,376,851
Balance, su rplus...def$2,564,366 $4,675,312df$6,145,861 $8,136,843
OFFICERS.— Pres., J. W. Van Dyke; Sec., W m. M . O’Connor; Treas.,
Albert Hill. Office, 260 South Broad St., Philadelphia, Pa.— (V. 118, p.
2045.)
ATLAS POWDER CO.— ORGANIZATION.— Incorp. Oct. 18 1912 in
Delaware, pursuant to decree of court in suit of United States o f America
vs. E. I. du Pont de Nemours Powder Co. Commenced business Jan. 1
1913, having taken over a number of the plants and a portion of the business
of E. I. du Pont de Nemours Powder Co. The nature of the company’s
business is the manufacture, storage and sale of explosives and blasting
supplies and allied chemicals.
SUBSIDIARY COM PANIES.— The company owns the entire issued
capital stock of the following corporations: The Giant Powder C o., Con­
solidated, a California corporation, engaged in the manufacture, storage
and sale of explosives; Richards & C o., Inc., a Connecticut corporation
engaged in the manufacture of leather cloth, lacquers and lacquer enamels;
Celluloid Zapon C o., a New Jersey corporation, engaged in the sale of lac­
quers and lacquer enamels; Zapon Leather Cloth C o., a Connecticut corportation, engaged in the sale of leather cloth. Interest in International,
Carbon Corp., V. 114, p. 2721.

146

INDUSTBIAL AND PUBLIC UTILITY

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

Date
Bonds

P a r
V a lu e

None
Atlas Tack Corp— Stock 100,000 shares authorized_______
None
Austin N ichols & Co, Inc— Com stock 150,000 shares____
Preferred stock 7% cum $15,000,000 call 115 sinking fund
$100
None
A u to K n itter Hosiery Co, Inc— Stk 150,000 shs auth______
A utosales Corp— Com auth $4,500,000___________________
50
Pref (a & d) stock 6% non-cum partic auth $3,000,000____
50
Weighing & Sales Co sinking fund 5s_________________ EM 1911
100 &c
100
Baldwin Locomotive Works— Common stock $20,000,000_
_
Pref (a & d) stock 7% cum $20,000,000 red 125.beg July'16
100
First mtge $15,000,000 gold redeem text . . PeP.kvc*&r* 1910 1,000 &c
Standard Steel Works 1st M eold sink fund PeP kc*&r* 1908
1.000
None
Barnet Leather C o., Inc.— Common stock 40.000 shares___
100
Pref. (a. & d.) 7% cum. s. f. stock, call. 115, $1,500,000 _
_

Amount
Outstanding

Rate
%

$95,000 shs. See text
150.000 shs
7
4.544.900
100.000 shs
$3
4,029,569
2.880.514 See text
5
86,900
7
20 ,000,000
20 .nno.noo
7
a7,727,875
52
5 g
1,800,000
40.000 sh. See text
1.500.000
7

When
Payable

Text
Q— F

[V ol. 118,

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

N ov 1 1921 75c. Checks mailed

M a v l 1924 1%
See text
None
Q— M See text
J & D Jue t 1411
J
& J July 1 1924 3 X
J
& J July 1 1924 3)4
M & N May 1 1940
J
& J Jan 1 1928
Aug 15 '20 $1.50
Q— J Apr 1 '24 1 H %

By check
Checks mailed
Empire Trust Co, N Y
Checks mailed
do
Phlla. & Brown Bros, NT
Penn Co for Ins, 6cc Phlla

a After deducting $2,272,125 In sinking fund.

STOCK.— The Pref. stock shares equally with the Common stock after
CAPITAL STOCK.— The stockholders voted June 13 1923 to create
500,000 shares of com. stock without par value, o f which 450,000 shares 6% has been paid in any year on that stock. No mortgage without consent
shall be voting com. stock and 50,000 shares will be non-voting com. stock, of 2-3 of outstanding Pref. stock.
in lieu o f the old 100,000 shares of com. stock, par $100, of which 90,000
D IV ID E N D S.— On Pref. stock, initial div. of 1% paid M ay 15 1918;
shares were voting com. stock and 10.000 shares non-voting com. stock. The «nly and Sept. 30 1918. 1% each; Dec. 30 1918, 2% ; March 31 and June 30
com. stock (par $100) outstanding was changed into shares of com. stock iJ l9 , 1% each; Sept. 30 and Dec. 31 1919, 1 4 % regular and >4% extra.
without par value, in the ratio of 3 shares of voting com. stock without par March 31 1920, 114%: Dec. 31 1920, 414 % . payable in pref. stock. V. I l l ,
value for each share o f voting com. stock (par $100), and 3 shares of non-vot­ p. 2231. March 1921 dividend was omitted. On Dec. 31 1921 paid 4%
ing com. stock without par value for each share of non-voting com. stock in preferred stock. V. 113, p. 2408.
(par $100). The pref. stock is preferred as to assets and dividends and is
R E P O R T .— For 1923, in V. 118, p. 554 and 667, showed:
redeemable in whole or in part on Aug. 1 1925 or on any Aug. 1 thereafter
Calendar Years—
1923.
1922.
1921.
1920.
at 110 plus accrued dividends.
DIVS. ON COM . '13. '14. '15. '16. '17. 'IS. '19. '20. '21. '22. ’23-’24. Earns, after cost of goods $1,260,452 $1,226,640 $1,330,700 $1,547,236
Net earnings__________
$145,701
$32,348
$79,196
$137,896
Percent_____________1)4 6 11)4 25 26 21 12 *12 12 12
text
Total income__________
208,109
80,003
147,034
212,037
♦Also paid 10% in stock in 1920.
Federal taxes__________
1,000
4,940
6,635
10,000
Paid in 1923: March 10, 3% : June 11, 3% : Sept. 11 and Dec. 10, $1 per
198,237
40,482
44,088
66,430
share on new stock of no par value. Paid in 1924: March 10, $1: June $10, $1 Other charges_________
______
______ (4%)110,838(6%)159,180
BONDS.— The 15-vear 7 4 % convertible gold bonds were redeemed < n xPreferred d ivid en d s...
>
Balance, surplus_______
8,872
34,581
defl4,527 def23,573
Aug. 1 1922 at 105 and int. V. 115. p. 186.
Lrevious surplus_______ adj.235,270 adj.219,810
237,841
264.067
R E PO R T .— For 1923, in V. 118, p. 667 and 791, showed:
$244,142
$254,391
$223,315
$240,494
Net
Net
Preferred
Common
Balance, Lrofit and loss surplus. .in pref. stock in 1921,4% on full shares, and in 1920
x Preferred divs. paid
Cal. Year—
Sales.
Income. Dividends. Dividends. Surplus. paid 114% in cash, $39,795, and 4 % , $119,385, in pref. stock.
1923 ............... .$19,616,170
$2,296,271 $540,000
$1,045,347$710,924
OFFICERS.— G. F. Hurd, Chairman; John Brandt, Pres.; F. E. Lang,
1922 _________ 16,723,735
2,006,663
540,000
852,882613,781
1921__________ 14,495,016
634,484
540,000
660,360 def565,876 Sec. New York office, 13th St. & Van Alst Ave., Long Island City, N . Y.
OFFICERS.— Pres., W. J. Webster; V.-Ps., J. F. Van Lear, VV. A. Lay- — (V. 118, p. 667.)
field and Leonard Richards .Tr.; Sec.-Treas., Lcland Lyon: Asst. Sec. &
BALDWIN LOCOMOTIVE W O
).— ORGA N IZA TIO N
Asst. Treas., Isaac Fogg. General office, Wilmington, Del.— (V, 118. Incorporated in Pennsylvania June R K S (T H E consolidation. Works .—
1911 as a
In
p. 1777.)
Philadelphia; foundries, shops. A c., at Eddystone, Pa., and Burnham, near
ATLAS T A CK CORP.— Organ, in N . Y . on Jan. 30 1920 and is engaged Lewistown, Pa. Capacity 2.650 locomotives yearly. V. 88, d . 1023.
In the business of manufacturing, buying, selling and generally dealing in See application to list, V. 92, p. 1105. and offering. V. 92. p. 1703. In
all kinds and varieties of tacks, brads, rivets, eyelets and other wares 1915 erected extensive new shops at Eddystone, P a ., which were turned over
manufactured from metals or alloys. Main factory at Fairhaven. Mass.; to the U. S. Government at the beginning of the war, but which reverted
branch at St. Louis, M o.
to the company on June 30 1920. V . 108, p. 875; V. 109, p. 75; V.
C A PITAL STOCK.— Auth., 100,000 shares; outstanding. 95,000 shares: I l l , p. 75.
no par value.
STOCK.— Pref. stock cannot be Increased without consent of malorlty of
DIVS.— Quarterly divs. o f 75 cents per share were paid in M ay, Aug., and pref. shares outstanding. V. 92, p. 1703; V. 93. p. 47.
N ov. 1920. The Feb. 1921 div. was omitted. V 112, p. 65.
D IV ID E N D S.— On pref., 1912 to July 1924. 7% (34S% s.-a.). On
R E PO RT.— For 1923 showed:
com ., in 1912 to July 1915, 2% (J. & J .): none thereafter until Jan. 1 1920.
Calendar Years—
1923.
1922.
1921.
1920.
whan 3 14% was paid, then to July 1924, 314% semi-annually.
Net sales_______________$2,235,240 $2,367,237 $1,809,121 $3,044,265
the 1st 5s of 1910 ($15,000,000),
Net profit before taxes..
555
130,270
104,099
145,853 forBONDS.— Of of extensions and Improvements. $5,000,000 are reserved
75% of
Federal taxes (est.)_____
______
______
______
15,000 at 115 aftercost 1 1915 and by lot at 107 4 for an Redeemable as a whole
May
annual sinking fund ol
______
______
403,213
______
Inventory write-off_____
3% of the maximum bonds theretofore Issued. V. 91. p. 40: V. 90, p 1104,
1046; V. 92. p. 1703): sinking fund installments, aggregating $2,272,125,
N etprofit___________
$555
$130,270 loss$299,114
$130,853
were paid 1915 to 1923. Standard Steel Works Co. has auth. $5,000 0P0
Report for quarter ended March 31 1924 in V. 118, p. 2183.
1st M. sinking fund 5s, of which $5,000,000 have been Issued, $3,200,000
OFFICERS.— W m. F. Donovan, Pres.; W. E . Maxson, Vice-Pres.; having been retired by the sinking fund
Sinking fund. $200,000 yearly
Ohas. F. Holbrook. Treas.; Ralph Hornblower, Sec. Office. 140 Nassau V. 86. p. 232; V. 89, p. 1416; V. 92. p. 1245, 1703.
St.. New York.— (V. 118. u. 2183.1
R E PO R T .— For 1923, in V. 118, p. 902, showed:
AUSTIN, NICHOLS & CO., INC.— ORGANIZATION.— Incorp. In
1923.
1922.
1921.
1920.
Virginia, Aug. 23 1919, succeeding company of same name, incorp. in New
York, in 1912. Business established about 1855. In Aug. 1919 acquired Gross sales___________ a$102,762,075 $33,087,259 $49,945,506 $73,542,666
Manufacturing p rofit..c$ 1 0 ,184,755
$1,994,362 $8,112,694 $7,554,839
(a) the entire capital stock of the Fame Canning C o., owning eight vegetable
6,078,574
2.512,763
4.200,361
canning plants in the Middle West, (b) 51 % of the Capital stock of the Wilson Other income___________ 2,912.844
1,307.422
1,663,184
3,347,931
Fisheries Co. (minority holdings acquired in Nov 1920), owning two plants Deduct taxes, int., & c_. 1,166,077
for the canning of salmon in Washington, and three in Alaska: and (c) the
P r o fit-----------------------$11,931,521
$6,765,514 $8,962,273 $8,407,269
Whiteland, Ind .vegetable canning and condiment plant of Wilson & Co.,
Special Deductions—•
along with the privilege of using certain of the latter’s grocery product
$600,000
$600,000 $1,000,000
$600,000
brands. In Dec. 1919 purchased the William M . Hoyt Co. of Chicago, Res. for depr. & ad ju st..
4,400,000
300.000
$600,000
500,000
wholesale grocers. In June 1923 acquired from Acker, Merrall & Condit Res. for taxes & remov'ls
415,058
658,995
2,318,177 2,878,751
G o. that firm's wholesale grocery business. Warehouses and factories in Deferred profits_______
______
______
______
N . Y . City, Utica. Watertown and Ogdensburg, N. Y .; New Haven, Water- Pref. & com. divs., 1924. 2,800,000
bury, Bridgeport and Norwich, Conn., and Chicago. V . 109, p. 579, 2358.
N etprofit_____________$3,716,464 $5,206,519 $5,044,096 $4,428,518
STOCK.— Cumulative sinking fund for the redemption of the Pref. stock Div. on pref. stock (7% ) 1,400.00b
l,40u,000
1,400,000
1,400,000
at not exceeding 115 and div. will receive from profits, commencing in Div. on com. stk. (7 % ). 1,400,000
1.400,000
1,400,000
1,400,000
1921, a sum equal to 3% of the Pref. stock issued. No mortgage without
2-3 of the Pref. stock. Regular quarterly dividends of 1 ^ % paid on the
Surplus after divs___
$916,464 $2,406,519 $2,244,096 $1,628,518
Pref. stock of the N. Y . Corporation, from Feb. 1 1912 to Aug. 1 1919; on
a Sales: Cash
$100,497,216; deferred basis, $2,264,810.
the pref. stock o f the new company paid 1M % quar. N ov. 1 1919 to M ay 1 facturing profit, basis, basis, $9,769,698; deferred basis, $415,058. c Manu­
cash
1924.
OFFICERS.— Chairman, Thomas S. Gates; Pres., Samuel M . Vauclain;
R E PO R T .— For year ending Jan. 31 1924 in V. 118, p. 1777:
Senior V.-Pres., John P. Sykes; V.-P. & Treas., William de Krafft; Sec.,
1924.
1923.
1922.
1921.
Arthur L. Church; Compt., A. B. Ehst.
Profits for the year_____$1,054,885
$648,764
$24,698
$391,024
Previous surplus_______
589,866
288,646
631,454
625,430
DIRECTO RS.— William L. Austin, John M . Hansen, Samuel M . Vau­
clain. S. F. Pryor, Thomas S. Gates, Arthur W. Sewall, B. Dawson Cole
Total surplus________ $1,644,751
$937,410
$656,152 $1,016,454
man, Thomas G. Ashton, Harold T. White, Sidney F Tyler, William E.
Federal taxes__________
125,000 — — —
Not shown— —— ■ ------ Corey and Sydney E . Hutchinson. Office, 500 N . Broad St., Phila.—
—
Pref. dividend (7 % )____
326,018
347,543
367,507
385,000 (V 118, p 910 )
Profit & loss surplus.. $1,193,733
$589,866
$288,645
$631,454
BARNET LEATHER CO.. INC.— ORGANIZATION.— Incorp. In Dela­
C . W . Patterson, Pres. Main office, Kent Ave. and North 3rd St., ware Aug. 2 1919, succeeding Barnet Leather Co. Manufactures high-grade
Brooklyn, N . Y .— (V. 118, p. 1777.)
calf leathers. Tannery and plant at Little Falls, N . Y . See V . 108, p. 2631.
AUTO KN ITTE R HOSIERY CO., INC. (TH E).— Incorp. Aug. 24
C A PITA LIZA TIO N .— The stockholders on Feb. 18 1924 voted to re­
1921 in N. Y . Business consists of the manufacture and sale, for domestic duce the authorized preferred stock from $2,000,000 to $1,500,000, par $100.
use, of hand operated knitting machines and the sale of yarn to the users No mortgage without 75% of pref. stock outstanding. Callable at 115.
of these machines and the purchase from said users of such quantities of Sink, fund 3% p. a. first three years and 5% thereafter. Both classes of
the finished hosiery produced by them as they may not need for personal stock listed on N. Y . Stock Exchange. Initial quarterly div. of 1% %
or other use, and may choose to sell to the company, and the resale of such paid on pref. stock Oct. 1 1919: to Apr. 1 1924, 1% % quar. On common,
finished hosiery. The machines are sold under tne registered trade-mark initial quar. div. of $1 50 paid Aug. 15 1920. V. I l l , p. 391, 495. Action
“ Auto-Knitter,” and the hosiery sold under the registered trade-mark on Nov. 1920 dividend deferred.
“ Old Tym e” Wool Socks. Plants are located in Buffalo, N. Y .
R E PO R T .—For 1923, showed:
STOCK.— See table at head of page.
Calendar Years—
1923.
1922.
1921.
1920.
D IV ID E N D S.— On new no par value stock paid initial div. of 75 cents Sales (net)______________$3,330,326 $3,816,150 $4,881,854 $8,893,777
Net income___________
62,469
296,909
319,123
858,967
a share on June 15 1923; on Oct. 15 1923 paid $1 a share.
99,758
355,477
344,174
866,653
RE PO RT.— For 1923, in V. 118, p. 1272, showed: Net sales, $1,296,220= Gross income__________
Interest paid__________
5,629
9,380
7,980
61,936
et income loss, $140,710; other income, $10,030; dividends, $175,000; bal., Deprec’n on inventories.
______
______
______
851,944
nef., $305,6S0; profit and loss surplus, $221,801.
Fed. & State tax reserve.
23,190
42.278
72.597
9,140
OFFICERS.— Pres., Oscar F. C. Kunau; 1st V .-P ., Lorenzo D. Perry; Contingency reserve---------------------58,839
______
2d V .-P., Henry Schneider; Sec. & Treas., T . M . Funk. Office, 630 Genesee Preferred dividends____
119,000
126,000
131,600
137.655
St., Buffalo, tf. Y .— (V. 118, p. 2307.)
Sinking fund provision..
116,170
91,875
60,000
60,000
AUTOSALES CORP.— O RGAN IZATION .— Incorp. in N . Y ., N ov. 12
Balance, surplus_____def$164.232
$85,944
$13,158 def$314,022
1917, successor to Autosales Gum & Chocolate Co., as per plan (V. 104,
Earnings for 3 mos. ended March 31 1924 in V. 118, p. 2308.
p. 2345; V. 105, p. 1900). Manufactures automatic vending and weighing
OFFICERS.— Pres.. Sylvan M . Barnet; Treas. & Sec., Mortimer H .
machines, chewing-gum and chicle products, chocolate, &c. Plants at
New York and Chicago.
Heyman. New York office, 360 Madison Ave.— (V. 118, p. 1138.)




M ay , 1924.]

147

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6}

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Apr 30’21,2H % Checks mailed
Barnsdall C orp—Class A voting stock $15,000,000 auth____
$25 $14,000,000 See text
Apr 30 ’21, 2 A Checks mailed
Class B non-voting stock $15,000,000 authorized_________
25 3,713,400 See text
N Y , Boston & Chicago
S F conv bonds $15,000,000 auth call (text) _kxxxc*&r*Q 1921
100 &c 6,671,100
8 g J & J Jan 1 1931
None
Bayuk Cigars Inc— Common stock 250,000 shares auth____
77,121 shs.
1st pref (a & d) stock 7% cum & partic $5,000,000 auth____
7
Q— J 15 Apr 15 1924 1 K
100
1,975,000
2d pref stock non-cum (see text) $1,280,450 a u th ________
1,234,000
8
Q— J 15 Apr 15 1924 2%
100
B eech-N ut Packing Co— Common stock $7,500,000 auth__
Q— J JulylO 1924 3%
7,500.000
12
20
Preferred (a & d) stock Class B 7% cum red (text)________
Q— J
Apr 15 1924 IK
100
7
1,119,500
Bell Tel Co o f Pa— Cent Dist Tel 1st M s f red 105 $25,000,Pittsburgh & New York
000 (assumed)_______________________________ FPIxc* 1913
5 g J & D Dec 1 1943
500 &c 9,354.500
New York
First & ref mtge Series B red (text)____________ Ba kc*&r* 1923
100 &c 35,000.000
5 g J & J Jan 1 1948
Pittsburgh & Baltimore
J & D Dec 1 1949
Pitts & A Tel 1st M (guar p & i) red 105 $1,500,000 MBa.xc* 1899
1,400,000
1,000
fig
B ethlehem Steel Corp—
Q— J July 1 1924 1 M Checks mailed
100 180,151,900
Common stock $270,000,000 auth______________________
5
Pref stock 8% cum and convert call 115 $30,000,000 _____
100 18.662,300
8
Q— J July 1 1924 2 Checks mailed
100 40,114,100
Preferred stock 7% cumulative $77,000,000 authorized_
_
7
Q— J July 1 1924 I K
A & O Apr 1 1924 2% Checks mailed
Cambria Iron Co stock 4 % guaranteed__________________
4
50 8,465,625
Aug 1 1948
Cons M $500,000,000 g; Ser A $70,000,000 call 105 s f 1920 1918 See text,. z50,166.000
6g
Guaranty Tr Co, N ~Y
do
Series B callable (text)_________________ G,c*&r* 1923
500 &c 24,728,500
5H g F & A Feb 1 1953
Dec 31 ’28 t o ’32
Ser gold bds (Spar Pt Dry Dk) $1,250,000 due 20% yrly_ 1918
1,227,524
6
Securities o f Controlled Companies—
Girard Trust Co, Phila
Beth Steel purch money mtge for Beth Iron gold, GP.xc*&r 1901
Q— F Aug 1 1998
1,000
7,500,000
6 g
Harvey Fisk & Sons, N Y
do
1st Ext M g guar red 105 $12,000,000-G.xc* 1906
1,000 y6.745.000
5 g J & J Jan 1 1926
Equitable Trust C o,
do
First Lien & Ref M g gu redl05 sf.Ea.xc*& r* 1912
500 Ac gl2.759.500
5 g M A N May 1 1942
Bankers Trust C o, N
do Pur Mon S Imp M $60,000,000 call 105 s f- Bakc*&r 1916 1.000 Ac x22,177,000
c
J & J July 1 1936
fig
Guaranty Trust C o, N
do Marine equip tr ct.fs red 10214 (see text)___ G.c* 1920
1.000 16.175.000
7
A & O Oct 1 1935
g Dec. 31 1923, $18,163,000 in treasury and $9,077,500 in s inking fund or c anceled.
x $6,071,000 in treasury and $4,686,000 in sinking fund or cancel led Dec. 31 1923.
y $6,745,000 outstanding Dec. 31 1923; $176,000 in treas ury; $5.,079,000 purchased for sinki ng fund o r cancelled.
z AddiTonal $12,000,000 pledged.

NY
Y
Y

BARNSDALL CORP.— Organ, in Del. N ov. 13 1916 as Pittsburgh
Investment Co.; name changed to present title in Jan. 1919. In May
1919 merged with Union Metal Mines Co. and subsequently purchased the
assets of the United Investment C o ., which was dissolved. The corporation
Is engaged in the production o f petroleum and its products, the mining of
gold, silver, copper and zinc, etc. Also holds stocks and bonds of other
companies. Compare V. 110, p. 1204; V. 112, p. 1040; V. 114, p. 1311.
In Jan. 1921 acquired control o f the Bigheart Producing & Refining Co.,
giving in exchange 1 share o f class B stock for 5 shares o f Bigheart stock.
V. I l l , p. 2523; V. 112, p. 69, 1040. Organized the Barnsdall-Foster Oil
Co. in Jan. 1921 (V. 112, p. 473), the Barnsdall Oil Co. o f Maine in March
1921 (V. 112, p. 935). and the International Barnsdall Corn, in Oct. 1921
(V. 113, p. 2618; V. 116, p. 518). Organized the Barnsdall Tripoli Products
Corp. early in 1924.
C A PITAL STOCK.— Both classes of stock share equally in the distribu­
tion o f dividends or in the event o f dissolution or liquidation. The author­
ized capital stock was increased in Feb. 1920 from $14,000,000 to $30,000,000
divided into $15,000,000 Class “ A ” Voting Stock and $15,000,000 Class “ B ”
Non-Voting Stock.
R IG H TS.— Stockholders o f record Mar. 31 1920, were offered the right
to subscribe for one share o f Class “ B ” non-voting stock for each 13 shares
o f stock held at $35 per share.
Holders o f class “ A ” and class “ B ” Capital stock o f record Jan. 31 1921
were given the right to subscribe at 97 and int. for 8% Sinking Fund Conv.
Gold Bonds, Series “ A ” due 1931, to the extent o f $100 bonds for each 7
shares o f Class A and (or) Class B stock held.
D IV S.— Paid as follows; Oct. 15 1919, 1>£%; Jan. 15 1920, 1J4%;
April 15 1920 to April 30 1921, 2 Yi% quar.; none since.
BONDS.—-The 8% sinking fund convertible gold bonds are callable all
or part at 105 prior to Jan. 1 1927, during the next 3 years at 102>4 and dur­
ing last year at 101.
Sinking fund 25% o f net income available for dividends, with minimum
to retire $800,000 a year, to be used for purchase or call and retirement of
bonds. I f additional bonds issued, such larger annual minimum as to retire
Issue b’r maturity. First payment Nov. 1 1921; thereafter semi-annually.
Convertible at any time prior to maturity or redemption, into Class B
stock (par $25), at $40 per share ($1,000.in bonds convertible into 25 shares
o f stock ), with adjustment o f interest and dividends.
Corporation among other convenants, agrees that so long as any of these
bonds are outstanding: (a) No mortgage or pledge o f its property or that
o f any controlled subsidiary company may be created (beyond $2,959,000
existing funded debt o f subsidiary companies, part o f which is now secured
by mortgage). (6) Further bonds only issuable for not to exceed 50% of
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% o f 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 R T .— For 1923, in V. 118, p. 1015, and 1139, showed:
1923.
1922.
1921.
Gross sales and earnings_____________$9,288,885 $9,276,846 $8,304,090
5,651,382
Operating and general expenses______ 7,112,465 6,473,599

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 of the com. stock was
reduced from $100 to $20 in M ay 1922.
D IV ID E N D S.— On com. (since 1910b 1910, 24% : 1911, 23% ; 1912,
24% ; 1913, 24% , and 500% in stock, 1914, 42% ; 1915, 52% ; 1916, 60%;
1917, 61%; 1918, ITK%\ 1919, 12%; 1920, 11%; 1921, 10%; 1922, 8.8% ,
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: Jan. 10,
3% ; April 10, 3% ; July 10, 3% .
RE PO RT.— For 1923, in V. 118, p. 1015 and 2183, showed:
Calendar Years—
1923.
1922.
1921.
Net profits less (est.) Federal taxes.. $2,013,696 $1,937,480
$669,444
Cash dividends____________________
910,142
468,571
170,160
Balance, surplus__________________ $1,103,554 $1,468,909
2,811,691 5,384,239
Previous surplus____________________
Adjustments (net)__________________
Dr.3,045 Dr.35,807
Stock dividends_____________________
2,500,000 4,005,650

$499,284
4,793,106
______
____

Profit and loss surplus___________ $1,412,200 $2,811,691
$5,292,390
For 3 months ended March 31 1924: Net Drofits before Federal taxes,
$562,258; dividends, $244,670; bal., sur., $317,588. V. 118, p. 2045.
OFFICERS.-—Pres., Bartlett Arkell; V .-P ., F. E. Barbour; Treas., J. S.
Ellithorp; Sec., W . C. Arkell. Main office, Canajoharie, N . Y .— (V. 118,
p. 2183.)
BELL TELEPHONE CO. OF PENNSYLVANIA (TH E ).— Organized in
1879 and owns and operates a system of exchange and toll lines located in
Pennsylvania, reaching every part of the State and connecting directly or in­
direct ly for the interchange of traffic with all the other companies of the
Bell System throughout the U. S. and Canada. Owns the entire capital
stock of the Diamond State Telephone Co. In 1923 acquired the properties
of the Pittsburgh & Allegheny Tel. Co. and the Chartiers Telephone Co.
CAPITAL STOCK.— The entire $60,000,000 common stock is owned
directly or indirectly by the American Tel. & Tel. Co. Divs. from 1916 to
1920 were paid at the rate of 6% per ann. From 1921 to 1923 paid 8% p. a.
The stockholders on N ov. 12 1923 increased the authorized capital stock
from $60,000,000 (all common) to $80,000,000 by creating an issue of
$20,000,000
cumul. preferred stock.
The $20,000,000 preferred stock was sold to the company’s employees and
customers at par ($100). V. 117, p. 2216.
BONDS.— The Central District Tel. 1st s. f. 5s have a sinking fund of
14% per annum of the amount of bonds issued.
The first & ref. Series B bonds are redeemable as a whole only on and
after Jan. 1 i944 at 100 and int. Proceeds were used in redeeming and re­
tiring the $24,405,700 25-year 1st & ref. mtge. 7s, Series A, and in reimburs­
ing the company in part for money expended for additions and betterments
made subsequently to Oct. 1 1920. Series A bonds were accepted in pay­
ment at 107.78% and int. to Jan. 24 1923. V. 116, p. 180.
R E PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
Telephone operating revenue_____________________$41,145,358 $37,223,878
Operating expenses, maintenance & depreciation. 32,352,776 27,764.436
Taxes and uncollectibles_________________________ 1,424,407
1,759,606

Net income---------------------------------- $2,176,420
Other income---------------------------------42,767

$2,803,047
72,723

$2,652,708
139.207

Total income____________________ $2,219,187
Deduct— Deprec. & depl., int. & disct.,
reserve for Federal taxes, &c______ 2,035,298
Dividends__________________________
______
Div. on minority o f sub. cos_________
85,306

$2,875,771

$2,791,915

Operating income________
Non operating revenue (net)

$7,368,175
1,609,892

$7,699,835
1,272,207

2,615,645
2,736,765
______ (2)4)417,285
58,524
99,510

Gross income___________
Interest charges, &c_______
Dividends paid ($8)________

$8,978,067
3,704,396
4,800,000

$8,972,041
2,896,604
4,800,000

Balance, surplus-------------------------$98,582
$201,602 def$461,644
Earnings for quarter ended Mar. 31 1924 in V. 118, p. 2183.
OFFICERS.— Chairman, Robert Law Jr.; Pres., F. H. Minard; Treas.,
J. T. Furlong; Sec., J. A. Dunn. Office, 41 East 42d St., New York.—
(V. 118, p. 2183.)
BAYUK C IG A R S, INC.— Incorp. under laws o f Maryland on M ay 24
1920 and acquired the property and business of 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 of 1st pref. stock at not to exceed 110 and divs.
The stockholders on July 12 1923 voted approval o f amendments to the
certificate of incorporation which provide for a reduction in the dividend
rate on the 2d pref. stock from 8% per annum to 7% per annum.
Tne acceptance o f the reduction is optional with holders of this stock,
but the amendment providing for the reduction further stipulates that in
consideration of the acceptance of tne reduction, nolders shall have the
privilege of converting their shares at the redemption price ($110) into
common stock at $62 a share for common. See V. 116, p. 2997.
R E PO R T .— For calendar years:
1923.
1922.
1921.
Gross earnings_____________________ $2,227,995 $2,346,775 $1,613,907
Other income_______________________
45,193
40,553
27.309
Total income______________________$2,273,188
Expenses, interest, &c______________ 1,233,936
Federal taxes______________________
136,920
First Preferred dividends___________
95,418
Second Preferred dividends_________
98,868

$2,387,328
1,102.842
160,560
91,280
102,440

$1,641,216
966,874
180,000
76,6S0
102,440

Surplus__________________________
$708,046
$930,206
$315,222
Earnings for 3 months ended March 31 1924 in V. 118, p. 2045.
OFFICERS.— Pres., Samuel Bayuk; V.-P., L. A . Kramer; Sec., H. L.
Hirst; Treas., Meyer Bayuk. Office, 3rd & Spruce Sts., Phila.— (V. 118,
p. 2045.)
BEAVER BOARD COMPANIES.— (V. 118, p. 2440.)
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.




Balance, surplus______________________________
$473,871 $1,275,437
Earnings for quarter ended March 31 1924 in V. 118, p. 2183.
OFFICERS.— Pres., L. H. Kinnard; Sec., J. Heron Crosman Jr.; Treas.,
C. L. Ritchie. Office, Philadelphia, Pa.— (V. 118, p. 2183.)
BETHLEHEM STEEL C O R P O R A T IO N — OR G A N IZA TIO N .— 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 & Steel Corp. and subsidiaries, Bethlehem Mines
Corp. and subsidiaries, Bethlehem Steel Co. (Delaware), Union Iron Works
Co., Union Iron Works Dry Dock C o., Fore River Shipbuilding Corp.,
Bethlehem Shipbuilding Corp., Ltd., Redington Standard Fittings Co.,
Bethlehem Steel Products Co. and subsidiaries, Cambria Iron Co. and
subsidiaries, Betnelhem Steel Export Corp., South Buffalo Ry. C o.,
Philadelphia, Bethlehem & New England R R . Co.; Steelton & Highspire
R R . C o., Patapsco & Back Rivers R R . C o ., Fore River R R . Corp., Corn­
wall R R . C o., The Sterling Mountain R y. C o., Service Stores Corp.,
Sparrow’s Point Store 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 C o., with
their extensive steel plants, shipyard, &c. Through the medium o f Penn
Mary Steel C o., for about $6,660,000, payable In bonds of 1917, acquired
the plants o f American Iron & Steel M fg. 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 T ofo iron mines near
the coast of Coquimbo, Chile. Auth. capital stock was increased in Sept.
1917 to $10,000,000. V. 105, p. 999; V. 109, p. 890. Also Bethlehem
Steel Co. authorized stock from $15,000,000 to $65,000,000, and Ore
8S. Corp., $100,000 to $10,000,000. V. 96, p. 204, 287,1023; V. 98, p. 833.
In 1913 purchased Fore River Shipbuilding C orp., Quincy, Mass., and
guar. $750,000 1st 5s. V. 96, p. 1300, 1492; V. 98, p. 239; V. 105, p. 1619.
In Jan. 1920 sold the Titusville plant. V. 110, p. 263. New fuel-sav­
ing engine, V. I l l , p. 992.
The agreement for the acquisition of the Lackawanna Steel Co. (V. 115,
p. 872) was consummated in Oct. 1922, and the properties and assets of the
Lackawanna company were transferred to Bethlehem Steel Co. of New
York, Inc. (name since changed to Bethlehem Iron & Steel C orp.), a sub­
sidiary company. The purchase price paid in addition to the assumption
of all obligations was $12,500,000 7% Cum. Pref. stock and $22,608,500 in
Class B Common stock, together with $308,680 in cash and an amount

148

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]
Bethlehem Steel C orporation (Concluded)—

Date
Bonds

1920
1920
Cornwall Ore Banks purchase money mortgage
1921
Coleman Estate Pur M Mtge call par tert._P ep.kc* 1919
Freeman Est Pur M Mtge call any Int day tert-Pep.kc* 1919
Cornwall Pur M Mtge call any Int day text__Pep.kc* 1919
Lackawanna Iron S Steel Co 1st M assumed
c
1896
Fore River 1st M g gu due *40,000 yly red 103-OB.rc* 1913
Beth Shipbuilding pur money mtge sink fd gold
1921
Funded Debt of Lackawanna Steel Co. Assumed under Merger
1st Con M $35,000,000 g red 105 aft Mch '15 conv.C e.xc* 1910
Ellsworth Coal Co 1st M $2,000,000 g *100.000 due ylyUPi 1902
Ellsworth coll pur mon s fd 5s guar (part due In 1927) __F.3 1907
_
Oar trust due $62,000 s-a M * S 15 call (all only) 102_ CP 1916
Lackaw Bdge Wks Corp pur m notes (ass’d) due $200,000 yly
jer—
Funded Debt of Midvale Steel & Ord. Co. Assumed under Mer C
Collateral Trust conv s fd bonds, call, at 105______Gc*&r* 1916
Union Coal S Coke 30-yr s fd bds call 105____________ UP 1916
o
Pitts 9c Westm Coal Co *2,500,000 20-yr (closed mtge)_GP 1905
Pitts-Westmore Coal *6,000,000 1st mtge bonds______ SP 1907
Manufacturers Water Co *4,000,000 1st M s fd bonds._GP 1909
Beaver SS Co 1st M , due *28,000 ann.; call 102____ GP.c 1916
Johnstown SS Co Sl.300.000 bonds due *130,000 p a___GP 1916
Bonds o f Penn-Mary Steel Properties Guaranteed—
1895
Penn-Mary Steel Co cons mtge $7,000,000g ______ QP.xxc
Spanish-Amerlcan Iron 1st M g guar red 102 X - QP.xxc* &r 1907
Collat trust loan (Cornwall) s f red 105: V 74, p 13 1 2 ,.xx 1902
Penn Mary Steel Mtge *13,000.000 guar call 105--GP.xc* 1917
c $4,060,000 purchased for sink fund or canceled.

Par
Value

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

7g
6
5X
5X
5X
5X
5g
5
5X g

M
.1
M
J
J
J
F
J
A

&
<
fe
&
S
c
S.
r
S
c
S
c
S
c
&

N
1)
N
J
J
J
A
J
O

To M ay 15 1930
To June 1 1930
M ay 1 1941
July 1 1939
July 1 1939
July 1 1939
Feb 1 1926
July 1924-'33
Oct 1 1936

6,891.000
100.000
1,850,000
248,000
600.000

5g
5g
5
5g
6

M
M
J
M
J

S s
c
S N
c
S J
c
S S15
c
j

Mch 1 1950
M ay 1 1925
Jan 1 1927
Sept ’24-Mar’26
To Jan 3 1927

500 &c 40,729,000
2,830,000
92,000
2,740,000
2,350,000
142,000
520,000

5 g
5g
5
5g
5
5g

M
M
M
M
J
J

Sc
9c
S
c
S
c
S
c
S
c

6
6
6
5

M
J
A
J

S S Sept 1
c
S J July 1
c
S o Oct 1
c
S J Jan 1
c

1,000
1,000
1,666
1,000
1,000
$500 See
1.999
100 See
1.000
1,000

500&o
1,000
1,000
1.000

equal to one month's dividends upon the stocks delivered. (This stock and
cash were distributed pro rata among Lackawanna Steel Co. stockholders.
Compare V. 115, p. 875.)
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 o f 1,584,000 tons o f finished product per annum; (2) ore properties
in Minnesota, Michigan. Wisconsin and New York, stated to nave 50,000,000 tons o f ore in sight; (3) 21,700 acres c f bituminous coal lands (coal
rights and in fee) in Pennsylvania; Ellsworth Coal Co., owning over 16,000
acres o f coal land. V. 83, p. 1593; V. 84. p. 269, 393; V. 100, p. 815.
The steel ingot capacity of the corporation on Dec. 31 1923 was 7,600,000
gross tons per annum and the pig iron capacity 6,610,000 tons per annum.
Acquisition of Midvale and Cambria Properties.— On N ov. 24 1922 agree­
ments were entered into covering the purchase by Bethlehem Steel Corn,
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 o f all liabilities and obligations o f the Midvale and Cambria
companies (except certain thereof pertaining to the Nicetown plant),
including outstanding bonds o f 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 o f these purchases the stockholders of the Midvale company
received for each two shares o f $50 par value of the Midvale Co. stock. $95
par value of the Bethlehem com. stock, together with a pro rata share,
o f the stock o f 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 Co. were
offered $181 a share for their holdings. V. 116, p. 1416, 1898, 2260. Tn
Feb. 1924 the minority stockholders of the Cambria Steel Co. filed suit to
cancel the merger, but the suit was dismissed in May 1924. V. 118, p. 668,
2441.
The Federal Trade Commission in Jan. 1923 filed a complaint against the
merger. V. 116, p. 518. The company filed an answer to the complaint in
March 1923. V. 116, p. 1279.
STOCK.— In Sept. 1922 amendments to certificate of incorporation pro­
vided for creation of a new class of 7% Cumul. Pref. stock, of which $77,
000,000 was authorized and issuable for following purposes and in following
amounts so long as required for such purposes:
(1) $34,500,000 in exchange for existing 8% Cumul. Conv. Pref. stock;
(2) $15,000,000 in exchange for existing 7% Non-Cumul. Pref. stock;
(3) $12,500,000 in payment for the Lackawanna properties; and
(4) $15,000,000 for sale.
At the same time the holders o f the existing 8% Cumul. Conv. Pref. stock
were given the right, after Jan. 1 1923, and until termination by the board
o f directors to exchange such stock for new 7% Cumul. Pref. stock. The
basis o f said exchange prior to April 1 1923 and thereafter until changed by
the board o f directors will be $115, par value, o f 7% Cumul. Pref. stock for
each share o f 8% Cumul. Conv. Pref. stock.
At the same time the holders o f the 7% Non-Cumul. Pref. stock were
given the right to exchange such stock after Oct. 1 1922. and prior ta
Jan. 1 1923, subject to extension by the board, for new 7% cum. pref.
stock on the basis o f share for share. The 7 % non-cum. pref. stock has been
retired, substantially all of it having been exchanged.
The certificate of incorporation of the corporation as last amended Sept
1922, provided that after 80% of the 7% Non-Cumul. Pref. stock shall have
been exchanged for Cumul. Pref. stock or otherwise retired Class B Com.
stock shall be in all respects the same as the Com. stock and shall cease to
exist as a separate class of stock. Pursuant to such provision, on April 4
1923 the Class B common stock became in all respects the same as the comLate Div8.
1913. 1914
1915- 1916 1917. ’ 18. ’ 19. ’20 ’21 '22-24.
See
New
8
8
8
8
8% pref—
7
7
7 text.
7
7
7% pref—
7
3X
5
6X
5
Common . .
22 X Text 10
8H 5
In Jan. and April 1919 paid dividends on the common stock of 1 X %
regular and 1 X % extra. In July 1919, H o f 1 % was paid extra along with
the regular quarterly I X % , but from Oct. 1919 to July 1924 only the
regular 1 X % with no extra.
In Jan. 1917 a quarterly cash dividend of 10% was declared on the $15,000,000 common stock, payable April 2, and upon the authorization of
*45,000,000 o f new class “ B” (non-voting) common stock the company
paid a stock dividend o f 200% on Feb. 17 in said stock, and permitted the
common shareholders to subscribe and pay in full at par on or before
March 6 for the remaining $15,000,000 class “ B ” which had been under­
written. See V. 104, p. 364, 666. 865, 1266, 2345. On Aug. 1 1917 a Red
Cross dividend o f 1 % was paid on common stock. V. 104, p. 2554; V. 106,
p. 502.
BONDS.— The Consolidated Mortgage authorized In 1918 is limited to
*500,000,000. The mortgage, in which the Bethlehem Steel Corporation
and Bethlehem Steel Company join, was to be secured (subject to $85,340,000 underlying issues), either by direct mortgage lien, or collaterally through
pledge of mortgage bonds and-or entire issues of stocks (excepting directors’
shares), upon the real estate and plants of the principal subsidiaries of the
Corporation, comprising in value over 95% o f such properties owned; also
by $35,434,000 previously issued underlying bonds, which in respect to
Important properties rank equally with certain of the above-mentioned
underlying issues. No additional underlying bonds may be issued unless
pledged thereunder. Y . 107, p. 293, 405
The Consolidated Mortgage bonds may be issued in series, differing as
to dates, maturities, interest rates, redemption prices, sinking funds, con­
version privileges, &c., but no such bonds shall be issued maturing prior to
these Series A bonds. Of the total authorized issue o f $70,000,000 Series A
bonds, $20,166,000 in Jan. 1924 were in hands o f public, $21,781,000 in
treasury (of which $12,000,000 pledged); $28,053,000 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 of
a sinking fund beginning in 1920 o f 1% per annum of all Series A bonds
Issued prior to the dates of the respective sinking fund payments to be ap­
plied to the purchase o f such bonds at not exceeding 105 or to their redemp­
tion at that price. Bonds so purchased or redeemed will be canceled.




Amount
Outstanding

[V ol. 118.

1,597.000
450,000
1,877,000
292.000
438,000
1,474,000
$1,766,500
377.000
1,892,000

3.931.000
c94 0,000
4,353.000
5,802,500

g
g
g
g

Guaranty Trust C o, N Y
Pa Co Ins on Lives, Phlla
do
do
do
do
N Y Farmers’ L S T Co
c
Old Colony Tr C o, Bost
Central Union Tr Co. N Y
Union Trust Co P[tts
Farmers’ L & Tr Co. N ?
Commercial Tr Co, Phlla

S Mar 1 1936
New York
N Nov 1 1946
N Nov 1 1925
N M ay 11947
D June 1 1939
D Dec 1924-28
Dec ’24-D ec/27
1925
1927
1932
1937

Girard Trust C o, Phlla
Guaranty Tr Co, N Y
Girard Tr C o, Phlla
Bankers Trust Co. N Y

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 thepremium shall be X ot 1% for each full six months of unexpired life. Annual
sinking fund, beginning Feb. 1 1924, of 1% of the total of Series B bond
Issued, for purchase o f bonds up to the redemption price and accrued
Interest or for their call at that price.
Of Bethlehem Steel Company's 30-year 5s of 1912 ($50,000,000 auth.
issue) *12,759,500 on Dec.31|1923 were in the hands of the public,$9.077,500
In sinking fund or canceled and $18,163,000 (pledged) were in the treasury
Of the remaining bonds part is reserved to provide for the retirement
of the First Extension Mortgage 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 amount may be used as necessary to assist
in refunding. Annual sinking fund 2 X % of bonds outstanding (but not
less than $300,000). V. 94. p. 1450; V. 95, p. 892; V. 96, p. 1300, 1366:
Y. 98. p. 1002, 1922; Y. 99, p. 898: Y. 100. p. 1169. 1260; V. 105. p. 1524.
The Bethlehem Steel O o.’s 1st Extension 5s are guaranteed, prin. S int.
c
by the corporation; on Dec. 31 1923 $6,745,000 were held by public.
$5,079,000 in sinking fund or canceled, and $176,000 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 & Impt. Bonds of 1916 (Made Jointly with Penn-Mary Steel C o.).
Total auth., $60,000,000 (V. 103. p. 1793, 2157: V. 105, p. 1711), viz.:
Issued to purchase Penn. Steel Oo. properties (see V .103,p,1793)$31,942,000
On Dec. 31 1923 $6,071,000 of this amount was in the treasury.
Reserved to retire old bonds o f Penn. Steel Oo. and subsidiaries. 16,949,000
Reserved for 75 % o f cost o f additions and Improvements after
March 1 1919 on mortgaged premises or any company 90% of
whose stock Is owned and pledged under the mortgage______ 11,109,000
These bonds have a 2J4% sinking fund from July 1 1916.
In Jan. 1919 the Bethlehem Steel Oo. arranged to purchase additional
Interests in the Cornwall Iron ore banks at Cornwall, Pa., and on account of
same issued three series o f Purchase Money mortgage 5 X % bonds datedJuly 1 1919 and due July 1 1939, but callable all or part on any Int. day,
viz.: (a) Ooleman Estate, $310,000, at least $18,000 to be called each year
after July 1 1922 (secured on undivided 50-1536 interest in Cornwall Ore
Banks, incl. bldgs., &c.; (6) Freeman Estate, $438,000, at least $27,000-'
to be redeemed yearly after July 1 1922, secured by 75-1536 interest inCornwall Ore Banks; (c) Cornwall, $1,474,000, at least $92,000 to be called1
each year after July 1 1922, secured on 125-1596 undivided interest in Corn­
wall Ore Banks covered by aforesaid issues (a) and (6); and also secured on
5,333 shares capital stock of Cornwall Iron Co. and 8,000 shares capital
stock of Cornwall RR. See V. 108, p. 173. During 1921 the company
purchased the remaining outstanding 19.78% undivided interest in the
Cornwall Ore Banks and Mine Hills and in part payment therefor issued*
$1,877,000 face amount of its Cornwall Ore Banks purchase money mtge.
544% 20-year bonds.
Equipment trusts of 1920, V. 110, p. 2078.
The $20,000,000 7% Marine Equip, trust ctfs. are redeemable by pur­
chase or by call by lot if not obtainable at not exceeding call price, at the
rate of $1,000,000 on or before each div. date from April 1 1922 to Oct. 1
1927 incl., and $500,000 on or before each div. date thereafter until ma­
turity; these amounts to be ratably reduced if certificates are red. in ad­
vance of schedule. Certificates so retired to be canceled. V . I l l , p. 1281.
The mortgage of Penn Mary Steel C o., created on acquisition o f proper­
ties of Am. Iron S Steel C o., is limited to $13,000,000, o f which $6,660,000
c
issued (incl. $857,500 retired to Dec. 31 1923) and $6,340,000 reserved'
for future extensions to 75% of cost of same. Callable all or any at 105.
Sinking fund beginning Dec. 31 1918 a sum equal to 244 % of the bonds at
time outstanding. V. 104, p. Il39. This issue has been assumed.
Eastern Coke Co. 1st M . cover 574 coke ovens, benzol plant, &c. Sink­
ing fund, $250,000 s.-a. Callable 101 S int. on or before Feb. 1 1918
c
thereafter 10244 & int.; retired to Dec. 31 1923, $3,272,000. V.104, p. 1700
The Union Iron Works Dry Dock C o., a subsidiary of the Beth. Steel
Corp., took over on Nov. 1 1908 the property of San Francisco Dry Dock
C o., and issued 20-year 6% purchase money bonds ($504,866 outstanding
Dec. 3111923), besides assuming $495,000 underlying 5s. V. 88, p. 941.
The Penn Mary Coal Co. 1st M . 5% bonds of Oct. 1 1919, $5,000,000
auth. and issued, have an annual sinking fund of $200,000 after N ov. 1
1920, and are callable at any time all or part at 10244 and int. These
bonds, issued, it is understood, in connection with purchase from ElkinsCoal & Coke Co. of coal lands and coal rights in Monongalia and Preston
counties, W . Ya., with bldgs, and impts. Purchased for sinking fund to
Dec. 31 1923, $884,000.
RE PO RT.— For 1923, In V. 118, p. 1420, showed:
al923.
61922.
1921.
1920.
Calendar Years—
$
$
$
$
Gross sales_____________275,213,423 131,866,111 147,794,353 274,431,236
Total net earnings______x37,373,228 xl9,793,713 x25,754,677 x36,351,553
Bond, &c., interest_____ 12,322,998
8,689,193
9,419,158
7,951,203
Depreciation, &c_______ 10,676,078
6,499,189
6,002,715 13,941,514
Preferred dividend (8% ) 1,623,613
2,400,000
2,400,000
2,400,000
Preferred dividend (7% ) 2,694,640
1,262,310
1,043,560
1,043,560
Common dividend_____\ 7,767,074
3,275,706 l 743,100
743,100
Common “ B” dividends/
(2,250,000
2,250.000
Balance, surplus___ $2,288,825 def2,332,685
3,896,144 8,022.176
a Includes the results of the operations of the properties acquired from
Cambria Steel Co. and Midvale Steel & Ordnance Co. after March 30 1923.
6 Including the results of the operations of the properties of Lackawanna
Steel Co. after Oct. 10 1922.
x After providing for taxes (incl. war income & war excess profits taxes.
Earnings—
lstQuar.'24:. 4thQuar.'23.
Total income------------------------------------------------------- $10,549,149 $9,935,147
Less— Interest charges, incl. proportion of discount
on, and expense of, bond and note issues____ 3,079,598 3,270,245
Provision for deprec.,obsolescence & depletion.. 2,949,676
2,846,460
Net income_________________________________ $4,519,875
Dividends on stocks of corporation:
Preferred___________________________________ 1,074,604
Common, I X % ___________________

$3,818,442
1,080,275
2,247,2142,246,315

Surplus for quarter____________________________ $1,198,058
$491,853OFFICERS.— Chairman, Charles M . Schwab; Pres., Eugene G. Grace;
Y.-Pres., Archibald Johnston, Henry S. Snyder, H. E . Lewis. James H.
Ward; Sec., R. E. M cM ath; Treas., W . F. Hartmann; Asst. Treas. & Asst.
8ec., W m. J. Brown; Compt., F. A. Shlck.

Kay, 1924.]

149

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on page 6]
B ethlehem Steel C orporation— (Concluded0—
Bonds of Coal and Coke Companies also Dry Docks—
Eastern Coke Co 1st M (closed) call s f Joint guar.xxUpic*
Penn-Mary Coal 1st M gold gu red 102 }A (s f 101)_GP.xx
1st M Elkins prop call 102H s fd $200 yearly_ Fr.c*
_
8 in Francisco Dry Dock C o_____________________________
Union Iron Works Dry D ock____________________________
Finch Run Coal pur. money s. I________________________
Jamison O. & C. Dak. mtge. s. f. $1,364,000__________
do
Barracksville “ p. m. & Impt. 1st m ____________
(Sidney) Blum enthal & Co, Inc— Com stock 220,000 shs au
Pref (a & d ) stock7% cum red 110 $6,000,OOOauth________
First mortgage sinking fund gold bonds redeemable (text) - .'vo o th F isheries—Lommon stock 625.000 shrs authorized-.
1st pref stock $10,000,000 (cum since Apr 1912) red 110Slnk fd deb 55,000,000 e red 101 oonv Into 1st of st.k.xo*
Sink fd cony g notes red (text) auth $7,500,000..CeCxxxc*
Bonds on cold storage p lan ts____________________________
B orden Co— Common stock (see text)____________________
Pre'erred (a & d) 6% cum S7.50ti.00U redeemable at 110
Braden Copp Nines— Debs (closed Issue) g s f call 105-Ba.c*
Brill— (THe J Q)C o— Common s t o c k __ _____ ____________ 1
Preferred (a <c d> stock 7% cum ulative_______________
5
B ritish Empire Steel Corp.— See text

Date
Bonds
1917
1909
1919

Par
Value

Amount
Outstanding

$ 1,000
"V.OOO

1909
1920

1921

None
100
None
100

1 .000
m il
1922 500&1000

1916

100
100
1.000

10 .)
10 1

Bate

%

728.000
5g
076.000
5 g
113.000
5g
495.000
5
504,866
6g
200.000
5g
035.000
6g
595.000
6g
212 shs
500.000
7
799.500
7g
000 shrs M
ee text
999,800 See text
Re
293.000
446,400
7g
717.500
,368,100 8 in 1923
st10 0OO
6
724.000
Rg
810 2 )0
5
580.000
7

When
Payable
F
A
A
J
J
J

Last Dividend Places Wheie Interest and
Dividends are Payable
and Maturity

& A Feb 1 1931
& O Apr 11939
& O Oct 1 1939
Mar 1 1931
Oct 1 1929
& D June 1 1950
& J Jan. 1 1934
& J July 1 1929

Q— J July 1 1924 1H
& D Dec 1 1936
Apr 1 '19 50 cts
Text
Oct 1 ’20 1H %
A & O Apr 1 1926
M & S Sept 15 1937

Girard Trust Co, Phila
Bank of America, N Y
Union Tr Co, San Fran

J

Cent Union Tr Co, N Y
Central Tr Co of 111. Chic
do
do
Nat Cltv Bk. N V : or Obi*
Chase Nat Bk, N Y ; CeC

F

Feb 15 ’24 4% Seaboard Nat Bank, N Y
do
do
June 15 ’24 lHi
Bankers Trust Co, N Y
Feb 1 1931
.Tune 2 '24 1)4% Checks mailed
ao
M a y l 1924 1H

& A
Q— M
F & A
Q— M
Q— F

y In addition $2,707,000 held In sinking fund and treasury In Mar . 1924

DIRECTO RS.— O. M . Schwab (Chairman). Archibald Johnston,
O. Austin Buck, John W . Griggs, G. M -P . Murphy, Henry S. Snyder,
E. G. Grace, W. C. Potter, Moses Taylor, H. G. Dalton, O. G. Jennings,
W . E. Corey, Percy A. Rockefeller, H. E. Lewis, Harold Stanley and
Alvin Untermyer. Office, 25 Broadway, N . Y .— (V. 118, p. 2441.)
(SIDNEY) BLUMENTHAL & CO., INC. (T he Shelton L oom s).—
Incorp. under laws o f N. Y . on June 30 1899. Manufactures every variety
o f pile fabrics, the chief of which are commonly known as velvets, plushes,
velours and velvet brocades. Plants are located at Shelton, Conn., and
South River, N . J.
DIVS.— On pref. in full to July 1 1921. 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 )A% for each full year to maturity.
R E PO RT.— For calendar year 1923, showed:
Net income before depreciation, doubtful accounts and Federal
income tax for 1923________________________________________ $1,449,915
306,112
Less depreciation, $279,410: doubtful accounts, $26,702____ ___
Net income before making provision for Federal income tax
for 1923, estimated at $82,074___ __________________________ $1,143,804
Preferred stock dividends paid during the year 1923 amounted to $154,265.
OFFICERS.— Pres., Martin Blumenthal: Treas., Sidney Blumenthal:
Sec., Eugene Blumenthal. Office, 395 Fourth Ave., New York.— (V.
118, p.2576.)
BOOTH FISHERIES CO.— ORGANIZATION.— Incorp. in Delawa.-g
May 10 1909 and purchased at receiver’s sale all the assets of A. Booth &
On.. 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 fleet
of fishing boats on the Great Lakes and Pacific Ocean. On April 11911
purchased the N . W . Fisheries Co. V . 100, p. 2088: V. 101, p. 530.
Booth St. Louis Cold Storage Co. has a large cold and dry storage plant in
St. Louis. V. 101, p. 1976. In Dec. 1916 purchased the Lindenberger
Packing Co. and the Columbia Salmon Co. through Its subsidiary, the
Northwestern Fisheries C o.— V. 103. p. 2430. Early In 1917 purchased
5 packing plants o f the Lubeck Sardine Co. and also property or the Machiasport Packing C o., both on the Maine coast. V. 105, p. 2000. New
Sardine factory at St. Johns, N . B.. opened In July 1918. V. 107. p. 405.
Physical properties consist o f 17 salmon packing canneries (15 in Alaska,
1 on Puget Sound and 1 #n Columbia River) with combined annual capacity
o f 1,000,060 cases ef salmon (48 1-lb. cans to the case); 8 sardine canning
plants, 6 in Maine and 2 in New Brunswick, annual capacity of 800,000
cases; 6 public cold-storage plants, located at Chicago, Minneapolis, St. Paul,
St. Louis, Seattle and Buffalo: more than 100 lake, river and seaboard
producing and buying stations; 2 steamship lies and other properties.
Booth Fisheries Co. of Canada, Ltd., was incorporated July 4 1916 with
$1,000,060 capital stock, primarily to take over ana operate the New Bruns­
wick Sardine Canning C «., with plant near St. Andrews, N . B. Name
changed to Booth Fisheries Canadian C o., Ltd., In May 1920. V . 110,
p . 2389: V. 112, p. 2309. 1540.
STOCK.— The first pref. stock, cum. from April 1 1912, with 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. Total prer. auth.. $10,000,000. V . 107.
p. 698. V. 105, p. 2000, 502.
The common shareholders voted M ay 21 1917 to change the authorized
common stack from 100,000 shares o f $100 each to 500,000 shares of no par
value; 250 00® of the new shares then being exchanged for the outstanding
common five new fer one old. On July 14 1922 the authorized stock was
Increased to 625,000 shares.
An additional $1,990.000 pref. stock was issued in June 1919 on account of
Improvements, &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
(n Dec., 1921. A further $1,946,000 pref. was issuable against bonds there­
tofore retired by sinking fund.
D IV ID E N D S.— On first oref. paid July 1912 to Oct. 1920 1J*% Q .-J.
I aa. 1921 dividend deferred. V. I l l , p. 2231. On common paid 4 %
April 1913 In new pref. stock and in March 1917 a cash dividend (No. 1)
o f 2% : April 1 and July 2 1917, 1% . Oct 1917 to April 1 1919, incl..
paid 50 cents guar. ($2 per ann.) on new common stock (ste above):
none since. Y. 108. p.2244; V. 109. p.890.
BONDS.— Of debentures ($5,000,000) $2,707,000 were on March 1924
In sinking fund and $2,293,000 were outstanding. Cumulative sinking
fund $150,09# yearly at eutset. V. 96. p. 655; V. 101. p. 1191. Bonds
en cold storage plants April 28 1923. $796,814, Incl. Midland Cold Stor­
age Co. 5s. $25,090. due $12,500 yearly June 1923-25; 1st M . gold 6s of
Booth Cold Storage Co. o f M inn., 1st M . gold 6s o f Detroit Cold Storage &
Terminal Co. ($1,009,000 auth., V. 104, p. 2014), Booth Cold Storage Co. of
Buffalo 1st 6s and Twin City Cold Storage 1st M . 6s. In 1916 guaranteed
(p. & i.) $506,006 1st M . serial 6s o f Booth-St. Louis Cold Storage Co.
due Jan. 1 1917 to 1931. but callable at 102^ . V. 102. p. 2344.
The 7% sinking fund convertible gold notesMue Sept. 15 1937 are re­
deemable, all or part, at 110 and int. on or before Sept. 15 1927, the premium
decreasing 1% each year thereafter. Sinking fund, commencing April 15
1925, 5% o f net earnings (after int. and deprec.). The unissued $2,500,000
nates shall be used te refund or retire the 6% debentures, due April 1 1926.
V, 115. p. 1536.
R E PO R T .— For 16 months ended April 28 1923, showed:
Calendar
Net
Bond.Ac., Depr.,&c., Federal
Pref.
Balance,
Year—
Profits.
Interest. Reserves. Taxes.
Divs.
Surplus.
’22-’23(16mo.)$285,264 $932,615 $243,193 ............................
def890,544
1921____ d e fl,214,852 827,093 197,099 ............................ def2,239,044
61,580 746,372 108.770 ........... $262,489 d f l ,056.051
1920.............
1819.............. 1,433,238 707,728 245,676 $48,000
344,947
86,887
Note.— Fiscal year has been changed to end April 30.
OFFICERS.— K. L. Ames, Pres.; P. L. Smithers, V .-P. & Gen. M gr.;
W . G. Weil, Sec., and P. L. Smithers, Treas. Chicago offices, 205 North
Michigan A v e — (V. 117, p. 1238.)
BORDEN COMPANY (T H E ).— Incorp. In N . J. In 1899 as Borden's
Condensed Milk Co. In Oct. 1919 present name was adopted, the former
title being considered restrictive In that it implied the manufacture of but
one product— condensed milk— whereas the company also produces evap­
orated milk, malted milk, milk chocolates, dried milk, condensed coffee and
milk, condensed cocoa and milk and caramels. See annual report In
V . 118, p . 1558.
STOCK.— The stockholders were to vote M ay 28 1924 on increasing the
authorized common stock from $22,500,000 to $35,000,000. Of the
increase it was intended to issue $2,886,800 common stock to stockholders
o f record June 7 1924 at par. Compare V. 118, p. 2308.




LATE DIVS.— (1904 1905 1906 1907 ’0S to’ 16. 1917 ’ 18 to Feb. ’ 24.
On common ( % ) . . ( 8
8
8
8
8 yearly. 8
8 yearly.
Extra____________ I 114 2
2
2
_________ text
In Aug. 1917 paid )A of 1% to aid Red Cross contributions.
R E PO RT.— For 1923, In V. 118, p. 1558, showed:
1923.
1922.
1921.
1920.
Gross sales___________ $100,245,160 $92,058,760 $99,879,887$120,293,573
Net op. prof.(aft. deduc.
all op . chgs., Incl. depr.,
ins. & property taxes)
5,372,876 5.676,974
3,367,275 3,503,002
Interest (net)__________ Cr.256,305
Cr.132,620 Dr.346,604 D r.540,082
Federal taxes (est.)_____
605,885
635,844
95,925
144,060
Net income__________ $5,023,297
Dividends— Pref. (6 % ).
$450,000
Common (8 % )______ 1,709,440
Borden’s Farm Prod.Co.,
Inc., 1st Pref. ( 7 % ) .- ________
Balance, surplus_____$2,863,857
Previous su rp lu s........... 7,817,532
Total_______________ .'$10,681,389
Approp. for reserve_____$1,917,510
Loss on p rop.& sec. sold
113,106

$5,173,750
$450,000
1,709,440

$2,924,747
$450,000
1,709,440

$2,818,860
$450,000
1,709,440

35,330
$2,978,980
5,720,874
$8,699,854
$730,871
151,449

29,239
$736,068
6,604,777
$7,340,845
$1,506,610
113,361

29,239
$630,181
6,856,051
$7,486,232
$605,921
275,534

P. & L. surp. D ec. 31. $8,650,773 $7,817,532 $5,720,874 $6,604,777
Chairman, Albert G. Milbank; Pres., Arthur W . Milburn; V.-P. & Treas.,
Shepard Rareshide; Sec. & Asst. Treas., W m. P. Marsh. N. Y . office,
350 Madison Ave.— (V. 118, p. 2308.)
BORDEN’ S FARM PRODUCTS CO., INC.— Incorporated at Albany,
N. Y ., April 24 1917. A subsidiary of the Borden Co. engaged in the
business of distributing fresh milk, cream and other farm products In N . Y .
City and adjacent cities, Chicago, Montreal, &c. Y. 107, p. 2478. Author­
ized capital stock. $17,918,000, viz.; (a) $12,500,000 common: (6; $5,000,000
6% cum. pref., callable at 105. Outstanding. $10,000,000 common and
$3,500,000 6% pref., both owned by the Borden Co. Dividends, M . & S.
— (V. 1 l7, p. i890.)
BORNE SCRYMSER CO.— (V. 118, p. 1015.)
BOSTON CONSOLIDATED OAS CO.— See Mass. Gas Cos
BRADEN COPPER MINES C O .— Incorp. in Dela. in 1909. Own*
sntire stock and bonds of Braden Copper Co. (Maine corporation), which
jwns and operates In Province of O’ Higgins, Chile, extensive mining prop­
erty with mill capacity of about 10,000 tons of ore per day. Kennecett
Copper Corporation (which see) owns 99% of the 2,590,706 shares author­
ized and outstanding (reduced from 2,800,000 shares July 14 1916). Bonds
V. 102, p. 524, 713; V. 103, p. 63: V. 106, p. 609; V. 109, p. 580.
R EPO RT.— For year ending Dec. 31 1923:
Calendar Years—
1923.
1922.
1921.
1920.
Operatingrevenues_$20,455,010
$11,485,180 $5,632,686 $10,446,551
Operating profit_ 9,235,595
2,656,652
136,597 2,092,258
Total income_____ 9,279,309
2,693,647
212,572 2,419,504
Taxes, interest, &c_____ 2,069,907
2,699,345
2,653,682 1,662,740
Depreciation_____ 2,111,036
1,866,196
1,670,028 1,540,834
Loss on plants abandoned
32,886
233,292
114,478
142,214
Depletion________ 3,119,835
1,909,540
915,671 1,275,570
Other charges___
128,462
128,462
128,461
128,462
Disc, on bonds p u r ch .(0 .)
4,155
31,683
256,028
150,378
Balance, sur. or def_s u rl,821,338
df5.690.345 df5,O13,720 df2,179,938
— (V. 118, p. 2441.)
BRILL (THE J. G.) CO.— ORGANIZATION.— Incorporated In Pennsyl­
vania Aug. 1 1906: organized Feb. 1907. Manufactures cars and trucks,
principally electric. See V. 108, p. 681; V. 106, p. 766; Y. 85, p. 1400;
V. 86, p. 1102.
D IV ID E N D S.— On 7% pref., 1 ^ % quar. to Aug. 1914; N ov. 1914 to
Aug. 1 1919, 4% (1% Q .-F.). Also Aug. 1 1918 paid 1% ; N ov. 1 1918 to
Aug. 1919 paid 3% quar. and on Nov. 1 1919 1% and 2 H % on accumula­
tions. entirely discharging same as of date last named. Feb. 1920 to
M ay 1024 paid 1*4% quar. On common, June 1907 to March 1908. 1%
quar.; June and Sept. 1908, }A of 1% ; then none until Mar. 1 1923, when
1M % was paid; June 1 1923 to June 2 1924 paid 1) 4% quar.
R E PO RT.— For 1923, in V. 118, p. 797 and 1389, showed:
1923.
1022.
1921.
1920.
Total income__________ $18,269,423 $10,177,583 $7,647,899 $17,537,293
Oper., gen. & adm. exp.l
Depreciation reserve_ /15,525,021
_
9,103,291
7,484,499 16,121,972
Net profit_____________$2,744,402 $1,074,291
Less— Pref. d ivid en d s...
320,600
320,600
Common dividends_
_
240,510
________
Res. for Federal taxes
347,896
119,323
Other reserves_______
250,000
________

$163,400 $1,415,321
320,609
320,600
________
________
240,000
________
150,000

Balance, surplus_____$1,585,396
$634,368 def$157,20®
$704,721
Pres., Samuel M . Curwen; V .-P ., William H. Heulings Jr.; 2d V.-Pres.,
J. W. Rawle; Sec., Edmund L. Oerter; Treas., Edw. P. Rawle. Office,
62d and Woodland Ave., Philadelphia, Pa.— (V. 118, p . 1669.)
BRITISH AMERICAN TOBACCO CO., LTD.— (Y. 118, p. 2576.)
BRITISH EMPIRE STEEL C ORP., LTD .— The stockholders o f the
Dominion Steel Corp., Ltd., and Nova Scotia Steel & Coal C o., L td., in
April 1921, formally ratified the merger of those companies with the Halifax
Shipyards, Ltd., In the British Empire Steel Corp., Ltd. The new merger
plan Is outlined as follows, the plan of June 28 1920 haying 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. (5) Nova Scotia Steel & Coal C o., Ltd., and its subsidiary.
Eastern Car 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
of 8% Cum. Preference stock Series “ A ," which it has authority to issue.

150

INDUSTRIAL AND PUBLIC UTILITY

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

B rooklyn E dison C o, Inc— Stock $75,000,000 auth-------General M tge $100,000,000 Ser A call 105_Ce.xxxkkc*&r
Series B call 105_______________________ Cexxxc*&r
Series O call. 105______________________ Cexxxc*&r*
Series D call see text_____________________ Cexxxc*&r*
Underlying Bonds, Ac.—
Edison Eleo III cons mtge (now 1st! $10,000,000 g.G.xxc*
Kings Co El Lt 4 P 1st M g $2,500,000__________ Eq.zc
Pur money M e sec bv Edison stk &o (V 76. D 47'Ce.xxc*
B rooklyn U nion Gas— Stock 600,000 shares authorized____
First Cons $15,000,000 g (for underlying bonds see text) _G*
1st lien & ref. mtge. series “ A " ________________xxxc*&r*
10-year convertible debentures___________________________
Debs convertible on & after N ov 1 1924 Into stock________
Citizens Gas Light consolidated mortgage________________

Date
Bonds

Par
Value

$100

8
$43,719,900
5.500.000
5g
3.000.
000 g
6
2.000.
000 g
7
8 , 000,000
7g

1898
1897
1898

1.000 4.275.000
48
.
1.000 2.500.000
5g
1.000 5.176.000
6e
None 360,(100 sh. See text
i 000 14.736.000
5g
6g
500 &c 6 , 000,000
100 &c 5.579.000
100 &c 2,000.000
7
264,000
1,000
5

1919

1890

$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 C o., Ltd________________________ 2,799,400
Nova Scotia Steel & Coal C o., L td_______________
814,000
Eastern Car C o.. L td____________________________
107,100
---------------- 11,948,800
Cap. Stock o f 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 G ov­
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.
OFFICERS.— Pres., R . M . Wolvin; Sec. & Treas., C. S. Cameron.
Office, Canada Cement Bldg., Phillips Square, Montreal, Que.— (V. 118,
p. 1669.)
BROOKLYN BOROUGH GAS C O — (V. 116, p. 2997.)
BROOKLYN EDISON CO., INC.— ORGAN IZATION .— Incorporated
as the Kings County Electric Light & Power Co. under New York laws
June 26 1890. Brooklyn Edison C o., Inc., is successor by change of name,
effective Jan. 10 1919, to the Kings County Electric Light & Power Co.,
and by merger effective Jan. 27 1919, to the Edison Electric Illuminating
Co. o f Brooklyn. The Brooklyn Edison Co., Inc., is an operating company
and does all the electric light and power business in the Borough of Brooklyn
(except in the 29th Ward), City o f New York, serving a population esti­
mated at over 2,000,000.
STOCK.— The stockholders on Feb. 25 1924 increased the authorized
capital stock from $50,000,000 to $75,000,000. V. 118, p. 1015. Stock­
holders o f record M ay 12 1924 were given the right to subscribe for additional
stock at par to the extent o f four shares o f new stock for each eleven shares
o f stock held. V. 118, p . 2184.




%

100
500
500
500

1895
1922
1922

&c
&c
&c
&c

Bate

1919
1920
1920
1920

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 “ B ” rank with the
Cumulative Preference shares Series “ A ” as a first preference both as
regards dividend and distribution of assets on a winding up.
Bond Issues Remain Undisturbed.— The bond and debenture issues of the
various companies [$31,102,475 outstanding] are to remain undisturbed.
Basis of Exchange of Common Stocks.
(а) Each $100 fully paid Ordinary or Common share o f the Dominion
8teel Corp., Ltd., will be exchanged for $95 of fully paid 7% Cumulative 2d
Pref. shares and $40 fully paid Common shares in the Empire Corp.
(б) Each $100 fully paid Ordinary or Common share of the Nova Scotia
Steel & Coal C o., Ltd., will be exchanged for $90 fully paid 7% Cumulative
2d Pref. shares and $40 fully paid Common shares in the Empire Corp.
(c) Each $100 fully paid Ordinary or Common shares of Halifax Shipyards.
Ltd., will be exchanged for $60 fully paid 7% Cumulative 2d Pref. shares
and $25 fully paid Common shares in the Empire Corp.
Basis of Exchange of Preferred Stocks.
(a) Each $100 6% Cumul. Pref. share o f 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 C o., 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 o f Nova Scotia Steel & Coal Co.
Ltd., to be exchangeable for 11 -5 share o f like amount of Cumul. 7% Pref
stock Series “ B ” o f Empire Corp., and each $100 6% Cumul. Pref. share of
the Eastern Car C o., Ltd., to be exchangeable for one share o f like amount
of Cumul. 7% Pref. stock Series “ B ” o f the Empire Corp.
(c) Each $100 Preference share o f Halifax Shipyards, Ltd., to be ex
changeable for one share o f like amount o f Cumul. 7% Pref. stock Series
“ B ” of the Empire Corp
Capitalization o f New Corporation Dec. 3 l 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 for 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. of corporation & pref. stocks
of constituent and subsidiary companies_______ 1,346,524

Amount
Outstanding

When
Payable

J
J
J
J
J
A
A

[V ol. 118.

Last Dividend
and Maturity

Checks mailed
Cent Union Tr
do
do
do

0 — M June 2 1924
& J Jan 1 1949
& J Jan 1 1930
& J Jan. 1 1930
& D Dec 1 1940

& J Jan 1 1939
& O Oct 1 1937
& O Oct 1 1997
Q—J July 1 1924
M & N M ay 1 1945
M & N M a y l 1947
M & N M a y l 1932
M & N Nov 1 1929
& A Feb 1 1940

Places Where Interest ana
Dividends are Payable

$1

Co,
do
do
do

Guaranty Trust Co, N T
Equitable Trust C o, N Y
Cent Union Tr Co, N Y
By check from Co s office
Chase National Bank.N Y
Nat. City Bank, N . Y .
do
do
do
do
Peoples Trust Co. Bklyn

D IV ID E N D S .— June 1900 to M ar. 1903. 144% quar.; since to June
1924. 2% quar.
BONDS.— The General M tge. bonds o f 1919 (V. 108, p. 582) are se*
cured by a mortgage on all the company’s real and personal property (subject
to prior lien of Kings Co. Elec. Light & Power Co. 1st M . 5s and Purchase
Money 6s and Edison Elec. 111. Co. of Brooklyn 4% bonds), including two
steam generating plants with an installed capacity of 189,500 k. w., and
9.767 miles of distribution lines, o f which 4 536 miles are underground.
They also cover all other property hereafter acquired.
The mortgage is limited to $100,000,000 and the bonds are issuable Id
series with such interest rate, maturity and redemption rate, and may have
the privilege o f conversion into capital stock, as shall be determined by the
company.
P rovision s o f G eneral M ortga g e A p p lica b le to Series " A , ” “ B ,” “ C ” and " D
B onds, and to A d d itio n a l B onds Issu a ble.

”

Aggregate face amount of bonds at any time outstanding shall never ex­
ceed $100,000,000. Bonds may differ as to interest rate, maturity and re­
demption rate and may have the privilege of conversion into capital stock
as shall be determined by the company. Bonds are the direct obligations
of the Brooklyn Edison C o., Inc., and are secured equally by a mortgage
on all its real and personal property now owned or hereafter acquired,
subject only to the liens of the mortgages securing the outstanding $11,951,000 in mortgage bonds of the Edison Electric Ilium. Co. of Brooklyn and
the Kings County Elec. Lt. & Power C o., which underlying mortgages are
closed by the Gen. Mtge. so that no more underlying bonds may be issued,
the outstanding $580,900 in Convertible Debentures of the Kings County
Elec. Light & Power Co. being junior to the Gen. Mtge. bonds. Bonds
are issuable only upon authorization by Public Service Corporation o f the
State o f New York.
The $8,500,000 of Series “ A ” and “ B ” bonds, as well as $500,000 of the
Series “ C ” bonds, comprise the $9,000,000 of bonds issuable under the pro­
visions of the General Mortgage for reimbursing the company’s treasury
for cost of properties acquired prior to the date of the mortgage (Jan. 1
1919) in construction, completion, extension and improvement of plants and
facilities. The remaining $1,500,000 of Series “ C ” bonds and the $8,000,000
of Series “ D ” bonds, or $9,500,000 in the aggregate, were issued to reim­
burse the company’s treasury in part for expenditures made for the acquisi­
tion of property and for construction, completion, extension and improve­
ment of plants and facilities subsequent to said date of the mortgage as
therein provided.
The remaining bonds under the Gen. M tge. may be issued for future—
(1) Refunding or acquisition of underlying bonds and debentures in the
aggregate amount of $12,246,700 or other obligations constituting a lien
upon the mortgaged property at the date of the mortgage or other obliga­
tions secured by a lien upon property subsequently acquired and become
subject to the lien of the mortgage.
(2) Construction, completion, extension, development or improvement
of or additions to plants and facilities.
(3) Acquisition of the whole or any part of the properties, & c., of any cor­
poration supplying light, heat or power by electricity or other means in the
present territory of New York City and Nassau and Suffolk counties.
(4) Acquisition of securities of other corporations supplying light, heat
or power by electricity or other means in said territory, provided the com­
pany be or thereby becomes the owner of at least two-thirds of the outstand­
ing capital stock of any such corporation.
(5) Reimbursement of the company for expenditures made subsequent
to the date of the mortgage for any of the purposes for which bonds are issu­
able under (2), (3) and (4) above or to meet indebtedness of the company
contracted for any of such purposes.
Provided, how ever, that except for refunding or acquisition of underlying
bonds, debentures and obligations under (1) above, bonds shall not be issu­
able at face amount in excess of 80% of the actual cost or reasonable value,
whichever may be less, of the property or securities acquired, or the exten­
sion, development, improvement or additions made, nor issuable for the
acquisition of securities under (4) above it thereby more than 25% of the
actual cost or the reasonable value of the property subject to the Gen. M tge.
(after deducting the face amount of all underlying liens) would consist of
stock, bonds or other obligations acquired by the use of bonds issued under
the Gen. M tge., nor unless net earnings as defined in the Gen. M tge. shall
have been at least twice the annual interest charges upon all outstanding
underlying bonds, the outstanding bonds secured by the Gen. Mtge. and
those applied for.
R E PO RT.— For 1923, in V . 118, p. 668 and 792, showed:
Cal.
Gross
Y ea r . E a rn in gs.

Total N et
B ond
F ix e d ,& c .,
In co m e. D is co u n t. C harges.

D iv s .

(8 % ).

B alance,
S urplu s.

1923 .$23,422,314 $7,670,329 $137,912 $3,397,373 $3,171,518 $2,963,526
1922 . 19,326,489 6,229,163 137,804 1,985,951 3,313,180
972,364
1921 . 16,515,098 4,825,336 132,903 3,047,656 1,389,702
255,075
1920 . 13,308,868 3,082,949
92,068 1,450,163 1,387,366
153,353
Chairman, N. F. Brady: Pres., M . S. Sloan; V.-Pl, J. O. Brady; V.-P. &
Gen. M gr., W . F. Wells: Sec., E. W . Kells; Treas., E. A . Baily: Aud.,
R. O. Launey. Office, Pearl and Willoughby Streets, Brooklyn, N . Y .—
(V. 118, p. 2441.)
BROOKLYN UNION GAS CO. (TH E ).— Incorp. in New York State
Sept. 7 1895, per plan V. 61, p. 831, and V. 62, p. 1141; V. 64, p. 887;
V. 80, p. 1854. For properties owned and controlled, see V. 109, p. 2359.
The P. S. Commission in Oct. 1922 adopted an order changing the candle
power standard to a standard o f 537 B. T. U. per cu. ft.: the company is
opposing this measure and has obtained a temporary injunction restraining
its enforcement during the hearing o f the case. In M ay 1923 the New York
State Legislature passed’ the $1 gas law and increased the standard o f gas to
650 B. T. U. per cu. ft. The company has started proceedings to declare
the $1 gas law unconstitutional.
STOCK.— The stockholders on Dec. 18 1923 changed the authorized
capital stock from 300,000 shares, par $100, to 600,000 shares o f no par
value, stockholders receiving two shares of the no par value stock in ex­
change for each share, par $100, held.
LATE DIVS. 1909-11. 1912(0 1917. 1918. 1919. 1920-21 1922. 1923
6
6
None
4
8
P e r c e n t_____6 yrly. 6 & 2ext. yrly.
Paid in 1924: Jan. 2, 2% ; Apr. 1, $1 per share on new stock of no par val.;
July 1, $1 per share.
BONDS.— Mortgage of 1895 is for $15,000,000 of bonds, subject to:
Bonds—
Interest.
Outstanding.
Maturity.
Citizens’ Gas con. mortgage____5% F. & A .z
$264,000
Feb. 1 1940
In Oct. 1919 offered to shareholders at par $2,000,000 7% 10-year deben­
tures convertible into stock, at holders’ option, on any int. day on and after
1924 on the basis o f two shares o f stock of no par value for each $100 of
debentures. V. 109, p. 1528, 1082; V. 108, p. 1391; V. 117, p. 2437.

M ay , 1924.]

151

INDUSTRIAL AND PUBLIC UTILITY

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

Brown Shoe Co— Common stock $10,000,000 auth________
Pref stock (a & d) 7% cum red 120_______________________
Buckeye Pipe Line Co (T he)— Stook $10,000,000-------------B.tTai, St Susauehanna Iron— See Rogers-Brown Co
Burns Bros.— Common stock Class A 100,000 shares auth.
Common stock Class B 100,000 shares auth____________
Prior pref (a & d) stock 7% cum red 120 $1,292,100 auth_
Preferred (a & d) stock 7% cum red 110 $3,000,000 auth_
_
Bush Terminal Co— Common stock $10,000,000____________
Preferred (a & d) 6% cum redeemable at 110 text______
First M (V 76, p 974) conv sink fund since 1907- Col.xc*
First consolidated mortgage $10,000,000______________xc*
Bush Terra Bldgs Co M S12.000.000g gu s f.C ol, x. c*&r*
do 7% cum. pref. stock guar. call. 120_______________
Butte Copper & Zin c Co.— Stock auth $3,000,000_________
B utte E lectric S Power— See Montana Power Co,
c
Butte & Superior M ining Co,— Stock auth $3,500,000 ____

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

$100 $3,400,000 See texi
100 4,812,500
7
50 10,000,000 See te x t
None
None
100
100
100
100
1902
1,000
1,000
1905
1910 1,000 &c
100
5

T h e stock ho lders on M ay 19 1922 v o ted in favor of c re a tin g a first lien
a n d refu n d in g m ortgage on th e com pany 's en tire p ro p e rty su b je c t only to
existing m ortgages, and on auth orizin g th e issuauce th e re u n d e r of an issue
of $6,000,000 Series “A " bonds to be d a te d M ay 1 1922 an d d u e M ay 1
1947. T he stockholders also auth orized an issue of $5,579,000 7% C on­
v e rtib le de b en tu re bonds to be d ate d M ay 1 192 2 and m a tu rin g M ay 1 1932.
T h e d e b en tu re bo nd s are con vertib le in to cap ital sto ck a fte r N o v . 1 1924 on
th e basis of tw o shares of sto ck of no p a r valu e for each $100 o f d eb en tu res.
T h e sto ck ho lders h a d th e privilege of su bscribing to th e co n v ertib le d eb en­
tu res on a p r o r a ta basis. V . 114, p . 2017, 2245, 2363, 2473; V . 117, p . 2437.
R E P O R T .— F o r 1923, show ed:
1923.
1922.
1921.
1920.
G ross earn in g s__________ $18,291,420 $20.896,790a$20,575,388a$18,235,310
N e t a fte r ta x e s_________ 4,096,615 5,316.929
2,594,722
722,411
F ix ed charg es__________ 1,934,296 1,656,298
1,367,776 1,140,354
D iv id en d s............................. 1,440.000 1,080,000
N il
N il
S u rp lu s_________________
722,319 2,580,631
1,226,946 def417,943
a T h is includes for th e year 1920, $1,959,993, a n d for th e year 1921,
$5,688,285, being th e a d d itio n a l evrenues collected in excess of th e s ta tu to ry
ra te s a n d held in suspense u n til released by fav o rab le decision of th e U . S.
S uprem e C o u rt. In 1923, because of litig a tio n over new r a te s ta tu te , in ­
com e of $1,026,085 is again held in suspense a n d n o t in clu ded in abo ve fig ­
ures.
P re s., Ja m e s H . Jo u rd a n ; V .-P res., A . F . S tam ford; Sec., H e n ry E .
M cG ow an; T re a s., E . R . C h ap m a n . O ffice, 176 R em sen S t., B ro o k ly n ,
N . Y .— (V. 118, p . 1015.)
BROWN SHOE CO. —O R G A N IZ A T IO N .-— In c o rp . In N . Y . Jan. 1913
and acq uired th e B row n Shoe C o. of M issouri. O w ns a n d o p erates 14 large
m odern p lan ts, 6 in S t. L ouis, and one each in M o berly, B rookfield. M o.,
M a tto o n , M u rp h y sb o ro , D ixo n, L itch field a n d C h arlesto n , 111, a n d U nion
C ity , T en n . Also leases and o p erates a p la n t for th e m a n u fac tu re of p ap er
boxes. A ggregate n e t floor space, 313^ acres. C a p a c ity , 45,000 p a irs of
shoes p er d a y . In F e b . 1913 acq u ired B arto n B ros, of K an sas C ity . V .
96, p . 556. O w ns a n d o p e ra te s C e n tra l Shoe C o ., S t. L ouis.
STOCK.— The pref. stock Is redeemable at any time, all or part (pro
rata), and also upon dissolution at 120 and dlvs. on 3 m os.’ notice. Nc
mortgage (other than purchase money) can be authorized or pref. stock
Increased or prior stock Issued by vote of less than 75% # each class, both
'f
pref. and com. Sinking fund out of surplus profits to retire at least 2tS %
annually o f 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, $4,812,500; retired by
sinking fund and canceled, $1,187,500.
D IV ID E N D S.— Div. on pref. from F e b . 1913 to M a y 1924, \% % quar
Dividends on common, 1% p aid F e b ., M ay a n d A ug. 1 1914; none to Dec. 1
1916, w hen 1K % w as paid; M a r. 1917 to S ep t. 1919, 1 H % quar.; Dec.
1919 to S e p t. 1920, I H % q u a r.; th e n no ne u n til Ju n e 1 1923. w hen 1%

w as paid ; th e n to Ju n e 1 1924 p a id 1% q u a r. S to ck hold ers of record
Ju n e 19 1920 received a sto ck d iv . of 33 1-3% .
R E P O R T .— F o r six m o n th s ended A pril 30 1924, in V . 118, p . 2576,
show ed:
6 M o s . E nd.
A nr. 30 ’24.
1922-23.
1921-22.
1920-21.
N e t sa le s_______________$12,908,815 $29,679,235 $27,191,698 $22,382,716
t N e t p ro fits___________ $337,019 $1,510,059 $1,389,799 loss$758,428
F ed eral incom e, w ar a n d
excess p ro fits ta x (est.)
100,000
42,800
176,000
367,325
P referred div id en d s (7 %)
366,975
168,437
342,650
C om m on d iv id e n d s_____
167,808
167,126
B a la n c e ______________ def$42,026 sur$824,283 sur$ 922 ,824 df$l,12 5,75 4
tA fte r d ed u ctin g co st o f m a te ria ls, e x p ., dep rec. & in c. ch arg es, b ad
d e b ts, &c.
P re s ., Jo h n A. B ush; V .-P res., E . R . M c C a rth y , P . O ’B rien , T . F .
Ja m e s a n d T . P . M oody; T re a s., H . S. H u tchin s; S ec., W . E . T arlto n .
O ffice, S t. L ouis, M o .— (V. 118, p . 2567.)
BUCKEYE PIPE LINE CO. (TH E).— O R G A N IZ A T IO N , A c.— In co rp .
in O hio M a r. 31 1886. O w ns p ip e lines in O hio. F o rm erly con tro lled by
S ta n d a rd O il C o. of N . J ., b u t segregated in 1911. See S ta n d a rd Oil C o. of
N . J ., V . 85, p . 216, 790; V . 93, p . 1300. S tock, $10,000,000; p a r, $50.
R E P O R T .— F o r 1923, in V . 118, p . 911 a n d 1015, show ed:
C alendar Y ears —
1923.
1922
1921.
1920.
N e t p ro fits ______________$1,041,571 $1,744,396 $1,676,435 $1,612,325
D iv id e n d s______________ 1,350,000 7,000,000 1,600,000 1,600,000

10

When
Payable

Q— M
Q— F

Q— M

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

June 1 1924 1% Checks mailed
M av 1 1924 1 % Checks mailed
June 14 ’24 2% New York

80,944 sh. ?10 in ’23 Q— F M av 15 24$2.50
80,940 sh. $2 in '23 Q— F M ay 15 ’ 24 50c.
Q— F M ay 1 ’ 24 IK
869,300
7
7
Q— J Apr 1 1924 1H
3 .0 00. 000
6,889.986 See text J & J Jan 15 ’24 2 y2
J & J Jan 15 ’24 3%
2.300.000
6
2.812.000
4 g A & O Apr 1 1952
Office, lOO’ Broad St, N Y
6.629.000
5 $ J & J Jan 1 1955
Office. 100 Broad St, N Y
A & O Apr 1 1960
8.407.000
6,610.400
7 *
Q— J Apr 1 1924 1 H New York
See text
Mar 1 1923 50c
3 .0 00.
000
2,901,977 See text See text June 30 ’ 23 50c.

T h e sto ck ho lders on Ju n e 14 1923 a p p ro v e d a p la n to m erge w ith th e
N a tio n a l C oal C o rp ., b u t th e p la n , it w as la te r an n o u n ced , h a d been te m ­
p o ra rily a b an d o n ed follow ing th e g ra n tin g to tw o sto ck ho lders of an in ju n c ­
tion restra in in g th e com p an y fro m p u ttin g th e p la n in to effect. C o m pare
V. 116, p . 2392, 2997; V. 117, p . 329, 556.
D IV ID E N D S .— In itia l d iv idend s of $2 q u a r. a n d 50 cen ts e x tra p er sh are
on t he new C lass A com m on sto ck and of 50 cen ts per sh are on th e new
C lass B com m on sto ck w ere p a id F e b . 15 1922; sam e am o u n ts p a id q u a rte rly
to M a y 15 1924.
R E P O R T .— F o r y e a r end ed M a rc h 31 1923, in V . 116, p . 2634, show ed:
M a rc h 31 Y ea rs —*1922-23.
*1921-22.
1920-21.
1919-20.
N e t sa le s_______________ $29,432,808 $31,373,520 $29,475,298 $24,053,980
G ross p ro fit_____________ 2,632,864 3,228,002 3,242,345 1,903,971
G eneral exp. a n d ta x e s .,
1,909,782 1,851,869 1,711,424 1,209,272
O ther inco m e_____________C r.416,948 C r.324,275 C r.231,866 C r .332,356
P referred d iv id e n d s____
300,447
232,176
99,289
101,976
C om m on div s. ( c a s h ) ...
970,987 849,182
808,517 (10)779,070
B alance, su rp lu s_____ def$131,404
$619,051
$854,981
$146,009
* In clu d es o p eration s of p ro p e rtie s of W m . F arrell & Sons, In c ., fro m
N ov. 30 1921.
P resid en t, F . L . B u rn s. Office, 50 C h u rch S t., New York City.—
(V. 118, p. 2184.)
BUSH TERMINAL CO.— ORGANIZATION, AO.— 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.
D. 1956: V. 82, p. 1039: V. 88, p. 163: V. 106, p. 399. Also controls Bush
Terminal Buildings C o., owning $1,000,000 common stock ($2,000,000

a u th .). A s to In te rn a tio n a l Sales B uilding on 42d S t., M a n h a tta n , an d
leases to te n a n ts , see V . 108, p . 2239.

PR EFE R R E D STOCK.— In addition to the initial $5,000,000 pref. stock
(callable at 110 & d iv s.), may issue: (a) from time to time not exceeding
$5,000,000 additional pref. stock on consent of a majority of the directors
and a majority in interest of all the stock outstanding; and (b) a further
$5,000,000 pref. stock on consent of a majority of the directors and a ma­
jority In interest of common and of Dref. stock outstanding V. 92. p. 1034.
The a u th o rized com m on sto ck w as increased from $7,000,000 to $10,000,000
In April 1922.
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,
D IV ID S.
f’07. ’08. ’09.
’ 10.’ l l . ’ 12-T4.
C om m on ____^ 0
0 0
2
4 4 yrly. 5
5
Do in stock[ „
............................„
2Ji
5

’ 15.’ 16.’ 17-21.
5
5
5
5
214

P a id in 1924: Ja n . 15, 2 J ^ % .
R E P O R T .— F o r 1922, in V . 116, p . 2634, show ed:
Calendar Y ears —
1922.
1921.
1920.
1919.
G ross e a rn in g s-............. $2,537,251 $2,945,196 $2,731,142 $2,124,457
T o ta l n e t inco m e________ 1,905,196 2,162,098 1,958,997 1,777,229
In te re s t............................
444,778
535,534
585,537
492,440
T a x e s___________________
590,105
606,287
472,435
449,747
D e p re c ia tio n ____________
28,230
28,580
28,970
29,345
P referred d iv id en d s____
138,000
138,000
138,000
138,000
C om m on d iv s. (cash )___
344,000
331,490
315,540
300,385
C om m on div s. (sto c k ). . ---------------- ------------- 1^ ----------------- ----------------_________
332,122
316,118
300,886
B alance, su rp lu s_____ $360,083
$190,085
$ 2 4 0 ,3 9 7
$66,425
E arn in g s for 3 m o n th s end ed M arc h 31 1924 in V . 118, p . 2308.
P res., Irv in g T . B ush; V .-P ., R . G . S im onds a n d A . L . M an c h e ste r;
Sec. & T re a s., Jo h n A . H ein rich . O ffice, 100 B ro ad S t., N . Y .— (V . 118,
p . 2308.)

BUTTE COPPER & ZINC CO.— Organized under laws o f Maine.
Nov. 22 1904. Is engaged in developing, mining and operating mines and
mineral lands, and In milling zinc and manganese ores. Property, con­
sisting of ten claims, is owned in fee and Is located in the centre of the City
of Butte, Silver Bow county, Montana, and is a compact group covering
about 3,000 feet along the Black Chief vein
CAPITAL STOCK.— Authorized and outstanding, $3,000,000. Par
value. $5. Voting trust expired Feb. 1 1920.
Balance, sur. or def..def$308,429df$5,255,604 sur$76,435 sur$12,325
D IV ID E N D S.— A dividend of 50 cents per share was paid In July 1918;
D IV ID E N D S.— T2. T3. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19 to ’21. ’22. ’23.
then none until March 1 1923, when 50 cents per share was paid.
Regular, per cent. 40
40 28 16 16
16 16 16 yrly.
16 13^
Extra, per cent_
_
_- __ ___
3
2 ________
54
____ LEASE.— About July 1915 the Anaconda Copper Mining Co. started
Paid in 1924: March 15, 2% ; June 14, 2% .
the
which
P re s ., D . S. B ushnell; V .-P . & G en. M g r., T . B . G reene; Sec., J. R. development operations under a lease, underButteterms of & Zincnet earn­
ings from ores recovered is divided 50% to
Copper
Co. and
Fast: T re a s., W . F . L ivingston. M ain office, Lima, O hio. N . Y . office
50% to the Anaconda Copper Mining Co.
26 Broadway.— (V. 118, p. 1523.)
R E P O R T .— F o r calen dar y e a r 1923, n e t incom e $75,321, a s c o m p a re d
BURNS BROS.— Wholesale and retail coal dealers In N. Y . City. A
consolidation Dec. 311912 under laws of N J. V. 96. p. 363: V. 103, p. 2081. w ith $22,847 in 1922. V . 118, p . 911.
O F F IC E R S .— A lb ert J . S eligm an, P res.; A lb ert F ries, V .-P res.; A . I .
In Dec. 1921 acquired William FarreU & Son, Inc. For terms o f acqui­
B ailey, Sec. & T re a s.— (V . 118, p . 911.)
sition, see V. 113, p. 1986, 2408.
C A PIT A L STOCK.— In connection with the acquisition in Dec. 1921
BUTTE AND SUPERIOR MINING CO.— O R G A N IZ A T IO N .— In c o r­
o f Wm. Farrell & Son, Inc., the capital stock was changed to amounts porated in Arizona Oct. 2 1906. Owns mining claims in Silver Bow
shown in table at head of page (compare V. 113, p. 1986, 2408).
C o., M ont, (area 164.7 acres), interests in other claims having an area of
The 7 % cumulative pref. stock is entitled to benefit o f an annual sinking 58.3 acres and surface rights, &c. Application to list describing properties,
fund o f $120,000, after the payment o f dividends on stock, and after all A c., V. 100. p. 100, 1602; V. 102. p. 1835. Output chiefly zinc spelter.
prior preference stock has been retired.
Flotation separation, V. 105. p. 1211. 1422; V. 106, p. 1120, 2231. 2446
The Class A common stock will be entitled to receive cumulative divi­ 2759; V. 107, p. 289, 606. 1103; V. 108. p. 588. 2530; V. 109. P- 373. 1082.
dends at the rate o f $8 per share per annum before any dividends are V. 113.p. 1363,2315; V . 115, p. 78. Ore body se ttle m e n t, V . 109,p . 890.
paid on the Class B common stock, and thereafter all dividends are to be
The Butte-N. Y. Copper Co. Issued $150,000 10-year 1st M . con­
paid ratably on the Class A common stock and Class B common stock, share vertible bonds dated June 1 1915 (incomes for 5 years), $500,000 authorized
and share alike. Upon liquidation. Class A common stock will be entitled V. 100. p. 644. 1754. Present name assumed In 1916, V . 102, p. 1635
to receive $60 per share before any distribution o f assets to the Class B
L TE D
1915. 1916. 1917. 1918-21. 1922. 1923.
common stock, and thereafter all assets will be distributed ratably to the R egA lar (%IV ID E N D S —
u
)________________ 30
40 31
---------5
10
Class A common stock and Class B common stock, share and share alike.
E x tra (% )__________________ 150 300 35J£
---------- ------ -----The Class A common stock will have two votes per share and the Class B
P a id in 1923: M arc h 31, 5% ; June 30. 5 % ; Sept. div. omitted. V . 117.
common stock will have one vote per share. [Preferred shares have no
p . 1239.
voting power except when dividends are in default.)




’22.1923.

152

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, & c„ see notes on page 61

Date
Bonds

Butterick Co (The)— Stock $15,003,000 (bonds see text)_
_
C addo Central Oil & Refining— Stock 200,000 shares___

1919
1917
1921

_
M (closed mtge) s f call 105_ CP
Equipment trusts due serially red (text)__________ CPxxx
California Packing Corp— Com 500,000 shares (no par)_
_
California Petroleum Corp— Stock, com, $60,030,000 auth
. _
PreKa&di stock, 7% cum Apart red text $17,500,000 auth
10-year sinking fund gold bonds rec (text)_.Ce.kxxxc* 1923
Bonds of controlled companies—
Amer Oilfields Co 1st M g red 105 bee ’ 16 sink fd ________ x 1910

Par
Value

, in V. 118, p. 2046 and 2184, showed:
Calendar Years—
1920.
1921.
1923.
1922.
$3,779,276
Total revenue_________ $3,346,294 $2,902,633
X
Oper. costs and deprec.. 3,251,965
3,682,019
825,665
2,807,234
Net income_________
Other income__________

$94,329
44,066

$95,399 loss$825,665
95,402
72,713

$97,257
98,433

Total income________
Res. for tax, conting., k c Dividends_____________

$138,395
169,446
290,197

$190,801 loss$752,952
480,652
145,098

$195,690
7,761

Balance, deficit______

$321,248

$434,949

$752,952 sur$l87,929

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.-Pres., Chas. Hayden and C . W
Peters; Sec., A. J. Ronaghan; Treas., J. R . Dillon.— (V. 118, p. 2184.)
BU TTERICK CO. (TH E ).— ORGAN IZATION .— Incorp. in New York
on Jan. 15 1902. Owns stock o f various companies publishing magazines,
manufacturing paper patterns, &c. See V. 75, p. 237. Stock was on Oct.
19 1909 authorized to be increased from $12,000,000 to $15,000,000. Ac­
quired the $1,000,000 Ridgway Co. June 30 1919. V. 104, p. 1174. The
outstanding obligations on Dec. 31 1923 included; mortgages, $729,000;
Butterick Publishing Co. 8% cumulative preferred stock, $700,000.
DIVIDENDS—
( ’03. ’04. ’05. '06. ’07. ’08. ’09. T0-T5. 1916
Since 1902. % ______ 1 4
4
4
4
3
1H 2 M 3 yly.
2M
In Dec. 1916 the dividend was omitted. None since.
RE PO RT.— For 1923 showed:
Calendar Years—1923.
1922.
1921.
1920.
Net profit after Fed. tax. $629,262
$566,913
$840,094
$307,713
Preferred dividends----58,000
66,000
74,000
73,410
Balance, surplus.........
$571,262
$500,913
$766,094
$234,303
Profit and loss_________ $3,766,539 $3,195,278 $2,842,999 $2,198,485
OFFICERS.— Pres., G. W . Wilder; Treas., C. D. Wilder; Sec., T. SMersereau. Office. Butterick Bldg., N . Y . City.— (V. 118, p. 1523.)
CADDO CENTRAL OIL AND REFINING C O RPORATION .—
ORGANIZATION.— Incorp. in New York State M ay 2 1919. Owns
abeut 79 producing wells with daily production about 300 barrels.
The new refinery at Cedar Grove, having a daily capacity of 5,000
barrels has been completed and is in operation. The operation of the small
Shreveport refinery was discontinued on completion o f the new refinery.
This leaves the company with two refineries at Cedar Grove, having a com­
bined daily refining capacity of 8.500 barrels.
Its holdings in the ell fields comprise; (a) 30.400 acres in fee in Bossier
Parish, La.; (4) 2,200 acres in fee in Caddo Parish. La.: (c) approximately
6,000 acres under lease distributed over North Louisiana in Cadde, Homer.
Red Rover, DeSoto, Little River, Webster and Bienville parishes and in
Texas and Arkansas.
1428, showed:
REPORT.— For 1923, in V . 118,
1921.
1923.
1922.
1920.
Department profits----$213,622 $1,037,926
$908,072 $2,170,858
$290,412
Gen. & admin, exp_____
$369,201
$289,533
$278,590
Adjustments___________
______
de&.455,938
Miscellaneous income_
_
76,907
22,502
20,676
1,189
Settlem’t of Taylor suit.
______
305,195
Cost e f drilling dry holes
24.788
14,841
17,744
87,490
423,038
440.104
416,010
Interest, A c___________
403,970
Organ. exp. written off. .
______
6,974
44,487
$343,959
508,266

$23,650
564,735

$1,333,648
460,584

19,785

12,161

500,000

Balance___________ d ef$ l,002.172 def$184,092 def$553,246 sur$373,064
Report for first quarter o f 1924 in V. I l8 , p. 2046.
BONDS.— In the annual report for 1923, Vice-Pres. James D. Williams,
under date of March 10 1924, said: “ In view of the fact that the company
was unable to pay its bond interest due Jan. 1 1924, it is obvious that this
situation demands prompt consideration and the management is at present
engaged in conference with important bondholders In an effort to work out
a plan which at the same time will properly protect the interests of all the
security holders and give the company the opportunity to conserve its
earnings, build up its properties, and thus establish itself in a strong position
for the benefit ef all those who are interested in it and its securities.” Com­
pare annual report in Y. 118, p. 1428; compare also V. 118, p. 2441. The
8% equip, trusts ef 1921 are redeemable as follows: 102 during 1924, 101
during 1925 and 100 during 1926. V. 113, p. 2188.
CAPITAL STOCK.— On M ay 3 1920 stockholders auth. (1) change of
■teck to no par value; (2) Increase of shares from 150,000 to 200,000;
(3) sale o f 56,000 shares at discretion of board of directors. Stockholders
of record June 6 1921 were offered the right to subscribe at $15 per share
for 50,000 shares o f capital stock (no par value) to the extent or one new
share for each three shares held.— V . 112. p. 2540.
A t 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.
OFFICERS.— Pres., Hugh K . Prichitt; V.-P. & Treas., James D.
Williams; Sec., R . A . Weatherby; Asst. Treas., D . E. Hall. Office,
Shreveport, La., and 61 Broadway, N . Y .— (V. 118, p. 2441.)
(THE) CALIFORNIA OREGON POWER CO.— (V. 118, p. 2576.)
CALIFORNIA PACKING CORPORATION (OF N. Y .).— ORGANI­
SATION.— In Oct. 1916 Incorporated In New York to acquire (V. 103, p
1212), free of mortgage or other funded debt, the business, assets andproperties of J. K. Armsby Co.; California Fruit Oanners’ Association; Central
California Canneries: Griffin & Skelley Co.; and about 80% of the cap­
ital stock of the Alaska Packers' Assn. The largest packer and dis­
tributor of California dried fruits and canned goods, and an Important fac­
tor in Hawaiian pineapple industry; Alaska Packers' Assn, is the largest
packer of canned salmon In the world. Hawaiian property, V. 104, p. 2454.
Official statement of May 10 1917 to N . Y . Stock Exchange in V. 105, p
1203.




Bate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

%
$100 14,642,100 See text
Sept 1 *10 H %
None 168,500shrs
6
J & J Jan 1 1930
4.336,600
Caddo Oil & R ef CoJ1st& J Jan 1 1927
6g
1,496,500
100 &c
8 g M & S 1924 to 1926
405,000
None 471,708shrs $6 in ’23 Q— M JuneI6 24 $1.50
25 17.377,005 7 in 1923
Jude 2 24 1M%
100 12.589 926 7 in 1923
July 1 '24 1 M %
100 &c 8,000.000
GX S A & O Oct 1 1933

Calumet & Arizona M ining Co— Stock $6.500,000______

Net profits before pro­
viding for abandoned
leases, deprec. & depl.def$507,428
Depletion & depreciation
449,640
Set aside to provide for
abandoned lease____
45,104

Amount
Outstanding

[V ol. 118,

10
10

Checks mailed
Jan. ’24 int. unpaid
Jan. ’ 24 int. unpaid
Bk ofNA&T, Phila &Chl.
Checks mailed
Irv Bk-Col Tr Co, N Y
do
do
Blair & C o , N Y ; Los Ang

Southern Tr Co. Los Ang
766,100
6 c
r F & A Feb 1930
6,754,920
6,425.300 See text Q— M 24 June 23'24 5%

STO C K .—The pref. stock was called for redemption at 115 and accrued
dividend on April 1 1920. Divs. on common, June 15 1917 to Mar. 1918
50 cts. each ($2 p. a.); June 15 1918 to Dec. 15 1919. $1 quar.; Mar. 15
1920 to June 16 1924, $1 50 quar.
R E PO RT.— For year ending Feb. 29 1924, in V. 118, p. 2184, showed:
Consolidated Results— Years Ending Feb. 28.
1923-24.
1922-23.
1921-22.
Profit (after all taxes)_________ _____ $4,479,221 $5,172,879 $2,598,958
Income from investments___________
840,129
995,504 loss358,367
Total income____________________ $5,319,350
$6,168,383 $2,240,591
Common dividends_________________ 2,830,248($6)2830,248($6)2830,248
Surplus__________ _______________ $2,489,102
$3,338,135 def$589,657
OFFICERS.— J. K . Armsby, Chairman of the Board; R . I. Bentley.
Pres.; H. Z. Baldwin, Sec.; L. A. Woolams, Treas.— (V. 118, p. 2154.) .
CALIFORNIA PETROLEUM CORPORATION.— ORGANIZATION
—A holding company Incorporated in Virginia Sept. 27 1912. Owns all the
stock of American Petroleum Co. (V. 92, p. 1111; V. 91, p. 216); which
owns or controls 2,000 acres of land in the Coalinga, Lost Hills and Los An­
geles districts; and 99% of American Oil Fields O o.,V . 92, p. 957),
which claims 4,200 acres in the Midway, Sunset, McKittrick and Lost
Hills oil districts of Southern California, and all the stock of Petroleum
Midway C o., Ltd., which owns 580 acres and has leased about 4,200 acres
in the Midway and other oil fields. In Mar. 1919 was authorized to pur­
chase at par a further $4,000,000 of last named company’s stock. Y . 108.
p. 1062. Other subsidiary companies are the Niles Lease Co. and the
Midland Oil Fields C o., Ltd. Diming 1920 the Midland Oil Co. (a sub­
sidiary) 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 1923 there was in hands of public $35,579 stock and also $766,100
bonds (see table above) of the subsidiary companies; remainder owned by
California Petroleum Corporation.
STOCK.— The stockholders on April 20 1923 increased the authorized
common stock from $17,500,000 to $60,000,000, and changed the par value
of the common shares from $100 to $25, the holders of common stock re­
ceiving 4 shares of new common stock, par $25, for each $100 share held.
V. 116, p. 1898.
BONDS.— The 10-year 6 H % sinking fund gold bonds are redeemable
for sinking fund on any interest date at 10314 and interest up to and includ­
ing April 1 1927, the premium thereafter decreasing H of 1% on each suc­
ceeding interest date. On April 1 1924, and semi-annually thereafter until
all of the bonds have been retired, the corporation as a sinking fund will
deliver or pay to the trustee bonds or cash sufficient to retire $400,000 bonds
or such greater amount as the corporation shall determine, thus retiring all
of the bonds by maturity at the prices given above. V . 117, p. 1351.
DIVIDENDS.— Divs. am cammon, Jan. 1. Apr. 1 and July 1 1913, 1M %
each; then none until Mar. 1 1923, when l % % was paid; June 1 1923 to
June 2 1924 paid 1H % quar. On preferred, in 1913 and 1914, 7% ;
1915, 5)4% ; 1916.4% (1% Q.-J.); 1917,4% ; 1918, Jan. and Apr. 1% ; July
and Oct., 1X % ; Jan., and again in April, 1 9 1 9 ,1
and 2 % on accumu­
lations. July 1919 paid 1 regular and 2H »n accumulations. In Oct
1919 paid 1% regular and 2H on accumulations, which, it is understood
clears up all accumulations on the pref. Paid 1 H % quar. Jan. 1920 to
July 1924
R E PO RT.— For 1923, in V. 118, p. 1908. showed.
Calendar Years—
1923.
1922.
1921.
1920
Gross earnings....$20,314,981
$11,835,760 $7,463,675 $6.391 061
6,861,171
4,397,153 4,072,231
Net earnings__________ 10,838,296
Depreciation, &c_______ 3,161,885
2,282,563
1,166,421
1,101,569
Interest on bonds, &c_
_
186,620
49,452
51,220
68,871
Reserve for Federal taxes
550.000
564,000
775,000
546,000
and contingencies____
863,550 (7 %) 750,150 (7)715,029 (7)770,439
Preferred dividends____
Common dividends_____ 1,216,390
197,931
197,065
333,561
Sinking fund__________
610,293
Balance, suimlus_____$4,024,559
$2,905,444 $1,703,419 $1,382,931
Chairman, Thos. A. O’Denneli; Pres., R . L. Peeler; Sec. & Treas.,
W . D . Stewart. Office, Security Bldg., Los Angeles, Calif.— (V. 118,
p. 1908.)
CALLAHAN ZINC-LEAD CO.— Formerly Consolidated Interstate
Callahan Mining Co.
Name changed te present title on Apr. 12 1920
ORGANIZATION.— Organized in Arizona June 12 1912, and is engaged
in mining and milling zinc and lead ores in Shoshone County. Idaho. Stock
auth., $10,000,006, in $10 shares. Paid dividends regularly from April 1
1015 to June 30 1917, in all $13 59 per share, or $6,277,365 in divs.; Sept.
1917 none, pending certain improvements, &c.; Jan. 2 1918. 50 cents (5).
June 15, 50 cents (5%) quarterly. In Oct. 1918 paid 75 cents (7H %> quar.
■one thereafter until Feb. 1920 when $2 was declared payable in quar. In­
stallments of 50c. each en Mar. 30. June 30. Sept. 30 and Dec. 30 1920;
none since.
In Oct. 1918 the 10-year contract of 1914 with the American Metal Co.
for the sale of all the company’s output was canceled by mutual consent
and the Metal Co. interests surrandered all their holdings In t,he capital
stock.
STOCK.— The stockholders of record Oct. 26 1922 were given the right
to subscribe to new stock at par ($10) on a basis of one new share for each
five shares held. V. 115. p. 1842.
RE PO RT.— For 1923 showed.
Calendar Years—
1923.
1922.
1921.
1920.
--------- $1,411,544
Net value of shipments..
$916,559 x$149,129
Miscellaneous income_
_
64,424
19,065
10,118
12.986
Total income________
Expenditures__________

$980,983
988,917

$168,194
318,455

Operating deficit_____

$7,934

$150,261

$10,118
166,396

$1,424,530
1,158,282

$156,279prof$266,248

x Six weeks’ production, total output of lead and zinc concentrates, 4,284
tons (production was resumed in N ov. 1922 after a shut-down of 2 years).
OFFICERS.— Pres., John Borg; Sec. & Treas.. H. T . McMeekin.
Offices, 61 Broadway, Now York, and Interstate, Idaho.— (V. 118, p. 1523.)
CALUMET & ARIZONA MININO 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 1923 owned
also 1,229.741 of the 1,800,000 outstanding shares of $5 each of the New
Cornelia Copper Co.

M ay , 1924.]

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 , cfee., s e e n o te s o n p a g e

6]

D a te
B on ds

Calumet & Hecla Consolidated Copper Co— See t e x t
Carson Hill Gold Mining Co— Stock 250,000 shares auth_
C o n v e r tib le d e b e n tu re n o te s call 110_____________________
1922
(J 1) Case Plow Works Co.— Common stock 125.000 shares
1st pref (a & d) 7% cum *5,000,000 call 110________ _____
2d pref (a & d) 7% (n-c) & partic *5.000,000 call (text)____
(J I) Case Threshing Machine Co— o m s t o c k $20,000,000
-C
eref stock la & d) 7% oum S20.000,000
_____________
Central Aguirre Sugar Co— Stock $6,0OO.OOO auth________
Central Indiana Power Co— C o m . s to c k $ 6 ,0 0 0 ,0 0 0 a u t h P r e f (a & d ) s to c k 7 % c u m r e d 115 $ 1 0 ,0 0 0 ,0 0 0 a u th _______
F irst m tg e c o ll & r e f Series “ A ” r e d ( t e x t ) _______ U C .k x c *
3 -y e a r C o lla te r a l G o ld N o te s c o n v & red (t e x t )__________c *
3 -y e a r C o lla te ra l G o ld N o te s re d ( t e x t ) ____________ k x x x c *

1922
1922
1924

Par
V a lu e

A m oun t
O u ts ta n d in g

1,200,009sh
See text
125.000snrs
$3,500,000
3,500,000
13,000,000
13.000.000
3,000.000
5,500,000
6,250,000
12,190,500
100 &c 2,000,000
100 &c 6,500,000

None
$100
100
100
100
20
100
100

DIVS.—
'12. T3. -14. -15. ’ 16. '17. ’ 18. T9. ’20. ’21. ’ 22. ’23.
Per cent------- 42** 50 30 3214 90 110 80 30 40
20 20
35
Paid in 1924: Mar. 24, 5% : June 23, 5% .
R E PO RT.— For cal. year 1923 shows:
1923.
1922.
1921.
1920.
Gross income___________ $8,933,315 $7,378,692 $3,677,255 $11,418,573
Net for dividends______
503,851
1,335,236 def694,879
1,849,201
Dividends paid________ 2,248,849
1,285,046
1,285,043
2,570,084
Pres., Gordon R . Campbell; Sec. & Treas., James E. Fisher. Office.
Calumet, M ich.— (V. 118, p. 2308.)
CALUMET & HECLA CONSOLIDATED COPPER CO.— The stock­
holders o f the Calumet & Hecla, Osceola. Ahmeek, Centennial and Allouez
mining companies on Sept. 7 1923 approved the plans for consolidating
under this title (under the laws o f Michigan) the five companies named.
A digest of the consolidation plan follows:
Capitalization.— The auth. capitalization o f the new company is to be
2,500,000 shares, par $25, o f which the new company will issue a total of
2,005,502 shares to the stockholders of the constituent companies: the re
maining 494,498 shares are to be reserved for general corporate purposes.
Allotment.— The shares o f the new company are alio ted as follows:
Ahmeek C o __________________________________ 2 and 68-l00ths shares
Total Shares
New
Outstanding.
Shares.
Ahmeek C o________
200,000
536,000
Allouez C o.................
100,000
80,000
Calumet & Hecla C o..............................
800,000
1,205.308
Centennial Copper C o ____________________________
90,000
34 200
Osceola Consolidated C o__________________________
96,150
149,994
Total---------------------------------------------------------------------------- 2,005,502
The foregoing allotment to Calumet & Hecla does not include the new
shares to which its stockholders are entitled on account of the shares of stock
which it owns in the other four companies. The allotment to the other four
companies represents the value of all their assets and includes the new shares
(numbering 378,692) issuable on account of the shares of the stock of the four
companies which Calumet & Hecla owns. Thus the total number of shares
of the new company to be issued to Calumet & Hecla is 1,584,000 shares.
Bate of Exchange.— The following is the rate o f exchange:
For Each Share of Stock of —
Ahmeek C o---------------------------------------------------- 2 and 68-100ths shares
Allouez C o ___________________________________
80-100ths of a share
Calumet & Hecla C o __________________________ 1 and 98-100ths shares
Centennial Copper C o-------------------------------------38-100ths of a share
Osceola Consolidated C o_____________________ 1 and 56-100ths shares
As part of the plan and in addition to the shares of the new company the
committee has determined that there should be paid to stockholders of
Ahmeek $5 per share of stock of Ahmeek; to stockholders of Calumet & Hecla
$1 25 per share o f stock of that company and to stockholders of Osceola $1
per share o f stock o f that company; such payments to be made from the
assets of said companies respectively and conditioned upon consummation of
the consolidation. The payment to stockholders of Calumet & Hecla in­
cludes above-mentioned payments which it would receive on shares owned by
it in the other two companies mentioned. Compare V. 117 p. 556, 1131,
1239.
R E P O R T .—For 4 months ended Dec. 31 1923, showed:
Receipts__
Expenditures—
Copper sales_____________$2,540,053 Cop. on hand Sept. 1 ’23-$3,672,555
C u s to m m illin g , sm e ltin g
Prod, sell., adm. & taxes. 2,931,283
& refining_____________
21,247 Depreciation & depletion. 1,319,930
Dividends_______________
21,559 Miscellaneous___________
172,709
Interest_________________
77,254
Total expenditures___ $8,096,478
23,371
Miscellaneous___________
Less— C o p p e r o n h a n d en d
o f year________________4,816,494
Net expenditures_____ .$3,279,984
Total receipts_________ $2,683,486 Net loss
$596,497
Balance sheet as o f Dec. 31 1923, in V. 118, p. 1778; earnings statement
for 3 mos. ended Mar. 31 1924, in V. 118, p. 2184.
DIVIDEN DS.— An initial dividend o f 50 cents per share was paid Dec. 17
1923; June 16 1924 paid 50 cents.— (V. 118, p. 2576.)
CAMBRIA STEEL CO.— Properties taken over by Bethlehem Steel
Corp on March 30 1923. See that company above.
CAMPBELL SOUP CO.— (V. 116, p. 519.)
CANADIAN CAR & FOUNDRY CO., LTD.— (V. 118, p. 1140.)
CARSON HILL GOLD MINING CO.— Organized under laws o f Main*
Feb. 7 1919 and has acquired the entire outstanding capital stock o f the
Carson Hill Gold Mines, Inc. Property comprises mineral lands on Caraon
Hill, Calaveras County, Calif., including the Morgan and Calaveras and
other mines
NOTES.— Directors in March 1922 authorized an issue o f $600,000
5-year 7% debenture notes, callable at 110 and int., and convertible at any
time prior to maturity or call, into stock on the basis o f $17 50 per share
for stock up to and Including Jan. 1 1923, and from and after that date on
the basis o f $20 per share. V. 114, p. 1184.
R EPO RT.— For 1922 showed:
Calendar Years—
1922.
1921.
1920.
1919.
Operating earnings_____
$458,179
$406,639
$560,850
$601,668
Net earnings____________
167,710
290,475
378,634
444,323
Depletion and deprec’n .
212,000
123,964
113,089
141,447
Net profit_____________
$78,468 $166,509
$265,541
$302,875
OFFICERS.— Pres. & Gen. M gr., W m. J. Loring; Sec. & Treas., F. W .
Batchelder. General office, 614 Crocker Bldg., San Francisco, Calif.
Boston office, 55 Congress St.— (Y. 118, p. 1778.)
(J. I.) CASE PLOW W ORKS CO.— ORGANIZATION.— Incorp. in
Delaware June 29 1919 to acquire the property, business See. o f J. I . Case
Plew Works and Wallis Tractor Co. o f Racine, Wis. Manufactures plows,
tillage implements and Wallis tractors. V. 109, p . 1276, 1528. Official
statement to New York Stock Exchange, V. 110, p. 2675.
STOCK.— The 1st Pref. Is cumulative. Redeemable at 110. Annual
sinking fund o f $175,000 beginning in 1923 provides for its retirement at
llO . The 2d Pref. is non-cumulative. Redeemable 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
dlv. N o mortgage without consent o f 75% o f 1st Pref. stock.— See offer*
lngs In V . 109, p. 1276, 1528.




153

INDUSTRIAL AND PUBLIC UTILITY
B a te
%

M &

7

See
See
See
See
See

W h en
P a y a b le

text
text
text
text
text
7
6g
7g
7g

Q—J
Q
J
J
M

L a s t D iv id e n d
an d M a tu r ity

P la ces W h ere In terest and
D iv id e n d s a r e P a y a b l e

S Mar 1 1927
Apr 1 '2 1 1 H % By check
do
Jan 3 ’2 1 1 * 4 %
See text
Jan 2 ’24 1 * 4 % Checks mailed
Apr 1 ’24 $1.50 Checks mailed

— M June 1 1924
& J July 1 1947
& J July 1 1925
& S Mar 1 1927

1 *4

Checks mailed
Halsey, Stuart& C o,C h ,&c
Nat Bank of Repub. Chic
Halsey,Stuart&Co.Ch ,&c

D IV ID E N D S.— On 1st pref., 1 H % quar., Jan. 1920 to April 1921, July
1921 div. deferred; on 2d pref., 1 *4% quar.. Tan. 1920 to Jan. 1921; April
1921 div. deferred.
R EPO RT.— For year ending Sept. 30 1923, in V. 117, p. 2650, showed:
12 Mos. to
12 Mos. to
15 Mos. to
Sept. 30 ’23 Sept. 30 '22.
Sept. 30 '21.
$1,531,840
$4,728,557
Net sales...................................... . $1,849,806
Exp. inventory, deprec’n, &c___ 2,876,895
2,625,265
7,396,533
Operating income_________ loss$l,027,089 loss$l,093,425 loss$2,667,976
Other income__________________
152,245
173,519
237,109
Total_________ ______ _______ loss$874,844
Interest________________ ______ 398,210

loss$919,906 loss$2,430.867
420,742
554,940

Balance___________________ def.$1,273,054 def.$1,340,648 def.$2,985,805
DIRECTO RS.— H. M . Wallis (Pres.), G. C. Weyland (V .-P .). R . O.
Hendrickson (V .-P.), W . M . La Venture (Sec. & Treas.), Racine, Wis.;
Jno. I. Biggs, W. C. Quarles, Milwaukee, Wis.; W m. A . Tilden, B. F. Troxell Chicago; E. G. Stockton, St. Louis.— (V. 117 p. 2650.)
(J. I.) CASE THRESHING MACHINE CO.— ORGANIZATION.— Incor­
porated In Wisconsin In 1880 as successor of a co-partnership formed In
1842. Has plant at Racine, Wis., on navigable waters, oovering over 40
icies of floor spaoe. Manufactures threshing machines, clover hullers,
•team traotlon and farm engines, steam-road rollers, oil tractors, both for
gasoline and kerosene, automobiles, &c. Owns 100 acres additional at
Racine, on which buildings have been erected and 192 acres at Fort William,
Ont. V. 94, p. 353; V. 98. p. 1152; V. 101, p. 372; V. 107. p. 1834. On
July 1 1919 merged with Grand Detour Plow Co. of Dixon, 111. V. 189, p.
273. Compagnie Case de France, a subsidiary, operates In Western Europe
and Northern Africa. Operated 69 branch houses on Dec. 31 1923.
STOCK.— The voting trust as extended expired by limitation Jan. 1
1918. V. 99, p. 1676, 1913; V . 105, p. 2545. Pref. rights. &c.. V. 106.
0 . 1248. 1580.
Divs. on pref., April 1912 to Jan. 2 1924, 1 *4% quar.; April 1924dividend
was omitted. V. 118, p. 1140.
On Jan. 28 1919, after an interval o f 8 years, dividends were resumed on
(b ecommon stock withpayment of 7% in Liberty bonds. V. 188, d . 271.
In Jan. 1920 paid 10% in cash. A com. stock div. e f 39,000 shares of
■ew com. stock was paid Dec. 15 1920. V . I l l , p. 2046
R E P O R T — For 1923, in V. 118, p. 1263, showed:
1923
1922
1921
1920.
Gross sales_____________ $18,587,952 $15,720,716 $17,255,l‘98 $34,547,321
860,283
1,328,185 4,791,942
Profits_________________ 1,370,806
Interest, & c ....................
405,848
367,584
746,425
471,839
Reduc. in invent, value.
----------------2,788,459
--------Depreciation___________
330,326
171,429
175,846
683,140
Idle plant expense______
______
______
500,887
--------Res’ve for contingencies.
______
______ Cr.2,300,000
1,000,080
Prov. for Federal taxes._
______
______
______
700,000
Pref. dividends ( 7 % ) . . .
910,000
910,000
910,000
910,800
Common dividends_____
______
______
______
870,000
Balance_____________ def$275,367 def$588,730df$l,493,431 sur$15S,963
OFFICERS.—-Warren J. Davis, Pres. & Treas.; Ellis J. Gittins, D . P.
Davies, Edwin E. Russell, W m. B. Brinton, Vice-Presidents; W . F. Sawyer,
Sec. Office, Racine, Wis.— (V. 118, p. 1263.)
CENTRAL AQU IRRE SUQAR CO.— Incorp. in Porto Rico Dec. 19
1918 as a reincorporation of the Central Aguirre Sugar Cos., a voluntary
trust, organized Aug. 14 1905 in Mass. Owns the entire stock o f the Ponce
Jt Guayama R R . Co. In Jan. 1920 purchased a controlling Interest i* the
Central Machete, a sugar mill situated within 5 miles of Aguirre. Prop­
erties are located at Jobos, Porto Rico.
D iv i d e n d s .—
’09. TO. ’ l l . T 2. ’ 15-T4. T 5. T 6. T 7. T 8. T 9. ’28-’24
R egular............... 7 10
5
6
0
10 43** 10 18 18
See
E xtras_________ __
. . ._
_ __ 50 30 18
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 1924, $1 50 quar. Also paid $5 extra on July 2 1923.
RE PO RT.— For year ended July 31 1923, in V. 117, p. 2784, showed:
July 31 Years—
1922-23.
1921-22.
1920-21.
1919-20.
Total income____________$6,387,710 $4,363,497 $5,567,078 $17,270,320
Net in com e...............
$2,559,412
$915,566
$842,761 $9,342,106
Depreciation, &c_______
162,587
163,728
175,625
163,614
Dividends_________ (55%) 1,660,000 (30)902,250(40) 1209,601 (82ij)2463887
Income & exc. p rof. taxes
369,548
25,651
______
3,233,672
Other reserves_________
Cr.5,298
7,189Cr.2,141,999
750,766
Balance, surplus_____
$372,575 def$183,252 $1,599,533 $2,730,165
OFFICERS.— Pres., Chas. G. Bancroft; V.-Pres., John Farr; 2d V.-P*
5c 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. 118, p. 2184.)
CENTRAL COAL & COKE CO.— (V. 118, p. 1140.)
CENTRAL INDIANA POW ER CO.— Incorp. Sept. 17 1912 in Indiana.
Owns all the outstanding bonds and the present outstanding capital stocks,
except $1,564,000 of bonds and directors’ qualifying shares, of four public
utility companies operating within the State of Indiana. Subsidiary com­
panies serve 135 cities and towns located in 27 counties of Indiana, with one
or more classes o f public utility service. Estimated total population,
550,000. Their business is essentially the supplying of electricity for
domestic and commercial needs, as over 75% of the combined operating
revenue is derived from such service. Company also owns all the outstand­
ing stock, except directors’ qualifying shares, of the Indiana Electric Corp.
STOCK.— All o f the common stock is owned hy the American Public
Utilities Co.
BONDS.— The first mtge. coll. & ref. gold 6s, Series “ A ,” are callable
as a whole or in part after June 30 1932 as follows: July 1 1932 to July 1 1937
at 107**; July 1 1937 to July 1 1942 at 105; July 1 1942 to Jan. 1 1947 at
102**; thereafter at 100.
**(
The 3-year collateral gold notes of 1922 are convertible at 101 and interest
into preferred stock of the company at 95 and dividend. Callable as’a whole
or in part prior to July 1 1924 at 103; thereafter to Jan. 1 1925jat 102;
thereafter at 100.

154

INDUSTRIAL AND PUBLIC UTILITY

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 e e n o t e s o n p a g e

Date
Bonds

6]

Central Leather Co— C o m m o n s t o c k $40 000,000________ Eq
Preferred (a <c d) 7% cumulative $40.000,000_______ Ea
S
F irst lien g o ld b o n d s $45,000.000_______________________x 1905
Central Power & Light Co— C o m m o n s t o c k ' 50,000 shs a u th
P referred s t o c k 7% c u m $3,000,000 a u t h ____________________
1st lien & r e f g o ld b o n d s “ 1952 S eries” red (te x t) C e .k x c * & r * 1922
F irst (closed ) m tg e & p r io r lie n g o ld b o n d s r e d 1 0 5 - - E q .x c *
T e x a s P u b S erv fir s t (clo s e d ) m tg e g o ld red 1 0 3 _______ x c *
G u lf C o a s t P o w e r fir s t m tg e sin k in g f u n d ____________________
M c A le s te r G as & C o k e 1st (clo s e d ) g r e d 1 0 3 -1 0 5 .M p .x x x x c *
C e n t u r y R i b b o n M ills — C o m m o n s t o c k 100 ,000 shs a u t h ___
P r e f (a & d) s t o c k 7% c u m r e d 115 $ 2 ,0 0 0 ,0 0 0 a u t h ________
Cerro de Pasco Copper Corp— Stock 1,240.000 shares a u th .
C o n v sk f d g b d s (ca lle d fo r p a y m e n t J u ly 1 ’ 24) -C o l .c * & r *

Certain-teed Products Corp— Com shares 500,000 (auth)_
First preferred stock 7% cumulative $15,000,000 (auth)..
Second pref stock 7% $5 000.000 (auth)_________________
1s t m tg e seria l c o u p o n b o n d s c a ll ( t e x t ) ________________ k x x x

Chandler Motor Car Co— Auth capital stk 300,000 shrs-.

1916
1913
1922
1913
_

1921
1923
—

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$100 $39,701,030 See text
100 33,299,050
__ «22 392,450 See 5 text A
g
100
100 &c
100 &c
1,000
100 &c
None
100
None
1,000
None
100
100
100 &c
None

[V ol. 118.

Last Dividend Places Where I n t e r e s t a n d
and Maturity Dividends are P a y a b le

Aug 2 ’ 20
Apr 1 1921
& O Apr 1 1925

IX
IX

Checks mailed
Checks mailed
Central Union Tr C o. N Y

1,675,400
4,585,600

[Cent Un Tr C o, N Y
o x g M & S Sept 1 1952
ICont& Com Tr& SB.Chi
Equitable Trust Co, N Y
3,058,300
A & O Oct 1 1946
6g
Spitzer-Ror Tr & S B , Tol
J & J July 1 1933
350,000
6g
274,100
7
M & N Nov 1 1947
P W Brooke & Co, N Y
419,800
6g
M & S Mar 1 1937
100,000 shs See text
Apr 30 ’24 50c
1,940,000
Q— M June 1 1924 1 X
7
1,009,322 shs. See text Q— F M ay 1 1924 $1 jrv Bk-Col Tr Co, N Y
New York
$3,827,000
8g
J & J Jan 1 1931
92 .090 shs! Text
Jan 1 1921 $1
7
Q— J Apr 1 1924 I X
4.900,000
2.675.000
7
Q— J Apr 1 1924 1 X
M & N M ay ’25 to ’43 S W Straus & Co, N Y
8,000,000
6)4
280,000 shs $6 in '23 Q— J Apr 1 ’24 $1.50

• After deducting $1,486,700 in treasury and $12.885,000 in stump age and special depr eciation f und Dec. 31 1923.

The 3-year collateral gold notes o f 1924 are redeemable, all or part, at
the following prices and interest: at 101 X to March 1 1925: on and from
March 1 1925 to March 1 1926 at 101; on and from March 1 1926 to Sept. 1
1926 at 1 0 0 X ; and on and after Sept. 1 1926 at 100. V. 118, p. 1140.
Consolidated E arnings and E xp en ses o f Subsidiaries —-12 M o s . Ended D e c . 31.
1923.
1922.
$5,277,892
Gross revenue (including other income)__________ $6,406,757
Operating expenses, maintenance and taxes______ 4,209,183
3,525,239
Net earnings--------------------------------------- ----------- $2,197,574 $1,752,653
OFFICERS.-—-Pres., Joseph H. Brewer; V .-P ., Chas. O’B. Murphy!
V.-P., Marshall V. Robb; V .-P ., L. B. Andrus; V.-P. & Treas., Harry R.
Ellis; Sec., P. D. Birdsall; Aud., Henry Knaff. Office, Idianapolis, Ind.
— (V. 118, p. 2442.)
CENTRAL LEATHER CO.— ORGAN IZATION .— Incorp. In N . J. od
Apr. 12 1905 as a reorganization, per plan V. 79, p. 2751, o f U. S. Leather
f ’o. (V. 56, p. 757; V. 57. p. 23; V. 71. p. 817; V. 81, p. 213, 560.1176. 1852
V. 90, p. 1173: V . 94, p. 624. Output, sole leather. In June 1917 pur
chased Wilder Tanning C o., with tannery at Waukegan, 111.— V, 104, p
2555: V. 106. p. 921.
Statement to N . Y . Stock Exch., V. 81, p. 504; V. 82, p. 159,
BONDS.— Secured by a 1st M . on all the assets and lands acquired
and, pending their physical acquisition, by the shares of old company
(nearly all acquired) and all the stock and bonds o f its subsidiaries, includ­
ing $10,000,0d0 stock o f the Central Pennsylvania Lumber Oo (authorized
amount $20,000,000)
In Dec. 1913 a sinking fund was established. V.
76.g^ 1 1 9 6 ; V. 78. p. 50; V. 81. p . 1176; V. 96. p. 648; V 98. p . 75; V . 104.
Total auth. bond issue: $45,000,000, viz. (on Dec. 311923): unissued.
$8,235,850 (of which $5,808,000 were reserved for retirement of U. S.
Leather Co. debentures and are now free bonds); held In stumpage and
special depreciation fund, $12,885,000, in general treasury, $1,486,700, plus
$1,000 held for exchange of U. 8. Leather pref. stock; balance outstanding.
$22,392,450.
D1VS.—
1915. 1916. 1917. 1918. 1919. 1920. 1921-23.
Common__________ 7
3
5
5
5
3 94
None.
do
extra_________
4
4
2
2
2
None.
In 1920: Feb. 2, 1 X % quar. and 2% extra; May 1, 1 X % ; Aug. 2, I X %■
Nov. 1920 div. omitted. V. I l l , p. 1281.
Preferred dividends regular I X % quarterly Oct. 1905 to April 1921
none since.
REPO RT.— For 1923, in V. 118, E > . 1265, showed:
1922.
1921.
1920.
1923.

s

Volume of business___ 52,826,920
Earns, after oper. exp.,
repairs, maintenance,
and all taxes_______*df2,588,969
Exp. & losses of all cos_- 3,291,390

55,249,114

43.189,552

than Oct. 1 1924, of 2 X % of the greatest amount of bonds outstanding under
this series during the preceding fiscal year, and including the foregoing.
Company must maintain total sinking funds of not less than 2 % on all the
bonds outstanding upon the properties of the company or its subsidiaries not
pledged hereunder, against which may be applied any sinking funds payable
under any other existing indenture of this company or its subsidiaries; any
deficiency of such 2% shall be added to the sinking fund for this series.
By terms of the indenture securing the First Lien & Ref. 6)4s of 1952, the
company covenants that no further First M tge. & Prior Lien 6s of 1946 may
be issued unless deposited with the trustee as security for the First Lien &
Ref. bonds. Sinking fund, 2% yearly of outstanding bonds.
R E PO R T .— For 1923 showed:
C om bined E a rn in g s o f S ubsid iaries, Y ea r s E nded D e c . 31.
1923.
1922.
Gross income____________________________________ $3,265,204 $3,042,693
Operation, taxes and maintenance________________ 2,124,806
2,153,122
Net income applicable to interest_______________$1,140,398
Interest on all funded debt (including this issue)____
540,577

Balance________________________________________ $590,821
OFFICERS.— Pres., W . S. McCall; V .-P ., R . W . Morrison; Sec. &
Treas., E. H. Gorse. Office, Chemical Bldg., St. Louis, M o.— (V. 118, p.
1396.)
CENTRAL STATES ELECTRIC CORP.— (V. 118, p. 1915.)
CENTRAL STEEL CO.— (V. 118, p. 2184.)
CENTRAL TERESA SUGAR CO.— (V. 117, p. 2107.)
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 of silk, wool, cotton and other textile fabrics. Oper­
ates 8 ribbon weaving and throwing plants located at Allentown, Carlisle,
Hanover, Patton, Portage and York, Pa.; Paterson, N. J., and New Y ork
City.
D IV ID E N D S.— Initial dividend on common stock of 50 cents a share
Was paid April 30 1924.

A Steadily Growing Business Serving Nearly

66,225,552

Half of Indiana.

6,294,267 df3,832,733dfl3,647,096
3,311,310
5,737,156
7,428,194

Net income_________ df5,880,359
Income from investments
446,323

3,366,417 df9,230,486df20,590,006
1,838,208
1,838,208
1,838,208
______(1M)582,738 (7)2,330,930
______
______ (2)4)992,522

FA C T S A B O U T

2,982,956 df9,565,888df21,075,290
383,460
339,402
485,284

Total________________df5,434,036
1,838,208
______
______

$889,571

D ed u ct —Int. on 1st M.5s

Cent. Leath. pref. divs-_
Common dividends_____

Balance--------------------df7,272,243 sur1,528,209 d fl 1,651,426 df25,751,666
* Expenses include yearly also provisions for plant abandonment and
stumpages; repair and maintenance (approximately $2,228,452 in 1923.
$1,845,952 in 1922, $1,812,936 in 1921 and $2,797,663 in 1920.
In com e A c co u n t— Three M o n th s E nding M a rc h 31.
1924.
1923.
1922.
1921.
*Tot. net earn., all p ro p ,. $841,935 $2,643,995
$950,271 def$69,322
Further provision for in­
ventory depreciation..
______
______
______
2,150,000
Expenses & loss o f all cos.
except bond interest
769,249
796,484
754,538
1,387,995
Balance______________
A d d —-Inc. from invest’t .

$72,686
17,248

$1,847,511
103,018

$195,733df$3,607,317
33,602
115,290

Total___________ _____

$89,934
459,552
______

$1,950,529
459,552
______

$229,335df$3,492,027
459,552 def459,552
______
582,732

D educt— Int. on b o n d s ...

Preferred dividend____

Balance for quarter...def$369,618 sr$l,490,977 def230,217 df$4,534,311
* Total net earnings are stated after deducting expenses, including those
for repairs and maintenance (of about $329,426 in 1924).
D IR E C TO RS.— Chairman Edward C. Hoyt, Geo. D . Hallock, M ax J. H
Rossbach, Eugene H. Amory, Oliver C. Hoyt, Warren G. Horton, Lewis H.
Lapham, Ernest Griess. Arthur W. Wellmgcon, Geo. W . Childs, Wm
McAdoo Jr., William H. Harkness, Chas. Einsiedler, A. T . Lynch. Chas. S.
Haight.
OFFICERS.— Pres., George W . Childs; 1st V .-P ., W. G. Horton; 2d
V .-P ., Wm. M cAdoo Jr.; 3d V .-P ., Wm. H. Harkness; Sec., FredE . Knapp,
Treas., H. W . Hill. New York offices, Whitehall Building, 17 Battery
P lace— (V. 118, p. 2046.)
CENTRAL POWER AND LIGH T CO.— Incorporated under laws
o f Massachusetts Nov. 2 1916.
Operates directly or through its sub­
sidiaries 34 central electric power stations as well as doing a gas, water,
street railway, or ice business in 50 cities and towns in 11 different groups.
The development o f electric power through these central stations and the
distribution of energy over 274 miles of high tension transmission lines to
surrounding communities constitutes the company’s basic business. Com­
pany serves a population of about 244,000, having over 30,525 customers
located in the southwestern section of the United States in the States of
Texas, Arkansas, Oklahoma and Mississippi.
STOCK.— See table at head o f page.
BONDS.— The first lien & ref. gold bonds, “ 1952 Series,” are callable
at 110 and interest during the first 15 years, at 107 34 and int. during the
next 10 years-, and at 105 and int. thereafter. The mortgage requires
company to set aside an annual sinking fund payable, beginning not later




Central Indiana Power C o.
ONE O F M AN Y SU C C E SSFU LL Y O P E R A T E D
S U B S ID IA R IE S O F TH E

AM ERICAN PUBLIC U T IL IT IE S CO.
1. Supplies electric current for light and power
to 127 cities and towns in the busiest section
of Indiana, including Indianapolis.
2. Generating capacity of plants, 68,000 horse­
power.
3. Coal reserves— 12,250,000 tons.
4.

Super power station with 135,000 horse­
power capacity now nearing completion.

For further particulars regarding the Central Indiana Power Com­
pany and the securities of the American Public Utilities
Co., inquire of your Investment Banker or

KELSEY, BREWER & CO.
E N G IN E E R S

OPERATORS

G R A N D R APID S, M IC H IG A N

M ay , 1924.]

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

Date
Bonds

d ie s & Potomac Tel Co— Cons M $1,500,000 s fd call 103 c*
Chei & Potomac Teleph Co of Va— 1st M g red_______ c*
Cheiebrough Mfg. Co Consol— Stock $ 4 ,0 0 0 ,0 0 0 a u t h . ____
Pref s t o c k 7% c u m $1,000,000 n o n -v o t in g call (text)______
Cherrolet Motor Co— See G en eral M o t o r s C o
Chicago E d ison C o— See C o m m o n w e a lth E d is o n Co
Chicago Junction R y s & Union Stock Yards— C o m m o n s to c k
P r e fe r re d (a & d) 6% c u m u la tiv e ............. ....................................
Mtge & C oll Tr Rdf b d s g ($ 1 0 ,0 0 0 ,0 0 0 5s)______G.xc*&r
Central Mfg Dlst 1st M $10,000,000 gu “A” due $120,000
yearly rail 105_____________________________________ c*
Railroad issues guaranteed, see text_____________________
Chicago Pneumatic Tool Co— Stock auth $13,000,000_______

1899

Par
Value

100 &c

__

25

100

$

$

1.000

$

A

5 ,1 3 9 ,0 0 0 5 , 5)4&6 M

Wash, Am Sec & Tr Oo
1 1929
Richmond, Va
1 194?
30 ’ 24 2)4 Checks mailed
do
do
30 ’2 4 1)4

Q—J A p r 1 1924 2 )4 Old Colony Tr Co, Boston
Q— J A p r 1 1924 1)4
G u a ra n ty T r u s t C o . N Y
& O Apr 11940
*

8 Mar 1 1941

F irst T r & S a v B k , Chic

1 0 ,9 7 6 ,6 0 0 See text Q— J25 A p r 25 ’2 4 1 )4 N Y T r ; C&C N B k , Chic

(THE) CHESAPEAKE & POTOMAC TELEPHONE CO. OF VIR

$ 4 9 1 ,0 4 0
140,000

Bond Dividend
Balance,
Interest.
Paid.
Sur. or Def

$

Last Dividend Places Where Interest an<>
and Maturity
Dividends are Payable

0
3 Sc 3 J u ly
5 g M & N M ay
3 ,0 0 0 ,0 0 0 See te x t Q - M 31 J u n e
Q -M 31 J u n e
1 ,000,000
7

1916

100

When
Payable

$1,166,000
4.614,700

6,500,000
100
9
6
100
6,500,000
1.000 14 000,000 4 Sc 5 e

C E R R O D E P A S C O C O P P E R C O R P O R A T I O N .— See Y . 101 , p1 46 7, 1716. I n c o r p . in N . Y . S ta te in N o v . 1915 a n d a c q u ir e d e x te n s iv e
■copper, & c ., d e p o s its in A n d e s M o u n ta in s , P e ru .
D I V S .—
1916. 1917.
191 8. 1919. 1920.
1921.
1922. 1923.
R e g u l a r ............ - $ 4 00
$4 00 $4 00 $4 00 $4 00
50c.
0
$3.0 0
$1 75 $1 00
____
____
____
____
____
E x t r a -------------------------P a id in 1924: F e b . 1, $1; M a y 1, $1.
T h e 1 0 -yea r c o n v . s in k . fd . 8 % g o ld b o n d s d a te d Jan . 1 1921 h a v e been
ca lle d fo r re d e m p tio n J u ly 1 1924 a t 105 an d in t.
V . 118, p . 2 30 8.
R E P O R T .— F o r 192 3, in V . 118, p . 230 8 an d 2 4 4 2 , s h o w e d :

Net, after
Other
Taxes,&c. Income.

Rale
%

1900

B a la n ce , s u rp lu s___________________________________________________ $35 1 ,0 4 0
P r o f it a n d loss s u r p lu s _______________________________________________ $ 1 ,1 7 3 ,4 0 2
R e p o r t fo r 3 m o n th s e n d e d M a r . 31 1924 in V . 118, p . 2 1 8 4 .
O F F I C E R S .— P r e s ., H e rm a n L e v y ; 1st V . - P . , E rn e st L e v y ; 2 d V .- P .,
L e o P la t t ; S ac. & T r e a s ., I r v in g L e v y . O ffic e , F o u r t h A v e . a n d 19th S t .,
N e w Y o r k .— ( V . 118, p . 2 1 8 4 .)

$

Amount
Outstanding

$ 1,000

1913

C E N T U R Y R I B B O N M I L L S , I N C . (Concluded)—
R E P O R T . — F or 1923 s h o w e d :
N e t p r o fit fo r yea r e n d e d D e c . 31 1923, a fte r d e p re c. & F e d . ta x e s
D iv id e n d o n 7 % p r e fe rr e d s t o c k ____________________________________

Calendar Sales of
Year. Copper,&c.

155

INDUSTBIAL AND PUBLIC UTILITY

$

1 9 2 3 . ..2 0 ,9 8 2 ,0 8 5
5 ,4 8 3 ,4 8 1 1 ,7 7 5 ,2 2 8 3 7 3 ,0 0 0 2 ,9 7 1 ,6 8 6 s u r .3 ,9 1 4 ,0 2 3
_______ s u r .4 ,5 9 4 ,7 9 8
1 9 2 2 .. .1 7 ,8 0 5 ,5 8 5 3 ,5 6 1 ,8 3 7 1 ,6 2 8 .3 2 0 5 9 5 ,3 6 0
1 9 2 1 ___ 1 7 .5 9 2 .0 S 0 1,707,331 1 ,3 3 3 ,1 2 8 6 3 5 ,5 7 0
4 4 9 ,1 1 5 s u r .1 ,955,774
1 9 2 0 ----- 1 1 ,4 6 3 ,5 7 2 d f1 ,7 3 6 ,6 3 3 2 ,3 5 5 ,0 6 5 _______ 3 .5 9 2 ,9 1 7 d e f.2 ,9 7 3 ,4 9 7
P r e s ., L . T . H a g g in ; S e c. & T r e a s ., H . E sk M o lle r . O ffic e , 15 B road
S t ., N . Y . — (V . 118, p . 2 4 4 2 .)

CERTAIN-TEED PRODUCTS CORPORATION.— O R G A N I Z A T I O N
— In c o r p o r a te d in M d . J a n . 30 1917 as su ccessor of th e G en eral R o o fin g
Mfg. C o r p . R o o fin g p la n ts lo c a te d a t E a st S t. L o u is a n d M a rs e ille s , 111.,
York, P a ., N ia g a ra F a lls, N . Y ., a n d R ic h m o n d , C a lif. P a in t a n d varnish
p la n ts , S t. L o u is , M o .
A n ew p a in t an d varnish p la n t o n th e P a c ific C oa st
w as c o m p le t e d in 1920.
P u rch a se d th e c a p ita l s t o c k , & c . t o f T h o m a s P o tte r
S on s C o ., I n c ., o f P liila ., in A u g . 1920. V . I l l , p . 79 6 , 99 2 . I n 1923
a c q u ir e d th e p la n ts a n d p ro p e rtie s o f C o o k ’s L in o le u m C o . , T r e n t o n , N . J .,
a n d th e A c m e C em en t P laster C o ., S t. L o u is , M o .
V . 116, p . 1653. P r o ­
d u ce s p re p a re d r o o fin g s , b u ild in g p a p e rs , ta rred fe lt s , in su la tin g p a p e rs,
p a in ts , v arn ish es, lin o le u m s, flo o r co v e rin g s , o il c lo t h s , p la s te r, p la ster
b lo c k s , & c.— Y . 107, p . 1000, 1669. D iv s .o n 1st & 2 d p r e f. in fu ll t o A p r .
192 4. In itia l d iv . o n c o m . J a n . 28 1918, $4 p e r share; n o n e th e r e a fte r u n til
J u ly 1 1920, w hen $1 q u a r. a n d $1 e x tra w as p a id ; O c t . 1 1920, $1 q u a r.
a n d $1 e x tra ; J a n . 1 1921, $1 q u a r .; n o n e sin ce.
T h e 1st m tg e . 6 ) 4 % seria l c o u p o n b o n d s are ca lla b le at 105 a n d in t.
w ith in 5 years fro m d a te o f issu e; 104 a n d in t. fo r n e x t 7 y e a rs , a n d 103 and
Int. fo r rem ain in g 8 y e a rs . V . 116, p . 1653.
R E P O R T .— F o r 1923, in V . 118 , p . 1140, a n d 1273, sh o w e d :

GIN IA.-— In c o r p o r a t e d in V ir g in ia in 1905 as S ou th ern B e ll T e le p h o n e an d
T e le g r a p h C o m p a n y o f V ir g in ia . N a m e c h a n g e d t o th e C h e sa p ea k e &
P o t o m a c T e le p h o n e C o m p a n y o f V ir g in ia in 1912.
S ta tio n s D eC. 31 192 3,
103 ,157 (n o t in c l. 4 9 ,5 2 3 s e r v ic e , c o n n e c t in g , & c .) .
S to c k , $ 9 ,0 0 0 ,0 0 0 ,
o w n e d b y th e A m e r . T e l. & T e l. C o .
P r o p o s e d c o n s o lid a tio n , V . 113, p.
1986.
O f th e b o n d s ($ 5 ,0 0 0 ,0 0 0 a u th . issu e ), $ 4 ,6 1 4 ,0 0 0 o u ts ta n d in g D e c . 31
1923; $38 6 ,0 0 0 re tir e d th r o u g h t h e sin k in g fu n d .
R e d e e m a b le as a w h o le ,
on o r a fte r N o v . 1 1918 a t 103.
S in k in g f u n d , ^ o f 1 % se m i-a n n u a lly
begin n in g M a y 1 1914 S ta te an d C i t y B a n k & T r u s t C o . , o f R ic h m o n d ,
tru stee. V . 9 8 , p . 76 5 , 915 ; V . 100, p . 55 8 . F o r 1923, gross o p e r . re v e n u e s ,
$ 5 ,2 0 8 ,2 5 5 : o p e r a tin g exp en ses, ta x e s, e t c ., $ 4 ,1 9 6 ,1 1 0 ; n e t e a r n in g $ 1 ,0 1 2 ,1 4 5 ; in te re st, $ 3 2 5 ,5 8 2 ; d iv id e n d s (7 )4 % ). $ 5 9 1 ,8 2 2 ; b a l .. s u r ., $ 9 4 ,741 •
O ffic e . 725 13th S t .. N . W . . W a s h in g to n , D . C .— ( V . 113, p . 1 9 8 6 .)
CHESEBROUGH MANUFACTURING CO.. CONSOLIDATED.— OR
GANIZATION, &C.— Incorporated In 1880 In New York. Manufacturer*
o f “ V a se lin e ” p r e p a r a tio n s . F o r m e r ly c o n t r o lle d b y S ta n d a rd O il C o .
of N. J ., b u t segregated In 1911. See S ta n d a r d O il C o . o f N. J., V. 85. p.
216 , 790 ; V . 93, p . 1390. Ju n e 10 1916 th e c o m m o n s t o c k w a s in crea sed
fr o m $ 5 0 0 ,0 0 0 t o $ 1 ,5 0 0 ,0 0 0 b y a 2 0 0 % s to c k d iv id e n d , a n d o n M a r . 20
1924 th e a u th o r iz e d c o m m o n s t o c k w as in cre a se d t o $ 4 ,0 0 0 ,0 0 0 a n d th e p ar
v a lu e ch a n g e d fr o m $100 t o $ 2 5 , c o m m o n s to c k h o ld e r s r e c e iv in g fo u r shares
o f n e w $25 s t o c k in e x ch a n g e fo r e a ch $100 sh are h e ld .
$ 1 ,5 0 0 ,0 0 0 o f th e
n e w s to c k w as d is trib u te d M a y 2 1924 as a 1 0 0 % s t o c k d iv id e n d ; th e b a l­
a n ce ($ 1 , 000 , 000 ) w ill re m a in in th e tre a s u ry .
T h e s to c k h o ld e r s o n N o v . 17 1919 r a t ifie d th e c r e a tio n o f $ 1 ,0 0 0 ,0 0 0 7 %
cu m . n o n -V o tin g p r e f. s to c k (p ar $100) r e d e e m , at 112)4 a fte r Jan. 1 1 92 5.
$ 5 0 0,00 0 o f th is new p r e f. s t o c k w as o ffe r e d t o s to c k h o ld e r s of record
D e c . 1 1919 a n d t h e re m a in in g $ 5 0 0 ,0 0 0 t o (c o m .) s to c k h o ld e r s o f r e c o rd
F eb . 15 1921 a t p ar a n d d iv id e n d t o th e e x te n t o f 33 1 -3 % o f th e ir h o ld in g s .
V . 109 . p . 170, 198 9; V . 11 2 , p . 5 6 6 , 6 5 5 .
C O M . D IV S . ( % ) —
T 6 . ’ 17.
’ 18. 1919.1920.1921. 192 2. 1923.
R e g u la r ............. .......................
15 12 9
12
12
1 0 )4
14 14
E x tra cash (s tk . see above) 5)4
2 1)4
2
2
----------3 ) 4
P a id in 1924: M a r . 3 1 , 3 )4 % ; M a y 2 , 1 0 0 % in s t o c k ; Ju n e 30, 2 ) 4 %
o n in cre a se d c a p ita liz a tio n .
In itia l d iv . o f 1 ) 4 % o n n e w p r e f. s t o c k p a id M a r . 31 1 92 0; t o Ju n e 30
1 92 4, 1H % q u a r.
R E P O R T . — B a la n ce sh e e t as o f Ju n e 30 1923 in V . 118 , p . 1140.
P r e s ., C . W . M c G e e ; V . - P . , R . S. G ill; S e c ., T . J . D o b b in s ; T r e a s .,
F r e d ’k H . W illia m s . O ffic e , 17 S ta te S t ., N . Y . — ( V . 118 , p . 2 4 4 2 .)

CHICAGO JUNCTION RAILWAYS & UNION STOCK YARDS CO.
—ORGANIZATION.— Incorp. in 1890 in New Jersey, and owns entire
stock (132,000 shares) of Union Stock Yard & Transit Co. and Chic. June
R y., incl., about 700 acres of land (with one mile of water front), contain­
ing warehouses, sheds and pens to accommodate 75.000 cattle. 300,000 hogs,
fcc. V. 100, p. 1261. In 1907 New York Central R R . interests acquired
the 46 miles outer belt line of the Chicago Junction R y ., assuming the
Year—•
Gross.
Net.
Fed.Tax. Pf. Divs. Com.Div. Bal.,Sur. $2.5O0,OOO bonds, and giving $2,500,000 new bonds In payment. V. 85,
p. 159; V. 86, p. 664. In Dec. 1920 the N. Y . Central filed formal applica­
1923 __________ $ 5 ,0 5 8 ,4 7 5 $ 1 ,1 6 9 ,1 6 6 $ 8 2 ,0 0 0 $ 5 0 8 ,9 0 0 ________ $30 8 ,2 5 8
1922 - ...........
3 .4 6 4 ,3 2 4
7 7 0 ,0 1 6 9 8 ,0 0 0 4 3 7 ,1 5 0 ________
2 3 4 ,8 6 6
tion with the I. S. C. Comm, for authority to lease, operate and ultimately
purchase the Chic. Jet. Ry. terminal properties at Chicago. The lease
1921 __________ 3 ,6 4 2 ,0 5 1
7 5 6 ,9 9 5 4 3 ,0 0 0 3 9 9 ,0 0 0
_______
3 1 4 ,9 9 5
1920 __________ 5 ,2 1 5 ,0 8 4
1 .5 8 4 ,0 2 4 126,444 3 6 7 ,0 6 3 3 6 2 ,0 0 0 7 2 8 ,5 2 0
became operative M ay 18 1922. V. 112, p. 62.
P r e s ., G e o . M . B r o w n ; S e c. & T r e a s ., R o b t . M . N e ls o n . E x e cu tiv e
The Central Manufacturing District of Chicago trustees own about 376
acres on which factories have been erected and used by about 150 industrial
o ffic e s , 100 E a s t 4 2 n d S t ., N e w Y o r k .— (V . 118, p . 1778.
concerns. V. 99. p. 342; V. 100, p. 1261; V. 106, p . 2227. See bonds below.
C H A N D L E R M O T O R C A R C O . ( T H E ) — O R G A N I Z A T I O N .— I n c o r p ­
Chicago Stock Yards Co. (which see) owns all or the $6,500,000 com. stock.
o r a te d in O h io o n N o v . 16 1915 t o s u c c e e d an O h io c o r p o r a t io n o f th e sam e
DIV ID E N D S.— On pref., 6% yearly (Q .-J .). On common 1891,10% :
n a m e. C a p a c it y 2 5 .0 0 0 c a r s p e r a n n u m . P la n t a n d o ffic e a t C le v e la n d , O .
i892to Jan. 1 1915. in cl..8 % yearly; 1915 to Apr. 1924.9% (2)4% Q.-J).
S T O C K .— A u th . c a p ita l 3 0 0 ,0 0 0 shares (n o p a r ); o u ts ta n d in g , 2 8 0 ,0 0 0
BONDS.— The collateral trust bonds are secured by pledge of 131,803
■hares. C o m p a n y h as n o b o n d s o r p referred s t o c k .
■hares of the stock o f Union Stock Yards & Transit C o., $5,499,100 of the
T h e s to c k h o ld e r s v o t e d O c t . 6 1919 t o ch a n g e th e ca p ita liz a tio n fro m
100 ,0 0 0 shares (p ar $10 0) t o 3 0 0 ,0 0 0 shares, n o p a r v a lu e , e a ch sh are o f o ld $5,500,000 stock of Chicago Junction R y. and $2,500,000 bonds of Indi­
ana Harbor Belt R R . Of the bonds, $4,000,000 are 4s and $10,000,000
s t o c k b e in g ex c h a n g e d fo r th r e e shares o f n e w s t o c k .
issued In 1915 are 5s. both being equady secured, except that under a sup­
D I V I D E N D S .— I n 1916: A p r il (N o . 1 ). 1 ) 4 % ; J u ly . 2 ) 4 ; fr o m O c t . 2
plemental mortgage the 1 % additional Interest over the original 4 % on the
1 9 1 6 t o A p r. 1 1919, 3 % , m a k in g 1 2 % p . a ., an d in J u ly 1917 1 % fo r R e d
$10,000,000 bonds will be a secondary charge on the property. See V. 70.
■Cross c o n tr ib u tio n s ; in J u ly 1919 p a id 4 % q u a r . a n d in O c t . 6 % . See
p. 1251; V. 72, p. 389; V. 86, p. 664; V. 100. p. 1261.
“ S t o c k ” a b o v e . V . 109 , p . 1082; V . 108, p . 2 4 3 5 . A n in itia l d iv id e n d on
Central M fg.D lst.5s are issued by J. A. Spoor, Arthur G. Leonard and
th e new s t o c k o f $2 a sh are w as p a id Jan . 2 192 0. V , 109 , p . 2 1 7 4 . On
Eugene V. R. Thayer, as trustees of the Central Manufacturing District,
A p ril 1 1920 p a id $2 50 a sh a re . V 110, p . 9 7 3 . P a id 33 1 -3 % In s to ck
and are a first mtge. on real estate and property the value of which Is esti­
on Jun e 10 1920. J u ly 1 1920 to A p ril 1 1921 p a id $ 2 .5 0 q u a r. o n increased
m a ted in excess o f $ 1 2 ,0 0 0 ,0 0 0 . B o n d s are g u a r a n te e d , p r in . & i n t ., by
s t o c k ; J u ly 1 1921 t o A p r . 1 1924 p a id $1 50 q u a r.
R E P O R T . — F o r 192 3, in V . 118, p . 1016 a n d 1396, s h o w e d :
1923.
192 2.
1921.
G ro s s p r o fit fr o m sa les________________ $ 4 ,0 1 2 ,1 8 9 $ 3 ,9 5 2 ,5 7 2 $ 1 ,8 9 0 ,3 1 9
In teres t ea rn ed , & c ____________________
2 9 ,1 8 4
4 3 ,2 0 6
5 8 ,2 1 0
T o t a l in c o m e ________________________ $ 4 ,0 4 1 ,3 7 3 $ 3 ,9 9 5 ,7 7 8 $ 1 ,9 4 8 ,5 2 9
S e e in g , & c ., expen ses a n d o th e r
‘ b arges, in c l. d e p r e c ia t io n __________ 1 ,6 9 0 ,3 5 4
1 ,4 7 0 ,9 0 4 1 ,1 2 8 ,0 7 8

e n d o rs e m e n t, b y th e C h . J u n e . R y s . & U n io n S to c k Y a r d s C o .
M in im u m
sin k in g fu n d 2 % o f b o n d s o u t . V . 110, p . 1852; V . 106, p . 222 7; V . 102, p.
888 , 978 ; V . 103, p . 1980, 215 7; V. 106, p . 1129; V . 107, p . 69 8 . U n ion
S to c k Y a rd s & T r a n s. 4 34s d u e J a n . 1 1920 w ere r e fu n d e d b y a n issu e of
5)4* d u e Jan . 1930.
A ls o gu aran tees p rin . a n d in t. o f (a) $ 7 6 5 ,0 0 0 C h ic a g o R iv e r & I n d . RR.
5s; ( 6) $ 2 ,3 2 7 ,0 0 0 C h ic a g o J u n c tio n R R . 4s.
See R R . c o m p a n ie s .

R E P O R T . — R e p o r t fo r 1923 sh o w e d :
1923.
1922
1921.
1920.
G ross e a rn in g s ___________ $ 7 ,0 7 1 ,0 1 5 $ 8 ,3 5 8 ,6 1 0 $ 1 0 ,8 8 0 ,8 1 4 $ 1 0 ,2 3 1 ,2 0 0
T a x e s, in t. & o p . e x p
4 ,5 1 6 ,2 8 2
5 ,7 1 4 ,9 1 7
8 ,3 9 0 ,7 7 4
9 ,1 2 8 ,4 5 2
-------Su rplu s a fte r in t ., & c . $ 2 ,5 5 4 ,7 3 3 $ 2 ,6 4 3 ,6 9 3 $ 2 ,4 9 0 ,0 4 0 $ 1 ,1 0 2 ,7 4 8
B a la n ce , s u r p l u s ____________________
$ 3 7 5 ,2 6 7
$ 6 0 2 ,6 9 4 d f$ l,1 3 9 ,5 4 9
D I R E C T O R S . — F . H . P r in c e ( P r e s .), E u g e n e V . R . T h a y e r ( V . - P . ) .
O F F I C E R S .— P r e s ., F . C . C h a n d le r; V .-P r e s ., W . S. M . M e a d , G e o rg e
G e o . P . G a rd n e r ( V . - P .) , G u y W . C u rrier, C . B . W ig g in , J o h n A . S p o o r ,
M . G ra h a m , J oh n R . H a ll; S e c ., Is a d o r G ro s s m a n ; T r e a s ., S am u el R e g a r .
J . W . P o w e ll, P h ilip D e x te r , M . A . T a y lo r , B r a d fo r d N o rm a n J r . N . Y
a g e n c y , 100 E a s t 4 5 th S t. S e c .-T r e a s ., M . A . T a y lo r , B o s t o n .— ( V .
— ( V . 118 , p . 139 6 .)
118, p . 2 4 4 2 .)
( T H E ) C H E S A P E A K E & P O T O M A C T E L E P H O N E C O M P A N Y .— I n ­
c o r p o r a te d u n d er N ew Y o r k law s J u ly 2 188 3. s u c c e e d in g th e N a tio n a l
CHICAGO PNEUMATIC TOOL CO.— O R G A N I Z A T I O N . — I n c o r p .
C a p ita l T e le p h o n e C o . o f W a s h in g to n , D . C . , a n d th e T e le p h o n e E x ch a n g e
In N e w Je rse y o n D e c . 28 190 1. M a n u fa c tu r e s p n e u m a tic a n d e le ctric
C o . o f B a ltim o re , M d . S to c k a u th o riz e d $ 1 5 ,0 0 0 ,0 0 0 ; o u ts ta n d in g . $ 1 3 .t o o ls , air co m p r e s so r s , o il en gin es a n d r o c k d rills; t h e c o m m e r c ia l tr u cl
0 0 0 ,0 0 0 . A ll o w n e d b y th e A m e r ic a n T e l. & T e l. C o .
S ta tio n s D e c . 31
d e p t, w as liq u id a te d in 191 9. I n 1918 a n d 1919 th e o u t p u t c a p a c it y was
la rg e ly in cre a s e d . V . 107 , p . 1 48 3. P la n ts are lo c a te d a t D e t r o it , C le v e ­
1 92 3, 108 ,846 (n o t in c l. 1,402 s e rv ice a n d p r iv a te lin e s t a t io n s ). R a te s an d
la n d , F ra n k lin , P a .; M o n t r e a l, C a n a d a ; F ra s e rb u rg h , S c o t la n d , a n d B er­
v a lu a t io n , V . I l l , p . 899 .
lin , G e rm a n y .
B O N D S .— A u th o riz e d , $ 1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g
D e c . 31 1 92 3, $ 1 ,S T O C K .— T h e sto c k h o ld e r s v o t e d D e c . 5 1919 t o in cre a se th e a u th . c a p i­
1 6 6 ,0 0 0 .
R e tir e d th ro u g h sin k in g fu n d , $ 3 3 4 ,0 0 0 .
R e d e e m a b le a t 103
a n d in terest o n a n y in te re st d a te u p o u three w eek s’ n o t ic e . S in k in g fu n d
ta l s t o c k fr o m $ 7 ,5 0 0 ,0 0 0 t o $ 1 3 ,0 0 0 ,0 0 0 . S to c k h o ld e r s o f r e c o r d D e c . 19
1919 w ere g iv e n th e p r iv ile g e o f s u b s c r ib in g u n til J a n . 2 0 1920 t o th e new
2 % a n n u a lly o f o u ts ta n d in g b o n d s .
s t o c k a t p a r e q u iv a le n t t o th e ir r e s p e c tiv e h o ld in g s . V . 10 9 , p . 179 4, 2266.
E A R N I N G S .— F o r c a l. y e a r 1923, gross, $ 6 ,0 0 7 ,4 8 4 ; o p e r a tin g expen ses,
L A T E D I V S .— J’ 0 8 . ’ 0 9 . '1 0 . 11 t o ’ 17. ’ 1 8 . ’ 19. ’2 0 . ’2 1 . ’2 2 . ’ 23
ta x e s , & c ., $ 4 ,6 3 8 ,9 3 3 ; n e t earn in gs, $ 1 ,3 6 8 ,5 5 1 ; in te re s t, $ 8 2 ,2 3 3 ; d i v i ­
d e n d s ( 8 % ) , $ 1 ,0 4 0 ,0 0 0 ; b a l., su rp lu s, $24 6 ,3 1 8 .
P e r c e n t ___________ { 0
0
3
4 y e a r ly
5 )4
6
8
6
4 4 )4
O ff! ; 725 13th S t ., N . W ., W a sh in g to n , D . C . — ( V . 116 , p . 2 6 4 1 .)
P a id in 192 4: J a n ., 1 ) 4 % ; A p r il, 1 ) 4 % .
N e t p r o f it _____________________________ $ 2 ,3 5 1 ,0 1 9
D iv id e n d s p a id ________________________
1 ,6 8 0 ,0 0 0
F e d e ra l ta x e s ___________________________
2 9 5 ,7 5 2




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

$82 0,45 1
1,9 6 0 ,0 0 0

156

INDUSTRIAL AND PUBLIC UTILITY
MISCELLANEOUS COMPANIES

Date
Bonds

l For abbreviations, A c . , see notes on page 6 ]

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places 'here Interest anO
Dividends are Payable
and Maturity

5 g A * O O c t 1 1961
1911 $500 &c $6,226,000
25 109.776,500 10 in ’23 Q— M Ju n e 30 '2 4 2>£
Convertible 15-year bonds. Ser A. (see text) call g _Gc*&r* 1917
600 See 35,000,000
6g
A 4; O Apr 1 1932
5 4.500.000
C h i n o C o p p e r C o . — Stock $5,000,000 auth-----------------------Sept 3 0 ’20 7H
C l n Gas St El Co— 1st M $15,000,000 g s ro call 102-Co.c*&r* 1916 1,000 &c 18,853,000
A & O Apr 1 1956
New prior lien & ref mtge Series A ______________________ 1921
Jan 1 1961
7g
7.500.000
do
do
Ser B red (text)________ N.kxxxc*&r* 1921
500 &c 6,000,000 5M g A & 6 J an 1 1961
C i t i e s S e r v i c e C o — See “ Electric Railway Section"
100 18,000,000 5 in 1923 Q— F M a y 1 1924 1M
C l u e t t P e a b o d y St C o . Inc.— Common stock $18,000,000-.
Pref (a A d) 7 % cumulative $9,000.000_________________
100 8.482,000
Q— J A p r 1 1924 1 H
7
None 500,000 shs. See text Text A p r 1 1924 $ 1 M
C o c a - C o l a C o ( o f D e l ) — Com stock 500,000 shares (v t c ) ..
100 10,000,000
7
Preferred (a 9c d) stock 7% cum non-voting $10.000,000.
J & J J a n 1 1924 3H
100 34,235.500 See text
May 25 ’21 M%
C o l o r a d o Fuel & Iron— Common stock 544,200,000 auth_
_
100 2 000,000
Preferred stock (not as to assets) 8 % cum 52.000,000___
8
Q-J25 M a y 2 6 ’2 4 2 %
Oolo Fuel & Iron Gen M 56,000,600 g s t red 105_ ..Ce.c’ &r 1893
t.000
5,182,000
5 g F & A F e o 1 1043
Oolo Indus 1st M go d ser A & B guar d S 1call 105. .N c* &r H*04
c
1.000 31,693,000
5 g F & A A u g 1 1934
C h i c a g o S t o c k Y a r d s C o — Collat tr bonds g red 1 0 5 ___ O B *
C h i l e C o p p e r C o — Stock auth $135,000,000_______________

[V ol. 118,

Old Colony Tr Co. Boat
New York
New York
N Y and Cincinnati
N Y or Cincinnati
N Y or Cincinnati
C h e ck s mailed

do

Chase Nat Bank, N Y
C h ase N a t B a n k , N T
N ew Y o r k T r u s t Co. N Y

t Exclusive o f $3,000,000 pledged under prior lien & ref. mtge.

R E P O R T .— F o r 1923 sh o w e d :
Calendar Years—
1923.
192 2.
1921.
N e t in c o m e , a fter F e d .
ta xes & d e p r e c ia t io n . _
$ 8 1 9 ,2 1 8
$ 5 6 7,52 6
$ 1 5 8,10 7
6 3 ,8 9 7
41,571
101,747
O th er in c o m e ____________
In teres t & oth er c h a r g e s .
7 1 ,0 7 9 '
103,279
141 ,490
D iv id e n d s ________________
4 7 1 ,6 8 5
455 ,2 7 6
6 1 7 ,6 5 0
B a la n ce , s u r p lu s ________
$34 0,35 1
$50 ,542 d e f$ 4 9 9 ,2 8 6
Quarter Ended March 31—
1924.
$ 1 5 9 ,2 8 4
N e t p r o f it a fter d e p r e c ia t io n , in te re st a n d ta x e s ___

1920.
$ 1 ,8 6 9 ,0 9 3
8 8 ,832
684 ,8 6 4
9 3 8 ,5 2 0
$33 4,54 1
1923.
$20 3,86 3

O F F I C E R S .— C h airm an o f B o a r d , C h a rle s M . S c h w a b ; P r e s ., H e r b e r t A .
J a ck s o n , V .- P s ., A . E . G o o d h u e a n d W . H . C a llan ; S ec. & T r o a s ., J . L.
P r ice; A u d it o r , J . G . G rim sh a w .
D ire cto rs : C h a s. M . S ch w a b , Jam e.
H. W a r d , C a rl J. S c h m id la p p . J. R . M c G W le v , W . A. M it c h e ll, H. A.
J a ck s o n , J . L . P r ic e , E . M . R ic h a r d s o n , E . V . R . T h a y e r . N e w Y o r k
o ffic e , 6 E a s t 4 4 th S t.— (V . 118 . p . 2 3 0 8 .)

CHICAGO STOCK YARDS CO.— Incorp. in Sept. 1911 in Maine and
owns all of the $6,500,000 common stock of Chicago Junction Rys. A Union
Stock Yards Co.— which see above. (V. 93, p. 1193; V. 94, p. 210). Has
o u ts ta n d in g $ 8 ,000,000 c o m m o n s to c k in $100 shares on w h ich 5 % was
p a id y e a r ly fro m Ja n . 1914 t o J u ly 1 1917, in cl. (2 J >% J. & J . ) , a n d the
4
c olla tera l tru s t b o n d s a b o v e d e scrib e d (a u th .. $ 1 3 .0 0 0 ,0 0 0 ). c a lla b le at
105. P r e s ., F r e d ’k H . P r in c e ; S e c. & T r e a s ., F . R . P e g r a m , A m e s B ld g .,
B o s t o n .— ( V . 94, p . 21 0 ; V . 106, p . 193 .)

1928; th e r e a fte r a t 104 u p t o a n d in c l. O c t . 1 1936: t h e r e a fte r a t 103 u p t o
and in c l. O c t . 1 1944; th e r e a fte r a t 102 u p t o a n d in c l. O c t . 1 195 2, a n d
th e re a fte r a t 101 u p t o a n d in c l. O c t . 1 1960 (p lu s i n t . in e a ch c a s e ).
V. 114, p . 2 47 3.
.
_
Sale o f 3 0 ,0 0 0 shares o f p r e f. s t o c k o f C in c in n a ti G as T r a n s p o r ta tio n C o .
to C o lu m b ia G a s & E le c tr ic C o .
See V . 110, p . 8 0 .— ( V . 1 1 8 , p . 2 1 8 4 .)
C I T I E S S E R V I C E CO., NEW YORK.— See “E le c . R y . S e c t io n .”

CLUETT, PEABODY & CO., INC.— ORGANIZATION.— Incorp. in

New Y o r k Feb. 4 1913. Combined factories at Troy N. Y ., alsoop e ra te s fa c to r ie s a t R o c h e s te r , S c h e n e c ta d y , N a s s a u , H a d le y a n d C o r in th .
N . Y . ; L e o m in ste r a n d F ra m in g h a m , M a s s .; B r id g e p o r t , C o n n .; S o u th
N o rw a lk , C o n n .; S t. J o h n s, Q u e .; K itc h e n e r , O n t ., a n d a b le a c h e r y a t
W a t e r fo r d , N . Y . A n n u a l p r o d u c t io n a b o u t 1 2 ,0 0 0 ,0 0 0 d e z e n c o lla r s a n d
5 0 0 ,0 0 0 d o z e n sh irts. V . 9 6 , p . 4 9 1 . C a n a d ia n Co., V . 106 , p . 245 4
V . I l l , p . 79 6 , 1373.
STOCK.— Pref. Is callable, all or part. In blocks of 10% of Issue, at 125and accrued dtv., also at same price on dissolution or consolidation or d is ­
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 s t o c k ,
In D e c . 1923 $ 5 1 8 ,0 0 0 p r e f. s to c k w as u n issu e d , $ 1 ,0 0 0 ,0 0 0 o f the orig in a l
$ 10 , 000,000 h ad been a m o r tiz e d .

Dividend on common, 1914 and 1915, 4 % ; 1916, 6% ( I H % quar.)
1917, 6% (1>*% quar. ; Feb. 1918 to Nov. 1919. « % " . a ( 1 * % quar >

CHICAGO YELLOW CAB CO.— (V . 118, p . 2 0 4 6 .)
CHILDS CO.. NEW Y O R K — (V. 118, p. 2442.)
CHILE COPPER CO.— Incorporated April 16 1913 In Delaware and
owns the entire 10,060 shares of full-paid and non-assessable capital stock
of the Chile Exploration Co. of N. J. Said company owns and operates
extensive deposits of low-grade copper ore and a plant for producing elec­
trolytic copper at or near Chuqulcamata. Northern Chile, on a branch of
the Antofagasta 9c Bolivia Ry.. 163 miles northeast of Port of Antofagasta
and has Its own standard-gauge railroad connecting the plant with the mine
Altitude of mine, 9 ,6 0 0 f t .; o f p la n t, 9 .6 6 0 f t . T h e p la n t has a c a p a c it j
of 15,000 tons of ore per d a y . Compare Y. 116, p. 415.

F e b . 1920 t o N o v . 1920, 2 % q u a r .; F e b . 1921, 1 1 £ % ; th e n n o n e u n t ilF e b . 1 192 3. w hen 1 % % w as p a id ; sa m e a m o u n t p a id q u a r. t o M a y 1 1 9 2 4 ,
R E P O R T . — F o r 1923, in V . 118, p . 788 , s h o w e d :
1923.
192 2.
1921.
1920.
T o t a l in c o m e ______$ 2 8 ,2 6 4 ,9 0 2
$ 2 3 ,6 5 6 ,1 2 5 $ 2 5 ,7 1 4 ,6 1 8 $ 3 2 ,8 1 7 ,6 2 8
N e t i n c o m e _______
3 ,6 0 7 ,1 4 4
3 ,1 7 2 ,2 9 0
1 ,0 2 8 ,3 3 0
2 ,7 6 8 ,9 2 7
I n t e r e s t ___________
1 96 ,165
113,644
4 6 3 ,0 2 8
547 ,831
5 5 6 ,3 1 2
3 0 7 ,2 0 5
2 8 9 ,9 0 2
2 8 2 ,8 0 4
D e p r e cia tio n , & c _
F e d e ra l t a x e s ____________ __________ In c lu d e d in o p e ra tin g expenses---------------P re fe rre d d iv id e n d s ( 7 % )
5 8 2 ,1 9 0
5 8 8 ,6 6 5
59® ,940
5 74 ,070
C o m m o n d iv id e n d s _____
9 0 0 ,0 0 0
__________(1 )^ )2 7 0 .0 0 0 (8 )1 ,4 4 0 ,00O
D e p r e c . in in v e n t ., & c _ .
__________
__________
__________
2 ,9 9 3 ,8 1 8

S T O C K .— In Ja n . 1923 th e A n a c o n d a C o p p e r M in in g C o . a c q u ir e d a
m a jo r it y in terest in th e c o m p a n y th r o u g h th e p u rch a se o f 2 . 200,000 shares
fr o m G u g g en h eim B ro s, at $35 a share. V . 116, p . 300 , 940.
D I V I D E N D S .— A n in itia l d iv id e n d o f 243 % w as p a id o n M a r c h 22 1923;
s a m e a m o u n t p a id q u a r. t o Ju n e 30 1924.
B O N D S .— In A p ril 1917 so ld $ 3 5 ,0 0 0 ,0 0 0 6 % c o n v e r tib le . Series A b o n d s
(to ta l a u t h ., $ 100 ; 000 , 000 ), t o p a y flo a t in g d e b t and p a y fo r fu r th e r a d d i­
tion s, & c. T h ese b o n d s are c o n v e r t ib le in to s to c k at a n y tim e , $35 o f b o n d s
fo r $25 s t o c k [or a t lo w e r ra te in ca se o f issu e o f (a) b o n d s c o n v e r t ib le at
lo w e r ra te; ( 6) s to c k a t less th a n $35 p e r share]; also ca lla b le b y c o m p a n y
a fte r A p r il 1 1922 a t 110 an d in t . O f th e rem ain in g b o n d s (a) $ 1 5 ,0 0 0 ,0 0 0
is reserv ed t o r e tire th e $ 1 5 ,0 0 0 ,0 0 0 1st 7s w h ich m u s t b e p a id o f f M a y 1
1923, an d $ 5 0 ,0 0 0 ,0 0 0 fo r a c q u is itio n s , im p ro v e m e n ts , & e ,. u n d e r ca re fu l
r es triction s . The in itial $ 3 5 ,0 0 0 ,0 0 0 w as u n d e rw ritte n . V . 109, p . 778;
V . 104, p . 104 7, 1147, 1594, 2 0 1 3 ; V . 105, p . 1000; Y . 106, p . 1580, 2563;
V . 107, p . 1483; V . 108, p . 1612, 2 4 3 0 .
R E P O R T .— F o r 1923, in V . 118, p . 2 30 0, sh o w e d :

B a la n ce , s u r p lu s _____ $ 1 ,3 7 2 ,4 7 6
$ 2 ,1 6 2 ,7 7 6 d e f$ 5 8 5 .5 4 0 d f$ 3 ,0 6 9 ,5 9 6
P re sid e n t, G . A . C lu e tt; V ice -P re s id e n ts , E . H a ro ld C lu e tt, A . B . C lu e t t ,
A. G ille sp ie a n d W . H . T it u s ; S e c ., H . M . G r o u t; T r e a s ., D . A . G ille s p ie .
— ( V . 118, p . 7 8 8 .)

Gross.

Net. Oth. Inc.

interest.

Miscel.

Bal., Sur

1 9 2 3 -2 9 ,9 1 1 ,105S17,516 ,417 $ 1 ,1 0 8 ,6 1 1 $ 2 ,3 8 4 ,0 9 3 $ 3 ,3 3 0 ,3 0 8 $ 1 2 ,9 1 0 ,6 2 6
1 9 2 2 .1 9 ,5 7 6 ,6 3 5
5 ,0 5 1 ,2 5 0
6 8 0 ,5 3 1 3 .1 4 8 ,0 1 2
3 ,9 5 2 ,3 7 8 * 1 ,3 6 8 .6 0 9
1921. 9 .3 5 9 ,2 6 6 * 1 ,0 4 9 ,3 6 6
8 4 6 ,7 0 2 3 ,1 5 0 ,0 0 0
2 ,3 2 6 ,2 7 8 * 5 ,6 7 8 .9 4 2
1 9 2 0 -1 7 .7 1 1 ,0 2 1
4 ,7 5 0 .5 0 8 1 ,1 6 9 ,8 6 7 3 ,1 5 7 ,0 6 9
2 ,6 1 1 ,3 1 2
151.994

* Deficit.

O F F I C E R S .— C h a irm a n , J o h n D . R y a n ; P r e s .. C . F . K e lle y ; S e c . &
T r e a s ., C . W . W e lc h . O ffic e , 25 B r o a d w a y , N . Y . — ( V . 118, p . 2 3 0 0 .)

CHINO COPPER CO.— I n c o r p . in M a in e in Jun e 1909. O w n s p r o p ­
erties in G ra n t Co., N . M . M in e ra ls S e p a ra tio n C o . su it s e ttle d . V . 114.
p . 2 1 2 0 . T h e sto c k h o ld e r s o n F e b . 15 1924 a p p r o v e d th e m e rge r o f th e
c o m p a n y in t o R a y C o n s o lid a te d C o p p e r C o . , th e C h in o s t o c k t o b e ex­
c h a n g e d fo r $ 1 5 ,0 0 0 ,0 0 0 R a y s t o c k , p a r $1 0 , o r In th e r a t io o f o n e C h in o
share fo r 1 2 -3 shares o f R a y . V . 118, p . 20 6 .
DIVS.—
1913. 1914. 1915
50
60
Per cent------ 45

1916 1917165 198

18.
90

’19, ’20. 1921-23
60
2214
None

R E P O R T . — F o r y e a r 1923, in V . 118, p . 1016 an d 1141, s h o w e d ;
Calendar Years—
1923.
1922.
192 1.
1920.
C o p p e r p r o d u c e d ( l b s . ) . 5 4 ,2 6 1 ,2 2 8 2 8 ,4 0 6 ,3 1 4
9 ,1 3 7 ,2 8 2 4 4 ,0 5 1 ,8 4 9
T o t a l re v e n u e s __________$ 7 ,9 9 7 ,4 7 3 $ 3 ,8 8 2 ,9 8 3 $ 1 ,1 9 4 ,4 9 2 $ 7 ,6 9 8 ,6 4 1
N e t fo r d iv id e n d s _______
194 ,612 lo ss8 4 8 ,7 8 6 1 o ssl,3 1 4 ,2 0 5
1 ,3 1 9 ,5 4 0
D iv s . & c a p . d is trib u tio n
__________
__________
__________
978 ,7 2 7
Note.— O p era tion s w ere su sp e n d e d A p ril 1 1921 a n d w e re n o t resu m ed
u n til A p r il 7 1922.
O F F I C E R S .— P r e s ., D . C . J a ck lin g ; V - . P . , C h a s. H a y d e n ; S e c ., A . J .
R o n a g h a n ; T r e a s ., C . V . J e n k in s. O ffic e , 25 B r o a d S t ., N . Y . — ( V . 118,
p . 114 1 .)
CINCINNATI GAS St ELECTRIC CO.— Owne generating stations an d

distributing systems supplying gas and electricity to Cincinnati and suburbs.
Operated by Union Gas & Electric Co., a subsidiary of Columbia G as &
Electric Co. (which se8 below) under a 99-year lease dated Sept. 1 1906.
which, as amended, provides for payment of all Interest and sinking fund
charges and dividend of 5% upon the $34,692,600 capital stock, (par $100
a share). Performance of lessee company Is guaranteed by deposit of
$3,750,000 In c a s h a n d s e c u r itie s w ith tr u s te e s. (S ee V. I l l , p. 2232.)
BONDS., ETC.— O f t h e $ 1 5 ,0 0 0 ,0 0 0 1st M . bonds, $9,459,000 were so ld
In 1516-18 to provide for Improvements and the construction of an electric
generating s ta tio n w ith an im m e d ia te c a p a c it y of 6 0 ,0 0 0 k . w . (u ltim a te ly
1 2 0 ,0 0 0 ), a n d t o refu n d $ 1 ,5 0 0 ,0 0 0 C in c in n a ti E d is o n E le c tr ic C o . b o n d s
June 1 1917; th e b a la n ce w ere a v a ila b le fo r th e c o m p a n y u n d e r re s tric tio n s .
See V . 104 , p . 266 , 190 1, 1014; V . 105 , p . 7 4 , 3 9 1 , 501, 152 4.
T h e s to c k h o ld e r s o n D e c . 27 1920 a u th o r iz e d th e cr e a tio n o f a n ew
$ 5 0 ,0 0 0 ,0 0 0 4 0 -y e a r P rio r L ie n & R e fu n d in g M t g e . w h ich w ill b e issu ed fro m
tim e t o tim e as a u th o r iz e d b y t h e d ir e c to r s , b e a rin g su ch in te re s t ra te s as
t h e y shall d e te r m in e , fo r a d d itio n a l c a p ita l ex p e n d itu re s a n d fo r retirin g
th e b o n d s issu able u n d e r th e p re s e n t F irs t & R e f. M t g e . o f $ 1 5 ,0 0 0 ,0 0 0 and
th e t w o n o te issu es a g g re g a tin g $ 4 ,4 0 0 ,0 0 0 . V . I l l , p . 2232: V . 112, p . 65.
T h e S eries “ B ” b o n d s a re r e d . fo r s in k in g fu n d (c a lc u la te d t o r e tire
p r a c t ic a lly w h o le issu e b y m a tu r ity ) o r , a t th e o p t io n o f t h e c o m p a n y , all
or p a r t , o n a n y in t . d a t e u p o n 30 d a y s ’ n o t ic e a t 105 u p t o a n d in c l. O c t . 1




C O C A -C O L A
CO.
( T H E ) .— O R G A N .— I n c o r p .
in
D e la w a r e o n
S e p t. 5 1919 as su cce sso r o f C o c a -C o la C o . o f G a .
B u sin e ss sta r te d in
1886. M a in p la n t a t A tla n ta , G a ., also has m a n u fa c tu r in g p la n ts a t
N e w Y o r k , C h ic a g o , B a ltim o re , D a lla s , K a n sa s C i t y , L e s A n g e le s . N e w
O rleans, H a va n a a n d S a n tia g o , a n d in T o r o n t o , M o n t r e a l a n d W in n ip e g ,
C a n a d a . N o rm a l co m b in e d mifg. c a p a c it y o f p la n ts is 3 0 ,0 0 0 ,0 0 0 g a llon s
per a n n u m . C o c a C o la In te r n a tio n a l C o r p . w as o rg a n iz e d as a h o ld in g
c o m p a n y in Ja n . 192 3. V . 116, p . 181, 300 .
T h e C o c a -C e la C o . o f C a n ­
a d a . L t d ., w as o rg a n iz e d in D e c . 192 3. V . 117, p . 2 8 9 4 .
Voting Trustees.— The 500,000 shares of common stock have been deposited

with the Guaranty Trust Co. of New York under a voting trust agreement,

fo r 5 v e a r s . t h e v o t in g tru ste e s b e in g W . C . B r a d le y , C h a irm a n Coca-Cola

Co.: E. W. Stetson, V.-Pres. Guaranty Trust Co., N. Y .: Ernest Woodruff,
Pres. Trust Co. of Georgia. Atlanta. Common stock listed on N. Y
Stock Exchange. The pref. stock Is callable at par. V. 109. p. 1082.1795,
DIVIDENDS.— In itia l div. o n c o m . s t o c k of $1 paid Apr. 2 1920; sam®
a m o u n t p a id J u ly 15 1920: th e n n o n e u n til D e c . 1 192 1. w h e n $1 w as p a i d .
A p ril 1, J u ly 1 a n d O c t . 1 1922 p a id $1 e a ch ; J a n . 2 1923 p a id $1 5 0 ; A p r il 2
1923 p a id $1 50 q u a r. a n d 50 c e n ts e x tra ; J u ly 1 1923 t o A p r il 1 1924 p a id
$1 75 q u a r.
R E P O R T . — -For 1923, in V . 118, p . 1016 a n d 1273, s h e w e d :
Calendar Years—
1923.
1 92 2.
192 1.
N e t s a l e s ...................
$ 2 4 ,3 2 0 ,0 6 4 $ 2 1 ,0 5 3 ,8 3 4 $ 2 8 ,4 6 4 ,5 9 8
O p e ra tin g p r o f i t _______________________
5 ,2 2 2 ,6 8 4
7 ,2 2 7 ,1 6 2
3 ,3 4 6 ,0 0 8
L ess o th e r d e d u ctio n s f r o m i n c o m e ___
4 5 ,5 7 6
6 1 ,7 1 9
5 7 5 ,0 1 8
F e d e ra l t a x e s ___________________________
6 4 8 ,0 0 0
8 9 7 ,8 0 0
4 2 5 ,0 0 0
P re fe rre d d iv id e n d s ( 7 % ) _____________
7 0 0 ,0 0 0
786,O 0
O
7 0 0 ,0 0 0
C o m m o n d iv id e n d s _____________________ 3 ,6 2 5 ,0 0 0
2 ,2 5 8 ,8 0 0
500 ,0 0 0
B a la n ce , s u rp lu s ____________________
$ 2 0 4 ,1 0 8 $ 3 ,3 1 8 ,4 4 2 $ 1 ,1 4 5 ,9 9 0
E a rn in g s fo r th ree m o n th s e n d e d M a r c h 31 1924 in V . 118, P- 2 3 0 9 .
O F F I C E R S .— C h a ir m a n , W . C . B r a d le y ; P r e s ., R o b e r t W . W o o d r u ff;
V .-P r e s ., W m . P . H e a th , H a r ris o n J o n e s, H a r o ld H ir s c h ; S e c. & T r e a s .,
S. F . B o y k in . M a in o f fic e , A tla n ta , G a .— (V . 118, p . 2 3 0 9 .)
COLORADO FUEL AND IRON CO. (THE).— A C o lo r a d o c o r p o r a t io n
fo r m e d O ct. 21 1892. R e -c h a r te r e d O c t . 1 91 2. V . 9 3 , p. 1 72 8. In Ju n e 1903

Rockefeller-Gould Interests assumed control. V. 76, p. 1410; V. 98. p.
1119. Annual capacity of finished steel products Is 550.900 tons. V .
73. p. 661; V. 75. p. 1149; V. 79, p. 736; V. 62. p. 461; V. 105. p. 1211;
V. 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 Co., 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, p. 378).
DIVIDENDS.— Dividends on pref. In full to Feb. 1903, then none till
July 1912. 2 H % ; Jan. 1913. 2 H % . Mar. 20 1913, 35% account 74% ac­
cumulated dividends; July 1 1913, 4%.; Jan. 1 1914, 4 % ; then none till
Aug. 1916. when 30% was paid; on Dec. 22 1916 also paid 30% . thus
clearing up all accumulations; 1917, Feb., 4 % ; May 1917 to M a y 1924, 8%
p. a. (2% quar.). V. 103, p. 63. 2081.

A n in itia l d iv id e n d o f 3 % w as d e c la r e d in J u ly 1917 o n th e c o m m o n s t o c k ,
p a y a b le % o f 1 % o n J u ly a n d O c t . 25 1917 a n d Jan . a n d A p r il 25 1918;
J u ly 1918 t o M a y 192 1, % o f 1 % q u a r .; n o n e s in c e .

BONDS.— The Col. Ind. guar. 5s ($45,000,000 authorized Issue) cover all
the property of that company and,by supplemental mortgage of 1913. the
real estate transferred to the Col. Fuel & Iron Co. and entire issue of securi­
ties of subsidiary cos. named, viz., $4,500,000 bonds and $100,000 stock of
Ool.& Wyo. Ry.; $3,000,000 Rocky Mtn. Coal & Iron stock and $331,200
stock and $160,000 notes of Crystal Riv. Ry. Series “ A” (limited to $14,067,000), Series “ ’B’ (limited to $30,932,000), $6,000,000 to retire gen. M .
5s of 1893. V. 80. p. 1481. 1720; V. 83. p. 381. 377, 326; V. 96, p. 1492.
V. 97. p. 53. 630.
Of the total of $36,618,000 Col. Ind. 1st 5s outstanding Dec. 31 1923,
$4,925,000 were held in treasury of Colorado Fuel & Iron Co.

M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Columbia Gas & Electric Co— Stock 1.510,000 shares-------^lrst M 8 t gold $25,000,000 ($7,890,500 canceled) .Col.xc*
Debentures authorized $2,850.000___________________ Cex

1907
1913

O n e -y e a r n o te s r e d a t p a r __________________________________ c *
am G as T ra n sp C o 1st M $5.O0O,OOO s t call 1911 110— -»
D a y t o n G a s C o 1st M (V 90, p. 702) g call 105----- C iC i

Onion Lt Ht & Power Oo— See text______________________
Oin Gas & El Oo bonds— See that co. above.
United Fuel Gas Co bonds— See text.
Columbian Carbon Co— S to c k (v t c ) 5 0 0 ,0 0 0 shares a u th
b immercial Cao*c u> jstMUno aeb s f k»»zu,OiM,<juiig.l-.u<xr
Commercial Solvents Corp— 1st p r e f s t o c k 8% c u m -----------

1924
1908
1910

1st m t g e c o ll Series “ A ” r e d 1 1 0 _________________ k x x x c * & r *

Amount
Outstanding

Rate

%

$
none 1 ,500,000sh See text
$ )‘J 0 A c *1 1 .1 9 7 ,5 0 0
600 Ac 2 ,5 9 1 ,3 6 8
5 8
1,000 & c 1 1 ,5 0 0 ,0 0 0
5
1.000
1 .7 2 4 .0 0 0
6 K
1 .3 2 6 .0 0 0
1,000
5 g

1897

N on
$ A J
t'

1898
1908
1908
1923

N one
N one
lo t
1 00 (
1,09(
1.000
100 & c

C l a s s " A ” s t o c k $4 c u m red $50 , c o n v e r t ( t e x t ) ____________

C la ss “ B ” s t o c k 80,000 shares a u t h _________________________
Commonwealth Edison— Stock authorized $100,000,000-----Commonwealth Elec 1st M/Equally sec b y C o m ! NCxxxc*
Commonwealth Ed 1st MlElectric mtge of 1898/______ xx
do
do
call 110_______________________xxx

Par
Value

$100

4 02 ,081 sh
2 0 , 000.000

1, 000,000

in ’23
4 g

8

4 0 .0 0 0 sh
te x t
4 0 .0 0 0 sh
7 2 .0 0 0 .
000 8
H,0< 10,000
6 g
4 5 .7 7 4 .0 0 0
5 g
6 , 000,000
6 g
1 5 .0 0 0 .
000 5 g

When
Payable

1

3

M
J
M

157

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

May,15 ‘24, 65c
Q— F
Irv Bk-Col ~Tr Co, N Y
A
J Jan 1 1927
A

J Jan 1 1927

Cent Union Tr Oo, N Y

&
A
&

S M a r 1 1925
J J u ly 1 19<
S M a r 1 1930

P ro v S B A T r Oo C in n
N Y , H arris, F o r b e s & C o

Q -F
Q -J
Q— J
Q— J

M a y 1 1924 $1
ia u 1 2 3 9 /
F E A T C A U ftioe hi i
\>
A p r 1 1924 2 %
Apr.,1 1924 $1

Q— F
May 1 1924 2% Obecks from co's &flo.
M &
S June 1 1943
IU-Merch Tr Co, Chic
V A
I
S June 1 1943
do
co
Chicago and New York
M A
S June 1 1943
J A
C h ic a g o an d N e w Y o r k
J July 1 1953

• Excluding $3,170,500 in treasury.

>f S20.S33 1-3 m o n th ly b e g in n in g A u g . 1 1911. an d d iv s . o n c o m m o n s to c k
it 1 0 % per a n n u m . T h e p r e f. s t o c k (o w n e d b y C o lu m b ia G a s A E le c . C o .)
is to re ce iv e a d iv id e n d o f 6 % p e r a n n u m a fte r a ll T r a n s p o r ta tio n b o n d s
have be e n c a n c e le d .
V . 8 6 , p . 1 53 2. T h e $ 3 ,0 0 0 ,0 0 0 p r e f. s t o c k w as
pu rch ased b y th e C o l G . A E . C o . d u rin g 192 0. V . 110, p . 8 0 .
C I N C I N N A T I C O M P A N I E S .— T h e C o lu m b ia C o . o w n s th e entire
1 75 .000
shares o f c o m m o n s to c k o f U n io n G as A E le c . C o . o f C in cin n a ti
(V . 89. p. 230 ; V . 103, p . 1 0 4 6 ), w h ic h o p e ra te s u n d e r a 9 9 -y e a r lease th e
B a la n ce, s u r p lu s ..........
$ 5 7 2 ,0 2 9 d e f$ 8 1 4 ,9 4 5 d f$ 3 ,4 0 4 ,6 6 9
$ 99 ,812
p ro p e rtie s, A c ., o f C in . G as A E le c . C o . (w h ich s e e ). V . 8 3 , p . 2 7 4 , 892 ,
3 Mos. to Mar. 31—1924.
1923.
1922.
1921.
1231; V. 8 8 , p . 1375; V . 95, p . 752 ; V . 9 7 , p . 5 3 , 240 ; V . 118, p . 435 . N e w
G r o s s r e c e ip t s ___________ $ 1 1 ,7 8 2 ,1 1 6 $ 11 ,259 ,58 1
$ 6 ,5 7 5 ,6 6 1 $ 1 0 ,0 2 8 ,7 4 2
steam e le ctric p la n t , c a p a c it y 120 ,000 k .w .
V . 114, p . 107 7.
R a te s in
N e t earns, fr o m o p e r . . .
1 ,5 4 8 ,6 2 4
1,3 9 5 ,3 6 0
5 9 6 ,2 4 3
1,0 9 7 ,0 9 8
C in c in n a ti, V . 114, p . 1077. R e g a rd in g c o n t r a c t w ith U . S . G o v t , in
O th e r in c o m e ____________
101,531
96,959
6 4 ,8 0 6
9 9 ,996
A u g . 1918, see a b o v e .
O T H E R O H I O U T I L I T I E S . — T h e C o lu m b ia C o . o w n s a ll th e c o m m o n
$ 1 ,6 5 0 ,1 5 5
$ 1 ,4 9 2 ,3 1 9
$ 3 6 1 ,0 4 9 $ 1 ,1 9 7 ,0 9 4
s to c k o f th e O h io G a s A E le c t r ic C o . a n d th e H a m ilto n S e rvice C o ., w h ich
B o n d in t ., t a x ., s . f . , & c $ 7 1 6 ,1 1 7
$ 7 2 6 ,9 3 5
$71 6 ,3 0 7
$ 6 9 1,56 6
clo a ll th e e le ctric a n d gas bu sin ess o f M id d le t o w n a n d p a r t o f th e e lectric
D e p r e c i a t i o n - ....................
3 5 3 ,9 5 4
382 ,671
3 76 ,011
3 7 0 ,6 2 9
b u sin ess o f H a m ilto n , a n d a ll th e ca p ita l s t o c k o f th e L o v e la n d L ig h t A
W a te r C o ., w h ich d o e s th e e le ctr ic a n d w a te r bu sin e ss o f L o v e la n d .
B a la n ce fo r q u a rte r___
$58 0 ,0 8 3
$ 3 8 2 ,7 1 3 d e f$ 4 3 1 ,269
$ 1 3 4,89 9
K E N T U C K Y P R O P E R T I E S .— C in c in n a ti N e w p o r t A C o v in g t o n L ig h t
O F F I C E R S .— P r e s ., J . F . W e lb o r n ; S e c ., F re d F a rrar; T r e a s ., S . G .
A T r a c t io n O o . co n tr o lle d u n d er a 9 0 -y e a r lease. (S ee " E l e c t r i c R a ilw a y
P ie r s o n .
S e c t io n ” ; also V . 114, p . 107 8.)
U n io n L ig h t . H e a t A P o w . C o . o f C o v in g t o n n o te s . See V .1 0 6 , p .7 1 7 , 827 .
D I R E C T O R S .— J . H . M c C le m e n t , K in g d o n G o u ld , J . F . W e lb o r n .
F red F a rra r, A . L . B o u lw a r e , J o h n C . M it c h e ll, G e o rg e B . B e r g e r . S. G .
U N I T E D F U E L G A S C O .— O w ns gas rig h ts o n o v e r 8 2 1 ,3 5 8 a cres (a lso
P ie rs o n , A r th u r W o o d s , E . H . W e itz e l, A lb e r t A . R e e d , W m . V . H o d g e s
j il rights on 5 3 9 ,0 3 2 o f s a m e ), lo c a te d in W . V a . a n d K y .
W ith a b o u t
a n d M . D . T h a tch er.
O ffic e , B o s t o n B ld g ., D e n v e r , C o l o .— (V . 118,
1.656 m iles o f p ip e line, c o m p re sso rs, A c ., su p p lies gas d ir e ct t o 4 9 .3 3 0 c o n p . 204 6 .)
ium ors in a b o u t 70 Cities, in clu d in g C h a rle s to n . H u n tin g to n , R a v e n s w o o d , C le n d e n in , S p e n ce r, R ip le y , W . V a ., Ir o n t o n a n d P o r ts m o u th ,
COLORADO POWER CO.— (V. 118, p. 2309.)
io ,
sh la
tle
COLUMBIA QAS & ELECTRIC CO.— (See M ap .).— Incorporated in O hgas an dCAlu m n d an d C a E tts b u r g ,o K y . F u rth e r sells large q u a n tities
o
,
p p ly C
L o is v
West Virginia In Sept. 1906. and. In conjunction with the sub-companies o fas A t E le cotr ic b ia . G asd AC e nle c tr icK Cn t.u cO h ioN F u el aS uG a s O oo . ,a n d uP o rille­
G
C o an
tra l
e
ky
a tu r l
.
ts
named below, controls (compare V. 103, p. 1324): (a) The gas business m o u th (O G
C
P
tio n e rv
ab
;b y oth
In Cincinnati and In 17 municipalities In Hamilton County, Ohio, and co m p a n ie s .) sina sits o . w o p u la o r p a s t ly e d od ir e ctly0 0 ,0o u t. 1 1 0. ,0 0 0 , p . 114er
u
h
r
a b u t 1 ,8
00
V 106
0,
the electric business In Cincinnati and 37 adjoining Ohio municipalities! T h e d ir e cto r s g n Agas 8 o lly
o
p ril
1920 v o t e d t o in crea se th e c a p ita l s t o c k fr o m
(6) the electric-light and power business in 14, the gas business In 10 and the
water supply business in three communities in the Kentucky district, $ 1 0 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 , a n d d e cla re d a s to c k d iv id e n d o f 2 0 0 % . O u t­
1923, $ 4
.
opposite Cincinnati; (c) a 66-mile system of electric street railways oper­ s ta n d in g D e c .U31ited F u el 1G ,7 0 0 ,0 0 0re tired a ll o ld b o n d s a n d m a d e a new
In 1915-16
n
as C o .
ating exclusively in Covington, Newport and other of said Kentucky
municipalities and connecting the same with Cincinnati; (d) a 183-mile $ 1 5 ,0 0 0 ,0 0 0 6 % 1st M . u n d e r w h ic h $ 9 ,5 8 5 ,5 0 0 b o n d s a re o u ts ta n d in g .
system of pipe lines for natural gas, connecting (s) gas lands held by the See s ta te m e n t t o N . Y . S t o c k E x ch a n g e in V . 103. p . 1133; V . 104, p . 869 ;
company under leases, contracts, agreements, royalties, and the ownership also V . 102, p . 816 , 1354; V . 105, p . 711 .
O F F I C E R S .— P re s, a n d C h a irm a n , P . G . G o ssle r; V .- P r e s ., W . W . F ree­
In fee of 2 2 7 .1 7 6 acres of land in Southwestern West Virginia and Eastern
m a n , H . G . S c o tt an d H . A . W a lla ce ; S ec. A A s s t. T r e a s ., P o lk L a ffo o n ;
Kentucky.
Also 51% of the $30,000,000 stock of United Fuel Gas Oo. (see below). T r e a s .; E d w a r d R e y n o ld s J r . O ffic e , C h a rle s to n , W . V a .— ( V . I l 8 , p . 2 1 8 4 .)
I n F e b . 1924 a c q u ir e d fr o m th e P u re O il C o . th e C o lu m b u s G as & F u e l
COLUMBIA GRAPHOPHONE MFG. CO.— ( V . 118 , p . 1 5 2 4 .)
C o . , F ed era l G as A F u el C o ., S p r in g fie ld G a s C o . a n d th e D a y t o n G a s C o .
COLUMBIAN CARBON CO.— I n c o r p . u n d e r la w s o f D e la w a r e on
V . 118, p . 101 7. T h e C o lu m b u s a n d S p rin g fie ld p r o p e r tie s w e re su bse­
A u g . 24 1921. M a n u fa c tu r e s c a r b o n b la c k , la m p b la c k , b o n e b la c k a n d
q u e n tly so ld t o th e O h io F u e l S u p p ly C o . V . 118 , p . 1778.
p ig m e n ts . F o r d e s c r ip tio n o f p la n ts , A c ., co m p a r e a n n u a l r e p o r t in V . I l 8 ,
S T O C K .— T h e s to c k h o ld e r s o n A p r il 10 1923 v o t e d t o ch a n g e th e a u th o r ­
p . 142 4.
iz e d c a p ita l s to c k fr o m 5 0 0 ,0 0 0 sh ares, p a r $ 10 0, t o 1 ,5 0 0 ,0 0 0 shares o f n o
S T O O K .— A ll th e o u ts ta n d in g s t o c k is d e p o s ite d u n d e r a v o t in g tru s t
p a r v a lu e , sto c k h o ld e r s re c e iv in g 3 shares o f n e w n o p a r s t o c k fo r e a ch
a g re e m e n t d a te d N o v . 1 1920 a n d e xp irin g N o v . 1 1925, t h e v o t i n g tru s tees
$100 sh are h e ld .
b e in g F . F . C u rtz e , F . M . K n a p p , N . B . B u b b , E d w in B in n e y a n d C . H a r o ld
T h e s to ck h o ld e rs o n A p r il 8 1924 a p p r o v e d p la n s fo r p r o v id in g a m o r t ­
S m ith .
g a g e on th e c o m p a n y ’s p r o p e r t y t o secu re a b o n d issu e, a n d also au th o riz e d
D I V I D E N D S . — P a y m e n ts h a v e been m a d e as fo llo w s : F e b . 15 1 9 2 2 ,
a n issue o f $ 2 5 ,0 0 0 ,0 0 0 P re fe rre d s t o c k , p a r $10 0.
(F o r d e ta ils see V . 118,
$1: M a y 1 1922, $1; A u g . 1 1922, 75 ce n ts ; N o v . 1 1922, 75 c e n ts ; F e b . 1
p . 1 0 1 7 .)
1923 t o M a y 1 1924, $1 q u a r.
DIVIDENDS.— An initial dividend of 1% was paid on the $50,000,000
R E P O R T . — F o r 192 3, in V . 118, p . 142 4, s h o w e d :
■tock May 15 1917; Aug. 1917 to Nov. 1919, 1% quar.; Feb. 15 to Nov. 15
Calendar Years—
1923.
1922.
1920 p a id 1 5 4 % q u a r. On Jan. 25 p a id 1% e x tr a . F e b . 15, M a y 16, N e t sa le s ------------------------------------$ 8 ,5 9 6 ,7 1 8
$ 6 ,8 4 8 ,0 6 5
A u g . 15 a n d N o v . 15 192 1, 1 H % e a ch . F e b . 15 1922 p a id 1 % ; M a y 15 1922
N e t p r o f it s ------------------------------------------------------------------3 ,8 6 6 ,2 5 4
2 ,1 2 7 ,6 4 1
t o F e b . 1923 p a id 1 5 4 % q u a r.; M a y 15 1923 p a id $1 95; A u g . 15 1923 to
F e d e ra l ta xes (e s tim a te d )------------------------------------------4 8 0 ,0 0 0
2 5 0 ,0 0 0
M a y 15 1924 p a id 65 ce n ts q u a r. o n new shares o f n o p a r v a lu e .
D iv id e n d s p a id -----------------------------1 ,6 0 1 ,1 7 0
1 ,1 1 9 ,9 7 3
M in o r it y in te re st s h a re _______________________________
7 ,6 0 2
_____
B O N D S .— T h e c o m p a n y has an a u th o r iz e d issu e o f $ 2 5 ,0 0 0 ,0 0 0 1st M .
5 % b o n d s , o f w h ich $ 1 4 ,3 6 8 ,0 0 0 w ere o u ts ta n d in g D e c . 31 1923 (in clu d in g
B a la n ce , s u r p lu s ------------------------------------------------------- $ 1 ,7 7 7 ,4 8 2
$ 7 5 7,66 8
$ 3 ,1 7 0 ,5 0 0 in tr e a s u r y ). V . 106, p . 1140; V . 93, p . 1467; V . 101, p . 4 9 .
O F F I C E R S .— P r e s ., F . F . C u rtz e ; V .- P . , F . M . K n a p p ; T r e a s ., N . B .
F o r d eb en tu res o f 1913, see V . 9 6 , p . 1631, 170.
B u b b ; S e c ., R e id L . C a rr . O ffic e , W illia m s p o r t, P a .— ( V . 118, p . 2 1 8 5 ).
O n e -y e a r n otes o f 1924, V . 118 , p . 1524.
COMMERCIAL CABLE CO.— See M a c k a y C o s . a n d V . 118, p . 3 1 4 .
R E P O R T . — F o r 192 3, in V . 118, p . 102 6, s h o w e d :
COMMERCIAL SOLVENTS CORP.— I n c o r p . u n d e r la w s o f M a r y la n d
Consolidated Income Statement (Including Subsidiary Companies).
D e c . 13 1919. M a n u fa c tu r e s s o lv e n ts , p a r t ic u la r ly b u ta n o l
(b u t y l
Gross Earnings—
1923)
1922.
1921.
a lc o h o l) a n d o th e r a lc o h o l p r o d u c t s u n d e r t h e W e iz m a n n p ro cesses; also
E l e c t r ic _________________________________ $ 9 ,9 4 9 ,4 8 4
$8,170,831
$ 6 ,7 1 9 ,0 3 0
m a n u fa ctu re s a c e t o n e , e th y l a lc o h o l a n d v a r io u s im p o r t a n t d e r iv a tiv e s .
G a s -------------------1 ______ _________________ 8 ,7 5 9 ,9 2 9
8 ,1 7 3 ,4 3 3
6 ,3 4 3 ,6 7 4
P la n t is lo c a te d in T e r r e H a u te , I n d . D u r in g 1923 p u r c h a s e d th e M a je s t ic
R a ilw a y s a n d oth er o p e r a tio n s _______
2 ,2 9 3 ,5 8 6
2 ,2 4 8 ,4 2 9
2 ,1 7 0 ,2 5 8
p la n t o f th e U . S. F o o d P r o d u c ts C o r p . a t P e o r ia , III.
S T O C K .— C lass " A ” s t o c k is c o n v e r t ib le in t o cla ss “ B ” s t o c k , share
.$ 2 1 ,0 0 2 ,9 9 9 $ 1 8 ,5 9 2 ,6 9 3 $1 5 ,2 3 2 ,9 6 3
fo r sh are.
O p e r a tin g expenses a n d t a x e s ________ . 1 0 ,690,648
9 ,5 1 9 ,8 7 7
8 ,1 0 1 ,0 7 2
D I V I D E N D S . — A n in itia l d i v . o f $1 p e r share w as p a id o n cla ss “ A ”
$10 ,3 1 2 ,3 5 0 $ 9 ,0 7 2 ,8 1 6 $7,1 3 1 ,8 9 1
s t o c k o n J u ly 1 1922; O c t . 1 1922 a n d J a n . 2 1923 p a id $1 p e r sh are each
O th er in c o m e __________________________ . 2 ,0 1 9 ,2 0 4
1 ,8 1 9 ,2 6 7
2 ,6 5 1 ,2 5 9
q u a r.; th e n n o n e u n til J a n . 1 192 4, w h e n $1 w a s p a id ; A p r il 1924 p a id $ 1 .
R E P O R T .— F o r 192 3, in V . 11 8 , p . 798 a n d 912 , s h o w e d :
$ 1 2 ,3 3 1 ,5 5 4 $ 1 0 ,8 9 2 ,0 8 3
$9,7 8 3 ,1 5 1
Calendar Years—
1923.
1922.
Deductions—
G ro ss p r o f it ---------------------------------x $ 1 6 5 ,8 2 8
$45 7,89 1
R e n ta ls t o C in c in . G as & E le c . C o
$3,427,231
$ 3 ,3 9 3 ,5 4 6 $ 3 ,1 1 9 ,4 3 9
D e p r e c ia t io n ----------------------------------------------------------------59,5 3 3
2 4 ,6 8 5
R e n ta ls t o C in c in . G as T r a n s p o rt. C o'
680 ,695
6 9 0 ,8 0 2
6 89 ,113
A d m in is tra tio n exp e n se s, A c ________________________
1 14 ,152
1 8 5 ,1 6 8
R e n ta ls t o C in cin n a ti N e w p o r t A
F e d e ra l ta x e s _________________________________________
_______
2 2 ,6 0 0
C o v in g t o n L t . A T r a c t io n C o ______' 1 ,0 2 5 ,8 2 9
1 ,0 3 0 ,6 5 8
970 ,5 8 7
R e n ta ls t o H a m ilto n U tilitie s C o ____
6,293
O p e ra tin g in c o m e ______________________
. loss$ 7 ,8 5 7
Ioss$7,857
$225,438
O th er in c o m e ___________________________________
26,691
30,348
T o t a l d e d u c tio n s ____________________ $ 5 ,1 4 0 ,0 5 0 $ 5 ,1 1 5 ,0 0 7 $ 4 ,7 7 9 ,1 4 0
T o t a l in c o m e _________________________________
$18,834
$255,786
N e t in c o m e _______ ;___________ _______ $ 7 ,1,11 ,5,54 4 $ 5 ,7 7 7 ,0 7 5 $ 5 ,0 0 4 ,0 1 0
$7 9 91 0 0
In te r e s t a n d o th e r c h a r g e s ........................... ..........
78,708
98,797
Fixed Charges—
T h e O h io G as A E l. C o . b d s . A p f. stk:
$34 ,026
B a la n ce
d e f$ 5 9 ,8 7 4 su r$ 1 5 6 ,9 8 9
C o lu m b ia G as A E le c tr ic C o . b o n d s - .
5 59 ,890
$5 6 4 ,6 5 0
$ 5 6 9,65 0
x A ft e r d e d u ctin g p r o d u c t io n c o s ts , la b o r a to r y e x p e n se s, f a c t o r y o p e r .
C o lu m b ia G as A E le c tr ic C o . d e b e n ­
e x p ., r e d istilla tio n ch a rg e s a n d re tu rn s a n d a llo w a n ce s.
tu re s A oth er u n secu red d e b t _______
193,626
130 ,825
130 ,8 2 5
O F F I C E R S .— C h a irm a n , W . D . T ic k n o r ; P r e s ., P . G . Mumford; S e c . A
T r e a s ., T . F. C a r t y . O ffic e , 17 E a s t 4 2 d S t., N e w York.— (V. 118, p.2309.)
T o t a l fix e d c h a r g e s_________________
$ 7 8 7,54 4
$ 6 9 5,47 5
$ 7 0 0,47 5
R E P O R T . — F or 1923, in Y . 118, p . 904 , sh o w e d :
Calendar Years—
192 3.
192 2.
1921.
1920.
T o t a l gross ea rn in gs_____ $ 3 8 ,6 5 6 ,5 8 0 $29 ,5 3 3 ,1 9 1 $ 2 7 ,4 8 5 ,9 3 8 $5 1 ,8 1 2 ,8 1 3
$ 3 ,7 3 0 ,6 0 2 $ 2 ,1 5 2 ,0 9 8 $ 5 ,9 7 9 ,2 4 4
T o t a l n et in c o m e __________ $ 4 ,9 9 2 ,6 8 0
In te r e s t, taxes, & c ______
4 ,2 6 0 ,6 5 1
4 ,3 8 5 ,5 4 7
4 ,8 8 3 ,2 7 0
4 ,6 9 2 ,4 3 8
P re fe rre d d iv id e n d s _____
160 ,000
160,000
1 60 ,000
160,000
D iv . on com m on s t o c k ..
__________
__________
513 ,4 9 7
1 ,0 2 6 ,9 9 4

S u r. a v a il, fo r d e p r e c ., d iv s ., A c ____ $ 6 ,4,43 ,9,99 9
$6 0 03 5 5
D iv id e n d s p a id _________________________ $ 3 ,6 5 3 ,8 3 9

$ 5 ,0 8 1 ,6 0 0
$ 3 ,0 0 0 ,0 0 0

$ 4 ,3 0 3 ,5 3 6
$ 3 ,0 0 0 ,0 0 0

LEADINQ CONTROLLED PROPERTIES
CINCINNATI GAS TRANSPORTATION CO.— A West Va. corporation
having capital stock of $3,000,000 5% pref. and $2,000,000 com. stook ana
outstanding $1,724,000 5% 1st M. bonds. (V.88, p.1375.) Owns 183 mllei
of steel pipe line, running from the Columbia company’s natural gas field
In S. W . West Va., connecting with Covington and Newport, Ky., Ao,
and Cincinnati and surrounding towns. Leased by the Columbia company
for 30 yean. Rental, all maintenance charges taxes, Ac., bond int., sk. fd.




COMMERCIAL UNION TELEGRAPH C O — Stock. $500,000, guar.
6% (J. A J.) by Postal Telegraph Cable Co.; par of shares, $25.
COMMONWEALTH EDISON CO.— ORGANIZATION.— Incorporated
Sept. 17 1907 as a consolidation, per plan in V. 85. p. 162, 724. Later
In 1913, acquired (by consolidation) Cosmopolitan Electric Co. Franchisee
expire 1947. Controls practically the entire electric lighting and power
business of Chicago, serving a population of about 3,000.000. On March 24
1908 the Chicago City Council passed an ordinance providing that 3%
annually of the gross receipts during the life of the franchise of the old
Commonwealth Electric Co. be paid to the city, and providing that the
franchise be extended to include all of the subsidiary companies. Maximum
rate was reduced on Aug. 1 1923 from 9 cents (net) to 8 cents (net).

158




INDUSTBIAL AND PUBLIC UTILITY

[V ol. 118.

M ay , 1924.]

159

INDUSTBIAL AND PUBLIC UTILITY
Amount
Outstanding

Par
Value

Last Dividend Places Where Interest ant?
and Maturity
Dividends are Payable

When
Payable

MISCELLANEOUS COMPANIES
(For abbreviations, &c., see notes cm page 6]

Date
Bonds

C o m m o n w e a l t h P o w e r C o r p — C o m m o n s tk 2 0 0 ,0 0 0 sh a u th
P re fe rre d (a & d ) s t o c k 6 % c u m r e d 105 $ 2 4 ,0 0 0 ,0 0 0 au th _ _
2 5 -y e a r s e cu re d s f g b o n d s r e d ( t e x t ) _______ B a .c * & r *

1922

N o n e 200.000 shs See te x t See t e x t M a y l 1924 $ 1 C h e ck s m a iled
do
Q— F
M a y l 1924 1A
6
$100 $ 2 4 ,0 0 0 ,0 0 0
B a n k T r , N Y ; F irst T r &
M & N 1 5 M a y 15 1947
1 2 ,0 0 8 ,6 0 0
6 g
100 & c

1922
1922

100 & c
100 & c

G e n lie n & r e f Series “ A ’
do
do
Series “ B ’

re d 100 __________________ c * & r *
r e d 1 0 5 __________________ c * & r *

C o m m u n i t y P o w e r & L i g h t C o — -Com s t o c k $ 1 ,5 0 0 ,0 0 0 a u th
P r e fe r re d s t o c k 7 % c u m $ 1 ,0 0 0 ,0 0 0 a u t h _____________
1st m tg e c o ll tr s f g b o n d s Ser “ A ” (clo se d ) r e d ( t e x t .
do
do
do
Ser “ B ” (clo se d ) re d ( t e x t ) - . x c *
do
do
do
Ser “ C ” re d ( t e x t ) ___________ k x c *
C o n g o l e u m C o , I n c — C o m m o n s t o c k 1 ,0 0 0 .0 0 0 shs a u t h ____
F irst p r e f (a & d ) s t o c k 7 % c u m $ 2 ,0 0 0 ,0 0 0 au th red 1 0 7 -S e c o n d p r e f (a & d ) s t o c k 8 % c u m $ 1 ,0 0 0 ,0 0 0 a u th red 1 0 0 F irs t m tg e serial g o ld n o te s d u e $1 0 0 ,0 0 0 an n re d 1 0 3 --X C *
F irs t m tg e serial g o ld b o n d s d u e $ 1 0 0 ,0 0 0 a n n ________
F a rr & B a ile y M f g 1st s f g b o n d s (gu ar) r e d ( t e x t ) k x c +

1922
1923
•1923

100
100
100 & c
100 & c
100 & c
N one

1919

100
100
1,000

1922

100&1000

H a s 9 g e n e ra tin g s ta tio n s a n d 72 co m m e r c ia l s u b s ta tio n s ; to t a l p re se n t
r a t e d c a p a c it y , in clu d in g sto ra g e b a tte rie s , b e in g a b o u t 1 ,1 4 0 ,0 0 0 ele ctrica l
h. p.
O u t p u t in 1923 w as 2 ,5 7 3 ,2 8 7 ,0 0 0 k . w . h o u r s . C u s to m e r s A p r il 1
192 4, 7 0 2 ,8 2 8 .
T h e n e w C a lu m e t ge n e ra tin g s ta tio n in S o u th C h ic a g o w as p r a c t ic a lly
c o m p le t e d d u r in g 1923. T h is p la n t has a to t a l ra te d c a p a c it y o f 187 ,0 0 0
k . w . W o r k is also u n d er w a y o n th e gre a t C r a w fo rd A v e . ge n e ra tin g
s ta tio n , w h ic h w ill h a v e 2 13 ,000 h . p . in its firs t s e ctio n a lo n e , w ith p r o b a b le
u ltim a te r a tin g o f 800 ,0 0 0 h . p .
S T O C K .— T h e s to ck h o ld e rs o f r e c o rd A p ril 1 1924 w e re g iv e n t h e r ig h t
t o s u b s crib e a t p ar ($ 100) fo r a d d itio n a l c a p ita l s to c k in t h e r a tio o f 2 0 %
o f th eir h o ld in g s . V . 118, p . 1524.
D I V I D E R D o .- 190 7. i y o a . 0 9 .1 9 1 0 . 1 9 1 1 .1 9 1 2 .1 9 1 3 . 1 9 1 4 - M a y ’ 24.
5H 8 6 (Q-F> 6 M
7
7H
8 ( 2 % Q— F)
P e r c e n t . . - ............. 1 H
Also 10% paid In *tk. to holders o f ro c O ct. 4 1913. V S7. p . 447. 889
B O N D S .— A d d itio n a l C o m m o n w e a lth 5s o f 1908 are Issuable for n o t ex­
ceeding 7 5 % o f c o s t o f extension* an d Im p ro v e m e n ts. R e d e e m a b le at. 110
»n o r a fter 8 « p t . 1 1 8 D
v tc. p . 2 1 4 V ,8 3 p . 326 V . $5 p 163- V 8 8 .
p. 5 5 , 103; V. 90. p. 40: V. 100, p . 1351. 1440. A b lo c k o f $ 7 ,1 4 3 ,0 0 0 o f
th ese b o n d s w as o ffe r e d in N o v . 1922. V . 115, p . 2271. M id la n d C o u n tie s
C o a l C o . , V. 107, p . 1007; V. 104, p . 2238; V. 105, p. 7 4 . In J u ly 1921
so ld $ 6 ,0 0 0 ,0 0 0 first m tg e . 6s . V . 113. p . 297 .
T h e 1st m t g e . c o ll, b o n d s are issu able in series, w ith su ch ra te o f in t ., r e ­
d e m p t io n sin k in g f im d , & c ., as d ire cto rs sh all d e te rm in e . V . 117 , p . 2775.
R E P O R T . — F or 1923, in V . 118, p . 101 7, sh o w e d :

Calendar
*
—

Gross
Earnings

Net
Income.

Int.on Fd.debt.

Dividends
(8%)

Balance
Survlus

192 3______ $ 4 9 ,1 3 6 ,0 4 2 $1 0 ,6 0 4 ,7 3 0 $ 3 ,0 5 2 ,6 1 3 $ 5 ,3 8 9 ,0 0 2 $ 2 ,1 6 3 ,1 1 5
192 2______ 4 3 .1 0 7 ,9 5 6
9 .3 2 4 ,5 9 6
3 ,0 4 8 ,2 2 2
4 ,6 0 2 ,4 1 6
1 ,6 7 3 ,9 5 9
1921 ............ 3 7 ,1 3 9 .8 3 1
8 ,2 0 0 ,8 2 7
2 ,8 3 4 ,0 4 2
4 ,3 0 7 ,1 2 6
1,0 5 9 ,6 5 9
2 .5 2 3 .6 0 0
3 .9 5 5 .6 0 0
752 801
1920..
35.3 1 7 .1 3 4
7 232.001
P r e s ., Sam uel In su ll: S ec. & T r e a s ., E d w a r d J . D o y le .
O ffic e , 72 W e s t
A d a m s S t., C h ic a g o , 111.— (V . 118, p . 2 0 4 6 .)
COMPUTING=TABULATING=RECORDING CO.— See In te r n a tio n a l
B u siness M a c h in e s C o r p .
COMMONWEALTH POWER CORP.— (See M a p .)I n c o r p o r a t e d u n d e r
la w s o f M a in e in M a y 1922. T h r o u g h o w n e r sh ip o f c o m m o n s t o c k s th e
c o r p o r a tio n c o n tr o ls th e C o n su m e rs P o w e r C o . (servin g m o r e th a n 128 c itie s
a n d to w n s in M ic h ig a n ), C e n tr a l Illin o is L ig h t C o . (s e rv in g P e o ria a n d 34
a d ja c e n t c o m m u n it ie s ), Illin o is P o w e r C o . (servin g S p r in g fie ld . D e K a lb
a n d S y c a m o r e ), S ou th ern In d ia n a G a s & E le c t r ic C o . (s e rv in g E v a n s v ille
a n d 10 a d ja c e n t c o m m u n it ie s ), S p r in g fie ld L ig h t, H eat & P o w e r C o . (servin g
S p r in g fie ld , O ., a n d f iv e a d ja c e n t c o m m u n itie s ), Illin o is E le c t r ic P o w e r C o .
(co n s tr u c tin g a m o d e rn p o w e r p la n t t o fu r n is h p o w e r w h olesa le t o o th e r
u t ilitie s ), O h io E d is o n C o . (se rv in g U rb a n a a n d 15 a d ja c e n t c o m m u n itie s ),
U tilitie s C o a l C o r p . (o p e r a tin g c o a l m in es in Illin o is, K e n t u c k y a n d W e s t
V ir g in ia ), a n d U n ite d A p p lia n c e C o . (d o in g an e le ctr ic a n d gas a p p lia n c e
bu sin ess). T h e c o r p o r a tio n also o w n s $ 5 ,7 7 2 ,2 0 0 p r e f. s to c k s an d b o n d s
o f s o m e o f th e a b o v e m e n tio n e d c o s . a n d th e gas p r o p e r t y in D a n v ille , K y .
T h e c o r p o r a tio n is e n ga g ed p r in c ip a lly in th e p r o d u c t io n a n d sale o f e le c­
t r ic it y an d gas fo r lig h t a n d p o w e r . O n e o r m o r e o f th ese cla sses o f p u b lic
s e r v ic e are ren d ered to o v e r 200 c itie s a n d tow n's w ith a p o p u la t io n o f m ore
th a n 1 ,2 0 0 ,0 0 0 lo c a te d in fo u r S tates— M ic h ig a n , O h io, In d ia n a an d Illin o is.
Electric Properties.— T h e e le c tr ic p r o p e r tie s in clu d e 37 p o w e r p la n ts w ith
in s ta lled gen era tin g c a p a c it y o f 3 0 4 ,9 0 0 h . p ., 104 ,200 o f w h ic h is in 24 w ater
p o w e r p la n ts a n d th e re m a in d e r in 13 c e n tr a l steam p la n ts . I n a d d it io n ,
th ere is u n d er c o n s tr u c tio n a 1 0 ,6 0 0 -h .p . h y d r o -e le c t r ic g e n e ra tin g p la n t an d
tw o steam ele ctr ic ge n e ra tin g p la n ts , e a ch w it h a c a p a c it y o f 5 3 ,000 h .p .
E le c t r ic ity w ith v o lta g e u p t o 140 ,000 is tr a n s m itte d o v e r m o r e th a n 2 ,0 0 0
m iles o f h ig h -ten sio n tra n sm ission lin es a n d 13,000 m iles o f d is trib u tio n
lin es, s erv in g m ore than 258 ,0 0 0 cu s to m e rs w ith e le ctr ic lig h t a n d p o w e r .
Gas Properties.— T h e gas p r o p e r tie s in c lu d e 12 m a n u fa c tu r in g p la n ts w ith
ra te d d a ily g en era tin g c a p a c it y o f 3 0 ,6 9 5 ,0 0 0 c u . f t . a n d 35 h o ld e rs w ith
sto r a g e c a p a c it y o f 14,6 5 0 ,0 0 0 c u . f t .
A m o d e rn b y -p r o d u c t c o a l gas p la n t
is n o w u n d e r c o n s tr u c tio n w h ich w ill h a v e d a ily ge n e ra tin g c a p a c it y o f o v e r
2 ,0 0 0 ,0 0 0 c u . f t .
G a s is d is trib u te d th r o u g h 1,163 m ile s o f m ain s t o m ore
th a n 1 19 ,000 cu stom e rs.
Other Properties.— In a d d it io n , th e p r o p e r tie s in clu d e 11 h e a tin g p la n ts
w ith 21 x i m iies o f ste a m a n d h o t w a te r m ain s, o n e w a te r p la n t , s tre e t ra il­
/
w a y sy s te m s in S p r in g fie ld , 111., a n d E v a n s v ille , I n d ., a n d an in te ru rb a n
lin e fr o m E v a n s v ille t o P a to k a , I n d . C o a l m in es are o w n e d a n d o p e r a te d
in Illin o is, K e n t u c k y a n d W e s t V irg in ia , w h ich p r o v id e in p a r t th e r e q u ire ­
m en ts o f th e e le ctr ic a n d gas p la n ts .
Water Power Reset res.— In a d d it io n t o large w ater p o w e r fa c ilitie s a lre a d y
d e v e lo p e d , th e p r o p e r tie s in c lu d e d a m sites, flo w a g e la n d s a n d rig h ts in
M ic h ig a n , th ese h old in g s a g g re g a tin g m o re th a n 6 0 ,000 a cre s .
Amount of Business Done by Electric & Gas Departments— Calendar Years.

Electric Sales

i n T \ . FT. H o u r s .

Electric
Customers.

Gas Sales

i n C u b ic F e e t .

Gas
Customers.

68,1 1 2
1 9 1 2 __________________ 1 6 5 ,4 5 1 ,5 1 7
5 7 ,4 2 9
1 .8 9 0 .6 7 4 .3 0 0
1 9 1 4 __________________ 2 0 S ,4 9 0 ,6 8 0
75,903
8 5 ,0 0 2
2 .0 6 8 .6 3 8 .6 0 0
1 9 1 6 __________________ 3 1 5 ,9 6 4 ,3 3 7
112,921
2 .4 4 9 .6 3 1 .7 0 0
85,7 2 0
1 9 1 8 __________________ 416 ,8 2 7 ,2 1 1
132,646
92,3 6 6
3 ,1 2 7 ,1 2 3 ,2 0 0
1 9 2 0 __________________ 5 1 3 ,0 4 8 ,8 5 8
173 ,746
3 .8 1 8 .1 6 2 .7 0 0
103,776
1922
__________ 4 9 1 ,2 5 7 ,7 9 2
111,513
2 1 3 ,7 3 7
3 .8 0 7 .4 2 2 .3 0 0
119,103
1923
__________ 6 2 9 ,2 1 8 ,7 2 7
2 5 8 ,1 1 2
4 .2 4 9 .2 7 1 .6 0 0
S T O C K .— See ta b le a t h ead o f p a g e .
D I V I D E N D S — O n p r e f. in fu ll t o d a te .
O n c o m m o n , a n in itia l d iv .
o f $1 p e r share was p a id M a y 1 1924.
B O N D S .— T h e 2 5 -ye a r se cu re d sin k in g f u n d g o ld b o n d s o f 1922 are c a ll­
a b le as a w h o le or in p a r t b y lo t a t 105 an d in t . o n o r b e fo r e M a y 15 1927,
w ith th e ca ll p r ice re d u c e d A % fo r ea ch y e a r th e re a fte r. S in k in g fu n d
p a y a b le in Q uarterly in sta llm e n ts equa l t o $ 2 5 0 ,0 0 0 p e r y e a r fo r 15 years
a n d $ 3 1 2 ,5 0 0 p er y e a r fo r each y e a r th e r e a fte r .
T h e a u th oriz ed a m o u n t o f th e gen eral lien & r e f. m tg e . g o ld b o n d s is u n ­
lim it e d . S in k in g fu n d , b e g in n in g O c t . 1 1922, p a y a b le q u a rte r ly th e re a fte r,
A
X o f 1 % o f th e p r in cip a l a m o u n t o f Series “ -A ” a n d “ B , ” r e s p e c tiv e ly ,
o u ts ta n d in g o n su ch d a te , fo r th e r e tir e m e n t o f b o n d s o f said series.
R E P O R T . — F o r 1923 sh o w e d :

Earnings (Combined Properties)— Calendar Years.
Gross Earnings—
1923.

1922.
E le c tr ic d e p a r tm e n t___________________________________ $ 1 8 ,5 9 0 ,2 7 4 $ 15 ,317 ,92 3
5 ,5 1 8 ,0 1 6
5 ,0 5 9 ,4 2 8
G a s d e p a r t m e n t_______________________________________
R a ilw a y d e p a r tm e n t__________________________________ 1 ,6 4 7 ,8 5 3
1 ,639,018
H e a tin g , w a te r, c o a l & a p p lia n c e d e p a rtm e n ts _____
4 ,3 6 4 ,6 2 1
3 ,5 0 3 ,7 4 8
T o t a l _______________________________________________ $30 ,“1207764 $257520.116
O p e r a tin g expenses an d ta x e s _______________________ 1 8 .2 5 1 ,5 4 9 J .5 ,4 2 4 ,5 7 2
G ro s s in c o m e _______________________________________ $ 1 1 ,8 6 9 ,2 1 4 $ 1 0 ,0 9 5 ,5 4 4
F ix e d ch a rg es o f su b . c o s . in c l. in t ., a m o r t, o f d e b t
d is c o u n t & d iv s . o n p re fe rre d s t o c k ______________
5 ,2 3 3 ,6 4 7
5 .0 0 0 ,8 7 6
In te r e s t ch a rges— C o m m o n w e a lth P o w e r C o r p ____ 1 ,0 4 2 ,6 4 2
1,0 7 2 ,0 7 0
A n n u a l d i v . r e o u ire m e n ts on p re fe rre d s t o c k ______
1 ,4 4 0 ,0 0 0
1,4 4 0 ,0 0 0
P r o v is io n fo r r ep la ce m e n ts & d e p r e c ia tio n _________
1 ,8 4 0 ,9 7 2
1,8 0 9 ,2 2 6
B a la n c e _______________________________________________ $ 2 ,3 1 1 ,9 5 3
$7737372
F o r 4 m o s . en d ed A p ril 30 1924: G ross earnings, $ 1 1 ,3 4 1 ,6 9 5 ; n e t a fte r
ta x e s , $ 4 ,6 5 5 ,2 3 2 ; fix e d ch a rge s, $ 2 ,1 8 0 ,5 6 3 ; b a l., s u r ., $ 2 ,4 7 4 ,6 6 9 .




2 ,2 4 2 ,5 0 0
1 , 120,000

Rate
%

J
J

5

6

1 .4 0 0 .0 0 0
140 .000
7
5 0 0 .0 0 0
1X g
A
9 2 5 .0 0 0
6A g
8A g
1 .7 1 8 .0 0 0
9 6 0 .0 0 0 shs See te x t
1 ,8 0 5 ,1 0 0
7
I n tre a su ry
6 0 0 .0 0 0
7 g
9 0 0 ,0 0 0
6 g
1 ,2 7 3 ,3 0 0
7 g

&
&

J J u ly 1 1939
J J u ly 1 1972

A & O
J
&
J
A & O
Q -J 30
Q— M
J

&

M

&

S a v B a n k , C h ic a g o
/H o d e n p y l, H a r d y & C o ,
N Y . & E W C la rk & C o
[ P h ila d e lp h ia

See t e x t
A p r 1 1942
L ib C e n t T r C o , St L o u is
Jan 1 1938
do
do
O c t 1 1933
do
do
J u l y 30 ’ 2 4 , 7 5 c
S ap t 1 ’24 1 M

J T o J u ly 1 1929 G u a r a n ty T r u s t C o , N Y
T o 1932
C am den S D & T ru st C o
S Ju n e 1 1942

O F F I C E R S .— P r e s ., G e o rg e E . H a r d y ; V . - P . , B . C . C o b b , C . M . C la rk
a n d J a c o b H e k m a ; S e c ., G . H . B o u rn e ; T r e a s ., G e o rg e S p ra g u e J r .; C o m p t .,
H . G . K e ssle r. N . Y . o ffic e , 14 W a ll S t.— (V . 118 , p . 2 5 7 7 .)

We specialize in the securities of
and invite inquiries concerning

Commonwealth Power
Corporation
£.m,£lark$£o.
Members
Philadelphia
Stock
Exchange

B a n k e rs
Established 1837

PH ILAD ELPH IA

Members
New York
Stock
Exchange

N E W Y O R K T E L E P H O N E R E C T O R 9250
P H I L A D E L P H I A T E L E P H O N E L O M B A R D 4200

COMMUNITY POWER & LIGHT CO.— T h e c o m p a n y , th r o u g h its
su b sid ia rie s, serves 31 c o m m u n itie s lo c a te d in M is s o u r i, K a n s a s , A rk a n sa s
a n d T e x a s , h a v in g a p o p u la t io n in excess o f 1 0 0 ,0 0 0 . F u rn ish es e le ctric
lig h t a n d p o w e r in F t . S c o t t , K a n ., H e le n a , A r k ., M e x ia , T e x ., M a r lin ,
T e x ., a n d 24 o th e r n e a r b y co m m u n itie s . I n a d d itio n , 3 8 ,0 0 0 p o p u la tio n
in t w o o f th e se c o m m u n itie s a n d C o lu m b ia , M o ., is fu r n is h e d gas s e rv ice ;
5 0 ,0 0 0 p o p u la t io n is fu rn is h e d ic e s e r v ic e , a n d 8 ,0 0 0 p o p u la t io n is fu rn ish ed
w ater s e r v ic e . P resen t p r o p e r tie s h a v e a c o n s e r v a tiv e v a lu a tio n o f a p p r o x i­
m a t e ly $ 5 ,0 0 0 ,0 0 0 , a fte r lib e ra l d e d u ctio n s fo r d e p r e c ia tio n .
S T O C K .— See ta b le a t h e a d o f p a g e .
D I V S .— O n p r e f., in fu ll t o d a t e . N o p a y m e n ts o n c o m m o n .
B O N D S .— First Mtge. Coll. Tr. S.F. Gold Bonds.— T h e a g reem en t o f
a ssig n m e n t a n d p le d g e p r o v id e s fo r th e issu an ce o f b o n d s in series w ith in ­
te re st r a te s, m a tu r ity d a te s , re d e m p tio n p r o v is io n s a n d o th e r te r m s a n d
co n d itio n s t o b e d e te rm in e d fr o m tim e t o tim e as n e w series are c r e a te d .
A ll b o n d s issued u n d e r t h e m o r tg a g e a re o f equ a l lie n , irr e s p e c tiv e o f w h eth er
th e y are p a r t o f th e Series “ A , ” “ B ” o r “ C ” b o n d s o r o th e r series issued
la te r. A d d it io n a l b o n d s m a y b e c e r tifie d o n ly a t p ar fo r n o t e x ce e d in g
8 0 % o f th e ca sh c o s t o f o r fa ir v a lu e o f p e rm a n e n t a d d itio n s a n d ex ten sion s
t o p r o p e r tie s o f su bsidiaries a n d th e n o n ly w h e n n e t earnings as d e fin e d
in th e a g re e m e n t fo r th e 12 m o n th s p re ce d in g shall h a v e b e e n a t least tw ic e
in te re s t ch arges o n a ll o u ts ta n d in g b o n d s , in c lu d in g th o s e t o b e ce r tifie d .
T h e Series “ A ” b o n d s are ca lla b le , as a w h o le o r in p a r t, a t 110 a n d in t .
d u rin g th e y e a r 1927, th e re d e m p tio n p r ice th e re a fte r b e in g r e d u c e d A %
p er a n n u m u n til it is 105, w h ic h ra te pre va ils th e re a fte r u n til m a tu r ity .
Series “ B ” b o n d s are c a lla b le , as a w h o le o r in p a r t, a t 105 a n d in t . u p t o
Jan . 1 1928, r e d e m p tio n p r ice th e re a fte r b e in g r e d u c e d X % p er a n n u m .
A
Series “ C ” b o n d s are c a lla b le , in w h o le o r in p a r t, a t 105 a n d in t . u p t o
O ct. 1 1928, th e r e d e m p tio n p r ic e th e re a fte r b e in g re d u ce d 1 % p er a n n u m .
E A R N I N G S .— 12 m o n th s e n d in g J u ly 31 1923:
G ross e a rn in g s________________________________________________________ $ 1 ,2 2 5 ,7 2 3
O p e ra tin g expen ses a n d ta x e s, in clu d in g F ed era l in c o m e t a x e s , 7 5 5 ,9 4 5
N e t e a rn in g s------------------------------------------------------------------------------------ $4 6 9 ,7 7 8
O F F I C E R S .— P r e s ., F ra n k M . S to n e ; V . - P . , G u y C . L a n e : S ec. & A u d .,
P a u l D . T a y lo r ; T r e a s ., J . J . F r e y . O ffic e s , F t . S c o t t , K a n ., a n d S t.
L o u is , M o . — ( V . 117. p . 2 5 4 6 .)

BAUER, POND & CO., Inc.
Investment Securities
Specializing in the
Underwriting and distribution of

JOINT STOCK LAND BANK
PUBLIC UTILITY
AND
INDUSTRIAL SECURITIES
40 Exchange P
lace
New York City

160




INDUSTRIAL AND PUBLIC UTILITY

Consult Us Concerning the Securities of

COMMONWEALTH POWER CORP.
Bond Department

Hodenpyl, Hardy & Co.
Incorporated

14 Wall Street, New York

First Nat’l Bank B’ld’g, Chicago

[V ol. 118.

M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6J
Conley Tin Foil Corp— Stock 200,000 shares auth________
-onsol Cigar Corp— Common stock. 150.000 shares_______
^reforred fa A A) 7nc cam (sen text'i auth *5.000.000 call 110
Consolidated Qas (N Y)— Stock 3,600,000 shares auth
Participating pref stock 6% cum $15,000,000 auth_______
Bonds oj Companies Controlled
eN Y Ed-N Y G A E L H A P 1st M *15.000,000 g.d.c* Ar
N Y Edison 1st lien & ref Series A red (text)_______ c*&r*
*Puroh money M *21,000,000 g sudj to call to Feb ’02-Ce.o*
tEdlson Kleo 1 1 N Y 1st eons M *15,000.000 gold___ Q.c*
1
United Electric Light & Power Co 1st mtge_______________
lEquItaDie Gas Light cons (now 1st) M.Cel Assumed by )
«N Y & East River Gas 1st Mg_____G.c*) New Amst 1
xFlrst cons M (*5,000,000) gold. .CK.c'l
Gas Co
i
New Amsterdam flrst cons M gold S20,000,000_Ce.xc*Ar
Central Union Gas guar p A 1 N V A East River.Xe.xc*
Standard Gas Light 1st M $1,500,000 gold....................s c
Westch Lighting 1st M *10.000 000 g ass (see text) Eq.xe*
V Y & West L Gen M *lO,000.000 gold guar red (text).Cex
Debentures *2.500,000 gold guar prln A lnt ri.j at 110.x
Ten-year debentures____________________________________
eior Westchester Ltg Co 1st Cons $1,000,000 call 105..E.C*

Date
Bonds

Par
Value

Bate
%

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

171,866 shs
147,573 shs.
Apr 15 ’21 $1.75
Q— M June 1 ’24 1M New York
3,896,500
7
None 3,562,804sh $5 in '23 Q--M lo •T e 16 ’24$1.25 Office 130 E 15th St
im
do
do
$50 $14,694,739 See text Q— F May 1 1924 1M
Deo 1 1048
l A n
Guarantv Trust Co, N V
1.000 15.000.00f'
5e
National City Bank, N Y
500 &c 30,000,000
6 )4 A & o Oct 1 1941
Central Un.Tr. Co, N Y
4 g K A A Feb 1 1949
t .000 20.883.000
5 sr .
Guaranty Trust Co. N v
1.000 2 188 000
1 A .1 July 1 1995
30.000.000
6Ji A & O Oct 1 1996
National City Bank. N Y
1.000 3.500,000
Central Un. Tr. Co, N V
5 g M A s Meb 1 1932
1.000 3.500.000
Guaranty Trust Co, N Y
5 g J A J Jan 1 1944
1 000 1,500.000
National city Bank. N Y
1 A .1 • a 1 1945
Jn
5g
1.000 Ac 10.635.000
National City Bk, N Y
Jn
5 ? J A J • a 1 1948
1,000 3.500.000
Nat City Bank. N Y
5 g J A .7 July 1 1927
1,000 1.195.000
5g
M A N May 1930
Bankers Trust Co. N Y
1,000 8.519.000
f
Equitable Trust Co.
5 e J <e D Deo 1 1950
1,000 10.000,000 4 g J A J July 1 2004
Centra] Un. Tr. Co. N Y
1.000 9 .5 0 0 .OOP 5 g J A .1 July 1 1954
do
do
J & J Jan 1 1931
3,390,000
7
1.000
618,000
J S D June 1 1955
c
Equitable Trust Co N Y
58
25,000
F S A Feb 1 1920
c
5

100

—

1898
1921
1899
1895
1921

S in g S in g E le c t r ic L ig h tin g b o n d s ________________________

1894
1895
1898
1897
1890
1900
1904
1904
1921
1905
1896

V V * Q ueens G a s Cln l B A aren ivf J l .0 0 0 .0 0 0 red 1 1 0 . „ x c*
t

1004

Peekaklll Ltg 3c RR (controlled eo) bonds, see “ Elec Ry Sec”
N Y * Queens El L S P 1st M $2,500,000 gold_______ Unx 1900
c

1.000

CONGOLEUM CO, I N C .— I n c o r p . Ju n e 23 1919 in N . Y . ; su cce sso r t o
T h e C o n g o le u m C o ., a P e n n sy lv a n ia c o r p . M a n u fa c tu r e s w a t e r p r o o f f lo o r
c o v e r in g , a rt ru gs an d b o rd e rs u n d e r th e re g iste re d n a m e o f “ C o n g o le u m .”
P la n ts are lo c a te d a t M a r c u s H o o k , P a .: S alem , N . J .; C a m d e n , N . J .,
a n d A s b e sto s , M d .
S T O C K .— A 3 0 0 % s t o c k d i v . o n th e c o m m o n s t o c k w as p a id D e c . 22
1923, in crea sin g th e a m o u n t o u ts ta n d in g t o 9 6 0 ,0 0 0 shares.
D I V i D E N D S . — O n b o t h classes o f p r e f. in f u ll t o d a te . O n c o m m o n ,
p a id $1 50 p er share ea ch o n O c t . 15 1920 an d J a n . 15 1921; A p r il 15 1921
t o O c t . 15 1922 p a id $1 a u a r.; J a n . 15 a n d A p r il 16 1923, $2 e a ch ; J u ly 16
1923, $4: O c t . 15 192 3, $2; J a n ., A p ril an d J u ly 192 4, 7 5 c . q u a r. o n in ­
c rea sed c a p ita liz a tio n .
B O N D S .— T h e $ 1 ,3 0 0 ,0 0 0 F a rr & B a ile y M f g . C o . fir s t sin k in g fu n d
g o ld b o n d s are c a lla b le as a w h ole o r in p a rt a t 110 a n d in t . p r io r t o Ju n e 1
1927, a n d a n n u a lly th e r e a fte r a t )4 o f 1 % less u n til 1937, a n d th e re a fte r
1 % less u n til m a tu r ity . G u a ra n te e d as to p r in c ip a l a n d in te re s t b y en ­
d o rs em en t b y th e C o n g o le u m C o ., j_nc.
R E P O R T .— F o r 192 3, in V . 118, p . 1273 a n d 1396, sh o w e d :
Calendar Years—
1923.
1922.
M a n u fa c tu r in g p r o f it ________________________________$ 1 1 ,4 4 9 ,3 0 8 $ 7 ,4 4 5 ,8 5 2
5 .7 6 8 ,7 9 2
3 ,9 3 3 ,8 1 8
S ellin g , a d m in is tr a tiv e a n d gen eral exp e n se s_____

Add— In terest, r o y a lt ie s , d iv id e n d s , & c ___________

O p era tin g p r o f i t s ________________________ _______ _ $ 5 ,6 8 0 ,5 1 6
2 6 6 ,9 0 6

$ 3 ,5 1 2 ,0 3 4
115 ,652

T o t a l in c o m e _________________________________________ $ 5 ,9 4 7 ,4 2 2
In teres t p a id _________________
$ 3 0 3 ,5 6 6
D e p r e c ia t io n __________________________________________
3 3 2 ,8 4 6
F ed era l a n d S ta te in c o m e ta xe s (e s tim a t e d )_______
6 7 5 ,0 0 0

$ 3 ,6 2 7 ,6 8 6
$ 2 2 4 ,4 5 9
276 ,9 5 0
3 9 5 ,0 0 0

N e t in c o m e ___________________________________________$ 4 ,6 3 6 ,0 1 0
D iv id e n d s p a id — P r e fe r re d s t o c k ___________________
1 29 ,036
S econ d p r e fe rr e d s t o c k ____________________________
_______
1 ,2 8 0 ,0 0 0
C o m m o n s t o c k ___________________

$ 2 ,7 3 1 ,2 7 6
172,781
70,0 0 0
141 .000

B a la n ce , s u r p lu s ____________________________ ______ _ $ 3 ,2 2 6 ,9 7 4 $ 2 ,3 4 7 ,4 9 5
P r o f it and loss s u r p lu s _______________________________$ 7 ,3 9 0 ,8 2 6 $ 5 ,1 8 1 ,4 9 2
O F F I C E R S .— C h a ir m a n , A . W . E r ic k s o n ; P r e s ., F . B . F o s te r ; S e c .,
A . E . V a n B ib b e r ; T r e a s ., L . W . F o g g . O ff ic e , M o r r is B ld g ., P h ila d e lp h ia .
— ( V . 118, p . 139 6.)
C O N L E Y T I N F O I L C O R P . — A h o ld in g c o m p a n y , in c o r p o r a te d u nd er
law s o f N e w Y o r k o n D e c . 9 1919. S u b sid ia ry c o r p o r a tio n s are en ga g e d
in th e business o f m a n u fa c tu r in g an d selling m e ta l p r o d u c t s , p a r ticu la r ly
tin fo il p r o d u c t s .
D I V I D E N D S . — P a id 50 ce n ts p e r share o n Ju n e 16 1920 a n d 50 ce n ts
p er share o n O c t . 1 1920.
R E P O R T .— F or 1923, in V . 118, p . 1778 a n d 2 4 4 2 , sh o w e d :
Calendar Years—
1923.
192 2.
1921.
* N e t ea rn in g s ----------------------------------------$ 1 4 5,75 0
$37 3 ,7 0 8
$13 4,01 3
f e d e r a l t a x e s __________________________
1 7 ,500
5 2 ,1 0 6
19,006
N e t in c o m e ----------------------------------------$12 8 ,2 5 0
$32 1 ,6 0 2
$ 1 1 5,00 7
* A ft e r expen ses a n d reserves fo r in v e n to r y a d ju s tm e n t, & c.
O F F I C E R S .— P r e s ., E . J . C o n le y ; V . - P . , E g b e r t M o x h a m ; S e c ., L . D .
C o n le y ; T r e a s ., F re d D . K e it h ly .— ( V . 118, p . 2 4 4 2 .)

CONSOLIDATED CIGAR CORP.— O R G A N I Z A T I O N .— I n c o r p . M a>
14 1919 In D ela w a re a n d a cq u ire d th e p ro p e rtie s a n d 2 7 fa cto rie s o f si
lon g establish ed con ce rn s, n a m e ly (a) E . M . S ch w arz Sc C o . , I n c ., New
Y o r k ; ( 6) T . J . D u n n & C o ., N e w Y o r k ; (c) Lilies C ig a r C o . . D e tr o it , M ic h ,
(d) E l S idelo C ig a r C o . , an d (e) Jose L o v e r a C o ., T a m p a , F la .; (/) Sam uel I
D a v is C o . , T a m p a , F la .
In O c t . 1919 a cq u ire d b y p u rch ase th e G . J.
J oh n son C ig a r C o . , G ra n d R a p id s , M ic h . V . 109 , p . 1463. Plant*
(com p ris in g 26 fa c to r ie s ) a t T a m p a , K e y W e s t, N e w O rleans, N e w Y o r k ,
P h ila d elp h ia , W ilm in g to n , C in c in n a ti, D e tr o it , P o u g h k e e p s ie , A lle n to w n ,
C o p la y , H a rrisb u rg , G ra n d R a p id s , T r a v e r s e C it y , M a n is te e a n d o th e r
c itie s .
T h e s to c k h o ld e r s o n S e p t. 3 0 1920 r a tifie d a n d a p p r o v e d a co n tra ct
w h ereb y th e c o m p a n y b e c o m e s th e o w n e r o f a ll th e C o m m o n s t o c k o f " 4 4 '
C ig a r C o . , esta b lish e d in 1893 in P h ila . an d in c o rp o ra te d in 190 5. m aker
o f th e w id e ly a d v e rtis e d b ra n d s “ 4 4 ” and “ A d lo n .
S T O C K .— N o m o r tg a g e w ith o u t co n s e n t o f 2 -3 o f P r e f. s t o c k . T h e
s to c k h o ld e r s o n S e p t. 3 0 1920 a u th o riz e d a n in crea se in th e c o m m o n s to ck
fr o m 9 0 ,0 0 0 shares t o 150 ,0 0 0 sh ares. A n n u a l c u m u la tiv e sin k in g fund
o f $8O,O00 b eg in n in g Ju n e 1 1921 t o b e a p p lie d fo r r e d e m p tio n o f th e p r e f
s t o c k a t 110 . A ls o ca lla b le as a w h o le a t 110 . I n ca se o f fa ilu re t o p a y 3
s u ccessiv e q u a r. d i v s ., p r e f. s to c k h o ld e r s shall h a v e rig h t t o e le c t a m a jo rity
o f d ir e cto r s . T h e re w as also o u ts ta n d in g o n D e c . 31 1923 $ 1 7 6 ,5 0 0 s to ck s
o f s u b s id ia ry co m p a n ie s .
C o m m o n s to c k h o ld e r s o f r e c o r d S e p t. 11 1922 w e re e n title d t o su b scrib e
to 4 1 ,4 0 0 shares o f c o m m o n s t o c k a t $25 a sh are in th e r a t io o f t w o shares
o f new s t o c k fo r e v e r y f iv e shares o f o ld s to c k h e ld .
V . 115, p . 9 9 2 .
Protective Committee.— A p r o t e c tiv e c o m m itte e o f P re fe rre d stock h older-,
w as org a n iz ed in M a r c h 1922 to in v e s tig a te th e a ffa irs o f th e c o m p a n y
T h e m em bers are B en ja m in B . O d e ll, C h a irm a n ; E . O liv e r G rim e s J r ., S. M
S ch a tz k in an d M o r tim e r B . B ern stein ; M a x L . S ch a lle k , 74 B r o a d w a y ,
N . Y . C it y , cou n sel; E m p ire T r u s t C o . , d e p o s ita r y . V . 114, p . 1185.
D I V I D E N D S .— A n in itial d iv id e n d on p r e f. a t th e ra te o f 7 % per an n u m
for th e 3)4 m on th s e n d in g A u g . 31 (a b o u t $2) w as p a id S e p t. 1 1919; D e c .
1919 t o D e c . 1 1921, 1 M % q u a r.; th e n n on e u n til D e c . 1 1922, w h en 1 H %
w as p a id ; M a r . 1 1923 t o Ju n e 1 1924 p aid 1 % % q u a r.
In itia l d iv id e n d o f
$1 50 on c o m . s t o c k p a id A p ril 15 1920; J u ly 15 1920 t o A p ril 15 1921 p a id
$1 75 q u a r. J u ly 1921 d iv id e n d w as o m it t e d . V . 113, p . 7 5 . O n N o v . 1
1920 p a id 1 5 % in c o m m o n s t o c k .
R E P O R T . — F o r 1923, in V . 118, p . 1132, sh o w e d :
Calendar Years—
1921.
1922.
1923.
G ross p r o fit o n sa le s ___________________ $ 2 ,7 5 4 ,4 7 3 $ 3 ,2 2 5 ,6 5 3 $ 2 ,1 6 8 ,1 6 5
O p e r a tin g p r o f it -----------------------------------9 84 ,577
1 ,5 2 7 ,7 8 6
7 39 ,515
O th er in c o m e __________________________
123,602
146,631
137 ,693
T o t a l in c o m e ----------------------------------------1,1 3 1 ,2 0 9
1 ,6 6 5 ,4 7 9
8 63 ,117
I n t . o n loa n s, d is c. & m is c e ll. lo s se s . _
4 9 5 ,1 8 9
6 26 ,884
6 0 5 ,2 2 5
F ed era l & S tate in c o m e ta x e s (e st.) __
5 4 ,0 0 0
1 15 ,000
I n v e n t o r y d ep r e c ia tio n w ritte n o f f ___
7 07 ,007
B a l. a d v ertis in g e x p e n d , w ritte n o f f _ .
2 58 ,023
P referred d iv id e n d s ____________________
272 ,7 5 5
6 8 ,1 8 9
2 76 ,332
do
do
“ 44 ” C iga r C o ., I n c .
12,005
12,201
12,201
C o m m o n d iv id e n d s ___________________
_______
181,071
A p p r o p . fo r p r e f. s t o c k sin k in g f u n d - _______
_______
8 0 ,0 0 0
B a la n ce , s u r p lu s _______________________
187 ,223
9 7 4 .9 0 0 1 o s s l.2 7 8 .4 0 1




Amount
Outstanding

161

2.350.000
81R.000

5g
5a

F S A Aug 1 1930
c
F Sc A Aug 1 1934

Cent Union Tr Co. N ▼
Mech & Met Nat Bk.NY

O F F I C E R S .— P r e s ., Ju liu s L ich te n s te in ; V .- P r e s ., H e rb e rt W e il an d
L o u is C a h n ; S e c .-T r e a s ., F ra n k d e C . S u lliv a n . G e n e ra l o ffic e , 730
F ifth A v e ., N . Y . C i t y .— ( V . 118, p . 2 3 0 9 .)

CONSOLIDATED GAS CO. OF NEW YORK.— T h is c o m p a n y w as
•rganized N o v . 11 1884 as a c o n s o lid a tio n , a n d in 1 8 9 9 -1 9 0 0 se cu red c o n tr o l
• f a ll th e o th e r g a s c o m p a n ie s a n d o f a ll th e e le ctr ic -lig h tin g p r o p e r tie s in
M a n h a tta n , N . Y . C i t y . V . 7 8 , p . 105 . 1964; V . 7 9 , p . 10 5 , 629 ; V . 8 3 , p .
1414; V . 8 4 , p . 219; V . 86 , p . 28 2 ; V . 9 2 , p . 257 ; V . 9 7 , p . 240 , 301 ; V . 112,
p . 165. S to c k h o ld in g s D e c . 31 1917, V 107, p . 600 .
F ra n ch ise ta x a tion
V . 102 , p . 2 5 3 . T h e N e w Y o r k P . S . C o m m is s io n , in A u g . 192 2, g r a n te d
th e N e w Y o r k M u t u a l G a s L ig h t C o . p e r m is s io n to tra n sfe r its p la n t a n d
sy s te m t o th e C o n s o lid a t e d G a s C o . f o r $ 9 ,0 1 2 ,2 7 5 . V . 114, p . 272 5:
V . 115. p . 190, 995 , 1216.
I n 1906 a la w w as p a s s e d r e d u c in g t h e p r ic e in N e w Y o r k C it y t o 80 cen ts
p er 1,0 0 0 c u . f t . , b e g in n in g M a y 1 l 9 0 6 , e x c e p t in o u t ly in g d is tric ts .
V . 8 2 , p . 5 7 2 . 8 0 7 , 93 1 ; V . 9 0 , p . 3 0 1 . I n J a n . 1909 th e U . S . S u p rem e
C o u rt h e ld 8 0 -c e n t fe a tu r e o f la w t o b e v a lid u n til g iv e n a fa ir tria l. In
Ia n . 1919 t h e c o m p a n y b r o u g h t s u it t o h a v e th e 8 0 -c e n t r a te d e c la r e d c o n ­
fis c a to r y .
F in a l r e p o r t d e c la r in g th e 8 0 -c e n t ra te c o n fis c a t o r y w as h an d ed
d o w n b y S p e cia l M a s t e r A b ra h a m S . G ilb e r t in M a y 192 0. A te m p o r a r y
in ju n c tio n restra in in g th e a u th o r itie s fr o m e n fo r cin g th e 8 0 -c e n t ra te was
h an d ed d o w n o n Ju n e 29 192 0. V . I l l , p . 7 6 . F e d e ra l J u d g e L ea rn ed
H and on A u g . 4 1920 a n d J u d g e Ju liu s M . M a y e r in A p ril 1921 h a n d e d d ow n
d e cisio n s u p h o ld in g in n e a r ly all r e s p e c ts t h e r e c o m m e n d a tio n s o f Special
M a s te r A . S. G ilb e r t in t h e ca se o f th e c o m p a n y t o t h e e ffe c t th a t t h e 8 0 -c e n t
gas law w as c o n fis c a t o r y . V . I l l , p . 592 ; V . 112, p . 1620.
T h e c o m p a n y , a c tin g o n a d e c r e e sig n e d o n F e b . 28 1921, b y F e d e ra l J u d ge
H a n d re fu tin g t h e a p p lic a tio n o f t h e S ta te a n d c it y o ffic ia ls t h a t t h e co u r t
fix a d e fin ia te ra te fo r th e c o n tin u a tio n o f t h e s u p p ly o f gas a fte r M a r c h 1,
a n n o u n ce d th a t t h e ra te fo r gas w o u ld b e in crea sed fr o m $ 1.20 t o $ 1 .5 0 p er
1,000 c u . f t ., e ffe c tiv e M a r c h 1 1921. B e g in n in g A u g . 1 1921 it w as an ­
n o u n ce d rates w o u ld b e r e d u ce d t o $1 25, an d b e g in n in g O c t . 1 1922 th e ra te
w as fu rth e r r e d u c e d t o $1 15. V . 115, p . 1104.
T h e U . S. S u p re m e C o u r t in a u n a n im o u s d e cis io n h a n d e d d o w n M a r c h 6
1922 h eld th a t th e 8 0 -c e n t gas law o f 1906 is c o n fis c a t o r y
T h e S u p rem e
C o u r t also r e n d e r e d a sim ila r d e cisio n in th e ca se o f th e N e w Y o r k & Q ueens
G a s C o . an d th e Kina's C o u n t y L ig h tin g C o . , h o ld in g in th e ir c a se th a t the
$1 ra te o f 1916 w as a lso c o n fis c a t o r y .
T h e C o u r t also o rd e re d th a t a ll im p o u n d e d fu n d s b e p r o m p t ly released
to th e gas c o m p a n ie s s u b je c t o n ly t o d e d u ctio n s o f s u c h co s ts as are c le a rly
assessable t o th e p r e v a ilin g p a r t y . T h e ca se w as r e m a n d e d b a c k t o th e
lo w e r c o u r t fo r fu r th e r p ro c e e d in g s in c o n fo r m it y w ith th e d e c r e e . [T h e
fu ll t e x t o f th e d e cis io n is g iv e n in V . 114, p . 1023.]
In fu tu r e , a c c o r d in g t o th e d e c is io n , th e N e w Y o r k P . S . C o m m is s io n
sh all fix rates th a t a re n o t c o n fis c a t o r y a n d t h a t are in c o n fo r m it y w ith the
c o u r t ’s d e c is io n . V . 114, p . 1023, 1067.
A d o p t io n o f B . T . U . sta n d a r d , V . 115. p . 1104; V . 116. p . 520.
Jam es G . G ra h a m , sp e c ia l m a ste r, a p p o in t e d b y th e F e d e ra l D is t r ic t
C o u r t t o hear th e a c t io n b r o u g h t b y th e N . Y . & Q ueen s G as C o ., a g ain st
th e P u b lic S e rv ice C o m m is s io n a n d A t t o r n e y -G e n e r a l C a rl S herm an in
Ja n . 1924, h a n d e d d o w n an o p in io n in w h ic h he h o ld s th a t th e $1 gas law
p assed b y th e N e w Y o rk S ta te L e g is la tu r e a t th e 1923 se ssio n is u n c o n s ti
tu tio n a l an d c o n fis c a t o r y as a p p lie d t o th e p la in t if f c o . V . 118, p . 440 .
D IV I D E N D S .—
j ’0 6 . ’0 7 -’0 9 . ’ 10. 1 1 - 1 4 . ’ 15. ’ 16-’ 2 1 . ’22 ’23.
O n c o m m o n -----------------% \
5 4 y ’ly
4 )4 6 y ’ly
6 M 7 y ’ly
7)4 $5
P a id in 1924: (O n n ew s t o c k o f n o p a r v a lu e ) M a r . 15. $1 25: Ju n e 16
$1 2 5 . I n itia l d i v . o n p r e f. s t o c k o f 1 % % p a id M a y 15 1923; sa m e a m o u n t
.
p a id q u a r. t o M a y 1 1924.
S T O C K , & c.— T h e p re fe rre d s t o c k w ill p a r ticip a te in a n y d is trib u tio n o f
earnings a b o v e $4 p e r sh are p e r a n n u m o n tn e n o p ar v a lu e c o m m o n s t o c k ,
a t th e rate o f 1 % p er a n n u m fo r e a ch $1 o f a d d itio n a l d iv id e n d a b o v e $4
p er share p er a n n u m p a id o n th e n o p a r v a lu e c o m m o n s t o c k . C o m p a re
V . 115, p . 2271; V . 116 , p . 181.
T h e co m m o n s to c k h o ld e r s v o te d D e c . 3 1923 t o in cre a se th e au th oriz ed
c o m m o n s to c k fr o m 3 ,0 0 0 ,0 0 0 shares t o 3 ,6 0 0 ,0 0 0 sh ares, th e a d d it io n a
s to c k b e in g o ffe r e d t o h o ld e rs o f c o m m o n s t o c k o f r e c o r d D e c . 8 1923 a t
$50 a share a t th e ra te o f o n e n ew share fo r e v e r y f iv e shares o w n e d . V . 117,
p . 221 7. 2546.
R E P O R T .— F o r 1923, in V . 118, p . 429 , sh o w e d :

Combined Earnings Statement {Incl. Subs. & Affil. Cos.) Calendar Years.

1923.
1922.
G as sales (cu . f t . ) -------------------------------------------------------4 14 489915 00 374348235 00
E le c t r ic ity so ld ( k .w . h .) ____________________________ 15 4 3 7 3 2 6 9 2 1 3 4 397702 5
G ro ss ea rn s., in c l. m is c . o p . & n o n .- o p . r e v e n u e . . $ 1 2 3 ,7 4 1 ,9 9 8 $ 1 1 3 ,086 ,3 7 2
O p e r. & n o n -o p e r . e x p . in c l. r e t ir e m ’ t e x p . & t a x e s . 8 7 ,9 3 3 ,2 2 8 8 1 ,2 5 8 ,7 4 3
N e t e a rn in g s--------------------------------------------------- ----------$ 3 5 ,8 0 8 ,7 7 0 $ 3 1 ,8 2 7 ,6 3 0
In te re s t o n f u n d e d & u n fu n d e d d e b t _______________
7 ,5 5 5 ,5 2 1
9 ,954,831
Surplus e a rn in g s--------------------------------------------------------- $ 2 8 ,2 5 3 ,2 5 0 $ 2 1 ,8 7 2 ,7 9 8
D i\ s . p a id C o n s o l. G as C o . ’s c o m m o n s t o c k __________$ 1 4 ,8 8 3 ,7 8 5 $ 8 ,5 2 5 ,5 9 7
P re fe rre d s t o c k _____________________________________
508 ,153
D iv id e n d s p a id o n a ffilia t e d c o . ’s s t o c k ____________
4 7 ,8 1 3
3 7 ,0 0 3
B a la n ce ca rrie d t o su rp lu s a c c o u n t _______________$ 1 2 ,8 1 3 ,4 9 9 $ 1 3 ,3 1 0 ,1 9 8
O F F I C E R S .— P r e s ., G e o rg e B . C o r t e ly o u ; V .- P r e s ’s, W a lte r R . A d d ic k s
a n d C . G . M . T h o m a s; Sec.-, H e n r y M . B ru n d a g e : T r e a s ., B e n ja m in
W h it e le y ; A s s t. S e c ., F . H . N ic k e r s o n a n d F . R . B a rn itz ; A s s t. T r e a s .,
J . R . F e n n im a n . T ru s te e s : P e r c y A. R o c k e fe lle r , G e o . F . B a k e r , L e w is B .
G a w t r y , S am uel S lo a n , M o s e s T a y lo r , W . R . A d d ic k s , D o n a ld G . G e d d e s ,
N . F . B r a d y , G e o . B . C o r t e ly o u , J . A . G a r v e r, Jas. N . J a r v ie a n d L o u is
M . G re e r. O ff ic e , 130 E a s t 15th S t ., N e w Y o r k .— ( V . 118, p . 2 4 4 2 .)

Controlled Companies.
(1 ) N E W A M S T E R D A M G A S .
In c o r p o r a te d N o v . 1 1897 and co n s o lid a te d N . Y A E a st R iv e r and
E q . Gas L ig h t per plan V . 66 , p. 133.
S E C U R I T I E S .— T h e s t o c k au th o riz e d is $ 1 3 ,0 0 0 ,0 0 0 o f c o m . s t o c k .
$1 0 ,0 0 0 ,0 0 0 o f 5 % p r e f ., c u m u la t iv e . P a r, $10 0. T h e C o n s o lid a t e d G as
C o . ow n s $ 1 2 ,1 5 4 ,5 9 2 c o m . a n d $ 8 ,9 9 1 ,4 7 5 p r e f. s t o c k .
V . 7 0 . p . 897
9 4 8 , 105 2. 119 7. 125 2; V . 8 0 . p . 1855, 222 4.
Cal.Year-— Gross.
Net.
Int., &c. Bal.sur.or def.
Other Inc.
192 3_______ .$ 6 ,1 4 8 ,1 1 2
$ 1 ,5 6 4 ,8 9 3
$ 3 0 ,4 6 4
$ 1 ,7 6 0 ,7 5 7 d e f $ 1 6 5,40 0
1 9 2 2 _______
6 ,2 9 2 ,1 9 3
1.8 8 1 ,2 5 4
3 1 ,104
1 ,7 6 3 ,1 5 9 sur 149,199
1 9 2 1 _______ - 5 ,8 6 6 ,1 8 6
777 ,6 8 9
103,871
1 .7 5 3 ,1 1 8 d e f 8 7 1 .5 5 8
1 9 2 0 ............. - 4 ,7 3 5 .9 3 2
2 3 3 ,0 2 4
9 4 ,2 5 0
1 ,6 3 1 ,3 6 5 d e f l ,304,091
(2) N E W Y O R K E D IS O N C O M P A N Y
O rga n ized M ay 1 1901 as a c o n s o lid a tio n o f th e N . Y . G as A E leo. L ig h t
S e a t A P o w e r C o . an d th e E d is o n E leo. Iliu m Co o f N V
O w n - large
p o w e r p la n t lo c a te d o n 1st A v e ., b e tw e e n 3 8 th a n d 4 0 th stre e ts .
V . 69

162

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

Oas Elec Lt & Power Co of Balt— Common stock Co Ba
Pref (a & d) stock, Ser A cum red 125 $5,000,000 auth..
do
do
Series B cum red 110 $20,000,000 auth_____
do
do
Series C c u m r e d 1 1 0 _________________________
General mortgage $15.000,000gold (V.103,p.2240)CoBa xc* 1905
1st r e f m tg e g o ld Ser A ca ll (te x t) s f _________ B a .x x x c & r *
1919

Par
Value

$100 $ 1 7 ,5 3 2 ,2 0 0

C ons

do
Series C — c a lle d fo r p a y m e n t J u ly 1 1924 (see te x t)
do
Series D r e d (te x t) sin k in g f u n d ____ B a .x x x c & r *
1921
do
Series E r e d (te x t) sin k in g f u n d - .B a .x x x c * & r * 1922
U n ited E le c tr ic first c o n s o l m tg e (clo s e d ) g o l d ___ M B a.xc*
1899
Consol Gas consol 1st M g (c l o s e d ) ____________ MeBa.*c* 1889
C on s olid a ted G as G e n e ra l (clo s e d ) M g o ld (te x t) -FBa.xc* 1904

Guaranteed Issues—

B a lt E le c M (clo s e d a t $ 3 ,9 5 0 ,0 0 0 ) g r e d 110 g u p & i s f . x c *
P referred s to c k 5% g u a r a n te e d __________________________
Pub S er B ig C o 1st M (c l o s e d ) g gu p & i red 1 0 5 -M e B a .x c *
P r e f s t o c k 6% c u m gu ar $700,000 sin k in g f u n d _________
R o la n d P a rk E l & W a t C o 1st M (clo s e d ) g g u p & i_ _ x c *

100
100

100

1 1 ,2 6 3 ,0 0 0

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

13,000
5 .0 0 0 .
4 .4 2 8 .0 0 0
3 .4 0 0 .0 0 0

1,0 0 0
50

3 ,9 4 3 ,0 0 0
1 .0 0 0 .
818 ,0 0 0
688 .4 0 0
3 0 0 ,0 0 0

1915

500 & c

1907

1 .0 0 0

100

p . 704 ; V . 68 , p . 1025; V . 70, p . 283 , 482 ; V . 8 0 , p . 1915; V . 8 4 , p . 219 .
C a p ita l s t o c k o u ts ta n d in g D e c . 31 1923, 2 ,0 1 4 ,8 2 6 shares c o m m o n , n o p a r ,
o w n e d b y C o n s o lid a te d G a s C o . o f N e w Y o r k . V . 90, p . 56 2 , 773 ; V . 91,
p . 1516; V . 92, p . 191; V . 97, p . 3 0 1 , 4 4 8 , 146 4. Q u a rterly d iv id e n d s o f
1)4% w ere p a id f r o m F e b . 1907 t o D e c . 1914, b o t h in c lu s iv e . I n M a r c h
1915 th e r a te w as in cre a se d t o a 7 % b a sis (194 % q u a r .). I n M a r c h 1922
p a id an ex tra d iv id e n d o f 2 % . V . 114, p . 529 .
B O N D S .— T h e first 5s o f 1898 ($ 1 5 ,0 0 0 ,0 0 0 ) w ere secu red b y a first lien
on th e c o m p a n y ’s p ow e r p la n t and o th e r p r o p e r ty ow n ed aDd p le d g e o f v a r i­
ou s securities; list see V . 68 , p . 773 , 824 , 1025; V . 7 6 , p . 26 8 . T h e 4s o f 1899
are secu red b y a p u rch a s e -m o n e y Hen on th e fo rm e r E d is o n E le c . Iliu m ,
p r o p e r t y , s u b je c t t o b o n d s o f 1890 and 1895 a n d b y a s e co n d m tg e . Her­
o n th e rem a in in g p r o p e r t y . V . 72, p . 939 , 1038; V . 81, p . 3 5 .
R e a l estat*
m o r tg a g e s , $ 3 5 7 ,0 1 2 .
T h e fir s t lien & r e f. m t g e . Series A 6 K % b o n d s , d u e 1941, are r e d e e m a b le
o n a n d a fter O c t . 1 1936 a t 105. S e cu re d b y d e p o s it o f a new issu e o f
$ 3 0 ,0 0 0 ,0 0 0 1st m tg e . 6)4% b o n d s d u e in 1996 o f U n ite d E le c . L ig h t &
P o w e r C o . an d o v e r 9 9 .9 9 % o f th e ca p ita l s t o c k o f th a t c o m p a n y (a g g re ­
g a tin g $ 5 ,2 9 5 ,9 0 0 ). A ls o se cu re d b y d ir e c t m o r tg a g e , s u b je c t t o p r io r liens,
o n en tire p r o p e r t y n o w o r h ereafter o w n e d . A u th o riz e d issu e u n lim ite d .
Series w ith sa m e o r d iffe r e n t in te re s t r a te s , d a te s , & c ., m a y b e issued.
V . 113, p . 2 4 1 0 .
R E P O R T fo r y e a r e n d in g D e c . 31 1923 s h o w e d :

Balance.
Surplu*
$

1 92 3______ 5 0 ,4 9 6 ,4 9 3 1 9 ,3 7 8 ,1 7 4 4 ,6 4 0 ,0 6 8 9,456,6 4 1 8 1 0 0 7 4 ,1 3 0 4 ,4 8 7 ,4 7 1
1 9 2 2 ______ 4 4 ,8 4 2 .3 0 6 1 4 ,8 7 9 .4 8 5 4 ,0 2 2 ,7 2 3 9 ,1 7 3 ,6 5 1 8 ,5 2 0 ,4 2 3 1,2 0 8 .1 3
1 9 2 1 ._____ 4 2 .7 3 6 ,3 4 9 1 3 .5 8 2 .8 4 6 2 ,1 3 8 ,8 3 2 5 .3 9 1 .9 2 5 1 5 ,1 6 3 ,8 5 6 5 ,1 6 5 ,8 9 6
8 ,4 9 4 ,0 4 3 1 ,935,961 4 ,1 9 5 ,7 0 5 4 ,6 7 7 ,4 2 8 1,556,871
19 2 0 ______ 3 3 .8 0 6 ,8 4 9
V . 115, p . 2486
(3 ) S T A N D A R D G A S L I G H T C O .
O rga n ized in 1886. O w ns 202 m iles o f gas pip es n o rth o f 13th S t., N . Y .
T h e C o n s o lid a te d G as C o . ow n s $ 4 ,7 9 9 ,8 0 0 o f th e $ 4 ,9 5 5 ,7 0 0 c o m m o n and
$ 4 ,1 0 2 ,1 0 0 o f the $ 4 ,2 9 3 ,6 0 0 p re fe rre d .
D IV S —
( ’0 i ’0 2 - ’ 0 5 . ’ 0 6 . ’0 7 - ’09. ' i 0 . ’ l l . ’ 1 2 -T 6 . ’ 17. ’ 1 8 -’ 2 2 . ’ 23.
C om m on ( % ) .(
2 6 y r ly . l j ^
0
2
4 3 y r ly . M N o n e
,
3
P re fe rre d ( % ) . ( 6 6 y r ly . 6
6
6
6 6 y r ly . 3
N one
5
I n 1917, J u n e , % % o n c o m . a n d 3 % o n p r e f.; n o n e th e re a fte r t o J a n . 2
192 3. w h en 3 % w as p a id on p r e f. a n d 3 % on c o m .

Year—

Gross.

Net.

Interest.

Dividends.

Balance

1 92 3_____________ $3,3 4 7 ,5 1 1
$ 4 8 2 ,9 1 8 $71 ,391
$363,351
su r$48,176
1 92 2_____________ $ 3 ,4 4 0 ,2 5 2
$6 6 2 ,7 6 9 $ 1 0 4 ,4 3 2
_______
s u r .$558,337
1 9 2 1 ........ .............. 3 ,3 4 8 ,6 8 5
177,060
151 .308
_______
sur 25.751
1 9 2 0 _____________ 2 ,4 7 6 ,6 6 0 d f3 3 2 ,5 5 9
8 9 ,1 1 0
________
d e f.4 2 1 .6 6 9
8 4 ,2 3 9
none
d e f. 115.060
1 9 1 9 ....................... 2 ,1 6 1 .9 3 4 d f.3 0 .8 1 0
O ff ic e . 130 E a st 15th S t .. N . Y . — ( V . 9 4 . p . 1630; V. 100 . p . 1 2 5 3 .)
(4) U N I T E D E L E C T R I C L I G H T & P O W E R CO .
E n tir e o u ts ta n d in g s to c k o w n e d b y N e w Y o r k E d iso n C o .— (V . 116, p .
!6 . )

(5 ) C E N T R A L U N I O N G A S C O .— (V. 100 , p. 1253: V. 107, d 6 0 0 .)
( 6 ) N O R T H E R N U N I O N G A S C O .— ( V . 100 p . 1253: V . 107. p 6 0 0 .)
(7) W E S T C H E S T E R L I G H T I N G C O . (N . Y . & W e stch e ste r L ig h t Co
— S u p plies gas and e le ctricity In W e s tch e s te r C o u n ty north o f N ew Y o r l
C it y . See V . 71, p . 1023, 1175. T h e C o n so l. Gas C o. ow ns the $12.5C 0,00(
c a p ita l s t o c k . See V . 79, p . 160, 217 , 5 0 4 , 1706. In 1909 perm ission wai
o b ta in e d to purch ase th e $ 8 0 4,00 0 N orthern W e s tch e s te r L ig h tin g C o s to ck
all th e $ 5 0 0 ,0 0 0 P eek sk lll L ig h tin g & R R . c o m m o n s to ck and 6 0 % o f th*
p r e f. s t o c k . V . 8 7 . p. 617: V . 89. p 108 . 1486: V 9 6 . p . 731
B O N D S .— N . Y . & W e s tch e s te r L ig h tin g $ 1 0 ,0 0 0 ,0 0 0 G e n . M t g
b o n d s , s u b je c t t o call a t p a r and in t. ( V . 7 9 . p . 1 70 6, 1 9 5 7 ). are gu a ra n te e d
p rin . and in t ., b y th e C o n s o lid a te d G as C o ., as are also th e $ 2 ,5 0 0 ,0 0 0 o f
6 d eb e. V . 88 . p . 1623; V . 9 2 , p . 123 , 265 ; V . 9 8 , p . 38 9 . T h e u n d e r ­
ly in g b o n d s n o t sh ow n In th e ta b le a b o v e (W e stch e s te r 5s be in g reservec
t o retire N . Y . & S u b u rb a n 5s) are:
Bonds V . 8 1 , p . 1609)—
Interest.
Outstanding
Maturity
N ew Y o r k & S u b u rb a n Gas 1st M,1 5 g M & Sx a$2 2 1 .0 0 0
M ch . 1 1949
g. gu ar, p So 1, b y A m Gas C o J S u bj to call at 105& lnt sin ce M ch
1 0t
H u d son R iv e r G as & E leo 1st M 5 M & N »
b 2 5 0 .0 0 0
M ay 1 1921
W h ite P lain s L ig h tin g 1st M _______ 5
J& D s
3 35 .000
Ju n e l 1931
•■O V . 68 , p . 474; V . 70, p. 844.
(b) V 68 . D. 824- V 70 p 844
R E P O R T fo r y ear 1923, gro ss, $ 8 ,6 2 0 ,4 1 1 ; n e t , $ 2 ,7 5 4 ,2 1 4 ; o th e r in c o m e .
$ 1 3 8 ,3 6 3 ; c h a r g e s , $ 1 ,5 4 5 ,8 9 7 ; b a l ., s u r .. $ 1 ,3 5 1 ,6 8 0 .
_

_

%

(8a) NORTHERN WESTCHESTER (N. Y.) LIGHTING CO.— Or­
ganization.— Incorporated in New York May 1905 as a consolidation cf
companies operating in Ossining, Croton, Briarcliff Manor, &c., in Weslchester County, N. Y. (V. 81. p. 268). The entire capital stock, $804 000
Is owned by the Westchester Lighting Co.
BONDS.— Authorized 1st consols., $1 000.000; balance unissued Is re­
served for additions. &c.— V . 89, D. 1486.
(9) NEW YORK & QUEENS ELECTRIC LIGHT & POWER O O .Supplles Borough of Queens outside of Rockaway. See V. 72. p. 1039
T h e ca p ita l s to c k w as in cre a se d in D e c . 1922 fr o m $ 2 ,5 0 0 ,0 0 0 t o $ 9 ,6 0 0 ,000 . O f th e a d d itio n a l $ 7 ,1 0 0 ,0 0 0 s t o c k (all c o m m o n ), $ 3 ,7 0 0 ,0 0 0 w as
tu r n e d o v e r t o t h e C o n s o lid a te d G as C o . in liq u id a tio n o f a d v a n c e s . T h e
b a la n ce o f th e n ew s t o c k w as t o b e e x c h a n g e d , p a r fo r p a r, fo r th e o u ts ta n d ­
in g $ 3 ,4 0 0 ,0 0 0 10 -y ea r 7 % d e b e n tu re s . D iv id e n d on p r e f., 2 )4 % , p aid
D e c . 1 1904; 1907 t o 1911, 5 % ; 1 91 1, 4 )4 % ‘ 1912 t o 1920, 4 % ; 192 1, 5 % .
,
V . 9 2 , p. 1439: V . 100, p . 1253.
R E P O R T . — F o r ca le n d a r y e a rs:

Year—

Gross.

Net.

Interest.

Dividends.

Balance.

19 2 3 ____________ $ 6 ,9 7 1 ,3 9 0 $ 2 ,3 3 4 ,8 3 8 $27 2 ,1 4 5 $ 6 4 7,00 0 s u r $ l,4 1 5 ,6 9 3
4 9 9 ,5 3 3
2 3 0 ,5 0 0 su r. 8 4 1 .4 2 0
1 9 2 2 ____________ 5 ,5 3 6 ,8 5 5
1 ,5 7 1 ,4 5 3
1 9 2 1 ____________ 4 ,5 0 2 ,9 1 3
1 ,2 6 8 ,0 5 7
6 3 2 ,2 4 0
5 9 ,3 7 5 su r. 576 .4 4 2
4 3 3 ,2 5 1
5 0 .0 0 0 su r. 235 .3 0 7
1 9 2 0 ____________ 3 ,5 3 5 ,6 9 0
7 1 8 ,5 5 8
3 0 7 ,8 9 7
50.0 0 0 su r. 2 9 9 ,01J
1 9 1 9 ____________ 2 ,8 4 9 ,2 3 7
6 5 6 ,9 1 7
— ( V . 117, p . 244 1 .)
(10) N E W Y O R K & Q U E E N S G A S C O .— S u p plies F lu sh in g , C o lle g e
P o in t , W h ite s to n e , B a y s id e , D o u g la s to n a n d L ittle N e c k , N . Y .
S tock ,
$ 6 0 0 ,0 0 0 . In M a y 1913 th e C o n s o lid a te d G a s C o . o b ta in e d a u th o r ity t o
p u rch a s e a m a jo r it y o f th e s t o c k a n d also th e rem a in d e r a t th e sam e p rice
V . 9 6 , p . 1493. F o r ca le n d a r y e a r 1923, g ro ss, $ 7 3 8,36 8 (e x c lu s iv e o f
$ 1 0 7 ,8 0 0 ch a rg ed s u b s e q u e n tly t o Ju n e 2 1923 fo r sales o f gas in excess o f
t h e s t a t u t o r y r a te o f $1 p e r M . c u . f t . , p u rsu a n t t o th e law s o f p r e lim in a r y
in ju n c tio n p e n d in g th e te rm in a tio n s o f p r o c e e d in g s in th e F e d e ra l C o u r t );
n e t o p e r a tin g in c o m e , $ 5 2 ,7 5 0 ; d e d u ctio n s , $ 1 2 2 ,2 4 4 ; b a l., d e f ., $69 ,4 9 4 .
P r e s ., M . T a y lo r ; V . - P . & M g r ., M . H . S pear; S e c ., H . S. R o m a in e ; T r e a s .,
H . C . D a v id s o n . O ffic e , G as & E le c t r ic B ld g ., F lu sh in g, N . Y . — (Y . 114,
p . 1070, 118 7 .)
C O N S O L ID A T E D G A S E L E C T R IC L IG H T & P O W E R C O . O F B A L ­
T I M O R E .— O R G A N I Z A T I O N .— I n c o r p . Ju n e 20 1906.
V . 8 2 . p . 1441.
T h e p re s e n t c o m p a n y d o e s th e e n tire g a s , e le ctr ic lig h t and p o w e r b u sin ess




Rate
%

When
Payable

6 . 100.000

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

Q— J
Q— J

8

J u l y l 1924 2 % C h eck s m ailed
do
J u l y l 1924 2 %
J u l y l 1924 \H
do
do
s
Q— J J u ly 1 1924 1 V
N ew Y o r k . B a lt and Lon
4)4 g J & J F e b 14 1935
do
do
F & A F e b 1 1949
6 g

8
000

7
2 . 000 .
000
2 , 000,000
6)4

1.000 a l3 .8 4 5 ,0 0 0

1907

Dividends
Paid.
$

5 .0 0 0 .

500 &c

a T h e r e m a ln ln g $ 1 .1 5 5 ,0 0 0 a r e p le d g e d u n d e r B a lt im o r e E le c C o 5 s c l o s i n g

Operating Net, after
Other
Int., ReCal,
Revenues. Taxes, A c. Income, serves, A c.
$
$
$
$
Years__

Amount
Outstanding

[V ol. 118.

Q— J

& O O ct
& S Sept
4)4 g M & N M a y
5 g J & J J u ly
4)4 g A & O A p r

6)4 g A
000
6)4 g M

5 g
5
000

5g
6

5 e

& D
& J
& A
Q— F
F
& A

J
J

F

1 1951
1 1952
1 1929
1 1939
11954

N Y , B a ltim o re & L o n d
do

A le x B r o w n & S on s, Bal
F a rm & M erch Bk, Bal'
F id e lity T r u s t C o. Balt

Jun e 1 1947
N o rth e rn T ru s t C o, Pbiia
Jan 2 1924 2)4 C h eck s m alted
Merc Tr & D e p Co, B a lt
Aug 11940
M a y l 1924 1)4 C h e ck s m a ile d
F eb 1 1937
C o n tin e n ta l Tr Co. Bal to

t h e Issue ($1 5 0 0 0 .0 0 0 ).
in th e C it y o f B a ltim o re a n d th e su rro u n d in g co u n tie s , a n d a lso supplies
all th e p o w e r fo r th e o p e r a tio n o f th e en tire s tr e e t r a ilw a y s y s te m in th is
area. T o t a l p o p u la tio n s e r v e d , a b o u t 7 7 5 ,0 0 0 . C o m p a n y has ex clu siv e
use of o u t p u t , fo r B a ltim o re a n d v ic in it y , of S u sq u eh an n a R iv e r p la n t of
P e n n sy lv a n ia W a te r & P o w e r C o . V . 8 4 , p . 627 ; V . 8 5 , p . 163; v . 9 0 , p .
3 7 7 . 1557; V . 9 1 , p . 4 6 8 , 947; V . 92, p . 4 6 4 , 1241; V . 112 , p . 376 .
T h e C o n s o lid a te d G a s E le c t r ic L ig h t & P o w e r C o . o f B a lt im o r e o w n s th e
en tire c a p ita l s t o c k o f th e fo llo w in g c o m p a n ie s : R o la n d P a r k E le c t r ic &
W a te r C o . , M t . W a s h in g to n E le c t r ic L ig h t & P o w e r C o . , P a ta p s c o E le c tr ic
& M fg . C o . o f M a r y la n d , P a ta p s c o E le c t r ic & M f g . C o . o f D e la w a r e ,
T h e B a ltim o re C o u n t y E le c . C o . , N o rth e r n E le c t r ic C o . , T h e C o n s o lid a te d
P o w e r C o . o f B a ltim o re a n d M a r y la n d S e cu ritie s C o . T h e la s t-n a m e d c o .
o w n s all th e c o m m o n s t o c k o f th e B a ltim o re E le c t r ic C o . o f B a lt im o r e C i t y .
A ll th e a b o v e c o m p a n ie s , w ith th e e x c e p tio n o f th e M a r y la n d S e cu rities C o
are o p e r a te d u n d e r lea se b y th e C o n s o lid a te d G a s E le c t r ic L ig h t & P o w e r
C o . o f B a ltim o re . A ls o o w n s th e e n tire c a p ita l s t o c k o f th e B a ltim o re C o .
o f B a ltim o re C it y a n d th e e n tire c o m m o n s t o c k o f T h e P u b lic S e r v ic e
B u ild in g C o . , w h ich c o m p a n y has e re cte d a 2 0 -s t o r y o f fic e b u ild in g in B a l­
t im o r e . T h e C o n s o lid a te d G a s E le c t r ic L ig h t & P o w e r C o . o f B a ltim o re
has le a se d this b u ild in g fo r a p e r io d o f 25 y e a r s fr o m A u g . 2 1915.
H as a cq u ire d a ll o f th e $ 2 ,5 0 0 ,0 0 0 B a ltim o re E le c . C o . o f B a ltim o re C it y
c o m m o n s to c k (th ro u g h th e M a r y la n d S ecu rities C o . ) , t h e p r o p e r t y b e in g
leased fo r 999 ye a rs a t a r e n ta l p r o v id in g fo r in terest a n d s in k in g fu n d on
a n y o u ts ta n d in g 5 % b o n d s a n d d iv id e n d s on th e $ 1 ,0 0 0 ,0 0 0 5 % p r e f. s t o c k .
V . 8 5 , p . 1341; V . 86 , p . 112. I n J a n . 1907 p u rch a se d th e e n tire s t o c k o f
th e R o la n d P a rk E le c tr ic & W a te r C o . a n d g u a ra n te e s its fir s t m o r tg a g e 5 %
b on d s. V . 91, p . 721.
S T O C K .— C o m m o n s t o c k a u th o r iz e d . $ 3 0 ,0 0 0 ,0 0 0 . V . 103 , p . 1595;
V . 105, p . 1306, 1712. C o m m o n s to c k h o ld e r s o f r e c o r d M a r c h 5 1923 w e re
o ffe r e d $ 2 ,9 2 2 ,0 0 0 a d d itio n a l c o m m o n s t o c k a t p a r t o th e e x te n t o f 2 0 %
o f h o ld in g s.
V . 116, p . 8 2 7 .
P re fe rre d s t o c k m a y be issued in d iffe r e n t series, th e fix e d p re fe re n tia l
d iv s . u p o n w h ich sh all in n o case e x c e e d 8 % p e r a n n u m . V . 113, p . 965 .
O n A u g . 20 192 1, D e c . 2 1921 a n d J a n . 26 192 2, $ 2 ,5 0 0 ,0 0 0 , $ 7 0 0 ,0 0 0 a n d
$ 1 ,8 0 0 ,0 0 0 , r e s p e c t iv e ly , 8 % c u m . p r e f. s t o c k , Ser. A , w as so ld t o r e im ­
bu rse th e tr e a s u r y fo r e x p e n d itu re s m a d e a n d t o p r o v id e fo r a d d itio n a l ex ­
ten sion s an d im p ro v e m e n ts . O n J u n e 2 2 1922 $ 2 ,0 0 0 ,0 0 0 7 % c u m . p r e f.
s to c k , S er. B , o f an a u th o r iz e d issu e o f $ 2 0 ,0 0 0 ,0 0 0 , w as s u b s crib ed a n d —
or
p a id fo r b y e m p lo y e e s a n d c u s to m e rs o f th e c o m p a n y . In A p r il 1924
$ 2 ,0 0 0 ,0 0 0 Series C 6)4 % c u m . p r e f . s t o c k w as s o ld , th is b e in g p a r t o f an
issu e o f $ 4 ,0 0 0 ,0 0 0 , th e b a la n c e o f $ 2 ,0 0 0 ,0 0 0 b e in g r e s e rv e d fo r sale in t h e
near fu t u r e d ir e ct t o c o n su m e rs a n d e m p lo y e e s o n th e d e fe rre d p a y m e n t
p la n . V . 118, p . 1915.
D I V S .— 11910. 1911. 1912. 191 3. 191 4. 191 5. 191 6. 191 7. 1 9 1 8 -1 9 2 3 .
On com % . j 4
4J£
5
5M
6)4
7
7 7M
8 y r ly .
T h e d iv id e n d ra te w as in cre a se d fr o m IH t o 2 % q u a r. ( 8 % p . a . ) w ith
•he A p ril 1917 d is trib u tio n an d s o c o n tin u e d till a n d in c l. J u ly 19 2 4 .
B O N D S . & c .— A s t o th e $ 1 5 ,0 0 0 ,0 0 0 G e n . M . 4 ) 4 8 , see ta b le a n d V . 1 0 3 ,
p . 2158; V . 80, p . 1731, 714 , 1481; V . 88 , p . 233 ; V . 91, p . 4 1 . 1632; V . 9 2 , p .
1 3 7 6 .1 5 0 2 .1 5 6 8 ; V . 93, p . 1791; V . 96. p . 1704: V . 98, p . 239 ; V . 105, p .1 3 0 6 .

First Refunding Mortgage of 191 9.
T h e 1st Ref. Mtge. o f 1919 c o v e r s a ll p r o p e r t y n o w o w n e d o r h erea fter
a cq u ire d . A u th o riz e d issue n o t t o e x c e e d $ 1 0 0 ,0 0 0 ,0 0 0 ; B a n k ers T r u s t
C o ., N . Y ., tru stee. Series A are re d e e m a b le o n 60 d a y s ’ n o tice , v i z .:
(a)
In first fiv e years a t 110 and in t .; (ft) n e xt 5 years a t 107
an d in t .; (c) n ex t
15 years a t 105 an d in t .; (d) last fiv e years b e fo r e m a tu r ity a t 102 a n d in t.
Series b b o n d s ($ 5 ,0 0 0 ,0 0 0 o u ts ta n d in g ) w ere c a lle d fo r p a y m e n t D e c . 1
1922 at 110 a n d in t . V . 115, p . 1433.
A ll o f th e o u ts ta n d in g $ 8 ,7 5 2 ,5 0 0 Series C 7 % F ir s t R e f . M t g e . S in k in g
F u n d gold b o n d s , d u e O c t . 1 1931, h a v e b e e n c a lle d fo r p a y m e n t J u ly 1 1924
a t 102 an d in te re st a t th e B a n k o f t h e M a n h a tta n C o . , N e w Y o r k C i t y , o r at
A lexa n d er B ro w n & Sons, B a ltim o re , M d . , o r a t th e o f f i c e o f th e L o n d o n
J o in t C i t y & M id la n d B a n k , L t d ., in L o n d o n , E n g ., n o w k n o w n as M id la n d
B a n k , L t d . T h e se b o n d s are c o n v e r t ib le a t t h e o p t io n o f t h e h old ers o n
f iv e d a y s w ritten n o t ic e in to Series D 6)4% F irs t R e f . M t g e . S in k in g F u n d
g o ld b o n d s, p a r fo r p a r, w ith a ca sh a d ju s tm e n t o f a c c r u e d in te re s t. T h is
rig h t t o c o n v e r t said b o n d s w ill cease te n d a y s p r io r t o J u ly 1 1924, th e d a te
fix e d fo r r e d e m p tio n .
T h e Series D 6 % b o n d s are c a lla b le as a w h o le o r in p a r t fo r sin k in g
f u n d o n ly a t 110 p r io r t o O c t . 1 1936, a t 107 d u r in g n e x t f i v e y e a rs , 105
d u rin g n e x t f i v e y e a rs, 1023-^ d u r in g n e x t th re e y e a rs a n d 101 d u rin g
last tw o yea rs b e fo r e m a t u r it y . Series E are r e d ., a ll o r p a r t, a t 1 0 7 )4
a n d in terest d u rin g fir s t te n y e a rs , a t 105 a n d in t. d u r in g n e x t te n y e a r s
a n d a t 1 0 2 )4 a n d in t . d u rin g la s t te n y e a r s b e fo r e m a t u r it y . S u b s e q u e n t
series t o be a r in t ., m a tu r e a t s u ch tim e s (n o t la te r th a n F e b . 1 1999) a n d
b e re d e e m a b le a t s u ch p rice s as m a y b e f ix e d . V . 113 , p . 147 5.
P ro v is io n is m a d e in th e in d e n tu re s fo r th e r e fu n d in g o f a ll u n d e rly in g
se cu rities o f th e c o m p a n y a n d o f its su bsidiaries. T h e p o r t io n o f th e
au th o riz e d issue n o t r e s e rv e d fo r r e fu n d in g p u rp o s e s is issu able o n ly for
8 0 % o f t h e c o s t o f a d d itio n s , im p ro v e m e n ts o r se cu rities a c q u ir e d .. A n n u al
sin k in g fu n d eq u a l t o 1 % c f th e to t a l o f tn e se b o n d s fr o m tim e t o tim e o u t­
s ta n d in g , t o p u rch a se o r ca ll tn e m fo r ca n c e lla tio n b e g a n A u g . 1 1923;
$ 2 3 7 ,5 0 0 Series C 7 % b o n d s h a v e b e e n a c q u ir e d , r e tir e d a n d w ill n o t b e
O f th e 5 0 -y r . g e n . 4 ) 4 8 o f 1904 o f T h e C o n s o l. G a s C o . o f B a lt im o r e C it y ,
$ 6 ,1 0 0 ,0 0 0 h a v e b e e n issu ed. F id e lity T r u s t C o . , tru ste e . N o fu r th e r b on d *
ca n b e issu ed e x c e p t t o retire th e 5s d u e 1939. V . 78, p . 1964, 2 01 4, 2387;
V . 79, p . 1643; V . 88 . p . 103; V . 9 0 , p . 1173, 1493; V . 9 1 , p . 4 1 ; V . 9 6 , p .
363 , 4 9 1 . 718 , 949 ; V . 9 9 , p . 1050.
T h e B a ltim o re E le c tr ic C o . 5s ($ 7 ,5 0 0 ,0 0 0 a u th o riz e d (issue c los ed
at $ 3 ,9 5 0 ,0 0 0 N o rth e r n T r u s t C o . o f P h ila ., tru s te e i are se cu re d b y a lien
on th e p r o p e r ty and $ 1 ,1 5 5 ,0 0 0 , C o n s o l. G a s E l. L . & P . C o . g e n . 4 ) 4 a .
V 85. p 598 , 1271. 1340; V . 8 7 . p . 741; V . 108 , p . 1166.
T h e P u bU c S e rv ice B u ild in g C o . has e r e c te d a 2 0 -s to r y o ffic e b u ild in g
w h ich is le a se d to th e C o n s o lid a te d G a s E l. L t . & P . C o . o f B a lt , fo r 25
y e a r s fr o m A u g . 2 1915 u n d e r a n a n n u a l c h a r g e s u ffic ie n t t o p a y in t . a n d
s in k , fu n d o n th e b o n d s , d iv s . a n d s in a . fu n d s o n th e p r e f. s t o c k , o p e r . e x p .,
ta x e s , m a in t ., & c. T h e r e a re ou ts ta n d in g $ 8 3 0 ,0 0 0 1st M . 5s, $ 6 8 8 ,4 0 0 p r e i
s t o c k a n d $ 6 0 9 ,9 0 0 c o m m o n s t o c k .
See V . 101, p . 1017; V . 103, p . 764 .
T h e e n tire c o m m o n s t o c k is o w n e d b y th e C . G . E . L . & P . C o . o f B a ltim o re .
T h e C o n s o lid a te d P o w e r C o . o f B a ltim o re 1st M t g e . 5 % g o ld b o n d s ,
a u th o riz e d . $ 1 5 ,0 0 0 ,0 0 0 ; issu ed , $ 1 3 ,7 5 0 ,0 0 0 . A ll o f tn e $ 1 3 ,7 5 0 ,0 0 0 b o n d s
issued are d e p o s ite d u n d er fir s t r e f. m t g e . a ga in st th e issu an ce o f $ 1 1 ,7 5 0 ,0 0 0
first r e f. b o n d s . C o m p a n y lea sed t o C o n s o l. G a s , E le c . L ig h t & P o w e r C o .
o f B a ltim o re fo r a te rm o f 25 y e a rs, b e g in n in g in 1917.
R E P O R T . — F o r 1923, in V . 118, p . 103 1, s h o w e d :
Calendar Years—
1923.
1922.
1921.
T o t a l gross in c o m e _____________________ $ 2 2 ,2 2 1 ,6 9 9 $ 2 0 ,3 7 6 ,0 8 4 $ 1 6 ,6 1 2 ,3 8 8
N e t e a rn in g s______________________________ $ 9 ,6 3 3 ,1 0 7
$ 8 ,9 2 4 ,3 5 7 $ 6 ,0 2 7 ,8 0 6
S u rplu s fo r d iv id e n d s , & c ______________
6 ,4 0 1 ,0 1 2
5 ,5 1 8 ,6 6 9
3 ,0 6 4 ,0 4 5
D iv id e n d s _________
1 .8 5 8 ,1 6 8
1 ,5 9 9 ,2 4 6
1 ,2 1 8 ,7 2 6
R e s e r v e fo r d e p r e c ., re n ew als, & c ____
1 ,4 9 5 ,0 0 0
1 ,3 4 5 ,0 0 0
1 ,1 0 0 ,0 0 0
Surplus fo r y e a r _____________________ $ 3 ,0 4 7 ,8 4 4 $ 2 ,5 7 4 ,4 2 3
$ 7 4 5 ,3 1 9
F o r 3 m o s . e n d e d M a r c h 31 1924: G ro s s in c o m e , $ 5 ,9 6 1 ,3 3 0 ; o p e r . ex­
pen ses a n d f ix e d ch a rge s, $ 4 ,7 0 4 ,8 7 6 ; d iv id e n d s , $ 4 8 2 ,2 2 0 ; b a l., s u r ., $ 7 7 4 ,2 3 4 . V . 118, p . 204 6.

M ay , 1924.]

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

Date
Bonds

Consolidated Textile Corp.— Stock auth. 2 ,0 0 0 ,0 0 0 shares,
1st mtge. S . F . convert, gold bonds $ 5 ,0 0 0 ,0 0 0 auth.kxxxc*
B B & R Knight, Inc— See that company.
Consolidation Coal— C o m m o n s t o c k a u th $ 5 0 ,0 0 0 ,0 0 0 ____
P r e fe r re d (a S d ) s t o c k 7 % c u m r e d 112 __________________
c
R e fu n d in g m tg e $ 7 ,5 0 0 ,0 0 0 auth g o 'd s f red 105 U .x c * * r
F a ir m o n t C oal 1st M g o ld sin k in g fu n d a s s u m e d ____ G .sc*
1st & R e f M $ 4 0 ,0 0 0 ,0 0 0 g au th red 107 H ° t ,( l k x c * & r *
Continental Can Co-» Inc— C o m m o n s t o c k 5 0 0 ,0 0 0 s h a r e s .
P r e f s t o c k (a & d ) 7 % cu m $ 7 ,6 0 0 ,0 0 0 red 1 2 5 . . ___
Continental Gas & Elec C o r p — C o m stk 3 5 0 ,0 0 0 sh a u t h . .
P r io r p r e fe re n ce s t o c k 7 % c u m $ 2 0 ,0 0 0 ,0 0 0 A u th re d 1 1 0 -P a r t ic ip a tin g p r eferre d s t o c k (see te x t) $ 2 0 ,0 0 0 ,0 0 0 a u t h ___
C o ll t r b o n d s ser “ A ” r e d & c o n v (s e e t e x t )_ C L C L k x x x c *
R e fu n d in g series “ A ” r e d ( t e x t ) ______________________ x c * & r*
F ir s t lien colla te r a l tru st g o ld re d 1 0 5 ____________________ x c *

Continental Motors Corp—

C o m m o n s t o c k , 3 ,0 0 0 ,0 0 0 sh a re s a u t h _______________________
1st m tg e s f g b o n d s r e d ( t e x t ) ___________________C C k x x x c *
Serial n o t e s , red 1 0 1 ___________________________________ x x x c *
C o p p e r R a n g e Co— Capital stock $ 1 0 .0 0 0 .0 0 0 _______________

1921

Par
Value

in n
100
1904
1901
1910

1 1)00
1.000
1.000
N one

100

N one

100
100

1921.
$ 9 2 3,51 3
150 .000
1 ,5 3 0 ,5 7 2

200.000

x A ft e r d e d u c t in g a d m in is tr a tio n , s e llin g a n d general e xp en se.
O F F I C E R S .— C h a irm a n , W illia m M . W o o d ; P r e s ., A n d r e w G . P ie rce
J r .; T r e a s ., S h erbu rn e P r e s c o tt; S e c ., H e n r y B . S tim so n . O ffic e , 8 8 W o r t h
S t .. N e w Y o r k .— (V . 11 8 , p . 113 3.)
C O N S O L I D A T I O N C O A L C O . ( T H E ) — I n c . in M d . 186 0. V . 8 2 , p .
104. T h e c o m p a n y o w n s in fe e a p p r o x im a te ly 5 ,7 0 0 acre s o f su r fa c e ,
th e m in era l r ig h ts t o a p p r o x im a t e ly 5 ,7 0 0 acre s a n d le a s e h o ld m in e ra l rig h ts
In 2 4 ,0 0 0 a cres, lo c a te d in M a r y la n d , P e n n s y lv a n ia , W e s t V irg in ia an d
K e n t u c k y . T h e d e v e lo p m e n t c o n s ists o f 82 m o d e r n ly e q u ip p e d m in e s w ith
a d e v e lo p e d c a p a c it y o f 1 5 ,0 0 0 ,0 0 0 to n s p e r a n n u m , a n d th r o u g h th e
o w n ersh ip o f th e en tire c o m m o n ca p ita l s t o c k o f th e C a rte r C o a l C o . , c o n ­
tr o ls in a d d itio n th e r e to 3 6 ,2 0 0 acre s o f m in e ra l la n d s in fe e a n d le a se h o ld
m in era l r ig h ts in 2 ,3 0 0 acre s in W e s t V ir g in ia , V irgin ia a n d K e n t u c k y , o n
w h ic h are lo c a te d ten m o d e r n ly e q u ip p e d m in e s w ith a d e v e lo p e d c a p a c it y
o f 1 ,0 0 0 ,0 0 0 to n s p er a n n u m .
T h e c o a ls p r o d u c e d b y th is c o m p a n y are : G e o rg e s C r e e k B ig V e in an d
C u m b e rla n d ; S om erset s m ok eless an d ste a m ; F a ir m o n t ga s. l o c o m o t iv e an d
d o m e s tic ; M ille r s C ree k b lo c k ; E lk h o r n c o k in g , b y - p r o d u c t a n d g a s , a n d
P o c a h o n t a s -N e w R iv e r S m ok eless, s te a m a n d d o m e s tic c o a ls .
A ls o ow n s : E n tire ca p ita l s t o c k as fo llo w s : $ 1 ,5 0 0 ,0 0 0 C u m b e rla n d &
P e n n s y lv a n ia R R . , w h ich see u n d e r “ R a ilr o a d s ” a b o v e ; $ 4 ,0 0 0 ,0 0 0 S o m e r­
set C o a l C o .; $ 6 5 0 ,0 0 0 C o n s o lid a tio n C o a s tw ise C o .; $ 1 0 ,0 0 0 F a ir m o n t C o a l
C o .;$ 1 0 0 ,000 M o n o n g a h . S e rv ice C o .; $ 2 0 ,0 0 0 C a s sv . & M o n o n . R R . C o .;
$ 5 ,0 0 0 C a n a l T o w a g e C o .; $ 5 ,0 0 0 P e n n m o n t C o a l M in in g C o .; $25 0 ,0 0 0
F a irm o n t S u p p ly C o .; $50 0 M a r y la n d C o n s tr u c tio n & C o n tr a c tin g C o .;
$ 2 ,5 0 0 ,0 0 0 p r e f. an d $ 4 ,2 0 0 ,0 0 0 c o m m o n o f N o rth w s s te rn F u e l C o . , o w n in g
la rg e d o c k s a t W a s h b u rn , G re e n B a y a n d Su p erior, a n d y a rd s at S t. P a u l
a n d M in n e a p o lis : 5 0 .0 0 0 shares o f c o m m o n s t o c k (n o p a r v a lu e ) o f C a rter
C o a l C o .; $ 5 0 0 ,0 0 0 T h e S a n d y V a lle y & E lk h o r n R y . C o . V . 106, p 931 ;
V . 103, p . 243 1; V . 78, p . 1271; V . 79, p . 502; V . 88, p . 1200; V . 9 5 , p . 683.
C o a l m in ed in 1923, in c lu d in g su b sid ia rie s, 9 ,2 2 4 ,2 4 0 n e t to n s , a n d 2 ,2 2 0 ,344 n e t to n s m in e d b y lessees. See 6 0 -y e a r r e c o r d , V . 118, p . 1419.
S T O C K .— T h e c o m m o n s t o c k h o ld e r s o f r e c o rd M a r c h 29 1924 w ere
e n title d t o s u b s crib e a t p a r fo r a n e w issu e o f $ 1 0 ,0 0 0 ,0 0 0 7 % c u m u la tiv e
p r e fe rr e d s to c k a t th e r a te o f o n e sh are o f n e w p r e f. fo r e v e r y fo u r shares
o f c o m m o n s to c k h eld .

5

’ 18. * 1 9 t o A p r 3 0 ’24
0
1H q u a r.
3.
14
________

B O N D S .— “ 1st S R e f . " M . 5 % ( V . 100, p . 1475: V . 9 1 , p . 151 4, 133 0.
c
1250; V . 9 2 . p . 404 ; V . 9 4 . p . 1053, 1059; V . 95. p . 021 ; V . 9 6 . p 94 9 , 1705)
had a 1st lien o n 194 ,970 acres o f co a l la n d s o r r ig h ts (in c l. 1 00 ,000 acres p u r ­
ch ased N o v . 1910) and a general lien , s u b je c t t o a b o u t $ 1 1 ,0 0 0 ,0 0 0 p rio r
b o n d s, o n th e rem ain in g p r o p e r ty , a b o u t 1 0 6 ,1 6 0 acres, a n d o n oth er
ta n gib le assets, Inclu din g m in in g p la n t, tu gs, barges, o oal ca rs , se cu ritie s
A c ., agg reg a tin g $ 2 1 ,4 6 9 ,0 7 5 . S in k in g fu n d , 2 o . p er t o n m in e d in first
6 y ea rs, th e n 3 o. fo r 15 years, 4 o . fo r 10 yea rs and 5 o . fo r re m a in in g 10
rrs. D e p r e cia tio n ch arge o f 2 Ho. p e r to n , A o „ also ch a rg e d agst. o p e r a tio n .

Status of $ 4 0 ,0 0 0 ,0 0 0 First and Refunding Mortgage Bonds D e c . 31 1923.
R es erv ed t o retire p r io r lien b o n d s (see t a b le a t h e a d o f p a g e ) $ 1 0 ,4 4 3 ,0 0 0
P u rc h a se d a n d h e ld b y c o m p a n y ____________________________________
5§5,00O
R e tir e d b y o p e r a tio n o f s in k in g f u n d _____________________________ 1 ,8 7 4 ,0 0 0
H eld fo r fu tu r e d e v e lo p m e n t, & c ., fo r m o s t p a rt t o 7 5 % o f c o s t . . 1 ,1 9 1 ,0 0 0
H e ld in tr e a s ., $ 4 ,1 2 6 ,0 0 0 . a n d o u ts ta n d in g _______________________2 1 ,7 7 1 ,0 0 0
O f F a ir m o n t C o a l O o . $ 6 ,0 0 0 ,0 0 0 1st M . 5s, $ 1 ,4 7 9 ,0 0 0 h a d o n D e c . 31
1923 b e e n re tire d b y sin k in g fu n d a n d $ 3 6 0 ,0 0 0 w ere p le d g e d u n d e r 1st &
R e f . M t g e . o f 191 0. V . 106, p . 147 5.
R E P O R T . — F o r 1923, in V . 118, p . 141 7, sh o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
G ro s s e a r n in g s ___________ $ 3 1 ,2 9 8 ,3 7 3 $ 2 2 ,4 6 4 ,9 1 2 $ 2 5 ,1 7 9 ,3 4 7 $ 3 3 ,9 6 5 ,2 8 0
T o t a l in c o m e ____________
4 ,7 § 6 ,8 6 7
4 ,6 0 0 ,0 9 7
5 ,0 9 6 ,8 2 8
13,319,611
I n t e r e s t ___________________
1 ,8 9 2 ,6 5 §
1,8 6 6 ,6 5 2
1 ,3 3 2 ,8 1 9
1 ,3 3 0 ,0 4 3
F e d e ra l in c o m e ta x e s ___ ■
2 1 8 ,§ 2 3
175 ,000
500 ,0 0 0
2 ,3 8 8 ,0 8 3
D iv s . o n p r e f. s to c k o f
C a rte r C o a l C o _______
99,8 1 2
C a sh d iv id e n d s _________
2 ,4 1 2 ,0 7 0
2 ,4 1 2 ,0 3 4
2,4 1 1 ,9 8 1
2 .4 1 1 ,9 1 5
B a la n c e , ea rn ed s u r p lu s .
173,403
8 52 ,028
146,411
7 ,1 8 9 ,5 7 0
A d ju s t m e n t o f a p p re c ia ­
t io n o f co a l la n d s M a r .
1 1913 a n d a c c o u n ts fo r
p r e v io u s y e a r s ________
1 ,5 2 9 ,5 6 2
2 ,4 5 0 ,2 6 8 3 3 ,7 8 3 ,0 9 7
935,691
P r o f it & loss & s p e c. s u r . 9 4 ,2 9 3 ,5 § 8 9 5 ,6 4 9 ,7 5 7 9 6 ,4 3 9 ,0 3 7
9 8 ,0 3 7 ,2 7 7
P r e s ., C la ren ce W . W a ts o n ; S e c ., H . H . S n o d e rly .
N e w Y o r k .— ( V , 118 , p . 2 4 4 2 .)




4 0 ,2 0 5 ,4 4 8
See te x t
4 .2 8 4 .0 0 0
4 .1 6 1 .0 0 0
2 1 ,7 7 1 ,0 0 0
3 8 3 ,7 3 7 sh.
5 ,8 3 4 ,5 0 0
106 ,0 3 5 sh.
$ 6 ,8 5 8 ,3 0 0
1 ,7 5 1 ,4 0 0
5 .7 0 0 .0 0 0
5 .2 7 6 .0 0 0
4 .1 3 8 .0 0 0

6 in 1923
7
4H g
f *
5 g
See te x t
7
See te x t
7
See te x t
7 g

Q -T

A p r3 0 1924 1 H
J u n e 2 ’2 4 81 2-3c
A N M ay 1 1934
A
J J u ly 1 1931
A D D pC 1 1950
Q— F M a y 15 1924 $1
O— J
J u ly 1 ’24 l J i %
See t e x t
Q— J
See t e x t
Q— J
See t e x t
Q— J
F & A F e b 1 1954
A
& O A p r 1 1947
M & N N o v 1 1927

Q— M

M
J
J

, N o n e 1 760 8 45 sh See te x t
100 & c
6X g M A S
7 .5 0 0 .0 0 0
A S O
c
1,000 3 .0 0 0 .0 0 0
7 g
25
9 ,7 3 5 ,4 5 0 See te x t S ee te x t

.sur .$ 5 4 ,0 7 4 d f $ 2 ,177,871 d e f $ 9 5 7,05 8

—

Last Dividend Places Where Interest a n a
Dividends are Payable
and Maturity

When
Payable

1924
1920

B O N D S .— T h e 1st m tg e . 8 % s in k in g f u n d c o n v e r t ib le g o ld b o n d s are
r e d eem a b le a ll o r p a r t a t 110 a n d in t . o n o r b e fo r e Ju n e 1 192 2, a n d th ere­
a fter a t H o f 1% less fo r e a ch 12 m o n th s o r p a rt t h e r e o f e la p s e d a fte r
Ju n e 1 1922. C o n v e r tib le in to n o p a r v a lu e c o m m o n s t o c k o n th e b asis o f
p a r fo r th e b o n d s a n d $ 2 6 .1 6 p e r sh a re fo r th e s t o c k . V . 112 , p . 2 6 4 6 .

’ 17.
0

%

100 & c
100 & c
100 & c

D I V I D E N D S .— A n in itia l d iv id e n d o f 7 5 c . a shareTwas p a id In J a n . 1920,
s a m e a m o u n t p a id q u a r. t o Ja n . 15 1921; n o n e sin ce.

D I V S . ( % ) . ’O 0 . ’ 0 7 . ’ 0 8 .
1 90 9.
’ l O t o ’ 10
S in ce 1 9 0 3 ------ 0
6
6 0 & 2 e x . © y e a r ly .
—
do
ex tra ... 2
2
2
0
do
In s t o c k - .
60

Bale

1924
1922
1912

C O N S O L ID A T E D
T E X T IL E
C O R P .— O R G A N I Z A T I O N .— I n c o r p
In D ela w a re in O c t ., 1919 t o a cq u ire all th e p ro p e r tie s , assets A c . , o f tne
P ilo t C o t t o n M ills C o ., R a le ig h , N . O ., Jam es N . W illia m s o n & S on s C o .
B u rlin g to n , N . O ., ow n ers o f th e O ssipee an d H o p e d a le m ills, an d th e E lla
M fg . C o . o f S h e lb y , N . C .
In 1919 a b o a c q u ir e d a ll o f th e s t o c k o f P elh am
M fg . C o . a n d L y n ch b u r g C o t t o n M ills ; in 1920 B o n h a m C o t t o n M ills ,
W in d s o r Print W o r k s , H en d erson C o t t o n M ills , U n io n C o t t o n M ills and
en tire c o m m o n s t o c k o f B . B . & R . K n ig h t, I n c . See s e p a r a te s ta te m e n t
fo r th a t c o m p a n y a b o v e . A ls o o w n s su b s ta n tia l in te re st in E x p o s itio n
C o t t o n M ills . A tla n ta . G a . F o r d e ta ile d c a p a c ity o f m ills , see V . 112,
p . 2 4 1 1 . A llia n c e w ith A m e rica n W o o le n C o . , V . 115 , p . 2 48 2.
T h e sto c k h o ld e r s Ju n e 12 1922 a u th o riz e d an increase in th e c a p it a l s to c k
fro m 1 .000,000 shares o f no p a r v a lu e t o 2 ,0 0 0 ,0 0 0 shares o f n o p a r v a lu e .
S to c k h o ld e r s o f re c o rd Ju n e 14 w ere g iv e n th e rig h t t o s u b s c r ib e a t $12 50
a sh are fo r new s t o c k o n th e basis o f o n e new sh are fo r ea ch t w o shares h e ld
V . 114. p . 2474.

R E P O R T . — F o r 1923, in V . 118, p . 1133, sh o w e d :
1922.
1923.
x P r o fit s f r o m o p e r a t io n ________________ $ 2 ,5 9 1 ,3 2 0
$ 3 3 5 ,1 1 9
D e p r e c i a t i o n ___________________________
5 4 3 ,5 6 5
6 3 5 ,0 0 0
In te r e s t, d is c o u n t, & c __________________ 1 ,§ 9 3 ,6 8 0
1 ,8 7 7 ,9 9 0
B . B . & R . K n ig h t p r e f. d i v id e n d ____

Amount
Outstanding

127 3.89 5 sh See te x t See t e x t J a n l 5 *21 75c
N one
N ew Y o rk
J
& D Ju n e 1 1941
$10 0 & c $ 4 ,5 0 0 ,0 0 0
8 g

O F F I C E R S .— C h a ir m a n o f B o a r d , J . E . A ld r e d ; P r e s .. H e r b e r t A . W a g ­
n e r ; V . - P . , C h a s. M . C o h n a n d C h a s. E . F . C la r k e ; T r e a s ., J o h n L . B a ile y ;
S e c . & A s s t. T r e a s ., W m . S c h m id t J r .; A s s t. S e c . S A s s t . T r e a s ., R . F .
c
B o n s a ll. O ffic e , L e x in g to n B l d g .. B a lt im o r e .— ( V . 11 8 , p . 2 5 7 7 .)

B a la n ce fo r year.

163

INDUSTRIAL AND PUBLIC UTILITY

O ffic e , 67 W a ll S t .,

6

5 g

A p r 3 0 ’24 2 0 c
M a r 1 1939
A p r 1 1925
M a y 2 0 1924 $1

G u aranty T ru s t C o, N Y
G u a ra n ty T r u s t C o, N Y
U S M tg e A T r Co. N Y
G u a ra n ty T ru st C o, N Y
C h e ck s m ailed
do

N Y , C h ic a g o o r C le v e l’d
do
do
U n T r , C le v ; 1st N a t ,N Y
B v ch eck
1H a ls e y , S tu a rt & C o ,N Y

J& C h ic a g o
B o s to n

CONSUMERS POWER CO. (OP MAINE), MICH.— See "E I. Ry. Sec.
CONTINENTAL CAN CO., INC.— O R G A N I Z A T I O N .— I n c o r p . in
N . Y . J a n . 17 1913. O p e ra te s 24 m ile s a t C a n o n s b u r g , P a . V . 9 5 , p .
1610; V . 9 6 , p . 363 ; V . 104, p . 555 , 2 6 4 3 . A n ew ge n e ra l lin e f a c t o r y a t
J ersey C i t y , N . J ., w as c o m p le t e d an d p la c e d in o p e r a tio n d u r in g 1921.
A g re e m e n t w ith V u lc a n D e tin n in g C o .
See th a t c o m p a n y . I n S e p t. 1923
p u r c h a s e d th e c a n a n d t u b e d e p a rtm e n ts o f th e N a tio n a l C a n C o . o f D e ­
t r o it .
V . 117, p . 1240. I n A p r il 1924 p u rch a s e d th e p r o p e r tie s o f th e
B u ck le n F o o d & P r o d u cts C o . a t I d a ., M ic h . V . 118, p . 1916.
S T O C K .— T h e s to c k h o ld e r s o n D e c . 29 1922 r a tifie d a ch a n g e in th e c o m ­
m o n s t o c k fr o m $ 1 5 ,0 0 0 ,0 0 0 (par $10 0) t o 5 0 0 ,0 0 0 shares o f n o p a r v a lu e ,
ea ch share o f th e o ld s t o c k t o r e c e iv e 2 2-3 shares o f n ew n o p a r v a lu e
com m on stock .
V . 115, p . 2 9 0 9 .
T h e p re fe rre d is c a lla b le , a ll o r p a r t, at 125 a n d a c c r u e d d i v .: a ls o , b e g in ­
n in g in 1 § 1 5 , fo r a n n u al s in k , f u n d o f 3 % o f issu e, p a y a b le o u t o f su rp lu s
p r o fit s . T h e p r e f. has n o v o t e fo r d ire cto rs u n less 4 q u a rte r ly d iv s . are in
d e fa u lt , in w h ic h case th e e le ctio n is v e s te d e x c lu s iv e ly in th e p r e f. u n til
a ll t h e d e fa u lts h a v e b e e n m a d e g o o d .
O f th e p r e f. s t o c k , $ 1 ,6 6 5 ,5 0 0 h a d
b e e n re d e e m e d t o D e c . 31 192 3. N o m o r tg a g e o r in crea se in p r e f. s t o c k
w ith o u t c o n s e n t o f 7 5 % o f e a ch class o f s t o c k .
D I V I D E N D S . — D iv id e n d o n p r e f. fr o m o rg a n iz a tio n t o 1 J u ly 1924.
in c l., 1% % q u a r. (7 % p e r a n n .).
O n c o m m o n O c t . 1 1915 t o Ja n . 1 1918,
in c l., 5 % p er an n . ( 1 H% Q .- J .) ; a ls o , F e b . 21 191 8, 3 5 % in c o m . s to c k ;
A p ril 1918 t o J u ly 1919, I X % q u a r.; O c t . 1919 t o J u ly 1921 p a id I X %
q u a r . O n F e b . 15 a n d M a y 15 1923 p a id e a ch q u a r. 75 ce n ts a share o n
n e w s t o c k o f n o p ar v a lu e ; A u g . 15 1923 t o M a y 15 1924 p a id $1 a share
each q u a r. O n F e b . 15 1924 also p a id 5 % in c o m m o n s t o c k .
R E P O R T . — F o r 1 9 2 3 , in V . 118 , p . 7 8 7 , s h o w e d :

Cal.
Year.
1923
1922
1921
1920

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

Deprecia­
tion.

Federal
Taxes.

Preferred
Divs.

Common
Divs.

$ 5 1 9,75 0
$4 7 6 ,9 0 6
4 6 8 ,0 3 8
4 37 ,721

$55 0 ,0 0 0
$ 8 0 0 ,0 0 0
2 5 0 .0 0 0

$ 4 1 1,57 4
$ 2 8 9 ,7 1 3
3 ,4 0 1 5 0
3 0 7 ,0 3 7

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

210.000

x Surplus.
$ 2 ,1 8 0 ,1 9 2
$ 2 ,4 3 6 ,8 8 9
d e fl3 0 ,6 4 6
131 ,5 8 3

x S h o w n a fte r d e d u ctin g a m o u n t a p p lie d t o r e d e m p tio n o f p r e f. s t o c k .
O ffic e , P e rsh in g S qu are B l d g ., N e w Y o r k .— ( V . 118 , p . 2 5 7 7 .)
C O N T I N E N T A L G A S & E L E C T R I C C O R P .— (See Map) .— I n c o r p .
u n d e r la w s o f D e la w a re N o v . 16 1912. Is p r im a rily e n g a g e d , th r o u g h its
su b sid iaries, in th e d e v e lo p m e n t a n d d is trib u tio n o f e le ctr ic p o w e r fr o m
m o d e r n ce n tr a l s ta tio n s. D o e s a ll th e e le ctr ic lig h t a n d p o w e r b u sin ess
in K a n sa s C it y , M o . [th ro u g h its r e c e n t a c q u is itio n o f c o n t r o l o f K a n s a s
C it y P o w e r S ecurities C o r p ., w h ic h in tu rn c o n t r o ls K a n sa s C it y P o w e r
& L ig h t C o .
V . 118, p . 202]; sells p o w e r in 14 n e a r b y c o u n tie s in M is s o u r i
a n d K a n sa s; fu rn ish es e le ctr ic lig h t a n d p o w e r t o 141 c itie s a n d co m m u n itie s
a n d gas t o f iv e citie s in I o w a , N e b ra s k a a n d M is s o u r i; su p p lie s e le c t r ic it y
an d gas t o B r a n d o n , M a n it o b a , a n d o w n s a n d o p e ra te s th e ste a m h e a tin g
p la n t a t K an sas C it y .
T h e c o r p o r a tio n de riv e s o v e r 8 4 % o f its g ross re v e n u e fr o m th e sale o f
e le ctr ic ity , d is trib u te d t o m o r e th a n 180 ,000 c o n s u m e rs a n d se rv in g a to t a l
p o p u la tio n o f o v e r 8 1 7 ,0 0 0 . T h e b a la n c e o f earnings is d e r iv e d fr o m th e
sale o f gas a n d ste a m h e a t.
Kansas City Group.— T h e K a n sa s C it y P o w e r & L ig h t C o . , th e largest
s u b sid ia ry o f C o n tin e n ta l G a s & E le c tr ic C o r p ., d o e s all th e e le ctric lig h t
an d p o w e r business in K a n sas C it y , M o ., a n d sells, eith er w h olesa le o r re ta il,
e le ctric c u r r e n t used in 14 n e a r b y c o u n tie s in M is s o u r i a n d K a n s a s . T h e
K a n sa s C it y p r o p e r t y in clu d e s th ree ele ctric ge n e ra tin g s ta tio n s w ith an
a ggre ga te in sta lle d n o rm a l c a p a c it y o f 1 1 4 ,1 5 0 k .w . P o p u la tio n o f th is
te r rito r y s e rv e d , o v e r 575 .0 0 0 .
Lincoln, Nebraska, Group.— C o r p o r a tio n , th r o u g h its su bsidiaries, serves
e le ctr ic lig h t a n d p o w e r t o 141 a d ja c e n t citie s a n d c o m m u n itie s a ll in ter­
c o n n e c te d b y tran sm ission lin es, in I o w a , N e b ra sk a a n d M is s o u r i. P r o p e r ­
ties o p e r a te d fr o m L in c o ln , N e b ., as a ce n tre h a v e a to t a l s te a m c a p a c it y
o f 2 8 ,3 3 5 k .w . a n d h y d r o -e le c t r ic c a p a c it y o f 6 ,1 8 5 k .w .
P o p u la tio n
se rve d in th is te r rito r y a n d in B r a n d o n , M a n it o b a , is o v e r 2 4 2 ,0 0 0 , a n d
th e su bsidiaries h a v e o v e r 6 7 ,0 0 0 cu sto m e rs.
S T O C K .— E a ch share o f p r io r p re fe re n ce s t o c k ca rries a d e ta c h a b le
s to c k p u rch a s e o p t io n w a rra n t e n titlin g th e h o ld e r th e r e o f t o p u rch a se
X share o f c o m m o n s to c k o n o r b e fo r e J a n . 31 1925 a t $50 p e r share, o n
o r b e fo r e J a n . 31 1926 a t $62 50 p er share, a n d o n o r b e fo r e J a n . 31 1927
a t $75 p e r share, w ith p r o v is io n s fo r issu in g n o n -d iv id e n d -b e a r in g scrip
fo r fr a c tio n a l shares so p u r c h a s e d .
T h e s to c k h o ld e r s o n F e b . 11 1924 a u th o riz e d a n issue o f 3 5 0 ,0 0 0 shares o f
n o p a r v a lu e c o m m o n s t o c k , o f w h ic h 106 ,0 3 5 shares w e re issu ed t o h old ers
o f th e 4 2 ,4 1 4 shares o f c o m m o n s to c k , p ar $ 10 0, o n th e ba sis o f 2 l shares
A
o f th e n e w s to c k fo r o n e share o f th e o ld .
In c o n n e c t io n w ith th e in crea se o f th e o u ts ta n d in g c o m m o n s t o c k th ere
w as a d o p te d a t th e sam e m e e tin g an a m e n d m e n t p r o t e c tin g th e h o ld e rs o f
th e p a r ticip a tin g p r e fe rre d s t o c k in th eir rig h t t o p a r ticip a te w ith th e
c o m m o n s to c k a b o v e th eir fix e d ra te o f 6 % p er a n n u m . B y v ir tu e o f th is
p r o t e c tiv e a m e n d m e n t th e p a r ticip a tin g p re fe rre d s t o c k , in stea d o f p a r tici­
p a tin g w ith th e c o m m o n d iv id e n d s in excess o f $7 p er share t o th e c o m m o n
s t o c k , p a r ticip a te s u p t o an a d d itio n a l 2 % a fte r d iv id e n d s o f $2 80 p er share
h a v e b e e n p a id t o th e c o m m o n s to c k in a n y o n e y e a r . An o rd e r re fu s in g th e
c o m p a n y pe rm issio n t o sell s t o c k in M is s o u r i w as issu ed A p r il 18 1924 b y
th e “ b lu e s k y ” o f fic e o f th e M is s o u r i S ta te F in a n ce D e p a r tm e n t.
D I V I D E N D S . — T h e d ir e cto r s h a v e d e cla re d th e fo llo w in g d iv id e n d s
fo r th e y e a r 1924 o n th e v a r io u s classes o f s to c k :
(1) Prior Preference Stock— ■
A d iv id e n d o f 7 % ; (2) Particip. Pref. Stock— -A d iv id e n d o f 6 % a n d an ex tra
p a r ticip a tin g d iv id e n d o f 1 % in ca sh a n d 1 % in c o m m o n s to c k ; (3) Preferred
Stock— A d iv id e n d o f 6 % , a n d (4) Common Stock— A d iv id e n d o f $3 in ca sh
a n d $3 p e r share in c o m m o n s t o c k (va lu e d fo r th is p u r p o s e a t $100 p e r
s h a r e ). A ll d iv id e n d s are p a y a b le in q u a rte rly in sta llm e n ts o n A p r il 1,
J u ly 1 a n d O c t . 1 1924 a n d J a n . 1 1925, th e fir s t p a y m e n t b e in g m a d e t o
h o ld e rs o f r e c o r d M a r c h 18 1924.
B O N D S .— T h e c o lla te ra l tru s t 7 % g o ld b o n d s , series “ A , ” are c o n v e r t ib le
in to 6 % — 8 % p a r tic. p r e f. s t o c k , a t th e ra te o f $100 p ar v a lu e o f s u c h s t o c k
a n d $10 ca sh fo r e a ch $100 p r in c ip a l a m o u n t o f b o n d s so c o n v e r t e d .
R ed.
a ll o r p a r t o n a n y in t. d a te u p o n 30 d a y s ’ n o tice , o n o r b e fo r e F e b . 1 1927
a t 102, o n or b e fo r e F e b . 1 1929 a t 105, o n o r b e fo r e F e b . 1 1934 a t 104, o n
o r b e fo r e F e b . 1 1939 a t 103, o n o r b e fo r e F e b . 1 1944 a t 102 , o n o r b e fo r e
F e b . 1 1949 a t 101, th e re a fte r a t p a r (an d in t. in e a ch c a s e ).
T h e 6 % re fu n d in g b o n d s , series “ A , ” are re d e e m a b le a t 1 0 7 l t o A p r il 1
A
1932; a t 105 th e re a fte r t o A p r il 1 1942, a n d a t 102 th e r e a fte r .
E A R N I N G S .— C o n s o lid a te d earn in gs sta te m e n t 12 m o s . e n d . J a n . 31:
[G iv in g e ffe c t t o th e p u rch a s e o f th e K a n sa s C it y P o w e r & L ig h t C o .]
192^.
1923.
G ross r e v e n u e __________________________________________ $ 1 2 ,5 5 4 ,7 6 3 $ 1 1 ,3 6 5 ,9 1 6
7 ,0 4 2 ,9 4 1
6 ,6 7 3 ,0 3 0
O p e ra tin g exp en ses, ta x e s , & c _______________________
S u b sid ia ry d e d u ctio n s , & c ___________________________
2 ,2 3 7 ,3 5 3
2 ,0 8 8 ,4 7 0
In te re st 5 a n d 6 % b o n d s ______________________________
4 53 ,981
3 3 9 ,1 0 2
In te re s t 7 % b o n d s ____________________________________
3 9 9 ,0 0 0
3 9 9 ,0 0 0
D iv id e n d , p r io r p r e fe rr e d _____________________________
480 ,081
519 ,231
D iv id e n d , p a r ticip a tin g p r e fe r r e d ___________________
1 0 5 ,0 8 4
----------A v a ila b le fo r d e p . a n d c o m -----------------------------------$ 1 ,8 3 6 ,3 2 3

$ 1 ,3 4 7 ,0 8 3

164




INDUSTBIAL AND PUBLIC UTILITY

[V ol. 118

M ay , 1924.]

MISCELLANEOUS COMPANIES

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

Date
Bonds

Corn Products Refining.— C o m m o n s to c k f7 5 0 0 0 ,0 0 0 ..
P referred (a A d) s to c k 7% ou m $ 2 5 ,0 0 0 ,0 0 0
_______
1st M . g sin k, fa red 105____________________ - __________x c *
Debentures g $114,000 called yearly par (V 85. p 527)--«

1909
1906

\ Y G lu cose C o first m tg e assum ed g o ld s f (see t e x t ) ___ x

1902

* 1 fV 94. o 127)___ _____ x
C o s d e n a n d C o — C o m m o n s to c k 3 ,0 0 0 ,0 0 0 shares a u t h .
P r e f s t o c k 7 % cu m u la tiv e c o n v e r t ib le re d . 1 2 0 ___________
( W o ) Cramp St Sons Ship St Engine Bldg Co— See text

1910

Guaranteed Debentures—
Vat Starch Co d eb s g guar

165

INDUSTKIAL AND PUBLIC UTILITY

d

Par
Value

Amount
Outstanding

Rate
%

Q— J
$25 $ 6 2 ,2 3 0 ,0 0 0 See text
100 2 4 ,8 2 6 .9 3 3
7
W— J
1,000
1 ,8 7 5 ,0 0 0
5g M A N
M A N
1.000
5 g
19,000
See te x i
6g M A S
8 4 ,1 6 0
’ noo
5 7 2 .5 0 0
N o n e 1 3 5 7 ,2 3 3 sb
100
6 ,8 5 6 ,8 7 0

Last Dividend Places Where Interest an*
Dividends are Payable
and Maturity

When
Payable

See te x t
A p r 15 1924 I X T itle
M a y 1 1934
N ov 1 1 9 3 ’
T itle
S e p t 1 1927

G uar A T r C o, N Y
do
do
do
do
G uar A T r C o .B k ly n

Farm ers' L A T r C o. N Y
J
A
J Julv i 1930
* 9
>
B a ltim o re . M d
A u g 1 ’23 $1
See te x t
do
Q— M
Ju n e 2 ’24 1 X
7

O F F I C E R S .— P res., R u fu s E . L e e ; V . - P . , Jam es B . H a r v e y a n d W . H .
A b b o t t ; S e c ., T h o s . H . Jones; T r e a s ., B . 1 . O lsen. O ffic e s , C le v e la n d ,
O h io , a n d O m a h a , N e b .— (V . 118, p . 204 6.

hereafter a cq u ire d , s u b je c t o n ly to N . Y . G lu c o s e 1st 6s.
A n n u al sinking
fu n d o f 2 % o f to ta l a t a n y tim e issu ed m a y be used t o d ra w b o n d s a t 105
an d Int. V . 106, p. 1034; V . 8 8 , p. 1064, 125 6, 1439; V . 9 0 , p. 84 5 , 846 ;
V . 9 3 , p. 348 ; V . 105, p. 1423.

CONTINENTAL MOTORS CORP.— ORGANIZATION.— Incorp. In
Virginia In Jan. 1917 (see V. 104, p. 259), and took over business and plant*

The National Starch Oo. has outstanding In the hands of the public
•nly $16,200 pref. and $99,300 common stock, the balance being owned by
tbe Corn Products Refining Co. Of Its $5,168,000 debenture 5s (guaran­
teed), only $572,500 on Dec. 31 1923 were in hands of public.
3 Mos. End. Mar. 31.
1924.
192 3.
1 92 2.
1921.

a t D e t r o it a n d M u s k e g o n , M ic h ., o f C o n tin e n ta l M o t o r s C o . , m a k e rs o f
" C o n t in e n t a l” ga solin e m o to rs .
S T O C K .— T h e s to ck h o ld e rs O c t . 18 1922 a u th o r iz e d an Increase In th e
c a p it a l s t o c k t o 3 ,0 0 0 ,0 0 0 n o p a r v a lu e sh ares, o f w h ic h 1 ,5 0 0 ,0 0 0 w ere
ex c h a n g e d sh are fo r share f o r th e o ld c o m m o n s t o c k , p a r $10 . T h e u n issu ed
shares w ill b e h e ld in th e tre a su ry fo r issu an ce as t h e d ir e cto r s m a y d e te r­
m in e .
See V . 115, p . 1637.
D iv . o n c o m m o n s t o c k , N o . 1, Ju n e 15 1917, 1)4% ; D e c . 5 191 7, 2 % ;
F e b . 1918 t o A u g . 15 1919, 1 X % ; q u a r .; N o v . 15 1919 t o A u g . 15 1920
2 % q u a r .; D e c . 15 1920, 1 % ; th e n n o n e u n til A p ril 30 1924, w h en 20 ce n ts
a sh are w a s p a id o n s t o c k o f n o p ar v a lu e .
V . 118, p . 1916.
T h e 1st m tg e . 6)4 % sin k in g f u n d g o ld b o n d s are re d e e m a b le a ll o r p a r t,
a t a n y tim e o n n o t less th a n 30 d a y s ’ n o t ic e a t th e fo llo w in g p rice s an d
in terest: t o a n d in c l. M a r c h 1 1925 a t 103 l ; th e re a fte r a t X o f 1 % less fo r
A
e a c h s u cce e d in g y e a r o r p a r t th e r e o f t o a n d in c l. M a r c h 1 1938 a n d th e re ­
a fte r a t 100 . F o r sin k in g fu n d , & c ., c o m p a r e V . 118 , p . 152 4.
R E P O R T . — F o r y e a r e n d in g O c t . 31 1 92 3, in V . 118, p . 8 2 , show s:
Year Ending Oct. 31—
192 2 -2 3 .
1 9 2 1 -2 2 .
1 92 0-2 1.
N e t p r o fit s , a fte r m fg ., m a in t ., & c .,
e x p ., in c l. d e p r e c . & o r d . t a x e s ____ $ 2 ,1 8 0 ,4 5 3 $ 1 ,5 6 0 ,9 4 4 d e f$ 3 7 1 ,534
F ed era l ta x re s e r v e ____________________
2 4 3 ,0 0 0
9 1 ,0 0 0
_______
P referred d iv id e n d s ____________________
3 4 ,533
1 4 5 ,0 4 8
148,096
C o m m o n d iv id e n d s ____________________
_______
_______ ( 1 % ) 146,073
B a la n ce , s u r p lu s------------------------------- $ 1 ,9 0 2 ,9 2 0 $ 1 ,3 2 4 ,8 9 6 def$ 6 6 5 ,7 0 3
P r o v . fo r a d d ’l F e d . ta x e s (p r io r y r s .)
2 6 6 ,0 0 0
_______
_______
P r e m . o n p r e f. s t o c k r e t ir e d __________
138 ,587
_______
_______
G.

P r e s ., R . W . J u d son ; V .-P r e s . & S e c ., W . R . A n g e ll; V .-P r e s . & T r e a s .,
W . Y e o m a n . O ffic e , D e t r o it , M ic h .— (V . 118, p . 191 6.)

COPPER RANGE CO.— ORGANIZATION.— Incorp. in Mich. Jan. 26
1899- See V. 105, p. 610; V. 101, p. 925. Has extensive land holdings
and mineral rights In Lake Superior district, Mich. -Owns the stock <f
A t la n t ic M in in g C o . a n d C o p p e r R a n g e R R . (see " R a ilr o a d s ” ) , 9 7 % an d
1 0 0 % , r e s p e c t iv e ly , a n d 5 0 % o f C h a m p io n C o p p e r C o .; a ls o o w n s 9 ,2 0 0
shares o f M ic h ig a n S m e ltin g C o . s t o c k .

Dividends.— Since Aug. 1915: 1915, 12%; 1916. 40% 1917, 40% (10%
Q.-M.); 1918, 24% ; 1919, March 15 $1; June 1919 to Sept. 1920. 50 cts
(2%) quar.; then none until Mar. 1 1922, when $1 was paid; May 10 1923
p a id $1; May 2 0 1 92 4, p a id $1.
R E P O R T .— F o r 1 9 2 3 ,in V . 118, p . 2 1 8 5 , sh o w e d :
1923.
192 2.
1921.
1920.
C o p p e r p r o d u c e d ( l b s . ) . 2 3 ,5 7 1 ,3 6 0 2 9 ,0 2 9 ,4 7 4 3 2 ,6 6 9 ,7 3 8 2 3 ,7 5 6 ,2 6 7
T o t a l r e v e n u e _____________ $ 3 ,6 8 7 ,7 6 3 $ 4 ,2 7 0 ,4 2 2 $ 4 ,4 5 7 ,3 0 6
$ 4 ,2 3 2 ,7 6 4
N e t fo r d iv id e n d s ________ * d e f5 7 0 ,7 4 5
3 31 ,683
2 3 5 ,1 8 5
d e f4 ,8 3 8
D iv id e n d s p a id __________
3 9 4 ,4 2 2
3 9 4 ,4 2 2
_______ 9 1 ,6 2 5
(6 )5
* A fte r d e d u ctin g $ 7 1 1,54 3 fo r d e p r e c ia tio n & d e p le tio n a n d $107,321
T r im o u n ta in s h u t-d o w n expen se.
P r e s ., W illia m A . P a in e; S e c. & T r e a s ., F . W . P a in e . O ffic e , 82 D e v o n ­
shire S t ., B o s t o n .— ( V . 118 , p . 2 1 8 5 .)

CORN PRODUCTS REFINING CO.— ORGANIZATION.— IncorpFeb. 6 1906 per plan V. 82, p. 103. 1321; V. 85, p. 527; V. 86. p. 1412; V.
87, p. 42; V. 96, p. 996; V. 90, p. 845. P lan ts a t A r g o and Pekin, 1 1 ;
1
E d g e w a te r , N . J ., an d K an sas C it y , Mo. V . 105, p . 501 ; V . 84, p . 696 .
V . 8 7 , p. 938; V . 88, p . 628 , 1623; V . 90, p . 845; V . 9 2 , p. 465 , 883 ; V . 98.
p. 91 5 . N e w p la n t a t N o r t h K an sas C it y M o ., w as p u t in o p e r a tio n in
M a r c h 1922. V . I l l , p . 796; V . 114, p . 1291. P u rch a se o f pla n ts in
E u r o p e . V . 112, p . 261 . F o rm s G erm an c o m p a n y , V . 114, p . 1895.

In June 1916 the U. 8. District Court in N . Y . held the company to have
violated the Sherman Anti-Trust Law, and on March 31 1919 a final decree
was filed, to which the company assented, ordering the dissolution of the
merger not later th an Jan . 1 1921 (su b se q u e n tly c h a n g e d t o Ja n . 1 1922.
V . 113, p . 1 7 7 6 ). T h e d e cre e o rd e re d th e c o m p a n y t o d is p o s e o f its p la n ts
at G ra n ite C it y , 111.; D a v e n p o r t , l a .; its in terest in th e s t o c k a n d o th e r se­
cu rities o f th e N a tion a l S tarch C o ., w ith its p la n t a t O sw e g o , N . Y . , an d th e
s t o c k an d secu rities o f th e N o v e lt y C a n d y C o ., w h ich h a d p la n ts at C h ic a g o ,
111., an d Jersey C it y , N . J ., t o a p erson o r person s, in c lu d in g c o r p o r a tio n s ,
n o t co n tr o lle d b y o r a ffilia te d w ith th e C o r n P r o d u c ts R e fin in g C o . and
t h e c o m p a n y , o r a ffilia te d c o r p o r a tio n s , n o t t o h a v e a n y o ffic e r s o r d ir e cto r s
in c o m m o n w ith su ch p u rch aser, n o r a n y d e fe n d a n t b e su ch p u rch a se r. O n ly
p erson s o r c o r p o r a tio n s in te n d in g t o c o n tin u e th e business w e re eligible
a s pu rch a sers.
A c c o r d in g ly in M a y 1919 th e N o v e lt y C a n d y p la n ts w e re so ld t o th e
C o n tin e n ta l C a n d y C o . (Y . 109. p . 6 8 7 ).
In S e p t. 1919 also th e G ra n ite
C i t y p la n t w as sold fo r $ 4 ,5 0 0 ,0 0 0 . T h e D a v e n p o r t , l a . , p la n t w as sold
in D e c . 1919 fo r $ 2 5 0 ,0 0 0 . I n D e c . 1921 the O sw e g o , N . Y . . p la n t o f the
N a t io n a l S ta rch C o . w a s so ld t o t h e O sw e g o F a c to r ie s C o r p .
See V . 109,
p . 1 2 7 7 , 146 3, 170 2, 2 26 7; V . 11 2 , p . 66.
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n M a r c h 25 1924 (1) re d u ce d
th e a u th o r iz e d p re f. s to c k fr o m $ 3 0 ,0 0 0 ,0 0 0 to $ 2 5 ,0 0 0 ,0 0 0 , th u s fo rm a lly
c o m p le t in g th e r e tirem e n t o f 5 0 ,0 0 0 shares w h ic h w ere p u rch a se d b y th e
c o m p a n y a n d ca n c e lle d in 1921, a n d (2) in crea sed th e a u th o r iz e d c o m m o n
s t o c k fr o m $ 5 0 ,0 0 0 ,0 0 0 t o $ 7 5 ,0 0 0 ,0 0 0 , a n d c h a n g e d th e p ar v a lu e o f the
c o m m o n shares fr o m $100 ea ch t o $ 2 5 ea ch .
T h e d ir e cto r s d ecla re d a 2 5 % s to c k d iv . on th e c o m . s t o c k , p a y a b le t o
h o ld e r s o f r e c o rd A p r il 5 1924. T h e s to ck h o ld e rs r e c e iv e d 5 shares o f th e
n ew s t o c k , p ar $25 , in e x ch a n g e fo r e a ch share o f th e o ld c o m . s to c k , par
$ 10 0.
T h e b a la n ce o f th e n ew c o m . s t o c k w ill b e h e ld in th e tre a su ry ,
fr o m w h ic h sales m a y b e m a d e t o e m p lo y e e s .
( T 3 . T 4 . '1 5 . '1 6 . 1917. '1 8 . '1 9 . ’2 0 . '2 1 . '22. '2 3 .
Preferred (% )______ - 5
7
7
7
See
5
26.1 6 7
7
5
5
C o m m o n ( % ) ________
text
6
6
6
D IV ID E N D S —

With the regular I X % quarterly the pref. shares in 1917 received in
Jan., April and July each 5% and In Oct. 4 1-6%, extinguishing all
a cc u m u la tio n s .
V . 104, p . 1147, 2555; V . 105, p . 3 9 2 . In itia l q u a rte r lj
div o f 1 % an d )4% extra o r c o m m o n p a id Jan . 20 1920. V. 109. p . 2449
V . 110, p . 26 4 . Sam e a m o u n t p a id q u a r. to O c t . 1922. O n J a n . 20 1923
p a id 1 H % q u a r. a n d 3 % e x tra ; A p ril 20 1923 p a id 1 )4% q u a r .; J u ly 20
1923 p a id 1)4% q u a r. a n d 1)4% extra; O ct. 2 0 1923 a n d J a n . 19 1924 p a id
1)4% q u a r. a n d X % extra; A p r il 19 1924 p a id 2)4% q u a r. C o m m o n
s to c k h o ld e r s o f r e c o rd A p r il 5 1924 r e c e iv e d a s t o c k d i v . o f 2 5 % .

BONDS.— Of the N. Y. Glucose 6s. 4% of each bond i$40i is retlrablt
Sept. 1 yearly beginning’ hoc hn' uier
not suh to call v 74 p \oae
The 1st 25-year 5s of 1909 ($10,000,000 auth. Issue) are Beoured by a first
lien on all the property of the company and Its subsidiaries now ov.ned or




$ 1 ,6 5 4 ,8 6 6
N e t e a r n in g s * ___________ $ 3 ,9 4 3 ,4 5 7 $ 3 ,5 8 3 ,5 4 5 $ 2 ,6 2 1 ,2 8 7
O th er i n c o m e - . ..................
2 5 8 ,0 5 9
2 4 0 ,4 8 8
1 9 8 ,0 2 0
9 1 ,2 6 9
T o t a l in c o m e ___________ $ 4 ,2 0 1 ,5 1 6
In te re st & d e p r e c ia t io n .
9 6 9 ,4 5 6
P re fe rre d d iv id e n d s ____
4 3 7 ,5 0 0
C o m m o n d iv s . q u a r ____
8 7 5 ,0 0 0
do
e x t r a ________
3 7 5 ,0 0 0
S u r p lu s ________________ $ 1 ,5 4 4 ,5 6 0

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

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

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

$ 9 8 2 ,1 5 7

$ 1 0 1,09 9

* N e t earnings fr o m o p e r a tio n s , a fte r d e d u c t in g ch arges fo r m a in ten a n ce
a n d rep a irs a n d est. a m o u n t o f F e d . ta x e s, & c.
R E P O R T . — F o r 192 3, in V . 118, p . 113 2, s h o w e d :
Calendar Years—
192 3.
1 92 2.
192 1.
192 0.
P r o fit s fr o m o p e r a tio n s _ $ 1 3 ,9 7 8 ,9 6 6 $ 1 3 ,8 2 6 ,1 1 8
$ 9 ,4 5 1 ,4 1 0 $ 1 8 ,5 8 6 ,0 3 2
I n t. o n d e p ., lo a n s, & c _ .
6 8 8 ,7 3 6
5 3 2 ,2 2 7
5 8 4 ,2 2 0
1,3 0 4 ,7 1 0
I n t . & d iv s . o n se cu ritie s
9 1 4 ,3 0 5
8 6 4 ,9 2 9
6 2 7 ,4 5 0
5 44 ,169
R e n ts rea l est. n o t in o p .
_______
_______
1,093
1,2 5 8
P r o fit o n se cu rities s o l d .
122 ,401
2 3 0 ,6 4 4
78,2 0 1
-------T o t a l in c o m e __________ $ 1 5 ,7 0 4 ,4 0 8
In te re s t o n b o n d e d d e b t .
$ 1 3 6 ,1 9 0
1 ,9 9 0 ,2 9 2
G e n . & F e d . ta x e s _______
In s u r a n c e ________________
199,101
P re fe rre d d iv id e n d s ____
1 ,7 3 7 ,8 9 0
C o m m o n d iv id e n d s ______ 4 ,4 8 0 ,5 6 0
D e p r e c ia t io n ____________
2 ,9 0 7 ,2 6 5
S p e cia l & e x tr a o r d . losses
_______
B a la n ce , s u rp lu s ______$ 4 ,2 5 3 ,1 1 0

$ 1 5 ,4 5 3 ,9 1 8 $ 1 0 ,7 4 2 ,3 7 4 $ 2 0 ,4 3 6 ,1 6 9
$ 1 1 3 ,9 2 0
$ 1 2 0 ,6 9 4
$13 1 ,6 8 2
1 ,7 5 5 ,8 3 7
1 ,1 5 7 ,4 0 9
4 ,8 2 9 ,4 7 5
191 ,450
1 9 2 ,2 6 8
2 4 7 ,0 1 8
1 ,7 3 7 ,8 9 0
1 ,7 3 7 ,8 9 0
1 ,7 4 9 ,5 8 2
4 ,4 8 0 ,5 6 0
2 ,9 8 7 ,0 4 0
2 ,9 8 7 ,0 4 0
2 ,9 7 6 ,1 3 8
2 ,4 4 0 ,2 6 1
2 ,6 3 6 ,5 1 4
_______
5 0 5 ,3 8 5
121 ,8 5 4
$ 4 ,1 9 8 ,1 2 3

$ 1 ,6 0 1 ,4 2 8

$ 7 ,7 3 3 ,0 0 4

DIRECTORS.— E. T. Bedford (Pres.). W. J. Matheson (V.-P.), G. M .

M o f f e t t ( V . - P .) , F . T . F ish er (S e c .-T r e a s .) , C . H . K e is e y , G . S. M a h a n a
( V . - P .) , T . P. K in g s fo r d , W . H . N ic h o ls J r ., A . A . S m ith , A . B . B o a rd m a n ,
F . H . H a ll, W illis D . W o o d , P re sto n D a v ie , E. E. V a n S ick le. O ff ic e ,
17 B a tt e r y P la c e , N e w Y o r k . — ( V . 118, p . 2 0 4 6 .)

COSDEN AND CO.— ORGANIZATION.— Incorporated in Delaware
July 9 1917 as a consolidation (V. 104. p. 2018. 2455, 2007). Properties
(a) Operates over 1,000 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: (6) pipe line system, about 1,000 miles in
ength 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 (5) 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 stock
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 s to c k h o ld e r s v o t e d o n Ju n e 6 1923 t o in cre a se th e a u th o r iz e d c o m m o n
s t o c k fr o m 1 ,4 0 0 ,0 0 0 sh ares t o 3 ,0 0 0 ,0 0 0 sh ares, n o p a r v a lu e .
V . 116, p.
2 64 2.

DIVIDENDS.— In Sept. 1917 an extra dividend of 4% was declared
in 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
'allroad congestion the common dividend of 5% was paid In common stock
in lieu of cash and this was repeated in May; Aug. 1918, 2)4 % w as paid In
c o m m o n s t o c k . N o v . 1918 t o Aug. 1919, 2 )4 % e a ch , p a id q u a r.; N o v . 1
1919 a n d F e b . 1 1920 p a id 2)4% ca sh a n d 2) 4 % in c o m m o n s t o c k . See
“ C a p ita l S t o c k ” a b o v e .
O n n ew (n o p ar v a lu e ) c o m m o n s t o c k p a id 62)4
ce n ts a share q u a rte r ly fr o m M a y 1920 t o Aug. 1922; N o v . 1922 t o Aug.
1923 p a id $1 q u a rte r ly ; N o v . 1923 d iv id e n d w as o m it t e d .
R E P O R T .— F o r 1923 s h o w e d :
Calendar Years—
192 3.
1922.
1921.
G ross in c o m e ___________________________$ 3 4 ,6 0 2 ,5 4 9 $44 ,4 3 6 ,3 9 1 $ 3 6 ,5 0 0 ,6 0 5
C o s t a n d e x p e n s e _______________________ 2 8 ,0 9 9 ,5 6 5
3 0 ,2 5 3 ,5 9 0 2 8 .2 6 8 .3 4 0
I n v e n t o r y a d ju s t m e n t ________________
3 ,0 0 0 ,0 0 9
--------------------I n t e r e s t_________________________________
4 5 9 ,2 0 5
1 ,7 7 8 ,9 0 0
1 ,5 4 9 ,5 3 8
6 ,8 2 7 ,4 0 2
6 ,9 2 8 ,8 7 2
6 ,2 5 9 ,0 7 3
D e p r e cia tio n , d e p le tio n , & c ___________
N e t in c o m e _______________________________________ d e f$ 3 ,7 8 3 ,6 2 4
D iv id e n d s ______________________________________________
2 ,9 3 1 ,0 3 6

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

B a la n c e ____________________________ d e f$ 6 ,7 1 4 ,660 s r $ l ,6 1 4 ,5 3 2 df.$2,1 1 1 ,8 9 0
Report for Quarter Ended March 31.
1924.
1 92 3.
192 2.
N e t earn in gs a fte r e xp en ses b u t b e fo r e
d e p r e c ia tio n a n d d e p le t io n c h a r g e s , $ 3 ,9 4 2 ,8 7 5 $ 3 ,1 7 8 ,4 5 8 $ 1 ,9 8 7 ,0 3 5
O F F I C E R S .— P res., J . S. C o s d e n ; V .-P r e s id e n ts, A . W . G ie s k e , Jacob
F rance and E . R . P e rry : S e c .. E . M . R o u z e r: T r e a s ., C h a rles K le in .
F r a n ce , L . A . K ie d e l a n d E . R . P e r r y ; S e c ., E . M . R o u z e r ; T r e a s ., C h arles
K le in . O ffic e s , 730 F if t h A v e ., N e w Y o r k ; T u ls a , O k la .; a n d M a r y la n d
C a s u a lty T o w e r , B a lt im o r e , M d . — (V . 118, p . 2 5 7 7 .)
CRADDOCK-TERRY CO.— ( V . 118, p . 79 0 .)

(WM.) CRAMP & SONS SHIP & ENGINE BUILDING CO. (THE).—
in c o r p . in P e n n . M a r c h 26 1872.
p . 916 .

P ro p e rtie s o w n e d , V . 78, p . 46; V . 90,

In June 1915 a large interest was acquired by New York and other parties.
V. 100, p. 2013; V. 101, p. 50; V. 102, p. 156. In Nov. 1917 purchased for
some $1,500,000 the 5 Ml-acre plant of the De La Vergne Machine Oq.
V. 105, p. 2001. I n March 1922 p u rch a s e d th e p la n t of t h e P e lto n Water

166

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]
C r e s c e n t P ip e L ine C o — S t o c k $ 1 ,5 0 0 ,0 0 0 -

Date
Bonds

8%

$8,300,000

$ 1 ,5 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
6 5 .0 0 0 .
2 5 .0 0 0 .
5 .2 5 0 .0 0 0
N o n e 5 0 0 ,0 0 0 shs
100 5 0 .0 0 0 .
1 0 0 See 2 5 .0 0 0 .
$25

100
100

1911
1920
1922

C u b a n -A m erica n S u g a r C o— C o m m o n s t o c k __________________
P referred (a & d) s t o c k 7 % c u m u la t iv e . _____ __________
F irs t m tg e c o ll s f g o ld b o n d s red 1 0 7 Hi $ 1 0 ,0 0 0 .0 0 0 ______c *
C u b a n D o m i n i c a n S u g a r C o . — C o m stk l ,l 6 0 , 0 0 0 s h s a u t h .
P r e f (a& d ) s t o c k
n o n -c u m r e d 105
a u t h ____
San ta A n a Sugar 1st m tg e s f b o n d s _________________________

1921
1921

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

B a la n c e -----------------d e f$ 2 3 ,0 3 6 s u r $ l,6 0 2 d e f$ 1 1 .3 3 4 d e f$ 3 3 ,8 9 8 d e f$ 1 8 ,5 8 3
P r e s ., C h a rles S h u m a k e r. O ffic e , 323 F o u r th A v e ., P itts b u r g h , P a .—
V . 118 , p . 7 9 8 .)
C R E X C A R P E T C O .— I n c o r p . J u n e 8 189 9, in D e la w a r e , as th e
A m e rica n G ra ss T w in e C o . ; n a m e c h a n g e d t o a b o v e o n O c t . 17 190 8. M a n ­
u fa c tu r e s grass c a r p e ts a n d r u g s fo r f lo o r c o v e r in g s ; a lso C h e n ille ru gs.
P la n t is lo c a te d a t S t. P a u l, M in n .; also o w n s la n d a t O sh k o s h , W is ., an d
o v e r 5 0 ,0 0 0 acres o f grass ia n d s in t h e n o rth e rn p a rts o f W isc o n s in an d
M in n e s o ta .
D I V S .—
( ’0 8 . '0 9 . '1 0 . ’ 1 1 -’ 13. ’ 14. ’ 1 5 -’ 16. ’ 17. ’ 1 8 -’ 2 0 . ’ 2 1 . N o n e
P e r c e n t ----------- 1
2
5 5 )4 6 y r ly . 3
0
2 6 y r ly . 1 y2 sin ceR E P O R T . — F o r y ea r e n d e d J u n e 30 1923 in V . 117 , p . 1345
Years end. June 30—
1923.
192 2.
1921.
1920.
M a n u fa c tu r in g p r o f i t s . . .
$ 4 1 8 ,8 5 3
$ 3 4 9 ,3 8 7
$ 3 5 9 ,7 5 7
$9 2 1 ,6 8 7
Less-— S e llin g , a d m in istra ­
t io n , g en . e x p ., & c ------2 7 4 ,9 4 3
3 5 9 ,6 4 7
3 0 3 ,8 3 4
3 4 5 ,9 1 6
_______
___
______
89 835
F ed era l t a x e s _____________
R e s e r v e d fo r d e p r e c ia tio n .
4 5 ,8 7 2
4 5 ,7 2 5
4 2 ,6 3 8
34,4 6 6
D o u b t fu l a c c o u n t s _______
_______
2 ,0 8 1
_______
4,4 2 7

T o t a l s u r p lu s ----------------- $ 7 6 0 ,4 1 5
D iv id e n d s p a i d --------------------------I n v e n t o r y a d ju s t m e n t
d e b .3 0 ,7 3 5
C o s t o f s e ttle m e n t o f B u rt
s u i t ---------------------------------4 3 ,8 4 5
R e s . fo r C r e x C a r p e t C o .
( E n g . ) , L t d . , c u r r .a c ct.
7 5 ,0 0 0

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

$44 7 ,0 4 3
8 5 5 ,0 2 6

$67 7 ,3 5 1 $ 1 ,1 3 5 ,3 5 3
----------1 3 5 ,0 0 0
d e b . 14,9 7 4 d e b .2 6 4 ,9 3 7

$ 1 ,3 0 2 ,0 6 8
180 ,000
_______

_______

_______

_______

_______

_______

B a la n ce J u n e 3 0 _______ $ 6 1 0 ,8 3 5
$ 6 6 2 ,3 7 7
$ 7 3 5 ,4 1 7
$ 1 ,1 2 2 ,0 6 8
O F F I C E R S .— P r e s ., J a m e s H . B a ld w in ; V . - P . , H . E s k M o lle r and
R . C . G a m b e e ; S ec. & T r e a s ., W m . A . P fe il; A sst. S e c. & A s s t. T r e a s .,
W m . B . H e rb e rt; G e n . M g r ., G e o . B . F a w le y . O ffic e , 295 F ifth A v e .,
N e w Y o r k . — ( V . 117, p . 1560.)

CRUCIBLE STEEL CO. OF AMERICA.— ORGANIZATION.— Incgr
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., &c. V. 109, p. 1789.
The Pittsburgh Crucible Steel Co., all of whose stock is owned by th»
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 $25 0 ,0 0 0 annually beginning 1916. V. 92, p. 525 . 728 ; V . 95. p
1272; V . 9 9 . p. 1449; V . 101. p. 1551: V . 105, p. 1895.
H a lc o m b Steel C o . o f S y ra cu se (c o n tr o lle d b y s t o c k ), see V . 92, p . 728,
397 ; V . 103, p . 208 2; V . 104, p . 234 6; V . 105, p . 2545; V . 106, p . 611 .

Guarantees Interest ($45,000 yearly) on Norwalk Steel 4Hs of 1910
d u e July 1 1929, having the option to purchase the same before maturity
a t 80 and lnt. (V. 95, p. 424); also prin. and Int. of bonds of the St. Clair
S t e e l and St. Clair Furnace Co. jointly with U. S. Steel Corporation.
CAPITAL STOCK.— The stockholders voted Feb. 16 1920 to increase
t h e authorized limit of common stock from $25,000,000 to $75,000,000, with
a v i e w to stock distributions to represent accumulated surplus when and
a s t h e directors shall deem such distributions conservative. Pref. stock
will remain $25,000,000. V. 110, p. 767.
Stockholders of record Sept. 11 1922 were given the right to subscribe for
50,000 additional shares of common stock at par. V. 115, p. 1104.
L A T E D IV . 08. TO.
1 1 -T 3 . ’ l a . T 5 .
O n p re f— % 5 X
7
7 y r ly .
3 X IX
O n a e c ns.% Hn 1 8 1 0 H * 1 0 w ]
O n C o m _____ v__
—
_____
__
__




T 8. T7.
7
7
6
18k
..
__

T 8.
7
__
..

19.
7
..
4

See te x t
See t e x t
See
000 t e x t Q — J31
000 7
Q— M
M & S
5

S e p t 16 ’23 1 X Checks mailed
J u n e 1921
1 )3
A p r 3 0 ’ 24 1 % U n io n T r u s t C o . Pitts*
do
do
Ju n e 30 ’2 4 1 X
T o M a r 1945
U n io n T r u s t C o , P itt b

See
000 text
000 & 8
7

A p r 1 1921 1 X Guaranty Trust Go. b Y
G u a r a n ty T r u s t C o , N V
Jan 1 1930

J— J

$8,201,220

S u rplu s fo r y e a r _______________________ $ 3 4 4 ,7 3 6 d f$ l,4 9 8 ,1 9 3
$ 7 4 5,70 3
O F F I C E R S .— P r e s ., J . H a r ry M u ll; V . - P . , H . B . T a y lo r ; S e c. & T r e a s .,
G e o . D . M a r t in : A s s t. S e c ., R . L . H o w e ; A s s t. T r e a s ., C . R . P e te r s o n .—
( V . 118, p . 2 4 4 3 .)
C R A N E C O — ( Y . 118 , p . 2 0 4 7 .)
C R E S C E N T P I P E L I N E C O .— O R G A N I Z A T I O N . &c.— Incorporated
In P e n n s y lv a n ia In 1891.
Has p ip e lin e fr o m G re gg s, P a ., to Marcus Hook
P a ., 269 m iles. F o r m e r ly c o n t r o lle d b y S ta n d a rd O il Co. of N . J., but
segregated in 1911. See S ta n d a rd O il Co., V. 8 5 , p. 2 1 6 . 790 ; V. 93, p
1390. T h e s to c k h o ld e r s o n F e b . 5 1923 v o t e d : (a) t o d e cre a s e t h e au th o riz e d
ca p ita l s to c k fr o m $ 3 ,0 0 0 ,0 0 0 t o $ 1 ,5 0 0 ,0 0 0 ; a n d (b) t o r e d u c e t h e p a r v a lu e
o f th e shares fr o m $50 t o $ 2 5 . T h e c o m p a n y issued t o s to c k h o ld e r s o f re c o rd
Feb_. 20 1923 in ex ch a n g e fo r o u ts ta n d in g ce rtifica te s o f s t o c k , p a r $5 0 , new
ce r tific a te s o f s t o c k o f t h e p a r v a lu e o f $25 p e r sh are, to g e th e r w ith a d is­
tr ib u tio n o f $25 p er sh a re . D iv id e n d s , 3 % q u a r., M a r c h 1912 t o M a r c h
1914, in c l.; Ju n e *914 . 2 ) 4 % ; S e p . 2 % ; D e c . 19 1 4 t o S e p t. 1 9 2 3 ,1 ) 4 % q u a r.
D e c . 1923 d iv . w as o m it t e d ,
v . 117 , p . 2 2 1 7 .
Calendar Years—
1923.
1922.
1921.
192 0.
1919.
N e t in c o m e -----------------$ 4 4 ,4 6 4
$ 1 8 1 ,6 0 2 $16 8 ,6 6 6 $ 1 4 6 ,1 0 2 $1 6 1 ,4 1 7
D iv id e n d s -------------------6 7 ,5 0 0
1 8 0 ,0 0 0
180 ,000
1 8 0 ,0 0 0
180 ,000

lo s s$ 5 8 ,0 6 6
7 3 5 ,4 1 7

Last Dividend Places Where Interest and
and Maturity
Dividends Are Payable

S S e p t 1 1937
1 0 .0 0 0 .
000 7 X g M &
6 7 9 ,0 0 0
T o 1935
1 0 .0 0 0 .0 0 0 See te x t
See t e x t
Text
129 F r o n t S t . N \
100
7
do
do
7 ,8 9 3 ,8 0 0
J u ly 1 1924 I X
0—J
500 & c
9 .0 3 5 .0 0 0
M & S15 M a r 15 1931
N a t C ity B a n k , N Y
8 g
N o n e 1 .0 3 5 ,5 1 7 s h
$100
A
& O A p r 1 1931
3 .5 0 0 .0 0 0
8

R e a l e sta te m o r tg a g e an d g r o u n d r e n ts___________________________ _
20.444
N o te s p a y a b le U . S. N a v y D e p t , 1 9 2 5 -1 9 4 2 _____________________
1 ,0 1 6 ,8 0 0
N o te s p a y a b le , 1925, P e lto n W h e e l C o ___________________________
9 8 ,795
R E P O R T . — -For 1923, in V . 118, p . 2047 an d 244 3, s h o w e d :
Calendar Years—
1923.
1922.
1921.
N e t a ll d e p a rtm e n ts ____ ______
$1,8 1 7 ,2 6 1
$ 3 ,8 2 8 ,9 4 4 $ 2 ,3 5 9 ,5 7 0
D e p r e c ia t io n _____________________________
7 66 ,612
7 5 6 ,7 9 3
8 3 6 ,7 7 6
I n te r e s t, & c ____ __________
9 6 ,6 4 5
1 49 ,733
167 ,319

$ 9 8 ,0 3 8
6 6 2 ,3 7 7

When
Payable

10

LATEST
f ’98. ’99. ’00. ’01. ’02. ’03-’ 16. 1917.
’18. ’ 19. ’20-’23.
DIV8 — %\ I X 5
5
5
3 X None Aug., 3% 6
7X
text
In M a y 1917 resumed dividends, 3% being paid Aug. 1; Feb. 1918 to
A u g . 1919, 3 % s .-a . In O c t . 1919 a n d J a n ., A p ril an d J u ly 1920 paid
1)4% . P a id 150% in s t o c k o n S e p t. 10 1920. O c t . 15 1920 t o M a r . 31
1924 p a id 1% q u a r. O n J u ly 14 1922 p a id an ex tra ca sh d i v . o f 25% .
Funded Debt.
1st Mtge. 5% gold bonds of 1899, due Mar. 1 1929, but call­
able $25,000 yearly at 110; interest M . & S_________________ $900,000

N e t e a r n in g s ----------------P r e v io u s s u r p lu s __________

Rate
%

100 & c

W h e e l C o . V . 114, p . 1291. H a s also a c q u ir e d o v e r 9 5 % o f t h e s t o c k o f th e
F ed era l S teel F o u n d r y C o . o f C h e s te r, P a . In J u ly 1919 A m e r ic a n S h ip &
C o m m e r c e C o r p . (see a b o v e ) a c q u ir e d a m a jo r it y o f t h e s t o c k , issu in g in
p la c e o f each $100 sh are a c q u ir e d f iv e shares o f its o w n s t o c k , w ith n o p ar
v a lu e . V . 109, p . 57 2 , 479 .
S T O C K .— A u th o r iz e d , $ 2 0 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 1 5 ,2 3 2 ,5 0 0 ; p a r o f
sh ares, $10 0.
T h e s tock h old ers v o t e d J u ly 1 1920 t o increase th e c a p ita l s t o c k fro m
$ 6 ,2 5 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 . P a r t o f th e increase w as d is trib u te d as a 1 5 0 %
t o c k d iv id e n d on S e p t. 10 1920. V . I l l , p . 76, 49 7 .

N e t in c o m e ____________________________ $ 9 5 4,00 3 $ 2 ,9 2 2 ,4 1 8
D iv id e n d s ..................................... ................ ( 4 % ) 6 0 9 ,2 6 7 (2 9 )4 4 2 0 ,6 1 1

Amount
Outstanding

100

___________________

C r u c ib le Steel C o— C o m m o n s to c k a u tn o rlz e d $ 7 5 ,0 0 0 ,0 0 0 -P referred (a & d ) 7 % c u m u la tiv e $ 2 5 ,0 0 0 ,0 0 0 a u t h o r iz e d . .
Pttts C ru c Steel C o 1st M $2 5 0 ,0 0 0 y e a r ly __ _ - . U P i . x c *
Cuba Cane Sugar Corp— C o m s t k n o par va lu e (see t e x t ) .
Pref s t o c k 7 % c u m c o n v e r t re d 120 $ 5 0 ,0 0 0 .0 0 0 ___________
T e n -y e a r D e b e n tu r e b o n d s c o n v e r t ib le t e x t ____________ Gc*
E a s te r n C u b a Su g ar C o r p m tg e c o n v s f g b d s r e d (te x t) g u

Par
Value

[V ol. 118,

'2 0 - ’ 2 4 .
7
See
text

I n July 1019 a n Initial div. of 1 H % was paid on the common stock, and
i
Oct. 1919 and Jan. 1920 paid 3 % . V. 109, p. 1182; V. 108, p. 2632.
On 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
in

1921 p a id 2 % q u a r. in ca sh . J u ly 31 1921 t o J a n . 31 1922 p a id 1 % q u a r.
th e n n o n e u n t il J u ly 31 192 3, w h e n 1 % was p a id ; s a m e a m o u n t p a id qu a r
t o A p r il 30 192 4.
R E P O R T . — F o r y e a r e n d in g A u g . 31 192 3, in V . 117, p . 177 1, sh o w e d :
192 2 -2 3 .
192 1 -2 2 .
1 9 2 0 -2 1 .
191 9-2 0.
y P r o f it s . ______________ $ 6 ,7 8 3 ,4 9 3 x $ 2 ,1 6 5 ,7 6 8
$ 6 ,9 6 9 ,4 2 4 $ 1 7 ,2 7 4 ,4 8 9
D e p r e cia tio n & re n e w a ls .
1 , 200,000
1 ,2 5 0 ,0 0 0
3 ,7 7 5 ,2 9 1
In t. on bonds o f su b. cos.
2 8 1 ,2 5 0
3 0 6 ,2 5 0
2 9 3 ,7 5 0
3 1 2 ,3 3 3
D e p r e c . o n fo re ig n e x c h .
1 9 1 ,4 2 9
I n v e n t o r y a d ju s t m e n t s .
9 2 4 ,4 9 9
1 .2 3 0 T 7 6
L o s s o n sale o f b o n d s ___
1 76 ,668
P r e fe r re d d iv s . ( 7 % ) ___
1 ,7 5 0 ,0 0 0
1 ,7 5 0 ,0 0 0
1,750", 066
1 ,7 5 0 ,0 0 0
S ee b e lo w
C o m m o n d iv id e n d s ______
S ee b elow
5 4 9 ,9 7 9
9 9 9 ,8 1 7
B a la n ce , su r. o r d e f.s r .$ 3 ,0 0 2 ,2 6 4 d f$ 6 ,4 5 9 ,3 3 4 s r $ 3 ,7 9 7 ,2 4 6 s r l0 ,0 3 0 ,0 2 1
x L o s s a fte r d e p r e c ia tio n in t h e v a lu e o f in v e n to r ie s a n d lo ss fr o m o p e r a ­
tio n s . y P r o f it a fte r F e d e ra l ta x e s .
O F F I C E R S .— C h a ir m a n , H . S . W ilk in s o n ; P r e s ., E . C . C o llin s ; T r e a s .,
G e o rg e E . S haw ; A s s t . S e c ., H . F . K re s s . O ffic e , N a t io n a l C i t y B u ild in g ,
N e w Y o r k . ) — V . 118, p . 2 5 7 7 .)

CUBA CANE SUGAR CORP.— O R G A N I Z A T I O N . — I n c o r p o r a t e d
In D e c . 1915 in N . Y .
A c o n s o lid a tio n o f 17 s u g a r p la n t a t io n s .
V . 10 3 , p . 64; V . 102 . p . 1 62 8.
In J u ly 1916 a c q u ir e d S te w a rt Su g ar C o .
of Cuba.
V . 102 , p . 2 3 4 4 : V . 103 , p . 6 4 . 4 9 6 . D u r in g 1920 t h e c o m p a n y
pu rch ased C e n tr a l V io le ta , in C a m a g u e y P r o v in c e , C u b a .
V . 110 , p . 2 1 9 6 ,
2 0 5 2 . O th e r a cq u is itio n s d u r in g 192 0, V . I l l , p . 2 0 5 2 . C r o p s m a d e By
th e c o m p a n y : N o . o f b a g s (7 b a g s e q u a l o n e t o n o f 2 ,2 4 0 l b s .) , v i z .: 1 9 1 6 -1 7 .
3 ,2 6 1 ,6 2 1 ; 1 91 7-1 8, 3 ,6 1 3 ,3 2 5 ; 19 1 8 -1 9 , 4 ,3 1 9 ,1 8 9 ; 1 9 1 9 -2 0 , 3 ,7 6 3 ,9 1 5 ;
19 2 0 -2 1 , 3 ,9 7 8 ,1 0 2 ; 19 2 1 -2 2 , 3 ,3 7 9 ,4 5 1 ; 1 9 2 2 -2 3 , 3 .2 8 4 ,7 3 1 .
S T O C K .— A u th o r iz e d . $ 5 0 ,0 0 0 ,0 0 0 7 % c u m . c o n v . p r e f. (p a r $ 1 0 0 ), an d
1 .6 0 0 .0 0 0 shares c o m m o n (in c lu d in g 5 0 0 ,0 0 0 shares reserved fo r c o n v e r s io n
o f p r e f. s t o c k a n d s u ffic ie n t shares f o r c o n v e r s io n o f 7 % d e b e n tu re b o n d s ; see
b e lo w ), n o p a r . P r e f. is r e d e e m a b le a t 120 a n d in t . a n d is p r e fe rr e d as t o
assets a n d d iv id e n d s . C o n v e r tib le in to c o m m o n , share fo r sh a re, a t a n y
t im e , a t o p t io n o f h o ld e r .
V . 103 , p . 6 4 , *794 .
T h e C o m m o n a n d P r e fe r re d s to c k h o ld e r s o f r e c o r d A u g . 2 4 192 2 w e re
g iv e n th e r ig h t t o s u b s c r ib e a t p a r f o r $ 1 0 ,0 0 0 ,0 0 0 E a s te r n C u b a C o r p .
1 5 -ye a r 7 X % M o r tg a g e S in k in g F u n d g o ld b o n d s . T h e issu e w ill b e
g u a r a n te e d , p r in c ip a l a n d in te re s t, b y th e C u b a C a n e S ugar C o r p . a n d w ill
b e c o n v e r t ib le f o r th e life o f t h e b o n d in t o C u b a C a n e Su g ar C o r p . C o m m o n
s t o c k a t $ 2 0 p e r sh a r e . V . 115 , p . 6 5 0 .
B O N D S , See.— T h e $ 2 5 ,0 0 0 ,0 0 0 1 0 -y e a r 7 % d e b e n tu re s (o ffe r e d in J a n .
1920 a t 100 & in t .) are c o n v e r tib le a t a n y tim e in t o c o m m o n s t o c k a t $ 4 5 .8 8 2 3
per sh are. R e d e e m a b le o n 6 0 d a y s ’ n o t ic e a t 1 0 7 X d u r in g th e f i r s t s
yea rs, 105 dinring t h e s ix th y e a r , 104 d u r in g th e s e v e n th y e a r , 103 d u r in g th e
e ig h th y e a r , 102 d u r in g t h e n in th v e a r , a n d 101 th e r e a fte r . N o m o r tg a g e
m a y b e cre a te d w h ile a n y o f th ese d e b e n tu re s are o u ts ta n d in g e x c e p t p u r­
ch ase m o n e y m o r tg a g e s . V . 10 9 , p . 2 1 7 4 ; V . 11 0 , p . 363 .
I n S e p t. 1921 th e c o m p a n y a n n o u n c e d th a t it h a d a rra n g ed w ith a
g r o u p or ba n k e rs t o se cu re a t o n c e a lo a n o f $ 1 0 ,0 0 0 ,0 0 0 u n d e r an arra n ge­
m e n t w h ich re q u ir e d th e su b o r d in a tio n o f th e $ 2 5 ,0 0 0 ,0 0 0 7 % C o n v e r tib le
D e b e n tu r e s to th e n e w m o n e y fo r th e p e r io d o f th e io a n a n d o f a n y r en ew a ls,
s u b stitu tio n s o r re fu n d in g s t h e r e o f. A s a c o n s id e r a tio n th e r e fo r , th e c o m ­
p a n y o ffe r e d t o in crea se th e r a te o f in te re s t o n asse n tin g d e b e n tu re s fro m
7 t o 8 % p e r a n n u m fr o m J u ly 1 1921 t o th e m a tu r ity o f th e d e b e n tu re s .
T h e p la n w as d e cla re d o p e r a t iv e o n O c t . 31 192 1. O n S e p t. 29 1923 it w as
a n n o u n c e d t h a t th e lo a n h a d b e e n p a id o f f a n d th e s u b o r d in a tio n o f th e 8 %
d e b e n tu re s h ad been te r m in a te d . T h e 8 % d e b e n tu re s t h e r e fo r e n o w e n jo y
th e sam e p o s itio n in p o in t o f s e c u r it y as th e 7 % d e b e n tu re s , b u t t h e y w ill
co n tin u e u n til m a t u r it y (J a n . 1 1930) t o b e a r in te re s t a t t h e r a te o f 8 % p er
a n n . in ste a d o f 7 % . V . 11 3 , p . 1 47 5, 1986; V . 115 , p . 2 6 8 2 ; V . 117 , p . 156 0.
T h e E a s te rn C u b a Su g ar C o r p . 7 ) 3 % m o r tg a g e b o n d s a re g u a r a n te e d ,
p r in . a n d i n t .. b y C u b a C a n e S u g ar C o r p . a n d a re c o n v e r t ib le fo r th e life
o f th e b o n d s In to C u b a C a n e S u g ar C o r p . c o m m o n s t o c k a t $ 2 0 p e r sh are.
S in k in g fu n d w ill r e tu r e a n n u a lly fo r f iv e y e a r s , b e g in n in g in 1 92 5, 3 % , a n d
th e r e a fte r a n n u a lly 5 % o f t h e m a x im u m a m o u n t o f b o n d s a t a n y o n e tim e
o u ts ta n d in g ; r e d e e m a b le a t a n y tim e a fte r o n e y e a r , a ll o r p a r t , o n 6 0 d a y s ’
n o tice a t a p r e m iu m o f 7 )3 % i f r e d e e m e d o n o r b e fo r e S e p t . 1 192 4; i f re­
d e e m e d th e r e a fte r a n d o n o r b e fo r e S e p t. 1 193 4, t h e p r e m iu m sh all d ecrea se
X o f 1 % fo r e a ch y e a r o r f r a c t io n t h e r e o f e la p s e d fr o m S e p t. 1 1924 t o d a te
o f r e d e m p tio n ; i f re d e e m e d a ft e r S e p t. 1 1934 th e p r e m iu m sh all d ecrea se
1 % fo r e a ch y e a r o r fr a c t io n t h e r e o f e la p s e d fr o m S e p t . 1 1934 t o d a t e o f
r e d e m p t io n . V . 115 , p . 6 5 0 , 1 32 6.
D I V I D E N D S — O n p r e f. A p ril 1916 t o A p r . 1 192 1, 7 % p . a . ( l k % Q t i . . )
J u ly 1921 d iv . w as d e fe r r e d . V . 112, p . 2 41 7.
R E P O R T . — F o r y e a r e n d in g S e p t. 30 1923, in V . 117 , p . 2 3 2 1 , s h ow ed :
192 2 -2 3 .
192 1-2 2
1920-21
O p e ra tin g p r o f it ---------------------------------------$ 1 2 ,6 0 8 ,1 2 3 $ 3 ,5 9 9 ,4 9 1 loss$5998603
D e d u c t — D e p r e cia tio n r e s e r v e -----------1 ,7 5 0 ,0 0 0
1 ,7 5 0 ,0 0 0
1 ,7 5 0 ,0 0 0
In te r e s t a n d e x c h a n g e -----------------------3 ,2 1 0 ,2 1 8
3 ,5 2 7 ,7 1 6
2 ,9 1 7 ,5 5 5
R e s e r v e fo r ta xe s ( i n d . in c o m e &
w a r excess p r o f it s ) -------------------------6 1 ,6 2 8
4 3 ,5 5 6
7 9 6 ,1 7 6
O th e r re s e r v e s------------1 ,1 0 8 ,8 5 5
5 0 0 ,0 0 0
6 0 2 ,2 2 6
P re fe rre d d iv id e n d s __________________
_______
_______
1 ,750 000
B a la n c e , s u rp lu s ------------------------------- $ 6 ,4 7 7 ,4 2 2 d f$ 2 ,2 2 1 ,781 d f l3 ,8 1 4 ,5 6 0
O F F I C E R S .— A lb e r t S trau ss, C h a ir m a n B d . D ir .; C h a rle s H a y d e n ,
C h a irm a n E x e c . C o m .; W . E . O g ilv ie , P r e s .; M a n u e l E . R io n d a an d
B . B ra g a R io n d a , V .-P r e s ’ ts; G . A . K n a p p , S e c .; B . A . L y m a n , T r e a s .
N . Y . o f fic e . 123 F r o n t S t .— ( V . 118 , p . 5 5 6 .)
C U B A N -A M E R IC A N S U G A R C O .— O R G A N I Z A T I O N .— I n c o r p o r a t e d
l e p t . 19 1906 In N ew Je rse y an d c o n tr o ls an d o p e r a te s , th ro u g h Its s u o aom pantes, e ig h t sugar p la n ta tio n s In C u b a an d t w o su gar refineries, on e Id
Cu b a an d o n e in L o u is ia n a .
A n n u a l c a p a c it y o f C u b a n p la n ta tion s
700 .000 tons o f su ga r. C o m p a re V . 89, p . 719 : V . 9 0 . p . 916 .
D IV S .—
[0
On p r e f ----------------------% ( 1
On c o m m o n ____________U
C o m e x tr a __________________
C o m s t o c k ________________

TO. ’ 11-T4.
HX 7 y'ly
__
..

_____

'15. Tfl. T7. ’ 18. T9.
7
14
7
7
7
10 10 10 10
10 10
__
40

’20-'24.
7

See
text

In 1920: J a n . 1 a n d A p ril 1, 2 ) 3 % e a ch ; In M a y 1920 t w o d iv s . o f $1.7 6
per sh are w ere d e cla re d o n th e n ew $10 p a r v a lu e s t o c k , p a y a b le J u ly 1
a n d S e p t. 3 0 1920.
V . 110, p . 2 19 6.
In 1921: J a n . 3 . $1: A p ril 1. $1:
J u ly 1, 5 0 c . N o n e in 192 2. I n S e p t. 1923 t w o d iv s . o f 7 5 c . p er share
w ere d e c la r e d , o n e p a y a b le N o v . 15 1923 a n d th e o t h e r p a y a b le J a n . 2 1924
O n A p r il 1 a n d J u ly 1 1924 p a id 7 5 c . q u a r.

167

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]
C u d a h y P a c k i n g C o ( T h e ) — C o m m o n s t o c k _________________
P re fe rre d s to c k 6 % c u m r e d 1 0 0 ______________________________
P re fe rre d s to c k 7 % c u m r e d 1 0 5 ______________________________
1 st m tg e $ 1 2 ,0 0 0 ,0 0 0 s f ca ll 1 0 2 K ____________________c * & r *x
S in k in g fu n d g o ld d e b e n tu re s red ( t e x t ) _________ k x x x c * & r
C u m b e r l a n d P i p e L i n e C o .— S to c k $ 3 ,0 0 0 ,0 0 0 a u t h _______
w u n b e r l a n d T e l e p & T e l e g — 1st & G e n M $ 1 5 ,0 0 0 ,0 0 0
m em orized red t e x t _________________________________ C o I .x c * & r
M t-m ph is T e l. & T e l. 1st m t g e . (e n d o rs e d p . & i . ) __________
M e m p h is L . D . T e l. 1st m t g e . (e n d o rs e d p . & i . ) __________
C u y a m e l F r u i t C o — S t o c k 2 5 0 ,0 0 0 shares a u t h ______________
B o n d s $ 5 ,0 0 0 ,0 0 0 0 a u t h ______________________________________
D a lla s P o w e r & L t C o — See E le c tr ic B y . S e ctio n .
D a v is o n C h e m ic a l C o ( T h e ) — S to c k 2 3 5 ,0 0 0 shares a u th
D a v is o n S u lp h u r & P h o sp h a te 1st m t g e _____________________
S in k fu n d g o ld d e b s (ca ll fo r p a y ’t A u g 1 ’ 24) _ -S B a .k x x x c *
D a y t o n P o w e r & L i g h t C o — C o m m o n s t o c k $ 1 2 ,0 0 0 ,0 0 0 ___
P r e f - t o c k 6 % cu m ca lla b le a t 110 & d lv s $ 8 ,0 0 0 ,0 0 0 _______
D a y t o n L t g C o 1st & R e f M t g e c a ll 1073d a s s u m e d -E q .c *
1 s t & B e f M $ 2 0 ,0 0 0 ,0 0 0 s f c a ll 1 0 5 ....................................K .c *

Date
Bonds

1916
1922
1912
1906
1904
1921

Par
Value

Amount
Outstanding

1907
1911

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

$100 $ 1 7 ,2 4 9 ,5 0 0 See te x t
100
6
2 ,0 0 0 ,0 0 0
100
6 ,5 5 0 ,5 0 0
7
1,000
5 g
9 ,9 5 4 ,4 0 0
100 & c 1 5 ,0 0 0 ,0 0 0
5*4 g
100
3 .0 0 0 .0 0 0 See te x t

Q— J15
M & N
M & N
J
& D
A & O
te x t

A p r 15 ’ 2 4 ,
M a y 1 ’24,
M a y 1 ’24.
D e c 1 1946
O c t 1 1937
Ju n e 16 ’24

500 & c 1 4 ,9 6 9 .0 0 0
5
100 & c
3 9 5 ,0 0 0
5
100 &c
5
2 1 .0 0 0
N o n e 2 5 0 ,0 0 0 shs. See t e x t
3 ,3 2 5 ,0 0 0
7*4

3

J
&
J
J
&
J
Q— M 2 8
J
& D

I r v B k -C l T r C o , N Y
U n ion & P la n ters B k .
1936
& T r . C o ., M e m p h is
1934
M a r 2 8 ’ 24 $1
D e c 1 1941

See text.
M &
S
F & A
Q— J
Q— J
M &
S
J
& D

N o v 15 1920 $1
M a r 1 1927
F eb 11936
A p r 1 1924 1 %
A p r 1 1924 1*4
M a r 1 1937
Ju n e 1 1 9 4 1

N one
1917
1921

Rate
%

100 & c
100
100
1,000
1.000

C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n A p ril 15 1920 a u th o r iz e d a
ch a n g e o f c a p ita liz a tio n fr o m 100 ,000 shares, p a r $ 1 0 0 , t o 1 ,0 0 0 ,0 0 0 shares
p a r $10 . T h e c o m m o n s to c k o u ts ta n d in g w as e x ch a n g e d fo r t h e c o m ­
m on s to c k o f th e new p ar o n th e basis o f 10 sh ares o f new fo r ea ch on e
share o f o ld c o m m o n s t o c k . H o ld e rs o f c o m m o n s t o c k w ill h a v e o n e v o te
fo r ea ch ten shares h e ld , h o ld e rs o f less th an te n sh ares t o h a v e n o v o t e .
— V . 110 , p . 141 8. 97 3 .
B O N D S .— T h e 1st m tg e . co lla te r a l 8 % s. f. g o ld b o n d s are se cu re d b y
th e d e p o s it o f (a) $ 1 3 ,0 0 0 ,0 0 0 (e n tire o u ts ta n d in g issues) fir s t m tg e . 6 %
b o n d s, a ll d u e O ct. 1 1929, o f th e fo llo w in g s u bsidiaries: $ 2 ,5 0 0 ,0 0 0 C h aparra
S ugar C o ., $ 2 ,9 0 0 ,0 0 0 C h a p a rra R R . , $ 3 ,5 0 0 ,0 0 0 San M a n u e l Sugar C o .,
$ 1 ,0 0 0 ,0 0 0 T in g u a ro Sugar C o ., $500,000 M e r c e d it a Sugar C o ., $ 3 0 0,00 0
C u b a n Sugar R e fin in g C o . (r e fin in g ), $90 0 ,0 0 0 C u b a n Sugar R e fin in g C o .
(p la n ta tio n ), $40 0 ,0 0 0 U n id a d Sugar C o . , an d (5) $ 3 ,0 0 0 ,0 0 0 C o lo n ia l Su­
gars C o . 1st m tg e. 5s, d u e A p r il 1 1952— to t a l, $16,o00,O O 0. A s a sin k in g
fu n d c o m p a n y w ill set a s id e q u a rte rly th e sum o f $ 2 5 0 ,0 0 0 , b e g in n in g w ith
th e q u a rte r en d in g Ju n e 15 1921, w h ich shall b e u sed t o p u rch a se b o n d s in
th e m a rk et u p t o 105 a n d in t. i f o b ta in a b le : a n y u n e x p e n d e d b a la n ce t o b e
c r e d ite d u p o n th e n e x t q u a rte r ly sin k in g fu n d in s ta llm e n t. V . 112, p . 1028.
R E P O R T . — F o r y e a r e n d in g S e p t. 30 1923, in V . 117, p . 2 66 3, s h o w e d :
1Q99-91
1Q91.99
1090-91
1919-20
G ross in c o m e ____________ $ 3 7 ,3 1 8 ,7 8 9 $ 2 5 ,3 9 3 ,2 9 3 $ 2 0 ,1 8 4 ,9 5 0 $ 9 2 ,7 4 4 ,4 1 5
N e t in c o m e _____________ $ 1 1 ,0 5 7 ,6 3 4 $ 4 ,6 6 2 ,2 1 5 d f$ 5 ,5 4 7 ,1 5 9 $ 2 2 ,2 8 2 ,6 5 9
_______
_______
8,50O,OOO
R e s e rv e fo r F e d . t a x e s . .
8 3 0 ,0 0 0
D e p r e c ia t io n _____________ 1,3 0 4 ,5 6 1
1 ,2 4 3 ,7 8 6
1 ,2 0 9 ,9 2 6
1,0 9 6 ,7 9 7
9 1 9 ,9 2 5
1,3 9 4 ,9 8 2
1 ,1 3 9 ,6 4 5
5 68 ,670
in t e r e s t , d is c o u n t, & C-_
P referred d iv s . ( 7 % ) .
5 5 2 ,5 6 6
5 52 ,566
5 5 2 ,5 6 6
5 52 ,566
C o m m o n (cash) d iv s (1 5 % )1 ,5 0 0 ,0 0 0
_______ (2 5 )2 5 0 0 ,0 0 0 (4 0 )4 0 0 0 ,0 0 0
B a la n ce, s u r p lu s ______$ 5 ,9 5 0 ,5 8 2 $ 1 ,4 7 0 ,8 8 1 d f$ 1 0 9 4 9 ,2 9 7 $ 7 ,5 6 4 ,6 2 5
P r o d u c t io n .to t a l b a g s ) .
1 ,8 4 7 ,7 4 6
2 ,2 5 6 ,7 3 6
1 ,8 2 9 ,8 1 8
1 ,6 0 0 .7 9 7
O F F I C E R S .— C h a irm a n , J . H . P o s t: P r e s ., G e o rg e E . K eiser; T r e a s .,
J . H . L a n d : S e c ., W a lte r J . V r e e la n d .
O ffic e , 129 F r o n t S t ., N . Y . —
(V . 118, p . 101 7.)
(T H E ) C U B A N D O M I N I C A N S U G A R C O .— C o . w as in c o rp o ra te d
in M a r y la n d M a r c h 22 1922 as a h o ld in g c o m p a n y .
O w ns s to c k s o f
o p e r a tin g su b sid ia ry c o m p a n ie s (th ro u g h 1 0 0 % s t o c k o w n e r sh ip ), w h ich
subsidiaries are en gaged in th e business o f o w n in g a n d o p e r a tin g su gar
p la n ta tion s and fa cto rie s in C u b a a n d in th e D o m in ic a n R e p u b lic , a n d in
th e g row in g an d grin d in g o f sugar ca n e an d m a n u fa c tu r in g a n d sellin g o f
raw sugar an d rela te d p r o d u c ts .
C o m p a n y w as org a n ize d t o a cq u ire all o f th e assets o f th e C u b a n D o m in ­
ica n Sugar D e v e lo p m e n t S y n d ic a te , in clu d in g a ll p r o c e e d s o f a n y cla im s
again st d e fa u ltin g su b scrib e rs, in a c c o r d a n c e w ith th e p la n fo r th e liq u id a ­
tion o f th e sy n d ic a te d a te d M a r c h 8 1922 ( V . 114, p . 1 1 8 5 ). C o m p a re V .
116, p . 620.
S T O C K .— P referre d a n d c o m m o n s to c k s h a v e e q u a l v o t in g p o w e r .
B O N D S , A c .— P u rch a se m o n e y n o te s o u ts ta n d in g , $ 1 ,9 4 5 ,5 9 0 d u e 1924
t o 1932. R e a l e sta te m o rtg a g e s d u e N o v . 8 19.32, $ 5 0 0 ,0 0 0 . T h e l s t m t g e .
8 % b o n d s (see t a b le a t h e a d o f p a g e ) h a v e a s in k in g fu n d p r o v is io n o f $ 5 0 0 ,000 fo r ea ch y e a r , c o m m e n c in g J u ly 1 1925, a n d c o n t in u in g t o m a tu r ity .
R E P O R T . — F o r 192 2 -2 3 , in V . 118, p . 894 a n d 207:
Income Account— Year Ended Sept. 3 0 1923.
R e c e ip ts — R a w sugar p r o d u c e d , $ 8 ,6 6 2 ,9 9 3 ; m o la sses p r o d u c e d ,
$8 6 ,9 2 2 : in t . r e c e iv e d , $ 4 4 ,0 1 5 ; p r o f it s o n s to re s, c a t t le , & c .,
$95 ,0 5 8 ; t o t a l ______________________________________________________ $ 8 ,8 8 8 ,9 8 8
E x p en ses o f p r o d u c in g , m a n u fa c tu r in g , se llin g , & c _______________
5 ,8 0 8 ,2 3 8
D e p r e c ia t io n , $97 2 ,1 1 5 ; in t . o n 1st m tg e 8s o f S an ta A n a Sugar
C o ., $ 26 2,51 1; in t. o n b ills p a y a b le , & c ., $ 4 3 6 ,2 1 8 ; t o t a l_______ 1 ,6 7 0 ,8 4 5

2 1 8 ,7 0 0 shs. See t e x t
7 7 4 .0 0 0
6 g
See te x t
8 g
3 ,0 5 3 ,0 0 0 See t e x t
4 ,4 0 6 .0 0 0
6
1 .4 6 9 .0 0 0
5 g
9 .5 0 5 .0 0 0
5 g

Sc

1%
3%
3 )4

B o s t o n a n d C h ic a g o
N e w Y o r k a n d C h ic a g o
3 % C h e ck s m ailed

3 Jan l 1937

C h e ck s m a iled
M e r c T r & D e p C o , B a lt
B lair & C o , N Y ; & B a lt
E q u it a b le T r u s t C o . N Y
I r v B k -C o l T r C o , N Y

P r e s .. E . A . C u d a h y ; V . - P . , E . A . C u d a h y J r .; 2 d V . - P . . G . O . S h ep a rd ;
3 d V . - P . , F . E . W ilh e lm ; T r e a s ., J o h n E . W a g n e r ; S e c ., A . W . A n d e r s o n ,
C h ic a g o .— ( V . 117, p . 2 8 9 4 .)
C U M B E R L A N D P I P E L I N E C O .— O R G A N ., & c .— I n c o r p . In 1901 In
K e n t u c k y . O w n s p ip e lin e in K e n t u c k y . F o r m e r ly c o n t r o lle d b y S t a n d ­
ard O il C o . o f N . J., s e g re g a te d in 1911.
D IV I D E N D S .—
1912. 191 3. 1914.
15. T 6 .
17. ’ 1 8 -’ 22
’23.
(P a id an n . in D e c . ) ____ 6 %
6%
5%
5%
5 % 10% 1 2 % y r ly l0 %
A ls o p a id 1 0 0 % in s t o c k D e c . 30 1922.
P a id in 1924: M a r c h 15, 3 % ; Ju n e 16, 3 % .
R E P O R T . — F o r 1923, in V . 118, p . 670 , s h o w e d :
192 3.
192 2.
1921.
1920.
P r o fit s fo r th e y e a r ______
$ 7 8 6 ,4 2 0
$ 7 2 3 ,6 0 5
$ 3 0 1 ,0 1 2
$ 3 8 9 ,0 2 8
D iv id e n d s ________________
3 0 0 ,0 0 0
1 7 9 ,9 9 9
1 79 ,999
1 79 ,999
B a la n ce , s u r p lu s ______
$ 4 8 6 ,4 2 0
$ 5 4 3 ,6 0 5
$12 1 ,0 1 3
$ 2 0 9 ,0 2 9
P r e s ., F o rre st M . T o w l; V .-P r e s . & T r e a s ., E . R . S h ep ard ; S e c ., J . M .
T u ss e y . O ffic e . O il C it y , P a .— ( V . 118, p . 2 4 4 3 .)
C U M B E R L A N D T E L E P H O N E & T E L E G R A P H ,C O ., I N C .— In c o r ­
p o r a te d in K e n t u c k y in 1883. O perates u n d e r p e r p e tu a l a n d exclu siv e
license fr o m A m e rica n B e ll T e le p h o n e C o . th ro u g h th e en tire S tates o f
M ississip p i an d L o u is ia n a , T en n essee a n d K e n t u c k y .
O n D e c . 31 1923
o w n e d s ta tio n s 3 0 0 ,9 3 9 , c o n n e c tio n sta tio n s, 1 4 2 ,2 7 8 .
Sou th ern B ell
T e le p h o n e & T e le g r a p h C o . o w n s a b o u t 9 9 % o f s t o c k . V . 95, p . 68 4 .
A ft e r c a n c e lla tio n o f $ 1 2 ,0 0 0 ,0 0 0 o f t h e $ 1 5 ,0 0 0 ,0 0 0 5s o f 1912 th e
re m a in d e r m a y b e c a lle d as a w h o le a t 105 a n d i n t . o n 8 w eek s ' n o t ic e .
T h e gre a te r p a r t o f th e issu e w as a c q u ir e d b y A m . T e l. & T e l. C o . a n d b y it
e xch an g ed fo r C u m . s t o c k , w h ic h h as be e n c a n c e lle d . V . 9 3 , p . 1467;
V. 94. p . 210, 35 4 .
D IV S .
J’ 9 9 . ’0 0 . ’0 1 . ’ 0 2 -’0 7 . .08. '0 9 - T 2 . T 3 . T 4 - ’ 2 0 . ’ 2 1 . ’ 22. ’ 23»
C a sh % ---------\5% 6H 6 M 7 y r ly . 7 )4 8 y r ly .
7 6 y r ly .
0
2
6M
A ls o 2 % in s t o c k o f A m e r . T e l. & T e l. C o . S e p t. 15 1909.
R E P O R T .— -R e p o rt fo r y e a r 192 3, in V . 1,18, p . 1141, s h ow ed : G ro s s ,
$ 1 6 ,4 5 5 ,6 3 8 ; o p e r. in c o m e , $ 2 ,8 0 8 ,0 3 3 ; o th e r in c o m e , $ 5 2 ,9 1 8 ; in t ., r e n ts ,
& c ., $ 1 ,5 3 9 ,0 5 5 ; n e t in c o m e , $ 1 ,3 2 1 ,8 9 5 .
O F F I C E R S .— P r e s ., J . E p p s B r o w n ; 1st V ic e -P r e s . & T r e a s ., J . M . B .
H o x s e y ; S e c ., A d d is o n M a u p in . O ffic e , A t la n t a , G a .— ( V . 117, p . 9 3 .)
C U R T I S S A E R O P L A N E & M O T O R C O -— ( V . 118 , p . 127 4.)
C U Y A M E L F R U I T C O .— -In co rp . u n d e r la w s o f D e la w a r e o n J a n . 2 4
1 92 3. I s e n g a g e d in th e c u ltiv a t io n , tr a n s p o r ta tio n a n d m a r k e tin g o f
b a n a n a s, w h ic h a re r a ise d in H o n d u r a s a n d N ic a r a g u a a n d s o ld in th e
U n ite d S tates a n d C a n a d a .
D I V I D E N D S . — A n in itia l d i v . o f $1 p e r sh are w a s p a id Ju n e 28 1923
sam e a m o u n t p a id D e c . 2 8 1923 a n d M a r . 28 1924.
;
R E P O R T .— C o n s o lid a te d in c o m e a c c o u n t y e a r e n d in g D e c . 31 1923;
C o m b in e d earn in gs a fte r e x p e n s e s ____________________________________$ 4 ,2 7 4 ,1 5 9
A m o r tiz a tio n a n d d e p r e c ia t io n _____________________________________
1,156,021
I n t e r e s t _______________________________________________________________
497 ,6 2 7
236 ,2 0 4
F e d e ra l ta x e s_________________________________________________________
B a la n c e _____________________________________________________________$ 2 ,3 8 4 ,3 0 7
D e d u c t io n ____________________________________________________________
x l2 6 ,1 8 3
N e t in c o m e fo r te n m o n th s e n d e d D e c . 3 1 ____________________ $ 2 ,2 5 8 ,1 2 4
C u y a m e l F r u it C o . d iv id e n d s ______________________________________
5 00 ,000
2 5 0 ,0 0 0
C o r te s D e v e lo p m e n t C o . d iv id e n d s ________________________________
S u r p lu s ________________________________________________
C a p ita l a n d su rp lu s, c o m b in e d co m p a n ie s , D e c . 31

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

N e t p r o f i t ___________________________________________________________ $ 1 ,4 0 9 ,9 0 5

OFFICERS.— Pres., Thomas A. Howell; V.-P., H. W . Wilmot; Treas.,
H. J. Pullum; Sec., M . S. Moyer. Office, 129 Front St., New York.—■
(V. 118, p. 207.)
CUDAHY PACKING CO. (THE).— ORGAN.— Began business In
1887 In South Omaha, and. as subsequently enlarged, w as 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, Memphis, East Chicago 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. Reappraisal in 1918, V. 107, p. 2191.
The “Big Five" packers, In Dec. 1919 agreed to the entering of a decret
In the Government suit requiring them within two years to give up their
stockyards and other outside Interests (except their handling of eggs, butter,
poultry and cheese, which is left for future consideration) and In general
to confine their operations to the wholesale meat business. See V. 109. p
2360.
Justice Stafford In the District of Columbia Supreme Court In Jan. 1921
approved the plans submitted by the company for the disposal of its inter­
ests In the Wichita Union Stock Yards. Under the plan the Cudahy in­
terests were to dispose of 2,500 shares of stock within three months and 4.100
shares within a year. The Department of Justice consented to the decree
approving the plan. See V. I l l , p. 2142; V. 112, p. 159, 165, 376, 474.
DIVIDENDS ON COMMON STOCK — In 1916. Nov.. I H % cash and
50% in stock; March 1917 to July 5 1920, 1 H % quar. (cash); also from
accumulated surplus common shareholders of record Dec. 15 1918 received
a s t o c k d iv id e n d o f 2 5 % . V . 107, p. 219 1. N o p a y m e n ts w e re m a d e fr o m
O c t . 1920 t o O c t . 1923 in c l.; o n Ja n . 15 a n d A p r il 15 1924 p a id 1 % q u a r.
T h e M a y and N o v . 1921 p r e f. d iv s . w ere d e fe rre d ; p a y m e n ts w ere r e ­
s u m ed o n M a y 1 1922, w h en 3 % a n d 3 1 4 % w as n a id : sam e a m o u n ts p a id
s e m i-a n n . t o M a y 1 1924. O n D e c . 31 1923 p a id 6 % o n th e 6 % p r e f. s t o c k
a n d 7 % o n th e 7 % p r e f. s t o c k in p a y m e n t o f d iv id e n d s d e fe rre d in 1921.
BONDS, & C . — A u th . an d issu ed, $ 1 2 ,0 0 0 ,0 0 0 , o f w h ich $ 2 ,0 4 5 ,6 0 0 w ere
retired b y sinking fu n d t o O c t . 1923, le a v in g $ 9 ,9 5 4 ,4 0 0 o u ts ta n d in g .
A n n u al sinking fu n d , $ 3 2 5 ,0 0 0 .
T h e $ 1 5 ,0 0 0 ,0 0 0 sin k in g fu n d 5 M % S old d e b e n tu re s , d u e O ct. 1 1937,
are red eem a b le as a w h o le o r in p a r t, e x ce p t fo r sin k in g fu n d pu rposes, at the
fo llo w in g p rices and in te re st: T o O ct. 1 1927 a t 10714: after O ct 1 1927
t o O ct. 1 1932 a t 105; an d th e re a fte r at 102*4 e x c e p t d u rin g the last six
m on th s th ey w ill be re d e e m a b le at p a r.
S inking fu n d begin n in g A p ril 1
1924, w ith sem i-an n u al p a y m e n ts a m o u n tin g t o $ 2 0 0,00 0 each , to be
m a d e t o tru stee in cash , o r in th e d e b e n tu re s at p a r . C a sh so de p o site d
w ith th e tru stee sh all b e a p p lie d t o the p u rch a se o r re d e m p tio n o f these
d eb en tu res a t n o t e x ce e d in g 102*4 and in terest.
R E P O R T .— Y ear e n d in g O c t . 27 1923, in Y . 117, p . 288 6, sh e w e d :

Income Account for Fiscal Years Ending

Oct. 27 1923. Oct. 28 1922. Oct. 29 1921. Oct. 30 1920.

Total sales________ $ 1 9 0 ,2 8 9 ,0 0 0 $ 1 6 0 ,1 6 4 ,0 0 0 $ 1 7 3 ,6 9 5 ,0 0 0 $ 2 8 8 ,8 0 2 ,0 0 0
Net p r o f it s _______ $ 2 ,0 1 0 ,1 9 8
$ 1 ,2 3 1 ,4 9 9 d e f $ l , 569 ,5 6 3
$ 6 2 4,28 8
1st pref. dividend-,
120,000
120,000
______
120,000
2d p r e f. d i v i d e n d . .
4 5 8 ,5 3 5
4 5 8 ,5 3 5
_______
4 5 8 ,5 3 5
R e s . f o r '21 p f . d i v s .

5 7 8 ,5 3 5

B a la n ce ----------------T o t a l P . & L . s u r ._

$ 8 5 3 ,1 2 8
$ 5 ,0 5 8 ,8 4 3

Common dividend-




______

_______

______

_______

_______

______

905,598

$65 2 ,9 6 4 d e f $ l , 569 .5 6 3
$ 4 ,2 0 5 ,7 1 4
$ 3 ,5 5 2 ,7 5 0

d e f$ 8 5 9 ,8 4 5
$ 5 ,1 2 2 ,7 2 1

x D e d u c t io n co n sists o f th e a m o u n t o f “ n e t ea rn in gs fr o m Ja n . 1 t o M a r . 1
1923— th e d a te o f a c q u is itio n b y th e C u y a m e l F r u it C o . o f th e assets an d
business o f th e p re d e ce sso r c o m p a n y .”
O F F I C E R S .— P r e s ., S a m u el Z e m u r r a y ; T r e a s ., P . E . F u lc h e r ; S e c .,
J o s e p h W . M o n t g o m e r y . O ffic e , 4 1 0 C a m p S t ., N e w O rlea n s.— (V .
118, p . 2 0 4 7 .)
D A L L A S ( T E X .! P O W E R & L I G H T C O .— See “ E le c t r ic R a ilw a y S e c .”
D A V I S O N C H E M I C A L C O . ( T H E ) .— I n c o r p . in M a r y la n d J a n .2 1902
as t h e D a v is o n C h e m ic a l C o . o f B a ltim o re C o u n t y ; n a m e c h a n g e d t o p r e s e n t
title o n M a y 11 1 92 0. O w n s t h e e n tire c a p ita l s t o c k o f D a v is o n S u lp h u r
& P h o sp h a te C o . B u sin ess c o n sists o f th e m a n u fa c tu r e a n d sale o f su lp h u r ic
a c id , a c id p h o s p h a te , s o d iu m silica flu o r id e , m a g n e s iu m flu o s ilic a t e , iro n
sinter an d silica g e l. In J u ly 1921 o rg a n iz e d th e S ilica -G e l C o r p ., a s u b ­
s id ia r y . V . 112, p . 65 6 ; V . 113, p . 1160; V . 117, p . 6 6 8 , 1352; V . 118, p .
C A P I T A L S T O C K .— A u t h ., 2 3 5 ,0 0 0 sh ares; o u ts ta n d in g , 2 1 8 ,7 0 0 sh a res
n o p a r v a lu e . M a jo r it y o f s t o c k is d e p o s ite d in a fiv e -y e a r v o t in g tru st
e xp irin g M a y 31 1 9 2 5 . V o t in g tru ste e s are J o h n J . N e llig a n , C . M ille r
a n d W a ld o N e w c o m e r . V . I l l , p . 6 9 5 .
T h e s to c k h o ld e r s o f r e c o r d Jan . 23 1924 w e re g iv e n th e rig h t t o su b scrib e
a t $ 2 5 p er sh are t o 109 ,3 5 0 shares (n o p a r v a lu e ) c a p it a l s t o c k (v . t . c .) o f
th e S ilica G e l C o r p . V . 118, p . 315 .
D I V I D E N D S . — P a id $1 p e r sh are in A u g . 1920 a n d $1 p e r share in N o v .
1920.
B O N D S .— 1 5 -Y e a r S in k in g F u n d 8 % d e b e n tu re s c a lle d fo r p a y m e n t
A u g . 1 1924 a t 106 a n d in te re s t.
In th e m e a n tim e , th e S afe D e p o s it &
T r u s t C o ., tr u s te e , o f B a ltim o r e , M d . , is b u y in g a ll d e b e n tu re s o ffe r e d a t
th e re d e m p tio n p r ic e , 106 a n d in te re st.
R E P O R T .— F o r 192 3, in V . 118, p . 557 a n d 791, s h o w e d :
Calendar Years—
1923.
1922.
1921.
9 12 0.
G ro ss in c o m e ____________ x$ 2 ,0 8 1 ,8 1 1
$24 0,42 1
$ 2 ,0 1 6 ,0 2 2
$53 0,96 1
A d m in is tra tio n expen ses y $ 2 7 1,499
$ 1 9 1 ,4 2 0
$ 2 5 3 ,5 4 0
$ 2 8 6 ,3 3 3
In te re st a n d d is c o u n t ___
3 0 4 ,3 5 5
305 ,9 1 7
3 4 5 ,6 7 2
2 2 0 ,5 9 2
R e s e r v e fo r d e p r e c ia tio n
193,773
2 0 5 ,7 5 4
1 67 ,338
2 0 6 ,2 1 9
88,591
O th er reserves, & c ______
3 9 ,8 6 2
176,351
4 8 0 ,2 7 5
D iv id e n d s ( $ 2 ) __________
_______
4 0 0 ,0 0 0
B a la n ce _____________ s u r $ l,2 2 3 ,5 9 1 d e f$ 5 0 2 ,5 3 2 d e f$ 4 1 1 ,9 3 8 su r$ 4 2 2 ,6 0 2
x A s fo llo w s : G ro ss p r o f it fr o m m a n u fa ctu rin g a n d tr a d in g op e r a tio n s ,
$ 1 5 ,2 7 8 , a n d p r o fit fr o m sale o f 7 9 ,9 5 0 shares o f th e S ilica G e l C o r p . a t $25
a share, $ 2 ,0 6 6 ,5 3 3 . y I n c lu d e s $ 3 7 ,6 9 8 n o n -o p e r a tin g e x p e n d itu r e s , C u b a n
m in es, a n d $ 3 6 ,4 4 4 ite m s a p p lic a b le t o p r io r p e r io d s .
O F F I C E R S .— P r e s ., C . W ilb u r M ille r ; V .- P r e s ., G e o . W . D a v is o n ,
E . B . M ille r a n d W . D . H u n t in g t o n ; T r e a s ., T . J . D e e ; S e c ., J . R . W ils o n .
— ( V . 118, p . 191 6 .)
D A Y T O N ( O .) P O W E R &
C O .— O R G A N I Z A T I O N .— I n c o r p ,
in O h io M a r c h 23 1911 a n d la s u p p ly in g e le ctr ic lig h t a n d p o w e r In D a y t o n .
O ., c o v e r in g th e e n tire c it y , a ls o in n u m e ro u s n e ig h b o r in g m u n ic ip a litie s .
In th e D a y t o n , X e n ia , P iq u a . W ilm in g t o n a n d P r e b le d is tric ts . D iv s . o n
p r e f. s t o c k fr o m O c t . 1911 t o J a n . 1 92 4, i n c l., 6 % p e r a n n . ( 1 H % Q .- J .) .
In itia l d iv . o n c o m . o f 4 % p a id F e b . 10 1920: D e c . 20 1920 a n d D e c . 24
1921, p a id 4 % e a c h ; J u ly 1 1 9 2 2 p a id 2 % ; D e c . 2 1 1 9 2 2 , 2 % ; J u ly 2 ’2 3 , 2 % .
D e c . 21 1923, 2 % ; A p r il 1 1924, 1 % .

L IG H T

168

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
{For abbreviations, &c., see notes on page 6]

De Beers Consolidated Mines, Ltd— See text
Preferred (a & d) stock 7% cum not callable_______ FC
Gold notes redeemable (text) _________ - -Cec.xxxc*
D e la w a r e L a ck & W e ste rn C oal — Stock $20,000,000_______
Detroit C ity das— Stock $15,000,000 (V. 101. p. 373)______
New preferred stock— see text
First mortgage Series A red (text)____________ kxxx.c*&r*
Detrol tic Suburban Gas Oo 1st M gold red 103________c*
Detroit Edison Co. (The)— Stock $85,000,000 authorized-.
lit M $10,000,000 gold (V 77,p 2037; V 97, p 6 3)-„Q .x c*
First and Ref $75,000,000 auth Ser A red text. Bayc*&r*
do
do
Series B __________________________
Debentures gold convert (series 1924-25) subj to call_*<
do
do
1928
do
..c *
do
do
1929
do
..c *
_c*
do
do
1930
do
do
do
1931
do
_.c*
do
do
1932
do
..c *
Eastern Mloh Edison 1st M >10,00o,o00g gu call HO.Eax

Amount
Outstanding

Date I Par
Bonds
Value

1921
1922
1908
1903
1915
1915
’ 14-’ i5
1918
1919
1920
1921
1922
1906

itate
%

When
Payable

$
$100 bl7,904,400
100 a35,000,000 3 in 1923 Q— M
500 &c 9.500.000
7)4 &M & N
50 16,147,215
10
0— J
100 9,507,880 See text See text
100 &c
1.000
100
1,000
500 &c
500 < c
fc
100 &c
100 Ac
100 &c
100&1M
100-1000
100-1000
1.00(1

13.500.000
930.000
C43405900
10,000,000
16.665.000
18.319.000
108,400
1,689,600
1,613,700
4.115.500
5,462,200
6,836,800
4.000
000

6g
fig
8
5g
5 g
68
6g
7
7
7
8
6
5g

[V ol. 118.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Jan 2 ’24 J* %
M a y 1 1931
Apr 15 ’24 2)4
See text

Co’s Office, Moline. Ill
New York or Chicago •
Cheoks mailed
Checks mailed

New York
& J July 1 1947
Citizens S & Tr Co. Clev
fit D Dec 21 1928
Q—J Apr 15 1924 2% Checks mailed
NoAmCo,60Br’way, NY
J
A J Jan 1 1933
do
do
M A 8 July 1 1940
do
do
M A
S July 1 1940
do
do
F-AA J-J Feb’24 & Jan’25
do
do
J & J 15 Jan 15 1928
do
do
F & A Feb 1 1929
do
do
M &
S Mar 1 1930
do
do
J & J 10 Jan 10 1931
J & D Dec 15 1932
do
do
M A N Nov 1 1931
J
J

<•) Additional $2,828,500 purchased and in treasury, (b) Addit onal $3. 668.400 res erved for sale to e mployees under contract)
c Does not include stock subscriptions (not fully paid for) a mount ing to $2 ,190,800.

F ir s t & R e f. M . 5 % b o n d s ($ 2 0 ,0 0 0 ,0 0 0 a u t h .) are c a lla b le a t 105 o n or
b e fo r e D e c . 31 1936, a n d d e cre a s in g 1 % fo r ea ch su c c e e d in g y e a r t o 101 In
1940 a n d 1941.
(See V . 9 4 , p . 2 8 2 .)
I r v . B k .- C o l . T r u s t C o ., tru ste e .
V . 105 , p . 8 2 2 ; V . 106, p . 82 4 .
R E P O R T . — F o r 1922:
Calendar Years—
192 2.
192 1.
1920.
1919.
$ 4 ,1 8 3 ,9 5 4 $ 3 ,7 3 4 ,4 8 7 $ 2 ,9 3 2 ,8 6 8
G ro s s ea rn in g s ------------------- $ 4 ,5 3 5 ,3 0 4
T o t a l in c o m e ------------------1 ,5 1 8 ,9 0 8
1 ,3 1 9 ,0 7 6
9 8 3 ,8 0 2
1 ,0 9 3 ,4 9 8
C h a rg es, & c --------------------9 5 1 ,7 3 3
7 6 5 ,0 9 3
5 5 1 ,1 7 5
6 6 0 ,2 8 8
P r e fe r re d d iv id e n d s ____
2 4 5 ,1 6 7
2 1 7 ,5 8 3
2 0 8 ,8 2 1
193,561
C o m m o n d iv id e n d s ______
1 2 2 ,1 2 0
1 2 2 ,1 2 0
1 2 2 ,1 2 0
1 22 ,120
B a la n ce , s u r p l u s . , . . .
$ 1 9 9 ,8 8 7
$21 4 ,2 8 1
$ 1 0 1 ,6 8 7
$ 1 1 7,52 9
P r e s ., F . M . T a it ; S e c. & T r e a s ., O . E . H o w la n d . O ffic e , 2 0 S o u th
J e ffe r s o n S t ., D a y t o n , O h io .— (V . 118 , p . 177 9 .)
D E B E E R S C O N S O L I D A T E D M I N E S , L T D . — A re g iste r e d c o m p a n y
o f t h e P r o v in c e o f th e C a p e o f G o o d H o p e In th e U n io n o f S o u th A fr ic a .
C o m p a n y is said t o c o n t r o l a b o u t 8 0 % o f th e w o r ld ’s o u t p u t o f d ia m o n d s .
O w n s e n tire c a p ita l s t o c k o f C a p e E x p lo s iv e s W o r k s , L t d .; a c o n tr o llin g
In terest In t h e P rem ier (T r a n s v a a l) D ia m o n d M in in g C o . , L t d . , a n d shares
!h t h e S o u th W e s t A fr ic a C o . , L t d .
C A P I T A L S T O C K .— A u th . a n d o u ts ta n d in g , £ 2 ,0 0 0 ,0 0 0 P re fe re n ce an d
£ 2 ,6 2 8 ,6 1 0 d e fe rre d shares; p a r , £ 2 .10s. P r e f. shares are e n title d t o an
a n n u al c u m u la tiv e d iv . o f 4 8 % a n d t o p r io r it y fo r ca p ita l fo r th e su m o f
£20 w ith o u t fu r th e r p a r t ic ip a t io n .
American Shares.— P u rs u a n t t o a d e p o s it a g re e m e n t, d a t e d J a n . 17 1920,
en te re d in t o w it h C e n tr a l U n io n T r u s t C o . o f N . Y . as d e p o s it a r y , 3 2 ,0 0 0
D e fe r r e d sh ares h a v e b e e n d e p o s it e d a g a in s t w h ic h 8 0 ,0 0 0 “ A m e r ic a n ’ ’
shares h a v e b e e n issu ed in t h e r a t io o f fiv e “ A m e r ic a n ” shares f o r e a c h t w o
o rig in a l sh ares on d e p o s it . A d d it io n a l “ A m e r ic a n ” shares m a y b e issu ed in
th e sa m e p r o p o r t io n a g a in s t th e d e p o s it o f fu r th e r orig in a l D e fe r r e d shares
T h e “ A m e r ic a n ” shares r e p re se n t a p r o p r ie ta r y in te re st in t h e d e p o s ite d
sh ares a n d a re e n title d t o th e ir p r o r a ta b e n e fit o f a ll d iv id e n d s a n d o th e r
a c c r e tio n s o n s u ch d e p o s ite d sh a re s. “ A m e r ic a n ” ce r tific a te s are e x ch a n g e ­
a b le f o r o r ig in a l D e fe r r e d shares in t h e s a m e p r o p o r t io n as t h e A m e rica n
shares w ere issu e d . T h e d e p o s it a g r e e m e n t is te r m in a b le b y t h e w ritte n
r e q u e s t o f 7 5 % o f " A m e r ic a n ” s h a re h o ld e rs .
D I V I D E N D S . — D iv s . on d e fe r re d shares h a v e b e e n p a id as f o llo w s (y e a r
e n d in g Ju n e 3 0 ) : 1912, 4 0 % ; 1913. 6 0 % ; 1914. 5 0 % ; 1915 a n d 1916. n o n e ;
1917 a n d 1918. 4 0 % e a c h ; 1919, 8 0 % ; 192 0, 1 2 0 % ; 1921, 2 0 % . A ls o paid
a b o n u s o f 1 0 % in each o f th e y e a rs 191 2, 1913 and 1918. D iv s . w ere
d e fe r re d in Ju n e 1 92 2. V . 114, p . 2 8 2 9 . I n D e c . 1922 d e c la r e d a d i v o f
3 0 % : a n d in 1923 8 0 % o n th e p r e fe re n ce shares in fu ll p a y m e n t o f th e b a c k
d iv id e n d s d u e o n th a t issue.
D E B E N T U R E S .— £ 1 ,6 3 5 ,4 9 5 4 H % S o u th A fr ica n E x p lo r a tio n M o r t g ; ge
D e b e n tu r e s , d a te d J a n . 23 1901; i n t . J . & J . D e n o m in a tio n s , £ 5 , £ . 0 ,
£5 0 , £ 1 0 0 , £ 5 0 0 . A u th . £ 1 ,7 5 0 ,0 0 0 . R e d e e m a b le a t p a r J a n . 1 193 0 o r
a t 105 a t a n y tim e earlier o r in c a se o f v o lu n t a r y d is s o lu tio n , & c.
R E P O R T . — F o r y e a r e n d e d Ju n e 3 0 1 92 3, in V . 117, p . 2 5 4 6 , sh o w e d :
Years Ended June 30—
1 9 2 2 -2 3 .
1 92 1-2 2.
1 9 2 0 -2 1 .1
P r e v io u s y e a r ’s b a la n ce (d ia m o n d s u n ­
s o ld , & c . ) ------------------------------------------£ 3 3 3,14 3
£46 4,73 2
£ 5 9 2,07 5
D ia m o n d a c c o u n t d u r in g y e a r ______ 2 ,8 1 8 ,4 3 8
4 0 1 ,8 1 6
2 ,3 0 0 ,5 8 1
3 5 5 ,7 9 6
3 2 4 ,6 7 5
6 3 9 ,4 4 8
I n t . a n d d iv s . o n in v e s tm e n ts , & c ____
T ra n sfe rre d fr o m general f u n d _______
_______
535 ,634
1 ,0 1 0 ,2 3 2
_______
2 1 ,8 2 3
S ta b ilim e n t o f d ia m o n d tra d e re s e r v e

_

T o t a l in c o m e ________________ £ 3 ,5 0 7 ,3 7 7
M in in g e x p e n d itu re , & c ________ £ 1 ,1 6 7 ,9 5 4
I n t . o n d eb en tu res a n d s in k in g f u n d - 2 5 3 ,0 8 0
I n c o m e ta x — U n ion o f S o u th A f r i c a - .
6 4 ,9 9 4
A m o u n t fo r s ta b ilim e n t r e s e r v e ______
118 ,765
P r e fe r e n c e d iv id e n d s (after t a x ) ( £ 2 ) 1 ,4 8 0 ,0 0 0
D e fe r r e d d iv id e n d s , ta x f r e e __________
_______

£ 1 ,7 4 8 ,6 8 0 £ 4 ,5 4 2 ,3 3 7
£ 1 ,0 7 7 ,6 0 0 £ 2 ,4 6 2 ,8 5 0
2 5 1 ,4 3 0
2 4 8 ,6 5 6
8 6 ,5 0 7
6,593
_______
119,505
_______ (£ 1 )7 4 0 ,0 0 0
_______
500 ,000

Suspense p r o f it a c c ’t (d ia m . u n s o ld )
£ 4 2 2 ,5 8 4
£33 3,14 3
£464,732
O F F I C E R S .— P . R o s s F ra m e s, C . M .G . , C h a irm a n ; E d w in Sam uel
M o n t a g u , P . C . , D e p u t y C h a ir m a n ; E . F . R a y n h a m , J o se p h B r u c e , J . H .
B o v e n iz e r , Secretaries. G e n e ra l o ffic e , K im b e r le y , S ou th A fr ic a . L o n d o n
o f fic e , 15 St. S w ith in ’s L a n e .— (V . 117, p . 2 7 7 5 .)
D E E R E & C O .— O R G A N I Z A T I O N .— B u sin ess fo u n d e d In 1 83 7; In c o r p .
in 1868 a n d a g a in In 111. in 191 1. M a n u f. steel p lo w s , farm im p le m e n ts an d
v e h ic le s . V . 9 2 . p . 9 5 9 . 124 5. 1313. 150 2; V . 9 5 . p . 238 . 2 9 9 . I n M a r c h
1918 p u r c h a s e d W a t e r lo o (Io w a ) G a s E n g in e C o . , m a n u fa c tu r e r o f tr a c to r s
an d g a s e n g in e s . V . 108 . p . 96 9 .
S T O C K .— P r e f. S t o c k .
See V . 9 2 , p . 1502; V . 9 5 , p . 299 , 8 2 0 . C o m ­
m o n s t o c k v o t in g tr u s t e x p ir e d N o v . 1 1920 a n d w as n o t re n e w e d .
D iv . o n p r e f. S e p t. 1911 t o S e p t. 1921, in c l., 1 % q u a r .; D e c . 1921
t o Ju n e 192 4, M % q u a r.
N O T E S .— T h e 7) 4 % g o ld n o te s are r e d ., a ll o r p a r t , t o M a y 1 1922. at
105 a n d in t ., a n d th e r e a fte r a t H % less fo r e a ch fu ll y e a r o r fr a c tio n th e r e o f
fro m M a y 1 1922. A s in k in g fu n d b e g in n in g F e b . 1 1924 w ill r e tire $ 5 0 0 ,0 0 0
n otes in ea ch y e a r 1924 t o 1926, in c l., a n d $ 6 2 5 ,0 0 0 e a ch y e a r 1927 t o 1930
i n c l., a t n o t e x c e e d in g c u r r e n t r e d e m p tio n p r ice . V . 112, p . 748 .
R E P O R T . — R e p o r t fo r y e a r e n d in g O ct. 31 192 3, in V . 118, p . 547 :
1 92 2-2 3.
1 92 1-2 2.
19 2 0 -2 1 .
191 9-2 0.
x T o t a l e a rn s .(a ll c o s . ) - . $ 3 ,0 8 4 ,4 1 6 Z o ssl,0 1 9 ,3 2 8 Zoss$945,118 $ 6 ,4 9 9 ,9 0 8
A d m in ., & c ., e x p e n s e ___
$51 1,40 1
$56 8 ,3 9 7
$ 8 2 1 ,5 4 7 $ 1 ,1 2 1 ,8 8 4
I n t . o n d e b ., & c. ( n e t ) . .
7 8 3 ,8 0 6
9 3 3 ,0 5 4
9 1 4 ,3 4 9
5 7 0 ,2 6 5
D e p le t io n , & c ___________
_______
_______
71,787
160,041
F e d e ra l ta x e s ____________
See “ x ”
See “ x ”
See “ x ”
See “ x ”
C o n tin g e n t r e s e r v e ______
See “ x ”
See “ x ”
See “ x ”
See “ x ”
P re fe rre d d iv id e n d s ____
1 ,0 5 0 ,0 0 0
1 ,3 1 2 ,5 0 0
2 ,4 5 0 ,0 0 0
2 ,4 5 0 ,0 0 0
B a la n ce , s u rp lu s ______
$ 7 3 9 ,2 0 9 d f$ 3 ,8 3 3 ,2 7 9 d f$ 5 ,202,801 $ 2 ,1 9 7 ,7 1 8
T o t a l s u rp lu s ____________ $ 8 ,9 4 0 ,6 1 7 $ 8 ,2 0 1 ,4 0 8 $ 1 2 ,0 3 4 ,6 8 6 $ 1 7 ,2 3 7 ,4 8 8
x A ft e r d e d u c tin g all expen ses fo r d e p r e c ia tio n o f p r o p e r t y a n d e q u ip ­
m e n t , fo r all ta x e s , fo r cash d is c o u n t , u n c o lle c tib le n o te s a n d a c c o u n t s , and
fo r o t h e r c o n tin g e n c ie s .
O F F I C E R S .— P r e s ., W m . B u tt e r w o r t h ; S e c. & O o m p t ., T . F . W h a r to n ;
T r e a s ., G e o . W . C r a m p t o n . O ffic e , M o lin e , 111.— ( V . 118, p . 7 9 8 .)
D E L A W A R E L A C K A W A N N A & W E S T E R N C O A L C O .— I n c o r p o r a t e d
in N ew Jersey o n Ju n e 30 190 9. P u rch a ses coal p r o d u c e d b y th e D . L . & W .
H R in P e n n s y lv a n ia fo r 6 5 % o f th e m a rk e t va lu e a t tim e o f sale ( N . Y .
tid ew a ter price*, assum ing all tr a n s p o r ta tio n ch a rg e s fro m th e m in e s.




C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n D e c . 21 1920 r a t ifie d an in ­
crea se in t h e a u th . c a p ita l s to c k fr o m $ 6 ,8 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 .
V. I ll,
p . 2 52 5.
D I V S .—
f ’ l l . T 2 . 1 3 . T 4 . 1 5 . ’ 1 6 . ’ 1 7 . ’ 18- ’ 19. '2 0 . ’ 2 1 . ’2 2 . ’ 23
R eg u la r . . % { 10 10 10
10
10
10 10
10 10
10 10
10 10
20
10
50
10 t e x t t e x t __ t e x t
-tex t
E x t r a _____% l - P a id in 1924: J a n . 2 5 , 2)4 % q u a r. a n d 5 % e x tr a ; A p r il 2 5 , 2)4 % q u a r.
E x tr a d iv id e n d s in 191 7, J u n e , 5 0 % ca s h ; D e c . 2 8 . 4 0 % ; In b o n d s an d
n otes a t p a r , v i z ., 1 5 % in B ritis h n o te s o f 1919 a n d 1921 a n d 2 5 % in U . S.
L ib e r ty L o a n 4s, d u e 1942: J u ly 191 8. 3 0 % in U . S. L ib e r t y L o a n 4 H s .
P a id 7 5 % s t o c k d i v . t o h o ld e r s o f r e c o r d D e c . 21 1920 a n d 4 0 % s t o c k d i v .
t o h o ld e r s o f r e c o r d D e c . 18 1 92 2.
T h e U . S . S u p re m e C o u r t o n Ju n e 21 1915 in th e s u it b r o u g h t b y th e G o v ­
ern m en t h eld th a t th e c o m p a n y u n d e r th e c o n t r a c t o f A u g . 2 1 9 0 9 , w it h t h e
D . L . & W . R R . v io la te d th e c o m m o d it ie s cla u s e o f th e In t e r -S ta te C o m ­
m e rce A c t a n d th e Sherm an A n ti-T r u s t L a w .
A n e w c o n t r a c t w ill b e a r­
ra n g e d . V . 101 , p . 175 0. B a la n ce sh e e t Ju n e 30 1 91 5, V . 10 1 , p . 2 0 8 .
R e p o rt fo r c a l. y ear 1 91 3. In V . 9 8 , p . 1 31 1. s h o w e d : C o a l sa les, $ 3 8 ,3 7 6 ,4 8 6 ;
p r o fit, $ 1 ,7 9 8 ,7 1 4 ; o th e r I n c o m e , $ 2 9 8 ,0 6 7 : d iv s . ( 3 0 % ) . $ 1 ,9 7 7 ,2 1 0 ; b a l . ,
s u r ., $ 1 1 9 ,5 7 1 . P r e s ., J . F . B e r m in g h a m ; T r e a s ., J . J . A . O w en s.
O ffic e ,
120 B r o a d w a y , N . Y . — (V . 118 , p . 2 8 9 4 .)
D E T R O I T C I T Y G A S C O .— O rg a n iz e d in M a r c h 1898 a n d ow n s all t h e
gas p r o p e r tie s in D e t r o it , M ic h .
T h e D e t r o it C it y C o u n c il d e c id e d
n o t t o exe rcise th e rig h t t o p u r c h a s e th e p r o p e r t y o f th e c o m p a n y a t th e
e x p ir a tio n o f th e la t te r ’s fra n ch is e O c t . 31 1923. T h e A m e r . L ig h t & T r . C o .
o w n s o v e r 9 9 % o f th e s t o c k . V . 8 2 , p . 2 8 3 , 9 8 9 . O n A u g . 1 1913 a cq u ire d
th e p h y s ic a l p r o p e r t y o f D e tr o it & S u b u rb a n G a s C o . , s u b je c t t o $ 9 3 0 ,0 0 0
2 0 -y e a r 5s d u e D e c . 1 192 8. V . 9 7 , p . 73 1 . R a te s , V . 117, p . 2 2 1 7 , 2 4 3 8 ;
V . 118, p . 1916, 2 18 5.
S T O C K .— In A u g . 1915 a u th . w as g iv e n t o Increase lim it o f s t o c k t o $ '5 ,
0 0 0 ,0 0 0 a n d t o issu e $ 1 ,1 2 8 ,0 0 0 t o p r o v id e fo r e x te n s ., im p ts ., & c ., an d
also $ 1 ,7 9 2 ,0 0 0 as a s t o c k d iv id e n d o f 2 7 .2 3 4 % t o re p re se n t earn in gs d i­
ve rte d in r e ce n t ye a rs fo r a d d itio n s , & c ., m a k in g t o t a l o u ts ta n d in g s to c k
$ 9 ,5 0 0 ,0 0 0 . T h e s t o c k d i v . w as p aid a t o n c e .
V 101. p . 373 616
T h e s to c k h o ld e r s in A p r il 1921 a u th o r iz e d t h e issu a n ce o f $ 5 ,0 0 0 ,0 0 0 8 %
c u m u la tiv e p r e fe rr e d s t o c k .
V . 112. p. 1870.
B O N D S .— T h e fir s t m o r tg a g e S eries A 6 % b o n d s a re r e d e e m a b le , a ll or
p a rt, a t 1 0 7 )4 t o a n d in c lu d in g J u ly 1 1 93 2: a t 105 t h e r e a fte r t o a n d in c lu d ­
in g J u ly 1 1942: a t 101 t h e r e a fte r t o a n d in c lu d in g J u ly 1 1 94 6. a n d a fte r
J u ly 1 1946 a t p a r a n d in t e r e s t . P r o c e e d s p r o v id e d fu n d s t o r e t ir e $ 5 ,9 9 5 .0 0 0 G o ld M t g e . 5s, d u e J a n . 1 192 3; $ 3 ,5 0 5 ,0 0 0 G e n . M t g e . 5 s, d u e
J u ly 1 1 92 3, a n d t o p a r t ia lly r e im b u rs e t h e c o m p a n y f o r c o n s t r u c tio n a n d
im p r o v e m e n ts h e r e t o fo r e m a d e . V . 11 5 , p . 187.
O F F I C E R S .— ‘P r e s ., A la n s o n P . L a th r o p ; V . - P . & G e n . M g r ., C n a s . W .
B e n n e tt; S e c. & T r e a s ., C h a s . S. R it t e r . O fifc e , D e t r o it , M ic h .— ( V . 1 1 8 ,
p . 2 1 8 5 .)
D E T R O I T E D I S O N C O . ( T H E ) .— O R G A N I Z A T I O N . — I n c o r p . in Jan
1903; o w n s c a p ita l s t o c k o f T h e E d is o n I llu m in a tin g C o . o f D e t r o i t , P en in
sular E le c t r ic L ig h t C o . , I n c ., P o r t H u r o n G a s & E le c . C o . an d D e lr a y
T erm . R R . C o.
S erves D e t r o it a n d s u b u r b s , A n n A r b o r , Y p s ila n t i, M t .
C le m e n s , M o n r o e , P o r t H u r o n an d o t h e r t o w n s a n d ru ra l d is tr ic ts . V . 106.
p . 7 0 7 . 1580; V . 109 . p . 127 7. 1529.
S T O C K .— T h e s to c k h o ld e r s v o t e d F e b . 4 192 4 t o in cre a se th e a u th oriz ed
c a p ita l s t o c k fr o m $ 6 0 ,0 0 0 ,0 0 0 t o $ 8 5 ,0 0 0 ,0 0 0 .
V . 118 , p . 670 .
S to c k ­
h o ld e rs o f r e c o r d M a y 5 1924 w e re o ffe r e d a d d it io n a l s t o c k a t p ar t o th e
e x te n t o f 2 5 % o f h o ld in g s .
V . 118 , p . 2 04 7.
D IV ID E N D S —
11909.
1910.
19 1 1 -1 5 .
1916 to April 1024.
P e r c e n t ______________________ \ 4 %
5%
7 % y r ly 8 y r ly . ( 2 % q u a r.)
B O N D S .— T h e R e fu n d in g M o r tg a g e o f 1915 is fo r $ 7 5 ,0 0 0 ,0 0 0 (in terest
r a te t o b e f ix e d a t t im e o f is s u e ), t o r e tir e a t o r b e fo r e m a t u r it y th e $ 1 0 ,0 0 0 ,000 1st M . 5s a n d $ 4 ,0 0 0 ,0 0 0 E a s t. M ic h . E d is o n C o . 1st M . 5s, a n d t o
p r o v id e a d d ’l c a p ita l w h en n e e d e d .
C a lla b le u n til M a r . 1 1930 a t 107)4,
th e n t o M a r . 1935 a t 105, th e re a fte r 102)4- V . 100, p . 2 16 9; V . 102 , p . 1990;
V . 103, p . 2 2 4 0 ; V . 105, p . 74; V . 106, p . 2 5 6 3 , 2 6 5 2 ; V . 109, p . 1277, 2 36 0.
F r o m 1910 t o 1915 issu ed $ 9 ,0 0 0 ,0 0 0 6 % 1 0 -ve a r c o n v e r t ib le b o n d s ca ll­
a b le a t 105, o f these t o D e c . 31 1923, $ 8 ,8 9 1 ,6 0 0 h a d be e n c o n v e r t e d in to
s t o c k , le a v in g $ 1 0 8 ,4 0 0 o u ts ta n d in g .
T h e d e b e n tu re s o f 1918 a re c o n v e r t ib le b e tw e e n J a n . 1 5 1 9 2 0 a n d J u ly 15
1927 in t o s t o c k , $ fo r $. a n d are s u b je c t t o ca ll J a n . 15 1923 t o J a n . 15 1926
a t 105; th e r e a fte r a t 102 a n d in te re s t (b u t s till c o n v e r t ib le i f c a l l e d ) .
E a s te r n M ic h ig a n E d is o n C o . F ir s t M t g e . b o n d s a re c a lla b le a t 110 .
T h e d e b e n tu re s o f 1919 a re c o n v e r t ib le b e tw e e n F e b . 1 1921 a n d A u g . 1
1928 a t o p t io n o f h o ld e r s in t o p a id -u p s t o c k o f t h e sa m e p a r v a lu e .
R ed.
F e b . 1 1923 t o J a n . 31 1927 a t 105 a n d in te re s t, a n d o n o r a fte r F e b . 1 1927
an d b e fo r e m a tu r ity a t 102 a n d i n t ., o n 60 d a y s n o tice , a n d w h en so ca lled
fo r re d e m p tio n , m a y a t o p t io n o f h o ld e r s b e c o n v e r te d a t a n y tim e b e fo re
r e d e m p tio n d a t e . V . 107. p . 2379.
T h e d e b e n tu re s o f 1920 a re c o n v e r t ib le b e tw e e n M a r c h 1 192 2 a n d S e p t. 1
1929 in to c a p ita l s t o c k a t p a r .
R e d e e m a b le o n o r a fte r M a r c h 1 1924 a n d
b e fo r e M a r c h 1 1928 a t 105 a n d in t , a n d o n o r a fte r M a r c h 1 192 8 an d
b e fo r e m a t u r it y a t 102 a n d in t . V . 110, p . 2 6 4 , 973 .
T h e s to c k h o ld e r s o f r e c o rd D e c . 11 1920 w e re g iv e n t h e r ig h t t o s u b s crib e
a t p a r u p t o Jan . 10 1921 t o a n e w issu e o f 8 % 1 0 -ye a r C o n v e r tib le D e b e n ­
tu res t o 2 0 % o f th e ir h o ld in g s . T h e d e b e n tu r e s (series o f 1931) are c o n ­
v e r tib le b e tw e e n J a n . 10 1923 a n d J u ly 10 1930 in to ca p ita l s t o c k o f sam e
par v a lu e . C a lla b le on and a fte r Jan 10 1923 a t 105, a n d o n Jan 10 1924
a n d a t a n y tim e th e r e a fte r a t a p r e m iu m o f )4 % fo r e a ch y e a r o r u n e x p ir e d
p o rtio n t h e r e o f t o m a tu r ity .
V 111. p . 2233.
T h e s to c k h o ld e r s N o v . 10 1922 v o t e d t o issu e 6 % c o n v e r t ib le d e b e n tu re
b o n d s , d u e D e c . 15 1932. S to c k h o ld e r s o f r e c o r d N o v . 20 1922 w ere g iv e n
th e rig h t t o s u b s crib e a t p a r t o t h e d e b e n tu re b o n d s e q u a l t o 2 0 % o f their
h o ld in g s . T h e d e b e n tu re b o n d s w ill b e c o n v e r t ib le a t p a r fr o m D e c . 15
1924 t o J ’n e 15 1932 in to fu lly p a id shares o f th e c a p ita l s t o c k o f th e c o m p a n y
a n d w ill b e ca lla b le D e c . 15 1924 t o D e c . 15 1925 a t a p r e m iu m o f 5 % ; an d
o n a n d a fte r D e c . 15 1925 a t a p r e m iu m o f H o f 1 % fo r e a ch y e a r t o m a t u r it y
( V . 115, p . 2 1 6 3 ).
R E P O R T . — F o r 1 92 3, in V . 118, p . 548 , s h o w e d :

Cal.
Yrs.

Gross

Net after

Interest

Other

Dividends

Balance,

Earnings. Taxes,&c.
Charges. Deduc'ns.
(8 % )
Surplus
1923 --$ 3 1 ,7 2 4 ,1 8 5 $ 9 ,3 5 9 ,7 2 6 $ 3 ,8 6 6 ,9 1 6 $ 9 4 8 ,5 9 8 $ 3 ,0 6 1 ,5 4 8 $ 1 ,482,664
1922 - - 2 6 ,4 0 8 ,1 5 9 7 ,1 6 9 ,5 4 5
3 ,5 5 6 ,3 8 1
3 6 3 ,1 9 7
2 ,5 9 9 ,2 7 8
6 5 0 ,6 8 9
1921 - - 2 3 ,3 8 2 ,8 9 8 6 ,2 8 3 ,8 3 6
3 ,4 3 3 ,6 6 5 3 0 3 ,6 7 6
2 ,2 3 4 ,3 3 9
3 1 2 ,1 5 6
1920 . - 2 1 ,9 9 0 ,3 5 2 4 ,5 3 3 ,6 9 4 2 ,4 6 2 ,7 5 8 8 7 5 ,3 8 0 2 ,2 0 1 ,6 2 7 d fl0 0 6 ,0 7 1
O F F I C E R S .— P r e s ., A le x . D o w ; V .- P s ., A lfr e d J a r e tz k i, N . Y . ; A lfr e d
C . M a r s h a ll, J a m e s V . O x t o b y a n d Sarah M . S h e rid a n , D e tr o it ; S ec. &
A s s t. T r e a s ., Ja m e s F . F o g a r t y , N . Y . ; T r e a s . & A s s t. S e c ., S a m u el C .
M u m fo r d , D e tr o it . O ffic e s . 60 B r o a d w a y , N . Y . , 2 0 0 0 S e c o n d A v e .,
D e t r o it .— (V . 118 , p . 2 0 4 7 .)

M ay , 1924.]

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

Date
Bonds

Devoe & R a y n o l d s Co., I n c . — C o m m o n s to c k $ 4 ,0 0 0 ,0 0 0 a u .
F irst p r e f (a & d ) s t o c k 7 % c u m r e d 115 $ 2 ,0 0 0 ,0 0 0 a u t h - .
S e c o n d p r e f s t o c k 7 % c u m re d 115 $ 1 ,0 0 0 ,0 0 0 a u t h .
.
Diamond^Match Co (The)— S to c k $ 2 5 ,0 0 0 ,0 0 0 a u t h _______

Par
Value

—

1922

E I) du Pont de Nemours & Co— Com stock. $100,000,000
Debenture stock 6% red at 125% cum voting $10,000.0001 —
do
do
do non-voting *150.000.000
_ f
10-year gold bonds red. (text)_________________ Be* & r* 1921
(E I) 4u Pont deNemours Pow(old co)— Com stk($2,942,728)
Preferred (a & d) stook 5% cum (see text) $16.068.301_
_
Bonds (not M) $16,000,000 g red at 110; opt V 95. p 969.x 1906
du Pont Bldg Gorp 1st M $1,500,000 g Int gu red 110..xo» 1910

$ 7 0 4,99 5
_______
6 5 ,485
(4 )1 6 0 ,0 0 0

B a la n ce, s u rp lu s --------$34 5 ,1 1 2
$ 3 4 2 ,2 6 9
$ 3 1 4,20 1
$79 0,09 3
T o t a l s u r p lu s -------------------$ 4 ,0 5 7 ,4 6 2 $ 3 ,7 1 2 ,3 5 0 $ 3 ,3 7 0 ,0 8 1
$ 3 ,0 5 5 ,8 8 0
O F F I C E R S .— P r e s ., W . A . F a irb u rn ; I .-P r e s ., T . J . R e y n o ld s & C . K .
L ig h t; S ec. & T r e a s ., H . F . H o lm a n . G e n e ra l o ffic e s , 110 W . K in z ie S t .,
C h ic a g o . N . Y . o ffic e s . 111 B r o a d w a y .— ( V . 11 8 , p . 166 2.)
D O M E M IN E S , L T D .— T h e s to c k h o ld e r s o f t h e D o m e M in e s C o . , L t d . ,
in O c t . 1923 w ere a d v is e d th a t t h e a ssets, r ig h ts , c r e d its a n d e ffe c t s o f th e
c o m p a n y had b e e n v e s te d in Domes Mines, Ltd., in c o r p o r a te d u n d e r th e
C o m p a n ie s A c t o f C a n a d a J u ly 7 1923 w ith an a u th o r iz e d c a p ita l o f 1 ,0 0 0 ,0 0 0 snares o f n o p ar v a lu e . A ll d iv id e n d s p a id h e r e a fte r w ill b e p a id o n th e
shares o f th e n e w c o m p a n y . T h e s to c k h o ld e r s o f th e D o m e M in e s C o . ,
L t d ., w ere r eq u ested t o d e p o s it th eir s to c k o n o r a ft e r N o v . 14 w ith th e E m ­
p ire T r u s t C o . , N e w Y o r k , a n d t o r e c e iv e in e x c h a n g e t w o f u ll y p a id shares
o f n o p a r v a lu e o f th e n e w c o m p a n y fo r e a ch sh a re (p a r $9) o f th e o ld c o .
D I V S .— S e p t. 1915 t o M a r . 1917 p a id 5 % q u a r.;J u n e 1917, 2 > 4 % !
1918 and 1919, n on e : Ja n . 1920 t o A p ril 1922, 2 ) 4 % q u a r. (2 5 c . p e r share) •
J u ly 1922 t o A p r il 1923 p a id 50 ce n ts a u a r:: J u ly a n d O c t . 1923 p a id $1 q u a rJa n . an d A p r il 1924 p a id 50 ce n ts q u a r. I n A p r il 1922 p a id $1 p e r share
(ca p ita l d is t r ib u t io n ), r e d u c in g t h e p a r v a lu e o f shares fr o m $10 t o $9.
V . 114, p . 7 4 2 , 858 .
R E P O R T .— F o r y e a r e n d e d M a r c h 31 1 92 3, in V . 116 , p . 1899:
Year ended March 31—
1923.
1922.
1 92 1.
O p era tin g e a rn in g s-------------------------------$ 2 ,3 7 1 ,1 9 7 $ 1 ,1 6 8 ,6 0 7
$7 0 6 ,8 9 4
1 8 2 ,4 5 9
1 3 8 ,6 6 8
2 4 7 ,3 5 6
O th e r in c o m e ----------------------------------------$ 1 ,3 0 7 ,2 7 5
6 1 6 ,3 8 4
5 7 ,5 8 2
4 7 6 ,6 6 7

$ 9 5 4 ,2 5 0
6 10 ,357
4 1 ,4 1 3
4 3 8 .3 3 4

B a la n ce, su rp lu s o r d e f ic it _________ su r$ 9 2 4 ,0 3 5 su r$ 1 5 6 ,6 4 2 d e f$ 1 3 5 ,8 5 4
P r o fit an d loss su rp lu s _________________$ 1 ,1 2 6 ,6 9 4
$ 2 4 5 ,1 8 5
$ 7 3 ,2 8 0
R e p o r t fo r 3 m os . e n d e d M a r c h 31 1924 in V . 118, p . 2 04 7.
P res. & T r e a s ., Ju les S . B a ch e ; S e c ., A le x a n d e r F a sk e n . M a in o ffic e ,
3 6 T o r o n t o S t ., T o r o n t o , C a n .— ( V . 11 8 , p . 2 3 0 9 .)
D O U G L A S - P E C T I N C O R P . — I n c o r p . u n d e r la w s o f N . Y . o n A p r il 1
192 3. M a n u fa c tu r e s P e c tin , C e r t o , a n d p u r e a p p le v in e g a r.
D I V S .— A n in itia l d iv id e n d o f 2 5 c. p e r sh are w a s p a id J u ly 1 1923; sam e
a m o u n t p a id q u a r. t o Ju n e 30 1924.
R E P O R T .— F o r 1923 sh o w e d [in cl. p r o f it o f p re d e ce sso r c o m p a n ie s fo r
th ree m o n th s en d in g M a r c h 31 1923]:
S ales, less retu rn s a n d a llo w a n ce s, $ 2 ,4 6 3 ,4 5 9 ; less m a n u fa ctu rin g
c o s t , $ 1 ,0 0 4 ,4 3 5 ; m a n u fa ctu rin g p r o f it -----------------------------------------$ 1 ,4 5 9 ,0 2 4
S ellin g a n d a d m in is tra tiv e e xp en ses________________ ,_______________
7 4 3 ,0 4 9
B a l a n c e _____________________________________________________________

Deduct— D e p r e cia tio n , $ 8 8 ,6 9 5 ; in terest (n e t ), $34 ,4 6 3 ; p r o ­

$71 5,97 4

v is io n fo r U . S. A . a n d C a n a d ia n taxes, $ 7 8 ,5 8 4 ; t o t q l ---------------

201 ,7 4 3

P r o fit fo r th e y e a r _________________________________________________
Less— P r o p o r t io n o f p r o fit p r io r t o A p r il 1 1923 (th e d a te o f fo r ­
m a tio n o f th e D o u g la s -P e ctin C o r p .) a p p lic a b le t o c a p it a l____

$ 5 1 4,23 2

P r o fit fo r th e n in e m o n th s e n d in g D e c . 31 1 9 2 3 --------------------------D iv id e n d p a id (75 c e n t s )____________________________________________

$ 2 9 1 ,2 1 9
2 2 5 ,0 0 0




$ 4 ,0 0 0 ,0 0 0 See te x t
9 non non
.
7
9 3 5 ,5 0 0
7
16 9 6 5 .1 0 0
8

100 &c 1 8 ,1 6 4 ,0 0 0
10 2 ,9 4 2 ,6 4 5
100
2 4 4 ,1 0 8
1,000 1.060,000
1,000
1 .5 0 0 ,0 0 0

B a la n ce , s u rp lu s ------------------------------------------ -----------$ 5 2 5 ,1 9 2
$47 9 ,5 1 0
P r o fit and loss su rp lu s ________________________________$ 1 ,1 6 6 ,4 7 9 $ 1 ,0 2 0 ,4 7 0
O F F I C E R S .— P r e s ., E . H . R a y n o ld s ; C h a irm a n & T r e a s ., I . W . D ru m ­
m o n d ; S e c.. J. M . B . D ru m m o n d . O ffic e , 101 F u lto n S t ., N e w Y o r k .(V . 118, p . 1141.)
D IA M O N D . M A T C H C O . ( T H E ) .— O R G A N I Z A T I O N , & c.— I n c o r p .
F e b . 13 1889 in Illin o is as su ccessor to a C o n n e c tic u t co r p o r a tio n . O w ns
tra cts o f tim b e r la n d s in M a ssa ch u setts, N e w H a m p sh ire , V e rm o n t an d
M a in e , a n d has e x te n siv e h old in g s o f tim b e r la n d s in C a lifo rn ia , Id a h o an d
W a sh in g to n ; ow n s m a tc h a n d b lo c k fa cto rie s lo ca te d a t O sw ego, N . Y . , B a r­
b e rto n , O ., C h ic o , C a lif., S a v a n n a h , G a ., S p rin g fie ld , M a s s ., S p ok an e,
W a s h ., A th o l, M a s s ., B id d e fo r d , M e ., a n d S tirlin g C it y , C a lif.; m a ch in e
sh o p a n d fo u n d r y a t B a rb e rto n , 0 . , p a p er b o a r d m ill a t S o u th fo rd , C o n n .,
to g e th e r w ith p la n t e m p lo y e d in lu m b e r op e ra tio n in C a lif., co n sistin g o f saw
m ills, p o w e r p la n ts, lo g g in g R R s ., e q u ip ., r o llin g s to c k reta il lu m b er y a rd s,
& c. O w n s h old in gs o f p in e la n d s in M a in e , M a ssa ch u se tts, N e w H a m p sh ire
V e r m o n t. C a lifo rn ia , I d a h o a n d W a s h in g to n , a n d c o n d u c ts sellin g b ra n ch es
in N e w Y o r k , C n ic a g o , S t. L o u is , San F ra n cisco a n d N e w O rlean s. Is
in terested in th e m a tc n b u sin ess o f G rea t B rita in ( V . 10 8 , p . 1821) a n d
P eru .
In terest in new C a n a d ia n c o m p a n y , V . 11 3 , p . 2 0 8 4 ; V . 117 , p . 156 0.
S T O C K .— T h e s to c k h o ld e r s In O c t. 1922 a p p r o v e d a n in crea se In th e
ca p ita ] s t o c k fr o m $ 1 8 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,0 0 0 .
D E B E N T U R E S .— -All o f th e o u ts ta n d in g 1 5 -y e a r 7 M % sin k in g fu n d
g o ld d e b e n tu re s, d a te d N o v . 1 192 0, w ere c a lle d fo r r e d e m p tio n N o v . 1
1923 a t 105 a n d in t. V . 117 , p . 7 8 5 .
D I V S .— f 1896 to 1908. ’0 9 . ’ 10. ’ l l . ’ 1 2 -’ 15. ’ 16. '1 7 . ’ 1 8 t o J u n e ’ 24.
S in ce 1 8 9 3 % 1 1 0 (2 )4 q u a r.) 8
6
6
7 y ’l y 7 K
9 8 y ’l y ( 2 Q . - M )
R E P O R T .— F o r 1923, in V . 118, p . 1662:
Calendar Years—
1923.
192 2.
1921.
1920.
E a rn in g s--------- $ 4 ,6 9 3 ,2 8 6
$ 4 ,7 3 2 ,7 8 7 $ 4 ,6 0 3 ,4 9 8 $ 4 ,0 2 6 ,6 0 3
G e n ., & c .. d e p r ., r e s ’ v e . 2 ,6 4 0 ,9 6 6
2 ,7 3 3 ,3 1 0
2 ,6 7 2 ,0 8 9
1 ,4 2 9 ,3 0 2
R e s . fo r F e d . ta xes, & c - _
3 5 0 ,0 0 0
3 0 0 ,0 0 0
2 6 0 ,0 0 0
4 5 0 ,0 0 0
D i v i d e n d s -1 ,3 5 7 ,2 0 8
1 ,3 5 7 ,2 0 8
1 ,3 5 7 ,2 0 8
1 ,3 5 7 ,2 0 8

T o t a l in c o m e ............. .................
$ 2 ,5 5 3 ,6 5 5
D e p r e cia tio n a n d d e p le t io n ___________
5 4 9 ,4 8 8
C a n a d ia n ta x e s ________________________
1 2 6 ,7 9 8
D i v i d e n d s . . ------------------------------------------9 5 3 ,3 3 4

Rate
%

When
Payable

Text
Q— J
Q —J
V— M
Q — J 20
N o n e 3 0 0 ,0 0 0 shs See t e x t
Q— J
A & O
$ 4 7 5 ,0 0 0
7 g
100 95 060 900 See text Q— M 15
100 6 8 ,4 1 5 ,7 8 0
Q— J 25
6

D E V O E & R A Y N O L D S C O ., I N C .— I n c o r p . in N . Y . o n A p r il 6 191 7.
M a n u fa c tu r e s p a in ts , v a rn ish e s, bru sh e s, a rtis ts ’ su p p lie s a n d o th e r in c i­
d e n ta l a n d kinctred p r o d u c t s .
D I V I D E N D S .— P a id o n c o m m o n : 1919 t o 1 9 2 2 ,4 % p e r a n n .; 1923, 5 % .
R E P O R T .— F o r 1923, in V . 118, p . 1141, s h o w e d :
Calendar Year—
192 3.
192 2.
N e t sa les------------------------------------------------------------------------ $ 1 0 ,6 9 2 ,0 3 9 $ 1 0 ,0 7 7 ,9 2 4
P r o fit on o p e r a tio n s _____________________________________$ 1 ,3 1 4 ,2 6 0 $ 1 ,0 9 9 ,3 4 8
A d d it io n s t o in c o m e ___________________________________
8 8 ,5 0 4
7 6 ,6 0 2
D e d u c t io n s ____________________________________________
294 ,5 7 7
370 ,241
P r o v is io n fo r F ed era l in c o m e ta x , & c _______________
2 1 2 ,5 1 0
100,714
N e t p r o fit fo r y e a r --------------------------------------------------$89 5 ,6 7 7
F irst p referred d iv id e n d s ( 5 J i % ) ___________________
105 ,0 0 0
P referred d iv id e n d s ( 7 % ) ____________________________
6 5 ,4 8 5
C o m m o n d iv id e n d s __________________________________ (5 % )2 0 0 ,0 0 0

Amount
Outstanding

$100
100
100
l«#o

Douglas-Pectin Corp— S to c k 4 0 0 ,0 0 0 rshares a u t h o r iz e d ___

B a la n ce, surplus

169

INDUSTRIAL AND PUBLIC UTILITY

2 2 3 ,0 1 2

$ 6 6 ,2 1 9

Last Dividend Places Where Interest and
Diridcn is Ar Payable
and Maturity

A p r 1 1924
A p r 1 1924
A p r 1 1924
Ju n e 16 'Z4
A p r 21 '2 4
Ju n e 30 ’ 24
A p r 1 1932
Ju n e 16 ’ 24
J u ly 2 5 24

1H
1H
1>4
> u u cu . r«u .
z
5 0 c C h eck s m ailed
25c

i o ffic e

2 % Ohe< ks m ailea
do
1M

N ew York
7)4 g M & N M a y 1 1931
Q— F A u g 1 1924 1)4 ineeks mailed
do
Q— F A u g 1 1924 1 X
5
Guaranty Trust Go, N 1
4 X g J & D Ju n e 1 1936
5 g J & D June 1 1940

6

O F F I C E R S .— P r e s ., R o b e r t D o u g la s ; V . - P . , C n arles A . D o u g in s ’
V . - P . & T r e a s ., W a t k in W . K n e a th ; S e c ., E a r] J . N e v ille . O ffic e , R o c h is te r, N . Y . — (V . 118, p . 2 0 4 7 .)
E.
I. D U P O N T D E N E M O U R S & C O .— In c o r p o r a te d in D ela w a re
o n S ep t. 4 1915 a n d o n O c t . 1 1915 s u c c e e d e d t o th e ow n e r sh ip o f a ll th e
p r o p e r tie s o f th e E . I . d u P o n t d e N e m o u rs P o w d e r C o . o f N . J . (per
p la n in V , 101, p . 61 6 , 69 6 , 8 4 8 ), w it h n o ch a n g e in th e m a n a g e m e n t,
an d w ith o u t c r e a tio n o f b o n d e d d e b t o r f ix e d c h a r g e s . In D e c . 1915 p u r ­
ch ased th e A r lin g to n Co. o f N. J. fo r a b o u t $ 6 ,5 0 0 ,0 0 0 . V. 101, p. 1888.
In May 1917 h a d a c q u ir e d fr o m th e G o v e r n m e n t o f C h ile two large nitrate
field s in th e n orth ern p a r t o f th a t c o u n t r y . V . 104 . p . 1902; V . 106 , p . 1034.
In 1917 b u ilt a t D e e p w a te r . N . J . . an e x te n siv e p la n t fo r m a n u fa c tu r e o f
coa l tar d y e s . V . 105 , p. 6 1 0 . T h e p la n t a t H o p e w e ll, V a ., w as c lo se d in
N o v . 1918 b e ca u se o f c a n c e lla tio n o f or d e r s d u e t o e n d o f w a r. V . 107 . p .
2100; V. 108, p. 174 .
In 1917 p u rch a sed th e p r o p e r t y o f H a rrison B ros & C o . , I n c ., an d oth er
com p a n ies an d h a d m a d e s u b sta n tia l p rogress in th e m a n u fa c tu r e a n d sale
o f fa b r ik o id . p y r a lin , la c q u e r s, s o lv e n t s , d y e s a n d a v a r ie t y o f ch e m ic a ls,
V . 106, p . 103 4, 134 7. In O c t . 1918 p u r c h a se d N e w E n g la n d P a in t & V a r ­
nish C o . o f E v e r e t t , M a s s . V . 107 , p . 167 1.
T h e E . I . d u P o n t d e N e m o u rs E x p o r t C o . w as liq u id a te d e a rly in 192 2.
In M a y 1922 th e D u P o n t C h e m ic a l C o . w a s d is s o lv e d , th e In d u stria l Sal­
v age C o . b e in g org a n iz e d t o p u rch a se su c h o f th e C h e m ic a l C o . ’ s assets as
c o u ld n o t b e r e a d ily d isp o se d o f .
In M a y 1920 p u rch a se d in c o n n e c t io n w ith F lin t V a rn ish & C o lo r W o r k s ,
th e p la n t an d bu sin ess o f t b e C h ic a g o V a rn ish C o . V . 110, p . 2 29 4.
O n D e c . 31 1923 o w n e d $ 5 5 ,5 8 9 ,1 0 6 s to c k o f th e G en eral M o t o r s S ecurities
C o . (fo r m e r ly D u P o n t A m e r . In d u strie s, I n c .) , rep resen tin g 7 0 % in terest
in 7 ,5 0 0 .0 0 0 shares o f G en eral M o t o r s C o r p . c o m m o n s to c k ; also o w n e d
$ 2 8 ,8 0 0 ,0 0 0 p referred s t o c k o f M a n a g e r s S ecu rities C o . C o m p a re G en eral
M o t o r s C o r p . b e lo w a n d V . 118 , p . 65 9 .
C A P I T A L I Z A T I O N . — T h e a u t h . c a p it a l s t o c k is $ 2 6 0 ,0 0 0 ,0 0 0 In share*
o f $100 ea ch , v i z .: (a) $ 1 5 0 ,0 0 0 ,0 0 0 6 % c u m u la tiv e n o n -v o tin g d eb en tu re
s to c k ; (6) $ 1 0 ,0 0 0 ,0 0 0 6 % c u m u la tiv e voting d e b e n tu re s t o c k ; (c) $ 1 0 0 ,0 0 0 ,0 0 0 c o m m o n s t o c k . V . 101 , p . 6 1 6 , 84 8 . 127 5.

Rights of Debenture Stock.— Except as to voting powers the rights of both
debenture stocks will be identical.
All debenture shares will bear cumula­
tive dividends of 6% p. a., may be called for payment at $125 per share,
and have preference as to assets for both principal and accumulated divi­
dends. No mortgage or other specific lien may be placed upon any of the
property without the consent of 75% of the total debenture stock outstand­
ing. but this does not apply to purchase money mortgages or liens upon
property purchased, or collateral loans for cash advances In the ordinary
course of business, provided they do not run more than three years. The
voting deb. stock has equal voting rights with the common stock.
The non-voting deb. stock has no voting privileges except that (a) in
case of default for 6 mos. In the payment of any dividend thereon, the voting
and non-voting debenture stockholders will have the sole right of voting
until tbe company shall pay all accrued dividends on said debenture stock;
and (5) in case of the net earnings in any cal. year amounting to less than 9%
on the debenture stock, then the debenture stockholders of both classes will
have equal voting rights with the common until the net earnings for some
ruture year equal 9% on the debenture stock. V. 101, p. 616, 848.1275.
BONDS— T h e 1 0 -y ea r g o ld b o n d s o f 1921 are r e d e e m a b le . In w h o le o r
p a rt, a t 110 a n d in t . p r io r t o M a y 1 1 92 2, t h e r e d e m p tio n p r ice th erea fter
d ecreasing 1 % ea ch su c c e e d in g y e a r e n d in g A p r il 3 0 . — V .1 1 2 , p . 2 0 8 7 , 2195.
V . 118 , p . 1 01 7, 1 39 7.
B o n d s o f su b sid ia r y c o s . in h a n d s o f p u b lic D e c . 31 192 3, $ 2 ,7 6 2 ,0 0 0 .
D IV ID E N D S (% )—
1 91 9. 1 92 0. 1 92 1. 192 2. 1923.
1 0 )4
8
8
6 )4
R e g u la r, c a s h _________________________________ 18
E x tr a s , c o m m o n s t o c k ________________________ - 714
..
50
P a id in 1924: M a r c h 15, 2 % : Ju n e 16, 2 % .
R E P O R T .— F o r 192 3, in V . 118 , p . 6 5 9 , sh o w e d :
1923
1922
1921
N e t sa le s________________________________ $ 9 4 ,0 6 9 ,3 1 9 $ 7 1 ,9 5 6 ,4 4 8 $5 5 ,2 8 5 ,1 8 1
N e t in c o m e fr o m o p e r . & in v e s t m e n ts . 2 1 ,1 3 4 ,6 5 6 1 2 ,9 2 0 ,4 5 8 x 7 ,2 5 8 ,0 7 2
P r o f. & I o s s o n s a I e o f r e a I e s t .,s e c .,& c .
C r .3 ,4 2 5 C r .3 3 4 ,2 3 3 Cr.200 ,8 8 3
“ T o t a l e a rn in g s _______________________ $ 2 1 ,1 3 8 ,0 8 1 $ 1 3 ,2 5 4 ,6 9 2 $ 7 ,4 5 8 ,9 5 5
2 ,8 2 5 ,5 7 7
3 ,2 6 3 ,5 7 5
1 ,6 9 6 ,5 3 8
B a la n ce o f in c o m e fo r th e y e a r ______$ 1 8 ,3 1 2 ,5 0 5
$ 9 ,9 9 1 ,1 1 7 $ 5 ,7 6 2 ,4 1 7
C o m p a n y ’s p o r t io n th e r e o f___________ 1 7 ,3 4 6 ,2 2 2
9 ,4 4 5 ,7 5 1
5 ,t 6 2 ,4 lt
Surplus a t b e g in n in g o f y e a r ----------------- 3 7 ,6 5 2 ,2 1 1 y 6 9 ,0 6 1 ,3 6 9 6 9 ,6 5 9 ,7 4 8
z P r o fit f r o m sale o f G e n . M o t o r s S ecs.
s t o c k _________________________________
9 ,9 2 6 ,0 8 6 ______ _______ _______ _______

Deduct b o n d in t ., in c l. p r o p , o f d is c ’t .

T o t a l s u r p lu s ________________________ $ 6 4 ,9 2 4 ,5 1 9 $7 8 ,5 0 7 ,1 2 1 $ 7 5 ,4 2 2 ,1 6 6
$ 4 ,1 0 3 ,4 3 2
$ 4 ,2 7 3 ,6 0 2
C o m m o n s to c k d i v . ( c a s h )--------------6 ,1 7 7 ,2 7 4
5 ,0 6 8 ,8 7 8
5 ,0 6 7 ,9 0 4
C o m m o n s to c k d i v . (s to c k ) ( 5 0 % ) .
----------3 1 .6 8 2 .6 0 0
-----------

Deduct— D e b . s t o c k d iv . ( c a s h )-----------$ 4 ,1 0 4 ,7 7 0

P r o fit a n d lo ss s u rp lu s ______________ $ 5 4 ,6 4 2 ,4 7 6 $3 7 ,6 5 2 ,2 1 1 $ 6 6 ,0 8 0 ,6 6 0
x In v e n to r ie s w e re r e v a lu e d D e c . 31 1921, re s u ltin g in a t o t a l w rite d o w n
o f $ 9 ,0 7 0 ,5 4 3 .
O f th is a m o u n t $ 8 ,6 8 1 ,4 5 5 , t o g e th e r w ith $ 2 ,1 6 1 ,3 5 5 . c o v e r ­
ing e x tr a o r d in a r y ite m s (rep resen tin g a d ju s tm e n ts r e s u ltin g fr o m o p e r a tio n s
p rio r t o 1921) w ere c h a r g e d a gain st reserves p r e v io u s ly c r e a te d fo r c o n t in ­
ge n cie s. y I n c lu d e s $ 2 ,9 8 0 ,7 1 0 su rp lu s o f subsidiaries n o t h e r e to fo r e in­
c lu d e d in an n u a l r e p o r t , z In cre a se in su rplu s a risin g fr o m sale b y G e n .
M o t o r s S e cu rities C o . o f a 3 0 % in te re st in its s t o c k .
O F F I C E R S .— P r e s ., Ire n e e d u Pont*, C h a irm a n o f B o a r d , P ierre S. d u
P o n t; V ic e P r e s id e n ts , F r a n k L . C o n n a b le , J. P . L a ff e y , H . G . H a s k e ll,
F ra n k G . T a llm a n , L a m m o t d u P o n t . H . F . B r o w n , R . R . M . C a rp e n te r,
W illia m C o y n e , J o h n J . R a s k o b , F . W . P ic k a r d , C . L . P a tt e r s o n , W . S.
C a rp e n te r J r ., J . B . D . E d g e , A . F e lix du P o n t, W illia m C . S p ru a n ce;
S e c ., C h arles C o p e la n d ; T r e a s ., W a lte r S. C a rp e n te r Jr.
D I R E C T O R S .— -D o n a ld so n B r o w n , H . F . B r o w n , R . R . M . C a rp e n te r,
W a lte r S. C a rp e n te r J r ., A lfr e d P . S loan J r ., W illia m C o y n e , A . F e lix du
P o n t, C h a rle s C o p e la n d , E u g e n e du P o n t, E u g e n e E . d u P o n t , H . F . d u P o n t,
Ire n e e d u P o n t , L a m m o t d u P o n t , P . S. d u P o n t ( C h a : .n a n ) , J . B . D . E d g e ,
H . G . H a s k e ll, C . L . P a tte r s o n , J. P . L a ffe y , J .
om pson B row n , F . W .
P ic k a r d . H . M . P ie r c e , M . R . P o u c h e r , J o h n J . R a s k o b , C h a rles L . R eese,
W . C . S p ru a n ce , F . G . T a llm a n , L e o n a r d A . Y e r k e s . O ffic e , W ilm in g to n ,
D e l.— ( V . 118 , p . 191 6.)

E. I. DU PONT DE NEMOURS POWDER CO.— ORGANIZATION.—
Incorporated in N. J. May 19 1903. V. 85, p. 342; V. 92. p. 1704: V. 94,
1386. 1629, 1698; V. 95, p. 51, 113, 969; V. 97, p. 1901. On Oct. 11915
the (E. I.) du Pont de Nemours & Co. purchased this company.
Common stock reduced to $10 par in Jan. 1918 and dividend paid of $90
per share. V. 105, p. 2001.

p.

170

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

Date
Bonds

Par
Value

Amount
Outstanding

Durham Hosiery Mills— Com Class “A " auth SI ,250.000___
$100 $ 1 ,2 5 0 ,0 0 0
Common Class “B” . non-voting, auth $3,750,000_________
50
3 .7 5 0 .0 0 0
Preferred, 7% cum (a Sc d) call 120, auth $5,000.000_______
2 .9 1 0 .0 0 0
100
Eastman Kodak— Common stock 2,500,000 shares_________
N o n e 2 ,0 2 6 ,8 5 0 s h
Preferred (a & d) $10,000,000 6% cumulative__ ________
100 $ 6 ,1 6 5 ,7 0 0
Eaton Axle & Spring Co— Stock 250,000 shares auth______
N one
2 2 9 ,5 0 0 sh.
cdison Electric Ilium Co, Boston— Stock (see text)________
100 3 2 ,4 4 0 ,3 0 0
Boston El Lt Co 1st Consol Mtge g_____________________
500 &c
1 .2 5 0 .0 0 0
1894
Three-year coupon gold notes__________________________ c 1922
1.0 0 0 12 . 000,000
Notes__________________________________________________ 1924 5 ,0 0 0 & c
8 , 000,000
Edison Electric Illuminating— See Kings County Electric Llg h t <c P ow er and C o n so lld a t
5
N o n e 7 9 7 ,8 7 7 sh.
Electric Storage Battery Co— Common stock (see text)_
_
Elk Horn Coal Corporation—
50 12 , 000,000
Com stk 6 % &partic$22,000,000 ($10,000,000) conv of notes
Pref stock 6% and participating redeemable at 56 M___
50
6 .6 0 0 .0 0 0
Ten-year s f conv notes call 105 & int on any int date____
1,000 6 .2 8 2 ,0 0 0
1915
Mineral Fuel Co 1st M sinking fund___________________
3 9 2 ,0 0 0
1913

D I V I D E N D S . — F r o m F e b . 1916 t o A u g . 1924, in c l., p a id 1 4 % (q u a r .)
o n c o m m o n sh a res.— (V . 113, p . 2 6 1 9 .)
D U Q U E S N E L I G H T C O .— See “ E le c . R y . ” Sec.
D U R A N T M O T O R S , I N C .— ( V . 118 , p . 2 5 7 7 .)
D U R H A M H O S I E R Y M I L L S .— I n c o r p o r a te d u n d e r la w s o f N o rth
C a ro lin a , F e b . 17 189 8. B u siness is th e s p in n in g , m a n u fa ctu rin g a n d selling
o f h o s ie ry a n d sim ilar lin es o f c o t t o n , w o o le n , silk o r o th e r m a te ria ls.
M ills
a re l o c a t e d a t D u r h a m , N . C . , H ig h P o in t , N . C . , C a r r b o r o , N . C .,G o l d s ­
b o r o . N . O ., a n d M e b a n e , N . C . A ls o o w n s 97.1 % o f th e c a p ita l s to c k o f the
N o r t h S ta te K n it t in g M ills , I n c ., w ith p r o p e r t y situ a ted in D u r h a m , N . C .
A c q u is itio n o f in terests in sm all h o s ie ry m ills d u rin g 1 92 0, V . 112. p . 4 7 4
C A P I T A L S T O C K .— P r e f. s t o c k is re d e e m a b le a t 120 a n d h as n o v o tin g
p o w e r e x c e p t in th e c a s e o f d e fa u lt in d iv id e n d s fo r t w o q u a r te r ly p e r io d s ,
w h en it th en h a s th e so le v o t in g p o w e r . A y e a r ly sin k in g f u n d o f 3 % o f the
la rg est a m o u n t o u ts ta n d in g is p r o v id e d f o r . P re fe rre d as t o 1 2 0 % o f assets
In c a s e o f d is s o lu tio n . C o m m o n C lass “ B ” s t o c k has n o v o t in g p o w e r .
V . 109 , p . 891 .
Rights.— S to c k h o ld e r s r e c e iv e d th e rig h t t o s u b s crib e u n til J a n . 10 1921
t o a d d itio n a l C o m m o n “ B ” s t o c k a t $37 50 p e r s h a re . « V . 11 2 , p . 6 6 .
D I V I D E N D S . — D Iv s . o n th e p r e f. s t o c k a re p a y a b le q u a r ., F e b . 1, Sec.
1 91 2.
19 1 3 -1 7 .
1918.
'1 9 .
1 9 2 0 -’2 1 .
7 y e a r ly
12
12
See
C o m m o n , C lass “ A ” __________7 4
C o m m o n , C lass “ B ” ____________
_____
64
12
te x t .
F e b . 1 192 0 p a id 4 % o n c o m . “ A ” a n d 4 % on c o m . “ B ; A p r . 1 192 0, p aid
1 4 % q u a r , a n d 4 % ex tra o n c o m , “ A ” a n d “ B ” - J u ly 1 a n d O c t , 1 1920
p a id 1 4 % q u a r . a n d 4 % e x tr a o n c o m . “ B ” ; J a n . 3 1921 p a id 1 4 % in
scrip o n c o m . “ B . ”
R E P O R T — F o r 1923, in V . 118, p . 2 30 9.
O F F I C E R S .— C . M . C a rr , P re s.; H . C . F lo w e r J r ., V .- P .; A . H . C a rr,
V . - P . & T r e a s .; W . F . C a rr , S e c. & A s s t. T re a s.
M a in o ffic e , D u r h a m , N . C .— ( V . 118 , p . 230 9.
E A S T B U T T E C O P P E R M I N I N G C O .— ( V . 118 , p . 2 4 4 3 .)
E A S T E R N P O W E R & L I G H T C O R P . See “ E l. R y . S e c .” a n d V . 109 ,
p . 179 5.
E A S T M A N K O D A K C O .— O R G A N I Z A T I O N .— I n c o r p . in N e w J ersey
O c t . 24 1901 as an a m a lg a m a tio n p e r p la n in V . 7 3 , p . 1114, o f v a rio u s o p e r ­
a tin g co m p a n ie s , o f w h ic h it o w n s p r a c t ic a lly a ll th e s to c k .
See lis t, V . 67,
p . 1160, 1207; V . 69, p . 387 ; V . 7 5 , p . 735 , 613 ; V . 77, p . 2 5 3 , 30 0 ; V . 8 9 ,
p . 1225; a p p lic a tio n t o lis t, V . 8 0 , p . 147 7; V . 9 3 , p . 1728; V . 9 7 , p . 731 ;
V . 98, p . 1540.
T h e su it b r o u g h t b y th e U n ite d S ta te s a ga in st th e c o m p a n y u n d e r th e
Sherm an A n ti-T r u s t la w w as s e ttle d a n d a d e cre e in a c c o r d a n c e w ith th e
s e ttle m e n t en tered in U n ite d S ta te s D is t r ic t C o u rt o f F e b . 1 1 92 1. T h e
d ec r e e requ ires th e c o m p a n y t o d is p o s e o f t w o o f its ca m era m a n u fa ctu rin g
p la n ts , o n e o f its b ra n d s o f p h o t o g r a p h ic p a p e r an d fo u r o f its b ra n d s o f
d r y p la tes w ith in t w o y e a r s .— V . 112, p . 56 6 . V . 102 , p . 440 , 106 3, 1438,
1900; V . 101 , p . 696 ; V . 9 6 , p . 1705; V . 9 7 , p . 731 ; V . 99, p . 1676; V . 100,
p . 1755; V . 105, p . 2098; V . 106 , p . 9 0 ; V . 107. p . 167 1. P a te n t su it
s e ttle d , V . 102, p . 1062; V . 98. p . 84 1 . 1002, 1159. D a m a g e su its V . 113
p . 85 4 ; V . 114, p . 52 6 . T h e F e d e ra l T r a d e C o m m is s io n o n A p ril 21 1924
issu ed an o rd er ch a rg in g m o n o p o ly a n d u n fa ir c o m p e t it io n . C o m p a re
V . 118 , p . 2 04 7.
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n A p r . 4 1922 ra tifie d th e p r o ­
p o s a l t o ch a n g e th e 2 50 ,000 shares o f c o m m o n s t o c k , p a r $ 10 0, t o 2 ,5 0 0 ,0 0 0
sh ares o f n o p a r v a lu e , a n d t o g iv e te n shares o f n o p ar v a lu e s t o c k fo r each
sh are o f $100 p a r v a lu e .
E x t r a Dividends on Common Stock (Additional to 1 0 % per an.. 2 4 % Q.-J .)
Year— ’0 6 . ’ 0 7 . ’ 0 8 . ’ 0 9 . T 0 - T 3 . T 4 . T 5 . T 6 . T 7 . ’ 18. ’ 19. *20. 1921.
E x tr a % 7 4 10 15 2 0 30 y ’l y 2 0 60 4 0
4 0 35
30 30
30
E x tra s in 1922, J a n .. 7 4 % ; A p r il. 7 4 %• O n J u ly 1 1922 p a id a regular
q u a r. d iv . o f $1 25 p er share o n th e new n o p a r v a lu e sto ck : sam e am ount
p a id q u a r, t o J u ly 192 4. E x tr a d iv s . h a v e be e n p a id as fo llo w s : D e c . 30
192 2, 50 cen ts; M a r . 1 1923, $1; A p r . 2 1923, 75 cen ts; J u ly 2 1 9 2 3 ,7 5
c e n ts ; J a n . 2 1924, $1 25; A p r il 1 1924, 75 ce n ts; J u ly 1 1924, 75 c e n ts .
R E P O R T . — F o r 192 3, in V . 118 , p . 166 0, s h o w e d
Calendar
x Net (after Pref.Divs.
Common
Balance,
Total
Year—
Depreciation)
Dividends.
Surplus.
Surplus.
1 9 2 3 ___________$ 1 8 ,8 7 7 ,2 2 9 $36 9 ,9 4 2 $ 1 5 ,6 7 8 ,3 3 7 $ 2 ,8 2 8 ,9 5 0 $ 6 5 ,9 5 8 ,6 4 0
1 92 2__________ 1 7 ,9 5 2 ,5 5 5
3 6 9 ,9 4 2
1 2 ,5 7 4 ,9 6 3 5 ,0 0 7 ,6 5 0
6 3 ,1 2 9 ,6 9 0
1 92 1___________ 1 4 ,1 0 5 ,8 6 1
3 6 9 ,9 4 2
7 ,9 5 3 ,2 1 5 5 ,7 8 2 ,7 0 4
5 8 ,1 2 2 ,0 4 0
3 6 9 ,9 4 2
7 ,8 6 5 ,8 4 0 1 0 ,3 3 0 ,4 2 9 5 2 ,3 3 9 ,3 3 6
1 92 0___________ 1 8 ,5 6 6 ,2 1 1
x F igu res a re a fte r d e d u c tin g F e d e ra l ta x e s.
P r e s ., G e o rg e E a s tm a n .
O ffic e , R o c h e s te r , N . Y . — (V . 118 , p . 2 3 0 9 .)
E A T O N A X L E & S P R I N G C O . ( T H E ) .— I n c o r p . in 1923 in O h io as
su ccessor t o th e T o r b e n se n A x le C o . , w h ic h had p r e v io u s ly a c q u ir e d th e
p ro p e rtie s o f th e E a to n A x le C o . a n d th e P e r fe c tio n S prin g C o . M a n u fa c ­
tu res axles a n d sprin gs fo r a u to m o b ile s a n d m o t o r tru ck s. P la n ts lo c a te d
in C le v e la n d , O h io .
S T O C K .-— See ta b le a t h e a d o f p a g e .
D I V S .— A n in itia l d iv . o f 65 c e n ts p er share w as p a id J u ly 2 1923; sam e
a m o u n t p a id q u a r. t o A p ril 1 1924.
R E P O R T .— F o r 192 3, s h o w e d ;
S u rplu s M a r . 31 1923, a fte r g iv in g e ffe c t t o tra n s a ctio n s in c i­
d e n ta l t o th e re o r g a n iz a tio n , in c l. sale o f a d d itio n a l shares o f
ca p ita l s t o c k , p u rch a s e o f v a rio u s p r o p e r tie s , & c ______________ $ 5 ,7 9 2 ,9 4 4
N e t c r e d it resu ltin g fr o m a c q u is itio n o f assets p e rta in in g to th e
b u m p e r b u s in e s s __________________________________________________
2 8 5 ,0 0 0
N e t p r o fit fr o m o p e ra tio n s o f th e v a r io u s p la n ts fr o m th e d ates
a c q u ir e d t o D e c . 31 1 9 2 3 _________________________________________
3 6 9 ,9 2 8
T o t a l ______________________________________________________________$ 6,447,871
4 4 1 ,1 5 5

Less— D iv id e n d s p a id an d p r o v id e d f o r ____________________________

Su rplu s D e c . 31 1 9 2 3 _____________________________________________$ 6 ,0 0 6 ,7 1 6
T h e c o m p a n y r e p o r te d fo r th e q u a rte r e n d e d M a r . 31 i9 2 4 n e t earnings
o f $11 3 ,1 0 3 a fter a ll ch arges.
O F F I C E R S .— P r e s ., J . O . E a to n ; V . - P . & G e n . M g r ., C . I . O ch s; S ec.
& T r e a s .. F . A . B u ch d a . O ffic e , C le v e la n d , O h io .— ( V . 118, p . 2 0 4 8 .)
E D I S O N E L E C T R I C I L L U M I N A T I N G C O . O F B O S T O N ( T H E ) .—
O R G A N I Z A T I O N .— I n c o r p . in 188 6. D o e s en tire e le ctr ic -lig h t business
o f c it y . V . 8 1 , p . 157; V . 88, p . 454 ; V . 8 8 , p . 1132; V . 9 4 , p . 1190; V . 9 5 ,
p . 42 2 .
C A P I T A L S T O C K .— T h e .s to c k h o ld e r s o n N o v . 5 1923 in c re a s e d th e
a u th o r iz e d c a p it a l s t o c k fr o m $ 3 2 ,4 4 0 ,3 0 0 t o $ 3 8 ,9 2 8 ,4 0 0 , p a r $ 10 0.




[V ol. 118.

INDUSTRIAL AND PUBLIC UTILITY
When
Payable

Rate
%

See te x t
S ee te x t
7
See te x t

6

See

te x t

12

5 g
54 g
ed Gas C
See t e x t
See
See

te x t
text

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See t e x t
See t e x t
M a y 1 1924 1 %
See t e x t
J u ly 1 192 4 1 4
A p r 1 ’24, 6 5c.
M a y 1 1924 3 %
Q— F
M & S S e p t 1 1924
J
&
J J a n 15 1 9 2 5
Jan 15 1925
o o f N ew Y o r k
A p r 1 1924
$1
Q— J
Q— F
Q— J
O— J
Q— J

Sept
Text
IJ u n e
J
& D D ec
M ay

R och ester, N Y & L ou d
do
do
C h e c k s m a ile d
B y ch eck
S ta te S tre e t T r , B o s to n
B o sto n
C h e c k s m a ile d

11 ’ 19 1 4
11 ’ 23 1 4
G u a ra n ty T ru st C o , N Y
1 1925
F id e lit y T r u s t C o , B a lt
1 1943

T h e s to c k h o ld e r s o f r e c o r d N o v . 5 1923 w e re g iv e n t h e r ig h t t o s u b s c r ib e
o n o r b e fo r e D e c . 5 1923 t o th e n ew 6 4 ,881 shares o f c a p ita l s t o c k a t $14 0
p e r sh are, in th e p r o p o r t io n o f o n e n e w sh are fo r e v e r y f iv e o ld sh ares n o w
h e ld .— V . 117 , p . 2 1 1 5 .
D I V I D E N D S — (1 9 0 3 -0 6 .
1907 t o 190 9.
1 91 0.
1911 t o M a y 1924
S in ce 190 1______% \ 1 0 y r ly .
10 r ly . & 1 e x t.
114
12 p . a . ( 3 % Q .- F )
N O T E S .— T h e n o te s o f 1922 m u st he s e cu re d b y a n y fu t u r e m o r tg a g e .
V . 114, p . 203 . N o te s o f 1 92 4, V . 118, p . 2 18 5.
R E P O R T . — F o r 1923, in V . 118, p . 1142, sh o w e d :
1922.
Calendar Years—
1923.
_____________ $ 1 7 ,8 7 7 ,9 6 3 $ 1 5 ,8 8 5 ,8 2 0
O p e ra tin g re ve n u e s
_ . _ _
$ 8 ,2 9 2 ,2 0 8
O p e r a tin g e xp en ses
.
. .
_______________
$ 9 ,1 0 6 ,1 7 2
59,9 3 3
U n c o lle c t ib le o p e r a tin g r e v e n u e s . . . _____________
3 6 ,0 0 0
2 ,0 1 0 ,0 0 0
T a x e s ___
________
_____________
2 ,2 2 5 ,0 0 0
_______ __ _____________ $ 6 ,5 1 0 ,7 9 1
N e t o p e r a tin g in c o m e ___
N o n -o p e r a tin g in c o m e ____ . . .
_____________
5 8 ,9 3 5

$ 5 ,5 2 3 ,6 7 9
7 7 ,2 2 6

G ro ss in c o m e
____
______
____ _____________ $ 6 ,5 6 9 ,7 2 5
in t e r e s t , & c ., d e d u c t io n s . _ ________ _____________ $ 1 ,3 5 4 ,0 4 1
D iv id e n d s p a i d .
. . _______ _____ __
._____________
3 ,8 9 0 ,6 1 0

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

B a la n ce , s u r p lu s ____________________________________ $ 1 ,3 2 5 ,0 7 4
$ 1 ,3 4 1 ,8 9 7
O F F I C E R S .— P r e s ., C h a rles L . E d g a r ; T r e a s ., T . K . C u m m in s .
O ffic e ,
70 S ta te S t ., B o s t o n , M a s s .— (V . 118 , p . 2 1 5 8 .)
E D M U N D S & J O N E S C O R P O R A T I O N .— (V . 11 8 , p .

2 5 7 7 .)

E L E C T R I C B O N D & S H A R E C O .— (V . 118 , p .2 0 4 8 .)
E L E C T R I C S T O R A G E B A T T E R Y C O . ( T H E ) — I n c o r p . in 1888 in
N e w -J e r s e y .
O w ns b a s ic p a te n ts fo r s to r a g e b a tte r ie s .
V . 6 9 , p . 7 6 , 850 ;
V . 105, p . 1212.
S T O C K , & c .— S to c k h o ld e r s o f r e c o r d J u ly 17 1920 w e re g iv e n th e rig h t
t o s u b s c r ib e a t p a r t o n e w s t o c k e q u a l t o 2 0 % o f h o ld in g s. V . 110, p . 2660A fte r 1 % o n p r e f ., c o m . a n d p r e f. sh are e q u a lly .
T h e s to c k h o ld e r s A p r il 19 1922 v o t e d t o ch a n g e th e a u th o r iz e d ca p ita l
s t o c k fr o m $ 3 0 ,0 0 0 ,0 0 0 , d iv id e d in to 3 0 0 ,0 0 0 sh a re s, p ar $10 0 (875 p r e f. an d
299 ,1 2 5 c o m m o n s t o c k ), t o 3 ,5 0 0 shares o f p re f. s t o c k , p a r $ 2 5 , a n d o f
p r o p o r t io n a t e ly th e sam e p r e fe r e n c e , a n d 1 .1 9 6 ,5 0 0 shares o f c o m m o n s t o c k ,
n o p a r v a lu e . T h e n e w s t o c k w as issu ed a t t h e r a te o f o n e sh are o f t h e o ld
s t o c k fo r fo u r shares o f t h e n e w s t o c k ; o ld c o m m o n s t o c k t o b e e x c h a n g e d
fo r n e w c o m m o n s t o c k w ith o u t p a r v a lu e , a n d o ld p re fe rre d s t o c k t o b e
e x ch a n g e d fo r n e w p r e fe rr e d s t o c k , p a r $ 2 5 , o r fo r n ew c o m m o n s t o c k o f
n o p a r v a lu e , a t th e o p t io n o f th e h o ld e r o f t h e p re fe rr e d shares.
O n c o m m o n , 1901 t o 190 7, 5 % y e a r ly ; 1908, 3 4 % ; 1 90 9, 3 4 % ; 1910 t o
1918, 4 % ; 191 9, 5 % ; Ja n . 1920 t o J u ly 1920 p a id 2 4 % q u a r.
O c t . 192 0 to
A p r. 1922, 3 % q u a r. O n J u ly 1 an d O c t . 1 1922 p a id 75 ce n ts p >r sh are on
n ew c o m m o n a n d p re fe rre d s t o c k s .
O n Ja n . 2 1923 p a id $1 q u a r. a n d 75
c e n ts e x tra o n n e w c o m . a n d p r e f. s to c k s ; o n A p r il 2 , J u ly 2 a n d O c t . 1
1923, p a id $1 q u a r .; J a n . 2 1924, p a id $1 q u a r. a n d $1 e x tr a ; A p r il 1 1924,
p a id $1 q u a r.
R E P O R T . — F o r 1923, in V . 118 , p . 1274 a n d 1 39 7, s h o w e d :

Cal.
Year—

Gross
Sales.

Net
Other
Earnings. Income

Res. for
Fed. Tax. Divs.Paid

Balance,
Surplus.

1923 ..$ 1 1 ,8 3 6 ,0 3 0 $ 6 ,6 0 6 ,8 6 1 $60 9 ,6 6 1 x$ 8 1 3 ,9 4 1 $ 4 ,0 1 0 ,1 4 5 $ 2 ,3 9 2 ,4 3 6
1 9 2 2 .. 1 1 , 966 ,681
6 ,9 2 1 ,1 9 5 6 4 9 ,6 4 4 x l , 0 0 6 ,1 3 2 3 ,1 9 6 ,6 8 5
3 ,3 6 8 ,0 2 2
1921 ..1 0 .0 L 5 .8 1 2
5 ,1 5 8 ,2 8 9 4 4 4 ,0 9 4 x 1 ,4 6 4 ,6 1 3 2 .3 9 7 ,4 9 2
1 ,7 4 0 ,2 7 8
1920 — 1 2 ,1 3 4 ,6 1 5
7 ,5 4 9 ,0 1 1 6 2 1 ,6 3 1 x 2 ,7 6 4 ,9 1 3 2 .0 3 l,2 0 6 .v 1 ,3 6 0 .9 7 3
X F o r p r e c e d in g y e a r , y A ft e r d e d u c tin g $ 2 ,0 1 3 ,5 5 0 i n v e n t o r y a d ju s t ­
m e n t.
P r e s ., H e r b e r t L lo y d ; S e c . & T r e a s ., W a lt e r G H e n d e r s o n . P h ila d e lp h ia
O ffic e , A lle g h e n y A v e . a n d 19th S t ., P h ila d e lp h ia .— (V . 118 , p . 127 4.)
E L K H O R N C O A L C O R P O R A T IO N .— O R G A N I Z A T I O N .— In co rp .
In W . V a ., N o v . 18 191 5, p e r p la n in V . 101 , p . 171 6; V . 10 2 , p . 348 ; a n d
t o o k o v e r th e p r o p e r tie s a n d b u sin ess o f E lk H o rn F u e l C o . ( V . 9 8 , p . 1 7 6 2 ).
E lk H o rn M in in g C o r p . ( V . 9 8 , p . 1 6 1 8 ), a n d M in e ra l F u el C o . ( V . 9 6 , p .
142 7 .) N in e te e n m in es h a v e been o p e n e d . See V . 103 , p . 6 6 8 . S t o c k s o w n e d ,
V. 104. p - 1 70 6. O ffic ia l s ta te m e n t t o N . Y . S t o c k E x ch a n g e in M a y 1917
on lis tin g o f s t o c k and n o te s w as g iv e n a t le n g th in V . 104 , p . 214 0
The
assets o n D e c . 31 1923 in c lu d e d 1 9 ,7 6 5 .4 7 sh ares o f s t o c k o r C o n s o lid a t io n
C oal C o .
C A P I T A L S T O C K I N $50 S H A R E S .— A u th o r iz e d (a) p r e f , ( 6 % an d
p a r ticip a tin g ; re d . a t 6 6 4 ) . $ 6 ,6 0 0 ,0 0 0 , all o u t , w ith so le v o t in g p o w e r
d u rin g a n y d e fa u lt o n fu ll y e a r ’s d iv id e n d .
(6) C o m m o n , $ 2 2 ,0 0 0 ,0 0 0 ( 6 %
a n d p a r t l c .) ; o u ts t a n d in g . $ 1 2 ,0 0 0 ,0 0 0 . V . 101 . p . 1716; V . 1 0 4 , p . 2 1 4 0 .
P r e f. d iv id e n d N o . 1, Ju n e 15 1916 t o D e c . 191 8: 3 % s e m i-a n n . (J . & D .) ;
M a r c h 1919 t o D e c . 192 2, 1 4 % q u a r .; M a r c h . 1923 d iv id e n d d eferred .
Ju n e 11 1923 p a id 1 4 % : n o n e s in c e . C o m . d i v ., 2 % , J u n e , S e p t, an d
D e c . 1918; M a r c h , Ju n e a n d S e p t ., 1919, 1 4 % e a ch ; n o n e s in ce .
N O T E S .— T h e 1 0 -ye a r sin k in g fu n d n o t e s o f 1915 ( V . 101, p . 1716;
V . 102, p . 34 8 ) are s e cu re d b y m o r tg a g e o n t h e e n tire p r o p e r t y . S in k ­
in g fu n d , 2 c e n ts p e r t o n on all c o a l m in e d , c o m m e n c in g A p ril 1 1916
(a fte r A p ril 1 1919, 3 c e n ts p e r t o n ) , w ill p u rch a s e o r ca ll a n d r e tire th e
n o te s a t n o t e x c e e d in g 105 a n d in t . C o n v e r tib le a t o p t io n o f h o ld e r Into
c o m m o n s to c k o f th e c o m p a n y a t p a r . T h r o u g h r e tir e m e n t in 1918 o f
$ 4 ,0 0 0 ,0 0 0 u n d e rly in g b o n d s , th e se n o te s a re se cu re d b y a fir s t m o r tg a g e
(clo s e d ) o n th e e n tire p r o p e r t y o w n e d , a p p ra is e d in p a r t , a t o v e r $ 1 8 ,0 0 0 ,0 0 0 , s u b je c t o n ly t o $ 4 0 6 ,0 0 0 5 % b o n d s b e lo w m e n t io n e d , o n a sm all
p o r tio n o f p r o p e r t y . A d d it io n a lly s e c u r e d b y p le d g e o f 1 9 ,7 6 5 .4 7 shares
o f $1 0 0 e a ch C o n s o lid a tio n C o a l C o . s t o c k .
S ee also V . 10 8 , p . 4 8 3 , 584 .
V . 106, p . 2 01 3; V . 104, p . 2 1 4 0 . T h e o n ly u n d e rly in g lien s a re $ 4 7 5 ,0 0 0
M in era l F u e l C o . 1st s. f . 3 0 -y e a r 5s, d u e M a y 1 1 94 3. in c l. $ 8 3 ,0 0 0 o n
D e c. 31 1923 h e ld in s in k in g f u n d . V . 10 1 . p . 1 71 6; V . 9 6 , p . 142 7; V . 97.
p 7 3 1 .1 5 0 7 .
R E P O R T . — F o r ca le n d a r y e a r 1923 s h o w s :
1923.
1922.
1921.
1920.
E a rn in g s (a lls o u r c e s ) ___ $ 4 ,6 8 9 ,3 7 5
$ 3 ,4 4 3 ,8 7 7 $ 2 ,1 9 5 ,1 5 8 $ 5 ,3 7 4 ,0 5 0
N e t, a ft e r t a x e s __________
5 7 0 ,6 1 0
3 0 4 ,7 8 6
2 6 ,2 0 5
1 ,8 1 5 ,7 8 7
in t e r e s t , sin k , f u n d , & c .
$ 4 0 2 ,3 0 9
$ 4 0 4 ,6 9 2
$ 4 0 7 ,1 9 5
$ 4 1 1 ,0 3 3
P r e fe r re d d iv id e n d s ____
9 8 ,9 8 8
3 9 5 ,9 5 2
3 9 5 ,9 5 2
3 9 5 ,5 8 9
B a la n ce , s u r p lu s ______

$ 6 9 ,3 1 3 d e f$ 4 9 5 ,8 5 8 d e f$ 7 7 6 ,9 4 2

$ 1 ,0 0 9 ,1 6 5

O F F I C E R S .— C h a ir m a n , C . W . W a t s o n , F a ir m o n t, W . V a .; P res ,
G e o rg e W . F le m in g , N . Y . ; S e c .. J W
M . S te w a rt. A s h la n d . K y .: V .- P .
Sc T r e a s ., J . F . C a u lfie ld , N . Y . N . Y . o ffic e , 67 W a ll S t.— ( V . 1 1 8 ,p . 1 5 2 5 .)

M ay , 1924.]

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

E m e r s o n - B r a n t i n g h a m C o — C o m m o n s t o c k $ 3 0 ,0 0 0 ,0 0 0 -P r e fe r re d s t o c k (a & d ) 7 % cu m r e d 115 ( t e x t ) . - E m p ir e Gas & F u e l C o — P f a & d s tk 8 % c u m n o n - v o t ca ll 115
F ir s t & c o ll tr u s t m tg e (clo s e d ) g u a r ca ll ( t e x t ) ____ B a .k .c *
l s t & r e f c o n v g Ser A $ 4 5 ,0 0 0 ,0 0 0 a u th re d (te x t) k x x x c *& r *
do
Series “ B ” $ 1 0 ,0 0 0 ,0 0 0 a u th r e d (te x t) _ k x x x c * & r *
E m p ir e R e fin in g C o 1st M & c o ll tr g g u s f d c all (te x t; .g z zk
E n d i c o t t - J o h n s o n C o r p — C o m m o n s t o c k $ 2 1 ,0 0 0 ,0 0 0 ____
P r e f (a & d) 7 % c u m (sin k fu n d ) ca ll 125 a u t h $ 1 5 ,0 0 0 ,0 0 0
___ __
E u r e k a P i p e L i n e C o — S to c k $ 5 ,0 0 0 ,0 0 0
- E x c h a n g e B u f f e t C o r p — S t o c k 2 5 0 ,0 0 0 sh ares a u t h o r iz e d - .
r a i r b a n k s C o . — C o m m o n s to c k $ 1 ,5 0 0 ,0 0 0 _________________
i>t P r e f. (a. & d .) 8 % c u m . s t o c k , c a ll. 110, s .f. $ 1 ,0 0 0 ,0 0 0 (2d) P r e f. (a. & d .) 8 % c u m . s t k ., c a ll. 110 $ 2 ,0 0 0 ,0 0 0 ____
F a irm o n t Coal C o— S ee C o n s o lid a tio n C oal Co

Date
Bonds

1916
1922
1923
1917

Par
Value

x A ft e r d e d u c tin g F e d e ra l t a x e s .
* A fte r d e d u c tin g $ 2 ,4 3 2 ,9 8 9 in v e n t o r y a d ju s tm e n t.
P r e s ., C . S . B ra n tin g h a m : S e c . & T r e a s ., C e c il F . S a n d e rs.
R o c k f o r d , 111.— (V . 118, p . 127 4 .)

Am ount
Outstanding

Bate
%

$100 $ 1 0 ,1 3 2 ,5 0 0
100 1 1 ,0 8 4 .5 0 0 See t e x t
S ee t e x t
100
500 & c
4 .0 0 0 .
000 g
6
100 & c 4 2 .2 9 0 .0 0 0
7X g
100 & c
9 .6 5 0 .0 0 0
7 g
500 & c
2 .7 8 4 .0 0 0
6 g
50 2 0 .2 5 3 .0 0 0
10
100 1 3 .2 0 0 .0 0 0
7
100
See t e x t
5 .0 0 0 . 000
SO
N o n e 2 4 8 ,2 3 2 shs.
25
1 .5 0 0 .0 0 0 See te x t
100
1 .0 0 0 . 000 See te x t
100
2 ,0 0 0 ,0 0 0 See te x t

E M E R S O N -B R A N T IN Q H A M C O .— O R G A N IZ A T I O N .— O w n s a t R o o k :
tord. 111., (a) farm m ach in ery p lan ts lo ca te d o n 160 acres o f la n d .
(W P la n t
tor m an u factu re o f carriages an d w agon s fo r co u n tr y tr a d e (bu sin ess e s ta b ­
lish ed in 1 8 5 2 ): (c) H a rv e ste r w o rk s; (d) gas en gine w o rk s . I n 1912 p u r­
ch a s ed t h e G eiser M f g . C o . (e sta b lish e d 1 8 6 9 ), w ith p la n t a t G re e n ca stle ,
P a .; R e e v e s & C o . , C o lu m b u s , I n d .; G a s T r a c t io n C o . ( Y . 9 4 , p . 1 1 8 9 ),
M in n e a p o lis , M in n ., a n d L a C ro s s e T o o l C o . , C h ic a g o H e ig h ts , 111.; N e w to n
W a gon C o . , B a ta v ia , 111.; A m e r ic a n D rill C o . , M a r io n , in d .; R o c k fo r d
E n gin e C o . , R o c k fo r d , 111. V . 9 5 , p . 3 6 3 . In A u g . 1918 p u rch a se d
O sb o rn e lin e o f h a r v e s tin g m a ch in e s (b u t n o t th e A u b u r n p la n t) fro m
In te r n a tio n a l H a r v e s te r C o . See V . 107 , p . 700 , 60 8 .
S T O C K .— A s t o p r e f. s t o c k , see V . 9 5 . p . 363; V . 9 7 , p . 1507. N o b o n d s .
D I V I D E N D S .— O n p r e f ., 1 H % . p a id N o v . 1 1912 t o A u g . 1 191 4. th en
n on e till N o v . 1918, I X %; F e b . 1919 t o N o v . 192 0, I X %: n o n e sin ce;
o v e r d u e a c c u m u la te d p r e f. d iv . M a y 1 192 4, 52 H % .
R E P O R T .— F o r y e a r e n d in g O c t . 31 1 92 3, in V . 118, p . 1 14 2, sh o w e d :
x N et
D epreP referred
B alance,
Earnings.
In terest.
e la tio n .
D ividend s.
S urplus.
_______
d e f$ 2 ,3 8 1 ,7 7 9
192 2-2 3 l o s s $ l,6 0 8 ,2 0 1
$ 5 6 9 ,8 7 6 $ 2 0 3 ,7 0 3
1921-22 l o s s l ,6 9 0 ,3 0 8
5 1 6 ,3 6 0
2 3 9 ,1 1 8
................ d e f 2 ,4 4 5 ,7 8 6
1P20-21 . . .
72,743
7 3 5 ,1 4 6
2 1 3 ,3 3 4
________
* d e f3 ,3 0 8 ,7 2 6
1 9 1 9 - 2 0 . . . 1 ,5 0 6 ,2 2 6
4 5 3 ,0 8 7
180 ,436
( 7 % )8 5 1 ,9 3 5
2 0 ,7 6 8

O ffic e ,

E M P IR E G A S & F U E L C O . ( D E L . ) . — O R G A N I Z A T I O N .— I n c o r p . in
D e la w a re Ju n e 1919. P r o d u ce s h ig h -g ra d e r e fin a b le c ru d e o il a n d also
ow n s a n d op era tes a n a tu ra l gas s y s te m .
I t s o il p ro p e rtie s are lo c a te d in
th e M id -C o n t in e n t fie ld in K a n sa s, O k la h o m a a n d T e x a s , a n d th e natural
as business is c o n d u c t e d p r in c ip a lly in K an sas, O k la h o m a a n d M isso u ri
ts business co m b in e s p r o d u c t io n , tr a n s p o r ta tio n , r e fin in g a n d m a rk e tin g ,
and th e n atu ral gas o p e r a tio n s in c iu d e p r o d u c t io n a n d tru n k lin e d istrib u tio n
t o n u m erou s m a rk e ts . T h e fo llo w in g are s o m e o f th e s u b s id ia ry c o s .;
E m p ir e R e f. C o . , E m p ir e G a s o lin e C o . , E m pire G as & P ip e L in e C o .,
E m p ire N a tu ra l G as C o ., E m p ir e P e tro le u m C o . a n d ( b y c o n tr o llin g o w n er­
s h ip ! In d ia n T e r r ito r y Illu m in a tin g O il C o . O w n s leases o n 6 0 ,0 0 0 acres
o f p r o v e n la n d : also ow n s o r c o n tr o ls o il a n d gas leases o n o th e r la n d s fo r
fu tu re o p e ra tio n s o f a p p r o x im a te ly 1 ,0 0 0 ,0 0 0 acres. O w n s 2,9 4 1 p r o d u c in g
oil w ells an d 392 p r o d u c in g gas w ells.
S T O C K ,— P referre d , a u t h ,, $ 5 0 0 ,0 0 0 ,0 0 0 ' o u ts ta n d in g , $ 2 5 ,3 5 4 ,7 7 0 , o f
w h ich a m a jo r it y o w n e d b y C itie s S e rvice C o , C o m m o n , a u th o r iz e d and
o u ts ta n d in g , $ 7 5 ,0 0 0 ,0 0 0 . a ll o w n e d b y C ities S e rvice C o ,

f

B O N D S .— T h e F irst M t g e . & C o ll. T r u s t 6s are g u a r a n te e d , p . & L .a n d
■ink. fu n d b y C ities S e rv ice C o .
S em i-a nnual sin k in g fu n d ( M . & N .)
retires o v e r $ 1 ,7 0 0 ,0 0 0 a n n u a lly . T h is issue is r e d e e m a b le , all o r p a r t,
u n til M a y 1 1923 a t 103 a n d in t ., an d th e re a fte r u n til m a t u r it y a t 104 and
ln t . V . 102, p . 1542. T h e E m p ir e R e fin in g C o . F ir s t M . & C o ll. T ru s t
s. f. 6s are g u a ra n te e d , p . , i. & s. f . , b y E m p ir e G a s & F u e l C o . s in k , fu n d
retires o v e r $ 1 ,0 0 0 ,0 0 0 a n n u a lly . T h e s e 6s a r e c a lla b le a t 104 till F e b
1921; th en till F e b . 1 1924 a t 106; th e re a fte r a t 108. V . 104, p . 36 5 .
T h e 1st & r e f. c o n v e r tib le g o ld b o n d s Series “ A ” ( V . 114, p . 1895) are re d .
all o r p a r t a t 115 & in t. d u r in g fir s t y e a r , an d th e r e a fte r a t 115 & in t . less
1 % fo r e a ch ex p ired y e a r fr o m d a te o f issu e, b u t a t p a r la s t six m o n th s .
C o n v e r tib le in to th e 8 % C u m u la tiv e P referred s t o c k o n th e basis o f
th e p rev a ilin g sin k in g fu n d ca ll p rice fo r th e b o n d s a n d p a r f o r th e preferred
s t o c k , w ith a d ju s tm e n t fo r in te re s t an d d iv id e n d s .
C o m p a n y o b lig a te s its e lf t o m a in ta in a m in im u m sin k in g f u n d fo r series
“ A ” b o n d s, o p e r a tin g th r o u g h H a ls e y , S tu art & C o . , I n c ., th e a m o u n t o f
w h ich is c a lcu la te d to retire a b o u t 6 0 % o f th e series b y m a t u r it y , th e sinking
fu n d o p e ra tin g q u a rte r ly , b e g in n in g A u g . 1 1922, th ro u g h th e p u rch a s e o f
b o n d s in the m ark et o r b y ca ll b y l o t a t 107 X a n d in t . d u r in g fir s t year,
less 4$ % fo r each ex p ire d y e a r fr o m d a t e o f issu e, b u t a t p a r la s t six m o n th s.
T h e Series “ B ” b o n d s are re d e e m a b le , all o r p a r t , a t 102 l a n d in t. less
A
X % fo r ea ch ex p ired 6 m o n th s fr o m an d in c l. M a y 1 192 3. C o n v e r tib le
p a r fo r p a r w ith a d ju s tm e n t fo r in t ., a t a n y tim e u p t o 30 d a y s p r io r t o m a ­
t u r it y o r re d e m p tio n (e x c e p t b y sin k in g fu n d ) in t o 1st & r e f. c o n v . 7 ) 4 %
g o ld b o n d s . Series C , h a v in g th e sam e m a tu r ity d a t e , c o n v e r s io n p riv ile g e ,
& c ., as th e ou ts ta n d in g Series A b o n d s .
T h e c o m p a n y w ill p r o v id e a sin k in g fu n d t o re tire th ese Series “ B ” b o n d s
a t th e ra te o f 4 % o f th e issu e a n n u a lly b y th e p u rch a se o f b o n d s in t h e m ark et
u p t o an d in c l. th e p r e v a ilin g ca ll p r ic e o r b y ca ll b y lo t a t su c h call p r ice .
C o . fu r th e r w ill p r o v id e a p u rch a se fu n d a v a ila b le t o p u rch a se a t n o t ex ce e d ­
in g p a r an d in t . b o n d s a t ra te o f 6 % o f issue a n n u a lly , s u ch p u rch a se fu n d to
b e a p p lic a b le fr o m tim e t o tim e in d is c re tio n o f H a ls e y , S tu a rt & C o . , In c .
T h e se b o n d s , in o p in io n o f co u n se l, are se cu re d (s u b je c t t o existin g and
fu tu r e pled ges o f o il in s to r a g e , p u rch a se m o n e y a n d ex istin g lien s o n p r o p ­
e r t y h erea fter a cq u ire d ) b y a fir s t m o r tg a g e on a p a r t o f th e p ro p e rtie s a n d ,
u p o n retirem en t o f $ 9 ,3 0 9 ,0 0 0 u n d e rly in g b o n d s d u e 1923 t o 1932 (m o r t­
g a g es c lo s e d ) , b y a fir s t m o r tg a g e o n a ll th e p r o p e r tie s n o w o w n e d o r here­
a fte r a c q u ir e d b y th e p a r e n t c o m p a n y , an d b y a fir s t lie n u p o n all o f th e
s to c k s o f th e su bsidiaries o w n e d b y th e c o m p a n y . V . 114, p . 1895.
A ll o f th e ou ts ta n d in g b o n d se cu re d sin k , fu n d c o n v . 8 % n o te s , d ated
O c t . 1 1920 w ere c a lle d fo r p a y m e n t A u g . 28 1922 a t 101-66 an d in terest.
A ll o f th e o u ts ta n d in g b o n d secu red sin k, fu n d c o n v . 6 % n o te s, d a te d June
16 1919, w ere c a lle d fo r p a y m e n t A u g . 28 1922 at 101 697 and in terest.
E m p ir e O il P u rch a sin g C o . g u a ra n te e d n o te s. V . 112 , p . 749 .
E A R N I N G S .— F o r six m o s . e n d e d Ju n e 30 1 92 3, s h o w e d : gro ss, $ 2 3 ,7 4 2 ,3 9 1 : n e t, $ 7 ,5 4 5 ,9 3 2 ; o th e r in c o m e , § 2 8 6 ,7 8 3 ; t o t a l n e t earnings,
$ 7 ,8 3 2 ,7 1 5 .
P r e s ., H e n r y L . D o h e r t y , N e w Y o r k .— (V . 118, p . 1 5 2 5 .)
E N D IC O T T
JO H N SO N
C O R P — O R G A N I Z A T I O N .— I n c o r p .
In
N e w Y o r k M a r . 31 1919. B u sin ess, p r in c ip a lly m a n u fa ctu rin g le a th e r an d
m e d iu m -p r ic e d sta p le sh oes a n d fo o tw e a r . P la n ts a t E n d ic o t t a n d Joh n so n
C i t y , N . Y . , to g eth er w ith ta n n e rie s, sh oe fa c to r ie s . N u m b e r o f em p lo y e e s
a b o u t 1 7 ,0 0 0 . A v e ra g e o u t p u t , a b o u t 120,000 p a irs o f s h o e s d a ily .
S T O C K .— A n n u a lly b e g in n in g F e b . 1 1921 th e c o . sh all a c q u ir e o u t o f th e
aurplu8 p r o fit s 3 % o f th e la rg e st a m o u n t o f P ref. s t o c k a t a n y tim e o u ts t a n d ­
in g . N o m o r tg a g e w it h o u t c o n s e n t o f 7 5 % o f e a c h cla ss o f s t o c k . P r e f.
s t o c k h a s e q u a l v o t in g p o w e r w ith th e c o m m o n s t o c k .
Dividends.— A n in itial d iv id e n d o f 1 X % on b o t h th e p r e f. an d c o m . sto ck
w as p a id J u ly 1 1919; O c t . 1 191 9, I X % each ; J a n . 1 1 92 0. I X % o n p r e f
a n d 2 X % reg u la r a n d 4 % e xtra on c o m .; A p ril 1 192 0, I X % o n p r e f. and
2 ) 4 % o n c o m . O n Ju n e 10 1920 c o m m o n sh a re h o ld e rs r e c e iv e d a s to c k
d iv id e n d o f 1 0 % . J u ly 1 1920 t o A p r . 1 1924 p a id q u a r. 1 X % o n p r e f. an d
2 ) 4 % on com m on .
O n F e b . 15 1923 p a id on c o m m o n 2 0 % in s t o c k .




171

INDUSTKIAL AND PUBLIC UTILITY
When
Payable

Last D ividend Places Where Interest and
and M aturity
D ividends are Payable

N o v 1 192 0 1 H C h e ck s m a ile d
M
M
M
F

& N
& N
& N
& A
Q— J
Q— J
Q— F
Q— J 31

M ay 1
M ay 1
M ay 1
F eb 1
Apr 1
Apr 1
M ayl
A p r 30

1926
1937
1926
1927
192 4 2 X
192 4 1H
192 4 2 %
’2 4 5 0 c .

N ew Y ork
C h ic a g o a n d N e w Y o r k
H a ls e y , S tu a rt & C o ,C h ic
N ew Y ork
I r v B k -C o l T r C o , N Y
do
do
C h e ck s m a ile d

M a y l 1921 2 %
A p r 1 1921 2 %

R E P O R T . — F o r 192 3, in V . 118, p . 3 0 8 , s h o w e d :
1923
1922.
1921.
G -o s s sa le s_______ ______________________ $ 6 6 ,5 6 5 ,8 1 2 $ 6 3 ,6 5 9 ,0 7 6 $ 5 8 ,8 9 2 ,3 4 7
T o t a l p r o f it s _____________________________ 6 ,3 8 1 ,4 7 2
9 ,7 1 6 ,5 0 0
7 ,8 3 9 ,5 2 9
R e tir e m e n t o f p re fe rr e d s t o c k _________
$ 4 5 0 ,0 0 0
$ 4 5 0 ,0 0 0
$ 4 5 0,00 0
P r o v is io n fo r ta x e s _____________________
1 ,0 2 9 ,9 0 2
1,1 1 7 ,9 7 3
1 ,2 3 0 ,5 5 2
P r o fit-s h a r in g p la n _____________________
1 ,1 9 7 ,2 9 0
2 ,9 5 6 ,8 0 9
1 ,9 5 2 ,2 4 6
A d d itio n a l p r o fit sh are________________
_______
2 4 ,1 8 7
13,842
_______
2 5 0 ,0 0 0
----------W o r k m e n ’s c o m p e n s a t io n ____________
P re fe rre d d iv id e n d s _____________________
9 3 2 ,5 1 7
9 7 4 ,9 9 0
1 ,0 0 3 ,8 5 2
C o m m o n d iv id e n d s ( 1 0 % ) _____________
2 ,0 2 4 ,4 7 1
1 ,6 8 5 ,7 3 1
1 ,6 8 6 ,7 9 0
B a l a n c e . . . .................................................
$ 7 4 7 ,2 9 0 $ 2 ,2 5 6 ,8 1 0 $ 1 ,5 0 2 ,2 4 5
O F F I C E R S .— P r e s ., G e o rg e F . J o h n so n ; S e c ., M . E . P a g e ; T r e a s ., J o h n
E . P a d e n . O ffic e , E n d ic o t t , N . Y . — ( V . 118 , p . 1 3 9 8 .)
E Q U I T A B L E G A S L I G H T C O . ( O f N . Y . ) . — See C o n s o l

G as C o.

E U R E K A P I P E L I N E C O . ( T H E ) — O R G A N I Z A T I O N . & C .— I n c o r p
in 1$90 In W . V a . O w n s p ip e lin e In W . V a .
F o r m e r ly c o n t r o lle d b y
S ta n d a rd O il C o , o f N e w J e r s e y , b u t s e g re g a te d in 1911. S u it t o te s t
v a lid it y o f W e s t V irgin ia T r a n s p o r ta tio n T a x A c t , V . I l l , p . 156 9; V . 112
p . 749 .
S t o c k , $ 5 ,0 0 0 ,0 0 0 ; p a r , $ 1 0 0 . D iv . 1 0 % p a id q u a r . fro m M a y 1912 t o
F e b . 1914; M a y & A u g ., 8 % ; N o v . 1914 t o M a y 1 91 8. In cL , 2 4 % ( 6 % q u .) .
A u g . a n d N o v . 1918 a n d F e b . 191 9. 5 % q u a r .; M a y , A u g . & N o v 1919. and
F e b . 1920, 4 % ; M a v 1920 t o M a y 1 9 2 1 .3 % q u a r .; A u g . 1921 t o N o v . 1922.
2 % q u a r .; F e b . 1923 t o A u g . 1923 p a id 3 % q u a r .; N o v . 1923 t o M a y 1924
p a id 2 % q u a r.
R E P O R T . — F o r ca le n d a r y e a r s 1923, in V . 118 , p . 67 0 , sh o w e d :
1923
1922
192 1.
1920.
P r o fit s fo r y e a r ___________ $ 3 2 4 ,5 0 7
$ 6 3 2 ,6 0 3
$ 4 2 6 ,3 3 9
$ 5 4 3 ,2 1 8
D iv id e n d s p a i d . ........... ( 1 1 % )5 5 0 .0 0 1 (1 0 )4 0 0 ,0 0 1 (1 0 )5 0 0 ,0 0 1 (1 3 )6 5 0 ,0 0 1
B a la n ce , d e f ic i t _______
$ 2 2 5 ,4 9 4 su r$ 2 3 2 ,6 0 2
$ 7 3 ,6 6 2
$ 1 0 6 ,7 8 3
P r e s ., F o r r e s t M . T o w l; V ic e -P r e s . & T r e a s ., E . R . S h e p a rd ; V ic e -P r e s .,
A la n T . T o w l. O ffic e . O il C i t y , P a .— ( V . 118 , p . 6 7 0 .)
E X C H A N G E B U F F E T C O R P . — I n c o r p . u n d e r la w s o f N . Y . , J u ly 2 6
191 3, a n d a c q u ir e d th e b u s in e s s o f T h e E x ch a n g e B u ff e t C o r p ., in c o r p . in
1 90 2, th e bu sin e ss h a v in g b e e n e s ta b lis h e d in 1885. O p e r a te s r e s ta u r a n ts
a n d cig a r s ta n d s in v a r io u s b u sin e ss c e n tre s o f N . Y . C i t y , B r o o k ly n , a n d
N e w a r k , N . J.
D iv .—
( ’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. ’ 19. ’ 2 0 . ’ 2 1 . ’ 2 2 . ’ 2 3 .
$2 $4 $4 $ 4 .5 0 $5 $5 $ 5 -5 0 $ 7 .5 0 $8 $ 3 .5 0 $2
R e g u la r _______
E x t r a ________________ [ . .
. . 5 0 c . 5 0 c . 6 0 c . $1
$1
A ls o p a id 3 0 0 % in s t o c k o n A p r il 20 1922.
P a id in 1924: J a n . 3 1 , 5 0 c e n ts ; A p r il 3 0 , 50 c e n t s .
R E P O R T . — F o r y e a r e n d in g A p r il 30 1 92 3, in V . 116 , p . 2 6 3 4 , s h o w e d :
Y ea r s en ding A p r i l 30— 1 92 3.
1922.
G ro s s p r o f it s _______________________________________
$ 7 3 2 ,9 5 3
$ 8 1 5 ,7 5 3
D educt— D e p r e c ia t io n ____________________________
$ 9 3 ,4 1 2
$ 8 9 ,3 7 5
I n t e r e s t _________________________________________
3 9 ,2 8 0
3 0 ,9 4 8
A m o r t iz a tio n o f d e b t d is c o u n t a n d e x p e n s e . .
7 ,7 3 1
7 ,1 7 2
P r o v is io n fo r F e d e ra l in c o m e t a x ___________
7 0 ,0 0 0
150 ,0 0 0
D i v i d e n d s ______________
($ 2 )4 8 5 ,2 0 5
($ 6 1 4 )4 5 3 ,5 8 4
N e t p r o f i t . . ___________ _________________________
$ 3 7 ,3 2 5
$ 8 4 ,6 7 4
O F F I C E R S .— C h a irm a n , S. C . M ille t t; P r e s ., H e n r y d e J o n g h ; S ec. &
T r e a s ., H . A . F re a m . O ffic e , 17 J o h n S t ., N e w Y o r k . — ( V . 118 , p . 7 9 9 .)
F A I R B A N K S C O . ( T H E ) . — I n c o r p o r a te d in N e w J e rse y , Ju n e 11
1891, t o a cq u ire th e b u sin ess, & c., o f th e F a irb a n k s C o . o f N e w Y o r k , and
oth er cities. M a n u fa ctu re s v a lv e s, tru ck s a n d b a rro w s; also a c ts as sellin g
and d istrib u tin g a g en ts fo r m a n u fa ctu rers.
H as th e e x clu s iv e rig h t until
1929 to sell th e F a irb a n k s Scale th r o u g h o u t th e en tire w o rld , e x c e p t C a n ­
ada an d th e w estern p a r t o f th e U n ited S ta tes. P la n ts lo ca te d a t R o m e .
G a . a n d B in g h a m to n . N . Y .
( V . 106, p . 2 5 6 3 ).
S T O C K .— S inking fu n d fo r th e 1st P r e f. b eg in n in g in 1918 1 0 % o f n et
earnings a fter all ta x es a n d d iv s . on b o t h F irst P re f. an d P ref. s to c k . I f ,
in a n y y ea r su ch 1 0 % is less th a n $ 5 0 ,0 0 0 all a v a ila b le earn in gs u p to
$50 ,0 0 0 shall b e set a side fo r th e sin k in g fu n d .
I f su ch 1 0 % is m o re th an
$10 0,00 0 o n ly $ 1 0 0 ,0 0 0 shall b e set asid e.
See also u n d er d iv s . b e lo w .
(2d) P re f. an d C o m . s to ck listed on N . Y . S to ck E x ch a n g e in 1919.
D IV S . ’ 94. '9 5 . ’9 7 . ’ 9 9 -’0 1 . ’0 2 -’ 0 3 . ’ 0 4 -’ 0 6 . ’0 7 -’0 8 . ’ 10. ’ l l . T 2 . ’ 13. T 8 .
C o m . % 18
9
10 15 9 6 8 y ’l y . 10 y 'ly .1 2 y ’l y . 12
4
10
8 tex t
D iv id e n d s o f 2 % w e re re g u la rly p a id q u a rte rly o n th e 1st P r e f. fro m
Jun e 7 1918 to M a y 1921; A u g . 1921 d iv . w as d e fe r re d . O n th e (2d) P r e f.
sto ck 2 % q u a rte r ly fr o m N o v . 27 1907 to A p ril 1 1914, in clu s iv e . T h e
a ccu m u la te d d iv s . fr o m A p ril 1 1914 t o A p ril 1 l 9 l 8 w e re a d ju s te d b y a
C o m . s to ck d iv . ( 2 0 % ) issu ed Ju n e 7 1918, th e (2 d ) P r e f. sto ck h o ld e rs
rece iv in g on e share o f C o m . s to c k fo r ea ch $10 0 a c c r u e d . C ash d iv s . w e re
resu m ed J u ly 1 1918 a n d w e re p a id q u a rte rly to A p ril 1921; J u ly 1921 d iv .
w as d efe rre d .
O n D e c . 1 1918 p a id a 4 % s to ck d iv . on th e C o m m o n s to c k .
The C om •tockh olders o f N o v . 25 w ere also given th e rig h t to su b scrib e to 5 ,2 6 5
•hares o f (2d) P re f. s to c k a t p a r ($100) an d 5 ,2 6 5 shares o f C o m . a t p a r ($25)
i.o th e ex ten t o f 1 0 % o f thpir h o ld in g s.
( V . 106, p . 2 1 0 0 ).
R E P O R T .— F o r 1923 s h ow ed :
Calendar Y ea rs—
1923.
1922.
G ro s s s a le s _____________________________________________ $ 6 ,0 1 1 ,9 0 2 $ 7 ,6 9 3 ,3 8 0
A llo w a n ce a n d c o s t s _________________________________
4 ,7 1 3 ,1 0 3
6 ,3 5 5 ,5 3 9
G ross p r o f i t _________________________
O th er in c o m e _________________________

$ 1 ,2 9 8 ,7 9 9
7 7 .4 4 5

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

T o t a l in c o m e ________________________
E x p e n s e s ______________________________
D is c o u n t an d m is ce lla n e o u s ch arges
In te re st, re s e rv e , & c _________________
D e p r e c ia t io n __________________________

$ 1 ,3 7 6 ,2 4 4
$ 1 ,2 6 0 ,7 6 8
60,5 0 7
2 6 0 ,3 3 3
1 89 ,097

$ 1 ,4 0 9 ,5 9 5
$ 2 ,0 3 3 ,3 0 2
157,117
4 7 3 ,2 0 4
2 2 0 ,7 2 6

$39 4 ,4 6 1
$ 1 ,4 7 4 ,7 5 4
N e t lo s s _____________________________________________
E a rn in g s fo r th re e m o n th s e n d e d M a r c h 31 1924 in V . 118, p . 2 18 5.
O F F I C E R S .— C h a ir m a n o f B o a r d . W S torrs W e lls ; P r e s ._________________ :
V ic e -P r e s . (in ch a r g e o f o p e r a t io n s ), G e o . M . N a y lo r ; S e c. & T r e a s ., Jas.
A . C le a r y . N e w Y o r k o f fi c e . 416 B r o o m e S t.— (V . 117 , p . 4 3 7 .)
T H E F A I R (D E P A R T M E N T S T O R E ) . C H I C A G O . — ( V . 118, p . 139 8.)

172

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

F a m o u s P l a y e r s - L a s k y C o r p — C o m s to c k 450 ,00b s h a r e s __

P referred (a & d ) s to c k 8 % cu m c o n v s f au th $20 ,000 ,00 0
F ed era l M in in g & S m e ltin g — C o m m o n s to c k $ 10 , 000 , 000 ...
P referred (a & d ) 7 % c u m u la tiv e $ 20 , 000,000 au th o riz e d
F i f t h A v e B u s S e c u r i t i e s C o r p — S t o c k (v t c) 4 0 0 ,0 0 0 sh a u .
F i r e s t o n e T i r e & R u b b e r C o — C o m s to c k $ 2 5 ,0 0 0 ,0 0 0 .- ..
F irst p r e f s to c k 6 % c u m $10 ,0 0 0 ,0 0 0 call H O s k f d 1921

....
—

—

F i s h e r B o d y C o r p . — C o m . s t k . 6 0 0 ,0 0 0 shares p a r t v t c .

Serial g o ld n o te s r e d ( t e x t ) ____________________ _____B A x x x c *

1923

F i s h e r B o d y O h i o C o — P r e f (a & d 8 % c u m s f ca ll H O ____

Par
Value

N one
2 3 5 ,9 3 1 shs
$100 $ 8 ,6 3 0 ,0 0 0
100
6 0 0 0 ,0 0 0
100 1 2 .0 0 0 .0 0 0
3 2 1 ,0 0 0 shs
10 $ 3 ,4 9 4 ,9 9 0
100
8 ,9 7 0 ,0 0 0
100
9 ,3 4 2 ,8 0 0
N o n e 6 0 0 ,0 0 0 shs
1,000 $ 1 7 ,5 0 0 ,0 0 0
100
8 ,3 8 9 ,0 0 0

FAM OU S
PLAYERS=LASKY
C O R P .— O R G A N I Z A T I O N — I n c o r ­
p o r a t e d in N e w Y o r k J u ly 19 1916 as a h o ld in g a n d o p e r a tin g c o m p a n y
w ith th e rig h t t o p r o d u c e , lease a n d e x h ib it m o tio n p ic tu re s , o p e r a te th e a ­
tres, & c. A c q u ir e d th e F a m o u s P la y e rs Film C o . , th e Jesse L . L a sk y
F ea tu re P la y C o ., I n c ., th e P a ra m o u n t P ictu re s C o r p . and its su b si­
d ia ries a n d th e A r t c r a ft P ic tu r e s C o r p . In Ja n . 1924 m erged th e C la rk
F ilm C o r p ., N e w Y o r k . O w n s s t o c k in several o th e r c o m p a n ie s d o in g
business in th e U n ite d S tates a n d fo re ig n c o u n tr ie s . H a s general c o n t r a c t
w ith fo re ig n c o n ce rn s fo r s u b s ta n tia lly e x clu siv e d is trib u tio n o f its p ictu re s.
O n Ju n e 30 1919 a c a u ir e d th e C h a rle s F ro h m a n , I n c . Y . 109, p . 176, 480 .
S ee V . 109, p . 1708. O th e r a c q u is itio n s , V . 110, p . 469 ; V . 115, p . 188;
V . 116, p . 4 1 6 . F a m o u s P la y e r s C a n a d ia n C o r p ., L t d ., V . 110, p . 364,
46 9 ; V . 113, p . 75, 240 9; V . 114, p . 63 2 .
S T O C K .— S to ck h o ld e rs N o v . 10 1919, au th o riz e d an issu e o f $ 2 0 ,0 0 0 ,0 0 0
8 % O u m u l. C o n v e r tib le P r e f. s to c k (p a r $100) a n d in crea sed th e C o m m o n
a tock fr o m 2 0 0 ,0 0 0 shares t o 4 5 0 ,0 0 0 shares (n o p a r v a lu e ).
T h e C o m m o n s to c k h o ld e r s o f r e c o r d N o v . 13 1919, w ere g iv e n th e rig h t
t o s u b s crib e a t p a r ($100) fo r $ 1 0 ,0 0 0 ,0 0 0 P r e f. u p t o N o v . 2 8 , in th e ra tio
o f o n e share o f p r e f. fo r e a ch t w o shares o f c o m m o n h e ld . O f t h e 2 5 0 ,0 0 0
shares o f a d d itio n a l c o m m o n s t o c k a b o u t 182 ,000 shares w e re s e t a side t o
p r o v id e fo r th e c o n v e r s io n n o t o n ly o f t h e $ 1 0 ,0 0 0 ,0 0 0 p r e f. s t o c k issu e d , bu t
also o f t h e u n issu ed p r e f. s t o c k . V . 109 , p . 1612, 1703, 1894. Sinking
fu n d o f 3 % o f m a x im u m issu ed p r e f. s t o c k , less c o n v e r t e d a m o u n t, b egan
N o v . 30 1920.
R e d e e m a b le o n 60 d a y s ’ n o t ic e (also fo r sin k in g fu n d ) a t 120.
C o n v e r tib le a t p a r at a n y t im e in t o c o m m o n s t o c k a t $12 0 (w ith d iv id e n d
a d ju s t m e n t ). N o m o r tg a g e w it h o u t th e co n s e n t o f 2-3 o f th e o u ts ta n d in g
r e f. s t o c k . E a ch sh are o f p r e f. s h a ll b e e n title d t o o n e v o t e . V . 108, p .
24 5 , 263 3; V . 109, p . 4 8 7 , 1612.

§

Recent Dividends—
1917 1918 1919 1920 1921
1922 1923
0
$ 5 .5 0
$8
$8
$8
$8
C o m m o n ----------------------------------- $10
P a id in 1924: J a n . 2, $2; A p r il 1, $2; J u ly 1, $2.
In itia l d i v . o f 2 % o n new p r e f ., p a id F e b . 1 1920; sa m e a m o u n t p aid
q u a r. t o M a y 1 1924.
R E P O R T . — F o r 1923, in V . 118, p . 1288, s h o w e d :
Calendar Years—
1923.
1922.
O p e ra tin g p r o f it s ________________ ______$ 4 ,6 0 5 ,7 8 4 $ 4 ,7 1 8 ,5 2 6
P r o v is io n fo r F ed era l t a x e s ____ ...........
360,001
6 0 7 ,5 4 0

1921.
$ 5 ,9 7 0 ,6 7 1
1,2 7 5 .1 7 2

B a la n ce , o p e r a tin g p r o f i t ____________ $ 4 ,2 4 5 ,7 8 4
C o m m o n d iv s . (p a id a n d r e s e r v e d )___
1 ,8 5 8 ,2 4 0
P re fe rre d d iv s . (p a id & r e s e r v e d )____
7 1 0 ,8 0 0
D iv s . o f s u b . c o s . (to o u ts id e in te re sts)
5,115

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

$ 4 ,6 9 5 ,4 9 9
1,6 5 4 ,6 7 2
7 6 4 ,4 0 0
11,528

B a la n ce, s u rp lu s____________________ $ 1 ,6 7 1 ,6 2 9
P r o f it a n d loss s u rp lu s ________________ $ 9 ,4 8 0 ,1 1 3

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

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

O F F I C E R S .— A d o lp h Z u k o r , P r e s .; Jesse L . L a s k y , 1st V . - P . ; F r a n k A .
G a r b u t t , V .- P .; C e cil B . d e M ille , D ir . G e n .; E le k J . L u d v ig h , S e c . &
T r e a s . O ffic e , 485 F ifth A v e ., N e w Y o r k — (V . 118, p . 2 5 7 8 .)
( W I L L I A M ) F A R R E L L & S O N S , I n c . — See B u rn s B r o s , a b o v e .
F E D E R A L M I N I N G A N D S M E L T I N G C O .— O R G A N I Z A T I O N .—
I n c o r p . u n d er law s o f D e la w a re Ju n e 25 1903. O w ns s ilv e r -le a d m in es in
C o e u r d ’A le n e d is tric t, I d a h o . V . 93, p . 733 ; V . 96, p . 1086; V . 97, p . 1424.
I n 1905 A m e r . S m elters S e cu ritie s C o . (A m e r . S m e ltin g & R e fin in g C o .)
a c q u ir e d a b o u t $ 3 ,0 0 0 ,0 0 0 c o m m o n s t o c k . V . 93, p . 1728; V . 99, p . 52.
D I V I D E N D S .—
’ 12. T 3 . ’ 1 4 . T 5 . ’ 16. ’ 17. T 8 . ’ 19. ’ 2 0 . ’ 2 1 . ’ 2 2 . ’ 23
C o m m o n --------------------0 0
0
0
0
0
0 _ _ _ _ _ _ _ _
..
P r e fe r re d .........................
6 6
5
4 4K
7
7 3^
6
4
7
P a id in 1924: O n p r e fe rr e d , M a r c h 15 1 9 4 % : Ju n e 15, 1 9 £ % .
R E P O R T . — F o r 1923, in V . 118, p . 152 6, s h o w e d :
Calendar Years—
192 3.
1922.
1921.
1920
$ 4 ,2 5 9 ,3 7 0
G ross e a rn in g s___________ $ 6 ,6 6 2 ,3 2 7 $ 4 ,6 5 3 ,0 2 3 $ 3 ,8 4 8 ,6 8 7
2 ,0 1 9 ,5 7 2
N e t a ft e r t a x e s . ...............
1 ,5 3 5 ,2 7 9
9 9 7 ,5 9 9
5 3 2 ,1 6 0
O th er in c o m e ____________
2 6 2 ,2 3 9
2 0 8 ,2 1 4
183 ,5 8 8
505 ,7 2 9
C h a r g e s __________________
1 ,1 8 3 ,0 4 5
9 9 4 ,8 3 9
1 ,0 7 5 ,5 2 3
D i v i d e n d s . . . - ___________
8 3 9 ,0 3 4
5 69 ,345
_______ 1 9 ,1 6 7
7
B a la n c e ____________________d e f2 2 4 ,5 6 2 d e f3 5 8 ,3 7 1 d e f3 5 9 ,7 7 5 su r7 9 4 ,6 7 6
C h a irm a n & P re s ., F ra n cis H . B r o w n e ll; S e c ., J. L . M a r t in ; T r e a s ., F . O .
D ru d in g . O ffic e , 120 B r o a d w a y , N . Y . — ( V . 118, p . 191 6 .)
F E D E R A L S U G A R R E F I N I N G C O — ( V . 117, p . 1 3 5 3 .)
F I F T H A V E N U E B U S S E C U R I T I E S C O R P .— I n c o r p . in N o v . 1922
u n d e r la w s o f D e la w a r e . A h o ld in g c o m p a n y , o w n in g 1 1 2 ,0 2 4 sh ares o f
s t o c k o f N e w Y o r k T r a n s p o r t a t io n C o . , 1 0 3 ,5 7 4 shares o f w h ic h w e re fo r ­
m e r ly o w n e d b y I n t e r b o r o u g h C o n s o lid a t e d C o r p .
C o n te m p la te d m e rg e r, V . 118, p . 2 04 8.
S T O C K .— T h e o u t s ta n d in g sh ares h a v e b e e n d e p o s ite d u n d e r a v o t in g
tru st a g r e e m e n t d a t e d D e c . 20 1922 a n d e x p irin g D e c . 20 192 7, th e v o t in g
tru stees b e in g G r a y s o n M . - P . M u r p h y , C h a r le s H . S ab in a n d F r e d e r ic k
S trau ss, N e w Y o r k .
D I V S .— In itia l d i v . o f 16 c e n ts a sh are w a s p a id F e b . 15 1 92 3; sam e
a m o u n t p a id q u a r. t o A p r il 17 192 4.
O F F I C E R S .— P r e s ., G ra y s o n M . - P . M u r p h y ; V . - P . , F r e d e r ic k S tra u s s :
S e c ., S tep h en A . V a n N e s s; T r e a s .. D . R a y m o n d N o y e s . O ffic e , 7 W e s t
10th S t ., W ilm in g t o n , D e l.— ( V . 118 , p . 2 0 4 8 .)
F I R E S T O N E T I R E & R U B B E R C O . ( T H E ) — O R G A N I Z A T I O N .—
I n c o r p . in W . V a . in S e p t. 1900: in 1910 r e in co r p . in O h io . M a n u fa c tu r e s
a u t o m o b ile a n d tr u c k tir e s , o t h e r r u b b e r p r o d u c t s a n d acce sso rie s a n d steel
rim s. P la n ts are lo ca te d a t A k ro n . O h io . H a m ilto n . Ont. and S in g a p o re .
S traits S ettlem en ts. C a n a d ia n s u b s id ia r y , V . 114, p . 272 3.
S T O C K .— In A u g . 1919 (V . 109, p . 681) in crea sed th e a u th . issue o f c o m .
s t o c k t o $ 2 5 ,0 0 0 ,0 0 0 a n d a u th . a lso $ 4 0 ,0 0 0 ,0 0 0 7 % p r e f. s t o c k , o f w h ich
$ 1 0 ,0 0 0 ,0 0 0 was s o ld . See o ffe r in g , V . 109, p . 1182.
D iv s . o n 1st p r e f., 1 A %
15; 2 d p r e f., 1 % % Q .- F . 15.

Dividend Record on Common Shares (Par Value $10 after 191 6).
191 2. 1913. 1914 1915. 1916. 1917. 1918. 1919. ’ 2 0 ’2 1 . ’2 2 - ’23. ’24
7
10
12
16
20
40
60
80
60 15
N o n e te x t
P a id in 1924: Jan . 21, 1 0 % ; A p r il 2 1 , 1 0 % .
B O N D S .— G u a ra n te e s p r in ., in t . & sin k , fu n d $ 2 ,0 0 0 ,0 0 0 c o ll, tru st
s . f. 6 )3 % g o ld b o n d s d u e J u n e 1 1933 o f F ir e s to n e P a rk L a n d C o .
V . 117,
p . 21 1 .




Amount
Outstanding

Rate
%

When
Payable

[V ol. 118.

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

J u ly 1 192 4
$2
M a y l 1924 2 %
Jan 15 1909 1H C h eck s m ailed
do
Q— M J u n e l5 '2 4 1 K
S ee t e x t
See t e x t Q "PIS A p r 17 ’ 24 16c
A p r 21 ’ 24
$1
See te x t
text
6
Q— J 15 A p r 15 1924 1 A
7
Q— F
M a y 15 ’ 24 1M
Q— F
M a y 1 ’ 24 $ 2 .5 0
$10
F & A F e b 1 '2 5 t o '2 8 B a n k e rs T r u s t C o , N Y
6g
Q— J
A p r 1 1924 2 %
8

$8 in ’ 23
8

Q— F

R E P O R T . — F o r y e a r e n d e d O c t . 31 1923 in V . 117, p . 2766:

1922-23.

1921-22.

1920-21.

1919-20.

x l,270,000

x l,300,000

x l,300,000

$ 7 7 ,5 8 3 ,1 4 9 $ 6 4 ,5 0 7 ,3 0 1 $ 6 6 ,3 7 2 ,9 3 8 $ 1 1 4 ,9 8 0 ,9 6 9
S a l e s . . . .....................
y N e t p r o f i t ______________ 6 ,1 0 4 ,9 9 2
7 ,3 4 8 ,4 2 2
9 4 9 ,3 5 4
9 ,3 9 6 ,9 1 2

Preferred dividends paid x l ,194,296

B a l. a v a il, fo r c o m . s tk $ 4 ,9 1 0 ,6 9 6 $ 6 ,0 7 8 ,4 2 2
$ 3 5 0 ,6 4 6 $ 8 ,0 9 6 ,9 1
x A p p r o x im a t e , in se rte d b y E d it o r , y A f t e r p r o v id in g fo r d e p r e c ia tio n
ta x e s, in te re st a n d o th e r c h a rg e s.
O F F I C E R S .— P r e s ., H . S. F ire s to n e ; S e c ., S. G . C a r k h u ff; T r e a s ., J . J .
S h ea . O ffice s a t A k r o n , O .. a n d 1871 B r o a d w a y , N . Y . — ( V . 118, p.. 1 6 7 0 .)
F IS H E R B O D Y C O R P O R A T IO N (O F N . Y .) .— O R G A N IZ A T I O N .—
O rga n ized in N . Y . S tate A u g . 191 6. T h e o rig in a l F ish er B o d y C o . w as
fo rm e d in 1909. T h e c o r p o r a t io n o p e ra te s 33 p la n ts in U S a n d C a n a d a .
T h e Fisher B o d y O h io C o . , a c o n t r o llin g in terest (a p p r o x im a te ly 9 7 % )
in w h ich is held b y F ish er B o d y C o ., w as organ ized in O c t . 1919 t o b u ild an
a d d itio n a l p la n t w ith 1 ,5 0 0 ,0 0 0 s q . f t . o f flo o r s p a c e .
See th a t c o . b e lo w
V. 109, p . 1612, 480 ; V . 103, p . 1690, 1893.
O w ns a ll o f th e c o m m o n
s to c k o f th e N a tio n a l P la te G lass C o . C o n tr a c t w ith N a tio n a l P la te G lass
C o . , V . 110 , p . 56 5 . A c q u is itio n o f p la n t a t M e m p h is fr o m K e ls e y W h e e l
C o . . V . 117. p . 1998.
In D e c . 1923 a c q u ir e d a p p r o x im a te ly 100 ,000 a cre s o f s ta n d in g tim b e r
p r o p e r tie s lo ca te d in T en n e sse e , A rk a n sas, L o u is ia n a an d M is s is s ip p i. T h e
p r o p e r tie s w ill b e o p e r a te d b y a s u b s id ia r y , F is h e r -H u r d L u m b e r C o . —
V . 117, p . 289 5.
S T O C K .— T h e en tire o u ts ta n d in g p re fe rre d s t o c k w as re d eem ed on M a y 1
1923 a t 120 an d d iv s . O f th e 6 0 0 ,0 0 0 shares o f c o m m o n s t o c k ou ts ta n d in g ,
6 0 % is o w n e d b y G e n e ra l M o t o r s C o r p . C o m m o n s to c k h o ld e r s had th e
rig h t t o su b scrib e o n o r b e fo r e M a y 1 1923 fo r 100 ,000 shares o f c o m m o n
s t o c k a t $75 a sh are t o th e e x te n t o f 2 0 % o f h o ld in g s . V . 116. p . 1281.
T h e sto c k h o ld e r s v o t e d N o v . 6 1919 t o a m e n d ce rta in o f th e a rticles o f
in co rp o ra tio n an d a d d a n e w a r tic le th a t fo r a p e rio d o f fiv e y ea rs, c o m ­
m e n cin g O ct. 1 1 9 1 9 n o t less th a n 2-3 o f th e n e t earnings, a fte r taxes, in terest,
a n d p r e f. s to c k d iv s . a n d sin k in g fu n d p a y m e n ts , sh all be p a id in d iv id e n d s
to th e c o m m o n s to c k h o ld e r s, u n til th e y shall h a v e r e c e iv e d in e a ch fis ca l
y e a r, d iv s . a t th e ra te o f n o t less th a n $10 p er share p e r a n n u m . V . 109,
p . 1612.
3 0 0 ,0 0 0 shares o f s t o c k w ere so ld t o th e G en esal M o t o r s C o r p . a t $92
p e r share an d d e p o s ite d u n d er a n e w v o t in g tru st a g re e m e n t, t o g e th e r w ith
su ch s t o c k as s to ck h o ld e rs d e p o s ite d a n d 3 5 ,0 0 0 shares o f s t o c k in t h e o ld
v o t in g tru st, w h ich w as d is s o lv e d . T h e b a la n ce o f th e s t o c k in th e o ld
v o t in g tru s t (a b o u t 6 8 ,0 0 0 shares) b e c a m e fre e s t o c k .
T h e G e n e ra l M o t o r s C o r p . a ls o en te re d in t o an a g r e e m e n t t o o r d e r and
p u rch ase fro m th e c o m p a n y s u b s ta n tia lly all o f th e a u t o m o b ile b od ies
re q u ire d b y it w h ic h th e c o m p a n y c a n fu rn is h o n a c o s t p lu s 1 7 .6 % basis
Voting Trustees.— F r e d J. F is h e r , L o u is M e n d e ls s o h n , J . J . R a s k o b
an d P ierre S. d u P o n t. B a n k e rs T r u s t C o . , d e p o s ita r y .
A p la n fo r th e e x c h a n g e o f co m m o n s t o c k o f th e F ish er B o d y O h io C o . for
c o m m o n s to c k o f F ish er B o d y C o r p . w as d e c la r e d o p e r a t iv e in M a y 1921.
U n d e r th is plan (as m o d ifie d ) t h e h o ld e r o f ea ch sh are o f t h e O h io C o .
s to c k w as e n title d t o $3 in cash an d o n e -fift h o f a sh are o f c o m m o n s t o c k in
th e p a re n t co r p o r a tio n
T h e F ish e r B o d y C o r p . also g u a ra n te e s t h e p a y ­
m en t o f c u r r e n t q u a rte r ly d iv s . u p o n t h e p re fe rre d s t o c k o f t h e O h io C o
d o w n t o an d in clu d in g t h e d iv id e n d p a y a b le J u ly 1 1922. I t a lso a g reed to
p a y on o r b e fo r e th a t d a te th e a c c r u e d u n p a id d iv id e n d s o n t h e p r e fe rr e d
s t o c k fo r 1920. H o ld e r s o f t h e O h io co m m o n h a d until M a y 15 1921 t o
d e p o s it th e ir s t o c k fo r e x c h a n g e , a t w h ich tim e t h e p r iv ile g e e x p ir e d
V . 112. p . 2088.
D I V I D E N D S . — In itia l d iv id e n d o f $2 50 p e r share o n c o m . p a id F e b . 2
1920; sam e a m o u n t p a id q u a rte rly t o M a y 1 1924.
N O T E S .— T h e $ 1 7 ,5 0 0 ,0 0 0 6 % serial g o ld n o te s are d u e as fo llo w s :
$ 2 ,5 0 0 ,0 0 0 on F e b . 1 1925, $ 2 ,5 0 0 ,0 0 0 o n F e b . 1 1926. $ 2 ,5 0 0 ,0 0 0 o n F e b . 1
1927 a n d $ 1 0 ,0 0 0 ,0 0 0 o n F e b . 1 1928.
R e d . as a w h o le o n ly o n F e b . 1 1924.
o r o n a n y in t. d a te th e r e a fte r o n 30 d a y s ’ n o t ic e a t th e fo llo w in g p r ice s an d
in t .: 102 fo r n o te s th e n h a v in g 3 y e a r s o r m o r e t o ru n : 101 A fo r n o te s th en
h a v in g 2 yea rs o r m o re b u t less th a n 3 y e a rs t o r u n ; 101 fo r n o te s th e n h a v in g
1 y e a r b u t less th an 2 y e a rs t o ru n : 100 A fo r n o te s th e n h a v in g less th an 1
y e a r t o r u n , e x c e p t th a t n o te s th e n h a v in g less th a n 6 m o n th s t o ru n shall
b e p a id w ith o u t p r e m iu m .
P ro ce e d s w ere used (1) T o re tire a ll o u ts ta n d in g fu n d e d d e b t a n d p r e f.
s to c k as fo llo w s :
(a) $ 3 ,0 0 0 ,0 0 0 6 % serial g o ld n o te s d a te d A u g . 1 1919 an d
(6) $ 2 ,6 5 3 ,8 0 0 7 % p r e f. s t o c k o f F ish er B o d y C o r p .; (c) $ 3 ,0 5 0 ,0 0 0 N a tio n a l
P la te G lass C o . 6 % serial g o ld n o te s; ( d) $75 0 ,0 0 0 F e d e ra l P la te G lass C o .
(su bsid iary o f N a tio n a l P la te G lass C o .) 7 % m tg e . b o n d s .
(2) T o p a y
ban k d e b t an d (3) t o p r o v id e a d d itio n a l w o rk in g c a p ita l.— V . 116, p . 52 1 .
R E P O R T . — Y e a r e n d . A p r il 3 0 1 92 3, In V . 116 , p . 2 7 8 1 , s h o w e d :
1 92 2-2 3.
192 1 -2 2 .
1 92 0-2 1.
N e t in c o m e a fte r F e d e ra l ta x e s , & c ____ $ 1 7 ,1 7 2 ,1 7 6 $ 6 ,1 9 3 ,4 5 5 $ 4 ,8 0 9 ,9 4 8
P re fe rre d d iv id e n d s _____________________
1 8 2 ,0 3 8
2 2 8 ,7 8 1
2 5 6 ,3 8 5
C o m m o n d iv id e n d s _____________________
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
_______
2 4 .0 0 0
6 0 .0 0 0
P r e f. d iv . N a tio n a l P la te G la ss C o ___
B a la n c e , s u r o lu s ____________________ $ 1 1 ,9 9 0 ,1 3 8
$ 9 4 0 ,6 7 4 d ef$ 5 0 6 ,4 3 6
Inc.Acct.3 Mos.end.— J a n . 3 1 ’ 2 4 . Oct. 31 '2 3 . July 31 ’2 3 . fotalQM os.
N e t earnings & i n c o m e . . $ 6 ,7 7 5 ,2 0 5 $ 6 ,2 7 6 ,4 0 6 $ 5 ,8 0 6 ,1 1 0 $ 18 ,857 ,72 1
Deduct— I n t . c h a r g e s ,
$ 3 0 6 ,5 2 6
$ 3 0 3 ,3 4 0
$ 3 6 1 ,3 5 4
$ 9 7 1 ,2 2 0
P r o v . fo r F e d . in c . &
C a n U in c o m e S
taxa
esd
801 ,5 0 1
7 3 5 ,1 5 4
6 6 7 ,0 7 4
2 ,2 0 3 ,7 2 9
B a la n ce , su rp lu s...........$ 5 ,6 6 7 ,1 7 6 $ 5 ,2 3 7 ,9 1 2
$ 4 ,7 7 7 ,6 8 1 $ 1 5 ,6 8 2 ,7 6 9
O F F I C E R S .— P r e s ., F r e d J . F ish e r; -V .-P ., C h a s . T . F ish e r; C h a ir m a n ,
L o u is M e n d e ls s o h n ; T r e a s ., L o u is M e n d e ls s o h n : S e c .. A a ro n M e n d e ls o n .
C o m p t ., W illia m B u tle r .— ( V . 118, p . 1916.)
F I S H E R B O D Y O H I O C O — O R G A N I Z A T I O N .— I n c o r p . in O h io
a b o u t O c t . 18 1919. F ish er B o d y C o r p o r a t io n o w n s a c o n tr o llin g in­
te re st. P la n t is lo ca te d in C le v e la n d , O h io .
C o m p a n y o w n s in fee a b o u t
45 acres o f p r o p e r t y . T h e b u ild in g s are seven in n u m b e r , h a v in g a to ta l
flo o r sp a ce o f a b o u t 25 acres.
C A P I T A L I Z A T I O N . — A u th o r iz e d , 8 % c u m . sin k in g fu n d preferred
s to c k (p a r $ 1 0 0 ), $ 9 ,1 3 5 ,0 0 0 ; C o m . s t o c k (n o p a r v a lu e ) 1 0 0 ,0 0 0 shs.
No
b o n d s . N o m o rtg a ge s w ith o u t c o n s e n t o f % o f P r e f. s t o c k ou ts ta n d in g .
S in k in g fu n d b e g in n in g J a n . 1 1 9 2 3 4 % o f la rge st a m o u n t o f P r e f. s t o c k at
a n y tim e o u ts ta n d in g .
E x ch a n g e o f c o m . s t o c k o f F ish er B o d y C o r p ..
see th a t c o m p a n y a b o v e .
R E P O R T . — F o r y e a r e n d e d A p r il 30 192 3, n e t p r o fit s a v a ila b le fo r d iv i­
d e n d s , $ 2 ,9 8 2 ,4 3 9 . C o m p a re V . 116 , p . 2 9 9 0 ' fo r 3 m o n th s e n d e d J u ly 31
1923 n e t in c o m e w as $ 1 ,0 8 1 ,5 8 8 . V . 117 , p . 898 .
P r e s ., F re d . J . F is h e i: V .- P r e s ., C . T . F ish er; T r e a s .. L . M en d els s oh n ,
S e c * A . M e n d e ls o n ; C o m p t ., L . R . S c a fe .— ( V . 118 , p . 101 8.)

M ay , 1924.]

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

Date
Bonds

Fl«k Rubber Co— C o m m o n s to c k 8 1 ,2 5 0 ,0 0 0 shares__________
F irst p r e f (a & d ) s to c k 7 % c u m $2 5 ,0 0 0 ,0 0 0 call 110 sk fd
S e c o n d p r e f 7 % c o m $10 ,0 0 0 ,0 0 0 c o n v till D e c 31 19 3 0 —
1st (clo s e d ) m tg e s f g o ld b o n d s ca ll ( t e x t ) ------------------- k c *
Fleischmann Co— C o m m o n s t o c k 1 ,5 0 0 ,0 0 0 shares a u t h ___
Pref (a & d ) s t o c k 6 % c u m $ 3 ,0 0 0 ,0 0 0 a u t h __________________
F o u n d a t i o n C o — C o m m o n s t o c k 7 5 ,0 0 0 shares a u t h o r i z e d - .
P r e f s t o c k c o n v $7 c u m r e d $11 5 2 0 ,0 0 0 shares a u t h o r iz e d - .
Freeport Texas Co— S to c k 7 32 ,000 shares a u t h ---------------------Galena Signal Oil Co.— C o m m o n $ 2 2 ,0 0 0 ,0 0 0 A u th ...........
N e w p r e f (a S d) 8 % c u m $ 8 ,0 0 0 ,0 0 0 ca ll 115___________
c
C o n v e r tib le d eb en tu re s $ 6 ,0 0 0 ,0 0 0 a u th re d t e x t _______ B a
Subsidiary Co., entire $ 7 ,5 0 0 ,0 0 0 stock oumed—
G a le n a S ign al O il o f T e x b o n d s -------------------------------------------------

Par
Value

1918

1.0 0 0

000 , 000 .

T h e a u th o riz e d a m o u n ts o f F isk 2 d p r e f. an d c o m . s to c k s t o b e in crea sed
t o $ 1 0 ,0 0 0 ,0 0 0 a n a 1 ,2 5 0 ,0 0 0 sh ares, r e s p e c tiv e ly .
T h e c o m . s t o c k t o b e e x c h a n g e d fo r an eq u a l n u m b e r o f shares w ith o u t
p a r v a lu e , so th a t th e a u t h . c o m . s t o c k sh all c o n s is t o f 1 ,2 5 0 ,0 0 0 shares
,
w it h o u t p a r v a lu e .
A n e w cla ss o f s t o c k t o b e k n o w n as m a n a g e m e n t s t o c k t o b e c r e a t e d ,
co n s is tin g o f 150 shares o f $100 e a c h .
T h e rig h t t o c o n v e r t 2d p r e f. s t o c k in t o c o m . s t o c k t o b e e x te n d e d to
D e c . 31 1930.
I n th e d is c re tio n o f th e p r o x y c o m m itte e s , an o p t io n m a y b e g iv e n fo r
ten y ea rs o n f i f t y th o u s a n d shares o f c o m . s to c k a t $5 a share t o fa c ilita te
th e sale o f b o n d s ; o r 2 d p r e f. s t o c k o r c o m . s t o c k , o r b o t h , m a y b e o th e rw is e
s o ld o r d is p o s e d o f o r o p t io n g iv e n th e r e o n , at su c h p rice s a n d o n su ch
term s as th e p r o x y co m m itte e s s h a ll a p p r o v e .
H old ers o f th e [$ 4 ,4 5 1 ,5 0 0 ] 1st p r e f. s t o c k o f F e d e ra l t o r e c e iv e 1st p r e f.
s t o c k o f F isk share fo r sh are (p a r fo r p a r ) in e x ch a n g e fo r th e ir p re se n t
s t o c k , a n d in a d d itio n 58 1-3 c t s . a share as a d iv id e n d a d ju s t m e n t , d iv i­
d e n d s o n th is F isk s t o c k t o c u m u la te fr o m M a y 1 1921.
H old ers o f $ 1 ,8 6 /,1 0 0 2d p r e f. s t o c k o f F e d e ra )to r e c e iv e 2 d p r e f. s to c k
o f F isk share fo r share (p a r fo r p a r ) in e x ch a n g e fo r th e ir p re se n t s t o c k , and
in a d d itio n 58 1-3 c t s . a share as a d iv id e n d a d ju s tm e n t, d iv id e n d s o n this
F isk s t o c k t o c u m u la te fr o m Ju n e 1 1921.
H o ld e rs o f [ $ 4 ,6 2 /,8 0 0 ) c o m . s t o c k o f F e d e ra l t o re ce iv e c o m . s t o c k o f
F is k share fo r sh are, th a t is t o s a y , o n e sh are o f n o p a r v a lu e o f th e c o m m o n
s t o c k o f B isk in ex c h a n g e f o r e a c h sh are o f $100 p a r v a lu e o f th e c o m m o n
s t o c k o f F e d e ra l.
H o ld e r s o f p r e f. a n d c o m . s t o c k o f N in ig re t t o r e c e iv e in e x c h a n g e fo r
th eir s t o c k c o m . s t o c k o f F is k , o n su c h basis as s h a ll b e a p p r o v e d b y th e

Proxy Committee.— (a) F is k a n d F e d e ra l F irst P re fe rre d : S ted m a n
B u tt r ic k , Jam es D e a n a n d T h o m a s B . G a n n e tt; (6) B isk S e co n d P referred
a n d C o m m o n : H . T . D u n n , H . G . F isk a n d E . H . B r o a d w e ll.; (c) F ed era l
S e c o n d P referred an d C o m m o n : H . T . D u n n , H . G . F isk a n d B . H . P r a t t .
S T O C K .— T h e fir s t p r e fe rr e d s t o c k has an a n n u al s in k in g f u n d e q u a l t o
1 5 % o f n e t p r o fit s a fte r p a y m e n t o f ta x e s a n d fir s t p r e f. d iv id e n d s . T h e
2 d p r e f. is c o n v e r tib le in t o c o m m o n p a r fo r p a r u n til D e c . 31 1 93 0. T h e
1st p r e f. is ca lla b le a ll o r a n y p a r t a t 110 a t a n y tim e o n 60 d a y s ' n o t ic e ,
a n d w h en th a t has a ll b e e n re d e e m e d t h e 2 d p r e f. w ill b e r e d e e m a b le in
lik e m a n n e r .
B O N D S .— T h e 1st m t g e . 8 % s in k in g fu n d g o ld b o n d s are c a lla b le as a
w h o le o n ly a t 1 1 7 H a n d in t. fr o m S e p t. 1 1931 t o S e p t. 1 1936, a n d th e re ­
a fte r a t 1123^ an d in t . S in k in g fu n d , $5 0 0 ,0 0 0 p e r a n n . V . 113, p . 116 0.
O ffe r in g o f F isk R u b b e r C o . B ld g , b o n d s , V . 110 , p . 2 0 7 9 .
D I V I D E N D S . — I n itia l d i v . o f 3 % q u a r. o n c o m . s t o c k p a id A p r il 1 1920
J u ly 1 192 0. 3 % ; O ct 1 192 0, 3 % : J a n . 1921 d iv . p a s s e d . V . I l l , p . 2 4 2 8
T h e A u g . 1921 d iv . o n 1st p r e f. a n d S e p t. 1921 d iv . o n 2 d p r e f. w ere d e f e r r e d .
V . 113, p . 188.
R E P O R T . — F o r 1922, in V . 116, p . 9 2 9 , sh o w e d : G ross sa les, $ 4 5 ,4 6 2 ,4 4 1 ;
n et p r o fit , $ 3 ,1 5 7 ,4 6 3 ; o th e r in c o m e , $45 ,0 0 4 ; d e d u ctio n s , $ 1 ,5 4 7 ,3 9 1 ;
b a la n c e , s u rp lu s, $ 1 ,6 5 5 ,0 7 6 .
B^or 9 m o s . e n d e d S e p t. 30 1 92 3. in V . 11 7 , p . 2 2 1 0 , s h o w e d : G ro s s sales,
$ 4 1 ,8 2 6 ,6 0 1 ; n e t o p e r a tin g p r o f it , $ 3 ,7 4 1 ,8 2 3 ; in te re s t, d is c o u n t , & c .,
$ 1 ,1 3 9 .1 4 5 ; r es erv ed fo r F e d e ra l ta x e s , & c . , $ 5 0 0 ,0 0 0 ; b a l .. s u r . , $ 2 ,1 0 2 ,6 7 8 .
(T h e fis c a l v ea r h a s b e e n c n a n g e d t o e n d S e p t. $0 in s te a d o f D e c . 31.
V . 117 , p . 156 0.)
P r e s ., H . T . D u n n ; T r e a s ., R . B . M c G a w ; S e c ., A n d r e w A . L eiser J r .;
O ffic e , F isk B u ild in g , N e w Y o r k .— (V . 118 , p . 2 0 8 .)
F L E I S C H M A N N C O . ( T H E ) .— I n c o r p . in O h io in A p ril 1905; c e rtifica te
o f r eorg a n iz a tion file d in O c t . 1922. M a n u fa c tu r e s y e a s t a n d distille d
vin ega r; also p r o d u c e s m a lt.
D I V I D E N D S . — T h e d ire cto rs in D e c . 1922 d e c la r e d a d iv id e n d o f $2
p e r share o n th e c o m m on s t o c k fo r 1923 t o b e p a id in q u a rte r ly in stallm en ts
o f 50 cen ts each o n A p r il 1, J u ly 1 a n d O c t . 1 1923 an d J a n . 1 1924. A lso
p a id e x tra d iv s . o f 50 ce n ts e a ch o n J u ly 1 an d O c t . 1 1923 a n d 25 ce n ts
o n J a n . 1 1924.
I n D e c . 1923 th e d ir e cto r s d e c id e d t o p u t th e s t o c k o n a d iv id e n d b asis
o f $3 p e r share fo r th e y e a r 192 4, a n d a d iv id e n d o f 75 c e n ts p e r share w as
d e o la r e d t o b e p a id A p ril 1, J u ly 1. O c t . 1 1924 a n d J a n . 1 1925.
E A R N I N G S .— F o r 1923:
-------------------------- Three Months Ended-------------------------Period—
Dec. 31 '2 3 . Sept. 3 0 '2 3 . J i m e 3 0 ’ 2 3 . Mar. 3 1 '2 3
S a le s ____________
.$ 1 1 ,0 3 7 ,7 8 8 $ 1 0 ,5 4 5 ,7 5 9 $ 9 ,9 8 4 ,9 4 4 N o t a v a il.
N e t o p e r a tin g i n c o m e . - . 2 ,7 4 4 ,8 1 8
2 ,3 6 3 ,8 1 8
2 ,0 2 4 ,7 0 9 $ 2 ,0 3 8 ,5 7 3
2 4 6 ,9 6 3
129,275
156 ,522
263,673
O th e r in c o m e ____________
$ 2 ,4 9 3 ,0 9 3
$ 3 1 4,97 0

$ 2 ,1 8 1 ,2 3 1
$ 2 9 8 ,1 7 5

$ 2 ,3 0 2 ,2 4 6
$ 2 8 3,53 0

4 0 ,085
20,3 7 4
1 ,500,000
D r .26,468

3 0 ,6 7 4
2 0 ,6 8 5
1 ,5 0 0 ,0 0 0
19,074

132,063
21,161
750 ,0 0 0
9,311

B a la n ce , s u rp lu s______$ 1 ,3 1 5 ,6 9 9
$591,191
$ 3 5 0,77 1 $ 1 ,1 2 4 ,8 0 3
O F F I C E R S .— P r e s ., J u iiu s F le is ch m a n n ; 1st V . - P . , M a x C . F le isch m a n n ;
T r e a s ., C a rl F . H o lm e s; S e c ., H u g o A . O sw ald. O ffic e , 701 W a s h in g to n
S t ., N e w Y o r k .— (V . 118, p . 2 4 4 3 .)
F O R D M O T O R C O .— (V . 118 , p . 2 5 7 8 .)
F O U N D A T I O N C O . ( T H E ) .— (See M ap.) — I n c o r p . u n d e r la w s o f N e w
Y o r k o n A p r il 1 1902. C o n d u c t s d ir e c t ly or t h r o u g h su bsid iaries a gen eral
en gin eerin g a n d c o n s tr u c tio n business in t h e U n ite d S tates a n d m a n y
fo re ig n co u n tr ie s . S in ce in c e p tio n c o m p a n y has s p e cia liz e d in fo u n d a tio n
w o r k in lo w e r M a n h a tta n an d a t p re se n t do e s th e gre a te r p a r t o f th is class
o f c o n s tr u c tio n . I ts e n gin eerin g an d c o n s tr u c tio n w o rk in clu d e s su b ­
a q u e o u s w o rk o f a ll k in d s , th e b u ild in g o f in d u stria l p la n ts , p o w e r h o u se s.




Amount
Outstanding

N one
$100
100
500 & c
1921
N one
100
N one
N one
N one
100
100
100
1920 109*1,000

F I S K R U B B E R C O .— O R G A N I Z A T I O N . & c.— I n c o r p . in M a s s , in
1 91 2. M a n u fa c tu r e s p n e u m a tic a n d so lid tires fo r a u to m o b ile s an d trucks!
a ls o fo r m o t o r c y c le s a n d b ic y c le s , & c . F a cto r ie s are l o c a t e d a t C h ic o p e e
F a lls , M a s s ., C u d a h y , W i s ., P a w t u c k e t , R . I . , W e s t e r ly , R . I . , a n d J e w e tt
C ity , C on n .
M E R G E R P L A N (D a t e d J u ly 29 1 9 2 1 ).— T h e s to c k h o ld e r s o f th e F isk
R u b b e r C o . a n d F ed e ra l R u b b e r C o . in S e p t. 1921 v o t e d (a) t o c o n s o lid a te
th e t w o c o m p a n ie s an d t o ta k e o v e r th e N im g r e t C o .; (6) t o issue $ 1 0 ,0 0 0 ,0 0 0
b o n d s (see b e lo w ). V . 113, p . 631 , 1160.
T h e m ain fea tu res o f th e p la n are as f o llo w s :
T h e a u th oriz ed a m o u n t o f F irst 1st p r e f. s to c k t o b e in cre a s e d t o $ 2 5 ,-

G ro s s in c o m e ___________ $ 2 ,9 9 1 ,7 8 1
C h a rg e s & F ed era l ta xe s
$ 4 4 1 ,1 0 7
G en era l in su r. fu n d an d
p r e f . s to c k p r e m iu m ..
1.58,219
P r e fe r re d d iv id e n d s ____
20,5 2 3
C o m m o n d iv id e n d s ______
1 ,1 2 5 ,0 0 0
P r o f it a n d loss c r e d it s ___
6 8 ,7 6 6

173

INDUSTKIAL AND PUBLIC UTILITY

7 9 4 ,8 3 1 shs
$ 1 8 ,9 5 1 ,5 0 0
1 ,1 1 3 ,3 0 0
9 0 0 0 .0 0 0
l,5 0 0 ,0 0 0 s h
$ 1 ,3 0 9 ,7 0 0
4 0 ,6 0 0 shs.
10.060 shs.
7 2 9 ,8 4 4 sh
1 6 ,0 0 0 .0 0 0
2 ,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
5 ,1 0 4 ,4 0 0
2 .8 0 0 ,0 0 0

Rate
%

When
Payable

Text
text
te x t
te x t
M
& S
8 g
$3
Q— J
6
Q— J
Q -M 15
$6
Q -M 15
$7
See te x t
S ee te x t Q — M
Q— M
8
Q— M
8
A & O
7

See
See
See

6

A

&

Last Dividend Places Where Interest aM
Dividends are Payable
and Maturity

O c t 1 1920 3 %
M a y l ’ 21 1 3 %
A
Ju n e 15 ’21 1 M
S ep t 1 1941

B a n k e rs T r u s t C o , N Y
N ew E n g T r C o , B oston
B a n k e rs T r u s t C o , N Y
N ew Y ork

J u ly 1 19241> S
J u n e l5 ’ 24 $ l l
A
J u n e l5 ’ 24 %1%
N o v 2 8 1919 $1
Ju n e 3 0 ’24 1 % C h eck s m ailed
do
Ju n e 30 '2 4 2 %
do
Ju n e 30 ’24 2 %
B a n k e rs T r u s t C o , N Y
A p r 1 1930

O J u ly 1 1933

H o u sto n , T ex

h y d r o -e le c t r ic d e v e lo p m e n ts , ra ilr o a d s , b r id g e s , h a r b o r a n d r iv e r te r m in a ls ,
m in e sh a fts a n d tu n n e ls a n d gen eral b u ild in g c o n s t r u c tio n .
D ir e c t ly o r
t h r o u g h su bsidiaries h a s im p o r t a n t c o n t r a c ts in th e U n ite d S ta tes, C a n a d a ,
G re a t B r ita in , B e lg iu m a n d F r a n ce a n d S o u th A m e r ic a . M u c h o f its
p re se n t bu sin ess co n sists o f th e c o n s tr u c tio n o f p o w e r d e v e lo p m e n ts fo r
p u b lic u t ilit y c o r p o r a tio n s , b u t it is e q u ip p e d fo r p r a c t ic a lly e v e r y t y p e
o f c o n s t r u c tio n . A la rg e p e r c e n ta g e o f its bu sin e ss is d o n e o n a c o s t-p lu s
basis.
S T O C K .— P referred s t o c k is c o n v e r t ib le in t o c o m m o n s t o c k as fo llo w s .
U p t o a n d in c lu d in g D e c . 15 1925, 1 A shares o f c o m m o n fo r each sh are o f
p re fe rre d ; a fte r D e c . 15 1925 a n d u p t o a n d in c lu d in g D e c . 15 192 7, 1 1-9
shares o f c o m m o n fo r e a ch sh are o f p r e fe r r e d .
T h e s to c k h o ld e r s o f r e c o r d A p r il 28 1924 w e re g iv e n th e r ig h t t o s u b s c r ib e
o n o r b e fo r e M a y 19 1924 t o 5 ,0 0 0 shares o f p r e f . s t o c k a t $95 p e r share o n
t h e ba sis o f 1-11 sh are o f n e w s t o c k f o r e a ch s h are o f p r e f . o r c o m . s t o c k h e ld .
D I V S .— O n n ew p re fe rr e d s t o c k , an in itia l d iv . o f $1 75 a share w a s p a id
M a r . 15 1923; sam e a m o u n t p a id q u a r. t o J u n e 15 1 92 4. O n c o m m o n
s t o c k , in itia l d iv . o f $1 p e r sh are w a s p a id D e c . 15 1917; J a n . 15 191 8, $3
e x tra ; M a r . 15 1918 t o D e c . 15 1918 p a id $1 q u a r .; D e c . 15 1 91 8, $3 e x t r a ;
M a r . 15 a n d Ju n e 15 191 9, $2 e a ch ; A u g . 15 a n d O c t . 15 191 9, $5 e a c h ;
D e c . 15 1919 a n d M a r . 15 a n d J u n e 15 1920, $2 p e r sh are e a c h ; S e p t. 1 5
1920 t o M a r . 15 1921, $2 50 q u a r .; Ju n e 15 1921 t o D e c . 15 192 1, $1 50
q u a r .; 1922, $6 p er share; M a r . 15 1923 t o Ju n e 15 192 4, $1 50 q u a r .
R E P O R T . — F o r 1923 sh o w e d :
Years Ended Dec. 31—
192 3.
1922.
1 92 1.
•
1920.
G ro ss in c o m e ______________ $ 1 ,2 5 1 ,6 4 3 $ 1 ,0 8 3 ,8 3 4 $ 1 ,4 5 9 ,6 4 2 $ 1 ,7 1 9 ,9 6 9
E x p e n se s a n d ta x e s ________
6 7 0 ,1 0 6
7 9 2 ,2 3 1
1 ,0 2 2 ,8 6 6
1 ,3 7 8 ,1 6 4
D iv id e n d s __________________
2 9 7 ,1 1 6
1 9 7 ,7 2 0
1 9 1 ,3 2 6
2 2 1 ,8 6 4
B a la n ce , s u rp lu s _______ $ 2 8 4 ,4 2 1
$ 9 3 ,8 8 3 $ 1 ,4 2 5 ,4 5 0
$119,941
F o r th re e m o n th s e n d e d M a r c h 31 192 4: G ro s s , $ 2 8 6 ,7 5 6 ; exp en ses,
ch arges a n d ta xes, $ 2 5 9 ,1 2 8 ; n e t in c o m e , $ 2 7 ,6 2 8 .
O F F I C E R S .— C h a ir m a n , F ra n k lin R e m in g t o n ; P r e s ., J o h n W . D o t y :
V . - P . & G e n . M g r ., H . J . D e u ts c h b e in ; V . - P . , F r a n k Q u ilte r , W m . Steele
a n d J . H . O ’ B rie n ; S ec. & T r e a s ., R a lp h L . D a lt o n .
D I R E C T O R S . — -F ranklin R e m in g t o n , S. G . W illia m s , J o h n W . D o t y ,
F ra n k Q u ilte r, W illis B o o t h , H . J . D e u tsc h b e in , L o u is S to d d a rd , A . J .
M c Q u a tt e r s , H . P . W ils o n , F . R . B a u e r, N e w Y o r k ; G e o rg e H . D u g g a n ,
M o n t r e a l.
O ffic e , 120 L ib e r t y S t ., N e w Y o r k — ( V . 118, p . 2 4 4 3 .)
FREEPORT TEXAS
C O — O R G A N I Z A T I O N .— I n c o r p . S e p t. 30
1913, in D e la w a re . A h o ld in g c o m p a n y c o n tr o llin g th r o u g h o w n ersh ip o f
entire s t o c k : F r e e p o r t S u lp h u r C o . ($ 2 0 0 ,0 0 0 ); F r e e p o r t T e r m in a l C o .
($ 1 0 ,0 0 0 ): F re e p o rt T o w n Site C o . ($ 2 0 ,0 0 0 ); F r e e p o r t L ig h t , W a t e r &
Ic e C o . ($ 5 ,0 0 0 ); F r e e p o r t S u lp h u r T r a n s p o rta tio n C o . ($ 2 5 ,0 0 0 ); F r e e p o r t
A s p h a lt C o . ($ 5 0 ,0 0 0 ); S u lph u r E x p o r t C o r p . ($ 9 ,3 8 0 ); S o u th T e x a s S te v e ­
d o r e C o . ($ 5 ,0 0 0 ). A ls o ow n s 5 0 0 ,0 0 0 fr a n c s ( o f a t o t a l o f 2 ,0 0 0 ,0 0 0 ) o f
S o c ie te P o u r L ’ lm p o r t a t io n e t a l V e n te des S o u fr e s A m e r ic a in s. O w ns
en tire $ 2 5 0 ,0 0 0 s t o c k o f L a E s p u e la O il C o ., w h ic h w as o rg a n iz e d in M e x i c o .
F u ll d e s c r ip tio n in V . 108, p . 1517. E ._port a s s o c ia tio n fo r m e d , V . 115, p .
1638. T h e n e w p la n t a t H o s k in s M o u n d , T e x a s , w as p u t in t o o p e r a tio n
o n M a r c h 31 1923.
L A T E S T D I V . — (O n ca p ita l o f $100 p a r ). N o v . 4 1915 t o M a y 15 1917
in c l., 1 0 % q u a rte rly ; o n c a p ita l n o p a r v a lu e (p e r sh a re ); A u g . 15 191 7, t o
N o v . 15 1917, F e b . 15 a n d M a y 15 1918. $ 1 -5 0 e a ch ; M a y 2 0 1 91 9, $2
A u g . 20 1919, $1; N o v . 28 1919, $1: n o n e sin c e .
R E P O R T . — F o r fis c a l y e a r e n d . N o v . 3 0 1923, in V . 118, p . 1142 & 1398:
Nov. 30 Yeats—
19 2 2 -2 3 .
1 9 2 1 -2 2 .
1 9 2 0 -2 1 .
1 91 9-2 0.
* N e t p r o f it s ________ _
$ 1 ,3 3 9 ,4 3 5
$29 0 ,7 8 1
$ 3 7 0 ,7 3 5 $ 1 ,4 4 3 ,2 1 3
3 9 5 ,6 0 6 1 ,4 6 2 ,8 3 4
T o t a l in c o m e ____________
1 ,3 7 4 ,4 3 7
4 2 2 ,2 7 3
$ 2 0 2 ,7 0 9
$17 5 ,7 1 8
$ 1 1 2 ,4 3 9
F e d e ra l t a x e s ____________
$60 ,7 5 1
6 8 5 ,3 2 6
1 ,3 2 6 ,0 9 8
6 1 5 ,0 2 0
I n t ., depl’n, deprec., &C4 9 1 ,8 8 7
B a la n ce ________________ s u r $ 7 7 0 ,l l l d e f$ 2 5 3 ,4 9 8 d e f$ 4 9 2 ,4 2 8 d e f$ 3 8 ,9 8 2
* A ft e r c o s t o f sales a n d exp en ses.
E a rn in g s fo r th re e m o n th s e n d e d F e b . 29 1924 in V . 118, p . 2 44 3.
O F F I C E R S .— P r e s ., E r ic P . Sw en son ; V . - P . , E . E . D ic k in s o n ; T rea s.*
D . J . K e rr . N e w Y o r k o ffic e , 61 B r o a d w a y .— ( V . 118 , p . 2 4 4 3 .)
G A L E N A - S I G N A L O I L C O .— O R G A N I Z A T I O N . & C .— I n c o r p . in
P en n. In 190 1. D e a ls In r a ilro a d lu b r ic a tin g a n d sign a l o ils . F o r m e r ly
co n tr o lle d b y S ta n d a rd O il C o . b u t s e g re g a te d In 1911
I n 1918 arra n ge d t o a c q u ir e c o n t r o l, s u b je c t t o $ 2 ,8 0 0 ,0 0 0 6 % b o n d s ,
o f Im p o r ta n t in terests in th e H u m b le , T e x . , oil f ie ld . In clu d in g 42 w ells
(d a ily c a p a c it y , 3 ,0 0 0 b b l s .) , w ith 2 4 -m ile p ip e lin e , a n d re m a in in g 5 0 %
o f t h e $ 1 ,5 0 0 ,0 0 0 s t o c k o f th e P e tr o le u m R e fin in g C o . (n a m e c h a n g e d to
G a le n a S ign al O il o f T e x a s ), o w n in g r e fin e r y a t H o u s t o n .
V . 106 , p . 1233
V . 110 , p . 968 .
I n c o n n e c t io n w it h th e s e a c q u is itio n s t h e sh a re h o ld e rs v o t e d M a y 21 191 9
t o in cre a se th e a u th o r iz e d c o m m o n s t o c k fr o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0
a n d on c re a tin g $ 8 ,0 0 0 ,0 0 0 o f 8 % c u m u la tiv e p re fe rr e d (a . & d . ) s t o c k
(ca lla b le a t 115 a n d d i v s .) , r a n k in g as t o assets a n d d iv id e n d s a h e a d o f a 1
1
o th e r s t o c k e x c e p t p resen t $ 2 ,0 0 0 ,0 0 0 8 % c u m . p r e f. s t o c k . P a r o f all $ 1 0 0 .
T h e p la n I n v o lv e d (1) th e Issuin g o f $ 2 ,0 0 0 ,0 0 0 o f su c h n e w p r e f. s t o c k
an d $ 4 ,0 0 0 ,0 0 0 o f th e in cre a s e d c o m m o n s t o c k , in p a r t p a y m e n t f o r a fo r e ­
said a c q u is itio n s ; w hUe (2) $ 4 ,0 0 0 ,0 0 0 o f s u ch n ew p r e f. s t o c k w a s o ffe r e d
fo r s u b s c r ip tio n t o a ll s to c k h o ld e r s o f r e c o r d J u n e 29 1919 a t p a r . V . 1 0 7 .
p . 85.
I t w as th e In te n tio n o f th e b o a r d th a t th e rem ain in g $ 4 ,0 0 0 ,0 0 0 o f n ew
c o m m o n s t o c k a n d $ 2 ,0 0 0 ,0 0 0 o f n e w p r e f. s t o c k s h o u ld f o r t h e p re s e n t r e ­
m a in in th e T r e a s u r y , u n issu e d . V . 106 , p . 1233, 2 56 3; V . 1 1 0 , p . 96 8 .
“ A m e rica n R e p u b lic s C o r p o r a t io n C o . , ’ ’ & c ., see V . 109 , p . 1 1 8 1 . 127 5.
Stock— Debentures.— T h e s to c k h o ld e r s in M a y 1920 a p p r o v e d th e p la n
t o increase th e c o m m o n s t o c k fro m $ 2 0 ,0 0 0 ,0 0 0 t o $ 2 2 ,600,000 (p a r $10 0)
and t o issue $ 6 ,0 0 0 ,0 0 0 7 % c o n v e r tib le d e b e n tu re b o n d s , c o n v e r t ib le in t o
co m m o n s t o c k , p a r fo r p a r . S to ck h o ld e rs w ere g iv e n th e r ig h t t o s u b s crib e
to th e d e b e n tu re s a t th e ra te o f $100 in p rin c ip a l su m t h e r e o f fo r e v e r y
3 2-3 shares h e ld a t $93 04 f o r ea ch $100 o f d e b e n tu re s . D e b e n tu r e s are
redeem able a t 110 d u rin g 1920, a t 109 d u rin g 1921, th e p r e m iu m decrea sin g
1 % ea ch su b se q u e n t y e a r u n til m a t u r it y . C o n v e r tib le in t o c o m m o n s t o c k
at ra te o f $100 in p a r v a lu e o f s to c k fo r e a ch $10 0 in p r in c ip a l o f d e b e n tu re
b o n d s . C o m p a re V . I l l , p . 6 9 6 .
S U B . C O .— B O N D S .— A n e w c o m p a n y w ith title “ P e tr o le u m R e fin in g
C o . o f T e x a s ” (in 1919 n a m e c h a n g e d t o G a le n a S ign al O il C o . o f T e x a s )
t o o k o v e r th e p ro p e rtie s a c q u ir e d in T e x a s a n d o p e r a te s t h e s a m e as
a se p a ra te o r g a n iz a tio n . T h is n e w c o m p a n y issu e d $ 6 ,0 0 0 ,0 0 0 ca p ita l
s to c k (in creased t o $ 7 ,5 0 0 ,0 0 0 in 1920) a ll o w n e d b y th e G a le n a S ignal OH
C o . ; also $ 3 ,8 0 0 ,0 0 0 6 % b o n d s d a te d J u ly 1 1918, $ 1 ,0 0 0 ,0 0 0 o f w h ich are
in th e tre a su ry .

174
INDUSTKIAL AND PUBLIC UTILITY
[ V ol. 118.




MISCELLANEOUS COMPANIES
[For abbreviations, <fee., see notes on page 6]
3

Date
Bonds

Gardner Motor Co, Inc— Stock 300.000 snares authorized-General Amer Tank Car Corp— Common stock__________
Preferred (a Sc d) stock__________________________________
Oar trust certificates— See text.
General Asphalt— Common stock________________________
Pref (a & d) stk 5% cum convert (text) call 110 S div_ c.
c
_
Slnking fund convert gold bonds red (text).Ba.kxxxc*
Debentures gold red oar sink fund_____________FP.kc*
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 S d) 7% cumulative $5.000.000_____
c
Debent pref (a S d) stk “ B” 7% cum $5,000,000 call 110
c
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 $35,000,000 see text_______________
Debentures for Sprague stock g call 105 (V. 75. p. 139)-xc
Debentures $00,000,000 g red 107 H not oonv_ Ba,xc*&r*
_
Employees debenture bonds— see text__________________

Par
Value

1920
1915
1911
1911
1915
—

1923
—

1902
1912

$ 2 6 1 ,2 6 2

$ 4 8 ,2 5 2

$ 1 ,2 3 7 ,6 0 6

x A ft e r d e p r e c ia tio n .
O F F I C E R S .— P r e s ., M a x E p s te in ; 1st V .-P r e s ., D a v id C o p la n d ; T re a s.
W . J . W o o d w a r d ; S e c ., E lia s M a y e r . N . Y . o f fic e , 17 B a tt e r y P la c e .—
( V . 118 , p . 2 5 7 9 .)
G E N E R A L A S P H A L T C O .— O R G A N I Z A T I O N — I n c o r p . in N . J . on
M a y 19 1903 as su cce sso r o f th e N a t . A s p h a lt C o . , p e r p la n V . 7 5 , p . 188;
V . 7 6 , p . 1145; V . 7 9 , p . 101, 2586; V . 8 0 . D. 221 8; V . 8 2 , p . 1208.
C o n tr o ls th e fo llo w in g c o r p o r a tio n s th ro u g h w h ic h , as su b sid iaries, p r a c ­
t ic a lly a ll o f th e business is c o n d u c t e d : T h e B a rb e r A s p h a lt C o .; T h e T r in ­
id a d L a k e P e tr o le u m C o . , L t d .; T h e U in ta h R y . C o . ; G ils o n A s p h a ltu m
C o . ; T h e P e tr o le u m D e v e l. C o . , L t d .; T h e N e w T r in id a d L a k e A s p h a lt
C o . , L t d .; N . Y . & B e rm u d e z C o .; th e B e r m u d e z C o .
S u b sid iary c om p a n ie s o w n e xte n sive a s p h a lt d e p o s its a n d p e tro le u m
lands in T r in id a d an d V en ezu ela an d gilson lte d e p o s its in C o lo r a d o and
U ta h ; o p era te im p o rta n t m in in g , re fin in g a n d sh ip p in g p r o p e r tie s , p r o ­
d u c in g a g reat v a r ie ty o f a s p h a ltic an d o th e r m aterials fo r p a v in g , r o o fin g
p a in tin g . & c ., an d c o n d u c t a p a v in g bu siness.
A g re e m e n t w ith R o y a l D u t c h C o . , V . 115, p . 2 6 9 1 ; V . 118, p . 1906.
D I V I D E N D S .—
1 0 6 . *07. ’ 08. ’ 09 t o ’ 10. T 7 . 18
’ 1 9 t o J u n e ’ 24
O n p r e f e r r e d -------------- J 4
2
2
5 y ly
5
5 1 Jagu ar (Q -M )
T h e a ccu m u la ted d iv id e n d s , 9 H % , w ere d isch a rg e d In fu ll in ca s h .
1 % in 1910 and b a la n ce , 8 X % . th ro u g h p a y m e n t in 1915 o f deben tu res
Issued represen tin g sam e.
S T O C K .— In D e c 1923 a ll o f th e orig in a l $ 1 7 ,0 0 0 ,0 0 0 c o m m o n and
$ 1 4 ,0 0 0 ,0 0 0 p r e f. s to c k h a d b e e n d isp o se d o f a n d th e v o lu n ta r y co n v e rsio n
o f th e p r e f. in t o c o m . ($150 c o m . fo r $100 p r e f.) h a d r e su lte d in increasing
th e o u ts ta n d in g c o m . t o $ 2 3 ,5 8 4 ,0 0 0 w ith a re d u c tio n in th e p r e f. t o $7 ,4 1 6 .0 0 0 . C o m p a re V . 10 9 , p . 778 , 984, 161 3, 170 3, 179 6, 1895; V . 79
p 258 6.
T h e s to ck h o ld e rs o n D e c . 7 1920 a p p ro v e d th e p la n (a) p r o v id in g fo r an
Issue o f $ 4 ,0 0 0 ,0 0 0 8 % 1 0-year sin k in g fu n d C o n v e r tib le g o ld b o n d s .
(6) I n ­
crea sin g th e a u th o riz e d C o m m o n s to c k b y $ 4 ,0 0 0 ,0 0 0 t o p r o v id e fo r th e
c o n v e r s io n o f th e b o n d s . C o m p a re V . I l l , p . 2 1 4 3 , 2 23 3.
Convertible Bonds.— C o n v e r tib le in to c o m m o n s t o c k at p a r . R e d e e m a b le
In a m ou n ts o f $ 5 0 0 ,0 0 0 o r m u ltip le s th e r e o f at 105 o n o r b e fo r e D e c . 1 1926,
a t 104 o n o r b e fo r e D e c . 1 1927, a t 103 on o r b e fo r e D e c . 1 1928, at 102 on
o r b e fo r e D e c . 1 192 9, a n d a t 101 th e re a fte r p r io r t o m a tu r ity . V . I l l , p .
2525D E B E N T U R E S .— T h e $ 2 ,0 0 0 ,0 0 0 10-year 6 % d e b e n tu re s o f 1915 h a ve
a sin kin g fu n d o f a t least 1 0 % o f n et earnings; $ 8 0 5 ,0 0 0 re d eem ed to
D e c . 31 1923. V . 100, p . 815 , 1171, 1352, 1670; V . 108 , p . 2126; V . 111 . p
899 .
R E P O R T . — F o r 192 3, in V . 118 . p . 190 6, s h o w e d :

Total

Net

Other

Interest, Pref. Div. Balance,

Income.
Profits.
Income. Depr.,&c. ( 5 % ) .
Surplus.
1 9 2 3 — -$ 1 4 ,0 1 5 ,6 5 3 $ 1 ,9 8 1 ,6 0 3 $ 2 1 3,16 1 $ 1 ,1 1 6 ,6 5 7 $ 3 7 0 ,8 0 4
$70 7,30 3
1 9 2 2 . . . 1 2 ,0 5 9 ,9 4 6 1 ,1 9 0 ,4 0 3 502 ,431
1 ,0 8 1 ,7 0 8 3 7 0 ,8 0 4
2 4 0 ,3 2 2
1 9 2 1 --9 ,9 1 5 .7 9 0
6 1 3 ,2 9 0
53,523
1 ,4 0 7 ,7 5 5 3 7 4 ,4 3 0 d f 1 .1 1 5 ,3 7 2
1920—
1 5 ,0 1 4 ,4 7 0 2 ,8 4 5 ,0 9 7
78,133
1 ,4 5 7 ,8 4 1 3 7 9 ,9 5 6 1 ,0 8 5 ,4 3 3
O F F I C E R S .— P r e s ., A r th u r W . Sew all; V . - P . , C . W . B a y lis s , A . L .
R o b in s o n a n d F ra n k Seam an s; C o m p t ., Ira A tk in s o n ; S e c ., E . R o b e r t R it e r ;
T r e a s ., J o h n A . M a c P e a k . O ffic e , 306 M a r k e t S t ., C a m d e n , N . J .—
( V . 118 , p . 2 4 4 3 .)




$3
7

7
4 .0 0 0 .0 0 0
100 Sec
7 ,7 0 0 ,0 0 0
6 g
100 1 8 0 ,0 8 9 ,2 4 6 See te x t
10 1 7 ,7 0 1 ,6 4 0
100 Sec
2 .0 4 7 ,0 0 0
3X e
500 S
eC 1 5 .1 3 6 ,5 0 0
5 e
100

When
Payable

Bate
%

100 2 3 ,5 8 4 .0 0 0
100
5
7 ,4 1 6 ,0 0 0
100&1000
3 ,6 8 2 ,2 0 0
8 g
ft00 A c
1 .1 9 5 ,0 0 0
6 g
N one
4 2 9 ,7 1 9 sh. See t e x t
N one
9 0 ,7 7 5 sh.
$8
500&1000 $ 2 ,3 0 0 ,5 0 0
6 g
1,0 0 0
1 ,5 1 8 ,0 0 0
5 g
100 fzc
2 4 1 ,0 0 0
6 g
100 1 8 ,1 0 4 .0 0 0 See t e x t
100
5 .0 0 0 .0 0 0
7

R E P O R T .— F o r 1 9 2 3 , in V . 118, p . 1779, s h o w e d :
Calendar Years—
192 3.
1922.
192 1.
1920.
G ross sales a n d r e n t a l s -- N o t sta te d N o t sta te d $ 2 1 ,7 5 5 ,7 2 4 N o t s ta te d
N e t o p e ra tin g p r o f i t s - - _ x $ 2 , 7 9 4 ,8 7 3 $ 3 ,1 3 1 ,0 6 8 $ 2 ,9 0 7 ,4 7 3 $ 3 ,8 3 8 ,3 6 3
D e p r e c i a t i o n ____________
_______
7 6 2 ,8 1 6
9 0 5 ,5 8 4
7 07 ,525
I n t . o n ta n k ca r e q . n o te s
5 5 1 ,6 1 7
661 ,4 5 6
6 6 2 ,8 7 1
543 ,160
T a x e s ------------------------------4 2 5 ,0 0 0
185 ,000
184 ,4 0 4
4 1 8 ,6 0 4
F ir s t p referred d iv id e n d s
6 3 7 ,4 3 9
5 00 ,330
3 4 5 ,6 5 2
302 ,431
S econ d p referred d i v s ___ —------------ — ■ — R e tir e d
—
— -------- -—■ —
2 3 ,300
C o m m o n d iv id e n d s _____
7 6 0 ,2 0 0
7 6 0 ,2 0 3
7 6 0 ,7 1 0
6 05 ,738
$ 4 2 0 ,6 1 7

Amount
Outstanding

N one
1 5 5 ,0 0 0 shs.
N one
2 5 2 ,8 7 2 shs.
$10 0 $ 9 ,1 9 3 ,4 0 0

G a le n a P ip e L in e C o . ( o f T e x a s ), G a le n a N a v ig a t io n C o . , S ociett
A n o n y m e des H u iles G a le n a ( o f F r a n c e ), G a le n a -S ig n a l O il C o . , L t d . (of
L o n d o n , E n g .) . G a le n a -S ig n a l O il C o . ( o f B r a z il), G a le n a -S ig n a l O il C o
( o f C a n a d a ). V . 110, p . 9 6 8 , 1294; V . I l l , p . 2 1 4 3 .
C O M M O N D I V S .— 1 ’ 12. T 3 . 1914 to 1917. ’ 18. T 9 - ’ 2 1 . ’ 2 2 .
'2 3
C a sh ( % ) .................... .........| 16 14 1 2 % (3 % q u .) 10>S N o n e
1
4
D iv s . o n c o m m o n s t o c k w e re re su m e d D e c . 30 1922 w ith a p a y m e n t o f 1 % ;
sam e a m o u n t p a id q u a rte r ly t o Ju n e 30 1924.
C o m . s t o c k . $ 4 ,0 0 0 ,0 0 0 w as d is t r ib u t e d M a y 15 1913 as a 5 0 % s t o c k d iv
R E P O R T .— B a la n ce sh eet as o f D e c . 31 1923 in Y . 118 , p . 126 4.
O F F I C E R S .— P r e s ., L . J . D ra k e ; V .- P r e s ., L . F . J o r d a n , J . E . L in a h e n ,
W . P . W e s c o t t , G e o . L . M o r t o n ; W . A . T r u b e e , W . J . W a ls h ; S e c ., J . F re n ch
M ille r ; T r e a s ., W m . P . W e s c o t t , N . Y .
O ffic e , F r a n k lin , P a .— (Y . 118 .
p . 126 4.
G A R D N E R M O T O R C O ., I N C . ( T H E ) — I n c o r p . u n d e r la w s o f N e w
Y o r k o n J u ly 14 1 92 0. P la n ts a re l o c a t e d in S t. L o u is , M o .
E A R N I N G S .— F o r 192 3, s h o w e d n e t p r o fit s a fte r a ll c h a rg e s, $ 1 3 2 ,4 0 7 .
V . 118, p . 1398.
O F F I C E R S .— P r e s ., R . E . G a rd n e r S r.; S e c ., L . A . M o o r e ; T r e a s ., E . H .
B e h rle . O ffic e , S t. L o u is , M o . — ( V . 1 1 8 , p . 1398.)
G E N E R A L A M E R I C A N T A N K C A R C O R P . — I n c o r p . In N . Y .
J u ly 5 1 91 6. A h o ld in g c o m p a n y o w n in g th e e n tire c a p it a l s t o c k ($ 3 ,0 0 0 ,
000 ) o f G en era l A m e r . T a n k C a r C o r p ., in c o r p . in W . V a . T h e la tte r c o m
p a n y o w n s t h e en tire c a p ita l s t o c k o f th e G e n e ra l A m e r ic a n M f g . C o .,
G en era l A m e r ic a n C a r C o . , G e n e ra l A m e r ic a n T a n k C a r C o r p . o f L a . an d
th e R a ilw a y E q u ip m e n t S e cu ritie s C o .
C A P I T A L S T O C K .— A u th o r iz e d , 4 0 0 ,0 0 0 shares C o m m o n o f n o p a r
v a lu e a n d $ 1 0 ,0 0 0 ,0 0 0 7 % c u m u la t iv e p re fe rre d , p a r $ 1 0 0 ; o u ts ta n d in g ,
2 5 2 ,8 7 2 sh ares c o m m o n a n d $ 9 ,1 9 3 ,4 0 0 p r e fe rr e d . P r e f. s t o c k p r o v is io n s
in V . 110 , p . 2 0 9 0 .
D I V I D E N D S . — O n c o m m o n : A p r il 1 1919 t o A p r il 1 1 9 2 0 , $1 50 q u a r.:
M a y 1 a n d J u ly 1 1 9 2 0 , 50 c e n ts e a c h ; Jan . 1 1921 t o J a n . 2 1924. $1 50
sem i-a n n .
C A R T R U S T C E R T I F I C A T E S . — O u tsta n d in g D e c . 31 192 3, $ 1 0 ,8 8 1 ,000 . See lis tin g s a p p lic a t io n t o N . Y . S to c k E x ch a n g e in V . 110, p . 2090;
also V . 110, p . 1853; V . I l l , p . 195 4; V . 112. p . 1621; V . 113, p . 1160;
V . 115, p . 1435; V . 116, p . 2 52 0; V . 117, p . 2 3 2 8 ; V . 118, p . 1917. C e r t ifi­
ca te s c a lle d fo r p a y m e n t , V . 118, p . 2 57 9.

B a la n ce t o s u r p l u s .. .

175

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.}

J

S
c
Q— J

J

A

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable

J J a n 2 ’24 $1 50 C h e ck s m a ile d
do
A p r 1 1924 I X

Q— M J u n e 2 1924 I X C h eck s m a ile d
S D D e c 1 1930
c
B a n k e rs T r u s t C o , N Y

& O
Q— J
Q— J
J
& D
J
&
J
M &
S
Q— F

Q— M

A p r 1 1925
A p r 1 ’ 2 4 , $1X
A p r 1 ’ 2 4 , $2
J u n e 1 1936
J an 1 1937
M a r 1 1935
M a y 1 1924 2 %
Ju n e 1 1924 I X

Q— J J u ly 1 1924
J
& D D e c 1 ’ 25 t o
Q — J 15 J u ly 15 1924
J u l y l 5 1924
F
& A A u g 1 1942
hi S S S e p t 1 1952
e

C o ’ s P h ila d e lp h ia O ffic
C h e ck s m a ile d
do
H a r v e y F is k & S on s, N Y
C o m p a n y ’ s o f fic e , N Y
I r v B k -C o l T r , N Y
C h e ck fro m G o ’s O ffic e
do
dc

1X
’ 35 C o r n E x c h B a n k , N Y
2 % C h eck fro m c o s O ffice
15c
G u ar T r C o , N Y ; & B o s t
N Y . B o s to n & L o n d o n

G E N E R A L B A K I N G C O .— I n c o r p . Ju n e 6 1911 in N . Y .
O w ns
b a k e r y p la n ts in N e w Y o r k , P h ila ., B o s t o n , D e tr o it , C le v e la n d , B u ffa lo ,
P r o v id e n c e , W a s h in g to n , R o c h e s t e r , B u ffa lo , N e w O rleans a n d o th e r cities.’
S T O C K .— B o t h cla sses o f s t o c k h a v e e q u a l v o t in g r ig h ts.
D I V I D E N D S . — O n p r e f ., in fu ll t o d a te .
O n n ew c o m ., p a id $2 p er
share q u a r. A p r il 1 1922 t o D e c . 30 1922; A p r il 2 1923 t o O c t . 1 1923 p a id
$1 q u a r .; D e c . 31 1923 a n d A p r il 1 1924 p a id $1 50 q u a r.
B O N D S .-— T h e fir s t g o ld 6 % b o n d s are se cu re d b y fir s t lie n u p o n a ll th e
p r o p e r t y a n d assets e x c e p t m e rch a n d is e a n d ra w m a te ria l, w h ic h also
pass u n d e r th e m o r tg a g e in case o f d e fa u lt; a d d it io n a lly se cu re d b y d e p o s it
o f $ 2 ,0 0 0 ,0 0 0 c o m m o n s t o c k o f K o lb B a k e r y C o .
T h e K o lb B a k e r y C o . fir s t g o ld 5 % b o n d s are g u a ra n te e d as t o $ 4 0 ,0 0 0
y e a r ly sin k in g fu n d a n d in te re st b y G e n e ra l B a k in g C o .
R E P O R T . — F o r 192 3, in V . 118, p . 6 8 2 , s h o w e d :
■ --------- Consolidated Company-------------—
1 92 3.
1 92 2.
1921
N e t a fte r taxes a n d b o n d in te re s t-------$ 6 ,2 0 5 ,5 9 8 $ 5 ,2 7 2 ,4 7 2 $ 2 ,6 9 7 ,9 8 1
6 8 0 ,0 3 9
5 7 1 ,0 5 0
515 ,486
R e s e r v e fo r d e p r e c ia t io n ----------------------P re fe rre d d iv id e n d s ____________________ ($ 8 )7 1 9 ,7 2 0 ($ 8 )7 0 3 ,7 9 6 ( 7 % ) 4 9 4 ,046
C o m m o n d iv id e n d s _______________ ($4 5 0 )1 ,9 2 1 ,8 0 7 ($ 8 )1 1 0 8 ,6 2 4 ( 7 % ) 2 3 8 ,000
K o lb B a k e r y p re fe rre d d iv id e n d s ----------------- ( 7 % ) 1 3 ,9 9 0 (7 % ) 140,000
B a la n ce , surplus.
$ 2 ,8 8 4 ,0 3 2 $ 2 ,8 7 5 ,0 1 2 $ 1 ,3 1 0 ,4 4 9
O F F I C E R S .— P r e s ., W illia m D e in in g e r ; V . - P . , F . R . S h ep ard a n d F . H .
F ra zie r; S ec. & T r e a s ., G . E . F a w c e tt. O ffic e , 342 M a d is o n A v e ., N e w
Y o r k .— (V . 118, p . 177 9.)
G E N E R A L C I G A R C O ., I N C .— O R G A N I Z A T I O N .— In c o r p o r a te d
A p r il 2 8 1906 u n d e r la w s o f N . Y . as th e U n ite d C ig a r M a n u fa c tu r e r s C o .
T h e n a m e w as c h a n g e d b y c o u r t o rd e r e ffe c t iv e M a r c h 1 1917 t o G en eral
C ig a r C o ., I n c .
B u siness is th a t o f th e m a n u fa c tu r e a n d d is trib u tio n o f c ig a r s. C o m p a n y
s u cce e d e d t o th e p r o p e r tie s a n d bu sin ess o f th e U n ite d C ig a r M a n u fa c tu r e r s
and has s in ce a c q u ir e d th e bu sin ess o f T h e o b a ld & O p p e n h e im e r C o . o f
P h ila ., M . A . G u n s t & C o . , I n c ., B o n d y & L e d e re r , o f N e w Y o r k , th e B e s t
* R u s se ll C o m p a n ie s o f C h ic a g o , M e m p h is a n d K a n sa s C i t y , a n d th e
C o n w a y C iga r C o . o f S iou x C it y , l a .
M a n u fa c t u r in g d e p a rtm e n t c o m p r is e s
77 fa c to r ie s , lo c a te d in 69 c itie s : w are h o u se d e p a rtm e n t co m p ris e s 33 u n its ,
lo c a te d in 21 citie s; d is trib u tin g b ra n ch e s are es ta b lis h e d in 93 c ities , a n d
retail d e m o n s tra tio n sto re s (a t o t a l o f 73 in o p e r a tio n ) are lo c a te d in 23
citie s. O u tp u t is a p p ro x im a te ly 5 0 0 ,0 0 0 ,0 0 0 cig a rs a n n u a lly .
S T O C K .— N e ith e r p r e f. c a n b e in crea sed n o r c a n m tg e . o th e r th a n p u r ­
chase m o n e y m tg e . b e cre a te d w ith o u t co n s e n t o f 7 5 % o f th a t issu e, an d
le ith e r has v o tin g p o w e r e x c e p t w hile d e fa u lt fo r a t le a st t w o q u a rte r ly
d iv id e n d s co n tin u e s.
T h e $ 5 ,0 0 0 ,0 0 0 d e b e n tu re p r e f. s to c k issu ed in J u ly 1919 is e n title d t o
id
ann u al cu m u la tiv e sin k in g fu n d b e g in n in g w ith 192 1, s u ffic ie n t to
su rch ase (o r ca ll) a n d c a n ce l at n o t e x ce e d in g 110 & d iv . 1,5 0 0 sh ares o f
said s t o c k ; It is a ls o e x c h a n g e a b le fo r c o m m o n s t o c k , sh are fo r s h a re. V . 108 .
p . 263 3; V . 109. p . 176. 37 5 .
N O T E S .— T h e seria l g o ld n o te s o f 1923 are r e d e e m a b le as a w h o le o n 30
d a y s ’ n o t ic e o n a n y in t . d a te , b e g in n in g D e c . 1 192 5. T h e r e d e m p tio n
p r ic e o n D e c . 1 1925 shall b e 104 p lu s in t. a n d th e r e d e m p t io n p r ic e sh all
d e c lin e X o f 1 % o n ea ch s u c c e e d in g D e c . 1. V . 117, p . 2 43 9.
D I V I D E N D S — O n c o m m o n , 1909, 5 % ; 1910, 6 % ; 1911, 4 H % : 1912
to M a y 1919, 4 % y e a r ly ( 1 % Q .- F . ) ; A u g . 1919 t o N o v . 1 92 3, I X % q u a r.
F e b . a n d M a y 1924 p a id 2 % q u a r.
F o r 1 92 3, in V . 118, p . 54 8 , s h o w e d
REPORT.

Cal.
Gross
Yr. Profits.

Net
Income.

Int. on
Loans, &c.

Pf. Divs.

Com. Divs.

Balance,
Surplus.

$ 3 7 7,86 7
1 9 2 3 _ $ 9 ,8 8 9 ,1 2 9 $ 3 ,3 1 6 ,1 5 2
$62 9 ,6 1 1 $ 1 ,0 8 6 ,2 4 0 $ 1 ,2 2 2 ,4 3 4
119,625
1 9 2 2 - 8 ,7 7 5 ,3 6 0 2 ,8 5 1 ,8 3 4
6 4 3 ,6 5 0
1 ,0 8 6 ,2 4 0
1 ,0 0 2 ,3 1 9
3 3 3 ,2 5 6
192 1- 7 ,7 2 4 ,6 1 0 2 ,4 4 7 ,1 4 1
6 5 0 ,4 7 4
1 ,0 8 6 ,2 4 0
3 7 7 ,1 7 1
3 0 6 ,6 5 3
1 92 0- 9 ,8 7 9 ,7 9 8 3 ,7 0 7 .0 7 3
661 ,7 3 1
1 ,0 8 6 ,2 4 0
1 ,6 5 2 ,4 4 9
O F F I C E R S .— P r e s id e n t, F r e d H ir s c h h o r n ; S e n io r V .- P r e s ., R . C . B o n d y
V ice -P re s . & T r e a s ., W illia m B e st: V .- P s ., M ilt o n H . E s b e rg , B . G . M e y e r :
S e c ., H . V . S h ick . O ffic e , 119 W . 4 0 th S t ., N . Y . — ( V . 118, p . 2 5 7 9 .) ;
G E N E R A L E L E C T R IC C O .— O R G A N I Z A T I O N .— O rg a n ize d u n d er a
sp e cia l ch a rte r o f N ew Y o r k A p ril 15 189 2, an d m a n u fa ctu re s ou tfits for
e le o tric ra ilw a ys a n d all k in d s o f e le ctrica l s u p p lie s .
V . 8 5 . p . 155 . 1648;
V . 6 2 , p . 5 0 2 . 6 3 5 , 1040; V . 6 5 , p . 151 ; V . 6 8 , p . 102 4.
( V . 1 0 8 . p . 1 8 3 7 .)
V. 7 0 , p . 689 : V . 8 0 , p . 148 1: V . 8 3 . p . 6 8 9 . O w n s e n tire c o m m o n s t o c k o f
E lectrical S ecurities C o r p . an d E le c . B o n d S S ha re C o .
c
V . 79. p . 1706.
2 64 5: V . 8 1 , p . 5 1 0 ; V . 103 , p . 1 5 9 5 . I n te r n a tio n a l G e n e r a l E le c t r ic C o .
e x p o r t o r g a n iz a tio n . V . 108, p . 8 3 , 385 : V . 110. p . 1435. I n 1919 a c q u ir e d
c o n t r o l o f th e C o o p e r -H e w it t E le c t r ic C o . a n d T r u m b u ll E le c t r ic C o . V .
108, p . 2 43 7; V . 109 , p . 3 7 5 . O w n s a su b s ta n tia l in te re st in A d ir o n d a c k
P ow er & L ig h t C o r p ., V . 109 , p . 2 4 4 1 . A c q u ir e d a s u b s ta n tia l in teres t in
th e L o c k e In s u la to r C o r p . in 1 92 0, V . I l l , p . 1374. V ic t o r X - R a y C o r p .
o r g a n iz e d , V . I l l , p . 1475. I n J a n . 192 1, a c q u ir e d th e la m p a n d w ire
p lan ts o f th e I n d e p e n d e n t L a m p & W ir e C o . , V . 112, p . 3 7 7 . N e w la m p
p la n t , V . 112, p . 1287; V . 117 , p . 1669.
A s t o o rg a n iz a tio n o f R a d io C o r p . o f A m e r ic a , see c a p t io n o f t h a t c o n >
p a n y b e lo w . V . 109 , p . 1 70 4, 2 4 1 2 .
O w ns th e rig h ts fo r th e U . S . u n d e r p a te n ts c o v e r in g Cu rtis s te a m tu r b in e
e n g in e s. V . 7 6 , p . 119 5; V . 7 7 , p . 2 1 6 1 ; V . 8 2 , p . 1 27 2. S e ttle m e n t o f
G o v e rn m e n t stilt, V . 9 3 . p . 1 02 4, 119 4; V . 9 2 , p . 599 .
A c q u ir e d t h e fo r m e r p la n t o f th e B a rtle tt H a y w a rd C o . , B a lt im o r e , In
M a y 1920. V . 110 , p . 197 6. P u rc h a se d th e R e m in g to n A r m s C o . p la n t
a t B r id g e p o r t in J u n e 1 92 2. V . 115, p . 188. L a m p p a t e n t s u s ta in ed ,
V . 110, p . 2 5 7 1 . A g re e m e n t w ith A m e r . T e l. & T e l . C o . t o ex c h a n g e
licenses, p a te n ts , & c .. V . 111. p . 89 9 . G . E . E m p lo y e e s ’ S e cu rities C o r p .
o r g a n iz e d .. V . 116, p . 828 ; V . 118, p . 55 7 . T h e d ir e cto r s in O c t . ’ 23 a p ­
p r o v e d th e c o m p a n y ’s p r o p o s a l t o p u r c h a s e c o n t r o l o f th e C a n a d ia n G en era l
E le c t r ic C o . V . 117, p . 1998.
I n M a r c h 1924 t h e G o v t , f il e d s u it again st th e c o m p a n y ch a r g in g c o n ­
s p ir a c y in re stra in t o f tr a d e a n d in v io la tio n o f th e S h erm an A n ti-T r u s t la w .
See V . 118, p . 1399.
S T O C K .— T h e s to c k h o ld e r s o n M a y 11 1921 a u th o r iz e d a n in crea se In
th e c o m m o n s t o c k fr o m $ 1 7 5 ,0 0 0 ,0 0 0 t o $ 1 8 5 ,0 0 0 ,0 0 0 .
T h e s to c k h o ld e r s v o t e d o n M a y 10 1922 t o in cre a se t h e a u th orized
c a p it a l s t^ c k b y $ 3 5 ,0 0 0 ,0 0 0 , c o n s istin g o f 3 ,5 0 0 ,0 0 0 sh ares, p a r $10 e a c h ,
s u ch n e w shares t o b e issu ed w ith o u t v o t in g o r s u b s c r ip tio n rig h ts b u t t o b e
e n title d la p r io r it y t o t h e c o m m o n s t o c k t o c u m u la t iv e d iv id e n d s a t th e
ra te o 1 5 % p e r a n n u m , a n d t o n o o th e r p r e fe re n tia l r ig h ts. I t is th e p u r­
p o s e t o u se su c h $ 1 0 sh ares fo r t h e p a y m e n t o f 5 % a n n u a l s t o c k d iv id e n d s
o n th e c o m m o n s t o c k in lie u o f th e 2 % sem i-an n u al s t o c k d iv id e n d s fo rm e r ly
p a id in c o m m o n s t o c k .— V . 114 , p . 177 0. 212 2.

176

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

G e n e r a l G a s & E l e c t r i c C o r p — C o m s tk 1 5 0 ,0 0 0 sh a u t h . .
P r e fe r re d s t o c k C lass “ A ” $8 c u m 1 3 0 ,0 0 0 shares a u t h ____
do
C la ss “ B ” $7 c u m 7 0 ,0 0 0 shares a u t h ________
C o n v e r tib le p r e f s t o c k $6 n o n -c u m 1 0 0 ,0 0 0 shares a u t h ____
S k g f d g o ld Dds ser “ A ” $ 4 ,7 0 0 ,0 0 0 a u th re d 1 0 5 ___ N k x c*
F ir s t lie n c o n v e r t ca ll 105 $ 2 0 ,6 0 0 ,0 0 0 -----------------E q .c * & r *
T e n -y e a r g o ld b o n d s $ 1 ,4 1 1 ,0 0 0 ca lla b le a t p a r _______G .c *
S ecu red 6 % b o n d s $ 4 ,7 6 0 ,0 6 6 ca ll p a r ____________ N .x x x k c *
I n c o m e b o n d s 7 % n o n -c u m c a ll p a r _______________M e .x x x c *
Principal Bonds, &c . , of Subsidiary Companies—
P e n n s y lv a n ia E d is o n C o 1st M $ 5 0 ,0 0 0 ,0 0 0 g ca ll 1 0 5 .c * & r *
1 0 -y ea r 2 n d m tg e n o te s c a lla b le 1 1 0 ____________________ g x x
R u tla n d R y , L ig h t & P o w e r 1st m tg e ( c lo s e d )____________ c *
N J P o w e r & L ig h t C o 1st m tg e u n lim g _______________ G .x c *
San d G & E l 1st r e f & im p m $ 2 ,0 0 0 ,0 0 0 s f c a ll 103 t e x t .c *
B in g L , H & P C o 1st r e f M (V 102 , p 1719) ca ll 1 0 5 -G .c *
V e r m o n t H y d r o -E le c 1st M ser A g c a ll 101 s f 1 % M e .x x x c*
M e t r o p o lit a n E d is o n C o r e f & im p t g series “ A ’ L . G . k x c *
do
do
Series “ B ” r e d ( t e x t ) ___________ G .k x c * & r *
do
do
Series “ C ” r e d ( t e x t ) ___________ G .k x c * & r *
M e t r o p o lit a n E le c C o 1st s f g r e d 1 1 0 - . . _________G P .k x c *
R e a d in g T r a n s it & L ig h t C o — See “ E le c R y S e c tio n ”
G e n e r a l M o t o r s C o r p — C o m m o n s t o c k a u th 50 0 0 0 .0 0 0 sh
P r e f s tk 6 % c u m n o n -v o t red 110 & d iv s $ 2 0 ,0 0 0 ,0 0 0 ______
D e b e n t u r e s t o c k $ 9 0 ,0 0 0 ,0 0 0 6 % c u m c a ll 1 1 5 --------------------D e b e n tu r e s to c k $50O.00O.O0O 7 % c u m . c a ll. 1 2 0 __________

D IV ID E N D S —

In cash, per cent___________
In stock J&J_______________

1 89 9.

3
_

1 90 0.

6Hi
_

1901

Par
Value

1922
1912
1915
1919
1919

N one
4 5 ,2 7 4 sh.
N one
3 6 ,7 9 8 J 4 s h .
N one
1 2 ,5 0 0 sh.
N one
4 0 ,2 5 9 sh .
$10 0 & c $ 2 ,0 3 9 ,5 0 0
1,000
1 ,0 7 6 ,0 0 0
500 & c
3 9 2 ,5 0 0
100 & c
1 ,9 3 7 ,3 0 0
25 & c
2 8 6 ,3 0 0

1916
1916
1906
1916
1915
1916
1919
1920
1922
1923
1909

100 & c
100 & c
1,000
1 ,0 0 0 & c
1,000
1,000
100 & c
100 & c
100 & c
100 & c
500 & c

$100 $ 1 6 ,1 8 3 ,4 0 0
100 6 0 ,8 0 1 ,0 0 0
100 3 2 .9 3 1 ,6 0 0

1902 t o J u ly 1924.

9
8 yearly (Q.-J.)
_4% y ’l y Jan 18 to Jan.’22

B a la n ce , o v e r d i v s . . . $ 9 ,5 9 5 ,0 4 8 $ 3 ,0 4 0 ,1 2 6 $ 1 ,4 9 7 ,1 7 6 $ 6 ,0 3 8 ,3 6 5
* In c lu d e d in o p e ra tin g expen ses.
O F F I C E R S .— C h a irm a n , O w e n D . Y o u n g ; P r e s ., G era rd S w o p e ; T r e a s .,
H e n r y W . D a rlin g ; C o m p t ., S am u el L . W h ite sto n e ; S e c ., M y r o n F . W e s to v e r . M a in o f fi c e , S c h e n e c ta d y , N . Y . N . Y . o f fi c e , 120 B r o a d w a y .
— ( V . 118, p . 2 3 1 0 .)
G E N E R A L G A S & E L E C T R I C C O R P .— (See M a p . ) . — I n c o r p o r a t e d
in M a in e J u ly 3 1912 (V . 95, p . 1 1 0 ). O w ns c o n t r o l o f p u b lic s e rv ice
p r o p e r tie s u n d er m a n a g e m e n t o f T h e W . S. B a rs to w M g t . A s s n ., I n c .
C o n tr o ls th r o u g h o w n ersh ip o f p r a c t ic a lly th e en tire c o m m o n s to c k s ,
12 p u b lic u t ilit y o p e ra tin g c o m p a n ie s w h ic h , in t u r n , th r o u g h s t o c k o w n ­
ership a n d lo n g term leases, c o n t r o l 34 a d d itio n a l p u b lic u t ilit y c o m ­
pa n ies s e rv in g im p o rta n t c o m m u n itie s in th e E a ste rn s e ctio n o f th e U n ite d
S tates w ith e le c tr ic lig h t an d p o w e r , gas a n d in teru rb a n a n d s tr e e t e le ctr ic
ra ilw a y s e rv ice . P ro p e rtie s c o n t r o lle d d ir e ct o r th ro u g h su bsid iaries are
m a in ly e le ctr ic lig h t an d p o w e r , a n d are lo c a te d in P e n n s y lv a n ia , N e w
J ersey , N e w Y o r k , O h io , V e r m o n t , N e w H a m p sh ire , N o r t h C a ro lin a an d
F lo r id a .
T h e co m b in e d p h y s ic a l p r o p e r tie s in c lu d e 21 e le ctric g e n e ra tin g p la n ts
w ith an in sta lled c a p a c it y o f 173 ,3 6 5 k .w ., 1,030 m iles o f h ig h ten sion
tra n sm ission lin es, 2 ,1 6 0 m iles o f d is trib u tio n lin es, 4 gas p r o p e r tie s h a v in g
a n n u al sales o f a b o u t 9 5 0 ,0 0 0 ,0 0 0 c u . , t . , a n d e le ctr ic ra ilw a y p ro p e rtie s
w ith 300 m iles o f tr a c k . P o p u la tio n se r v e d is in excess o f 1 ,2 5 0 ,0 0 0 .
T h e s u b sid ia ry com p a n ie s in c lu d e - M e t r o p o lit a n E d is o n C o . , P e n n s y l­
v a n ia E d is o n C o . , M e t r o p o lit a n P o w e r C o ., E a s to n G a s W o r k s , N . J.
P o w . & L t . C o . , V e r m o n t H y d r o -E le c . C o r p ., R u tla n d R y ., L t . & P o w . C o .,
P it t s fo r d P o w e r C o ., B in g h a m L t ., H t . & P . C o ., S an du sk y G as & E l.
C o . , N orth w es tern O h io R y . & P . C o . , I n te ru rb a n G as C o ., R e a d in g
T r a n sit & L t . C o ., O le y V a lle y R y . C o ., Y o r k H a v e n W a te r & P o w e r C o .,
S a y re E le c . C o ., E a ste rn U tilitie s C o a l C o ., H a n o v e r P o w e r C o ., W a s h ­
in g to n E le c tr ic C o .
S T O C K .— T h e p refe rre d C lass “ A ” shares are p re fe rre d , w ith C lass “ B ”
preferred s t o c k , o v e r all ju n io r s to c k s , in liq u id a tio n or d is s o lu tio n , t o th e
a m o u n t o f $100 p e r share a n d s u ch fu r th e r a m o u n ts as are p r o v id e d b y th e
te rm s o f th e c e r tific a t e o f o rg a n iz a tio n . C lass “ A ” shares c a rry also a p a r ­
t ic ip a t in g p riv ile g e in th a t a fte r th e p a y m e n t in a n y calen dar y e a r o f all
d iv id e n d s p r o v id e d fo r th e p r e f. s to c k s a n d a t th e ra te o f $6 p e r share o n th e
c o m m o n s t o c k , a n y a d d itio n a l a m o u n ts d e cla re d in th a t y e a r as d iv id e n d s
s h a ll.b e d iv id e d p r o ra ta a m o n g th e s to c k s o f ea ch class then o u ts ta n d in g .
T h e c o n v e r tib le p r e fe rre d s to c k is c o n v e r t ib le in to c o m m o n s t o c k o f th e
c o r p o r a t io n , share fo r share.
D I V I D E N D S .- — O n C lass “ A ” p re fe rre d , in fu ll t o A p ril 1 1924.
B O N D S .— C o n v e r tib le b o n d s o f 1912, a u t h ., $ 2 0 ,0 0 0 ,0 0 0 : issu ed an d
o u ts ta n d in g D e c . 31 1923, $ 1 ,0 7 6 ,0 0 0 ; th e y are c o n v e r tib le , $ fo r $, in to
p r e f. s t o c k . A d d it io n a l b o n d s u n d e r ce rta in c o n d itio n s , V . 95, p . 1210.
A s p a r t o f th e fin a n c in g in S e p t. 1919 th e c o . m a d e t w o n e w b o n d issues:
(1) A n a u th . $ 4 ,7 0 0 ,0 0 0 6 % b o n d s d u e S e p t. 1 1929 (ca lla b le a t p a r a n d
in t .) , w h e r e o f $ 4 5 0 ,0 0 0 are re se rv e d t o re tire th e 1 0-year b o n d s d u e 1925.
T h ese n e w b o n d s are s e cu re d b y p le d g e o f sto c k s o f s u b s id ia ry co m p a n ie s .
(2) A n a u th . $ 9 0 0 ,0 0 0 7 % n o n -c u m . in c o m e b o n d s d u e O c t . 1 1934
e n title d t o in teres t o n ly i f earned e x c e p t th a t a t m a tu r ity is e n title d to
9 m o n th s in t . a n d i f c a lle d in terest f r o m p r e c e d in g Jan . 1 t o r e d e m p tio n
d a te , & c. In itia l p a y m e n t o f 1 % % m a d e o n A p r il 1 1920; 7% p a id o n
A p r il 1 ea ch y e a r fr o m 1921 t o 1924.
T h e M e t r o p o lit a n E d is o n C o . 1st & r e f. g o ld 6s, S e r ie s ‘ ‘ B . ’ ’ are c a lla b le
as a w h o le o r in p a r t t o A u g . 1 1931 a t 110; th e r e a fte r t o A u g . 1 1941 at
107: a n d th e r e a fte r t o A u g . 1 1951 a t 105. S e rie s“ C ” b o n d s a re ca lla b le as a
w h ole o r in p a r t o n a n y in te re s t d a te a t 105 a n d in t . an d fo r t h e la st six
m o n th s p r io r t o m a t u r it y a t p a r an d in t.
R E P O R T .— F o r 1923 s h o w e d :
1922.
1923.
____________________ _____ $1 5 ,7 1 5 ,3 1 7 $ 1 3 ,0 9 9 ,3 6 0
O p era tin g r e v e n u e ____
O p e ra tin g expenses a n d t a x e s _________________ _____
6 ,7 8 8 ,4 4 7
8,0 8 3 ,4 5 1
M a in te n a n c e a n d d e p r e c i a t io n ..
________ _____
2 ,3 7 7 ,3 8 8
3 ,0 6 9 ,9 1 9
3 9 9 ,3 5 4
R e n ta ls . . . __________
..
.
---------------- _____
3 9 6 ,9 2 4
________ __ ______ _______ $ 4 ,1 6 5 ,0 2 2
_ _ . . _____ _____
432 ,588

$3,5 3 4 ,1 7 1
160,358

_____ $ 4 ,5 9 7 ,6 1 0
. . _____ _____
1 ,789,785
O th er in terest an d m is c e lla n e o u s .
_____
87,204
A m o r t iz a tio n o f d is c o u n t a n d e x p e n s e ___ __ _____
147,520
D iv id e n d s o n p referre d s t o c k . . .
____
. ...
787 ,777
M in o r it y in terest in su b sid ia rie s________
_____
112,793

$ 3 ,6 9 4 ,5 2 9
1,6 2 2 ,8 2 6
117,224
177,897
4 71 ,603
94,091

Deduct— In teres t o n fu n d e d d e b t

B a la n ce
..
________________ $ 1 ,672,531
$ 1 ,2 1 0 ,8 8 7
G en era l G a s & E le c t r ic C o r p o r a tio n —
E x p en ses a n d taxes
____ _____
____ _____
3 6 ,202
41,861
In te r e s t o n fu n d e d d e b t ____________________________
3 4 7 ,9 6 5
375 ,871
O th er in terest a n d a m o r t iz a t io n _________________
3 ,0 0 2
2,2 4 7
D iv id e n d s o n c u m u la tiv e p r e f. s t o c k , C lass A
178 ,745
4 8 ,2 4 0
B a la n c e ............ ................................. ....................................$ 1 ,1 0 0 ,9 5 8
$ 7 4 8,32 8




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

Bate
%

When
Payable

$8

Q— J

7
5
5
6
7

g
g
g
g

5 & 6 g
6%
5 g
5 g
5 g
5 g
6 g
8 g
6 g

None 20,646.327 sh . S ee te x t

I n O c t . 1922 a n d O c t . 1923 p a id , in a d d itio n t o th e r e g u la r q u a r . d i v . o f
2 % , an extra d iv . o f 5 % in 6 % p r e f. s t o c k , p a r $ 1 0 .
in 1902 d istrib u ted t>6 2 -3 % s t o c k , re sto rin g 4 0 % su rre n d e re d in 1898;
and o n J a n . 18 1913 3 0 % ($ 2 3 ,2 9 7 ,0 0 0 ) to repay In part dividends passed
or r e d u c e d iu yea rs sin c e 1 89 3. I n A u g . 191 7 1% extra was paid t o aid
R e d C ross c o n tr ib u tio n s . V . 9 5 , p. 2 3 8 8 .4 2 2 .
D E B E N T U R E S .— No m o r tg a g e can be made without equally se cu rin g
the d eb en tu res except p u rch a s e money mortgages and pledges as se cu rity
for te m p o ra ry loa n s o r as Indemnity. V. 95, p. 238. 752. 892. 1611.
E m p lo y e e s ' d e b e n tu re b o n d s , V . 112 , p . 1420 ($ 4 ,9 2 7 ,7 3 0 o u ts ta n d in g
D e c . 31 192 3).
T h e ou ts ta n d in g $ 1 5 ,0 0 0 ,0 0 0 6 % d e b e n tu re b o n d s, d u e 1940, w e re ca lled
fo r p a y m e n t a t 105 a n d in t. o n F e b . 1 1923. V . 115, p . 2 69 1.
R E P O R T .— F o r 1923, in V . 118, p . 1661 a n d 1907, s h o w ed :
1923.
1922.
192 1.
1920.
Calendar Years—
$
$
$
$
S a le s ______________________ 2 7 1 .3 0 9 ,6 9 5 2 0 0 ,1 9 4 ,2 9 4 2 2 1 ,0 0 7 ,9 9 2 2 7 5 ,7 5 8 ,4 8 8
T o t a l i n c o m e . ............... . . 3 8 ,0 0 1 ,5 2 8 3 0 ,7 9 4 ,9 6 6 2 8 ,1 5 5 ,6 6 7 3 5 ,4 2 0 ,6 1 6
In te r e s t, & c _____________
2 ,0 0 8 ,6 1 0
4 ,5 6 3 ,9 4 7
2 ,8 0 2 ,8 5 5
4 ,2 8 8 ,3 2 8
F ed era l ta xes ( e s t .) _________
*
*
*
9 ,0 0 0 ,0 0 0
I n v . secu r. r e s e r v e ______
__________
__________
3 ,7 0 0 ,0 0 0
__________
D iv id e n d s (8 % p . a . ) . . .
1 4 ,9 4 5 ,6 9 5 1 4 ,0 7 3 ,6 2 8
13,4 0 9 .5 2 2 1 0 ,6 5 6 ,2 2 2
8 .9 8 4 ,3 7 5
8 .7 1 7 ,2 6 5
6 ,7 4 6 ,1 1 4
5 .4 3 7 ,7 0 0
D iv . i n s t o c k . ............. ..

O p era tin g in c o m e ___
O th er in c o m e ______

Amount
Outstanding

6
6
7

M
J
.1
M
A
M
M
F
M
A
A
M
F
J
A

&
&
&
&
A p ril

[V ol. 118.

Last Dividend Places Where Interest ano
and Maturity
Dividends are Payable
A p r 1 1 92 4, $2

S
J
J
s

C h e ck s m a ile d

Sept
J u ly
Jan"
S ep t
O ct

N ew Y o rk T rust C o , N
E q u it a b le T r u s t C o , N
G u a ra n ty T ru st C o , N
N ew Y ork T r C o, N
S eab oard N a t B a n k , N

1
1
1
1
1

1952
1932
1925
1929
1934

& o A p r 1 1946
&
&
&

N M ay
s M ar
A F eb
& S M ar
Feb
&
O ct
& N N ov
& A Feb
&
J Jan
& O Apr

& o
o

Q— M
Q— F
Q— F
Q— F

June
Aug
Aug
Aug

1
1
1
1
1
1
1
1
1
1

1926
1946
1936
1945
1946
1929
1935
1952
1953
1939

Y
Y
Y
Y
Y

N e w Y o r k & P h ila d elp h ia
F id T r , P h ila & B k T r , N Y
L in c o ln T r u s t C o , N Y
G u a ra n ty T ru st C o , N Y
F id e lit y T r u s t C o . P h ila
G u a ra n ty T ru st C o , N Y
S ea b oa rd N a t’l B k , N Y
G u a ra n ty T ru st C o , N Y
do
do
N e w Y o r k a n d C h ic a g o
C o lo n ia l T r C o , R e a d ’ g

12 ’ 2 4 3 0 c C h e ck s m ailed
do
do
1 192 4 1H
i 19241H
do
do
do
do
1 192 4 1 %

OFFICERS.— Pres., William S. Barstow; V.-P., Lucien H. Tyng and
William Buchsbaum; Sec., O. Clement Swenson; Treas., John P. Campbell;
Asst. Sec. & Asst. Treas., Arthur A. Cano. Office, 50 Pine St., New York.
— (V. 118, p. 2186.)
GENERAL MOTORS CORPORATION.— ORGANIZATION— 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.
PROPERTY.— Products include the Buick, Cadillac, Chevrolet, Mc­
Laughlin, Oakland and Oldsmobile passenger cars and the Chevrolet.
General Motors, Oldsmobile and Samson trucks; also farm machines
and implements, ice machines, accessories and parts, etc. A detailed
statement as to properties as of Dec. 31 1923 appeared in V . 118, p. 1554;
compare also V. 110, p. 2385; V. 108, p. 882; V. 112, p. 1634; V . 114, p. 1672.
V . 116, p. 1300.
S ta te m e n t b y P re s, d u P o n t in N o v . 1921 reg a rd in g c o m p a n y ’s p o lic ie s ,
& c., V . 113. p . 2 0 8 4 . L iq u id a t io n o f S c r ip p s -B o o th C o r p ., V . 114 , p . 3 1 1 .

ACQUISITIONS.— As of May 2 1918 all assets of Chevrolet Motor Co.
of Del. (except its 450,000 shares of Gen. Motors Corp.) were acquired.—
V. 106, p. 824, 2761; V. 107, p. 1006, 1194.
In Dec. 1918 acquired United Motors Corp.— V . 107 p 1484 , 2101:
V. 108. p 83.584.
In Jan. 1919 acquired entire capital stock of Gen. Motors Corp. of Can­
ada.— V. 108, p. 272, 584; V. 107, p. 1923. In 1919 acquired the InterState Automobile Co., 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. of Detroit. In 1919 also purchased for $ 2 7 ,6 0 0 ,0 0 0 6 0 % of the common
stock of Fisher Body Corp. On Dec. 31 1923 the corporation’s investment
in the Fisher Body Corp. was $ 3 2 ,1 5 1 ,8 2 5 , represented by 3 6 0 ,4 8 0 shares,
being a 6 0 % interest in the common stock.
F o r o th e r a cq u isitio n s see V . 108, p . 882 ; V . 109, p . 2267; V . 110, p . 2660;
V . 116, p . 621; V . 118, p . 316 .
O rga n ized th e G e n . M o t o r s A c c e p t a n c e C o r p . in Jan . 1919. V . 115, p .
765 ; V . 116, p . 6 1 3 ,1 9 0 0 ; V . 117, p . 558 , 2439: V . 118, p . 208 , 557 , 670 , 1526.
G e n . M o t o r s B ld g . C o r p .— b o n d s, & c .. V . 113, p . 2189.
N e w subsidiaries, V . 116, p . 1184, 1767.
Managers Securities Co.— -Pres. A lfr e d P . S lo a n , J r ., o n O c t . 29 1923
a n n o u n ce d t h a t th e d ir e cto r s h a d w o rk e d o u t a p la n u n d e r w h ic h a b o u t
7 0 % o f th e p r in cip a l e x e cu tiv e s o f G en era l M o t o r s w ill b e g iv e n a n o p p o r ­
t u n it y t o a cq u ire a s u b sta n tia l s t o c k in te re s t in t h e c o r p o r a t io n . T h e
p la n is b r ie fly su m m a rized as fo llo w s :
(1) G en era l M o t o r s C o r p . w ill ca u se th e M a n a g e rs S ecu rities C o . t o b e
org a n ized in D ela w a re w ith a c a p ita l o f $ 2 8 ,8 0 0 ,0 0 0 o f 7 % c u m u l. n o n -v o t in g
c o n . p r e f. s t o c k , $ 4 ,0 0 0 ,0 0 0 C lass A s t o c k a n d $ 1 ,0 0 0 ,0 0 0 C la ss B s t o c k .
(2) G en era l M o t o r s C o r p . w ill su b scrib e f o r a ll o f t h e C lass A a n d C la ss B
s to c k , p a y in g th erefor $ 5 ,0 0 0 ,0 0 0 in ca sh , a n d w ill en ter in t o a c o n t r a c t
w ith th e M a n a g e rs S ecurities C o . a greein g t o p a y t o it fo r ea ch y ea r fro m
1923 t o 1930, b o t h in clu siv e , 5 % o f its n e t earn in gs in excess o f 7 % o n th e
ca p ita l e m p lo y e d . O n J a n . 1 o f e a ch y e a r it w ill a d v a n c e $ 2 ,0 0 0 ,0 0 0 t o th e
M a n a g e rs S ecurities C o . o n a c c o u n t o f a m o u n t d u e u n d er th is c o n t r a c t,
o r as a lo a n , o r b o t h , as m o re fu lly r e c ite d in th e p la n .
(3) T h e M a n a g ers S ecurities C o . w ill o ffe r t o p u rch a se as o f O c t . 15 1923,
th e e q u iv a le n t o f 2 ,2 5 0 .0 0 0 shares o f G en era l M o t o r s C o r p . c o m . s to c k at
$15 p er share, agg reg a tin g a to ta l p u rch a se p r ice o f $ 3 3 ,7 5 0 ,0 0 0 . p a y a b le
$ 4 ,9 5 0 ,0 0 0 in cash a n d $ 2 8 ,8 0 0 ,0 0 0 in its 7 % cu m u l. n o n -v o t in g c o n v . p r e f.
s to c k ; th is is a t th e ra te o f $2 20 in ca sh a n d $12 80 in 7 % p r e f. s t o c k fo r
e a ch share o f G eneral M o t o r s C o r p . c o m m o n s t o c k p u rch a s e d .
(4) A sp ecia l c o m m itte e o f th e d ire cto rs w ill se le ct a list o f m a n a g ers (in ­
c lu d in g d ire cto rs w h o are o c c u p y in g m an a geria l p o sitio n s) t o w h o m th e
G en eral M o t o r s C o r p . w ill sell a t c o s t th e C lass A a n d C la ss B s to c k s o f th e
M a n a g e rs S ecu rities C o . th e r e to fo r e p u rch a se d .
Sales s o m a d e t o th ese
m a n agers w u ll b e secu red b y an a g reem en t u n d e r w h ich th e G en era l M o t o r s
C o r p . shall h a v e th e rig h t t o re p u rch a se said s t o c k u n d er t h e te rm s an d
c o n d itio n s r e c ite d in th e p la n .
E a ch c o m m o n sto ck h o ld e r is g iv e n t h e r ig h t t o s u p p ly c o m m o n s t o c k fo r
th e p u rp oses o f th is p la n u p t o 1 0 % o f h is to t a l c o m m o n s t o c k h o ld in g s,
t o b e p a id fo r a t th e ra te o f $2 20 in ca sh a n d $12 80 in 7 % c u m u l. n o n ­
v o t in g c o n v . p r e f. s t o c k o f th e M a n a g e rs S ecu rities C o . fo r ea ch sh are o f
G en eral M o t o r s C o r p . c o m m o n s t o c k su p p lie d .
(F o r fu r th e r d eta ils o f p la n , c o m p a r e V . 117, p . 1998.)
C O N T R O L .— O n D e c . 31 1923 E . I . d u P o n t d e N e m o u rs & C o . o w n e d
$ 5 5 ,5 8 9 ,1 0 6 s t o c k o f th e G en era l M o t o r s S ecu rities C o . (fo r m e r ly D u P o n t
A m e r. In d u stries. I n c .) , rep resen tin g 7 0 % in terest in 7 ,5 0 0 ,0 0 0 shars o fo
G en eral M o t o r s C o r p . c o m m o n s t o c k ; a lso o w n e d $ 2 8 ,8 0 0 ,0 0 0 p referred
s to c k o f M a n a g e rs S ecu rities C o . V . 118, p . 659.
Exchange of Stock.— T h e s to ck h o ld e rs w ill v o t e Ju n e 16 1924 o n a m e n d in g
th e a rticle o f in co rp o ra tio n so as t o p r o v id e fo r o n e class o f P referred s to ck
an d r e d u ce th e n u m b er o f c o m m o n shares as fo llo w s :
T h e p la n co n te m p la te s a n ew issu e o f n o p ar v a lu e co m m o n s t o c k , w h ich
w ill b e e x ch a n g ed fo r p resen t c o m m o n shares o n th e b a sis o f o n e share o f
n ew f o r fo u r shares o f p resen t c o m m o n . T h e th ree issues o f sen ior secu rities
w ill b e co n s o lid a te d in to o n e issu e o f 7 % p referred s to c k (red eem a b le a t
$125 p e r s h a r e ), w h ich s t o c k sh a ll e n jo y a p r io r p referen ce o v e r a ll p resen t
issues o n th e e n tire assets a fte r th e d e b t s o f th e c o r p o r a tio n .
T h e h o ld e r o f p resen t 6 % d e b e n tu re a n d 6 % p referred s to c k s sh all b e
g iv e n th e r ig h t t o exch a n g e th e ir s to c k s fo r th is n ew 7 % p re fe rre d s t o c k ,
share fo r share, o n th e p a y m e n t o f $10 in ca sh . C o m p a re V . 118, p . 2 44 3.
C A P I T A L S T O C K .— O n Ja n . 6 1920 th e shareh olders v o t e d t o ch a n g e
the a u th orized s to ck t o th e fo llo w in g a m o u n ts: $ 2 0 ,0 0 0 ,0 0 0 6 % P r e f .,
$9 0 ,0 0 0 ,0 0 0 6 % D e b . s t o c k , $ 5 0 0 ,0 0 0 ,0 0 0 7 % n o n -v o t in g D e b . s t o c k (new
Issue), h a vin g a p a r valu e o f $ 10 0, re d eem a b le a t 120 a n d ra n k in g parri
passu w ith P re f and old D e b . s t o c k , 5 0 .0 0 0 ,0 0 0 shares C o m . s t o c k w ith o u t
par valu e.
T e n shares o f new C o m . o f n o p a r v a lu e w e re g iv e n in ex­
change fo r each share o f o ld C o m . o f $100 p ar v a lu e , th e ex ch a n g e b ein g
m ade on and a fter M a y 3 1920.

The preferred stock and the debenture stock may be exchanged on the
basis or one share of pref. or deb. stock and $100 cash for two shares of 7%
deb. stock.

T h e 6 % p r e f., th e 6 % d e b e n tu re s an d t h e 7 % d e b e n tu re s ra n k eq u a lly
as t o b o t h d iv id e n d s an d assets. T h e se sto ck s are e n title d t o r e c e iv e d iv i­
den d s a t th e rates s p e c ifie d b e fo re a n y d iv id e n d is p a id u p o n t h e co m m o n
s t o c k . U p o n liq u id a tio n t h e h o ld e rs o f t h e p r e f. an a d e b e n tu re s to c k s shall
be e n title d t o b e p a id in fu ll b o th th e p a r a m o u n t o f th e s t o c k , $10 0 a share,
and a n y a ccru ed d iv id e n d s.
T h e sole v o t in g p o w e r is v e s t e d in the c o m m o n stock e x c e p t in case of

default of dividends upon the preferred and debenture stocks, and except
upon the happening or certain events, as follows:
(a) The pref. and debenture stocks shall vote upon the sale of the assets as
an entirety; (6) in case earnings amount to less than 9% in any year upon

177

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TJ
4)

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H
U

w
w
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a
o

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INDUSTRIAL AND PUBLIC UTILITY

o




178

INDUSTRIAL AND PUBLIC UTILITY

M IS C E L L A N E O U S C O M P A N IE S
IFor abbreviations, &c., see notes on page 61

General Petroleum C orp.— Com. stock $46.787,800______
Pref. (a. St d.) 7% cum. call, at par $3,212.200__________
Sinking fund gold notes red 105 $10,000,000________ xxxc
Convertible gold notes red (text)_________________________
5-year gold notes red (text)_________________________xxxc*
G eorgia L igh t, Power & Rys— Com stock $8,000,OOOautb
Pref (a & d) stock 6% non-cum red 110 $2,000,000 au th -_
First lien s s f g red 105 $6,500,000auth__________ N.xc*&r
5-year gold notes red 105___________________________ N.c*
G illette Safety Razor Co— Stock 500.000 shares__________
Gimbel Bros., In c.— Com stock 600,000 shares auth______
Pref (a & d) stock 7% cum red 115 $18,000,000 auth_____
G lidden C o.— Common stock 360,000 shares authorized_
_
Prior Pref (a & d) stock 7% cum red 105 $7,500,000 authlst (closed) mtge s f gold bonds red 107>$_______________
Gold Dust C orporation — Common stock (v t c ) _________
S ecurities o f A m e r Cotton Oil Co guar under con sol agreem 't
B o n d s $ 15 ,060,660 a u th o r iz e d g o ld re d 105__________C e .x c *
N o te s g o ld $ 1 6 ,6 6 6 ,0 0 0 c a ll 102 $ 5 0 0 ,0 0 0 y e a r ly -----------C e .c

Date
Bonds

1921
1922
1923
1911
1920

P ar
Value

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Amount
Outstanding

Rate
%

When
Payable

$25 $25,945,200
25
3.212,200
500 & c
8,661,000
100 & c
2,448,100
500 & c 10,000,000

8
7
7 g
6g
6g

Q— M15
Q— M
F&iT 15
M&S 15
A & O

June 15 1924 2%
June 1 1924 13
A
New York or San Fran
Feb 15 1931
do
do
Sept 15 1927
San Fran & New York
Apr 15 1928

6

Q— J
M & S
F & A
Q— M

Apr 1 ’24, 1 y2
Sept 1 1941
Feb 1 1925
See text

7

Q— F

100
100
1,000 & c
1,000
N one
N one

100
N one

100

1921
N one
1911
1919

[V ol. 118,

1,000
1,000

7.660.000
500,000
3.839.000
1,000,000
1334,215 sh
600,000 sh.
$18,000,000
322,955 sh.
See text,
3,101,500
169,443 sh.
5.000.
8.000.

5g
7%
$12

8g
000 g
5
000 g
6

Checks mailed
New York Tr Co, N Y
A B Leach & Co, N Y
Boston

M ay 1 1924 1M
See text.
July 1 1924 1M
Union Trust Co, Clevel’d
M & S N ov 1 1936
M & N M ay 1 1931
M & S Sept 2 1924

New York Trust Co, N Y
do
do

th e a m o u n t o f th e d e b e n tu re s o u ts ta n d in g , th e d e b e n tu re s shall h a v e equal
R E P O R T . — T h e c o m b in e d re su lts o f th e c o m p a n y a n d its su b sid ia ries,
v o t in g p o w e r w ith t h e c o m m on fo lo n g as t h e d e fa u lt In ea rn in gs co n tin u e s ;
w ith in te r -c o m p a n y ite m s e lim in a te d , fo r th e y e a rs e n d in g D e c . 31 w ere:
(c) in ca se o f fa ilu re fo r six m o n th s t o p a y d iv id e n d s u p o n t h e d e b e n tu re s ,
Calendar—
Gross
N e t (a fter S u b .C o .In t.
In terest
Balance,
t h e sole v o t in g p o w e r b e c o m e s v e s t e d in t h e d e b e n tu re s s o lo n g as t h e d e fa u lt
Y ear—E a rn in g s.
T a x es ).
& D iv s .
C harges.
S urplu s.
In d iv id e n d s co n tin u e s .
$ 9 2 9 ,8 9 8
$ 1 9 0 ,4 2 0
$ 2 6 8 ,1 1 7
$47 1,35 9
1 92 3_____________ $ 1 ,9 1 6 ,0 0 7
1 9 2 2 _____________ 1 ,6 8 1 ,4 2 1
6 9 8 ,2 0 6
1 91 ,095
2 7 6 ,1 0 8
231 ,0 0 3
D I V I D E N D S . — O n c o m ., in 1 91 7, F e b ., 1 % ; M a y 1917 t o F e b . 1920
4 9 9 ,9 3 2
2 2 5 ,0 4 3
2 6 8 ,0 5 2
6,8 3 7
1 9 2 1 ------------------- 1 ,6 7 1 ,0 9 0
3 % ea ch (1 2 % p . a . ) . V . 104, p . 2 5 5 6 . T h e d ire cto rs o n M a r . 25 1920 d e­
O F F I C E R S .— P r e s ., J . D . E v e r it t ; V .- P s ., F . B . L a sh er a n d L lo y d
c la red , a lo n g w ith th e re gu la r d is trib u tio n o n th e p r e f. a n d d e b e n tu re sto c k s ,
R o b in s o n ; S ec. & T r e a s ., P a u l W . F is h e r. N e w Y o r k o f fi c e , 62 C e d a r S t.
a d iv id e n d o f 25 c ts . a share in ca sh a n d l-4 0 th o f a sh are in s t o c k o n th e
— (V . 118, p . 4 3 1 .)
new c o m . s t o c k w ith o u t p ar v a lu e , a n d a d iv id e n d o n th e o ld c o m . s t o c k o f
th e p a r va lu e o f $10 0 a share a t the ra te o f $2 50 a sh are in cash a n d oneGILLETTE SAFETY R AZOR C O — Incorp. in Delaware Sept. 10 1917
fo u r th o f a share o f c o m m o n s to c k w ith o u t p a r v a lu e , p a y a b le M a y 1 1920.
(V 105. p. 1108, 1213). succeeding Mass, corporation. Plants located at,
V . 110. p . 1294. In A u g . an d N o v . 1920, p aid 2 5 c . a share in cash and
Boston, Mass., Montreal, Canada, and Slough, England. (Compare
l-4 0 t h o f a share in s to c k o n th e new c o m m o n . In F e b ., M a y , A u g . and
annual report for 1923 in V. 118, p. 786.)
N o v . 1921 p a id 2 5 c . a sh are in c a s h , th e s t o c k d iv id e n d b e in g o m itte d .
CAPITAL STOCK.— The stockholders voted on N ov. 18 1921 to (a) in­
F e b . 1922 d iv . w as o m it t e d .
V . 1 1 4 .P . 8 4 . O n D e c . 20 1922 p aid a special
crease the authorized capital stock from 250,000 shares, no par value, to
d iv . o f 50 c e n ts a s h a re . M a r . 15 1923 t o June 12 1924 p a id 30 c e n ts a
500,000 shales, no par value, and (b) to pay a stock dividend o f 10% for the
s h a re e a c h q u a r.
year 1921 to shareholders of record Dec. 12 out of the increased capital.
Canadian C o., see V. 109. p. 1484
R E P O R T . — F o r 1923, in V . 118, p . 1550, sh o w e d ;
D IVIDEN DS—
’ 18.
’ 19. ’20.
’21.
’22.
’23.
C alendar Y ea rs—
1923.
1922.
1921.
Cash (regular)____________________ $713
$9
$10
$12
$12
$12
7 9 8 ,5 5 5
4 5 6 ,7 6 3
2 1 4 ,7 9 9
C a rs a n d t r u c k s s o ld _______
Cash (extra)_______________________$2
$1
$2
N e t sa le s_____________________ $ 6 9 8 ,0 3 8 ,9 4 7
$ 4 6 3 ,7 0 6 ,7 3 3 $ 3 0 4 ,4 8 7 ,2 4 3
..
..
10% 10% 10%
Stock------------------------------------------------N e t p r o f it a fte r d e p r e c ia tio n , & c_
7 0 ,5 2 1 ,8 9 9
5 8 ,0 5 7 ,4 4 8 d f2 4 ,6 7 9 ,7 9 3
W ar ta x es, & c ______________
8 ,1 3 5 ,0 0 0
6 ,2 5 0 .0 0 0
_____ Paid in 1924: Mar. 1, $3; June 2, $3 in cash, and 5% in stock.
R E PO RT.— For 1923, in V. 118, p. 786, showed:
S p ecia l r e s e r v e _____________________
__________
__________
1 4 ,0 0 0 ,0 0 0
B a la n c e ____________________________ $ 6 2 ,3 8 6 ,8 9 9
G e n e ra l M o t o r s p r o p o r t io n _______ $ 6 2 ,0 6 7 ,5 2 6
P referred d iv id e n d s ________________
971 ,117
D e b e n tu r e d iv id e n d s _______________
5 ,9 1 6 ,2 5 4
C o m m o n d iv id e n d s ________________
2 4 ,7 7 2 ,0 2 6

$ 5 1 ,8 0 7 .4 4 8 d f$ 3 8 ,6 79 ,793
$ 5 1 ,4 9 6 ,1 3 6 d f$ 3 8 ,6 8 0 ,7 7 0
9 7 0 ,7 2 2
9 71 ,004
5 ,4 5 8 ,5 0 6
5 ,3 3 9 ,0 0 6
1 0 ,1 7 7 ,1 1 7
2 0 ,4 6 8 ,2 7 7

Balance, surplus______________$30,408,129 $.34,889,791 df$65,459,057
Report for quar. ended March 31 1924, in V. 118, p. 2177, showed:
Net profit after deprec., &c., $24,274,394; net income after Federal taxes,
$19,554,753.
OFFICERS.— Pierre S. du Pont, Chairman; J. J. Raskob, Chairman of
finance committee; Alfred P. Sloan Jr., Pres.; T. S. Merrill, Sec.; M . L.
Prensky, Treas.; Frank Turner, Comptroller. Main office, Detroit; N . Y .
office, 224 W. 57th St.— (V. 118, p. 2443.)
GENERAL PETROLEUM CO R P.— ORGAN IZATION.— Incorp. May
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 $5,500,066
class “ B ” ) of General Pipe Line Co. o f California. V. 103, p. 1414.
Notes.— Proceeds of the $10,000,000 7% s. I. 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 of 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 of $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 not63
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. 1105.
The 5-year 6% gold notes o f 1923 are redeemable at 102 H on or before
Oct. 15 1923, the premium thereafter decreasing f i of 1 % for each 6 months’
period or fraction thereof. Indenture is to provide for a purchase fund of
$500,000 annually, payable in equal 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 o f 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. of 3 44% paid on Pref. stock Sept. 1 1916
and 1H % quar. since. On common initial div. o f 10% was declared payable
244% each on Oct. 1 1917, Jan. .Apr. and July 1918; Oct. 11 1918, 244 %;
Oct. 31 1918 to Aug. 31 1921, 1% monthly; Dec. 15 1921 to June 15 1924,
2% quar.
RE PO RT.— For fiscal year ended June 30 1923, in V. 117, p. 1250:
Gross
Gross
Deprec.
Pref.
Com.
Bal.
Profit.
Income. Int. &c. Div. (7%) Divs.
Surplus.
$
$
$
$
$
*
1922-23____ 18,313,544 15423,826 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 12407.037 8,221.491 224,854 2,709,143 1,251,549
1919-20_____ 7.669.305 6.658.672 4.209,435 224.854 2,180.852
43.531
President John Barneson; Sec., O. R . Stevens; Treas., Robert Mitchell.
Office. Alaska Commercial Bldg., San Francisco.— (V. 118, p. 1917.)
GEORGIA LIGH T POWER & RA ILW A YS.— (See M ap)— ORGAN­
IZATION .— Is a voluntary association formed under Massachusetts laws
in Sept. 1911. Has acquired all the com. stock of Macon Ry. & Light Co.,
all the com. and pref. stocks o f Macon Gas C o., $3,753,100 [of the $4,600,000] stock o f the Central Georgia Power Co., the entire capital stock
o f the Central Georgia Transmission C o., and the entire capital stock of the
Georgia Public Service Corp. Also $448,000 (entire issue) 1st mtge. 7%
bonds of Macon Gas Co. and $354,000 (entire issue) 6% 1st mtge. bonds of
Central Georgia Transmission Co. Also owns $2,133,594 6% securities
o f its constituent companies issued for new construction, &c.
^ P R O P E R T Y .— Through controlled companies operates entire electric
railway and gas business in Macon; furnishes electric light and power in
Macon, Monticello, Forsyth, Barnesville, Griffin, Jackson, Jonesboro,
Bibb, Thomaston and Hampton, Ga.; also sells a large amount of electricity
in Atlanta.
STOCK.— See table at head of page.
D IV ID E N D S.— On preferred, have been paid as follows: Jan. 1 1913
to Jan. 1 1915, m % quar.; then none until Oct. 1 1917, when \ y % was
A
paid;!same amount paid quarterly to April 1 1924.
BONDS.—-Of the first lien s. f. gold 5s of 1911, $4,493,000 have been
issued, o f which $654,000 retired by sinking fund, leaving $3,839,000 out­
standing in hands of public. Sinking fund, $75,000 annually, 1921 to 1925:
and $100,000 annually 1926 to 1940. Bonds are secured by deposit of
practically all the securities owned by Ga. Lt., Power & Rys.




Company’s Net Earnings Without Reserve Tor Taxes— Sales.
The sales include the sales of subsidiaries in England. France and Canada.
1923
1922
1921
1920
1919
Sales, No. razors. 7,798,781 3,420,895 4,248,069 2,090,616 2,315,892
Dozen blades_29,061,634 24,082,970 19,531,861 19,051,268 17,320,517
C o.’s net earns..$8,411,776 $7,602,939 $7,008,564 $6,803,407 $6,025,350
OFFICERS.— Chairman, J. E. Aldred; Pres., King O. Gillette; V.-Pres.
A Treas.. Frank J. Fahey; Sec., Frank J. Sullivan. Office. 47 West First
St.. Boston.— (V. 118, p. 1671.)
GIMBEL BROTHERS, INC.— Incorp. under laws of New York on Aug.
22 1922. Conducts department stores in New York City, Philadelphia and
Milwaukee. In April 1923 consolidated with Saks & Co. Compare V.
116. p. 1901.
R E PO RT.— For year ended Jan. 31 1924, in V. 118, p. 1399, showed:
Years Ending Jan. 31—
1924.
1923.
1922.
Net sales__________________________ $101,544,467 $72,664,768 $66,773,566
Cost of goods sold, sell., oper. & adm .,
exp., less miscell. earnings------------ 93,215,821
66,911,163 62,363,520
950,000
710,000
501,614
Federal income tax_________________
Depreciation of bldgs., fixtures, & c_.
______
______
397,133
______
400,000 1,207,500
Pref. divs. on stock of former cos____
Com. divs. on stock of former cos____
______
1,275,000
125,000
1,155,000
525,000
____
Pref. divs. of new company_________

Balance, surplus----------------------------$6,223,646 $2,843,605 $2,178,799
OFFICERS.— Chairman. Charles Gimbel; Pres., Isaac Gimbel; Sec.,
Richard Gimbel: Treas., Ellis A. Gimbel. Office, Broadway & 33d St..
New York.— (V. 118. p. 2186.)
G L I D D E N C O . ( T H E ) — I n c o r p . u n d e r la w s o f O h io o n D e c . 11 191 7.
M a n u fa c tu r e s p a in ts , va rn ish es, d r y e r s , ja p a n s , ch e m ic a ls , oils a n d a ll
allied p r o d u c ts , also linseed o il. lit h o p o n e . e d ib le o ils an d n u t m a rg a rin e .
S T O C K .— T h e s to c k h o ld e r s on Jan . 18 1924 a u th o r iz e d th e c r e a tio n o f a
n e w issu e o f $ 7 ,5 0 0 ,0 0 0 7 % p r io r p re fe rre d s t o c k . T h e n e w s t o c k w as
o ffe r e d t o h o ld e rs o f th e o ld p re fe rr e d s t o c k in th e r a t io o f 116 shares o f n ew
s to c k fo r lO o shares o f o ld p r e f. s t o c k , w h ic h in c lu d e d p a y m e n t o f a ll
a c c u m u la te d d iv id e n d s u p t o A p r il 12 1924. C o m p a re V . 117, p . 277 6.
D I V I D E N D S . — O n c o m m o n s t o c k o f n o p a r v a lu e p a id 50 c e n ts q u a r .
fr o m A p r il 1 1920 t o Ja n . 3 1921; n o n e sin c e . I n itia l d i v . o f l% % on
p r io r p r e fe rr e d s t o c k w as p a id J u ly 1 1924.
R E P O R T . — F o r 192 3, in V . 118, p . 799:
Y ea r Ended 10 M o s .e n d .
P eriod—
Oct. 31 ’ 2 3 . Oct. 31 ’ 2 2 .
N e t sa le s______________________________________
$ 1 9 ,3 7 2 ,2 7 7 $ 1 4 ,1 1 3 ,4 9 4
G ross p r o f it ____________________________________
. $ 6 ,1 3 5 ,4 3 3 $ 4 ,2 9 1 ,3 9 9
O p e ra tin g p r o f it _______________________________
$ 2 ,0 9 6 ,0 8 5 $ 1 ,0 7 0 ,7 3 0
695 .0 1 7
In te r e s t ________________________________________
626 ,1 8 2
D e p r e c ia t io n __________________________________
2 8 4 ,5 6 6
2 5 1 ,8 2 3
N e t p r o f it ________________________ __________________$ 1 ,1 1 6 ,5 0 2
$19 2 ,7 2 5
O F F I C E R S .— P r e s ., A d ria n D . J o y c e : S e c. & T r e a s ., R . H . H o r s b u r g h .
O ffic e . C le v e la n d , O h io .— ( V . 118 , p . 2 3 1 0 .)
G O L D D U S T C O R P O R A T I O N .— O rg a n ize d in S ep t. 1923 w ith an
a u th o r iz e d c a p ita l o f $ 5 ,0 0 0 ,0 0 0 n o n -c u m u l. 6 % p r e f. s t o c k , p a r $10 0, an d
3 2 5 ,0 0 0 shares o f c o m . s t o c k , n o p a r v a lu e . I t s u cce e d e d t o th e s oa p an d
w ash in g p o w d e r business (th e m a n u fa c tu r e a n d sale o f G o ld D u s t, F a ir y
S o a p , S u n n y M o n d a y S oa p a n d lik e p r o d u c ts ) fo r m e r ly c a r r ie d o n b y T h e
N . K . F a ir b a n k C o . , a s u b s id ia ry o f A m e r ic a n C o t t o n O il C o . , a n d a ll o f
its th e n o u ts ta n d in g s t o c k w as issu ed t o T h e N . K . F a ir b a n k C o . an d
A m e rica n C o t t o n O il C o . fo r p r o p e r t y .
A p la n fo r th e exch a n g e o f s to c k o f G o ld D u s t C o r p . f o r s t o c k o f A m erica n
C o t t o n O il C o . w as fo rm u la te d u n d e r w h ic h p r e f. a n d c o m . s t o c k o f A m erica n
C o t t o n O il C o . w ere m a d e e x ch a n g e a b le fo r s t o c k o f G o ld D u s t C o r p . in
th e r a tio o f o n e share o f c o m . s t o c k o f G o ld D u s t fo r o n e share o f th e p r e f.
s to c k o f A m e rica n C o t t o n O il C o . a n d o n e share o f c o m . s t o c k o f G o ld D u s t
C o r p . fo r ea ch th ree shares o f th e c o m . s t o c k o f A m e r ic a n C o t t o n O il C o .
In fu rth e ra n ce o f th is p la th e re w as o rg a n iz e d in D e c . 192.3 th e F . S. C o r p .
in N e w J ersey. T o th is c o r p o r a t io n w e re tra n sfe rre d th e p r e f. a n d c o m .
s t o c k o f A m e rica n C o t t o n O il C o . d e p o s it e d u n d e r th e p la n fo r exch a n g e o f
s t o c k o f G o ld D u s t C o r p . B y c o n s o lid a tio n a g re e m e n t, d a te d Ja n . 22
192 4, th e F . S. C o r p . m e rg e d w it h a n d in to G o ld D u s t C o r p .
T h is m erger
e ffe c te d th e tran sfer t o G o ld D u s t C o r p . o f t h e d e p o s ite d s to c k o f A m erica n
C o t t o n O il C o ., c o n s istin g o f o v e r 9 3 % o f ea ch cla ss. T h e c a p it a l o f G o ld
D u s t C o r p . c o n tin u e d th e sam e. $ 1 ,0 0 0 ,0 0 0 o f its p r e f. s to c k w ere reissued
t o A m e rica n C o t t o n O il C o . a n d $ 4 ,0 0 0 ,0 0 0 p r e f. a n d a p p r o x im a t e ly 50,000
shares o f its c o m . s to c k t o T h e N . J K . F a ir b a n k C o .
S T O C K .— T h e s t o c k is d e p o s ite d u n d e r a v o t in g tru st a g re em en t, d a te d
Ja n . 2 8 1924 a n d e x p ir in g J u ly 1 1931. T h e v o t in g tru stees are F ra n cis D .
B a rto w , R a y M o r r is , G e o rg e K . M o r r o w a n d R o y a ll V ic t o r .
R E P O R T .—
Output o f Soap and Gold D u st (in Poun ds) Y ea rs Ended A u g u s t 31.
1918-19.
191 9-2 0.
192 0-2 1.
1 9 2 1 -2 2 .
1 9 2 2 -2 3 .
x l9 2 4 .
130 ,057 ,67 1 1 3 6 .5 8 6 ,4 2 8 10 4 ,1 9 4 .6 9 6 1 1 9 ,6 3 7 .6 1 0 1 0 4 ,3 7 2 ,6 1 3 4 3 ,4 2 8 ,0 5 6
x S e p t. 1 1923 t o Ja n . 31 192 4.

M a y , 1924.]




INDUSTRIAL AND PUBLIC UTILITY

179

G E O R G IA LIG H T, P O W E R
& R A ILW A Y S
AND ITS SUBSIDIARY COMPANIES
MACON, GEORGIA
ENTRAL.GEORGIA POWER C O .. AND
)
C tP T R A L GEORGIA TRANSMISSION C O .. >
TRANSMISSION LINES IN OPERATION. )
RATION.

180

INDUSTRIAL AND PUBLIC UTILITY

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

G o ld f i e ld C o n s o l i d a t e d M in e s C o — Stook $50,000,000 auth_
_
G o o d r ic h ( B F ) C o ( T h e ) — Common stook 750,000 shares___
Preferred ( a & d) 7 % cum ulative_________________ ______

First mtge. red. 107. $25,000,000 auth_____________ Bac*
G oodyear T ire & R ubber Co— Com stk 1,450,000 shs auth.
Prior pref stk 8% cum red 110 $26,904,500 ___________
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*

Date
Bonds

Par
Value

$10
None
100
1922 500-1000
None
100

Bate
%

$35,591,480 See text
601,400 shs. See text
$34,848,000
7
23,887,500
614 g
831,581 shs. see text
15.000. 000 See text
65,079,600 See text
25,500,000
25.000.
000

1921
1921

100
100 &c
100 &c

1913
1920

100 ^7,995,700
100 34,458,768
100 Ac
1.429.000
6
100 &c 2.500.000
8
None 134.182 shs See text
100
750,000
8
1,000
1 , 000,000
7g

G o o d y e a r T ir e & R u b b e r C o o f C a lifo r n ia —

Pref (a&d) stock 7% cum $10,000,000 call 5 yrs 105,then 110

O r a n b y C o n s o l M i n S m e l t & P o w C o — S t o c k $50,000,000*
1 s t M c o n v e r t i b l e b o n d s s e r ie s A g o l d r e d s e e t e x t ____xct

5-yr conv deb bonds auth, $2,500,000 red__________ Cec*
& D a v i s , I n c — Common stock auth 138,904 shares___
Preferred stock (v t c) 8% cum---------------------------------------1st M . conv. s. f. gold bonds red. 105____________ kxxxc* 1922

G ra y

Profit and Loss Sept. 1 1923 to Jan. 31 1924.
Gross profits________________________________________________ $1,473,437
Less: Depreciation, $28,153: selling & general expenses, $909,805
937,958
Net profit_________________________________________________
Net profit— Montreal--------------------------------------------------------

$535,478
55,093

Total net profit____________________________________________
$590,572
This is not a consolidated statement o f profit and loss since the Gold
Dust Corp. was merely a subsidiary o f the American Cotton Oil Co. until
Jan. 22 1924. A consolidated statement would show interest charges upon
outstanding bonds and notes of American Cotton Oil Co. During this five
months period the business o f American Cotton Oil Co. consisted almost
entirely o f liquidating operations.— (V. 118, p. 1018.)
G O L D F IE L D
C O N S O L ID A T E D
M I N E S C O . — ORGANIZATION.—
Inoorp. in Wyoming Nov. 13 1906. Owns 381 aores of mining ground in
fee. Also owns about 30% o f the issued stock of the Ash Peak Mines Co
and has acquired about a three-fourths interest in the Surcease Mine,
located in Plumas County, Calif.
Stook authorized, $50,000,000: outstanding, $35,591,480; par, $10
In March 1919 the entire remaining mining property not theretofore leased,
except the milling plant, was leased to the Goldfield Development Oo., a
new independent company (backed by local (Goldfield] interests), for a
royalty o f from 15 to 20% o f the net proceeds of the ore produced. The
lease, however, was relinquished at the end of 1920. The right to subscribe
at 5 cts. a share for a block o f the 2,500,000 assessable shares of the new
company was offered to the shareholders o f this company. V. 108, p. 1277
Dividends—
/ ’ 09. ’ 10. ’ l l . ’ 12. '13. T 4. *15. 1916-18. '19. 1920.
Cents per share_ _1 100 200 300 160 17 301 45
_
None
5
text
Stockholders of record July 31 1920 received a dividend consisting of
shares o f Goldfield Deep Mines Oo. o f Nevada equal to the number o f share*
o f Goldfield Cons. Mines Co. held. V. 111. p. 2047.
EARN ING S.— Total earnings for the year ending Dec. 31 1922 were
$63,240; expenses, $60,953; net gain, $2,286.
OFFICERS.— Pres., George Wingfield; V .-P ., B. J. Henley; Sec. A
Treas., W . E. Zoebel. Office, Reno, N ev.— (V. 112, p. 1287.)
GOLDW YN PICTURES CO R P.— (V. 118, p. 2048.)
(B. F.) GOODRICH CO. (T H E ).— ORGAN IZATION .— Reincorp. in
N . Y . May 2 1912, and in June 1912 acquired Diamond Rubber Oo. (V. 93,
p. 1262), having adjoining plant at Akron, O. V. 94, p. 829, 1386, 1629
Manufactures a large variety o f rubber goods, including automobile tires
In July 1921 organized the International B. F. Goodrich Co
V. 113,
p. 188. In Jan. 1923 acquired a substantial interest in the Ames-Holden
Tire & Rubber Co., Ltd.
STOCK. NOTES, &c.— Pref. may be redeemed at not exceeding 125 and
diva. At least 3% o f pref. stock must be retired yearly after July 1 1913
from surplus profits before divs. are paid on com. stock. Entire voting
power for election o f directors is vested in com. stock until four quarterly
pref. divs. are in default. V. 94, p. 1629.
The stockholders on April 16 1924 voted to reduce the authorized com.
stock from 1,500,000 shares to 750,000 shares.
BONDS.— First M tge. 6 X % gold bonds, V. 115, p. 188.
Dividends on pref. have been declared regularly 1% % quar. to and inci.
July 1 1924. On common 1% was paid Aug. and Nov. ±5 1912 and Feb. 1
1913; then none till Feb. 1916 to N ov. 1919, 4% per ann. (1% Q .-F.). In
Feb. 1920 paid 1 % quar. and X % extra, and in May 1920 to Feb. 1921 paid
$1 50 quarterly; none since.
R E PO RT.— For 1923. in V. 118, p. 1264, showed:
Calendar Years—
1923.
1922.
1921.
Net sales_________________________ $107,092,730 $93,649,710 $86,687,339
7,853,830 def2,280,731
Net income_________________________ 8,008,481
2,711,872
4,746,225
Interest on bills payable, &c------------ 2,894,711
2,094,188
1,956,445
Depreciation, &c___________________
2,088,386
2,605.680
2,626,470
Preferred dividends_________________ 2,543,310
______
902,100
--------Common dividends-------------------------Balance, surplus__________ ______
$482,074
$442,090df$12511,971
OFFICERS.— Chairman & Pres., B. G. Work; Sec., F. C. Van Cleef
Treas., L. D . Brown. Office, Akron, Ohio.— (V. 118, p. 2310.)
GOODYEAR TIRE & RUBBER CO. ^THE)— O RGAN IZATION .—
Incorp. in Ohio in 1898. Owns fireproof plant at Akron, O., capable (V. 109,
p. 1703) o f producing tires and other rubber goods; owns rubber lands in
Sumatra; cotton lands in Arizona. V. 106, p. 293. Canadian plant, V. 105,
p. 2439. Dirigible balloons, &c.. V. 106, p. 2563: Y. 107, p. 1388. Owns
entire $4,000,000 common stock o f Goodyear Tire & Rubber Oo. of Calif.,
which see below. Acquisition o f coal lands, V. 110. p. 875.
The company’s principal products are automobile tires and tubes, solid,
cushion and pneumatic truck tires, motorcycle tires and tubes, airplane
tires, carriage tires, tire accessories and repair materials, aeronautical
goods, “ W ingfoot” rubber heels and “ Neolin” soles, and mechanical rub­
ber goods. Products are distributed through 68 branches in the United
States and through branches and agencies in most of the important business
centres of the world.
The company announced on N ov. 7 1923 that, negotiations having been
concluded with the Zeppelin Co. of Germany, a company, known as the
Goodyear-Zeppelin Corp., will be formed in this country as a subsidiary
o f the Goodyear organization, to construct lighter-than-air craft of the
Zeppelin type. Compare V. 117, p. 2116.
R EFIN AN CIN G PLAN.— The stockholders on May 11 1921 ratified
a refinancing plan under which stocks and bonds were issued as shown i n
table at head o f page. For details o f refinancing plan, compare V. 112,
p. 656, 1735. Suits filed attacking legality o f refinancing plan. V. 115,
p . 766; V. 116, p. 727.
D IV ID E N D S.— Divs. of 16% in cash on the outstanding prior prefer­
ence stock, being the amount o f accumulated unpaid dividends thereon
to Jan. 1 1923, were paid on Feb. 16 1923. The regular quarterly dividends
o f 2% were paid April 1 1923 to Apr. 1 1924.
BON DS.— fne first mtge. 20-year 8% sinking fund bonds have a sinking
fund o f $750,000 semi-annually.
8% Sinking Fund Gold Debentures.— Subject to call as a whole or in part
for sinking fund at 110 and int. Sinking fund (annual) of either $1,500,000
or 25% of net earnings after divs. on prior pref. stock commenced on Mar.
15 1922. Any bonds not canceled through sinking fund to be redeemed
at maturity at 110. Compare V. 112, p. 2417, 2541.




Amount
Outstanding

I8

When
Payable

[V ol. 118.

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

Dec 31 1919 5c Cheeks mailed.
See text. Feb 15’21$1.50 Checks mailed
do
do
Q— J July 1 1924 I X
Bankers Trust C o., N . Y .
J & J July 1 1947
Q— J

Apr 1 1924 2%

M & N M ay 1 1941
F & A M ay 1 1931
See text Apr 1 1924
M ay 1 1919
M & N M ay 1 1928
M & N M ay 11925
Mar 1 '20
Q— F M ay 1 1924
F & A Aug 11932

New York & Cleveland

1H
I X Company’s office
Title Guar Sc Tr Oo
New York
2%
2%
First Nat. B k., Boston

RE PO RT.— For 1923, in V. 118, p. 661, showed:
— Years ended Dec. 31— 10 mos. end..
1923.
1922.
Dec. 31 ’ 21.
Period— $
$
$
Net sales (less returns, discounts and
freights), incl. shipments to subsidi­
ary cos. and foreign branches______ 106,026,109 102,904,177 82,195,550Deduct manufacturing cost of sales.. 95,250,572 95,201,115 74,630,062
10,775,537
Add surplus net profits of sub. cos. and
foreign branches and other income . 1,944,590

7,703,062

7,565,488-

3,235,686

2,074,747

12,720,127
641,396

10,938,748
x837,317

9,640,236

Balance, surplus_________________ 12,078,731
Interest charges____________________
4,410,787
Loss on property liquidated, &c_____
208,609
Adjust in respect of inv. in sub. cos_
_
Foreign exchange provision_________
359,018
Proportion of bonds & deben. disc. &
reorganization expense written off. 1,234,469
Balance of carrying charges (interest,
insurance, &c., on def. deliveries of
materials purchased prior to reorg.)
Dividends of prior preferred stock____ 2,729,652

10,101,431
4,795,817

9,640,236
3,529,623
352,733
1,508,830

854,242

629,017

3,136,196
641,396
8,008,542

3,551,183
837,317
3,620,043

Total earnings_______
Profits of California Co.

Add profits of California Co. as above.
Previous surplus___________________

900,190
3,620,043

Profit and loss surplus____________ 11,786,136
8,008,543
3,620,043
x Applied in reduction of California deficit and consequently an addition
to parent co. equity, but not available for interest, &c.
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. Office, Akron, O.— (V. 118, p. 1526.)
GOODYEAR T IR E & RUBBER CO. OF CALIF.— Incorporated
In California July 10 1919. Entire outstanding common stock, $4,000,000,
owned by Goodyear Tire & Rubber Co. of Akron, O .; total authorized,
pref. stock, $10,000,000; sold in July 1919, $7,995,700. A quar. div. o f
1 % % on the pref. stock was paid April 1 1924, this being the first payment
since Oct. 1 1920. See V. 109, p. 275, 1083; V. 113, p. 1365; V. 114, p. 952Report for 1923 in V. 118, p. 1526.
GRANBY CONSOLIDATED MINING, SMELTING & POWER CO.,*
LTD.— ORGANIZATION.— Incorp. March 29 1901 in British Columbia
Owns low-grade copper, &c., deposits. V. 79, p. 1644; V. 81, p. 1490
statement to N. Y . Stock Exchange, V. 85, p. 403; report o f expert, V. 91
p. 1250; V. 96, p. 289. In 1907 a large interest was acquired in the Crow’s
Nest Pass Coal C o., which provides the coal supply. V . 88, p. 155. lit
1923 acquired the capital stock o f the Allenby Copper C o., Ltd. V.
116, p. 2394.
C APITAL STOCK.— The stockholders on Feb. 8 1923 approved an
increase in the authorized capital stock from $25,000,000 to $50,000,000.
DIV.\ ’ 13. ’ 14. Aug.’ 16 to M ay'16. Aug. ANov'lR. T 7. '18. 1919. 1920-23% J 6
3 6% (114% Q.-F.) 2% each 2X qu . 10
3H
None
Stockholders In 1913 auth. $5,000,000 15-year bonds, subj. to call after
10 years at 105 and lnt., with sink. fd. o f 4% of bonds issued, to purchase up
•o 110 and then call at 105. and conv. into com. stock at not less than par;
'■■ues 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
■sues will be redeemable at 110 by lot by an annual sinking fund of 10% of
let earnings or 1 % o f copper ore mined (except at Phoenix). V. 96, p . 289^
’ 18: V. 100. p. 1513. 1596: V. 98. p . 1319. 1611: V . 101. p. 1275
The shareholders on Feb. 25 1920 authorized an issue of $2,500,000 5-year
8% conv. debenture bonds, dated M ay 1 1920.
Shareholders o f record March 6 1920 were entitled to subscribe for the
deben are bonds at par to the amount of about one-sixth of their holdings.
The bonds are convertible at any time prior to maturity into ordinary
•hares at rate of one share o f $100 par value for $55 principal amount of
bonds. Redeemable, all or part, at 105% and interest. V. 110, p. 875.
R E PO RT.— For 1923, in V. 118, p. 1780, showed:
Gross
Net, after Depre.,& c.,
Balance,
Calendar Years—
Income.
Interest.
Reserve.
Surplus.
$777,326
$1,494,613 def. $717,287
1923 __________________ $7,691,856
1922 __________________ 5,279,267
808,101
781,790 sur. 26,311
1921 ---------------------------- 7,234,519
317,898
605,060 def.287.162
Earnings for 1st quar. of 1924 in V. 118, p. 2444.
Pres.. J. T. Crabbs; V.-P. & Gen., H. S. Munroe; Sec., Edward Everett.
Office, 718 Granville St., Vancouver, B. C.; N. Y . office, 25 Broad St.—
(V. 118, p. 2444.)
GR A Y & DAVIS, INC.— Incorporated under laws of Massachusetts
on Mar. 27 1912, to take over by the issue of stock the assets, liabilities and
business of Gray & Davis, a copartnership organized Sept. 16 1896. Prin­
cipal business is the manufacture o f starting-lighting systems and lamp
equipment for automobiles, and also manufactures a large number of
component parts which go into the starters installed by other companies.
The stockholders In Aug, 1920 approved a contract, which runs to Jan, 1
1936, by which American Bosch Magneto Corp, becomes exclusive selling
tgcnt for the starting and lighting products and assumes management o f
the company, V. 111. p, 696,
CAPITAL STOCK.— The authorized common stock was Increased from
108,904 to 138,904 shares ($25 par) in July 1920, the Amer, Bosch Magneto
Corp, interests receiving an option on the additional 30,000 shares, V.
111. p. 593
The stockholders on April 7 1921 voted (a) to change the par value from
$25 to shares of no par value; (ft) and to issue all or any part of the authorized
and unissued capital stock consisting of 30,000 shares of no par value, at
$25 per share in cash to persons entitled to subscribe for the same under an
option agreement o f Aug. 4 1920.
Holders o f common stock of record Aug. 22 1922 were offered the right to
subscribe at par to preferred stock (par $100) represented by voting trust
certificates to the extent of 7500-16182 o f a share for each share held.

M ay , 1924.]

181

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, cfee., see notes on page 6]
Ctreat A tla n tic & P a cific Tea Co In c.— Common stock_
Pref stock 7% cum *12.500.000 (3% s fd) call 115______
Great N orthern Iron Ore P rop —Trust certs 1,500,000 shares
O rt W estern Pow Co o f Cal— Com stock auth *30,000,000
d eferred (a & d) stock 7% cum *30.000,000 call 105...........
1st R ef M *150.000.000 series “ A ” call.......................Bxxxc*
Series B call (text)_________________
_ .
Baxxxc*
Series C call 106-------------------------------------- _
_.B.xxxc*
Gen lien conv call 105_________________________Eq.xxxc*
Underlying Bonds on Properties Absorbed by Merger—
Great West Pow Co 1st M *25,000,000 (call l06i.B a.xxxc*
'Jlty Elec Co San Fran 1st M (call 105) $5,000,000 guar _xxx
nentral Okla Lt & Power Co 1st mtge gold s f _____ ____
C msumers Light & Power Co gen mtge gold sink fund__„
Consol Elec Co Gen M sk fd *2,500,000 guar see te x t_ z
_
Convertible debentures call 101 & lnt *5.000.000 g.E q.xxxc
Held under Stock Control and Lease—
Cal Eleo Gen Co 1st M *1.600,000 gu p * 1 call 105 ..x x x
do
do
1st Mtge Series “ B ” *3,500,000..............
Pref Stk $2,500,000 6% cum aft 1911 ca" u>13 10R, guar
G reat W estern Sugar Co— Common stock *15,000,000 auth
Preferred (a & d) stock 7% cum SI5.000.000 authorized___
G reene C ananea C opper Co— Capital stock $60,000,000-G u antan am o Sugar Co— Stock 375,000 shares____________
Pref (a & d) stock red 105 after April 1 1925____________

Date
Bonds

1919
1920
1922
1921
1906
1907
1909
1908
1915
1915
1908

Par
Value

Amount
Outstanding

None
100
None
*100
100
100 &c
100 &c
100 &c
100 &c

250,000 shs See text
12,500.000
7
l,500.000sh See text
*27,500.000 Western
7,125,584 See text
5.968,000
6g
a5 ,107,100
7
5,983,000
6g
2,489,000
8

1,000 19,708,000
1.000
1,175,000
1.000
49,000
1.000
68,000
100. &c
1,542,450
100. &c 4,177,600
1,000
ioo
25
100
100
None
100

Rate
%

5Z
5Z
5
6
5 g

eg

When
Payable

Last Dividend Places Where Interest and
Dividends Are Payable
and Maturity

Q— M June 15 ’24 $1
Q— M June 1 ’24 1 H
See text Apr 30 ’24
$2
Power C orp owns large
See text
f c s
Mar 1 1949
F & A Aug 1 1950
F & A Feb 1 1952
F & A Feb 1 1936
J &
J &
M &
A& O
J Sc
M &

J July 1 1946
J July 1 1937
N M ay 1 1939
15 Apr 15 1933
D June 1 1955
N N ov 1 1925

M & S Sept 1 1948
880,000
5g
2.600,000
6
Q— J See text
15,000,000 See text
Q— J Apr 2 1924 $2
15,000,000
7
Q— J Apr 2 1924 1M
Nov 22 ’20 H
50.000.000 See text
375.000 shs. See text See text July 1 '21, 25c.
1.425,000
8
Q.-J. July 1 ’24 2%

32 Nassau St, NewYork
majority.
N Y Best Chic & San Pr
do
do
N Y , Bos, Chic & San Fr
Eqult Tr, N Y , Ch & S F
New York, London, Ae
W P Bonbr&Oo.NY & SF
N Y Bankers Tr & SanFr
New York and San Fr
New York and San Fran
New York
New York
Checks mailed
do

a Also S2,489,000 pledged and $892,900 in treas. & skg. fd.

(2) Underlying Bonds (Bonds of Properties Merged in Parent Company).
D IV ID E N D S.—-On preferred, in full to date. On common stock as
Great Western Power Co. 1st M . 5s of 1906 authorized $25,000,000, all
,ninWo J V
-pr- 14 1913- 6 %: July 15 1913, 30% ; Mar. 24 1916, 25% ; Mar. 1
1920, 2% ; none since.
authenticated and in Dec. 1923 located as follows $20,331,000 held by
. BONDS.— The 1st mtge. 7% bonds are convertible at the option o f the public (Including $595,000 pledged under Calif. Electric Generating Co.
holder into common stock on or before Aug. 1 1924 on the basis of par for mtge. not bearing interest); $1,860,000 retired through sinking fund (1%
™ . bonds and $20 per share for the stock. Thereafter the conversion price of outstanding amount annually beginning July 11916); and $2,756,000
will increase $2 per share per annum to Aug. 1 1928, after which time the pledged under First & Ref. Mtge. of 1919. V. 108, p. 2127; Y. 109. p . 1703.
C0I£ ^ rs*0n Pr*ce ° f *530 per share will be maintained to maturity. V. 115, The $5,000,000 com. stock of California Elec. Generating Co. is deposited
p. 7ot>.
under the 1st M . V .9 1 ,p . 1163: V. 92. p. 1438: V .8 9 .P . 1283.
R E PO RT.— For 1923 showed:
Leased and Controlled Property.
Calendar Years—
1923.
1922.
1921.
California Electric Generating Co.— Leased to Great Western Power Oo..
Total net sales---------------------------------- $3,788,910 $2,947,874 $1,852,836 which owns the $5,000,000 com. stk. and pays 6% on the pref. stock ($2,fa ctory cost o f sales------------------------ 3,391,340
2,424,640
1.738,151 500.000); all now out (divs. cumulative at 6% from Jan. 1 1912 and guaran­
Commerc. & adm. overhead exp_____
103,233
233,212
294,279 teed by Great Western Power C o.); 1st M . auth.. $5,000,000; issued, guar,
Interest on bonds___________ _ __
70 000
.
.
- by Great Western Power Co. (V. 88. p. 688; V 89. p 472). $1,200,000.
____ which $311,000 retired through sinking fund and $9,000 held by G. W.
Preferred dividends-------------------------65,000
21,689
of
Special reserve____________
_
_
1 0 9 184
City Electric Co. of San Francisco.— First mtge. 5% bonds, interest guar.
(V. 02. p. 883). In Dec. 1923 $4,387,000 were outstanding, including
Balance, surplus-------------------------$50,152
$268,333 def$179,594 $1,175,000 held by public, and $2,561,000 “ pledged under 1st & Ref.
r OFFICERS.— Pres., A. T . Murray; V .-P ., Geo. A. MacDonald and G. J. Mtge. ’ of 1919. V. 108, p. 2127; V. 93, p. 668; V. 96, p. 1843; V. 100.
Lang; Treas., B. J. Moses.— (V. 118, p. 2444.)
p. 1440.
REPORT.— For 1922, in Y. 116, p. 2014, showed:
ATLAN TIC & PACIFIC TEA CO., INC.— ORGANIZACalendar Years—
1922.
1921.
1920.
1919.
T 'O N ,— Established in 1858. Incorp, Mar, 4 1901 In New Jersey, In
April 1924 operated over 9,500 tea and grocery stores.
Operating revenues_____$7,201,944
$6,404,621 $5,865,703 $5,172,878
2,689,983
2,984,851
2,512,062
_. j^^OCIC.- TJnder the recapitalization plan the company authorized (a) Oper. exp., taxes & depr. 3,156,721
$12,500,000 7% cum. pref.; (6) also 250,000 shares of common stock of
Net earnings...............$4,045,223
$3,714,638 $2,880,832 $2,660,816
no par value. V. 103. p. 1795.
221,889
531,451
399,562
53,436
Years ended—
Feb. 29 ’ 24. Feb. 28 ’ 23. Feb. 28 ’ 22. Feb. 28 ’21. Other income...............__
Sale^--„-T -------------- $302,888,369 $246,940,873 $202,433,531 $235,302,887
Gross income_________
Profit & loss surplus 31,181,140
24,562,361
19,570,325
13,607,502 Interest________________ $4,267,112 $4,246,089 $3,280,414 $2,714,252
2,545,485
2,402,151
1,948,969
1,667,840
OFFICERS.— Pres., Geo. L. Hartford; 1st V .-P ., John A. Hartford.
Dividends—
1922.
1921.
1920.
1919.
V .-P ., Arthur G. Hoffman; Treas., Geo. D . Clews; Sec., W m. G. WrightCal.El.Gen.Co. pref.(6% ) $150,000
$150,000
$150,000
$150,000
son.— (V. 118. p. 2445.)
G. W. P. Co. of Cal. pref.
339,209
173,448
120,172
34,222
GREAT NORTHERN IRON ORE RPOPERTIES.— In July 1917 West.Pow.Corp.pref. (6 %)
424,569
424,541
424,512
353,672
M- A. Hanna & Co. of Cleveland, O., took over under lease substantially Miscellaneous deduct’ns
163,424
105,527
96,961
65,187
all the active controlled properties on the Mesaba range not theretofore Misc. add’ns to surplus. Cr.69,430 Cr. 174,384 Cr.213,459 Cr.195,625
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
Unapprop’d surplus..
$713,856 $1,164,806
$753,259
$638,956
and Ralph Budd. The 1,500,000 shares o f beneficial interest equal to the
OFFICERS.—
Wilson,
number of shares o f stock held were issued Dec. 1906 to Great Northern Ry. V.-P. & Sec., N. M ..; Fleishhacker, Pres., San Francisco: H. P .50 Broad
Y F. M Tompkins, Treas., N . Y
stockhoiders. Properties, &c., V. 104, p. 2346; V. 103, p. 58; V. 94, p. 55; St., N . Y ., and 14 Sansome. St., San Francisco.— (V. . Offices,
118, p. 2311.)
V. 99, p. 1751: V. 104, p. 955; V. 109, p. 69, 1277.
O.
of N J.
LATE DIVS. '12. ’ 13. T4. ’ 15. 1916. 1917. T8. ’ 19. '20. ’ 21. ’ 22. ’23. onGREAT WESTERN SUGAR Cbeet(TH E)— Incorp. under lawsOwns . 16
Jan. 12 1905. Manufactures
sugar and by-products.
Per share-----------50c. 50c. 50c. 50c. $1.25 $1-50 $4 $4 $4 $4 $3 $3
plants, 10 of which are in C olo., 4 in Neb., 1 in W yo. and 1 in M ont.
Paid in 1924: April, $2.
STOCK.— The holders of the pref. stock are entitled to one vote for each
„ R EP2,RT for year ending Dec. 31 1922. in V. 117, p. 83. New Yorl
share of such pref. stock, and the holders of common stock to one-fourth
office, 32 Nassau St.— (V. 118, p. 1671.)
of one vote for each share of such common stock.
C1REAT WESTERN POWER CO. OF CALIFORN IA.— ORGANIZAD IV ID E N D S.— A dividend of $1 per share was paid on the new common
TIO N .— Incorp. In California N ov. 23 1917, and, as o f June 1 1919, purchu e d , subject to existing mortgages, the properties o f old Great Westerr stock of $25 par value on Jan. 2 1923; same amount paid quar. to Jan. 2
1924; on April 2 1924 paid $2.
Power Co .(in co rp . in 1906), City Electric Co. and Consolidated Electric
R E PO RT.— For year ended Feb. 29 1924, in V. 118, p. 2177, showed:
c ? ' The California Electric Generating Co. properties were not included lr
Years Ended Feb. 28—
1923-24.
1923.
1922.
the purchase, but the leases thereof were assumed and the Great Westerr
Profits from operation_____________ $13,760,579 $8,056,092?oss5,495,111
Power Co. o f California Is now the operating company o f all system proper211,369
247,508
112,835
Interest income____________________
450,733
146,273
54,818
The company owns (a) on a tributary o f the Sacramento River about 18 Income from investments__________
----------------639,600
miles from Oroville and i60 Miles from Oakland, hydro-electric plants with Dividends from Great Western R y ._
a capacity of 65,000 kilowatts; (2) steam driven electric plant in San FranTotal income____________________ $14,422,681 $8,449,873/oss4,687,858
« ? « > with capacity of 23,000 kilowatts (incl. former City Electric C o.);
______
$93,113 $1,110,623
(3) holds under lease and stock control a similar 1,500 k.w. plant of Califor­ Interest on money borrowed________
666,419
______
nia Electric Generating Co. in Oakland, transmitting electricity to Oakland Loss on investments________________
1,317,648
1,162
48,125
over two circuits to substations at Sacramento. Brighton, Antioch, Cowel Loss on farming, &c., side operations
585.799
and Oakland.
Depreciation of plants and railroad.. 1,202,520
1,176,765
--------252.756
In 1919 began construction o f an additional hydro-electric plant, initial Adjust, of construe, in suspense------Cr.4,929
capacity 64,000 h.p.. and ulTmate capacity 192,000 h.p., known as the Adjust, of income taxes (prev. y e a r ).. 1,214,696
-Caribou plant, and a steel tower transmission line thence to San Francisco
Balance, surplus__________________ $ 1 2 ,0 0 4 ,3 0 4 $ 6 ,8 7 9 ,1 1 4 to ss8 ,3 6 3 ,4 1 8
S a^ ^ istl4ct' 192 miles. This new plant was opened in M ay 1921. See
Previous surplus___________________ 25,145,623 19,868,560 24,737,958
v - 109, p. 1364, 1703: V 108. p. 2127: V. 112. p. 2196.
----------------- Cr.5,000,000
(3) Also owns the $5,000,000 com. stock o f the California Electric Gener­ Special deprec. res. restored to surplus
1,050,000
1,002,050
954,100
alIhK g o . at Oakland, a steam power plant, capacity 10,500k.w. (seebelow). Deduct— Preferred dividends (7 % )—
Common dividends___________ (16%)2,400,000 (4)600,000
(6)900,000
With the completion o f the Caribou plant the company has a generating
^ P ^ city o f 109,000 k. w. of hydro-electric power, which together with the
Profit and loss___________________ $33,699,927 $25,145,623 $19,520,440
23.000 k. w. from steam plants, will give a total capacity o f 132,000 k. w.
OFFICERS.— Pres., W. L. Petrikin; Gen. M gr. & V .-P ., W . D. Lippltt;
When all the power sites are utilized, over 500,000 k. w. will be developed.
V .-P ., Chas. Boettcher; Treas., M . D. Thatcher; S e c . , _______________
STOCK OF GREAT W ESTERN POW ER CO. OF C A LIF .— Auth.,
■com.. *30.000.000: 7% cum. pref. (p. & d .), *30,000,000. Outstanding General offices. Sugar Building, Denver, Colo.— (V. 118, p. 2444.)
GREENFIELD T A P & DIE C O R PO R ATIO N .— (V. 118, p. 1275.)
•$27,500,000. all owned by Western Power Oorp : pref . *7,024,084The pref stock Into which the debentures are convertible, as below
GREENE CANANEA COPPER CO.— O R G A N IZ A T IO N — Incorp. In
stated Is aon-assessable by specific covenant. Is preferred as to assets In vilnn. Dec. 26 1906 and acquired nearly all of the 1.000.000 shares of theliquidation, is en titled to cumulative dividends at rate o f 7% per annum
capital stock of Greene Consolidated Copper Co. (W . V a.), which in turn
P»y»Me Q -J .. and is subject to call for redemption In whole or in part at owned all the shares of the Cananea Consolidated Copper Co. of Mexico.
105 and dlvs. upon 60 days’ notice
No preferred shares, other than those In June 1917 arranged to purchase outright the properties of the last-named
reserved against conversion, may be Issued unless the annual net earnings, company. See V. 105. p. 75. 184: V. 104. p. 2455.
after deducting interest on all funded debt and guaranteed dividends
DIVIDEN DS—
11912. 1913. 1914. 1916. ’ 17. '18. ’ 19. 1920.
are twice the annual pref. dividend. Including shares proposed
Per cent...........................\ 3H
2H
2
8
8
8 IX
1
(1) Great Western Power Co. o f C alif.— The *5.000,000 6% conA dividend of $1.50 was paid Feb. 24 1919; none thereafter until Aug. 23
yaH-ible debentures were convertible from Nov. 1 1917 to N o v .l 1920 incl
1920, when 50c. was paid; same amount paid N ov. 22 1920; none since.
at 100 and lnt. into Great Western Power Co. o f California 7% cum. pref
REPO RT.— For year end. Dec. 31 1922 showed:
l t.°<
-~Jpa r va 1ue $100) at $95 per share and divs.; had thus been reduced to
Results for Calendar Years— ______
1922.
1921.
1920.
*4,177,600. See V. 101, p. 1889, 2147, and offer to Western Power Co. Gross income________________________ $2,494,130 $4,174,097 $7,299,919
stockholders. V. 101, p. 1890: V. 105, p. 493.
Expenses, taxes, &c________________ 3,601,939
6,129,483
6,380,345
The First & Ret. Mtge. o f 1919 Is for $150,000,000 and the *6.000,000 Depreciation_______________________
311,082
________
________
o f bonds Series A sold in 1919 (with $1,500,000 7% Cum. Pref. stock), Interest paid_______________________ Cr. 15,695
48,414
19,616
will provide in part at least for the construction o f a new power plant on the Shutdown expense__________________
367,532
493,089
Feather River at Caribou. It will also furnish sufficient money for the Dividends__________________________
______
______
500,000
construction o f a new power transmission line to San Francisco Bay. of
Balance, sur. or def_____________def$l,459,647df$2,468,091 sur$60,078
165.000 volts. These bonds are callable at 103 to Feb. 28 1939, at 102
Note.— Operations were suspended in Jan. 1921 and were not resumed
thereafter to Feb. 28 1948 and par thereafter to maturity. (Compare offeruntil July 15 1922.
lnS 1 V. 108, p. 2126.) V. 108, p. 2127; V. 109, p. 1703.
1n
Pres., Wm. D. Thornton; Sec. & Treas., Joseph W. Allen. Office.
"be
Series “ B ” bonds are redeemable at 110 and lnt. up to
5 Broadway, N . Y .— (V. 117, p. 331.)
Aug. 1 1930, and thereafter at a premium equal to H o f 1 % for each year of
GUANTANAMO SUGAR CO.— Incorp. In N . J. Feb. 9 1905. Owns
,^n<iI2 exp*
re4 term. They were exchangeable between .T'dy 1 and Sept. 30
1922 for Series “ C ” bonds at par. There are also $2 489.000 of the same about 56.000 acres of sugar lauds situated at Guantanamo, Cuba, together
vith a majority of the capital stock of the Guantanamo R R . Co. (Compare
series pledged as collateral security for $2,489,000 outstanding 8% conv.
listings application in V. 111. p. 701).
bonds. V. 113, p.735.
CAPITAL STOCK.— The stockholders on Jan. 17 1922 authorized the
Gen. Lien Conv. 8% Bonds. For conversion privilege, security, & c.t
issjance of $1,500,000 8% cum. pref. stock and 75,000 shares o f additional
nmpare V. 111. p. 899. 2428: V. 112. p. 1287.




183

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Gulf Oil Corp of Penna— Stock $120,000,000 auth______
S f deben gold bonds red 103)4 - - - _ Upi.kxxxc
_
1922
Ser deb gold bonds due $4,000,000 ann red 102.UPI .kxxxc* 1924
Gulf States Oil & Refining Corp— See text.
U u l f S t a t e s S t e e l Co— Common stock (V 107. p 2101)------1st pref stock 7% cum call begin 1918 at 110______________
2d pref stock 6% non-cum convert Into common__________
H a c k e n s a c k W a t e r C o —Common stock auth $6,000,000—
7% preferred cum red text auth $4,000,000 _____________
First mortgage bonds auth $6,000,000 callable 1 0 5 ______ 1902
Gold debenture bonds, series o f 1936 red ( t e x t ) . . ___ xxxc
1921
(M A) H anna Co— Common stock 500,000 shares auth____
First pref stock 7% cum $20,000,060 auth red 110______
2d pref stock 8% cum $10,600,000 auth red 110 conv (text)
H a r b ls o n -W a lk e r R e fr a c t o r ie s

Co— C o m m o n

s t o c k ------------

—

Par
Value

Sales.

P ro fits.

tion s.

dends.

$

$

$

ioo 27,000.000
100 3,000,000

Sur. or D e f.

$

Gross earnings_________ 159,057,367 159,188,251 128,232,402 159,575,089
Total income (after other
incom e)_____________ 66,479,256 61,476,767 45,889,579 51,431,613
Depletion, depreciation,
interest, taxes, &c___ x52,155,914 x41,724,700 x36,820,792 22,888,456
Net earnings________ 14,323,342
Dividends (6% p. a .)_
_ 6,523,229

19,752,067
2,173,950

9,068,787
2,167,926

28,543,157
2,142,306

7,800,113

17,578,117

6,900,861

26,400,851

Balance, surplus_____

x Includes inventory adjustments o f $11,545,765 in 1921, $4,947,524 in
1922, and $4,044,364 in 1923.
Pres., W . L. Mellon. Office, Pittsburgh, Pa.— (V. 118, p . 2311.)
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 of drilling wells, 8: present daily
production, 9,276 barrels (wells pinched in and not producing at full ca­
pacity account limited market); wells producing to normal capacity, daily
production, 13,346 barrels.
All o f the above acreage located in Union, Oulchita, Calhoun, Brady,
Nevada and Columbia counties, Arkansas.
In Oct. 1923 the company entered into an agreement with the committee
for the stockholders o f 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 share o f Class “ A ” stock o f Gulf States Oil
& Refining Corp. The latter company has also acquired the New Orleans
refinery of the Island Refining Corp. and a $12,000,000 claim against the
Island Oil & Transport Co. Compare readjustment plan o f Island Oil &
Transport Co. in V. 117, p. 1561; also V. 117, p. 1894.
C a pitalization. — 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.
DIRECTO RS.— Scott Ferris (Pres. Southern States Oil C orp.), P. D.
Saklatvala (Pres. Middle States Oil C orp.), C. J. Haskell (Pres. Turman
Oil Co. (C. N. Haskell, Chairman, Middle States Oil Corp.), W . E . Al­
laun (V.-Pres. Southern States Oil C orp.).— (V. 117, p. 2896.)
GULF STATES STEEL CO.— ORGAN IZATION .— Incorp. in Dela­
ware Nov. 1 1913 as successor o f Southern Iron & Steel Co. (foreclosed),
per pi in 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.




When
Payable

$100 11,213,000 See text Q— J
100 2,000,000
7
Q— J
100
3,300
6
Q— J
J & D
5.125.000
25
6
J & D
7
25 2.375.000
1,000 4.750.000
I
& J
i «
100 &c
J & D
2,000,000
7g
None 282,844 sh.
100 $11,620,000
Q-M 20
7
100 2,594,800

1 9 2 2 -2 3 --. $1,637,727
$2,038
$246,330 $120,000 def .$364,291
51,605 sur. 54,458
1 9 2 1 -2 2 -.. 2,739,588
437,779
331,715
375.000 def. 1,293,464
1 9 2 0 -2 1 -.- 2,855,444 loss549,135
369,329
825.000 sur. 981,670
1 9 1 9 -2 0 --- 7.847,854
3,194,165
1,387,495
Production of sugar in bags o f 320 lbs. each has been as follows: 1922-23,
124,980; 1921-22, 351,936; 1920-21, 253,921; 1919-20, 241,066.
OFFICERS.— Pres., James H. Post; V .-P ., George R. Bunker; V .-P . &
Treas., G. H. Bunker; Sec., Malcolm McDougall. Office, 129 Front St.,
New York.— (V. 117, p. 2896.)
GULF OIL CORP. OF PENNSYLVANIA.— Incorp. in 1922 under
laws of Pennsylvania to succeed the Gulf Oil Corp., incorp. under laws of
New Jersey (see under “ Recapitalization Plan” below). The company
conducts an active business in producing, refining, transporting and dis­
tributing 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.”
RECAPITALIZATION PLAN .— Stockholders of the Gulf Oil Corp
(of N. J.) had the privilege o f exchanging their shares for shares of the
newly-organized Gulf Oil Corp. o f Pennsylvania on the basis of 12 shares
o f Penna. Corp. stock (par $25) for one share of Gulf Oil Corp. stock (par
$ 100) .
DIVIDENDS.— Regular rate 5% p. a. In July and Oct. 1913: thereafter
6% per annum to and incl. Oct. 1 1922. Jan. 1 1923 to Apr. 1 1924 paid
134% quar. on new stock o f $25 par value.
BONDS.— Proceeds of the $35,000,000 5% debenture gold bonds, due
Dec. 1 1937, were used to provide funds for the retirement of the Gulf
Oil Corp. (N. J.) 12-year 7% sink, fund debenture gold bonds which were
called for redemption on Feb. 1 1923 at 103)4 and interest.
A purchase fund of $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 Nov. of any year a sufficient number of bonds shall not
have been tendered at a price of par or less and accrued int. to exhaust the
purchase fund of that year, the trustee shall on Dec. 1 next thereafter repay
the balance in the fund to the company. V. 115, p- 2052.
R EPO RT.— For 1923, in V. 118, p. 2311, showed:
1923.
1922.
1921.
1920.
Calendar Y ears—

Bate
%

Last Dividend Places Where Interest ano
Dividends are Payable
and Maturity

$
6
$25 108,720,400
Q— J Apr 1 1924 1)4
Un Tr, Pitts: Ba Tr. N Y
.1 & D Dec 1 1937
1,000 35.000.
000 5 g
Union Trust Co, Pittsb
1,000 16.000.
000 5)4 g J & J T o Jan 1 1928

capital stock of no par value. The new stock was offered to shareholders
at $100 for the pref. and $1 per share for the common. V. 114, p. 84. 311.
DIVIDEN DS.— 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, 2)4% : July 31 1917 to July 1920, 2)4% 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 stock. 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 o f $1 09 was paid April 1 1922,
covering the period from Feb. 10 to Mar. 31 1922; July 1 1922 to July 1
1924 paid 2% quar.
RE PO RT.— For year ended Sept. 30 1923, in V . 117, p. 2651, showed:
D iv iBalance,
S ept. 30
Gross
Total
D ed u cY ears—

Amount
Outstanding

[V ol. 118.

6
6

Q— M
Q— J

July 1 1924 1 Y.
a
Jan 2 1925 1% G u a r T r , N Y . b y c h e c k
do
do
Jan 2 1925 1 )4
June 1 1924, 3 %
June 1 1924,3)4
New York Trust Oo.N V
July 1 1952
Dec 15 1936
June 20 ’24, 1 H
June 2 1924 1)4
July 5 ’24 1)4

STOCK.— First pref., $3,000,000; In treasury Dec. 1923, $1,000,000
outstanding, $2,000,000. There was formerly $4,000,000 2d pref. stock,
but In Dec. 1923 all except $3,300 had been converted into common, sharr
for share. V. 108, p. 1270. Common stock auth., $12,500,000; outstand­
ing in Dec, 1923, $11,213,000; in treasury, $283,700.
The voting trust agreement expired Dec. 1 1921.
Dividends.— After paying first pref. accums. (15 1-6% ). Oct. 1916
1913-15. ’16. ’17. ’18. 1919.
192'First preferred (% )________ See above 7
7
7
7
S-e
Second preferred (% )_______ ______
4)4
6
6
6
text
Common (% )_______________ ______
____
8 10 Apr.. 1 %
Common (extra)___________ ______
____l)4& l.R .0.25stk .
-----April 1919 a quarterly common dividend of 1% was paid; then none unti
April 2 1923, when 1% was paid; same amount paid quar. to Jan. 2 1924.
On April 1 1924 paid 1)4 % quar.; July 1 1924 paid 1)4% quar. Divs. on
1st pref. stock paid or declared in full to and incl. Jan. 2 1925.
RE PO RT.— For 1923, in V. 118, p. 1019 and 1142. showed:
Calendar
Gross
Net after 1st Pref. 2d Pref. Common Bal. Sur
Div.' Dividend.
Deficit.
Years—
Sales.
Depr..'&c.
Div.'
1923_____$10,943,424 $1,576,521 $140,000 $2,194 $448,520sur$985,807
____
sur818,207
1922____ 7,801,135
*958,207 140,000
____
______
def731,915
1921____
4,820.639 d f*591,915 140,000
______ sur.606,174
1920------ 11,439.627
*751.220 140,000 $5,046
* After deducting reserve for Federal taxes, depreciation, Ac.
Quarter end. M a r . 31—
1924.
1923.
1922.
1921.
Net operating income
$499,777
$705,764
$166,966
$35,255
Taxes, depreciation, &c_
144,030
171,786
86,650
138,172
Net income.................
$355,747
$533,978
$80,316 def$102,917
Chairman, James Bowron; Pres., Chas. A. M offett; V.-P. & Treas.,
A. R. Forsyth; Sec., W . H. M oore. Office, Brown-Marx Bldg.. Birming­
ham, Ala.; New York office. 55 Cedar St.— (V. 118, p. 2049.)
HABIRSHAW ELECTRIC CABLE CO.— (V. 118, p. 1526.)
HACKENSACK W ATER CO.— O R G A N IZA T IO N — Incorp. under
laws of New Jersey in 1869. Supplies water to a number o f cities and towns
In Hudson and Bergen counties. New Jersey
CAPITAL STOCK A N D BONDS.— See table at head o f page. The
7% pref. stock is cumulative and participating. Redeemable at HO after
3 years from date of issue.
The 7% gold debenture bonds o f 1936 are redeemable as a whole at 105)4
on or before June 15 1929; at 104 to June 15 1931; at 103 to June 15 1933;
at 102 to June 15 1935, and at 101 to June 15 1936. V. 113, p. 2726.
D IV ID E N D S .— On pref., 3)4 % s. a. to June 1924. On com ., 3)4 % s. a.
from Dec. 1917 to Dec. 1920: June 1921 div. nassed; Dec. 1921 paid 3% ;
Dec. 1922, 4% ; June 1923, 3% ; Dec. 1923, 3% : June 1924, 3 % .
Pres., Robert W. de Forest; V .-P ., Hamilton F. Kean; Sec. & Treas.,
Earle Talbot.— (V. 116, p. 2014.)
(THE M. A.) HANNA CO.— Incorp. Dec. 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 of 2)4 shares of common stock for one share
of 2d pref. stock.
FUNDED D E B T .— As follows: (a) Standard Investment Co. 6% serial
gold notes assumed by M . A. Hanna C o., maturing $250,000 semi-ann.
(Feb. 15 and Aug. 15), $1,500,000; (6) Wakefield Iron Co. 6% serial gold
notes maturing $300,000 annually (April 1), $600,000; (c) Pittsburgh &
Eastern Coal Co. 1st mtge. 6% serial gold bonds, maturing $40,000 ann.
(July 1), $80,000; (d) Wheeling & Lake Erie Coal Mining Co. 1st mtge. 6%
serial gold bonds, maturing $20,000 ann. (Jan. 1), $10,000 ann. (Oct. 1),
$194,000; (e) New Field By-Products Coal Co. 1st mtge. 5% serial gold
bonds, maturing $40,000 ann. (Mar. 1), $400,000; (/) Hanna Furnace Co.
1st mtge. 8% sink, fund gold bonds, due June 1 1926, $4,000,000; (g) Dover
By-Products Coke Co. 1st mtge. 6% gold bonds, assumed by Hanna Furnace
C o., maturing $40,000 ann. (Jan. 1), $160,000, and (h) Detroit Iron & Steel
Co. 1st mtge. 5% gold bonds, assumed by Hanna Furnace Co., maturing
$40,000 ann. (July 1), $80,000.
R E PO RT.—-For 1923, in V. 118, p. 1526 and 1671, showed:
Calendar Years—
1923.
1922.
Net income__________________________________ x$3,761,961. $1,608,424
Depreciation and depletion_____________________ 1,382,039
571,369
Federal taxes______________________ r ___________
52,080
129,632
Net income____________________________________ $2,327,842
265,579
Application to minority stockholders------------------Company’s proportion of undistributed loss of par­
tially owned companies applicable to dividends
on shares owned, less Federal taxes a t l2 )4 % —
--------Preferred dividends_____________________________
1,027,964
Surplus.

$907,423
--------1,375,104
---------

$1,034,299 def$467,681

x After charges and interest.
OFFICERS.—-Chairman, M . Andrews; Pres., H. M . Hanna Jr.; Sec. &
Treas., C. N. Osborne. Office, 1300 Leader-News Bldg., Cleveland. O.
— (V. 118, p. 1671.)
HARBISON-WALKER REFRACTORIES CO.— ORGANIZATION .
—Incorporated June 30 1902 in Pa. Manufactures fire-clay products. &c.
Has 34 plants, embracing 400 kilns; total daily capacity, 1,500,000 brick
Plants are located 25 in Pa., 6 in Ohio and one each in K y ., Ind. and Ala.
STOCK.— Authorized and Issued $3,000,000 6% cumulative pref. and
$27,000,000 common stock, par each $100. No bonded or funded debt.
Announced In September 1920 that the stockholders had adopted a reso­
lution empowering the directors to purchase the outstanding preferred stockat 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.
The company declared a stock dividend of 50% , payable in common
stock July 1920, increasing the outstanding common stock to $27,000,000.
DIVIDENDS.— On preferred, 1902 in full to July 1924 , 6 % .
On Common— f 1910-14. ’15. ’ 16. T7. T8. ’19. ’20. ’21. 1922. 1923
6
Regular............... \ 2% yrly 2)4 5)4 6
6
6
6
6
6
Extra__________ I ___________
4
186 6 50 stock
Paid in 1924: March, 1 )4 % ; June, 1)4% .

M ay , 1924.]

MISCELLANEOUS COMPANIES
[For abbreviations, A c., see notes on first page]

Date
Bonds

H art. S c h a f f n e r & M a r x — Common stock $15.000.000____
Hartman C orporation (T he)— Capital stock 400,000 shs au
Hayes W heel Co— Stock 200,000 shares authorized________
Preferred stock 7 X % cumulative— See text—
First mortgage sinking fund Series A red (text)_____IC.c* 1919
do
Series B redeemable (text)________________IC.c* 1923
Helme (Q eo W) Co— Common stock $8,000,000 authorized..
Preferred stock (a & d) 54.000,000 7% non-oum.......... ........
H e r c u l e s P o w d e r C o — Common stock auth $20.000.000____
Pref stock 7% cum $20,000,000 red 120 Nov 15 beg 1915-H o m e s t a k e M in in a C o — stook * 2 5 . 1 1 6.000 ________
_____
H ousehold P roducts, Inc— Stock 500,000 nares auth------

Amount
Outstanding

Par
Value

Bate
%

6
$100 $15,000,000
None 393,615shs. See text
None 197‘044 shs.
$3
100 &c
100 &c
25
100
100
100
100
None

R E PO RT.— For 1923, in V. 118. p. 1527, showed:
Calendar Years—
1923.
1922.
1921.
Net earnings, after all taxes_________ $4,358,708
$3,037,333 $2,117,309
Net, after repairs and depreciation._ 3,651,582
2,479,539 1,751,444
Dividends on preferred stock_______
160,723
167,832
196,494
Dividends on common stock________ 1,522,761
1,508,136 1,494,411
Balance, surplus_________________ $1,968,098
$803,571
$60,539
Total surplus______________________ $7,715,126 $5,747,028 $4,943,457
OFFICERS.— H. W. Croft, Chairman; J. E. Lewis, Pres.; O. M . Reif,
Hamilton Stewart and Nin McQuillen, Vice-Presidents; ffm . Walker, Treas.
and P. R. Hilleman. Sec. Office, Pittsburgh, Pa.— (V. 118, p. 1527.)
HART, SCHAFFNER & M A R X .— ORGANIZATION.— Incorp. in
N . Y . M ay 11 l 9 l l , succeeding firm manufacturing men’s clothing. V.
92, p. 1376. Also manufactures coats for women.
STOCK.— Common stook, $15,000,000; par. $100; pref., see table. Pref
Is redeemable In whole or part at 120 and accrued dividends, at least $500,
000 to be retired on or before July 1 1921 and $500 000 during 5-year periods
thereafter. No mtge. without the consent of 75% of the pref. stock
V. 92, p. 1376, 1439, 1639. The directors in Feb. 1924 voted to retire all of
the outstanding $1,423,300 preferred stock at 120 and dividends.
D IV ID E N D S.— Com. div. March 1 1916 to Aug. 31 1922, 1% quar.:
Nov. 29 1922 to M ay 31 1924, paid 1 X % quar.
RE PO RT.— For year ending N ov. 30 1923, in V. 118, p. 546, showed:
1922-23.
1921-22.
1920-21.
1919-20.
Total profits___________ $2,541,249 $2,141,068 $1,756,827 $2,013,055
$102,260
$209,328
$226,086
$231,980
Preferred dividends___
Common dividends_____
900,000
675,000
600,000
600,000
Redemp. pref. stock, &c.
24,966
317,967
2,659 *3,314,000
Balance, surplus_____$1,514,023
$938,774
$928,082df$2,132,925
* Amount o f good will written off, $5,000,000, less pref. stock redemption
and of $1,686,000 applied thereto.
OFFICERS.— Pres., H. Hart: V .-Ps., M ax Hart and Alex M . Levy;
8ec. & Treas.. M . W . Cresap.— (V. 118, p. 558.)
HARTMAN CORPORATION (THE).— ORGANIZATION.— Incorp. in
Va. in Jan. 1916 and acquired the capital stock o f the Hartman Furniture
& Carpet Co. o f 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 (I X % Q .-M .); Mar. 1920 to
Sept. 1923, 1 H % quar.; on Dec. 1 1923 paid $2 quar. on new stock o f no
par value; March 1 and June 1 1924 paid $1 quar.
The stockholders voted Oct. 15 1923 to change the par value of the cap­
ital stock from shares o f $100 to shares of no par value and to increase
the total authorized number o f shares to 400,000 of no par value. Two no
par value shares were issued in exchange for eacn share o f $100 par value.
An additional 120,000 shares was offered to stockholders of record Oct. 18
1923 at $37 50 per share. V. 117, p. 1467, 1783, 2116.
R E PO RT.— For 1923, in V. 118, p. 1527, showed:
Calendar Year—
Net Income. Interest.
Dividends.
Surplus.
1923-----------------------------$1,979,549 $203,150 (7M)$870,000
$906,399
1922------------1,670,448
65,072 (7%) 840,000
765.376
1921 -------455,783
82,200 (7% ) 840,000 def 466,426
1920---------------------------- 1.975,209
116,006 (7%) 840,000
1.019.203
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. 118, p. 2311.)
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 Motor Truck Wheel C o., the Albion Bolt Co. and
the Morrison Metal Stampings Co. Compare V. 118, p. 1019.
BONDS.— The first mtge. Series A bonds are callable at 102X 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 102X 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.
STOCK.— The company has filed an amendment increasing its authorize^
capital stock by the addition o f $2,000,000 7 X % cumul. pref. stock, part o‘
which will be issued for the acquisition of the Ha es M otor Truck Whee*
C o., the Albion Bolt Co. and the Morrison Metal Stampings Co.
R E PO R T .— For 1923 showed:
Calendar Years—
1923.
1922.
Sales___________________________
$19,737,725 $13,483,915
Cost o f sales, &c________________
18,234,201 12,380,442
Gross profit_____
Other income_____

$1,503,524
110,297

$1,103,473
82,051

Total income____
Interest charges, &c.
Federal taxes_____
Di vidends_________

$1,613,821
$121,755
190,000
591,132

$1,185,524
$72,281
140,000
393,819

Surplus_______________________________________
$710,934
$579,424
OFFICERS.— Pres., C. B. Hayes; Treas., R . H. Loveland; Sec., C. G.
Mackay. Office, Jackson, M ich.— (V. 118, p. 2276.)
HEARST PUBLICATIONS, IN C — (V. 118, p. 2311.)
(QEO. W .) HELME C O — 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.
STOCK.— The stockholders on March 5 1923 voted to change the author­
ized common stock from 80,000 shares, par $l00, to 320,000 shares, par $25.
D IV ID E N D S .—
f T 3. *14. ’ 15, '16. T 7. T 8. T 9. ’20-'21. ’22. ’23.
On common..................%\ 10 10 10 10 10 10 10
10 *10X 12
Extra in January_____[ - .
2
2 4 4 4 . .
4 4
4
* Also 50% in common stock paid Feb. 23 1922.
Paid in 1924: Jan., 3% quar. and 7% extra; April, 3% quar.




183

INDUSTRIAL AND PUBLIC UTILITY
When
Payable

Q— M
Q— M
Q— M

$633,500
7g F & A
598,600
F & A
6g
6,000.000 See text Q— J
4.000.000
7
Q— J
14.300.000 See text
—M
—F
10,294,500
7
25.116.000 See text See text
500.000 sh
See text Q— M

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

M ay 31 '24 I X
June 1 1924 $1 Chicago, lu
June 16 ’24 75c.
Feb 1 1929
Feb 1 1929
Apr 1 1924
Apr 11924
Mar 25 '24
M ay 15 '24
M ay 26 '24
June 2 ’24

Lee, Higginson & C o., N Y
do
do
3% Cheeks mailed
Hi Checks mailed
_
I X Checks mailed
d
o
1H
50c.
75c.

R E PO R T .— For 1923, in V. 118, p. 789, showed:
1923
1922.
1921.
1920.
Net earnings____________*$2,096,307 *$2,005,612 *$1,538,463 *$1,362,550
Preferred dividends____
$280,000
$280,000
$280,000
$280,000
Common dividends_____
1,140,000
900,000
560,000
560,000
Balance, surplus_____

$676,307

$825,612

$698,464

$522,550

* After provision for estimated Federal taxes. &c.
Pres., J. C. Flynn; Sec. & Treas., E. D . Christian. Office, 111 Fifth
Ave., N . Y.— (V. 118, p. 1142.)
HERCULES POWDER CO.— O R G A N IZA TIO N .— Incorp. In D ela­
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 Go
(V. 94 p. 1386. 1629. 1698: V 95. p. 969). Half of the stock received by
the 27 defendants in the dissolution suit is without voting power. (For
plants owned Dec. 31 1923 compare annual report in V. 118, p. 788.)
The stockholders of the Aetna Explosives Co. on June 6 1921 approved
the sale of 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 C o.,
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 of the Jefferson Powder C o.,
and all the debts, contracts, just liabilities and obligations, all of which are
to be assumed by the purchaser as set forth in the contract.
The consideration was $5,400,000 in cash and $2,160,000 Pref. 7% Cum.
stock of Hercules Powder Go., Inc., at par. This consideration was paid
to J. S. Bache & Co. for the account of the holders of the Common stock to
be distributed by the bankers as follows: For each share of Common stock
the holder received $10 in cash and $1 50 in Pref. 7% Cum. stock of Hercules
Powder C o., Inc., at par, and in addition thereto an escrow receipt for
$2 50 in Pref. 7% Cum. stock of Hercules Powder Co., Inc., at par. The
last-mentioned amount of stock was held by J. S. Bache & Co. in escrow
pending the liquidation and discharge of certain liabilities .of Aetna Explos.
C o., but on Sept. 6 1922 the escrow receipts were exchanged for certificates
of preferred stock. V. 112, p. 263: V. 115, p. 1215.
The Hercules Explosives Corp. was incorporated June 4 1921 in N. Y .
with an authorized capital of 80.000 no par value shares. The company
is a subsidiary of Hercules Powder Co. and was organized to acquire the
assets and business of Aetna Explosives Co., Inc., which it did June 7 1921.
The Aetna Explosives Co. 6% bonds. Series A, due Jan. 1 1931, and
Series B, due Jan. 1 1941 ($3,688,875 outstanding Dec. 31 1923) are solely
a liability of the Hercules Explosives Corporation.
STOCK.— The stockholders on Oct. 24 1922 increased the authorized
capital stock from $10,000,000 Common and $10,000,000 Preferred to
$20,000,000 Common and $20,000,000 Preferred. The directors declared
out of the surplus earnings a stock dividend of 100% on the Common stock
payable Nov. 25 1922. Compare V. 115, p. 1327.
Common Dividends—
1916. 1917. 1918. 1919. 1920. 1921. 1922. ’23.
Regular (% )-----------------8 8
8
8
8
8 10X
6
Extra, cash (% )________ 39>£ 14
8
8
8
4
-2
do Red Cross ( % ) . .
1
1
Anglo-French bonds (% ) 47H 47
do price at which taken 95
94
Extra, in common stock.
..
..
..
_.
..
. . 100
Paid in 1924: March 25, I X %■
R E PO RT.— For 1923 , in V. 118, p . 788, showed:
Calendar
Gross
Net (All
Preferred
Common
Balance,
Year—
Receipts.
Sources). Dividends. Dividends. Sur. or Def.
1923______ $22,260,796 y$2,508,670 $711,050 $1,144,000 sur.$653,619
1922______ $18,728,887 $2,264,895 $667,620
$858,000 sur $739,276
1921______ 16,091,391
820,965
572.030
858,000 def 609,065
1920--------- 20,384,866
419,384
1,144,000 defl.071,134
492,250
1 993
1 Q99
Quarters end. Mar. 31 .
1921.
1924.
Gross receipts_________ . $5,171,399 $5,503,261 $4,243,659 $2,828,238
vNet earns., all sources.
def62,401
433,828
679,899
375,847
179 ,369
Pref. div. (1H % )_____
177,160
160,834
116,652
$254,460
$502,740
$215,013 def$179,053
Balance, surplus_____
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. 118, p. 2187.)
HERSHEY CHOCOLATE CO.— (V. 118, p. 1527.)
HOCKING VALLEY PRODUCTS CO.— (V. 117, p. 2777.)
HOMESTAKE MINING CO.— Incorp. in California Nov. 5 1877. Owns
over 4,000 acres, located in the White Wood Mining District, near Lead,
Lawrence County, So. Dak., where the company has a large gold mining
plant, including reduction works, stamp mills, electric plants, &c,
D IV 8f 1910 to 1912.
1913.
1914 to 1916.
1917.
1918-24.
Since'09(50c. monthly 65c. monthly 65c. monthly 65c. mthly
text
E x tr a .. I
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 monthly:
Nov. 25 1922 to M ay 26 1924 paid 50 cents monthly; also paid $1 extra on
April 25 1924.
REPORT.— Net income for the year ending Dec. 31 1922 amounted to
$931,659, after deducting taxes, depreciation, depletion and all charges, but
before deducting $1,506,960 for dividends paid. V. 118, p. 1780.
Pres., Edward H. Clark, N. Y .; V .-P ., Fred. T. Elsey, San Francisco;
Treas., L. T . Haggin, N. Y .; Sec., R. A . Clark, San Francisco, Cal. Office,
Room 910 American Bank Bldg., San Francisco.— (V. 118, p. 1780.)
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, m edicim land pharma­
ceutical preparations. At 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 interest in
Household Products, Inc., and has assumed the management o f the corp.

184

INDUSTRIAL AND PUBLIC UTILITY

M ISC 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]

Houston Oil Co— Common stock certif $25,000,000 a u th ..
Preferred stock certificates 6% cumulative_______________
Accrued dividend certifs (see text) $2,394,065 authorized.c*
H u dson M otorjCar Co— Stock 2,000,000 shs auth_________
Humble Oil & Refining— Capital stock $43,750,000______
Child debenture bonds red (text)_______________G.c*&r*
Hupp Motor Car Corp— Common stock auth $10,000,000..
Hydraulic Power Co of Niagara Falls— See Niagara Falls
Hydraulic Steel Co— Common stock 500 000 shares a u th ..
Preferred stock 7% cum conv red 102H $6,000,000 a u th ..
Ten-year s f gold notes red 107 X _________________ xxxct
Illin o is Bell T eleph one— Stock $70,000,000 authorized____
1st & ref mtge Ser A red (text)_________________ FC-c*&r*

Date
Bonas

Par
Value

1912

500 &c
None
25
1,000 &c
10
Co.
None
100
100 &c
100
100 &c

1922
Power
1920
1923

$100 $25,000,000
8,947,600
100

D IV ID E N D S .— An initial div. o f 75 cents a share was paid M ay 31
1923: same amount paid quar. to June 2 1924.
■••REPORT.—-For 1923. in V. 118, p. 913 and 1275, showed:
P r o fit _______ ________________________________________________ $2,630,355
Deduct— Est. Fed. taxes, $311,635: divs., $1,125,000; total___ 1,436,635
^Surplu s_____________________________________________________$1,193,720
Profit and loss surplus________________________________________ $959,027
OFFICERS.— Pres., A. H. Diebold: V.-P. & Sec., Frank A . Blair;
Treas., Albert Bryant; Gen. M gr., W . E. Weiss.— (V. 118, p. 1275.)
HOUSTON OIL CO. OF TE XA S.— Incorp. July 5 1901 in Texas
Owns the oil and gas rights on over 800,000 acres o f land in Texas. The fee
simple o f the lands together with all mineral rights thereon other than oil
and gas was sold in 1915 to the Southwestern Settlement & Development
C o. (not incorporated).
The stockholders in N ov. 1916 ratified the acquisition by the Federal
Petroleum C o. and the Republic Production Co. o f 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 o f the company’s oil development o f 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 o f 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 o f 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 C o., under which the
Houston Oil Co. receives in settlement $3,000,000 in 7% notes, payable
semi-annually in installments o f $150,000 and secured by a lien on the
Kirby Lumber C o.’s timber. Compare V. 112, p. 1982.
CA PITA L STOCK.— Certificates under the terms o f a Readjustment
Plan dated July 1911, the Readjustment Managers assigned to the Mercan
tile Trust & Deposit Co. o f Baltimore, trustee, under a Readjustment and
Voting Trust Agreement, all the pref. and com. stock deposited with them,
against which were issued Certificates o f Beneficial Interest. Under this
agreement, the divs. accrued to Jan. 1 1912 were separated from the pref.
•stock by the issue o f (a) Pref. stock certificates carrying 6% divs. from Jan. 1
1912, which were issued for pref. stock par for par (6) accrued div. certificates
which were issued for the divs. unpaid to Jan. 1 1912. The certificates
have priority, both as to principal and interest, over the pref. stock and are
redeemable at any time upon payment o f principal and all interest coupons,
whether matured or unmatured, attached thereto. Of the $2,394,065
originally issued, $1,577,500 had been acquired by the company to Dec. 31
1922.
DIVS.— At the end o f 1911 accumulated divs. on pref. stock amounted to
54% . Payments were resumed on Aug. 1 1912 with a div. of 3% , which
amount has been paid semi-annually to Feb. 1924. The 54% back divs
were paid with an issue o f $2,394,065 6% Accrued Dividend Certificates
(See above).
EARN ING S.— For 12 mos. ended Dec. 31 1923. in V. 118, p. 1143.
showed: Total income, $3,852,230: net income, $1,529,169: pref. divs.,
$536,856: bal., sur., $992,313.
OFFICERS.— Pres., E. H. Buckner; V.-P. & Treas., L . S. Zimmerman;
Sec.-Auditor, A . H. Kennerly.— (V. 118, p. 1918.)
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 1924
paid 75 cents quar. On April 15 1924 paid a stock dividend of 10%.
R E PO RT.— For fiscal year ended N ov. 30 1923, in V. 118, p. 199:
Consolidated Income Account Years ended Nov. 30.
1923
1922
Gross profit____________________________________ $14,472,351 $12,631,176
Other income__________________________________
386,675
317,666
___________ $14,853,026 $12,948,842
Total income _____ ____ ______ .
4,693,965
Expenses, depreciation, &c
. _____ ___________ 5,706,002
1,012,200
Provision for Federal taxes _ . _ _ -.___________ 1,143,400
Net income - __________
__________________ $8,003,624
Dividends paid______ ______________ ............ ........ 3,601,255

$7,242,677
1,761,489

Balance, surplus______________________________ $4,402,369 $5,481,188
Profit and loss surplus N ov. 30__________________ 9,459.979
5,289,475
Net income after depreciation, Federal tax provision and all charges, for
the quarter ended Feb. 29 1924, was $1,301,363.
OFFICERS.— Chairman, R . D. Chapin; Pres., R. B. Jackson; V .-P . &
Treas., W . J. McAneeny: Sec., A. Barit. Office, 12601 East Jefferson
Ave., Detroit, M ich.— (V. 118, p. 2049.)
HUMBLE OIL & REFININQ CO.— ORGAN IZATION.— Incorp. in
1917 in Texas. Has large holdings of well selected leases upon lands In all
sections of Texas and has considerable holdings in Louisiana and_Oklahoma.
Transportation facilities, &c., compare V. 115, p. 188. Anti-trust suit,
V. 117, p. 1241; V. 118, p. 558, 1780.
STOCK.— The Standard Oil C o. o f N . J. owns 60% o f the Capital stock
rhe 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
of record Oct. 28, $10,250,000 o f 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 o f 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 of 30c. a share on the outstanding
$43,750,000 capital stock, par $25, were paid April 1, 1923 to April 1,
1924. Holders of record Dec. 18 1922 received a 75% stock div. Previous




Am ount
Outstanding

Bate

%

When
Payable

F & A
6
F & A
816,565
6
1,320,000sh See text
Q— J
Text
43,750,000 See text
5X g J & J
25,000.000
Q— F
10
9,138,090

[V ol. 118,

Last Dividend Places Where Interest anc
Dividends are Payable
and Maturity

Feb 1 1924 3%
Feb 1 1925
July 1 *24 75c.
Apr 1 ‘24 30c
July 15 1932
M ay 1 1923 2 X

Checks mailed
New York and Baltimore
New York.
New York

Dec 31 ’20 75c
294,518 sh. See text
Mar 31 ’ 21 I X
5,998,900 See text
New York
M & N N ov 1 1930
8g
2,957,500
8
Q— M 31 M ar. 31 '24 2% Chicago
60,087,500
New York and Chicago
J & D June 1 1956
5g
49,992,700

to this stock distribution, divs. at the rate of 8% per ann. (2% quar.)
were paid on the old stock, par $100.
The 5 X % gold debenture bonds o f 1922 are redeemable as a whole only
at 105 and int. to July 15 1925, and at 102X 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.
R E PO RT.— For 1923, in V. 118, p. 1671 and 1780, showed:
Calendar Years—
1923.
1922.
1921.
Total income______________________ $40,356,536 $26,490,523 $24,247,867
Cost o f operation and interest_______ 26,466,642
19,760,643 17,147,236
D epreciation_______________________ 6,664,383
5,646,506 5,243,524
D epletion__________________________ 2,167,319
2,239,853 3,000,000
Dividends paid____________________
2.100.000
x
x
B alan ce_______ _____ _________ sur.$2,958,192df$l,156,479df$l,142,893
x Dividends paid out o f surplus in these years.
President, W . S. Farish, Houston, Texas.— (V. 118, p. 2187.)
HUPP MOTOR CAR CORPORATION .— ORGA N IZA TIO N .— Inc. on
Nov. 24 1915 in Va. to make automobiles and take over the business and
properties of the Hupp M otor Car Cos. of Detroit and Canada, and the
Amer. Gear & M fg. Co. of Michigan. V. 101, p. 2074; V. 102, p. 2079.
Also owns the Detroit Auto Specialty Corp. and the H. & M . Body Corp.,
Racine Wis.
C A PITA LIZA TIO N .— Stockholders of record Dec. 24 1923 were offered
342,678 shares o f treasury stock at $12 50 per share. The entire outstand­
ing pref. stock was retired on April 1 1924. V. 118. d . 90. Initial common
div. of 2 X % paid in Feb. 1920; to M ay 1924, 2M % quar. On March 15
1923 paid 10% in common stock.
R E PO RT.— For 1923, in V. 118, p. 1918, showed:
1923
1922.
1921.
1920.
Net profits after taxes..
$2,635,788 $3,763,984
$895,278 $2,366,339
Pref. dividends ( 7 % )-- 37,822
58,873
66,234
70,996
Common dividends_____
558,150
519,210
519,210
519,210
Balance_____________ $2,039,816 $3,185,901
$304,834 $1,776,133
Report for quarter ended Mar. 31 1924 in V. 118, p. 2049.
OFFICERS.— Chairman of 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.
118. p. 2049.)
HYDRAULIC STEEL CO. (T H E ).— Incorp. in Ohio on Dec. 2 1919
and took over the business, assets and liabilities o f its predecessors, The
Hydraulic Pressed Steel C o. and the subsidiaries o f The Hydraulic Pressed
Steel C o., i. e., the Canton Sheet Steel Co. (sold in 1922; V . 114, p. 2475),
the Cleveland Welding & M fg. 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 all
other things which may be incident thereto.
Receiver Appointed.— Upon application of officials of the company, Fedral Judge D. C. Westenhaver at Cleveland Oct. 26 1923 appointed Thomas
P. Goodbody (V.-Pres.) receiver for the company. Compare V. 117, p2000.
Noteholders' Committee.— The following noteholders' committee has been
formed: John H. Mason (Chairman Bank of North America & Trust C o.),
Wilfred H. Cunningham (Kurtz Bros.), Walter C. Janney (Chairman
Janney & C o .), with Stephen G. Duncan, Sec., 133 So. 4th St., Philadelphia,
and Roberts & Montgomery, Philadelphia, ard Tolies, Hogsett, Ginn &
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.
CAPITAL STOCK.— Pref. stock is pref. as to assets as well as to divs. and
Is redeemable at 102 K . 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 IV ID E N D S.— 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.
April 1921 div. was omitted.
NOTES.— See V. I l l , p. 1857.
RE PO RT.— For 1922-23, in V.,117, p. 1468, showed:
Years ended June 30—
1923.
1922.
1921.
Net sales.............................................__ $6,122,229 $4,759,384 $10,481,050
Expenses and depreciation__________ 6,143,117 5,102,696 11,980,160
Int.,disc.,prov.for doubtful accts.,&c. 308,702
512,962 1,058,216
D eficit................................................
$329,590
$856,274 $2,557,326
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. 118. p . 2049.)
ILLINOIS BELL TELEPHONE CO.— Incorp. in Illinois Jan. 14 1881
as the Chicago Telephone Co. On Dec. 1 1920 the Chicago Telephone Co
purchased the telephone plant and property of the Central Union Telephone
C o., within the State of Illinois, and in view of its wider field of operations
the name of the Chicago Telephone Co. was changed on Dec. 23 1920 to
Illinois Bell Telephone Co. V 111. p. 2232, 2427: V. 112. p 378. American
Tel. & Tel. Co. owns over 98% of the stock. City of Chicago franchise
granted 1907, expiring Jan. 8 1929, provides that 3% of gross earnings are
to be paid to city annually. Rates, V. 117, p. 786,1561. Tentative valua­
tion, V. I l l , p. 1854.
STOCK.— The stockholders in June 1921 authorized an increase in the
capital stock from $40,000,000 to $50,000,000; in March 1922 to $60,000,000
and in April 1923 to $70,000,000, the new stock being offered to stock­
holders.
D IV ID E N D S.— For many years 10% yearly; since Dec. 1908 2% quar.
(stock div. Oct. 1908, 20% ); 1909 to M ar. 1924, 8% (Q .-M .).
BONDS.— The first & ref. mtge. Series A bonds are redeemable as a
whole only upon 60 days' notice on June 1 1929 or on any int. date there­
after at the following prices with accrued int.: if on or prior to Dec. 1 1952
at 105, and if subsequent to Dec. 1 1952 at par. (For security, sinking
fund provisions, &c., see V. 116, p. 2772.) Proceeds of this issue were
used for (1) the retirement of $15,530,179 3-year 5% unsecured notes,
(2) $19,004,000 1st mtge. 5% bonds due Dec. 1 1923 (issued under the
name of the Chicago Telephone Co.) and two small mortgages aggregating

M ay , 1924.]

M ISC E L LA N E O U S C O M P A N IE S
[For abbreviations, & c., see notes on page 6]

Date
Bonds

Par
Value

Illin ois P ice Line Co— Stock $20.000,000_______
Illin ois Power & L ight C orporation— See text

$320,000 due within the next few years; (3) and balance for additions,
betterments. &c.
RE PO RT.— For 1923, in V. 118, p. 800 and 1389, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Telephone oper. revenue.$51,635,444 $47,667,284 $44,469,882 $33,201,708
Total gross income_____ 9,350,773
8,628,893
7,849,120 2,833,543
Rent and miscellaneous.
709,141
203,229
180,841
135,699
Interest--------------- 2,789,402
2,072,036
2,042,327 1,271,383
Dividends------------ 4,803.408
4,000,000
3,600,000 3,200,000
Balance, surplus------- $1,048,820 $2,353,629 $2,025,952d f$ l,773,539
OFFICERS.— Pres., W . R. Abbott; V.-P. & Gen. M gr., F. O. Hale;
V .-P ., B. S. Garvey; Sec., E. G. Drew; Treas., W. J. Boyd.
Office,
Chicago, 111.— (V. 118, p. 2311.)
ILLINOIS PIPE LINE CO. (THE)— ORGAN IZATION .— Incorp. in
Ohio on Nov. 30 1914 and took over as o f 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 o f 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 o f Ohio Oil Co. V. 99. p. 1678, 1913; V. 100, p. 144.
LATE DIVS.
1917.
1918.
1919.
1920. 1921. 1922. 1923.
Per cent...........
22
14
16
18
16
14
11
Paid in 1924: June 30, 6% .
R E P O R T — For 1923, in Y. 118, p. 1275, showed:
Calendar Years—
1923.
1922.
1921.
Net profits------------------------------------- $2,233,199 $2,808,255 $4,399,863
Dividends--------------------------------- (11 %)2,200,000 (14)2800,000(16)3200,000
Surplus^
----------------$33,199
$8,255 $1,199,863
W. A. Miller, Lima, O.; V.-P. & Treas., W. E . Badger; Sec., O. F.
M oore, Findlay. O.— (V. 118, p. 2579.)
ILLINOIS POWER & L IG H T CORPORATION .— (See M ap.).—
ORGANIZATION.— Organized early in 1923 and is a consolidation and
merger o f the following companies:
Plan was approved by the Illinois Commerce Comm, in M ay 1923.
V . 116, p. 2388.
Group (1), Illinois— Companies Consolidated and Merged into Illinois
Power & Light Corp.
St. Louis Elec. Bdge. C o.(Y .98,p .74) Kerens-Donnewald Coal Co.
Bloomington & Normal Ry. & Lt. Co. Madison County Light & Power Co.
V. 109, p. 886)
(V. 104, p. 668).
Citizens Lighting Co. (V. 75, p. 292) Monticello Electric Light Co.
Citizens Pure Ice Co.
Mound City Light & Water Co.
Cdnton Gas & Electric Co.
Northern Illinois Light & Traction
Consumers W. & Lt. Co. of Marseilles Co. (V. 97, p. 729)
Danville Consumers Coal Co.
♦Peoples Trac. Co. (V. 108 p. 480)
Danv. St. R y. & L t.C o .(V .lll p.588) Peoria R y. (V. 112, p. 470)
Danv. & East. 111. Ry. (V. 98, p. 235) Quincy Ry. (V. 94, p. 1628)
Danville & Northern R R .
Urbana Champaign R y., Gas & Elec.
Danville & South Eastern R y.
Co. (V. 113, p. 2820)
Decatur R y. & Lt. Co. (V.112jp.652) Urbana Light. Heat & Power Co. (V.
Galesburg R y., Ltg. & Power Co. (V.
105, p. 2462)
115, p. 1320)
Utility Gas Coal Co.
Galva Electric Light Co.
Southern Illinois Light & Power Co.
Jacksonv. R y . & L t. C o . (V .99.p. 1748) (V. 114. p. 2587)
* Peoples Traction Co. properties taken over by Galesburg R y.,
Lighting & Power Co.
Companies Whose Entire Stocks are Owned by the III. Pow. & L'ght Corp.
Group (2), Interurbans.— (1) Illinois Traction, Inc., into which have been
consolidated Bloomington Decatur & Champaign R R . (V. 102, p. 65);
Danville Urbana & Champaign R.v. (V. 106, p. 85); Illinois Central Traction
Co. (V . 108, p. 2681; St. Louis Springfield & Peoria R y. (V. 114. p. 522),
Chicago Ottawa & Peoria R y., and (2) St. Louis Electric Terminal Ry. Co
Group (3) Missouri.— (1) Jefferson City Light, Heat & Power C o., which
owns substantially entire capital stock o f Jefferson City Br. & Trans. Co.,
and (2) North Missouri Light & Power Co. Early in 1924 these properties
were sold and have been conveyed to the Missouri Power & Light Co.
V. 118, p. 1401.
Group (4), Cairo Properties.— Cairo Ry. & Light C o., which owns entire
capital stock o f Cairo City Gas C o., Cairo Electric & Traction C o., and
Cairo & St. Louis R y. Co.
Group (5). Nebraska.— Omaha & Lincoln R y. & Light Co.
Group (6), Kansas.— (1) Topeka R y. & Light C o., which owns entire
capital stock of Topeka Edison C o., Topeka R y. Co.; (2) Wichita R v. &
Light C o., and (3) Atchison R y., Light & Pr. Co. In Apr. 1924 the Topeka
R y. & Lt. Co., the Atchison R y., Lt. & Pr. Co. and the Wichita R y. & Lt.
Co. were merged into the Kansas Public Service Co., which owns all the stock
of the Topeka Edison Co. and the Topeka R y. Co. and has acquired all
the com. stock of the Kansas Pr. & Lt. Co. See V. 118, p. 1772, for further
details.
Croup (7), Iowa.— Des Moines & Central Iowa Electiic Co. (which will
hold stock of the following underlying companies pending ultimate merger:
Colfax Electric Light Co.; Des Moines Electric Co. [V. 114, p. 2019]; Mills
County Power Co.; Montezuma Elec. Light, Power & Heating Co.; New
Valley Junction Watei & Light Co.; Oskaloosa & Buxton Elec. Ry. Co. [V.
83, p. 1471]; Oskaloosa Light & Fuel Co. [holding company does not own all
stock]; and Oskaloosa Traction & Light Co. [V. 98, p. 8391.)
Practically all of the above companies formerly constituted the Illinois
Traction System. Directly owns and operates or controls electric power and
light, gas, heat and city railway properties in a large number o f municipali­
ties in north central, central and southern Illinois. In Sept. 1923 purchased
the Missouri Utilities Co. of Mexico, M o., name since changed to Missouri
Power & Light Co. V. 118. p. 1401. In Nov. 1923 acquired the M on­
mouth Public Service Co. V. 117, p. 2432. Also acquired in Nov. 1923
the Armour holdings o f stock (reported at approx. 30% o f total outstanding)
m the Kansas City Power Securities C o., which co. owns all the com. stock
of the Kansas City Power & Light Co. V. 117, p. 2323. Most of the
principal lighting franchises are unlimited as to time. The electric railroad,
except in municipalities, is almost entirely on private right-of-way.
Exchange of Pref. Stocks for Stocks of Constituent Cos.— For offers made to
stockholders o f Illinois Traction Co. and the Bloomington & Normal R y.
& L t. C o., Western Rys. & Lt. Co. and Southern Illinois Lt. & Power Corp.,
see under separate captions in “ Chronicle” o f July 7 1923, page 86.




185

INDUSTRIAL AND PUBLIC UTILITY
Am ount
Outstanding

Bate

%

When
Payable

100 20 .000.000 See text J

Last Dividend
and M aturity

Places Where Interest ane
Dividends are Payable

& D June 30 ’24 6% Findlay. Ohio

New Power Project.— In Dec. 1923 the co. announced plans for the
building of a steam generating electric power station near Des Moines, with
an ultimate capacity o f over 200,000 h. p. and to cost more than $16,000,000. V. 117, p. 2769.
STOCK AND BONDS—
Date.
Interest. Outstanding. Maturity.
----------400,000sh. A p r ‘24, 25c
Common (no par)----------------- -------Partic preferred 6% cum ( $ 5 0 ) ____
_______
$1,875,300 Apr '2 4 ,1 A
1st prer 7% cum $25,000,000
($100)......... ......... ................................... ............
21,350,800 A p r’24,154
30-yr sk fd deb (closed) goldf 1923
7 g A-O
9,949,800 April 1 1953
($100 , $500 & $1,000 c*andjCentral Trust Co. o f Illinois, Chicago,
$1,000, $5,000& $10M )r*tf ( trustee.
1st & ref mtge Series “ A ” ($100, [1923 6 g A -O
40,200,000 Apr 1 1953
$500 & $1,000 c*. and $ l,-[ Harris Trust & Sav. Bank, Chicago, trustee.
000, $5,000 & $10,000 r*)gtf I
Bloomington & Normal Ry. & Lt.—
1st and gen mtge, $3,500,000\ 1911 5 J-J
1,093,000 Jan 1 1928
gold ($1,000)______c*&r.tf [Illinois Trust & Sav. Bk., Chicago, trustee.
B & N R E & H 1st mtge.l
19u2 5 g J-D
353,000 June 1 1927
$600,000 ($1,000) g s f.c * t f [Int. at 111. Trust & Sav. Bk., Chic., trustee.
Bond secured notes___________ 1921 7 H %
167,200 Jan 1 1928
Citizens Lighting Co.—
First moitgage 6 % ____________1922
6%
350,000 Feb 1 1926
Clinton Gas & Electric Co.—
FLst mortgage 6 % __________1907
6%
139, j00 Nov 30 1937
Consumers Water & Light—
First mortgage 5 % __________1905
5%
30,000 Dec. 1925
Galesburg By., Ltg. & Pow. Co.—
Consol ref mtge $5,000,00/1 ±916
5 g J-D
848,500 Oct 1 1934
($1,000) red at 105— c*& rjlnt. at Merchants’ Bank of Canada, N . Y.
Bond sec notes guar $750,000- 1921 7 M -N
300,000 N ov 1 1926
Galesburg R y & Lt 1st cons
1904 5%
781,000 July 11934
Madison County Lt. & Pow. Co.—
1st mtge $1,000,0J0 ($1,000) f 1906
5 g J-D
601,000 Dec 1 1936
gold-------------------------- c*tf[ Int at agey. Merch. Bank of Canada, N . Y .;
I Central Tr. Co. of Illinois, Chic., trustee.
Bond secured notes $300,000-. 1921
7 M -N
51,700 N ov 1 1926
Peoria Railway—
First & ref mtge $3,60J,00fl 1906
5 g F-A
1,884,011 Sec text.
gold ($ i,j0 0 )------------ c*tf[interest payable in New York.
Quincy Railway—
First ref $..500,000_______ ti i912
5%
582,000 Feb 1 1932
Jacksonville Ry. & Light—
Jack Ry & Lt 1st cons M , $l,-\ 1906
5 g J-J
595,000 Jan 1 1931
000,000 gu g ($1,000)_c*.tf [Central Trust C o., Chicago, trustee.
Jacksonv Gas Light & C o k e l ____
5 J-J
70.000 Jan 1 1931
Co first mortgage------- n tf [Int. at Merchants’ Loan & Tr. C o., Chicago.
Southern Illinois Light & Power—
First mortgage 6s______________ 1913
6%
2,162.800 Jan. 11931
First ref Mtge Series “ A ” 7s___1921
7%
3,623,600 Dec. 11941
Series “ B " ________________ 1921
6%
423,000 Aug. 11942
Secured notes________________ 1923
7%
300,000 __________
Un G & E Litchfield 5s________ 1907
5%
43,000 N ov. 11937
Saline Elec Mtge 6s____________1916
6%
560,600 Sept. 11926
City of M t Vernon serial 6s_ 1900
_
6%
17,500
T o 1930
Centralia Gas & Elec Co 5s_ 1904
_
5%
250,000 M ay 11924
St Clair Co Gas & Elec 5s_ _____
_
5%
1,233,000 Mar. 11959'
Bonds.— The first & ref. mtge. Series “ A ” 6% bonds are redeemable on
any interest date at 105 and int. to and incl. Oct. 1 1943, and thereafter at
par and int. plus a premium of A % for each year or portion of a year of
unexpired term. Improvement fund provided for in mortgage. Int. pay­
able in Chicago or New York. Penna. 4 mills and Maryland 4 A mills
taxes and Conn, and Dist. of Columbia personal property taxes not exceed­
ing 4 mills per $1 per annum, and Mass, income tax on int. not exceeding
6% of such interest per annum, refunded. M . H. MacLean is co-trustee.
V. 116, p. 1532. The 30-year 7% debentures are red. on any int. date on
60 days’ notice at 105 and int. The trust indenture provides for the pay­
ment to the trustee of $400,000 each 6 mos. during the life of this issue, the
balance thereof remaining after the payment o f int. to be used for the re­
tirement of these debenture bonds by purchase or by call. It is estimated
that this sinking fund will retire more than 93% o f the entire issue or at
before maturity.— Int. payable in N . Y . or Chicago. Co. agrees to reim­
burse holders for the Penna. 4-mills and the Maryland 4 -mills taxes, and
for the Conn, and Dist. of Columbia personal property tax not exceeding
4-mills per $1 per annum, and for the Mass, income tax on int. not exceed­
ing 6% of such int. per annum. V. 116, p. 2015.
Bloomington & Normal Ry. & Light.— Of the $1,583,000 first and gen.
mtge. bonds. $209,000 are pledged as collateral for $167,200 of notes,
Int. in New York or Chicago. Callable as a whole or in part for sinking
fund at 102 A and interest on any interest date. Sinking fund o f 2% of
bonds out annually. $281,000 not incl. in amt. reported outstanding are
in sinking fund. V. 93, p. 665. The Railway Elec. & Heating Co. bonds
are subject to call at 110 and int. Sinking fund. $10,000 annually, began
June 1908; $246,000 not incl. in amt. reported outstanding are in sink. fund.
Galesburg Ry., Ltg. A Power Co.— Sufficient consol, ref. mtge. bonds are
reserved for prior liens and remainder for additions, &c. Sinking fund
retired 1A % of bonds outstanding April 1 each year and 1A % of all under­
lying bonds not pledged under the consol, ref. mtge. Up to Apr. 1 1924.
$269,000 had been retired. The Old Colony Trust Co., Boston, is trustee.
Bond secured 7% notes are guar., prin. & iDt., by Illinois Trac. Co. Are
secured by deposit of $400,000 consol, ref. 5s, due 1934. Central Trust Co.
of Illinois, Chicago, trustee. V. 108, p. 268; V. I l l , p. 588; V. 112, p. 460;
V. 114, p. 2579: V. 115. p. 1320.
Madison County Light & Power.— Sinking fund of 1)4% o f bonds pre­
viously certified began Oct. 1 1916; bonds retired to be canceled. Can be
called on four weeks’ notice on any int. day at 105.
The $51,700 bondsecured 7% notes are secured by $69,000 1st mtge. bonds.
Peoria Ry.— Of $3,600,000 1st & ref. bds. $1,245,000 have been retired.
The trustee is the Illinois Trust & Savings Bank, Chicago, 111. Remaining
bonds mature on Feb. 1 as follows: $130,000 in 1925 and the remaining
$1,754,000 in 1926. They are subject to call on any int. date at 105 and
int. See V. 83. p. 436; V. 89, p. 42; V. 90, p. 560.
Jacksonville Ry. & Light.— The 1st consols, are guar., prin. & int., by
Illinois Trac. Co. Are subject to call on any int. date at 105. Int. at
Merchants’ Bank of Canada, New York. $105,000 Jack. Gas Light <
fc
Coke retired.

186




INDUSTRIAL AND PUBLIC UTILITY

[V ol. 118,

Date
Bonds

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

In d ep en d en t Oil and Gas Co— Stock 1,000,000 sharesauth -----•
ndiana Pipe Line Co— Stock S5.000.000
___ — ____Indian R efin in g Co— Common stock $10,000,000 auth... ____
Pref (a & d) stock 7 % cum convert (text) $3,000,000 auth_______
Ingersoll-kand— Common stock $30,000,000 authorized___ ____
Pref stock 6% cum (a & d) option (see text)_____________ ____
First mtge $3,000,000 gold red 105 since 1911____N.xo*&r 1906
Inland Steel Co (new co)— 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.c* 1908
In spiration C onsol Copper Co— Stock $30.000,000--------- ------

Par
Value

Amount
Outstanding

None
$50
10
100
100
100
100 &c
None
100
1.000
20

450,000 sh.
$5,000,0003
7,851,800
2,296,400
24,056.300
2,525.500
1.000.000
l,182,799sh
10, 000.000
600.000
23.639.340

R E PO RT.—
Earnings Statement for Twelve Months ending Dec. 31 1923.
[Since operation under new plan.)
Gross earnings, $27,930,855; operating, maintenance & taxes,
$18,811,807; net earnings---------------------------------------------------- $9,119,048
Deduct interest_______________________________________________ $4,135,583
Bond discount________________________________________________
220,714
Dividends— Pref. divs. (incl. sub. cos.)________________________ 1,358,330
Depreciation_________________________________________________ 2 , 000,000
Balance, surplus___________________________________________ $1,404,421
(Compare also V. 118, p. 2304.)
PRO PE R TY, See.— The power and light properties of the corporation
comprise electric generating stations with an aggregate capacity of 256,000
h.p. installed or in process o f installation, and distributing systems furnish­
ing electricity without competition to over 190,788 customers.
The gas properties have an installed daily generating capacity o f over
18,500,000 cu. ft. o f artificial gas and distributing systems serving over
70,667 customers.
The city railway properties, comprising over 241 miles o f track, serve the
cities of Danville, Champaign. Urbana, Decatur, Peoria (76.121), Cairo,
Quincy (35,978), Bloomington. Galesburg, Ottawa, Illinois; Atchison,
Topeka and Wichita (72,217), Kansas; Jefferson City, M o., and Oskaloosa
Iowa.
The electric trunk line railroad, comprising over 556 miles of main line,
modern, standard-gauge railroad, Is equipped with automatic block signal
systems, repair shops, car barns and 1,223 freight and passenger cars.
This system connects the cities o f Peoria, Springfield, Bloomington, Dan­
ville, Urbana, Champaign and Decatur with Edwardsville. Granite City,
Madison, Venice and St. Louis, entering St. Louis over a steel toll bridge
owned by the corporation in fee, into its own terminal in the heart of
St. Louis. Another trunk line connects the cities o f Joliet, Ottawa, Mar­
seilles. Peru and Princeton.
OFFICERS.— Chairman of Board. W m. B. McKinley; Pres., Clement
Studebaker Jr.; V.-Ps., W . A . Baehr and H. L . Hanley; V .-P . & Sec.,
Scott Brown; V .-P. & Treas., Geo. M . Mattis.— V. 118, p. 2304.
Note.— For statements o f controlled properties, see “ Electric Railway
Section,” April 1924, page 21.
INDEPENDENT OIL AND GAS CO.— Incorp. Oct. 18 1919 in Dela­
ware. Properties are located in Creek, Hughes, Kay, Lincoln, McIntosh,
Okfuskee, Okmulgee, Pottawatomie, Seminole and Tulsa counties, Okla.
D IV ID E N D S.— The company has declared three quarterly dividends of
25c. a share, payable June 30, Sept. 30 and Dec. 31 1924 to holders of record
June 14, Sept. 14 and Dec. 12 1924, respectively. A like amount was paid
March 31 1924.
REPO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross sales and earnings
from operations______$1,433,728
$3,381,242
$224,747
$282,312
Producing, oper., general
and admin, expenses.369,662
1,223,890
209,940
268,017
Gross earnings_______ $1,064,065 $2,157,352
Taxes, dry holes, surren­
dered leases, &c______
284,621
456,052
Net earnings________
Interest and discounts.-

$779,445
3,249

$14,807

$14,295

149,996

124,232

$1,701,300 def$135,189 def$109,937
30,702
19,666
16,158

Net income_________
$776,196 $1,670,598 def$154,855 def$126,095
The surplus account Dec. 31 1923 shows: Earnings Nov. 1919 through
Dec. 31 1922, $2,446,050; add earnings for the year 1923, $776,196; total
earnings available for surplus and reserves, $3,222,245; less dividends from
earnings and reserves, cash. $456,199; stock, $2,043,824; surplus before re­
serves Dec. 31 1923, $722,222; less reserves for depletion, depreciation and
doubtful accounts, $2,252,198; balance, deficit, Dec. 31 1923, $1,529,976.
Earnings for 3 months ended March 31 1924 in V. 118, p. 2049.
OFFICERS.— Pres., E. H. Moore; 1st V .-P ., J. W . McCulloch; 2d V .-P .,
W. S. Bouvier; Sec. & Treas., T . D. Harris. Office, Okmulgee, Okla.—
(V. 118, p. 2187.)
INDIAHOMA REFINING CO.— (V. 118, p. 2579.)
INDIAN REFINING CO.— Incorp. in N ov. 1904 in Maine. Engaged
in producing, transporting and refining crude oil. Owns the entire capital
stock o f the Central Refining Co.
STOCK.— The pref. stock is convertible into common stock in the ratio
o f one share o f pref. for five shares o f common.
D IV S.— 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 RT.— For 1922, in V. 117, p. 1768 and 2121, showed:
Calendar Years—
1922.
1921.
1920.
1919.
Net earns, from oper— loss$402,5381oss$3557117 $2,663,072 $3,398,968
Deduct— Interest p a id ..
226,566
277,991
353,744
118,172
______
______
y966,217 z l , 537,816
Deprec., deple., & c_.
Pref. divs. (7% p. a .).
xl9,429
180,177
197,902
210,000
Common dividends___
______
______ (16)721,170 (12)360,000
B alan ce____________ def$648,533df$4,015,285 sur$424,039sr$l,172,980
Prof. & loss sur. or def..df$2,071,464df$l .425,931 sr$2,592,354 sr$2.168,316
x Central Refining Co. to Dec. 31 1922. y Includes taxes. $285,000;
inventory shrinkage, $281,431; Central Refg. Co. (loss), $60,250; dry holes,
leases, &c., written off, $339,536. z Includes deprec. & deple.. $812,816
and taxes, $725,000. V. 115, p. 1319.
Report for 6 mos. ended June 30 1923 in V. 117, p. 2210.
OFFICERS.— Chairman, L. B. Franklin; Pres., James H. Graham; Sec.,
D. G. Siemer. Office, 244 Madison Ave., N . Y .— (V. 118, p. 209.)
INDIANA PIPE LINE CO.— ORGANIZATION. &C.— Incorporated in
Indiana in 1891. Owns pipe lines in State of Indiana. Formerly controlled
by Standard Oil Oo. of N . J.. but segregated in 1911.
DIVS.—
1913. 1914. 1915. 1916. '17. '18. '19 '20 ’21 '22 .23
Regular . % . 32
27
16
16
16 16 16 16
16 16 16
Extra___%
- ......................................
4
8
3
4
. . 44 - On Dec. 30 1922 paid a special dividend of 40% . Paid in 1924 Feb. 15.
4 % ; May 15. 4% .




187

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

Rate
%

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

Q— M 31 Dec 12 ’24, 25c
text y — F
M ay 15 '24 4%
text
See text
text
See text
text Q— J June 2 1924 2%
J & 3 July 1 1924 3%
6
5 g J & J Dec 31 1935
See text Q— M June 1 ’24 62Mc
Q— J July 1 1924 1H
7
6 g A & O To Apr 1928
Set text
Jan 7 '24 2)4%

See
See
See
See

Checks mailed
New York
Checks mailed
do
Offloe 11 B’way. N Y
First Tr & S B. Chicago

RE PO RT.— For 1923, in V. 118, p. 914, showed:
1923
1922
1921
1920
Profits for year________
$965,944 $1,532,856 $1,163,551
$948,301
Dividends___________ (16%)800,000(60)3000,000 (16)800,000 (16)800,000
Balance, surplus_____
$165,944df$l,467,144
$363,551
$158,301
OFFICERS.— D. S. Bushnell, Pres.: R. A. Miller, V.-Pres. S Gen. Mgr
c
J. R . Fast, Sec.: W. F. Livingston, Treas.
Main office, Huntington, Ind. New York office, 26 Broadway.— (V.
118, p. 914.)
INGERSOLL-RAND CO.— ORGANIZATION.— Incorporated In N. J.
June 1 1905 and acquired Ingersoll-Sergeant Drill and Rand Drill companies.
Owns plants at PhllHpsburg, N. J.. Easton and Athens, Pa., and Painted
Post, N. Y . Manufactures air compressors, rock drills, 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 paid a special cash div. of 10%
on the common stock. On Dec. 1 1923 paid an extra cash div. of 20% ;
also declared 10% payable in stock on Jan. 10 1924.
DIVIDEN DS—
’ l l . '12. T3. T4. T5. T6. T7. T 8-’21. ’22. '23.
Common, cash______ %
5 5 5
5
15 50 30 10 yly. 10 38
do stock_________% 25 - - 25 - - - 20 - - _______100
-.
Paid in 1924: Jan. 10, 10% in stock; Mar. 1. 2% in cash; June 2, 2%
in cash.
R E PO RT.— For 1923. in V. 118, p. 2187 and 2311, showed:
1923
1922
1921
1920
Total income____________$7,829,592 $4,982,949 $3,062,824 $5,841,191
Depreciation___________ 1,015,788
1,071,091
1,041,659 1,184,199
Reserve for Federal taxes
792,666
283,595
______
721,064
50,000
50,000
50,000
50,000
Bond interest, &c______
Dividend on pref. stock.
151,518
151,518
151,518
151,518
Common (cash) divs___
6,102,532
3,269,140
1,089,660 1,089,630
Inventory adjustment-______
______
1,388,924
______
Balance, sur. or def__def$282,912 sur$157,604 def$658,938sr$2,644,780
OFFICERS.— Chairman, Wm. L. Saunders: Pres.. George Doubleday
1st. V-P., Wm. R. Grace; Sec., Fred. S. Overton: Treas., Richard D. Pur­
cell. Office. 11 Broadway.— (V. 118, p. 2311.)
INLAND STEEL CO.— ORGAN.— Incorp. In Delaware Feb. 6 1917 a*
successor of Illinois company, incorp. in 1893. and owning (a) at Indiana
Harbor workB with a capacity of 1.000,000 tons of steel p.a. and also by-prod­
uct coking plant, (ft) at Chicago Heights a finishing mill producing about
50.000 tons of steel per annum. In April 1917 purchased 2.000 acres of
coal land 14 miles northeast of Pittsburgh. V. 104, p. 1493. In Jan. 1924
acquired the Milwaukee Rolling Mill C o., the name being subsequently
changed to Inland Steel Co. of Wisconsin. V . 118, p. 673.
STOCK.— The stockholders on April 12 1923 voted: (a) to create an
authorized issue of $30,000,000 7% cum. pref. (of which $10,000,000 has
been sold), and (6) to change the authorized common stock, consisting of
1.200.000 shares, par $25 per share, into a like number of shares without
par value, of which 1,182,799 shares will be outstanding. V. 116, p. 1655.
D IV ID E N D S.— On common: 1917, March, 5% ; June 1917 to M archl920’
incl., 8% p. a. (2% Q .-M .). In June, Sept, and Dec. 1920 gid 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 1924 paid each quarter
62J^c. a share on new stock of no par value.
RE PO RT.— For 1923, in V. 118, p. 558 and 673, showed:
Calendar Years—
1923.
1922.
1921.
1920.
♦Net earnings__________ $7,673,408 $2,434,023 $1,728,031 $6,066,560
Bond interest__________
162,180
288,510
305,310
325,110
Depreciation & depletion 1,321,270
1,004,336
911,993
1,634,389
Federal taxes---------------650,000 ------ ------------ See * below-----------------Employees’ pension fund
265,000
------------------------Preferred dividends___
525,000 • — No preferred outstanding-----—■
Common dividends_____ 2,471,313
1,014,009
1,013,964
2,763,906
Surplus______________$2,278,645

$127,168 def$503,236

$1,343,156

* Net earnings after administration expenses, repairs and maintenance
and Federal taxes for calendar years 1922, 1921 and 1920.
Report for quarter ended March 31 1924 in V. 118, p. 2187.
OFFICERS.— Chairman, L. E. Block; Pres., P. D. Block; 1st V .-P .,
E. M . Adams; Sec. & Treas., W . D. Truesdale.— (V. 118, p. 2187.)
INSPIRATION CONSOLIDATED COPPER CO.— ORGAN IZA­
TION.— Incorp. In Maine Dec. 18 1911. Owns 4,216 acres, of which (a)
1,870 for mining lands, and (5) 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.
D IV ID E N D S.— An initial div. of 6)4% ($125 per share) was paid
May 1 1916: July 1916 to Jan. 1919, incl., 10% quar., also July 30 1917.
IM % 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
to $1 50 0 )4 % )', to Apr. 1920, 7)4% 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.; April 1924 div. was omitted. V. 118, p . 1019.
R E PO RT.— For 1923, in V. 118. p . 2038, showed:
1923.
1922.
1921
1920.
Copper produced (lbs.)_ 88,881,012 67.625,067 15,174 ,768 79.453,740
Sales of copper_________ $10,779,320 $10,236,894 $8,636 498 $10,033,707
Operating expenses, &c_ 8,203,026
9,229,967
9,019 ,722
6,610,001
Adm. exp. & Fed. taxes.
289,262
399,941
166 224
809,189
Other income__________
196,945
328,479
309
112 ,101
D ividen ds_____________ 2,363,934
4,135.885
Depreciation, &c _______
399,965
352,049
264 ,008
648,719
Idle plant expenses_____
______
229,081
1.089 ,066
______
Balance, sur. or def_____def279,922
sur26,166 def 1,790 ,421 def1.842,609
Net cost o f prod, copper. 11.6158 cts.
12.14 cts. 15.208 cts. 14.173 cts.
Operations were suspended April 1 1921: resumed Feb. 15 1922. V. 112,
p. 1350; V. 114, p. 953. 1658.
Pres., L. D. Ricketts, N. Y .; Sec. & Treas., J. W . Allen. Office, 25
Broadway, New York.— (V. 118. p. 2038.)

188

INDUSTRIAL AND PUBLIC UTILITY

[V ol. 118,

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

Date
Bonds

Par
Value

International A gricultural 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 bona*_____________________________ _____Gz
International Cem ent C orp.— Common stock auth.
400,000 shares________________________________ _______
Preferred stock cumulative $5,000,000 auth. red 105_____
Internat Com bus Eng Corp— Stock 450,000 shs auth_____
Internat Harvester C o.— Com stock S130.000.000_________
Preferred (a & d) 7%oum. $100,000,000 See V. 107. p. 1574

____
____
1912
____
1911

None 450.000 sh.
$100 $ 10,000,000
100 &c 8,228,300 „ 5 g
M & N M ay 1 1942
Bankers Trust Co, N Y
None 150,688 shs See text
Q— J Apr 10 ’24, $2
500 &C $5,682,000
c
Guaranty Trust Co, N 1
6 g J (S J July 1 1941

____
____
____
___
___

None
100
None
100
100

INTERNATIONAL AGRICULTURAL CORPORATION.— O R G A N IC TION.— Incorporated on June 14 19091n New York. Owns one-half of tht
■took of the Kallwerke Sollstedt Gewerksohaft, 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,&o.
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
add. v. 110. p. 1419; V. 108, p. 2437; V. 106, p. 932,1482. Stock Increase,
V. 92,’p. 959,1131.1181. Potash supplies, V. 93. p. 287. 231.1197; V. 94
70. 282. Properties owned, &c., see application to list, V. 100. p. 138
ew construction, &c., V. I l l , p. 1274.
Readjustment Plan.— The stockholders on Oct. 3 1923 approved a plan for
the readjustment 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 o f common
stock, o f no par value.
Holders o f the old preferred stock received 1 X 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 X 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 o f the com­
pany $1,771,700 o f bonds available for future corporate purposes. (Com­
pare V. 117, p. 1241, 1669, 1783.)
REPORT.— Report for year ending June 30 1923, in Y. 118, p. 83:
Net
Bond Reserve for Preferred Balance,
June 30
Gross
Income. Interest. Cont.,&c. Dividend. Surplus
Year— Profits.
1922-23.$1,650,092 $292,764 $429,322 $1,232,262
df$1368,820
1921-22. 2,654,726 1.398,820
449,445 1.337,739
def388.363
470,950 1,249,624 $489,581 df2.722,550
1920-21. 1,798,511 df514,395
491,569
637.653 652.775 1,476,715
1919-20- 5,735,652 3,248,712
D IRECTO RS.— John J. Watson Jr. (Pres.), Albert French (V .-P.)J. R . Floyd, F. N . B. Close, E. R. Stettinius, A. H. Wiggin, Francis M .
Weld, Everett B. Sweezy, William O. Potter and Douglas I. M cKay.
Office, 61 Broadway, N . Y .— (V. 118, p. 1143.)

&

INTERNATIONAL BUSINESS MACHINES CORP.— The ComputingTabulating-Recording Co. was incorp. in 1911 as an amalgamation, per
plan in V. 93, p. 48, of International Time-Recording C o., Tabulating Ma
chine Co. and Dayton Scale C o., Chicago, 111. See V. 94, p. 1254-5.
Capital stock and surplus of subsidiary companies not owned Dec. 31 1923,
$260,874.
The directors on Jan. 30 1924 authorized the merger o f International
Business Machines Corp., all o f the stock of which was owned by Comput­
ing-Tab ulating-Recording Co. into Computing-Tabulating-Recording C o.,,
and the assumption of 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 8TOCK.— The stockholders voted Mar. 16 1920 to change tht
authorized capital stock from 120,000 shares of $100 par value to 200.000
■hares of no par value, and to exchange the then outstanding 104,827
■hares of $100 par value for the same number of shares of no par value
The stockholders o f record April 27 1923 were given the right to subscribe
on or before M ay 18 to 19,655 shares o f capital stock o f no par value at
$75 per share in the ratio of 15 new shares for each 100 shares held. V. 116,
p. 1766.
DIVIDENDS.— 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
paid $2 quarterly.
R E PO RT.— For 1923, in V. 118. p. 1555, shows:
Calendar Years—
1923.
1922.
1921.
1920.
xNet profit____________ $3,659,537 $3,121,709 $1,852,021 $2,704,758
Bond, &c., interest_____
$387,255
$464,852
$553,409
$544,777
Depreciation__________
813,372
777,701 ------------- (see x)----------—Develop. & patent exp_ _
297,535
247,339
252,099
278,101
Divs. on C. T. R . S tock !($6)874,573($5)^)720616 ($4)524,084 ($4)497,875
Balance, surplus______ $1,286,802
Previous surplus_______ 18,249.713

$911,203
17,635,928

$522,430 $1,384,005
17,828,539 5,871,298

Total surplus_________$19,536,515 $18,547,131 $18,350,969 $7,255,303
Federal taxes (est.) ------200,000
200,000
429,517
460,641
Sale of stock----------------- Crl ,427,386
Amt. rec’d in lawsuits-- Cr513,818
Res. for contingencies-.
500,000
Invent’y adj. o f prev.yr.
______
______
______
159,516
Invest, in Bundy Mfg.
Co. written o ff______
______
______
______
374,745
Loss in liquid, of Detroit
Auto Scale C o_______
______
21,130
216,189
_____
Amortization of patents.
76,289
76,289
69,334
224,861
B alan ce____ _______ $20,701,430 $18,249,713 $17,635,928 $6,035,539
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, and 1920 depreciation of plants and
equipment, provision for doubtful accounts, the proportion of net profit
applicable to unacquired shares, and expenses o f Computing-TabulatingRecording Co. is as shown.
DIRECTORS.— Geo. W. Fairchild (Chairman and V .-P .), Thomas JWatson (Pres.), Charles R . Flint. Oscar L. Gubelman, Samuel M . HastingsJohn W. Herbert, G. A. Post, Rollin S. Woodruff, C. D. Smithers, Charles




Am ount
Outstanding

Rate

%

364,167 sh. See text
7
$3,468,700
$2
400.000 shs
99,876,772 See text
7
60,223,900

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q-M31 June 30 ’24
Q-M31 June 30 '24
Q— J 31 Apr 30 1924
Q— J 15 Apr 15 1924
Q— M June 2 1924

$1
1%
50c
I X Checks maneo
1 H Checks mailed

Smith, Joseph E . Rogers. Drury W . Cooper, Willis H. Booth and A. Ward
Ford. Other officers: William F. Battin, Treas. & Compt.; John G.
Phillips, Sec. Office, 50 Broad St., N . Y .— (V. 118, p. 1517.)
INTERNATIONAL CEMENT C O R P.— Organized on N ov. 15 1919
under the laws o f Maine. Through subsidiaries, is engaged in manufacture
o f Portland cement in New York, Kansas, Texas, Virginia, Cuba, Argentina
and Uruguay. Owns (1) over 98% o f stock o f Knickerbocker Portland
Cement C o., Inc. (acquired July 1921); (2) all the stock o f 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 o f International Portland Cement Corp., which owns all of the stock
of Argentine Portland Cement Co.; and (6) all the stock of the Kansas Port­
land Cement Co.
C A PITAL STOCK.— The stockholders on July 1 1921 authorized an
Issue of $5,000,000 preferred stock. Pref. and common shares have equal
voting power.
D IV ID E N D S.— On common, Initial div. o f 62H cents per share was
paid Sept. 30 1920: same amount paid quar. to Sept. 30 1922. Dec 30
1922 to Sept. 29 1923 paid 75 cents quar.; Dec. 31 1923 to June 30 1924,
paid $1 quarterly.
R E PO RT.— For 1923, In V. 118, p. 2074, showed:
Sales.
Net Profit. Other Income. Int.,Tax., &c. Net Inc.
1923
......................$11,289,117 $1,870,169
$102,262 $549,853 $2,422,577
$168,451
$437,033 $1,425,047
1922............ $9,407,725 $1,693,629
1921---------- $9,172,311 $2,015,920
$255,207
$741,226 $1 529 901
Earnings for quarter ended March 31 1924 in V. 118, p. 2445.
OFFICERS.— Chairman, F. R . BIssell; Pres., H. Struckmann; Sec.,
B. D. McClain; Treas., John R. Dillon. Executive offices, 342 Madison
Ave., New York.— (V. 118. p. 2580-)
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 C o., Ltd., Societe Anonyme de Foyers Automatique,
Paris: International Pulverized Fuel Corp., Combustion Eng. Bldg., Inc.,
and Raymond Bros. Impact Pulverizer Co. (V. 117, p. 1242).
STOCK.— The stockholders on Sept. 7 1923 approved an increase in the
authorized capital stock from 250,000 to 450,000 shares. The stockholders
of record Sept. 17 1923 were given the right to subscribe to 49,952 shares o f
new stock of no par value, at $20 per share, on the basis o f one new share
for each five shares held. V. 117, p. 1242.
DIVS.— Jan. 6 1921 to Oct. 6 1921 paid $1 50 quar.; Jan. 31 1922 to
Apr. 30 1924 paid 50 cents quar. Also paid a div. of 200% in stock on
Jan. 6 1922.
R E PO RT.—For 1923 showed:
Calendar Years—
1923.
1922.
1921.
Net income from operation_________ $1,042,796
$513,160
$725,704
Other income_______________________
300,405
75,253
75,535
Total income_____________________ $1,343,201
Interest, depreciation, &c_________
368,670
Reserve for Federal taxes, &c_______
125,972
Dividends__________________________
569,608

$588,413
108,879
43,752
434,587

$801,239
86,051
118,198
228,423

Balance, surplus_________________
$338,950
$1,195
$368,567
OFFICERS.— Pres., George E. Learnard: Sec. & Treas., George H. Han­
sel. Office, 43 Broad St., New Y ork.— (V. 118, p. 2580.)
INTERNATIONAL COTTON M ILLS— (V. 117, p. 2658 )
INTERNATIONAL HARVESTER CO.— Originally incorporated
in N. J. on Aug. 12 1902 and acquired five concerns manufacturing agri­
cultural machines: Deerlng Harvester Co., McCormick Harvesting Machine
Oo., Ac. Also has timber lands, coal, ore, blast furnace and steel proper­
ties. 8ee full description of plants, organization, &c., 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 & OrendorfT
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.
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; (near) Moscow, Russia: 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. S. 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
tV. 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.
‘‘ To 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 of 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.
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* (b)
that $10,000,000 of the new Common will be used for the payment erf
12 X % stock dividend on the Common and (cl 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.

S

M ay , 1924.]

189

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

International Mercantile Marine— Stock com $60,000,000__
Pref (a & d) 6% cum $60,000,000 (V 84. p 1309, 1370)-.1st M & Ool Tr $50,000,000 callable at 110 & Int............... N 1916
Securities of Controlled Companies—
Oceanic Stm Navi
let M debenteJSer 2 ■ f 5% or £125.000. call par_______ 1914
Other issues see text below
(The) International Nickel— Common stock $50,000,000aath
Preferred stock (a & d) 6% non-cum $12,000,000 a u th ... —
International Papei—
Stock common $20,000,000-_____________ _____________
Preferred (not as to assets) 6% cum $25,000,000 - .........
1st & Ref M 5s s f call 102 X Ser A _______________Baxxxc* 1917
do
do
Series B __________ _____ __________ 1917
International Salt— Stock $6,077,130 (V 96. p 1025)..........
Ooll tr M gold $12,000,000 red 105 « f $200,000 yriy.Ustnx 1901
Subsidiary Companies— Bonds held by Public—
Retsof Mining first mortgage gold
_________ ____ Col*
Detroit Rock Salt Co. (sub co) 1st M g ___________________ 1912

Par
Value

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Amount
Outstanding

Rate
%

$100 $49,871,800
100 51,725.000
500 Ac 37,466,000

6g

A &

£100 £1,448,500

4)4

J & D 30 June 30 1943

25 41,834,600 Sea text
100
8.912,600
6
100 19,931,984
100 24,920,648
1 000
6,790,000
1,000 12.017,000
100 6,077,130
500 &c 3,836,300
1.000

•2,500.000
700,000

Q— F

Feb 1 1923 1)4 New York City
C o’s office. New York
O Oct 1 1941
London

Mar 1 1919 2% Bankers Trust Oo, N Y
do
do
M a y l 1924 1)4
July 11899 1% Checks mailed

6
5g
5g
6
5g

do
J O— J J Apr 1 1947 1)4 Bankers Trust Oo. N
& Jan 15 1924
J & J Jan 1 1947
do
do

5g
6g

J

Y

Q— J Apr 1 1924 1)4
A & O Oct 11951
Empire Trust Co, N Y
& J Oot
J & J July 1 1925
1 1932

Irv Bk-Col Tr Co, N Y
Security Tr Co. Detroit

•O f these $2,351,000 owned by Int Salt Co

D IV ID E N D S.— Regular dividends at rate of 7% per annum were paid
on the pref. stocks o f the International Harvester Co. o f N . J. and Int.
Harvester Oorp. Dividends at rate of 5% per annum were paid on Inter
Harvester Co. o f N . J. common stock from 1913 to 1916; 7% In 1917 (5%
and 2% extra) and two dividends o f 1M % each were paid on April 16 and
July 16 1918, respectively.
No dividends had been paid on the common
stock o f 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.- Julv 1920, I X %
Sept. 1920, 12)4% in com. stock; Oct. 1920. 13 % : .Ian 1921 1V. % a I
4
>
2% In com. stock; April 1921, l% %\ July 1921. 1 % in cash ana 2% Id
stock (V. 112, p. 2418); Oct. 1921, 1H % : Jan. 1922, \% % in cash and 2%
In common stock; Apr. 1922, 1H % : July 1922, 1 H% in cash and 2% In
common stock; Oct. 1922, 1)4% ; Jan. 1923, 1H % in cash and 2% Id
common stock; April 1923 to Apr. 1924 paid 1)4 % quar. in cash.
R E P O R T — For 1923, in V. 118, p. 2330, showed:
Consol. Income Acct. of Merged Cos.
1923.
1922.
1921.
Operating income after taxes________ $18,237,837 $11,417,484 $11,281,367
Interests___________________________
767,194
916,812 2,348,023
Ore and timber extinguishment______
560,693
330,021
251,172
Reserve for depreciation_____________ 4,138,493
3,455,602 3,403,459
Special maintenance reserve________
333,205
183,773
197,310
Reserve for losses on receivables_____ 2,163,875
990,508
931,484
Preferred d ivid en d s.........................
4,215,673
4,215,673 4,215,673
4,847,920 5,112,786
Common dividends_________________ 4,993,835
Common dividend (stock)__________
1,958,368
3,802,290 3,645,414
Surplus . ________ _______________ def$893,500 df $7,325,116 df $8,823,954
OFFICERS.— Pres., Alexander Legge; V.-Ps., H. F. Perkins, A. E
McKinstry, H. B. Utley, Cyrus McCormick Jr.: V.-P. & Treas.. George
A . Ranney; Comp., William M . Reay; Sec., William M . Gale. General
office, 606 So. Michigan Ave.. Chicago.— (V. 118, p. 2311.)
INTERNATIONAL MERCANTILE MARINE CO.— ORGANIZATION.
AC.— 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 tht
Leyland Line, £587.030 o f the £1,414,350 5% cum. pref. stock and £1.184.
630 of the £1,200,000 com. stock. V. 102, p. 2080. During 1920 acquired
the remaining com. stock and all except £5.700 of the pref. stock of the
Leyland Line. During 1919 acquired, through the Oceanic Steam Naviga­
tion C o., Ltd., and the Shaw. Savill & Albion Co., Ltd., practically all of
the stock not already held o f the George Thompson & C o., Ltd. V. I l l ,
p. 387. In N ov. 1916 joined in purchase o f New York Shipbuilding Corp..
V. 103, p. 1891; V. 105, p. 387.
On June 30 1923 the company’s fleet comprised 115 ships, having a gross
tonnage of 1,179.218 tons. Tonnage under construction on that date
totaled 42,800 tons.
In Oct. 1916 the company’s financial position having been vastly im
proved owing to the war, a reorganization was effected without foreclosure
per plan In V. 103, p. 582, 668, 1214, 1985, the funded debt of the Inter­
national Co. being reduced by $30,729,000 and its direct interest charges
from $3,248,330 as of Dec. 31 1914 to $2,369,820. V . 105, p. 387. The
plan left entirely undisturbed the existing common and preferred stock
V. 103, p. 1214. The American International Corp. (V. 103, p. 2338; V
106. p. 90) In 1918-17 acquf^d a considerable amount o f the capital stock
Divs. on Pref. Since Jan. I 1917— 1917. 1918. 1919. 1920. 1921. 1922
Regular dividends, now F. & A _____6%
6%
6% 6%
6%
6%
O n accumulations_________________ 10
5
15
10 ___ _____
Paid in 1923, Feb. 1, 1)4% ; Aug. div. deferred. V. 116, p. 2643. Ac­
cumulated divs., 43)3% .
BONDS.— 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 pet
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 futurt
use under restrictions to meet not over 85% of the cost o f additional ships
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
1922, $2,534,000 had been retired by sinking fund. V. 105, p. 387.
SUB, CO, BONDS,— Oceanic Steam Nav, Co 4)4% debentures oi
Dec, 31 1922, $7,025,225 were outstanding, see V . 87. p. 1091 •V 99. p, 20?
V. 102, p. 2170: V. 105. p. 387. Number One Broadway Corp. 6% bonds
and mortgage outstanding Dec. 31 1922, $1,970,000.
RE PO RT.— For 1922, in Y. 116. p. 2990, showed:
Combined Income, Incl. Sub. Cos., 100% Owned, and Fred. Leyland A Co.
1922.
1921.
1920.
Gross earnings (after providing for
British excess profits d uty), also
miscellaneous____________________ $81,563,911 $99,632,697$128,277,610
Gross oper. exp., incl. U. S. war taxes,
British income tax, also interest on
debenture bonds o f subsidiary cos. . 74,592,780 85,563,644 110,793,595
Net earnings_______________________$6,971,131 $14,069,053 $17,484,015
Interest on I. M . M . Co. bonds______ $2,256,254
$2,153,725 $2,231,680
Depreciation on steamers___________
5,984,661
6,117,980
5,346,376
Preferred divs. I. M . M . C o ___ (4)3 % )2,327,625 (6)3,103,
)5689805
Net result.....................................d e f.$3,597,408 $2,69
$4,216,154
The foregoing statement represents earnings o f steamers directly operated
by the International Mercantile Marine C o ., together with earnings of the
subsidiary companies (largely British), of which the entire issues of capital
stock are owned by the International Mercantile Marine Co., except
Frederick Leyland & Co., Ltd., o f which company 99.6% of the pref
shares and all o f the common shares are owned by the Internationa)
Mercantile Marine Co. For proper comparison with results of previous
years the earnings of the British companies have been converted at $4 85
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 to
about 40% .
DIR E C TO RS.— Matthew C. Brush. H. Bronner, P. A. S. Franklin, J.M
Perry, Charles H. Sabin, Frederic W. Scott. Donald G. Geddes, John W.
Flatten, Charles A. Stone, Thomas B. McAdams. J. P. Morgan, Charles
Steele and E. E. Parvin. Pres., P. A. S. Franklin; Treas., H. G. Philips;
Sec., E. E. Parvin. N Y . office, 1 Broadway.— (V. 118, p. 2187.)




INTERNATIONAL NICKEL CO. (THE)— Inoorp.inN. J. Moh.29 1902.
In Sept 1912 succeeded to International Nickel Co. and Colonial Nickel
Co., per plan V. 95. p. 239, 682. Had previously acquired all stock of
Canadian Copper Co., with plant at Copper Cliff, Ont.; and the Orford
Copper Co. of Bayonne. N. J.; control Nlokel Corn., Ltd., London and
Soclete Minlere New Caledonia, Ac. 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, V. I l l , 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 roftoery in the U. S. and Canada, providing the additional productive
capacity necessary to meet the increased war demands.
The new refinery at Port Colborne, Ontario, was placed In opera­
tion in July1918; its annual output capacity is reported as about 15,060,600
tbs. of nickel. V. 108, p. 1063, 2237; V. 106, p. 2338; V. 107, p. 85. In
1918 the International Nickel Co. of Canada, Ltd., increased its authorized
capital stock frm $5,000,000 to $50,000,000 (the issued stock being owned
by the American company) and took over the assets of Canadian Copper Co.
with its mining and smelting operations in Canada and the refining opera­
tions at the Port Colborne plant. V. 108, p. 2236; V. 106, d . 2348. A
rolling mill has been erected on the Guyandotte River near Huntington,
W . Va.
STOCK.— Shareholders voted Jan 1916 to decrease the par value of com .
shares. each $ 100 share being exchanged for four $25 shares. V . 102. p .348.71.
OIV8.—
l 1913. 1914.
1915.
1916. ’ 17.
’ 18. ’ 19. ’20-’22.
Oommon% / 10)3
10
I7 )4 & 1 0 stk .
25
23
16
2
0
In March 1919 com. div. was reduced to 2% ; none since.
Prof div however, has been paid as usual. V. 108. p. 1940: V. 109, p. 582.
R EPO RT.— For nine months ended Dec. 31 1923, in V. 118, p. 673
and 800.
March 31 Years—
1922-23.
1921-22.
1920-21.
1919-20.
G ross_________
..$ 1 ,2 8 2 ,2 7 2
$607,353 $5,166,581 $6,365,472
48,170 loss797,747 x$2,029,699 x$2,745,734
N et___________________
Adjustment of inventory
______
537,834
______
______
Preferred divs. ( 6 % ) . . .
534,756
534,756
534,756
534,756
Balance, surplus_____def$486,586df$l ,870,337 $1,494,943 $2,210,978
x After reserve for Federal taxes, depreciation, mineral exhaustion, &c.
R EPO RT.— For 9 months ended Dec. 31 1923, in V. 118, p. 673 and 800.
OFFICERS.— Chairman, Charles Hayden; Pres., Robert C. Stanley;
V.-P., Sec. & Treas., James L. Ashley. Office, 67 Wall St., N. Y .—
(V. 118, p. 1780.)
INTERNATIONAL PAPER CO.— Company, organized in 1898, is the
largest manufacturer of paper in the world. Operates 46 paper, pulp and
sulphite mills. 37 of which are owned in fee, 8 owned in fee by subsidiaries
and one leased. In addition, 2 small mills are owned in fee and leased to
outside interests. The mills are located in New York, Vermont, New
Hampshire, Massachusetts and Maine, and one in Canada. On Dec. 31
1923 the company had 200,250 h.p. (exclusive o f its rights to 33,000 e.h.p
at Three Rivers, P. Q., and 8,750 e.h.p. at Niagara Falls, N . Y .) o f develop­
ed water power and 90,000 h.p. o f undeveloped water power. The co.
is also the majority owner in a corporation which holds the title to the
water power at Grand Falls on the St. John River in New Brunswick
capable o f development o f about 35,000 e.h.p.
The company and its subsidiaries own in fee approximately 1,639,000
acres of woodland, of which 1,200,000 acres are located in New York,
New Hampshire, Maine and Vermont, and the balance in Canada, and In
addition company, through its subsidiaries, holds permits to cut and use
wood from over 2,800,000 acres in Canada.
DIVS.— 1898 1899. ’ 00 t o ’07. ’08. ’ 09 t o ’ 14. *15. ’ 16 1917 to A p r.1924.
Pref. (% ). 4)4
6
6 yearly
4 2 yearly
2 2)46 yrly(l)4Q-J15)
Com. ( % ) . 1
2
None
None None
— — ________________
Under the terms o f the financial plan of Jan. 31 1917 the 33)4 % accum.
divs. were discharged with 7)4% in cash, 14% in 6% cum. pref. stock and
12% in common stock.
FINANCIAL PLAN.— The plan of Jan. 31 1917 (V. 104, p. 563, 1049,
2121) was declared operative May 12 1917.
BONDS.— $20,000,000 First A Ref. 5% Sk. Fd. Mtge. Bonds.— See
V. 107, p. 1575.
Series A, Issued to retire 6% bonds of parent and subsidiary cos. and
consol, mtge. 5s, these Series A bonds (but not the remainder. Series B)
were convertible from July 1 1919 to July 1 1922, incl., into 6% cum. pref.
stock, par for par.
Series B bonds (sold in Dec. 1921. V. 113, p. 2825).
An annual sinking fund of 1% o f the total amount of bonds at any time
Issued (plus interest on bonds so retired). Callable at option of company,
all or part, on any interest date at 102)4 and int. V. 104. p. 563.
R EPO RT.— For 1923, in V. 118, p. 1780 and 1919, showed:
Calendar Years—
1923.
~ 1922.
1921.
1920.
Total revenue_________ $5,540,1151oss$1794204
$1,542,652 $21,936,237
Depreciation__________ 2,045,688 1,962,289
2,379,967
2,267,714
Reserve for taxes_______
______
______
7,015,280
Interest on bonded debt.
959,882
959,304
328.958
347,340
Res’ve for doubtful accts
______
_____
250,000
Reg. div. on pf. stk.(6% ) 1,500,000
1,500,000
1,500,666
1,500,000
Surplus for year--------- $l,034,544df$6,215,797df$2,666,283 $10,555,902
Prof. & loss, sur. Dec. 31$15,428,277 $14,393,733x$23,875,180 $32,818,069
x After charging $2,846,691 inventory adjustment in 1922 and $6,276,607
inventory adjustment in 1921.
OFFICERS.— Pres., Philip T. Dodge; Treas., Owen Shepherd: Sec.,
F. G. Simons; Auditor, B. O. Booth. Office, 100 East 42d St., New York.
— (V. 118, p. 2311.)
INTERNATIONAL PRODUCTS CO. (TH E ).— See “ Railway &
Industrial” Section for November 1923 and V. 118, p. 1276.
INTERNATIONAL SALT CO.— ORGAN IZATION .— Incorp. In New
Jersey in 1901. On Dec. 31 1923 owned (a) all of the $2,501,000 capita)
stock and $2,351,000 bonds of Retsof Mining C o., rock salt, Retsof,
Livingtson 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.); (b) 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 company owns $1,159,200
of $1,500,000 Detroit Rock Salt Co. common stock; (cj $131,700 bondsof
International Salt Co. of N. J. See statement Sept. 10 1917, V. 105
p. 1307; V. 96. p. 422. 852. 1100.

190

INDUSTKIAL AND PUBLIC UTILITY

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

International Shoe Co— Common stock 1,400,000 sh auth
Preferred (a & d) stock 8% cum red 115 $25,000,000 auth
in tern ation a l Silver Co— Common stock (Issued, $9,944,700; in treasury, $9.009,338)__________________________
Stock pref 7% fa & d) $9,000,000 (Issued $6,607.500)____
First mtge $4,500,000 s f called at 110 since 1901-.N.XO*
Debentures $2,000,000 gold redeemable at par_________ x
International Steam Pum p Co— See Worthington Pump A
Internat Telep & Teleg Co— Stock $25,000,000 autnorized
Bonds of Subsidiary Companies—
Cuban Telephone Co 1st M conv red 105__________ Eq.c*
do
do
1st Lien & ref red 107)4 from Sept 1 1931 c*
Porto Rico Telephone Co 1st M tge red 105____________ c*
Havana Subway Co 1st mortgage (pledged)______________
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— Common stock $12,000,000________________
Pref stock 7% cum $4,000 000 call 125 & divs____________
Jones Brot T ea Co Inc (G rand U nion T ea)— Common stk
Pref stock 7% cum call 110 2% s f 1920___________________

Date
Bonas

Par
Value

Amount
Outstanding

Bate
%

When
Payable

[V ol. 118,

Last Dividend Places Where Interest an*
Dividends are Payable
and Maturity

None 920,000 sh See text
Q— J Apr 1 1924
$100 $17,800,000
See text See text
8

$1

100
935.362
100 6.028,588 See text Q— J
See text
1,000 2.631.000
1898
&
§ * J & V Dec 1 194b
1,000
1903
J
J Jan 1 1933
l,867,uuu
6c
Mach Inery nor
100 17,415,400
6
Q— J Apr 15 1924 1)4
£20 &c 3,906,960
1911
5
J & J Jan 1 1951
100 &c 4,395,500
1921
M & S Sept 1 1941
100 &c
1914
749,500
J & D Dec 1 1944
500.000
6
J & D Dec 31 1936
1907
None 181,031 sh. See text Q— F 15 M ay 15 ’24, 25c
100 $1,065,300
8
Q— J July 1 1924 2%
100
5,430
6
J & J July 1 1924 3%
1,000
A & O Apr 1 1932
1922
698.000
7
None l,086,858sh
100
,
100 3.640.000 See text
Oct 1 1919 I X
100 10 , 000,000 See text
Oct 1 5 ’23. 1%
100 3.760.000
7
Q— J Apr 1 1924 I X

2“

12 000,000

flheeks mailed
Am Ex Nat Bank. N i
dc
do
Equitable Trust Co, N Y
National City Bank, N Y
Royal Bank of Canada

EquitaDle Trust Co, N Y
Dividends not reported
New York
New York
do

INTERTYPE CORPORATION.— Incorp. under laws o f New York o »
LATE DIVS. 1907-14. 1915. 1916.
1917.
T 8. T 9 to ‘23 ’24
Feb. 1 1916. Manufactures intertype machines which are sold to the
P ot cent-------------- none 1)4% 4H 6 X + X R .O . 10
6 yriy
text
Paid in 1924: Jan. 2, 1)4% quar. and 1% extra; April 1, 1)4% quar. I publishers of newspapers, general publishers and related businesses. Also
BONDS.— Of the 5s of 1901 ($12,900,000 autn issue), one-slxtieu, o f produces the line-casting machine matrix, which is the counterpart o f the
amount Issued to be retired each year by sinking fund and canceled. In type necessary for use in the intertype machines.
Stock.— The second pref. stock may be exchanged for common stock at
March 1910 $2,420,000 were retired as the result of the sale of thp West­
ern properties. Of the $9,095,900 bonds issued to Dec. 31 1923, $5,258,700 the ratio of 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
had been retired, leaving $3,836,300 outstanding. V . 82, p. 1443; V 90,
10% in common stock); Feb. 1923, $1. On new common (exchanged five
p. 852: V. 99, p. 273.
shares of new for one of old) paid 25 cents quar. M ay 15 1923 to M ay 15
R EPO RT.— For 1923, shows:
1924. Also paid 10% in stock on N ov. 15 1923 and 25 cents extra in cash
Calendar Years—
1923.
1922.
1921.
Total income______________________$1,088,548 $1,381,420 $1,285,475 on Feb. 15 1924.
D EBEN TU RES.— The 7% debenture notes are redeemable at 105 and
Admin. & legal expenses, taxes, & c_.
$37,545
$68,057
$47,939
393,634
373,258
383,895 int. to April 1 1927, the premium decreasing 1% each year to maturity.
Bond interest ,&c__________________
R E PO RT.— For 1923, in V. 118, p. 914 and 1019, showed:
Dividends (6 % )____________________
425,399
364,628
364,628
Earnings— Cal. Years
1923.
1922.
1921.
1920.
$600,745
$744,919
$231,970
$541,457
$489,013 Profits__________________ $1,317,383 $1,318,497
Balance, surplus_________________
$209,192
$213,291
$203,891
$172,637
Pres., M . B. Fuller; Sec. & Treas., W . H. Barnard. Office, Scranton, Depreciation___________
Taxes, including Federal
142,000
161,000
90,000
170,000
Pa.; N . Y . office, 2 Rector St.— (V. 118, p. 2049.)
85,152
83,134
83,107
85,564
INTERNATIONAL SHOE CO.— Incorporated under laws of Delaware 1st pref. dividends_____
1,370
34,750
60,000
60,000
March 16 1921. The company is engaged in the business o f manufacturing 2d pref. dividends-.........
Common dividends_____
154,885
88,817
______
20,125
and selling boots, shoes and kindred articles and of tanning leather, hides, 1st pref. stock retirement
skins, &c.
appropriation________
30,000
30,000
30,000
30,006
CAPITAL STOCK.— Divs. on the pref. stock are payable as follows:
Balance, surplus_____
$694,783
$707,505
$133,747
$206,594
1% each on Jan. 1, Apr. 1, July 1 and Oct. 1; X o f 1 % each on Feb. 1,
Earnings for quarter ended March 31 1924 in V. 118, p. 1919.
Mar. 1, M ay 1, June 1, Aug. 1, Sept. 1, N ov. 1 and Dec. 1. Payments
OFFICERS.-—Chairman, Richard H. Swartwout; Pres., H. R. Swartz;
have been made regularly since organization on pref. as above and on
common at rate o f $2 per ann. (50c. Q.-J.) to Jan. 1923; Apr. to Oct. 1923 Sec., A . F. J. Wheatley; Treas., H. A. Grube. Office, 50 Court St.,
Brooklyn, N . Y .— (V. 118, p. 1919.)
paid 75c. quar.; Jan. 2 and April 1 1924 paid $1 quar.
INVINCIBLE OIL CORP.— ORGAN IZATION .— Incorp. June 16 1919
R E PO RT.— For fiscal year ended N ov. 30 1923, in V. 118, p. 199,
In Virginia and acquired (a) entire capital stock of Invincible Oil Co. (Okla.):
showed:
Vpnw pw
fJpfl 7W Q __
)f) H
i
1Q
OO
(6) over 91 % o f the stock o f Louisiana Oil Refining Corp. (Va.); (c) majority
x Net sales of shoes & other manufactured mdse_ .$109,922,738 $97,366,404 of the stock of Gladstone Oil & Refining Co. (Okla.). The Arkansas
Invincible Oil Corp. (entire stock owned) was organized in July 1920.
y Cost of shoes & merchandise sold_______________100,498,151 87,315,254
Other subsidiary is the Montrose Oil Refining C o., Inc. Through its
Operating profit______________
$9,424,587 $10,051,150 subsidiaries the co. is interested in about 135,000 acres located in Ranger
z Miscellaneous earnings_________
2,766,151
2,145,581 District, Texas, Okla., Ala. and La. Has two refineries with a combined
daily capacity of 9,000 bbls. Also pipe lines as follows: (a) Shreveport to
Gross earnings_______________
____ $12,190,738 $12,196,731 Homer, Haynesville & Eldorado Fields, (6) Caddo Field to Shreveport,
Interest charges on notes payable
____
$486,750
$456,910 (c) Chrichton Field to Shreveport, (d) gathering lines Cement Field, Okla.
Official statement to N . Y . Stock Exchange, V . I l l , p. 91.
Provision for income taxes______
____ 1,405,347
1,502,864
C A PITAL STOCK.— The voting trust agreement was terminated
Ih-eferred dividends (8 % )_______
____ 1,421,753
1,414,945
Common dividends_____________
($2 75)2,523,539($2) 1825,788 Feb. 15 1924.
BONDS.— The Conv. 8% Sinking Fund Gold bonds were called for
Surplus for year______________________________ $6,353,351
$6,996,224 payment N ov. 24 1922 at 110 and int. V. 115, p. 1949.
There are outstanding $483,625 tank car equipment obligations.
x After deducting returns and allowances for prepayments, y After
RE PO RT.— For 1923, in V. 118, p. 2049, showed:
charging operating expenses, deprec. ($689,940 in 1923 and $618,332 in
1923.
1922.
1921.
1922), and maintenance of physical properties; selling, admin, and ware­
house expenses, and credit losses, z Discounts on purchases, int. and Earnings from operations----------------- $1,785,209 $3,971,576 $1,130,026
Other income______________________
74,088
185,949
43,504
dividends received, rentals charged to factories, and other receipts.
OFFICERS.— Chairman, Jackson Johnson; Pres.. F. C. Rand; Sec. &
Total income______________________$1,859,297 $4,157,526 $1,173,531
Treas., F. A. Sudholt; Auditor, D. E. Woods. Office, St. Louis, M o.—
Interest, &c______ ________
$134,871
$422,585
$661,686
(V. 118, p. 2188.)
658,794
1,344,842
819,200
INTERNATIONAL SILVER C O — ORGAN IZATION . &C.— Incor. in aDevelopment_____________________
Nov. 1898 under laws ol N. J and acquired silver-plating properties— see
Net inc. before depl., deprec., &C-_ $1,065,632 $2,390,099 def$307,355
V. 67, p. 1160: also V. 68. p232, 334, 1024; V. 76. p. 106- Also has s large
R E PO RT.—-For 3 mos. ended March 31 1924, in V. 118, p. 2445 and 2580.
sterling silver output. See V. 68, p. 334, as to rights of capital stockl
OFFICERS.— C. M . Leonard, Chairman; Richard B. Kahle, Pres.
plants. &o. V. 67. p. 1160: V. 68. p. 1024, V. 71. p. 545; V . 82. p. 9
C. R . Harrison, Sec.; A . F. Whiting, Treas.; Offices, Richmond, Va., and
Stockholders’ protective committee, V. 118, p. 438. Suit to prevent 25 Broadway, New York.— (V. 118, p. 2580.)
offering o f common stock to shareholders. V. 118, p. 2580.
IRON PRODUCTS CORPO R ATIO N .— See Universal Pipe & Radiator
STOCK, dec— com stock issued, $9,944,700. of whlon $9,009,338 in
Co. and V. 118, p. 2445.
treasure Dec 31 1923: o r e f. $6,607,500. of which $578 912 In treasure
PR EF.—
( ’ l l . T2. T3. T4. T5. T6. T 7. T8. T9. ’20. ’21. ’22. ’ 23.
ISLAND CREEK COAL CO.— (V. 118, p. 2049 )
DIVS. (% )
t 8 10
9
7)4 75)4 6)4
7
7 7 7 ^ 7 8X
ISLAND OIL & TRANSPORT CORPORATION.— See Gulf States
Paid in 1924: Jan. and April I X % quar. and X % on account of Oil & Refining Corporation.
accumulations.
JEWEL TEA CO.. INC.— ORGANIZATION.— Incorporated in N . Y .
REPORT.-—-For 1923, in V. 118, p. 1143 and 1400, showed:
on Jan. 14 1910 to take over the Ullnola co. of the same name. Sells coffee,
1923
1922
1921
1920
tea. baking powder, soap, &c. Main offices and plants in Chicago and
x Net, after int., &c___ $1,572,416
$1,139,132
$470,516 $1,335,538 Hoboken. V. 168. p. 2026. Large shipping station leased in Hoboken.
Adjust, of plants & inv__
Dr.4,937
13,077
72,596 N. J.
Tr.-mks. & pats. writ, o ff
______
1,500,000
----------------C A PITA L.— Pref. stock, $4,000,000; retired to Dec. 31 1923, $360,000;
Divs. on pref. stock____
482,288
482,288
452,145
422,002 Dividends April 1 1916 to Get. 1919, I H % quarterly (7% per annum);
none since. Common auth., $12,000,000 (par $100). Pref. redeemable at
Balance_____________ $1,090,128 def$848,093
$31,448
$840,940 option of directors on 90 days’ notice at 125 and accrued divs. Property
Total surplus Dec. 3 1 --- $5,143,161 $4,104,090 $4,952,183 $4,920,735 cannot be mortgaged; pref. stock cannot be increased without consent o f
x Earnings, less depreciation, taxes and bond Interest.
% in interest in both classes of outstanding stock, taken separately.
Pres., Geo. H. Wilcox. Meriden, Conn.; Treas., G. H. Yeamans, Meriden
R EPO RT.— For calendar year 1923, in V. 118, p .1276, showed:
Conn.— (V. 118, p. 2580.)
Calendar Years—
1923.
1922.
1921.
1920.
INTERNATIONAL TELEPHONE AND TELEGRAPH CORP.— In- Total income__________
$223,075
$551,093Zossl,166,436
corp. under laws o f Maryland June 16 1920. The business o f the corpora­ Bad debts res. not requir. $713,906
208,959
______
______
______
tion, in accordance with the terms o f its charter, is to carry on a general Loss on liquid’n of plants
______
______
31,657
326,971
telephone, telegraph, cable and wireless business, and businesses incidental Special advertising exp_ _
--------6,094
10,545
--------thereto in the States, Territories or dependencies of the United States, except Reduction of inventories
--------14,708
56,008
690,099
the State o f Maryland, and specifically to transact such business in Cuba, Int.& amort.of gold notes
______
28,236
159,670
______
Porto Rico and other islands o f the West Indies, Mexico, Central America Bal. of def’d devel. e x p ..
------------------------112,587
and South America, as well as in other foreign countries. Subsidiary com­ Bal. of res. for redemp.of
panies are the Cuban Telephone C o., Porto Rico Telephone Co. and
profit sharing coupons
Havana Subway Co.
written o ff__________
______
______
28,264
______
D IV ID E N D S.— Initial dividend o f 1X % was paid in Oct. 1920; since to Federal taxes--------------89,706
1,736
----------------Apr. 1924 paid 1)4% quar.
R E PO RT.— For 1923, in V. 118, p. 2188 and 2311, showedBalance, surplus_____
$833,160
$152,150
$321,458df$2,296,093
Calendar Years—
1923.
1922.
OFFICERS.— Pres., John M . Hancock; V .-P ., O. B. Westphal and M
Operating revenues_____________________________ $4,415,638 $3,847,808
H. Ivarker; Sec., A. Vernon Jannotta; Treas., F. M . Kasch; Asst. Treas.,
Non-operating revenues_________________________
287,596
367,705
R. T . Purdy. Office, 5 North Wabash A ve., Chicago.— (V. 118, p. 1672.)
Total gross earnings____________________________ $4,703,234 $4,215,513
JONES BROTHERS TEA CO., INC.— ORGANIZATION. EstabMaintenance, taxes, & C -.. ________________________ $1,870,036 $1,758,740 as a co-partmership in 1872. Incorp. in New York State in 1910 as Jones
Interest, amortization, &c______________________
592,892
620,441 Bros. Co.; present name adopted in 1916. V. 103, p. 2346. The Jones
Depreciation____________________________________
579,141
522,758 Bros. Tea Co. of New York, a subsidiary, has been incorp. in Delaware with
Dividends, prior stock___________________________
56,532
64,478 an authorized capital of $250,000, to take over the business carried on by
Preferred divs. Cuba Telephone C o_____________
120,000
120,000 one of the departments of the parent company. Owns in Brooklyn, N. Y .,
Preferred divs. Porto Rico Telephone C o________
20,583
20,667 a plant covering a full block for preparing and packing tea, coffee, spices,
Common dividends_____________________________
966,067
892,339 baking powder, soap, &c.; also does importing and jobbing business at
107 Front St., N. Y . Controls: (a) Globe Grocery Stores, Inc., operating
Balance, surplus---------------------------------------------$497,983
$216,090
stores in Pennsylvania, New York, New Jersey and Ohio; (6) Grand Union
Profit and loss surplus___________________________ $1,140,183
$626,109
Tea C o., retailing the company’s products only; (c) Anchor Pottery, Tren­
OFFICERS.— Pres., Sosthenes Behn; V.-P. & Treas., Henry B. Orde; ton, N. J.; (d) Union Pacific Tea Co. of Missouri; and (e) Progressive
Sec., Logan N. Rock. Offices, 41 Broad St., New York, and Havana, Grocery Stores, Inc. In July 1923 acquired the chain of grocery stores
Cuba.— (V. 118, p. 2311.)
operated by John T. Tomich, Inc. The latter company operated 47 stores




M ay , 1924.]

MISCELLANEOUS COMPANIES
fo r abbreviations, A c., see notes on page 6]

Date
Bonds

Jones & Laughlin Steel Corp.— Com stk $60,000,000 auth
Pref (a & d) stock 7% cum red (text) $60,000,000 auth—
’ st M $30,000,000 g s f red 105 beginning 1914
FC.xo* 1909
(Julius) Kayser & Co— Common stock 150,000 shares auth.
Pref (a & d) stock $8 cum red 120 70,000 shares auth--------First mtge s f gold red (text) $6,000,000 auth. . Gxxxc*
C e lly S p rin g fie ld Tire Co— Common stock $10,000,000—

1922

Second Pref 8% cum $7,000,000 call 125 sinking fund 3%
10-year sinking fund gold notes red 110
_ Ce.kxxxc*
Kelsey W heel Co— Common stock $10,000,000 (V 105.p 75)

1921

K e n n e co tt C opper C orp— Stock 5,000.000 shrs. no par va
Ten-year secured gold bonds redeemable (see text)_.B a.r*

1920

Par
Value

Amount
Outstanding

$100 $57,332,000
100 55,845.500
1.000 16,135,000
3.600.000
None 115.700 shs
None
66.115 shs.
100 &c 3.800.000
25 9,096.002
100 2.950.000
100 5.264.700
100 &c 8.500.000
100 10.000,000
100 2.453.700
None 3,863,769sb
100 &c 15.000.000

and one warehouse in the northern section of New York City and in West­
chester County.
STOCK.— Com stock (see table above) offered by Merrill, Lynch AOn.
in Dec. 1916 (V. 103, p. 2347). No bonds or mortgages without the con­
sent o f 75% o f the pref. stock; the pref. is redeemable at 110 and is subject
to a yearly sinking fund o f 2% .
D IV ID E N D S.— Paid on pref. stock in full to Apr. 1924. Dividends of Vi
o f 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.; Jan. 1924 div. was omitted. V. 117, p. 2896.
R E PO R T .— For 1923. in V. 118, p. 1672, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Sales__________________ $31,368,545 $24,203,540 $21,889,045 $22,743,098
Net profits before taxes.
______
$727,652
$562,054
--------Net profits after taxes.$165,905
$635,652
$502,054
$495,332
Pref. dividends ( 7 % )-- 266,350
271,600
280,000
280,000
Common dividends___ (3%)300,000 (2)200,000
--------(2)200,000
Balance, surplus_____def$400,445
$164,052
$222,054
$15,332
The company for the quarter ended March 29 1924 reported sales of
$6,536,165; expenses, depreciation, &c., $6,434,007; balance, $102,158;
interest, taxes, &c., $24,632; net profit, $77,526.
OFFICERS.— Chairman, Harry L. Jones; Pres., J. Spencer Weed;
Treas., Albert R . Doerle; Sec., William T . Gibb. Office, 68 Jay St.,
Brooklyn, N. Y .— (V. 118, p. 2188).
JONHS & LAUQHLIN STEEL CO R P.— ORGAN 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 Woodlawn,
20 miles from Pittsburgh; controls ore, coal and railroad properties. V.
115, p. 2692.
STOCK.— The preferred stock is redeemable as a whole only after
Jan. 1 1924 at 120 and divs. Has no voting power except upon the question
of voluntary dissolution or in case any dividend is in arrears for one year.
Except with the consent of the holders of 75% of the pref. stock (a) no
mortgage may be placed upon the properties (except purchase money
mortgages on hereafter acquired property and the remaining authorized
$5,000,000 Jones & Laughlin Steel Co. 1st Mtge. 5s); (6) 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 of 1909 ($25,000,000 of which were issued)
tie secured by all the property owned or hereafter acquired and further
by pledge of stocks of «ubsldlaries 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. V. 93. p. 49: V. 92, d . 1503; V. 88. p. 1257.
R E PO R T .— For 1923, in V. 118, p. 1144, showed:
]Jones A Laughlin Steel Co. and Subsidiary Companies.[
Calendar Years—
1923.
1922.
Net earnings after taxes------------------------------------x$16,727,176 $10,580,984
Interest charges__________________________________ 1,066,430 1,140,611
Depreciation and depletion______________________
4,746,868 4,026,469
Balance__________________________ _____ ______ $10,913,878
Add— Adjustment of surplus account____________
______
Profit from treasury stock------------------------------------------

$5,413,903
1,620,000
20,232

T otal_________________________________________$10,913,878
Less— Dividends paid___________________________ 3,879,872

$7,054,135
2,919,750

Surplus for year----------------------------------------------$7,034,006 $4,134,385
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. 118, p. 1144.)
JORDAN MOTOR CAR CO ., INC.— (V. 118, p. 1528.)
KANSAS St GULF CO.— The stockholders, in Jan. 1923, approved the
merger o f this company with Monarch Oil & Refining Co. and Southern
Petroleum C o., forming the Peer Oil Corporation. V. 116, 1. 418, 622.
(JULIUS) KAYSER & CO.— ORGAN IZATION .— A re-incorporation
(in N . Y .) June 1911. The company is said to be the largest manufacturer
o f silk gloves in the world; also manufactures lisle and silk gloves, silk
hosiery, silk and cotton-ribbed underwear, dress nets and veiling. Plants
at Brooklyn. Amsterdam. Sidney, Oneonta, Bainbridge, Walton, Cherry
Valley, Rockville Center, Monticello, Cobleskill, Hornell, Syracuse and
Owego, N . Y ., and Sherbrooke, Que. V. 95, p. 1405; V. 92, p. 1568; V.
107, p. 185.
STOCK.— Under the terms of a recapitalization plan ratified by the stock­
holders March 8 1922 the authorized stock was changed to 70,000 shares of
no par value preferred and 150,000 shares o f no par value common.
The new (no par value) pref. and common stock was exchanged for the
old stock at the rate o f 4 shares o f new no par value preferred and one share
o f new no par value common for each 4 shares o f old common stock out­
standing. The old first and second preferred stock was called for redemp­
tion on July 5 1922 at 120 and int. at Guaranty Trust C o., NeV York.
D IV ID E N D S.— On old common ($100 par) April 1912 to Jan. 1913, 1%
quar.; April 1913 to Oct. 1916, \H % quar.; Jan. 1917, 1H % and 1% extra;
April, July and Oct. 1917, 1 K % ; Jan. 1918, 2% and 1% extra; April 1918
to April 1922, 2% quar. On new no par value common no dividends had
been paid to date. On new preferred (no par value) paid $2 quar., July
1922 to Apr. 1924.
BONDS.— The first mortgage s. f. gold bonds due 1942 are redeemable
all or part up to and incl. Feb. 15 1927, at 110 and int.; thereafter up to
and incl. Feb. 15 1932 at 107H and int.; thereafter up to and Incl. Feb. 15
1937 at 105 and int., and thereafter at 102H and int.
Sinking fund payable annually, commencing Feb. 15 1923, will pro­
vide for the retirement, through redemption or purchaser, annually ot 2 <,
7
o f the largest amount o f 1st Mtge. bonds issued. V. 114, p .743.
R E PO R T .— Year ending Aug. 31 1923, in V. 117, p. 1773, showed:
1922-23.
1921-22.
1920-21.
1919-20.
Profits (after d e p r e c .)..x $ l,714,630 x $ l,685,058 $1,269,047 $1,112,354
Deductions—
Loss on invent’y, less res.
______
______
y650,069
Fed. inc. & exc. prof, tax See note x See note x See note x
105.000
Redemp’n o f pref. stock.
______
______
150,000
150.000




191

INDUSTRIAL AND PUBLIC UTILITY
Bate
%

When
Payable

Dividend s not rep
7
| Q— J
5g M & N
M & N
6
See text
‘ Q llj"
$8
&
O 7 text F Q— FA
See g
Q— J
6
See text
8 g m '& 'n
6 In ’23 Q— J
Q— F
7
See text Q— J
F & A
7g

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

orted
Apr 1 1924 1M
M ay 1 1939
To Nov 15 1929
See text
Apr 1 1924 $2
Feb 15 1942
See text
Apr 1 1924 1H
Feb 15 1924 2%
M ay 15 1931
Apr 1 1924 1J4
M ay 1 1924 \ H
July 1 '24 75c
Feb 1 1930

New York and Chicago
Guaranty Tr Oo, N Y
New
New
New
New

York
York.
York.
York

New York
New York
New York

Amt. added to res’ve for 1922-23.
l»19-2«.
1921-22.
1920-21.
market fluctuations in
raw silk______________
250,000
Miscellaneous_________
______
______
32,182
15,341
New pref. stk. divs. ($2)
528,920
220,383
______
Divs. on old pref. stocks
______
133,109
99,008
126,028
Divs. on old com. stocks
______
528,390
396,690
528,920
$931,840
Total deductions_____
$778,920
$716,081 $1,587,199
Balance .surplus_______
$935,710
$968,977 def$218,152
$180,518
OFFICERS.— Pres., Edwin S. Bayer; V .-P ., W m. A . Shakman; V .-P ..
& Treas., L. Lewinsohn; V .-P ., H. L. Van Praag: Sec., O. W . Sinn; Comp.,
A. Flume. Office. 353 Fourth Ave., New Y ork.— (V. 117, p. 1773.)
KELLY-SPRING FI ELD T IR E CO.— ORGA N IZA TIO N .— Incorp. In
N.J., April 15 1899 as Consolidated Rubber Tire Co.; name changed Jan. 2
1914.Manufactures a full and complete line of pneumatic tires and tubes.
Is one of the largest producers in the country of solid truck tires.Product*
are distributed through 30 branches established in important business cen­
tres of the country and approximately 40,000 active accounts with dealers.
Owns plants located in Akron, O. and Cumberland, M d. V. 108, p. 1835,
2634. Compare also V. I l l , p. 1374; V. 112, p. 854, 945, 1872.
STOCK.— On Nov. 30 1915 the par value o f the common shares was
changed from $100 to $25 by increasing the number of shares fourfold.
First pref. has a 2% sinking fund which to Dec. 31 1923 had retired and
canceled $808,200 of the $3,758,200 first pref. theretofore issued.
In July 1919 shareholders had the right to subscribe at par for $5,860,200
of an issue of $7,000,000 8% cum. (2d) pref. stock, underwritten. Tbis 8%
pref. is redeemable on or after Aug. 15 1922 at $125 & divs., and will have
(inking fund after Aug. 15 1921 equal each year 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 power unless two of Its
quarterly dividends remain unpaid. To Dec 31 1923, $595,500 had been
purchased for redemption. V. 108, p. 2634: V. 109, p. 683.
Common stockholders of record Oct. 15 1920 had the right to subscribe
to additional common stock (par $25) at $50 per share to the extent of 35%
of holdings. V. I l l , p. 1284, 1374; V. 112, p. 854.
NOTES.— The 10-year 8% notes of 1921 have a sinking fund providing
for the retirement of the entire issue at 110 and int. by drawing by lot
$1,000,000 p. a. ($500,000 on each int. date) beginning M ay 15 1923, and
continuing until May 15 1931, when the remaining $2,000,000 will be
paid at 110 and int. V. 112, p 2088
CASH DIVS. f ’99. ’00.
1914.
1915
1916
1 9 1 7 t o F e b ’2l
____
7>4
15
16 (4%Q-F)
Com. s t o c k ..) . . . .
From M ay 1 1919 to Feb. 1 1921 paid a stock dividend of 3% along with
the regular quarterly cash dividend o f $1. In M ay, Aug. and Nov. 1921
paid 3% in stock, the cash dividend being omitted; none since.
On first pref., in full to date. The M ay 1924 div. on 2d pref. stock was
deferred.
R E PO RT.— For 1923, in V. 118, p. 1010, showed:
1923
1922
1921
1920
Gross profits__________ a$9,559,804a$12,531,379 $6,004,521 $7,721,901
Total operating income. 1,107,536
5,577,846
1,883,009 4,035,044
Int. on 10-year 8% notes
770,000
800,000
477,778
______
Int. & misc. deductions.
354,062
464,465
1,912,192
2,076,152
Depreciation___________ 1,149,759
1,168,832
___________
Net income________ def$l ,166,284 $3,144,549 def$506,960 $1,959,293
Divs. on pref. (6 % )-----177,900
181,113
190,776
194,226
Divs. on pref. (8 % )-----424,376
437,186
459,416
468,816
Common divs. (cash)_
_
______
______
322,776 (16)895,751
Common divs. (stock)
______
______
1,011,761 (12)671,813
a Before depreciation.
OFFICERS.— Arnold L. Scheuer, Chairman & Pres.; F. A . Seaman,
1st V .-P.; Maurice Switzer, T . C. Marshall and C. A. Brown, V.-Pres.;
C. P. Stewart-Sutherland, Sec.; H. B. Delapierre, Treas.; M . C. Lachenbruch, Aud. N. Y . office, 250 W . 57th St.— (V. 118, p. 1919.)
KELSEY WHEEL CO.. INC.— O RGAN IZATION .— Incorporated in
N. Y . on Aug. 23 1916, and took over as of Dec 31 1915 the entire asset*
and business of Kelsey Wheel Oo. of Mich, and Herbert M fg. Oo. of M ich.,
as going concerns, and the capital stock of Kelsey Wheel Oo., Ltd., of
Canada and of the Kelsey Wheel Oo. o f Tenn. Owns one of the largest
automobile wheel plants in the world. V. 103. p. 411, 848: V. 105, p. 75
Sale of portion of interests at Memphis to Fisher Body Corp., V. 117,
p. 2000.
STOCK.— Auth. and Issued. $10,000,000 com. and $3,000,000 (par $100)
7% cum. pref.; pref. redeemed to Dec. 31 1923, $546,300. Pref. is redeem­
able, all or part, at any time on 90 days’ notice, at $125 and divs. No
mortgage or funded debt. See stock offering, V. 103, p. 411. Div. on
pref. Nov. 1 1916 to M ay 1 1924, 7% per annum (1 3 % quar.). On com­
4
mon, initial dividend of 1}4% paid Jan. 2 1922; same amount paid quar. to
Apr. 1 1924.
R E PO RT.— For calendar year 1923, in V. 118, p. 1528, showed:
Earnings Cal. Years—■
1923.
1922.
’
1921.
i920.
Sales, less returns, &c. .$20,078,435 $16,938,924 $17,487,598 $25,200,913
3,554,931
3,480,792
Total income__________ 2,007,157 2,046,345
Reserved for deprec’n—
----------------1,130,997
663,867
Provision for Fed’l taxes
249,133
244,833
527,614
700,000
Int. on borrowed money
______
______
103,458
200,917
Preferred dividend------173,089
178,211
186,753
191,902
Common dividends_____
600,000
600,000
150,000
______
Balance, surplus------$984,934 $1,023,301 $1,456,109 $1,724,107
Pres., John Kelsey. Office, Detroit, M ich.— (V. 118, p. 1528.)
KENNECOTT COPPER C O R P O R A T IO N — O R G A N IZA T IO N .—
incorp. on April 29 1915 In N. Y . with 720.000 shares without par value,
and took over the Kennecott and Beatson properties In Alaska. V. 100,
p. 1922. On Dec. 14 1915 the number of shares was Increased to
8.000,000 for the purpose o f acquiring (V. 101, p. 1717,1811,1889, 2075):
(a) The stock and convertible bonds of the Braden Copper Mines Oo.
(mines in Chill); (6) 404,504 shares of the capital stock of the Utah Copper
Oo,; (C) All stock and bonds of Copper River R R . In Alaska (V. 102.
p. 1889). and 13,000 shares of the capital stock of the Alaska 88. Oo. (d)
To retire the $10,000,000 6% 10-year convertible bonds of the Kennecott
Copper C oronation. See full statement to N . Y . Stock Exchange in
V . 102, p. 805.
On Dec, 31 1923 owned (a) 2,566,781 shares of stock o f Braden Copper
Mines Co’ See caption of Braden Copper Mines Co. (6) $3,423,772

193

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
IPor abbreviations, &c., see notes on page 6]

Date
Bonds

K eyston e Tire & R ubber Co— Stock auth 500,000 shs_____
(Q . R.) K inney C o., In c.— Common stock 60,000 shs au th ..
Prof (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 s h r s „
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) _ _xxx 1920
(S S) Kresge Co— Common stk $50.O0O.0o0 auth__________
Pref (a & d) stock 7% cum auth $5.600.000____________
(S H) Kress & Co— Common stock $12,000,000__________
Pref stock 7% cum $5,000,000 auth.; sfd 1918 call at 125..
Laclede das Light Co.— Common stock, $37,560,000 auth_
Preferred stock. 5% cum. $2,500,000.................................
Refunding and extension M $20,000,000 g Baand MStxxc* 1904
1st mtge coll & ref g series O red (text)______ kxxxc*&r* 1923
b Add’l $10,000,000 pledged under mtge. securing 1st mt

Par
Value

$
None 455,851 shs
59,027 shs
100 $5,374,400
100 &c 2,235,200
102,000 sh.
100 2.500.000
100 2.325.000
100 &c
7.393.000
100 24,517,933
100. 2.000.000
100 12,000,000
100 3,084,200
100 10.700.000
100 2.500,000
1,000 b 10,000,000
100 &c 17,500.000

Rate
%

See text

When
Payable

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Oct 1 1920 3% New York

Q— M June 1 1924 2%
8
Equitable Trust Co, N Y
7 Vi g J & D Dec 1 1936
Jan 3 1922
See text
7
7 g M & S Sept 1 1930
See text Q— J Apr 1 1924
7
Apr 1 1924
4
Q— F M ay 1 1924
7
0 — J Apr 1 1924
See text Q— M June 16 '24
5
J & D June 16 ’24
5 g A & O Apr l 1934
5 X g F & A Feb 1 1953

2% Checks mailed
27
0
1H
1%
1H
1
2H

N. Y ., Boston or Chicago
Checks mailed
do
Lawyers Title Sc TrOo NY
[Bankers Trust C o. New
• York, and First Nat.
(
1 Bank St Ixml*
New York and St Louis

& ref. bonds.

out o f $4,500,000 stock o f Alaska S$. Co. (c) Entire $4,817,400 stock and
$23,020,000 1st mtge. 5s o f Copper River & N . W . R y. ()<Z $6,226,030
stock o f Utah Copper C o., out o f $16,244,960. V. 104, p. 1148; V. 106,
p. 1904.
STOCK.— The stockholders on April 9 1923 Increased the authorized
stock from 3,000,000 to 5,000,000 shares and approved an offer to exchange
shares of stock o f the Kennecott Copper Corp. for shares o f capital stock
o f the Utah Copper Co. on the basis o f 1H shares o f stock of Kennecott
for 1 share o f stock o f Utah.
The plan of exchange requires the acquisition b y the Kennecott Corp. of
an amount o f stock o f the Utah Co. sufficient to make the holdings of the
stock by the Kennecott Corp. at least a majority o f the stock of the Utah
company.
D IV ID E N D S.— An Initial dividend o f $1 ner share was declared in Feb.
1916, payable March 31. V. 102. p. 526: June 1916 to Sept. 1917, $1 50
quar. ($6 yearly); Dec. 1917 to Dec. 1918, $1 quar. March 1919 to Dec.
1920 paid 50 cents quar.; then none until Jan. 15 1923, when 75 cents was
paid; Apr. 1923 to July 1 1924 paid 75 cents quar. In July 1917 paid a
Red Cross dividend o f 20c.
BONDS.— The 10-year secured 7s are secured by pledge o f 500,000 shares
of capital stock o f Utah Copper Co. Redeemable all or part at par and int.
plus a premium of 1 % for each year or portion of year from date of maturity.
RE PO RT.— For 1923, in V. 118, p. 2299, showed:
Earnings
Gross
Net
Interest & Deprec'n,
Balance,
Cal.Year— Earnings.
Income.
Taxes.
•
&c.
Surplus.
1923_______ $8,343,714 $9,649,923 $1,325,510 $4,618,014 *$3,706,400
1922----------- 9,065,011 7,410,755
1,172,885 5,358,694
804,178
1921----------- 4,633,504 3,779,392
1,181,010 2,988,240 def389,858
* Before deducting $4,281,741 capital distributions from Utah Copper Co.
credited to investment account.
OFFICERS.— Pres., Stephen Birch; V.-P., W. P. Hamilton, E. T.
Stannard: Sec., Carl T Ulrich: Treas., E. S. Pegram. New York office,
120 Broadway.— (V. 118, p. 2299.)
KEYSTONE TIRE AND RUBBER CO.— O R G A N IZA T IO N — Incorp.
in New York Sept. 26 1911. The chief business of this company is the man­
ufacture and sale o f Keystone cord and fabric tires which are manufactured
at the plant located at Kingsbridge, New York City.
STOCK.— On Oct. 11 1922 the stockholders voted to change the capital­
ization from 500,000 shares, par $10, to 500,000 no par value. Each holder
o f the outstanding shares, par $l6, received one new share, no par value, for
each outstanding share held. Holders of com. stock o f record Oct. 24 1922
were offered the right to subscribe at $6 50 per share for com. stock (no par
value) to the extent of 1 share o f new stock for each 2 shares of stock held.
Initial div. of 2 % % paid on com. stock in Oct. 1916: in 1917, 12%; in 1918,
12%, and 15% in stock; in 1919, Jan., 3% : Ap^il, 3% ; M ay, 15% in stock;
July, 3% ; Sept., 15% in stock: Oct., 3% ; 1920, Jan., 3% ; April, 3% ;
July, 3% ; Oct., 3 % . None since.
REPO RT.— For year ended Dec. 31 1923: Gross loss on sales, $59,6641
expenses. $260,509; other income, $18,572: interest, taxes, &c., $106,146!
net loss for year, $407,747. V. 118, p. 1781.
OFFICERS.— Pres., D . W . Whipple: V.-Pres. & Treas., Joel Jacobs;
Sec., Isidore Brenner. Office, Bailey Ave. at 192d St., Kingsbridge,
N . Y .— (V. 118, p. 1781.)
(G . R.) KINNEY CO., INC.— Incorp. under laws of New York on Jan.
23 1917. Business is principally that of buying and selling leather, manu­
facturing, selling and dealing in shoes and footwear, &c. Operates a chain
o f general retail shoe stores throughout the Eastern and Middle Western
part of the United States.
DIVS.— On pref., in full to date, a special payment o f 3% having been
made on Feb. 15 1924, clearing up all accumulations.
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 E PO RT.— For 1923 showed:
1923.
1922.
1921.
Net sales___________________________ $15,321,009 $13,741,966 $17,751,793
Cost o f sales_______________________ 10,541,564
9,768,810 13,506,249
Gross profit_____________________ $4,779,445
Selling, admin, and general expense-- 3,524,512

$3,973,155
2,912,866

$4,245,544
3.317,516

Net operating profit_____________ $1,254,933
Miscellaneous income_______________

$1,060,289
208,994

$928,028
214,275

Net profits______________________ $1,254,933
Interest____________________________
$186,420
Bad debts, less recoveries* misc. chgs.
4,038
Deduct Fed’l & State inc. tax, est_
_
140,000

$1,269,284
$182,606
85,694
90,000

$1,142,303
$163,526

Net profit________________________
$924,475
$910,983
$978,777
OFFICERS.— Pres. & Treas., Edwin H. Krom; 1st V .-P ., Frank Payne!
2d V .-P ., F. S. W oodford; Sec., Edward Holloway. Office, 233 Broadway,
New York.— (V. 118, p. 2312.)
B. B. & R. K N IGH T, INC.— Incorp. Sept. 1920 in Mass, as successor
to B. 13. & 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 mills
located in Rhode Island and Massachusetts. In Sept. 1921 acquired all
the outstanding stock of Converse & Co. V. 113, p. 1257
CAPITAL 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. in
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 or
stock at cost plus accrued divs. equal to 1
of the largest aggregate par
amount of 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. No
future mortgage and no bonds or notes having more than one year to run
without consent of 75% of pref. stock.
The authorized capital stock was Increased in Aug. 1921 from $5,000,000
to $8,000,000 through the authorization o f 25,000 additional shares of no




Amount
Outstanding

[V ol. 118.

par Common and 30,000 shares o f a new issue o f 7% 2d Pref., $100 par.
V. 113, p. 736.
DIVIDENDS.— Initial div. of 2% on pref. stock was paid Jan. 1 1921; to
Jan. 3 1922, 2% quar.; April 1922 div. deferred. V. 114, p. 1413.
BONDS.— The 1st mtge. bonds are redeemable in whole or In part at
par and int. plus a premium of 5% to Sept. 1 1921, and thereafter at a
premium of H % less each year or part thereof down to a premium of 1% .
A sinking fund is provided beginning Dec. 1 1923, payable s. a., equal tc 1%
per annum of the maximum amount of bonds at any time issued, plus an
amount equal to the interest which would have been payable on all bonds
previously retired by sinking fund. Secured by a first mortgage on a llreal
estate, plants, machinery, &c., which were acquired by th ecorperatlon.—
(V. 115, p. 189.)
(S. S.) KRESGE CO.— ORGANIZATION.— In March 1916 Incor­
porated in Michigan to succeed, per plan V. 10’ . p. 1655. 1717, the S. 8.
Kresge Co. incorporated in Delaware April 1912. In M ay 1924 operated
240 retail stores in Chicago, Detroit, St. Louis, Greater New York, Phila­
delphia, Pittsburgh, Boston, and other cities north of Washington, D. C.,
and east of St. Joseph, M o. V. 94, p. 1319; V. l64, p. 366.
CAPITAL STOCK.— The stockholders voted on Dec. 4 1922 to increase
the authorized common stock from $20,000,000 to $50,000,000. V. 115.
p. 2589.
All of the outstanding 7% serial gold notes due Jan. 1 1923 to 1926. Incl..
were redeemed on Jan. 1 1923.
Pur. money mtges. and land contract payable Dec. 31 1923. $2,751,500,
DIVIDENDS.— On new pref., 1*4% quar. (Q.-J.). On new common.
No. 1 ,15c. (1>4 % ). July 1 1916 to Jan. 1918, 4% yearly; July 1918, 2 H % .
1919, Jan. and July, 234%: Dec. 31 1919. 2)4% : regular and 1% extra;
July 1 1920, 3% ; July 1 1921, 3% : Dec. 31 1921, 3% in cash and 54%
payable in common stock (V. 113, p. 1580); July 1 1922, 3 )4 % : Dec. 30
1922, 334%: Mar. 1 1923, 33 1-3% in common stock; Apr. 2 1923 to Apr. 1
1924 paid 2% quar.
R E PO RT.— For 1923, in V. 118, p. 547, showed:
1923.
1922.
1921.
1920.
Stores_________________
233
213
200
188
Sales___________________ $81,843,233 $65,191,467 $55,859,011 $51,245,311
Net income x___________ 9,493,988
6,616,417
3,402,033 2,753,506
Preferred dividends____
141,350
141,445
141,446
140,000
Common divs., cash____
1,958,257
1.168,557
600,590
600,000
Balance, surplus_______$7,394,381 $5,306,415 $2,659,997 $2,013,506
Earnings for 3 mos. ended Mar. 31 1924: Profits, $2,303,036; Fed. taxes,
$287,879; pref. divs., $35,000; bal.. sur., $1,980,157. V. 118, p. 2050.
x After providing for Federal taxes and contingencies.
OFFICERS.— Pres., S. S. Kresge; V .-P . & Gen. M gr., O. B. Van Dusen
V.-Pres., R. R. Williams, P. T . Evans and H. H. Servis: Treas., O. B.
Tuttle: Sec., R. A. Bell; Com p., A. J. M cIntyre. Office, Detroit, M ich.—
(V. 118, p. 2580.)
KRESGE DEPARTMENT STORES, INC.— (V. 118, p. 1672.)
(S. H.) KRESS & CO.— ORGANIZATION.— Incorporated in N. Y . In
June 1916 to take over the 5-10-25-cent chain store business of S. H. Kress
* Co. of N. Y and S H. Kress & Co. of Tex
In Jan 1924 was operating
152 stores. Full official statement to N. Y . Stock Exchange In V. 104.
0. 2143.
STOCK.— Pref. 7% cum., auth., $5,000,000; $4,000,000 issued; retired
to Dec. 31 1923, $915,800. leaving $3,084,200 outstanding Common,
$12,000,000 auth. The pref. will have no voting power unless and until
two quarterly dividends are in default. May 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
slble without consent of 75% of each class of stock. V. 102, p. 2080;
104. p. 2143.
Dividends.— On pref.. 1J£% quar. Oct. 1916 to Apr. 1924. On com.
itock Aug. 1 1919 to M a y l 1924, 1% quarterly.
RE PO RT.— For 1923, in V. 118, p. .661, showed:
Cal.
No.
Sales.
Profits.
Pf. Divs. Com.Divs. Bal.. Sur.
Vpnr<i
Sifnvp?
$
®
®
®
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
19 21_________ 142 28,908,981
*1,258.142 229.238 480.000
548,904
1920 ________ 145 28,973,847
*960.855 239,465 480.000
499,743
* After providing for Federal taxes.
OFFICERS.— Chairman, S. H. Kress; Pres., Claude W . Kress. Office,
114 Fifth Ave., New York.— (V. 118, p. 2312.)
LACKAWANNA STEEL CO.— See Bethlehem Steel Corp.
LACLEDE GAS LIGHT CO.— ORGANIZATION.— Incorp. in 185?
and in 1889 secured control of all the other gas companies in St. Louis.
Operates under perpetual franchises. In June 1909 the $7,400,000 common
■took held by the North American Co. was sold to a syndicate. V. 88, p.
1563; V. 76. p. 545, 922; V. 78, p. 1273; V. 80, p. 1000.
The Missouri P. S. Commission in Feb. 1923 directed the company to
make a reduction o f 5 cents per 1,000 cu. ft. in its gas rates, which at that
date were $1 05, 95 cents and 85 cents for various quantities used. V. 116,
p. 944.
STOCK, &c.— The shareholders voted Sept. 10 1918 to authorlzef
(1) An Increase of the [authorized] common stock from 175,000 shares o]
$100 each ($10,700,000 outstanding) to $37,500,000 (the 5% cum. pref.
remaining unchanged at 25.000 shares). (2.) An increase in the authorized
bonded debt from $20,000,000 to an amount not in excess of the capital
stock, as from time to time authorized, by the issue of bonds secured by
a new mortgage. V. 107, p. 295, 1104.
LATE DIVS.— I ’09. '10. '11-’ 16. ’ 17. ’ 18. '19. ’ 20-’ 21 ’22.
1923.
Common________ J 6 6H 7 yrly. 17
7 Ik
0
5 A 7&7extra
Also paid 10% extra in stock in 1911.
Paid in 1924: March 15, l % % ; June 16, 1H % BONDS.— Ref. & Exten. 5s of 1904 ($20,000,000 auth. issue). See
V. 78. p. 1273. 1395; V. 79, p. 1644; V. 80. p. 470; V. 83. p. 1169; V. 91. p.
1331; V. 92. p. 666; V. 93. p 1195.
The First Mtge. Collateral & Refunding bonds of 1919 (V. 108. p. 273)
must at no time exceed the auth. issue o f capital stock as from time to time
fixed ; they are issuable in series with such maturities, interest rates and
redemption and conversion rights as may be determined for each series.
The Series C bonds are redeemable, all or part, as follows: Prior to Feb. 1
1933, at 105; on and from Feb. 1 1933 to Feb. 1 1943, at 103; on Feb. 1

r

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
IFor abbreviations, A c., see notes on page 61

Dale
Bonds

Par
Value

ake S uperior C orporation— Stock_____________________
$100
First and collateral trust mortgage gold_________________ 1904
1.000
500 &c
Income mortgage $3,000,000 gold__________ ______ ______ 1904
Bonds, tfej., of Controlled Companies Held by Public
$&£
&lg Steel 1st & Ref M $30,000,000 g gu sf red 105 - Usm.o* 1912
1911
Oannelton Coal & Ooke 1st M Int gu sk fd 5c per t o n ___
Algoma C & H Bay RylSee these cos. under " R R s .”
Algoma East R y______ (
100
Lanston Monotype Machine C o—Stock *10,000.000 auth_
_
None
Lee Rubber & Tire Corp— Stock auth 300.000 shares (text) _ ^
$50
Lehigh Coal & Navigation—Stock authorized *20.243.400
1.000
fund and imp mtge. g (Ser A $2,729,000) (closed>_PIP.xc* 1898
Consol M $40.000,000.g. s f red text_________ PeP.kc’ r* 1914 1.000 See
50
Lehigh Valley Coal Sales Co— Stock auth $10,000,000-------

Amount
Outstanding

Rate
%

When
Payable

15,459.373
258,000

5g
5

A
J

& O Apr 1 1962
& J July 1 1950

Q— M
e.ono.ooo
0
214,837shrs See text
8
Q— F 28
29.243,400
3,843 000
5
4 g J <o j
14,554.000
4H g j & j
$8
9.801,435

193

Last Dividend Places Where Interest ana
Dividends are Payable
and Maturity

$40,000,000
5.278.000
5 g J & D June 1 1944
a2,685.000 Up to5% Oct 1 Oct 1 1924

c
1

M ay , 1924.]

M ay 31 ’24
Sept 1 ’23
M ay 31 ’24
July 1 1948
Jan 1 1954
July 1 1924

Bank of Mont, N Y. &c
No pay ment in 1923
See text
Fidelity Trust Co. Phila
1H Checks mailed
50c New York
2% Office, Philadelphia
do
do
New York S Phila
c
$2 Checks mailed

a $315,000 add’lin treasury.




_

1943 and thereafter at 102, except during last 6 months, when bonds will thereafter until June 1 1920, when 50c. was paid; Sept. 1920 to Sept. 1
be red. at 100. Proceeds of this issue were used to retire $16,000,000 1st 1923, paid 50c. quar.; Dec. 1923 div. was omitted. V. 117, p. 1784.
mtge. coll. & ref. 7s, Series A, and for general corporate purposes. V. 116,
R E PO RT.— For 1923, in V. 118, p. 1276 and 1528, showed:
p. 184.
Calendar Years—
1922.
1921.
1920.
Additional amounts o f the bonds may be Issued as follows: (1) to Net sales_______________ 1923.
refund a like amount o f Refunding A Extension Mtge. bonds, due April 1 Operating profit_______ $9,390,397 $6,468,208 $7,358,436 $6,705,929
182,586
442,734
291,205
417,091
1934, $10,000,000; (2) for general corporate purposes, $3,000,000; (3) for Interest. &c___________
254,399
72.241
41.699
90.453
permanent improvements, &c., or new property for not exceeding 80% of Dividends_____________
256,904
300,000
300,000
225,000
cash cost, provided net earnings are not less than 1
times the annual
nterest charge on all bonds including those applied for; or (4) Instead
Balance, surplus_____def$328,717
$70,493 def$50,494
$101,633
the company may, at its option, issue bonds at 75% o f cost when net earn
Earnings for quar. ended March 31 1924 in V. 118, p. 2446.
ings are not less than 1 J4 times interest charges
OFFICERS.— Chairman & Pres., John J. Watson Jr.: V.-Pres. & Treas.,
Albert A. Garthwaite; Sec., Henry Hopkins Jr. N. Y . office, 61 Broadway
RE PO RT.— For calendar year 1923, in V. 118, p. 2312, showed:
Year—
Cross.
Net.
interest. Pref. Div. Com.LHv Bat . S v
— (V. 118, p. 2446.)
1923______$7,984,350 $3,345,556 $1,584,643 $125,000$1498,000 $137,912
LEHIGH COAL AND NAVIGATION CO. (TH E ).— Owns canal from
402,89b Coalport to Easton, Pa., 46 m ., and leases Delaware Division Canal, 60 m.
1922........... 7,869,188 2,796,907 1,707,262 125,000 561,750
1921______ 7.137,481 1,536,196 1,740,141 125,000 ________*328.440
Also owns Lehigh & Susquehanna R R ., Phillips burg.N. J., to Union Junc­
1920______ 6,533,607 1,942,366 1.680.339 125,000 .............. 137,027 tion, Pa., 105 m., with branches, 58 m ., and leases for 999 years Nesque* Deficit.
honing Valley R R ., 17 m.; Treskow R R ., 7 m.; other lines, 17 m.; total, 206
OFFICERS.— Pres., C. L. Holman; V .-P. & Gen. M gr., G. B. Evans' miles, of which 115 miles double track; but all these roads are leased from
V.-P. & Sec., W. H. Whitton; Treas., W . S. Dodd. Office, Eleventh & 1871 to Central of N . J. R R . for and during the term of the charters o f the
parties (excepting that the lease of the Nesquehoning Valley R R . Is for 999
Olive streets, St. Louis, M o.— (V. 118, p. 2312.)
years from
33 1-3%
LAKE SUPERIOR CORPOR ATION iTHE).— ORGANIZATION.— In­ mum rental 1868), rental being maximum of gross receipts, with a mini­
of $1,414,400, and
of $2,043,000 plus 7%
corporated in N. J. on May 19 1904 as -uceessor. per plan V. 77, p. 1296 fine provements made since Dec. 31 1882. Delaware Division Canal on im­
leased
\ . 78, p. 1784, 909. of Consol. Lake Superior Co. Controls Algoma Stae! for 99 years from 1866. In 1904 majority of capital stock of Lehigh &
Corp., Sault Ste. Marie, Canada, and affiliated companies. V. 107. p
New England RR. was acquired. V. 78. p. 1785: V 79. d . 2646: V. 97. p.
902. Compare V. 103. p 2076: V. 77. p. 771
The plants include: Open-hearth steel works and rail mill; 4 blast furnaces 668, 1587; V. 100, p. 731. Allentown Terminal R R . 1st M . were extended
of about 1,300 tons daily capac.; 8 50-ton open-hearth furnaces and 3 75-ton from July 1 1919 to July 1 1929 at 6% and company’s guarantee cancelled
of
furnaces with a 300-ton mixer and a duplex plant consisting of one 150-ton as As July 1 1919.in V. 108, p. 2634.
to decision
Oct. 1915 in anti-trust suit by U. 8. Dlst. Court (sub­
mixer, all representing a capacity of 50,000 tons ingots per month
about 450 miles of railroad; freight steamships; machine shops, forge; ject to appeal), see V. 101, p. 1473). TJ. 8. Supreme Court decision, V.
110, p. 1816. Rebate suit March 1916 appealed in April 1916 before the
iron and brass foundry and car building shops. See also V. 79, p. 1026,
U. 8. Circuit Court. V. 102, p. 1063, 1350, 1440.
V. 81, p. 977; V. 83, p. 1096; V. 88, p. 1004; V. 90, p. 1105: V. 93, p. 1195;
In 1917 the
Electric
V. 99. p. 1134. Also owns 6,000 acres of W . Va. coal lands acquired in C o., owning a company sold its stock interest In the Lehigh Nav. Pa., and
large power plant 10 miles west of Mauch Chunk.
1910. V. 91, p. 868. Has 160 coke ovens.
obtaining Its coal supply from the c o .’s mines, to the Lehigh Power Securities
In Jan. 1909 the Fleming syndicate acquired control and undertook ex­ Corp, for $1,500,000 cash and 61,000 shares of the last-named company’s
tensive Improvements. (See V. 87, p. 938; V. 88, p. 234, 1065; V. 89, p. 916)
305,000 shares of capital stock (V. 105, p. 498). 50-year contracts being
made to furnish coal for the plant and to receive the electricity needed to
Lake Superior Coal C o. and Oannelton Coal S Ooke Co. own extensive
c
operate the mines. V. 96, p. 1367; V. 100, p. 645, 731.
coal properties in West Va. V. 96. p. 1493; V. 101, p. 921; V. 109, p. 1075
STOCK.— Shareholders of record Oct. 31 1917 were allowed to subscribe
V . l l l . p . 1079.
at par
V. 105, p. 1713.
Stock for em­
BONDS.—As to 1st mortgage and coll, trust 5s of 1904 (reduced to ployees,for $2,655,750 o f new stock
V. 112, p. 938; V. 115, p. 2275.
$5,278,000). see Consolidated Lake Superior C o., V. 77, P- 771, 1290
DIVS.— 1900. 1901. 1902. 1903. 1904. 1905-08. 1909. 1910-M ay’24
V. 78, p. 1784, 1900; V. 88, p. 1065; V. 90, p. 1105; V. 92, p. 529, and
t..
6
5
6
8yearly
9
below. First dividend on incomes, 5% , Oct. 1 1906; 1907 to 1909. non--; Per c e n15% 5H scrip March 1 1910. V, 790, d . 55. V . 92, 8 yearly(2Q-F28)
Also
in
p. 265
1910, 2M%\ 1911, 2 ^ % : 1912 and 1913, 5% : 1914. 1915 to 1916
BONDS.— For mtge. of 1898, see V. 67. p. 125; V. 70, p. 428; V. 81,
1917 to 1920, incl., 5% yearly in Oct.; no payment in 1921,1922 and 1923
Algoma Steel Corporation’s $15,000,000 common and $10,000,O u 7% p. 720; V. 84, p. 106.
U
The Consol, mtge. 4 44a ($40,000,000 auth. issue) are secured by about
cumulative preferred stock is all owned by the Lake Superior Corporate..
trhlch guarantees as to prin. and int. the First & Ref. M . 5s of 1912, 12,734 acres of anthracite lands in Carbon and Schuylkill counties, P a., and
$30,000,000 authorized. V. 103, p. 2076. The Steel Corporation issued canal and railroad properties, and all except 100 shares o f Lehigh & New
England RR. stock and stocks and bonds of other affiliated companies
Of
its purchase money bonds for $5,800,000 to secure L. S. Corp. 1st 5s. Thesi
purchase money bonds rank prior to 1st & Ref. bonds as to certain of thi the $18,000,000 Series A, $14,000,000 were sold to retire $10,054,333 prior
lien bonds and secured gold notes outstanding, and for general purposes,
properties; $5,800,000 are reserved to retire the Lake Sup. Corp. 1st 5s
and $4,000,000 held In treasury or pledged as collateral for bonds. $3,390.Callable at 105. Cum. sk. fd. of 1% y ’ly on bonds out. V. 94. p. 1253
1387, 1569,1697: V. 95, p. 421.1747; V. 97. p. 1118; V. 101, p. 920; V. 104, 000 Series B issued in 1917 and taken into treasury as reimbursement for
Improvements made in years 1914, 1915 and 1910. Of the bonds un­
p. 665.
For Algoma Central & Hudson Bay Ry. and Algoma Eastern R y.. see issued, sufficient were reserved to retire $7,874,000 prior bonds matur­
RR. Dept. Status as to guarantee in D ec.1920. see report of Algoma Cen­ ing after July 1 1914 and the balance under restrictions for future
purposes. Redeemable on any July 1 at 1024$ and Interest by sinking
tral & Hudson Bay Ry. in V. 112, p. 157. Oannelton Coal & Coke, V
fund of 5 cents per ton of pea and larger coal mined and shipped. Callable
93. p. 804.
at 105 and int. To Dec. 1923, $1,121,000 had been retired by sinking and
REPO RT.— For year ending June 30 1923 in V. 117, p. 1014.
other funds, making $14,554,000 outstanding, and $5,715,000 in treasury
Earnings
Int.&Divs. Other
General 1st Mtge.Int. (5 % )on Balance.
pledged or unpledged, being $2,325,000 Series “ A ” and $3,390,000 Series
L.S.Corp.
Sub. Cos Income. Ezp..Ac Bond Int. Inc.Bds. Sur . or Def
fiB
1922-23_____ $293,500 $46,806 $69,328 $263,900
sur.$7,078 .” V. 103, p. 324; V. 104, p. 1149, 2456; V . 107, p. 506; V. 109, p. 177
192122_
293,500 100.391 103,595 263,900
sur.26.39., R E PO RT.— For 1923, in V. 118, p. 904, showed:
1923.
1922.
1921.
1920.
192021_ 295,000 97,815 165.864 263.900
def.36.949 Calendar Years—
4,206,961
2.276,964
3,640,428 4,125,729
191920_ 470,000 85,389 122,582 233,833 $138,650 sur. 30,274 Coal production (tons) _.
Gross earnings_________ $27,098,022 $18,786,432 $22,801,907 $26,888,330
y Earns. Net Earns. In t.,& c., Sk. Fd., Deprec'n, Div.&c.Pd. Balance.
Net earnings__________
5.285,533
3,179,037
4,905.862 6,169,508
Sub.Cos. Sub.Cos.
Sub.Cos.
A c.
A c.. Res. L.S.Corp Sur or Def
General taxes__________
604,535
381,105
529,556
742,226
192223. $866,582$1,309,008
$101,709
def.$544,136
General, &c., expenses..
202,851
201,887
227,903
211,293
192122.330,001 1,406.979 >83,598
4 ,lo t
$3,500 d e fl,168.180 Interest on funded debt.
986,035
992,497
1,093,675 1,136,557
1920- 21. 1,731,293
1,486.247 94,041
4.090 195.000 def. 48,085 Miscellaneous_________
18,604
16,524
20,964
34,378
1919-20. 3.722,153
1,315,523 88.898 1,024,965180,000sur.l.292,767
Dividends (8 % )_______ 2,339,472
2,339,472
2,338,083 2,333,916
y Excluding Algoma Central & Hudson Bay Ry
OFFICERS.— Pres., Wilfred H. Cunningham; V.-Pres., Herbert Cop­
Surplus for year______ $1,134,036 def$752,448
$695,682 $1,711,138
pell and W . C. Franz; V.-P. & Treas., James Hawson; Sec., Alex. Taylor.
Note.— The mines were idle from April 1 to Sept. 10 1922 due to a general
Office. Sault Ste. Marie, Ont.— V. 117, p. 1670.
strike of the anthracite mine workers.
Pros., S. D. Warriner; V.-P., H. F. Baker; V .-P ., & Compt., E. M .
LANSTON MONOTYPE MACHINE CO.—ORGANIZATION.— Incor­
c
porated in Virginia In 1892. Manufactures for sale or rental automatic ma­ Reynolds: V.-P. S Sec., H. H Paisa; Treas.. O. E. Neff. Office, 437
rin e s for composing and casting type. Controls Lanston Monotype Chestnut St., Philadelphia.— (V. 118, p. 2188.)
Corporation o f London. V. 78, p. 2440: V. 84, p. 994. In Jan. 1922 pur­
LEHIGH VALLEY COAL C O .— See Lehigh Valley Coal Sales Co
chased the business, machinery, &c., o f the Barrett Adding Machine Co
below; also Lehigh Valley R R . under “ Railroads” above; compare also
V. 114, p. 312.
V. 118, p. 673, for details of $15,000,000 1st & ref. mtge. bond issue,
description of property, &c.
LATE f ’09. ’ 10-’ 13. ’ 14. 1915.
1916.
1917 to M ay 1924.
DIVS.— % ) m
6 yly 3
0
4^
6 yly (14$ Q-F)— see below
LEHIGH VALLEY COAL SALES CO.— Incorporated in New Jersey
The div. of 1 ^ % M ay 31 1918 was paid in 6% div. ctfs. due M ay 31 Jan. 22 1912. Purchases from the Lehigh Valley Coal Co. coal mined, pur­
1919, which were paid at maturity.
See V . 106, p. 2125; V. 109, p 121
chased or otherwise acquired by the Leh. Val. Coal Co. and affiliated com­
panies, and ships and markets the same. The lower Federal Court on Dec.
R E PO RT.— For year ending Feb. 29 1924, showed:
21 1914 dismissed the Govt, suit against the company and the Lehigh Valley
1920-21.
1923-24.
1922-23.
1921-22.
Net earnings__________
$715,531
$614,091
$786,680 $1,663,530 R R ., &c., for alleged violation of the anti-trust law and the commodities
224,685 clause of the Inter-State Commerce law. V. 99, p. 1914; V. 98, p. 916.
T ax es_________________
85,913
76,856
308,893
360,000 This decision was reversed on Dec. 6 1920 by the U. S. Supreme Court,
Dividends (6 % )_______
360,000
360,000
360,000
130,257 which ordered a separation of the Lehigh Valley R R . from Its coal proper­
Written o f f - - __________
69,541
49,840
41,451
ties. Compare V. I l l , p 2292; V. 117, p. 2117. See also Lehigh Valley
Balance, surplus_____
$200,076
$127,395
$76,426
$948,588 R R . Stock auth., $10,000,000 (par $50), of which $9,801,435 has been
$12.50
was
17 1914 and a $15 stock
Pres., J. Maury Dove; Sec., W . Arthur Sellman; Treas., Joel G. Clemmer: issued. Aon July stock allotment paid issued Jan.special divs. declared for
allotment
14 1917, being
for out of
Office and factory, 24th and Locust Sts., Phila.— (V. 118. p. 2446.)
same amounts. V. 104, p. 2238; V . 94, p. 123, 282; V . 97, p. 1429.
LEE RUBBER & TIRE CORP.— ORGAN IZATION .— Incorporated
DIVS.—
T3. ’ 14. T5. T6. ’ 17. ’ 18. ’ 19. ’20. ’ 21. ’22. *23.
In N . Y . on Dec. 14 1915 to take over the assets of the Lee Tire & Rubber Regular_____$5
$5
$5 $6.50 $8
$8
$8 $8
$8 . !
Co. of Conshohocken, Pa. In M ay 1923 acquired the Republic Rubber Co. Ex.(seeabove) __ $12.50 $5
__
- - 15.00 __
__ __
__
__
V. 116, p. 2395. Product consists of cord, puncture proof and fabric tires. Lib. L’n bds. __
__
__
__
__ $5 $2.50 „
__
The stockholders on June 6 1923 authorized an increase in the capital stock
From July 1917 to July 1924 paid $2 quarterly.
from 150,000 shares to 300,000 shares. Of the additional stock, 65,000
OFFICERS.— Pres., Geo. N . Wilson; V .-P . & Gen. Sales A gt., W . R.
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 Evans; Sec. & Treas., W. J. Burton.— (V. 117, p. 2117.)

194

INDUSTBIAL AXD PUBLIC UTILITY

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

Date

Bonds

L iggett & Myers T o b a cco C o—Com stock $85,985,600 auth
u on atoa stock Class B non voting, $177,455,200 auth____
Preferred stock (a & d) 7% cumulative $34 139,800______
Gold bonds (not mortgage) $15,507,800 auth_ G.xc* Ar* 1911
_
do
do
do
do
15.059.600 auth___G.xc’ Ar* 1911
L iggett’ s International, Ltd, Inc See text,
Lima Locom otive Works, Inc— Com stock 3O0,OOOsh. auth.
Loew s Inc— Stock authorized 4,000,000 shares____________
Lott Inc— Stock 650.000 shares___________________________
Loose-Wiles Biscuit Co— 1st pret (p A d) 7% cum red 120Seoond pret (a & d) 7% cum $2.000,000 conv Into oommon
Common stock__________________________________________
________
First mtge serial gold bonds due annually _ _ __
io r illa rd (Pi Co— Common stock $50,000,000 a u th _______
Pret stock (a * d) 7% cum $11.307,600...............................
Gold bonds (not mortgage) $10,933,500 auth_ G.xc*Ar* 1911
_
do
do
do
do
10.617,450 auth_ G.xc’ Ar* 1911
_

Par
Value

$25
25
100
60 Ac
50 Ac

Amount
Outstanding

Bate
%

When
Payable

$21,496,400 12 in ’ 23 Q ---- M
20,991,250 12 in ’23 Q—M
22.514,100
7
Q— J
13,984,000
7g A A O
16,059,600
F A A
6g

None 211,057 sh. $4 in ’23
None 1.060,780 shs. See text
None 650,000 shs See text
100 4.238 000
7
100 2.000,000 See text
100 8.000,000
6g
214,550
25 30,305.300
12
100 11.307.600
7
60 Ac 9,912,500
7g
60 Ac 10.617.450
6 t

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

June 2 1924 3% Checks from Cen Un Tr
do
do
June2 1924 3%
Apr 1 1924 1M
do
do
Guaranty Trust Co, N T
Oct 1 1944
Aug 1 1951
do
, do

Q— M June 2 1924
Q—M31 June 30 '24
Dec 30 ‘22
Text
Q— J
Apr 1 1924
Q— F
M ay 1 1924
F
A
F

[V ol. 118.

$1 Checks mailed
50c
25c
\H Checks mailed
do
7%

& A To Feb 15 1931
Apr 1 1924 3% New York Trust Co, N 1
Apr 1 1924 1H
do
A O Oct 1 1944
Guaranty Trust Co, N Y
& A Aug 1 1951
do
do

Q— J
Q— J

OFFICERS.— Chairman of Board, Joel S. Coffin; Chairman, Exec. Com.
LEHIGH & W ILKES-BARRE CORP.— (V. 118, p. 91.)
Samuel G. Allen; Pres., Joel S. Coffin; Treas., L. A . Larsen; Sec., E. N'
LIBBY, McNEILL & LIBBY.— (V. 118, p. 1781.)
Pierce. Offices, Lima, Ohio, and 17 East 42 St., N . Y .— (V. 118, p. 1144.
L IG G E TT & MYERS TOBACCO CO.— ORGANIZATION — Incorp.
n New Jersey N ov. 24 1911 and under order of U. S. Circuit Court dated
LINDSAY LIGH T C O ., C H ICAGO.— (V. 118, p. 559.)
N ov. 16 1911 took over under plan o f disintegration of American Tobacco Co.
LO E W S IN CORPORATED.— OR G A N IZA TIO N .— Incorp. in Dela
(V. 93, p. 1122-24) certain of its plug, smoking, cigarette and little cigar
ware October 18 1919 to take over the business of Loew’s Theafc’ Ica
factories. V. 93, p. 1537; V. 94, p. 282; V. 100, p. 896; V. 107, p. 2012.
Enterprises (incorp. under N. Y . laws on April 17 1911). Metro Film
STOCK.— The stockholders on Jan. 8 1923 mcreased the authorized
capital stock from $65,752,700 ($21,496,400 common stock; $21,496,400 Corp., V. 110, p. 171.
common stock, Class “ B ,” and $22,759,000 pref. stock) to $lOO,0OO,0OO,
C A PITAL STOCK. Auth., 4.000,000 shares; outstanding, 1,060,780
par $100, to consist o f $21,496,400 common, $44,363,800 Common “ B "
shares of no par value. Initial dividend of 50c. per share paid Feb. 1 1920;
stock and $34,139,800 preferred.
then to M ay 1921 paid 50c. quar.: then none until Dec. 31 1923. when
The stockholders voted on Nov. 12 1923 to (1) increase the number of
shares o f common stock from 214,964 shares, par $100, to 859,856, and 50c. was paid; March 31 and June 30 1924 paid 50c. quar.
the number o f shares of common stock “ B ” from 443,638 shares, par $100,
BONDS.— Obligations of subsidiary corporations outstanding Dec. 31
to 1,774,552 and to change the par value o f the shares of common stock and 1923, $7,767,925.
common stock “ B ” to $25 each, instead o f $100; and (2) to authorize
the directors to take the necessary steps to have new common stock and
R E PO RT.— For following periods:
common stock “ B ” exchanged for the outstanding common stock and
Sept. 1 ’23 to Sept. 1 ’22 to Sept. 1 ’22 to
common stock “ B ” o f the company. Four shares of the new $25 par value
Gross Income—
Mar. 9 ’ 24. Mar. 11 ’23. Aug. 31 ’23.
stock will be exchanged for each present share o f $100.
Theatre receipts, rentals and sales of
The directors in Feb. 1924 decided to issue $8,598,550 additional common films, &c_____________________ $10,362,964
$9,495,754 $16,860,161
stock “ B ” (par $25 a share). This new stock was offered to all holders of Rentals of stores and offices____
899,032
977,452
1,363,238
394,306
common stock and common stock “ B ” of record Feb. 11 1924 for subscrip­ Booking fees and commissions______
251,203
623,623
tion at par in the proportion of one share ($25 par) of such common stock Divs. rec’d from affil. corporations..
346,882
356,604
515,657
“ B ” for each $100 par value of common stock and (or) common stock “ B ,” Miscellaneous income_________
96,713
121,316
271,678
held by them, to be paid for in cash on March 10 1924.
$12,099,897 $11,202,329 $19,634,355
DIVIDEN DS (% )—
[Dec. 1912
1913(0 1919. 1920 to June '24
Expsnscs__
On common________________
3%
12% (3% Q .-M .) 12% (3% Q .-M . j
extra dividend Operation of theatres & office bld gs.. $4,792,240 $5,055,425 $8,320,486
Oommon, extra in Apr. (V.
___
4% extra ann.
Operation of film distribution offices.
1,870,688
1,257,850 2,958,355
omitted
108. p. 1064)_____________
in April
_
781,446
1,256,966 2,118,832
Initial div, o f 3% on Class “ B ” common stock was paid June 1 1920 Amortiz. of films prod. & released_
Cost of film advertising access, so ld ..
175,145
145,427
366,657
same amount paid quar. to June 2 1924.
Producers’ share of film rentals_____ 2,445,477
1,479,049 2,793,634
BONDS.— The rights of the 7s'are prior to those of the 5s. No mortgage Depreciation of bldgs. & equipm ent..
257,812
239,3o3
409.712
without making these bonds a prior claim. See V. §4, p. 282.
Federal income taxes_______________
178,208
211,756
251,192
R E PO RT.— For 1923, in V. 118, p. 547, showed:
Net
Bond
Pref. Divs.
Common
Balance
Total expenses___________ _____ ..$10,501,018 $9,645,775 $17,218,866
Operating profits___________________ $1,598,880 $1,556,554 $2,415,488
Profits.
Int.& c.
(7 % ).
Dividends.
Surplus
1923______$11,375,627 $1,753,231 $1,575,987 (12%)$4,038,993 $4,007,417
DIR E C TO RS.— David Bernstein (Treas.), David Warfield, W . C
1922.......... 11,483,679 1,759,385 1,575,982 (12%) 3,965,775 4,182,536 Durant, David L. Loew, Marcus Loew (Pres.), Daniel E . Pomeroy,
1921-------- 12,660..40 2,,'96.583 1,575,980 (12%)3.894,309 4,383,868 N. M . Schenck (V .-P.), Lee Shubert, Charles M . Schwab, Arthur M
1920. . 10,572,966 2,975,163 1,575,980 (12%)3,384,513 2,637.310 Loew (V .-P .), William Hamlin Childs. Office, Broadway and 45th St..
OFFICERS.— Pres., C. C. Dula; V.-Pres. & Treas., T. T . Anderson; N. Y .— (V. 118, p. 1672.)
V .-P ’s, W . W. Flowers, E. B. M cDonald, C. W. Toms and H. A. Walker
LOPT INC.— ORGANIZATION.— Incorp. in Delaware 8ept. 24 1919
Sec., E. H. Thurston: Asst. Sec., W. S. Tislel and E. C. Brenn. Office,
4241 Folsom Ave., St. Louis; branch, 212 Fifth Ave., N. Y .— (V. 118. p. and succeeded to a company of the same name incorporated in Virginia in
1916, which succeeded a proprietorship started about 50 years ago. V.
2188.)
103, p. 1795. Business, manufacture and distribution of candy and con­
LIG G E TT ’ S INTERNATIONAL, LTD., INC.— Incorporated in Mass.
retail; manufacture
soda
In 1920 and took over from the United Drug Co, the assets and business in fectionery at wholesale and three factories and and selling at retailstores
operates
Great Britain, subject to their liabilities, and all of the outstanding stock water, syrups, &c. Owns Jersey and New Haven, Conn. 27 retail
in Greater New York, New
•f the United Drug C o., Ltd., o f Canada (except 223 shares of Pref.)
which carries with it all o f the outstanding capital stock o f the Louis K.
D IV ID E N D S.— Initial dividend of 25 cents per share was paid March 31
Liggett Co,. Ltd,, o f Canada (except 910 shares 1st Pref, stock and 2,106 1921; the same amount paid quarterly to Dec. 30 1922; none since.
shares 2d Pref. stock), The United Drug Co. took in payment $2,000,000
RE PO RT.— Cal.Years. 1923.
1922.
1921.
1920.
at par o f the Class B Common stock o f Liggett’s International. Ltd.,
Inc., being all o f the Class B Common issued. Also acquired from the Net sales_______________ $7,406,292 $6,738,262 $6,760,222 $7,542,667
United Drug Co. all the ordinary shares o f the Boot’s Pure Drug Co., Ltd , Profit before taxes, but
after all exp., depr.,&c.
405,199
852,550
664,033
844,923
o f England, at a csot o f about $10,000,000; 25% o f this stock was disposed of
Res. for Fed. income and
during 1923. (Compare V. I l l , p. 594.)
profits taxes_________
50,477
82,207
122,200
126,000
Capital Stock.— Authorized, $35,000,000 8% Cum. Pref. stock (par $50)
______
645,000
645,025
divs. to be guar, by United Drug Co.- $10,000,000 Class A Common stock D ividen ds____________
trustees' certificates, non-voting (par $100), convertible into United Drug
Net profits after taxes $354,724 def$63.174
$85,325
$718,923
Co. common, to 1927, callable at 150- $5,000,000 Class B Com. stock
(par $100). having exclusive voting rights. Issued as of Dec. 31 1923.
OFFICERS.— Geo. W . Loft, Pres.; J. H. Carl, G. L. Loft, J. R. Haas,
Pref., $12,963,950; Class A Common, $5,000,000: Class B Com ., $2,000,000
Paul Hungelmann, V.-Ps.: James J. Newman. Treas.: D. C. Kennedy,
Callable at $60 and dividends ($15,000,000 pref. stock is reserved for ex­
change for United Drug Co. first pref.). Stockholders o f the United Drug Sec.; T. F. Flynn, Asst. Treas. & Asst. Sec. Office, 400 Broome St., N. Y .
Co. were allowed to subscribe or exchange some o f their stock for pref. and — (V. 118, p. 1781.)
common “ A ” stock. V. 110, p. 2495; V. I l l , p. 598; V. 112, p. 1032.
LOOSE-WILES BISCUIT CO.— ORGANIZATION.— Incorp. in N Y .
Dividends.— The directors voted to omit the dividend due on both classes May 4 1912. Operates large factories in Boston, Chicago, St. Louis, Kan­
o f Common stock Oct. 1 1921. Dividends o f 2% each had been paid quar­ sas City, Minneapolis, Omaha, Dallas and Long Island City. V. 96, p.
terly beginning Jan. 1 1921 on both issues o f Common. V. 113. p. 1581. 65, 356; V. 98, p. 1069.
Payments were resumed on Sept. 1 1923 when 14£% was paid on both
classes o f common.
STOCK.— Com. stock ($8,000,000) was in a voting trust extending to
EARN IN G S.— The report for the year ending Dec. 31 1923 shows income May 8 1917. but extended as to a majority until M ay 8 1922 and again
from dividends, $1,659,385; operating profit, $1,483,507; other income, to M ay 8 1927, with right to terminate vested in 75% . V. 104, p. 1903;
$1,699,889; taxes, $75,871; net profit, $3,107,525; pref. divs., $1,037,116; V. 94, p. 1768.
common divs., $210,000; Federal taxes, $49,790; bal., sur., $1,810,619.
D IV ID E N D S.— On first pref., 1% % quar. July 1912 to Apr. 1 1924.
V. 118, p. 1528.
to
1915. 1 % % quar.; none thereafter
OFFICERS.— Chairman, Louis K. Liggett; Pres., George M . Gales; On 2d pref.. Aug. 1912was Feb. on accumulated dividends; N ov. 1 until
May 1920 when 5H %
paid
1920
Sec., A. W . Murray; Treas., W . A. Tobler.— (V. 118, p. 1528.)
to Nov. 1 1922 paid 1% % each quar.; Feb. 1 1923 to M ay 1 1924 paid
LIMA LOCOMOTIVE W ORKS, I N C — Incorp. in Virginia, April 25 7% each quar., clearing up all accumulations.
1916. Plant located at Lima, Ohio.
R EPO RT.— For 1923, in V. 118, p. 1266, showed
CAPITAL STOCK.— The directors voted to retire on June 1 1923 all of
Calendar Year—
1923.
1922.
1921.
1920.
the outstanding preferred stock at 107K and divs.
$820,967
Net profits*___________
$914,325
$208,773
$945,793
The stockholders voted on July 14 1922 to create an authorized issue
311,826
% )-----304,500
308,630
320,229
of 300,000 no par value shares of common stock. The new stock was issued First pref. div. (7div----Second preferred
420,000
145.000
175.000
140.000
for the purpose of exchanging two shares for each share of pref. stock out
Sink.
150,000
150.000
150.000
150.000
standing and two shares o f new common stock for one share of the out­ Prem.fd. of 1st pfd. stock
on 1st pfd. redeem
10,217
standing common stock.
The common stockholders of record July 20 1922 were; iven the right t o
$29,608
$217,337
$335,564
Balance, surplus____
subscribe at $50 per share to 1 1-3 shares o f new common stock for each Profit & loss, surplus.. _ $3,873,578 $3,843,970 def$428,053 $4,154,686
$3,726,633
share of the existing common stock.
* Net profits from operations after deducting all expenses, interest
D IV ID E N D S.— On common paid 1% % quar. from Dec. 1 1920 to Sept. 1
1922; Dec. 1 1922 to June 2 1924, paid $1 per share quar. on new no par charges, depreciation and Federal taxes.
Pres., B. L. Hupp; V.-P. & Treas., John H. Wiles; Sec., R. W . Castle.
value stock.
BONDS.— All o f the outstanding 1st mtge. 6% sinking fund gold bonds Office, Kansas City, M o.— (V. 118, p. 1277.)
dated July 1 1912 were called for payment Nov. 1 1922 at 110 and int.
(P.) LORILLARD CO.— O R GAN IZATION .— Incorporated in New Jer­
R EPO RT.— For 1923 showed:
sey Nov. 24 1911 and, under order of U. S. Circuit Court dated N ov. 16
Calendar Years—
1923.
1922.
1921.
1920.
1911, took over, under plan of disintegration of American Tobacco Co.
Gross income__________ $20,286,867 $6,476,953 $12,528,154 $12,047,657 (V. 93, p. 1122-24), certain of its plug, smoking, cigarette and little cigar
175,446
1,136,592
1,078,730 factories. V. 106, p. 1348; V. 93, p. 1537; V. 94. p. 70, 126, 283.
Net income___________
2,902,605
Reserve for Fed. taxes._
500,000
STOCK.— The stockholders on Dec. 18 1923 increased the authorized
200,550
Pref. dividends (7 % )_
_
30,326
200,550
130,985
common stock from $30,311,200 to $50,000,000 and changed the par value of
189,211
304,500
Com. dividends (7 % )_
_
809,570
Balance, surplus_______ 1.562,709 defl44.750
878,180 the com. stock from $100 to $25 per share. Four new shares of com. stock,
631,541
Profit and loss surplus. _ 4,015,876
1,839,453 par $25, were issued in exchange for each share of com. stock, par $100.
2,453,167
2,470,994




M ay , 1924.]

M ISC E L LA N E O U S C O M P A N IE S
[For abbreviations, A c ., see notes on first page.]

M cCrory Stores C orp.— Common stock 500,000 shares authCommon stock Class B (non-voting) 150,000 shares auth__
Preferred (a. & d.) stock, 7% cum red 110 $3,000,000 auth.
M cln ty re-P orcu pin e Mines, Ltd.— Stock $4,000,000 auth_
f t a c k a y Companies (The)— Common shares j5U.uOU.UOO auth
Pref (a & a) 1% cum $50,000,000 auth red 106__________
M a c k Trucks, I n c — Com stock 500,000 shares auth________
1st pref (a & d) 7% cum $10,921,900 auth call 110________
2d pref (a & d) 7% cum $5,347,800 auth call 105________
(R H ) Macy & Co. I n c . — Common stock 350,000 sh auth_
_
Preferred (a & d) stock 7% cum $10,000,000 auth________
Magma C opper Co— Stock 350,000 shares auth___________
Convertible gold bonds red (text) $3,600,000 auth______c*
(H R) M allinson & Co— Common stock 200,000 shares auth.
Pref (a & d) stock 7% cum red 115 $10,000,000 auth______

Date
Bonds

1922

Par
Value

1923 a n d 5 % ex tra in c o m . s t o c k o n D e c . 1 1923.

Am ount \ Rate
Outstanding

%

None 334,631 shs.
None 29,861 sns.
100 $3,000,000
5 3,640,283
10U 41,380,400
100 50.000.000
None 283.108 sh.
$100 1810.921,891
100 5.331,700
None 350.000 shs
100 $9,594,000
None 240.000 sh.
500 &c $3,495,000
None 200.000 shs
100 $2,601.800

COM M ON D IV .— f’13. T 4. ’ 15. T6. T7. ‘18. ’ 19. ’20. ’21. ’22. ‘ 23
Regular............................ |l0 10 10 12 12 12 12 12 12 12 12
Extra............................... l ._
5
3
5
6 20 stk..................... .. .........
Paid regularly In cash 3% quar., April 1916 to Apr. 1924, 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.
RE PO RT.— For 1923, in Y. 118, p. 801 and 914, showed:
Calendar
Net
Bond In- Pref.Divs. Con. Divs.
Balance,
Year—
Income.
terest. A c.
(7 % ).
(12% ).
Surplus.
$157,572
1923_________ $6,277,634 $1,239,593 $791,532 $4,088,938
1922
__x8,133,397
1,244,953
791,532 4,017,001
2,079,910
1921-------------- x7.616.545
1,338,222
791,532 3,636,570
1,850,222
1920.........
x7,796,258
1,250,982
791,532 3,454,683
2,299,061
x After deducting Federal taxes.
OFFICERS.— Pres., B. L. Belt; Sec. & Treas., W . B. Rhett. Office,
Jersey City, N. J.— (V. 118, p. 1400.)
LUDLUM STEEL CO.— (Y. 118, p. 2446.)
M cCRORY STORES CORPO R ATIO N .— ORGAN IZATION .— Incorp.
In May 1915 in Del., successor of J. G. McCrory Co. Owns and operates a
chain o f 166 5 and lO-cent stores in the Eastern and Southern States
STOCK.— The s to ck h o ld e rs on M a y 21 192 3: (1) A u th o riz e d the issuo
ance o f $ 3 ,0 0 0 ,0 0 0 new 7% c u m u l. p r e f. s t o c k . T h e o ld ($ 9 2 4 ,7 0 0 ) p re fstoek w as c a lle d fo r re d e m p tio n o n J u ly 1 1923; (2) a u th o r iz e d th e issu an ce c f
500,000 shares o f n o p a r v a lu e c o m m o n s t o c k . T h is s t o c k w as exch an g ed
for the o ld c o m m o n s t o c k (p a r $100) o n th e basis o f 4 shares o f n e w s to c k
for 1 sh are o f th e o ld s t o c k . (3) A u th o riz e d th e issu an ce o f 150 ,0 0 0 shares
o f no p a r v a lu e cla ss B c o m m o n s t o c k . T h is s t o c k w ill h a v e n o v o t in g
power, b u t in o th e r re s p e cts w ill b e o n th e sam e b asis as th e n e w c o m m o n
stock. T h is s t o c k m a y b e issu ed as d e te rm in e d b y th e d ir e cto r s .
Stock Purchase Warrants.— E a ch p r e f. s t o c k c e r tific a te , a t th e tim e o f
Issue, w ill be a c c o m p a n ie d b y a s t o c k p u rch a s e w arrant e n titlin g th e h old er
of such w a rra n t t o p u r c h a s e o n o r b e fo r e D e c . 31 1930 n ew n o n -v o t in g
class B c o m m o n s t o c k a t $40 p e r sh are o n th e basis o f 2 A shares o f class
B common s t o c k fo r e a ch sh are o f p r e f. s t o c k re p re se n te d b y e a ch su ch
pref. s t o c k c e r tific a t e . C o m p a r e V . 117, p . 95.
Initial d iv . o f 1 % o n c o m . s t o c k p a id D e c . 15 1920. O n M a r . 15 1921 the
regular 1 % d iv . was p a id in s t o c k , p lu s a sp e cia l s to c k d iv . o f 2 0 % . V . 112,
p. 938. Ju n e 15 1921 t o D e c . 1 1923 p a id e a ch q u a rte r 1 % in c o m . s to c k ,
with th e e x c e p tio n o f M a r . 1 1923 w h en 1 % in ca sh w as p a id . On D e c .
15 1922 p a id 1 0 % in c o m . s t o c k ; a lso p a id 1 0 % in c o m . s t o c k o n M a r . 1
O n M a r . 1 1924 paid

40 c e n ts a share in cash a n d 5 % in c o m . s t o c k and o n Ju n e 2 1924 p a id 40
c e n ts in ca sh an d 1 % in c o m . s to c k o n cla ss “ B ” a n d class “ B ” c o m . sto ck s.

The company itself has no bonded debt, but 16 of the pieces of store
property occupied by the company were in 1915 transferred to William J.
Fallon, who executed thereon an issue o f $700,000 1st M . 6% serial bonds
dated June 1 1915 and due yearly on July 1 1917 to 1930, the properties
being then leased back to the company for 20 years. V. 101, p. 135.
R E PO RT. — F o r 1923, in V . 118, p . 1020, sh ow ed :
Calendar Years—
1923.
1922.
1921.
1920.
Sales__________________$21,367,824 $17,123,253 $14,406,404 $14,199,346
Cost o f sales___________ $14,888,936 $11,797,154 $10,006,087 $9,920,853
Gen. exp., taxes, &c___
4,807,849
4,141,029
3,712,546
3,659,009
Preferred dividends___ (7%)99,214
66,504
67,333
70,201
Common divs. (cash)—
104,599
36,731
______ (1%)50,000
Common divs. (stock ).. 1,700,699 (10)852,300(24)1232,567
______
Retirem’t o f pref. stock.
93,832
54,970
54,830
37,045
$174,564 def$666,959
$462,238
Balance, surplus------- def$327,305
For 3 mos. ended March 31 1924: Sales, $4,801,518; net earnings, $239,512. V. 118, p. 2446.
OFFICERS.— Pres., J. G. McCrory; V.-Pres., J. H. McCullough, P. A.
Prior, Van O. McCrory; Treas., F. D. Jolly; Sec., B. H. Stenzel. N. Y.
office, 1107 Broadway.— (V. 118, p. 2312.)
MACANDREWS & FORBES CO.— (V. 118. p. 2446.)
McINTYRE=PORCUPINE MINES, LTD.— Incorp. March 16 1911 in
Ontario. Properties are located in the Porcupine District near Schu­
macher, Ont.
STOCK.— The par value of shares was changed from $1 to $5 on Feb. 23
1922, the capital stock being rearranged so that every five old shares of $1
par value constituted one share of $5 par value.
DIV ID E N D S.—
1917. 1918. 1919. 1920. 1921. 1922.
1923.
Per cent---------------------- 15
15
10
15
15
15
15
Paid in 1924: Jan. 2, 5% ; M ay 1, 5% .
RE PO RT.— For year ended June 30 1923, in V . 117, p . 1135, 1354:
Years ended June 30—
1923.
1922.
1921.
1920.
Incom e-------------------------- $2,306,360 $2,103,897 $2,177,278 $2,315,894
Costs--------------------------- 1,334,517
1,242,537
1,088,764 1,088,231
Reserves &appropriates
232,335
308,614
272,984
409,642
Dividends (15% )------546.042
546,042
546,042
546,042
Balance, surplus.........
$193,466
$6,705
$269,488
$271,979
OFFICERS.— Pres., J. P. Bickell; V .-P ., W. J. Sheppard; Sec., M . P.
Van der Voort; Treas., H. G. Laux. Office, Standard Bank B ldg., Toronto,
Ont.— (V. 118, p. 559.)
MACKAY COMPANIES (TH E ).— ORGAN IZATION .— A voluntary
association formed under trust deed of Dec. 19 1903 and managed by 12
trustees, elected annually. Present trustees are: Clarence H. Mackay, F. L
Polk, Edward C. Platt, M . W. Blackmar, Charles H. Sabin, Lewis L.
Clarke, William J. Deegan, Morton S. Paton (New York), Sir Edmund
B . Osier (Toronto), Charles R . Hosmer (Montreal), Sir Thomas Skinner
(London, England). Owns entire $25,000,000 stock o f Commercial
Cable Co. and the entire capital o f the Postal Telegraph system; also capita)
stock in other cable, telegraph and telephone companies in United StateOanada and Europe. See V. 84, p. 448: V. 85, p. 407; V. 86. p- 476; V. 89
p. 848. Rights of stock. V. 84, p. 870. Govt, valuation in 1918. V. 106,
p. 1465, 1581. In Jan. 1922 the company announced the completion of a
contract with the German Atlantic Cable Co. for a direct cable from this
country to Germany. V. 114, p. 312. A new transatlantic cable of the
heaviest type ever laid was completed between New York and Havre,
France, via Canso, Nova Scotia, and the Azores Islands, during 1923.
In Aug. 1922 entered into a cable alliance with All America Caoles, Inc
V . 115. p 1106. In Sept. 1922 entered into an agreement with Radio Corp
of America. V. 115, P- 1329.




195

INDUSTRIAL AND PUBLIC UTILITY
When
Payable

See text Q— M
See text Q— M
Q— F
7
See text See text
See text Q— J
O— J
4
See text Q— J
7
Q— J
7
Q— J
See text
7
Q— P
7g

J

Last Dividend
and Maturity

See text
See text
Nov 1 1924
M ay 1 ’24,
July 1 1924
July 1 1924
See text
Apr 1 '24
Apr 1 '24

ad
n

Places Where Interest
Dividends are Payable

1X
5% Checks mailed
1 X. N Y . Canada and Londci
do
do
1%
Guaranty Tr Co, N Y
do
do
IH
do
do
IX

May 1 1924 I X
See text
Chase Nat Bank, N Y
& D June 1 1932

Q— J

Apr 1 1924 I X

On July 31 1919 the Government surrendered control of all the telegraph,
cable and telephone lines held by it. V. 108, p. 1775, 1825. 1940, 2123.
2438, 2532; V. 109, p. 482. As to Government demands see V. 109, p.
1992; V. 110, p. 870, 1936; V. 112, p. 854.) Under I.-S. O. Comm, jurisdiction, V. I l l , p. 595.
DIV ID E N DIS.— ( 1907-10. 1910-16. 1917.
S.—
1918 to 1922.
1923.
On common — % l 4 yearly 5 yearly
SX 6 yrly (I X Q-J.) 7&10ext.
Paid in 1924: J a n .,'1 . . % ; April, 1X%\ July, 1 X % R EPO RT.— For calendar year 1923, in V. 118, p. 914, 1389, showed:
Year end. 11 Mos. end.-----Years ended Feb. 1----Period—
Dec. 31 ’23. Dec. 31 ’22.
1921-22.
1920-21.
Receipts________________ $4,898,564 a$8,623,181 $4,309,253 $4,868,988
Oper. exp., Fed. tax., &c
292,489
164,272
82,771
535,400
Dividends paid________ 4,596,502
8,439,248
4,180,341 4,230,336
Balance, surplus_____
$9,573
$19,661
$46,141
$103,252
a Includes $4,138,040 received from the accumulated reserves of sub­
sidiary companies.
Wf
(The policy of the Mackay Companies is to obtain from the subordinate
companies only enough money to meet the divs. of the Mackay Company
•hares, all surplus earnings being left in the treasuries of the subordinate
companies for extensions and tho development of the business and the in­
crease of reserves.)
OFFICERS.— Pres., Clarence H. Mackay; V.-P. & Treas . Edw. C.
Platt; V.-P. & Sec., Wm. J. Deegan. Offices, 100 State St., Boston, and
253 Broadway, New York.— (V. 118, p. 1389.)
MACK TRUCKS, INC.— Incorp. Nov. 8 1916 in N. Y. as the Interna­
tional Motor Truck Corp., as a result of the refinancing of the International
Motor Co. of Delaware. Name was changed to present title in March 1922
Acquired approximately $8,000,000 of the assets of Wright-Martin Aircraft
Corp. in Dec. 1919. Plants are located at Allentown, Pa., Plainfield.
V. J., and New Brunswick, N. J.
CAPITAL STOCK.—-The stockholders on March 26 1924 increased the
authorized common stock from 320,000 shares to 500,000 shares, no par
value.
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
□aid July 1 1920. These dividends covered the four months ending June 30
1920. Oct. 1920 to Apr. 1924 paid 1X % quarterly on both classes. Initial
liv. 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 Apr. 1 1924 paid $1 50 quar.
Also paid 100% in common stock in M ay 1920.
R E PO RT.— For 1923, in V. 118, p. 1291, showed:
1923.
1922.
1921.
Sales_____________________
--$43,866,958 $31,070,289 $24,849,268
Net profit_________________
$8,897,620 $5,122,275
$895,564
Federal tax reserve________
-.
1,050,000
565,000
______
Depreciation _____________
843,955
604,966
437,275
Inventory shrinkage_______
----------------331,357
1st preferred dividends (7%)
764,533
764,533
764,533
2d preferred dividends (7%)
372,219
372,084
372,084
Common dividends________
($5)1,415,540 ($1)283,109
______
Balance, surplus_________________ $3,581,819
$2,532,554d f$ l,009,686
Report for 3 mos. ended March 31 1924 in V. 118, p. 2446.
OFFICERS.— A. J. Brosseau, Pres.; R . E . Fulton, E. O. Fink, A. F.
Masury. W. R. Edson, V.-Pres.; O. W. Haseltine, Sec. & Treas. Office,
25 Broadway, N. Y .— (V. 118, p. 2446.)
(R . H.) MACY & CO ., INC.— Incorp. in New York on M ay 28 1919.
Conducts a department store located on Broadway and 34th & 35th Sts.,
New York City. In Dec. 1923 acquired an interest in the La Salle & Kodh
Co. of Toledo. V. 118, p. 91.
DIVIDEN DS.— On preferred stock in full to date. On common, paid
a stock div. in com. stock of 150,000 shares to stockholders o f record Sept.
51922.
REPO RT.— For 1923, showed:
Earnings Years Ended—
Feb. 2 1924. Feb. 3 1923.
Net sales_______________________________________ 51,232,360 $49,615,229
Cost of goods sold, selling, oper. & adm. exp., less
miscellaneous earnings_______________________ 47,494,473 46,068,287
Provision for Federal income tax_________________
400,000
410,000
Net profit transferred to surplus________________ $3,337,887
Previous surplus________________________________
5,788,231
Excess Federal tax reserve______________________
Cr.43,888
Expenses account building alterations, &c________
961,362
Premium paid on preferred stock purchase________
45,23l
Amount transferred to appropriated surplus______
400,000
Amount transferred to reserve for contingencies.
lOO.OOO
Preferred dividends_____________________________
683,914

$3,136,942
3,549,868
______
317,327
3,325
300,000
______
577,928

General surplus______________________________ $6,979,499
Appropriated surplus for retirement of pref. stock.
400,OO0

$5,488,231
300,000

Total surplus_____________ __________________ $7,379,499 $5,788,231
OFFICERS.— Pres., Jesse Isidor Straus; V .-P ., Percy S. Straus; Sec. &
Treas., Herbert N. Straus.— (V. 118, p. 1528.)
MAGMA COPPER CO.— Incorp. M ay 7 1910 in Maine. Owns a group
of mining claims of 2,075 acres, of which 539 acres have been patented,
and also owns an adjoining group of mill sites containing 392 acres, of
which 31 acres have been patented and 297 acres of patented farm lands.
STOCK.— See table at head of page.
DIVIDEN DS.— Dividends of 50 cents a share were paid quarterly from
Sept. 30 1915 to Jan. 6 1919; none since. Also paid a special Red Cross
dividend of 10 cents a share on July 27 1917.
BONDS.— The convertible gold 7s of 1922 are redeemable at 105 and int.
to Juno 1 1927; at 104 to June 1 1928; at 103 to June 1 1929: at 102 to June I
1930, and thereafter to Dec. 1 1931 at 101. Convertible at any time into
common stock of the company at ttie rate of 15 shares of stock for each $300
principal amount of bonds, or in the event of an increase in the outstanding
canital stock from 240,000 shares (from other than conversion reasons) at
prices as defined in Section 4 of Article 4 of the indenture securing the bond*.
$105 in sinking fund April 15 1924.
REPO RT.— For calendar year 1923, showed: Sales of copper. $419,669
deficit, $152,054; other deductions, $362,427; net loss. .$514,481.
OFFICERS.— Pres., Chas. F. Ayer: V.-P., A. J. McNa.b and Walter II..
Filor; Sec. & Treas., H. E. Dodge. Office, 14 Wall St., New York. Mine,
office, Superior, Ariz.— (V. 118, p. 2446.)

196

INDUSTRIAL AND PUBLIC UTILITY

M ISC EL LAN E O U S C O M PA N IE S
[For abbreviations, & c., see notes on page 6]

Date
Bonds

M agnolia Petroleum Co— Stock $188,000,000__________ Co
1st M $10,000,000 sink fund call par__________ Col.zzc*
Manati Sugar Co— Common stock $15,000,000 auth_______
Preferred (a & d) 7% cum call 120S5.000.000 auth_____
First (closed) mtge s f gold bonds call (tex t)_ Cek.xxxc*
_
M anhattan Elec Supply Co— Stock 250,000 shares au th ..
(T he) M anhattan S hirt Co—-Com stk $7,500,000 au th ..
Preferred stock (a & d) 7% cum red 120 $3,0OO,0OO auth_
_
Manufacturers Light & Heat C o., (T h e)— Stock $25,000.00u
M aracaibo Oil Explor Corp— Stock 400,000 shares au th ..
Gold debentures convert (text) $800,000 auth___________
Marland Oil Co— Stock 2,000,000 shares authorized________
Sinking fund bonds Series “ A ” call text________ Gk.xxxc*
do
do
Series “ B ” call (text)__________ Gk.xxxc*

1912
1922

1923
1921
1922

Par
Value

$100 180,000,000
1,000 8.588.000
100 10, 000,000
100 3.500.000
100 &c 8 , 000,000
None
70,000 sh.
25 7,090,173
100
1.600.000
u50 23.000,000
None 255,700 sh.
500&1000
$692,000
None 1534762 shs
1,000 2.817.000
1,000 2.235.000

MAGNOLIA PETROLEUM CO.— ORGAN IZATION .— A joint stock
association (unincorporated) organized on April 24 1911 under laws of
Texas. Owns and controls oil wells in Texas, Oklahoma, Kansas and
Ark., with refineries located at Beaumont, Fort Worth and Corsicana,
Tex., also trunk pipe lines from Cushing and Healdton, Okla., and
Electra, Tex. In Dec. 1918 commenced construction o f an 8-inch oil pipe
line from Ranger to Corsicana, Tex., 120 miles. Y. 107, p. 2380.
STOCK.— In Jan. 1918 Standard Oil Co. of New York acquired about
$19,800,000 o f the stock without voting power
D IV ID E N D S.— 1916-17. 1918. 1919. 1920. 1921
1922. 1923.
_
6%
6%
6%
6%
6%
Regular dividends_ 6 % p .a .
4)4
1%
2%
2%
)4 %
-----Extras in cash______________
Stock dividends___________
—
—
100%
-------50%
Paid in 1924: Jan. 5, 1% : April 5, 1% .
BONDS.— First mortgage 6% gold bonds, authorized, $10,000,000; out­
standing Dec. 31 1923. $8,588,000: canceled by sinking fund to Dec. 31
1923. $1,412,000.
R E PO RT.— For 1923, in V. 118, p. 1528 and 1672, showed:
1923
1922
1921.
1920.
Gross earnings_________ $52,013,916 $46,577,'l28 $55,139,890 $72,643,640
Exp., depl’n & deprec’n . 43,903,256 40,105,118 44,913,430 49,486,452
*Net earnings_______ $8,110,660

$6,472,010 $10,226,460 $23,157,188

OFFICERS.— Chairman, John Sealy, Galveston; Pres., E. R. Brown,
Dallas; Sec., Courtenay Marshall, Beaumont; V .-P. & Treas., W . C.
Proctor, Dallas..— (V. 118, p. 1672.)
(H. R.) MALL1NSON & CO ., INC.— Incorp. Oct. 27 1919 under laws
o f Delaware. Manufactures high grade silks o f 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.
RE PO RT.— For year ended Oct. 31 1923, in V. 118, p. 788, showed:
1922-23.
1921-22.
1920-21.
1919-20.
$838,401
$459,441
$510,028
N et operating income_ $1,556,595
_
148,124
51,856
93,703
Other income. _ _ __
_
89,851
Total income___ ____ $1,646,446
27,940
Bad debts charged o ff_
_
D ep reciation_ __ _
_
135,966
Taxes _
xll,327
Loss on sale of securities .
Other deductions_
_
8,664

$986,525
62,174
156,356
X22.272
4,398

3,724

$603,731
14,448
86,791
11,770
142,952
2,673

Net prof. bef.Fed.inc.tax $1,462,549
Federal taxes (estimated)
185,000

$741,325
90,000

$338,357
32,500

$345,098
32,000

B alan ce____________ $1,277,549
Pref. dividends (7 % )_
_
181,090

$651,325
yl89,350

$305,857
204,250

$313,098
210,000

$511,297
16,310
112,187
40,719

Balance, surplus.. . . $1,096,459
$103,098
$461,975.
$101,607
x Taxes are Federal and State (other than Federal income tax for 1922
and 1921, charged to surplus), y Approximate, inserted by editor.)
OFFICERS.— Pres., Hiram R . Mallinson; V.-P. & Treas., E . I. Hanson:
Sec., I. E. Tallman. Office, 299 Fifth Ave., New York.— (V. 118, p. 2312.)
MANATI SUGAR CO.— O R G A N IZA T IO N — Organized under laws of
New York. April 30 1912. Engaged in the business of owning and operating
a sugar estate and factory in the island o f Cuba, in the growing of sugar
cane. In the manufacturing of raw sugar therefrom, and in the sale of such
sugar. Owns, leases and controls 282,700 acres of land. Compare V. 118,
p. 82.
CAPITAL STOCK.— The stockholders on June 9 1920 approved an
increase in the authorized common stock from $10,000,000 to $15,000,000,
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
Pref. stock is redeemable at 120 and accrued dlvs., and has equal voting
power with com. stock
D IV ID E N D S.— Beginning April 1 1915, the company has paid regularly
quarterly dividends on the pref. stock at the rate o f 7% per annum. On
common paid 2)4% quar. Dec. 1 1916 to June 1 1921; then none until
Dec. 1 1923 when 1 X % was paid; also declared divs. payable as follows:
M ar. 1 1924. 1M % ; June 2 1924, 1M % . and Sept. 1 1924, \ M % . Paid ex­
tra divs. as follows: N ov. 8 1916, 20% in com. stock: July 23, 1917, 1 % in
cash (Red Cross); Sept. 8 1919, 2)4% in cash and 5% in common stock.
BON DS.— The first mtge. 20-year 7)4% sinking fund gold bonds are
callable as a whole or for sinking fund at 110 through 1936 and decreasing
1 % annually thereafter. As a sinking fund company will pay to the trustee
semi-annual payments, beginning 1924, a sum sufficient to retire $335,000
o f bonds annually through purchases in the market up to the prevailing call
price. Secured by a direct closed first mortgage on all the fixed property
owned and on interest in lands held under contract, ’ ess $743,414 purchase
money debt, payable in installments between 1924 and 1933 and by a first
lien on the Tunas R R . through the pledge o f all itslstock. V . 114, p. 1414
R E PO RT.— For year ended Oct. 31 1923, in V. 118, p. 82, showed:
Year ended Oct. 31—
1922-23.
1921-22.
1920-21.
1919-20.
534.628
450,391
400,400
374,700
Production (bags)______
Operating profit________ $2,692,707
$629,546
$648,432 $3,778,060
Interest (net)__________
279,468
498,253
105,894 deb.42,871
Tax reserve___________
100,000
10,807
--------566,800
Adjustments, &c_______
525,025
21,828
56,908
8,173
Reserves_______________
660,000
54,236
1,255,000
586,000
Divs. on preferred (7 % ).
245,000
245,000
245,000
245,000
Divs. on common______
______
______ (7)^)750,000(10)1000,000
Balance, sur. o rd ef_____sur$915,087 def$660,577df$l,764,369 sr$l,414,959
OFFICERS.— Regino Truffin, Pres.; Manuel Rionda, Albert Strauss,
Alfred Jaretzki, Manuel E. Rionda, E. D . de Ulzurrun, Vice-Presidents;
B. Braga Rionda, Treas.; ff m , F. Corliss, Sec. N . Y . office, 106 Wall St.
— (V. 118, p. 82.)
MANHATTAN ELECTRICAL SUPPLY CO„ IN C — Incorp. in Mass.
N ov. 8 1916. On July 1 1916 took over the business and assets of the Man­
hattan Electrical Supply Co. o f N . J. Manufacturers and jobbers in elec­
trical supplies and apparatus. Plants are located in Jersey City, N. J..
Ravenna, O. Stores located in New York City, Chicago and St. Louis
and a sales branch at San Francisco.
R E C A PIT A LIZA TIO N — On Aug. 10 1920 the stockholders voted to
change the outstanding 30,000 shares of common stock o f $100 par value
Into 30.000 shares o f no par value, and to Increase the authorized number of




Am ount
Outstanding

Pate

%

When
Payable

Last Dividend Places Where Interest and
Dividends A re Payable
and Maturity

See text Q— J 5 Apr 5 1924 1%
6 g J & J Jan 1 1937
See text
Q— M
See text
7
y—j
Apr 1 1924 I X
7)4 R A & O Apr 1 1942
$4 in ’23
Q— J Apr 1 1924, $1
12 in ’23 Q— M June 2 1924 3%
7
Q— J Apr 1 1924 1 X
See text Q— J Apr 15 1924 2%
F
7g
See text
See text A
7)4 g F

[V ol. 118,

By check
Irv Bk-Col Tr Co. N Y

Checks mailed
do
Checks mailed

& A Feb 1 1925
New York Trust Co, N Y
July 2 1923 $1
& O April 1 1931
Guaranty T r. C o., N. Y .
& A Apr 1 1931
do
do

shares to 250,000. The company on Aug. 20 1920 notified its common
stockholders that each $100 snare of outstanding common stock could be
exchanged for one share of no par value common stock. N o time limit was
placed upon the exchange. All outstanding 1st pref. and 2d pref. stock
not exchanged for no par value stock was redeemed in cash at $11214 and
$100, respectively, on Oct. 1 1920.
DIV ID E N D S,— Initial div. of $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
Apr. 1 1924 paid $1 quarterly.
RE PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Sales (net)____________ $8,283,463 $7,016,370 $5,523,968 $7,286,446
Cost of sales___________
6,366,107 5,130,923
4,235,521
5,608,476
Gross profit_________ $1,917,367 $1,885,447 $1,288,447 $1,677,970
Miscellaneous profits
143,643
104,872 Not shown
12,946
$2,061,000 $1,990,319 $1,288,446
Adver., taxes, deprec.,
gen.exp., eng.&deveL 1,966,824 y l ,538,891 y l , 136,126
D ividen d s.......................($4)280,000 ($4)280,000 ($4)280,000

$1,690,916
yl,537,875
x439,255

Balance, deficit______
$185,823 sur$171,428
$127,680
$286,214
x Including divs. on pref. stock then outstanding, as well as cash due
on common stock and a 10% stock div. y Does not include depreciation.
Note.— Increased expenses for 1923, the company states, were due largely
to a complete renovation of manufacturing processes, and research and engi­
neering development, all of which was done out of earnings and has not been
capitalized on the balance sheet.
Earnings for first quarter of 1924 in V. 118, p. 2188.
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. 118, p. 2188.)
MANHATTAN SH IR T CO. (THE)— ORGANIZATION.— Incorp. in
New York June 15 1912 as successor of New Jersey company of same name.
Manufactures men’s shirts, collars, underwear, pajamas, &c. Application
to list showing properties owned, rights of stock. &c.. V. 100, p. 405.
STOCK.— Total pref. stock issued $3,000,000: amount redeemed to
Dec. 1923. $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.
D IVIDEN DS (% )—
(1915. 1916. 1917 1918. 1919. 1920-21. 22-’24
On common_____________ ( X
2)4
4
4
6)4
7 yrly. Text
do in Liberty bonds
{ __
2
..
----------- . .
On pref. stock 7% p. a. (1 X Q--J) Oct. 1 1912 to Apr. 1924. In Dec. 1918
an extra 2% was paid on com. in 4M % Liberty bonds. V. 107, p. 1924.
In March 1919 paid 1% on com.; June 1919 to Dec. 1921, \ X % quar.; on
March 1 1922 paid 2% quar. in cash, 2)4% quar. in com. stock, and a
-•pedal div. of 10% payable in com. stock (V. 114. p. 635): on -Tune 1 and
Sept. 1 1922 paid 2% quar. in cash and 2 )4 % in com. stock; on Dec. 1 1922
paid 3% quar. in cash, 2)4% quar. stock div. and a special stock div. of
17)4%- Mar. 1 1923 to June 2 1924 paid 3% quar. in cash.
The stockholders on June 10 1919 voted to reduce the par value of the
common shares from $100 to $25. V . 108, p. 2438.
REPO RT.— Report for year ending Nov. 30 1923, in V. 118, p. 309:
Years ending Nov. 30.
1923.
1922.
1921.
1920.
Total net_______________ $2,070,427 $1,949,696 $1,452,817
$845,896
Interest_______________
69,975
52,996
97,823
156,800
Federal taxes__________
250,000
265,000
329,617
115,000
Preferred dividends___
105,565
107,026
112,000
112,000
Common dividends_____
846,695
502,567
350,000
350,000
Balance, surplus_____
$797,192 $1,022,107
$563,375
$112,093
Pres., Abram L. Leeds; Treas., Silas Thomas; Sec., L. C. Leeds. Office,
385 Madison Ave., New York.— (V. 118, p. 309.)
MANUFACTURERS LIGH T & HEAT CO. (TH E).— ORGANIZA­
TIO N .— Incorp. in Pa. April 21 1903 as a consolidation of a number of
natural gas companies operating in Allegheny, Washington and Greene
counties, Pa. V. 88, p. 503; V. 90, p. 1428; V. 92, p. 524; V. 91, p. 1633,
217.
LATE DIVS. f’ 13.* 14 T 5. '16. 1917. '18, ’ 19. ’20. ’21. '22. ’23.
P e rc e n t______ )6)4 7 X 8
8 8&2ex 8
8
10 8 8
10
Faia in 19Z4: Jan. to, z % ; Apr. to, zyc .
EPORT.— For 1923, in V. 118, p. 915, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings___________ $12,445,899 $11,322,423 $10,006,137 $12,095,133
Oper. exps. and ta x e s...*10.227,013
*8,900,568 *8,257,711 *9,586,084
Net surplus before divs. 2,422,701 2,569,171
1,975,152
2,553,574
D ividen d s______________ 1,840,000 2,300,000
1,840,000
1,840,000
Balance, surplus_____
$582,701
$269,171
$135,152
$713,574
* Operating expenses, including depreciation and depletion.
OFFICERS.— Pres., Thomas B. Gregory; Sec. & Asst. Treas., H. E.
Seibert; Treas., G. W . Ratcliffe; V .-P ., L. A. Meyran, J. I. Buchanan.
Main office, Columbia Bank Bldg., Pittsburgh, Pa.— (V. 118, p. 915.)
MARACAIBO OIL EXPLORATION CORP.— Incorp. Sept. 8 1919 in
Delaware. The company began business by acquiring all the authorized
capital stock of the following corporations: Mara Exploration C o., Miranda
Exploration Co., Paez Exploration Co. and Perija Exploration C o., each of
which is a corporation organized under the laws of Delaware. Each of these
companies owned contracts or rights for the exploration and exploitation
of petroleum and similar substances in the Republic of Venezuela. These
companies are now engaged in the development of the concessions and rights
which they hold in Venezuela.
Since its organization the corporation has also acquired all the outstand­
ing stock of Sucre Exploration C o., Urdaneta Exploration Co. and 20,000
shares of the capital stock of Bishop Oil Corp., of the par value of $5 each.
The Sucre Exploration Co. and the Urdaneta Exploration Co. have, since
their acquisition by the corporation, been similarly engaged in the devel­
opment of the rights and concessions held by them in Venezuela.
The corporation has entered into an agreement with the Standard Oil
Co. (N. J.) whereby the Standard Oil Co. undertakes the development of
three concessions belonging to the Maracaibo Oil Explor. Corp. other than

M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

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

Martin-Parry Corp— Stock auth 100.000 shares.
Massachusetts Uas Companies— Common stock__
Preferred (a & d) 4% cum $25.000,000_______ ______ -OB
Sinking fund gold bonds redeemable at 105_____OB.xc*&r
Debentures gold red 105 __________________________ OB.s
Coupon gold notes call 100______________________________
M athieson Alkali— Common stock $6,500,000____________
Preferred (a & d) stock cum 791 $3.500.000________
Maxwell M otor Corp— Cl A(pref)stk 8% n-cum&partic(text)
Class B (or common) stock 800,000 shares auth__________
Convertible sink fund gold debentures red (text). Ce.kxxxc*

Date
Bonds

1909
1911
1924

1924

Par
Value

$7,867,984
224,140

$2,886,523
119,036

Total income____________________ $7,037,782 $8,092,124 $3,005,559
Interest. &c_______________________ $1,418,582
. 896,883
$618,434
Inventory adjustment______________
______
______
823,701
Canceled leases and abandoned wells_ 1.545,690
______
______
Depreciation & depletion reserve, &c. 2,350,509
3,065,611
______
D ividen d s..________ _______________
1,895,268($2)1822,938
______
Balance, surplus_________________ def$172,268

$2,306,692

$1,563,424

x Gross earnings include $5,000,000 in dividends received from Comar
Oil Co. y Includes purchase by Marland Oil C o.’s subsidiaries o f Comar
Oil C o .’s production at market price.
Report for quar. ended March 31 1924 in V. 118, p. 2446, 2580.
OFFICERS.— Pres., E. W. Marland; Treas., S. R. Sheldon; Sec.,
Chas. E. Stephenson. Office, Ponca City, Okla.— (V. 118, p. 2580.)
M ARLIN-ROCKW ELL CORP.— (V. 118, p. 1781.)
M ARTIN -PARRY C O R P — ORGANIZATION.— Incorp. in Delaware
May 26 1919 and has acquired Martin Truck & Body Corp., York, Pa.,
and Parry Manufacturing C o., o f Indianapolis. Manufacturers of com ­
mercial automobile bodies. Plants at York, Pa.; Indianapolis, Ind., and
Lumberton, Miss. In M ay 1920 the truck business was taken over by the
Atlas Truck Corp., a new corporation, stockholders being given the privi­
lege o f subscribing to 25,000 shares of the latter company’s stock at $5 a
share. V. 110, p. 1647. In Jan. 1924 acquired the plant and property o f
the Oakes Co., Indianapolis, Ind. V. 118, p. 318.
D IV ID E N D S.— Initial quar. div. o f 50c. per share was paid Mar. 1 1920:
same amount paid quar. to Mar. 1 1923; June 1 1923 to Mar. 1 1924 paid
75c. quar.; June 1 1924 paid $1 quar.
R E PO R T .— For 1923 showed;
Calendar Years—
1923.
1922.
1921.
1920.
Net sales_____ $5,951,166
$4,327,685 $2,424,879 $3,725,434
Cost o f goods sold______ 1 5,183,842
3,881,911 T l,898,359 2,984,171
Selling, adm. & gen. exp. J
\ 461,810
415,508
D isc.onpu rch.& oth.in c Cr.72,642
Cr .53,356
Cr.63,353 Cr. 77,120
Miscellaneous charges..
94,830
39,417
12,350
25,886
Federal taxes.
92,070
57,464
10,791
65,635
Inventory adjustm ent..
______
______
104,102
______
Dividends____
275,000
200,000
200,000
200,000
Balance, surplus_____
$378,065
$202,248 def$199,180
$111,354
Profit and loss surplus..
$718,723
$350,217
$160,016
$367,661
Earnings for 3 mos. ended March 31 1924 in V. 118, p. 2580.
OFFICERS.— Chairman, John J. Watson Jr.; Pres., Frederick M .
Small; V.-P. & Gen. M gr., John A. Callahan; V .-P ., R . P. Henderson
and Joseph N. Coppinger; Sec., Henry Hopkins Jr.; Treas., John J. Giltinan. Office, York, Pa.— (V. 118, p. 2580.)
MASSACHUSETTS QAS COMPANIES.— ORGA N IZA TIO N .— A vol­
antary association formed in Oct. 1902, per plan in V . 74. p. 1311. Boston
Consol. Gas Co. operates gas generating plants at Everett. Commercial
Point, Calf Pasture, Allston, &c. Gas Is sold and distributed for con­




Rate

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends A re Payable

None
100,000 sh. See text Q— M June 1 1924, $1
Q— F M ay 1 ’24 1 Y. %
$100 $25,000,000
5
100 25.000,000
J
& D June 2 1924 2%
4
1.000 3,705,000
& J Jan 1 1929
4H g J
A D Deo 11931
1.000
4 000.000
4)4 g J
1,000 &c 5,000,000 „ 5 g A & O Apr 15 1927
50 5,885,700 See text
Jan 2 ’ 19 134
100 2,838.200
7
Q— J Apr 1 '24 3)4
100 17,743,500
None 609,430 sh.
Mar 1 1934
$5,000,000
7g

those upon which the corporation is now drilling and will share with the
Standard Oil Co. the results of these additional operations. V. 112, p.
1746; Y. 113, p. 189.
STOCK.— See table at head o f page.
DEBENTURES.-—The 7% gold debentures of 1923 are convertible into
shares o f capital stock of the corporation at the rate of 50 such shares for
each $500 principal amount of such debentures.
DIVS.— No dividends have been paid by the corporation or any of its
subsidiaries.
RE PO RT.— The company for 1923 reports an addition of $61,773 to
surplus account. Balance sheet as of Dec. 31 1923. in Y. 118, p. 2312.
OFFICERS.— Pres., John L. Weeks; V.-P. & Treas., T. J. Megear;
V.-P. & Consulting Geologist, L. G. Donnelly; Sec., S. Rossiter. Offices,
Wilmington, Del., and 14 Wall St., New York.— (V. 118, p. 2312.)
MARLAND OIL CO.— ORGANIZATION.— Incorp. Oct. 9 1920 in
Delaware with an authorized capital of 2,000,000 shares of no par value
The company acquired by consolidation the Marland Refining Co. and
the Kay County Gas Co. by exchanging its shares for shares of the old com­
panies on the following basis: One no par value share in the new company
for each ten shares o f Marland Refining C o., par $5 each, and one share iD
the new company for each 20 shares of Kay County Gas stock, par $1 each.
Outstanding in Dec. 1923, 1,132,183 shares.issued in exchange or held against
certf. o f deposit for 99.3% o f Marland Refining Co. and 99.9% of Kay
County Gas Co. capital stock: 100% Keunev Cleary Oil C o.. 100% Francoma Oil Co. and 100% Tom Jones Oil Co.; issued for cash, 70,042 shares.
STOCK.-—Stockholders o f record June 20 1923 were given the right to
subscribe for additional shares at $40 per share up to 25% of holdings.
V. 116, p. 2890.
D IV ID E N D S.— An initial dividend o f $1 per share was paid Sept. 30
1922; same amount paid quar. to July 2 1923; none since.
BONDS.— The 10-year 8% sinking fund participating gold bonds. Series
“ A ” and “ B ” ($7,000,000 authorized) are callable, all or part, at 105 and
Int. on or before April I 1926: thereafter on or before April 1 1927 at 104;
thereafter on or before April I 1928 at 103; thereafter on or before April 1
1929 at 102, and thereafter to maturity at 101. A quarterly sinking fund
o f $100,000 (first payment Oct. I 192i) should retire practically all Series
“ A ” bonds before maturity, and a sinking fund of $300,000 a year, operating
Quarterly, until N ov. 1 1923 (first payment Aug. 1 1922), and of $340,000 a
year thereafter, should retire practically all Series “ B ” bonds before ma­
turity. In addition to 8% int. p. a.. Series “ A ” bonds will receive $10 per
$1,000 bond for each dollar per share p. a. declared In divs. on capital stock
of company up to $4 a share so declared. (On April 1 1923 bondholders
received $20 additional interest on each $1,000 bond under this provision.)
Each Series “ A ” and Series “ B ” bond carries a detachable warrant en­
titling the holder thereof to subscribe on or before April 1 1931 to 25 shares of
stock o f Marland Oil Co. at $30 per share. V. 112, p. 1746; V. 114, p. 312.
R E PO RT.— For 1923, in V. 118, p. 1528 and 1782, showed:
Calendar Years—
1923.
1922.
1921.
Gross income_____________ _______ x$37,919,901 $17,511,343 $8,883,608
Operating expenses, &c____________ y31,021,761
9,643,359
5,997,085
Net income...................................... .. $6,898,139
Other income______________________
139,642

Am ount
Outstanding

197

Old Colony Tr Oo. Boston
do
do
Boston, Mass
Old Colony Tr Oo. Boss
do
do

New York and Detroit

sumption in Boston and suburbs. The Massachusetts Gas Companies own
$16,247,600 of the $16,259,600 stock of Boston Consol. Gas C o.; also the
$25,000,000 capital stock of the New England Fuel & Transportation Co.
(see V. 109, P. 1705), $918,000 stock o f Citizens Gas Lt. Co. of Quincy,
Mass.. 71,269)4 shares of stock of Beacon Oil C o., &c. V. 100, p. 1575,
1690; V. 108, p. 274.
Effective Juue 30 1917, the New England Fuel & Transportation Co. (of
Mass.), whose capita] stock is all owned by the Massachusetts Gas Cos.,
took over all the property of the New England Gas & Coke C o., Boston
Tow Boat Co. and Federal Coal & Coke C o.; and the capital stock and all
the property of New England Coal & Coke Co. (except business of purchas­
ing and selling coal). Early in 1924 acquired the entire capital stock o f the
M ystic Steamship Co. V. 105, p. 2189, 2003, 613; V. 104, p. 2122; V. 99,
p. 1455; V. 93. p. 232.
The New England M fg. C o., the munition co. (in process o f liquidation)
retired during 1920, 2,225 shares at $100 per share, leaving outstanding
275 shares of which 130)4 shares are held by Mass. Gas Cos.
Beacon Oil Co was organized early in 1919 with a capital of $2,500,000 to
enable the Massachusetts Gas C o.’s owning stock control to enter the oil
refining business. V. 108, p. 2334; V. 112, p. 476.
DIVS.— /1907 to 1910 ’ 11&T2 1913 ’ 14-’ 16. ’ 17. T 8-’20 ’21. ’22. 23.
On com. % ) 3 yearly. 4 yrly. 414
5
6)4
7
6)4
5 5
Paid in 1924: Feb. 1, 1 H % ; M ay 1, 1 )4 % .
BONDS.— The $6,000,000 4 Ys of 1909 have a sinking fund of $120,000
per aimum for first 5 years and $180,000 thereafter. No mortgage or pledge
tf assets can be made without equally securing the r>onds V. 88. P104, 161. Debentures, see V. 93, p. 1671; V. 94. p. 283. 3-year gold
notes, V. 118, p . 2050.
RE PO RT.— For 1923, in V. 118, p. 1781, showed:
Calendar
Total
Int.,& c., Preferred
Common
Balance,
Years—
Income.
Charges. Dividends. Dividends. Sur. or Del.
1923________ $3,438,782 $618,465 $1,000,000 $1,250,000 sur.$570,317
1922......... -.$2,947,983 $641,655 $1,000,000 $1,250,000 sur. $56,328
1921------------ 2,970,267 691,775 1,000,000
1,541,666
def. 263,175
1920
3,474,946 620,466 1,000,000
1,750,000
sur. 104,480
OFFICERS.— Pres., James L. Richards; Sec., A . S. Bull; Treas., E . NWrightington. Office, M inot Bldg., Boston.
TRUSTEES.— Robt. Winsor, Chairman; Charles F. Adams, Walter
C. Baylies, Joseph B. Russell, Frederic E. Snow, Edwin S. Webster, James
L. Richards, H. Wendell Endicott, E. M . Richards, Robert Grant.—
(V. 118. p. 2050.)
(THE) MATHIESON ALKALI W ORKS (IN C .).— ORGANIZATION •
— Incorp. in Va. in 1892 and manufactures soda ash, caustic soda, bicarbont
ate o f soda, &c. In July 1917 merged the Castner Electrolytic Alkali
C o., all stock previously owned.
Capital stock, see table at head o f page. (See offering, V. 104, p. 261.)
No bonded debt.
RE PO RT for 1923 showed:
Calendar Years—
1923.
1922.
1921.
Earnings after deducting m fg.. sell­
$366,036
ing and general admin. expenses_ $1,796,183
_
$1,633,887
515,672
Provision for deprec. & depletion____
549,238
524,903
Net earnings_____________________ $1,246,945
Other income______________________
______

$1,108,983 def$149,635
def34,582
def39,012

Total incom e-___________________ $1,246,945 $1,074,401 def$188,648
Federal income taxes_______________
$150,000
$96,000
______
Preferred dividends_____________ (8M %)250,000(534)155,036 (134)53,246
Balance, surplus_________________ $846,945
$823,365 def$241,894
Earnings for 1st quar. of 1924 in V. 118, p. 2188.
D IV ID E N D S.— On the pref. at rate of 7% yearly, from organization
to April 1921; then none until July 1 1922, when 1M % was paid; Oct. 2
1922 to Oct. 1 1923 paid 1M % quar.; Jan. 2 and April 1 1924 paid 1M %
quar. and 1M % on account o f accumulations, reducing the latter to 334 %;
April 1919 dividend on common passed. V. 108, p . 1169.
Common d iv d s.. ’09. ’ 10. T l . T2. T3. 14’ . T 5. T 6. T 7. T 8. ’ 19. ’ 20-23.
Per cent------------ 4)4 6)4 6
734 5)4 4
4
6)4 6
6 1)4
0
Pres., E. M . Allen; Sec. & Treas., F. B. Richards. N. Y . office, 25 W .
43d St.— (V. 118, p. 2188.)
MAXWELL M OTOR CORPO R ATIO N .— OR GA N IZA TION .— Incorp .
M ay 7 1921 in West Virginia as a reorganization and merger of Maxwell
M otor C o., Inc., and Chalmers M otor Corp. Manufactures the Maxwell,
Chalmers and Chrysler cars.
M E RG ER .— In N ov. 1919 a readjustment o f capitalisation and a merger
with the Chalmers M otor Corporation was proposed.
Committees representing (l) the merchandise, and (2) the banking credi­
tors of the Maxwell C o.; and (3) the stockholders of the Marwell and the
Chalmers companies, agreed upon a plan and agreement of reorganiza­
tion bearing date Sept. 1 1920 (V. l l l T p . 1375). This plan succeeded the
plan of Aug. 30 1919, which was abandoned. V . 109, p. 985, 978. 985
1700. The plan was declared operative in Jan. 1921. V . 112, p . 2631
Capital Stock of New Merger Company.
Class A (Preferred) Stock.— Par value $100 a share. Preferred over Class
B as to assets of $100 a share (in case of liquidation voluntary or involuntary)
and as to non-cumulative dividends at rate of $8 per share per annum, with
right to participate equally with the common stock, share for share, in
any further dividends declared in any year after $8 per share has been paid
In that year on both classes o f stock. Also possessing equal voting rights
with Class B stock, share for share. Total authorized, $27,500,000; out­
standing in hands o f public Dec. 31 1923, $17,743,500; in treasury, $2,
256,500.
Class B (or Common) Stock of no par value. Total authorized, 800,000
shares; outstanding in hands of public Dec. 31 1923, 609,430 shares; in
treasury, 190,570 shares.
DEBENTURES.— The 7% gold debentures o f 1924 are convertible into
Class “ A ” stock after Sept. 1 1924 at $75 a share. They are red. at 105
and int. on or before March 1 1925, and thereafter at 105 and int. less 34 %
for each 12 months or part thereof elapsed after March 1 1925. The sinking
fund provides for the retirement o f $250,000 of the debentures annually on
and after Sept. 1 1924. V. 118, p. 1020.
4
The stockholders o f record Feb. 11 1924 were given the right to subscribe
at 98 and int. to the debentrues. Each stockholders was entitled to sub­
scribe for bonds at the rate o f $6 40 par value o f debentures for each share
o f stock held.

198

INDUSTRIAL AND PUBLIC UTILITY

M ISC EL LAN E O U S SECU RITIES
[For abbreviations, & c., see notes on page 6]

May Departm ent Stores Co (T he)—-Common stock______
f e e l i- o. a) 7 To cum redeem 125 (text)__________________
M ay Rldg let M leasehold serial M gold red text________
do
2d M .
do
do
________
Mergenthaler Linotype— Stook authorized $15,000,000.
Mexican Petroleum Co., L td.— common stock. $48,000,000.
Pref (a & d) 8% non-cum $12,000,000..................................
Convertible s f gold bonds guar red (text)_______ C.xxxxc
Underlying bonds, see text
Miami Copper Co— Capital stock $4,000,000 auth_________
M ichigan Bell T eleph one— Common stock_______________
Detroit River Telephone Co 1st M (assumed)__________
Valley Home Tel Co 1st M (assumed)___________________
Citizens Tel Co 1st mtge (assumed)_____________________
Middle States Oil Corp— Stock $30,000.000.........................

Date
Bonds

1013
1913
1921
1910
1912
1916

Par
Value

Am ount
Outstanding

Rate

%

When
Payable

[V ol. 118.

Last Dividend
and Maturity

$50 $26,000,000 See text Q—M Sept 1 1924 2 K
7
100
5.354,100
Q— J Oct 1 1924 1M
M A S To Mar 1 1933
1 . 220,000
6 g
500,000
6
M & S To Mar 1 1933
500 Ac
Q— M June 30 '24 2 4
10
100 12,800.000
100 45.730,00 >See text
Apr 21 ’24 3%
8
100 12 .000.000
Apr 21 ’24 2%
100 Ac
6,891,900
8 g M A N May 1 1936

son Ac

5 3,735.570
40
100 25,000,000 See text
6
52.000
114.500
5
100 Ac
100 Ac
a5
1,453,800
10 29,796,030 See text

Q— F
Q— M 31
M A S
M & N
J A D

Places'W here Interest and
Dividends A re Payable

Checks mailed
do
Cleveland and G bleat*
Cleveland
29 Ryerson St., Bklyn
New York
New York
Cent Un Trust Oo, N Y

M ay 15 24 10%
Mar 31 ’24 1%
Detroit Trust Co.Detroit
Sept 1 1930
Nov 1 1932
do
do
Mich Tr C o, Grand Rap.
Dec 1 1936
Checks mailed
See text

a $300,000 carry extra 2% interest.

R E PO R T .— For 1923. in V 118, p. 1036, showed:
ft*
1923.
Passenger cars sold. Maxwell. __________________
58,000
Passenger cars sold, Chalmers __________________
8,300
Trucks sold. Maxwell____________
___
800
Profit after interest A depreciation
___ $3,556,310
Net loss, Chalmers M otor A subsidiaries_____ ___
878,459

1922.
48,900

6,000

750
$2,018,265
1,186,603

Net profit________ ________ __________________ $2,677,851
$831,662
Adjustments (credit)_______ _____ _______________
17,300
27.972
Chalmers readjustment expenses_________________
______ D r.138,920
Balance, surplus______________________________ $2,695,151
$720,714
OFFICERS.— Chairman A Pres., Walter P. Chrysler; V.-P. A Sec., W .
Leclyard Mitchell; V .-P. A Treas.. B. E. Hutchinson. Office, Detroit,
Mich. New York headquarters, 347 Madison Ave.— (V. 118, p. 1920.)
MAY DEPARTMENT STORES CO. (THE).— ORGANIZATION —
Incorp. in N. Y . on June 4 1910 and took over the Shoenberg Mercantile Co.
o f St. Louis, operating the “ Famous,” M ay Shoe A Clothing Co. of Denver,
Com., ana May Oo. ol Cleveland, o . V. y0, p. 1617
On reb. 25 l y i i ao
i uired entire stock ($1,000,000 each of common and pref.) of Win Barr
)ry Goods Co. o f St. Louis. V. 92. p. 876; V. 100. p. 2075. In July 1912
purchased department store business o f M . O’Neil A Co. o f 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 o f Hamberger A
Sons, the largest department store in Los Angeles. V. 116, p. 945.
Owns entire stock o f M ay 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
103 on any int. date beginning. March 1 1918: also $500,000 2d 6% serial
bonds maturing yearly 1924 to 1933. red. beginning Sept. 1 1913. V. 97,
p. 54; V. 98, p. 993. Purchase money mtges. (net) Jan. 31 1924, $63,000.
STOCK.— As to stock provisions, see V. 94, p. 1569, 1768: V. 95, p. 484Pref. stock retired by sink, fund to Jan. 1924, $2,895,900. The stock­
holders voted on Dec. 6 1922: (1) to increase the com. stock by $6,000,000,
to enable the declaration o f a stock div. o f 30%; (2) to double the number o f
shares o f common stock by reducing the par value from $100 to $50. V.
115, p. 2165, 2589.
DIVIDEN DS on / ’ 13. 1914. T5- ’ 16. ’ 17 ’ 18. ’ 19. ’20. ’21. '2 2 .'2 3 .
Common stock. %\ 5
5 2H 2H 5 5
6 *7H
8 t8 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 1924: March 1, 2 4 % \ June 2, 2M % ; Sept. 1, 2 )4 % .
R E PO RT.— For year ending Jan. 31 1924, in V. 118, p. 1529, showed:
Jan. 31 Years—
1923-24.
1922-23.
1921-22.
1920-21.
Net sales............. .$90,997,655
$61,685,253 $58,981,639 $68,254,715
Net income-------- 7,855,542
6,279,233
5,107,784
6,029,675
Federal taxes-----1,175,000
775,000
1,100,000
1,400,000
Shrinkage in inventories
______
______Cr. 1,250,000
______
Pref. dividends ( 7 % ) - ..
389,375
406,875
424,375
437,500
Common dividends.(10%)2,599,625 (8)1,599,748 (8) 1,599,648(7J£) 1362166
Balance, surplus------- $3,691,542 $3,497,610 $3,233,761 $2,830,009
Pres., Morton J. M ay. Office, St. Louis, M o.— (V. 118, p. 2312.)
MERCER MOTORS CO.— (V. 118. p. 1400.)
MERGENTHALER LINOTYPE CO.— Owns plant at Brooklyn, N . Y
and controls British Linotype A Machinery, Ltd., and Mergenthalar
Setzmaschinen Fabrik. V. 88. p. 509, 567. 948, 689. Decisions, V . 100
p. 68, 234: V. 104. p. 1149.
DIVS. f_99-'00. ’01. '02-T3. ’ 14. T 5. T6. 1917. ’ 18. T 9-’23. 1924.
Per cent.\ 20y’ly 1 3 4 15 y ’ly 14H 10 1 2 4 1 2 4 1234 10 yrly text
Paid in 1924: Mar. 31, 2 34%: June 30, 2)4% .
R E PO RT.— For year ended Sept. 30 1923, in V. 117. p. 2322, showed:
Sept. 30 Years—
1922-23.
1921-22.
1920-21.
1919-20.
Net after depreciation-. $2,669,276 $2,304,771 $2,313,469 $2,430,731
1,280,000
1,280,000
1,280,000
Dividends (about)------- 1,280,000
Rate per cent
(10%)
(10%)
(10%)
(10%)
Six Months Ended March 31—
1924.
1923.
Net earnings-------------------------------------------------------- $1,345,989 $1,372,370
Profit and loss, surplus------------------------------------- 9,148,735 11,418,685
Pres., Philip T . Dodge: Sec. A Treas., Jos. T. Mackey. Office. 29 Ryer­
son St., Brooklyn, N . Y .— (V. 118, p. 2051.)
M ETROPOLITAN EDISON CO.— See General Gas A Elec. Corp.
MEXICAN PETROLEUM CO., LTD.. OF DEL — ORGANIZATION,
* c .— Incorp. in Del. Feb. 16 1907. Holds 99% of outstanding stock of
Mexico Petroleum Co. (Calif.) and entire stock of Huasteca Petroleum Co
Tamiahua Petroleum C o., Tuxpam Petroleum C o., Mexican Petroleum
Corp. and Mexican Petroleum Corp of La.
Properties.— Some of the princpal properties owned by the company
through itssubsiliaries may be briefly de cribed as follows: (1) Holdings and
interests in lands aggregating approximately 1,400,000 acres, located
throughout the Mexican GuP Coast region: (2) pipe lines with a capacity
o f about 130,000 bbls. daily, wh’ch. upon completion o f construction i nd -r
way. will be largely increased, (3) refinery at Tampico with a daily capacity
o f about 130,000 bbls. and one at Destrehan (New Orleans) with a daily
capacity o f 25.000 bbls.; (4) storage tanks in Mexico and (J. S. aggregating
13,000,000 bbls. capacity; (5) distributing stations at or adjacent to Port­
land, M e., Boston, Providence, New York, Baltimore, Fall River, Passaic,
Norfolk. Jacksonville, Tampa, New Orleans, Galveston, Houston, Bienos
Aires. Argentine, and Montevideo, Uruguay. Panama Canal.
On Dec. 31 1922 the Pan American Petroleum A Transport Co. had
acquired about 96% o f the total outstanding capital stock.
The stock o f British Mexican Petroleum Co., Ltd., was disposed of dur­
ing 1923.
STOCK.— In N ov. 1919 the Pan American Petroleum A Transport Co.,
offered from Nov. 5 to 25, to give two $50 shares o f its non-voting class B
common stock for each $100 share o f its outstanding common. V. 109
S . 1703, 1992. The offer to exchange was renewed in Dec. 1920. In
ct. 1922 an offer to exchange was made on basis o f 2 34 shares o f class B
stock for one share o f common, and 1 1-10 share class B stock for one share
o f preferred.
D IV ID E N D S.— On common, 1% . 1910 and 1911; 1912, 3 % : 1913, 4% ;
then none till Oct. 15 1917,134%: Jan. 1918,134%: April 1918 to July 1919
(quar.). 2% half In Liberty bonds. In Oct. 1919 paid 2% and in Jan. and
Apr. 1920 paid 234% each. In July 1920 paid 2 4 % cash and 10% in
1924 paid 4% quar.; April 1924 paid 3% quar.




Dividends on pref. stock were resumed Apr. 1 1916. 2% being paid quar­
terly (8% p. a.) thereafter till and including Apr. 1924.
BONDS.— The convert. 8% s. f. gold bonds are guaranteed prin. A int.
by Pan Amer. Petroleum A Transport Co. and are redeemable as a whole
only at 107)4 and int., if redeemed on or before M ay 1 1929. and thereafter
at 107)4 and int. less 1% for each year or part thereof elapsed after May 1
1929. Convertible until May 1 1931 into Class “ B ” common stock of Pan
American Petroleum A Transport Co. at $100 per share (par $50), with pro­
vision for a reduction in the conversion price (subject to certain exceptions) if
additional common stock or Class “ B ” common stock shall be issued or
sold at prices lower than $100 per share. V. 112, p. 1622, 1746. In Jan.
1923 the company announced that, based on the outstanding stock and after
giving effect to the payment of the 20% stock div. paid Feb. 8 1923, the
conversion figure would be $80,852. V. 116, p. 419.
Underlying bonds: Huasteca Petroleum 20-year Coast Pipe Line 6s due
July 1 1929 and Joint 20-year Huasteca Petroleum and Mexican Petroleum.
Ltd., of Del., 6s. due Apr. 1 1928, and Mexican Petrloeum Co. (Cal.) 8. F.
6s, due 1930 (of which only *604,800. $261,000 and $77,500, respectively,
in the hands of the public and the balance for not over five-sixths of the
cost of acquisitions and capital expenditures. Each series has a sinking
fund.
R E PO RT.— For 1922, in V. 116, p. 2137, showed:
1922.
i9 2 i.
1920.
1919.
Profit from operations..$39,360,'253 $22,449,427 $15,469,733 $11,758,055
Int. A amort, chgs., net.
732,743
647,966
190,839
79,939
Depreciation__________
9,676,346
6,260,776
3,606,246
3,547,676
Income A excess profit
taxes, A c----------------- 3,675,000
3,000,000
1,898,750
1,150,000
Preferred dividends (8%)
960,000
960,000960,000
960,000
Common dividends.(l3% )5,713,577(12)5239 ,950x(8)8817.939
3,672.506
Balance, surplus------- $18,602,587 $6,340,734 def$4,040 $2,347,934
Tot. sur. end pref. year. 25,151,521 18,810,787 3,814,827
1,466,894
Int. in prop. A wkg.cap.
______
______ 015,000,000015,000.000
P. A L. sur. Dec. 31..$43,754,108 $25,151,521 $18,810,787 $18,814,827
x Divs. for 1920 were paid in cash, $4,735,299, and $4,082,640 in com. stk.
OFFICERS.— Chairman, E. L. Doheny; Pres., Herbert G. Wylie: V .-Ps..
C. E. Harwood, Norman Bridge, J. M . Danziger. J. S. Wood. E. L.
Doheny Jr. (A Treas.); Sec., O. D . Bennett; Compt., A. R. Pointer.
Office, New York.— (V. 118, p. 1401.)
MEXICAN SEABOARD OIL CO.— (V. 118, p. 2581.)
MIAMI COPPER C O — O R GAN IZATION .— 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.
R E PO RT.— For 1923, in V. 118, p. 1920 and 2051, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross income__________ $9,669,022
$8,767,260 $6,758,640 $9,869,520
Expenses, taxes, A c___
7,065,149
6,561,559
6,008,287
6,610,051
Depreciation
506,287
404,601
336.267
286,257
Depletion__
X
X
X
1,807,483
$2,097,586
203,800

$1,801,100
172,344

$414,086
y515,898

$1,165,729
248,466

$2,301,386
1,494,228

Other income-

$1,973,444
1,494,228

$929,984
1,494,228

$1,414,195
1,494,228

Balance, surplus_____
$807,158
$479,216 def$564,244 zdef$80,033
x Depletion charges of $2,124,166 for 1923, $2,138,904 for 1922 and
$1,719,288 for 1921 were made against profit and loss account, y In­
cludes $315,134 difference in value of securities on Dec. 31 1921. z Does
not include loss in value of securities, $333,199.
Dividends—
’ 13. ’ 14. ’ 15. ’ 16. ’ 17. ’ 18. T9 ’ 20. '21. ’ 22. '23.
Percent.......................... 40 30 45 115 175 90 50 40 40
40
40
Paid in 1924: Feb. 15, 10%; M ay 15, 10%.
Pres., Adolph Lewisohn; Sec., Herman Cook: Treas.. Sam A Lewlsohn.
Office, 61 Broadway, N. Y .— (V. 118, p. 2051.)
MICHIGAN BELL TELEPHONE CO.— ORGA N IZA TIO N .— In­
corporated in Michigan Jan. 30 1904 (V. 75, p. 33, 1034). Amer. Telep.
A Teleg. Co. owns practically all of the stock. The pref. stock was retired
on Feb. 1 1923. V. 115, p. 2693. A div. of 1 4 % on the common stock
was paid Mar. 30 1923, this being the first payment since Sept. 1914;
June 29 1923 paid 1 4 % \ Mar. 31 1924 paid 1M %The stockholders in Sept. 1923 voted to change the name of the company;
effective Jan. 1 1924, to the Michigan Bell Telephone Co. (formerly Michi­
gan State Telephone C o.).
EARNING S.— For year ending Dec. 31 1923, gross, $21,128,906; oper.
income, $4,563,098; other income, $1,322,000; int., rentals, Ac., $3,157,331dividends, $1,322,000; bal., sur., $190,974. V. 118, p. 1529.
OFFICERS.— Pres., Franz O. Kuhn; V .-P ., Dudley E. Waters; V.-P.
A Gen. M gr., George M . Welch; Sec. A Treas., W . I. Mizner: Gen. Aud.
H. J. Booth. Office, 1365 Cass Ave., Detroit.— (V. 118, p. 2313.)
MIDDLE STATES OIL CORP.— O RGAN IZATION .— Incorp. in DelFed. 24 1917. A holding company. Owns entire issued stocks of the
following companies: NumberOne Oil C o .,$200,000: Number Seventy-seven
Oil Co., $200,000; Peters Oil C o., $2,000,000: Corona Oil C o., $4.000.000Number Nine Oil Co. and over 95.4% of Ranger Texas Oil C o., 95.8% of
Dominion Oil Co. and 98.6% of Texas Chief Oil Co. Subsidiary com ­
panies reported to have a daily settled producing capacity o f over 24,000
bbls. In July 1921 acquired $2,000,000 capital stock of the United Oil
Producers Corp., the Imperial Oil Corp., owning the remaining $4,000,000.
V. 113, p. 635. It was announced in March 1922 that Chairman C. N.
Haskell had purchased, in the interest of his companies, the Louisiana A
Northwest R R . V. 114, p. 1187. In Aug. 1922 the Oil Lease Develop­
ment Co. was organized for the purpose of developing 12,000 acres of tne
company’s unproved oil and gas leases; in Oct. 1923 controlled leases on
about 200,000 acres. V. 115, p. 677, 1106. In Dec. 1922 organized the
Wyoming North A South R R . and the Montana R y. as a step toward
entering the Montana and Wyoming oil fields; in Oct. 1923, 48 miles of the
330-mile line were in operation. V. 116, p. 623, 1284; V. 117, p. 96. In
Sept. 1923 acquired a controlling interest in the Maar Oil Co. V. 117, p.
1135. In Feb. 1924 acquired 372,821 shares of stock (a controlling interest)
of Southern States Oil Corp. See V. 118, p. 915, 1277.
The Gulf States Oil A Refining Corp. was organized in Sept. 1923. V.
117, p. 1562.

M at , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Middle West Utilities Co— Common stock 390 009 shares.
Preferred stock $30,000,000 auth (7% from June 15 ’2 4 )-Prlor lien stock 430 .000.000 auth________________________
Collateral bonds gold red text___________ _ ___ _ICxc* 1015
Secured gold notes Ser A red text $5.000,000
Baxxxc* 1920
do
• do
Ser B red (text) $2 500.000. B i.xxxc* 1020
do
do
Ser C red. (text) $2,000,000 Baxxxc* 1921
M inneapolis Gen Elec—See Northern States Bower Co
M oline Plow Co— Common stock (certif) 200.000 shares auth
First pref stock (certif) (see text)__________ _____________
Second pref stock (certif) (see text)_____________________
1922
Debenture bonds (certif) red par_______________________

Par
Value

Amount
Outstanding

None 179,276shrs
$100 $17,662,520
100 16.000.000
100 &c 6,558,100
100 &c 2,412,900
100 &c 2.275,400
100 &c
1.356,900

Rate
%

text
text
7
6g
8g
8g
8g

When
Payable

text
text
Q-- M 15
A & O
M & s
J & D
J & J

None 116.396 sh. See text
100 $12,425,398 See text
100 7,500,000 See text
M &
7
12,425,398

199

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

See text
Apr 1 5 ’24 1)£
June 15 ’24 1%
New York and Ghicag*
Jan 1 1925
do
Sept 1 1935
do
do
do
Dec 11940
do
do
July 1 1941

S Sept 1 1942

March 1923 int in default

InJNov. 1923 the corporation and the Turman Oil C o., through articles $1,356,900 Series “ O” notes aggregating $2,233,500 or $164 52 of bonds
•of agreement, acquired control of the Foreign States Oil Corp., which owns pledged for each $100 par value of notes outstanding. Sinking fund, semi­
large oil and gas leases in Cuba. The property acquired consists of 30,000 annual payments, J. & J. of $20,000 each. V. 113, p. 736.
acres located in Havana Province.
R EPO RT.— For 1923, in V. 118, p. 1262. showed:
The stockholders Jan. 7 1922 approved a proposal to increase the au­
—--------- Subsidiary Companies----------thorized capital stock from $16,000,000 to $30,000,000, and the consoli
Calendar Years—
1923.
1922.
1921.
dation plans o f the various subsidiary cos. as outlined in V. 113, p. 2623.
Gross eirnings ____________________ $36,185,182 $29,870,702 $26,348,234
Stockholders of record Jan. 29 1923 were given the right to subscribe at Net, after expenses, &c_____________ 11,323,419
8,961,983 7,381,384
$11 per share for 579,533 shares of capital stock (par $10) to the extent of Bond, deb. & other int. paid or accr.
2 3 )4% o f their holdings. V. 116, p. 304.
to outside h old e rs_______________ 4,165,192
3,451,614 3,101,656
480,459
366,571
217,957
DIV ID E N D S.— Cash dividends were paid since N ov. 1 1917 as follows: Discount on securities______________
Divs. on stk. & prop, of undistrib.
From November 1 1917 to March 1 1918, both inclusive, one-naif of 1%
759,236
earnings to outside holders________ 1,741,722
1,095,360
monthly from April 1 1918 to April l 1920, 1% monthly; on July 1 and Oct
1 1920 paid 4% quar. On Ian 1. Air 1 and July 1 1921 paid 3% quar and
Balance accruing to M . W . U. C o. _ $4,936,046 $4,048,438 $3,302,535
1% extra; Oct. 1 1921 to Apr. 1 1923 paid 3% quar. On Jan. 1 1923 also
paid an additional div. of three shares of Oil Lease Development no par
DIRECTO RS.— Samuel Insull (Pres.), Martin J. Insull and John F.
stock on each 100 shares of Middle States Oil stock. V. 115, p. 2485. Gilchrist (Vice-Pres’ts), B. E. Sunny, Edward J. Doyle. Louis A. Ferguson.
In addition, eight stock divs., aggregating 124%, have been paid, viz.: Wm. A. Fox, John H. Gulick, W . S. Brewster, L. E. Myers, Samuel
Aug. 1 1918, 4% ; Nov. 1, 8% ; Feb. 1 1919, 8% ; May 1. Sept. 1. Dec. 1 Insull Jr., Britton I. Budd, Edward P. Russell, Marshall E. Sampsell and
1919, 10% each; Mar. 1 1920, 20%; July 10 1920, 50% ; July 1 1923. 4% . E. W. Lloyd. Oliver E. McCormick is Treas. and Eustace J. Knight is
Oct. 1923 div. was omitted. V. 117, p. 1243.
Sec. Office, 3018 Du Pont Bldg., Wilmington, Del.— (V. 118, p. 1262.)
CONSOLIDATED INCOME ACCOUNT.— For 1922. in V. 116. p
MIDLAND STEEL PRODUCTS CO.— (V. 118, p. 1920.)
1059 and 1186, showed;
MIDVALE CO.— (V. 118. p. 1673.)
Calendar Years—
1922.
1921.
Total gross income______________________________ $10,477,824 $8,617,709
MIDVALE STEEL & ORDNANCE C O — Properties taken over by
Deduct— Field oper., new eonstr., lease rentals, ad­
Bethlehem Steel Corp. on Mar. 30 1923. See that company above.
ministrative and general expenses_____________
3,638,441
2,323,817
MIDWEST REFINING CO., DENVER. COLO.— (V. 116, p. 2137.)
Dividends paid_________________________________
2,720,899
3,774,580
Divs. paid minority interests in Dominion Oil Co.,
MISSISSIPPI RIVER POWER CO.— (V. I i8 , p. 915.)
Texas Chief Oil Co. and Ranger Texas Oil C o_
_
______
208,576
Reserves, including Federal taxes____________________________
150,000160,000
MOLINE PLOW CO., INC.— Incorp. in Virginia in 1922 as successor
(see reorganization plan below) of the Moline Plow Co., incorp. in Illinois
Balance, surplus_________ _______ _____________x$3,968,484 $2,150,735
in 1870; business established in 1865; large manufacturers of agricultural
x Subject to depletion.
implements.
Reorganization Plan Dated Sept. 22 1921.
For 6 mos. ended Juno 30 1923, in V. 117, p. 1671, showed: Gross in­
come, $4,897,282;expenses. Fed. taxes, &c., $2,011,732;net profit,$699,821.
Under the terms of the reorganization plan ratified by stockholders od
M ay 5 1922 a new corporation was organized under laws of Virginia, which
OFFICERS.—-Pres., P . D . Saklatvala; Sec. & Treas., C. A. Eastman.
acquired the property, assets and plants of the old company, and certain
Office, 383 Madison Ave., New York.— V. 118, p. 1529.)
of the property and assets of old company and certain of the property and
MIDDLE WEST UTILITIES CO.— (See M ap).— A holding company assets of Root & Van Dervoort Engineering Co. (V. 113. p. 1061), and will
incorporated by the Insull interests o f Chicago in Delaware May 1912.
issue securities not to exceed the following:
Subsidiary Operating Companies (co m p a re “ E le c tr ic R y . S e c tio n ” and V . 7% Debenture bonds, payable in 20 years, to bear Interest from
106, p . 2646; V . 108, p . 2525). — (1) Illinois.— C en tral 111. P u b . S erv. C o ,
Sept. 1 1922____________________________ _____ _____ _____ --$12,500,000
Sterling D ix o n & E a s t. E le c . R y .; 111. N o r t h . U til. C o . ( V . 103 . p . 2 2 6 4 , 496) 7% Cum. First Pref. stock (125 000 shares), ______________ 12,500.000
7,500,000
M c H e n r y C o u n t y Lt. & P o w . C o .; U n ite d U tilities C o .
(2) Indiana.— • 7% Second Preferred stock (75,000 shares)___________________
Common stock, no par value_____________________________ 200.000 shares
In te r -S ta te P u b . S e rv . C o . ( V . 94. p. 1157, 1701). (3) Kentucky.—
K e n t u c k y U tilities C o ., K e n t u c k y L ig h t & P o w e r C o . (V . 104, p . 2 0 i0 ).
Provisions Relating to New Securities.
(4) Michigan.— M ic h ig a n G as & E le c tr ic C o . (V . 104, p. 950), C it y G as
Debentures.— The new debentures shall bear int. at 7% p. a. beginning
C o . , M a r q u e tte (V . 117, p . 900).
(5) M is s o u r i.— M is s o u r i G as & E le c tr ic
Sept. 1 1922, payable semi-ann. Red. at par and int, all or part
If In
S e rv ice C o .
( 6 ) Nebraska.— N e b ra sk a C it y U tilities C o ., C e n tra l P o w e r
C o . ( V . 109, p . 479).
(7) New England.— T w in S tate G as & E le c tr ic C o . part, redemption shall be pro rata among the holders o f trust participation
( V . 109, p . 79), B erw ick & S alm on F alls E le c . C o .
(8) Oklahoma.— P u b lic certificates for debentures then outstanding. (Mar. 1 1923 and subsequent
Service C o . o f O k la h o m a (V. 101. p. 923), C h ick ash a G a s & E le c tr ic C o . interest in default.)
(V. 101, p . 5 3 2 ), Amer. P u b . S erv. C o . (o f O k la h om a a n d T e x a s ). (9)
First Pref. Stock.— Shall receive no dividends until after Sept. 1 1923,
Tennessee.— C itizen s G as L ig h t C o . (10) Virginia.— E le c tr ic T ran sm ission after which date div. shall become cumulative at the rate of 7% p. a. May
C o . o f Virginia (V. 102, p. 254 , 4 4 0 ).
(1 1) W isc o n sin .— N o r t h West be redeemed at par up to Sept. 1 1923, and thereafter at par and divs.
U tilities C o . (V. 108 , p . 385, 2 5 2 5 ), W isco n sin U tilitie s C o ., M id d le W is ­
May Create $3,000,000 Debt Prior to Debentures.— So long as $5,000,000
c o n s in P o w e r C o .
or more of debentures are outstanding the corporation may incur indebted­
As to offering of bonds o f Central Power Co. of Delaw. in Aug. 1919
ness, secured or unsecured, in the regular course o f its business not in excess
■ee V. 109. p. 479.
of $3,000,000 at any one time outstanding, which debt may be given priority
In 1917 acquired Amer Pub. Serv. C o., &c. See V. 106, p. 2646.
of payment over the then outstanding debentures, and shall mature not
The stockholders voted June 15 1920 '> merge and consolidate the Middh
>
West Securities Co. into the Middle West Utilities Co. Compare V. 110, more than 6 months from the dates of the creation of such debts, but
may be renewed.
p. 2076, 2192.
Retirement Fund to Retire Debentures & Pref. Stock.— The directors from
STOCK.—The stockholders on Mar. 27 1923 increased the authorized
prior lien stock from $20,000,000 to $30,000,000, the authorized preferred earnings or from the sale, &c., of the property and assets, shall create and
maintain a retirement fund to redeem and retire $5,000,000 1st Pref. stock
stock from $20,000,000 to $30,000,000, and the authorized common stock
at par and dividends. No part of the earnings or the proceeds of the sale
from 200.000 shares, no par value, to 300,000 shares, no par value.
shall be used to retire the debentures until after such $5,000,000 stock has
D IVIDEN DS.— Divs. on pref.. Sept. 1912 to June 1918. 1H % Q.-M
been retired. After $5,000,000 1st Pref. stock has been redeemed the direc­
The June 1 1918 pref. dividend was paid In 10-yr. 6% div. certs, subject tors shall set aside out of the net earnings for each year and-or other earnings
to call by the company and convertible at option of holders into stock of and-or from other funds arising from the sale, &c., o f the property not less
either class; none paid thereafter until May 14 1921. when 1)£% was paid, than $500,000 in each year as a retirement fund, which shall be used one-half
on Nov. 15 1921 paid 1)4% ; Feb. 15 1922 paid 1%; May 1 1922 paid 1
to retire debenture bonds at, par and int. and one-half to retire the 1st Pref.
July 15 and Oct. 2 1922 paid 1% each; Dec. 15 1922, March 1923 and May stock at par and divs. After the retirement of all the outstanding 1st Pref.
15 1923 paid 1M % . V. 107, p. 909; see V. 106, p. 2423. Aug. 1 1923 stock, the retirement fund shall be used to retire the outstanding debentures.
paid 1 % ; Oct. 15 1923 to April 15 1924 paid 1 1 4 % quar. Divs. on pref.
All payments under the retirement fund shall be made pro rata among
stock will begin to accrue at the rate of 7% per annum from June 15 1924. the holders of trust or participation certificates for the debenture bond*
the first payment at the increased rate being due Oct. 15 1924. In Jan. 1917 or 1st Pref. stock, as the case may be.
declared an initial cash div. of 2% on common stock, payable in quar. in­
To Hold All
in 20-year Trust.— All
new debentures
stallments of )4 of 1% , beginning April 2, and a stock div. of 2% , payable and all classes New Securities be deposited In a trust of thetrustees who are
of stock shall
with
1% semi-ann. in April and Oct. 1917; April 1918, H of 1% cash and 1%
to hold the same for 20 years, issuing transferable partic. certfs therefor.
stock div.; none since on the com. stock. V. 106, p. 2646; V. 108, p. 2525.
Trustees to Have Full Voting Power.— During the life of the trust the trus­
Divs. on prior lien stock are paid 1H % (Q.-M. 15).
tees are to have full voting power with respect to both the new 1st Pref.,
BONDS.— The 10-yr. 0% coliat. bonds of 1916 have (a) their Issue limited the new 2d Pref. and the new Common stock, including the stock to be
to 75% o f the company’s capital stock at any time outstanding; (b) are se­ Is sued to creditors, old serial note holders, old stockholders and any stock
cured by bonds of subsidiary cos. in such amounts that the principal and Int. which may be hereafter Issued
o f pledged bonds shall always be at least equal to the principal amount of
No Dividends on 2d Pref. or Common Stocks.—No dividends shall be de­
coliat. bonds outstanding plus interest; (c) are redeemable at 101K and int. clared or paid on the 2d Pref. or Common stock until all 1st Pref. stock,
fclNOTES.— The Ser. A sec. 8% notes are red, all or part,at any time after together with its accumulated divs., and all the debentures, together with
Sept. 1 1925 at 105 and ini... during the 12 months ending Sept. 1 1926.
accrued interest, have been retired and paid in full. After such retirement
and decreasing \i of 1 % in each year thereafter
Secured by pledge of md payment divs. on the 2d Pref. stock will be cumulative.
mtge. bonds on properties of subsidiary companies owned or controlled.
Following the terms of the plan, all of the securities of the company have
V. I l l , p. 1566.
oeen transferred to Edmund D. Hulbert, C. E. Mitchell, Joseph E. Otis,
The Ser. B secured 8% notes are redeemable, all or part, after Nov. 30 Arthur Reynolds and Frank O. Wetmore, to hold the same, as trustees.
1925, at 107)4 and int. to Nov. 30 1930, at 105 to Nov. 30 1935, at 102)4
Sale of plants, V. 118, p. 2313.
to N ov. 30 1936, and reducing
o f 1% each year thereafter to 100)4
REPO RT.— For period M ay 5 1922 to Oct. 31 1922:
during the 12 months ending Nov. 30 1940. A sinking fund is provided
with somi-annual payments (J. & D.) of $25,000 each. Secured by pledge Gross profits from oper., $1,041,699; miscel. inc., $121,759_____$1,163,458
Selling & adm. exp., $1,114,265; int. accr. on debs., $151,944-- 1,266,209
o f mtge. bonds on properties of subsidiary companies owned or controlled.
V . 112, p. 62.
Net operating loss___________________________________________ $102,751
The Ser. O secured 8% notes are redeemable all or part after June 30 1926
532,731
at 107)4 and int. during the 5 years ending June 30 1931, 105 during the 5 Depreciation, $328,236; idle plant expense, $204,495__________
years ending June 30 1936, 10214 during the 12 months ending June 301937.
To)al deficit------------------------------------------ ------------------------------ $635,482
102 during the 12 months ending June 30 1938, 101 )4 during the 12 months
For balance sheet as of Oct. 31 1922, see V. 116. p. 1059.
ending June 30 1939, 101 during the 12 months ending June 30 1940, and
100)a during the 12 months ending June 30 1941. Secured by mortgage
OFFICERS.— Chairman, Frank O. Wetmore; Pres., George N. Peek
bonds secured by liens on the property of companies owned entirely or Exec. V .-P.. H. S. Johnson: Sec., L. C. Shonts; Asst. Treas., John Hamcontrolled by the company, the bonds so to be pledged as security for these merrich.— (V. 118, p. 2313.)




NEW

INDUSTRIAL AND PUBLIC UTILITY

MEXICO

200
[V ol .

118.




M ay , 1924.

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

H ontana Power Co— Common stock S75.000.000_________
Pref (a & d) stock 7% red 120 after 3 years $25,000,000Butte Elec A P 1st M g s f due part y ’ ly June 1 Usm.xc* 1901
Montana Power Transmission $750 000 g gu call 105___ x 1903
Madison River Power 1st M $5,000,000 g gu call 105___ x 1905
Great Falls Pow Co 1st M $15,000,000 call 107)4 -B a.xc* 1911
F irst* Ref M $75,000,000 g red 106 beg July '18 s f_Q.yc*r* 1013
M ontgomery Ward & Co— Com. stk.,1,285,000 sh. auth.
Pref. stock 7% cum. $4,249,800 auth. red. text_________
Class “ A ” stock $7 cum. (see text)_____________________
Montreal Light. Heat & Power— Stock $22,000,000-----------First A coll trust mtge $7,500,000 g red 105 since 1912-.C* 1902
LactOne mtge $4,000,000 gold s f red 105 alter 10 years..c* 1903
Prov L. H A P 1st M g gu p A 1 s 1 red 105 (V. 105, p. 394) 1906
Cedars Rap Mfg & Pow Co 1st M $15,000,000 g s f call_c* 1913
Montreal Light, Heat & Power Consolidated— Stock-----Moon M otor Car Co— Common stock 180,000 shares auth_
Morgan & W right— See U S Rubber Co

Par
Value

Amount
Outstanding

Rate
%

$100
100
1.000
500 Ac
1.000
1.000
100 Ac
10
100
None
100
1.000
1,000
$ &£
500 Ac
100
None

$49,633,300
9,784,600
y3,688.000
y4 68.500
yl .856,000
x3,418,000
W24628.900
1,141,251 shs.
4,249,800
205,000 sh.
18.799,200
6,301,000
2.882.000
1.026.000
13.807.300
64.632.100
180,000 shs.

See text
7
5g
5g
5g
5g
5g

When
Payable

201

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

July 1 1924 1%
July 1 1924 I K
To June 1 1951
Aug 1 1933
Feb 1 1935
May 1 1940
July 1 1943

Checks mailed
do
do
C S Mtge A Tr Cc. N Y
do
dc
do
dr
Bankers Tr Co, N Y
Guaranty Trust Co N Y

Q— J Julyl 1924 1%
7
See text Q— J Tulyl ’24 $1.75
Q— F M ay 15 24 2%
8
414 g J & J Jan 1 1932
5 g A A O Apr 1 1933
5 K M A S Sept 1 1946
5 g J A J Jan 1 1953
See text.
Q— F M ay 15 ’24 1M
See text. Q— F M ay 1 1924 75c

Checks mailed
/Company’s off, R o j .Bk\
\of Canada or N \ / gcyj
N Y , Montreal & Lt naon
New York
Montreal

Q— J
Q— J
A D
A A
A A
A N
A J

J
F
F
M
J

x Excluding $1,582,000 uncanceled In sinking fund Dec 311 923 an d $5,782, 000 pledge d under First A R efMtge of 1913. all further bonds must
also be so pledged, y Closed mortgage, w Excluding $356. 100 un canceled in sink fund and $2,0 52.000hel d in treasury aVjailable for sale.
J

MONTANA POWER CO. (TH E).— O R G A N I Z A T I O N .— I n c o r p . in
N e w J ersey D e c . l 2 1912 a s a co n s o lid a tio n , p er p la n V . 95, p . 1334. Sup plies
t o large m in es, v a rio u s citie s, & c ., a n d has c o n tr a c ts t o fu rn is h e le ctr ic po w e r
fo r o p e r a tio n o f 438 m iles o f m ain lin e o f C h ic . M il. & S t. P . R y . b e tw e e n
H a r lo w to n , M o n t ., a n d A v e r y , I d a ., n o w in o p e r a tio n .
V . 104, p . 1040.

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, leaving accumulations of $21 per
share. On April 1 and July 1 1924 paid $1 75 quar.
SALES1924-------- April-------- 1923.
1924-------- 4 Mos.-------- 1923.
Total completed capacity o f plants Dec. 1923 was 212,340 k. w ., viz.:
$13,736,692
$11,512,969
$51,600,624
$42,028,585
R EPO RT.— For 1923, in V. 118, p. 547, showed:
„ „
Hydro-electric. Montana. Grt. Falls. Thompson.
Steam.
Total
Calendar Years—
1923.
1922.
1921.
, 1920.
98.000
30,000
810
212,340 Sales_________________ $123,702,043 $84,738,826 $68,523,244$101,745,2/1
Completed—......... 83,530
Undeveloped_____ _____
1 1 9 ,0 9 0
______
______
1 1 9 ,0 0 0
Net, after depreciation-- 7,702,625 a4,562,607*df9,887,396def7,855,278
See official statement, V. 96, p. 1017; V. 98. p. 455, 159; V. 100. p. 976
Reserve for income tax. 500,000
-----254,354
344,619
220,017
546,345
STOCK.— The final $3,000,000 o f common stock, on which divs. were Preferred dividends___
------------------------„ -----deferred, became dividend-bearing on June 2 1921. See V. 96, p. 1017; V. Common dividends------1,066,035
Class A dividends_____ _____ ____________ ____________ ______
93. p. 456; V. 95. p. 1611, 1687.
Surplus for year______$6,948,271
$4,217,988df$10107,413df$9,467,658
Dividends paid on pref. In full to J u ly 1924. On common. April 1913
•The operating loss for the year 1921 was $2,954,3/ 0. The remainder of
to Oct. 1915, 4$ % quar.; Jan. and April 1916, Y %; July div. was increase'.;
k
the loss is made up of depreciation, and loss in inventories, $4,725,929;
to 1%; Oct. 1916, 1%; 1917. Jan. and April, 1 % ; July, 1 <4%, and 25 centextra to aid Red Cross contributions. Oct. 1917 to July 1919 1 M % q u a r : depreciation in factory plants. $361,000; loss in value o f securities held in
the treasury of the company, $562,437; loss on and allowance for accouuts
O c t . 1919 to Apr. 1923 p a id M o f 1 % q u a r .; J u ly 1923 t o J u ly 1924 p a id
receivable, $890,000; deferred reorganization expenses, $170,574, and mis­
1 % q u a r.
cellaneous adjustments, $223,085.
. .
BONDS.— The First and Ref. 5s ($75,000,000 auth. Issue are now
a After providing for taxes, bad and doubtful accounts and depreciation
a first lien on about 71% in capacity of the present developed power on capital assets and inventories.
„
plants, 56% of the present transmission lines and 84% of the undeveloped
OFFICERS.— Chairman, Silas H. Strawn; Pres., Theodore F. Merseles;
water powers, and upon completion of the new power plants now under Vice-Pres., Sec. & Treas., J. C . Maddison. Directors.— J. C. Madd:son,
construction will be a first lien on a much larger percentage of total power D. R. McLennon, Francis D . Bartow, S. H. Strawn, John A. Spoor, B. A.
plants and transmission lines. Of the authorised bonds (a) $10,165,500 Eekhart, E. C. Maher, Theodore F. Merseles, Robt. P. Lamont, Chas H.
reserved to retire, par for par, ail outstanding underlying bonds; (6) remain­ Thorne and R. J. Thorne. Office, 618 W . Chicago Ave., Chicago.—
der Issuable only when net earnings are 1 times the entire bond lnt. chges., (V. 118, p. 2188.)
including lnt. on the bonds sought to be issued, and then only for 80% of
MONTREAL LIGHT, HEAT & POWER C O — ORGAN.— Controls the
the cash cost and fair value of additions, extensions or impts. Cum. sink
ing funds begin in 1918. V. 98, p. 455, 240, 159; V. 100, p. 646. 816. 984, gas, electric light and power business of Montreal and suburbs: also two
hvdraullo stations for generation of electricity In operation In the fall of
151 4; V . 1 0 3 , p. 1985; V . 106, p. 1039, 1342. 2014; V . 107, p. 2 29 3. 2372.
1903, to have a capacity of 28,000 h. p.. viz., one hydraulic plant. Lachlne,
Butte Elec. & Power C o. lut 6s mature $25,000 yearly to 1930. lnci.
Que., and oDe at Cbarobly. One. Controls output for Island of Montreal
*320,000 in 1931, less bonds acquired in 1916 and after through sinking of Shawlnlgan Water Power Co., also the output of the Provincial Light,
fund; balance in 1951. V. 80, p. 713; V. 73. p. 139; V. 82, p. 1441; V. Heat & Power C o., which has built a 15,000 h.p. (hydro-electric) plant on
68. p. 1623. Madison River guaranteed bonds, see V. 81. p. 815, 1045; the Soulange Canal. V. 83, p. 216; V. 88, p. 380; V. 103, p. 238
V. 84, p.511: V .8 7 . p. 1482; V .9 0 .P . 113. Transmission 6s. V. 81. p. 615
In 1916 Civic Investment & Industrial Co. (see Montreal Light, Heat *
V. 69, p. 1251. Of the Great Falls 5s of 1911, $3,4189 00 are in hands of Power Consolidated below), formed for the purpose with $75,000,000
public, $1,582,000 alive in sink, fund and $5,782,000 are pledged under 1st of authorized capital stock in $100 shares, offered 3 of these shares for
& Ref. Mtge. o f 1913, as will be any further issues o f the $15,000,000 each $100 of the $18,709,400 cap. stock of Montreal L t., Ht. & Pow. Co.
xntborized. See Y . 101. p. 1631; V. 94, p. 985, 914.
shares, and par for par for the $8,900,000 stock of the Cedars Rapids Co.
The new i.o. has issued $64,631,200 of its stock and leases the two proper­
R E P O R T .— F o r 1923. in V . 118 , p. 1529, sh o w e d :
Gross
Net, after Interest, Pref .Dus. Common
Balance, ties for 98 years, guaranteeing all fixed charges, &c., and 8% p.a. on all stock
Calendar Earnings.Taxes. Depr., &c. ( 7 %p a. )
Dividends.
Surplus. of Montreal Co. and 3% on all Cedars Rapids stk. not exchanged on Aug 1;
Y qqy
s
s
s
s
$
s
1916. See V. 102. p. 2169. Rate increase, A c.. in April 1918. V 106. p.
1799. Cedars Rapids Transmission Co. V. 107, p. 1104.
192.3 — — 8 ,1 6 9 ,2 1 0 5 ,0 7 4 ,6 3 9 2 ,0 0 6 ,8 8 7 684 ,9 2 2
1 ,8 6 1 ,2 4 9
521,581
DIVS— l 07. ’08. ’09. TO. T l . T2. T3. *14. T 5. T6 1917 to M ay 2419 2 2 _____ 7 ,3 5 6 ,2 3 9 4 ,5 2 5 ,3 7 3 2 ,0 8 8 ,5 0 5 677 ,684
1,4 8 8 ,9 9 9
270 ,1 8 5
Per 3 1
1 9 2 1___ 6 ,10 6 ,3 8 4 3 . 6 1 2 , 2 1 6 2 ,0 4 8 ,2 2 2 6 7 7 ,0 2 6
1 , 4 5 1 , 4 9 9 d f 5 6 4 ,5cent. [ 5 6 0 7 8 9 10 10 10 10 2% quar. (Q-F)
1 9 2 0 _____ 7 ,9 2 8 ,0 8 7 5 ,1 1 6 ,3 4 9 2 ,0 5 8 ,6 2 5 6 7 7 ,0 2 6
1 ,3 5 4 ,7 2 4
1,0 2 5 ,9 7 2
SECURITIES.— Royal Trust Co.. Montreal, Is trustee of both mtges.
Of the Lachine division bonds $399,000 are reserved to retire an equal
3 Mos. End. Mar. 31—
1924.
1923.
1922.
1921.
amount o f underlying bonds and $57,000 are in the treasury. List o f under­
E a rn in g s_________________ $ 2 ,1 1 0 ,0 6 2
$ 2 ,1 5 4 ,8 7 3 $ 1 ,7 2 7 ,4 9 6 $ 1 ,7 3 0 ,6 9 0
lying bonds and description of mortgages, V. 74, p. 580; V. 75. p. 238:
O p er. expen ses a n d taxes
7 7 5 ,9 8 9
7 52 ,673
6 7 9 ,4 4 0
655 ,0 7 2
V. 76, p- 923. The $1,358,000 Provincial L ., H. & P. 5s are guaranteed,
In teres t & b o n d d is c o u n t
4 52 ,092
438,751
4 3 6 ,8 2 2
438 ,143
p. & i. V. 88, p. 380.
Cedars Rapids M fg. & Power Co. 1st 5s ($15,000,000 auth.) are redeemBalance, surplus____
$881,980
$963,449
$611,235
$637,475
OFFICERS.— Pres., John D. Ryan: Vice-Ores., Frank M. Kerr, Alfred able on or before Jan. 1 1922 at 105. thereafter at 110 and int. V . 103, p.
Jaretzki, Frederick Strauss; Sec. & Treas., Walter Dutton. Office, 25 323* V ]02 p 1813 Sir Herbert S. Holt; V .-P .. J. S. Norris; Sec.-Treas
OFFICERS.— Pres.,
Broadway, New York.— (V. 118, p. 2051.)
C . S. Bagg; Asst. Sec. & Treas., G. R. Whatley, Montreal.— V. I l l , p. 698.
MONTGOMERY WARD & CO., INC.— ORGANIZATION.— Incorpo
MONTREAL LIGH T, HEAT & POWER CONSOLIDATED.— Incorrated In Illinois in Dec. 1919 as successor to a company o f the same name porated In Canada in 1916 as Civic Investment & Industrial C o., name
incorporated under laws of New York in Jan. 1913. MaU order business being changed as above in 1918. Owns 98% of the stock of both the
established in 1872. Owns plants at Chicago, Kansas City, M o.. St. Paul. Montreal Light Heat & Power Co. (which see above) and Cedar Rapids
M inn., Fort Worth and Portland, Ore. V, 96, p. 557; V. 98, p. 240; V. 103. M fg. Co. (V. 106, p. 823); operates their properties under leases running
p. 1985; V. 107, p. 2293; V. 109, p. 1992.
for 98 years from Aug. 1 1916, assuming all their fixed charges and paying
Merchandise Is bought directly from manufacturers and sold by mail, dividends at fixed rates on their capital stock. Dividends Nov. 15 1916
directly to consumers, largely eliminating intermediate profits. The to Nov. 15 1919, 4% per annum (Q.-F. 1% ); Aug. 1919 to N ov. 1922.
A
company is engaged In the manufacture o f many o f Its merchandise items, 1H % quar.; Feb. 1923 to N ov. 1923, l l % quar.; Feb. 1924. 1 % % ; M ay
1924, 1 H %.
such as fo o d p r o d u o ts , harness an d saddles, lu b r ic a tin g o il, p a in ts , gas
R E PO RT.— For 1923, in V . 118, p. 439, 560, showed:
en gin es, agricu ltu ra l im p le m e n ts and m a n y o th e r ite m s
Earnings— Calendar Years—
1923.
1922.
-,1 9 2 1 .
Leases until Mar. 31 1932 building at Portland, Ore., from Montgomery
Ward Warehouse Corp. The latter company has outstanding $720,000 Gross earnings______________________ $16,140,960 $14,431,323 $13,289,964
6,504,717
6,549,933
bonds (6% serial first mortgage) which are guaranteed principal and interest Expenses and taxes_________________ x7,113,960
Depreciation________________________ 1,614,096
1,443,133
1,328,996
b y Montgomery Ward & Co., who pay in rental a sum sufficient to redeem
Fixed charges_______________________ 1,211,654
1,124,786
1,188,293
$90,000 annually.
2,690,397
2,689,740
Leases until Oct. 31 1925 building at Kansas City, M o ., from M ontgom­ Dividends paid_____________________ 3,231,767
754,041
646,070
537,946
ery Ward Warehouse Associates (of which entire common stock is owned), Dividends accrued__________________
Pensions fund_____________________ -______20.000 _____ 20,000 ____ 20.000
the rental being $48,000 yearly plus $75,000 to retire the $750,000 6% cum
pref. stock, redeemable at 110 and dividend. V. 98, p. 240.
Balance, surplus_________________ $2,195,442 $1,912,220
$9/6,056
The stockholders voted Dec. 2 1919 to reincorporate under laws of Illlnx Not including income tax.
m
„
nois and to dissolve the New York corporation. The new company issued
Pres., Sir Herbert S. Holt; V.-Pres., I. S. Norris; Sec. & Treas^, C. S.
stock as shown in table at head o f page.
Bagg; Asst. Sec. & Treas., S. R. Whatley, Montreal. (V. 118, p. 560.)
Preferred Stock.— Sinking fund 2 >4% o f amount outstanding to redeem
MOON MOTOR CAR CO.— Incorp. under laws of Delaware July 5 1917.
preferred stock at not over $112 50. The entire issue can oe called at $115 Plant located in St. Louis, M o.
per share. No mortgage may be placed on the company’s property without
D IVIDEN DS.— Initial dividend on common stock of 25 cents a share
the consent o f three-quarters o f all pref. stock outstanding. The stock­ was paid Aug. 1 1922; N ov. 1 1922 paid 25 cents; Feb. 1 1923 paid 37)4
holders on Feb. 20 1922 voted to reduce the authorized pref. stock from cents quar. and 12)4 cents extra; M ay 1 1923 paid 50 cents quar.; Aug. 1
100,000 to 42,498 shares, par $100, by retiring 20,000 shares of unissued and Nov. 1 1923 paid 75 cents quar. and 25 cents extra; Feb. 1 and M ay 1
stock and by cancelling and retiring 37,502 shares o f pref. stock in the treas­ 1924 paid 75 cents quar.
ury. (Compare V. 114, p. 635.)
REPORT.— For 1923, in V. 118, p. 1673, showed:
„
Calendar Years—
3,923.
1922.
COM M ON STOCK.— The stockholders voted Feb. 20 1922 to change
the par value o f the common stock to $10 per share (formerly no par value). Net sales, &c____________________________________ $9,741,857 $6,877,159
Cost____1______________________
8,923,844
6,159,655
Class " A " Stock.— 205,000 shares having no par value. Preferred as to
Operating profit________________________________ $818,012
$717,504
cumulative dividends of $7 per share and preferred up to $100 per share of
Other income__________________________________
148,726
196,661
assets in event of liquidation.
Class “ B” Stock.— Exchangeable for common stock on the basis of three
Gross income__________________________________ $966,739
$914,164
shares o f common for one o f class B stock. On Dec. 31 1923 all except 95 Income taxes___________________________________
124,730
119,025
shares had been thus exchanged.
Net income____________________________________ $842,009
$795,140
All shares o f stock have the same voting rights.
Proceeds from sale of stock___________________
386,805
------D IV ID E N D S (on stock o f old company).— On pref., 1.18% Apr. 1 1913,
Total income___________________________________ $1,228,814
$795,140
covering 2 mos. and 1 day, July 1913 to Dec. 1919,1% % quar. Dividend Preferred dividends_______________________________
5,449
21,798
N o. 1, $3 per share, was paid on common stock out o f earnings o f year Common dividends_____________________________
585,000
154,213
1914 and dividend N o. 2 $3.50 in Feb. 1916 out o f earnings of 1915. No.
Surplus for year________________________________ $620,651
$619,129
3, $5 in Feb. 1917; N o. 4, $5 in 1918; No. 5, $5 in Feb. 1919; N o. 6, $5 in Previous surplus, adjustment----------------------------- 1,612,019
992,890
Jan. 1920. (On stock o f new company), pref. 1 % % quar. paid April 1920
Total surplus
_ _____________________________ $2,232,670 $1,612,019
to Oct. 1921; then none until Dec. 11 1922, when 7% was naid, representing
Earnings for 3 raos. ended Mar. 31 1924 in V. 118, p. 2313.
divs. accrued during the year; Jan. 1 1923 to July 1 1924, 1% % quar.;




INDUSTRIAL AND PUBLIC UTILITY

203

M ISC E L LAN E O U S C O M PA N IE S
\For abbreviations, & c., see notes on page 6]

(Philip) Morris & C o.. Ltd., Inc— Stock $3,000,000auth_
_
Mother Lode Coalition Mines Co— Stock 2,500,000 shs auth
Mullins 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______
N a s h Motors Co— Com stock auth 300,000shares---------------Pref A stock 7% cumulative $22,500,000 authorized______
N a t i o n a l Acme C o . (THE)— Stock *25,000,000 ...................
First mtge sinking fund gold bonds red (text) ..C L C L .xxxc*
Rational Biscuit— Common stock $60,000,000 auth________
Preferred (as to dividends) 7% cum *25,000,000________

Date
Bonds

Par
Value

2.760.000
2,500,000sh
100.000 sh.
$970,000
None 200.000 sh.
None 273.000 shs.
100 15,760,900
60 25,000,000
100 &c 4.820.000
25 51.163,000
100 24,804,500
10

None
None

$100

1921

N a t io n a l C a r b o n C o . I n c —

Pref (a & d) stock 8% cum *5.600,000 call 140_____________

100

OFFICERS.— Pres., Stewart McDonald; V .-P., A. F. Moberly; Sec.,
Stanley Moon; Treas., H. W. Kleirmie. Office, Main and Douglas Sts.,
St. Louis.— (V. 118, p. 2313.)
(PHILIP) MORRIS & CO., LTD., INC.— Incorp. under laws of Vir­
ginia on Feb. 21 l9 l9 . Sells throughout the United States the brands of
cigarettes known as “ Philip Morris Cambridge,” “ Morrisettes,” “ Unis”
and “ Philip Morris English Ovals.” The corporation does not own or
operate any factories, its entire output being manufactured for it by other
manufacturers.
D IV ID E N D S.— Divs. have been paid as follows; Aug. 1 1920, 1%;
N ov. 1 1920, 1% ; Feb. 1 1921, 1%; Oct. 1 1921, 2% ; Oct. 1 1923, 5% .
R E PO RT.— For 1922 showed:
Gross sales, $2,020,796: cost o f raw materials, operating, selling
and administrative expenses, $1,934,465____________________
$86,330
Add— Interest rec., $14,308; profit on securities sold, $38,866;
other income items, $10,185_______________________________
63,359
Total income______________________________________________
Deduct— Sundry expense items, $5,731; excess profits and in­
come tax, 1921, $4,917_____________________________________

$149,690

Net earnings______________________________________________
Surplus Dec. 31 1921___________ _______ _____________________

$139,041
7,578

10,648

T o t a l_____________________ ______ __________ _______ _____
$146,619
OFFICERS.— Pres., Ruben M . Ellis; V.-Pres., Frank Swick; Sec. &
Treas.. John V. Heiberg. Offices. 909 East Main St., Richmond, and
72 Fifth Ave., New York.— (V. 118, p. 1921.)
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 o f 1 8 6 acres.
STOCK.— 1,150,600 shares of the outstanding stock are owned by Alaska
Development & Mineral Co., all o f the stock of which is owned by the
Kennecott Copper Corporation.
R EPO RT.— For 1923 showed:
1921.
Calendar Years—
1923.
1922.
Operating revenue__________________ $4,203,193 $3,465,959 $2,788,810
1,591,103
Operating costs____________________
1,939,802
1,701,532
Cr. 16,389
Other income______________________
Cr.6,095
Cr.33,170
33,310
T a x e s _____________________________
52,278
35,704
Interest, premium, &c., paid________
69,207
$2,217,208
1,022,332

$1,761,892
750.082

$1,111,579
92,816

Total surplus_______________
$1,194,876
Depreciation and depletion_________ 2,293,722

$1,011,810
2,034,143

$1,018,763
1,768,845

Balance, surplus___________
Previous defiit____________________

$750,082
Debit balance Dec. 31____________ $1,098,846
$1,098,846 $1,022,332
D IV ID E N D S.— Paid 50 cents par share semi-annually from June 30
1922 to Dec. 31 1923.
OFFICERS.—Pres., Charles Earl; V .-P ., F. R. Foraker; Treas., James
Dean; Sec., C. T. U lrich— (V. 118, p. 2313.)
MULLINS BODY CORP.— ORGANIZATION .— Incorp. In New York
July 19 1919. Successor to W . H. Mullins Co. of Onio. incorp. in 1906.
Business originally established in 1871. Plant at Salem, O. Business
consists In stamping and welding o f steel automobile bodies, manufacture of
fenders, engine parts and radiator shells, also motor-boats, launches, Ac.
STOCK.— Stockholders of record N ov. 28 1919 were given the right t o
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 of n o
par value. V. 109, p. 1897.
Annual sinking fund for pref. stock, 5% o f net earnings after pref. divs
No mortgage without the consent o f 75% o f the outstanding pref. stock
Both classes of stock listed on N. Y . Stock Exchange in Oct. 1919. Initial
dividends o f 75 cents per share on the com and $2 per share on the pref
stock were paid N ov. 1 1919. Common dividend increased to $1 in Feb.
1920; same amount paid quarterly to Feb. 1921; none since. Preferred
dividend, paid regularly to M ay 1924
R E PO RT.— For 1923, in V. 118, p. 674, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net sales_______________ $3,486,805
$2,144,470 $1,431,243 $3,711,420
Net income____________ surl06,202
surl 16,304 d ef110,393 sur701,291
Preferred dividends___
77,600
77,600
78,400
80,000
Common dividends_____
______
______
100.C O
O
400,000
B alan ce____________
$28,602 sur$38,704 def$288,793 sur$221,291
Report for 3 mos. ended March 31 1924 in V. 118, p. 2313.
OFFICERS.— Chairman, W . H. Mullins; Pres., C. C. Gibson: V.-P. &
Sec., F. P. Mullins; V.-P. & Treas., W . P. Carpenter. Main office, 120
Broadway, N. Y .— (V. 118, p. 2313.)
MUNSINGWEAR, INC.— Incorp. in Delaware M ay 8 1923. Owns,
through stock ownership, The Munsingwear Corp. o f Minneapolis and the
Wayne Knitting Mills o f Fort Wayne. Ind. The former company is the
manufacturer o f “ Munsingwear” underwear and the latter o f ” Wayne
Knit” hosiery.
STOCK.— See table at head o f page.
DIVS.— Initial div. o f 75 cents a share was paid Sept. 1 1923; same
amount paid quar. to June 1 1924.
OFFICERS.— Pres., F. M . Stowell; V .-P ., G. E. Rutledge; V .-P ., J. A.
Faye; Sec., J. R. Van Derlip; Treas., C. L. Pillsbury. Office, Minneapolis,
Minn.— (V. 118, p. 439.)
MUTUAL OIL C O — (V. 118, p. 2313.)
NASH MOTORS CO.— OR G A N IZA TIO N .— Incorporated In Maryland
July 28 1916 at direction of Lee, Higglnson & Co. Took over the prop­
erty and business of the Thomas B. Jeffery Co. of Kenosha, Wie., manu­
facturers o f motor cars and trucks. See full statement In V. 103, p. 497.
In 1919 purchased a half-interest in the Seaman Body Corp of Milwaukee.
New Plant.— Purchased 41 acres o f land in Milwaukee In 1919 for the pur­
pose o f erecting a new plant for the production o f 4-cylinder cars. The first
units o f this new plant had been placed in operation in Jan. 1621. Addi­
tional unirs were added during 1922 and 1923. Also has been making
additions to its main factory at Kenosha. Wis. V. 112, p. 367.
In Jan. 1924 purchased the plant o f the Mitchell Motors Co. at Racine,
Wis.




Am ount
Outstanding

5.600.000

Rate

%

W hen
Payable

See text
$1
J & D 30
See text
Q— F
8
Q— M
$3
See text F & A
Q— F
7
See text
J & D
l 7 * g Q— J 15
2
Q— F
7
8

Q— F

[V ol. 118.

Last Dividend
and Maturity

Oct 3 1923, 5%
Dec 31 '23 50c.
Feb 12 1921 $1
M ay 1 1924 2%
June 1 ’24, 75c
Feb 1 1924 $5
M ayl 1924 1 H
Dec 1 1920 1M
Dec 1 1931
July 15 ’24 3%
M ay 31 '24 1M

Places Where Interest and
Dividends are Payable

Nat Bk of Comm, N Y
do
do
Commonw Atl Nat Bk
Bost, & Guar Tr Co, NY
Checks mailed
New York & Cleveland
First National Bank, N Y
do
do

M ay 1 1924 2% Company’s office. N Y

--------------------------------------------------------------------------------------------------------------1
STOCK.— The stockholders on Dec. 16 1922 reclassified the auth..capita
stock as follows: (o) Pref. A stock, $22,500,000 (par $100); (6) pref. stock,
$5,000,000 (par $100); (c) com. stock, 300,000 shares without par value.
The stockholders also authorized the issuance of $16,380,000 pref. “ A "
stock and 218,400 shares of common stock, and authorized the directors to
distribute the stock pro rata to the common stockholders as a stock dividend.
All the old outstanding $3,500,000 7% cum. pref. stock was called for
retirement on Feb. 1 1923 at 110 and dividend. V. 115, p. 2802.
Initial dividend of $6 on common stock paid Feb. 1918; M ay 31 1918,
$15; 1919 to 1922, paid $16 yearly ($10 in Feb. and $6 in A u g.). Pursuant
to a plan reclassifying the capital stock and capitalizing the surplus, each
common stockholder o f record Dec. 26 1922 received on account o f each
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
new common stock; Aug. 1 1923 paid $3 50 a share; Feb. 1 1924 paid $3 50
and $1 50 extra.
R E PO RT.— For fiscal year ended N ov. 30 1923, in V . 118, p. 200:
Years end. Nov. 30—
1922-23.
1921-22.
1920-21.
1919-20.
Net income__________ y$10,722,263 y$8,845,509
Not
Not
Prov. for Federal taxes._ 1,442,231
1,232,263
stated
stated
Net income after exp.,
reserves and taxes___ $9,280,032
$7,613,246 $2,226,078 $7,007,471
Preferred dividends____ 1,207,850
262,500
288,750
315.000
Common dividends_____ 1,638,000
873,600
873,600
872.000
Balance, surplus_____$6,434,182
Adjustments___________ Dr.295,668
Previous surplus_______ 20,127,172

$6,477,146
Cr.231,931
13.418,095

$1,063,728 $5,820,471
Dr. 177,471
____
12,531,837 6.711.366

Total surplus________ $26,265,686 $20,127,172 $13,418,095 $12,531,837
Stock divs.— Com. stock—
Paid in pref. “ A ” ___ 16,380,000
______
______
______
Paid in common stock 1,092,000
______
______
______
Profit & loss surplus,. $8,793,686 $20,127,172 $13,418,095 $12,531,837
y Net income after deducting expenses of mfg., selling, administration
and local taxes.
Pres., Charles W . Nash; Chairman, James J. Storrow; V .-P. & Compt.
Walter H. Alford; Treas., George H. Eddy; Sec., Horace J. Mellum. Of
fice, Kenosha, Wis.— iV. 118, p. 1673.)
NATIONAL ACME CO. (TH E ).— O R G A N IZA T IO N — Incorp. in
Ohio (about Dec. 1 1916) to take over the assets, &c., o f the National Acme
M fg. Co. o f Cleveland (incorp. in Ohio Sept. 20 1901), manufacturers of
automatic screw machines and milled screw products. Owns and operates
3 plants: (1) Cleveland (floor space over 10 acres), new 7-acre plant put in
operation in 1919; (2) Windsor, Vt., 4 acres o f floor space; (3) Montreal,
making standard and special milled parts. V. 103, p. 2347; V. 105, p. 1903
STOOK.—Capital stock, auth., *25.000,000, all outstanding; par, *50
V. 103, p. 2347; V. 104. p. 1903.
DIVIDENDS.— Mar 1917 to Dec 1 1919. 1MI% quar ; Mar. 1920 to
Dec. 1920. \H% quar.; Mar. 1921 dlv. omitted. V. 112, p. 854.
BONDS.— The first mtge. 7 H % sink, fund gold bonds are redeemable,
all or part, at 105 and 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
and int. Sinking fund payable semi-annually commencing Sept. 1 1923,
will provide for the retirement o f $360,000 annually. V. 113, p. 2510.
R E PO RT.— For 1923, in V. 118. p. 1529, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net sales_____________ $9,583,306 $5,618,237 $3,879,072 $15,758,921
Net profit_____________
240,717 loss805,011 lossl412,330
3,000,3.37
Federal taxes, &c______
______
______
______
545,000
A d ju s tm e n t o f in v e n to r y

D ividen ds____________

_______

______

_______

______

2 ,3 1 5 ,1 3 8

______

-----------

1,744,697

Surplus for year______
$240,717 def$805,011 df$3,727,498
$710,640
3 Mos. end. Mar. 31.—
1924.
1923.
1922.
Net sales___________________________ $2,449,676 $2,583,449
$687,825
Net profits after all exp. & bond in t ..
71.225
8,39,127
______
OFFICERS.— A. W . Henn, Pres. & Treas.; E. C. Henn, V.-Pres.;
N. S. Rathburn, Sec. & Asst. Treas.: Neal W . Foster, Asst. Treas. at
Windsor, Vt. Main office, Cleveland, Ohio.— (V. 118, p. 2582.)
NATIONAL BISCUIT CO.— Incorp. in N. J. in 1898. Operates plants
In various cities throughout the country. V. 66, p. 288, 901; V. 71. p. 5451
V. 77, p. 92; V. 93, p. 669: V. 97, p. 599: V. 106, p. 292; V. 112, p 253.
In May 1919 purchased the real estate covering the entire block on West
15th St.. N. Y. City, occupied by its New York plants
STOCK.— The stockholders voted on Nov. 15 1922 to increase the
authorized common stock from $30,000,000 to $60,000,000 and to change
the par value from $100 to $25 a shar'V Under the «lan holders of each
share of common stock of $100 par value were given 7 shares of new $25
stock, amounting to a stock dividend of 75%. V. 115, p. 2276.
D IV ID E N D S— /1900-05. '06. 07. ’08. 09. TO. ’ l l . 1912 to Oct. 14 22
Common reg. . . . 14.yearly 5 SH 6 SH 6 GH 7 % (1 »4 % Q -J >
On Dec. 30 1922 paid a stock dividend of 75% . On new $25 par value
stock paid 3% quar. from Jan. 15 1923 to July 15 1924.
RE PO RT.— For year ending Dec. 31 1923, in V. 118, p. 308, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits_____________ $12,092,828 $11,024,980 $5,677,461 $5,543,120
Common dividends_____
6,139,560
3.069,780
2,046,520 2,046,520
Preferred dividends____
1,736,315
1,736,315
1,736,315 1,736,315
Balance, surplus.___ $4,216,953
$6,218,885 $1,894,626 $1,760,285
OFFICERS.— R. E. Tomlinson, Pres.; W . W ..Graves, R . A. Fairbairn,
J. G. Zeller, A. G. Bixler and C. F. Bliss, Vice-Presidents; G. P. Wells,
Sec. & Treas. Office, 85 Ninth Ave., New York.— (V. 118, p. 2313.)
NATIONAL CARBON CO., INC.— O R G A N IZ A T IO N —incorp. Jan
16 1917 under laws of N Y State for the purpose of manufacturing, buy­
ing and selling carbon In all Its various forms, as well
dry batteries,
storage batteries, starters, lamps, machinery, deylces and appliances of
every nature. &c
Succeeded through exchange of stock to the property
and business of the National Carbon Oo.. a New Jersey corporation, which
latter company has been dissolved. (V. 104. p. 261, 858 1
Plants at Cleveland. Fremont. Fostoria, Ohio; East St. Louis, 111.; San
Francisco. Oal.- Clarksburg. W Va.; Jersey City, N . J.; Niagara Falls,
Long Island City and New York, N . Y . The company owns the entire
capital stock of the Canadian National Carbon Oo., Ltd., Toronto; auth.
lssbn- 30.000 shares of no par value; issued, 6.000 shares. V. 106. p. 1581.

M ay , 1924.]

203

INDUSTRIAL AND PUBLIC UTILITY

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

N a t i o n a l C l o a k & S u i t C o — C o m m o n s t o c k $ 1 7 ,0 0 0 ,0 0 0 a u t
P r e f (a & d ) s t o c k 7 % c u m re d 1 2 5 --------------------------------------N a t i o n a l D e p t S t o r e s , I n c — C o m s t o c k 7 2 5 ,0 0 0 shs a u th _
F ir s t p r e f (a & d ) s t o c k7 % c u m re d 115 $ 1 0 ,0 0 0 ,0 0 0 a u t h - S e c o n d p r e f (a & d ) s t o c k 7 % c u m r e d 115 $ 7 ,5 0 0 ,0 0 0 a u th
fB&ltoi a t_.na m enus.'* S ta m p in g — C o m m o n s to c k S20.0U0.000
P referred s tock (a & d) 7 % c u m u la tiv e , $ 1 0 ,0 0 0 ,0 0 0 ------R e fu n d 1st M real estate sink fu n d g red t e x t ____ C e .x o & r *
N ational F ire p ro o fin g — C o m m o n s to c k $ 4 .5 0 0 ,0 0 0 ----------------P referred s tock 7 % n o n -c u m u la tlv e $8,000.00(1.............—
(s t M and O o l l T r g d u e $ 1 2 5,00 0 vrtv red 102 V4._ U P i.x o *
N a t io n a l F u e l G a s C o — S to ck $ 3 7 ,0 0 0 ,0 0 0 a u th o r iz e d -----'national Lead C o— S to c k co m m o n $ 2 5 ,0 0 0 ,0 0 0 a u t t io r lz e d ..
P ref (also as t o assetsi 7 % oum $ 2 5 ,0 0 0 ,0 0 0 red since 1910
National S u g a r R efining Co o f N J— S to ck *15 000 0 0 0 .
N a t i o n a l S u p p l y C o o f D e la — C o m stk $ 1 7 ,0 0 0 ,0 0 0 a u th _
P r e f (a & d ) s t o c k 7 % c u m $ 8 ,0 0 0 ,0 0 0 a u th red 1 1 5 ---------- -

Date
Bonds

1909
1912
__
____
____
____

Par
Value

Amount
Outstanding

$100 $ 1 2 ,0 0 0 ,0 0 0
100
7 ,2 7 9 ,7 0 0
5 0 0 ,0 0 0 shs.
100 $ 8 ,0 0 0 ,0 0 0
100
5 ,3 0 0 ,0 0 0
100 1 5 .5 9 1 ,8 0 0
100 1 0 ,0 0 0 ,0 0 0
1 .0 0 0 &o
1 ,4 0 7 ,0 0 0
50
4 .4 6 1 .3 0 0
7 .9 0 0 ,5 0 0
50
1.010
1,013 000
100 3 7 .0 0 0 .0 0 0
100 2 0 .6 5 5 .4 0 0
100 2 4 ,3 6 7 .6 0 0
100 15 0 0 0 .0 0 0
50 1 3 ,2 7 2 ,6 2 7
100
7 ,0 7 6 ,7 6 0

Bate
%

7

When
Payable

Q— M

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

J u ly 15 ’ 2 0 , 144
June 1 ’ 2 4 , 1 44 C h e ck s m a iled

M a y 1 1924 1%
l u n e l 1924 144
N o v 3 0 '2 3 1%
See te x t
J u n e l 1929
A u g 25 ’ 03 1 44
See text Q — F I 5 M a y 1 5 ’24 1%
- S e p t 1 ’ 24-32
5 K M A
See text Q — J15 A p r 15 ’24 144
June 30 ’ 24 2 %
See text Q — M
7
Q — M Ju n e 14 ’ 24 144
7
J u ly 2 1924 1%
Q— J
See t e x t
6
Q - F 15
Q -M 3 1
M a r 31 ’ 2 4 , 144
7
See

7
7

Q— F
Q— M
te x t See text
7
Q— M
J
& D
5 e

G u a ra n tv T r u s t C o , N Y
do
do
C en tral U n ion T r C o . N Y
C h e ck s m ailed
do
Paid b y c h e ck
111 B r o a d w a y ,N e w Y o r k
do
do
C h e ck s m a iled
C h e ck s m a iled
do

C A P I T A L S T O C K .— P re fe rre d , see ta b le a b o v e . A ll o f th e Issued
c o t t a , fir e p r o o fin g , h o llo w tile , b u ild in g b lo c k s , & c. I n F e b . 1923 p r o p e r ­
c o m m o n s t o c k (4 1 9 .2 5 0 shares) is o w n e d b y th e U n io n C a r b id e & C a rb o n
ties o f A m e rica n C la y P r o d u c t s C o . w e re a cq u ire d b y A tla n tic C la y P r o d u c ts
O o r p ., w h ich see b e lo w , a n d V . 105, p . 1425.
C o ., w h o se s to c k is o w n e d b y N a tio n a l F ir e p r o o fin g C o .
P ro p erties o w n e d ,
see V . 7 2 , p . 296 , 1191; V . 7 6 , p . 651 ; V . 94, p . 68, 766; 1060, V . 9 5 , p . 5 3 .
D I V I D E N D S . — T h e se h a v e been p a id q u a rte r ly fro m M a y 1 1917 to
M a y 1 1924 in c l. a t th e ra te o f 2 % per q u a rte r on th e p re fe rre d . D iv id e n d *
B O N D S .— T h e sto c k h o ld e r s J u ly 25 1912 a u th o r iz e d $ 2 ,5 0 0 ,0 0 0 r e fu n d ’ g
on c o m m on n o lon g e r m a d e p u b lic .
o o n d s m a tu rin g $ 1 2 5 ,0 0 0 y e a r ly . V . 9 4 . p . 1452; V . 9 5 . p . 53, 4 2 4 , 8 9 3 .
O F F I C E R S .— C h a irm a n , Jam es P a rm elee; P r e s ., E . F . P r ic e : T r e a s .,
D I V S . ( ’ 0 5 . ’0 8 . '0 7 . ’ 0 8 . ’ 0 9 . *IO-’ 14. ’ 15. *16-’ 1 9 .’2 0 . ’2 1 .- ’22. ’ 2 3 . '2 4 .
C . T . A y re s ; S e c ., A . C . C o r n e ll.— (V . 114. p . 107 0.)
P r e f . . % 1544 1
5
2
0
4 y r ly .
1
0
1
0
1
See
N A T I O N A L C L O A K & S U I T C O .— I n c o r p . M a y 29 1914 in N . Y . ;
O otn % l 0
0
0
0
0
0
0
0 0
0
0
text
su ccessor t o c o m p a n y o f sam e n a m e in c o rp o ra te d in 1903. B u sin ess is th e
O n D e c . 31 1920 a n d J a n . 10 1924 p a id a sp ecial “ C h ris tm a s ” di /. o f 1 %
re ta ilin g b y m a il o f a ll k in d s o f w earin g a p p arel fo r m e n , w o m e n a n d c h il­
o n p r e f. s t o c k .
In O c t . 1923 d e c la r e d 3 % , p a y a b le 1 % o n N o v . 15 1923,
d r e n , a n d also certa in h o u s e h o ld fu rn is h in g s, s u ch as cu rta in s , b la n k e ts,
1 % o n F e b . 15 1924 a n d 1 % o n M a y 15 1924.
lin en s, & c.
R E P O R T . — -For 1923, in V . 118, p . 915 , sh o w e d ;
S T O C K .— See ta b le a t h e a d o f p a g e .
Calendar Years— ■
1923.
1922.
1921.
1930.
D I V S .— O n p r e f ., in f u ll t o d a te . O n c o m m o n , p a id 1 4 4 % q u a r. fr o m
$ 2 9 ,3 1 6
$ 1 0 8,83 4
$ 9 0 0,30 3
N e t e a r n in g s ____________ $ 1 ,0 6 6 ,2 8 9
A p r . 14 1917 t o J u ly 15 1920; n o n e sin ce .
D e p r e cia tio n , & c ________
3 0 1 ,4 2 5
1 00 ,000
100 ,000
150 ,000
R E P O R T .— F o r 1923, in V . 118, p . 790 , sh o w e d :
D iv id e n d s ________________
3 1 6 ,0 2 0
--------------------7 9 ,0 0 5
Years ended—
Dec. 27 ’ 23. Dec. 28 '2 2 . Dec. 28 ’ 21. Dec. 30 ’20.
N e t sa le s________________ $ 5 2 ,3 9 9 ,7 8 3 $ 4 5 ,3 5 7 ,5 6 6 $ 3 7 ,4 8 1 ,2 1 0 $ 4 7 ,7 0 4 ,4 2 8
B a la n ce , sur. o r d e f ___ su r$ 4 4 8 ,8 4 4 d e f$ 7 0 ,6 8 4
s u r$8,834 su r$ 6 7 1 ,2 9 8
P r o f it b e fo r e d e d u ctin g
O F F I C E R S .— C h a irm a n , W m . L . C u rr y ; P r e s ., H . M . K e a s b e y ; S e c .,
2 ,0 4 7 ,4 7 3 lo s s2 4 3 9 ,9 0 2 lo s s ll3 0 ,0 5 1
2 ,7 6 4 ,6 6 6
b on u s a n d ta x e s _______
C . G . J o n e s ; T r e a s ., J . P . R o b b in s . O ffic e , P itts b u r g h , P a .— ( V . 118,
F ed era l ta x e s ____________
2 2 4 .0 0 0
p . 9 1 5 .)
256 .856
111111
2 1 9~867
B o n u s ____________________
379 ,8 2 1
S u n d ry a d ju s tm e n ts ____
60,0 2 2
_______
_______
59,089
NA
FUEL
GAS
C O . — O R G A N I Z A T I O N .— In c o r p o r a te d
292 ,600
2 9 2 ,6 0 0 2 92 ,600 T I O N A L
P referred d iv id e n d s ( 7 % )
4 8 0 ,4 1 9
D e c. 8 1902 in N . J . , su c c e e d in g N a tu ra l G as T r u s t.
O w n s all o r a m a­
C o m m o n d iv id e n d s ______
_______
_______ (2 4 4 )3 0 0 ,0 0 0
jo r it y Interest in th e c a p ita l s to c k s o f six gas p r o d u c in g a n d sellin g c o m ­
pan ies w ith m ark ets in N . Y . , P e n n a . a n d C a n a d a . V . 108 . p . 1799; V . 106.
B a la n ce , s u rp lu s ______$ 1 ,6 2 0 ,4 0 4
$ l,4 3 8 ,9 2 9 d f$ 2 ,7 3 2 ,5 0 2 d f.$ l,9 4 2 .5 1 8
p . 1799, 1800. T h e s t o c k h o ld e r s v o t e d D e c . 11 1922 t o in cre a se t h e a u th o r ­
P r o f it a n d loss s u r p l u s ..x $ 4 ,0 1 2 ,179 $ 3 ,0 0 7 ,5 2 2 $ 1 ,5 6 8 ,5 9 3 $ 3 ,9 5 4 ,0 3 2
ized ca p ita l s to c k fr o m $ 3 2 ,0 0 0 ,0 0 0 t o $ 3 7 ,0 0 0 ,0 0 0 , p a r $ 1 0 0 . 1 0 0 % s to c k
x W h e r e o f $ 2 ,7 6 9 ,6 7 9 u n a p p r o p r ia te d a n d $ 1 ,2 4 2 ,5 0 0 a p p ro p r ia te d (par
d iv id e n d w as p a id D e c . 30 192 2.
v a lu e o f p re fe rr e d s t o c k c a n c e le d ) .
D iv s . Q .-J . at ra te o f 1 0 % p e r a n n u m t o J a n . 15 1923. O n D e c . 30 1921
O F F I C E R S .— P r e s ., S. G . R o s e n b a u m - V .- P . & G e n . M g r ., H . C .
p aid an e xtra d iv id e n d o f $4 a share in L ib e r ty b o n d s . O n D e c . 30 1922
F reem a n : T r e a s ., M . J . B ie h n ; S e c .. W illia m R o s e n b a u m . O ffic e , 207
p a id 1 0 0 % in s t o c k . O n A p r . 16 1923 p a id 1 44 % o n in crea sed ca p ita liz a tion
W e s t 2 4 th S t ., N e w Y o r k .— (V . 118, p . 2 3 1 3 .)
J u ly 16 1923 p a id 1 4 4 % : O c t . 15 1923 p a id 1 4 4 % ; J a n . 15 1924 p a id 1 44%
N A T I O N A L C O N D U I T & C A B L E C O ., I N C .— ( V . 118, p . 1921.)
q u a r. a n d 1 % e xtra ; A p r il 15 1924 p a id 144 % q u a r.
N A T I O N A L D A I R Y P R O D U C T S C O R P .— ( V . 118, p . 2 4 4 7 .)
R E P O R T .— F o r 1923, in V . 118, p . 2 1 8 8 , s h o w e d :
Calendar Years—
192 3.
1922.
192 1.
1920.
N A T I O N A L D E P A R T M E N T S T O R E S . I N C — I n c o r p . u n d e r la w s o f
T o t a l e a rn in g s___________ $ 1 5 ,1 1 0 ,7 5 2 $ 1 2 ,7 6 7 ,0 4 5 $ 1 0 ,7 8 1 ,8 4 5
$ 9 ,8 6 0 ,8 3 0
D e la w a r e on D e c . 22 192 2. O w n s p r a c t ic a lly th e en tire o u ts ta n d in g s to c k
N e t earn in gs, a fte r ta x e s 6 ,2 4 3 ,3 4 7
4 ,6 8 8 ,4 0 0
3 ,6 3 0 ,3 5 2
4,5 7 7 ,0 7 1
o f T h e B a ile y C o ., T h e R o s e n b a u m C o ., B . N u g e n t & B r o . D r y G o o d s C o
R e s . fo r d e p r . & a d j u s t - .
1 ,0 6 8 ,3 6 3
1 ,3 9 8 ,5 6 6
1 ,2 6 9 ,2 6 0
1 ,9 6 1 ,7 9 8
a n d G e o . E . S tifel C o ., o p e r a tin g s to re s, r e s p e c tiv e ly , in C le v e la n d , P it t s ­
P r e s ., W . J . J u d g e ; V . - P . , G le n n F o r d M c K in n e y ; S ec. & T r e a s ., H . P .
b u rg h , S t. L ou is an d W h e e lin g , W . V a .
In N o v . 1923 c o m p le te d n e g o tia ­
S m ith . N . Y . o ffic e , 26 B r o a d w a y .— (V . 118, p . 2 1 8 8 .)
tion s fo r th e p u rch a se o f th e F ra n k & Seder d e p a rtm e n t sto re g r o u p .
V . 117, p . 2 11 8, 2 2 2 0 .
N A T I O N A L L E A D C O .— O R G A N I Z A T I O N .— O rg a n iz e d In N e w J e r ­
S T O C K .— -The s e c o n d p r e f. s to c k is c o n v e r tib le u n til Ja n . 1 1929 in to
se y on D e c . 7 1891. I t c o n t r o ls e x te n s iv e p la n ts In d iffe r e n t S ta tes for
c o m m o n s t o c k , share fo r share.
m a n u fa ctu re o f w h ite le a d , & c.
V . 8 9 , p . 2 2 3 ; V . 106 , p . 1572, 158 1. A ls o
T h e s tock h old ers o n N o v . 12 1923 a u th o rize d th e issu a n ce o f $ 3 ,0 0 0 ,0 0 0
U n ite d L e a d C o . ( V . 8 4 , p . 6 9 7 . 1 6 0 ). M a g n u s C o . ( V . 100, p . 4 0 2 ),
1st p r e f. s to c k , p a r $100, $ 2 ,0 0 0 ,0 0 0 2d p r e f. s t o c k , p a r $100 a n d 2 0 0 ,0 0 0
U . S. C a rtr id g e C o . o f L o w e ll (V . 9 0 , p . 6 3 1 ; V . 104 , p . 1383; V . 110 , p.
shares o f c o m . s to c k , n o p a r v a lu e , in c o n n e c tio n w ith th e a c q u is itio n o f
1524). and M ath e^ on L e a d C o . (V 95, p 115 ); B a s s-H u e te r P a in t C o .
th e F ran k & Seder d e p a rtm e n t sto re g r o u p .
( V . 104, p . 1 3 8 3 ), C a rte r W h it e L e a d C o . , a n d S t. L o u is S m e ltin g & R e fin in g
R E P O R T .— C o n s o lid a te d in c o m e a c c o u n t , ye a r e n d e d Ja n . 31 1924:
C o.
H as an in te re s t in W illia m s H a r v e y C o r p . a n d W illia m s H a r v e y &
N e t sales, $ 7 2 ,3 3 1 ,4 5 6 ; c o s t o f g o o d s (in c l. d e p r e c .), & c ., $ 6 7 ,C o . , L t d . , tin s m elters; B a k e r C a s to r O il C o . , C in c h E x p a n s io n B o lt &
101,539; o p e ra tin g p r o f it s _________________________________________ $ 5 ,2 2 9 ,9 1 7
E n g . C o . , R iv e r S m e ltin g & R e fin in g C o . , T ita n iu m P ig m e n t C o .
D u rin g
In te re s t ch arges, $31 8 ,2 5 9 ; F ed era l ta xes, $ 60 1,87 8: t o t a l _______
920 ,137
1919 s o ld all o f th e c a p it a l s t o c k o f H e a th & M illig a n M f g . C o . a n d p u r ­
F ir s t p r e f. d iv s ., $38 5 ,0 0 0 ; 2d p r e f. d iv s ., $ 25 4,33 2; to t a l d iv s _ _
639 ,332
ch a se d th e p r o p e r t y o f H irst & B e g le y W o r k s .
V . 110, p . 152 4. I n 1922
a c q u ir e d an in te re st in t h e C o m p a n ia M in e ra d e L la lia g u a M in e s o f B o liv ia .
B a la n ce , s u rp lu s ___________________________________________________ $ 3 ,6 7 0 ,4 4 8
V . 115, p . 1639. I n 1923 p u rch a s e d th e N a tio n a l P ig m e n ts & C h e m ic a l C o .
P r o f it a n d loss su rp lu s D e c . 31 1 92 3_______________________________ $ 1 ,7 7 5 ,4 1 3
V . 117, p . 90 0 .
O F F I C E R S .— C h a irm a n , L . A . B e h r; P r e s ., V ic t o r W . S incere; T r e a s .,
S T O C K .— P referred is c a lla b le a t p a r . V . 6 0 , p . 349 ; V . 8 8 , p . 1 37 6.
M o r t o n Stein; S e c ., W a lte r R o s e n b a u m . N e w Y o r k o f fic e , 1328 B r o a d ­
D I V S .—
’ 0 8 . ’0 9 . ’ 10. ’ 1 1 -T 5 . ’ 1 6 -T 7 . ’ 18. ’ 19. ’ 2 0 . ’ 2 1 . '2 2 . ’2 3 .
w a y .— (V . 118, p . 167 3.)
C o m m o n ( % ) ____ 5
5 444 3 y r ly . 4 y r ly . 5
5
6
6 644
8
N A T I O N A L E N A M E L I N G A N D S T A M P I N G C O ., I N C .— O R G A N ­
A ls o in J u ly 1917 a n d 1918 1 % e xtra to a id R e d C ro s s d is trib u tio n s .
I Z A T I O N .— I n c o r p . in N . J . o n J a n . 21 1899. See p r o s p e c tu s , & c ., V . 68,
In N o v . 1918 p a id 4 4 % extra t o a id U n ited W a r W o r k C a m p a ig n .
P a id
p . 1 8 ,; V . 7 5 . p . 1405: V . 7 7 . p . 403 ; V . 8 2 , p . 755 ; V . 104. p . 85 9 . 768 .
in 1924: M a r c h 3 1 , 2 % ; Ju n e 3 0 , 2 % .
D e cis io n D e c . 1906. V . 81, p . 215; V . 8 2 , p . 755; V . 8 3 , p . 1415.
A N N U A L R E P O R T .— F o r 1923, in V . 118, p . 1278, s h o w ed :
Contract xuith St. Louis Coke & Chemical Co.— In A u g . 1919 e n te re d in t o a
Calendar Years—
192 3.
1922.
1921.
1920.
5-y ea r c o n t r a c t t o p u rch a se a t fle x ib le p rice s (d e p e n d e n t o n th e C h ic a g o
N e t e a r n in g s ____________a $ 5 ,2 9 6 ,4 1 3
$ 4 ,9 2 7 ,5 4 9 $ 3 ,4 8 1 ,5 1 3
$ 4 ,7 3 5 ,5 0 8
p r ice o f p ig d e liv e re d ) fo r use a t its G ra n ite C it y Steel W o r k s , th e m a jo r
P re fe rre d d iv id e n d s ( 7 % ) 1 .7 0 5 ,7 3 2
1 ,7 0 5 ,7 3 2
1 ,7 0 5 ,7 3 2
1 ,7 0 5 ,7 3 2
p o r tio n o f th e p r o d u c t o f th e 5 0 0 -to n bla st fu r n a c e a n d also th e gre a te r part
C o m m o n d iv id e n d s . _ ( 8 % ) 1 , 6 5 2 ,432 (64 4)1 342601 (6 )1 ,2 3 9 ,3 2 4 (6 )1 ,2 3 9 ,3 2 4
o f th e b y -p r o d u c t ta r a n d gas t o b e p r o d u c e d at th e 80 c o k e o v e n s w h ich
w ere a b o u t t o b e c o n s tr u c te d a n d o w n e d b y th e St. Louis Coke & Chemical
S u r p lu s ________________ $ 1 ,9 3 8 ,2 4 9 $ 1 ,8 7 9 ,2 1 6
$5 3 6 ,4 5 7 $ 1 ,7 9 0 ,4 5 2
Co. (co m p le te d d u rin g 1 9 2 0 ). T h e last n am ed c o m p a n y , in o r d e r t o p r o ­
v id e for th is new c o n s t r u c tio n , s o ld $ 5 ,0 0 0 ,0 0 0 8 % c u m . p r e f. s t o c k . See
D I R E C T O R S .— E . J . C o rn is h (P r e s .), G . O . C a rp e n te r, N . B . G reg g
V . 109. p 686 . 781 .
a n d E . F . B e a le (V ic e -P re s id e n ts ), E v a n s M c C a r t y , R . R . C o lg a te , C h a s. E .
S T O C K .— In M a y 1 91 9, h a v in g p u rch a se d $ 1 ,2 5 0 ,0 0 0 p r e f. s t o c k In
F ie ld , G e o . W . F o r tm e y e r , F r e d . M . C a rte r , G . D . D o r s e y , G . W . T h o m p ­
a fores a id S t. L o u is C o k e & C h e m ic a l C o . , o ffe r e d a t p a r t o its o w n sh are­
s o n , W . N . T a y lo r , J . R . W e tts te in .
S ec. is M . D o u g la s C o le ; T r e a s .,
h old ers th e rem a in d e r $ 1 ,4 5 3 ,4 0 0 (u n d e rw ritte n ) o f th e N a t io n a l’s $ 1 0 ,0 0 0 ,F . R . F o r tm e y e r . N . Y . o ffic e , 111 B r o a d w a y .— (V . 118, p . 127 8.)
0 0 0 p r e f. s t o c k . V . 108 , p . 2 1 2 9 , 263 5: V . 109. p . 7 7 .
N A T I O N A L L E A T H E R C O — See S w ift & C o . b e lo w a n d V . 1 1 8 .p .l6 7 3 .
D I V I D E N D S . 190 2 -0 4 . 190 5. 1 9 0 6 -1 6 . 191 7. 1 9 1 8 -1 9 2 1 . ’2 2 . ’ 23
O n c o m m o n ( % ) - 4 y e a r ly
144
N one
4
6 (144 q u a r .) 144 544
N A T I O N A L S U G A R R E F I N I N G C O . O F N E W J E R S E Y .— I n c o r p .
O n p referred in fu ll d e cla re d t o D e c . 31 1924, 1 4 4 % q u a r.
in N e w Jersey o n Ju n e 2 1900 an d t o o k o v e r th e N e w Y o r k Sugar R e fin in g
In F eb . 1921 a d iv id e n d o f 6 % w as d e cla re d o n th e c o m m o n s t o c k , p a y ­
O o .’s (D o s c h e r ) r e fin e r y , L o n g Isla n d C i t y , th e M o lle n h a u e r r e fin e r y ,
a b le 1V4% q u a r te r ly M a r . 19, M a y 3 1 . A u g. 31 a n d N o v . 30 1921; then
B r o o k ly n , N . Y . (d is m a n tle d as a r e fin e r y in 1918 a n d leased fo r w a reh ou se
n o n e u n til N o v . 29 1922. w h e n 1 4 4 % w as p a id ; F e b . 28 1923 t o A u g . 30
p u r p o s e s , V . 109, p. 17 8 ), an d th e N a tio n a l r e fin e ry , V o u k e rs, N . Y . V .
1923, p a id 1 4 4 % q u a r.; N o v . 30 1923 p a id 1 % ; F e b . 1924 d iv . w as o m it t e d .
91, p . 1577; V . 92, p . 1377; V . 9 3 , p . 535 ; V . 9 8 , p . 307 .
B O N D S .— S u b je c t t o ann u al d raw in gs a t 105 in a m o u n ts i n creasin g y early
S T O C K .— T h e s to c k h o ld e r s v o t e d N o v . 15 1922 to in crea se th e a u th oriz ed
fr o m $ 1 0 8 ,0 0 0 t o $ 2 6 3 ,0 0 0 . O rig ln a lis s u e , $ 3 ,5 0 0 ,0 0 0 ; $ 2 ,0 9 3 ,0 0 0 retired
ca p ita l s t o c k fr o m $ 1 0 ,0 0 0 ,0 0 0 (a ll o u ts ta n d in g ) t o $ 1 5 ,0 0 0 ,0 0 0 , p ar $10 0.
t o D ecem b er 31 IU23.
A 5 0 % s t o c k d iv id e n d w as d is trib u te d D e c . 1 1922 to h o ld e rs o f r e c o rd
R E P O R T . — F or 1923, in V . 118, p . 915 an d 1277, s h o w e d :
N o v . 2 0 . D iv s . o f 1 4 4 % p a id A p r il 1913 t o O c t . 1917; Ja n . 1918 to A p r il
1923.
1922.
1921.
1920.
1920, 1 4 4 % q u a r.; J u ly a n d O c t . 1920, 3 4 4 % ; J a n ., A p r il a n d J u ly 1921.
T o t a l in c o m e _
___ $ 2 ,5 3 8 ,5 5 1 $ 2 ,8 5 6 ,1 8 7 lo s s$ 2 1 8 ,510 $ 5 ,1 8 3 ,9 2 7
2 4 4 % : O c t . 1921 t o J u ly 1924, 1 4 4 % q u a r. D iv s . o n o ld p r e f. 1 4 4 % (Q .-J ..
D e p r e c ia t io n , & c ________
1 ,0 2 6 ,2 2 7
689,311
7 6 6 ,8 9 5
954 ,424
p a id O c t . 1900 t o Ja n . 1913 in c l.; d iv s . o n o ld c o m ., 1 0 % in 1903 a n d 1 5 %
B o n d i n t e r e s t ____
5 9 .0 3 2
75,251
8 7 ,7 1 0
90,352
in 1904. N o b o n d s. B a la n ce sh e e t D e c . 31 1912, V . 96. p . 4 1 9 . P res.
R e s e r v e fo r F ed era l ta xe s
1 82 ,000
100,000
----------600 .000
J . H . P o s t ; V .- P .. T h o m a s A . H o w e ll; S e c. & T r e a s ., H . F . M o lle n h a u e r .
S in k in g f u n d ____________
.—
185 ,5 0 0
177,000
— (V . 117, p . 1469 )
P r e f. d iv id e n d s ( 7 % ) _ 700 ,0 0 0
700 ,0 0 0
7 0 0 ,0 0 0
700 ,0 0 0
N A T I O N A L S U P P L Y C O . O F D E L A W A R E ( T H E ) . — I n c o r p . in
C o m m o n d iv id e n d s . (544 % )8 5 7 .5 4 9 (1 4 4 )2 3 3 ,8 7 7
(6 )9 3 5 ,5 0 8
(6 )9 3 5 ,5 0 8
D e la w a re in 1922 t o a c q u ir e th e c a p ita l s to c k o f th e N a tio n a l S u p p ly C o .
( o f O h io ) . F u rn ish es e q u ip m e n t, m a ch in e ry an d s u p p lie s t o a ll b ra n ch es
B a la n ce , s u rp lu s_____ d e f$ 2 8 S ,2 5 4
$ 1 ,0 4 8 ,7 1 8 d f$ 2 ,8 9 4 ,1 2 3 $ 1 ,7 2 6 ,6 4 3
o f th e o il in d u s tr y . A ls o c o n t r o ls th ro u g h s to c k o w n e rsh ip th e D a y t o n
P r o f it a n d loss, su rp lu s _ $ 9 ,3 1 0 ,7 0 5 $ 9 ,9 1 0 ,8 4 2 $ 7 ,0 6 3 ,1 2 5 $ 9 ,9 5 7 ,2 4 7
P ip e C o u p lin g C o ., th e F o r t W o r t h D rillin g T o o l C o . and th e U n io n T o o l
P r e s ., G e o . W . N ie d rin g h a u s ; S e c ., G . H a y w a rd N ie d rin g h a u s : T r e a s ..
C o.
G e o rg e V . H a g e r ty .
N . Y . o ffic e , 411 F ifth A v e .— ( V . 118, p . 1277.)
S T O C K .— See ta b le a t h ead o f p a g e .
N A T I O N A L F I R E P R O O F I N G C O .— In c o r p o r a te d in 1889: n a m e w as
D IV ID E N D S .
O n p re fe rre d , in fu ll t o d a te .
O n c o m m o n , p a id 1 4 4 %
c h a n g e d In 1899 fr o m P itts b u r g h T e rra C o t t a L u m b e r C o . C o n tr o ls 22
q u a r. F e b . 15 1923 t o M a y 15 1924. O n Ju n e 16 1924 p aid 1 0 % in c o m .
p la n ts a d ja c e n t t o v a rio u s cities be tw e e n B o sto n a n d C h ic a g o , a b o u t 5 ,0 0 0
s to c k .
acres o f c o a l an d c la y la n d s, p a te u t rig h ts, A c . M a n u fa c tu r e s p o r o u s terra




INDUSTRIAL AND PUBLIC UTILITY

204

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 61
N a t io n a l T r a n s i t C o — S t o c k $ 8 .3 6 2 .5 0 0 ------------------------------------N e v - C a l E l e c C o r p — C o m m o n s t o c k $ 2 0 ,0 0 0 ,0 0 0 a u th o riz e d

P referred s t o c k c u m u la tiv e $ 1 0 ,0 0 0 ,0 0 0 a u th o r iz e d ______
F i r s t Hen s e r “ A ” $ 1 5 ,0 0 0 ,0 0 0 ca ll 1 0 3 __________ . . c * & r *
do
Series " B " $ 1 5 ,0 0 0 ,0 0 0 re d e e m a b le 1 0 3 ___c * & r *
C o n v e r tib le d e b e n tu re s ( c o n v e r tib le In to p r e f s t o c k ) _____
Mortgage Bonds {Closed Issues)—
N e v -C a l P o w e r C o . 1st c a lla b le a t 105 s f V .1 0 9 p ,1 0 7 7 c*
S ou th ern Sierras P o w e r 1st ca ll 105 s f V . 109 p . 1 0 7 7 __c*
N e v a d a C o n s o l i d a t e d C o p p e r C o . — $ 1 0 ,0 0 0 ,0 0 0 s t o c k ------- -xv E n gla n d T ele p h o n e & T e le g r a p h — S t o c k $ 1 0 0 ,0 0 0 ,0 0 0 .
F irst m tg e Series A re d ( t e x t ) _____________________ _ c*& r*
B on d s $ 1 .0 0 0 .0 0 0 ________ _______________ _________ ____________ x
B o n d s $ 1 0 ,0 0 0 ,0 0 0 ________ _________________________________ _____ s
N e w Y o r k A ir B r a k e — C o m m o n s to c k 3 0 0 .0 0 0 shares a u th .
C lass A p referred s to c k $4 c u m c o n v red & n a rtic (see te x t)
First M $ 3 ,0 0 0 ,0 0 0 g o ld c o n v e r t t e x t t o J u ly 1 i 9 1 4 . .x C e

1916
1920
1916
1907
1911
1922
1900
1912
1908

a b A d d itio n a l a m o u n ts o w n e d b y c o r p o r a tio n a n d su bsidi aries,
R E P O R T .— F o r 1923, in V . 118 , p . 1921, sh ow ed:
Calendar Years—
1923.
1922.
G ross in c o m e ____________________________ $ 5 ,9 6 1 ,7 5 6
$ 5 ,2 2 0 ,6 6 8
1,2 5 3 ,3 9 4
9 9 0 ,0 0 6
I n te r e s t, ta x e s , d e p r e c ia tio n , & c _____
F ed era l ta x e s ___________________________
672 ,4 9 7
5 4 0 ,3 1 2
M in o r it y in te r e s t______________________
1,596
3 5 0 ,5 6 8
P referred d iv id e n d s ____________________
494 ,4 2 3
5 8 1 ,4 6 3
714 ,591
2 6 3 ,1 9 9
C o m m o n d iv id e n d s ____________________

Par
Value
$ 12 .50
100
100
100 & c
200 &c

of “ a”

1921.
$ 2 ,8 5 5 ,0 4 7
7 5 1 ,7 1 0
2 17 ,447
4 9 8 ,7 5 9
568 ,1 4 4
3 7 7 ,0 1 8

N A T I O N A L T R A N S I T C O . — O R G A N I Z A T I O N . & c .— I n c o r p . In P en n
• vlva n la In 1881. O w n s p ip e lin e In P e n n a . F o r m e r ly c o n tr o lle d b y Stand
ard OH C o . o f N J .. seg re g a te d In 1911.
V . 8 5 . p . 2 1 6 . 790; V . 9 3 . p . 1390
O n F e b . 2 1916 sh areh old ers v o t e d t o re d u ce the c a p ita l s to c k from
$ 1 2 ,7 2 7 ,5 7 5 t o $ 6 ,3 6 2 ,5 0 0 b y th e re tire m e n t o f 103 shares an d th e re d u ctio n
o f th e p a r v a lu e o f th e rem a in d e r fr o m $25 t o $12 50 p er share an d the
a y m e n t o f $12 50 in ca sh t o th e s to c k h o ld e r s . T h e N a tio n a l T ran sit
u m p & M a c h in e O o . w as in c o r p o r a te d in P e n n , o n N o v . 26 1915; cap ital
s t o c k , $ 2 ,5 4 5 ,0 0 0 (in creased o n A p ril 1 1918 t o $ 3 .I * 1 nf> *) In $25 shares
t o ta k e o v e r th e c o m p a n y ’s p la n t at O il C it y . P a ., fo r tha m a n u fa c tu r e o f
p u m p s , en gin es, c o m p re s so rs , t o o ls , fittin g s , & c .: all o f th e c a p ita l s t o c k w ill
b e h eld b y th e N a tio n a l T r a n sit C o . V . 101. p . 1890. 2 14 9; V . 9 3 . p . 669D I V I D E N D S . — 1912 t o 1 91 4, 1 2 % p er a n n .; 191 5, 8 % ; th e n n o n e t o
D e c . 15 1916, w h en 4 % w as p a id ; 1917, 8 % ; 1918. 1 6 % (8 % s -a ); 1919.
4 0 % ; 1920, 3 0 % ; M a r c h t9 2 1 , 4 % ; Ju n e 1921. 4 % and 4 % e x tr a ; S e p t.
192 1, 8 % e x tr a ; D e c . 1921. 4 % a n d 4 % extra: M a r c h 1922, 4 % ex tra ;
Ju n e 1922, 4 % ; S ep t. 1922. 2% e xtra : D e c . 1922. 4 % : M a r . 15 1923, 4 % e x t.
Ju n e 15 1923, 4 % ; S ep t. 15 1 92 3, 4 % ex tra ; D e c . 15 1923, 4 % ; M a r . 15
1924, 2 % extra ; Ju n e 14 1924, 4 % .
R E P O R T . — F o r 1923, in V . 118, p . 1401, sh ow ed :
1923.
1922.
1921.
1920.
N e t e a rn in g s____________ $ 1 ,0 2 4 ,5 7 2
$ 9 3 0,20 3 $ 1 ,8 5 3 ,4 5 9 $ 2 ,7 0 3 ,4 2 4
D iv id e n d s ________________
1 ,0 1 8 ,0 0 0
8 90 ,750 1 ,7 8 1 ,5 0 0
1 ,9 0 8 ,7 5 0
P res. & G e n . M g r ., F . D . W illia m s ; T r e a s ., L ew is C . L o n g a k e r; S ec.
F . G . Z im m erm a n .
D ir e c to rs : C . O . B a k e r. T . L . B la ir , C . J . M c C lin t o c k ,
C . E . M a r t in , J os ep h I I . C o n tin o a n d L . C . L o n g a k e r.
O ffic e , O il C it y ,
P a .— (V . 118 . p . 2 5 8 2 .)

f

N E V A D A C A L I F O R N I A E L E C T R I C C O R P O R A T I O N ( T H E ) • (See
—
M ap.) — O R G A N I Z A T I O N .— In c o r p o r a te d in D e la w a re o n D e c . 12 1914,
a n d has b r o u g h t u n d e r o n e c o n t r o l a n d m a n a g e m e n t ( V . 102, p . 2 1 7 1 ),
h y d r o -e le c t r ic and stea m p la n ts h a v in g a c a p a c ity o f 8 4 ,9 2 0 h .p ., w ith
a p p ro x im a te ly 2 ,1 9 7 m . o f tra n sm ission a n a d is trib u tio n lin es, servin g
te r rito r y in d ica te d on a c c o m p a n y in g m a p . V . 105. p . 1314; V . 106, p . 195,
1131; V . 107, p . 1196, 1668; V . 109 , p . 2176; V . 116, p . 1421.
S T O C K .— P ref. s to c k is e n title d to c u m u la tiv e d iv id e n d s at rate o f 7 % ,
a n d , in th e e v e n t o f liq u id a tio n , has p r e fe re n ce o v e r c o m m o n s to c k t o p ar
a n d a c c r u e d d iv id en d s .
D I V I D E N D S . — O n p r e r ., 191 5. 2 % ; 1918, J u ly. 2 1 4 % ; O c t ., 1 M %
1917, J a n ., IM % , co m p le tin g p a y m e n t o f all d iv id e n d s t o Ja n . ] 1917,
A p ril 1917 t o J a n . 1918. 1 1 4 % q u a r .: A p r .. Ju ly and O c t .. 191 8. 1 4 i % . .
th en n o n e u n til Jan . 30 1 9 2 3 , w h e n 1 M % w as p a id ; th e r e a fte r t o M a y 1
1924, p a id 1% % q u a r. O n D e c . 31 1923 p a id 2 8 % in p re fe rre d s t o c k in
settlem en t o f a cc u m u la te d d iv id e n d s .
B O N D S .— T h e 6 % fir s t lie n g o ld b o n d s , series “ A ” a n d “ B ” (V . 102,
p . 2171; V . 103, p . 1035) in M a y 1924 w ere se cu re d b y d e p o s it o f $1 7 ,2 2 5 ,0 0 0
b o n d s o n th e p rop ertie s o f w h ic h $ 6 ,5 4 6 ,0 0 0 h a v e a fir s t lie n ; also b y
$ 1 7 ,8 0 2 ,4 0 0 (o v e r 9 9 % ) o f th e ir s t o c k . V . 109, p . 7 8 0 , 1077; V . 107, p .
1290, 1196; V . 106, p . 195.
O f th e $ 1 5 ,0 0 0 ,0 0 0 Series “ A ” b o n d s a u th o riz e d , $ 1 0 ,4 1 3 ,0 0 0 h a v e been
Issued; red eem ed a n d c a n c e le d , $ 1 ,2 1 4 ,3 0 0 ; reserved t o re tire 1st M . b o n d s
o f th e N e v a d a -C a lifo r n ia P o w e r C o . a n d th e Southern Sierras P o w e r C o .,
$ 4 ,0 5 8 ,0 0 0 ; in tr e a s u r y , $ 5 3 4 ,4 0 0 ; o u ts ta n d in g , $ 9 ,2 0 2 ,0 0 0 . C o r p o r a tio n
agrees t o p a y n orm a l F ed era l in c o m e ta x n o t exce e d in g 1 % a n d re im b u rse
ta x p a y e r th is a m o u n t u p o n r e q u e s t, w h e re e x e m p tio n is n o t c la im e d .
Kndemptivn Curul. — Foi the pu rpose o f creatin g a n a m ain tain in g a fund
to be k n ow n as the " R e d e m p t io n F u n d ," the c o r p o r a tio n c o v e n a n ts and
agrees that w ithin 30 d a y s a fte r F e b . 1 and A u g . 1 o f e a ch y e a r, beginning
1921 it shad d e p o s it sem i-a n n u a lly w ith the trustee a sum at least e qu a l to
o f 1 % o f all F irst L ien Series A b o n d s th en o u ts ta n d in g .
T h e m o n e y s in
this fu n d sh all be app lied h v th e tru ste e in pu rch asin g b o n d s o f Series “ A " at
th e lo w e s t p r ice ob ta in a b le , b u t n o t e x ce e d in g 103 a n d i n t ., all b o n d s so
p u rch a sed ©r red eem e d t o b e c a n c e lle d .
O f th e $ 1 5 ,0 0 0 ,0 0 0 Series “ B ” b o n d s a u th o riz e d . $ 7 ,1 0 0 ,0 0 0 are o u t ­
s ta n d in g in han ds o f p u b lic (in c lu d in g $ 2 ,0 0 0 ,0 0 0 o ffe r e d in M a y 1924.
V . 118, p . 258 1 .)
B on ds o f Series “ B " an d e a ch s u b se q u e n t series m a y be Issued fo r n o t e x ­
ceed in g 8 0 % o f the a ctu al c o s t o f a d d itio n s t o p ro p e rtie s w h en n e t earnings
o f ih e c o r p ., in cl. c o m b in e d n e t earn in gs o f its su b sid ia ry c o s ., fo r a p e rio d
o f 12 c o n s e c u tiv e calen d ar m o n th s o u t o f th e 14 c o n s e c u tiv e ca le n d a r m on th s
Im m ed iately p r e c e d in g su c h issue shall b e e q u a l to a t le a st 1 % tim es the
Interest requu-em ents o n all o u ts ta n d in g b o n d s and those p r o p o s e d to be
Issued.
W h en all Series " A ” b o n d s h a v e been re d e e m e d , p r o p o r tio n o f net
earn in gs to in terest ch arges shall be re d u ce d t o 1>4 tim es s u ch in terest re­
qu irem en ts.
Redemption Fund.— F o r the p u rp o s e o f creatin g an d m ain tain in g a fu n d
t o be k n ow n as th e “ R e d e m p tio n F u n d ,” the co r p o r a tio n c o v e n a n ts and
agrees th at w ith in 30 d a y s a fte r S e p t. 1 1925 it shall d e p o s it a su m at least
eq u a l to 1 % o f the a g g re g a te p rin cip a l a m o u n t o f all F irst L ie n Series “ B "
b on d s then ou ts ta n d in g , an d w ith in 30 d a y s after M a r c h 1 a n d S e p t. 1 o f
ea ch year thereafter it sh all d e p o s it w ith the trustee a su m at least eq u a l to
H o f 1 % o f a ll F irst L ie n Series “ B b o n d s then o u ts ta n d in g . T h e m on eys
In this fu n d shall be a p p lie d b y th e trustee a t th e o p tio n o f th e c o r p o r a tio n
In pu rch a sin g b o n d s o f Series “ B ” a t the lo w e s t p rice o b ta in a b le b u t n o t
ex ceed in g 103 an d in t ., o r fo r in v e s tm e n t in p e rm an en t b e tte r m e n ts or new
proper! ies o f the c o r p o r a tio n o r a n u n d e rly in g c o m p a n y . A ll b o n d s so p u r ­
ch ased <> red eem ed t o b e ca n c e le d .
r
Security.— Sam e as fo r Series “ A " b o n d s . See a b o v e .
T h e 10-year 8 % n o te s o f 1920 w ere re d e e m e d on M a y 1 1923 a t 103 and
Int.
T h e au th oriz ed $ 1 ,5 0 0 ,0 0 0 C o n v e r tib le D e b e n tu re s , d u e A p ril 1 1926, w ere
c a lla b le a t 105 a n d in t ., u n til A p ril 1 1919 an d th e re a fte r at 102 a n d in t ..
an d w ere c o n v e r tib le until A p ril 1 1919 in to p r e f. s to c k in t h e ra tio $15 0 p r e f
s t o c k an d $100 d eb en tu re s .
R E P O R T .— F o r 1923, in V . 118, p . 1922 a n d 205 1, sh o w e d :
Calendar Years—
1923.
192 2.
192 1.
1920.
G ro s s o p e ra tin g earnings $ 3 ,9 9 3 ,5 8 7
$ 3 ,3 4 4 ,4 4 7
$ 3 ,1 7 7 ,1 0 9 $ 3 ,0 7 4 ,5 1 7
O p era tin g p r o f it s _______
1,9 5 8 ,2 5 1
1 ,7 4 9 ,5 8 2
1 ,6 6 2 ,8 6 4
1 ,6 3 8 ,9 2 6
N o n -o p e r . earns, ( n e t ) . _
1 70 ,184
1 3 5 ,5 1 0
9 2 ,4 4 9
76,1 3 3
T o t a l in c o m e ____________
2 ,1 2 8 ,4 3 5
1 ,8 8 5 ,0 9 2
1 ,7 5 5 ,3 1 3
1 ,7 1 5 ,0 5 9
Deductions— I n t e r e s t ___ 1 ,014,601
9 3 8 ,5 8 0
882 ,5 5 7
8 0 0 ,8 3 9
D e p r e c i a t i o n _________
2 8 8 ,1 7 5
2 7 1 ,5 6 4
2 9 8 ,0 5 7
2 22 ,435
D is c o u n ts & a d ju s t 't s .
5 8 ,7 8 5
2 2 ,9 6 4
1 3 ,668
4 4 ,932
D i v i d e n d s ------------------5 1 2 ,9 3 7
127 ,5 6 8
109
521




$ 2 5 3 ,9 3 7

$ 5 2 4 ,4 1 6

$56 0 ,9 2 2

Rate
%

$ 6 ,3 6 2 ,5 0 0 See te x t
8 .5 8 3 .0 0 0
9 .3 9 0 ,0 0 0 See text
9 .2 0 2 ,0 0 0
6 g
7.100.0UO
6 g
6
336 ,800

1,000 a l , 4 0 8 ,0 0 0
6 g
6 K
500 & c b l ,7 8 7 ,5 0 0
6
9 .9 9 7 ,2 8 5
100 8 3 .1 6 7 ,2 0 0
100 &c 35.0iK ),000
5 g
i . 000 ,000
1.000
‘
1 000 10.000.000
5 u
N o n e 200 .0 0 0 Hhs. See te x t
N o n e 100.000 shs
$4
100 &c
3 .0 0 0 .0 0 0
6 K

B a la n ce , s u r p lu s _______________. . . . $ 2 ,8 2 5 ,2 5 5
$ 2 ,4 9 5 ,1 2 1
$44 1 ,9 6 9
O F F I C E R S .— -Pres., Ja m es H . B a rr ; S e c. & T r e a s ., C h a s . R . C la p p .
O ffic e . T o le d o . O h io .— ( V . 118 , p . 2 0 5 1 .)

B a la n ce , s u rp lu s ______

Amount
Outstanding

$ 6 4 6,33 2

$ 5 2 1 ,0 0 0 ,

Of

‘b”

When
Payable
J & D 15

[V ol. 118,

Last Dividend Places Where Interest ana
and Maturity
Dividends are Payable
See te x t

C h e ck s m a ile d

Q— F I M a y 1 ’2 4 . 1%
J
&
J J a n . 1 1946
N Y , B a n k e rs T r .: D e n v
In t T r , D e n , & Ba T r ,N Y
A & O O c t 1 1050
A & O A p r 1 1926
I n te rn a tio n a l T r C o , D en
O A p ril 1 1927
J S e p t 1 1936
S ept 3 0 2 0 . 5 %
Q— M
Jun e30 1924 2 %
J
& D June 1 1952
J
& i Jan 1 1930
A * O O ct 1 1932
Q— F
M a y 1 1924 $1
Q— J J u ly 1 1924 $1
M & N M ay 1 1928

A
J

&
&

N Y , G uar T r, & D e n v e
N Y . C h ic a g o & D e n v e r
50 O liv e r S treet, B c s to n
First N at B a n k , B oston
M e rch a n ts N a tl B a n k
O ld C o lo n s T r C o B c s t o n
O ffic e 165 B 'w a y , N Y
do
do
Cen tral U n io n T r Co N Y

$71 9 ,0 0 0

P r e s ., E . S . K a ssle r; V . - P . , A r th u r B . W e s t ; V . - P . & T r e a s ., L a w ren ce
C . P h ip p s J r .; S e c ., W . S. F ish er; C o m p t ., W . C . S im m o n s . O ffic e , 613
S ym es B ld g ., D e n v e r , C o lo .— (V . 118, p . 2 5 8 1 .)
NEVADA CONSOLIDATED COPPER CO.— O R G A N I Z A T I O N .—
I n c o r p . N o v . 17 1904 in M a in e as a c o n s o lid a tio n .
O f th e o u ts ta n d in g
s t o c k , $ 5 ,0 0 2 ,5 0 0 o n D e c . 31 1923 w as o w n e d b y U ta h C o p p e r C o . (see
b e lo w ). F lo t a t io n s u it, V. 109, p . 1084; V. 114 , p . 2 1 2 4 .)
R E P O R T . — F o r 192 3, In V . 118, p . 1921 a n d 2 3 1 3 , sh o w e d :
1923
1922
192 1.
1920.
C o p p e r p r o d u c e d ( l b s . ) . 6 1 ,5 7 3 ,2 4 6 23,762^ 675 9,362| 325 4 8 ,3 1 1 ,9 8 5
T o t a l r e v e n u e ___________ $ 9 ,4 4 5 ,3 0 6 $ 3 ,4 0 0 ,9 6 1
$ 1 ,2 8 0 ,1 4 7 $ 9 ,0 6 7 ,0 2 5
N e t fo r d is t r ib u t io n ____
2 ,0 9 4 ,6 7 7 d e fl ,1 2 3 ,6 2 3 d e f l,6 3 3 ,1 6 4
2 3 5 ,9 0 4
D i v i d e n d s _______________
_______
_______
_______
1,4 9 9 ,5 9 3
Note.— O p e ra tio n s w e re s u s p e n d e d o n M a r c h 31 1921 a n d w e re n o t re ­
su m ed u n til A p ril 1922. T h e m in es w e re a ls o s h u t d o w n in A u g u s t 1919
•m a c c o u n t o f a strik e .
R e p o r t fo r fir s t q u a rte r o f 1924 in V . 118, p . 2 44 7.
D I V S .—
f TO . ’ l l . T 3 . T 3 . T 4 . T 5 . T 6 . T 7 . T 8 . T 9 . ’ 2 0 . ’ 2 1 - ’ 2 3 .
R e g u la r
3 0 30 30 30 224 * 2744 35 40 6 5 30
15
N one
E x t r a __________ [ . . . .
10 10
..
244
4 0 40 . .
..
..
____

Of the 10% extra dividend paid June 301917, one-half was capital dis­
tribution. A special div. of 15 cents was declared payable July 25 for
R e d Cross contributions. In Mar. 1919 paid 3744 cents (744 %) quar.
V. 108 p . 977 .
In M a r . 1920 d iv . w as re d u ce d t o 25 c e n ts ( 5 % ) quar.
D e c . 1920 d i v . pa sse d ; n o n e s in ce .
P r e s ., D . O . J a c k lin g , N . Y . ; S e c. & T r e a s ., C . V . J e n k in s .
B r o a d S t .. N. Y . — ( V . 118, d . 2 4 4 7 .)

O ffic e , 25

NEW CORNELI4 COPPER CO.— See C a lu m e t & A r iz o n a C o p p e r Co
a n d V . 118, p . 2313

NEW ENGLAND TELEPHONE & TELEGRAPH CO.— T h is c o . d o e s
a tele p h o n e business in M a in e , N e w H am psh ire, V e r m o n t, R h o d e Isla n d
an d M a s s a c h u s e tts . T e le p h o n e s ta tio n s o w n e d D e c . 31 1923, 1 .0 0 3 ,3 9 9 ;
c o n n e c tin g 8 4 ,6 6 3 ; t o t a l, 1 ,0 8 8 ,0 6 2 . T h e A m e r . T e le p . & T e le g . C o .
o w n s a m a jo r it y o f th e c a p ita l s to c k .
E ffe c tiv e J u ly 1 1921, th e c o m p a n y a cq u ire d d ir e ct c o n t r o l an d o p e r a tio n
o f the P r o v id e n c e T e le p h o n e C o . T h e te r rito r y o f th e P r o v id e n c e T e le ­
p h o n e C o . is k n o w n as th e R h o d e Is la n d D iv . o f th e N e w E n g la n d T e l.
& T e l. C o .
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n F e b . 16 1921 a p p r o v e d a o
Increase in the a u th . ca p ita l s to c k fro m $ 7 5 ,0 0 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 ,0 0 0 .
T h e d ir e cto r s in Jan . 1924 v o t e d t o a u th o r iz e $ 1 6 ,6 9 1 ,0 0 0 n e w s t o c k , t o b e
o ffe r e d a t p ar t o s to c k h o ld e r s o f r e c o r d M a r c h 1 in th e p r o p o r t io n o f o n e
share o f n e w s to c k fo r e v e r y fo u r h e ld .
V. 118, p . 440 .
B O N D S .— T h e first in tge . Series A g o ld b o n d s are re d e e m a b le as a w h ole
o n ly on an d a fte r Ju n e 1 1949 at par and iu t.
V . 114, p . 236 6.
D E B E N T U R E S .— T h ese are to be se cu re d b y a n y m tg e .
V . 9 5 , p . 1043
D I V S . I '9 6 . ’ 97. ’9 8 -’0 9 . TO . ’ l l .
1912 to June 1920. Sept.'20 to June '24
P e r c t .l
5 544 6 y ly .
6 634 7 % y ly . (14* % Q .- M .)
2 % q u a r.
R E P O R T . — F o r 192 3, in V . 118, p . 783 , s h o w e d :

Mendar
year —

Gross

Net {after

Other

Interest

Balance.

Earnings. Taxes • > IncomeRentals &c Dividends
‘fee.
Surplus
1923____ $ 4 4 ,2 0 8 ,5 7 0 $ 5 ,4 4 3 ,0 8 6 $ 8 1 9 ,2 6 5 $ 3 ,0 5 0 ,1 4 8 $ 5 ,3 1 8 ,0 9 6 * $ 2 1 2 3 8 9 3
1022------- 4 1 .4 3 7 ,4 0 7 7 ,6 5 6 .0 0 7
8 8 3 .3 4 0 2 ,3 4 6 ,1 7 9 5 ,3 1 7 ,8 8 6
8 7 5 .2 8 2
1 9 2 1 ------- 3 6 ,7 0 2 ,4 9 7 6 .7 6 8 ,8 1 2
6 1 0 ,2 9 1 1.3 9 2 ,7 0 8 5 ,3 1 7 ,8 1 6 6 6 8 ,5 7 9
1920 ------- 3 3,606.341 6 .3 8 S .4 2 6
667 ,5 5 6
918 ,4 3 7 4 .9 8 4 ,2 0 8 1 ,153.337
* D e fic it .
E a rn in g s fo r 3 m o s . e n d e d M a r c h 31 1924 in V . 118, p . 2 05 2.
P r e s ., M a t t . B . Jo n e s; T r e a s ., J o h n B a lc h ;8 e c ., C a rl F. A . S ied h of.
O ffic e . 50 O liver S t.. B o s t o n .— (.V. 118, p . 2 0 5 2 .)
N E W J E R S E Y Z I N C C O — ( V . 118, p . 2 1 8 9 .)
N E W Y O R K A I R B R A K E C O . ( T H E ) — I n c o r p . u n d e r la w s o f N e w Jer­
sey. W o r k s at W a te r to w n . N . Y . ; c a p a c it y 1,000 sets o f c a r b ra k es a d a y ;
also new p la n t b u ilt in 1917, 100 x 8 0 2 f t .
V . 105, p . 2 4 6 0 .
T h e Jefferson
M u n itio n s C o ., a s u b s id ia ry , in J a n . 1918 t o o k o v e r th e n e w p la n t at
W a te r to w n , N . Y .
V . 106, p . 4 0 2 . I n 1912 th e W e s tin g h o u s e A ir B rak e
C o . g ra n te d a ge n e ra l licen se u n d e r its U . S. p a te n ts . V . 95, p . 748;
V . 9 6 , p . 531 . Sale o f w ar p la n ts , V . I l l , p . 1477.
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n S e p t. 15 1922 a p p r o v e d a
plan o f r e ca p ita liz a tio n p r o v id in g fo r th e c r e a tio n o f 1 00 ,000 shares o f C lass A
p r e f o f no par va lu e and 3 0 0 ,0 0 0 no par v a lu e c o m m o n shares
T h e old
$ 1 0 ,0 0 0 ,0 0 0 c o m m o n s to c k (p ar $100> was ex ch a n g e d for 2 0 0 ,0 0 0 shares o f
no par v a lu e c o m m o n s to c k in th e ra tio o f 2 no par v a lu e shares for each
$100 par v a lu e share.
T h e o ld s to c k h o ld e r s w ere give n th e rig h t t o s u b s crib e a t $50 p e r share to
th e n ew C lass “ A ” s t o c k , share fo r share.
Class A Preference Stock Provisions.— (1) E n title d t o c u m u la t iv e q u a rte r ly
d iv id e n d s at th e ra te o f $4 p e r share p er a n n u m out. o f su rp lu s o r n et p r o fits
b e fo r e a n y d iv . o n th e c o m m o n s t o c k , a n d in a d d itio n th e re to d iv s . in excess
o f $4 per share m a y b e p a id u p o n th e c o m m o n s t o c k o n ly c o n c u r r e n t ly w ith
th e p a y m e n t o f a sim ilar a m o u n t p er share u p o n th e C la ss A s t o c k .
(2) A sin kin g fu n d a m o u n tin g t o $1 p er share o f th e issu ed C la ss A s t o c k ,
less co n v e r te d a m o u n ts , sh all b e a p p lie d o u t o f su rp lu s o r net. p r o fit s an d af­
ter th e p a y m e n t o f a ll C lass A s to c k d iv s . a n n u a lly , b e g in n in g Ja n . 1 1925,
t o th e pu rch ase o f C la ss A s to c k at n o t exce e d in g $50 per sh a re , a n d t o the
e x te n t t o w h ich th e sa m e c a n n o t b e s o a p p lie d w ith in o n e y e a r fr o m th e d a te
u p o n w h ich it is so set a sid e it sh all revert t o th e c o m p a n y .
(3 ) C lass A s to c k sh all b e p re fe rre d as t o assets t o the e x te n t o f $60 per
share in v o lu n ta r y d isso lu tio n o r w in d in g u p and t o $50 p er share i f su ch
d is s o lu tio n o r w in d in g u p be in v o lu n ta r y .
(4) C lass A s to c k shal b e re d e e m a b le a ll or p a rt on o r a fte r Ja n . 1 1926
o n a n y d iv . d a te a fte r 061 d a y s ’ n o t ic e a t $60 per share.
(5) C lass A s to c k m a y b e c o n v e r te d a t $50 per sh are a t a n y tim e (u p to
an d Incl. r e d e m p tio n d a te if ca lle d ) in to c o m m o n s t o c k a t $50 p er share,
w ith an a d ju s tm e n t o f d iv s .
P ro v is io n w ill also b e m a d e fo r r e d u c tio n o f
co n v e r s io n p rice o f co m m o n s t o c k i f c o m m o n s to c k in a d d itio n t o th e p resen t
2 0 0 ,0 0 0 shares is Issued (e x c e p t fo r c o n v e r s io n o f C la ss A s t o c k ) a t less th a n
$50 per share.
(6) W ith o u t th e co n se n t o f t h e h o ld e rs o f a t least 7 5 % o f th e o u ts ta n d in g
C lass A s t o c k , co r p o r a tio n m a y n o t (a) cre a te a n y m o r tg a g e o r o th e r lien
(e x c e p t p u rch ase m o n e y m o rtg a g e s ) e x c e p t fo r th e p u r p o s e o f r efu n d in g
th e presen t issue o f b o n d s ; tb) cre a te o r issue a n y .s t o c k h a v in g a n y p r io rity
o v e r th e a u th o rize d C lass A s to c k ; (c) cre a te or issu e a n y shares o f s to c k
ran k in g e q u a lly w ith th e a u th o riz e d C lass A s to c k o r in crea se th e sa m e unless
th e n et q u ic k assets s h a ll b e e q u a l t o $50 p er sh are u p o n su ch o u ts ta n d in g
s t o c k , p lu s th e a m o u n t t o b e issu ed.
(7) C lass A s to c k sh a ll b e n o n -v o t in g e x c e p t th a t it s h a ll b e e n title d t o
exclu siv e v o t in g p o w e r a fte r d e fa u lt o f th re e d iv id e n d s u p o n t h e C la ss A
s to c k u n til d e fa u lt Is cu r e d .
V . 115, p . 995
D IVS. '9 9 - ’0 7 . ’08-'09. TO . ’l l . T 2 . T 3 -T 5 . T 6 . T 7 . T 8 . T9-20 ’21-’24
P e r c e n t .8 y r ly .
N one 3
444 144
6
1144 20 20
10
text
In 1921: M a r . 25, 2 4 4 % (fo r 6 m o s . p e r io d ); S e p t. 20, 1 4 * % p a y a b le In
6 % s c r ip , th e n n o n e u n til A u g . 1 1 9 2 3 , w h e n $1 p e r sh a re w a s p a id o n n ew
c o m . s t o c k o f n o p a r v a lu e ; sam e a m o u n t p a id q u a r. t o M a y 1 1924.
In itia l d iv . o f 8 4 c. a share o n n e w cla ss “ A ” p r e f. s t o c k w a s p a id Ja n . 1
1923: A p r . 2 1923 t o J u ly 1 192 4. p a id $1 q u a r .
B O N D S .— V . 86, p . 725 , 797 , 9 2 1 , 1104.

M ay , 1924.]

IXI HIST HI AL AND PUBLIC UTILITY

THE NEVADA-CALIFORNIA ELECTRIC CORPORATION
GENERATING & TRANSMISSION SYSTEM
or
•
UNDERLYING & ALLIED COMPANIES
its

C o rre c t» M a rc h (M C 4




205

INDUSTRIAL AND PUBLIC UTILITY

206

Date
Bonds

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6]
New York Canners, Inc— C o m s t o c k 1 2 0 ,0 0 0 shares a u t h . .
l e t p r e f (a & d ) s to c k 7% c u m re d 110 $ 2 ,0 0 0 ,0 0 0 a u t h ____
2 d p r e f (a & d ) s t o c k 8 % c u m r e d 110 $ 1 ,2 5 0 ,0 0 0 a u th _ _

New York Dock Co— Common stock $7,000.000__________
Preferred stock 5% non-cum (text)_________________ Usm
F irst m ortg a g e $ 1 3 ,0 0 0 ,0 0 0 g o ld call a t 1 0 5 .

- - U s ra .xc& r

Mew York flr Past Riter Qa* Co— New York Edison Co—

M V M u tu al Tel— M u t U n ion T el 1st M gu p & 1 e x t In ' l l . N . c
N e w York & Queens Electric Light & Power— See C o n s o l!
New York Shipbuilding Corp— Stk (n o p ar v a l) 2 0 0 ,0 0 0 shs
1st M * 2 5 .0 0 0 .0 0 0 a call 102)4: s k f d 2 W % b e g ’ 1 8 . U P i.x r *
N ew ' York Telephone— P referred (a & d ) s t o c k cu m r e d 1 1 0 .
1 s t * G en M auth red 110
F , x x c * & r * _______ _______________
R e fu n d in g m tg e Series A red t e x t _______________B a c* & r *

do

Series

Amount
Outstanding

A A a u t h $ 1 5 ,0 0 0 ,0 0 0 red 1 0 5 .x x x c * & r

1910
1909
1921
1919

100 &
<■
5 .9 7 8 ,8 0 0
100 1 6 .5 0 1 ,4 0 0
* * A
6 5 .6 8 0 ,8 1 0
100 A c 4 9 .7 6 0 000
100 & c 2 3 ,5 1 1 ,2 0 0
See
See

1920

te x t
te x t

500 & c

Bonds Issued and Issuable on Constituent Properties—
500 &C
Niagara Falls Power Co (old co) first mtge gold______Ce.x 1891
R e f* G en M $ 2 0 ,0 0 0 ,0 0 0 (V 8 8 . p I 4 4 1 )g o ld -B a .x o * & r * 1909 1.000 &c
1,000
Hydraul Pow Co 1st & Ref M call 110 aft July 1 ’20____xc* 1910
Ref & Impt $10,000,000 call at 105 after Oct 1 1921._xr 1916
1.000

R E P O R T .— F o r 1923. in V . 118, p . 1278 an d 2 18 9, sh o w e d :

Calendar
Year—

Sales,
&c.

Net, after
Taxes. &c.

Bond
Interest.

Rate
%

When
Payable

N o n e 100 .0 0 0 sh See te x t Q — M 15
$100 $ 1 ,6 1 1 ,6 0 0
7
F
& A
100
8 5 0 ,0 0 0
8
F
& A
Text
100 $ 7 ,0 0 0 ,0 0 0 S ee te x t
J & J 15
100 1 0.000.000
5
F & A
1901
500 fee 12.5 5 0 .0 0 0
4 g
N e w Y o r k G a t . E le c L t , H e a t & P o w — S eeO
1 88 1
1,000 • 6 .0 0 0 ,0 0 0
5 g
M & N
d a te d G as C o o f Mew Y o r k

Debentures skg fund $375,000 yearly call 110____G.c*&r*
Newark (N J) Consol Qas Co—See “ E le c tr ic Ry ’ S e ctio n
Niagara Falls Power Co. (The)— Common stock-------------Preferred (a & d) stock 7% cum callable (all) at 110____
1st & C o n s o l mortgage $76,000,000 (see text)—
do

Par
Value

Dividends
Paid.

Balance

$19 1,99 1 $ 1 ,1 0 0 ,0 0 0 s u r $ l ,4 2 6 ,4 8 8
1 9 2 3 _________ N o t s t a t e d $ 2 ,7 1 8 ,4 7 9
1 9 2 2 . ............... 6 ,7 4 5 ,8 1 7
1 ,3 8 8 ,9 2 4
4 30 ,181
8 4 ,0 0 0 su r. 874 ,741
192 1..................... 2 ,4 8 2 ,8 5 7
17,014
4 7 5 ,7 1 4
3 7 5 .0 0 0 d e f. 833 ,699
192C___________ 6 ,5 7 5 ,9 1 7
1 .2 3 1 ,1 2 0
4 7 9 .2 6 0
9 7 3 ,8 7 7 d e f . 222,017
O F F I C E R S .— P re s ., C h a rle s A . S ta r b u c k ; V .- P ., Jo h n C . T h o m p s o n
B . J . M in n ie r an d R ic h a r d B . S h erid an : A s s t. T r e a s ., E . A . J o h n so n :
A s s t. S e c ., A . V . S m ith : C o m p t . . C h a rle s B . U eeser- O ffic e , 165 B r o a d w a y ,
N e ^ Y o r k .— (V . 118 , p . 2 1 8 9 .)

5 g

6)4
4)4
6 g
6

[V ol. 118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable
Ju n e 16 '2 4 50c
A u g 1 1924 3)4
A u g 1 1924 4 %
F e b l6 ’ 2 2 .2 ) 4 % U 8 M tg e & T r C o N Y
do
do
J an 15 24.2)4%
A ug 1 1951
do
do
o n s o lld a te d G as C o
M a y 1 1941
W e ste rn U n ion T e l, N 7

N ov
M A N N ov
Q — J 15 A p r
M & N N ov
A
& O O ct
F & A Feb

6 1923
$1
1 1946
15 '2 4 1 %
1 1939
1 1911
1 1949

B a n k e rs T r . N Y & Pitta
N Y o ftlc e :
N ew Y ork
N ew Y o rk

and L o o d o r

1 7 ,3 2 4 ,4 0 0 See te x t Q — M 15 Ju n e 16 1924 2 % C h e ck s m ailed
do
1 5 .9 4 0 ,8 0 0
7
Q— J 15 J u ly 15 1924 I K
1 0 .0 0 0 .0 0 0

6 g

M & N

N o v 1 1950

N e w Y o r k a n d B u ffa lo

9 ,8 8 3 ,5 0 0
7 ,6 8 6 ,0 0 0
3 5 0 0 .0 0 0
6 .5 0 0 ,0 0 0

5 g
6 g
5g
5 g

V arious
A & O
J
&
J
A & O

Jan
Jan
J u ly
O ct

W In slo w .L a n ler & Co.N Y
B a n k e rs ’ T ru st C o. N Y
M a r T r C o . B u ffa lo . N Y
M a r in e T r C o , B u ffa lo

1
1
1
1

1932
1932
1950
1951

N E W Y O R K T E L E P H O N E C O .— O R G A N I Z A T I O N .— A c o n s o lid a ­
tion in S e p t. 1909 o f all th e ‘ ‘ B e ll” tele p h o n e c o m p a n ie s o p e r a tin g in S tate
o f N ew Y o r k .
See V . 91. p . 151, 157; V . 9 3 , p . 1263. O w n s all th e stock
o f the D elaw are & A tla n tic T e le g . & T e le p h . C o . a n d $ 5 2 ,4 8 4 000 o f th e
$60 ,000 ,00 0 s to c k o f B ell T e le p h o n e C o . o f P en n a. (V . 9 6 , p . 5 5 6 ).
C on­
trols E m pire C i y S u b w a y C o . (V . 9 2 . p . 1569; V . 93. p . 167 474 . 12631T o ta l sta tio n s, in clu d in g serv ice a n d c o n n e c tin g sta tio n s,
D e c . 3 l 1922.
2 .0 7 0 ,1 7 1 . F e d e ra l T . & T . sy ste m o f B u ffa lo w as taken o v e r M a r . 1 1918,
V. 107. p 86; V . 106. p. 1039: V 103. p . 1215. 1415
In s ta lla tion o f a u t o ,
m a tic te le p h o n e sy s te m in N . Y . C it y in p ro g re s s . V . 110, p . 1532; V . 115.
p . 1 8 4 5 . R a te in cre a se o f 1 0 % in N e w Y o r k C it y g r a n te d . V . 118. p . 2 1 8 9 ,
2314.

N E W Y O R K C A N N E R S , I N C — I n c o r p . u n d e r la w s o f N . Y . on
S T O C K .— C o m m o n , a u th o r iz e d , $ 2 5 0 ,0 0 0 ,0 0 0 (as in cre a se d in M a y 1921)
S ep t. 3 1919. M a n u fa c tu r e s an d sells c a n n e d v e g e ta b le s , fr u its , m ilk ,
o u ts ta n d in g , $ 2 0 4 ,6 9 2 ,0 0 0 (par $ 1 0 0 ), all o w n e d b y A m . T e le p . & T e le g . C o .
k e t c h u p , c h ili s a u ce a n d o th e r f o o d p r o d u c t s a n d c o n d im e n ts , a n d th ro u g h
T h e c o m p a n y , in Ju n e 1922 o ffe r e d t o its c u s to m e rs a n d e m p lo y e e s an
its su b sid ia ries o p e r a te s fa r m s fo r ra isin g p a r t o f its v e g e ta b le s .
o p p o r t u n it y t o s u b s crib e fo r $ 2 5 ,0 0 0 ,0 0 0 6)4% c u m u la tiv e p r e fe r r e d s to c k
D I V I D E N D S . — O n c o m m o n , p a id $2 50 a share in 1920: th e n n o n e u n til
at p a r ($ 1 0 0 ). V . 115, p . 8 1 . A u t h ., $ 7 5 ,0 0 0 ,0 0 0 .
D e c . 15 1923, w h en 50 ce n ts a sh are w as p a id ; M a r . 15 1924 a n d Ju n e 16
D I V I D E N D S . — F r o m 1910 t o a n d in c l.1 9 2 2 p a id 2 % q u a r . o n c o m .s t o c k .
1924 p a id 50 c e n ts q u a rte r ly .
R E P O R T . — F o r 1923, in V . 118, p . 128 9, sh ow ed :
B O N D S .— T h e ‘ ‘ F irst & G e n . M t g e ." m a d e In 1909 Is lim ite d t o $ 7 5 .
192 3.
1922.
0 0 0 ,0 0 0 (all Issued a n d $ 9 ,1 7 1 ,6 5 0 re tir e d b y sin k in g f u n d ) , h a v in g a firs t
S a le s .______________________
$ 1 1 ,1 8 3 ,8 3 2
$ 7 ,7 6 8 ,7 5 2
lien o n en tire p r o p e r t y (in c lu d in g real e sta te v a lu e d a t a p p ro x im a te ly
G ross m a n u fa ctu rin g p r o f it __________________________
2 ,9 9 0 ,7 9 2
1 ,575,489
$ 4 1 ,1 4 7 ,0 0 0 ) p la n t , lin e s, u n d e rg r o u n d c o n d u it s , fra n ch is e s , & c.
T h is
_______
O th er in c o m e _________________________________________
110 ,696
m o rtg a g e , h o w e v e r , is s u b je c t in p a r t t o th e o u ts ta n d in g m o r tg a g e in ­
Deductions— S elling e x p e n s e s _________________________ 1 ,6 7 6 ,6 9 0
418 ,367
d e b te d n e ss o f b o n d s liste d b e lo w , c o v e r in g p r o p e r tie s a c q u ir e d fr o m o th e r
A d m in is tra tio n e x p e n s e s__________________________
_______
2 4 7 ,7 3 5
co m p a n ie s .
Issu e s u b je c t t o c a ll in w h o le , b u t n o t in p a r t , a t 110 a n d in t.
I n t e r e s t ______________________________________________
180 ,758
9 2 ,2 3 9
on any M . & N .
V . 8 9 , p . 84 9 , 9 2 4 , 1351; V . 9 0 . p . 773 : V . 9 1 . p . 131;
2 8 9 ,6 3 5
164,399
D e p r e c ia t io n ________________________________________
V. 9 4 . p . 1510; V . 9 5 . p . 548 , 753 ; V . 102, p . 1815; V. 103, p . 1122.
F ed era l t a x e s __________________________________________
1 10 ,500
3 5 ,0 0 0
T.
A . S n y d er P rese rve C o . d iv id e n d s ______________
3 5 ,7 3 3
-------- T h e $ 5 0 ,0 0 0 ,0 0 0 r e fu n d in g m t g e . Series A b o n d s are re d e e m a b le as a
w hole o n ly o n o r a fte r O c t . 1 1931 a t 105 a n d in t .
M o r tg a g e c o v e r s all th e real e s ta te a n d te le p h o n e p la n t a n d a p p u r te ­
B a la n ce, s u r p lu s _____________________________________
$ 8 0 8 ,1 7 2
$6 1 7 ,7 4 8
n an ces o f th e c o m p a n y in S ta te o f N e w Y o r k n o w o r h e re a fter o w n e d ;
O F F I C E R S .— P r e s ., J o h n M . P r o p h e t: V . - P . , Jam es M o o r e ; T r e a s .,
also secu ritie s o f a b o o k v a lu e o f $ 1 0 0 ,0 0 0 ,0 0 0 in c lu d in g c o n tr o llin g Interest
G e o rg e G . B a ile y : S e c ., A m o s H . C o b b .
O ffic e , 76 S ta te S t ., R o c h e s te r ,
In s to c k s o f B e ll T e le p h o n e c o m p a n ie s o p e r a tin g in P e n n s y lv a n ia , M a r y ­
N . Y . — ( V . 118 , p . 114 5 .)
la n d , V irgin ia an d th e D is tr ic t o f C o lu m b ia , as w ell as a ll s t o c k s , b o n d s and
o th e r se cu ritie s o f o t h e r c o r p o r a tio n s (e x c e p t th o s e o p e r a tin g te le p h o n e
N E W Y O R K D O C K C O .— O R G A N I Z A T I O N .— In c o r p o r a t e d in N . Y .
p ro p e rtie s In N e w Jersey an d C o n n e c tic u t ) n o w o r h e re a fte r o w n e d , s u b je c t
S ta te o n J u ly 18 1901 as su cce sso r o f th e B r o o k ly n W h a r f & W a r e h o u s e C o .,
to in d e b te d n e s s a g g re g a tin g $ 6 6 ,5 3 2 ,0 1 0 , o f w h ich $ 6 5 ,6 8 0 ,8 1 0 c o n s titu te
fo re c lo s e d a n d reorg a n ize d p e r p la n V . 7 2 , p . 9 3 7 . V . 73, p . 2 3 9 , 1355.
th e c o m p a n y ’s 1st & g e n . m t g e . 4)4s, d u e 1939- T h e m o r tg a g e is t o secu re
O w n s w a ter fr o n ta g e in B r o o k ly n , a b o u t 2 )4 m iles in le n g th ; 159 b o n d e d and
r a ta b ly w ith th e b o n d s issu able th e re u n d e r (in c lu d in g th e Series A b o n d s ) .
fre e w areh ou ses, h a v in g a sto r a g e c a p a c it y o f 6 5 ,4 3 5 ,0 0 0 c u . f t . ; 34 piers
th e o u ts ta n d in g $ 2 3 ,5 1 1 ,2 0 0 3 0 -y e a r s in k in g fu n d 6 % d e b e n tu re s d u e l 9 4 9
o f v a r io u s sizes, w ith w h a rv e s , a n d 20 m a n u fa ctu rin g b u ild in g s . V . 9 0 . p .
(see V . 108, p . 1 7 6 ).
1365; V . 103, p . 1794.
M o r tg a g e p ro v id e s fo r s in k in g fu n d p a y m e n ts t o tru s te e at ra te o f
T h e railroad d ep a rtm e n t w ae a cq u ire d O c t . 1 1912 b y N e w Y o r k D o c k
$ 2 5 0 ,0 0 0 q u a rte r ly , b e g in n in g Ja n . 1 1922, s u ch p a y m e n ts t o b e u sed In
R y . V . 9 5 , p . 1217, 1477: V . 9 6 , p . 1026.
pu rch asin g Series A b o n d s i f o b t a in a b le a t n o t e x c e e d in g 102)4 a n d in t.
S T O C K S A N D B O N D S .— C o m . s t o c k . $ 7 ,0 0 0 ,0 0 0 : p r e f., 5 % n on-ouruuV . 113, p . 219 1.
la tlv e , $ 1 0 ,0 0 0 ,0 0 0 , all In shares o f $100 e a c h . A fte r 5 % o n b o th s to c k s ,
Underlying Bonds— S e p t. 30 1922.
Int.
Outst’ding.
Maturity.
t h e y share e q u a lly . B o n d s , $ 4 5 0 ,0 0 0 in tre a s u ry D e c . 31 1922 w ith fu rth e i
N . Y . & P a . T . & T . C o . 1st M . g . s . f . _ 5 F & A a
$2 1 0 ,0 0 0
F e b . 1 1920
$ 1 2 ,5 5 0 ,0 0 0 o u ts ta n d in g .
do
do
G e n . M . g o l d ________ 4 M & N *
4 4 3 ,0 0 0 N o v . 1 1929
D I V I D E N D S . ( ’08- 0 9 . TO . T l . T 2 - T 6 . T 7 . T 8 . T 9 ’2 0 . '2 1 . ’ 22. ’ 23.
A lb a n y H o m e T e l. C o . 1st M . g o l d ______ 6 J& Jxx
1 1 ,0 0 0 J a n . 1 1927
O n p re fe rre d , %\ 4)4 4
4 2)4 N o n e
2 5)4
5
55
5
5
C o h o e s -W a t e r f. H o m e T e l.O o . 1st M . g 6 J& Jxx
11,5 0 0 J a n . 1 1927
On com m on , % { — —
___ __________
____ _____ 2)4 2)4 2K 2)4
...
T h e $ 2 5 ,0 0 0 ,0 0 0 6 % d e b e n tu re s s o ld in J a n . 1919 are t o b e s e cu re d b y
D iv . N o . 1 w as p a id o n c o m m o n s t o c k F e b . 15
1919, 2 )4 % :
any F e b . m o r tg a g e r a t a b ly w ith a n y o th e r in d e b te d n e s s s e cu re d th e r e o n .
n ew 16 1920
p a id 2)4 % : F e b . 15 1921 p a id 2)4% a n d F e b . 16 1922 p a id 2 % ; n o n e sin ce.
S ince O c t . 1 1921 e q u a lly s e cu re d w ith r e f. m tg e . series A , n o t e d a b o v e .
T h e s in k in g f u n d t o w h ich $ 3 7 5 ,0 0 0 m u s t b e p a id a n n u a lly w ill, it is s a id ,
R E P O R T . — F o r 1923, in V . 118 , p . 2 0 5 2 , sh o w e d :
w ith in te re s t o n th e a m o u n ts re tire d s u ffic e t o re d e e m t h e e n tire issue b y
Calendar
Gross
Total
Preferred Common
Balance,
m a tu r ity . V . 108, p . 176, 27 4 . R e a cq u ir e d t o S e p t. 30 1922 a n d held
Years—
Earnings. Net Income. Dividends.Dividends. Surplus.
aliv e In sin k in g funcf, $ 1 ,4 8 8 ,8 3 0 .
1 9 2 3 . .....................-$ 3 ,2 9 7 ,7 1 3
$ 6 2 2 ,8 6 9
$ 5 0 0 ,0 0 0
$ 1 2 2 ,8 6 9
1 9 2 2 ............................ 3 ,8 2 7 .3 2 2
6 4 9 .2 6 7
5 0 0 ,0 0 0 __________
149,267
R E P O R T .— F o r 192 2, in V . 116 , p . 2 38 6, s h o w e d :
1 9 2 1 ............................. 5 ,1 1 4 ,7 2 4
1 ,021,344
5 0 0 ,0 0 0 $< 7 5 ,0 0 0
346 .344
Cal.
Gross
Net after
Other
Interest
Balance.
1920
5 ,4 4 7 ,4 0 0
1,2 6 1 .6 9 1
5 0 0 ,0 0 0
175 ,000
586,691
Year.
Earnings. Taxes. &c. Income. Charges. Dividends
Surplus.
$
S
S
$
$
S
O F F I C E R S .— C h a irm a n , F . S. L a n d stre e t; P r e s ., W illia m E . H ahn;
1922— 1 0 9 ,6 1 2 ,6 2 0 1 3 ,8 7 3 ,8 2 2 1 1 7 39,1 84 8 ,6 4 3 ,1 7 4 1 6 ,8 1 6 ,0 9 1 153,741
V . - P s ., C . D . H o a g la n d , D . L . T illy a n d C . O ’ D . Iselin; S e c ., E d w in T h o rn e ;
192 1_____9 9 ,6 0 8 .2 6 2 11.4 0 4 ,5 1 9 9 ,9 8 8 ,5 1 7 8 ,1 4 8 ,4 9 3 1 2 ,8 4 1 ,2 4 7
4 0 3 ,2 9 6
T r e a s ., V . A . W h e e le r. O ffic e , 44 W h ite h a ll S t. (M a n h a t t a n ). N . Y . —
192 0------- 8 7 ,9 0 6 .4 6 5 5 ,4 8 3 ,0 2 6 6 ,6 8 1 ,5 4 9 6 ,0 9 4 ,5 0 2 1 2 ,0 0 0 ,0 0 0 d f5 9 2 9 .9 2 7
( V . 118 p . 2 1 8 9 .)
N E W Y O R K E D IS O N C O .— See C o n s o lid a te d G as C o .
N E W Y O R K M U T U A L T E L E G R A P H .— S u cce sso r to th e M m u a l U nloi
T eleg ra p h C o. T h e s to c k carries d iv id e n d s o f 6 % per an n u m u n d er a le*«
for 99 years fro m F e b . 15 1883 (w ith p riv ile g e o f renew al fo r 999 ye a rs fro m
1883) t o W estern U n ion T e le g r a p h .(V . 9 3 . p . 108)
N E W Y O R K & R I C H M O N D G A S C O — ( V . 118 p . 9 1 6 .)
N E W Y O R K S H I P B U I L D I N G C O R P .— O R G A N I Z A T I O N .
In corp
In N . Y . N o v . 28 1916 an d t o o k o v e r ( V . 103, p . 2 15 9) th e en tire a sse ts. Sec.,
o f t h e N e w Y o r k S h ip b u ild in g Co. o f N . J ., w ith m o d e m p la n t o n th e D e la ­
w a re R iv e r near C a m d e n , N . J . V . 107, p . 507 ; V . 108, p . 1821. P u rch a se
r o m U n ite d S tates S h ip p in g B o a r d , V . 110, p . 26 7 .
Control.— C o n tr o lle d b y A m e rica n In te r n a tio n a l C o r p . ( V . 103, p . 2 3 3 8 )
th e In te r n a tio n a l M e r ca n tile M a r in e C o . , W . R . G ra ce & C o . and the
P a c ific M a ll SS . C o ., w h ich co n c e r n s c o n tr o l d ir e c t ly o r in d ire c tly A m e r ic a n
L in e . A t la n t ic T r a n s p o rt C o . . P a c ific M a ll a n d W . R . G ra ce & C o . stea m ers
S T O C K .— O ffe r e d in N . Y . in D e c . 1916 a t $47 50 p er s h a re . V . 103
n . 2 1 5 9 . A u th . a n d Issued, 2 0 0 .0 0 0 sh ares, n o p a r v a lu e .
D iv id e n d N o . 1 p a id M a r . 1 1919, $1; J u ly 15 1919, $ 1 ;N o v . 15 1919, $1;
th e n fr o m M a r . 1 1920 t o M a r . 1 1922, $1 q u a r .; Ju n e 1 192 2 p a id 50 ce n ts;
th e n n o n e u n til N o v . 6 1923 w h e n $1 w a s p a id .
B O N D S .— O f the t o t a l a u th o r iz e d issue o f $ 2 5 ,0 0 0 ,0 0 0 b o n d s, $ 7 ,5 0 0 ,0 0 0
w ere issu ed in p a y m e n t fo r th e p u rch a s e o f th e predecessor c o m p a n y ’s p ro p
ertles, & c. R e m a in in g b o n d s m a y be issued fro m tim e t o tim e fo r a d d i­
tion s o r im p ro v e m e n ts a t n o t in excess o f 7 5 % o f a ctu a l c o s t, o n ly w hen net
earn in gs are tw ice b o n d in terest ( V . 105. p . 1109) $ 1 ,5 2 1 ,2 0 0 re tired to
D ec. 311923.
R E P O R T . — F o r 1923, in V . 118, p . 1673 a n d 2 31 3, s h o w e d :
Calendar Years—
1923.
192 2.
1921.
1920.
N e t p r o fit f r o m o p e r ____
$ 7 9 5 ,9 2 0
$ 1 ,0 6 0 ,1 8 2 $ 4 ,7 3 3 ,7 2 3 $ 4 ,3 2 1 ,4 1 7
O th er in c o m e c r e d it s —
2 7 7 ,4 6 9
124 ,336
165,948
7 7 ,3 4 2
h * G r o ss i n c o m e . .................. $ 1 ,0 7 3 ,3 8 9
N e t i n c o m e . . ....................
$ 9 2 ,0 4 0
D iv s . d ecla red a n d p a i d .
2 0 0 ,0 0 0

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

$ 4 ,8 9 9 ,6 7 2
$ 1 ,9 9 6 ,5 6 0
800 ,0 0 0

$ 4 ,3 9 8 ,7 5 9
$ 2 ,3 9 5 ,4 0 8
8 0 0 ,0 0 0

P r e s ., H o w a r d F . T h u r b e r ; T r e a s ., W a lte r B r o w n ; S e c ., W a ld r o n H o p p in s :
G eneral A u d it o r , J . S. W ile y . N e w Y o r k o ffic e , 15 D e y S t .— ( V . 118 , p .
2 3 1 4 .)
N E W Y O R K T R A N S P O R T A T I O N C O .— ( V . 118 , p . 1 6 7 3 .)
N I A G A R A F A L L S P O W E R C O .( T H E ) . — U n d e r th is t it le co n s o lid a te d
O c t . 31 1918 th e o ld N ia g a ra F a lls P o w e r C o . , th e H y d r a u lic P o w e r C o . a n d
C l i f f E le c tr ic a l D is tr ib u tin g C o . , p e r p la n in V . 107, p . 1291. C o m p a re
A c t o f N e w Y o r k S ta te L e g is la tu re , & c ., V . 106, p . 2 45 5, 2 56 4; V . 107, p .
1924, 2193 , 2 29 4. T h e F e d e ra l P o w e r C o m m is s io n o n M a r . 2 1921 issu ed
a 5 0 -y e a r lice n se t o th e c o m p a n y fo r th e d iv e r s io n o f 1 9 ,500 c u . f t . o f w a ter
p e r se c o n d fr o m th e N ia g a ra R iv e r a b o v e th e F a lls fo r p o w e r d e v e lo p m e n t .
V . 112, p . 1030.
In c lu d in g th e p la n t o f its su b s id ia r y , th e C a n a d ia n N ia g a ra P o w e r C o . ,
th e c o m p a n y in D e c . 1923, as lim ite d b y t r e a t y re s tric tio n s , h a d a n o u t p u t
o f a b o u t 4 2 5 ,0 0 0 h . p ., w ith c o n s id e r a b ly g re a te r in sta lle d c a p a c it y , m a k in g
it th e la rge st an d m o s t im p o rta n t p o w e r in s ta lla tio n o f th e w o r ld .
In A p ril 1921 w ork was beerun o n new 2 1 0 .0 0 0 h .p . p la n t t o b e s u b s titu te d
fo r o n e o f th e p re se n t 1 0 0 ,0 0 0 h . p . p la n ts , th e re a fte r t o b e h e ld as a r eserv e.
T h e new p la n t is e x p e c te d t o b e in s e r v ic e d u rin g 1924.
S T O C K .— T h e c a p ita l s t o c k o f th e c o n s o lid a te d c o m p a n y w as lim ite d
u p o n th e c o n s o lid a tio n u n d e r th e S ta te la w t o an a m o u n t n o t e x c e e d in g th e
ag g re g a te share c a p ita l, surpluses, u n d iv id e d p r o fit s a n d u n im p a ired reserv e
fu n d s o f th e co n s titu e n t c o m p a n ie s . V . 106, p . 245 5.
T h e s to c k h o ld e r s o n A p r il 18 1924 v o t e d t o ch a n g e t h e a u th o r iz e d c a p ita l
s t o c k fr o m $ 4 0 ,0 0 0 ,0 0 0 ($ 2 0 ,0 0 0 ,0 0 0 p r e f. a n d $ 2 0 ,0 0 0 ,0 0 0 .o m .), p a r $ 1 0 0 .t o 8 0 0 ,0 0 0 shares o f p r e f. s t o c k , p a r $2 5 , a n d 8 0 0 ,0 0 0 shares o f c o m . s t o c k ,
n o p a r v a lu e .
B O N D S — T h e F irst & C o n s o l. M t g e . o f 1919 ( V . 108, p . 253 2: V . 109, p .
583) is lim ite d t o n o t e x ce e d in g $ 7 5 ,0 0 0 ,0 0 0 n o r less th a n th e t o t a l b o n d s o f
th e co n s titu e n t c o m p a n ie s issu ed o r issu a b le , as sh o w n a t t a b le a t t o p o f p a g e ;
th ese o ld b o n d s o u ts ta n d in g in D e c . 1923, a g g r e g a tin g $ 2 7 ,5 6 9 ,5 0 0 . T h e
u n d e rly in g b o n d s are to b e e x ch a n g e a b le a t o p t io n o f h o ld e rs fo r Series A
b o n d s o f th e new issue fo r lik e p r in c ip a l su m s a n d b e a rin g in teres t at
5 % p er an n .
Series A A b o n d s ($ 1 0 ,0 0 0 ,0 0 0 ), issu ed in D e c . 1920 an d M a y
1921. V . 111. p . 2235; V . 112, p . 2089. A s t o b o n d s o f o ld N ia g a ra F a lls
P o w e r C o . , see V . 88, p . 1316; V . 9 0 , p . 240 , 6 3 2 , 1209.
H y d r a u lic P o w e r
C o . , V . 103, p . 2341: V . 107, p . 295 , 699; V . 9 2 , p . 1639. $ 2 ,0 0 0 ,0 0 0 R e f.
& I m p t . b o n d s w e re so ld in N o v . 1918. V . 107, p . 2 19 3, 2381.

S u rp lu s fo r th e y e a r .-d e f $ 1 0 7 ,960
$ 6 6 2 ,8 6 6 $ 1 ,1 9 6 ,5 6 0 $ 1 ,5 9 5 ,4 0 3
O F F I C E R S .— P . A . S. F r a n k lin , C h a irm a n ; M a r v in A . N e e la n d , P re s .;
H . A . M a g o u n . V .- P .; N . d e T a u b e , V .- P .: W . G . G ro e s b e c k , V .- P . ; J. T .
D I V I D E N D S . — O f o ld N ia g a ra F a lls P o w e r C o . — A p r il 1910 t o J u ly
W ick e rs h a m , T re a s . & S e c. O ffice s , C a m d e n , N . J ., a n d 1 B r o a d w a y ,
1 9 1 8 , i n c l . , 8 % p e r an n . I n O c t . 1 9 1 8 p a id 2 % a n d 3 % e x t . V . 107, p . 909.
N e w Y o r k .— ( V . 118, p . 2 3 1 3 .)
O n n e w N ia g a ra F a lls P o w e r C o . p r e f. s t o c k J a n . 1919 t o J u ly 1924 p a id
1 K % q u a r. In itia l d iv id e n d o n c o m m o n o f 1 % p a id M a r c h 15 1919; Jun e
N E W Y O R K S T E A M C O R P O R A T I O N — ( V . 11 8 , p . 2 4 4 7 .)
S e p t , a n d D e c . 1919, 1 % e a c h ; M a r . 15 1920 t o J u n e 15 192 3. 1)4% q u a r.




INDTJSTKIAL AND PUBLIC UTILITY

M ay , 1924.]

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on page 6)

Date
Bonds

N ia g L o c k & O n t P C o — C o m m o n s t o c k 3 0 0 ,0 0 0 shs a u t h . .
P r e fe r re d (a & d ) s t o c k 7 % c u m r e d 115 $ 1 0 ,0 0 0 ,0 0 0 a u t h . .
1st m tg e $ 5 ,0 0 0 ,0 0 0 g o ld r e d 110 sin k in g fu n d t e x t .G .x c *
S a lm on R iv e r P o w C o 1st M $ 5 ,0 0 0 ,0 0 0 g gu ar p & i . C o l x
R e f m tg e $ 1 5 ,0 0 0 ,0 0 0 g sk f d series A ca ll 1 1 0 .- E q . k k c *
N ia g & E P 1st M $ 1 ,2 5 0 ,0 0 0 g X g u s f r e d 105 t e x t . . G . x c *
C o n v e r tib le d e b e n tu re s (see t e x t ) . . ________
____
C o n v e r tib le g o ld n o te s call ( t e x t ) . .
. . .
xxxc*
B r a d fo r d E le c t r ic C o 1st M & c o ll g ser A r e d 1 0 5 ____ G .x c *
N lle s * B e m e n t-P o n d C o— S to c k co m 1 8 ,5 0 0 ,0 0 0 i V 8 3 , p 1360)
Pref (a & d) stock 6 % cu m 5 3 ,0 0 0 .0 0 0 call at 105________
.
P ra tt tc W h it n e y new 6 % cu m pref s to c k gu ar Jan 1 1921
N iles T o o l W o r k s 6 % cu m preferred s to c k n o t gu a ra n te e d
N o r t h American C o . — C o m m o n s to c k $ 6 0 .0 0 0 ,0 0 0 _______
P r e f. (a . & d .) s t o c k c u m . r e d . (te x t) $ 6 0 ,0 0 0 ,0 0 0 a u t h . .

1904
1912
1918
1911
1922
1923
1919

Par
Value

N one
199 ,6 1 8 shs
$100 $ 4 ,9 9 9 ,4 0 0
2 .9 9 4 .0 0 0
1,000
$, £, & c
4 .4 3 6 .0 0 0
100 & c
3 ,7 1 5 ,9 0 0
1 .0 9 8 .0 0 0
1,000
2 ,0 0 0 ,0 0 0
100 & c
3 ,0 0 0 ,0 0 0
100 & c
1 .4 5 6 .0 0 0
8 .5 0 0 .0 0 0
100
100
1,6 7 4 .2 0 0
1 .312.100
100
9 8 8 .0 0 0
100
10 2 6 ,4 8 9 ,0 7 5
50 1 9,085,701

S e p t . 15 1923 t o Jun e 16 1924 p a id 2 % q u a r . A ls o p a id 1 % e xtra o n
D e c . 15 1922 a n d 1923.
R E P O R T .— F o r 1923, in Y . 118, p . 1037. sh o w e d :
Calendar Years—
1923.
192 2.
1921.
$ 6 ,6 0 1 ,6 9 0 $ 6 ,0 8 3 ,7 1 3
T o t a l o p e r a tin g r e v e n u e ________________ $ 7 ,1 2 1 ,9 2 8
N e t o p e r a tin g r e v e n u e ________________
4 ,2 8 5 ,7 4 5
4 ,1 1 6 ,5 6 6
3 ,6 9 6 ,9 8 6
N o n -o p e r a tin g re v e n u e ________________
4 2 0 ,3 3 8
3 8 0 ,6 8 2
3 1 2 ,8 5 8
In teres t o n fu n d e d d e b t ........ ...................
1,7 0 9 ,1 2 7
1 .7 2 2 ,8 9 6
1 ,7 2 5 ,3 4 2
1 ,1 0 7 ,2 6 7
1 ,0 5 5 ,9 0 8
8 12 ,719
P re fe rre d d iv id e n d s CI%) ____________
C o m m o n d iv id e n d s ( 6 % ) _____________
1 ,2 9 9 ,8 3 4
1 ,0 1 5 ,5 4 2
8 6 9 ,5 1 0
4 3 4 ,5 7 0
3 7 9 ,9 4 5
318 ,707
U . S . a n d C a n a d ia n ta x e s, & c ...............
B a la n ce , su rp lu s____________________
$1 5 5 ,2 8 5
$ 3 2 2 ,9 5 7
$28 3 ,5 6 7
R e p o r t fo r qu a rter e n d e d M a r c h 31 1924 in V . 118, p . 1922.
O F F I C E R S .— C h a irm a n , J . F . S c h o e llk o p f; P re s ., P a u l A . S c h o e llk o p f
V .- P s ., C . P . H u g o S c h o e llk o p f, A . H . S c h o e llk o p f, M o r ris C o h n J r ., and
J oh n L . H arp er; S e c ., F r e d ’k L . L o v e la c e ; T r e a s ., W . P a x to n L ittle
O ffic e , N ia g a ra F a lls, N . Y . — (V . 118 , p . 2 5 8 2 .)

NIAGARA LOCKPORT AND ONTARIO POWER CO.— (See M ap.) —
O R G A N I Z A T I O N .— I n c o r p o r a t e d in N . Y . M a y 21 1894 u n d e r special
ch a r te r s . O w ns tra n sm ission lin es o v e r w h ic h it su p p lie s n u m e ro u s o p e r a t­
in g c o s . a n d m a n u fa ctu rin g p la n ts w ith p o w e r re ce iv e d fr o m O n ta rio P ow er
C o . o f N ia g a ra F a lls , N . Y . , a t w estern e n d o f its s y s te m ; also a t eastern
en d o w n s an d op era te s h y d r o -e le c t r ic p la n t on S alm on R iv e r a t A ltm a r,
N . Y . , a n d m o d e m ste a m p la n ts a t L y o n s an d O lean , N . Y . , and u n d e r lo n g ­
term lease h y d r o -e le ctr ic p la n t o n O sw e g o R iv e r at M in e t t o , N . Y . H as lo n g ­
te r m c o n tr a c ts fo r s u p p ly in g 13 p u b lic se r v ic e co r p o r a tio n s , w h ic h op e ra te
1,1 0 0 m iles o f r o a d in O sw e g o , S y ra cu s e , a n d R o c h e s te r , a n d in teru rb an
r o a d s e x ten d in g t o p o in ts b e tw e e n R o c h e s te r , B u ffa lo a n d E rie , & c. V.
106, p . 275 3, 612; V . 95, p . 1691; V . 8 9 , p . 1415; V . 8 8 , p . 1317; V . 109. p .
7 7 1 , 89 2 ; V . 9 4 , p . 1692; V . 9 2 , p . 530 .
In J a n . 1918 a b s o r b e d its su b s id ia r y , th e S alm on R iv e r P o w e r C o . (o w n ­
in g 3 5 ,0 0 0 h . p . h y d r o -e le c t r ic p la n t 42 m iles n o rth e a s t o f S y ra cu se . V . 98.
p . 1320; V . 99, p . 53; V . 102 , p . 1442, 1991; V . 103, p . 1036; V . 105, p . 2278.
I n 1915 leased fr o m N o rth e r n N e w Y o r k P o w e r C o r p . a 12,000 h . p . p la n t
a t M in e t t o , N . Y . , o n O sw e g o R iv e r , w ith $ 9 0 0 ,0 0 0 1st M . serial 6s o f 1915
($ 2 ,5 0 0 ,0 0 0 a u t h . ) , g u a r. p . & i. b y C o lu m b ia M ills .
V . 100, p . 1082. 1597.
D u r in g 1922 c o m p a n y a b s o r b e d its s u b sid ia ry , N ia g a ra & E rie P o w e r C o .,
an d a c q u ir e d a n d n o w o w n s a ll o f th e issued an d o u ts ta n d in g ca p ita l s to c k ,
e x c e p t d ir e c t o r s ’ sh ares, o f th e fo llo w in g c o m p a n ie s: (a) W e ste rn N e w Y o r k
E le c tr ic C o . , (6) B r a d fo r d E le c t r ic C o ., (c) L iv in g s to n -N ia g a r a P o w e r C o .
Recapitulation— Sources of Power Supply, Aggregating 217,000 h. p.
N ia g a ra R iv e r (p o w e r p u rch a s e d fr o m O n ta rio P o w e r C o . and
N ia g a ra F a lls P o w e r C o . ) ____________________________________1 30 ,000 h . p.
P o w e r p la n t o n S a lm o n R iv e r (.co m p a n y ’s o w n p l a n t ) ___________ 3 5 ,0 0 0 h . p .
P o w e r p la n t a t M in e tt o (leased fr o m N o r . N . Y . P o w e r C o r p . ) . .1 2 ,0 0 0 h . p .
S tea m p la n t a t L y o n s , N . Y ----------------------------------------------------------- 4 0 ,0 0 0 h . p.
C o n n e c te d h ig h -v o lta g e th re e -p h a se c ir c u it s -------------------------------1,3 6 0 m iles

Principal Customers— Population of District Served, about 2,000,090
(1) Public Utilities Corporations in O sw e g o , S y ra cu se , A u b u r n , G e n e v a .
R o c h e s t e r , B a ta v ia , L o c k p o r t , D e p e w , L a n ca s te r, H a m b u r g , J a m e s to w n .
L a ck a w a n n a , D u n k irk a n d n u m e ro u s sm aller m u n icip a litie s .
(2) Electric Railroads h a v in g a t o t a l le n g th a p p ro x im a tin g 1,1 0 0 m iles.
(3) Leading Manufacturers— L a ck a w a n n a Steel C o . , N ia g a ra Sm elting
C o . , A t la s C r u c ib le Steel C o . , A m e r ic a n L o c o m o t iv e C o . , G o u ld C o u p le r
C o . a n d o th e r large in d u stria l p la n t s .
S T O C K .— S tock h o ld e rs o f r e c o r d O c t . 31 1923 w e re g iv e n th e rig h t t o
s u b s c r ib e o n o r b e fo r e N o v . 19 1923 t o 10,185 shares o f c o m m o n s to c k
w it h o u t p a r v a lu e , a t $45 p e r sh are. V . 117, p . 2 33 1.
In M a y 1924 $ 3 ,0 0 0 ,0 0 0 p r e f . s t o c k w as o ffe r e d b y b a n k e rs. C o m p a re
V . 118, p . 218 9.
D I V I D E N D S . — P a id 50 c e n ts p er sh are o n c o m m o n s t o c k J a n . 2 1924.
B O N D S .— T h e 1st g o ld 5s o f 1904 ($ 5 ,0 0 0 ,0 0 0 , a ll issu ed) are ca lla b le as
a w h o le a t 110; c u m . sin k , f u n d p u rch a se s th ese a t n o t o v e r 120 a n d in t.;
$ 2 ,0 0 6 ,0 0 0 so p u rch a s e d t o D e c . 31 1923.
V . 8 5 , p . 225 ; V . 8 8 , p . 137; V .
90, p . 506; V . 96, p . 950 .
Refunding Mortgage Bonds o f 1918 are se cu re d b y a gen eral m o r tg a g e on
th e c o m b in e d p r o p e r tie s , s u b je c t t o $ 7 ,7 9 9 ,0 0 0 u n d e rly in g b o n d s o u ts ta n d ­
in g . A u t h ., $ 1 5 ,0 0 0 ,0 0 9 . S u ffic ie n t b o n d s are re se rv e d t o re tire th e u n d er­
ly in g b o n d s , $ 1 ,9 8 0 ,0 0 0 w ere issu ed im m e d ia te ly a n d h a v e be e n s o ld , th e

United Am erican
Electric Companies
Incorporated

BANKERS SHARES
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“ 20 Questions Answered”

o n n e r ft
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R O O K S Ct|Q
i

B
I Wall St.

60 Congress St.

New York

Boston




Amount
Outstanding

When
Payable

Rate
%

See

te x t
7
5 g
5 g
6 g
5 g
6
6 g
o 6g
See text
6
6
6
See te x t
6

See te x t
Q— J
& N
& A
& A
&
J
&
J
& D
&
J

M
F
F
J
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0—F
Q— F
Q— M
Q— J
Q— J

207

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Jan 1 ’24
50c
A p r 1 1924 X%
N o v 1 1954
G u a r a n ty T r u s t C o , N Y
A u g 1 1952
N Y , L o n d o n , P a ris, & c
E q u ita b le T r C o , N Y
F e b 1 1958
J an 1 1941
G u a r a n ty T r u s t C o , N Y
J u ly 1 1926
M a r in e T r u s t C o , B u ffa lo
B u ffa lo T r C o , B u ffa lo
Ju n e 1 1926
J a n 1 1929
N ew Y ork
D e c 20 1921
1 UUeoks m ailed
M a y 20 24 IX
do
do
M a y 20 ’ 24 I X
do
See text
See text
60 B r o a d w a y . N e w Y o r k
do
do
J u ly 1 1924 I X

b a la n ce be in g a v a ila b le fo r 8 5 % o f the c o s t o f a d d itio n s , u n d e r r e s tru ctio n s .
A sin k in g fu n d is to re tire the to ta l issue b y m a tu r ity . V . 106, p . 2 7 5 3 .
V . 107, p . 2480: V . 108, p . 8 4 , 977: V . 909 , p . 771 .
S alm on R iv e r P o w e r C o . 1st g u a r. 5s o f 1912, $ 5 6 4 ,0 0 0 b o n d s are in th e
sin k in g fu n d . V . 108, p . 84: V . 95, p . 1043; V . 99, p . 5 3 , 411 ; V . 103, p .
1036; V . 104, p . 769; V . 105, p . 246 1.
N ia g a ra L o c k p . & O n t. P o w e r C o . a n d B u ffa lo & L a k e E r ie T r a c t io n C o .
g u a ra n te e 5 0 % ea ch o f N iag ara & E rie P o w e r C o . 1st 5s a n d an n u al s in k in g
fu n d p a y m e n ts o f I X % , b e g in n in g J a n . 1 1916. V . 94, p . 1692; V . 9 2 , p .
530 .
N O T E S .— T h e c o n v e r t ib le g o ld n o te s o f 1923 are re d e e m a b le , a ll o r p a r t ,
in lo ts o f n o t less th an $ 1 0 0 ,0 0 0 o n Ju n e 1 1924 a t 102 a n d in t .; o n D e c . 1
1924 a t 101 X an d in t .; o n Ju n e 1 1925, a t 101 a n d in t .; o n D e c . 1 1925, a t
10046 a n d in t.
N o te s are c o n v e r tib le a fte r J u n e 1 1924 in to 7 % C u m u l. P r e f. s to c k o n
th e basis o f 10 shares o f s t o c k (p a r $100) fo r e a ch $ 1 ,0 0 0 o f n o te s . C o m ­
p a n y shall n o t b e re q u ire d to c o n v e r t n otes in excess o f $ 1 ,0 0 0 ,0 0 0 (ex clu siv e
o f n o te s ca lle d fo r r e d e m p tio n ) p r io r t o Ju n e 1 1925, a n d n o t in excess o f
$ 2 ,0 0 0 ,0 0 0 (e x c lu s iv e o f n o te s c a lle d fo r r e d e m p tio n ) p r io r t o J a n . 1 1926.
C o m p a n y m a y w a iv e th e se lim its. I n th e e v e n t t h a t n o te s are c a lle d fo r
re d e m p tio n , th e y m a y b e c o n v e r t e d b e fo re th e d a te s e t fo r re d e m p tio n .
V . 116. p . 264 5.
R E P O R T . — F o r 1923 s h o w e d :
Calendar Years—
1923.
1922.
G ro ss re v e n u e fr o m sale o f e le ctr ic p o w e r ____________$ 5 ,5 5 0 ,2 5 8 $ 4 ,1 5 8 ,9 9 4
C o s t o f e le ctr ic p o w e r s o ld _____________________________ 2 ,2 1 6 .8 1 2
1 ,620,865
O p e ra tin g e x p e n se s_____________________________________
7 2 6 ,8 9 0
4 9 0 ,9 5 8
N e t r e v e n u e __________________________________________ $ 2 ,6 0 6 ,5 5 6
O th er in c o m e c r e d it s ____________________________________
46,871

$ 2 ,0 4 7 ,1 7 0
4 6 ,4 7 6

G ross in c o m e _________________________________________$ 2 ,6 5 3 ,4 2 6 $ 2 ,0 9 3 ,6 4 6
502 ,2 7 0
T a x e s , r e n t, & c ________________________________________
517 631
~
In te re st o n fu n d e d d e b t , & c _________________________
898 099
771 .4 5 2
C o n tr a c tu a l ch a rg e s____________________________________
___
69,7 2 5
D e b t d is c o u n t an d e x p e n s e s ___________________________
71 805
D e p r e c ia t io n ____________________________________________
l 4 0 038
147", 963
P r o v is io n fo r o th e r r e s e r v e s ___________________________
89 950
E x tr a o r d in a r y repairs a n d lo s se s _____________________
28 124
1 0 '5 9 9
F e d e ra l ta x a d ju s tm e n ts _______________________________
13 ,657
L o s s o n b o n d s p u rch a se d t h r o u g h sin k in g f u n d s ___
33.,502
D is m a n tlin g c o s t ______________________________________
_______
16,339
P re fe rre d d iv id e n d s __________________________________ ( 7 % )1 3 7 ,8 2 4 ( B i ) 3 3 ,4 8 6
C o m m o n d iv id e n d s ______________________________ _($ 2 )3 8 4 ,5 3 1 ($ 1 .50)237,26
S u n d ry a d ju s tm e n ts a p p lic a b le t o p r io r p e r io d (n e t)
15,596
4 5 ,8 0 1
S u rplu s fo r p e r io d ____________________________________ $ 3 2 2 ,6 6 9
S u rplu s fo r w a r d ___________________ _______ _____________ 1 ,0 3 6 ,7 9 6
M is ce lla n e o u s c r e d it s __________________________________
_______

$25 8,74 1
7 3 4 ,2 8 5
4 3 ,7 7 0

P r o f it a n d loss su rplu s D e c . 31 19 2 3 _______________$ 1 ,3 5 9 ,4 6 5 $ 1 ,0 3 6 ,7 9 6
O F F I C E R S .— C h a irm a n , G e o rg e T . B is h o p ; P r e s ., F r e d . D . C o r e y ;
V . - P . , L a n g d o n A lb r ig h t; V . - P . & G e n . M g r .. S te fa a n P ie k ; T r e a s ., R o b t . C .
B o a rd : S e c ., W ilh e lm in e K . K o e s te r .
E x e c u tiv e o f fic e s . L a fa y e t t e B ld g .,
B u ff a lo . N . Y . — (V . 118. p . 23^ 4.)
NILES-BEMENT-POND CO.— O R G A N I Z A T I O N .— I n c o r p o r a te d In
N ew Jersey A u g 11 1899: m ak ers o f h e a v y m a ch in e s. V . 6 9 , p . 388 ;
V 105 p . 2370
C O N T R O L L E D C O M P A N I E S — G U A R A N T I E S .— O w n s en tire c o m ­
m o n s t o c k ($ 2 ,0 0 0 ,0 0 0 ) o f P r a t t & W h itn e y C o . , g u a r. 6 % o n la tte r ’s p ref.
s t o c k , p r o v id e d th a t th e g u a ra n to r earns s a m e o n its o w n s t o c k . V . 71,
p . 139; V . 70, p . 1253; V . 7 2 , p . 143; V . 7 8 . p . 1113; Y . 8 0 , p . 1734; V . 8 9 .
p . 99 8 ; V . 9 0 . p . 563.
A lso ow n s en tire c o m m o n s t o c k o f T h e N ile s T o o l W o r k s C o . , d iv s . o f 6 %
on th e $ 2 ,0 0 0 ,0 0 0 p r e f. s to c k o f w h ich h a v e b e e n p a id sin ce 1890- I n 1906
and 1906 th e en tire s to c k o f J o h n B e rtra m & S on s, L t d ., an d P r a tt & W h it ­
n ey C o . o f C a n a d a , L t d ., w as a c q u ir e d . V . 8 1 . p . 977 ; V . 8 3 , p . 1350.
DIVS.— f’04. ’05-'12. 13. ’ 14. 16. ’ 16. ’ 17. ’ 18. ’ 19. *20. ’ 21
'2 2 -’23.

Com. (% )-l 7

6 yrly

IX 0

IX

8

12

12 8 X

8 4X

0

M a r c h 1922 d iv . w as o m it t e d . V . 114. p . 63 5 .
Also 4 0 % in c o m m o n s t o c k ($ 2 ,0 0 0 ,0 0 0 ) p a id o n c o m . s t o c k Ja n . 2 1907.
R E P O R T .— F o r ca le n d a r y ear 1923 s h o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
M a n u fa c tu r in g p r o f i t s . . * $ 86 0,08 3 *$ 1 ,6 7 6 ,5 8 5 * $ 1 ,1 5 0 ,8 6 6 $ 3 ,0 0 7 ,8 1 2
M is c e lla n e o u s in c o m e ___
3 0 4 ,6 9 6
156 ,2 1 2
3 0 8 ,4 5 0
716 ,8 5 5
N e t p r o f it s _______________
*5 5 5 .3 8 7
* 2 ,9 9 3 ,4 5 5
*2 ,7 3 7 ,4 3 3
1 ,0 3 1 ,5 2 2
P r e fe r re d d iv id e n d s ( 6 % )
2 3 8 ,6 0 4
2 3 8 ,2 4 8
2 3 8 ,4 2 5
2 3 8 ,6 6 4
C o m m o n d iv id e n d s ______
_______
_______ (4 1 4 )3 8 2 ,5 0 0
(8 )6 8 0 ,0 0 0
B a la n ce , d e f ic i t _______
$ 7 9 3,99 1 $ 3 ,2 7 1 ,7 0 3 $ 3 ,3 5 8 ,3 5 8 su r$112 ,85 8
* L o ss.
P r e s ., Jam es K . C u lle n ; V .- P r e s ., C . L . C o r n e ll; T r e a s ., J o h n B . C or n e ll;
S e c ., C . S. G u th r ie , 111 B ’w a y , N . Y . — ( V . 118, p . 6 7 5 .)
N I P I S S I N G M IN E S C O ., L T D .— ( V . 11 8 , p . 2 4 4 7 .)
NORTH A M E R I C A N C O .— O rg a n ize d in 1890 in N e w Je rsey a n d c o n ­
tro ls th e W isc o n s in E d is o n C o ., w h ic h c o n t r o ls M ilw a u k e e (W is .) E le c t r ic
R y . & L t . C o . (see “ E l. R y . ” S e c .) a n d W isco n sin G as & E le c . C o . ( V . 9 5 ,
p . 1 12 4, 127 9, 1 33 5, 147 8; V . 9 8 , p . 107 5. 1 1 7 2 ); also S t. L o u is C o . G a s C o .
( V . 104 , p . 1903; V . 105 , p . 186 , 1003, 4 0 9 ); also W isco n s in E le c t r ic P o w e r
C o ., W e s t K e n t u c k y C o a l C o . , N o rth A m e r . E d is o n C o . , U n io n E le c . L t .
& P o w e r C o . o f S t. L o u is , C le v e la n d E le c . I liu m . C o . , M ilw a u k e e N o rth e r n
R y . C o ., E a s t S t. L o u is & S u b u rb a n C o ., W isco n s in T r a c ., L t . , H t . &
P o w . C o . (V . 116 , p . 239 7) a n d T h e L ig h t & D e v e lo p m e n t C o . o f S t. L o u is
a n d s u b s id ia rie s . C o m p a re an n u a l r e p o r t pu b lish e d in fu ll in V . 11 8 , p . 1 41 6.
A ls o o w n s a su b s ta n tia l in te re s t in th e D e tr o it E d is o n C o . a n d U n ite d R a il­
w a y s C o . o f S t. L o u is .
T h e W e s t K e n t u c k y C o a l C o . 1st M . 2 5 -y r . 5 % b o n d s h a v e i n t . gu a ra n ­
te e d . V . 8 1 , p . 3 5 , 5 6 3 ,1 1 7 8 ; V . 8 8 , p . 999 ; V . 9 0 , p . 30 1 ; V . 104 , p . 1700.
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n M a r . 21 1922 (1) c h a n g e d th e
p a r v a lu e o f t h e shares o f c o m . s t o c k fr o m $50 t o $10 p e r sh a re , a n d (2) in ­
cre a se d th e a u th . c a p ita l s t o c k fr o m $ 6 0 ,0 0 0 ,0 0 0 (co n s is tin g o f $ 3 0 ,0 0 0 ,0 0 0
6 % c u m . p r e f. s t o c k a n d $ 3 0 ,0 0 0 ,0 0 0 c o m . s t o c k , t o $ 1 2 0 ,0 0 0 ,0 0 0 , t o c o n s is t
o f $ 6 0 ,0 0 0 ,0 0 0 6 % c u m . p r e f. s t o c k , p a r $50 , a n d $ 6 0 ,0 0 0 ,0 0 0 c o m . s t o c k ,
par $1 0 . H o ld e rs o f o u ts ta n d in g shares o f c o m m o n s t o c k , p a r $50 , r e c e iv e d
in e xch an g e fo r ea ch s u ch sh are 5 shares o f c o m m o n s t o c k , p a r $1 0 .
D I V I D E N D S . 11904 to Sept. 1907. 1908. 1909. 1910 to J u ly 1 192 1.
Per c e n t __________\ 5 ( I X Q .-M a r c h )
0
3X
5 y r l y . ( I X Q .-J .)
P a id o n n ew s t o c k O c t . 1 1921, 1 X % : Ja n . 3 , 192 2, 1 X % ‘ A p r . 1 192 2,
.
\ X % in cash a n d 1 % p a y a b le in p r e f. s to c k ; J u ly 1 1922 t o J a n . 2 1923
p a id 2 X % q u a r. in ca s h ; A p r . 2 1923 p a id 2 X % in c o m m o n s t o c k : J u ly 2
1923 p a id 2 X % in ca sh ; O c t . 1 1923 t o J u ly 1 1924 p a id 2 X % q u a r. in
c o m m o n s t o c k (o r in cash a t th e o p t io n o f th e h o ld e r ) .

208
IN D U STRIAL AND PUBLIC U T ILIT Y
[V
ol

.

1 18 .




M ay , 1924.]

MISCELLANEOUS COMPANIES.

IFor abbreviations, &c., see notes on page 6.1

Date
Bonds

Par
Value

Amount
Outstanding

4 ,0 0 0 ,0 0 0
Northern Pipe Line Co— S t o c k _________________________________
100
3 ,9 5 4 ,0 0 0
N o r t h e r n S e c u r i t i e s — S to c k $ 3 .9 5 4 ,0 0 0 ______________________
100
6 .1 7 0 000
N o r t h e r n S t a t e s P o w e r (D e l) — C o m stk (see t e x t ) __________
100
P r e f (a & d ) stk 7 % cu m ca ll 110 & d lv s (see t e x t ) __________
100 3 5 ,9 6 3 ,7 0 0
Northern Slatrs Power Co (of Minn.) —
firm * r 3 4 ,0 5 3 .onn
lQ lfl
R e f M$lOO.00<) 000 si ca lU 0 5 tlH '3 6 th e n 1 0 2 H 0 . c * A r
C o n v e r tib le g o ld n o te s re d ( t e x t ) __________________G .k x x x e * 1923
100 & c 1 0 ,0 0 0 ,0 0 0
1st lien & gen m tg e ser A re d ( t e x t ) _______________k x x x c * & r 1923
500 & c 1 4 ,5 0 0 ,0 0 0
5 .0 0 0 ,0 0 0
G o ld n o te s r e d ee m a b le ( t e x t ) ____________________ G .k x x x e * 1924
100 & c
v iIn n ea oolis G en Klee 1st VI red 110 (V 95, p 1 8 0 )____ xe*
1,000
7 .1 0 0 ,0 0 0
1904
W is c o n s in -M in n e s o ta L ig h t & P o w e r C o —
500 A c 1 0 ,5 4 9 ,0 0 0
1st & r e f m tg e re d 1 0 5 ______________________________ c * & r * 1914
G en era l & r e f m t g e _________________________________ c * & r * 1922
100 A c
3 ,0 9 6 ,0 0 0
U n d e r ly in g b o n d s ___________________________________________
1 ,2 6 0 ,5 0 0
N o r t h w e s t e r n G a s - L ig h t & C o k e C o — See P u b S erv C o rn o f N o r th e m 1111 noin
100 A c 3 0 .0 0 0 .0 0 0
N o rth w e ste rn B ell T e l C o — 1st M Ser A re d 1 0 7 }$ - N .c * & r * 1921
1,5ui),uou
500
Northwestern te le g ra p h — First m tge gom guar p <s t
hu 19U4
Nova S c o tia Steel & C oal — O rd in a ry shares $ 15 ,0 0 0 .00ft___
100 1 5 .0 0 0 ,0 0 0
100
P referred (a & d> s to ck cu m n ot ca lla b le ________
_______
1 .0 0 0 .0 0 0
First m tg e (clo s e d ! g o ld « fd 'A % call 105 - __________ 1909
100 A c
5 ,5 8 0 ,2 3 2
4 .5 0 0 .0 0 0
M t g e d e b e n tu re s to ck ca lla b le 105 a fte r July 1 19 >9________
£1 & c
1909
E a stern O ar C o 1st M ( c lo s e d ' guar s fd 1 % call 105 -C *& r 1912
100 A c
9 2 7 ,9 0 0
750 000
do
do
Preferred stock 6 % c u m ___________ _______
100
N one
1 6 0 ,0 0 0 shs
N u n n a lly C o ( T h e ) — S to ck 1 60 ,000 shares a u t h ____________

R E P O R T — F or 1923, in V . 118, p . 1416, sh ow ed :
Calendar Y ears—
1923.
1922.
1921.
1920.
G ross e a rn in g s___________S 75 .4 6 5 .2 6 7 *5 5 ,2 3 4 ,4 9 1 .$38,853,190 $ 3 9 ,6 1 1 ,1 6 2
O p s r. e x p . an d ta x e s ____ 4 8 ,2 8 9 .1 9 8 3 5 ,8 1 2 .0 4 3 2 6 ,7 9 1 .2 5 6 30.1 1 0 ,3 5 1
N e t in c o m e __________ $ 2 7 ,1 7 6 ,0 6 9 $ 1 9 ,4 2 2 ,4 4 8 $ 1 2 ,0 6 1 ,9 3 4
O th er in c o m e ____________
7 30 ,988
4 0 7 .1 8 2
3 0 7 ,1 9 6

$ 9 ,5 0 0 ,8 1 2
208 ,673

T o t a l in c o m e __________ $ 2 7 ,9 0 7 ,0 5 7 $ 1 9 ,8 2 9 ,6 3 0 $ 1 2 ,3 6 9 ,1 3 0
In terest c h a r g e s_________
8 .8 3 0 ,2 7 3
6 ,6 6 7 .2 8 3
4 .6 0 3 ,1 1 4
P r e f. d iv s . o f s u b . c o s ----1 ,813.413
1,318,172
6 84 .565
M in o r it y in te re s t_______
1 ,009,917
540 .444
3 7 0 ,3 1 0

$ 9 ,7 0 9 ,4 8 5
3 .4 5 9 .3 0 4
525,906
327 ,986

B a la n ce fo r d e p r e c 'n ,
d iv s . an d su rplu s — $ 1 6 ,2 5 3 ,4 5 4 $ 1 1 ,303 ,73 1 $ 6 ,7 1 1 ,1 4 2 $ 5 ,3 9 6 ,2 8 8
O F F I C E R S .— Frank L . D a m e , P re s.; E dw in G ru h l, V .- P . A G e n . M a n ,
Ja m es F . F o g a r t y , V .- P . & S e c.: F . W . D o o lit ile , V .- P . ; R o b e r t Soaly
T r e a s . N . Y . o ffic e . 60 B r o a d w a y .— (V . 118, p. 258 2.)
N O R T H B U T T E M IN IN G C O .— ( V . 118, p . 2 4 4 8 .)
NORTHERN PIPE LINE C O — O R G A N I Z A T I O N A c . — I w o r n h
P e n n s y lv a n ia In 1889. O w ns p ip e lines In S tate o f P e n n s y lv a n ia
For
m e rly co n tr o lle d b y S tand ard o i l C o . o f N . J .. bu t segregated In 1911
See
S tan d ard O il G o .. V . 85, p 216. 790; V . 9 3 , p. 1390
S to c k $4 rm o.orm
p a r , $ 10 0.
D iv ., 5 % p a id se m i-a n n . J u ly 1912 t o Jan . 1924; J u ly 1924
p a id 3 % . A ls o p a id extra d iv s . o f 4 % in Jan. l u i x an d 1 5 % in Jan . 1923.
R E P O R T .— F o r 1923, in V . 118, p . 803, sh o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
N e t in c o m e _____________
$3 0 8 ,1 5 5
$48 2,16 7
$ 4 5 3 ,0 5 0
$399,881
D iv id e n d s -------------------- (1 0 % )4 0 0 ,0 0 0 (25) 1000,000 (1 0 )4 0 0 ,0 0 0 (1 0 )4 0 0 ,0 0 0
B a la n c e -------------------------- d e f$ 9 1 ,8 4 5 d e f$ 5 1 7 ,8 3 3 su r$ 5 3 ,0 5 0
def$ 1 1 9
O F F I C E R S .— D S . B u sh n e ll, P res.; J. A . B a rtle tt, V .- P . A G e n . M g r ;
J. R . F a s t, S e c .; W . F . L iv in g s to n , T r e a s . M a in o f fic e . O il O it y , P a .
N . Y. o f fic e , 26 B r o a d w a y .— ( V . 118, p . 2 4 4 8 .)
NORTHERN SECURITIES CO.— In 1904 the c a p ita l s t o c k w as r e d u ce d
fro m $ 3 9 5 ,4 0 0 ,0 0 0 t o $ 3 ,9 5 4 ,0 0 0 . th e p a r v a lu e o f shares t o rem ain a t $100
p en d in g c o m p le tio n o f d isso lu tio n V . 78. p 1168. 122.3,1275 1392- v 76,
p . 81 1 , 919 , 124 9. R e p o r t fo r c a l. y e a r 1923 in V . 118, p . 211 a n d 309 .
D I V I D E N D S . — O n s to c k as re d u ce d 5 % yea rly 1906 t o 1908; 1909 4 % ;
1910. 2 H % : ’ l l . 4% : 191 2. 3 % : 1913 t o 1916. I n c h , y e a r ly J&n. 11. 2 % ;
1917.J a n ., 3 H % : 1918. Ja n . 3 ^ % ; J u n e , 3 % ; Jan . 1919. 4 % ; J u ly 1919. 3 % ;
Ja n . 1920, 4 % : J u ly 1920, 3 % ; J a n . 1921. 4 % : J u ly 1921. 4 % : .Tan. 1922
4 % a n d 6 % e x tra : J u ly 192 2. 4 % ; J a n . 192 3, 4 % a n d 2 % e x tra ; J u ly 1923,
4 % ; Jan . 1924, 4 % a n d 2 % e x tra .
O F F I C E R S .— P r e s ., E. T . N ic h o ls ; S ec. & T r e a s ., N ic h o la s T e rh u n e .
O ffic e , 26 L ib e r t y S t .. N . Y . — (V . 118. p . 127 9.)
NORTHERN STATES POWER CO. (OF DEL.).— I n c o r p . In D e la ­
w are o n D e c . 23 1909 ( V . 9 0 . p . 1299; Y . 91, p . 46 7 , 5 9 2 ). A h o ld in g c o m ­
p a n y org a n ized b y H . M B y ile s b y A C o . , C h ic a g o .
See fu ll s ta te m e n t to
N . Y . S to c k E x ch a n g e In D e c . 191 6, V . 104, p . 265.
O w n s t h e en tire ca p ita l s t o c k , e x c e p t d ir e cto r s ’ q u a lify in g shares, o f
N o rth e r n S tates P o w e r C o . o f M in n ., w h ic h see b e lo w . A ls o c o n tr o ls
N o rth e r n S tates P o w e r C o . o f W isc o n s in (fo rm e rly W isc o n s in -M in n e s o ta
L ig h t A P o w e r C o . ) . P re fe rre d d iv s . p a id A p ril 15 1910 t o A p r il 21 1924,
7 % , o r 1 % % Q .-J . (V . 102, p . 1 5 4 3 ). A n in itia l 1 )4 % w as p a id o n co m m o n
s t o c k J u ly 20 1916; O c t . 20, 1)4% : J a n . 1917 t o Ja n . 1918, 1% % q u a r.;
th en n on e u n til F e b . 1922, w h en 4 % w as p a id (V . 113, p . 2 6 2 3 ); M a y 1 1922
t o M a y 1 1924 p a id 2 % q u a r.
• io u u 'M K R N S T A T E S P O W E R G O . (O F M I N N E S O T A ) .
T h is o p e r a ina c o m p a n y (u n til M a rch 1916 know u as C o n s u m e rs Pow> r
C o .) w as in c o rp o ra te d in M in n e s o ta in Ju n e 1900
v 102 p . 980
lr .w n s
all th e p rop erties fo rm e rly co m p risin g C on su m ers P ow er C o . system
d ir e ctly o r th ro u g h o w n ersh ip o f all securities e x ce p t $ 7 .100 000 1st (closed )
m o r tg a g e b o n d s o f T h e M in n e a p o lis G en eral E le c tr ic C o ., and except
d ir e cto r s ' q u a lify in g shares.
S u p p lies e le ctr ic lig h t an d p o w e r t o 515 c o m m u n itie s in M in n ., N o . D a k .
S o . D a k .. W is e ., 111. a n d Io w a ; 19 co m m u n itie s w ith gas: 7 w ith steam heat­
in g : 8 w it h street railw ay* and 1 w ith tele p h o n e s e rv ice . T h e co m m u n itie s
served In clu d e M in n e a p o lis , S t. P a u l. S tillw a te r. F a rib a u lt. M a n k a to
H u tc h in s o n , P ip e s to n e and M o n t e v id e o , M in n : G ra n d F o r k s , F a rg o and
M in o t , N . D .; S iou x F a lls, S D .; O ttu m w a , Io w a , and th e z in c m in in g d is­
t r ic t In and a to u n d G a le n a , 111., a n d P la tte v ille , W Is.
P o p u la tio n served
( e s t .) , 1 ,3 1 7 ,5 0 0 . In D e c . 1923 th e in sta lle d h y d r o -e le ctr ic p la n ts h a d a
g e n e ra tin g c a p a c it y o f 140 ,120 h. p . a n d th e steam ge n e ra tin g p la n ts o f
1 7 5 ,9 1 0 h . p .
A ls o ow n s o r c o n tr o ls u n d e v e lo p e d w ater p o w e rs.
I n 1920 a cq u ired c o n tr o l o f O ttu m w a R.v A L ig h t D o .
I n O c t . 1923 p u rch a se d fr o m th e P illsb u ry F lo u r M ills C o . th e p ro p e rtie s
a n d p o w e r rig h ts a t S t. A n t h o n y F alls o n th e M is s is s ip p i R iv e r a t M in ­
n e a p o lis . See V . 117, p . 1896.
N e w d e v e lo p m e n t p la n s, V . 116, p . 84: V . 118. p . 1021.
S T O C K .— T h e c o m p a n y in J a n . 1924 file d a rticle s o f a m e n d m e n t t o its
ch a r te r in crea sin g its a u th o riz e d c a p ita l s t o c k f r o m $ 5 0 ,0 0 0 ,0 0 0 t o $ 7 5 ,-

000 , 000 .

B O N D S , Sec.— F irst A R e f . M . o f 1916 m a d e b y M in n e s o t a G o . ( V . 102
p . 163 ) ), is lim ited t o $ 1 0 0 ,0 0 0 ,0 0 0 b o n d s o f w h ich In D e c . 1923 $ 3 4 ,0 5 3 ,0 0 0
( o f w h ich $ 7 ,4 9 2 ,5 0 0 are 6s) o u ts ta n d in g ; r e d e e m e d a n d c a n c e lle d $ 7 ,0 0 0 5s
a n d $ 7 ,5 0 0 6s: th e re m a in d e r m a y b e Issued (a ) fo r n o t o v e r 7 5 % o f th e cos«
o f p e rm a n e n t ex ten sion s a n d a d d itio n s , w h e n n e t e a rn in gs are tw ice the
a n n u a l b o n d in terest c h a r g e , in c lu d in g b o n d s a p p lie d f o r , o r ( 6) t o retire an
e q u a l a m o u n t o f M in n . G e n . E le c . C o . b o n d s . See V . 104, p . 26 4 ; V . 105,
7 2 V ' 1? 5 2 ? ‘ 11 3 1 ’ 2 5 6 4 ’ V ‘ 102 , P ' 1 44 1’ V ' 108 , P ‘ 5 8 5 ’
U
109, P ’ 1371;
T h e c o n v e r tib le 614% g o ld n o te s o f 1923 are r e d e e m a b le , a ll o r p a r t, on
o r b e fo r e N o v . 1 1924, a t 105 a n d in t ., a n d th e r e a fte r a t 105 a n d in t ., less
\4 o f 1 % fo r ea ch ye a r o r fr a c t io n th e r e o f elapsed su b se q u e n t t o N o v . 1 1924.
C o n v e r tib le a t a n y tim e a fte r Ja n . 1 1924, and o n o r b e fo r e J a n . 1 1929,
in t o c o m . s to c k o f N o rth e rn S tates P o w e r G o . (D e la w a re ) as c o n s titu te d at
tim e o f co n v e rs io n , o n th e basis o f $100 in n otes p lu s $3 50 in ca sh fo r o n e
sh are o f s t o c k o f $100 p ar v a lu e , w ith a d ju s tm e n t o f in te re s t a n d d iv id e n d s .
P r o c e e d s w ere used t o re d e e m th e e n tire issu e o f $ 7 ,8 0 5 ,0 0 0 1 0 -ye a r n o te s,
d u e A p r il 1 1926, a n d t o re im b u rse th e c o m p a n y in p a r t fo r e x p en d itu res
in cu rre d fo r a d d itio n s , exte n sio n s a n d b e tte rm e n ts . V . 117, p . 2331.
T h e fir s t lien a n d g e n . m tg e . 6 % g o ld b o n d s. Series A , are re d e e m a b le
o n a n y in terest d a te u n til a n d in c lu d in g N o v . 1 1938 a t 105 a n d in terest,
t h e p r e m iu m decrea sin g J % ea ch calen d ar y ear th e re a fte r, th e b o n d s b e in g
4
red e e m a b le in 1947 an d o n M a y 1 1948 a t 1 0 0 ]4 a n d i n t . V . 117, p . 2 55 0.
T h e 6)4% g old n o te s o f 1924 are red e e m a b le , all o r p a r t, o n N o v . 1 1924
a t 105 a n d in terest, and a t 105 a n d in terest less ]4 o f 1 % fo r e a ch ye a r or
f r a c t io n t h e r e o f elapsed th e re a fte r. V .1 1 8 , p . 2 44 8.




209

INDUSTRIAL AND PUBLIC UTILITY
When
Payable

Bate
%

See
See
8
7

text J
A
J
te x t See text
Q—F
G -J 20

5 S ft u A
r

5 g

J

A
&
&
&
A

7 g

M
J

&
&

g M

6 )4

M
6 g
6 P2 g M

7

4)4 g J

Last Dividend Places Where Interest a n t
and Maturity
Dividends are Payable

J u ly 1 ’ 24
Jan 10 ’24
M a y 1 ’ 24
A p r 21 ’24

3 % N ew Y o r k
6 % C h e ck s m ailed
2 % C h e ck s m ailed
do
1 «

<' A p r
N N ov
N N ov
N N ov
D D ec

1941
1933
1948
1933
1934

N ew Y o rk and C h ic a g o
N e w Y o r k an d " C h ic a g o
N e w V o rk andW C hicago
N e w Y o r k o r C h ic a g o
O ld C o lo n y T r C o .B o s to n

N M a y 11944
J J a n 1 1947

H arris T r & S B k , ChicN e w Y o r k o r C h ic a g o

F— A
F e b 1 1941
A
J Jan 1 1934

N ew Y ork
W est im T e leg C o. N Y

1
1
1
1
1

.Tan 15 1924 2 %
J J u ly 1 1959
J C a lla b le o n ly
J
J July 1 1952
D e c 31 lQlfl
See te x t J & D 31 D e c 31 1923 50c
5 g
6
6

J
J

A
&
A

T o r . M t l, B o s . L o n d o n
N Y , L o n d o n . M o n tr e a l
N Y , L ondon. M on t A c
C h e ck s m ailed

R E P O R T .— F o r 1923, in V . 118, p . 2 2 0 4 , s h o w e d :

Cal.
Yr .—

roo.ss

Net after

Bond, dec.

Pref. Div. Com.Die.

Balance,

Earns
Tares.
Int. (Net).
(7 % ).
Surnlus
1923
-$ 1 5 ,4 8 9 ,7 9 1 $ 6 ,5 8 0 ,9 9 2 $ 2 ,3 4 5 ,2 9 3 $ 2 ,1 6 1 ,7 7 5 $ 4 9 3 ,6 0 0 $ 1 ,5 8 0 ,3 2 4
1922
. 13,881,919 5 ,7 8 1 ,0 9 2
2 ,3 1 1 ,4 3 2
1 ,8 4 1 ,5 3 4 4 9 3 ,6 0 0 1 ,1 3 4 ,5 2 6
1921
- 12,00 4.222 5 ,2 0 7 ,5 4 4
2 ,2 9 5 ,6 8 2
1 ,6 0 1 ,1 6 5 2 4 6 ,8 0 0 1 ,063.897
1920
11 -O S .779 4 ,4 6 6 ,9 3 8
2 .1 4 8 .5 7 0
1 ,3 4 1 ,3 7 4
9 7 7 .0 9 4
O F F I C E R S .— P r e s ., J o h n J. O ’ B rie n ; S e c ., R . J. G ra f, C h ic a g o : T r e a s .,
J. J. M o lv n e a u x , M in n e a p o lis . N e w Y o r k o ffic e , T r in ity B ld g .; C h ic a g o
o ffic e , 208 So. La Salle S t.— (V . 118, p . 2 4 4 8 .)
NORTHWESTERN BELL TELEPHONE CO. — T h e c o m p a n y Is su c­
cessor o f sev-i ral im p o rta n t c o m p a n ie s o f th e Bell T e le p h o n e s y s te m , o p e r a t­
ing a co m p re h e n siv e n e t-w o rk o f lines in Io w a N e b ra s k a , M in n e s o ta , S ou th
D a k o ta an d N o rth D a k o ta .
A m e r. T e l. & T e l. G o . ow n s the en tire $42 .150 .0 0 0 o u ts ta n d in g s t o c k . V . 112, p . 26 4 . V a lu a tio n , V . 113, p . 1060.
B O N D S .— T h e 1st m tg e . 20-year 7s, Series • " are a fir s t lien on all the
’A
telep h on e p la n t o f the c o m p a n y w ith the e x c e p tio n o f th a t In N o r t h D a k o ta ,
and as t o p ro p e rty in th a t S ta te , a n y fu tu re m o rtg a g e d e b t c r e a te d m u s t be
su b o rd in a te d to this issue. T h e m o rtg a ge p r o v id e s fo r a sin k in g fu n d o f
$30 0,00 0 per an n u m to be used in the p u rch a se o f these b o n d s a t o r below
par a n d int.
A d d itio n a l b o n d s o f o th e r series m a y be issu ed fo r a d d itio n a l p r o p e r ty (in ­
clu d in g s to c k s an d secu rities) a c q u ir e d in c o n n e c tio n w ith the T elep h on e
c o m p a n y ’ s business, b u t n o t in excess o f 7 5 % o f the a ctu a l cash c o s t th ereof
p ro v id e d : (1) T h e b o n d s o u ts ta n d in g under this m o rtg a g e shall n o t e x c e e d
the o u ts ta n d in g fu lly p a id ca p ita l s t o c k an d su rplu s, and the b o n d s issued
for s to c k s an d securities shall n o t e x ce e d in a m o u n t 1 0 % o f the o u ts ta n d in g
b o n d s; a n d (2) t he a n n u al n e t e a rn in gs a fte r d e p r e c ia tio n and taxes shall
be n o t less than 1 54 tim es th e ann u al in t. ch a rg e on the o u ts ta n d in g and
p ro p o se d b o n d s.
A d d itio n a l b o n d s issued m a y b e in d iffe re n t series, w ith su ch in terest
rates an d m a tu rity d a te s (n o t earlier th a n F e b . 1 1941 nor later than F e b . 1
202 0 ). A c . as d ire cto rs m a y d e te r m in e .— V. 112. p . 264 379
R E P O R T . — F o r ca le n d a r y e a r 1923 s h o w e d : G ro s s , $ 2 3 ,2 2 3 ,9 3 9 ; o p e r .
in c o m e , $ 5 ,2 9 6 ,4 4 6 ; o th e r in c o m e , $ 9 5 2 ,7 2 1 ; r e n t, & c ., $ 3 0 9 ,6 0 3 ; b o n d
in te re st, $ 2 ,1 0 0 ,0 0 0 ; o th e r in te re st, $ 9 1 ,9 1 6 ; n e t in c o m e , $ 3 ,7 4 7 ,6 4 8 ;
d iv id e n d s . $ 2 ,5 2 9 ,0 0 0 : b a la n c e , s u rp lu s, $ 1 ,2 1 8 ,6 4 8 .
O F F I C E R S .— P re s., W . B . T . B e lt; V .-P . A G e n . M g r ., A . A . L o w m a n ;
V .- P ., G u y H . P ra tt: S e c ., J . W . C h ristie ; T r e a s .. J . R . M a c D o n a ld .
O ffic e . D es M o in e s , I o w a .— ( V . 118, p . 4 4 0 .)
N O R T H W E S T E R N T E L E G R A P H .— O w n s 10,000 m iles o f w ire a n d la
leased fo r 99 years fro m J u ly 1 1881 t o W e s te rn U n io n , w h ic h guaa n teea
d iv id e n d s at 6 % o n $ 2 ,5 0 0 ,0 0 0 s t o c k (p a r $50) a n d p rin cip a l a n d Interest o n
b o n d s .— (V 106. p . 71 0 .)
N O V A S C O T I A S T E E L & C O A L C O .— O R G A N I Z A T I O N . — I n c o r p .
in N . 9 . in 1898. O w n s steel p la n t, blast fu rn a ce s, c o llie rie s , a n d Iron m in es
In C a p e B re to n C o u n t y , N . S. A ls o o w n s $80 0 ,0 0 0 o f t h e $ 1 ,5 5 0 ,0 0 0 s t o c k
o f E a ste rn C a r C o .. L t d . See fu ll s ta te m e n t t o N . Y . S to c k E x ch a n g e
In 1916 o n listin g o f o r d in a r y sh ares in Y . 103. p . 1896; V . 106 , p . 1 8 0 1 . 17€K>.
P r o p o s e d a d ju s tm e n t o f c o a l arrears, V . 108, p . 2 2 4 6 .
In D e c . 1910
p u rch a se d fo r $ 2 ,0 0 0 ,0 0 0 a c o n t r o llin g in te re st in th e A c a d ia C o a l C o . ,
fo rm e r ly o p e r a te d b y a B elgian s y n d ic a t e , w ith h e a d o ffic e s In B russels
and m in es In C a p e B r e to n .
V . 109, p . 2 36 2. T h e s to c k h o ld e r s In A p r il
1921 v o te d t o m erge in to th e B ritish E m p ire Steel C o r p ., w h ich see.
S T O C K .— T o p r o v id e a m p le w o rk in g c a p ita l, a ll s h a re h o ld ers o f r e c o rd
u o f Ju n e 3 0 1917 w ere a llo w e d t o s u b s crib e at p a r p r o ra ta fo r $ 5 ,0 0 0 ,0 0 0
new c o m . s t o c k . T h e H a y d e n -S to n e Interests as u n d e rw rite rs t o o k u p t h e
rem a in d er, in crea sin g th e ir h o ld in g s t o a d e c id e d m a jo r it y o f t h e s t o c k .
V . 105, p . 721 . T h e s t o c k bo n u s o f 2 0 % . o r $ 2 ,5 0 0 ,0 0 0 , d is trib u te d t o
c o m m o n sh areh olders N o v . 20 1917, raised t h e Issued c o m m o n s to c k t o th e
full a u th o rize d $ 1 5 ,0 0 0 ,0 0 0 .
V . 104. p . 2 55 7; V . 105. p . 7 6 .
L A T E C A S H D I V .—
’ 1 1 - 1 3 Y 4 . T 5 . ’ 16. T 7 . T 8 . ’ 19. ’ 2 0 . ’ 2 1 -’23
4
12
8 8 8 8
8 8
P referred s t o c k __________% 8 y ’ly
C o m m o n . . ......................... % 6 y ’ ly
3
0
0 2K 6K
5
5 te x t .
T h e A p ril 1924 d iv id e n d o n p re fe rre d s to c k w as d e fe r re d .
D iv id e n d s o n the c o m tn o u s to c k w ere re su m e d In 1917 w ith a d e c la r a tio n
*f 2i4 % . p a y a b le J u ly 14; o n Jan 15 1918 p a id 2)4 % : A p ril 1918 to A p r .
1921 p a id 1 K % qu a r.
O n A u g . 10 1921 p a id 21 c e n ts ; n o n e s in ce.
In 1909 a 2 0 % d iv id e n d in s t o c k was p a id .
V . 102 , p . 1064. I n N o v .
1917 s to c k d iv id e n d o f 2 0 % In c o m m o n s t o c k . S ee a b o v e a n d V . 10 5 ,p . 2 0 9 9 .
B O N D S . A c .— F irst m t g e . a u t h ., $ 6 ,0 0 0 ,0 0 0 ; re d e e m e d , $ 3 6 1 ,5 6 2 .
V.
48, p . 1563.
D e b e n tu r e s t o c k is lim ite d t o a m o u n t o f p a id -u p c a p it a l.
E astern C a r
O o. 1st 6s. V. 9 4 . p . 1698 N o v a S c o tia L a n d C o . 1st 6s , d u e 1 92 4, $ 5 0 ,0 0 0 ;
red eem ed $.31,200.
P r e s .. R . M . W o lv in ; S e c ., C . S. C a m e r o n .
O ffic e , N e w G la s g o w . N . S.
— ( V . 116 . p . 3 0 5 .)
N U N N A l.L V C O ( T H E ) .— O rga n , in D e l. o n N o v . 20 1919. E n g a g ed
In the m a n u fa ctu re an d stile, b o th at w h olesale an d a t re ta il, o f can dies and
co n fe ctio n e rie s o f all k in d s, ice crea m and fla v o rin g s y ru p s, an d in leasin g
and o p e r a tin g sh o p s fo r th e sale o f c a n d y , s o d a w a ter and ice cream .
F a c­
to r y , lo c a te d a t A tla n ta , G a ., has a c a p a c it y o f a b o u t 20.0 0 0 p ou n d s o f
ca n d y an d 500 gallon s o f ice cream per d a y
O perates 9 stores in A tla n ta
and S a v a n n a h , G a .; J a c k s o n v ille , F la .; B irm in g h a m . A la .; N o r fo lk , V a .;
and W a s h in g to n , D . C .
C A P . S T O C K .— See ta b le a t h e a d o f p a g e .
D I V S .— In itial d iv . o f 50 ce n ts a share w as paid .Tune 1 1920; on D e o . 31
1920 p a id $1 a share: J u n e 30 a n d D e c . 31 1921, D e c 3 0 1922 an d Ju n e 30*
a n d D e c . 31 1923 p a id 50 ce n ts a share.
R E P O R T . — F o r 192 3, in V . 118, p . 789 , sh o w e d :
1923.
1922.
1921.
N e t sales- ----------------------------------------------- $ 1 ,5 5 3 ,5 8 9
$ 1 ,4 4 4 ,9 3 3 $ 1 ,7 7 5 ,5 3 8
C o s t o f s a l e s -----------------------------------------$ 6 5 9,44 3
$ 5 9 6 ,8 5 8
$74 9 ,1 1 0
I n v e n t o r y s h r in k a g e ___________________
_____
_______
32,531
E x p e n s e s . -------------------------------------------691 ,233
656 .361
786J 9 2
D e p r e c ia t io n -------------------------------------------32,3 9 0
5 9 .3 4 0
5 9 ,5 6 4
F e d e ra l ta x e s -----------------------------------------2 0 ,4 7 0
16,1 7 5
1 2 ,9 2 9
D iv id e n d s p a id ----------------------------------------- ($ 1 )1 6 0 ,0 0 0 (5 0 c .)8 0 ,0 0 0 ($ 1 )1 6 0 ,0 0 0
B a la n ce , s u r p lu s ------------------------------O th er in c o m e & d e d u ctio n s ( n e t ) ____
P r e v io u s s u r p lu s -----------------------------------

d e f$ 9 ,9 4 7
D r .2,6 4 5
4 0 ,5 0 8

$ 3 6 ,1 9 9

Cr. 1,2 4 6
3 ,0 6 3

d ef$ 2 4 ,7 8 S
Deb.2 146
29,9 9 7

P r o f it an d loss su rp iu s
--------$27 ,9 1 7
$ 4 0 ,5 0 8
$3,063
Three Months Ended March 31—
1924.
1 92 3.
N e t earn in gs b e fo r e d e p r e c ia tio n & F e d e ra l t a x e s .
$ 3 2 ,3 7 0
$ 2 1 ,0 6 3
d F F I C E R S .— C h airm an , Jam es H . N u n n a lly ; P r e s ., W in sn ip N u n n a lly ;
V .- P
E R . R o g e rs: S ec. & T r e a s ., H . G . F a irm a n . O ffic e , A tla n ta , G a ,
— ( V . 118, p . 219 0 .)

IN D U STRIAL AND PUBLIC U T ILIT Y

210

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

1 Date

|
Bonds

&

O h io B o d y
B lo w e r C o ( T h e ) — S to c k 110 ,000 snares a u t h .
O h i o F u e l S u p p lv t... -<*■„<* *4n.OO n.ono
_____
C o lu m b u s G a s
1st m tg e re d e e m a b le 11 0 C e .z c *
_ _
_
___
S p rin g field G a s C o 1st m t g e ____ O hio
C o— Stocl<
____
O k la P r o d & R e f C o r p o f A m e r — C o m , au th $ 2 2 ,0 0 0 ,0 0 0
8 % cu m p r e f (a .V d ) s t o c k , p a rtio (te x t) $ 3 ,0 0 0 ,0 0 0 a u t h .
O n t a r i o S ilv e r M in in g C o - — S to c k $ 1 5 ,0 0 0 ,0 0 0 a u t h _______
“ O n y x ” H o s ie r y , I n c . — C o m m o n s to c k 160 ,000 shares a u t h .
P r e f (a
d) stock
c u m r e d 115 $ 3 ,5 0 0 ,0 0 0 a u t h _______
O r p h e u m C i r c u i t I n c — C o m m o n s to ck 1 000 .000 s h a r e s . .
P r e f (a
d ) s tock 8 % cu m u la tiv e co n v e r tib le $10 0 0 0 .0 0 0 .
C odv s
gold n otes red 103 $2 000 000 a u t h . . C e C x x x c *
O tl# E le v a to r — S tock c o m m o n S 2 5 .0 0 0 .0 0 0 ___________________
S to c k
& d) prefe rre d
n o n -c u m $ 6 ,5 0 0 ,0 0 0 __________

C
o

O
il

&
&
f
(a

1892
1896

7%

aS to c k d iv . o f 1 0 %

6%

1921

Par
Value

Amount
Outstanding

N one
102 ,5 3 9 shs
$25 $ 3 9 ,6 2 6 ,0 0 0
1.000
1 ,3 0 0 ,0 0 0
100 & c
4 0 0 ,0 0 0
25 6 0 ,0 0 0 ,0 0 0
See text
5
5
See text
100 1 5 .0 0 0 ,0 0 0
N o n e 160 ,000 shs.
100
3 ,3 3 5 ,7 0 0
1 519 170 sh
100 $ 6 ,7 0 0 ,0 0 0
100 * o
1 .699,900
$50 a l4 .2 2 7 .8 0 0
100
6 ,5 0 0 000

Rate
%

See te x t
See text
5 g
6
See text
See text
See text
See te x t
7

When
Payable

Q — J 15
J
J
J
J
Q — M 31

&
&

Q— M
See text, See text
8
Q— J
S
7A g M &
8
Q— J 15
6
Q— J 15

[Vol. 118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

O c t 1 '2 0 . 62 A c
A p r l 5 ’24, 6 2 ^ c
J u ly 1 1932
E q u it a b le T r u s t C o , N Y
J an 1 1925
1st N a t B a n k , S p rin g f, O
Ju n e 30 '2 4 2 %
A p r 1 192i 2 %
J an 4 1919 5 0 c
Ju n e 1 1924 1 A
u l v i '24 12 A c
A p r 1 1024 2 %
Sept i 1926
See te x t
A p r 15 1924 l A

C h e ck s m ailed
C h e ck s m ailed
C T o fI 1 1 .0 h ic :0 h a s e N v
O ffic e 26th St & 11th A*do
do

p a y a b le Jun e 21 1924 (see t e x t ).

O H I O B E L L T E L E P H O N E C O .— ( V . 118 , p . 178 3 .)
O H I O B O D Y & B L O W E R C O . ( T H E ) .— O rga n ized in O h io , N o v . 19
1919. an d a cqu ired the p r o p e r ty , & c. o f T h e O h io B lo w e r C o . , an O h io c o r p .
P r in cip a l b u sin ess is th e m a n u fa c tu r e o f a u to m o b ile b o d ie s . P la n t lo c a te d
a t C le v e la n d . O h io .
D I V S .— In itia l d iv . o f 62 A c e n ts p e r share o n n e w s t o c k w a s p a id A p r .
10 1920; sam e a m o u n t p a id in J u ly a n d O c t . 1920; n o n e s in ce .
R E P O R T .— F o r 1923 sh o w e d :
Calendar Years—
192 3.
192 2.
1 92 1.
1920.
$ 2 ,6 4 7 ,3 6 6 $ 1 ,5 3 1 ,4 6 8 $ 2 ,7 3 7 ,2 6 0
N e t sa le s — ____________ $ 3 ,2 0 6 ,8 3 2
O p e ra tin g lo s s ___________
$ 2 4 2 ,7 9 4
$21 7 ,5 3 2
$ 3 9 1 ,5 6 8
$ 2 2 9,90 2
In te re s t, & c ., c h a r g e s . . .
157 ,2 2 8
2 2 7 ,5 5 7
167 ,091
167 ,435
_______
_______
_______
199,291
D iv id e n d s p a id _________
B a la n ce , d e f ic it _______
$ 4 0 0 ,0 2 2
$44 5 ,0 8 9
$ 5 5 8 ,6 6 0
$5 9 6 ,6 2 9
O F F I C E R S .— P res. & T r e a s ., N a t h a n A . M id d le t o n ; A s s t . T r e a s .,
Jam es L . B a n c r o ft ; S e c ., W . C h ic k e r in g . O ffic e , C le v e la n d , O h io .—
( V . 118 , p . 2 3 1 4 .)
OHIO CITIES QAS CO.— See P u re O il C o .
O H I O F U E L S U P P L Y C O . ( T H E ) . — O R G A N I Z A T I O N .— I n c o r p . in
O h io M a y 15 1902 a n d a c q u ir e d v a r io u s p r o p e r tie s e n g a g e d in t h e p r o d u c ­
t io n . p u rch a se and d is tr ib u t io n o f n a tu ra l gas an d p e tr o le u m o il fo r lig h t,
h e a t , p o w e r a n d fu el: a ls o lease c o v e r in g o v e r 1 ,023,691 acre s o f o il and gas
te r rito r y in O h io . A ls o o w n s t h e $ 5 ,5 5 0 ,0 5 0 s to c k o f N . W . O h io N a tu ra l
G as C o . , a n d $ 4 ,4 1 0 ,0 0 0 o f th e $ 1 0 ,0 0 0 ,0 0 0 s to c k o f U n ite d F u e l G as C o .
See th a t c o m p a n y b e lo w .
T h e O h io P . U . C o m m is s io n in M a r c h 1920
a p p r o v e d t h e sale o f th e e q u ip m e n t a n d d is trib u tin g s y s te m o f th e L o g a n
N a tu r a l G a s & F u el C o . a t L o g a n t o th e c o m p a n y .
T h e s tock h old ers o n D e c . 14 1922 a u th o riz e d th e d ir e cto r s t o c a r r y o u t
th e segrega tion o f th e n a tu ra l gas business o f th e c o m p a n y . T h e business
w ill b e tran sferred t o a n e w c o m p a n y k n o w n as th e O h io F u e l G a s C o . , th e
$ 2 5 ,0 0 0 ,0 0 0 c a p ita l s t o c k o f w h ich w ill be h e ld b y th e O h io F u e l S u p p ly C o .
I n A p r il 1924 a cq u ire d th e C o lu m b u s G a s & F u el C o . , th e F e d e ra l G as
& F u e l C o . a n d th e S p rin g fie ld G a s C o . fr o m th e C o lu m b ia G as & E le c . C o
S T O C K .— T h e s to ck h o ld e rs o n M a r . 6 1923 in crea sed th e a u th o rize d
c a p ita l s to c k fr o m $ 2 0 ,0 0 0 ,0 0 0 t o $40,000,O oO . S to ck h o ld e rs o f re c o rd
U u . 17 1923 r e c e iv e d a 1 0 0 % s t o c k d iv id e n d .
D I V I D E N D S .—
190 4 -0 9 . ’ 10. T l - 1 6 .
’ 17.
’ 18
’ 19-24.
P e r c e n t .........................
10
9A
8
9 4 1 0 & 2 % U 8 b d s . text
I n O c t . 1909 a s p ecia l d is b u r s e m e n t w as m a d e o f o n e sh a re (p a r $ 1 ) of
O h io F u el O il s to c k to ea ch sh a re o f O h io F u el S u p p ly s t o c k h e ld . In July
1910 an extra d lv . o f 5 0 % was p aid In 6 % d e b e n tu re b o n d s (all c a lle d for
r e d e m p tio n on o r b e fo r e J a n . 1 191 7 .)
In 1919, Jan . an d J u ly , 2 A % and
2 % extra In L ib e r t y b o n d s ; A p ril a n d O c t ., 2A % \ J a n . 192 0, 2 H % a n d 2 %
ex tra In L ib e r t y b on d s; A p ril 192 0, 2 A%\ J u ly a n d O c t . 1920 an d J a n . 1921,
2 A % an d 2 % extra In V ic t o r v L o a n n o te s . A p ril 1921, 2 A % a n d A %
e x tra in V ic t o r y L oa n n o te s . J u ly 1921, 2 H % : O c t . 1921 t o Ja n . 1923
p a id each qu a rter 2 A % an d 2 % in L ib e r ty L oa n b o n d s o r V ic t o r y L oa n
n o te s . S tock h old ers o f r e c o rd M a r . 17 1923 re ce iv e d a 1 0 0 % s t o c k d iv id e n d
I n A p ril 1923 p a id 1 M % q u a r . a n d 1 % in L ib e r t y b o n d s ; J u ly a n d O c t . 1923
p a id 2 M % q u a r .; J a n . a n d A p r il 1924 p a id 2 A % q u a r.
R E P O R T .— F o r 1923 sh o w e d :
Calendar Years—
192 3.
G ro s s in c o m e _____________$ 1 6 ,6 8 2 ,2 5 5
N e t, a fter ta xes, & c _____ 4 ,6 3 6 ,5 0 9
D i v i d e n d s _______________
3 ,5 6 7 ,4 4 9

P re fe rre d s t o c k l s p re fe rr e d as t o assets a n d d lv s . a n d shares e q u a lly w ith
c o m m o n s t o c k as t o d iv id e n d s a fte r t h e la tte r h as r e c e iv e d 8 % . I n liq u id a ­
t io n , & c ., shares e q u a lly w ith c o m m o n in a n y su rp lu s r e m a in in g a fte r each
has r e c e iv e d p a r v a lu e . B o t h cla sses h a v e e q u a l v o t in g p o w e r . V . 110 , p .
66 7 .
D I V I D E N D S . — A d iv id e n d o f 2 % q u a r . o n c o m . s t o c k w a s p a id A p r il 1
1920; t o A p ril 1 1921, 2 % q u a r. T h e J u ly 1921 d iv s . o n b o t h p r e f. and
c o m m o n s t o c k w ere o m it t e d . V . 112, p . 2 4 1 9 .
R E P O R T .— F o r 1923 s h o w e d :
Calendar Years—
1923.
192 2.
1 92 1.
1920.
G ro s s e a rn in g s____________ $ 4 ,1 8 9 ,2 6 7
$ 6 ,0 8 1 ,4 6 2 $ 5 ,9 2 8 ,8 9 4 $13 ,6 9 1 ,2 0 1
E x p e n s e s __________________ $ 3 ,2 8 1 ,2 7 5 $ 4 ,6 6 2 ,7 9 8 $ 4 ,6 0 5 ,5 2 8
$ 6 ,2 7 7 ,1 4 9
In te re s t a n d t a x e s ----------3 1 7 ,0 1 4
2 5 9 ,3 8 2
1 9 6 ,7 1 3
2 7 2 ,9 2 8
D e p le tio n & d e p r e c ia tio n
_______
----------2 ,4 8 2 ,4 1 4
3 ,8 5 3 ,4 9 5
P re fe rre d d iv id e n d _____
2 4 0 ,0 0 0
----------6 0 ,0 0 0
2 40 ,000
C o m m o n d iv id e n d s ______
_______
_______
4 3 0 ,8 2 0
1 ,7 2 3 ,2 8 0
B a la n ce , s u r p lu s ..........
$ 3 5 0 ,9 7 8 $ 1 ,1 5 9 ,2 8 2 d f $ l , 8 46 .581
$33 4 ,3 4 9
O F F I C E R S .— P r e s ., R . W . M c ll v a i n ; T r e a s ., L . P . H a r rin g to n ; S e c .,
A lv in R ic h a r d s . N . Y . o f fic e , 74 B r o a d w a y .— ( V . 11 8 , p . 9 1 6 .)
O L D D O M I N I O N C O . ( O F M A I N E ).— ( V . 118 , p . 2 3 1 4 .)
O N T A R I O S I L V E R M I N I N G C O .— I n c o r p . D e c . 15 1 87 6, in C a lifO w n s a n d o p e r a te s th e O n ta rio m in e n ear P a rk C i t y , U ta h ; a ls o o w n s a
fo u r -s e v e n th s in te re st in th e W e b e r C o a l C o . , a o n e -th ir d in te re s t in th e
N a il-d r iv e r M in in g C o . a n d th e S ilve r L a k e W a t e r C o . , a n d 7 5 ,0 0 0 shares
o f s t o c k o f N e w Q u in cy M in in g C o .
D I V I D E N D S . — T o D e c . 31 1902 p a id $ 1 3 ,9 3 2 ,5 0 0 ; th e n n o n e u n til
J u ly 5 191 8, w h e n 50 c e n ts p e r sh are w as p a id ; O c t . 5 1 9 l8 a n d Ja n . 4 1919
p a id 50 c e n ts e a ch q u a r .; n o n e s in ce .
R E P O R T .-—-For c a le n d a r y e a r 192 3, in V . 118, p . 1530, s h o w e d : R e ­
ce ip ts . $23 9 ,7 6 5 ; d is b u rs e m e n ts , $ 2 9 0 ,1 8 2 ; d e p le tio n , $ 5 9 ,5 0 9 ; n e t lo s s,
$ 1 0 9 ,9 2 5 .
O F F I C E R S .— P r e s ., J . E . B a m b e rg e r; V . - P . , D . M . H y m a n ; T r e a s . &
G e n . M g r ., E r n e s t B a m b e rg e r: S e c ., H e rb e rt C o h e n . O ffic e s , S alt L a k e
C i t y . U ta h , a n d 32 B r o a d w a y , N e w Y o r k .— ( V . 118 , p . 153 0 .)
“ O N Y X ” H O S I E R Y , I N C .— I n c o r p . u n d e r la w s o f N e w Y o r k o n F e b .
24 192 3. M a n u fa c tu r e s silk s a n d te x tile s , e s p e c ia lly h o s ie r y . P la n ts are
lo ca te d a t D o v e r . P a ssa ic a n d W h a r t o n . N . J
R E P O R T — F o r 10 m o s . e n d e d D e c . 31 1923, in V . 118, p . 1279:
g ajgg
$ 1 4 ,5 2 9 ,6 7 3
P r o f it s (a fte r d e d u c tin g $ 9 0 ,7 0 7 ta xes a n d $ 2 5 1 ,7 4 7 d e p r e c .) ___
7 6 1 ,4 8 2
N e t p r o f it s ____________________________________________________________
6 3 2 ,7 5 4
D is c o u n t o n p re fe rr e d s to c k p u r c h a s e d ___________________________
Cr.3 ,424
T o t a l ____ ______ _________________________________________ __________

Deduct— A n p r o p . t o re d e m p tio n o f p re fe rr e d s t o c k ______________
D iv id e n d s o n p r e fe rr e d s t o c k ____________________________________

$ 6 3 6 ,1 7 7
5 2 ,5 0 0
172 ,193

S u r o lu s _____________________________________________________________
$41 1 ,4 8 4
O F F I C E R S .— P r e s .. J o s e p h H . E m e r y ; S e c ., E d w in W . E m e r y ; T r e a s .,
P a u l G u e n th e r. O ffic e , 1107 B r o a d w a y , N . Y . — ( V . 118 , p . 1 9 2 2 .)

O R P H E U M C I R C U I T , I N C .— O rg a n ize d D e c . 22 1919 in D e l. a n d a c ­
quired th e ca p ita l s to c k o f a n u m b e r o f th e a tr ic a l c o m p a n ie s in th e U . 8 .
an d C a n a d a . C o m p a re listin gs a p p lic a tio n t o N . Y . S to c k E x c h . in V . 111 .
p . 1092.
C A P . S T O C K .— P r e f s to c k is c o n v e r t ib le in t o c o m m o n s t o c k at any time
on th e b asis o f t w o shares o f c o m . fo r o n e share o f p r e f. S in k in g fu n d , 5 % o f
S u r p lu s ________________ $ 1 ,0 6 9 ,0 6 0
$ 4 2 6 ,8 1 9 $ 1 ,1 2 8 ,7 9 7 $ 2 ,4 8 0 ,8 8 1
n e t e a rn in gs a fte r o r e f. d iv s . a n d F e d e ra l in c o m e ta x e s fo r p r e c e d in g y e a r t o
O F F I C E R S .— P r e s ., G e o . W . C r a w fo r d : V .-P r e s .. F . W . C r a w fo rd
J. M . G a ra rd a n d L . B . D e n n in g : Sec. * T r e a s . J . B . W l k o ff . O ffice s , b e a p p lie d t o p u r c h a s e o f s t o c k a t n o t o v e r 110 a n d d iv . V . 117 , p . 1092.
O T V S .— In itia l d i v . o f 50 ce n ts p e r sh are o n th e c o m m o n s t o c k w as p a id
2017 F a rm ers B a n k B ld g ., P itts b u r g h , P a .— (V . 118. p . 2 1 9 0 .)
A p r il 1 1920; sa m e a m o u n t p a id q u a r. t o O c t . 1 1921; th e n n o n e u n t il F e b . 1
OHIO OIL CO.— O R G A N I Z A T I O N , Scc . — In c o r p o r a te d In O h io In 1924, w h en 12A ce n ts p e r sh are w as p a id ; sa m e a m o u n t p a id m o n t h ly
1887. O w n s exten sive tracks o f oil lan d s In O h io . In d ia n a an d Illin o is.
t o J u ly 1 1924. P re fe rre d d iv id e n d s , 2 % Q .-J .
P rod u ces c ru d e o il. See S ta n d a rd Oil C o o f N ew Jersey.
V . 85. p.
N O T E S .— T h e 7 A % c o n v e r t , s . f. g o ld n o te s o f 1921 are c o n v e r t ib le at
2 1 6 . 790 ; V . 8 6 . p. 9 8 4 . 1227: V . 9 3 . p 1390.
T h e p ip e lin es In
any tim e p r io r t o m a tu r ity in t o 8 % c u m u la tiv e p r e f. s t o c k o n basis o f one
P e n n s y lv a n ia . O h io . In d ia n a an d Illin o is, a b o u t 1.100 m iles In le n g th , were
share o f $100 p ar p r e f. fo r e a ch $10 0 p a r o f n o te s . V . 113, p . 1258.
In D e c . 1914 tran sferred t o th e Illin ois P ip e L in e C o ., th e la tte r 's $2 0 .B O N D S .— P r in cip a l b o n d e d in d e b te d n e s s o f su b s id ia r y c o m p a n ie s on
0 0 0 .0 0 0 s to c k bein g d istrib u te d p r o r a ta . In th e p r o p o r tio n o f 133 1-3%
D e c . 31 1923 w as as fo llo w s : O rp h e u m T h e a tre & R e a lt y C o . 6s, d u e S e p t. 1
a m o n g th e O h io O il C o . s to c k h o ld e r s . V . 9 9 , p . 1678. 1915. T h e s to c k
1946, $ 2 ,1 6 0 ,0 0 0 .
S ta te -L a k e T h e a tr e & R e a lt y C o . 6s, d u e D e c . 29
h old ers v o t e d N o v . 24 1922 t o increase th e c a p ita l s to c k fr o m $15 ,0 0 0 ,0 0 0
1927, $ 5 5 0 ,0 0 0 ; J u n ior O rp h e u m , San F r a n cis c o , 7s, d u e J a n . 1 1936,
t o $ 6 0 ,0 0 0 ,0 0 0 (p a r $ 2 5 ). A s t o c k d iv . o f 3 0 0 % w as p a id in D e c . 1922.
$ 95 0,00 0: J u n ior O rp h e u m , L o s A n g e le s , 7s, d u e N o v . 15 1935, $ 1 ,3 5 0 ,0 0 0 ;
V . 115, p . 248 6.
K an sas C i t y J u n ior O rp h e u m C o . 7 A s, d u e A u g . 1 1931, $ 3 7 5 ,0 0 0 ; Henne­
D IV I D E N D S .—
191 6. 191 7. 1918. 1919. 1920. 1921. 1922. 1923.
pin A v e . T h e a tre & R e a lt y C o . 8s, d u e M a y 1 1931, $ 4 2 1 ,0 0 0 .
R e g u la r .................... %
20
20
20
20
20
20
20
9
R E P O R T . — F o r 1923, in V . 118, p . 80 3 , sh o w e d :
Extra.....................% 72
76
76
68
60
23
*20
____
Calendar Years—
1923.
192 2.
1921.
♦Also 3 0 0 % in s t o c k .
G ro ss in c o m e __________________________ $1 6 ,7 5 9 ,0 0 1 $ 1 4 ,4 0 5 ,0 5 8 $ 1 4 ,0 8 9 ,6 3 0
P a id in 1924: M a r c h 3 1 , 1 % ; Ju n e 30, 2 % .
E x p e n s e s .________ _______________ ______ 1 3 .8 3 6 ,9 6 5
1 2 ,7 9 7 ,3 3 4 1 2 ,4 9 8 ,3 2 9
B a la n ce sh eet D e c . 31 1923 in V . 118, p . 1674.
A m o r t iz a tio n o f le a s e h o ld s___________
2 2 0 ,0 6 6
232,8401
7 0 2 ,1 5 7
H a s en tered th e N o rth C e n tra l T e x a s fie ld th ro u gh its s u b s id ia r y , the
D e p r e c ia tio n o f b u ild in g s & e q u ip ___
9 07 ,645
X 7 40.447)
M id -K a n s a s OH & G a s C o . V . 10 7 , p . 1007.
F e d e ra l ta xes (e s tim a t e d )____________
2 2 5 ,6 3 0
8 0 ,0 0 0
104 ,000
D I R E C T O R S .— P r e s ., Ja m es O . D o n n e ll; V . - P . , Jam es K . K e r r , M a r
D iv id e n d s .................... ................................ .
5 4 2 ,3 0 8
5 4 3 .0 0 8
1 .3 6 7 ,7 5 5
sh all. 111.; O . D . D o n n e ll, V . - P . : F . E . H u r le y , V .- P . ; a n d R . J . B e r r y , al'
o f F in d la y , O h io . S e c . is O . L . F le m in g .— ( V . 118, p . 2 3 1 4 .)
B a la n ce , s u rp lu s____________________ $ 1 ,0 2 6 ,3 8 6
$ 1 1 ,4 2 8 d e f$ 5 8 2 ,6 1 1
T o t a l s u r p lu s ___________________________$ 1 ,5 3 6 ,6 8 3
$ 6 0 7 ,5 8 8
$57 1 ,0 2 3
OKLAHOMA QAS & EL. CO.— (V. 118, p. 2448.)
Three Months Ended March 31—
1924.
1923.
N e t earnings a fte r ch a rges b u t b e fo r e F e d . t a x e s ------ $ 6 8 3 ,1 1 9
$ 4 7 3 ,3 9 9
OKLAHOMA NATURAL QAS CO.— ( V . 118 , p . 1530 )
O F F I C E R S .— C h a irm a n , M a r t in B e c k ; P r e s ., M a r c u s H e im a n : S e c . &
OKLAHOMA PRODUCING AND REFINING CORP. OF AMERICA. T r e a s .. B . B . K a h a n e . N . Y . o ffic e . 1564 B r o a d w a y .— ( V . 118 . p . 2 3 1 4 .)
— O R G A N I Z A T I O N .— I n c o r p . u n d e r law s o f M a r y la n d M a r c h 16 191 8, t o
O T I S E L E V A T O R C O .— I n c o r p . N o v . 28 1898 u n d e r la w s o f N . J . an d
engage in the producing, refining and marketing of oil and Its products
Acquired all or the physical properties and net assets of the Oklahoma t o o k o v e r a b o u t 13 p la n ts . See V . 6 7 , p . 1161; V . 7 4 , p . 274 ; V . 7 5 , p . 552;
Producing & Refining Co. (of Delaware) and subsidiaries, excepting stock V. 8 3 . p . 441 : V . 9 1 . p . 399 : V . 9 4 . p . 825 ; V . 100. p . 1076. O w n s o v e r 9 9 %
of Union des Petroles d’Oklahoma and $50,000 cash. (For description of o f th e $ 2 ,0 0 0 .0 0 0 O tis -F e n s o m E le v a t o r C o . o f T o r o n t o s t o c k , w h ic h has
also o u ts ta n d in g $ 1 ,0 0 0 ,0 0 0 7 % c u m . p r e f . s t o c k . V . 9 6 , p . 1093.
properties, see listings application in V. 110, p. 667). The Delaware com
any, organized in Feb. 1916, and which was merely a holding company,
S T O C K .— T h e s to c k h o ld e r s o n A p r il 28 1924 (o) ch a n g e d t h e p a r v a lu e
isposed of its holdings of stock of the Union des Petroles d'Oklahoma, It o f t h e c o m m o n s t o c k f r o m $100 t o $50 p e r sh are, a n d (6) in crea sed th e
Jan. 1920, for $5,682,692 cash, and on Jan. 26 1920 stockholders voted t« a u th o r iz e d ca p ita l s t o c k fr o m $ 1 5 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,0 0 0 . N e w shares o f
dissolve the company and distribute its assets. Stockholders received fo» c o m m o n s t o c k , p a r $50 , w ill b e issu ed in e x ch a n g e fo r t h e o ld c o m m o n s to c k
each share of stock held, $2 30 in cash and 1 \l shares of Oklahoma
o n a ba sis o f tw o n e w shares fo r e a ch $100 share h e ld . A d i v . o f 1 0 % in
Producing & Refining Corp. of America.
c o m m o n s t o c k w as d e cla re d p a y a b le J u n e 21 192 4.
C A P I T A L S T O C K .— A u th o r iz e d , $ 3 ,0 0 0 ,0 0 0 8 % c u m . p r e f. a n d $22,D IV I D E N D S .—
'1 2 . T 3 . '1 4 . 1 91 5-1 9. '2 0 . ’ 2 1 . '2 2 . '2 3 .
0 0 0 ,0 0 0 c o m m o n ; p a r v a lu e (b o t h c la s se s ), $ 5 . Issu e d , $ 3 ,0 0 0 ,0 0 0 p r e f
O n c o m m o n ( c a s h )________________
4
4 4%
5
7 K 10 8
8
(all o w n e d b y th e P u re O il C o ) , a n d $ 2 1 ,5 4 1 ,0 0 0 c o m m o n ( o f w h ic h m o re
On co m m o n ( s t o c k ) _______________
..
__
__ 50
th a n 8 8 % is o w n e d b y th e P u re Oil C o ) .
P a id in 1924: Jan . 15, 2 % ; A p ril 15, 2 % ; Ju n e 2 1 , 1 0 % in c o m m o n s to c k .

§




1922.
192 1.
1920.
$ 1 2 ,4 3 1 ,1 2 5 $ 1 3 ,5 7 8 ,1 5 9 $16 ,188 ,98 1
3 ,9 7 7 ,5 3 5
4 ,2 5 4 ,6 9 5
5 ,6 4 0 ,5 9 6
3 ,5 5 0 ,7 1 6
3 ,1 2 5 ,8 9 8
3 ,1 5 9 ,7 1 5

M ay , 1924.]

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

Date
Bonds

_

''O tli S t e e l C o — S to c k c o m m o n 1 ,0 0 0 ,0 0 0 sh a re s _____________
P r e f (a & d ) s t o c k 7 % c u m call 110 $ 1 5 .0 0 0 ,0 0 0 ____________
F irst m t g e s in k fd gold b o n d s Ser “ A " red (te x t) - _ k xxxc*& r
do
do
Ser “ B ” re d ( t e x t ) ____________________ x xxc
O w e n s B o t t l e C o . ( T h e ) — C o m s t o c k $ 3 0 ,0 0 0 ,0 0 0 _________
P r e f s tk (a & d ) 7% cu m ca lla b le a t 115 & d lv s $ 1 7 ,6 4 2 ,0 0 0
P a c ific C o a s t C o— S to c k c o m m o n $ 7 ,0 0 0 ,0 0 0 (see t e x t ) ______
F irst p ref (a & d) s to c k $ 1 ,5 2 5 ,0 0 0 5 % n o n -c u m u la tlv e _ _
S eoon d pref (a& d ) stk $ 4 ,0 0 0 ,0 0 0 4 % n o n -c u m (see te x t)
F irst m ortg a g e $ 5 ,0 0 0 ,0 0 0 g o ld _____________________ B a .x x o *
Serial n otes d u e $ 55 ,000 y e a r ly ______________________________
P a c i f i c D e v e lo p m e n t C o r p — S to ck 5 0 0 ,0 0 0 s h a r e s __________
P a c i f i c Q a s & E le c C o — C o m s t o c k $ 8 0 ,0 0 0 ,0 0 0 a u th _______
1st p r e f c u m $ 7 9 ,9 0 0 ,0 0 0 a u t h ________________________________
2 d p r e f s to c k 6 % cu m u la tiv e $ 1 0 0,00 0 a u t h _________________
F irs t & r e f. m tg e . Series A r e d . ( t e x t )_______ M S x x x c* & r*
do
do
Series B ______________________ x x x c * & r *
do
d o Series C re d 1 0 5 __________________ M S .x x x c * & r *
G e n & R e f M ($ 1 5 0 ,0 0 0 ,0 0 0 ) g s f c a l l __ x x x B a c * & r *
O a l G a s & J G en M & C o ll T r g s f c a ll 110_______ M S c* x x x
E l C o r p j U n i f y ’ g & R e f M g c a ll 1 1 0 _______ U S c& r* x x
B a y C o u n tie s P o w e r C o 1st M g
n o t c a l l M S xxx
B a y C o u n t ie s P o w e r C o 2d M g ca ll 105___________ U S x x x
N e v a d a C o E le c n o t c a lla b le 1st M ____________________ zz
Y u b a E le c P o w e r n o t c a lla b le 1st M ____________________ zz
O a l C e n t G a s & E le c C o 1st M g s f n o t c a l l _____________M S zz
S a c r a m e n to E l G a s & R y 1st M g c a ll 103 fo r s f ________ c z z

Par
Value

1921
1922

1897
1919

1920
1921
1922
1911
1903
1907
1900
1901
1898
1899
1901
1897

y D o e s n o t in clu d e $ 4 5 ,1 9 9 ,0 0 0 d e p o s it e d w ith tru ste e o f 1st & r e f M

Net
Earnings.

Pension Reserves,
Fund.
&c.

Federal
Taxes.

n or

Pf.Divs. Com.Div. Balance
____
Surplus
(6 % ).

$
$
$
$
$
$
S
1923 -4 ,0 0 8 ,7 0 5 100 ,000
3 5 0 ,0 0 0
5 7 5 .0 0 0 3 9 0 ,0 0 0 113 8 ,1 5 8 1 ,4 5 5 ,5 4 7
1922 .3 ,0 2 5 ,2 4 4 100 ,000
.............
3 6 0 .0 0 0 3 9 0 ,0 0 0 113 8,14 2 1 ,0 3 7 ,1 0 2
1921 .2 .9 2 5 ,5 4 6 100,000
5 5 2 ,3 2 3
7 2 5 .0 0 0 3 9 0 ,0 0 0 $ 9 4 8 ,4 3 4 $ 2 0 9 ,7 9 0
1920 -4 ,6 4 5 ,7 5 0 100.000 1.605.750 1.5 5 0 .0 0 0 3 90 ,000 n o t sta te d 1.000 000
F o r 3 m o s . e n d e d M a r c h 31 1924, in V . 118, p . 21 9 0 a n d 2 8 5 2 , sh o w e d
n e t in c o m e o f $ 7 2 4 ,0 9 6 .
C h a ir m a n , W . D . B a ld w in ; P r e s ., J . H . V a n A ls ty n e ; S e c ., T . M . L o g a n ;
T r e a s ., R . H . P e p p e r; A u d ., C . K . K ir k b r id e . O ffic e , 11th A v e . b e tw e e n
2 6 th a n d 2 7 th S ts ., N . Y . — ( V . 118, p . 2 5 8 2 .)
O T I S S T E E L C O . ( T H E ) . — O R G A N I Z A T I O N .— I n c o r p o r a t e d in
O h io J a n . 3 1912 a n d a c q u ir e d th e O tis Steel C o . , L t d ., an E n g lish c o m p a n y ,
r e g iste r e d in 189 5. In J u ly 1919 re o rg a n iz e d an d a c q u ir e d th e C le v e la n d
F u rn ace C o . P rop e rtie s co m p r is e : (a) th e R iv e rsid e W o rk s o c c u p y in g so m e
3 5 0 a cres, o n w hich {ire 2 blast fu rn a ce s , 100 S e m e t-S o lv a y b y -p r o d u c t
c o k e o v e n s , m ills, o r e d o c k s , & c .; (b) T h e L a k e sid e w o rk s, o n a b o u t 22
a cres, o n w h ich are 5 o p e n -h e a r th steel fu r n a c e s , m ills a n d fo u n d r y . C o m ­
b in ed annual c a p a c it y 3 6 0 ,0 0 0 ton s p ig iro n , 2 2 8 .0 0 0 to n s p la te s. 8 4 ,0 0 0
to n s lig h t p la te s , 30.OG0 to n s o f steel c a s tin g , 54,0 0 0 to n s sh eets, 120,000
to n s s tr ip s , 3 3 6 ,0 0 0 to n s c o k e a n d 2 5 0 .0 0 0 to n s in g o ts .
(S T O C K .— P r e f. s t o c k is c a lla b le a t 110. S in k , f u n d , 3 % o f to ta l P r e f.
s to c k issu ed o u t o f p r o fits a fte r p r e f. d iv s . begin n in g 1925. N o m o rtg a g e
w ith o u t co n s e n t o f 2 -3 o f o u ts ta n d in g p r e f. s t o c k .
C o m m o n s to c k h o ld e r s o f r e c o r d S e p t. 20 1922 w ere g iv e n th e rig h t t o
s u b s c r ib e a t $11 p e r sh are t o 3 2 9 ,3 3 4 shares o f c o m m o n s t o c k w ith o u t
p a r v a lu e , a t t h e r a te o f 4 -5 sh are o f s u c h n e w s to c k fo r e a ch share o f c o m ­
m o n s t o c k h e ld . V . 115, p . 1437.
D I V I D E N D S . — S in ce in c o rp o ra tio n h a d p a id th e re gu la r s-a d iv s . o n
Its o ld p r e f. s t o c k , c a lle d fo r p a y m e n t o n O ct. 1 1919.
D iv s . o f 1 J£ %
q u a rte r ly w ere p a id o n th e n e w p r e f. (Q .-J .) t o J u ly 1921; n o n e s in ce . O n
th e c o m m o n s t o c k (p a r $10 0) p r io r t o O c t . 1 1919 p a id d iv s . as f o llo w s :
Y e a r ................................ 1913
1914
1915-16
1917
1918
1919
% ........................................ 1
1
N one
1 2 X 10 ( + 10 e x t) 5
B O N D S .— T h e fir s t m tg e . 8 % s. f . g o ld b o n d s, Series “ A , ” are re d e e m a b le
a ll or part t o A u g . 1 1924 a t 110 a n d in t .; th e re a fte r a t 107
an d Lnt. u p to
an d in c lu d in g A u g . 1 1926; th e r e a fte r a t 10 7 )4 an d in t. less )4 % fo r ea ch
12 m o n th s o r p a r t t h e r e o f e la p se d a fte r A u g . 1 1926. T h e Series “ B ”
b on d s are red e e m a b le a ll o r p a r t at 105 a n d in t. t o A u g . 1 192 4, a n d th e re ­
a fter a t 1 0 2 )4 an d in t.
A n a m o u n t s u ffic ie n t t o r e tire a n d c a n c e l 2 )4 % o f t h e m a x im u m a m o u n t
o f Series “ A ” b o n d s s e m i-a n n u a lly b y p u rch a s e u p t o , o r b y c a ll b y lo t a t , th e
re d e m p tio n p rice; fir s t in s ta llm e n t d u e o n M a y 1 1923. V . 113, p . 633.
T h e Series “ B ” b o n d s are t o h a v e a sin k in g fu n d as fo llo w s : (1) A regu lar
sin k in g fu n d su fficie n t t o r e tire $ 2 0 0 ,0 0 0 o f Series “ B ” b o n d s a n n u a lly .
(2 ) A n a d d ition a l sin k in g f u n d c a lc u la t e d as fo llo w s : I f 1 5 % o f n e t earnings
(as d e fin e d ) o f a n y fis c a l y e a r c o m m e n c in g w ith 1923, a fte r in terest a n d th e
regular sin k in g fu n d s , ex ce e d s th e a m o u n t re q u ire d t o re tire $ 2 0 0 ,0 0 0
Series “ B " b o n d s , th e n s u ch excess sh all c o n s titu te an a d d itio n a l sin k in g
fu n d . T h e regu lar sin k in g fu n d su ffic ie n t t o re tire $ 2 0 0 ,0 0 0 Series “ B
b on d s a n n u a lly is to be used t o p u rch a se b o n d s in th e o p e n m a rk e t i f o b ­
ta in a b le a t n o t ex c e e d in g r e d e m p tio n p r ice , o r t o ca ll b o n d s b y lo t a t t h e
r e d e m p tio n p r ic e .
V . 115 , p . 552 .
R E P O R T . — F o r 1923, in V . 118, p . 1401, s h o w e d :
Results for Calendar Years—
1923.
1922.
1921.
O p e r a tin g p r o f it s ___________ ______ _____ $ 2 ,1 1 0 ,7 5 6
$82 ,0571oss$1288394
N e t p r o f it a f t . d e p r .. F e d . t a x ., & c ._
1 ,360.893 d e f4 2 7 ,6 5 9 d e f2 ,582 ,7 1 8
A d ju s tm e n t o f i n v e n t o r y _____________
__________
__________
2 ,6 0 6 ,8 2 5
P r e fe r re d d iv id e n d s ( 7 % ) ____________
__________
__________
309 ,071
B a la n ce _________________________su r .$ 1 ,3 6 0 ,8 9 3 d e f$ 4 2 7 ,6 5 9 d f$ 5 ,4 9 8 ,6 1 6
Note.— -A ccu m u la te d d iv s . o n p r e f. s t o c k D e c . 31 1923 a m o u n te d to
$ 1 ,5 4 5 ,3 5 5 .
E a rn in g s fo r 3 m os. e n d ed M a r c h 31 1924 in V . 118, p . 2 58 2.
D I R E C T O R S . — W illia m G . M a th e r , C h a irm a n ; G e o rg e B a rto l (P ie s . &
T r e a s .), D . T .
C r o x t o n ( V . - P .) , S .L iv in g s to n M a th e r , H . A . R a y m o n d
C . A . O tis, J oh n S herw in, P . F . W ils o n , J . G . C a rru th ers, B . D . Q uarrie,
E . R . T in k e r , E lish a W a lk e r . O ff ic e , 3341 Jenn ings R o a d , C le v e la n d .
— ( V . 118 , p . 2 5 8 2 .)
O W E N S B O T T L E C O . ( T H E ) . — O R G A N I Z A T I O N .— In c o r p o r a t e d
In O h io o n D e c . 16 1907, s u cce e d in g a N . J . c o r p o r a tio n o f th e sam e n am e
in c o rp o ra te d S ep t. 3 1903. T h e w o rd “ M a c h in e ” w as d r o p p e d fr o m nam e
In M a y 1919. V . 108, p . 2 0 2 7 . O w ns th e U . S . rig h ts t o use an d licen se
oth er m a n u fa ctu rers to use the O w ens b o ttle -m a k in g m a c h in e , th e p aten ts
c o v e r in g w h ich are h eld b y th e T o le d o G lass C o ., an O h io c o r p o r a t io n .
P la n ts a t T o le d o . O ., C la rk sb u rg . F a ir m o u n t and C h a r le s to n , W . V a .. and
G la s s b o r o , N . J . O u tp u t in clu d es b o ttle s fo r c a ts u p , c h ili sa u ce , salad
d ressin gs, s y r u p , p e rfu m e, p ro p r ie ta ry m edicin es, d r u g g ists' b o t t le s , <fcc.
See s t o c k , V . 103, p . 1795, 935 , 936 , 1596. I n J u ly 1917 p u rch a sed p r o p ­
e r t y o f K a n a w h a M fr s . G lass C o . a n d J u ly 1 1918 th e W h it n e y G la ss W o r k s .
In D e c . 1919 a cq u ire d c o n t r o l o f th e C h a s. B o ld t G la ss C o . th rou gh e x ­
c h a n g e o f s t o c k . V . 109, p . 2 27 0. O th er p u rch a ses, V . 109, p . 773;
V . 118, p . 1279.
S T O C K .— T h e p referred s t o c k Is e n title d to c u m u la tiv e p r e f. divid en d *
o f 7 % p e r a n n u m ; t o p r io rity as t o assets to Its par value p lu s a c c r u e d d iv i­
dend; a n d Is s u b je c t t o r e d e m p tio n , all o r p a r t, a t 115 an d d iv s . on 90
d a y s ' n o tice . R e c a p ita lize d In 191 6. o ld p r e f., $ 5 0 0 ,0 0 0 , bein g retired
and $ 7 ,2 5 7 ,4 0 0 new p r e f., also $ 1 ,5 5 0 ,0 0 0 new c o m m o n , b e in g issued.
V . 103 , p . 935 , 669 , 1596; V . 104, p . 2 1 2 2 , 2016, 2 45 6. T o reim b u rse th e
trea su ry fo r c o n str u c tio n o f new p la n ts a t G la s b o r o , N . J . , and C h a rle sto n ,
W . V a ., c o m m o n sto c k h o ld e r s o f r e c o rd A p r il 21 1919 w ere o ffe r e d th e
right to su b scrib e a t p a r fo r $ 3 ,0 0 0 ,0 0 0 n ew p r e f. s t o c k issu ed Ju n e 1 1 1 9 1 9 .
D I V I D E N D S O N C O M M O N S T O C K .—
T O -’ l l . T 1 - T 2 . '1 2 -T 3 . '1 3 -T 4 . T 4 - T 5 . T 5 - T 6 .
'1 6 -'2 4
Paid in c a s h — % 10
12
12
12
12
12
te x t.
Paid in s t o c k ____ . .
-_
50
33 1-3 25
20
O n O c t . 1 1916 p a id o n c o m m o n shares regu lar 3 % a n d an e x tra 8 %
V . 103 , p . 1122. F r o m J a n . 1 1917 t o Jan . 1918, in c l., p a id 2 0 % p . a .,
in c l. f o r ea ch q u a r. regu lar 3 % a n d 2 % e x tra . In A p ril, J u ly a n d O ct.
1918 p a id regu lar q u a rte r ly 3 % in ca sh a n d ex tra d iv s . o f 2 % o n th e c o m m o n
s t o c k in S e c o n d L ib e r ty L o a n 4s a t p a r . Jan. 1919 t o A p r . 1921 p a id 3 %
q u a r .; J u ly 1921 t o Ja n . 1923 p a id 2 % q u a r.; A p r. 1923 p a id 2 % q u a r. an d
1 % e x tra : J u ly 1923 t o J u ly 1924, p a id 3 % qu a r. A s t o c k d iv id e n d o f 5 %
w a s p a id J u ly 1 1920 a n d a s t o c k d iv id e n d o f 5 0 % w as p a id Ju n e 1 1921.




Amount
Outstanding

N one
7 4 1 ,0 0 2 shs
$100 $ 8 ,8 3 0 ,6 0 0
100 & c
4 ,7 1 8 ,0 0 0
100 & c
4 ,8 4 4 ,0 0 0
25 1 6 .5 1 2 ,7 5 0
8 .8 2 2 ,6 0 0
100
7 ,0 0 0 .0 0 0
100
100
1.5 2 5 .0 0 0
4 ,0 0 0 ,0 0 0
100
1.000
5 ,0 0 0 ,0 0 0
5 5 .0 0 0
N o n e 323 .0 6 4 sh.
100 $ 3 5 ,6 3 0 ,8 8 5
100 5 4 ,2 7 4 ,9 8 4
2 4 ,1 0 0
100
500 & c 1 0 ,7 2 0 ,0 0 0
500 & c 2 0 ,0 0 0 ,0 0 0
500 & c 3 2 ,5 0 0 ,0 0 0
1,000 y 3 5 ,8 2 2 ,0 0 0
1,000
3 ,3 4 7 ,0 0 0
1,000 1 7 ,3 4 6 .0 0 0
1,000
7 7 1 ,0 0 0
1,0 0 0
4 7 8 ,0 0 0
6 0 ,000
1.000
172,000
1.000
1,000
4 7 9 .0 0 0
1,000
1.7 1 8 .0 0 0

R E P O R T .— F o r 1923. in V . 118, p . 1661, sh o w e d :

Cal.
Yrs.

211

INDUSTRIAL AND PUBLIC UTILITY

$ 1 ,0 0 0 ,0 0 0

Rate
%
8 g
See

When
Payable

Last Dividend Places Where Interest a n c
and Maturity
Dividends are Payable

J u ly 1 1921 1%
& A A u g 1 1941
(fc A A u g 1 1947
J u ly 1 1924 3 %
■— J
J
J u ly 1 1924 1*4
Q— J
N o v 1 1920 1 %
A u g 1 1921 1M
M a y 1 1921 1 %
J
& D J u n e 1 1946
1925
A u g 16 ’ 20 2 %
A p r 15 1924 2 %
Q— J
Q— F
M a y 15 1924 I H
Q— F 1 5 M a y 15 1924 1
J
& D D e c 1 1940
.1 & D D e c 1 1 9 4 1
J
& D D e c 1 1952
J
S J Jan 1 1942
c
M A
8 M a r 1 1933
M & N N o v 1 1937
M &
S S e p t 1 1930
A
& () A p r 1 1931
A
& () O c t 1 1928
.1 & D Ju n e 1 1929
F A A A u g 1 1931
M & N N o v 1 1927
F

7H g F
te x t

7

See
See
See

te x t
text
te x t
5 g

See
See
See

text
text
te x t
6
7 g
6 g
5^ g
5 g
5 g
5 g
5 g
6 g
6
6
5 g
5 g

ow ned b y

N e w Y o r k an d C le v e la n d
B lair & C o . N Y & C le v e
B y ch e ck
do
B a n k e rs T r u s t C o . N Y
do
do
do
do
do
do
C h e ck s m ailed
San F r a n cis c o , C aK f
do
do
N e w Y o r k & San F ra n .
N Y & San F r a n cis c o
N Y , C h ic o r San F ra n
N . Y . & San F r a n cis c o
M e r ca n tile T r C o , S an Fr
A t o f fic e o f c o m p a n y
A t o f fic e o f c o m p a n y
U n ion T r u s t C o , San Fr
do
do
M e r ca n tile T r C o , 8 Fr
M e rca n tile T r C o , San Fr
G u a ra n ty T r C o , N Y

th e c o m p a n y .

R E P O R T .— F o r 1923, in V . 118, p . 1518. s h o w e l:
Calendar Years—
1923.
1922.
M a n u fa c tu r in g p r o f it an d r o y a l t i e s . . $ 5 ,0 6 4 ,7 3 8 $ 4 ,6 4 4 ,0 3 1
O th er in c o m e ............. .......................... .........
1 ,0 3 7 ,2 3 6
1 ,5 7 6 ,6 0 9

1921.
$ 1 ,9 3 8 ,4 9 0
1,3 5 6 ,0 7 3

T o t a l in c o m e ________________________
E x p e n se s a n d o th e r c h a r g e s_________
F e d e ra l taxes a n d c o n t in g e n c ie s ____

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

*3 ,2 9 4 ,5 6 3
1,8 0 2 ,4 6 7
123,000

$ 3 ,5 5 4 ,8 6 2
1922.
$ 6 4 6 ,9 4 8

$ 1 ,3 6 9 ,0 9 6
1921.
$ 5 0 3 ,1 8 8

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

N e t p r o f i t ............... ...................................$ 3 ,5 6 0 ,5 6 3
1924.
1923.
$ 8 0 2 ,4 5 4
$ 9 0 7,36 1
N e t p r o f it s -----------------------

Results for 1st Quar.—

O F F I C E R S .— P r e s ., E . D . L ib b e y ; S e c ., F . L . G e d d e s; T r e a s ., H . H .
B a k e r. O ffice , T o le d o , O h io .— (V . 118, p . 2 3 1 4 .)
P A C I F I C C O A S T C O M P A N Y ( T H E ) . — T h is c o m p a n y o w n s all th e
secu rities o f P a c ific C o a s t R R . (o ld C o l. & P u g e t S o u n d R R . ) , S e a ttle to
F ran k lin , W a s h ., & c ., w ith b ra n ch e s , 57 m iles; P a c ific C o a s t R y . (n a rro w
g a u g e ). P o r t San L u is , O a l., t o L o s A liv o s , & c ., w ith b ra n ch e s , 103 m iles;
P a cific C o a s t C o a l C o . , o w n in g F ra n k lin m in es, w ith 3 ,8 5 0 acres a t F ra n k ­
lin, W a s h ., B la ck D ia m o n d m in es, w ith 4 ,6 7 0 a cres a t B la ck D ia m o n d .
W a sh ., N e w ca stle m in es w ith 2 ,5 2 0 acres a t N e w ca s tle , W a s h ., Issa q u a h
m ine w ith 1,6 0 0 acres a t Issa q u a h , W a s h ., S ou th P ra irie m in e , w ith
1,140 a cres a t B u rn e tt. W a s h ., a n d H y d e m in e w ith 1 ,1 2 0 acres a t C u m b e r­
la n d , a n d c o a l-h a n d lin g p la n ts a t S ea ttle, T a co m a a n d P o r tla n d , O re.
(V 8 3 , p 1048.)
D I V . S in ce '09—
C o m m o n _____________ %
First p r e fe rr e d _______ %
S econd p r e fe rr e d _____ %

13. T 4 . '1 5 . '1 6 . '1 7 . '1 8 . T 9 . '2 0 .
6
5
2
0
4
4
4
2
5
5
5
5
5
5
5
5
6
5
4
4
4
4
4
4

'21 ’2 2 . - ’2 3 .
0
0
0
6%
2
0

A ft e r 4% o n 2d pref. and com., these share equally. V. 92, p. 122. Ir
\ug. 1914 d iv s . on 2d pref. and com. were reduced from 1 if, to 1% quar
V. 9 9 , p . 202 . T h e c o m m o n d iv . w as re su m e d F e b . 1 1917 a t 1 % q u a r :
v h ic h rate was p a id t o a n d in clu d in g N o v . 1 1919; th e r e a fte r n o n e u n t il
A u g . 2 192 0, w h en 1 % w as p a id .
V . I l l , p . 3 0 0 . N o v . 1 92 0. 1 % : n on e
sin ce.
T h e A u g . 1921 d i v o n 2 n d p r e f. w a s d e fe r re d , V . 113 , p 3 0 0
The
N o v . 1921 d iv . o n 1st p r e f. w as d e fe r re d . V . 113, p. 1683
R E P O R T .— F o r 6 m o n th s e n d e d D e c . 31 1923, sh o w e d :
6 Mos. end. — ------- -— Years ended June 30---------------Dec. 31 ’ 23.
1922-23.
192 1-2 2.
19 2 0 -2 1 .
G ro ss e a rn in g s ____
$ 2 ,6 7 9 ,7 7 0
,021,516
:,4 4 8 ,7 7 9
$ 4 ,5 1 3 ,7 8 0
N e t a fte r t a x e s _________
177 ,289
252 ,8 8 3 d e f4 5 6 ,0 4 0
1 43 ,234
T o t a l in c o m e ____________
186 ,544
269,791
de f4 2 8 ,2 4 1
200 ,7 5 6
I n t . o n b o n d s , an d m is c 148 ,879
3 1 0 ,1 1 4
2 8 4 ,1 6 5
2 6 5 ,9 0 0
D iv . o n 1st p r e fe rr e d ___
7 6 ,2 5 0
Div-. o n 2 d p r e fe r r e d ____
120,000
D iv . o n c o m m o n ________
(1 % )7 0 ,0 0 0
B a la n ce , s u r p lu s --------$ 3 7 ,6 6 1 d e f$ 4 0 .3 2 3 d ef.$712,406 d e f$ 3 3 1 ,3 9 4
E a rm n g s fo r fir s t q u a rte r o f 1924: G ro ss, $ 1 ,3 8 4 ,7 7 9 ; n e t, $143 502 .
V . 118 , p . 219 0.
O F F I C E R S .— P re s., W m . M . B a rn u m , N . Y . ; V .- P . & G e n . M g r .
E . C . W a r d , S eattle; S e c ., J o h n H . K e lly ; T r e a s ., W a lte r B a rn u m , N e w
Y o r k . O ffic e s , 30 C h u r ch S t ., N e w Y o r k , a n d 508 S e c o n d A v e ., S eattle,
W a s h .— (V . 118, p . 2 1 9 0 .)
P A C I F I C D E V E L O P M E N T C O R P , — O R G A N I Z A T I O N — I n c o r p In
N ew Y o r k , J a n . 18 1917, p r im a rily a h o ld in g c o m p a n y o w n in g s to c k in
the fo llo w in g c o m p a n ie s e n g a g e d in im p o rtin g , e x p o r tin g a n d in d u stria l
d e v e lo p m e n t, e sp e cia lly In th e O rie n t: P a c ific C o m m e r c ia l C o . ( 8 0 .4 3 % )
A n d e r s e n , M e y e r & C o . , L t d . ( 9 9 .7 5 % ) , U n ite d S ta te s P a c ific C o . , I n c ’.
U 0 0 % ) , Sun C h e o n g M illin g C o . ( 1 0 0 % ), W . G . P r a t t & C o . , L t d . ( 1 0 0 % ) .
S o u th Seas P a c ific C o . , I n c . ( 1 0 0 % ) . V . 104, p . 6 6 8 ; V . 106 . p . 2 5 6 4 :
V . I l l , p . 7 9 , 300 . T h e s to c k h o ld e r s o n D e c . 20 1922 a p p r o v e d a fin a n c in g
p la n fo r th e P a c ific C o m m e r c ia l C o . a n d A n d e r s e n , M e y e r & C o . . L t d
C o m p a r e V . 115, p . 2 6 9 4 , 2 80 3; V . 116, p . 1188.
S T O C K .— T h e a u th . s to c k w as Increased fro m $ 5 ,0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 000
F eb . 21 1918 a n d t o $ 2 5 ,0 0 0 ,0 0 0 o n M a y 5 192 0. V . 108, p . 93 3 ; V . 110
p . i 9 7 8 . S to c k h o ld e r s o f r e c o r d J u ly 15 1919 w e re g iv e n th e rig h t to
s u b s crib e a t p a r ($50) fo r o n e share o f s to c k fo r ea ch share h e ld . V . 109
p. 178. S to ck h o ld e rs o f r e c o rd Ju n e 18 1920 w are g iv e n th e rig h t t o sut>
s crib e a t p ar ($50) fo r o n e share o f s t o c k fo r e a ch t w o shares h e ld . V .
110, p . 2 4 9 3 .
S to c k h o ld e r s o n D e c .8 1920 a u th o r iz e d th e c h a n g in g o f th e c a p ita l s to c k
r o m 5 0 0 ,0 0 0 shares, p a r $ 5 0 , t o 5 0 0 ,0 0 0 shares o f n o p ar v a lu e , th e
o ld s t o c k t o be e x ch a n g e a b le fo r n e w , share fo r sh a re . T h e sh areh old ers
also a p p r o v e d th e o ffe r in g o f 64 ,3 8 8 shares o f n e w s to c k a t $25 a share on th e
basis o f o n e share o f n e w s t o c k fo r e a c h fo u r shares o f o ld s t o c k issu ed or
s u b s crib e d f o r . V . I l l , p . 2 1 4 4 .
D I V I D E N D S .— In itial d iv id e n d s o f l $ i % p a id A u g . 15 191 7, w h ic n
rate w as p a id q u a r te r ly t o A u g . 15 1919, i n c l.; N o v . 15 1919 t o A u g . 16
1920. 2 % q u a r.; N o v . 1920 d iv . p a sse d . V . I l l , p . 1667.
*
R E P O R T .— F o r ca le n d a r y e a r 1 92 1, in V . 115, p . 864 , sh o w e d :
— „
—
,
1921.
1 92 0.
191 9.
191 8.
N e t p r o fit s s u b . c o s . a ft .
e s t. w ar t a x e s ---------------N o t s h o w n N o t sh o w n $ 1 ,3 3 1 ,4 5 2 * $ 1 ,6 0 6 ,6 6 0
D iv id e n d s ,
& c .,
in c l.
P a c ific D e v e l. C o r p . .
5 1 4 ,7 7 9
7 0 1 ,2 3 3
6 9 7 ,7 1 8
6 2 7 ,2 9 9
E x p e n s e s -------------------------6 8 1 ,1 4 8
4 4 7 ,1 8 7
2 4 4 ,5 0 9
2 8 1 ,0 9 5
D iv id e n d s ............... ..............
............. ( 6 % ) 4 9 0 ,3 7 0 (7 ^ ) 4 4 3 .0 2 5
(7 )3 3 0 ,3 9 1
B a la n ce , su rp lu s---------d e f$ 1 6 6 ,3 6 9 d e f$ 2 3 6 ,3 2 4
$ 1 0 ,1 8 4
$ 1 5 ,8 1 3
D I R E C T O R S . — A n d r e w W . P r e s t o n , G e o . D . B r a n s to n , L . F . S c h a u b
E . B . B r u c e (P r e s .), F ra n cis R . H a r t, G alen L . S to n e (C h a ir m a n ). H e rb e rt
F le ish h ack er, H e rb e rt H . W h it e ( V . - P .) , J . W . C on sva y, L e ste r H . M o n k s
R ich a rd F . H o y t , R o y a ll V ic t o r ( V . - P .) , V ilh e lm M e y e r , W illia m E n d ic o t t
John M . S w itze r. J . W . F a r le y . N . Y . o ffic e , 80 W a ll S t.— ( V . 116 , p .1 1 8 8 )
P A C I F I C G A S A N D E L E C T R I C C O .— (SeeM ap.) — O R G A N I Z A T I O N
— In c o r p o r a te d in C a lifo rn ia O c t . 10 1905 as a c o n s o lid a tio n a n d ow n s
a n d op e ra te s ex te n siv e p r o p e r tie s e m p lo y e d in th e p r o d u c t io n a n d sale
o f e le c t r ic it y a n d gas fo r lig h t, h e a t a n d p o w e r , a b o u t 6 2 % o f its re v e n u e s
b e in g d e r iv e d fr o m e le c t r ic it y an d a b o u t 3 3 % fr o m ga s.
I t also o w n s
a n d o p e ra te s th e en tire s tre e t ra ilw a y s y s te m o f S a c r a m e n to , 44 m iles
o f tr a c k , a n d is e n g a g e d in th e sale o f ste a m fo r h e a tin g aDd o f w a ter
fo r irrig a tio n a n d d o m e s t ic p u r p o s e s , d e r iv in g a p p r o x im a te ly 5 % o f its r e v e ­
nue fr o m th ese a n d o th e r less im p o rta n t a c tiv itie s . A ll t h e p r o p e r tie s , ex-

212




INDUSTBIAL AND PUBLIC UTILITY

[V ol. 118.

M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.

[F or abbreviations, A c . , see notes on page 6.]

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

P a c i f i c t i a s St E l e c t r ic C o . — {Concluded,.
S ta n d a r d E le c C o 1st M g u a r p & i ________________________ zz
B lu e L a k e s W a t e r 1st M n o t c a l l ________________________ zz
U n ite d G a s & E le c C o 1st M g o ld s f __________ M S c* x x x
V a lle y C o u n t ie s P o w e r C o 1st M g s r n o t c a l l _____ M Sxxx
S u b u r b a n L t & P o w M t g e n o t c a l l _____________________ c * x x x
8 P G & E l G e n M t g e s fd g o l d _______________________ U S xxx
P a c i f ic G a s I m p t M t g e g o ld s f d c a l l ______________________ zz
M u t u a l E le c L t C o 1st M c a l l ___________________________ x x x c
M e t r o p G a s O o r p s fd $ 2 5 ,0 0 0 a n n c a l l ___________ M S x x x c*
O r o v ille L t & P o w e r C o 1st M ($ 5 0 ,0 0 0 )___________________ c
N o rth e r n C a lifo rn ia P o w 1st m tg e g o l d _______U S x x c*
Her & C o n s M S 1 0 .0 0 0 ,0 0 0 s f ca lla b le 1015 at 110 U S xxc
U n d e r ly in g c o n d s o u ts ta n d in g as o f S ep t. 30 1923 $ 9 0 ,0 0 0

1899
1893
1902
1902
1908
1903
1900
1904
1911
1902
1902
1908

$ 10 0 & c
1,000
1,000
1,000
500
1,000
1,000
1,000
500
500
5,000
1,000

$ 1 ,8 6 5 ,4 0 0
7 1 3 ,0 0 0
1 ,0 0 7 ,0 0 0
1,4 8 4 ,0 0 0
220 ,5 0 0
6 ,3 5 1 ,0 0 0
423 .0 0 0
150 .000
996 .500
1,500
6 1 5 ,0 0 0
4 ,0 0 7 ,0 0 0

5
6
5 g
5 g
6

1909
1911

500 & e
1.000

193,300
4 5 6 ,0 0 0

W hen

Payable

M &
S
M -S 15
J
.1 &
M & N
F & A
4X g M & N
4 g
C—M
.1 & D
5
J
A D
5
F A A
6
A D
5 K J
& D
J
5 g

213

Last Dividend Places Where Interest ane
and Maturity
Dividends are Payable
Sept
M ar
J u ly
M ay
Aug
N ov
Sept
Ju n e
D ec
F eb
Jun e
D ec

1 1939
15 1938
1 1932
1 1930
1 1938
1 1933
1 1930
l 1934
1 1941
1 1927
1 1932
1 1948

In San F r a n cis c o
In N Y , San F r & L o n d o n
do
do
U S M tg e A T r C o . N Y
O a k la n d B k o f S a v , trua.
U n io n T r u s t C o , San Fr
do
do
U S M t g e A Tr C o . N Y
M e r ca n tile T r C o , San Fr
A t o ffic e o f c o m p a n y .
N ew Y o r k or San F ras
do
do

Guaranteed Bonds of Northern Cal, Power Co.

S acra Val P o w e r 1st M call 1919 a t 105 sink f u n d _______ s
1st a n d R e fu n d in g m o r tg a g e c a l! a t 105________________ xx
P a c i f i c L t & P o w C o r p — See S ou th ern C a lif E d ison C o b elow
P a c i f i c M a ll S S C o — C o m m o n s t o c k ___________________________
P a c i f i c O il C o — See te x t
P a c ific P o w e r & L ig h t C o — C o m m o n s to c k , $ 7 ,0 0 0 ,0 0 0 . . . .
P a c rlc T e le p & T e le s — 1st M $ 3 5 ,0 0 0 ,0 0 0 s o ld red 110
b e g 1922 s f _________________________________________ x c * &r
R e f m tg e g o ld Series A red ( t e x t ) _______________x x x c * & r
d o m e L o n g D istan ce T e le p h o n e C o 1st M a s s u m e d ____ xx
H om e T e l S T e l C o S p o k a n e 1st M a s s ’d s f call 10 5 . .x x c *
c
S ou th ern O al T e l C o 1st & R e f 5s $ 1 2 ,0 0 0 ,0 0 0 g ca ll 105
b e g M a y 1 1922 g u a r ____________ ___________ _______________ \
H o m e Cel & T e l C o 1st M g s fd 2 % (V 8 3 . p 2 1 6 ) _______ z

5

J
N
J
15

21937
1 1952
2 1932
15 1936

U S M tg & T r .N Y :& S Fr
N Y o r San F r a n c is c o
N a t C ity B k . NV or S F t
O ffic e , S p o k a n e

N M a y 1 1947
J Jan 1 1933

N Y a n d L o s AD gelea
N a t C it y B a n k . A Ls A n g

3 2 ,4 4 2 .0 0 0
2 5 .0 0 0 ,0 0 0
6 978 .0 0 0
3 .0 0 0 .0 0 0

5 g
5 g
iS
5g

&
J
M &
.1
&
M AN

1917
1902

1.000
1.000

6 ,2 9 3 .0 0 0
1 .2 5 4 .0 0 0

5 g
5 g

M
J

N O T E S .— i n e $ 1 0 ,0 0 0 ,0 0 0 5 -y e a r co lla te r a l tru s t c o n v e r t ib le n o te s o f
1920 w ere retired o n o r b e fo r e M a y 1 1922. V . 114, p . 636

Preferred
Dividends.

Balance,
Surplus.

1 9 2 2 ...................... $ 3 8 ,5 9 3 ,5 6 2 $ 1 1 ,735,773 * > ,1 4 8 ,6 1 4 $ 2 ,5 7 4 ,1 5 7 $ 4 ,0 1 3 ,0 0 2
1 9 2 1 __________ 3 6 ,9 3 9 ,4 7 4
9 ,7 6 7 ,0 1 3
4 ,7 9 7 ,7 * 2
2 ,1 3 2 ,2 « 3 2 ,8 3 6 ,9 4 7
1 9 2 0 ____________ 3 5 ,3 8 5 ,8 3 4
9 144.932
5 226,973
1.7 7 7 ,9 3 3 2 ,1 4 2 ,0 2 6
1 9 1 9 ....................... 2 6 ,5 8 2 ,6 8 8
7,8 3 3 .5 6 1
4 ,4 9 3 ,2 0 8
1 .5 2 8 ,9 6 1 1 ,8 1 1 ,3 9 2




N ew Y ork

l.OOO&c
100 & c
1,000
200 & c

B O N D S .— O f the $ 1 5 0 ,0 0 0 ,0 0 0 G en eral a n d R e fu n d in g M o r tg a g e b o n d s ,
the u n issu ed p o r t io n is re se rv e d t o re tire u n d e rly in g b o n d s , a n d fo r fu tu re
a d d itio n s , b e tte r m e n ts a n d im p ro v e m e n ts a t 9 0 % o f co s t u n d e r co n s e r v a tiv e
re s tric tio n s . $ 1 ,0 0 0 ,0 0 0 are In tr e a s u r y , o f w h ich $ 8 7 5 ,0 0 0 d e p o s ite d as
secu rity fo r su rety b o n d in ra te cases; $8 1 5 ,0 0 0 h a v e been ca n c e le d b y s in k ­
ing fu n d . D e n o m .: C o u p o n , $ 1 ,0 0 0 ; reg iste re d , $ 1 ,0 0 0 , $ 5 ,0 0 0 an d $10 ,0 0 0 .
In terest also p a y a b le In L o n d o n , B e rlin , A m s te r d a m , P a ris an d G e n e v a a t
£ 5 .2 .9 , 105 m a rk s, 62 gu ild ers o r 1 2 9 .5 0 fra n c s , r e s p e c tiv e ly . R e d . as a
w h ole (b u t n o t in p a rt) J a n . 1 1937 o n a n y in t. d a te th ereafter a t p a r & in t.;
a ls o re d . at 105 & in t. on a n y in t. d a te on 60 d a y s ’ n o tice in b lo c k s o f n o t
less th an $ 5 0 0 ,0 0 0 . S inking fu n d o f 1 % p . a . o f fa c e a m o u n t o f all u n d e r­
ly in g b o n d s an d b on d s o f this issu e. See V . 9 4 , p . 35 1 . L is te d on N . V.
S to c k E x ch a n g e .
V . 103, p . 1211; V . 105, p . 1523. V . 107. p. 183-’ , 2477;
V . 108 , p . 79, 214 4.
T h e first & r e f. m tg e . g o ld b o n d s are a d ir e ct first m o r tg a g e on the entire
p rop erties (in c l. th e new P it R iv e r p o w e r p la n ts a n d high ten sion trans­
m ission lin e) o f th e M t . S hasta P o w e r C o r p . w h ich w ill Join w ith th e P a cific
G as & E le c tr ic C o . in e x e c u tio n o f th e m o r tg a g e . A ls o a d ir e ct m o rtg a g e
on th e en tire p rop ertie s o f th e c o m p a n y n o w o w n e d a n d hereafter a cq u ire d
s u b je c t t o the p rior liens o f u n d e rly in g m o rtg a g e s . A s a d d itio n a l s e c u r ity ,
c o m p a n y agrees to se cu re fr o m tim e t o tim e th e c e r tific a tio n o f all G e n .
& R e f. M . b o n d s w h ich it m a y issue a n d w ill p le d g e th e sam e u n d e r th e new
m o r tg a g e .
M o r tg a g e p r o v id e s fo r a se m i-a n n . s in k in g fu n d o f X % o f all o u ts ta n d in g
b o n d s o f c o . a fter d e d u ctio n o f u n d e rly in g s in k in g fu n d p a y m e n ts to b e u til­
iz e d in th e a cq u is ition a n d re d e m p tio n o r r e tir e m e n t o f 1st & r e f. M . b o n d s.
A la rg e fu n d is also p r o v id e d a n n u a lly fo r the m a in te n a n c e a n d re p la c e ­
m en t o f th e p ro p e rtie s .
Series A b on d s are r e d e e m a b le a t 110 a n d int. on o r b e fo r e D e c . 1 1930
a n d a t 105 a n d in terest th e re a fte r. Series B b o n d s are n o n -c a lla b le . Series
C b o n d s are red eem a b le o n a n y in terest d a te a t 105 a n d in t. V . I l l , p .
2 52 8; V . 113, p . 231 8; V . 116, p . 6 2 4 .
The o ld d iv ision a l b o n d Issues w ere q u ite fu lly d e s crib e d in th e “ E le ctric
R a ilw a y ” S ection o f S e p t. 1918. F u rth e r p a rticu la rs as t o le a d in g Issues
m a y b e f o t n d as fo llo w s : O a l. G a s & E le c tr ic C o r p . (a) U n ify in g & R e f.
M t g e ., V . b ,, p. 1158, 980; V . 88, p . 1199; V . 90, p . 1677; V . 9 3 . p . 1191:
V . 9 5 , p . 1332; (7) G e n . M t g e . & C o l. T r . b o n d s, V . 9 4 , p . 3 5 1 . $ 4 ,4 9 2 .000 are d ep os ited u nd er U n ify in g & R e f. M t g e . an d $ 2 ,0 9 8 ,0 0 0 o n A p r . 30
1923 in sin kin g fu n d .

bond
Interest.

D See te x t

1907
1922
1912
1906

D IV S —
’0 9 . ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. *17. '1 8 . ’ 19-21 ’2 2 . ’ 2 3 .
O r ig .(2 d )P f%
6
6
6
x
6
6
6
6
6
6
6
6
6
N ew 1 P % ( V . 9 8 ,p ,1 8 4 6 ;V .9 9 ,p .l2 1 ) I X
6
6
6
6
6
6
6
6
C o m ----------- %
5
5
-.
3 H 2X —
SH 5 te x t
d o in stk % - 2
-50
..
..
..
6
2
x A c c u m u la te d 2 0 % in d iv id e n d s s e ttle d in s t o c k . V . 8 9 , p . 104 .
D iv id e n d s on co m m o n s t o c k w ere resu m ed A p ril 21 1919 a fte r an in te rv a l
o f iy 2 y ea rs, w ith p a y m e n t o f 1J4%- t o O c t . 1922 p a id 1 % q u a r.; Jan .
1923 t o O c t . 1923, p a id 1 X % q u a r .; J a n . 1924 t o A p r il 1924 p a id 2 % q u a r.
A ls o p a id 2 % in c o m . s to c k in F e b . 1922, a n d 2 % in c o m . s t o c k t o h o ld e rs
o f r e c o r d D e c . 30 1922.

Opeiaiing
Net after
Revenue. Taxes A Deo

A n g lo -C a l T r C o . San Fe
do
do

6 ,1 0 0 ,0 0 0

S T O C K .— In J u ly 1914 t h e is su a n ce o f th e in itial $ 1 2 ,5 0 0 ,0 0 0 1st p r e f.
•dock fo r im p ro v e m e n ts , e x te n s io n s , r e fu n d in g , & c ., w as a u th o r iz e d .
T h e o ld p r e f. s t o c k ($ 1 0 ,0 0 0 ,0 0 0 a u t h . a n d o u ts ta n d in g ) b e c a m e 2 d p r e f.
aud th e a u t h . a m o u n t o f c o m . w as r e d u c e d fr o m $ 1 5 0 ,0 0 0 ,0 0 0 t o $ 1 0 0 ,0 0 0 ,0 0 0 . V . 9 8 , p . 1846; V . 9 9 , p . 121 . T h e 2d p r e f . s t o c k is c o n v e r tib le
in to 102X % o f fir s t p r e f. a n d has m o s t ly been th u s r e tir e d , o n ly $ 3 7 ,1 0 0
bein g o u ts ta n d in g A p r il 30 1923.
T h e s to c k h o ld e r s D e c . 12 1921 a p p r o v e d th e re cla s s ifica tio n o f th e $ 1 6 0 .0 0 0 ,0 0 0 a u th o r iz e d ca p ita l s t o c k a s fo llo w s ; $ 7 9 ,9 0 0 ,0 0 0 fir s t p re fe rre d s t o c k
(in creased fro m $ 5 0 ,0 0 0 ,0 0 0 ), $ 1 0 0 ,0 0 0 o rig in a l p re fe rr e d s t o c k (decrea sed
fr o m $ 1 0 ,0 0 0 ,0 0 0 ), a n d $ 8 0 ,0 0 0 ,0 0 0 c o m m o n s t o c k (d e cre a se d fr o m $ 1 0 0 ,0 0 0 ,0 0 0 ). V . '113, p . 2 6 2 3 .
C o m m o n s t o c k t o th e a m o u n t o f $ 3 1 ,6 9 6 ,8 6 7 In a d d it io n t o th a t
r e p orted o u ts ta n d in g Is o w n e d b y s u b sid ia ry c o m p a n ie s

R E P O R T .— F o r 1922, in V . 116. P- 265 5. s h o w e d :

te x t J

N M a y 1929
J J u ly 1 1941

100

C8pt th o s e o f th e M t . S hasta P o w e r C o r p . a n d C a lifo rn ia T e le p h o n e & L ig h t
C o . , a n d th o s e lea s ed fr o m th e Sierra & San F ra n cis c o P o w e r C o . , o w n e d in
fe e .
T h e o p e r a tio n s o f th e c o m p a n y e x te n d in t o 36 c o u n tie s o f ce n tr a l a n d
n orth ern C a lifo rn ia , h a v in g an area o f 5 4 ,0 0 0 s q u a re m iles a n d an e stim a te d
p o p u la tio n (1920) o f 1 ,7 1 5 ,9 5 9 . T h e business fie ld e m b r a c e s th e im p o rta n t
San F r a n cis c o B a y s e c tio n a n d th e fe rtile S a c r a m e n to a n d San J o a q u in
V a lle y s . T h e c o m p a n y serves e igh t o f th e tw e lv e J a rg e st citie s in C a lifo rn ia .
A t th e c lo s e o f 1922 th e c o m p a n y o p e r a te d 2 s 1 y d r o e le ctr ic g e n e ra tin g
h
p la n ts h a v in g an a g g re g a te in s ta lla tio n o f 4 l 7 ,8 2 9 h .p ., f o u r m o d e r n s te a m
tu r b in e e le ctr ic p la n ts w ith an a ggre ga te in s ta lla tio n o f 173 ,592 h . p ., also
2 4 0 s u b -s ta tio n s an d 1 0 .4 5 9 m iles o f tran sm ission a n d d is trib u tio n lin es
w ith a c o n n e c te d lo a d o f 1 ,1 1 0 ,6 7 9 h .p .
T h e gas d e p a rtm e n t in clu d e s 18 m a n u fa c tu r in g p la n ts w ith an a ggre ga te
c a p a c it y o f 7 3 ,4 1 0 ,0 0 0 c u b ic fe e t p er d a y an d 3 ,3 3 9 m iles o f m ain s.
I n O c t . 1919 p u rch a s e d th e p r o p e r tie s a n d m o s t o f th e $ 1 0 ,0 0 0 ,0 0 0 ca p ita l
s t o c k o f th e N o rth e r n C a lifo rn ia P o w e r C o . C o n s o lid a te d a t $34 p e r sh are,
th u s a cq u ir in g 585 m iles o f h ig h -te n sio n lin es an d 1,985 m iles o f lo w -te n s io n
n es, a v a lu a b le p o w e r site o n th e P it R iv e r , a n d six h y d r o -e le c t r ic g e n e r a tn g p la n ts o n B a ttle C r e e k a n d C o w C r e e k , w ith an a g g re g a te in s ta lla tio n
o f o v e r 6 6 ,0 0 0 h . p . . th e n m a rk e tin g 3 0 ,0 0 0 h . p . V . 109, p . 173. In D e c .
1919 lea sed fo r 15 y e a r s th e p r o p e r tie s o f th e Sierra & San F r a n cis c o P o w e r
C o . V . 109 , p . 2 3 6 2 .
Franchises in o v e r 176 citie s a n d t o w n s , it is c la im e d , are p e r p e tu a l, the
U . S. S u p rem e C o u r t o n A p ril 6 1914 h a v in g ru led th a t all fra n ch ise s o f
p u b lic se r v ic e c o r p o r a tio n s w ith in th e S ta te o f C a lifo rn ia o b ta in e d p r io r t o
O c t . 10 1911, w ere o f p e r p e tu a l d u r a tio n a n d c o u ld n o t b e a lte re d .
7 5 -c e n t gas ra te in San F r a n cis c o h e ld v a lid . See V . 109, p . 2 44 4. R a te s ,
V . I l l , p . 195 , 499 ; V . 113, p . 77, 967; V . 115, p . 655 ; V . 118, p . 916 .
D e cis io n ca llin g fo r r e fu n d o f o v e r $ 2 ,0 0 0 ,0 0 0 im p o u n d e d fu n d s . V . 112,
p . 2 64 9.
C a se still p e n d in g in U . S. S u p rem e C o u r t . P r o p o s e d a c q u is itio n
o f d is trib u tin g s y s te m b y c it y o f San F r a n cis c o , V . 117, p . 156 3. R e fu s a l
o f c o m p a n y t o sell, V . 117 , p . 178 6.

Calendar
Years—

1 .5 0 0 .0 0 0 See

A
&
&

M
J

8
6

&
&

Jan
M ay
Jan
M ay

P r e lim in a r y r e p o r t fo r 1923, in V . 118, p . 1130, sh o w e d : G ross o p e r .
re v e n u e , in c l. o th e r in c o m e , $ 3 9 ,9 7 1 ,7 4 3 ; n e t in c o m e , a fte r F e d era l taxes,
& c ., $ 1 6 ,4 7 8 ,3 3 2 ; b o n d in t ., d is c o u n t & e x p ., $ 6 ,4 9 7 ,2 8 1 ; r e s e rv e fo r d e p r e c .,
$ 3 ,2 2 4 ,7 5 7 : p r e f. d i v s ., $ 3 ,1 0 3 ,8 4 7 ; c o m . d i v s ., $ 2 ,3 1 0 ,4 9 9 ; b a l., s u r .,
$ 1 ,3 4 1 ,9 4 9 .

Number of Consumers Served for Calendar Years.

1922.
G a s ____________________________ 3 1 6 ,2 6 8
E l e c t r i c i t y . . ^ ________________ 3 1 1 ,4 6 9
W a t e r . . .....................
1 6 ,9 8 5
S t e a m _______ ________
542

1921.
2 9 7 ,2 7 0
2 8 5 ,2 0 6
1 6 ,162
475

1920.
2 8 6 ,5 4 2
2 6 6 ,1 3 2
1 6 ,2 3 4
451

191 9.
2 6 9 ,8 7 0
2 3 5 ,7 1 9
1 4 ,5 8 7
443

1918.
2 5 4 ,4 3 3
2 0 9 ,4 1 2
12,705
463

T o t a l ............. ................ ............6 4 5 ,2 6 4 5 9 9 ,1 1 3 5 6 9 ,3 5 9 5 2 0 ,6 1 9 4 7 7 ,0 1 3
O F F I C E R S .— P r e s ., W . E . C r e e d ; V .- P r e s . & G e n . M g r ., F r a n k A
L e a ch J r .; V .-P r e s . & T r e a s ., A . F . H o ck e n b e a m e r ; V .-P r e s . & S e c ., D . H F o o t e ; A s s t. S e c ., C h a s . L . B a rr e tt; A s s t. T r e a s ., L e R o y M o o r e .— ( V . 118p . 2 3 1 4 .)
P A C I F I C M A IL S T E A M S H I P C O .— I n c o r p . In A p ril 1848 In N . Y .
O n D e c . 31 1923 o w n e d 10 stea m ers h a v in g an a g g re g a te gross to n n a g e o f
3 9 .1 9 0 to n s . O p era tes fr o m San F r a n cis c o (a) t o H a w a ii, J a p a n , C h in a
a n d th e P h ilip p in e s ; (b ) v ia C e n tr a l A m e r ic a n p o r ts t o P a n a m a ; (c) v ia th e
P a n a m a C a n a l be tw e e n N e w Y o r k , P h ila d e lp h ia , B a ltim o re a n d N o r fo lk on
th e A t la n t ic , a n d S e a ttle , San F r a n cis c o a n d L o s A n g e le s o n th e P a c ific
C o a s t ), a ll u n d e r t b e U n ite d S ta te s fla g .
R E P O R T . — F o r 192 3, in V . 118, p . 1279, s h o w e d :

Calendar

Net

Common

War

Balance,

Revenue.
Dividends.
Taxes.
Sur. or Def.
Years—
$ 1 8 4 ,0 1 6
________________
__________ s u r .$1 8 4 ,0 1 6
1 9 2 3 ____________ ____
1 9 2 2 ____________ -------________________
__________ su r. 2 7 7 ,1 6 7
2 7 7 ,1 6 7
d e f4 9 5 ,5 9 1
________________
__________ d e f. 495 ,5 9 1
1921 ________________ d e f4 9 5 ,5 9 1
(5 0 % )$ 7 5 0 ,0 0 0 $ 3 4 5 ,0 0 0 su r. 5 2 7 ,4 7 0
1 9 2 0 ____________ --------- 1 ,6 2 2 ,4 7 0
I n Ju n e 1917 a d iv id e n d o f 50 ce n ts p er sh are ( 1 0 % ) w as d e c la r e d od
the c o m m o n s t o c k , p a y a b le J u ly 16. In D e c . 50 c e n ts a sh are ( 1 0 % ) w ith
an e xtra o f $2 50 ( 5 0 % ) .
I n Ju n e a n d D e c . 1918 a n d 1919 p a id s .-a .
d iv . o f 5 0 c . a share ( 1 0 % ) w ith an e x tra o f $1 ( 2 0 % ) . I n 1 92 0: J u n e , 1 0 % .
w ith e x tra o f 2 0 % ; D e c ., 1 0 % a n d 1 0 % e x tr a . N o n e s in ce .
P r e s ., G a le H . C a rte r , N . Y . ; V . - P . , T . A . G ra h a m , 508 C a lifo rn ia S t.,
San F r a n cis c o ; S e c ., A r th u r B . G a ite s . 120 B r o a d w a y , N . Y . ; T r e a s .,
H e n r y S. B r o p h y , 10 H a n o v e r S qu are, N . Y . — (V . 118, p . 153 0.)
P A C I F I C M I L L S .— (V . 1 1 8 ,p . 114 6.)
P A C I F I C O I L C O .— I n c o r p . in D e la . D e c . 3 1920 w it h a c a p ita l s tock
o f 3 ,5 0 0 .0 0 0 shares o f n o p a r v a lu e , w h ich th e S o u th e rn P a c ific C o m p a n y
s u b s crib e d fo r a t $15 p e r share, o r $ 5 2 ,5 0 0 ,0 0 0 . F r o m th e a m o u n t so realze d th e n ew c o m p a n y p u rch a se d fr o m th e S ou th ern P a c ific L a n d C o . , as
o f J a n . 1 1921, fo r $ 4 3 ,7 5 0 ,0 0 0 :
(a) A b o u t 2 5 9 ,0 0 0 acre s o f la n d s itu a te in th e S ta te o f C a lifo rn ia , o f
w h ic h a b o u t 2 5 ,0 0 0 acre s are p r o v e n o il la n d s a n d th e r e m a in d er la n d s
t h e r e to fo r e w ith d r a w n fr o m sale b y th e L a n d C o . as p o s s ib le o il la n d s ,
t o g e th e r w ith e x is tin g fie ld im p ro v e m e n ts , m a te ria ls a n d s u p p lies;
( b) 2 0 0 ,6 9 0 shares, p a r v a lu e $ 2 0 ,0 6 9 ,0 0 0 , r e p re se n tin g 5 0 .4 8 % o f th e
o u ts ta n d in g ca p ita l s t o c k o f th e A s s o c ia te d O il C o .
(C o m p a r e V .
112, p . 6 5 0 ).
B y th e sale o f these p r o p e r tie s th e S o u th e rn P a c ific L a n d C o . , th e en tire
ca p ita l s t o c k o f w h ich is o w n e d b y th e S o u th e rn P a c ific C o . re c e iv e d
$ 4 3 ,7 5 0 ,0 0 0 in cash a n d th e P a c ific O il C o . r e ta in e d $ 8 ,7 5 0 ,0 0 0 as w o rk in g
c a p it a l.
O n D e c . 31 1923 th e c o m p a n y o w n e d $ 3 0 ,7 3 9 ,1 1 0 o f th e c a p ita l s t o c k o f
A s s o c ia te d O il C o ., e q u iv a le n t t o 5 4 .8 9 % o f th e ag g re g a te $ 5 6 ,0 0 0 ,0 0 0 issu ed
a n d o u ts ta n d in g , o r s u b s ta n tia lly 5 8 % o f $ 5 2 ,9 9 9 ,4 0 0 b a la n c e o f s t o c k in
h a n d s o f p u b lic a fte r d e d u c t in g $ 3 ,0 0 0 ,6 0 0 s t o c k in A s s o c ia te d O il C o . ’s
tr e a s u r y . A ls o o w n s a th ir d in te re st (3 5 ,0 0 0 shares o f s t o c k ) in t h e A s s o ­
c ia te d P ip e L in e C o . , th e o th e r o w n e rs b e in g A s s o c ia te d O il C o . an d
S ou th ern P a c ific C o ., e a c h o f w h o m a lso has a th ird in te re st.
T h e re w ere 595 w ells in o p e r a t io n o n D e c . 31 1923; 13 n e w w ells w ere
b e in g d r ille d a n d 14 w ells w ere b e in g re d r ille d o n t h a t d a te . C h ie fly d u e
t o cu r ta ilm e n t o f p r o d u c t io n a c t iv it ie s , 364 w ells w ere in o p e r a tiv e on
D e c . 31 1923.
C o n tr a c t w ith S o u th e rn P a c ific C o . fo r s u p p ly o f f u e l o il h a s b e e n sus­
p e n d e d o w in g t o p o s s ib le c o n f lic t w ith p r o h ib itio n s o f C la y t o n A c t . M e a n ­
w h ile , S o u th e rn P a c ific C o . is p u rc h a s in g its f u e l o il r e q u ir e m e n ts fro m
P a c ific O il C o . a t m a rk e t p r ic e s a fte r c o m p e t it iv e b id d in g .
H olders o f tbe c a p ita l s t o c k o f th e S o u th e rn P a cific C o m p a n y , a t th e c los e
o f husiness on Jan 14 1921 w ere g iv e n th e rig h t t o p u r c h a s e a t $15 p e r share
o n e share o f s t o c k o f th e n e w c o m p a n y fo r e a ch sh are o f S o u th ern P a c ific
C o . s t o c k so h e ld .
D I V I D E N D S . — A n in itia l d iv . o f $ 1 .5 0 p er share w as p a id o n J u ly 20 ’21:
sam e a m o u n t p a id s e m i-a n n u a lly t o Ja n . 20 1923: o n J u ly 20 1923, Ja n . 21
1924 a n d J u ly 21 1924 p a id $1 p e r share.
R E P O R T . — F o r 1923 s h o w e d :
1921.
1922.
1923.
G ro ss earnings fr o m o p e r a t io n s ---------- .819,876,001 $ 2 1 ,4 2 2 ,0 0 4 $ 3 0 ,8 5 3 ,2 5 7
Less— O p e ra tin g e x p e n s e s------------------ . $ 8 ,8 0 6 ,3 4 0 $ 7 ,2 2 2 ,6 7 1 $ 1 1 ,2 0 4 ,6 0 4
990 ,1 5 2
8 2 2 ,5 0 7
1 ,2 3 3 ,8 9 9
T a x e s (e x c l. F e d . in c o m e t a x e s )_
_
- $ 9 ,8 3 5 ,7 6 2 $ 1 3 ,2 0 9 ,1 8 2 $ 1 8 ,8 2 6 ,1 4 6
1 ,3 8 8 ,2 5 7
2 ,1 8 7 ,3 2 5
. 2 ,5 6 4 ,0 4 5
.$ 1 2 ,3 9 9 ,8 0 6 $ 1 5 ,3 9 6 ,5 0 7 $ 2 0 ,2 1 4 ,4 0 3
. $ 2 ,9 0 4 ,5 7 9 $ 3 ,0 9 4 ,9 7 5 $ 3 ,1 5 3 ,1 1 1
8 0 0 ,0 0 0
5 0 9 ,3 0 6
R e s e r v e fo r F e d e ra l in c o m e t a x e s . .
5 57 ,116
S u rplu s in c o m e fo r p e r io d _________ $ 8 ,9 3 8 ,1 1 1 $ 1 1 ,7 9 2 ,2 2 6 $ 1 6 ,2 6 1 ,2 9 3
O F F I C E R S .— C h a irm a n o f E x e c . C o m m ., H e n r y W . D e F o r e s t; P r e s .,
P a u l S h o u p ; S e c. & T r e a s ., H u g h N e ill. N . Y . o f fic e , 165 B r o a d w a y .—
( V . 118, P . 2 4 4 8 .)
P A C IF IC T E L E P H O N E A N D T E L E G R A P H C O . (T H E ).— O R G A N ­
I Z A T I O N . — I n c o r p . in C a lif. D e c . 31 1906. V . 84, p . 5 4 , 163. S ta tion s
D e c . 31 1923, 1 .2 6 9 ,3 3 9 .
In M a r c h 1912 p u rch a s e d th e B a y C itie s H o m e
T e le p . C o . fo r $ 8 9 5 ,0 0 0 ca s h , $ 1 ,3 0 0 ,0 0 0 P a c . T e l. & T e l. s t o c k a n d $ 7 ,0 8 0 ,000 H o m e L o n g D is ta n c e T e le p . C o . b o n d s g u a r, b y th e P a c if ic T e l. & T e l.
C o.
V . 95, p . 180, 1406; V . 96, p . 2 0 7 , 29 1 . In 1917 w as a u th . t o p u rch a se
p re f. s to c k v . t . c . o f U . S. L o n g D is ta n c e T . & T . C o . V . 105, p- 1314,
1807.
In M a y 1918 p u rch a s e o f San D ie g o H o m e T e le p . C o . fo r $65 0 ,0 0 0
w as p e n d in g , V . 106, p . 201 4.
D u r in g 1920 a c q u ir e d t h e p r o p e r tie s o f the
( io l ' >da IV lephi n e & P o w e r C o . U ta h N e v a d a & Id a h o l'e le p . C o . , an d
th e N e v a d a C o n s . T e l. & T e l. C o .
D u r in g 1922 p u rch a se d t h e te le p h o n e
p r o p e r ty o f th e M a s o n V a lle y T e l. & T e l. C o .
A s t o S o u th e rn C a lifo rn ia
T e le p . C o . , see V . 102, p . 1441, 1631; V . 103, p . 1986; V . 1Q6. P- 1692,

214

IYDUSTKIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.
Wor abbreviations, &c . . see notes on page 6.]

Date
Bonis

Packard Motor Car Co— Common stock $30,000,000 auth
P r e f s to c k 7 % cu m $ 2 0 ,0 0 0 ,0 0 0 c a lla b le 110 A d i v _________
P a n Amur P e t r o l & T r a n s p o r t — < om stk $ 5 5 .0 0 0 .0 0 0 ____
“’
C la ss B n o n -v o t in g c o m s to c k $ 1 5 0 ,0 0 0 ,0 0 0 ________________
F irst lien 10-yr m arine e q u ip c o n v b on d s red 105 C o lk x x x x c *
P a n h a n d l e Producing & Refining— C o m s to c k 3 0 0 ,0 0 0 sh.
P r e f (a & d ) cumul c o n v e r tib le (s.f) $ 4 ,0 0 0 ,0 0 0 call 110 . .
Peerless Truck & Motor Corp— C a p stk auth $ 2 0 ,0 0 0 ,0 0 0 ..

1920

Par
Value

$10 $ 2 3 ,7 7 0 ,2 0 0
100 14 670 .2 0 0
50 50.0 7 7 .8 0 u
50 8 1 ,1 2 0 ,5 0 0
500 & c
6 ,8 4 0 .0 0 0
N o n e 198,770 s b 100
2 .9 3 5 200
5:' 1 1 .4 2 9 ,4 5 0

S t o c k , c o m m o n , $ 1 8 ,0 0 0 ,0 0 0 , all o u tsta n d in g : p r e f., 6 % c u m . (a lso p r e f
as t o a s sets), $ 8 2 ,0 0 0 ,0 0 0 a u t h ., o u ts ta n d in g $ 5 7 ,0 0 0 ,0 0 0 (e xcl. o f a m o u n t
o ffe r e d t o s to ck h o ld e rs m e n tio n e d b e l o w ) . A m e rica n T e l. & T e l. C o . ow n s
a m a jo r it y . P r e f. d iv s . p a id re g u la rly , 6 % p . a. (Q -J . 15 ).
T h e p r e f. a n d c o m m o n s to c k h o ld e r s o f r e co rd A p r il 15 1924 w e re g iv e n
th e rig h t t o s u b s crib e o n o r b e fo r e M a y 15 fo r $ 2 5 ,0 0 0 ,0 0 0 6 % p r e f. s to c k
(par $100) a t $87 50 p e r sh are, p lu s 7 5 c . p e r share fo r d iv . a d ju stm e n ts.
B O N D S .— " F ir s t a n d C o lla te ra l T r u s t ” 5s o f 1907 ($ 3 5 ,0 0 0 ,0 0 0 , a ll issu ed,
a u th . Issue, M e r ca n tile T r u s t C o . , San F r a n cis c o , tru stee) h a v e a sinking
fu n d b eg in n in g 1912 w h ich w ill retire a b o u t 3 0 % b y m a t u r it y , V . 88
82 5 ; V . 9 0 . p . 85 4 ; V . 9 1 , p . 720 : V . 9 2 , p . 1569; V . 9 3 , p . 3 4 9 , 412:
9 5 , p . 180; V . 9 7 . p . 95 4 ; V . 9 8 . p . 3 0 9 . 391 .
T h e r e f. m t g e . 5 % g o ld b o n d s Series A are re d e e m a b le as a w h o le o n ly
o n M a y 1 193 2, o r o n a n y in t . d a te th e r e a fte r , a t th e fo llo w in g p rice s w ith
i n t ., i f on o r p r io r t o M a y 1 194 2, a t 1 0 7 M'. if s u b s e q u e n t t o M a y 1 1942
a n d o n o r p r io r t o M a y 1 1949, a t 105: a n d i f s u b s e q u e n t t o M a y 1 1949,
at 100. M t g e . w ill p r o v id e fo r sin k in g fu n d p a y m e n ts t o a tru s te e a t th e
ra te o f $ 1 2 5 ,0 0 0 s e m i-a n n u a lly b e g in n in g N o v . 1 1922, s u ch p a y m e n ts t o
b e u sed in p u r c h a s in g Series A b o n d s , i f o b ta in a b le a t n o t e x c e e d in g 100
a n d in terest. V . 114, p . 2 02 2.
S ou th ern C a lifo rn ia T e le p h o n e C o . , F irst & R e f. M t g e . o f 191 7. see
V . 108, p . 486: V . 112. p . 569 .
R E P O R T . — F o r ca le n d a r y e a r 1923, sh ow ed
Calendar Years—
1923.
192 2.
1921.
T o t a l g ross in c . (a ft. o p e r . e x p . & ta x .) $ 8 ,8 8 3 ,2 8 4 $ 8 ,4 5 9 ,5 2 9 $ 7 ,0 6 4 ,6 9 2
D e d u c t r e n ts , in terest, & c ____________ $ 5 ,3 4 3 ,7 0 9
$ 4 ,6 5 9 ,3 7 6 $ 3 ,9 4 4 ,0 5 8
D iv id e n d s _______________________________ 3 ,4 2 0 ,0 0 0
2 ,6 7 0 ,0 0 0
1,9 2 0 ,0 0 0
B a la n ce , surplus.

$11 9,57 4

$ 1 ,1 3 0 ,1 5 2

Amount
Outstanding

$ 1 ,2 0 0 ,6 3 4

Bate
%

See

When
Payable

[V ol. 118,

Last Dividend Places Where Interest antir
and Maturity
Dividends are Payable

D e tr o it
Q— J 3 1 A p r 30 24 3 %
do
Q— M
Ju n e 15 ’ 24 1 %
N ew Y o r k
text Q -J 20
See te x t
N ew Y o rk
See te x t
text q - j 20
N ew Y o rk
F & A A u g 1 1930
7 g
text

7

See
See
See
See

text
.Tulv 2 1923 2 % I r v B k -C o l T r C o , N Y
te x t Q — M 31 M a r 31 ’ 21 1 %

C lass B c o m m o n s to c k (20 shares o f $50 p a r v a lu e e a c h ) , w ith p r o v is io n for
a re d u c tio n o f th e c o n v e r s io n p r ice u n d e r c e r ta in c o n d it io n s i f a d d itio n a l
c o m m o n s to c k o r C lass B c o m m o n s t o c k sh a ll b e issu ed at p rice s lo w e r th a n
$145 p e r share. V . I l l , p . 3 9 4 .
T h e c o n v e r s io n p r ic e a fte r g iv in g e ffe c t
t o th e t w o r e c e n t s t o c k d iv s . m e n tio n e d a b o v e is $ 1 0 6 .4 5 ; i. e ., a t th e
ra te o f $10 6 .4 5 valuek>f b o n d s fo r 1 sh a re o f c o m m o n C la ss “ B ” s t o c k .]
G u a ra n te e s , p r in . & i n t ., 8 % s. f . g o ld b o n d s o f M e x ic a n P e tr o le u m C o . ,
o f w h ic h $ 6 ,8 9 1 ,9 0 0 are o u t s t a n d in g . V . 112 , p . 1 62 2.
R E P O R T .— F o r 1922, in V . 116 , p . 2 1 2 4 , s h o w e d :
Calendar Years—
’
1922. ’
1 92 1.
192 0.
191 9.
$ 8 ,8 3 5 ,5 3 5 $ 4 ,7 7 5 ,3 6 0
P r o fit fr o m o p e r a t io n ___ $ 4 8 ,0 4 9 ,7 3 7 $ 1 3 ,4 9 0 ,9 8 3
Deduct— In te re s t, & c . _ - $ 1 ,1 0 8 ,6 2 2
$ 9 5 0 ,2 6 1
$ 2 0 1 ,4 2 6
$ 2 0 5 ,1 7 3
D e p r e cia tio n , & c ______ 1 0 ,7 8 5 ,1 7 8
2 ,5 9 8 ,8 1 2
1 ,7 9 7 ,6 3 7
1 ,2 7 0 ,6 7 7
F ed era l ta x e s, & c ____
4 ,5 8 0 ,0 0 0
9 0 0 ,0 0 0
1 ,0 0 0 ,0 0 0
6 0 0 ,0 0 0
N e t in c o m e ___________ $ 3 1 ,5 7 5 ,9 3 7
O th er i n c o m e - . .............................. ............

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

$ 2 ,6 9 9 ,5 1 0
3 ,8 9 1 .9 1 1

T o t a l in c o m e _________ $ 3 1 ,5 7 5 ,9 3 7 $ 1 8 ,1 6 2 ,6 1 3 $12,987,753
Z40.000
P r e f. d iv s . (7 % a p p r o x .)
_______
_______
C o m m o n d iv s ., a p p r o x - . z S ,5 10 ,101 z 6 ,0 0 7 ,9 8 5
z 6 , 008,000
z l ,985,673
do
C l. B a p p r o x z 4 , 0 5 1 ,4 0 7 z 2 ,4 1 1 ,9 1 0

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

$ 4 ,9 5 4 ,0 8 0
1 6 ,1 5 9 ,1 9 2

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

B a la n ce , s u r p lu s _____ $ 2 1 ,0 1 4 ,4 2 9
P r e v io u s s u rp lu s ________ 2 5 ,4 5 7 ,4 2 3

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

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

T o t a l s u rp lu s ___________$ 4 6 ,4 7 1 ,8 5 2 $ 2 5 ,3 0 3 ,6 8 9 $ 2 1 ,1 1 3 ,2 7 2 $ 6 ,3 7 4 ,0 5 8
I n v e s t ., & c ., a d ju s t _____ C r5 ,5 9 0 ,1 7 0 Cr. 153 ,733 C r .8 2 6 ,0 8 4 C r 9 ,7 8 5 ,1 3 3
6 ,3 7
S to c k d iv id e n d __________ 2 1 ,2 3 1 ,9 0 0
------------- 8 ,3 8 5

P r o f it & loss s u r p lu s -.$ 3 0 ,8 3 0 ,1 2 2 $ 2 5 ,4 5 7 ,4 2 3 $ 1 5 ,5 6 0 ,9 7 1 $ 1 6 ,1 5 9 ,1 9 2
O F F I C E R S .— P r e s ., G . E . M c F a r la n d ; S e c ., T h e o . V . H a ls e y ; T r e a s .,
G e o . J . P e t t y . O ffic e , San F r a n cis c o , C a l.— (V . 118, p . 2 4 4 8 .)
z A p p r o x im a tio n in se rte d b y E d it o r .
Note.— I n m a k in g c o m p a r is o n b e tw e e n th e re su lts fo r 1922 a n d p r e v io u s
P A C K A R D M O T O R C A R C O .— O R G A N I Z A T I O N .— I n c o r p . in M ic h y e a rs it s h o u ld b e b o r n e in m in d th a t in 1922 th e c o m p a n y ’s p r o fit s fo r a b o u t
S e p t. 1 1909 as su cce sso r o f W e s t V irg in ia c o . o f sa m e n a m e . P la n t a*
t w o m o n th s o n ly w ere a u g m e n te d b y th e gre a te r p r o p o r t io n o f th e p r o fit s
D e t r o it ,
v . 103 , p . 5 7 6 ; V . 109 , p . 7 7 . P r ic e r e d u c t io n , V . I l l , p . 1858;
o f th e M e x ica n P e tr o le u m C o ., L t d ., w h ic h a c c r u e d t o th e c o m p a n y b y
V. 113 , p . 189 5.
reason o f its in cre a se d h o ld in g s in sa id c o m p a n y (fr o m a b o u t 73 H % t o
S T O C K .— T h e sh a re h o ld e rs o n J u n e 26 1919 v o t e d t o in cre a se th e au th .
a b o u t 9 6 % o f to t a l o u ts ta n d in g s t o c k ).
e o m . s to c k fro m $ 1 3 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 and th e p r e f. fr o m $ 8 ,0 0 0 ,0 0 0
O F F I C E R S .— C h a ir m a n , E . L . D o h e n y ; P r e s ., H . G . W y lie ; V . - P . &
t o $ 2 0 ,0 0 0 ,0 0 0 .
N ew p r e f. t o th e a m o u n t o f $ 7 ,5 0 0 ,0 0 0 was th en issu ed,
T r e a s ., E . L . D o h e n y J r .; S e c ., O . D . B e n n e tt; V .- P s ., C . E . H a r w o o d ,
O c t . 28 1919 it w as v o te d t o re d u ce th e par value o f e a ch sh are o f c o m .
N o rm a n B r id g e s , J . M . D a n z ig e r, J . S. W o o d , P . H . H a r w o o d , J . J . C o t t e r ;
s to c k b y su b d iv ision fro m $100 t o $10 .
V. 109, p . 1608.
P ref. s t o c k Is
C o m p t ., A . R . P o in te r .
ca lla b le a t 110 u p to A u g. 30 1939, o n w h ich d a te th e issue is t o b e re d eem ed
a t ou r. V . 108, p. 2635: V. 109. p . 77, 1614: V . 102 , o . 217 2, 2 25 0.
D I R E C T O R S .— E . L . D o h e n y , H e rb e rt G . W y lie , R . M . S an d s.
T h e d ire cto rs o n N o v . 20 1922 d e cla re d a d iv . o f 1 0 0 % o n th e c o m m o n
C h a s. E . H a r w o o d , J . M . D a n z ig e r, C . E . D o h e n y , E lisha W a lk e r , E . R .
s t o c k , p a y a b le in c o m m o n s to c k D e c . 16 1922 to h o ld e rs o f r e c o rd D e c . 9,
T in k e r , J r ., J a cq u e s W e in b e rg e r, P . H . H a r w o o d , N o rm a n B rid g e, E. L .
in crea sin g th e o u ts ta n d in g c o m m o n s t o c k fr o m $ 1 1 ,8 8 5 ,1 0 0 to $23 770 200
D o h e n y . J r ., H a ro ld W a lk e r , S. W . C h a m b e r s , O . D . B e n n e tt.
N. Y.
o ffic e , 120 B r o a d w a y .— ( V . 118, p . 2 4 4 8 .)
B O N D S .— A ll o f th e o u ts ta n d in g 1 0 -y r . g o ld b o n d s , d u e A p r . 15 1931,
w ere re d e e m e d o n A p ril 15 1923 a t 107
a n d in t . V . 116, p . 624 .
P A N H A N D L E P R O D U C IN G
&
R E F IN IN G
C O .— O R G A N I Z A ­
T I O N .— I n c o r p . in D e la w a re O c t . 16 1919 t o a c q u ir e e n tire c a p ita l s to c k
D I V I D E N D S . — O n p r e f ., in fu ll t o d a t e . O n c o m m o n as fo llo w s :
o f P a n h a n d le R e fin in g C o . o f T e x a s , w h ich in tu rn a cq u ire d s u b sta n tia lly
190 9. 1 91 0. 191 3. 1 9 1 6 . ’ 1 7 -’ 18. 1 91 9. 192 0. 1922. 1923.
ail th e p ro p e rtie s h e r e to fo r e o w n e d b y B r o w n & J o n e s , R o y B . J on es,
------7%
8 % p .a . 1 1 H % 1 0 % 2 ^ %
9%
R e g u la r d i v s . 1 0 %
6%
T r u s te e , T h e 6666 O il C o ., T h e T r o ja n O il C o . a n d P a n h a n d le B oiler St
E x tr a s ( c a s h ) . ----------------- ------- --------------2 } £ % ------- 2 H %
2%
M a ch in e S h o p .
O w n s leases c o v e r in g a b o u t 1,000 acres in W ic h ita
S to c k d i v s - - ........................ 4 0 % 6 0 %
______
___________ 1 0 0 %
____
C o u n t y , T e x a s ; also 81 acres in C o t t o n C o u n t y , O k la .; also r e fin e r y , g a s o­
O n J a n . 31 a n d A p r . 3 0 1923 p a id 2 % e a ch a u a r. O n J u ly 31 1923 p a id
line p la n t, p ip e lin e s, & c,
A s ix -s e v e n th s in te re st in th e L e o n O il C o , w as
2 % q u a r. a n d 2 % extra ; O c t . 31 1923 t o A p r il 30 1924 p a id 3 % q u a r.
a cqu ired in 1920.
V. 110, p . 2392
A s o f D e c 31 1923 th e c o m p a n y o w n e d
R E P O R T . — F o r ye a r e n d e d A u g . 31 1 92 3, in V . 117, p . 2 1 0 5 , sh o w e d :
149 p r o d u c in g w e lli
Yrs. end. Aug. 31—
192 2 -2 3 .
1 92 1-2 2.
19 2 0 -2 1 .
1919-20.
S T O C K .— P r e f. s t o c k is c a lla b le a t 110. C o n v e r tib le in to C o m m o n s to c k
N e t p r o f it s _______________$ 7 ,0 8 1 ,8 7 8 $ 2 ,1 1 5 ,8 2 8 lo s s$ 9 8 7 ,366 $ 6 ,2 7 6 ,8 6 3
In th 7
P referred d i v . ( 7 % ) ____
1 ,0 2 9 ,3 2 2
1 ,0 3 5 ,2 8 6
1 ,0 4 9 ,2 8 2 1,0 2 8 ,2 9e r a tio o f o n e share o f P re fe rre d fo r t w o shares o f C o m m o n s t o c k .
Sinking fu n d p r o v id e s : 2 5 % o f n e t p r o fit s a fte r P r e f. d iv s ., b u t n o t less
C o m m o n d iv id e n d _____
2 ,4 9 5 ,8 7 1
( 2 ^ ) 2 9 7 , 128(12H )1483144
than $ 4 0 0,00 0 a y e a r , u n til th e P r e f. is r e d u c e d t o $ 3 ,0 0 0 ,0 0 0 ; th erea fter,
not less th an $30 0 ,0 0 0 a y e a r u n til th e issu e h as b e e n r e d u c e d t o $ 2 ,0 0 0 ,0 0 0
S u rplu s fo r y e a r _______ $ 3 ,5 5 6 ,6 8 5
$ 1 ,0 8 0 ,5 4 2 d f$ 2 ,3 3 3 ,7 7 6 $ 3 ,7 6 5 ,3 9 5
an d th e re a fte r n o t less th a n $2 0 0 ,0 0 0 p e r a n n u m u n til th e p r e f. s to c k has
O F F I C E R S .— -Pres., A lv a n M a c a u le y ; V .- P . , R . A . A lg e r ; S e c ., M . A been retired .
N o m tg e . w ith o u t c o n s e n t o f 7 5 % o f th e p r e f s t o c k .
First
C u d ly s ; T r e a s ., R ic h a r d P . J o y . O ffic e , D e tr o it .— (V . 118, p . 167 4.)
d iv id e n d o f 2 % p a id J a n . 1 1920 t o J u ly 2 1923, 2 % q u a r .; n on e s in c e .
See o ffe r in g s in V . 109, p . 1614, 1993.
P A I Q E D E T R O I T M O T O R C A R C O .— (V . 118, p . 2 1 9 0 .)
R E P O R T . — F o r 1923 s h o w e d :
P A N A M E R IC A N P E T R O L E U M & T R A N S P O R T C O — O R G A N IZ A ­
Calendar Years—
1923.
1922.
1921.
T I O N . — O rga n ized in D e la w a re o n F e b . 2 191 6. A t D e c . 31 1922 o w n e d
G ross e a rn in g s___________'______________ $ 3 ,4 6 0 ,7 0 0
$ 4 ,5 2 2 ,4 5 1
$ 4 ,8 1 0 ,1 7 2
a b o u t 9 6 % o f th e to ta l o u ts ta n d in g c a p ita l s t o c k o f t h e M e x ica n P e tro le u m
3 ,6 8 9 ,3 9 1
3 ,4 2 4 ,7 8 5
O p e r .. g e n . & a d m . e x p . an d ta x e s ___
2 ,9 2 9 ,0 0 8
C o . , L t d ., o f D e l., an d a b o u t 7 9 % o f th e o u ts ta n d in g s to c k o f T h e C a lo r ic
C r.7 ,9 4 9
Cr. 9,267
O th er in c o m e c r e d it s ___________________
Cr. 10,038
C o .: also ow n s th e en tire s to c k o f P a n A m e r ic a n P e tr o le u m C o . a n d P e t r o l­
In te r e s t, d is c o u n t, & c _________________
5 5 ,0 6 8
2 9 ,3 0 6
47,373
e u m C a rriers, L t d . A t D e c . 30 1922 th e c o s . o w n e d o r h e ld u n d e r lease
In v e n t o r y a d ju s t ’ ts (cr u d e o il, & c . ) . _
186 ,844
7 3 ,4 3 5
3 1 6 ,9 1 7
a p p ro x . 1 .5 2 0 ,0 0 0 acres o f la n d , o f w h ic h 1 ,3 8 0 ,0 0 0 acres are s itu a te d in th e
D e p r e c i a t i o n ___________________________
192 ,649
2 7 0 ,1 1 9
511,401
R e p u b lic o f M e x ic o a n d 5 6 ,0 0 0 acres in th e S tate o f C a lifo rn ia , th e b a la n ce
D e p le tio n a n d a m o r t iz a t io n ___________
4 0 0 .8 1 4
3 5 5 ,8 9 5
8 89 ,875
b e in g h e ld in th e S tates o f L a ., A r k . a n d O k la . A ls o o w n e d in M e x ic o
P re fe rre d d iv id e n d s ( 8 % ) _____________
x 2 3 4 ,816
2 4 3 ,5 0 0
2 61 ,300
550 m iles o f p ip e lin e s , w ith a d a ily c a p a c it y o f 130 ,0 0 0 b a rre ls , a n d o p e r a te d
a fle e t o f 47 ta n k stea m sh ip s o f a n a g g re g a te d e a d w e ig h t to n n a g e o f 4 3 3 ,2 7 6
B a la n ce , d e f ic i t _____________________
$ 5 2 8 ,4 6 0
$ 1 3 1 ,2 4 7
$632,211
to n s , o f w h ich 31 stea m sh ip s are o w n e d d ir e c t ly , 10 o w n e d b y th e B r it .-M e x .
x O n ly $ 1 1 7,40 8 o f th is a m o u n t w as p a id : d iv id e n d s fo r th e th ird and
P e t . C o . a n d 6 c h a rte re d . C a lifo rn ia o il leases, V . 118, p . 1402, 244 8.
fo u r th qu a rters o f 1923 w ere n o t p a id b u t $ 1 1 7 ,4 0 8 w as c h a rg e d again st
S T O C K .— O n O c t . 22 1919 $ 7 0 ,0 0 0 ,0 0 0 o f th e $ 1 2 5 ,0 0 0 ,0 0 0 a u t h . c o m
in c o m e an d a reserve set u p as th e d iv id e n d s are c u m u la t iv e .
s t o c k w as m a d e C lass B c o m . w ith n o v o tin g p o w e r b u t in all o th e r r e s p e c ti
E a rn in g s fo r 3 m o s . e n d e d M a r c h 31 1924 in V . 118, p . 2 5 8 2 .
h a v in g th e sa m e r ig h ts, & c ., as th e o th e r c o m . T h e in itia l b lo c k o r thi«
C lass B w
offered rill D e c. 22 1919 at $100 per $50 share, t o a ll s to c k h o ld
O F F I C E R S .— R o y B . J o n e s , P r e s .; J . A . G e rm a n y , T h o m a s M o r ris s e y
ers o f re c o rd N o v . 25, in a m o u n ts e qu a l t o 1 0 % o f h o ld in g s . T h e a u th o r ­
and G r a y M a c W . B r y a n , V ic e -P r e s .: L . C . M c C lu r e , S e c .: M . A C h a m ­
ized C lass B c o m . s t o c k w as in crea sed t o $ 1 5 0 ,0 0 0 ,0 0 0 in J a n . 192 3. V . 116,
be rs, T r e a s . O ffic e , S ta le y B ld g ., W ic h it a F a lls , T e x a s .— ( V . 118, p . 2 5 8 2 .)
p . 420 .
P A R K & T I L F O R D , I N C .— ( V . 118, p . 178 3.)
E x ch a n g e o f s t o c k o ffe r t o M e x ica n P e tr o le u m C o . s to c k h o ld e r s , se^
P E E R L E S S T R U C K A N D M O T O R C O R P .— O R G A N I Z A T I O N . —
M e x ica n P etroleu m C o . a b o v e .
In c o r p o r a te d in N o v . 1915 in V ir g in ia a n d a c q u ir e d 2 0 ,7 8 9 sh ares o f p r e ­
D I V I D E N D S ,— O n c o m . N o , 1 , 1 % % , O c t , 10 1917- J a n . 10 1 9 1 8 ,1 H %
■ fe rre d a n d 2 0 ,8 5 5 shares o f c o m m o n (b e in g e n tire s t o c k e x c e p t 218 o f p r e f.)
A p ril 1918 t o J u ly 1919 p a id e a ch q u a r, 2 H % . h a lf in L ib e r t y b o n d s , O ct
o f th e Peerless M o t o r C a r C o . o f C le v e la n d , O h io . C le v e la n d in terests in
1919 t o O ct. 1922 p a id 3 % q u a r .; Ja n . 1923 t o Jan. 1924 p a id 4 % q u a r.;
1919 p u rch a s e d c o n tr o l a n d m o v e d th e o ffic e t o t h a t c it y . I n O c t . 1921
A p ril 1924 p a id 2 % q u a r. A ls o p a id 1 0 % in C lass B s t o c k in J u ly 1920,
R ic h a r d H . C o llin s, fo r m e r ly V ic e -P r e s . o f G e n e ra l M o t o r s C o r p ., assum ed
2 5 % in Jan . 1923 an d 2 0 % in F e b . 1923. O n c o m m o n B in itia l d iv id e n d
a c t iv e m a n a g e m e n t. V . 113, p . 147 8, 1582.
o f 3 % p a id Jan . 10 1920; 3 % p a id A p r il 10 1920. In J u ly 1920 p a id 3 % in
D I V I D E N D S . — T h e d ir e cto r s o n u c t . 2 1919 d e c la r e d an in itial d iv id e n d
c a s h a n d 1 0 % in C lass B s t o c k . V . 110, p . 2 49 3. O ct. 1920 t o O ct. 1922
o f 1 H % an d also an e xtra d iv id e n d o f
o f 1 % , b o t h p a y a b le J a n . 2 1920.
p a i d 3 % q u a r. In ca sh ; D e c . 11 192 2 p a id 2 5 % in co m m o n B s to c k ; Ja n . 1923
T h e y also passed a re s o lu tio n t o th e e ffe c t t h a t in so fa r as th e earn in gs p e r­
p a id 4 % in cash; F e b . 1923 p a id 2 0 % in c o m m o n B s t o c k ; A p r il 1923 to
m it th e p o lic y o f p a y in g re g u la r q u a rte r ly d iv id e n d s o f l H % b e establish ed
J a n . 1924 p a id 4 % q u a r. in cash ; A p r il 1924 p a id 2 % q u a r. in cash .
w ith su ch e xtra d iv id e n d s fr o m tim e t o t im e as c o n d it io n s o f t h e business
B O N D S .— F irst L ien E q u ip , b o n d s o f 1917 w ere p a id o f f A p r il 1 1920
w ill p e r m it . V . 109, p . 1466. In A p r. 192 0. p aid 114% a n d
% e x tra .
V . 109 , p . 1705.
J u ly a n d O c t . 1 92 0, 2 > £ % .
In J a n . 1921 p a id 1 X % .
In F e b . 1921 d e­
T h e re w ere also o u ts ta n d in g D e c . 31 1922 $41 2 ,2 5 0 p u rch a se m o n e y
c la re d 4 % , p a y a b le in q u a r. in s ta llm e n ts o f 1 % e a c h o n M a r . 3 1 , Ju n e 30.
o b lig a tio n s secu red b y oil la n d s.
S e p t. 30 a n d D e c . 31 1921. In F e b . 1922 d e c la r e d 6 % , p a y a b le in q u a r.
T h e first lien 10-year m arin e e q u ip m e n t b o n d s are a first m t g e , o n a fle e t
In stallm en ts o f m % ea ch o n M a r . 3 1 . J u n e 30 S e p t. 3ft and D e c . 31 1922.
o f 10 steel ta n k steam sh ip s a g g re g a tin g a b o u t 100 ,670 to n s d e a d weigh*
M a r . 31 1923 t o D e c . 31 1923 p a id 2 % q u a r.; M a r . 31 1924, p a id 1 % .
c a p a c it y , p r o v id in g m arin e tr a n s p o r ta tio n facilities fo r t h e M e x ica n P e ­
tro le u m C o ,, L t d ,, o f D e la w a re ,
C o n v e r tib le in to C lass B c o m m o n sto ck
N O T E S .— A ll o f th e o u ts ta n d in g 10-year 6 % se cu re d c o n v . g o ld n otes,
a t $145 p er share— th a t is, at th e ra te o f $ 2 ,9 0 0 o f b o n d s fo r $ 1 ,0 0 0 o i
d u e N o v . 10 1925, w e re ca lle d fo r r e d e m p tio n M a y 10 1923 a t 102 a n d in t.




M ay , 1924.]

215

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES

tFor abbreviations, &c., see notes on page 6]

Date
Bonds

Par
Value

Amount
Outstanding

When
Payable

Rate
%

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity
m

T*enn Seaboard Steel— Stock 1,500,000 shares auth______
J C Penney Co— Common authorized $10,000,000_________
Preferred (a & d) stock 7% cum call 105 auth $10,000,000
Pennsylvania Coal & Coke Corp— Stock $12,000,000 auth
Pennsylvania Steel Co— See Bethlehem Steel Co.
People's Qas Light & Coke Co (The)— Stock (see text)..
Plrst Consolidated mortgage lor $10,000,000 gold___Ce.o*
Chicago Gas Light & Coke first mortgage gold______ FP.o
Consumers’ Gas first mtge gold (see V 66, p 472)______ Ce.c
Refunding mortgage $40,000,000 gold____________ F.o* &r
Mutual Fuel Gas first mortgage assumed________________
General and Ref M gold (see text)____________________ IC
Secured gold notes Series “ A ” red (text)____________ xxxc
Bonds Guaranteed—
Indiana Natural Gas & Oil Ret Mtge closed gold gu p & l.Ce
Ogden Gas first mortgage $6,000,000 guar prln & Int___ F
Chicago By-Product Coke 1st mtge serial g bonds (gu)
p & 1) red (text)____________________________VPIkxxxc*
Pcttibone Mulliken Co— Common stock, $7,000,000________
1st pref (a&d) 7% cum red 115 see t e x t _________________
2d prel 7% cum, $750,000 red (see te x t)________________

N o n e l,1 2 3 ,9 4 2 s h See te x t
$100 $ 7 ,4 1 3 ,5 0 0
100
7
0—M
2 ,3 9 0 ,6 0 0
50
8
8 ,6 3 0 ,3 0 0
IQ -F j

100 3 8 .5 0 0 .0 0 0 See te x t
1893
1887
1886
1897
1897
1913
1924

1,0 0 0
1.000
1,000
1.0 0 0
1,0 0 0
1.000

6 g
5 g
5k

M
M

& N M ay 1 1936
A N M ay 1 1945

7 g

F

1,000

1906
1900

1.000
1.000

6 ,0 0 0 ,0 0 0
6 .0 0 0 ,0 0 0

1920

1,0 0 0

1 2 ,1 3 3 ,0 0 0
6 .7 0 8 ,9 0 0
6 8 9 ,9 0 0
196 ,600

100

100
100

6t

5 g
5 g

li

7
7

&
&
&

O
J
D
S
N
D
S

A p r ] 17 ’ 2 4 ,* 1 H
A p r 1 1943
J u ly 1 1937
D e c 1 1936
S e p t 1 1947
N ov 119 47
D e c 1 1963
M a r l l l l 927

A
&

6 g
5 g

&
&

M a r 31 ’24 I H
M a y 10 '2 4 , 2 %

A
J
J
M
M
J
M

4 .9 0 0 .0 0 0
9 .9 2 9 .0 0 0
4 .1 9 6 .0 0 0
2 0 .5 5 4 .0 0 0
4 .8 8 6 .0 0 0
1.7 1 2 .0 0 0
5 .7 5 0 .0 0 0

R E P O R T . — F o r 1923, in V . 118, p . 1022, sh o w e d :
Calendar Years—
1923.
1922.
192 1.
N e t s a le s ________________________________N o t s ta te d $ 1 6 ,0 0 1 ,9 8 5 $ 1 2 ,0 5 5 ,9 0 4
T o t a l i n c o m e . . . ................
$ 8 7 5 ,0 7 9
$ 1 ,2 1 3 ,1 5 0
$ 2 2 5,93 3
In teres t o n c o n v e r t ib le n o t e s _________
88,611
9 2 ,062
132 ,359
_______
F e d . e x c . p r o f , ta x & in c o m e ta x (e s t.)
8 0 ,0 0 0
101 ,500
I n v e n t o r y a d ju s t m e n t ________________
_______
_______
100 ,9 1 5
935,511
6 2 5 ,6 6 5
40 0 ,0 0 0
D iv id e n d s ______________________
B a la n ce, sur. (a fte r m is c . c h g e s .) ..d e f $ 2 2 9 .042
$ 3 7 9 ,4 4 8 d e f$ 5 0 5 ,1 9 1
O F F I C E R S .— F . R . W h it e , P re s.; D . A . B u rk e , V .- P . : G . H . L a y n g ,
V .- P . ; F . A . T re s te r , S e c.; J o h n F . P o r te r , T re a s. O ff ic e , C le v e la n d ,
O h io .— (V . 118, p . 231 4 .)
PENN
S E A B O A R D S T E E L C O R P .— O R G A N I Z A T I O N . — I n c o r p .
D e c 6 1915 in N ew Y o r k , as P e n n . M a rin e & O rd n a n ce C a s tin g s C o
N a m e c h a n g e d to p re se n t title Ju n e 24 1916. M e r g e d P e n n . Steel C a stin g s
& M a c h in e C o . , B a ld t Steel C o . a n d S e a b o a rd Steel C a stin g s C o .
V . 102,
p . 1631. P la n ts lo c a te d a t C h e ste r, P a ., N e w C a s tle , D e l., T a c o n y ,
P h ila d e lp h ia , P a ., a n d R o c k a w a y , N . J .
In F eb . 1920 th e sto c k h o ld e r s a u th o riz e d th e p u r c h a s e o f th e en tire
c a p ita l s t o c k o f th e T a c o n y S teel C o . ( V . 109, p . 4 8 4 ; V . 110, p . 5 6 7 , 472 ,
3 6 7 ). I n c lu d in g the p la n t o f th e la tte r c o m p a n y , th e c o r p o r a tio n w ill c o n ­
tr o l 14.0 0 0 to n s m o n t h ly o p e n -h e a rth c a p a c ity . M a n u fa c tu r e s a n d sells
steel ca s tin g s , in g o ts , b ille ts , b lo o m s , fo rg in g s and a llo y bars.
A c q u ir e d c o n t r o l o f R o -k a w a y R o llin g M ills C o . in M a rch 1921 and o*
T it u s v ille F o r g e C o . in N o v . 1921, b u t th e la tte r w as so ld in Jan . 1923.
V . 112. p . 1289: V . 116. p . 4 2 0 .
T h e fin a n c in g p la n ( V . 117, p . 1244) a n n o u n ce d in S e p t. 1923, u n d e r th e
p r o v is io n s o f w h ich th e $ 1 ,4 3 9 ,1 0 0 7 % serial g o ld n o te s d u e F e b . 1 1924 w ere
t o b e r e tir e d , has b ee n p u t in to e f fe c t . U n d e r th e p la n ea ch $ 1 ,0 0 0 n o te re ­
c e iv e d $20 0 in ca sh a n d $900 in 1st m tg e . 7 % b o n d s o f a n e w su b sid ia ry
c o m p a n y , th e P en n Steel C a stin g s C o . T h e la tte r c o m p a n y w as org a n ize d
in D e la w a re N o v . 24 1923 w ith an a u th o riz e d ca p ita l o f $ 5 0 0 ,0 0 0 8 % c u m u l.
p r e f. s to c k a n d 10,000 shares o f co m m o n s t o c k o f n o p a r v a lu e , a n d a c q u ir e d
tit le t o th e steel c a s tin g p la n t a t C h e s te r, P a .
S T O C K .— -A g reem e n t ex p irin g Ju n e 26 1926. th e v o t in g tru stees b e in g
W . P . B a rb a , C h a s . H a r t, J . B . W a rre n , C . F . J e m ison and J. G . W e iss .
T h e a u th o r iz e d ca p ita l s t o c k w as in crea sed f r o m 1 ,2 0 0 ,0 0 0 shares to
1 ,5 0 0 ,0 0 0 shares o n M a y 5 1924. V . 118, p . 2314.
D I V I D E N D S (P e r S h a re ).— M a y 1 1916. $1 25 A u g . 1 1916 t o M a y 1
1918, in c l., $1 q u a rte rly ; A u g . 1 and N o v . 1 1918 an d F e b 1 191 9. $1 50
ea ch : n on e sin ce
V 108. p 2349
R E P O R T . — F o r 1923. in V . 118, p . 1279 and 219 0, s h o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
N e t s a le s ________________ $ 4 ,3 8 7 ,7 7 1
_______
_______
____
C o s t o f sa le s _____________
4 ,2 0 9 ,1 0 3
_______
_______ _______ ___
G ross p r o f it ___________
$ 1 7 8 ,6 6 8 d ' f $ 177,200 d e f$ 2 0 7 ,1 8 8 x d e f$ 3 7 9 ,3 6 5
O th er in c o m e ____________
2 0 ,8 4 6
_______
_______
_______
T o t a l in c o m e __________ “~ $ 1 9 9 ,5 1 4 def$ 1 7 7 ,2 C 0 d e f$ 2 0 7 ,1 8 8 d e f$ 3 7 9 .3 6 5
I n t e r e s t __________________
2 3 2 ,5 2 2
3 3 8 .2 4 8
5 41 ,857
3 8 8 .8S1
I d le p la n t e x p en s e _______
8 6 ,2 7 9
2 14 ,277
______ _______
D e f i c i t . . . ____________
$ 1 1 9 ,2 8 7
$ 7 2 9,72 5
$ 7 4 9 ,0 4 5
$76 8,24 7
x A f t e r a d ju s tm e n t o f in v e n to rie s an d F ed era l taxes.
E a rn in g s fo r q u a r. e n d e d M a r c h 31 1924: N e t sales, $96 7 ,3 7 8 ; d e f ic it
a ft e r in t ., d is c ., & c ., $ 1 7 ,5 0 6 . V . 118, p . 2448.
O F F I C E R S .— W . P . B a rb a , C h a irm a n ; J. B . W a rren , P r e s .; C . F . Jem i
s o n , V .- P . & T r e a s .; M . S. H a ge r, S e c. & A sst. T r e a s . O ffic e , F ran klin
B a n k B u ild in g, P h ila d e lp h ia , P a .— (V . 118, p- 2 4 4 8 .)
J . C . P E N N E Y C O ., I N C .— O R G A N I Z A T I O N .— I n c o r p . in U ta h in
1913. B u sin ess sta rte d in 1902. O perates 475 d e p a rtm e n t sto re s in 33
S ta tes.
S T O C K .— T h e a u th o r iz e d c o m m o n s t o c k was in cre a se d fro m $ 5 .0 0 0 .OIK
t o $ 1 0 ,0 0 0 ,0 0 0 in J a n . 1922. V . 114, p . 31 2 . P re f. s t o c k re d e e m a b le a
105. A n n u a l sin k in g fu n d 5 % o f to ta l a m o u n t o f p r e f. s to c k o u tstan d in g
w ith an a v e ra g e m in im u m r e d e m p tio n a n n u a lly .
N o b o n d s w ithout tin
c o n s e n t o f 66 2 -3 % o f th e pref. s t o c k .
See o ffe r in g in V . 109. p . 483
In itia l p r e f. d iv . o f $ 0 ,8 1 6 p er share fo r th e p o r tio n o f th e q u a rte r from
A u g . 19 t o S e p t. 30 1919 w as p a id S e p t. 30: S ep t. 30 1919 to M a r . 31 1924,
1
% q u a r.
R E P O R T . — F o r 1923, in V . 118, p . 1146. and 1783, s h o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
S a le s _____________________ $ 6 2 ,1 8 8 ,9 7 9 $ 4 9 ,0 3 5 ,7 2 9 $ 4 6 ,6 4 1 ,9 2 8 $ 4 2 ,8 4 6 ,0 0 9
G e n . e x p ., d e p r e c ’n . & c.T 5 8 ,2 7 7 ,1 6 0 / 4 5 , 636 ,050 4 5 ,4 1 5 ,1 5 4 4 4 ,0 4 8 ,4 2 1
R e s e r v e fo r F ed eral t a x . |
\
4 80 ,186
3 2 5 ,3 8 0
_______
G ross p r o f it s _________ $ 3 ,9 1 1 ,8 1 9
$ 2 ,9 1 9 )4 9 3
$ 9 0 1 ,3 9 4 d f$ l,2 0 2 ,4 1 2
O th e r in c o m e ____________
5 7 8 ,4 7 5
4 0 6 ,2 2 7
3 5 3 ,2 4 0
8 4 6 ,6 6 5
T o t a l i n c o m e . . . .......... $ 4 ,4 9 0 ,2 9 4
$ 3 ,3 2 5 ,7 2 0 $ 1 ,2 5 4 ,6 3 4 d e f$ 3 5 5 ,747
P r e fe r re d d iv id e n d s ____
$ 1 7 1 ,0 0 8
$18 2 ,4 2 7
$ 1 9 2 ,3 9 7
$20 3 ,8 1 9
C o m m o n d iv id e n d s _____
4 0 0 ,5 0 0
491 .7 0 0
472 ,900
B a la n ce , su rp lu s---------$ 3 ,9 1 8 ,7 8 6 $ 2 ,6 5 1 ,5 9 3
$ 1 ,0 6 1 ,6 9 7 d f $ l , 031 ,566
C h a ir m a n , J . C . P e n n e y : P r e s ., E . C . Sam s; V . - P . & C o m p ., G e o . H
B u s h n e ll; V .- P ., J . M . M c D o n a ld and G . G H o a g ; S e c ., L . A . B a hner
T r e a s .. J. I. H H erb e rt.
N . Y . o ffic e . 370 S e v e n th A v e ., N ew Y o r k . —
( V . 118. p . 231 4 .)
P E N N S Y L V A N I A C O A L A N D C O K E C O R P .— I n c o r p . in P e n n s y l­
v a n ia N o v . 11 1911. Is en gag ed in th e business o f o w n in g , leasin g an d
o p e r a tin g coa l m in es an d th e m in in g , sh ip p in g , b u y in g a n d se llin g o f b itu m ­
in ou s c o a l. Is n o t a t p re se n t e n ga g ed in th e m a n u fa c tu r e o r sale o f co k e ,
o p e r a te s certa in ele ctr ic lig h t a n d w ater c o m p a n ie s w h ic h s e rv e co m m u n itie s
in th e v ic in it y o f its o p e r a tio n s : also, t h r o u g h a su b s id ia r y , is in terested in a
w h a r f c o m p a n y d o in g business in N e w Y o r k H a r b o r .
S T O C K .— See ta b le a t h ead o f p a g e .
D I V I D E N D S .—
1917. 1918. 1919. 1920. 1921. 1922. 1923.
C a s h ( % ) ________________________
4
\0y2
8
8
8
8
8
S t o c k _________________________________
____
____
____
____
____
40
P a id in 1924: F e b . 11, 2 % ; M a y 10, 2 % .
R E P O R T . — F o r 1923, in V . 118, p . 1783. sh o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
M in e d to n n a g e sold (n e t)
2 .5 0 3 ,8 8 2
1 ,416,504
1,733,721
3 ,152.841
N e t sales c o a l & c o k e . . .
$ 8 ,4 2 8 ,0 3 4 $ 5 ,3 8 4 ,8 2 6 $ 6 ,5 3 4 ,5 7 4 $12 ,2 1 3 ,7 3 6
S ellin g & sh ip p in g e x p s . .
$ 2 1 7,76 3
$21 4,20 3
$ 2 3 9 ,5 3 0
$ 2 7 9,32 6
C o s t a n d ex p en ses.............
7 ,3 9 2 ,7 3 7
4 ,5 3 3 ,7 1 0
5 ,3 5 4 ,0 7 7
9 ,0 2 0 ,8 4 4
N e t coal & co k e ea rn s.
$81 7 ,5 3 3
$63 6,91 3
$ 9 4 0 ,9 6 7 $ 2 ,9 1 3 ,5 6 7
M is c e l l . o p e r . in c o m e ___
7 7 ,4 5 8
3 8 ,0 4 7
58,321
3 2 ,750
T o t a l ................................
$ 8 9 4,99 1
$ 6 7 4,96 0
$99 9 ,2 8 8 $ 2 ,9 4 6 ,3 1 7




.
Q— J

A T o F e b 1 1938
Q—J
Q— J

C o ’s o ffic e , C h ic a g o
C e n t U n io n T r C o , N Y
G ent U n T r . N Y ; & C h ic
do
do
C e n tU n T r N Y ; & C h i
do
do
Illin ois T r A S B . C h i*
C e n t U n io n T r C o , N Y
Farm ers L & T r C o . N Y
G u a r T r .N Y ; U n T r , P it t s

A p r 1 ’ 24 1 H % C h e ck s m a ile d
do
A p r 1 ’24 1 ^ %

Calendar Years—
D e p r e cia tio n _ __________

1923.
283 .2 1 7

1922.
58,671

1921.
6 9 ,335

920 .
7 3 ,3 4 0

N e t c o llie r y e a rn in g s .
P u rch a se d c o a l & c o k e ,
n e t earnings
__ _
R e a l e st. o p e r . (n e t loss)

$ 6 1 1,77 4

$61 6 ,2 8 8

$ 9 2 9,95 3

$ 2 ,8 7 2 ,9 7 7

2 7 ,4 3 8

27,254
4 5 ,7 7 5

4,0 2 3
4 4 ,8 6 5

90,281
7 9 ,2 2 2

T o ta l oper. in c o m e ..
x M is c e ll. in c o m e , n e t . .

$58 4 ,3 3 6
239 ,9 6 7

$59 7 ,7 6 8
198,656

$889,111
141,236

$ 2 ,8 8 4 ,0 3 5
1 4 5 ,2 4 9

T o t a l in c o m e
____
A m o r tiz a tio n o f le a s e s . .
________
F e d e ra l taxes
A d v a n c e d r o y a l t ie s ..

$82 4 ,3 0 3

$796,424
$10 4,51 4
82,3 3 4
9 8 ,768

$ 1 ,0 3 0 ,3 4 7
$12 7,28 9
72,2 7 9
162,449

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

N e t in c o m e _ ._
Less u n d iv . earns, o f s u b .

$ 7 4 1 ,7 0 4

$51 0 ,8 0 8

$ 6 6 8,33 0

$ 2 ,0 0 8 ,5 4 8

690 .4 2 4

13,878
4 9 3 ,5 6 0

4 9 3 ,5 6 0

4 9 3 ,5 6 0

D iv id e n d s p a id ( 8 % ) ___

$ 8 2 ,5 9 9

B a la n ce , s u r p lu s ______
$ 5 1 ,2 8 0
.3 ,3 6 9
$ 1 7 4 ,7 7 0
$ 1 ,5 1 4 ,9 8 8
x I n c lu d in g p r o p o r t io n a t e earnings o f s u b s id ia ry c o m p a n ies op e r a te d
u n d e r lease fr o m C le a r fie ld B itu m in o u s C o a l C o r p .
O F F I C E R S .— C h a irm a n , F a ir fa x S. L a n d s tre e t; P r e s ., J . W . S earles'
V . - P . , C . L a w W a tk in s ; T r e a s . & A s s t. S e c ., E . B . H o u se r; S ec. & A s s t.
T r e a s ., J . M . T o w n s e n d J r .; C o m p t ., C . H . M e m o r y . O ff ic e s , L a n d T i t le
B ld g ., P h ila d e lp h ia , an d 17 B a tte r y P la c e , N e w Y o r k .— ( V . 118, p . 2 0 5 2 .)
P E N N S Y L V A N I A E L E C T R I C C O R P .— ( V . 118, p . 2 1 9 0 .)
P E N N S Y L V A N I A S T E E L C O .— See B e th le h e m Steel C o r p . a b o v e .
P E N N S Y L V A N I A W A T E R & P O W E R C O .— ( V . 118. p . 219 0 .)
P E O P L E ’ S Q A S L I G H T & C O K E C O . ( T H E ) .— A c o n s o lid a tio n
o n A u g . 2 1897 o f th e c o m p a n ie s fo rm in g th e o ld C h ic a g o G a s T r u s t .
V . 64. p 1088; V . 6 5 , p. 235
In F eb . 1907 the. O gden G as C o . and th e
U n iv ersal Gas C o. w ere leased (or abou t 34 years, th e O gd e n C o ’ s $ 6 ,0 0 0 ,0 0 0
b o n d s b ein g gu a ra n te e d .
V . 84. p . 394 ; V . 78. p . 1785: V . 7 2 , p . 244 . 91;
V . 9 7 . p . 1508; V . 108. p . 680: V . 104. p . 658 . 234 8.
R a te s , V . 114 , p . 3 1 3 . 74 5 ; V . 117 , p . 4 4 8 .
V a lu a tion o f p r o p e r t y , V . 107, p . 297; V . 110, p . 654; V . 111 . p . 596.
214 5; V . 114, p . 1295; V . 116, p . 8 4 . T a x r u lin g , V . 107 , p . 2 4 8 2 . R e fu n d
su it, V . 110, p . 6 5 4 . T o t a k e en tire o u t p u t o f C h ic a g o B y -P r o d u c t C o k e
C o . V . 113, p . 1162.
D I V S . f .06. '0 7 . '0 8 . '0 9 . ’ 1 0 -’ 12. '1 3 . ’ 1 4 -’ 15. '1 6 . '1 7 . 1 8 - 2 1 .'2 2 . '2 3 . ’ 2 4
P ercen t) 5
6 6 6*4 7 y 'l y 7 X 8 y ’ly
6 X 3)4 N o n e 5
6 te x t
In M a y 1916 th e d iv id e n d was re d u ce d fro m 2 % q u a r. to 1)4% q u a r .;
in M a y an d A u g . 1917 t o 1 % : then n o n e u n til Tan 17 1 92 2. w h en 1 \i%
w as p a id ; sam e a m o u n t p a id q u a r. t o O c t . 17 1922: J a n . 17 1923 t o O c t . 17
1923 p a id 1 %
q u a r.; Ja n . 17 a n d A p r . 17 1924 p a id 1 M % q u a r.
B O N D S , & C .— O f th e $ 4 0 ,0 0 0 ,0 0 0 issue o f 1897. th e $ 1 9 .4 4 6 .0 0 0 un issu ed
are reserved t o retire prior b o n d s.
V . 6 5 , p. 572 ; V 7 9 . p. 155; V 84.
p. 1555; V . 9 1 . p . 79 2 . 876; V . 9 4 . p . 702 ; V . 9 7 . p. 954 : V . 9 8 , p . 842.
G u aran tees, p . & L . I n d . N a t . G as & O il R e f. 5s.
V 8 4 , p . 3 8 8 . 143 0;
V. 8 8 . p . 131 7, 1433; V . 104 , p . 168; fo r m , V . 8 7 . p . 1302.
T h e s to c k h o ld e r s o n N o v . 14 1913 a u th o riz e d a n e w G e n e ra l a n d R efu n d in g,
n tg e . (u n lim ite d in a m o u n t) to secure 5 0 -ye a r 5 % b o n d s to p r o v id e for new
i n s t r u c t i o n at n o t o v e r 7 5 % o f c o s t , an d to re fu n d all old b o n d s . & c .:
V. 9 7 . p . 95 4 , 1119. 1508, 1738: V . 98, p. 76.
G u a ra n te e s jo in t ly w ith th e K o p p e r s C o . o f P itts b u r g h $ 1 2 ,1 3 3 ,0 0 0 first
m tge. 7 % serial g o ld b o n d s o f C h ic a g o B y -P r o d u c t C o k e C o
D u e $ 8 6 7 ,000 ea ch F e b . 1 1925 t o 1937. an d $ 8 6 2 ,0 0 0 F e b 1 1938: re d e e m a b le on a n d
after F e b . 1 1926 a t 102 and int
C o m p a re V 110. p 873: V . 113, p . 1162.
F o r o th e r gu a ra n te e d b o n d s , see ta b le a t h ead o f p a g e .
N O T E S .— T h e 3 -y e a r se cu re d g o ld n o te s . Series “ A , ” o f 1924 are re­
d e e m a b le p rio r t o S e p t. 1 1926 a t 101 an d in t ., and o n and a ft e r S ep t. 1
1926 a t 100 an d in t.
S ecu red b y p le d g e o f $ 7 ,1 8 8 ,0 0 0 g e n . & r e f. m tg e .
5 % b o n d s. V . 118, p . 916.
R E P O R T .— F o r 1923, in V . 118, p . 789 . sh ow s:
Calendar Years—
1923.
1922.
1921.
1920.
G ross e a rn in g s___________$30 .6 1 5 .1 S 8 $ 2 9 ,6 4 5 ,7 7 8 $ 3 1 ,9 2 7 ,0 6 4 $ 3 1 ,2 3 6 ,3 3 5
O p e ra tin g e x p e n se s_____ 19,5 2 1 ,3 3 4
1 9 .8 9 0 .3 9 6 2 1 ,4 8 8 ,5 4 8 2 6 ,0 8 1 ,3 8 4
D e p r e c ia t io n ____________
1 ,2 3 2 ,0 2 0
1 .1 5 5 ,3 3 2
1 ,117,187)
U n c o lle c tib le o p e r . r e v , .
2 2 3 ,9 2 6
218 .1 8 7
330,2041 2 ,4 0 9 ,8 7 9
T a x e s assn, t o o p e r a tio n
2 ,28'*,238
2 .0 0 1 .8 9 5
1 ,649.462)
N e t o p e r a tin g in c o m e . $ 7 ,3 4 8 ,6 7 0
O th er in c o m e ____________
895,181
D e d u c t i o n s _____________
1 ,6 8 7 .4 8 7
I n t e r e s t _________________
2 ,3 5 7 ,8 5 3
D iv id e n d s p a id __________ 2 ,9 8 3 ,7 5 0

$ 6 ,3 7 9 ,9 6 8
918 ,0 2 7
1 ,6 7 8 ,1 4 8
2 ,3 5 7 ,8 5 0
1 ,9 2 4 .9 8 0

$ 7 ,3 4 1 ,6 6 3
992 ,9 4 7
1,4 9 0 ,0 6 2
2 ,3 6 0 ,5 3 8
_______

$ 2 ,7 4 5 ,0 7 3
_____
_____
2,3 6 4 ,3 2 1
_______

N e t in c o m e ___________ $ 1 ,2 1 4 ,7 6 4 $ 1 ,3 3 7 ,0 1 7
$ 4 ,4 8 4 ,0 0 9
$ 3 8 0 ,7 5 2
O F F I C E R S .— S am u el Iu s u ll. C h a ir m a n & P r e s .; C h a s . A . M u n r o e , V . - P . ;
T . V . P u rc e ll, S e c .; G e o rg e F . M it c h e ll. T r e a s .
D I R E C T O R S .— S am u el I n s u ll, Jas. A . P a tt e n , J . J . M it c h e ll. S ta n ley
F ie ld , C h a s. A . M u n r o e . O ffic e , C h ic a g o , 111.— (V . 118, p . 9 1 6 .)
P E T T IB O N E M U L L IK E N
C O . — O R G A N I Z A T I O N — In c o r p o r a t e d
In N ew Y o r k J u n e 21 1912.
H as pla n t o n 32 acre* o f land a b o u t 6 m iles
fro m heart o f C h ic a g o .
M a n u fa c tu r e s fro g s, crossin gs, s w itch e s , g u a rd
rails. & c .. fo r ste a m railro a d s
V . 9 4 . p. 1511
N o b o n d s.
S T O C K .— A s t o p r e f. s t o c k p r o v is io n s , see V . 9 4 , p . 1511. T h e s e c o n d
p re f. has n o v o t in g p o w e r and is s u b je c t t o ca ll at p ar a fte r all th e fir s t p r e f.
shall h a v e been re tir e d .
V . 9 4 , p . 151 1. F irst p re f. o r ig in a lly $ 2 ,2 5 0 ,0 0 0 ;
ca n ce le d b y sin k in g fu n d an d in tre a su ry D e c . .31 1923. $ 1 ,5 6 0 ,1 0 0 ; 2 d p r e f.
s t o c k , $ 7 5 0 ,0 0 0 , o f w h ich $ 5 5 3 ,4 0 0 w as in tre a su ry D e c . 31 1923.
D I V I D E N D S . — O n 1st an d 2d p r e f ., 1 *4 % q u a e .. O c t . 1912 t o A p r . 1924R E P O R T . — F o r 1923, in V . 118, p . 791 , sh o w e d :
Year—
Net Inc. ls t P fd .b ir . 2d Pfd. Div. Dcp.&S.F. Surplus.
1923 ______________ *$5 5 1 ,6 4 2
(7 )8 4 8 ,9 0 2 (7 )8 1 4 ,0 8 8
$17 5 ,0 0 0 $31 3 ,6 5 3
1922 _____________ *3 3 8 ,8 3 4
(7 )5 2 ,6 0 5
(7 )1 5 ,5 1 9
1 7 5 ,0 0 0 9 5 ,7 1 0
1 9 2 1 ___________
*18,644 (7)5 4,0 31
(7 )2 0 .1 6 0
1 4 1 ,2 8 0 d e fl9 6 ,8 2 7
* A fte r F ed era l taxes
O F F I C E R S .— A . H . M u llik e n , P re s.; C . H . E ib , V .- P r e s .;'H . R . P rest,
S e c.; J . H . M u llik e n , T r e a s . O ffic e s , 725 M a r q u e t t e B ld g ., C h ic a g o , an d
165 B r o a d w a y , N e w Y o r k .— ( V . 118, p . 79 1 .)

216

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.
[For abbreviations. &c., set notes on page 6.1

Date
Bonds

"helps. Dodge Corporation.— Stock $50,000,000- _______
Philadelphia Elec (of Pa)— Com stock $85,000,000 auth..
P referred s t o c k c u m u l a t iv e ____________________________________

Firstmtg$60,000,00015% call HOfromOct l ’21kxxc*&r* 1916
sk fd $212,000 y'rly j4%caH 105 from Oct 1 ’21 kxxc*&r4 1916
;
L F irst lien & r e f ca ll ( t e x t ) _________________________ G P k x x x c * 1921
do
d o _________________________________________ G P .k x x x c *
1622
do
do
__________________________________G P .k x x x c * 1923
Philadelphia & Reading Coal & Iron Co— B o n d s — -see te x t -n*. iff
Philadelphia & Reading Coal & Iron Corp— S to c k — see te x t
Phillips-Jones Corp.— C o m m o n 100.000 sh ares____________
P referred 7 % c u m u la tiv e $4,000,600___________________
a A d d itio n a l $ 2 1 ,6 6 5 ,0 0 0 p le d g e d an d d e p o s ite d u n d e r 1st

Par
Value

Rate
%

$100 $ 5 0 ,0 0 0 ,0 0 0 See te x t
25, 4 7 ,0 6 9 .6 5 0
8
25
8 ,1 8 9 ,3 0 0
8
100 & c a 3 6 6 6 3 ,3 0 0
5 g
100 See,
1 ,6 7 1 ,7 0 0
4 g
100 & c! 1 2 ,2 6 1 ,4 0 0
6 g
100 Sect 7 ,4 2 5 ,9 0 0
5
100 & c 1 0 ,0 0 0 ,0 0 0
5 y3 g
N one

8 5 .0 0 0 s h ______
2 .2 7 5 .0 0 0
7

100

When
Payable

o l

.

US.

Last Dividend Plates Where Interest ani
and Maturity
Dividends are Payaole

Q— J
M
Q
Q— M

A S O
o
A S O
c
J & D
,T & D
M & N

A p r 2 1924 1 %
Ju n e 16 ’24 2 %
Ju n e 16 ’ 24 2 %
O ct 1 1 9 6 6
O ct 1 19 66
D e c 1 1941
Ju n e 1 1947
N o v 1 1953

Q— F

O ffic e 99 Joh n S t. N Y
C h eck s m ailed
do
P h ila d e lp h ia
do
G ir a r d T r u s t C o . P h ila
do
do
do
do

M a y 1 1924 1 H

lien & r e f m tge.

P H E L P S D O D G E C O R P . — O R G A N I Z A T I O N .— I n c o r p o r a te d in New
Y o r k A u g . 10 1885 as th e C o p p e r Q ueen C o n s o l. M in in g C o . an d frocr
D ec. 1908 t o A p ril 1917 a c t e d as th e le a d in g o p e ra tin g s u b s id ia ry o f P h e lp s
D od g e & C o . (a h o ld in g c o m p a n y .)
In c o r p o r a te d in N e w Y o r k S ta te or.
D e c. 11 1908 p e r p la n V . 8 7 . D. 1536: V . 8 8 , p . 149; V . 89 p . 1545
Ik
1917 th e n a m e w as c h a n g e d t o P h e lp s , D o d g e C o r p ., a n d th e a u th . stock
was in crea sed fr o m $ 2 ,0 0 0 ,0 0 6 t o $ 5 6 ,0 0 0 ,0 0 0 , o f w h ich $ 4 5 ,0 0 0 ,0 0 0 was
then a p p lied t o ta k in g u p sh are fo r share th e $ 4 5 ,0 0 0 ,0 0 0 s t o c k o f th e h o ld ­
ing c o r p o r a t io n . T h e su bsidiaries w h o se p ro p e rtie s w e re a b s o r b e d by
P h elps, D o d g e C o r p . in s u ch re o r g a n iz a tio n , w ere as fo llo w s : D e tr o it
C o p p e r M in in g C o . o f A r iz o n a , B u r r o M t n . C o p p e r C o . a n d S ta g C a n o n
Fuel C o . O th e r su bsid iaries w h o se p h y s ic a l assets w e re n o t ta k e n o v e r
b u t all o f w h o s e issu ed s t o c k w as a c q u ir e d in su c h re o r g a n iz a tio n , are
M o c te z u m a C o p p e r C o . , $ 2 ,6 0 0 ,0 0 0 s t o c k : P h e lp s D o d g e M e r ca n tile C o .
$ 2 ,0 0 0 ,0 0 0 s t o c k : a n d B u n k e r H ill M in e s C o ., $ 7 5 0 ,0 0 0 s t o c k . In O ct.
1921 a c q u ir e d th e A r iz o n a C o p p e r C o . , L t d . V . 11$, p . 1582.
D I V I D E N D S .— U n til M a r . 30 1917 o f P h e lp s, D o d g e & C o . (h o ld in g c o .) .
’ 12. '1 3 . ’ 14. ’ 15. 16 17. ’ 18. U 9 . ’2 0 . ’21- ’2 2 . '2 3.
R e g u la r. % ...................10
10 10 10
10
10 7 ) $ y 10
10
5V4 4
4
E x tr a % ............
5
6VS 4 10 2 2 Vi
14 10V* 3V* . .
--___
A c cou n t d e p le t io n . . .
. . . . . . . .
8 4x 2x
P a id in 1924: J a n . 1, 1 % ; A p r il 2 , 1 % .
x 2 % p a y a b le in 4 )1 % L ib e r t y b o n d s ,
y O n ly th ree q u a rte r ly d iv id e n d s
2 H % e a c h , d u e t o c h a n g e in d iv id e n d p e r io d fro m Q .- M . 31 t o Q .-J . 2
R E P O R T .— F or 1923. in V . 118, p . 1781 and 1923, s h o w e d :
1923.
1922.
1921.
T o t a l gross in c o m e _____________________ $ 2 9 ,7 3 5 ,6 2 0 $ 2 5 ,1 4 8 ,2 6 8 $1 8 ,7 7 2 ,3 2 2
N e t in c o m e _____________________
2 ,4 7 1 ,6 3 3
2 58 ,052 d f 4 ,200 ,9 0 8
D e p r e cia tio n , b u ild in g s an d p la n t s ___
6 ,3 5 5 ,1 4 9
6 .0 8 3 .6 8 3
4 ,338,161
D iv id e n d s p a i d ___________
2 ,0 0 0 ,0 0 0
2 ,0 0 0 .0 0 0
1 ,8 5 0 ,0 0 0
B a la n ce, su rp lu s fo r y e a r ______________df,5,883,516 d f7 ,8 2 5 .6 3 1 d fl0 ,3 8 9 ,0 6 8
T h e to ta l surplus D e c. 31 1923 w as 8 8 6 .8 7 6 .5 3 1 .
Note.— O p eration s w ere su sp en d ed in A p ril 1921 and w ere n o t r e su m e d
u n til F e b . 1922.
A s t o a llied ra ilw a y , gee E l P a so & S. W . under " R a i l r o a d s .”
O F F I C E R S .— P res., W a lte r D o u g la s; V .-P s ., C lev ela n d H . D o d g e ,
A rth u r C u rtiss Jam es an d E . H a y w a rd F e rry ; Sec. & T re a s ., G e o rg e N o t m an .
D ir e c to rs .— C le v e la n d H . D o d g e , A rth u r C u rtiss J a m es, M a t t h e w C .
F lem in g. G eorg e B . A g n e w , E . H a y w a rd F e rry , F ran cis L . H in e. W alter
D ou g la s, W m . C h u rch O sb o rn , N o rm a n C a rm ich a el. N . Y . o f fic e , 99 Joh n
S t.— ( V . 118, p . 1923.)
P H I L A D E L P H I A C O . —See P ittsb u rg h . In " E le c t r ic R v ” S ection
P H IL A D E L P H IA E L E C T R IC C O . (T H E )— O R G A N I Z A T I O N — In c o r p . in P a . O ct. 27 1902. O w n s or co n tro ls a ll e le ctric lig h t p ro p e rtie s in
P h ila d elp h ia an d C h e ste r; an d in all th e large tow n s in D e la w a re C o u n t y .
T h e c o m p a n y ’ s p rin cip a l su b sid ia ry is th e D ela w a re C o u n t y E le ctric
C o . V . 7 3 , p . 4 9 6 , 68 0 ; V . 8 6 , p . 977 ; V . 90, p . 1047; V . 9 9 . p . 820;
V . 105, p . 1425; V. 104. p . 26 1 , 367 ; V . 105, p . 1807.
H as lo n g lease of
co n d u it sp a ce fro m K e y s to n e T e le p h o n e C o . a t a g ra d u a te d ren ta 1rising to
$ 1 2 5,00 0 y e a r ly , w ith o p t io n o f p u rch a se at end o f lease. V . 104. p . 255 8
V . 100, p . 73 7 . R a te s. V . 102, p . 1254: V 106. p . 9 2 . 612 : V . 108. p 586
V . 105, p . 1527, 2004; V . 106, p . 1683; V . 116, p . 1541. O w n s 7 gen era tin g
station s an d 28 su b -sta tion s in P h ila d e lp h ia , C h ester, P a ., a n d v ic in it y .
S T O C K .— T h e s tock h old ers o n A p ril 11 1923 in crea sed th e a u th orized
co m m o n s to ck fro m $ 5 0 ,0 0 0 ,0 0 0 t o $ 8 5 ,0 0 0 ,0 0 0 . C o m m o n sto c k h o ld e r s o f
re co rd M a y 18 1923 w ere g iv e n th e rig h t t o su bscrib e a t p a r fo r $ 1 0 ,2 5 8 ,9 5 0
a d d ition a l co m m o n s t o c k . V . 116, p . 1659, 1770. T h e fin a l in sta llm en t o f
$2 50 p er share w as ca lled a n d p a id D e c . 16 1916, m ak in g th e $25 shares fu llp a id . T h e P h ila . E le c . C o . o f N . J . (h o ld in g c o .) w as d isso lv e d in D e c.
1917; its $ 2 4 ,9 8 7 ,7 5 0 s t o c k , e x ce p t $ 6 ,5 7 5 , has b e e n ex ch a n g e d fo r stock
o f the P h ila . E le c . C o . o f P a ., ea ch $25 sh are fo r a new $25 sh a re.
V . 105
p 1425, 1622: V 103. p . 3 2 6 , 141 6: V . 104, p . 2 6 1 ,3 6 7 .)
T h e stock h old ers on S ep t. 1 1920 au th orized the issu an ce o f $15,000,00(1
8 % cu m u la tiv e p ref. s t o c k , p a r $25 . T h e s tock h old ers o f record S e p t. 8 w erf
given the rig h t t o su bscrib e a t p a r ($25) t o $ 6 ,0 0 0 ,0 0 0 new 8 % p ref. stock
t o th e e x te n t o f 2 0 % o f their h o ld in g s. A n a d d ition a l $ 5 ,0 0 0 ,0 0 0 w as
o ffe re d at p a r t o c o m m o n sto ck h o ld e rs o f re co rd A p ril 22 l 9 ‘21 in th e ratio
o f 16 2 -3 % o f h old in gs an d a fu rth e r $ 4 ,0 0 0 ,0 0 0 w as o ffe r e d at p ar t o
c o m m o n sto ck h o ld e rs o f re co rd F e b . 6 1922 t o th e e x ten t o f 13 1 -3 % o f
h old in gs. V . 114, p . 520. T h e p r e f. s t o c k has e q u a l v o t in g rig h ts w ith
th e c o m m o n s t o c k , a n d is co n v e rtib le in to c o m m o n s t o c k a t p a r a t a n y tim e:
red eem a b le a t $28 a t a n y d iv . p e rio d .
A t a m e e tin g o f d ire cto rs A p ril 10 1924 it w as d ecid ed t o issue fo r ca sh at
p a r ($25) 3 9 1 ,6 1 2 shares o f c o m m o n s to ck agg reg a tin g $ 9 ,7 9 0 ,3 0 0 t o th e
a m o u n t o f 2 0 % as registered M a y 16 192 4. P a y m e n ts m a y b e m a d e as
fo llo w s : (1) I n fu ll Jun e 16, in w h ich e v e n t s to ck certifica tes w ill b e issued
th erefor o n o r a b o u t A u g . 1 1924, an d th e h old ers th e r e o f w ill b e en titled
t o p a rticip a te in d iv id e n d s d ecla red a fter Ju n e 16 1924; o r (2) p a y m e n t
m a y b e m a d e in in stallm en ts as fo llo w s : $12 50 p er share o n o r b e fo re
Jun e 16 1924, $12 50 p er share o n o r b e fo re S ep t. 15 1924. V . 118, p . 1784.
D I V I D E N D S .—
f ’0 2 -’0 7 . ’0 8 . ’ 0 9 -T 2 . T 3 . ’ 1 4 -'2 1 . T 2 . 1923
O n a m ou n ts p a id i n _______ % { 5 y r l y . 5 ) $ 6 y r l y . 6 ) i 7 y r l y . 7 %
8
A lso extra , p a id in s t o c k ____ I _____
$1 $ 1 .5 0 $ 1 .5 0 ____
P a id in 1924: M a r c h 15, 2 % ; Ju n e 16, 2 % .
In itia l d iv . on n ew p r e f. o f 45 ce n ts a sh are w a s p a id D e c . 15 1920
M a r c h 15 1921 t o Ju n e 16 1924 p a id 2 % q u a rte r ly .
B O N D S .— T h e 1st M . b o n d s o f 1916 (see V . 104, p . 565) w ere t o c o v e '
th e en tire p r o p e r t y (a n d a ll a fte r-a cq u ire d p r o p e r ty e x c e p t s to c k s and
securities) th e n e m b r a c in g a ll th e p u b lic e le ctr ic ligh t a n d p o w e r p la n ts Id
P h ila d elp h ia . I n D e c . 1923 $ 1 8 ,7 5 0 ,0 0 0 w ere p le d g e d a n d $ 2 ,9 1 5 ,0 0 0
d e p o s ite d w ith tru ste e u n d e r 1st lien & r e f. m tg e . I n Ju n e 1918 a n d again
in F e b . 191 9, an a d d itio n a l $ 1 ,5 0 0 ,0 0 0 1st M . 5s w as s o ld , m a k in g $ 3 6 ,6 6 3 ,300 o u t . V . 106, p . 2762; V . 108, p . 586.
R e s e rv e d b o n d s c a n o n ly b e Issued fo r 8 5 % o f th e c a s h 'c o s t a n d fa ir valu e
o f a c q u is itio n s , p e rm a n e n t a d d it io n s , e x te n s io n s , A c . , an d th e n o n ly when
th e n e t earn in gs are 1 M tim e s t h e in te re s t ch a rg e s o n all b o n d s Issued and
t o b e issu ed. S inking fu n d o f $ 2 1 2 ,0 0 0 y e a r ly p lu s a c c u m u la tio n s .
T h e 1st lien & r ef. m tg e . 6 % b o n d s d u e 1941 are ca lla b le , a ll o r p a r t , fro m
D e c . 1 1926 t o 1931 a t 107>6: d u r in g s u cce e d in g 5 y e a rs a t 105; a n d th e re ­
a fte r a t a p rem iu m o f 1 % fo r e a ch y e a r o f u n exp ired life . T h e 5 ) 4 %
b o n d s d u e 1947 are n o t c a lla b le , e x c e p t fo r sin k in g fu n d a t 1 0 7 )4 , until
Ju n e 1 1927
C a lla b le th e re a fte r a t 107 V t o an d I n c l. Ju n e 1 1932, and
4
th e r e a fte r a t a p rem iu m o f
% fo r ea ch y e a r or p a rt th e r e o f o f u n exp ired
life . T h e 5 )4 % b o n d s d u e 1953 a re ca lla b le a ll o r p a r t a t a p r e m . o f 7 )4 %
o n o r b e fo r e N o v . 1 1927; th e re a fte r a t a p r e m . o f 7 % o n o r b e fo r e N o v . 1
193 1; th e r e a fte r at a p r e m . o f 6 ) 4 % o n o r b e fo r e N o v . 1 193 5; th e re a fte r




Amount
Outstanding

[V

a t a p r e m . o f 6 % o n o r b e fo r e N o v . 1 1 93 9; th e r e a fte r a t a p r e m . o f 5 )4 %
o n o r b e fo r e N o v . 1 194 3; a t a p r e m . o f 5 % o n M a y 1 1944; sa id p r e m . t o
b e r e d u c e d b y )4 o f 1 % c o m m e n c in g N o v . 1 1 94 4, w ith a lik e a d d itio n a l
r e d u c tio n c o m m e n cin g o n N o v . 1 o f e a ch y e a r th e re a fte r u n t il m a tu r ity .
I n a d d itio n t o b e in g s e cu re d b y a gen era l m o r tg a g e o n e n tire p r o p e r t y ,
b o n d s are s e cu re d b y th e p le d g e o f $ 1 8 ,7 5 0 ,0 0 0 P h ila d e lp h ia E le c t r ic C o .
1st M . S in k in g F u n d 5s, d u e 1966, a n d $ 1 5 ,0 0 0 ,0 0 0 1st M . D e m a n d b o n d s
a n d all o f th e c a p ita l s t o c k (e x c e p tin g d ir e c t o r s ’ shares) o f th e D e la w a re
C o u n t y E le c t r ic C o . S in k in g fu n d , 1 % p e r a n n u m o f to t a l a m o u n t o f
b o n d s o u ts ta n d in g . V . 113 . p . 2 41 1.
R E P O R T .— F o r 192 3, in V . 118, p . 1 78 4, sh o w e d :
Calendar Years—
1923.
1 92 2.
1 92 1.
1920.
G ross in c o m e , all c o s . - .$ 2 8 ,0 2 2 ,0 1 3 $ 2 3 ,8 0 7 ,7 4 6 $ 2 1 ,5 7 3 ,1 8 9 $ 2 0 ,0 4 3 ,3 3 5
8 ,3 3 0 ,3 5 0
7 ,3 9 0 ,9 7 0
5 ,3 7 5 ,1 9 6
N e t, a fte r ta x e s , & c ____ 1 0 ,4 0 9 ,4 8 4
F ix e d c h a rg e s, & c _______
4 ,1 8 8 ,2 8 3
3 .5 3 3 ,8 0 1
3 ,5 8 7 ,3 1 1
2 ,5 6 3 ,2 7 1
D iv id e n d s ________________
3 ,9 8 0 .8 7 8
3 ,4 6 8 ,8 2 3
2 ,8 2 6 ,0 8 2
2 ,2 0 0 ,3 9 4
S u r p lu s ________________ $ 2 ,2 4 0 ,3 2 3
$ 1 ,3 2 7 ,7 2 6
$97 7 ,5 7 7
$61 1,53 0
P r e s ., J o s e p h B . M c C a ll; V . - P s ., W . H . J o h n s o n , A r t h u r B . H u e y , C h a s.
J . R u ssell a n d W m . C . L . E g lin ; S e c. & A s s t. T r e a s ., A . V . R . C o e ; T r e a s .,
H . C . L u ca s. O ffic e , 1000 C h e s tn u t S t ., P h ila ., P a .— (V . 118, p . 178 4 .)
P H I L A D E L P H I A & R E A D I N G C O A L & I R O N C O R P .— T h is c o m ­
p a n y , in c o rp o ra te d in D e la w a re D e c . 20 1923, w as fo rm e d in a c c o r d a n c e
w ith th e fin a l d e cre e in th e G o v t , su it a gain st th e R e a d in g C o . T h e la tter
sold t o th e n ew c o m p a n y a ll its r ig h t, title a n d i ite re st in th e c a p ita l s to c k
o f th e P h ila d e lp h ia & R e a d in g C o a l & Ir o n C o ., s u b je c t t o th e lien o f th e
general m o r tg a g e o f R e a d in g C o . an d th e P h ila d e lp h ia & R e a d in g C o a l &
Ir o n C o . (as m o d ifie d b y th e fin a l d e cre e ) fo r th e su m o f $ 5 ,6 0 0 ,0 0 0 .
P h ila d e lp h ia & R e a d in g C o a l & Ir o n C o r p ., p u rsu a n t t o th e fin a l d ecree
an d th e o r d e r m o d ify in g th e fin a l d e cre e en te re d b y th e D is tr ic t C o u rt
o n D e c . 4 192 3, w ill issue fr o m t im e t o tim e 1 ,4 0 0 ,0 0 0 shares o f s to c k
w ith o u t p ar v a lu e , b e in g its en tire a u th o riz e d ca p ita l s to c k , t o W ilm in g to n
T r u s t C o . o f W ilm in g to n , D e l. (th e tru stee) as tru stee u n d er a tru s t agree­
m e n t d a te d D e c . 28 1923 b e tw e e n P h ila d e lp h ia & R e a d in g C o a l & Ir o n
C o r p ., R e a d in g C o . , N e w to n H . F a irb a n k s an d J o se p h B . M c C a ll as
tru stees, a n d W ilm in g to n T r u s t C o . as tru ste e . T h e tru stee w ill issue
ce r tific a te s o f in terest in said s t o c k a n d e a ch ce r tific a te o f in terest w ill
e n title th e re giste re d o w n e r th e r e o f, o r h is assigns, u p o n surren der th e r e o f
a c c o m p a n ie d b y an a ffid a v it in su b s ta n tia lly th e fo rm re q u ire d b y th e
fin a l d e cre e (to th e e ffe c t , in s u b s ta n ce , th a t th e a p p lic a n t d o e s n o t o w n
a n y shares o f th e ca p ita l s to c k o f R e a d in g C o . an d is a c tin g in h is o w n b e h a lf
in g o o d fa ith ) t o re ce iv e a s to c k c e r tific a te fo r th e n u m b e r o f shares o f th e
c a p ita l s to c k w ith o u t n o m in a l o r p a r v a lu e o f P h ila d e lp h ia & R e a d in g C oa l
& Ir o n C o r p . re p resen ted b y su ch c e r tific a te o f in te re st, t o g e th e r w ith all
d iv id e n d s (b u t w ith o u t in te re st th e re o n ) c o lle c t e d b y th e tru ste e in resp ect
o f said shares o f s to c k a fte r th e d a te o f s u ch c e r tific a t e o f in te re st a n d p rior
to su ch e x ch a n g e , an d a d iv id e n d o rd e r o r a ssig n m e n t fo r a n y d iv id e n d s
d e cla re d b u t n o t th e n p a y a b le in r e s p e c t o f said shares.
A ll th e c e r tific a te s o f in te re st w ill b e d a te d Ja n . 2 1924, e x c e p t as o th e r ­
w ise p r o v id e d in th e tru s t a g re e m e n t in ca se o f th e d e c la r a tio n o f d iv id e n d s
b y P h ila d e lp h ia & R e a d in g C o a l & Ir o n C o r p . p r io r t o th e issu e o f all o f its
a u th o riz e d 1 ,4 0 0 ,0 0 0 shares o f c a p ita l s t o c k .
P e n d in g th e exch a n g e o f ce r tific a te s o f in te re st fo r shares o f s t o c k , th e
tru stee w ill d e liv e r p ro x ie s fo r v o t in g a ll th e sh ares o f s t o c k h e ld b y it to
N e w to n H . F a irban k s a n d J o s e p h B . M c C a ll, in d iv id u a l tru stees a p p o in te d
b y th e D is t r ic t C o u r t fo r th e p u r p o s e , a n d w ill h o ld a ll d iv id e n d s p a y a b le
in r e s p e ct o f th e shares o f s t o c k h e ld b y it u n til p a id o v e r t o th e ow n ers o f
th e r e s p e c tiv e ce r tific a te s o f in te re s t u p o n e x ch a n g e th e r e o f fo r shares o f
s to c k as a fo re s a id . I f a t a n y tim e a fter J u ly 1 1926 a n y o f th e ce r tific a te s
o f in te re st shall rem ain o u ts ta n d in g , th e fin a l d e c r e e p r o v id e s th a t th e C o u rt
in its d is c re tio n , a fte r a h ea rin g u p o n s u ch n o t ic e t o h o ld e rs o f ce r tific a te s
o f in te re st as it m a y d ir e ct, m a y o rd e r th e shares o f s t o c k o f P h ila d elp h ia &
R e a d in g C o a l & Ir o n C o r p . r e p re s e n te d b y said ce r tific a te s o f in terest
t o b e s o ld a n d th e p r o c e e d s d is trib u te d t o th e re giste re d o w n ers o f su ch
ce r tific a te s o f in terest.
F o r d e ta ils as t o n e w r e fu n d in g m o r tg a g e 5 % sin k in g fu n d g o ld b o n d s ,
see R e a d in g C o . u n d e r “ R a ilr o a d s .” — ( V . 118, p . 178 4.)
P H I L A D E L P H I A & R E A D I N G C O A L & I R O N C O .— T h e N e w Y o r k
S to c k E x ch a n g e in J a n . 1924 a u th o r iz e d th e listin g o f $ 3 1 ,5 4 2 ,3 3 3 1-3
re fu n d in g m o r tg a g e 5 % sin k in g fu n d g o ld b o n d s d a te d J a n . 2 1924, d u e
Ja n . 1 1973, in th e d e n o m . o f $ 1 ,0 0 0 , $50 0 a n d $100.
T h e b o n d s are issu ed p u rsu a n t t o th e p r o v is io n s o f th e fin a l d ec r e e o f
th e U . S. D is tr ic t C o u r t in e x ch a n g e fo r gen eral m o r tg a g e 4 % b o n d s issued
u n d er th e gen eral m o r tg a g e , d a te d J a n . 5 189 7, m a d e b y R e a d in g C o .
an d th e c o m p a n y .
T h e fin a l d e cre e a m o n g o th e r th in g s d ir e cte d th e R e a d in g C o . a n d the
c o m p a n y t o o ffe r t o th e h o ld e rs o f gen eral m o r tg a g e b o n d s th e rig h t to
surren der th eir b o n d s a n d r e c e iv e in exch a n g e th e r e fo r an e q u a l a ggregate
p rin cip a l a m o u n t o f n e w b o n d s as fo llo w s : 2-3 o f said p rin c ip a l a m o u n t in
g e n . & r e f. m t g e . 4 )4 % g o ld b o n d s , series A (o r sc r ip c e r tific a te s ) o f th e
R e a d in g C o .; a n d 1-3 th e r e o f in r e f. m t g e . 5 % sin k in g f u n d g o ld b o n d s (or
scrip ce rtifica te s ) o f th e c o m p a n y .
T h e C e n tra l U n io n T r u s t C o . o f N . Y . has b e e n a p p o in te d tru stee o f th e
$ 3 1 ,5 4 2 ,3 3 3 r e f. m tg e . 5 % sin k in g fu n d g o ld b o n d s , d u e J a n . 1 1973.
C o m p a re also R e a d in g C o . u n d e r “ R a ilr o a d s .” — ( V . l i 8 , p . 178 4.)
P H I L L I P S -J O N E S C O R P — I n c o r p . in N . Y . A u g . 15 191 9. T h e
c o m p a n y is en gag ed in th e business o f m a n u fa c tu r in g , p r o d u c in g , a d a p tin g ,
p rep arin g, b u y in g , selling a n d oth e rw ise d e a lin g in fa b r ic s a n d te x tile s , and
m a n u fa ctu rin g an d selling a t w h olesa le t h r o u g h o u t th e c o u n t r y t o jo b b e r s
an d retail s to re s, sh irts, u n d e rw e a r a n d p a ja m a s .
C A P I T A L S T O C K .— 7 % cu m u la tiv e p r e f ., a u th . $ 4 ,0 0 0 ,0 0 0 : o u ts ta n d ’
Ing, $ 2 ,2 7 5 ,0 0 0 ; p a r $100; c o m m o n , a u t h ., 1 0 0 ,0 0 0 shares; ou tsta n d in g 85,000 shares o f n o p a r v a lu e .
R E P O R T .— F o r ca le n d a r y e a r 192 3, in V . 118 , p . 2 1 9 0 , sh o w ed :
S a le s ___________________________________________________________________$ 11 ,1 6 3 ,0 9 3
P r o fit fo r th e y e a r a fte r m a k in g s p e cia l in v e n t o r y a d ju s t , o f
$820,501 ch a rg e a b le in p a r t t o o p e r a tio n s o f p r io r y e a r s ------$86,434
S u rp lu s a t Ja n . 1 1 9 2 3 ______________________________________________
2,2 6 1 ,4 4 8
P r o c e e d s o f life in su ran ce p o lic ie s ________________________________
331,835
T o t a l _________________________________________________________________ $2,6 7 9 ,7 1 7
$159,687
287 ,596

Deduct— P referred d iv id e n d s ________________________________________
S p ecial p r o v is io n s fo r co n tin g e n c ie s an d lo s se s ____________________

Su rplu s D e c . 31 1 9 2 3 _____________________________________________ $2,2 3 2 ,4 3 3
P r e s ., I s a a c L . P h illip s ; V . - P . , D a v id F . P h illip s ; S ec. & T r e a s ., A . S.
P h illip s . O ffic e , 1225 B r o a d w a y , N e w Y o r k .— ( V . 11 8 , P- 2 1 9 0 .)

INDUSTRIAL AND PUBLI

M ay , 1924.]

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

Dale
Bonds

G o ld d eb en b o n d s red (te x t) $ 7 ,0 0 0 ,0 0 0 a n t h .C e C k x x x c *
P h o e n i x H o s ie r y C o - — C o m m o n s to c k $ 8 7 6 ,0 0 0 a u t h _______
P r e f (a & d ) s t o c k 7% c u m re d 115 $ 4 ,5 0 0 ,0 0 0 a u t h _______

1921

P i e r c e - A r r o w M o t o r C a r C o — C o m 3 2 8 ,7 5 0 shares a u t h - P r e f (a A d ) 8 % c u m $ 1 0 ,0 0 0 ,0 0 0 s f call 125 c o n v e r t i o l e . .
P r io r p r e f (a & d ) $8 c u m ca ll $100 c o n v e r t ( t e x t ) __________
F irst m ortg a g e g old b o n d s (see t e x t ).
D e b e n tu r e s (see text) ca ll 110_________________________ k xxx
P i e r c e O il C o r p o r a t i o n — C o m m o n s to c k ( $ 3 3 . 0 0 0 .0 0 0 ) ____
C o m m o n s t o c k C lass B n o n -v o tin g $ 2 0 ,0 0 0 ,0 0 0 ___________
P r e f (a & d ) s t o c k 8 % cu m u l $ 1 5 ,0 3 0 ,0 0 0 c a lla b le _________
S in k in g f u n d g o ld d e b , ca ll 107 ) 4 _________ - - ______ k xxc*
P i t t s b u r g h C o a l C o . ( o f P e n n ) — C o m s t o c k 6 % and p a r tlc.
P a rtic ip a tin g p r e f s t o c k 6 % c u m (a ls o as t o assets, s f ca ll 110
1st U $ 1 ,500 000 g gu ar red 102 *4 s f _____________ I.Ji’ i.x c *
M o n R iv e r C on s C o a l A C o k e 1st M g s f (see te x t) - U P i ,z c *
M id lan d Coal purch ase 1st M $1,2 0 0 ,0 0 0 g red 102 14-U P ixc
D eben tu res $ 6 .3 5 0 .0 0 0 g auth redeem able p a r __ _ ____ j

—

Bonds of Subsidiary Companies.

1923

1921
1910
1899
1912
1911

Par
Value

Amount
Outstand ino

N one
500 &
<•
5
100
100
N one
<100
N one

1,450,513 sh. See texi
Q— J
iQ.067,000 7 14 & 6 g v .t O
875 ,0 0 0
3 880 non
Q— M
500 ,0 0 0
7
Q— M
2 5 0 ,0 0 0 sh$ 1 0 ,0 0 0 ,0 0 0 See text
15,750 shs
$8
Q— J

Hntf
%

$ 4 ,2 0 0 ,0 0 0
8
25 2 9 .6 2 2 .8 3
25
to o 15 000 0 0 "
8 g
1 .7 0 0 .0 0 0
5 0 0 &c
100 a 3 2 , 169.200 4 in 1923
io n 3 5 .0 0 0 .0 0 0
t)
1,000
545 .0 0 0
' g
1.000
4 .8 8 6 .0 0 0
6 *
536.00! i
<
r
1,000
500 &c
1 ,8 1 0 ,0 )
5g

M o n t o u r R R red 105 b egin 192 4_____________________________

1 .8 5 3 .0 0 0
2 .1 4 1 ,0 0 0

217

UTILITY

5 *
5 4

When
Payable

M

&

A
&

A p r 1 1924 50c
Jot. 1 1931

N ew Y o r k aun C h ic a g o

tune 1 1924 1 A
(
June 1 1924 1 M
An- 1 1 0 2 ’
A p r 1 1924

2"'
$2

C h e ck m ailed
do

S M a r 1 1943

r A D 15
Q — .125
Q — J25
J
& i
A
& O
M & N
M & S
F
A

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Feb 1 1922 2 %
D e c 15 1931
A p r 25 1924 1*7,
A p r 2 5 ’2 4 1 ) 4 %
J a n 1 1935
O ct 1 1949
M a y 15 1932
J u ly 1 1931

A Pen 1 1963
O A p r 1 1938

N ew A o rk
B y ch eck
do
U n io n T r u s t C o. P lttsb
U n io n T r u s t Co.Pittsb’h
do
do
U nion T r u t C o o f Pitta
U n io n T r C o o f Pitts

a E x clu d in g $ 7 ,8 3 0 ,8 0 0 c o m . s t o c k in treasu ry D e c. 31 19 23

1
PHILLIPS PETROLEUM CO.— O R G A N I Z A T I O N .— I n c o r p . in Jane
1917 in D e la w a re. L a n d o w n e d an d leased D e c . 31 1923 a m o u n te d to
4 9 5 .0 0 0 acres, lo ca te d in K a n sa s, O k la h o m a , T e x a s, K e n t u c k y a n d L o u is ­
ian a.
C A P I T A L I Z A T I O N .— O n Ju n e 30 1923 th e c o m n a n y issu ed t o s to c k ­
h old ers 3 9 5 ,0 0 0 shares o f s to c k o n th e basis o f o n e -h a lf share fo r ea ch share
h e ld , said issue b e in g m a d e fo r th e sole p u rp o s e o f r e d u c in g th e u n it v a lu e
o f th e c o m p a n y ’s shares o f s t o c k an d c a rry in g w ith it n o d is trib u tio n o f
su rp lu s o r p r o fits , it n o t b e in g in ten d ed fo r n o r issued as a s t o c k d iv id e n d .
T h e s to ck h o ld e rs o f r e co rd F e b . 2 1924 w ere g iv e n th e rig h t t o su bscrib e
a t $30 p er share fo r 2 9 6 ,1 0 6 shares o f ca p ita l s to c k o n th e b asis o f o n e share
fo r e a ch fo u r shares o w n e d . Y . 118, p . 441.
T h e 7 )4 % d eb en tu res are ca lla b le as a w h o le a t 107 a n d in te re st, fo r fir s t
y e a r , 106 a n d in t . th e s e co n d y e a r, 105 a n d in t. th e th ird y e a r , th e p rem iu m
d ecrea sin g 14% a n n u a lly th e re a fte r.
C o m m e n c in g J u ly 1 1922 th e c o m p a n y w ill p r o v id e an ann u al sinking
fu n d o f 10% o f m axim u m a m o u n t o f d e b e n tu re s e v e r issu e d , p a y a b le 5 %
sem i-a n n u a llv , to be a p p lied to the p urchase o f b o n d s in th e o p e n m arket
a t o r b elow 10214 a n d int. fo r th e first tw o y e a rs, a n d a ft e r t w o y e a rs the
sin k in g fu n d shall p urchase b o n d s up to 105 an d in t ., a n d if n o t p u rch asab le
a t th is p r ic e , th e b on d s m u s t be ca lled b y lo t a t 105 an d in t ., an d a t a p r e ­
m iu m o f )4 o f 1 % less in ea ch su cce e d in g y e a r.
E a c h $ 1 ,0 0 0 o f b o n d s carries a d e ta ch a b le w arra n t e n titlin g th e holder
(fo r 10 yea rs) t o p u rch a se fr o m th e c o m p a n y a t $33 1-3 per share th e f o l ­
lo w in g a m o u n ts o f s t o c k : F o r the firs t tw o yea rs, 10 shares, a n d thereafter
o n e sh are less d u rin g ea ch s u cce e d in g y e a r . V . 113 , p . 1583.
In itia l d iv . o f 50 cen ts a share p a id D e c . 31 1921; sam e a m o u n t p a id q u a r .
t o M a r . 31 1923. O n J u n e 30 1923 p a id 50 c e n ts q u a r. a n d $1 extra .
O ct. 1
1923 t o A p ril 1 1924 p a id 50 c e n ts q u a r.
R E P O R T .— F o r 192 3, in V . 118, p . 1402, s h o w e d :
Calendar Years—
1923.
1922.
I n c o m e ________________________________________________ $ 1 9 ,3 7 2 ,5 8 5 $1 2 ,5 9 4 ,7 2 6
_
5 ,1 8 5 ,1 5 8
2 ,3 6 8 ,1 2 7
O p era tin g , general an d a d m in is tra tiv e e x p e n se s_
In teres t a n d taxes (in clu d in g F e d e ra l t a x ) _________
1 ,7 3 5 ,3 9 6
1 ,0 2 6 ,5 6 4
N e t in c o m e __________________________________________ $ 1 2 ,4 5 2 ,0 3 0
D e p le tio n , d e p r e c ia tio n , & c ., r e s e r v e _______________ $ 7 ,8 0 9 ,5 3 5
D iv id e n d s p a id ________________________________________
2 ,7 1 9 ,7 3 9
B a la n ce , s u r p lu s ____
C a p ita l su rplu s D e c . 31

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

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

Earnings for Quarter Ending March 3 1 .
192 4.
1923.
N e t in c . a ft . in t. & F e d . ta x e s, b u t b e fo r e d e p re c.
a n d d e p le t io n ______________________________________ $ 6 ,0 9 8 ,9 7 7 $ 4 ,4 1 4 ,9 2 5
P r e s ., F ran k P h illip s, B a rtle s v ille , O k la .— (V . 118, p . 2 5 8 2 .)
PHOENIX HOSIERY CO.— I n c o r p . u n d e r la w s o f W is c o n s in o n J u ly
13 1897. M a n u fa c tu r e s c o m p le t e lin es o f m e n ’s , la d ie s ’ a n d c h ild r e n ’s
s ilk , m ercerized a n d w o o le n h o s ie r y a n d w o m e n ’ s k n itte d u n d e rw e a r , all
b e in g s o ld u n d er th e tr a d e -m a rk “ P h o e n ix .”
R E P O R T .— F o r 1923, sh o w e d :
Calendar Years—
1923.
1922.
N e t in c o m e _________________________
$1,0 0 8 ,9 9 1
$ 1 ,9 2 5 ,4 0 0
D iv id e n d s o n 7 % p refe rre d s t o c k - .
3 0 8 ,8 7 5
2 6 ,2 5 0
C o m m o n d iv id e n d s ________________
_______ (2 1 4 )7 5 ,0 0 0
S u r p l u s _____________________________________________
$ 7 0 0 ,1 1 6 $ 1 ,8 2 4 ,1 5 0
O F F I C E R S .— P r e s ., H e rm a n G a rd n e r; V .- P . & G e n . M g r ., J o h n E .
F it z g ib b o n ; S e c ., T h e o d o r e F rie d la n d e r; T r e a s ., E d w in C . M a s o n . O ffic e ,
M ilw a u k e e . W is .— (V . 118 , p . 9 1 6 .)

PIERCE-ARROW MOTOR CAR CO. (THE)— O R G A N I Z A T I O N .—
I n c o r p . D e c . 2 1916 in N . Y . S ta te a« su ccessor o f t h e o rig in a l c o m p a n y o f
sim ilar n a m e. P la n t a t B u ffa lo , N . Y . c o v e r s 43 a cre s.
F I N A N C I N G P L A N .— T h e sto c k h o ld e r s o n F e b . 19 1923 a p p r o v e d a
fin a n cin g p la n w h ich p r o v id e d as fo llo w s :
(1) C o m p a n y t o cre a te an issue o f $ 6 ,0 0 0 ,0 0 0 1st m t g e . g o ld b o n d s,
t o bear in terest a t s u ch ra te a n d c o n ta in such p r o v is io n s as t o sinking
fu n d , m a tu r ity , ca ll p rice s, & c ., as d ire cto rs m a y d e te r m in e . T h e y w ill
b e secu red b y a fir s t m o rtg a g e o n th e e n tire pla n t a n d fix e d assets. N o n e
e f th ese b o n d s h a v e b e e n s o ld , b u t $ 4 ,2 0 0 ,0 0 0 , b e a rin g 7 % in te re s t, are
p le d g e d t o secu re $ 2 ,0 0 0 ,0 0 0 1-year 6 % notes.
(2) C o m p a n y crea te d an issue o f $ 4 ,2 0 0 ,0 0 0 8 % d e b e n tu re s , d a te d
M a r . 1 1923, d u e M a r . 1 1943. A sin k in g fu n d t o re tire b y p u rch a se or
re d e m p tio n $ 2 5 0,00 0 o f d e b e n tu re s a n n u a lly is p r o v id e d , fir s t p a y m e n t
in to sin k in g fu n d w ill be o n A p ril 1 1926, in re sp e ct o f y e a r 1925, a n d an­
n u a lly o n A p ril 1 th ereafter fo r th e y e a r en din g th e p r e c e d in g D e c . 3 1 .
(3) C o m p a n y c r e a te d a n issu e o f 15,750 shares o f p r io r p r e fe re n ce s to c k
o f n o p a r v a lu e , c o n v e r tib le a t a n y tim e u p t o d a te o f r e d e m p tio n in t o c o m .
s t o c k o f n o p a r v a lu e at th e r a te o f 5 shares o f c o m . s t o c k fo r 1 sh are o f
p r io r p r e fe re n ce s t o c k . C a lla b le a ll o r p a r t a t $100 p e r sh are a n d d iv id e n d s
o n 60 d a y s ’ n o tice .
(4 ) C o m p a n y a u th o riz e d 7 8 ,7 5 0 shares o f a d d itio n a l c o m m o n s to c k
t o b e u sed fo r th e p u r p o s e o f th e a b o v e d e s crib e d c o n v e r s io n p r iv ile g e .
D I V I D E N D S . — A t ra te o f 8 % per a n n u m ( 2 % Q .- J .) o n p r e f. s t o c k .
J a n . 2 1917 t o A p ril 1 1921, in c l.; n o n e s in ce . O n c o m m o n , A u g . 1917 t o
M a y 1919, b o t h in c l., $1 25 q u a r.; n o n e sin ce . O n p r io r p r e f. s t o c k , p a id
in itia l d i v . o f $2 p e r sh are on J u ly 2 1923; sam e a m o u n t p a id q u a r. t o
A p r il 1 1924.
R E P O R T .— F o r 1923, in V . 118, p . 804 an d 1390, sh o w e d :
Calendar Years—
’
1923.
1922.
1921.
1920.
N e t e a rn s., a fter d e p r e c .
$9 5 2 ,5 6 4
$ 5 7 1 ,9 9 1 (o s s l,8 1 0 ,4 9 8 $ 1 ,9 8 7 ,6 8 8
F e d e ra l ta x e s ____________
_______
_______
_______
2 5 0 ,0 0 0
B a la n c e _______________
O th er in c o m e ------------------I n t e r e s t __________________
P r io r p r eferred d iv id e n d s
P r e fe r re d d iv id e n d s -------

$95 2 ,5 6 4
----------5 7 9 ,8 5 2
9 4 ,5 0 0
-----------

$571,991 * $ 8 ,2 5 4 ,3 9 5 $ 1 ,7 3 7 ,6 8 8
--------------------2 1 6 ,8 8 6
561 ,182
5 0 9 ,3 1 6
184 ,659
-----------------------------------------( 2 % ) 2 0 0 ,0 0 0 (8 % ) 8 0 0 ,0 0 0

B a la n ce , s u r p lu s _____
$ 2 7 8 ,2 1 2
$ 1 0 ,8 0 9 d f$ 8 ,9 6 3 ,7 1 2
$ 9 6 9,91 5
* D e fic it a fter d e d u ctin g in v e n to r y losses, & c. ( e s t . ) , $ 4 ,1 9 7 ,0 2 2 ; a n d o p e r .
e x p . in a d d itio n t o m fg . c o s ts, $ 2 ,2 4 6 ,8 7 5 .
E a rn in g s fo r fir s t q u a rte r o f 1924 in V . 118, p . 2190.
O F F I C E R S .— C h arles C lift o n . C h a irm a n ; M . E . F o r b e s , P re s. & G en .
M g r .; S. O . F e llo w s , T r e a s .; E . C . P e a rs o n ,IS e c. O ffic e , 1695 E lm w o o d
A v e ., B u ffa lo , N . Y . — (V . 118, p . 2 1 9 2 .)




P I E R C E O I L C O R P .— O R G A N I Z A T I O N .— I n c o r p . In V ir g in ia J u n e ’
23 1^13. per olan v' 9 7 , p . 3 0 3 . 30 2 : V . 95, p . 1279; V . 9 6 , p . 4 9 5 ; V . 1 0 7 ’
p . 9 0 3 . O w ns d ir e c t ly , or t h r o u g h th e e n tire ca p ita l s t o c k o f s u b s id ia ry
com p an ies: (a) F iv e m o d e r n refineries a t F o r t W o r th a n d T e x a s C i t y , T e x . ,
Sand S prin gs, O k la .. T a m p ic o a n d V era C r u z . M e x ic o .
T o ta l average
d aily c a p a c it y 4 8 ,0 0 0 b b ls . o f c r u d e o il.
(6) 7 5 .8 1 3 acres o f o il la n d s ,
p r in cip a lly held u n d er lease, p a r t ly o w n e d In fe e , in O k la ., T e x . , A r k ., a n d
T a m p ic o , M e x .. in clu d in g h o ld in g s In th e C u s h in g an d M o r ris fie ld s in
O k la .
(c) T h re e ta n k s te a m e rs, f lo a t in g e q u ip m e n t an d 1,6 0 0 ta n k c a r s ,
(d) 1 ,1 5 0 ce n tra l lo c a te d m ain d is trib u tin g s ta tio n s,
(e) a 6 -in ch p ip e lin e
o w n e d in fe e fro m C u s h in g fie ld t o S an ds S prin g r e fin e r y , 35 m iles ,
(f)
th ro u gh P ierce P ip e L in e C o . (e n tire s t o c k o w n e d ), an 8 -in ch p i p e l in e 100
m iles in le n g th fr o m H e a ld to n fie ld . O k la .. t o F o r t W o r th r e fin e ry . V . 1 0 1 .
p . 207 7: V . 105. p . 2461: V . 106 , p . 196; V . 107, p . 6 1 1 .
In M a y 1918. h a v in g o b ta in e d a u th o r ity t o o p e r a te in T e x a s , t o o k title
to th e p ro p e rtie s o f th e P ie r c e -F o r d y c e C o .
V . 106, p . 196 , 190 5^^2^2^^

Financing Plan (V . 118, p. 1675, 2 3 1 5 .)
T h e s to c k h o ld e r s o n M a y 9 1924 a p p r o v e d th e p r o p o s a l s u b m itte d b y t h e
m a n a g e m e n t c a llin g fo r th e tra n sfe r o f th e c o m p a n y ’s assets t o th e n e w ly
o rg a n iz e d P ie r c e P e tr o le u m C o r p . T h e n ew c o m p a n y w ill h a v e an a u th o r ­
ized c a p ita l o f 2 ,5 0 0 ,0 0 0 shares, o f w h ich 1 ,2 0 0 ,0 0 0 shares w ill b e issued
t o th e P ie r c e O il C o r p . in e x ch a n g e fo r p re se n t h o ld in g s . T h e r em a in in g
1 .3 0 0 .0 0 0 shares w ill b e o ffe r e d t o P ie r c e O il s to c k h o ld e r s a t $7 a sh are, th e
issu e h a v in g been u n d e rw r itte n b y a b a n k in g s y n d ic a te in c lu d in g L eh m a n
B r o s ., G o ld m a n , S achs & C o . , a n d H o rn b lo w e r & W e e k s . P r o c e e d s fr o m
th e sale o f th e s to c k w ill b e u sed t o liq u id a te cu rre n t o b lig a tio n s , in c lu d in g
th e se ttle m e n t o f th e iu d g m e n t h e ld b y th e I n te rn a tio n a l & G re a t N o rth e r n
R R . , w h ich ca n b e cle a re d u p fo r $ 1 ,5 5 0 ,0 0 0 i f p a id b e fo r e J u ly 5 1924.
T h e s to c k h o ld e r s also v o t e d t o de cre a se th e p r e f. a n d c o m . c a p ita l s to c k
b y th e p u rch a s e fo r re tir e m e n t o f a n y m u ltip le o f o n e share o f p r e f. s t o c k
a n d e ig h t shares o f c o m . s t o c k te n d e r e d fo r p u rch a s e J u ly 1 1925, b u t such
d e cre a se n o t t o b e e ffe c t iv e unless a t o t a l o f 2 5 .0 0 0 shares o f p r e f. an d
2 0 0 .0 0 0 shares o f c o m . s t o c k t e n d e r e d fo r th e e ffe c t o f w h ich is t h a t fo r
a p p r o x im a t e ly o n e share o f p r e f. a n d e ig h t shares o f c o m . s t o c k th e s t o c k ­
h o ld e rs e le ctin g t o m a k e th e e x ch a n g e w ill b e e n title d t o s e v e n a n d a fr a c t io n
shares o f th e c o m . s t o c k o f t h e n e w c o m p a n y .
T h e n e w c o m p a n y h a s be e n o rg a n iz e d a n d th e p r o p e r t y a n d assets o f th e
o ld c o m p a n y h a v e n o w b e e n tra n s fe rre d t o i t .
Receivership Sought.— -Suit fo r a r e c e iv e r s h ip fo r th e c o r p o r a t io n w as file d
in F e d e ra l C o u r t a t St. L o u is M a y 2 1924 b y M r s . M a b e l C . P rie s t, a s t o c k ­
h o ld e r , w h o charges m ism a n a gem en t o f th e c o r p o r a t io n ’s a ffa ir s . C o m p a re
V . 118. p . 2315.
S T O C K .— T h e p re f. s t o c k w as c o n v e r t ib le o n o r b e fo r e J a n . 1 1923 in t o a n
e q u a l p a r a m o u n t o f C lass B c o m . s t o c k , a n d is r e d e e m a b le a t o p t io n o f
c o m p a n y , all o r p a rt, t o J u ly 1 1949 a t 115 a n d d iv id e n d s ; s in k in g fu n d b e g in ­
n in g J u iy 1 192 2, n o t less e a ch y e a r th a n 3 % o f th e issu e (o r $ 4 5 0 ,0 0 0 ) to
ca n c e l sa m e. T h is s t o c k has n o v o t in g p o w e r unless a y e a r ’s d iv id e n d s
re m a in u n p a id th e re o n .
T h e co n s e n t o f a 66 2 -3 in te re s t is n ece ssa ry t o th e
m a k in g o f a m o r tg a g e , & c.
T h e C lass B c o m m o n s t o c k is in a ll r e s p e c ts o f th e sa m e ch a r a c te r an d
has th e sam e r ig h ts a n d is s u b je c t t o th e sam e c o n d it io n s as th e c o m m o n
s t o c k , e x c e p t th a t th e C lass B s t o c k has n o v o t in g p o w e r .
O f t h e $ 2 0 ,0 0 0 ,000 a u th o r iz e d . $ 1 5 ,0 0 0 ,0 0 0 is h e ld fo r c o n v e r s io n o f p r e f. s t o c k a n d th e
r e m a in in g $ 5 ,0 0 0 ,0 0 0 u n issu e d .
D I V I D E N D S . — O n p re fe rre d s t o c k 2 % q u a r .. O c t . 1919 t o J u ly 1921;
th e n n o n e u n til F e b . 1 92 2, w h e n 2 % w as p a id ; n o n e s in ce .
T h e d ir e cto r s , in M a y 1920 d e cla re d a s to c k d iv . o n th e C o m . s to c k p a y
ab le In C o m . s to c k as fo llo w s : 2 ) 4 % o n J u ly 1 and 2 ) 4 % on O c t . 1 1920
V. 110 , p. 2198
D E B E N T U R E S .— T h e s in k in g fu n d g o ld d e b e n tu re s o f 1921 h a v e a
sin k in g fu n d o f $ 2 0 0 ,0 0 0 a n n u a lly , o p e r a tin g s e m i-a n n u a lly .
V . 113, p .2 5 1 1
R E P O R T . — F o r 1923, in V . 118, p . 1661, s h o w e d :
1921.
1 92 3.
192 2.
G ross p r o f i t _____________________________ $ 6 ,0 7 6 ,6 1 8 $ 6 ,0 6 1 ,6 1 0 $ 8 ,3 6 2 ,5 4 0
Deduct— M a r k e tin g , ge n e ra l a n d a d ­
7 ,2 6 8 ,8 4 4
7 ,0 4 0 ,9 0 5
m in is tr a tiv e e x p e n se s_______________
6 ,5 3 8 ,0 6 0
3 ,9 4 6 ,8 4 3
I n v e n t o r y lo s se s________________________
_______
5 94 ,135
B a d d e b t s --------------------------------------------------------j I n t . o n fu n d e d a n d f lo a t in g d e b t and
c o m m is s io n t o tru stees a n d expenses
3 8 5 ,7 1 0
5 1 4 ,1 8 8
u n d e r a c c e p ta n c e lo a n s ______________
5 1 4 ,3 8 8
553 ,331
P r o v ’n fo r u n c o lle c tib le a c c ’ts r e c e iv - _
9 5 ,2 9 0
2 1 2 ,4 2 5
P r o v is io n fo r c o n t in g e n c ie s ___________
1,7 0 2 ,6 6 7
1,7 4 0 ,6 9 2
P r o v is io n fo r d e p le tio n & d e p r e c ia tio n
1 ,7 6 5 ,3 0 6
3 ,1 7 1 ,6 2 6
P r io r ye a r c h a r g e s _____________________
(2 % ) 3 0 0 ,0 0 0 (4 % ) 6 0 0 ,0 0 0
P re fe rre d d i v id e n d ____________________
N e t lo s s _______________________________$ 3 ,0 4 8 ,8 5 1
$ 7 ,2 5 9 ,1 3 3 $ 6 ,1 3 5 ,6 5 9
O F F I C E R S .— C h a ir m a n , W . H . C o v e r d a le ; P r e s ., C . A . P ie rce ; V . - P . ,
E v e n R ic h a r d s ; V . - P . & S e c ., _______________ ; T r e a s ., H a r o ld S. S w a n .
N e w Y o r k o f fic e , 111 B r o a d w a y .— (V . 118, .p 2 5 8 2 .)

PIERCE PETROLEUM CORP.— See P ie r c e O il C o r p . a b o v e .
PIGGLY WIGGLY STORES. INC.— (V. 118, p. 917.)
PILLSBURY FLOUR MILLS CO.— (V . 118, p . 1530.)
PITTSBURGH COAL CO. (OF PENN A.)— ORGANIZATION.—
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 plaD
In V. 102, p. 804,1166. V. 105, p. 1527. Compare full statement, V. 105.
p. 1101. Montour RR.. see “ Railroad Cos.”
On D e c . 31 1923 o w n e d 1 7 5 ,3 6 4 acres a n d leased 1127 a cres o f u n m in ed
c o a l. Contract with U. S. Steel Corp., V. 105, p. 1003: V. 106, p. 1338.
I n J a n . 1924 o rg a n iz e d th e N e w P it t s b u r g h C o a l C o . V . 118, p . 441 .

STOCK.— The pref. stock is entitled: (a) To cumulative dividends at
rate of 6% payable quarterly with interest at 5% on any accumulations,
(b) To participate equally with the common shares in any year in which
each stock has received 6 % ; (c) To share in a sinking fund effective from
Jan. 1 1916, based on the sale of mine-run coal, said fund to be applied,
as the directors may direct, as follows (but subject to the resolution of
July 9 1917, V. 106, p. 1338, by which sufficient amounts of the issue shall
be retired from time to time to preserve the relation of value of unmined
coal to the amount of outstanding pref. stock taken at its call price of 11Q),
viz.: (a) for payment of debt, (6) additions, (c) retirement of preferred
shares by purchase (or call) at not exceeding 110 and dividends; (d) to pre­
ferred payment of principal at 110 and dividends in case of liquidation;
(e) To the restriction that no Indebtedness secured by mortgage or pledge.

318

INDUSTRIAL AND PUBLIC UTILITY
Date
Bonds

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

P i t t s b u r g h S t e e l — C o m m o n s t o c k $ 1 9 ,5 0 0 ,0 0 0 a u t h _______
P r e f (a * d> 7 % c u m $ 1 0 ,5 0 0 ,0 0 0 re d 120 ( V . 9 6 , p . 6 5 ) P o r t l a n d E l e c t r ic P o w e r C o . — See te x t .

Par
Value

^

B O N D S .— P lttsbu ^ gD C o a l C o . o f P e n n a . 1st 5s o f 1910 are g u a r, b y
P itts b u r g h C o a l C c . o f N . J .
S in k in g f u n d . 1 0 c. p er t o n , n o t less th a n
$ 6 0 ,0 0 0 y e a r ly .
V . 9 0 , p . 1494.
F irst M . o n P it t s . C o a l D o c k A W h a r f C o . p r o p e r ty a t D u lu th . M in n .,
$ 3 ,5 0 0 ,0 0 0 . V . 9 4 , p . 1052; V . 9 6 , p 861; V . 8 9 , d . 1284.
P itts b u r g h C o a l C o . o f P e n n . (M id la n d C o a l C o . p u rch a se ) 5s h a v e a
m in im u m s in k , fu n d o f $ 5 0 ,0 0 0 y r ly .
V . 9 5 , p . 893 , 1043: V . 9 6 , p . 861 .
T h e M o n o n g a h e la R iv e r C o n s o l. O . & O . b o n d s h a v e a sin k in g fu n d o f
6 c . p e r to n o f 11$-in c h , c o a l m in e d , and sh ip p e d , w h ich retires b o n d s a n ­
n u a lly a b o u t D e c . 1 if p u r c h a s a b le a t a r e a so n a b le p rice .
R E P O R T . — F o r 1923. in V . 118, p . 126 1, sh ow ed :
Calendar Years—
1923.
1922.
1921.
1920.
G ro s s r e c e ip t s ........ ............$ 6 3 ,0 6 9 ,4 7 2 $ 3 4 ,2 6 8 ,6 5 0 $37 ,6 3 8 ,9 9 1 $ 4 8 ,5 9 6 ,5 8 9
P r o fit s , a fte r a ll ex p e n s e s $ l 1 ,3 5 8 ,5 5 6 $ 6 ,3 8 1 ,6 7 6 $ 6 ,5 6 7 ,4 8 5 $ 1 4 ,3 0 2 ,5 0 5
D e p le t io n c o a l la n d s, & c.
1 ,5 0 9 ,8 4 7
516 ,597
786,1861
D e p r e c ’n p la n t & e q u i p 1 ,7 9 2 ,5 6 9
1,3 5 8 ,3 4 9
1 ,2 7 1 ,8 5 7 ) 3 .3 6 9 ,7 8 9
In teres t p a id & a c c r u e d .
7 4 6 ,9 7 8
7 9 1 ,7 7 8
8 3 5 ,9 0 0 j
$ 3 ,7 1 4 ,9 5 3
$34 0 ,2 0 8
2 ,1 0 0 ,0 0 0
1 ,1 2 5 ,9 2 2

$ 3 ,6 7 3 ,5 4 3 $ 1 0 ,9 3 2 ,7 1 6
$ 1 ,1 6 3 ,0 2 0
$43 6,90 6
2 ,1 0 0 ,0 0 0
2 ,1 3 0 ,0 0 0
1,6 0 8 ,4 6 0
1,6 0 8 ,4 6 0

U n d iv id e d p r o f it s ____ a $ 3 ,5 2 7 ,7 8 6
$ 1 4 8 ,8 2 3 d f$ l,1 9 7 ,9 3 7 $ 6 ,7 5 7 ,3 5 0
T o t a l s u r p lu s____________$ 2 3 ,2 8 1 ,4 9 2 $ 2 9 ,3 2 0 ,7 1 4 $ 2 9 ,1 7 1 ,8 9 1 $ 3 0 ,3 6 9 ,8 2 8
a S u b je c t t o F ed era l taxes.
O F F I C E R S .— P r e s ., W . K . F ie ld ; S e c ., A a ro n W e s tla k e ; T r e a s ., A . F .
F e ll. O ffic e , H e n r y W . O liv e r B ld g ., P ittsb u rgh ..— ( V . 118, p . 1261.)
P I T T S B U R G H P L A T E G L A S S C O .— (V . 118, p . 1279.)
P I T T S B U R G H S T E E L C O .— O R G A N I Z A T I O N .— I n c o r p . In P en n a
J u ly 1 1901. O w ns w o rk s a t M o n e s s e n a n d G la s s p o r t, a n d c o a l m ine
w ith in 2 m iles o f M o n e s s e n w o r k s . M a n u fa c tu r e s p ig Iro n , o p e n -h e a r th
b a s ic steel b lo o m s , b ille ts , b a r s , w ire r o d s , w ire, w ire n ail
«* fe n c in g
s teel h o o p s , b a n d s , c o t t o n tie s . & c.
I n M a r c h 1919 p u rch a se d t h e A lic ia C o a l A C o k e p r o p e r tie s , co n sistin g
• f 660 acres o f c o a l la n d a n d 400 re cta n g u la r c o k e o v e n s lo ca te d at A lic ia .
F a y e tte C o u n t y , P a ., k n o w s as A licia M in e N o . 1. a n d 1.761 acres or co a l
la n d In G reen e C o u n t y , P a ., k n o w n as A licia M in e N o . 2: a lso flo a tin g
e q u ip m e n t Tor river tra n s p o rta tio n . T h e p rice w as $ 3 ,7 5 0 ,0 0 0 . o f
ch
$ 1 ,0 0 0 ,0 0 0 was p a id in ca s h . T h e b a la n c e o f $ 2 ,7 5 0 ,0 0 0 la p a y a b le in in ­
stallm en ts o v e r a p e r io d o f fiv e years w ith in terest at the rate o f 5 % per
an n u m o n th e deferred p a y m e n ts
In 1919 also a cq u ire d a s u b s ta n tia l in te re st in a new Iron o re co m p a n y
k n ow n as M e s a b i-C liffs Iro n O re C o .
In M a rch 1921 acq u ire d th e entire
ca p ita l s t o c k o f th e N a tio n a l S teel F a b r ic C o .
A lso o w n s a la rge Interest
In th e B e n n e tt M in in g C o . an d th e P ly m o u t h M in in g C o .
S T O C K .— T h e s to c k h o ld e r s o n O c t . 30 1923 In creased th e a u th o rize d
C o m m o n s to c k fr o m $ 1 4 ,0 0 0 ,0 0 0 (all o u ts ta n d in g ) t o $ 1 9 ,5 0 0 ,0 0 0 , p a r $100;
a n d a u th oriz ed th e d is trib u tio n o f th e n e w s t o c k as a 2 5 % s t o c k d i v id e n d .
U00 a t p ar for Im p ts. V . 94 p . 63 4 . 1253, 1321
N o m tg e . or id o l pref
s t o r k w it h o u t c o n s e n t o f 14 o f o u ts ta n d in g p r e f . V . 9 1 , p . 1.388, 1451.
D I V S .— 1*13. *14. '1 5 .
16.
1917.
1918. ’ 19. ’ 20. 21 ’ 2 2 ’ 23.
C o m ., % _ _ } 8
0
0
6
8 & 2 0 e x . 8& 2 5 ex. 8
*8 5
4
5
P r e f ., % _ _ ] 7 3)4 7
1 0 )4
7
7
7
7
7
7
7
* O n c o m m o n also 1 0 0 % in c o m m o n s t o c k in 1920.
P a id o n c o m m o n in 1924: J a n . 2, 1 % ; A p r il 1 , 1 % .
R E P O R T . — Y e a r 1922-23, in V . 117, p . 1772, sh o w e d :
June 3 0 Years—
192 2-2 3.
1 92 1-2 2.
1 92 0-1 9.
1919-20.
G ro s s sa les_______________ $ 2 8 ,8 3 3 ,1 3 3 $ 1 5 ,6 5 6 ,9 6 0 $ 2 2 ,9 7 8 ,7 8 8 $ 2 7 ,4 8 3 ,1 0 7
♦N et p r o f.a ft .,d e o r .,& c ... 2 ,0 2 2 ,4 7 3
8 6 1 ,8 8 3
1 ,7 2 2 ,5 2 7
1 ,9 6 1 .4 5 9
P r e f. d iv id e n d s ( 7 % ) - - .
7 3 5 ,0 0 0
7 3 5 ,0 0 0
7 3 5 ,0 0 0
7 3 5 .0 0 9
C o m m o n d i v i d e n d s . ., ( 4 % ) 5 6 0 , 000
(4 )5 6 0 ,0 0 0
(6 )8 4 0 ,0 0 0
(8 )5 6 0 .0 0 0
B a la n ce , s u r p lu s ...........

$72 7 ,4 7 3 d e f.$ 4 3 3 ,117

$ 1 4 7 ,5 2 7

$ 6 5 6 ,4 5 9

t A ft e r d e d u c tin g r e s e rv e fo r in c o m e an d p r o fits ta x e s , in v e n t o r y a d ju s t­
m e n t an d id le p la n t exp en ses.
F o r n in e m o s . e n d e d M a r c h 31 1924: Sales, $ 1 8 ,9 2 0 ,6 1 0 ; n e t p r o fit s ,
$ 1 ,3 1 7 ,0 0 6 . V . 118, p . 231 5.
P r e s ., D . P . B e n n e tt; V .- P ., E m il W in te r; V .- P . , C . E . B e e s o n : V . - P . ,
Y a te s B in d le y ; S e c ., H a rry J . M ille r ; T r e a s ., C la y t o n S n y d er; A s s t. S ec.
R a y M a x w e ll; A s s t. T r e a s ., C h a s. E . R e ic h e n b a ch . O ffic e , U n io n T r u s t
B ld g ., P itts b u r g h , P a .— (V . 118, p . 2 3 1 5 .)
PORTLAND
E L E C T R I C P O W E R C O .— T h e s to c k h o ld e r s v o t e d
A p r il 5 1924 t o ch a n g e th e n am e o f th e c o m p a n y fr o m Portland Railway,

Light & Power Co. t o Portland Electric Power Co.

I n c o r p o r a te d in O re g o n Ju n e 29 1906 a n d has p u rch a se d all th e p r o p e r t y
o f th e P o r tla n d R y . C o . , th e O regon W a te r P o w e r & R y . C o . a n d P o r t ­
la n d G en era l E le c t r ic C o . V . 8 6 ,, p . 1044. O n M a r c h 21 1912 a cq u ire d
th e M t . H o o d R y . & P o w e r C o . V . 94, p . 983. D u r in g 1912 s o ld th e
ra ilw a y p r o p e r t y in S alem fo r $35 5,33 3 a n d th e W illa m e t te F a lls R y ..
9 m iles in le n g th , fo r $ 1 7 0 ,0 0 0 . In M a y 1914 p u r c h a s e d th e Y a m h ill
E le c t r ic C o . In Ja n . 1914 a cq u ire d a m a jo rity o f the $1 .OOO.UOU c o m stock
o f W illa m e tte V a l. Sou th ern R y ., in c o rp . in 1911 to c o n s tr u c t a road from
O reg on C it y t o A n gel C it y . 32 m iles. L in e w as p laced In o p e r a tio n od
J a n . 31 191 5. R eg u la r p assen ger s e r v ic e fro m P o rtla n d t o M t . Angei in
a u g u ra ted O c t . 23 1915.
W ith the e x c e p tio n o f tw o ln to ru rb a u lines th*
c o m p a n y o p era tes a ll th e e le ctr ic ra ilw a y s in P o rtla n d and v ic in ity includ
to g m te ru rb a n lines t o O re go n C i t y , T r o u t d a le , C a z a d e r o aud B ull Run
O r e ., a n d o v e r th e new In ter-S ta te b rid g e t o V a n c o u v e r W ash
D o e s m ost
Of th e e le ctr ic lig h t and p o w e r busin ess o f P o rtla n d an d v ic in it y ; also all o f
th e e le ctr ic lig h t an d p o w e r business In S a le m , O re g o n C it y , S ilv e rto n .
W o o d b u r n a n d m a n y sm aller co m m u n itie s In O re . and In V a n c o u v e r , W ash
a n d o p era tes th e gas p la n t in S alem . P o w e r Is sold t o th e tw o ln teru rb an
lines a b o v e m e n tio n e d , t o th e S ou th ern P a c ific , and a lso t o th e co m p a n ie s
o p e ra tin g th e street ra ilw a y s In S alem a n d V a n co u v e r.
T h e Y a m h ill E le c
C o . su p p lies e lectric ligh t a n d p o w e r s e r v ic e t o N e w b e rg an d o th e r p o in ts in
Y a m h ill C o u u t y .
R a ilw a y franchises in P o r tla n d expire In 1932 a n d 1933.




Rate
%

$100 $1 4 ,0 0 0 ,0 0 0 Se e text
100 10.500.000
7

o f th e greater p a r t o f th e p r o p e r ty shall b e crea ted w ith o u t th>i co n s e n t at
a m eetin g o f a t least 2-3 o f the o u ts ta n d in g p re f. shares.
A u th p r e f
s to c k w as red u ced fro m $ 4 0 ,0 0 0 ,0 0 0 to $ 3 5 ,0 0 0 ,0 0 0 th ro u gh the retirem en t
o f $ 5 ,0 0 0 ,0 0 0 trea su ry s t o c k in M a r c h 1921. A u th . c o m . s t o c k , $ 4 0 ,0 0 0 .000.
D I V I D E N D S . — O n p r e f. s t o c k o f o ld P it t s . C o a l C o . o f N . J . t 190 0 to
A p r . 1905. 7 % y r l y .; ’ 06 t o ‘0 9 . n o n e ; '1 0 , 5 % : ' 11 t o A p r. 25 1919. 5 %
a . (1 H % q u a r .) . O n P itts b u r g h C o a l C o . o f P e n n ., p r e f. s t o c k , A p r il
16 t o J u ly 191 7. in a ll. 5 H % (to P itts . C o a l C o . o f N . J . ) ; t o p u b lic in
J u ly 1917 in s e ttle m e n t o f a c c u m u la tio n s , 3 .4 8 % ca sh w ith 33 1 -3 % o f
p r e f. s t o c k ; O c t . 25 1917 t o A p r . 25 192 4, q u a rte r ly , 1M % ca sh .
In M a r c h 1918 an in itia l d iv id e n d o f $5 per share w as d e cla re d o n the
c o m m o n s t o c k , p a y a b le in fo u r a u a rte r ly in stallm en ts o n A p r ., J u ly and
O c t . 25 1918 and Ja n . 25 1919, A p r ' 1919 t o J u ly 1922, 1)4.% a u a r .; Ja n .
1923 t o A p r . 1924. p a id 1 % a u a r .

N e t p r o f it s ______________$ 7 ,3 0 9 ,1 6 2
$ 3 9 4 ,6 0 8
F ed era l t a x e s ____________
P referred d iv id e n d s ____
2 ,1 0 0 ,0 0 0
1 ,2 8 6 ,7 6 8
C o m m o n d iv id e n d s ...........

Amount
Outstanding

When
Payable

[V on 118.

Last Dividend Places Where Interest n n i
and Maturity Dividends are Payable

Q—J A p r 1 1924 1% C h e ck s m ailed
■ une 1 '24 1 % % C h e ck s m ailed
J

Q— M

In A u g . 1923 a new 5 0 -ye a r fra n c h is e w as g ra n te d th e c o . b y th e c it y o f
V a n co u v e r, W a s h . V . 117, p . 78 2 . L ig h t a n d p o w e r franchises in P o rtla n d
and S alem are p e rp e tu a l; in V a n c o u v e r th e y e x p ire in 1927. H as fra n ch ise to
carry fre ig h t in O re g o n C it y , e x p irin g in 1926. In D e c . 1916 o b ta in e d a fra n ­
chise to o p e r a te o v e r th e n ew b r id g e c o n n e c t in g P o r t la n d , O re ., a n d V a n ­
c o u v e r , W a s h . O n e -h a lf th e p r o fit s are t o g o t o C la rk a n d M u ltn o m a h
c o u n tie s , b y w h o m th e b rid g e w as b u ilt. T h e c o m p a n y ’s tra n sm ission lines
and a la rg e p a rt o f th e in te ru rb a n ra ilw a y are o n p r iv a te r ig h t o f w a y .
O n M a r c h 15 1910 th e O re g o n S u p re m e C o u r t h a n d e d d o w n a d ecision
w hich in e ffe c t su stain s th e franchise c o v e r in g p o r tio n s o f 4 0 s treets passed
by C it y C o u n c il A p ril 28 1909 o v e r th e M a y o r ’ s v e to
O n F e b 21 1913 a fra n ch ise c o v e r in g a b o u t 22 m iles o f stre e ts . In clu d in g
the p ro p o se d ’ ’ 7th St. L in e ." w as g r a n te d .
T h e fra n ch ise exp ires in 1932
and co n ta in s a p ro v is io n th a t at that tim e ap p ra ise rs m ay be a p p o in te d to
arrive a t th e va lu e o f th e c o m p a n y 's e q u ip m e n t , w ith a view t o th e purch ase
if the lines by th e c it y . V . 96. p . 654.
In N o v . 1912 th e c o . b r o u g h t su it t o restra in th e c ity fro m e n fo r cin g the
’atraph a u ger o r d in a n c e " (lim itin g t o 3 c t s . th e fa re ch a rg e d p a ssen gers for
w hom n o seats are p r o v id e d ), and also the 5 0 -c e n t m in im u m gas and e le c ­
tric ra te o rd in a n c e .
A te m p o r a r y in ju n c tio n against th e e n fo r ce m e n t of
the fo rm e r was gra n ted in D e c. 1912. b u t a p p lic a t io n fo r an in ju n c tio n t o set
»side th e la tte r w as de n ie d b y J u d g e Bean in th e U . S. D is t. C o u r t o n N o v .
15, o n the g ro u n d th a t th e F e d e ra l C o u r t has n o J u risd ictio n .
V . 95, p.
'5 4 2 . 1274.

Favorable Decision.— J u d g e H arris in th e S u p re m e C o u rt a t S alem in M a y
1916 held void the o r d in a n ce req u irin g a ta x o f 3 % on gross ea rn in gs (V . 96.
0- 1 1 5 7 ). V . 102. •> 1718.
.
Valuation.— T h e O re g o n P . U . C o m m , on A p r. 30 1917 p la c e d th e v a lu a ­
tion o f the c o m p a n y 's p r o p e r ty as o f D e c 31 1916 fo r r a te -m a k in g purposes
»t $ 4 6 ,8 6 2 ,9 7 2 , or a b o u t $14 0 0 0 .0 0 0 less th a n th e c o . ’s v a lu a t io n .
See
V. 104 , p. 1 90 0. and c o m p a r e V 103. p. 61.
STOCK AN D BON DS—
Date.
C o m m o n $ 2 5 ,0 0 0 ,0 0 0 ( $ 1 0 0 ) . . ____

Interest.

Outstanding.

Maturity

Q -M

See te x t
J$15,0 0 0 ,000 1
\ 7 5 % paid |
Prior p r e f c u m $ 1 0 ,0 0 0 0 0 0 ___ ______
4 ,0 9 8 ,6 0 0
7 Q -J
See tex t
6%
6 .2 5 0 ,0 0 0
See text
1st p r e f $ 1 0 ,0 0 0 ,0 0 0 c u m ($ 1 0 0 ) ____
2d p r e f
d o n o n -c u m ( $ 1 0 0 ) ____
6%
5 ,0 0 0 ,0 0 0
See t e x t
5 g F -A
P o rtla n d R y L t & P o w 1st & f 1912
1 3 ,1 0 9 ,0 0 0 F eb 1 1942
r e f m tg e $ 7 5 ,0 0 0 ,0 0 0 g o l d ( I n t . a t F id e lit y T r . C o . , P h ila .. T r u s ., Lee
( s e e t e x t ___________ c * A r * t f I H ig g in so n & C o . , B o s .; H ig g in s on & C o .
I L o n d o n , E n g ., an d C o lu m b ia T r C o . . N . Y
1st lien & r e f. m t g e . ser “ A ’ ’ | 1921 7)4 g M - N 4 ,7 0 8 ,0 0 0 M a y 1 1946
Series “ B ” ........................... ..
192$
6 g M -N
7 ,4 1 4 ,0 0 0 M a y 1 1947
($500. $ 1 ,0 0 0 , $ 5 ,0 0 0 ) g o l d /I n t . a t N a t ’l C i t y B a n k , N . Y . , tr u s te e ,
g o l d _________________ e * A r t f i
Serial n o te s $ 2 ,0 0 0 ,0 0 0 ($ 1 ,-1 1919
7 g J -D
1 ,0 0 0 ,0 0 0
S eetex t
0 0 0 , $ 5 ,0 0 0 & $ 1 0 ,0 0 0 )g c t f j l n t . a t G u a r a n ty T r u s t C o . , N . Y . . tru stee
5 -y e a r n o te s ($ 1 0 0 . $ 50 0 a n d l 1921 8 g M -S 1
1 ,1 1 7 ,1 6 5 M a r 1 1926
$ 1 ,0 0 0 ) g o l d ____________ c & r /T i t le & T r u s t C o . . P o r t la n d , O re ., T r u s te e .
G eneral m o r tg a g e ______________1918
6(
See t e x t
P o rtla n d R y 1st & r e fu n d in g ) 1905
5 g M -N
7 .0 3 1 ,0 0 0 N o v 1 1930
m o r tg a g e $ 1 0 ,0 0 0 ,0 0 0 g o ld /I n t e r e s t a t o f fic e o f R e d m o n d & C o . , N . Y . ;
($ 1 ,0 0 0 ) sink f u n d ____ c * t f l N e w Y o r k T r u s t C o . , T r u s te e .
C it y & S u b c o n (n o w 1st) M f 1900
4 g J -D
1 ,2 9 0 ,0 0 0 J u n e 1 1930
($ 1 ,0 0 0 ) g (c lo s e d )____ c c p t U n t . at S e cu r. S a v . & T r . C o . . P o r t ., tru stee.
P o rtla n d G e n E l fir s t m t g e f 1905
5 g J-J
7 .3 6 3 .0 0 0 J u ly 1 1935
( s e e te x t ) g o ld ($ 1 ,0 0 0 ) c * t f\ I n t . a t H arris, F o r b e s & C o . , N e w Y o r k .
M t H o o d R y & P o w 1st m t g o f 1907
5 g J -J
See text Jan 2 1937
$ 6 ,0 0 0 ,0 0 0 g ( $ l ,0 0 0 ) s f c * n t f (U n io n T r u s t C o . . San F r a n cis c o , T r u s te e .
W ilia m V ail So R y 1st M n t f f 1914
6 g F -A
7 0 4 ,8 0 0 F e b 1 1939
$ 3 ,0 0 0 ,0 0 0 ($1 0 0 , $.500 & U m at C o n t. & C o m T r & S. B k .. C h ic
$ 1 ,000 p d I 4 s I c * n t f l T r u s t ., o r In P o r t , o r 1st N a t . B k .. N . Y .

Stock.— T h e s to c k h o ld e r s ou M a y 14 1915 a p p r o v e d th e p la n b y w M cb
.hey su rren dered 2 0 % o f their h old in gs in th e then existin g s t o c k ($ 2 5 ,0 0 0
>00. 7 5 % p a id ), p a y in g at th e sam e tim e $25 In cash fo r each share so
su rre n d e re d , an d re ce ive d th erefor pref. s t o c k , share fo r sh are, on e -h a if
$ 2 ,5 0 0 ,0 0 0 ) 6 % c u m . 1st pref. an d th e o th e r h a lf 6 % n o n -c u m . 2d pref
The $ 5 ,0 0 0 ,0 0 0 s to c k su rren dered In c o n n e c tio n w ith th e plan was can
eled. S to ck h o ld e rs o f r e co rd Feb. 1 1917 w ere give n an o p p o r t u n it y to
o n v e r t a fu rth e r $ 5 ,0 0 0 ,0 0 0 c o m m o n in to 1st a n d 2d p re f. s t o c k on th e
<arae te rm s, w hich was a c c o r d in g ly d o n e .
T h e 1st p r e f. s t o c k Issued in
L915 is c u m u la tiv e fro m Ja n . 1 1916; t h a t issu ed In 1917 is c u m u la t iv e fro m
U>r. I 1917 and will re ce iv e n o d iv s . u n til all a c c u m u la tio n s o n th e firs t
500 .000
shall h a v e be e n p a id ; th e r e a fte r all 1st p r e f. s t o c k w ill b e trea ted
a lik e . V . 104, p . 1146.
(S ee also V . 91, p . 1328: V . 95, p . 127 4 ). 2d
p r e f. s t o c k is n o n -c u m .
C o m . is lis te d o n th e B o s t o n , C o lu m b u s an d
L o u is v ille s t o c k e xch a n g es. V . 116, p . 1533. P referred s to c k s are preferred
as t o d iv id e n d s an d assets a n d r e d e e m a b le a t p a r .
P rior preferred
eries
’ 4 , ” red eem a b le a t 105.
Bonds.— O f the rem ain in g P o r tla n d R y .. L t . & Pow er 1st & r e f. M . 5s
unissued, $ 1 7 ,8 1 3 ,0 0 0 are reserved fo r p rio r liens a n d $ 3 3 ,3 7 6 ,0 0 0 are for
a d d itio n s , im p ro v e m e n ts, & c.
D e n o m in a tio n s : C o u p o n b o n d s , $ 1 ,0 0 0 ,
$500 and $100 registered b o n d s, $ 1 ,0 0 0 , $ 5 ,0 0 0 . $ 1 0 ,0 0 0 and $ 5 0 000.
P rincip al an d in teres' also p a y a b le In s te rlin g , fra n cs o r g u ild ers at
fix e d rates o f exch a n g e . C a lla b le as a w h ole a t 105 a n d in t . s in ce F e b .
1 1922 o n 60 d a y s ’ n o t ic e . C u m u la tiv e sin k in g f u n d 1 % a n n u a lly 1915
t o 1926, in c l.; 1J^ % 1927 to 1941, in c l. o n to t a l a m o u n t issu ed . B on d s
in s in k , fu n d t o be k e p t aliv e and in t. ad d e d t o fu n d . C o n v e r tib le a t any
tim e a t h o ld e rs' o p t io n Into c a p ita l s t o c k a t a p rice e qu a l t o th e am ou n t
p aid In o n s u ch s t o c k , plus $10 p rem iu m per $100 share.
See V . 9 4 . p . 631.
B o n d s are listed o n N .Y . S to ck E x ch a n g e ; $ 1 3 ,4 5 3 ,0 0 0 are p le d g e d under
1st lien & re f. m tg e . an d $ 3 ,1 9 0 ,0 0 0 are held in sin k in g fu n d . A d d ition a l
1st lien & r e f. m tg e . b o n d s m a y be issued in d iffe re n t series u n d er certain
r e s trictio n s . D e n o m .. $500 A $ 1 ,0 0 0 c * ; $ 1 ,0 0 0 $ 5 ,0 0 0 an d m u ltip les o f
$ 5 ,0 0 0 r * . A re secu red by p led ge o f $ 8 ,1 3 5 ,0 0 0 1st A ref. m tg e . 5s. A
sinking fund requ irin g cash p a y m e n ts o f a t least $ 2 2 5 ,0 0 0 sem i a n n . began
S e p t. 1 1921. Ser ‘ ‘ A " b o n d s are r e d . all or in p a rt o n a n y in t. d a te on
30 d a y s ’ n o tice a fte r M a y 1 1931 at 105 an d in t. t o M a y 1 1941; thereafter
at 103 an d in t.
Series “ B ” are r e d . all o r in p a rt o n a n y in t. d a te on
30 d a y s ’ n o tice a t 105 & in t. to an d in cl. M a y 1 1942 an d a t 102)4 thereafter
b u t prior to m a tu r ity .
P en n a. 4-m ill ta x r e fu n d e d .
V . 112, p . 2084
V . 115, p . 1429.
L isted on N e w Y o r k S to c k E x ch a n g e .
V 115, p . 2376
P o r tla n d R a ilw a y , L ig h t & P o w e r 5-y e a r n o te s d u e M a r c h 1 1926 are
c a lla b le as a w h o le b u t n o t in p a r t o n a n y in terest d a te as fo llo w s : S ep t. 1
1924 or M a r c h 1 1925, 101; S e p t. 1 1925, 100)4- V . 112, p . 139 9. R e d .
o n ly as a w h o le o n a n y in t. d a te a t p a r a n d in t . o n 60 d a y s n o t ic e .
T h e P o rtla n d R y . 1st A r e f. M . has been clo s e d a t $ 8 ,5 2 3 ,0 0 0 . A sinking
fund b e g a n In 1907; th e a m o u n t w as $ 2 5 ,0 0 0 p e r a n n . (p a y a b le N o v . 1)
fro m 1907 t o 1909 in c l.; $ 4 0 ,0 0 0 p er a n n . fro m 1910 t o 1919 in c l., an d $60.000 per an n . fro m 1920 t o m a tu r ity o f b o n d s; th e se p a y m e n ts are b a sed o n an

M ay , 1924.]

219

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

P o r t o R ic a n * A m e .r ic a n T o b a c c o — C lass A s to c k 7 % c u m . .
1 0 -y ea r g o ld b o n d s r e d e e m a b le ( t e x t ) ____________________ k c *
Postum C e r e a l C o , f n c — C o m m o n s t o c k 4 0 0 ,0 0 0 sh au th
P r e f (a & d ) s t o c k 8 % c u m re d 115 $ 6 ,5 0 0 ,0 0 0 a u t h _______
Prairie Oil & GasC> - S t o c k , $ 6 0 ,0 0 0 ,0 0 0 , a u t h ....... ...................

Pressed Steel Car Co— S to c k common (s e e t e x t ) __________ G
P referred s t o c k (a & d ) 7 % n o n -c u m (s e e t e x t ) __________O
C o n v e r tib le g o ld b o n d s re d (te x t) .
. _
__
N kxxxc*
E q u ip m e n t n ote s due $11 0 ,0 0 0 s-an red 1 0 2 J*____ N .x x x c *

Par
Value

Amount
Outstanding

$100 $ 6 ,2 8 3 ,1 5 0
N one
600 & c
1 .9 9 0 .0 0 0
N o n e 4 0 0 .0 0 0 sh.
100 $ 6 ,5 0 0 ,0 0 0
100 6 0 .0 0 0 ,0 0 0
100 81.000.01 i0
100 12 5 0 0 .0 0 0
100 1 2 ,5 0 0 .0 0 0
1922 500&1000
6 .0 0 0 .0 0 0
1.000
1 .4 3 0 .0 0 0
1920

Rate
%

See

1921

See
See
See
See

te x t

When
Payable

Text

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

M a r 3 '2 1 , 3 sc G u a r a n ty T r

M & N M a y 15 1931
8 g
text
Q — F M a y 1 1924 $1
Q — F M a y 1 1924 2 %
8
te x t Q — J 31 A p r 30 '2 4 2 %
A p r 30 1924 2 %
tex t
Q— 3
Ju n e 17 '2 4 1 %
text Q— M
Q — M Ju n e 10 '2 4 1 }*
7
J
&
J J a n 1 1933
A & O O c t '2 4 -O c t '3 0
7 8

C o, N

Y

N a t io n a l C it y B a n k . N Y

Chase Nat Bk. N Y
N Y Trust Co. N Y

do

do

C h ic a g o o r N e w Y o r k
N ew Y o r k T r u s t C o .

p o w e r , w h ic h th e d ir e cto r s m a y issu e in th e ir d is c re tio n in w h o le o r in p a r t as
orig in a l a m o u n t o u ts ta n d in g o f $ 5 ,9 8 2 ,0 0 0 [b u t see V . 113, p . 5 3 3 ]in c r e a s tng p r o p o r tio n a te ly as a d d itio n a l b on d s w ere issu ed ; said fu n d s t o b e in ­
a s t o c k d iv id e n d t o th e h o ld e r s o f th e p re s e n t ca p ita l s t o c k (p a r $ 1 0 0 ).
vested in th e b o n d s a t n o t m o r e th a n 105 a n d i n t ., a t w h ich p rice bond*
D I V I D E N D S . — f '1 2 .
'1 3 . '1 4 . '1 5 . ’ 16. 1 7 . 1 8 . 1 9 . '2 0 . '2 1 . ’ 2 2 - ’ 2 3 .
can b e c a lle d fo r th e p u r p o s e . B o n d s are t o be k e p t a liv e an d be a r in terest
16
..
4 16
8
---- -I n ca sh ( % ) ______ ]
R e d . a t 105 an d in t . o n a n y in t. d a te u p o n 60 d a y s ’ n o tice . $ 1 ,4 9 2 ,0 0 0
in 6 % sc r ip o r s t o c k I 2 0
2 0 2 0 15 10
8 13
6 12 3
are in sin k in g fu n d . See V . 8 1 . p . 1437. T h e b o n d s are liste d o n th e N ew
I n F e b . 1918 a s t o c k d i v . o f 4 % w as d e cla re d p a y a b le M a r c h 7 In lieu o f
Y o r k , L ou isv ille an d P h iia . s to c k exch a n g e s. V . 8 2 , 80 6 ; V . 8 3 . D. 1471.
the regu la r q u a rte r ly ca sh d i v . F r o m Ju n e 1918 t o Ju n e 1919 th e q u a r t e r ly
T h e a u th o riz e d a m o u n t o f P o rtla n d G en eral E le c tr ic G o . m o r tg a g e wai
3 % d iv id e n d w as p a id in 3 -y e a r 6 % s crip , ca lla b le b u t w ith o u t c o n v e r t ib le
o r ig in a lly fo r $ 1 0 ,0 0 0 ,0 0 0 , b u t m o r tg a g e has been c lo s e d a t $ 8 ,0 0 0 ,0 0 0
feature.
V . 107, p . 611 , 1843. In S e p t, a n d D e c . 1919, o w in g t o strik e
$ 6 3 7 ,0 0 0 retired b y sin k in g fu n d . B o n d s are s u b je c t t o call as a w h o le as
(th en e n d e d ), n o n e . V . 109. p . 780 . M a r . 1920 t o M a r . 1921. 3 % q u a r.
1 0 7 }* a n d in terest o n 4 w e e k s' n o tice . A sin kin g fu n d o f 1 % p e r annum
In s crip ; n o n e s in ce . T h e $ 1 ,3 4 2 ,7 5 4 scrip (Series 1 t o 9) issu ed b e tw e e n
o f b o n d s o u t c o m m e n ce d M a y 1 1915. B a n k ers T r u s t C o . , N e w Y o r k ,
June 1 1918 a n d D e c . 31 1920 w as r e d e e m e d in s t o c k a t p a r on a n d a fte r
trustee. T h e y a re listed o n th e N e w Y o r k S to ck E x ch a n g e . V . 9 2 , p 1437.
M a r c h 31 1921. V . 112, p . 1511. T h e s crip N o . 10 w as r e d e e m e d o n o r
$ 5 ,0 0 0 ,0 0 0 o f M t . H o o d R y . & P o w e r b o n d s are d e p o s ite d as collateral
b e fo r e F e b . 26 1924 in s t o c k a t p a r . V . 118, p . 804 .
u nd er P o r tla n d R y . , L ig h t & P o w e r n o te s . S in k in g fu n d b egan J a n . 1912
1 % t o J a n . 1916 ln c l.; 1 1 * % 1917 t o 1921; 1 1 * % 1922 t o 1926; 11*%
B O N D S .— T h e 1 0 -ye a r 8 % g o ld b o n d s , d u e 1 93 1, are re d e e m a b le as a
1927 t o 1931; 2 % 1932 t o 1938.
w hole o n ly a t 1071* o n o r b e fo r e M a y 15 1926, a n d a t 105 th e r e a fte r . F o r
W illa m e tte V a lle y S o u th e rn 1st M . b o n d s are u n c o n d itio n a lly gu aran teed
se c u r ity . sin k in g f u n d . & c .. co m p a r e V . 112 , p . 2 09 0.
(as t o p r in c ip a l, in terest an d sin k in g fu n d ) b y P o r tla n d R y . , L ig h t & P ow er
R E P O R T .— F o r 1923, in V . 118, p . 1022 a n d 1280, sh o w e d :
O o . R e m a in in g $ 2 ,2 5 0 ,0 0 0 issu able o n ly u n d er c e r ta in r e s trictio n s . Sink­
1922
ing fund o f 1 % o f b o n d s o u ts ta n d in g 1917 t o 1923; 1 K % 1924 t o 1931, G ross p r o f it o n s a le s ____________________ $ 11923 ]9 9 8 $ 9 ,9 3 5 i7 6 0 $ 7 1921. 9 4
,4 5 7
,9 9 0 ,2
and 2 % 1932 t o 1938. $ 4 5 ,2 0 0 re tired b y sinking fu n d . C o m p a n y agrees
O p e ra tin g p r o f i t ........................
4 7 8 ,7 7 9
93,691 d f2 .3 9 2 ,3 6 3
to r e fu n d 1 % o f in c o m e ta x . R e d e e m a b le a t 103 a n d in t . o n a n y in t. date
____
O th e r in c o m e ___________________________
155 ,945
130 ,422
o n 60 d a y s ' n o t ic e . V . 9 8 , p . 1001; V . 100, p . 57.
In t e r e s t, ta x e s, & c _____________________
$33 3 ,4 1 4
$61 4,35 1
$ 3 1 2 ,0 3 2
Dividends.— O n p rio r p r e f. an in itial q u a r. d iv . w as p a id in J u ly 1922. D iv id e n d s (s c r ip ) _______________________
_______
_______
149 ,306
I n O c t . 1922 1 } * % p a id . Sam e ra te q u a r. sin ce t o an d in c l. A p r . 1924
A n Initial d iv . o f 7 K % o n th e 1st p r e f. s to c k w as p a id in J u ly 1921, co ve rin g
N e t p r o f it s _______________ _________$30 1 ,3 1 0 d e f$ 3 9 0 ,2 3 8 d f$ 2 ,853 ,7 0 1
a c c u m u la te d d iv s . o n th a t Issue fr o m Jan . 1 1916 t o A p r il 1 1917. V . 112,
O F F I C E R S .— L u is T o r o , P r e s .; J o h n F re se , 1st V .- P . ; F . L . K e n n e y ,
p . 2 6 4 3 . O n O c t . 1 1921 a cash d iv . o n 2 % w as p a id o n th e 1st p r e f.,
2d V .- P .; A r th u r H . N o b le , T r e a s .; H . G a tlin , S e c. & A s s t. T r e a s . N . Y .
to g eth er w ith a s t o c k d iv . o f 2 5 % (p a y a b le in 1st p r e f. s to c k ) o n a cco u n t
o ffic e , 185 M a d is o n A v e .— ( V . 118 , p . 128 0 .)
o f a ccu m u la te d d iv s .
In 1922. J u ly , 1 1 * % ; O c t ., 1 J * % , an d sam e rate
q u a r . s in ce t o a n d in c l. A p r . 1924. O n 2 d p r e f. an in itia l d i v . o f 1 ) * %
P O S T U M C E R E A L C O . , I N C .— I n c o r p . u n d e r la w s o f D e la w a r e in
w as p a id in D e c . 1923. D iv s . at sam e ra te p a id r e g u la rly q u a r. sin ce.
F e b . 192 2. M a n u fa c tu r e s P o s tu m C e re a l. I n s ta n t P o s t u m . G r a p e -N u t s .
O n o ld c o m . q u a r. d i v . o f 1 % p a id J u ly , 11* % ; O c t ., 11* % . N o d iv s . h a v e
P o s t T o a stie s , P o s t ’s B ra n F la k e s , M a lte d G r a p e -N u t s . P la n ts are
been p a id o n th e 2d p r e f. s to c k , w h ich , h o w e v e r, is n o n -c u m u la tiv e . On
lo c a te d a t B a tt le C r e e k , M ic h ., a n d W in d s o r , O n t.
o ld c o m . q u a r. d i v . o f 1 % p a id f r o m S ep t. 1909 t o Jan . 1910, in c l. In itia l
D I V I D E N D S . — In itia l d iv . o f $1 25 a share o n th e c o m m o n s t o c k w as
d i v . — $1 o n n ew s t o c k as a d ju s te d p e r p la n V . 91, p . 1328, w as p a id M a r . 1
paid M a y 1 1922; sa m e a m o u n t p a id q u a r. t o M a y 1 192 3. A 1 0 0 % s t o c k
1911; sa m e a m o u n t q u a r. t o a n d in c l. S e p t. 1912; D e c . 191 2, $ 1 1 * .
d iv . w as p a id Ju n e 19 1923. O n A u g . 1 a n d N o v . 1 1923 p a id 75 c e n ts p er
I n 1913, M a r ., J u n e a n d S e p t ., $11* e a ch . In D e c . ra te was re d u c e d and
share; F e b . 1 a n d M a y 1 1924 p a id $1 p e r sh a re .
$1 w as p a id (see V . 9 7 , p . 1 8 2 4 ). In 1914, M a r c h , $1; J u n e , $ 1 . N o n e
s in ce.
R E P O R T .— F or
1923
sh o w e d :
Calendar Years—
1923.
1 92 2.
E A R N I N G S .— F o r years e n d in g D e c . 30:
N e t sales t o c u s t o m e r s ____________________________ $22,205\410
$ 1 7 ,8 7 7 ,3 6 5
Calendar
Grass
Exp.,D;pr.
Net
Interest,
Balance.
x C o s t o f sales an d e x p e n s e s_______________________ $ 1 8 ,9 2 3 ,9 4 8
$ 1 4 ,5 8 7 ,9 6 7
Year—
Earnings. and Taxes.
Earnings.
&c.
Surplus.
P r o v is io n fo r in c o m e ta x e s ________________________
3 9 9 ,9 9 6
4 1 0 ,6 7 5
$ 2 ,0 6 6 ,8 2 3 $ 1 ,3 9 0 ,1 6 3
1 9 2 3 ---------------- $ 1 0 ,8 2 5 ,3 8 0 $ 7 ,3 6 8 ,3 9 4 $ 3 ,4 5 6 ,9 8 6
3 8 2 ,1 8 4
1 9 2 2 ................... 1 0 ,1 2 0 ,8 9 8 7 ,0 3 8 ,6 4 2
3 ,0 8 2 ,2 5 6
2 ,1 2 6 .8 9 2 9o5P r6 s o r t io n a c c r u e d t o p re d e ce sso r c o m p a n i e s ,.
,3 o p
1 92 1....................
9 ,9 2 2 ,2 4 2 6 .9 9 2 .3 2 6
2 ,9 2 9 .9 1 6
2 .1 0 7 ,7 3 3 8 2 2 .1 8 ?
N e t p r o f i t _____________________ __________________ $ 2 ,8 8 1 ,4 6 6
$ 2 ,4 9 6 ,5 3 8
F o r 12 m o s . en d e d A p r il 30 1924: G ro s s , $ 1 0 ,9 9 2 ,4 7 0 ; n et a ft e r taxes,
P r e v io u s s u r p lu s ____________________________________
1 ,4 0 3 ,3 3 8
__________
$ 4 ,3 6 2 ,9 7 7 ; f ix e d c h a rg e s, $ 2 ,0 9 2 ,5 1 1 ; b a l., s u r ., $ 2 ,1 7 1 ,4 6 6 .
A d ju s t m e n t s ________________________________________ Dr. 3 1 ,5 2 2
__________
R O A D .— O perates a to t a l o f 3 4 3 .9 m iles o f sin gle tra ck ( o f w h lc l
297 .6 m iles o w n e d , 3 5 .0 0 m iles c o n tr o lle d th ro u g h s t o c k ow n e rsh ip and
T o t a l s u r p lu s _______________________________________________________ $ 4 ,2 5 3 ,2 8 2 $ 2 ,4 9 6 ,5 3 8
11.03 m iles o w n e d b y o u ts id e in te re s ts ). O w ns 6 3 7 passen ger ca rs , 482
D iv id e n d s o n p re fe rr e d s t o c k ( 8 % ) ________________________________
$ 3 5 7 ,2 0 0 $ 3 4 3 ,2 0 0
freigh t a n d m isce lla n e o u s ca rs a n d 9 lo co m o t iv e s . W a te r -p o w e r plants
D iv id e n d s o n c o m m o n s t o c k ______________________________________ ($ 4 )1 ,0 9 6 ,2 5 0 ($ 3 .7 5 )7 5 0 ,0 0 0
h a ve a c a p a c it y o f 5 3 ,1 3 0 k .w .; s te a m p la n ts . 3 2 ,5 0 0 k .w . c a p a c it y . T o ta l
do
s t o c k ( 1 0 0 % ) _______________________ 1 ,0 0 0 ,0 0 0
__________
c a p a c it y 8 5 ,6 3 0 k .w . W o r k n o w u n d e r w a y o n d e v e lo p m e n t o n C la c k a ­
m as R iv e r w h ich w ill h a v e an u ltim a te c a p a c it y o f 8 0 ,0 0 0 k .w ., initial
Surplus a t D e c . 31
$ 1 ,7 9 9 ,8 3 2
$ 1 ,4 0 3 ,3 3 8
c a p a c ity 2 0 ,0 0 0 k .w . V . 113 . p . 272 2.
H as 486 m iles o f h ig h -te n s io n and
d istrib u tion lin es. O w n s a 9 -s t o r y fir e p r o o f b u ild in g in business c e n tr e o f
x I n c lu d in g all m a n u fa c tu r in g , se llin g , a d m in is tr a tiv e a n d gen eral ex ­
P ortla n d used fo r its o ffic e s , th e o n ly p a rk an d am u se m e n t re so rt near
pen ses (less m isce lla n e o u s in c o m e ) b u t b e fo r e p r o v id in g fo r in c o m e ta x es.
P o r tla n d , also real e sta te in P o r tla n d su ita b le fo r term in als.
E a rn in g s fo r q u a rte r e n d e d M a r c h 31 1924 in V . 118, p . 1923.
O F F I C E R S .— C h a irm a n o f b o a r d , E d w . F . H u t to n ; C h a irm a n E x e c .
O F F I C E R S .— P r e s ., F ra n k lin T . G r iffit h ; V .- P s ., F . I . F u lle r, P o r tla n d
C o m m ., S am uel H . S m all; P r e s ., C o lb y M . C h e s te r J r .; S ec. & T r e a s .,
O . B . C o ld w e ll, P o r tla n d ; E . W . C la r k a n d H . L . C la r k , P h iia .; S e c . and
T r e a s ., G . L . E s ta b r o o k , P h iia .; A s s t . S e c . an d A s s t . T r e a s ., R . W . S h e p ­ J o h n S . P r e s c o tt. O ffic e s , 342 M a d is o n A v e ., N . Y . , a n d B a tt le C r e e k ,
M ic h .— (V . 118, p . 192 3.)
h erd ; A s s t. S ec. & A s s t. T r e a s ., W . L . L a m o n t. V . 118 , p . 2 18 0.

We specialize in the securities of
and invite inquiries concerning

Portland
Electric Power Company

Members
Philadelphia
Stock
Exchange

Bankers
Estalished 1837

PH ILAD ELPH IA

Members
New York
Stock
Exchange

N E W Y O R K T E L E P H O N E R E C T O R 9250
P H I L A D E L P H I A T E L E P H O N E L O M B A R D 4200

P O R T O R I C A N -A M E R I C A N T O B A C C O C O .— O R G A N I Z A T I O N —
I n c o r p . S e p t. 22 1899 in N . J . a n d m a n u fa ctu re s cig a rs an d c ig a r e tte s .
O w n s en tire c a p ita l s t o c k o f th e P o r t o R ic a n -A m e r ica n T o b a c c o O o . o f
P o r t o R i c o , w h ich o p e ra te s 14 fa c to r ie s in P o r to R i c o , a n d o w n s an d c o n tr o ls
2 ,0 0 0 acres o f fa rm in g la n d s in P o r t o R ic o ; a ls o a m a jo r it y o f th e c a p ita l
s t o c k o f th e N e w Y o r k -T a m p a C ig a r C o . , w h ich op e ra te s fa c to r ie s a t P e rth
A m b o y . N . J ., an d a t T a m p a , F la ., an d o n e -h a lf o f t h e c a p it a l s t o c k o f th e
P o r t o R ic a n L e a f T o b a c c o C o . V . 113. p . 1896.
S T O C K .— T h e sh areh olders o n N o v . 23 1923 a p p r o v e d a r e c a p ita liz a tio n
p la n c h a n g in g th e 100 .000 shares o f ca p ita l s t o c k (par $100) n o w a u th . t o
c u m u l. 7 % class A s t o c k , a n d a u th . th e issu an ce o f 100 ,0 0 0 shares o f s t o c k
t o b e k n o w n as class B c o m m o n s to c k w ith o u t p a r v a lu e a n d w ith o u t v o t in g




P R A I R I E O IL & H A S C O .— O R G A N I Z A T I O N , A c .— I n o o r p . In K ansas
in 190 0. F o r m e r ly c o n t r o lle d b y S ta n d a rd O il C o . o f N . J . , b u t s eg reg a ted
in 191 1. In J a n u a ry 1918 w as g iv e n p e r m it t o o p e r a te in T e x a s , an d
in A p ril w as p re p a rin g t o b u ild a $ 1 0 ,0 0 0 ,0 0 0 r e fin e r y n ea r H o u s to n ,
to b e co n n e c te d b y 12 in . p ip e lin e w ith th e C u s h in g , E ie c t r a and R a n g e r
fie ld s . See P ra irie P ip e L in e C o . b e lo w . In th e R a n g e r d is t r ic t certa in
o il p r o d u c in g p r o p e r tie s o f th e T e x a s C o a l A; O il O o . h a v e been a cq u ire d
V . 106, p . 1582, 1 6 9 1 ,2 0 1 4 . I n N o v . 1923 th e c o m p a n y o ffe r e d t o ex ch a n g e
shares o f its s t o c k fo r s t o c k o f th e P r o d u ce r s & R e fin e r s C o r p . o n th e basis
o f o n e share o f P rairie O il & G as s t o c k (p ar $10 0) fo r 10 shares o f P r o d . &
R e f . c o m m o n s to c k (par $ 5 0 e a c h ) .
T h e s to c k h o ld e r s on D e c . 12 1922 in crea sed t h e a u th o r iz e d c a p it a l s to c k
fro m $ 2 0 ,0 0 0 ,0 0 0 t o $ 6 0 ,0 0 0 ,0 0 0 . A 2 0 0 % s t o c k d iv id e n d w as p a id t o
sto c k h o ld e r s o f r e c o r d D e c . 27 1922.
C A S H D I V .— (1913
1914-15 1910. '1 7 ’ 1 8 . '1 9
'2 0 '2 1 . '2 2 . 1923.
Sine® 1911--------%\ 6
N one
12
13 12 12
12 12
12
8
E x tr a ................... % l
0 V . 9 6 , p . 1160 6
7 8 14
20 10
11
A ls o p a id 2 0 0 % in s to c k t o s to c k h o ld e r s o f r e c o r d D e c . 27 1922.
P a id in 1924: J a n . 3 1 , 2 % ; A p r il 3 0 , 2 % .
S to c k h o ld e r s o f re co rd F eb . 9 1916 re ce iv e d as 1 5 0 % d iv . th e $ 2 7 .0 0 0 ,0 0 0
ca p . s to c k o f P rairie P ipe L in e C o . — w h ich see be lo w an d V . 100. p . 40 3 .
In F e b . 1918 $ 4 ,0 0 0 ,0 0 0 5 0 -y e a r d e b 6s, the rem ain d er o f an issue o f
$18 ,0 0 0 ,0 0 0 p u t o u t In 1905. w as r e p o rte d as p a id o f f
V . 108. p . 788 .
$1 4 ,0 0 0 ,0 0 0 h a v in g been retired
V . 95 n 1126. 1212; V 9 6 . p . 49 4 .
B a la n ce sheet as o f D e c . 31 1923 in V . 118, p . 1784.
C h a irm a n , W . S. F itz p a t r ic k ; P r e s ., N e ls o n K . M o o d y ; V .- P . & G e n .
M g r ., D a n a H . K e ls e y ; S e c ., J o h n H a llih a n . O ffic e , T u ls a , O k la .—
(V . 118, p . 178 4.)

PRAIRIE PIPE LINE C O .— O R G A N I Z A T I O N .— In c o r p o r a te d In K a n ­
sas in J a n . 1915 and t o o k o v e r as o f F e b . 1 1915 th e p ip e line o f th e Prairie
O il & G a s C o . , ex te n d in g fro m R e d F o r k , I n d .. t o G r iffit h . I n d .. & c .. 8 6 0
m iles, and w ill c o m p le te th e 8 -in . p ip e lin e f ro m K a n sa s C it y t o a c o n n e c t io n
w ith th e Illin o is P ip e L in e . P r o p o s e d 12 in . p ip e lin e t o H o u s t o n , it la
said , w ill h a v e a d e liv e r y c a p a c it y o f 4 0 .0 0 0 b b ls . d a lly an d p r o b a b ly coa t
o v e r $ 5 ,0 0 0 ,0 0 0 . V . 10 7 , p . 148 5. See P r a ir ie O il k G a s C o . a b o v e .
In N o v . 1920 it w as s ta te d th a t th e c o m p a n y had co m m e n ce d a $ 1 5 ,0 0 0 ,0 0 0
pipe-line co n s tr u c tio n p r o g ra m , w h ich w ill a d d 25 000 b b ls . d a ily c a p a c it y
to its lin e s.— V . I l l , p . 2145. J u ly 1917. 5 % ; O ct. 1917, Jan 1918 a n d
A p r. 30, 5 % reg. a n d 5 % ex tra . J u ly and O ct. 1918, 5 % ; Ja n . 1919 t o
A p r . 1922 p a id 3 % q u a r .; J u ly 1922 p a id 3 % an d 2 % e x tr a : O c t . 192 2 p a id
3 % q u a r.; J a n . 1923 t o A p r . 1924 p a id 2 % q u a r. A 2 0 0 % s t o c k d i v . w as
p a id t o s to c k h o ld e r s o f r e c o r d D e c . 27 1922. B a la n ce sh e e t as o f D e c . 31
1923 in V . 118, p . 1676.
C o m p a re O h io Oil C o . in V . 100, p . 145; V . 99, p. 1915; an d d e c is io n , V .
98. p 1997: V . 99 p. 5.3 403 .
P ro s.. W . F . G a te s; V . - P O . F . K o u n t z e ;
T r e a s .. R . G . H a re ; S e c .. F . M . W ilh e lm .— ( V . 118 . p . 1 7 8 4 .)
P R E S S E D S T E E L C A R C O .— O R G A N I Z A T I O N .— I n c o r p o r a t e d in N ew
Jersey on .Tan. 13 1899 as a co n s o lid a tio n o f th e S chopn and F o x pressed
steel e q u ip m e n t c o m p a n ie s . I s o n e o f th e le a d in g m a n u fa c tu r e r s in th e
steel ca r bu sin ess, th e c a p a c it y o f p la n ts b e in g fr o m 1 5 % t o 2 0 % o f th e
e stim a te d t o t a l p r o d u c t io n o f cars in th is c o u n t r y . C u s to m e r s are railroa d s

320

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.
[For abbreviations, &c., see notes on page 6.1

Date
Bonds

Procter & Gamble— Common stock $24,000,000 auth____
Pref stock (8 % cum) (See terms in editorial. May '9 3 Supp)
Pref (a A d) stock (6% cum) $45,750,000 auth call 1 1 0 ...
Producers & Refiners Corp— Com stock $47,000,000 auth.
Pref (a A d) stk 7 % cum A particred 107)4 auth $3,000,000
IstM sf gold bds (text) $5,000,000 au red 110..Cekxxxc*Ar 1921
Public Service Co. of Nor 111— Common stock $15,000,000__
Preferred stock 6% cumulative $15,000,000 auth red 120..
1st lien A ref. m tg e . Series A re d . ( t e x t ) ________ k x x x c * A r *
1st A Ref M g red 110 beg Oct’21__________________ IC.xo*
underlying bonds— See text

....

1922

1911

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest ano
and Maturity
Dividends are Payable

$20 $ 2 3 ,0 8 2 ,3 5 7 See text Q— F 15 May 15 ’24 5%
8
100 2.250.000
O— J 1 Apr 15 1924 2%
100 9.866.000
Q— M 15 June 14 ’24 1)4
6
50 36,139.040 See text
Sept 15 ’23 1%
2 ,8 4 5 .3 5 0
7
50
Q— F May 5 1924 1%
100 Ac 3 ,8 8 9 .8 9 0
J A D June 11931
8 g
7
100 1 2 .0 7 5 .0 0 0
Q— F M a y l 1924 1H
None 8 4 ,4 2 3 sh
$7
Q— F May 1 ’24 $1.75
100 1 0 ,0 0 0 ,0 0 0
6
Q— F May 1 1924 1 H
100 A c 2 2 ,2 5 0 ,0 0 0
1.000 x l8 ,9 2 6 ,0 0 0

6 g
5 g

J
A

[V ol. 118.

A D Ju n e 1 1962
A O Oct 1 1950

Co.’s Office, Cincinnati,Odo
do
Blair A Oo, New York
Checks mailed.
C h e ck s mailed
C h ic a g o an d N ew Y ork

1 1 Tr A sav Bk. Oh
1

x E x clu d in g $ 1 9 ,3 0 8 ,0 0 0 First A R e fu n d in g b o n d s p le d g e d under th e F irst L ien A R e f M t g e

a n d in d u stries o f th e U n ite d S tates a n d fo re ign co u n tr ie s . B u siness c o n ­
sists o f th e m a n u fa c tu r e o f steel fre ig h t a n d p assenger ca rs , tr u c k s , tru ck
fra m es, b o ls te rs a n d o th e r p re sse d steel sp e cia ltie s fo r ca rs . P la n ts , lo ca te d
in th e P itts b u r g h d is t r ic t , h a v e an a n n u al p r o d u c t io n c a p a c it y o f 4 9 ,4 0 0
fre ig h t cars, 3 0 0 s tea m a n d s tr e e t r a ilw a y passenger cars a n d a large to n n a g e
o f steel u n d e rfr a m e s a n d m isce lla n e o u s p a rts fo r ca rs . T h e c o n s titu e n t,
o w n e d , o r c o n t r o lle d c o m p a n ie s are th e W e s te rn Steel O ar & F o u n d r y C o .,
K o p p e l I n d u s tr ia l C a r A E q u ip m e n t C o . , A m e rica n S teel C o . o f C u b a ,
an d th e L in c o ln G a s C o a l C o .
C A P I T A L S T O C K .— T h e s to c k h o ld e r s o n M a r . 30 1921 a p p r o v e d the
re c a p ita liz a tio n plan p r o v id in g fo r an increase in the c o m m o n s to c k from
$ 1 2 ,5 0 0 ,0 0 0 to $ 5 0 ,0 0 0 ,0 0 0 an d th e co n v e r s io n o f th e $ 1 2 ,5 0 0 ,0 0 0 p r e f
s to c k for c o m m o n s t o c k , share fo r share, a n d th e d e cla ra tio n o f a 2 0 % stock
d iv id e n d on th e c o m m o n s t o c k . T h e d ire cto rs in A p ril 1921 d eferred a ction
on the d e c la r a tio n o f th e 2 0 % s to c k d iv id e n d and also on the p r o p o s a l tr
exch a n g e p referred fo r c o m m o n sh ares. C o m p a re V . 112. p . 1874. 1406D IV S .
( ’ 0 3 . ’ 0 4 . ’0 5 - T 3 . ’ 1 4 . 191 5. ’ 10. 17. T 8 . ’ 19 ’20 '2 1 . ’ 2 2 . ’ 2 3 .
O o m j_ % ( 5
3
N one
3
N o n e 214 7
8
8 4 N o n e te x t
P r e f . . . % (7 % p e r a n n . ( 1 H % Q .- F .) t o M a r . 11 1924.
D iv s . o n c o m . s t o c k w e re resu m ed D e c . 18 1923 w ith a
aym ent of
1 % q u a r.; sam e a m o u n t p a id M a r c h 18 a n d Ju n e 17 1924.
B O N D S .— T h e 5 % c o n v . g o ld b o n d s d u e J a n . 1 1933 are c o n v . in t o c o m ,
s t o c k in th e r a t io o f 10 shares o f s t o c k fo r ea ch $1,0 0 0 b o n d . R e d e e m a b le ,
all o r p a r t a t 100 a n d in te re s t. V . 116, p . 8 5 .
R E P O R T — F o r 192 3, in V . 118, p . 1022, sh o w e d :

P rodu cers A R e fin e r s c o m . s to c k (p ar $50 e a c h ) . C o m p a re V . 117, p . 2 11 9,
255 1, 2 6 6 0 .
B O N D S .— T h e fir s t m o r tg a g e 8 % s in k in g f u n d b o n d s c a r r y d e ta c h a b le
w arrants e n titlin g th e h o ld e r t o p u r c h a s e o n o r b e fo r e Ju n e 1 1931 co m m o n
s t o c k o f th e c o m p a n y a t p a r (p a y a b le e ith e r in ca sh o r in b o n d s ta k en at
their p rin c ip a l a m o u n t a n d a c c r u e d in te re s t) a t th e r a te o f $ 1 ,0 0 0 p a r v a lu e
o f c o m m o n s t o c k fo r e a ch $ 1 ,0 0 0 fa c e v a lu e o f b o n d s . Is s u e d , $ 5 ,0 0 0 ,0 0 0 :
re tired b y sin k in g f u n d , $ 8 4 9 ,0 1 0 .
D I V I D E N D S . — P r e f. d iv s . h a v e b e e n r e g u la r ly p a id t o d a te ; o n A u g . 6
1923 M % e xtra w as p a id . O n c o m m o n , p a id 1H % q u a r. fr o m F e b . 1920
t o M a y 1921; th e n n o n e u n til M a r c h 15 1 92 3, w h e n 2 % w as p a id ; J u n e 15
1923 p a id 2 % ; S e p t. 15 1923 p a id 1 % ; n o n e s in ce .
R E P O R T . — F o r 1 9 2 2 , in V . 116, p . 2 5 1 3 , sh o w e d :
G ro s s sales a n d earn in gs fr o m o p e r a t io n s --------------------------------------- $ 1 0 ,9 1 0 ,7 2 5
6 ,7 8 3 ,1 0 6
P r o d u cin g , o p e r a tin g , gen eral a n d a d m in is tr a tiv e e x p e n se s-------

(7 % ) •
Paid.
Surplus.
1923 . .. $ 2 , 7 9 9 , 9 7 4
$ 1 ,0 9 3 ,1 1 2
$ 8 7 5 ,0 0 0 (1 % )$ 1 2 5 ,0 0 0
$ 7 0 6,86 2
1 9 2 2 ..
. 5 8 ,312
4 0 0 .0 0 0
8 7 5 ,0 0 0
d e f l , 2 16 .688
1921 . . .
1 ,0 8 1 ,9 0 6
4 0 0 ,0 0 0
8 7 5 .0 0 0
(2 % )2 5 0 ,0 0 0
d e f4 4 3 ,0 9 4
1 9 2 0 ..
. 3 ,9 1 4 ,2 7 8
6 6 2 ,4 7 2
8 7 5 ,0 0 0
(8 )1 ,0 0 0 .0 0 0
6 5 6 ,8 0 6
O F F I C E R S .— F . N . H o ff s t o t , P r e s .; N . S. R e e d e r, V .- P r e s ., N . Y . ; J . F
M a c E n u lt y , V .-P r e s ., N . Y . : H e n r y P . H o ffs t a t . V .-P r e s ., P itts b u r g h : OE . C h u r ch , S ec. A T r e a s ., N . Y . — ( V . 118, p . 1022.)

T o t a l s u rp lu s _______________________________________________________$ 1 6 ,2 5 6 ,0 4 4
P re fe rre d d iv id e n d s _________________________________________________
2 0 3 ,4 1 3
Surplus— E a rn e d (s u b je c t t o d e p le tio n d e d u c t io n ) ________________ 5 ,3 9 5 ,1 2 8
F r o m a p p re c ia tio n o f d e v e lo p e d le a s e h o ld s ______________________ 1 0 ,6 5 7 ,5 0 3

Cal.
Total Gross
Repairs,
Y r .— Earnings. Renew.,&c.

Pf. Divs.

Com. Div.

Balance.

P R O C T E R & G A M B L E C O .— F o rm e d in 1890 under iaws o f N ew Jersey
to oarry on soa p , ca n d le , oils an d g ly ce rin e business o f firm o f P ro o te r A
G a m b le. R e in c o r p o r a te d in O h io In 1905: V . 8 0 , p . 6 5 5 , 1916. Th e
plants o f th e c o m p a n y a n d Its su b sid ia rie s, in a d d itio n t o 12 c o tto n -s e e d oil
mills in th e S o u th , are lo ca te d a t I v o r y d a le , O h io : M a c o n . G a .; Kansas
C it y , K a n s .; P o r t I v o r y , S ta te n Is la n d , N . Y . ; D a lla s , T e x ., an d H am ilton ,
O n t. V . 109. p . 986: V . 8 1 . p. 1243, 1562: V . 83, d . 498; V . 9 0 . p . 1047.
It w as r e p o r te d in A u g . 1 92 0, th a t th e c o m p a n y had pu rch ased 54 acres of
land in San F ra n cis co w here it w ill b u ild a p la n t a t an e stim a te d c o s t of
$ 3 ,0 0 0 ,0 0 0 . A b o u t 3 0 % o f the va lu e o f the c o m p a n y 's o u t p u t con sists
o f w ell-k n ow n soa p s (I v o r y S o a p . W h ite N a p t h a , A c .) and th e rem ain ing
7 0 % in clu d es it is c la im e d , a b o u t 3 9 % o f the c o u n t r y ’s p r o d u c tio n of
h yd rog en a ted lard su b stitu te s (“ C r is c o .” A c .) an d a b o u t 4 0 % o f its g ly c e r ­
ine. See fu ll d a t a . V . 106, p . 1040.
>
S T O C K .— T h e sto c k h o ld e r s o n J u ly 28 1919 a u th o rize d an Increase in
the ca p ita l s to c k fr o m $ 2 6 ,2 5 0 ,0 0 0 (m a d e u p o f $ 2 ,2 5 0 ,0 0 0 8 % C u m u la tiv e
P ref. a n d $ 2 4 ,0 0 0 ,0 0 0 c o m m o n ) t o $ 7 2 ,0 0 0 ,0 0 0 , th e new s t o c k t o co n s ist o f
$ 4 5 ,7 5 0 ,0 0 0 6 % c u m u la tiv e p r e f. (p a r $ 1 0 0 ). o f w hich $ 9 ,8 6 6 ,0 0 0 havin g
been u n d erw ritten w as o ffe r e d t o c o m m o n s to ck h o ld e rs o f A u g . 30 1919.
V . 109, p . 78 0 , 48 3 .
T h e n ew p r e f. s t o c k Is in e ffe c t a s e c o n d p re fe re n ce issu e, ra n k in g s u b s e ­
q u e n t t o th e 8 % p r e f. a n d is t o b e ca lla b le a t 110 a n d d iv s . T h e holders
w ill n o t h a v e th e rig h t t o s u b s c r ib e t o new s to c k issues. N e ith e r issu e o f p r e f .
s to c k shall b e in crea se d n o r shall a n y a d d itio n a l s to c k b e a u th o r iz e d t o be
issued w ith rig h ts equ a l w ith o r p r io r t o th e righ ts o f th e 6 % p r e f. s to c k .
T h is s t o c k w ill b e issu ed o v e r a p e r io d o f ye a rs a n d in su ch a m o u n ts as
c o n d itio n s m a y w a rra n t a n d th e b u sin ess m a y r e q u ire , a n d all s t o c k so to
be Issued w ill b e o ffe r e d fir s t t o th e h o ld e rs o f th e c o m m o n s t o c k . V . 108
p . 2 63 6: V . 109. p . 4 8 3 . 7 8 0 . 98 6 .
T h e s to c k h o ld e r s v o t e d D e c . 22 1919 t o ch a n g e th e p a r v a lu e o f the
co m m o n s t o c k fr o m $10 0 to $ 2 0 , issu in g in exch a n g e fo r e a ch sh are o f $100
n ow o u ts ta n d in g f iv e shares each o f th e p a r v a lu e o f $20 . T h e t o t a l a m o u n t
o f a u th oriz ed c o m . s t o c k , $ 2 4 ,0 0 0 ,0 0 0 . w as n o t a ffe c t e d . V . 109 , p . 1993.
D I V I D E N D S , i 0 1 -T 2 . ’ 1 3 4 1 4 . 15. ’ 16. T 7 . ’ 1 8 . ’ 19. ’20 ’21 2 2 .
’23.
U n c o m m o n . . . ( * 1 2 y l y 16 16 16 18 2 0 2 0 20 20 20 20
20
A ’ o 8 t k .p d .A u g . I ____
4
4
4
4
4 4
4 4 4 4
4
♦A lso extra d iv id e n d o f 14 2 - 7 % , p a id Jan . 2 1904. a n d 2 5 % D e c . 1905
V 95 o 13.14- V 9 6 . p . 1776
P a id in 1924: F e b . 15, 5 % : M a y 15, 5 % .
E A R N I N G S .— F o r y e a r e n d in g Ju n e 30 192 3, in V . 117, p . 779 :
June SO Years—
19 2 2 -2 3 .
192 1 -2 2 .
192 0-2 1.
1 91 9-2 0.
V o lu m e o f b u s in e s s .$ 1 0 9 ,7 7 6 ,3 8 9 $ 1 0 5 ,6 5 5 ,3 8 6 $ 1 2 0 ,0 1 9 ,7 2 7 $ 1 8 8 ,8 0 0 ,6 6 8
O p era tin g p r o f i t ___
__________
__________
3 ,7 2 9 ,5 5 9
__________
N e t a ft .re s . ,d e p ., & c . 8 ,5 3 2 ,8 2 6
7 ,3 4 0 ,3 2 7
__________
4.191" 057
P r e s ., W m . C o o p e r P r o c te r ; S e c ., R a lp h F . R o g a n ; T r e a s ., G e o . S.
W o o d w a r d . O ffic e , C in c in n a ti.— (V . 117, p . 1897.)
P R O D U C E R S & R E F I N E R S C O R P O R A T I O N .— O R G A N I Z A T I O N .
— A n o p e r a tin g a n d h o ld in g c o m p a n y o rg a n iz e d u nd er la w s o f W y o m in g on
M a y 14 1917. C o r p o r a tio n a n d its a ffilia te d a n d s u b s id ia ry c o m p a n ie s
o w n or c o n tr o l a p p r o x im a t e ly 2 6 5 ,0 0 0 a cre s o f oil and gas leases situ a te d in
th e W y o m in g , M o n t a n a , C o lo r a d o , N e w M e x ic o , O k la h o m a , K a n sa s,
T e x a s , A rk a n sas a n d L o u isia n a fie ld s, o n w h ich p ro p e rtie s th e re are 275
p r o d u c in g o il w ells, 24 gas w ells a n d a p p ro x im a te ly 1.000 p r o v e n o il a n d
gas w e ll lo c a tio n s . C o m p a re V . 116, p 625
S u b sid iary c om p a n ie s are: K i tie r R efin in g C o . , P a n -A m e rica n O il C o r p .,
P a n -A m e rica n R e fin in g C o ., H a w k e y e ' )il C o ., P ike’s P eak P etroleu m
■
P r o d u cts C o . , H u d so n O il C o ., L y o n s P etroleu m C o . , S an d D ra w P ip e
L in e C o . , F r e m o n t N a tu r a l G a s C o . , P r o d . A R e f. C o r p . o f T e n n ., C r y s ta l
O il C o r p . a n d F en sla n d Oil C o .
I n N o v . 1923 a cq u ire d o v e r 5 1 % o f th e ca p ita l s to c k o f P rairie O il A G as
C o.
C A P I T A L S T O C K .— T h e p r e fe rr e d s t o c k has e qu a l v o tin g rig h ts w ith
th e c o m m o n s t o c k , an d p a r ticip a te s e q u a lly w ith th e la tte r in a n y d iv s . o v e r
7 % on ea ch class o f s t o c k . P r e f. a n d c o m m o n s to c k h o ld e r s o f r e c o r d F e b .
15 1922 w ere given th e p r iv ile g e o f s u b s crib in g fo r $ 2 ,0 0 0 ,0 0 0 1st m tg e .
8 % sin k in g fu n d b on d s a t 100 an u in t. V . 114, p . 636.
T h e a u th . c o m m o n s t o c k w as in cre a se d fr o m $ 2 7 ,0 0 0 ,0 0 0 t o $ 4 7 ,0 0 0 ,0 0 0
in Jan . 1923. V . 116, p - 3 0 5 .
In F e b . 1923 sto c k h o ld e r s w ere o ffe r e d
1 50 .000 shares o f c o m m o n s to c k a t p a r ($ 5 0 ).
V . 116, p . 625 .
T h e P ra irie O il A G a s C o . in N o v . 1923 o ffe r e d t o e x ch a n g e shares o f its
ca p ita l s to c k fo r c a p ita l s to c k o f th e P ro d u ce rs A R e fin e rs C o r p .. o n th e
b asis o f o n e share o f P rairie O il & G as s to c k (par $100) fo r 10 shares o f




G ro ss earn in gs fr o m o p e r a t io n s _________________________________ $ 4 ,1 2 7 ,6 2 0
O th er in c o m e — In te re s t a n d d iv id e n d s ____________________________
2 4 9 ,4 3 8
T o t a l e a rn in g s_____________________________________________________ $ 4 ,3 7 7 ,0 5 8

Deductions— D e p r e cia tio n , $ 4 9 9 ,7 5 9 ; in te re s t a n d b o n d exp en se,
$ 5 4 9 ,3 0 4 ; F e d e ra l ta x p o v is io n , $ 6 3 ,3 1 2 ________________ ______

1 ,1 1 2 ,3 7 4

N e t in c o m e , b e fo r e d e p le t io n ____________________________________ $ 3 ,2 6 4 ,6 8 4
P r e v io u s s u r p lu s_____________________________________________________ 1 2 ,9 9 1 ,3 6 0

T o t a l su rp lu s D e c . 31 192 2_____________________________________ $ 1 6 ,0 5 2 ,6 3 1
R e p o r t fo r 9 m o s . e n d e d S e p t. 3 0 1 9 2 3 , in V . 1 1 7 , 0 . 2 0 0 3 .
O F F I C E R S .— C h a irm a n , F . E . K is tle r; P r e s ., W . L . K is tle r; V . - P . ,
& T r e a s ., W . E . L o c k h a r t; S e c ., D a v id R . T h o m a s .— ( V . 118 , p . 2 1 9 0 .)

PUBLIC SERVICE CO. OF NORTHERN ILLINOIS.— ORGANIZA­
TION.— Incorporated in Illinois in Aug. 1911 as a consolidation of electric
light and power companies in Northern Illinois outside of Chicago, controlled
oy Samuel Insull (President of Commonwealth Edison Co.) and associates,
per plan V . 93, p . 231. viz.: North Shore Electric Co. (V. 92. p. 192; V. 91.
9. 1508. 1516). Economy Light A Power Co. (V. 93. p. 39; V. 99. p. 013).
Illinois Valley Gas S Electric Co. (V. 93. p . 107: V. 91, o. 41). Chicago
c
Suburban Light A Power Co. (V. 92. p. 191) and Kankakee Gas S Electric
c
Oo. ( V . 91, p. 875. 1577). In 1913 voted to purchase the Northwestern
G a s Light & Coke Co. V . 96, p. 654, 793. Rates. V . 117, p. 448.
Supplies electricity, gas, heat and water in 15 counties in the northeastern
p a r t o f th e S tate o f Illin o is s u rro u n d in g C h ic a g o . A s o f D e c . 31 1923 th e
c o m p a n y ’s s e rv ice e x te n d e d t o 202 d iffe r e n t co m m u n itie s , 197 b e in g s u p ­
p lie d w ith e le c t r ic it y , 56 w ith ga s, 6 w ith w a te r a n d 5 w it h h e a t.
S T O C K . — T h e s to c k h o ld e r s v o t e d M a y 12 1922 t o in cre a s e the author­
ized ca p ita l s t o c k b y a d d in g 5 0 ,0 0 0 shares o f n o p ar c o m m o n s t o c k , w h ic h
w ill h a v e e qu a l rig h ts in a ll re s p e cts w ith th e c o m m o n s t o c k o f $100 p a r
v a lu e . C o m p a re V . 114, p . 1660. In F e b ru a r y 1923 th e s to ck h o ld e rs
ra tifie d a p r o p o s e d in crea se in ca p ita liz a tio n b y a d d itio n o f 1 0 0 ,0 0 0 shares
o f n o p ar c o m m o n a n d $ 5 ,0 0 0 ,0 0 0 a d d itio n a l 6 % p re fe rr e d s t o c k .
T h e s to ck h o ld e rs o n F e b . 25 1924 in crea sed t h e a u th o r iz e d c a p ita l s t o c k
b y th e a d d itio n o f 1 00 ,000 shares o f 7 % c u m u l. p r e f. s t o c k , p a r $10 0.
D I V I D E N D S .—
’ 12. T 3 . ’ 14. '15. Nov. 1916 to M a y ’24
O n c o m m o n (p e r c e n t ) _______________
4 4 )£
5 5H 7 % p . a. (1% Q -F )
O n n o p a r v a lu e s to c k p a id $1 75 q u a r. A u g . 1 1923 t o M a y 1 1924.

BONDS.— The First A Kef. 5s of 19ll mot limited as to amount) cover
’after-acquired properties," and are a first mtge. on all property formerly
belonging to Illinois Valley Gas-A Elec Oo. and Chicago Sub. Lt A Power
Oo., and are also secured by deposit of $2,114,500 North Shore Elec. Co.
"First and Ref.” 5s and $401,000 1st M. 5s, $428,000 Economy Light A
Power Co. 1st M. 5s and $408,000 Kan. Gas A E i r e . Co.“ Firstand Ref.” 5s
$97,500 Citizens’ Gas Oo. 1st M. 5s and $17,000 other underlying bonds.
Additional bonds may be issued as follows: A s u ffic ie n t amount to

retire th e o u ts ta n d in g u n d e rly in g b o n d s a n d fo r 7 5 % o f th e c o s t o f p r o p ­
e r ty h ereafter a cq u ir e d , a n d i f m o r tg a g e lien s e xist t h e r e o n a t t h e tim e
o f a cq u isitio n , b o n d s m a y also b e issu ed t o th e p a r a m o u n t o f s u c h lie n s
t o re fu n d sa m e. V . 93. p . 1607; V . 94. p . 1190, 1321; V . 102. p . 1254.

Outstanding Bonds Assumed on Properties Purchased (Pledged V. 102, p. 1254).
(E x clu d in g amounts deposited under First A R e f. Mtge. V. 107, p. 2381.)
Bonds—
Interest.
Outstanding.
Maturity
North Shore Elec.
1stA Ref M.call 107)*aft. Apr.’20/5 g A A O $1,070,500 Apr. 1 1940.
|Interest at Illinois Tr. A Sav. Bk., Chi.
Economy Light A Power 1st M . s. f.5 g J A D
1,321,000 Dec. 1 1950
Kankakee Gas A Elec. 1st Aref. M .5 g M A S
174,200 Sept. 1 1930
Citizens’ Gas Oo.(Kank.) call 105..5 g F A A
1)0,500 Feb. 1 1932
Pontiac Light A Water Oo 1st M 5s.................
64,000 July 11927
Northwestern Gas Light A OokefSg Q-M
1,747.000 Dec. 1 1928
Consol. M. $2,000,000 g_______ (Interest at Central Trust Co,, Chicago
Cicero Gas Ref. A Gen. M . $5.000,-/5 g J A J
3,365.000 July 1 1932
000 g gu___________ lint, at Central Trust Co.. Chicago
The 1st lien A ref. mtge. series A bonds are secured by a first mortgage
collateral lien on the proposed power plant of the Waukegan Generating
Co., through pledge of all the 1st mtge. bonds and all the capital stock
of that company. In addition, will be secured by a direct mortgage lien
on all physical property now or hereafter owned, subject only to prior
lie n . T h e re are also d e p o s ite d u n d e r th e fir s t lien A r e f. m tg e . $19,308,000
fir s t A r e f. m tg e . 5 % g o ld b o n d s .
R e d e e m a b le (Series A ) , all o r part ,at
110 a n d in t. o n o r b e fo r e Ju n e 1 1942; th e re a fte r a n d o n o r b e fo r e June 1
1952 a t 10714 a n d in t .; th e re a fte r a n d o n o r b e fo r e D e c . 1 1961 a t 105 an d
in t ., a n d th e re a fte r at 100 a n d in t . V . 114 , p . 2 72 5; V . 116, p . 1061.
R E P O R T .— F o r 192 3, in V . 118 , p . 917 a n d 1 02 2, s h o w e d :
Results for Cal. Years—
192 3.
1922.
192 1.
1920.
T o t a l o p e r a t in g r e v e n u e .$ 1 6 ,0 1 4 ,3 4 2 $ 1 3 ,7 1 2 ,0 9 5 $ 1 2 ,2 1 3 ,3 1 5 $ 1 1 ,4 1 5 ,0 8 7
N e t o p e r a tin g i n c o m e - . .
4 ,5 8 0 ,6 7 3
3 ,8 9 1 ,1 1 3
3 ,5 6 3 ,8 6 9
3 ,3 1 4 ,4 2 8
O th er in c o m e ____________
7 2 6 ,3 6 7
513 ,021
4 66 ,151
234 ,853
In te r e s t c h a rg e s, A c ____
2 ,8 7 2 ,6 4 5
2 ,5 6 8 ,6 6 3
2 ,4 5 0 ,4 8 4
2 ,1 8 3 ,5 0 5
P re fe rre d d iv id e n d s ____
5 9 5 ,2 7 2
5 8 9 ,1 3 3
5 1 8 ,8 1 7
4 64 ,770
C o m m o n d iv id e n d s ______ 1 ,0 7 5 ,9 2 6
7 9 9 ,9 6 5
7 8 5 ,4 5 7
7 81 ,139
S urnlus fo r y e a r __________
7 6 3 ,1 9 7
4 4 6 .3 7 3
2 7 5 ,2 6 2
119 ,867
O F F I C E R S .— C h a ir m a n , S am u el In s u ll; P r e s ., B r it t o n I . B u d d ; S ec.
A T r e a s ., G e o rg e R . J o n e s. O ffic e , 72 W e s t A d a m s S t ., C h ic a g o .— (V
118, p . 1 2 8 0 .)

M a y , 1924.]

221

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.
[For abbreviations, &c., see notes on page 6.1

Date
Bonds

P u n t a A l e g r e S u g a r C o — S t o c k $ 2 5 ,0 0 0 ,0 0 0 _________________

(Convertible debentures redeemable (text)________________ 1922
Pure Oil Co— Common stock $100,000.000_ ______ ___ ___
_
Pref stock. 55i% cum. $10,000.000_____________________
P referred 6 % cumulative, reserved for exchange (see text)
Oonv p r e f cum 8 % (see text) red 110 $ 1 0 ,0 0 0 ,0 0 0 auth__

Quaker Oats Co (The)— Common stock $25.000,000_______
Preferred (a & d) s to c k 6% cu m u la tiv e j$26,000,000_____

Amount
Outstanding

100 1 3 5 ,0 0 0 ,0 0 0

Pullman Company— S to c k $ 1 3 5 ,0 0 0 ,0 0 0 auth-------------------

S F g o ld n o t e s s e r A r e d (te x t) $ 2 0 ,0 0 0 ,0 0 0 a u t h ._ C e C x x x c *
P u r m o n ls t m s e r g b d s d u e $ 3 ,0 0 0 ,OOOs-ared (te x t) Q .x x x c * & r *
Guaranteed Bonds—
Pure OH SS Co 1st M ser gold bonds guar p & LCeC.xxxc*

Par
Value

1923
1924
1923

Rate
%

8

1 6 ,5 6 7 ,4 0 0 See text
7
5 .5 3 6 ,8 0 0
$25 $ 7 0 ,0 9 1 ,4 2 5 See t e x t
100
1 .5 3 9 ,1 0 0
100
8 .4 6 0 .9 0 0
8
,
100
500&1000 1 1 .7 0 0 .0 0 0
6)4 g
1,0 0 0 & c 1 5 ,0 0 0 ,0 0 0
5)4 8
50

10 000,000

1 ,0 0 0

100

8 5 0 ,0 0 0
1 1 .2 5 0 .0 0 0 .

100 1 8 .0 0 0 . 0 0 0

P U L L M A N C O . ( T H E ) — O n J a n . 1 1900 th e W a g n e r P a la c e O a r C o
s o ld Its assets t o th e P u llm a n C o m p a n y , re p re s e n ta tiv e s o f th e V a n d e r ­
b ilt s e n terin g th e b o a r d o f d ir e cto r s . V . 6 9 , p . 854 ; V . 7 0 , p . 4 0 . I n 1908
b eg a n b u ild in g steel ca rs . V . 8 4 , p . 697 ; V . 8 7 , p . 1163; V . 9 0 , p . 506 ; V . 97,
p . 6 6 9 . V . 9 0 , p . 161 7, 1682; V . 9 1 , p . 157 . 2 8 0 . 133 2, 151 7, 1777; V . 9 2 .
p . 193, 2 6 5 . T a x c a s e , V . 108 , p . 88 5 .
T h e s to c k h o ld e r s o n D e c . 20 1921 a u th o r iz e d t h e p u r c h a s e o f a ll th e assets
o f th e H a s k e ll & B a rk e r C a r C o . , I n c ., a n d t h e p a y m e n t th e r e fo r o f $ 2 7 5 ,0 0 0
in c a s h a n d 1 6 5 ,0 0 0 shares o f th e c a p it a l s t o c k o f th is c o m p a n y . V . 113,
p . 2 3 1 9 , 2 72 8.
C A P I T A L S T O C K .— T h e a u th o r iz e d c a p ita l s t o c k w as in cre a se d on
D e c . 20 1921 fro m $ 1 2 0 ,0 0 0 ,0 0 0 t o $ 1 3 5 ,0 0 0 ,0 0 0 . V . 113, p . 2 31 9, 272 8.
R E G U L A R C A S H D I V S . 11877-80. 1881-83. 188 4-9 8. '9 9 . ’0 0 t o M ’y ’24
S in c e 1877 ( % ) ________________ J8 y e a r ly 9 A y ly - 8 y e a r ly 6 A 8 y l y (Q -F )
A ls o in 1898 and 190b and lo stooK noluers o f re c o rd A pril 30 L910 (last
2 0 • ex tra d iv id e n d s to d istrib u te surplus assets
V . 6 7 . p . 75. 789 8 4 0 ,
9 0 2 ; V . 83. d . 1174. 1233: V . 9 0 . D. 451 . 508 . 854 .
R E P O R T . — F o r y e a r e n d in g J u ly 31 1923, in V . 117. p . 1345. sh o w e d ;
1 9 2 2 -2 3 .
19 2 1 -2 2 .
1 9 2 0 -2 1 .
191 9 -2 0 .
E a rn in g s o f c a r s ________ $ 7 6 ,9 0 6 ,6 6 5 $ 6 2 ,5 4 8 ,4 0 6 a $ 6 0 ,3 1 5 ,7 1 8
--------------F e d e ra l c o m p e n s a t io n .__________
__________
y 9 7 9 ,1 6 7 $ 1 1 ,7 0 5 ,0 0 0
R e tu rn s f r ’m m fg .i n t .,& c . 5 ,9 6 7 ,6 7 8 3 ,9 4 4 ,6 3 1
5 ,9 1 7 ,1 8 2
2 .7 6 9 ,7 7 7
G ro s s in c o m e __________$ 8 2 ,8 7 4 ,3 4 3 $ 6 6 ,4 9 3 ,0 3 7 $ 6 7 ,2 1 2 ,0 6 6 $ 1 4 ,5 1 9 ,7 7 7
O p e r . expenses & t a x e s . . 5 0 ,5 4 8 ,9 0 1 z 5 5 ,1 8 2 ,0 2 2 z 5 4 ,8 5 3 ,5 2 4
1 ,6 0 6 ,2 6 8
D e p r e cia tio n in g e n e r a l. 7 ,0 0 4 ,6 3 3
7 ,0 3 9 ,2 4 8 x 6 ,2 6 7 ,5 5 9
R e s ’v e fo r d e fe r ’d m a in t. 3 ,0 0 0 ,0 0 6
__________
__________
___ ______
P rop or. o f rev . a ccr. to
R R . c o s . u n d er o p e r .
a g r e e m e n t ____________
8 ,4 3 3 ,2 3 9
__________
__________
__________
A d d t o r es. fo r d e p r e c __
c 6 7 0 ,6 3 3
__________
__________
__________
1 0 ,4 9 9 ,8 4 0
9 ,5 9 9 ,8 2 0
9 ,5 9 9 .8 0 0
D iv id e n d s ( 8 % ) ________ 1 0 ,7 9 9 ,8 5 2
b U . S. R R . A d m in ____
__________C r7 ,3 9 9 ,3 6 7
__________
__________
B a la n ce , s u r p lu s ...........$ 2 ,4 1 7 ,0 8 4 $ 1 ,1 7 1 ,2 7 4 d f$ 3 ,4 7 8 ,8 3 6 $ 3 ,3 1 3 ,7 0 9
a F o r 11 m o n th s e n d in g J u ly 31 1 92 1. b B a la n ce o f a m o u n t r e c e iv e d
fr o m th e U . 8 . R a ilr o a d A d m in is tra tio n in s e ttle m e n t o f c la im fo r p e r io d o f
F ed era l c o n t r o l. Jan . 1 1918 t o M a r c h 1 1920, r e c e iv e d d u r in g th is y e a r and
w h ich h ad n o t b een ta k e n u p in in c o m e a c c o u n ts o f p r e v io u s y e a rs, c A d d i­
t io n t o r es erv e fo r d e p r e c ia tio n t o c o m p le te p r o v is io n fo r d e p r e c ia tio n
o n ca rs in s e r v ic e p rio r t o 1910. x T h e p r o v is io n fo r d e p r e c ia tio n d u rin g
F ed era l c o n tr o l a c c r u e d u n d e r th e c o n t r a c t w ith t h e D ir e c to r-G e n e r a l o f
R a ilr o a d s , a n d d id n o t a p p e a r in th e in c o m e a c c o u n t . T h is in clu d e s
d e p r e c ia tio n fo r th e m o n th o f A u g u s t 1920. y “ G u a r a n te e d c o m p e n ­
s a tio n u n d er T r a n s p o rta tio n A c t (A u g u st 1 9 2 0 ).”
z R e p re s e n ts “ o p e ra tin g
exp en ses, repairs o f ca rs, ta x e s a n d in su ra n ce , & c. in 192 1-1 922 a n d 19201921], also c o r p o r a te e xp en ses a n d ta x e s , m o n t h o f A u g u s t 1920 (la s t
m o n t h o f g u a r a n ty p e r i o d ) .”
D I R E C T O R S .— J o h n S. R u n n e lls (C h a ir m a n ), E d w a r d F . C a r r y (P r e s .),
J . P . M o r g a n , W . Sew ard W e b b , J o h n J . M it c h e ll, C h a u n c e y K e e p , G e o rg e
F . B a k e r , J oh n A . S p o o r , H a r o ld S . V a n d e r b ilt, A r th u r O . C h o a t e , R o b e r t
T . L in c o ln a n d G e o rg e F . B a k e r , J r . S e c r e ta r y Is J . F . K a n e . G e n e ra l
o f fic e s , C h ic a g o , 111.— ( V . 117, p . 1 3 4 5 .)

When
Payable

Q — F M a y : ’ 24 2 %
15
Q — F 15 M a y ]15 ’24 $1H
J
&
J 'J u ly '1 1937
June" 1 1924 1
A pr 1 1924 1 M
A p r 1 1924 1 )4
A pr 1 1924 2 %
Q— J
J
& D June 1 1933
F & A jA u g ’ 2 4 -A u g ’ 26

s* VS

6 g
6

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

A

NY.

C h ica g o S B o s t o n
c

C e n tra l T r u s t C o , O h io
C e n tra l U n io n T r , N Y
O e C .C h ic ;O h a s e N a t ,N Y .
G u a r a n ty T r u s t C o , N Y

& O O c t '2 4 -A p r ’2ft
5 e— Jt e x J u ly 15 ’24 3 % Cneeks m aiieu
t
Qe
do
Q— F A u g 30 ’ 2 4 , 1)4

t h r o u g h e x ch a n g e o f s t o c k a d d itio n a l shares o f O k la . P r o d . & R e f. O o rp .
V . 116, p . 1286.
A ls o o w n s a n d o p e r a te s o il a n d gas p r o p e r tie s as fo llo w s : N e a r ly a m illio n
a cres o f le a se h o ld s a n d fe e la n d in O h io , W e s t V a ., K y „ III., K a n ., O k la .,
L a ., T e x ., A r k . a n d N e w M e x ., o f w h ich 8 5 .0 0 0 acres a re o p e r a te d leases
co n s istin g o f o v e r 3 .8 0 0 p r o d u c in g o il w ells; 10 ca sin gh ead g a s o lin e p la n ts In
O h io , W . V a . a n d O k la .; a s a lt p la n t in W . V a ., h a v in g a c a p a c it y o f 1 ,0 0 0
b b ls . o f s a lt p e r d a y ; 7 refin eries in P a ., O h io . W . V a ., M in n , a n d O k la .,
w h ose t o t a l r e fin in g c a p a c it y Is 3 0 ,0 0 0 b b ls . p e r d a y ; 2 .0 2 6 t a n k cars o f
w hich 1,781 are o w n e d a n d 245 u n d e r lease; 85 d is trib u tin g s ta tio n s and 250
d rlv e -ln s ta tio n s in V t . , M a s s ., N . J ., D e l., M d . , N . Y . , P a ., W . V a .. O h io .
W is ., M in n .. N o . D a k ., I d a h o , M o n t ., W a s h , a n d S a sk a tch e w a n .
In D e c . 1920 fo r m e d a n e w s u b s id ia r y , th e P u rfin a C o -O p e r a tin g C o . ,
w ith h e a d q u a rte rs in A n tw e r p . V . I l l , p . 2 3 3 2 .
In N o v . 1921 p u r c h a s e d a s t o c k in te re s t in th e H u m p h r e y s -M e x la and
H u m p h r e y s -T e x a s c o m p a n ie s , th e t w o c o m p a n ie s b e in g m erged u n d er th e
n am e o f H u m p h r e y s O il C o .
V . 114, p . 1295; V . 115, p . 2 48 7; V . 117,
p . 102 3. O n A u g . 31 1923 th e sale c f th e H u m p h r e y s O il C o . a n d th e
H u m p h r e y s P e tr o le u m C o . t o In d ia n o la O il C o . , a s u b s id ia ry o f th e P u re
O il C o . , w as a n n o u n c e d . C o m p a r e V . 117, p . 1136.
T h e sh a re h o ld e rs in J a n . 1920 v o t e d t o in crea se th e a u t h . p r e f. s t o c k fr o m
$ 1 0 ,0 0 0 ,0 0 0 to $ 9 0 ,0 0 0 ,0 0 0 . O f this a m o u n t. $ 1 0 ,0 0 0 ,0 0 0 shall b e d esig ­
n ated 6 % p r e f. a n d s e t a sid e fo r th e p u r p o s e o f e x c h a n g e , sh are f o r sh a re
for t h e ex istin g 5
pref . s t o c k . T h e r e m a in in g $ 7 0 ,0 0 0 ,0 0 0 m a y b e
Issued in in sta llm e n ts fr o m tim e t o tim e a t d lv . rates n o t t o e x ce e d 8 % an d
n o t le s s th a n 5 % . N e w p r e f. s t o c k has e q u a l v o t in g p o w e r w ith c o m . s to c k
a n d is p r e f. as t o assets a n d d iv s . D iv s . are c u m u la tiv e a n d p a y a b le qu&r.
( Q .- J .) .
R e d e e m a b le , all o r p a r t , a t 110 an d d iv s .
O n M a r c h 19 1920 a n issu e o f $ 1 0 .0 0 6 .0 0 0 c o n v . 8 % c u m . p r e f . s t o c k
w as a u t h . a n d o ffe r e d t o c o m . a n d p r e f. s to c k h o ld e r s at p a r . C o n v e r tib le
Into c o m . s t o c k p r io r t o J u ly 1 1923 a t th e r a te o f t w o shares o f c o m . (p a r
$25 f o r o n e sh are o f p r e f. ($ 1 0 0 ).
D IV ID E N D S —
( % ) f ’ 15. ’ 16. T 7 . ’ 18. ’ 19. ’ 2 0 . ’ 2 1 . ’ 2 2 . ’ 2 3 . ’ 24.
C o m m o n , c a s h ........ ........... .. J 5 M 8 )4 1 9 X 2 0 17
12 8
8
7
See
do
i n s t o c k ___________ [ ____5
____
5 -4 4
.
tex t
P a id in 1924; M a r c h 1, 1)4%', Ju n e 1, 1)4% .
N O T E S .— T h e 1 0 -y e a r 6 A % s in k , fu n d g o ld n o te s , se r. “ A , ” ( V . 116,
p . 2 8 9 1 ) are r e d e e m a b le u p t o a n d in c l. J u n e 1 1 92 8, a t 103 a n d i n t ., th ere­
a fte r u p t o a n d in c l. Ju n e 1 1 9 3 2 , a t p a r an d in t . p lu s a p r e m iu m o f A o f 1 %
fo r e a ch 12 m o n th s o r fr a c t io n th e r e o f b y w h ic h th e r e g u la r m a t u r it y is
a n tic ip a te d a n d a t p a r a n d in t . o n D e c . 1 1 93 2.
A sin k in g fu n d s u ffic ie n t t o r e tire $ 6 0 0 ,0 0 0 o f series “ A ” n o te s a n n u a lly
is p r o v id e d : sin k in g fu n d p a y m e n t s t o b e m a d e t o th e tru ste e s e m i-a n n u a lly ,
b e g in n in g M a r . 1 192 4, a n d t o b e used fo r th e p u rch a s e o f n o te s in th e
o p e n m a rk e t a t o r b e lo w th e th e n r e d e m p tio n p r ic e , o r fo r r e d e m p tio n o f
n o te s b y lo t; a ll p u rch a s e d o r c a lle d n o te s t o b e c a n c e lle d .
T h e sin kin g
fu n d is c a lcu la te d t o re tire 5 0 % o f th e t o t a l series “ A ” n o te issu e b e fo r e
m a tu r ity .
B O N D S .— T h e fir s t m o r tg a g e serial g o ld b o n d s o f 1924 are r ed eem a b le,
all o r p a r t, a t a n y tim e o n 30 d a y s ’ n o t ic e a t p a r a n d in t. p lu s a p r e m iu m
o f A o f 1 % fo r e a ch 6 m o n th s o r p a r t th e r e o f b y w h ich m a t u r it y is a n tic i­
p a te d . F o r s e c u r ity , & c ., c o m p a r e V . 118, p . 676 .

R E P O R T . — F o r y e a r e n d in g M a r c h 31 1 92 4, in V . 118, p . 2 4 3 2 , sh o w e d ;
P U N T A A L E O R E S U G A R C O .— O R G A N I Z A T I O N .— I n c o r p in D e la
w are o n A u g . 3 191 5. O w n s all th e s t o c k ($ 1 ,4 5 0 ,0 0 0 ) o f th e F lo rid a Sugar
Years Ended Mar. 31—
1 92 4.
1 92 3.
192 2.
1921.
O o ., w h ic h in tu rn o w n s a ll the s t o c k o f th e T r in id a d S u g a r G o ., a C u b a n C o .
G ro ss e a r n in g s __________ $ 8 7 ,4 3 2 ,4 2 4 $ 6 9 ,1 5 3 ,7 3 6 $ 6 0 ,7 2 2 ,4 1 7 $ 7 2 ,9 7 7 ,4 6 0
T h e c o m p a n y ’s p la n t a t P u n ta A le g r e co n s ists o f a su gar m ill w ith o th e r
O p e ra tin g in c o m e ______ 1 9 ,1 8 1 ,8 6 6
1 1 ,4 6 0 ,5 3 8
8 ,9 4 3 ,1 2 7
14,0 0 1 ,2 2 1
b u ild in g s h a v in g a n o r m a l c a p a c it y o f 4 5 0 ,0 0 0 b a g s o f su ga r p e r an n u m .
N e t in c o m e (a fte r d e p r .). 1 5 ,4 5 0 ,8 7 8
8 ,8 8 1 ,2 3 3
4 ,9 6 6 ,7 8 2
8 ,6 3 6 ,0 5 0
T h e F lo r id a M ill, in C u b a , has an a n n u al c a p a c it y o f 3 0 0 ,0 0 0 b a g s , w h ile at
P re fe rre d d iv s . ( c a s h ) . . _ 1 ,6 6 7 ,6 9 3
1 ,4 2 7 ,7 5 5
1 ,2 9 1 ,1 8 0
7 3 5 ,6 2 2
T r in id a d th e m ill c a p a c it y is 1 2 5 ,0 0 0 b a g s . A lso o w n s e n tire ca p ita l s to ck
C o m m o n d iv s . (cash) ( 6 ^ ) 4 , 5 4 4 , 8 8 5 (8 )5 ,1 6 2 ,8 3 9 (8 )4 .0 3 4 ,9 4 1 (1 0 )4 6 6 2 ,5 0 0
o f B a ra g u a S ugar C o . , a c q u ir e d in 1 9 2 2 . V . 115, p . 3 1 6 .
C o m m o n d iv s . ( s t o c k ) . .
----------------------------- ( 5 % ) 9 8 7 ,875 (6 )2 ,8 2 5 ,0 0 0
S T O C K , & C .— T h e s t o c k h o ld e r s on Ju n e 13 1922 a p p r o v e d an Increase in
S u rp lu s-------------------------$ 9 ,2 3 8 ,3 0 0 $ 2 ,2 9 0 ,6 4 0 d f$ l,3 4 7 .2 1 4
$ 4 1 2 ,9 2 8
th e c a p it a l s t o c k fr o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,6 6 0 . V . 114 , p . 2 5 8 7 , 2725.
D I V I D E N D S . — T h e d ir e cto r s in S e p t. 1919 r e s e rv e d fo r th e p a y m e n t o f
P r e s ., B e m a n G . D a w e s : V . - P s ., R . W . M c l l v a i n , W . E . H u t t o n , N . H .
d iv id e n d s u p o n th e C o m m o n s t o c k d u rin g th e y e a r b e g in n in g O c t . 1 1919
W e b e r , H . N . C o le , O . C . B u rr; S ec. & T r e a s ., F . S. H e a th ; C o m p t ., C . H .
a s u m s u ffic ie n t t o p r o v id e fo r th e p a y m e n t o f d iv id e n d s a t th e ra te o f l 6 %
J a y . O ffic e . C o lu m b u s , O h io .— ( V . 118, p . 2 4 4 8 .)
($ 5 p e r sh are) p e r a n n u m ; 2 )4 % , a c c o r d in g ly , w as p a id O c t . 15 1919
Q U A K E R O A T S C O . ( T H E ) — O R G A N I Z A T I O N .— I n c o r p . i n N e w J e r a n d J a n ., A p ril an d J u ly 15 1920. O ct. 15 1920 a n d Ja n . 15 1921 p a id 4 % »ey o n S e p t. 21 190 1. O w n s a n d o p e ra te s p la n ts fo r th e p r o d u c t io n o f cereal
($2 p e r s h a re); A p ril 15 1921 p a id 2)4% ($1 25 p e r s h a r e ): th e n n o n e u n til
o o d p r o d u c t s (n o t a b ly Q u a k e r o a t s . P u ffe d w h e a t, & c .) a t A k r o n , O .
N o v . 15 1923 w h en 2)4% ($1 2 5 p e r share) w as p a id ; sa m e a m o u n t p a id
C e d a r R a p id s , l a . ; M e m p h is , T e n n .; B a tt le C r e e k , M ic h .; T e c u m s e h
F e b . 15 a n d M a y 15 1924.
M ic h .; P e te r b o r o u g h , O n t .; S a s k a to o n , S a sk .; a n d u n til t h e o u tb r e a k o f t h e
B O N D S .— T h e c o n v e r t ib le d e b e n tu re s o f 1922 w e re o f fe r e d t o s t o c k
w ar. H a m b u rg , G e r m a n y . S o m e o f th e s e p la n ts also p r o d u c e co m m e r ic a l
h o ld e r s o f r e c o r d Ju n e 15 1922 in th e r a t io o f $ 10 0 o f d e b e n tu re s fo r each
m ixed fe e d . P la n ts fo r th e p r o d u c t io n o f fe e d a lo n e a re o p e r a t e d at
fo u r sh ares o f s t o c k h e ld a t $1 0 0 fla t . T h e y are c o n v e r t ib le in t o s t o c k at
M e m p h is, T e n n ., a n d R ic h fo r d , V t . F lo u r m ills are o w n e d an d o p e r a te d
a n y tim e on th e ba sis o f 1 .8 shares o f s t o c k (p a r $5 0 ) fo r e a c h $1 0 0 o f d e b e n ­
i t A k ro n , O h io ; C e d a r R a p id s , I o w a ; P e t e r b o r o u g h , O n t .. a n d S a sk a toon .
tu res. R e d e e m a b le a t 110 a n d in t . d u r in g fir s t y e a r a n d a t )4 % less fo r
Sask. M a c a r o n i a n d s p a g h e tti are m a n u fa c tu r e d a t T e c u m s e h , M ic h ,
e a c h s u c c e e d in g y e a r . V . 114 , p . 2 5 8 7 .
(n a d d itio n , o w n s a n d o p e r a te s 59 c o u n t r y e le v a to r s , a v e n e e r b o x b o a r d
R E P O R T . — F o r y ea r e n d e d M a y 31 1 9 2 3 , in V . 117, p . 1897 a n d 1990:
plan t a t F o x w o r t h , M is s ., a n d a s tr a w b o a rd p la n t a t P e k in , 111. T h e c o m ­
Years ended May 31—
192 2 -2 3 .
1 9 2 1 -2 2 .
192 0-2 1.
pan y has 49 sales o ffic e s in th e U . S. a n d C a n a d a .
O u t p u t o f esta tes, b a g s _______________
1 ,2 0 5 ,6 0 5
7 3 8 ,7 1 2
663 ,7 0 9
S T O C K , & c.— P r e f. s to c k h a s n o v o t in g p o w e r (e x c e p t as regards in crea se
O p e r a tin g p r o fit s ________________________ $ 5 ,8 9 4 ,9 3 6
$ 1 ,2 6 7 ,8 9 7 * $ 1 ,3 5 9 ,0 3 5
o f p r e f. s to c k ) unless d iv id e n d s are 3 m o n th s in arrears. V . 83, p . 57 4 .
In te r e s t o n b o n d s a n d lo a n s __________
5 7 2 ,9 2 9
2 8 5 ,7 2 9
75,3 5 5
In J u ly 1919 th e a u th o riz e d issu e o f ea ch class o f s to c k w as in crea sed
D e p r e c ia tio n o n p la n t _________________
1 ,3 0 9 ,4 9 3
8 3 8 ,6 5 9
660 ,913
from $ 1 5 ,0 0 0 ,0 0 0 t o $ 2 5 ,0 0 0 ,0 0 0 a n d th e o u ts ta n d in g c o m m o n w as in crea sed
G e n e r a l exp en ses, & c ., n e t ____________
_______
2 ,3 7 6
0 .2 6 ,4 3 6
from $ 8 ,2 5 0 ,0 0 0 t o $ 9 ,0 0 0 ,0 0 0 a n d th e p re fe rre d fro m $ 1 0 ,5 3 6 ,7 0 0 to
E s t . U . S. & C u b a n in c . & w ar p r o f, t a x
3 6 0 ,8 8 3
6 ,0 0 0
_____
$1 8 ,0 0 0 ,0 0 0 b y sale o f new s t o c k t o sh areh olders a n d s y n d ic a te t o r e d u ce
A v a ila b le p r o fit fo r y e a r ______________$ 3 ,6 5 1 ,6 3 1
$ 1 3 5 ,7 2 9 *$ 2 ,0 6 8 ,8 6 7
flo a tin g d e b t in c u r re d in p a r t fo r a d d itio n s . V . 109 , p . 7 8 , 3 7 6 . T h e o u t ­
* L oss.
sta n d in g c o m m o n s t o c k w as In creased t o $ 1 1 ,2 5 0 ,0 0 0 t h r o u g h t h e p a y m e n t
P r e s ., E d w in F . A tk in s : T r e a s ., R o b e r t W . A tk in s : S e c ., J o h n E . T h a y e r ,
o f a 2 5 % s t o c k d iv id e n d in S e p t . 1 92 0.
J r . O ffic e , 10 B r o a d S t ., B o s t o n , M a s s .— (V . 118 , p . 1 4 0 2 .)
D I V I D E N D S ( % ) (1 9 0 7 -0 9 .
191 0. 191 1-1 6. 191 7.
1 91 8. 1 9 1 9 -2 4 .
P U R E O I L C O . ( T H E ) — O R G A N I Z A T I O N .— I n c o r p . in O h io A p ril
O n c o m m o n ( c a s h ) . . ) 8 y r ly .
9)4
10 y r ly . 10)4
15
S ee t e x t
1 91 4, p e r p la n V . 9 8 , p . 1463, 1849; V . 100 , p .1746; V . 103, p . 2 4 3 4 , as th e
In 1918, J a n ., 3 % ; A p r il 15 1918 t o A p r il 15 1919 p a id e a c h q u a r t e r 3 %
O h io C itie s G as C o .; n a m e c h a n g e d t o p re s e n t title in Ju n e i 9 2 0 . O w ns th e
and 1 % e x tra . J u ly 1919 t o Ja n . 1921 p a id 3 % : n o e x tra ; A p r il 1 92 1, 1 )4 % .
fo llo w in g su b sid ia ry co m p a n ie s , t h e p e rce n ta g e s r e p re se n tin g t h e P u re Oil
th en n o n e u n til J u ly 1 1922, w h e n 2 % w as p a id ; O c t . 1 1 92 2, 2 % : J a n . 15
C o m p a n y ’s h old in g s: 1 0 0 % o f th e M o u n t a in States G a s C o ., 1 0 0 % o f th e
1923, 2)4%', A p r il 16 192 3, 2 )4 % ; J u ly 16 1923 t o J u ly 15 1924 p a id 3 %
P u r e O il P ip e L in e C o . (O h io ), 1 0 0 % o f th e P u re O il P ip e L in e C o . (P e n n ­
q u a r. A ls o p a id an e x tra ca sh d iv . o f 16)4% o n A p r . 15 1 92 4. V . 118,
s y lv a n ia ), 1 0 0 % o f th e P ro d u ce rs & R e fin e r s P ip e L in e C o . , o w n in g 2,3 0 0
p .1 0 2 2 .
O n S e p t. 30 1920 p a id 2 5 % in c o m m o n s to c k . V . I l l , p . 69 9 , 799 .
m ile s o f p ip e lin e c o n n e c te d t o 9 ,6 0 0 w e lls and o p e r a te d b y 89 p u m p sta ­
A ls o c o m . s t o c k , 5 0 % ($ 2 ,5 0 0 ,0 0 0 ) 1912 a n d 1 0 % ($ 7 5 0 ,0 0 0 ) in 1 91 6.
tio n s ; 5 2 .4 1 % o f th e U . S. P ip e L in e C o .
R E P O R T . — R e p o r t fo r c a l. y e a r 1923, in V . 118, p . 1 38 8, s h o w e d :
I n O c t . 1921 co n s o lid a te d M o o r e O il R e fin in g O o . an d th e P u re O il O o . o f
M in n e s o ta w ith its d is trib u tin g d iv is io n . V . 113, p . 1779.
Calendar
Gross
Deprec'n,
Balance.
A s u b s ta n tia l in terest in th e O k la h o m a P r o d u cin g & R e fin in g O o r p . an d
Year—
Profit.
cfee.
Pref .Divs. Com.Divs.
Sur. or Def.
t h e U n io n des P e tro le s d ’ O k la h o m a w as p u rch a se d in J a n . 1920. T h is
1923
$ 4 ,9 9 2 ,0 0 5
$ 6 0 2 ,6 9 9 $ 1 ,0 8 0 ,0 0 0 $ 1 ,2 9 3 ,7 5 0 s u r $ 2 ,0 1 5 ,5 5 6
c o m p a n y in a d d it io n t o its o il a cre a g e o p e ra te s a c o m p le t e ly e q u ip p e d r e fin ­
1922
$ 5 ,2 2 2 ,2 7 4
$ 5 8 8 ,9 9 5 $ 1 ,3 5 0 ,0 0 0
$ 7 3 1 ,2 5 0 s u r $ 2 ,5 5 2 ,0 2 9
er y in M u s k o g e e . O k la .. as w ell as p ip e lin o s, ca sin g h e a d ga so lin e p la n ts an d
1921 ----------- 3 .2 8 4 ,9 4 5
6 5 2 ,2 2 9
1 ,0 8 0 ,0 0 0
5 0 6 ,2 5 0
s u r l .0 4 6 ,4 6 6
d is trib u tin g sta tion s in O k la h o m a . I n M a r c h 1923 o ffe r e d t o a cq u ire
19 2 0 ............ d e f5 ,2 1 8 ,9 7 4
605 ,9 5 1
1 ,0 8 0 ,0 0 0
1 ,1 4 7 ,5 0 0
d e f8 ,0 5 2 ,4 2 5




222

INDUSTRIAL AND PUBLIC UTILITY

R a d i o C o r p o f Am— C o m m o n s t o c k 1 ,5 0 0 ,0 0 0 shares n o p a r .
P r e f “ A ” s t o c k 7 % c u m $ 2 5 ,0 0 0 ,0 0 0 _________________________
R a il w a y S teel-S p rin g L u — C o m m o n # 1 3 .6 0 0 ,0 0 0 -----------------P referred (a & d) 7% c u m u la tiv e 5 1 3 ,5 0 0 ,0 0 0 ____________
R a n d M in e s . L t d — S ee t e x t
R a y C o n s o l i d a t e d C o o p e r C o — C a p it a l s t o c k $ 3 1 ,0 0 0 ,0 0 0 .
R e i s ( R o b e r t ) & C o — C o m m o n s t o c k a u th 125 ,000 s h a r e s ..
F ir s t p referred s t o c k c u m u la t iv e a u th o r iz e d $ 2 ,2 5 0 ,0 0 0 ___
S econ d p referred s t o c k c u m u la t iv e a u th o riz e d 7 ,5 0 0 shares
R e m i n g t o n T y p e w r i t e r — C o m m o n s t o c k $ 1 0 ,0 0 0 ,0 0 0 ______
F ir s t 7% p r e f (a & d ) s t o c k c u m $ 4 ,0 0 0 .0 0 0 ________________
F irs t 7 % p r e f (a & d ) S er “ S ” (sp e cia l) s t o c k c u m ca ll 110
S econ d p ref (a & d ) s to c k 8 % cu m 5 6 ,0 0 0 .0 0 0 a u t h ____
1st M $ 5 6 0 ,0 0 0 y r ly c a ll 1 0 2 )4 c o n v i n t o 1st p r e f . C o l.c * & r *

Date
Bonds

Par
Value

100

N one

100

100
1916

100

500 &c

Applied as Follows:

Taxes,

Pref. Dies.

Com. D us.

Surplus or

cSfcc.
(7 % ).
Paid.
Deficit.
Deprec .,& c.
$ 9 4 5 ,0 0 0 $ 1 ,0 8 0 ,0 0 0 sh r $ l,3 1 6 ,2 7 1
1923 _________$ 3 ,3 4 1 ,2 7 1
$ 9 4 5 ,0 0 0 $ 1 ,0 8 0 ,0 0 0 sur .$302,294
1922 ................$ 2 ,3 2 7 ,2 9 4
1.0 8 0 000
d e f.4 7 3 ,3 6 4
9 4 5 .0 0 0
1 9 2 1 ________ 1 ,5 5 1 ,6 3 6
1 .0 8 0 ,0 0 0 s u r .l 4 1 0 .3 5 0
9 4 5 .0 0 0
$ ,
1 9 2 0 ________ 4 .4 3 5 ,3 5 0
P res ~ F . F . F itz p a t r ic k ; V .- P r e s ., A . S . H e n r y , F . J . F o le y an d E . M c ­
C o r m ic k : S e c .. M . B . P a rk e r; T r e a s ., H . S . B a n g h a r t. O ffic e , 3 0 C h u rch
S t .. N . Y . — (V 118 , p 114 7.)
R A N D M I N E S , L T D .— A h o ld in g c o m p a n y , in c o r p . In t h e T r a n sv a a l
U n io n o f S o u th A fr ic a . O w ns shares in a la rg e n u m b e r o f c o m p a n ie s o w n
Ing a n d o p e r a tin g g o ld m in es in th e W itw a te rs ra n d D is t r ic t o f th e T ra n sv a a l
C A P . S T O C K .— A u t h .. £55 0 ,0 0 0 ; is s u e d , £ 5 3 1 .4 9 8 .15s; p a r v a lu e , b
sh illin g s .
A M E R I C A N S H A R E S .— P u rsu a n t t o a d e p o s it a g re e m e n t m a d e be
tw een B e r n h a r d , S c h o lle & C o ., N . Y . , th e B a n k ers T r u s t C o . , N . Y . , as
d e p o s it a r y , an d th e registered h o ld e rs o f ce r tific a te s , 150 ,0 0 0 ordinary
shares h a v e been d eliv e re d t o th e a g e n c y o f th e d e p o s ita r y in L o n d o n , E n g .
a g a in st w h ich th e B a n k ers T r u s t C o . , N . Y . , has issued ce r tific a te s fo r 60,0 0 0 “ A m erica n S h a re s ." e a ch " A m e r ic a n S h a re ” represen tin g 2 )4 o r d in a r j
shares o f th e p ar v a lu e o f 5 sh illin gs e a c h .
" A m e r ic a n S h a res” m a y bt
ex ch a n g ed fo r ord in a r y shares o n th e fo r e g o in g basis. T h e D e p o s it A g re e ­
m e n t m a y be term in a ted a t a n y tim e o n a p p r o v a l o f 7 5 % In Interest o f the
h old ers o f c ertifica tes
. . , .
n i V S . — A n in terim d iv . o f 8 5 % w as p a id in F e b . 192 1. m a k in g a to t a l o f
1 4 5 % p a id d u rin g th e fis c a l y e a r , a gain st 1 0 0 % in 191 9-2 0. In F e b . 1922
p a id 3 5 % a n d in A u g . 1922 p a id 2 0 % .
I n F e b . 1923 p a id 8 0 % ; in A u g .
1923 p a id 6 0 % . O n “ A m e r ic a n ” shares p a id $2 06 o n F e b . 2 5 1921; 80
c e n ts on A u g . 24 1921; 96 c e n ts o n F e b . 28 192 2, an d 55 c e n ts o n A u g . 24
192 2. O n F e b . 26 1923 p a id $2 35 an d o n A u g . 29 1923 p a id $1 7 1 . On
F e b . 26 1924 p a id $1 61.




1 000,000

When
Payable

100 ,900 shs
7
2 .2 5 0 .0 0 0
7 ,5 0 0 shs
7
9 .9 9 6 .0 0 0
3 .9 9 8 .0 0 0 See te x t
1 .2 1 1 ,4 0 0 See text
4 .9 9 4 .0 0 0 See te x t
6 8
9 4 0 ,0 0 0

Last Dividend Places Where Interest and
and M aturity
D ividends are Payable

Q — M 31 Ju n e 30 ’ 24 2 % B a n k e rs T r C o . N
do
do
Q - M 2 0 Ju n e 20 ’24 1 %

10 1 5 ,7 7 1 .7 9 0 S ee t e x t

N one

$42 6 ,8 0 0
$ 2 ,4 8 0 ,5 7 6
R e s e r v e fo r a m o r tiz a tio n o f p a t e n t s . .
$ 9 3 1,46 0
2 7 0 ,0 0 0
R e s e r v e fo r F ed era l t a x ----------------------500 ,0 0 0
2 2 4 ,0 0 4
P r o p o r . o f o rg a n , expen se w ritte n o f f .
2 7 7 ,8 0 5
R e s e r v e fo r p referred d iv id e n d ----------1,384,591
T ra n sferred t o s u rp lu s ________________
1 ,6 4 3 ,9 1 8
O F F I C E R S .— C h a irm a n , O w en D . Y o u n g ; P r e s .. Ja m es G . H a r b o r d :
V . - P . & G e n . M g r ., D a v id S a rn o ff: V .- P . & G e n . A t t o r n e y . W m . B r o w n ;
S r c ., L ew is M a c C o n n a c k ; T r e a s ., G e o . S. D e S ou sa .— (Y . 118, p . 2 5 7 0 .)
RAILWAY S T E E L - S P R I N G C O .— I n c o r p . in N e w J e rse y on F e b 25
1902 as a c o n s o lid a tio n (V . 74, p . 38 2 , 4 8 2 ); e n larged b y s u b s e q u e n t a cqu isi
tic ns. V . 6 6 , p . 185: V . 72, p . 444; V . 74, p . 1 0 4 1 ,1 2 0 0 ; V . 7 5 , P- 80; V . 93
p 942 7 3 4 . T h e c o m p a n y ’s w o rk s are lo c a te d a t L a tr o b e , P a .; C h ic a g o
H e ig h ts , 111., P itts b u r g h , P a .; E a st S t. L o u is , 111.; P h ila d e lp h ia , P a .;
D e t r o it , M ic h . T h e s u b s id ia ry C a n a d ia n S te e l-T ire & W h e e l C o ., L t d .,
has a p la n t a t M o n t r e a l.
D I V I D E N D S on p r e f ., 1H % q u a r ., p a id Ju n e 1902 t o Ju n e 1924, In c)
C o m m o n , 2 % 1904; 1905 t o 190 7. 4 % y e a r ly ; 1908. 3 % ; 1 91 3, 2 % ; 1914-16
n o n e . D e c . 1916 t o S e p t. 191 8, 5 % y e a r ly ( 1 ) 4 % Q .- M .) ; D e c . 1918 t «
Ju n e 1924 p a id 2 % q u a r.
R E P O R T . — F o r 192 3, in V . 118, p . 1023 a n d 1147, s h o w e d :

Net, after

Rate

N one
l,1 5 5 ,4 0 0 s h
$50 $ 1 9 ,7 7 9 ,8 7 0
100 1 3 .5 0 0 .0 0 0
100 1 3 .5 0 0 .0 0 0

O F F I C E R S .— C h a ir m a n , H e n r y P . C r o w e ll; P r e s ., J o h n S tu a rt; T r e a s .,
R o b e r t G o r d o n ; S e c ., W . L . T e m p le t o n . O ffic e , 1600 R a ilw a y E x ch a n g e ,
C h ic a g o , 111— ( V . 118 , p . 2 5 8 3 .)
RADIO CORPORATION OP AMERICA.— I n c o r p o r a te d in O c t . 1919.
Has c o n t r a c te d t o u se th e p a te n te d r a d io . & c ., d e v ice s b e lo n g in g t o th e G e n ­
era l E le c t r ic C o . ; a ls o a c q u ir e d all th e p r o p e r t y o f th e M a r c o n i W ireless
T e le g r a p h C o . o f A m e r ic a (e x c e p t its m a n u fa ctu rin g p la n t , w h ic h w as sold
t o t h e G en era l E le c t r ic C o . ) , its cla im s a g ain st U . S. G o v e r n m e n t and
cla im s a g a in st In d iv id u a ls o n in frin g e m e n ts a c c o u n t . V . 10 9 , p . 1704.
T h e p la n w as ra tifie d b y t h e sto c k h o ld e r s o f th e M a r c o n i W ire le ss T e le g ra p h
C o . o f A m e r ic a o n N o v . 2 0 1919 an d th e la tte r c o m p a n y w a s d is s o lv e d .
T h e fo llo w in g in te rn a tio n a l r a d io co m m u n ic a tio n c ir c u its are o p e ra te d ;
(1) G rea t B r ita in , ( 2 ) N o r w a y , (3) G e rm a n y , (4) P r a n ce , (5) I t a ly . (6) P o ­
la n d , (7) J a p a n , (8) H a w a ii, (9) H a w a ii-J a p a n .
O p era tes b r o a d c a s tin g s ta tio n s in N . Y . C i t y and W a s h in g to n , D . C . T h e
n e w p la n t o f th e c o m p a n y a t R o c k y P o in t , L . I . , said t o b e th e m o s t p o w e r ­
fu l in t h e w o r ld , w as o p e n e d fo r p u b lic u se o n N o v . 5 192 1. V . 113. p .
20 8 7 2 6 2 5 .
I n ’S e p t. 192 2 e n te r e d In to an a g r e e m e n t w ith th e P o s ta l T e le g r a p h C a b le
C o . fo r u se o f th e la t t e r ’s la n d lin e sy s te m a ll o v e r th e U n it e d S ta te s fo r the
c o lle c t io n a n d d e liv e r y o f t r a n s -A tla n tic r a d io m essages. V . 115 , p . 1331.
In te r e s t in F e d e ra l T e le g r a p h C o . o f D e la w a r e . V . 115 , p . 143 5.
Annnnnce.fi in A u g . 1921 t h a t th e c o m p a n y had a c q u ir e d c o n t r o l o f all
th e c o a s ta l s ta tion s o f th e I n te rn a tio n a l R a d io T e le g r a p h C o . V . 113,
p . 1061, 1162.
T h e F ed era l T r a d e C o m m is s io n , in a c o m p la in t issu ed Jan . 2 8 1924,
ch anged m o n o p o ly in r a d io a p p a ra tu s a n d c o m m u n ic a tio n . C o m p a re
V . 118, p . 515 .
S T O C K .— T h e s to c k h o ld e r s o n M a y 6 1924 a m e n d e d t h e ch a r te r o f th e
c o r p o r a t io n so as t o r e d u c e th e n u m b e r o f shares o f a u th o r iz e d p r e f. s to c k
f r o m 5 ,0 0 0 ,0 0 0 (par $5) t o 5 0 0 ,0 0 0 (p ar $50) a n d th e a u th o r iz e d n o p a r v a lu e
c o m m o n s t o c k fr o m 7 ,5 0 0 ,0 0 0 t o 1 ,5 0 0 ,0 0 0 shares. T h e p r e f. s t o c k w ill
b e k n o w n as " A ” p r e f. s t o c k , fo r w h ic h th e o ld p re fe rre d w ill b e e xch an g ea­
b le a t 10 shares fo r o n e share o f th e n e w s t o c k , and t o exch a n g e th e o ld c o m ­
m o n s t o c k a t th e r a t io o f 5 shares fo r o n e share o f th e n ew o r “ A ” c o m m o n
s t o c k . T h e “ A ” p r e f. s t o c k w ill b e e n title d t o re ce iv e 7 % d iv id e n d s , p a y a ­
b le q u a rte r ly , c u m u la tiv e f r o m J a n . 1 1924, th e p a y m e n t fo r th e fir s t tw o
q u a rters o f 1924 t o b e m a d e in J u ly . O f th e o u ts ta n d in g s t o c k (see ta b le
a t h e a d o f p a g e ), 6 2 ,0 8 0 shares o f p r e f. a n d 3 75 ,200 shares o f c o m m o n are
o w n e d b y th e G en eral E le c t r ic C o ., 100 ,000 shares o f p r e f. a n d 2 0 0 ,0 0 0
shares o f co m m o n are o w n e d b y th e W e s tin g h o u s e E le c . & M f g . C o ., 4 0 ,0 0 0
shares o f p r e f. are o w n e d b y th e A m e r . T e l. & T e l. C o ., 2 0 ,0 0 0 shares o f
p r e f. a n d 3 2 ,0 0 0 shares o f c o m m o n are o w n e d b y th e U n ite d F r u it C o .
R E P O R T . — F o r 1923, in V . 118, p . 2 57 0, h so w e d :
1922.
1921.
1923.
Calendar Years—
.$ 2 2 ,4 6 5 ,0 9 1 $ 1 1 ,2 8 6 ,4 8 9 $ 1 ,4 6 8 ,9 2 0
2 ,1 3 8 ,6 2 6
2 ,9 1 4 ,2 8 3
F r o m tra n socea n ic c o m m u n ic a t io n — . 3 ,1 9 1 ,5 5 9
5 53 ,299
6 3 0 ,0 8 4
738 ,1 4 0
F r o m m arin e s e r v ic e ____________
$ 4 ,1 6 0 ,8 4 5
.$ 2 6 ,3 9 4 ,7 9 0 $ 1 4 ,8 3 0 ,8 5 7
Deduct— G en . o p e r . & a d m in , e x p .,
3 ,7 6 3 ,2 3 1
! 2 1 ,8 3 3 ,0 4 0 1 2 ,1 2 6 ,4 6 5
$39 8,61 3
. $ 4 ,5 6 1 ,7 5 0 $ 2 ,7 0 4 ,3 9 2
B a la n ce ____
28,1 8 7
176,024
27
O th er i n
c
o
m
e
. ______________________0 ,1 8 8
N e t in c o m e ____________________________ $ 4 ,7 3 7 ,7 7 4 $ 2 ,9 7 4 ,5 8 0
$42 6 ,8 0 0

Calendar
Year—

Amount
Outstanding

Y

D e c 31 ’ 20 2 5 c

4
4
0
See text
See text
Q -M

J

S
c

J

See t e x t
See te x t
C h eck fro m C o ’s offlo e
See t e x t
do
do
J u ly 1 ’2 4 , 1H
do
do
J u ly 1 ’ 24, 13
4
do
do
Ju n e 20 ’ 24 2 %
Jan 1 ’ 2 5 t o '26 I r v . B k -C o l T r C o , N Y

R E P O R T . — F o r 1923 sh o w e d ;
Calendar Years—
1923.
1922.
1921.
1920.
£ 5 9 9,05 0
£ 3 9 1,92 3
£50 2,83 7
£ 7 8 5 ,5 4 8
D iv id e n d s r e c e iv e d ______
O th er in c o m e ____________
2 4 1 ,3 1 6
4 6 1 ,6 2 6
103,551
116 ,687
£84 0 ,3 6 6
£ 8 5 3 ,5 4 9
£ 6 0 6 ,3 8 8
£ 9 0 2 ,2 3 5
T o t a l in c o m e _________
A d m in is tra tio n e xp en ses
£ 2 5 ,6 0 6
£ 2 7 ,1 6 6
£30 ,261
£31 ,6 5 4
T a x e s , d e p r e c ia tio n , & c .
4 9 ,7 0 7
3 7 ,9 1 2
5 7 ,9 0 2
7,5 7 5
D i v i d e n d s _______________
6 1 2 ,2 9 5
5 1 2 ,5 3 7
3 7 2 ,0 4 9
7 7 0 ,6 7 3
B a la n ce , s u r p lu s _____
£ 1 5 2 ,7 5 8
£ 2 7 5 ,9 3 3
£ 1 4 6 ,1 7 6
£ 9 2 ,3 3 3
O ffic e , J o h a n n e s b u r g , S o u th A fr ic a . L o n d o n o f fi c e , 1, L o n d o n W all
B u ild in g s, L o n d o n , E . O .— (V . 118 , p . 2 4 4 8 .)
R A Y C O N S O L ID A T E D C O P P E R C O — O R G A N IZ A T I O N .— In corp .
in M a in e in M a y 190 7. L a n d h o ld in g s D e c . 31 1923 c o n s iste d o f 6 ,5 0 8 acres
w ith f u ll t it le a n d h a lf in te re st in 49 a cre s, s e g re g a te d a s fo llo w s ; 2 ,0 5 7 acres
an d h a lf in te re st in 49 acres o f m in era l la n d a t R a y , 4 ,3 2 4 a cre s u sed fo r
m illin g a n d sm e ltin g p u rp o s e s a t H a y d e n , 127 acre s used fo r r a ilro a d y a r d s ,
& c ., a t R a y J u n ctio n .
O w n s $ 1 ,7 8 5 ,1 0 0 c a p ita l s to c k (to ta l o u ts ta n d in g ) o f
R a y & G ila V a lle y R R . M in e ra ls S e p a ra tio n C o . su it s e ttle d . V . 114 ,
p . 212 5.
T h e s to c k h o ld e r s o f th e R a y C o n s o lid a te d C o p p e r C o . a n d th e C h in o
C o p p e r C o . o n F e b . 15 1924 a p p r o v e d th e m e rg e r o f t h e C h in o C o p p e r C o .
in to R a y C o n s o lid a te d C o p p e r C o . T h e C h in o s t o c k (9 0 0 ,0 0 0 shares, p a r
$5, o u tsta n d in g ) is t o b e ex ch a n g e d fo r $ 1 5 ,0 0 0 ,0 0 0 R a y s t o c k , p a r $1 0 , o r in
th e r a tio o f o n e C h in o share fo r 1 2-3 sh a re s o f R a y . T h e s to c k h o ld e r s o f
R a y C o n s o lid a te d C o p p e r C o . also in cre a se d th e au th o riz e d c a p ita l s t o c k
fr o m $ 1 6 ,0 0 0 ,0 0 0 t o $ 3 1 ,0 0 0 ,0 0 0 .
C o m p a re V . 118, p . 212 , 319.
R E P O R T .— F o r 192 3, in V . 118, p . 1022 an d 1147, sh o w e d :
1923
192 2
1921
1920
C o p p e r p r o d u c e d ( l b s . ) . 6 1 ,3 8 5 ,2 0 5
2 7 ,9 5 3 ,4 0 8
1 0 ,110,131 4 7 ,0 6 2 ,0 3 0
T o t a l o p e r . re v e n u e s ____ $ 8 ,9 9 1 ,3 7 6
$ 3 ,8 2 1 ,9 5 7 $ 1 ,3 3 7 ,5 7 0 $ 8 ,2 5 4 ,0 2 2
B a la n ce fo r d iv id e n d s ___
1 ,5 8 9 ,5 3 8
3 4 3 ,7 1 4 lo ss2 2 7 ,7 3 5
9 1 1 ,6 7 5
----------D e p r e c ia t io n , & c ------------5 5 3 ,0 1 5
7 7 6 ,8 2 8
1 ,3 7 0 ,5 8 3
D iv s . & c a p it a ld is t r ib ’n .
_______
_______
1 ,5 7 7 ,1 7 9
Note.— T h e m in e w as sh u t d o w n A p r il 8 1921 b u t re o p e n e d A p ril 1 192 2.
R e p o r t fo r 1st q u a r. o f 1924 in V . 118, p . 2 5 8 3 .
D I V I D E N D S — 1 91 4. 191 5. 191 6. 1 91 7. 1 91 8. 1 91 9. 1920 ’ 2 1 -2 3 .
P er c e n t .................... 7 )4
1 2 )4
27>4 42
3 2 )4
20
17
N one
P r e s ., S h e rw o o d A ld r ic h ; V .- P . & M a n . D i r . , D . O . .Tackling; V . - P . , C h a s .
H a y d e n ; S ec. & T r e a s ., E . P . S h o v e . O ffic e , 25 B r o a d S t ., N . Y . — ( V . 118*
p . 2 5 8 3 .)
R O B E R T R E I S & C O .— O R G A N I Z A T I O N . — I n c o r p . in N . Y . M a y 13
1885- T h e c o m p a n y p r o d u c e s a n d d is trib u te s th r o u g h o u t th e w o r ld m e n ’ s
u n d erw ear, h o s ie ry a n d k in d re d lin e s , t h e p r o d u c t s b e in g s o ld u n d e r th e
tra d e m a rk s “ R e i s " an d o th e r w e ll-k n o w n b r a n d s an d in c e r ta in te r rito r ie s
Is th e so le sales a g e n t fo r “ B . V . D . ” a n d “ G la s t e n b u r y ” m ills.
C A P I T A L S T O C K .— 7 % c u m u la tiv e fir s t p r e f., a u t h . a n d o u t s t a n d in g ,
$ 2 ,2 5 0 ,0 0 0 ; p ar $10 0. $7 c u m u la tiv e 2d p r e f., a u th . a n d o u t s t a n d in g , 7 ,5 0 0
shares o f n o p a r v a lu e ; c o m m o n , a u t h ., 1 2 5 .0 0 0 s h ares; o u t s t a n d in g , 1 0 0 ,0 0 0
shares o f n o p a r v a lu e .
D I V I D E N D S . — T h e d ir e cto r s in M a r c h 1921 d e fe r re d fo r an in d e fin ite
p eriod a c tio n o n th e q u a rte rly d iv id e n d s o n th e 1st & 2 d p r e f. s t o c k s . T h e
c o . h a d be e n p a y in g d iv s . a t ra te o f 1 % % and $1 75 p e r sn are q u a rte r ly on
1st P r e f. ($ 1 0 0 p a r ) a n d 2 d P r e f. (n o p a r ) s t o c k sin c e D e c . 31 191 9.
R E P O R T . — F o r 1923 s h o w e d :
Calendar Years—
192 3.
192 2.
1921.
N e t p r o fit fr o m o p e r a tio n s ____________
$ 4 9 9 ,6 8 6
$ 3 3 7 ,8 3 8
$ 1 1 5 ,5 0 9
I n t . p a id , n e t r e c e iv e d ------------------------6 0 ,4 3 9
3 7 ,1 9 9
6 6 ,3 2 3
F ed era l ta x r e s e r v e ------------------------------5 5 ,5 0 0
13,9 3 0
-------A d ju s tm e n t o f in v e n to r ie s --------------------------------------2 4 0 ,0 0 0
B a la n ce , s u r p lu s____________________
$ 3 8 3 ,7 4 7
$ 2 8 6 ,7 0 9 lo ss$ 1 9 0 ,8 1 3
P re s . & S e c ., A r th u r M . R e is ; V .- P . & T r e a s ., L e s lie R . R e is .
O ffic e ,
889 B r o a d w a y , N . Y . — ( V . 118 . p . 1 7 8 5 .)
R E M I N G T O N A R M S C O ., I N C .— ( V . 118, p . 178 5 .)
R E M I N G T O N T Y P E W R I T E R C O . — O rg a n iz e d in 1893 in N . J . as
O n io n T y p e w r ite r C o . ; r e in c o ip o r a t e d in N e w Y o r k in M a y 190 9.
V . 88
p . 7 5 2 , 1377; V . 8 9 , p . 9 2 5 . In M a r c h 1913 c h a n g e d n a m e t o R e m in g to n
T y p e w r ite r C o . a fte r ta k in g title t o t h e p la n ts o f th e c o n t r o lle d c o m p a n ie s ,
v iz .: W y c k o f f , Seam an s & B e n e d ic t , Y o s t W r it in g M a c h in e , A m erica n
W ritin g M a c h in e . M o n a r c h . S m ith P re m ie r a n d D e n s m o r e T y p e w r ite r c o m ­
p a n ie s. V . 96, p . 866; V . 7 9 , p . 1481; V . 101. p . 1812. A c q u ir e d th e W a h l
C o . in A u g . 1920. V . I l l , p . 50 0 . I n J a n . 1924 c o m b in e d fo rc e s w ith th e
N oiseless T y p e w r ite r C o . a n d fo r m e d th e R e m in g to n N o ise less C o r p .
T h e n ew c o r p o r a tio n issu ed se cu rities as fo llo w s : P re fe rre d s t o c k , 1 2 ,5 0 0
shares, $100 p ar v a lu e , 7 % c u m u la tiv e a n d c o n v e r t ib le in to c o m m o n ;
c o m m o n s t o c k , 115 ,000 shares, n o p ar v a lu e .
N oiseless sh areholders re c e iv e d all th e p re fe rre d s t o c k a n d 5 0 ,0 0 0 shares o f
c o m m o n . T h e R e m in g to n C o . r e c e iv e d 6 5 ,0 0 0 shares o f c o m m o n . T h e
R e m in g to n -N o is e le s s C o r p . w ill h a v e its ow n fa c t o r y a t M id d le t o w n , C o n n .,
p r o d u c in g b o t h stan d ard a n d p o r ta b le ty p e w rite r s , w h ic h w ill b e sold on its
a c c o u n t th ro u g h th e R e m in g to n d is trib u tin g p o in ts t h r o u g h o u t th e w o rld .
V . 118, p . 676.
L A T E D IV S . f ’ 0 8 -T 2 .T 3 . T 4 . T 5 - T 8 . T 9 .
’ 2 0 . '2 1 . ’ 2 2 . 1 9 2 3 -’24.
F irst p r e f. % ___ {
7 y r ly . 7
7
See 7 (S ee
7 3 ) 4 3 )4
See
S e co n d p r e f . , % .
8 y r ly . 8
8
text 6 ( text 8 4
—
te x t
C o m m o n , % ___ l
1 0 N o n e 01
------------ ----T h e p r e f. d iv s . d u e t o b e p a id J u ly 1 1921 w e re d e fe r re d . O n D e c . 15
1922 p a id 3 )4 % o n 1st p r e f .; o n M a r . 5 1923 p a id 3 34 % ; o n M a y 1 1923 p a id
5 ) 4 % , a n d o n A u g . 6 1923 p a id 3 ) 4 % , cle a rin g u p a ll a c c u m u la tio n s .
O c t . 1 1923 t o J u ly 1 1924 p a id 1 M % q u a r. D iv s . o n 2 d p r e f. w ere r e ­
s u m e d w ith a p a y m e n t o f 2 % q u a r. on D e c . 20 1 92 3, th is b e in g th e fir s t
p a y m e n t o n th a t issue sin ce A p r il 1921; sa m e a m o u n t p a id M a r c h 28 1924
a n d Ju n e 20 1924.
l’ he a ccu m u la te d d iv id e n d s on O c t . 1 1918, a m o u n tin g t o 2 8 % on 1st
p r e f., w ere p a id , h a lf in cash a n d h a lf in L ib e rty b o n d s; th e d i v . o f 3 2 % on
the 2d p r e f. w as p a id (d u rin g 1919) 6 % in ca s h . 6 % in L ib e r t y b o n d s , and
2 0 % in fir s t p r e f Series “ S " s to c k o b ta in e d b y b u y in g $ 1 ,0 0 0 ,0 0 0 6 % b on d s
and co n v e r tin g th e s a m e in to s t o c k w h ich was then d is trib u te d as a d iv id e n d
V. 108. p . 177. 1065. 118 5.
_
„„„„
J
S T O C K .— T h e fiv e -v e a r v o t in g tru st e x p ire d D e c . 31 1920 an d w as n o t
ren ew ed . V . I l l , p . 2 3 3 2 . T h e Series “ S (i. e . , “ s p e c ia l” ) s t o c k has all
cbe p rivileges o f th e o th e r 1st p r e f ., b u t is s u b je c t t o ca ll a t a n y tim e a t 110
and d iv s . V . 107. p . 1927. 1925. 175 0, 2 1 9 4 .
B O N D S .— T h e m o r tg a g e is lim ite d to $ 7 ,5 0 0 ,0 0 0 se ria l b o n d s , w h e r e o j
the Initial issu e ($ 5 ,5 0 0 ,0 0 0 ) w as t o m a tu r e $ 5 5 0 ,0 0 0 J a n . 1 a n n u a lly 1917
to 1926, b o t h in c l., ca lla b le a t 1 0 2 )4 , b u t c o n v e r t ib le a t o p t io n o f h old er
a fte r J a n . 1 1918 in to new 7 % fir s t p r e f. c o n v . s t o c k a t p a r . V . 102, p . 72,158
-

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 .]

[V ol. 118.

INDUSTBIAL AND PUBLIC UTILITY

M ay , 1924.]

MISCELLANEOUS COMPANIES.
[For abbreviations, A c . , see notes on page 6.1

Par
Value

Date
Bonds

Reologle Steel Co— Stock auth 5 0 0 ,0 0 0 shares____________
I f.p u b lic Iron & S te e l— C o m m o n stock S3<MXHJ.u00___
Pref 7% (a * d) cum IV 69. p 850) $ 2 5 .0 0 0 .0 0 0 ....................
S in k in g fu n d gold (lst)M S25.0 0 0 .0 0 0 red par C e .x o v v r *
R e f A gen M s f Ser A re d ( t e x t ) ____________ US/VV.xxxc*Ar*
Potter Ore first mortgage gold guaranteed (text) a f _______ x
Bessemer Coal A Coke Co 1st M g o ld d u e $1 0 0 ,0 0 0 yly.Peh
Reynolds Spring Co— C o m m o n s to c k 2 0 0 ,0 0 0 shares a u t h .
P r e f A (a A d ) s to c k 7 % cu m red 105 $ 2 ,0 0 0 ,0 0 0 a u t h ____
P r e f B (a A d) s to c k 7 % cu m red 100 $ 2 ,0 0 0 ,0 0 0 a u t h ------Reynold* (R J) Tobacco Co— Com stock $ 1 0 ,0 0 0 ,0 0 0 ______
C lass B C o m m o n s to c k $ 1 0 ,0 0 0 ,0 0 0 a u t h ____________________
New Class B common stock $ 7 0 ,0 0 0 ,0 0 0 auth_____________
Pref stock 7 % cum $ 5 0 ,0 0 0 ,0 0 0 auth___________________
Royal Dutch Co.— See text______________________________

11*10
1923

S u r p lu s _______ ______ _
P r e v io u s s u r p lu s________

$69 2 ,9 2 0
4 ,7 0 2 ,8 7 0

T o t a l s u r p lu s ---------------$ 5 ,3 9 5 ,7 9 0
L o s s F lu sh in g p la n t ____
4 8 4 ,2 6 5

$85 9 ,4 1 9 y $ 3 ,0 4 1 ,3 6 7
3 ,8 4 3 ,4 5 1
6 ,8 8 4 ,8 1 8
$ 4 ,7 0 2 ,8 7 0
_______

$ 3 ,8 4 3 ,4 5 1
_______

%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

,000

00

100

$ 1 ,5 7 8 ,4 5 9
$36 4 ,1 8 2
4 0 0 ,0 0 0
$ 8 1 4,27 7
6 ,0 7 0 ,5 4 1
$ 6 ,8 8 4 ,8 1 8
_______

P . & L . s u r p lu s _______$ 4 ,9 1 1 ,5 2 5 $ 4 ,7 0 2 ,8 7 0 $ 3 ,8 4 3 ,4 5 1
$ 6 ,8 8 4 ,8 1 8
x In c lu d in g d iv id e n d s p aid o n a c c o u n t o f a c c u m u la tio n s , y L o ss.
P res., B . L . W in c h e ll; S e c ., H a r o ld E . S m ith ; T r e a s ., E . J . S axter.
O ffic e , 374 B r o a d w a y , N . Y . — (V . 118, p . 2 4 4 8 .)
R E P L O O L E S T E E L C O .— O R G A N I Z A T I O N .— I n c o r p . u n d e r law s o f
D ela w a re O c t . 30 1919 as a h o ld in g c o m p a n y . T h e c o m p a n y p r o p o s e d t o
b e c o m e an o p e r a tin g c o m p a n y a n d t o en gag e in th e m in in g o f iro n ore.
m a n u fa ctu re o f p ig iro n , q u a rr y in g o f lim e s to n e , an d t o c a r r y o n business
in cid e n ta l th e r e to or c o n n e c te d th e re w ith , u p o n a cq u is itio n o f all o u ts ta n d ­
in g n otes a n d b o n d s o f W h a rto n Steel C o .
T h e latter c o m o a n y w as d is ­
s o lv e d d u rin g 1922, all o f th e o u ts ta n d in g b o n d s o f $ 3 ,0 0 0 ,0 0 0 h a v in g been
a cq u ire d an d c a n c e le d .
T h e c o m p a n y ow n s in fee a b o u t 5 ,0 0 0 acres o f iron o re lan d near W h a r to n ,
H ibern ia. (Irelan d a n d M in e H ill, an d in M o rris C o u n t y , w h ich is in N o rth
ern N e w Jersey . T h e se la n d s c o n ta in 29 m ines, tw o o f w h ich are in
p rocess o f d e v e lo p m e n t.
A new p la n t a t W h a r to n , N . J ., w as c o m p le t e d e a rly in 1922. V .l 14.D .530
T h e c o m p a n y a n n o u n c e d in A p ril 1922 th a t it h ad a c q u ir e d th e p r o p e r ty o f
th e E m p ir e Steel A I r o n C o . C o m p a r e V . 114, p . 1661, 1773, 1898, 2125
C A P I T A L S T O C K .— S to ck h o ld e rs o f r e c o rd A p ril 24 1922 s u b scrib e d to
1 25 ,000 shares o f s t o c k a t $30 p e r share t o t h e e x te n t o f 5 0 % o f h o ld in g s.
V . 114, p . 1773.
B O N D S .— T h e c o m p a n y its e lf has n o fu n d e d d e b t.
T h ro u g h ow n ersh ip o f th e en tire $ 5 0 0 ,0 0 0 ca p ita l s t o c k , c o n tr o ls the
W h a rton & N o rth e r n R R . C o .
T h e la tte r c o m p a n y has o u ts ta n d in g the
fo llo w in g in d eb ted n e ss: $ 3 0 0 ,0 0 0 M o r ris C o u n t y R R . 6 % b o n d s due
S ep t. 1 1025 (all o w n e d b y W h a r to n Steel C o . ) .
O re reserves e s tim a te d a t 1 0 0 .0 0 0 ,0 0 0 to n s o f h ig h -g ra d e o r e . V . 109
p .2 2 7 1 .
R E P O R T . — F o r 1923 s h o w e d :
C alendar Y ea rs—
1923.
1922.
1921.
1920.
x N e t ea rn in g s ___________
$ 7 6 ,3 6 2
$ 3 5 ,4 2 2
$ 8 5 ,0 2 9
z$ 7 7 4 ,0 3 6
D e p r e cia tio n , in t ., A c _ 4 9 1 ,5 1 0
2 8 7 ,2 0 8
2 4 8 ,7 9 7
4 7 7 ,8 2 8
I n v e n t o r y a d ju s t m e n t -.
_______
_______
7 0 9 ,4 5 0
_______
O th er c h a r g e s ___________
_______
y !9 0 ,5 3 4 ________ 354
293 ,951
B a la n ce , su r. o r d e f ______d ef4 1 5 ,1 4 8 d e f4 4 2 ,3 2 0 d e f8 7 3 ,5 7 2
su r3 ,0 1 3
x N e t ea rn in gs a fte r d e d u c tin g a ll e xp en ses in c id e n t t o o p e r a tio n s , in ­
clu d in g o r d in a r y rep a irs a n d m a in te n a n c e a n d exp en ses, y In c lu d e s $ 1 4 1 .5 9 0 loss o n W h a r to n S teel C o . o p e r a tio n s p rio r t o d a t e o f liq u id a tio n
M a r c h 1 1 92 2. z In c lu d e s o t h e r in c o m e o f $ 5 8 4 ,0 6 2 .
R e p o r t fo r 1st q u a r. o f 1924 in Y . 118, p . 2191.
O F F I C E R S .— C h a irm a n , J . L e o n a r d R e p lo g le ; P r e s ., L e o n a r d P e c k itt:
V . - P . , L . P . R o s s ; S ec. A A s s t. T r e a s ., S. H . B ell; T r e a s ., L . R . D o h m ;
A s s t. S ec. & A s s t. T r e a s ., E . F . N ic k e r s o n .
M a in o f fic e , W h a r to n , N . J .— (Y . 118, p . 219 1 .)
R E P U B L I C I R O N & S T E E L C O .— O R G A N I Z A T I O N .— I n c o r p in
N . J. M a y 3 1899 t o c o n s o lid a te 29 p la n ts m akin g bar and fo rg e iron
S in ce th e d a t e o f th e o r g a n iz a tio n , th e p r o p e r ty has b e e n c o m p le te ly re
org a n ized a n d th e ch a r a c te r o f th e business ch a n g e d t o th e p r o d u c tio n ol
s teel, now o p e r a tin g 10 blast fu rn a ce s .
B essem er steel p la n t , o p e n -h e a rth
uteel w ork s , t u b e w o rk s . & c ., m in in g p r o p e r tie s in M e s a o a , M a r q u e t t e and
M e n o m in e e , ex te n s iv e Iron an d c o a l la n d s in A la b a m a , A c . , b y -p r o d u c t coke
p la n t , Y o u n g s t o w n , c o k e p la n ts a t R e p u b lic an d A ch e s o n . M a r tin and Bo
w o o d , P a ., an d T h o m a s . A la .
See V . 7 1 , p . 545 . A c q u ir e d th e p roperties
o f th e P a los C o a l & C o k e C o . a n d th e B essem er C o a l A C o k e C o . , kn ow n
as B essem er S h a fts N o . 1 a n d N o . 2 .
F o r p r o p e r tie s , V . 68. p . 674;
V. 7 0 . p . 228 : V . 71, p . 4 5 4 ; V . 7 7 , p . 455 : V . 79 p . 1480. 1702: V . 8 1 . P
1562; V . 8 3 , p . 1035; V . 8 4 . p . 342; V . 87, p . 1303. C o m p a re also annual
r e p o r t in V . 118, p . 680. In J a n . 1918 th e W o o d s id e C o k e C o ., a su b ­
s id ia ry , p u rch a s ed s o m e 4 ,0 0 0 seres o f c o a l lan d s in A lle g h e n y a n d B u tler
co u n tie s , P a . E x p o r t c o m b in e , V . 107, p . 2482. O n M a y 1 1919 to o k
o v e r th e p r o p e r t y o f th e D e F o r e s t Sheet & T in P la te C o ., w h ic h has 10
sh eet m ills near N iles , O . V . 108, p . 1614, 1491; V . 110, p . 867.
it) N o v . 190b R ep u b lic Iron at Steel and T e n n . C o a l A Ir o n jo in t ly guar
a n teed $ 7 0 0 ,0 0 0 5 % b o n d s o f P o t t e r O re C o . ($ 5 1 ,0 0 0 o u ts ta n d in g D e c .
31 1 9 2 3 ). V . 8 3 , p . 97 3 , 1417.
S T O C K .— 2 6 .4 8 0 shares o f unissued c o m m o n s to c k w e re o ffe r e d t o s to c k
h old ers o f r ecord D e c . 26 191 9, a t p a r t o th e e x te n t o f 1 0 % o f h old in gs
V. 109. p . 2 1 7 7 , 2270.
L A T E D I V S .—
f M 3. M 4. M 5. M 6. M 7. M8. M 9 . ’ 2 0 . ’ 21. ’ 22. ’ 23.
O n p r e fe rr e d . _________ ( 7
5 V 1H 7
\
7
7
7
7
7
IH See
text
O n a c c u m u la t io n s ___
I 1
1
8
4
O n c o m m o n ____________ (
6
6
6
3
6
N o d iv s . h a v e b e e n p a id o n c o m m o n sin ce M a y 2 1 92 1, w h e n I H % w as
p a id . O n p r e f. n o p a y m e n ts w e re m a d e fr o m A p r . 1922 t o J a n . 192 3, b o th
in c lu s iv e ; p a y m e n ts w e re re su m e d on A p ril 2 1923, w h e n 1 % % w as p a id ,
sa m e a m o u n t p a id q u a r. t o J u ly 1 1924.
A ls o p aid o n a c c o u n t o f a c c u m u ­
la tio n s 2 % e a ch q u a r. fr o m J u ly 2 1924 t o J a n . 2 1924 a n d 1 % o n A p ril 1
1 92 4, clea rin g u p a ll a c c u m u la te d d iv id e n d s .

__

BONDS.— The 5s of 1910, now a first lien on the entire property, are
callable for sinking fund (minimum $250,000) and also on an d a fte r Apr 1
1920 as an entire issue at 105 an d i n t ,- $ 2 0 ,8 6 9 ,0 0 0 h a v e been issued to
re tire th e 5s o f 1904 and fo r genera] p u rp o se s (o f w h ic h $ 8 ,3 9 7 ,0 0 0 pur­
ch a sed f o r sin k in g fu n d an d $ 5 1 6,00 0 h e ld in tr e a s u r y ). T h e rem ain in g
$ 4 ,1 3 1 ,0 0 0 o f th e $ 2 5 ,0 0 0 ,0 0 0 a u th . are re served fo r a c q u is itio n s an d
b e tte r m e n ts u n d er re s tric tio n s .
V . 90, p . 45 1 , 703, 854 , 1048; V . 9 2 , p .
118 2; V . 9 3 , p . 516; V . 95. p . 622 , 822; V . 100, p . 1353, 1442.
T h e r e f. A g e n . m tg e . Series A b o n d s are r e d e e m a b le as a w h o le o n ly
(e x c e p t fo r sin k in g fu n d ) a t 105 and in te re s t on a n y in te re s t d a te o n or
b e fo r e J a n . 1 1933: at 104 th e re a fte r a n d o n o r b e fo r e J a n . 1 1938; a t 103
th e r e a fte r a n d on o r b e fo r e Ja n . 1 1943; a t 102 th e re a fte r a n d on o r b e fo re




Rate

N o n e 3 7 5 .0 0 0 shs
$ ill $30 ,000 000 See text
M a y 2 1921 1 H
lljll 25.000 000 See te x t
Q— J J u ly 1 1924 1 H
A
& O O c t 1 1*»4*»
11,956
& J Jan 1 1953
9,7 4 3 ,000
5H g J
500A1000
c i io x )
J cc D
)
54,
.OIK)
T o J a n 1 1928
6 g
400 000
Q— F
M a y 1 1924 5 0 c
N o n e 177 ,010 sh. See text
7
J u ly 1 1924 1M
100
140. 000
Q— J
Q — J J u ly 1 1924 l h
100
19.
A p r 1 1924 3 %
12
25 10.000 000
W— J
(> * *
1
100
12
25 7 0 ,000 000 “
Q — J " A p r 1 1924 3 %
A p r 1 1924 1 H
100 2 0 ,0(K) ,000
Q— J

R E P O R T . — F or 1923, in V . 118, p . 1531 an d 1660, s h o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
N e t a fter ta xes & d e p r e c . $ 1 ,6 7 8 ,6 5 7 $ 1 ,1 6 6 ,2 7 2 y $ 2 ,6 5 7 ,9 2 0 $ 1 ,6 7 4 ,9 8 5
I n t e r e s t _________________
7 5 ,8 4 0
124 ,412
1 9 2 ,2 2 6
9 6 ,5 2 6
N e t in c o m e ____________ $ 1 ,6 0 2 ,8 1 7
$ 1 ,0 4 1 ,8 6 0 y $ 2 ,8 5 0 ,1 4 6
1st p r eferred d iv id e n d s .
x$ 8 1 0 ,0 9 9
$18 2,44 1
$91,221
2 d p referred d i v i d e n d s ..
9 9 ,7 9 8
1 00 ,000

Amount
Outstanding

223

N ew Y o rk T ru st C o . N Y
C e n t U n io n T r C o , N Y
N ew Y ork
H a n o v e r N at B a n k , N Y

C h e ck s m ailed
C h e ck s m ailed
do

J a n . 1 1948; a t 101 th e r e a fte r and on o r b e fo r e J u ly 1 1952.
sin k in g fu n d , & c ., c o m p a r e V . 116 , p . 4 2 1 .

For security,

In 1917 $1,000,000 6% serial gold bonds were assumed on purchase o f
the Bessemer Coal A Coke Co.’s property (Bessemer mines Nos. 1 and 2)

h a v in g a c a p a c it y o f 6 0 0 ,0 0 0 to n s o f c o a l y e a r ly . ($ 4 0 0 ,0 0 0 o f th es e b o n d s
o u ts ta n d in g in M a y 192 4.)
R E P O R T . — -For 1923, in V . 1 1 8 ,, p . 6 8 0 , s h o w e d :
1923.
192 2.
1921.
1920.
U n fille d o rd e rs D e c . 31 (ton s) 141,911
2 1 9 ,9 4 8
9 1 ,5 7 0
1 9 8 ,6 7 8
G ro ss b u s in e s s ___________ $59 ,0 4 3 ,1 3 1 $ 3 9 ,1 2 3 ,7 0 8 $ 2 0 ,7 5 6 ,7 4 9 $ 7 6 ,3 4 2 ,2 1 9
G ro ss p r o f it s ____________
9 ,2 6 7 ,7 9 6
2 ,5 2 0 ,8 6 2
6 8 5 ,0 1 0 1 4 ,1 7 4 ,1 6 3
----------E x p e n s e s , id le p la n t s ----1 ,4 9 4 ,1 3 0
_______
D e p r e c i a t i o n ____________
1 ,7 8 8 ,9 3 8
1 ,2 2 5 ,1 8 3
3 ,6 6 5 ,5 9 0
4 ,0 0 6 ,8 3 9
In t. on b on d s and n o te s .
1 ,2 2 6 ,6 4 0
877 ,3 6 7
8 0 6 ,9 7 4
7 3 7 ,9 6 7
E x ce s s p r o fit s ta xes, & c .
_______
--------------------1 ,8 1 2 ,8 3 5
L o ss on L ib e r t y b d . sales
----------_______
3 8 3 ,5 5 8
__
P re fe rre d d iv id e n d s ____
3 ,2 5 0 ,0 0 0
_______
1 ,7 5 0 ,0 0 0
1 ,7 5 0 ,0 0 0
C o m m o n d iv id e n d s ----------------------------4 5 0 ,0 0 0
1 ,8 0 0 ,0 0 0
B a la n ce , s u rp lu s _____ $ 3 ,0 0 2 ,2 1 8
$4.18,3 1 2 d f$ 7 ,8 6 5 ,2 4 2 *$ 4 ,0 6 6 ,5 2 2
* F ro m w hich w as d e d u cte d $ 5 0 5 ,9 2 3 b a la n ce o f a d d itio n a l assessm ent
o f F e d e ra l taxes fo r 1917.
3 M a s . ending M a r . 3 1 .
1924.
1923.
192 2.
N e t e a rn in g s____________ $ 2 ,0 8 0 ,8 0 9 $ 2 ,2 3 4 ,9 8 8 lo s s$ 2 7 7 ,0 6 4
O th er in c o m e ____________
_______
_______
_______

192 1.
$ 4 7 0 ,2 4 2
5 1 ,2 5 5

T o t a l in c o m e ___________ $ 2 ,0 8 0 ,8 0 9 $ 2 ,2 3 4 ,9 8 8 lo s s$ 2 7 7 ,064
D e p r e c ia t io n & ren ew als
$ 3 3 1,31 1
$ 3 5 0 ,6 2 5
$ 1 5 3 ,8 5 6
E x h a u s tio n o f m in e ra ls .
102 ,5 3 6
102,961
5 9 ,4 0 4
In te re s t c h a r g e s ________
2 9 0 ,8 0 3
2 4 7 ,5 5 9
2 2 1 ,7 5 8

$ 5 2 1 ,4 9 7
$ 1 7 7 ,7 9 7
5 4 ,8 4 5
184 ,244

B a la n ce , su rp lu s______$ 1 ,3 5 6 ,1 5 7 $ 1 ,5 3 3 ,8 4 3 d e f$ 7 1 2 ,0 8 2
P r e fe r re d d i v s _______( 2 M % ) 6 8 7 ,5 0 0 (1 ^ ) 4 3 7 ,5 0 0
.............

$10 4,61 1
4 3 7 ,5 0 0

Commondivs. (1 H % )--

______

______

______

450,000

B a la n ce , sur. o r d e f ___ su r$688 .65 7 s r $ l ,0 9 6 ,3 4 3 d e f$ 7 1 2 ,0 8 2 d e f$ 7 8 2 ,8 8 9
O F F I C E R S .— C h a ir m a n , J o h n A . Topping; P r e s ., Thos. J. B r a y
V .-P r e s ., H . I .. R o w n d a n d J . W ilb e r t D e e tr ic k ; T r e a s ., H . M . H u r d .
S e c ., R ic h a r d J o n e s J r. O ffic e s , 17 B a tt e r y Pi., N. Y ., a n d Youngstown.
O h io .— ( V . 118 , p . 2 5 8 3 .)
R E Y N O L D S S P R I N G C O .— I n c o r p . u n d e r la w s o f D e la w a r e o n J u ly 1
1919 as J a c k s o n C u sh io n S p rin g C o . ; n a m e c h a n g e d t o p r e s e n t t it le o n
■July 30 1 92 0. M a n u fa c tu r e s c u s h io n sprin gs fo r a u t o m o b ile s , fu r n itu r e
s tr ip s , lo o s e sp rin g s a n d h a ir e d g e -r o ll fo r u p h o ls t e r y p u r p o s e s a n d sea t a n d
b e rth c o n s tr u c tio n s , as w e ll as lo o s e sp rin gs fo r s le e p in g c a r s , & c .; also
m a n u fa ctu re s ra d io e q u ip m e n t. H a s 2 p la n ts lo c a te d a t J a c k s o n , M ic h .
S T O C K .— P referred an d c o m m o n s t o c k h a v e e q u a l v o t in g p o w e r . P r e ­
ferred sto c k h o ld e r s w ere o ffe r e d th e rig h t t o e x c h a n g e o n e sh are o f p r e f. s to c k
(par $10 0) fo r fiv e shares o f n o p a r v a lu e c o m m o n s t o c k u p t o S e p t. 11 l 9 2 3 .
D I V I D E N D S .— O n p r e f. A & B s t o c k , in fu ll t o d a t e . O n c o m m o n s t o c k
p a id 5 0 c. p e r share o n M a r c h 31 an d Jun e 30 1920; th e n n o n e u n til N o v . 1,
1923, w h e n 5 0 c . p e r share w as p a id ; F e b . 1 a n d M a y 1 1924 p a id 5 0 c . q u a r.
R E P O R T . — F o r 192 3, in V . 118, p . 441 a n d 2 3 1 5 , sh o w e d :
Y ea rs ended D e c . 31— - 1923.
1922.
1921.
192 0.
N e t e a rn in g s____________
$ 3 9 1 ,2 5 5
$33 4 ,5 5 3
$ 1 2 8 ,0 5 8
$ 1 0 4 ,2 9 3
D e p r e c ia t io n .................
$ 6 0 ,0 0 0
$ 4 3 ,6 2 8
$41 ,171
$ 3 0 ,7 5 3
F e d e ra l t a x e s .......... ............
4 1 ,0 2 0
3 3 ,5 0 0
7 ,5 9 0
8 ,7 5 4
N e t in c o m e ___________
$ 2 9 0 ,2 3 4
$ 2 5 7 ,4 2 5
$ 8 9 ,2 9 7
$ 6 4 ,7 8 6
E a rn in g s fo r fir s t q u a rte r o f 1924 in V . 118, p . 2 1 9 1 .
O F F I C E R S .— P r e s ., W ile y R . R e y n o ld s ; S e c . A T r e a s ., H a r o ld D .
K e sse lrin g. O ffic e , B r id g e a n d S o u th W a te r S t s ., J a c k s o n , M ic h .—
( V . 118, p . 2 3 1 5 .)

REYNOLDS (R. J . ) TOBACCO CO.— ORGANIZATION. Ac.— I n eorporated In New Jersey Apr. 3 1899. Manufactures plug, twist a n d
smoking tobacco and cigarettes. Manufacturing plants at Winston-Salem.
N. O.. Jersey City, N. J., Richmond, Va., and Louisville. Ky.: leaf tobacco
and re -o r d e r in g plants at Danville, South Boston. Martinsville, Va.. Mt.
A ir y , R e id s v ille , R o c k y Mount, Henderson, Wilson, N. O., Lexington,
M a y s v ille an d S p rin g fie ld , Ky..
S T O C K .— -See ta b le a t h e a d o f p a g e .
C O M . D I V . 1914. 1915. 1916. 191 7. 191 8. 191 9. 1 92 0. 192 1. 1 9 2 2 . 1923.
In c a s h . 16
22
23
28
14
12
10
8
K2
12
A u g . 16 1920 p a id 2 0 0 % s t o c k d iv . o n c o m . a n d C la s s B c o m . O n D e c . 2
1922 p a id o n c o m . s to c k s 33 1 - 3 % , p a y a b le in n e w C la ss B c o m . s t o c k .
P a id in 1924: J a n ., 3 % : A p r il, 3 % .
R E P O R T . — F o r ca le n d a r y e a r 1923, in V . 118, p . 30 8 , sh o w e d :
Calendar Years—
1923.
1922.
1921.
1920.
x N e t p r o f i t ........ ................ $ 2 3 ,0 3 9 ,8 7 6 $ 2 0 ,4 7 9 ,2 3 4 $ 1 6 ,2 5 8 ,3 2 3 $ 1 0 ,6 9 1 ,2 9 3
D iv id e n d s ------------------------ 1 1 ,0 0 0 ,0 0 0
9 ,2 0 0 ,0 0 0
6 ,2 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
x A fte r d e d u ctin g a ll ch a rg e s , expen ses o f m a n a g e m e n t, p r o v is io n s fo r
m axim u m F ed era l ta x e s , a llo w a n c e s , d e p r e c ia tio n , a d v e rtis in g , A c .
P r e s ., B o w m a n G ra y : V . - P . , T . H . K ir k , Jam es A . G r a y a n d S. C la y
W illia m s: S e c ., M . E . M o ts in g e r - T r e a s ., R . D . S h o re . O ffic e , W in s to n S alem , N o . C a r o .— (V . 118, p . 1785.)

ROYAL D U T C H C O — ORGANIZATION.— Incorp. in The Hague
Holland, in 1890, with a capital of 1,300,000 florins ($522,600). Through
It* 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 or the Dutch East Indies. 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 12 H % 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.
List of sub ddiaries was published in V. 113, p. 2511.

224

INDUSTRIAL AND PUBLIC UTILITY
Par
Value

MISCELLANEOUS COMPANIES.
[For abbreviations, &c.. sec notes on page 6 .]

St J o s e o h L e a d C o — S to c k $ 2 0 .0 0 0 ,0 0 0 _____________________
Santa Cecilia Sugar Corp— C o m s t o c k , 105 ,000 shs a u th _
P referred (a & d ) s to c k 7 % c u m re d 110 au th $1 0 0 0 .0 0 0 First m ortg a g e sin k in g fu n d b o n d s red 105__________C o i .c *
R e f m tg e b o n d s re d e e m a b le 105 $ 1 ,2 0 0 ,0 0 0 a u t h ________ xx x
Savage Arms Corp— C o m m o n a u th o r iz e d $ 1 0 ,0 0 0 ,0 0 0 ______
F irst p r e f 7 % c u m a u th $ 5 0 0 ,0 0 0 c o n v e r tib le ( t e x t ) _______
Secon d p referred 6 % n o n -c u m c o n v $ 5 0 0 ,0 0 0 ____________
Schulte Retail Stores Corp— C o m s t o c k 3 0 0 ,0 0 0 shs auth..
P r e f (a & d ) s t o c k 8 % c u m re d 120 $ 1 5 ,0 0 0 ,0 0 0 a u t h ____
Sear* R o e b u c k & C o — C o m m o n s t o c s _____________ ________
P referred s to c k (a & d) 7% c u m u la tiv e ( t e x t ) ____________

1917
1921

$ 1 0 $ 1 5 .4 9 4 .1 2 6
N o n e 1 05 ,000 shs
$ too $ 1 ,0 0 0 ,0 0 0
1.000
5 0 0 .0 0 0
5 0 0 -1 0 0 0
8 5 0 .0 0 0
100
7 ,7 4 8 .0 0 0
100
5 0 0 ,0 0 0
100
2 2 2 ,2 0 0
N o n e 3 0 0 ,0 0 0 shs
100 $ 3 ,8 0 0 ,0 0 0
100 10 0 ,0 0 0 ,0 0 0
100
8 ,0 0 0 ,0 0 0

A M E R I C A N I N T E R E S T S .— T h e c o m b in a tio n o w n s a p r e d o m in a tin g
Interest in the Shell C o . o f C a lifo rn ia .
V . 109, p . 3 7 7 . A ls o o w n s $ 2 ,2 4 7 ,0 0 0 O rd in a ry shares an d $ 8 4 0 ,0 0 0 P referen ce shares o f th e R o x a n a P etroleu m
C o r p . o f V irgin ia a n d $ 1 7 9,76 0 O rd in a ry shares o f the O za rk P ip e L in e C o r p
T h e “ R o x a n a ” ow n s field s in th e w ell-k n ow n o il d is tric ts o f C u sh in g
H ea ld ton an d B a rtels v ille . A ls o c o n s tr u c te d a large refin ery in S t. L ou is
an d on e a t N e w O rleans. A t M a r tin e z , o n the P a c ific C o a s t near San
F ra n cis co , a refin ery c a p a b le o f h a n d lin g 2 5 ,000 b b ls . a d a y an d storage
fa c ilitie s a t M a r tin e z a n d on th e fie ld s fo r 4 ,2 5 0 ,0 0 0 b b ls . h a v e been e s ta b ­
lis h ed , as w ell as an 8 -in ch p ip e line 170 m iles lo n g fro m th e fie ld t o the
r e fin e r y . In M e x ic o th e allied co m p a n ie s , besides o w n in g o th e r valu able
p r o p e r t y , c o n tr o l th e M e x ica n E a g le O il C o . , L t d .
H as also established
large s tora g e fa cilitie s an d a re fin e ry o f e x c e p tio n a lly g re a t c a p a c it y iD
C u ra ca o , W e s t In d ie s, in th e im m e d ia te v ic in ity o f th e P a n a m a C a n a l.
In N o v . 192 1, a p la n w as fo rm u la te d fo r th e m e rge r o f th e c o m p a n y 's
“ A m e r ic a n in te re s ts ” w ith th e U n io n O il C o . o f D e la ., fo r d e ta ils o f w h ich
see sta te m e n t o f U n io n O il C o . o f D e la . b e lo w . See also S h ell U n io n O il
C o r p . b e lo w .
S H A R E S .— T h e c o m . shares h a v e a p ar v a lu e o f F I .1 ,0 0 0 (s a y $402)
e a c h , b u t th e c o m p a n y issues su b-sh ares o f F I .100 (s a y $40 20) e a c h .
F or
tra d in g p u rp oses h ere , D u t c h shares o f 100 F lorin p a r v a lu e w e re d e p o s ite d
w ith t h e E q u ita b le T r u s t C o . , N . Y . , a gain st w h ic h w e re issu ed three
ce r tific a te s fo r ea ch share d e p o s ite d . T h is gives a n o m in a l p a r v a lu e o f
$ 1 3 .4 0 t o ea ch “ A m e r ic a n c e r t ific a t e .”
Capitalization (no funded------In Dutch Guilders------------------ In U. S. Cold--------debt or fixed charges)— Outstanding. Author’d. Outstanding. Authorized
F I.
F I.
$
$
O o m m o n s h a r e s .................. 3 2 1 ,4 5 7 ,0 0 0 5 7 0 ,0 0 0 .0 0 0 1 2 9 ,2 2 5 ,7 1 4 2 2 9 ,1 4 0 .0 0 0
4 % p referred sh ares____
1 ,5 0 0 ,0 0 0
1,5 0 0 .0 0 0
6 0 3 ,0 0 0
6 03 ,000
4 H % c u m . p r io r s h a r e s . 2 8 ,5 0 0 ,0 0 0 2 8 ,5 0 0 ,0 0 0 1 1 .4 5 7 .0 0 0
1 1 ,4 5 7 ,0 0 0
T h e au th oriz ed ord in a r y s t o c k w as Increased in J u n e 1919 fr o m 2 3 0 ,0 0 0 .0 0 0 g u ilders ($ 9 2 ,4 6 0 ,0 0 0 ) t o 3 7 0 .0 0 0 ,0 0 0 guilders ($ 1 4 8 ,7 4 0 ,0 0 0 ) a n d in
A p ril 1921 t o 5 7 0 ,0 0 0 .0 0 0 g u ild ers ($ 2 2 9 .1 4 0 ,0 0 0 ). V . 112 . p . 152 4. H o ld ­
ers o f ou ts ta n d in g o r d in a r y shares o f re c o rd J u ly 7 th w ere g iv e n th e rig h t to
su b scrib e a t p a r p lu s s ta m p ta x in H o lla n d fo r o n e n e w sh are fo r e a ch fo u r
shares h e ld . V . 108. p . 2 5 3 3 , 2 63 6. In Ju n e 1916 th e s h a re h o ld e rs wer*
p erm itted t o s u b s crib e a t p a r (e q u a l t o a b o n u s o f a b o u t 1 2 0 % ) fo r o n e new
share fo r ea ch three o ld shares. In Ju n e 1920 s to c k h o ld e r s re c e iv e d thf
p rivilege o f su b scrib in g at p a r t o o n e share o f new o r d in a r y s t o c k fo r each
tw o shares h eld . V . 110, p- 2 66 3.
D I V I D E N D S .— In a d d itio n t o th e cash d iv id e n d s th e c o m p a n y in 1907
d is trib u te d its surplus b y a s to c k b o n u s o f 2 0 0 % . I n 1918 p a id a 6 0 %
s to c k d iv id e n d . T h e cash d iv id e n d r e c o r d ( % ) is as fo llo w s :
0 5 . '0 6 . '0 7 . '0 8 -1 0 . ’ l l . '1 2 . '1 3 . '1 4 -1 6 . '1 7 . '1 8 . '1 9 . '2 0 '21 '2 2 . '2 3 .
50 *73 2 7 }* 28 y r ly . 19 41 48 49 y r ly . 38 z 4 8 4 0
45
40 31 2 6 X
• P lu s 2 0 0 % s to c k d iv id e n d .
* P lu s 5 0 % s to c k d iv id e n d
P a id in 1924: J a n . 16, 1 0 % .
R E P O R T . — F o r 192 2, in V . 117 , p . 322 an d 4 3 5 , s h o w e d :
191 9.
(In Florins)—
192 2.
192 1.
4920.
I n c o m e ___________________ 8 9 ,1 5 5 ,1 2 2 1 0 7 ,169 ,94 3 1 3 8 ,7 3 6 ,2 0 6 1 1 8 .269 .39 1
E x p en s es , ta x es, &&____
1 ,4 2 4 ,6 4 5
3 ,0 7 1 ,7 6 5
9 ,2 8 5 .8 4 2
1 8 ,1 6 9 ,5 0 8
P r o f it __________________ 8 7 .7 3 0 ,4 7 7 1 0 4 ,0 9 8 ,1 7 8 1 2 9 ,4 5 0 ,3 6 4 100 ,0 9 9 .8 8 3
D i v s . o n p r e f . shs. ( 4 % ) 6 0 ,0 0 0
6 0 ,0 0 0
6 0 ,0 0 0
6 0 .0 0 0
P r io r it y shares (4 V
2% )
1 ,2 8 2 ,5 0 0 1 ,2 8 2 ,5 0 0
1 ,2 8 2 ,5 0 0
1 ,2 8 2 ,5 0 0
O rd in a ry shares ( 6 % ) .
1 9 ,2 8 7 ,4 2 0 1 9 .2 8 7 ,4 2 0 1 9 ,2 4 3 ,6 2 0 1 2 ,8 2 9 ,0 8 0
8 3 ,4 6 8 ,2 5 8 1 0 8 ,8 6 4 ,2 4 4

8 5 ,9 2 8 .3 0 3

7 7 ,6 2 5 ,4 8 0 1 0 1 ,2 4 3 ,7 4 7
1 9 ,2 8 7 ,4 2 0 1 9 ,2 4 3 ,6 2 0
9 2 7 ,6 6 4
771 ,1 1 3
3 ,4 7 2 ,3 1 2
4 ,1 7 4 ,5 7 0
3 ,1 3 6 ,2 3 0

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

8 5 ,8 5 2 ,9 1 9 1 0 0 ,8 2 0 ,2 4 3 1 2 9 ,0 6 1 ,9 1 3
A m o u n t o f o r d in a r y d i v - 8 5 ,1 8 6 ,1 0 5 9 9 ,6 5 1 ,6 7 0 1 2 8 ,2 9 0 .8 0 0
(2 6 )£ % )
(3 1 % )
(4 0 % )
R a t e p e r c e n t ___________

9 7 ,1 4 5 .7 6 4
9 6 ,2 1 8 ,1 0 0
(4 5 % )

7 7 1 ,1 1 3

9 2 7 ,6 6 4

S u r p lu s ________________ 6 7 ,1 0 0 ,5 5 7
A v a ila b le fo r o r d ’y d iv .:
9 3 % o f a b o v e s u r p lu s . 6 2 ,4 0 3 ,5 1 8
6 % o n o r d ’y as a b o v e - 1 9 ,2 8 7 ,4 2 0
B r o u g h t fo r w a r d ________
1 ,1 6 8 ,5 7 4
B o n u s sh are is su e _______
5 0 8 ,1 3 5
•Com m issaires’ p r o p o r t ’n 2 ,4 8 5 .2 7 2

C a rr ie d fo rw a r d __
- ( V . 118, P- 1403.)

6 6 6 ,8 1 4

1 ,1 6 8 ,5 7 3

3 ,2 5 7 ,1 3 2

S T . J O S E P H L E A D C O .— O R G A N I Z A T I O N .— I n c o r p . in N . Y . S tate
M a r c h 24 1864: ch a r te r n o w p e r p e tu a l. O w n s (a) m in e ra l rig h t o n 13,498
acres o f le a d -b e a r in g lan ds in F la t R iv e r — L e a d w o o d an d D o e R u n d istricts,
M o .; ( b) m o d e rn sm elter a t H e rcu la n e u m , J efferson C o u n t y , M o ., c a p a c ity
1 2 0 .0 0 0 to n s o f p ig lead y e a r ly ; (c) p r a c t ic a lly en tire ca p ita l s t o c k o f M iss
R iv e r & B o n n e T e r r e R y . 46 m iles: (d) c o n tr o l o f 14-m ile in te ru rb a n e le ctric
lin e , & c. V . 108, p . 183 1. In O c t . 1923 p u rch a s e d fr o m th e A m e rica n
S m elt. & R e fin . C o . th e le a d m in es o w n e d b y t h a t c o m p a n y in M is s o u r i.
V . 117 , p . 1898.
T h e M issou ri S u p rem e C o u r t o n Jun e 19 1920 h a lte d th e e ffo r ts o f the
c o m p a n y t o tak e o v e r th e p r o p e r ty o f the D o e R u n L e a d C o . (co n tro lle d
th rou g h ow n ersh ip o f 9 6 .4 3 % o f s t o c k ). V . 110, p . 2 66 3.
C A P I T A L S T O C K .— $ 2 0 ,0 0 0 ,0 0 0 a u t h ., p a r $10: $ 1 5 ,4 9 4 ,1 2 6 o u ts t a n d ­
in g . L isted o n N . Y . S to c k E x ch a n g e in A p ril 1919 (see fu ll s ta te m e n t.
- 108, p . 1831: V . 111. p . 109 5.)
D 1 V S .— ■ '9 4 . ’9 5 -’ 12. ’ 13. '1 4 . '1 5 . '1 6 . ’ 17. '1 8 . ’ 19. ’ 2 0 . ’2 1 . '2 2 . '2 3 .
C a sh ( % - - 5 X 6 y ’l y
5 2 )4
6 10 25 20 11 20
10 12X 20
S t o c k - . ___ __________
__________
___ _______________—
—
10
-—
P a id in 1924: M a r c h 2 0 . 2 ) 4 % q u a r. a n d 2 ) 4 % e xtra ; Ju n e 2 0 . 2 ) 4 %
q u a r. a n d 2 ) 4 % e x tra .
B O N D S .— M is s . R iv e r & B o n n e T e rre R y . , $ 2 ,5 0 0 ,0 0 0 1st M . 5s, d u e
1931; to D e c . 31 1923, 8 1 .7 3 0 000 held b y sinking fu n d tru stees a n d in
trea su ry. See “ R a ilr o a d s ” on a p r e ce d in g p a ge .
R E P O R T .— F o r 1923, in V . 118, p . 1147 and 1280, sh o w e d :
1920.
1921.
1922.
Calendar Years—
1923.
$ 4 ,8 1 3 ,5 1 2
$ 1 ,0 9 6 ,7 2 3
$ 5 ,9 7 2 ,3 3 3
I n c o m e ____________ x $ 6 ,6 5 4 ,3 1 8
$ 1 ,3 7 8 ,3 9 4 $ 1 ,2 8 1 ,2 8 5 $ 1 ,2 0 2 ,0 8 6
D e p le t io n , & c _____ $ 1 ,5 3 7 ,3 2 4
6 0 0 ,0 0 0
224 ,4 5 3
500 ,000
F e d e ra l ta x e s _____
6 8 9 ,4 7 0
2 ,8 8 9 ,4 3 6
1 ,7 8 4 ,4 4 2
2 ,7 8 1 ,8 9 4
D iv id e n d s _________
3 ,2 6 3 ,0 6 9
99,614
M is c e lla n e o u s ch a rges _ _
4 7 ,6 7 0
B a la n ce , su r. o r d e f - s u r $ l , 1 1 6 ,7 8 5 s r $ l , 212,431 d f $ 2 , 193 ,9 0 6 su r$ 1 2 1 ,9 9 0
x I n c lu d e s $26 9,49 1 r e c e iv e d f r o m U . S G o v t , t o s e ttle cla im s .




Amount
Outstanding

Rate
%

See
See
See

te x t
te x t
text.
6 g
8 g
See text
7
6
S ee te x t
8
See te x t
7

When
Payable

Q -M
20
T ext
Text
F
& A
M & N
Text
Q— J
Q — F 15
Q— J
Q— J

[V

o l

.

118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Ju n e 20 '2 4 5 0 c .
S ee t e x t
See t e x t
Aug 119 27
I r v in g B k -C o l T r C o ,N Y
M a y 1 1931
S e p t 15 ’ 20 1 X B a n k o f A m e r ic a , N Y
do
J u ly 1 1924 1 X
do
A u g 15 1924 I X
See t e x t
J u ly 1 1924 2 %
C h e ck s m ailed
See t e x t
do
A p r 1 192 4 I K

O F F I C E R S .— P re s. & T r e a s ., C lin to n H . C r a n e ; V .-P r e s . & Sales M g r .,
Irw in H . C o r n e ll; V .- P . & S e c ., L e o n id a s H . B e sso n . N . Y . o f fic e , 60 W a ll
S t — (V . 118 , p. 1 2 8 0 .)
S A N T A C E C I L I A S U G A R C O R P . — O rg a n , in D e l., J u ly 16 1917.
O wns a n d o p e ra te s su gar e sta te s a n d a su ga r fa c t o r y o n th e Isla n d o f C u b a .
C A P I T A L S T O C K .— See ta b le a t h ead o f p a g e .
D I V S .— O n c o m m o n s t o c k as fo llo w s : N o v . 1 1919 a n d F e b . 1 1920 1 X %
$100 p a r ); M a y 1 1920 t o N o v . 1 1920 p a id q u a r. 25 ce n ts p e r share (no
par v a lu e ).
F e b . 1921 d iv . o m it t e d . P r e f. d iv s . r e g u la rly p a id t o N o v .
1920.
F e b . 1921 d iv . o m itte d .
B O N D S .— T h e 1st m tg e . 6s are a fir s t lien o n all o f the p r o p e r t y n ow
ow n ed o r h ereafter a c q u ir e d . A sin k in g fu n d is p r o v id e d o f 2 0 % o f net
earnings b u t in a n y e v e n t n o t less th a n $ 2 5 ,0 0 0 o r m ore th a n $ 7 5 ,0 0 0 for
p urchase o f b o n d s a t n o t e x c e e d in g 105 a n d in t.
A u th . a n d issu ed. $ 7 5 0 ,000; re tired b y sin k in g fu n d , $ 2 5 0 ,0 0 0 : o u ts ta n d in g . $50 0 ,0 0 0 .
R E P O R T . — F o r y e a r e n d e d J u ly 31 1 92 3, in V . 117 , p . 2 2 1 0 , s h o w e d :
G ro s s , $ 5 7 2 ,0 2 1 ; n e t, $ 7 3 ,7 0 1 ; o t h e r in c o m e , $ 1 1 ,2 3 0 ; in te re s t, $ 1 3 8 ,0 7 4 ;
d e p r e c ia tio n . $ 1 1 9 ,5 8 8 ; b a l ., d e f ., $ 1 7 2 ,7 3 1 .
O F F I C E R S .— P r e s ., O . B . G o o d r ic h ; V . - P . , R o b e r t L . D e a n a n d H e n r y
J. S ch u ler; S ec. & A s s t. T r e a s ., R o b e r t H . C a p la n . N . Y . o f fic e , 115
B ro a d S t .— (V . 117 , p . 2 2 1 0 .)
S A V A G E A R M S C O R P .— O R G A N I Z A T I O N .— I n c o r p . in D e la w a re
on A u g . 16 1915 as D rig g s -S e a b o r y O rd n a n ce C o r p ., a n d p u r c h a s e d t h e
assets o f the D riggs-S e a h u ry C o . , an d In D e c. 1915 the S a v a g e A rm s C o .
o f U tica . N . Y . A c q u ir e d , as o f A p r . 1 1920, th e J . S tep h en s A rm s C o . o f
C h ic o p e e Falls, M a s s ., th ro u g h p u rch a se o f th e s to c k fro m th e W estin g h o u s e E le c . & M f g . C o . M a n u fa c tu r e s r ifle s , sh o tg u n s, p is to ls , a m m u n i­
tio n a n d e le ctr ic a l h o u se h o ld d e v ic e s . P la n ts lo c a te d a t U tic a , N . Y . ,
a n d S h a ron , P a . N a m e w a s c h a n g e d t o S a v a g e A rm s C o r p . in M a y 1917
o n m e rge r o f p ro p e r tie s .
V . 104, p . 2 01 4; V . 105, p . 1715; V . 106, p . 196;
V . 107, p . 1673, 2 19 4; V . 108, p . 982 . P e a ce c o n d it io n s , V . 108, p . 84, 177.
C A P I T A L S T O C K .— F irst p r e f., a u th . a n d o u ts ta n d in g , $ 5 0 0 ,0 0 0 (s o ld
In A p ril 1923, V . 116, p . 1660,' 177 1 ); 2 d p r e f., issu ed, $ 2 6 0 ,7 0 0 , o f w h ic h
$38 ,5 0 0 h e ld in tre a s u ry ; c o m m o n , issu ed , $ 9 ,2 3 9 ,3 0 0 , o f w h ich $ 1 ,4 9 1 ,3 0 0
held in tr e a s u r y . T h e firs t p r e f. s t o c k is c o n v e r tib le a t a n y tim e p r io r t o
A pril 1 1926 in to c o m m o n s t o c k at th e ra te o f t w o shares o f c o m . f o r on e
share o f fir s t p r e f.
B O N D S .— T h e s to c k h o ld e r s in A p ril 1922 a u th o riz e d th e Issuance o f
$ 3 ,0 0 0 ,0 0 0 b o n d s a t th e d is cre tio n o f th e d ire cto rs .
D I V I D E N D S . — O n c o m m o n : I n 1916, M a r . 15, 2 )4 % ; Ju n e 15, 5 % ; th en
n on e till Ju n e 15 1917 t o S e p t. 15 1920, 6 % p . a . ( 1 ) 4 % Q .- M .) . O n J a n . 15
a n d A p r . 30 1920 e x tra d iv s . o f 5 % e a ch w e re p a id . V . 110, p . 4 7 2 . T h e
D e c . 1920 d iv id e n d o n c o m m o n s t o c k w as o m it t e d . V . I l l , p . 1758.
R E P O R T .— F o r 1923 s h o w s:

Total
Fed. Tax,&c.
Earnings.
Reserve.

Pref.
Divs.

Common
Dividends.

Balance,
Sur. or Def.

__________
________
_______________
su r$404 ,04 4
1 9 2 3 _____ lo ss$ 4 0 4 ,0 4 4
1922 ...........loss 168 ,165 .................................................. ........................
d e f 168 ,1 6 5
1921........... loss 5 5 9 ,9 5 0 _____________ _______
_______________
d e f 55 »,950
1920------------117,769 __________ $ 1 3 ,3 3 2
(9 )4 )$ 7 3 6 ,0 6 0
d ef6 3 1 ,6 2 2
O F F I C E R S .— P r e s ., W . L . W r ig h t: V . - P . . F . R . P h illip s : S e c ., J. H .
C o o k ; T r e a s ., P . G . T a y lo r . N . Y . o f fic e , 50 C h u r ch S t.— (V . 118, p . 2 1 9 1 .)
S C H U L T E R E T A I L S T O R E S C O R P .— I n c o r p . u n d e r la w s o f D e la w a re
o n S e p t. 5 1919 fo r th e p u r p o s e o f a c q u ir in g th e s to c k issu ed o f th e v a r io u s
S ch u lte co m p a n ie s . T h e s u b s id ia r y co m p a n ie s o p e r a te sto re s in N e w Y o r k ,
B r o o k ly n , C h ic a g o , P h ila d e lp h ia , B o s t o n , J e rse y C i t y an d o th e r c ities .
T ra n sfe r o f c o n tr o l o f P a rk & T ilfo r d in te re sts to D a v id A . S c h u lte , P resid en t
o f th e S ch u lte c o m p a n y , w a s a n n o u n c e d A u g . 2 192 3.
S T O C K .— T h e s to c k h o ld e r s o n Ja n . 12 1924 in cre a se d th e a u th oriz ed
p re fe rre d s to c k fr o m $ 5 ,0 0 0 ,0 0 0 t o $ 1 5 ,0 0 0 ,0 0 0 .
D I V S .— O n c o m m o n p a id s t o c k d iv s . as fo llo w s : A u g . 9 192 0, 5 0 %
p a y a b le in c o m m o n s t o c k ; J u ly 6 192 1, 2 0 % p a y a b le in c o m m o n s to c k ;
D e c . 20 1921, 1 5 % p a y a b le in c o m m o n s to c k ; D e c . 29 1922, 5 % p a y a b le in
p r e f. s t o c k ; Ju n e 1 1923 t o D e c . 1 192 4, 2 % q u a r. p a y a b le in p r e f. s t o c k .
R E P O R T . — F o r 192 3, in V . 118, p . 1403, sh o w e d :
Calendar Years—1923.
1922.
N e t p r o fit b e fo r e ta x e s _________________________________ $ 3 ,7 6 3 ,6 3 7
$ 2 ,8 4 4 ,0 9 6
F k eferred d iv id e n d ( 8 % ) _____________________________
166 ,0 0 0
4 0 ,000
S u r p l u s _______________________________________________$ 3 ,5 9 7 ,6 3 7
P r e v io u s su rplu s a n d r e s e r v e ------------------------------------2 ,4 4 7 ,7 3 5

$ 2 ,8 0 4 ,0 9 6
1 ,260,043

T o t a l su rp lu s a n d r e s e r v e ----------------------------------------- $ 6 ,0 4 5 ,3 7 2
$4,0 6 4 ,1 3 9
F ed era l taxes p a id in 1 9 2 2 ----------------------------------------$ 2 5 6 ,6 2 0
$116,404
A d ju s tm e n ts , d e b it s --------------------------------------------------105 .803
-------S to c k d iv id e n d o n c o m m o n ________________________ ($6) 1 ,8 0 0 ,0 0 0 ($ 5 ) 1500,000
P r o fit a n d loss su rp lu s a n d r e s e r v e ----------------------- $ 3 ,8 8 2 ,9 4 8
$2,4 4 7 ,7 3 5
O F F I C E R S .— P r e s ., D a v id A . S ch u lte ; T r e a s ., J o s e p h M . Sch u lte;
S e c ., U d o N . R e in a c h . O ffic e , 3 8 4 B r o a d w a y , N e w Y o r k .— (V . 118, p .
1 9 2 4 .)
S E A R S , R O E B U C K & C O .— O R G A N I Z A T I O N .— I n c o r p . in 1906 in
N ew Y o r k as su ccessor t o an Illin o is c o r p o r a t io n o f th e sam e nam e w h ich
had th e r e to fo r e tra n s a cte d t h e sam e bu sin ess fo r o v e r te n y e a rs.
Business
is th e retailin g o f a ll classes o f m e rch a n d ise d ir e ct t o th e con su m er th rou gh
catalogu es; has o v e r 8 ,0 0 0 ,0 0 0 c u s to m e rs . B u sin e ss is tra n sa cted m ainly
fro m C h ic a g o , w ith Im p o rta n t b ra n ch e s in D a lla s , S e a ttle an d P h ila d elp h ia .
T h e c o m p a n y m ain tain s a n d o w n s w a r e ro o m s , w areh ou ses and variou s
fa cto rie s in a n u m b e r o f o th e r citie s t h r o u g h o u t th e c o u n t r y .
In D ec.
1921 P re s id e n t R o s e n w a ld p u r c h a s e d a p o r t io n o f th e c o m p a n y ’s C h ic a g o
rea l e sta te fo r $ 1 6 ,0 0 0 ,0 0 0 .
See V . 11 3 , p . 282 8.
S T O C K .— P re fe rre d s t o c k c a n n o t be in crea sed o r m o r tg a g e (o th e r than
purchase m o n e y m o rtg a g e ) c r e a te d w ith o u t th e v o t e o f t h r e e -fo o r th s o f
each cla ss o f s t o c k . E n tir e p re fe rre d s t o c k o r p r o ra ta p o r tio n m ay be
redeem ed a t 125. V . 8 4 , p . 1246.
In N o v . 1909 $ 7 5 0,00 0 p r e f. s t o c k w as c a n c e le d , $ 2 ,0 0 0 ,0 0 0 in a ll (original
issue $10 ,0 0 0 ,0 0 0 ) h a v in g been re tir e d .
V . 8 9 , p . 9 2 5 , l t 8 6 ; V . 90, p . 714 .
T h e sh areh olders v o t e d Ju n e 1 1920 t o in crea se th e a u th . c o m m o n s to c k
fro m $ 7 5 ,0 0 0 ,0 0 0 t o $ 1 0 5 ,0 0 0 ,0 0 0 , in c o n n e c tio n w ith th e p la n a n n ou n ced
b y th e b o a r d o n A p ril 20, fo r p a y in g a s t o c k d iv id e n d o f 4 0 % in c o m m o n
sto ck on J u ly 15 t o c o m m o n sh areh olders o f re co rd Jun e 1 5 '
T h is p a y m e n t
in crea sed the o u ts ta n d in g c o m m o n s t o c k t o $ 1 0 5 ,0 0 0 ,0 0 0 .
In D e c . 1921

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

Date
Bonds

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

Seneca Cooper Coro—Stock 450,000 shares authorized_
_
5-year eonv debenture bonds red 110 $500,000 (see text) .c* 1920
1st mtge bonds convert red 110 $1,500,000 auth._Ce.xxxc* 1923
Shaffer Oil & Refining Co—Common stock 460,000 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*Ar*K 1919
Convertible 8% serial gold notes call. 105_________ xxxc*K 1921
8% convertible gold notes________ _____________ xxxc*K 1921

Par
Value

Amount
Outstanding

Rate
%

When
Payable

325

Last Dividend Places Where Interest an
Dividends are Payable
and Maturity

None 325,000 sh.
Go’s office. New York
8
A A O 15 Apr 15 1925
500,000
100 Ac
Cent Un Trust Co, N Y
587,900
7
J A J July 1 1933
100 Ac
None
120,000 sh
Norn. $1 40.000 sh
100 6,000.000 See text
July 251923 1*A
New York and Chicago
100 Ac 9,130,700
6 g J A D June 1929
do
do
Q— F May 11924
100 Ac
989,800
8g
do
do
31,900
100 Ac
8 g M A N May 1 1941
Jan 20 ’20, 2)4
10 3.500.000 See text
7
Q— J 10 Apr 10 1924 1M
100 20,000,000
N Y . L o n d o n A M o n tr e a l
500 Ac 3,798,500
5 g J A D Jan 1 1934
do
do
J Jan. I 1950
100 &c 6,000,000
5)4 g J A
do
do
5.334.000
6 g J A J July 1 1950
New York or Montreal
J A J July 1 1950
500 Ac 5.929.000
6
£1 £19,365.144 See text J A J See text
A A O
£10 £2,000,000
5
£1 £5,000,000
7

Shawinigan Water & Power Co— Stock $40,000,000_____
1st Consol M (closed) call 110 sink fund 1 % __________ c* 1904
First A Ref M sinking fund $50,000,000 g Ser A __________ 1919
do
do
Series B __ ______
_____ __ _
1921
do
de
Ser O callable (see text)________ c* 1921
Shell Transport & Trading—Common stock £30,000,000-Second preferred sharesi"7% cum. £10,000,000, see text..

P resid en t R o s e n w a ld d o n a te d 5 0 ,0 0 0 shares o f s to c k w h ic h are b e in g h e ld in
tre a s u ry n o t t o b e so ld a t less th a n p a r , re d u c in g th e a m o u n t o u ts ta n d in g
t o $ 1 0 0 ,0 0 0 ,0 0 0 .
D I V I D E N D S . — P r e f., 1 M % q u a r., p a id O ct. 1906 t o A p r . 1923, b o t h
In clu siv e. O n c o m ., 1909, 4 ) 4 % ; 1910 t o F e b . 191 7, 7 % ( 1 X % Q .- F .)
M a y 17 t o N o v . 1920. 2 % q u a r. T h e F e b . 1921 d iv . ( 2 % ) w as p a id in
6 % sc r ip d u e A u g . 15 1922. V . 112. p . 265: V . 115, p . 655 .
M a y 1921
d iv . w as o m it t e d . V . 112, p . 1406. A ls o A p ril 1 1911 a 33 1 -3 % s t o c k
d iv id e n d .
V . 9 2 , p . 601 . A s to c k d iv . o f 5 0 % w as p a id A p r il 1 1915.
V . 100, p . 479 . In A p ril 1917 p a id a s t o c k d iv . o f 2 5 % .
V . 104, p . 3 6 8 ,
8 6 8 , 1050. O n J u ly 15 1920 p a id a s t o c k d iv id e n d o f 4 0 % .
1924 ——
April---- 1923.
1924— 4 Mos. ------1923.
S a le s_____________________ $ 2 0 ,0 9 8 ,9 9 4 $ 1 9 ,1 7 8 ,3 5 0 $ 7 4 ,6 6 0 ,9 0 8 $ 7 4 ,9 7 8 ,5 2 9
R E P O R T . — F o r 1923, in V . 118, p . 4 2 9 , sh o w e d :
192 3.
192 2.
192 1.
1920.

C A P I T A L I Z A T I O N .— A u th o riz e d a n d o u ts ta n d in g , $ 3 ,5 0 0 ,0 0 0 ; p a r .
$ 1 0 . N o b o n d s o r p re fe rre d s t o c k .
,2 0 .
D I V I D E N D S — ’ 10 ’ l l . ’ 1 2 . ’ 13. ’ 14. M5.. ’ 16. ’ 17. •18. ’ 19.
20 20
10
2 )4
P e r c e n t ___________ 2 0 10
0 15
10
15 20
do
e x tr a _______ __ ______ __________
5 2 7 )4 30
10
2 )4
I n J a n . 1920, 2 ) 4 % ; n o n e s in c e .
Calendar Years—
1923.
1922.
192 1.
192 0.
G ro ss in c o m e ____________
$ 8 8 5 ,2 4 2
$ 3 7 ,9 9 4
$ 4 1 ,8 2 6 $ 1 ,5 8 2 ,9 2 3
E x p e n se s, & c ____________
7 4 5 ,5 4 7
6 4 ,9 1 2
4 6 ,9 9 8
1 ,6 0 9 ,8 7 1
D e p le t io n & d e p r e c ia t io n
1 41 ,959
2 ,0 0 6
2 8 ,6 9 0
2 1 2 ,1 6 7

G ro s s sa les............. .............. 2 1 5 ,5 4 0 ,6 0 4 18 2 ,1 6 5 ,8 2 5 178 ,014 ,98 1 2 5 4 ,5 9 5 ,0 5 9
T o t a l in c o m e _____________19 8 ,4 8 2 ,9 4 6 1 6 6 ,514 ,11 0 16 4 ,0 3 9 ,7 2 0 2 4 5 ,3 7 3 ,4 1 8
P u rch a ses an d e x p e n s e s .184 ,4 4 5 ,0 2 3 157,385,331 17 7 ,9 6 3 ,5 7 7 2 2 9 ,4 3 6 ,2 2 4
R e p a ir s an d r en ew a ls___
8 1 6 ,0 5 0
600 ,484
6 9 0 ,5 4 2
1 ,2 2 1 ,0 7 7
D e p r e cia tio n r e s e r v e . . .
1 ,1 3 3 ,6 2 4
1,3 2 1 ,3 6 8
594 ,1 9 9
1 ,1 7 2 ,8 7 9
_______
1 ,500,000
1 ,2 2 6 ,8 7 1
1 ,2 0 9 ,2 3 2
O th er res e r v e s ___________
P r o fit sh arin g, & c ., fu n d
575 ,631
2 7 1 ,7 5 8
_______
587 ,332
C o m m o n d iv id e n d ----------------------------2 ,0 9 9 ,4 7 0
7 ,1 9 8 ,0 2 8
5 5 9 ,1 8 8
559 ,1 8 8
5 5 9 ,1 8 8
5 59 ,188
P referred d iv id e n d ____
B a la n ce , s u rp lu s ______ 1 0 .9 5 3 ,4 3 0
4 ,8 7 5 ,9 8 0 d fl9 ,0 9 4 ,1 2 7
3 ,9 8 9 ,4 5 8
O F F I C E R S .— P r e s ., J u liu s R o s e n w a ld ; V . - P . , A lb e r t H . L o e b ; O . C .
D o e rn in g a n d M a x A d le r ; T r e a s ., W . O . L e w is; S e c ., J o h n H ig g in s .— (V .
11 8 , p . 2 1 9 1 .)

O F F I C E R S .— P r e s ., L . O . S h a ttu ck ; V .- P r e s ., H . L . M u n d y , T h o m a s
B a rd o n J r .; V .- P . & S e c ., N o rm a n E . L a M o n d ; T r e a s ., A . M . C h is h o lm .
O ffic e s . 120 B r o a d w a y , N . Y . , a n d B is b e e , A r iz .— ( V . 11 8 , p . 2 3 1 6 .)
S H A W I N I G A N W A T E R A N D P O W E R C O . ( T H E ) .— (See M ap.) —
I n c o r p . in 1898 in Q u e b e c . O w n s h y d r o -e le c t r ic p la n ts w ith p re sen t c a p a c ­
i t y o f 3 3 3 ,7 0 0 h .p . a t S h a w in iga n F a lls a n d a t th e L a u r e n tid e P o w e r C o .,
L t d . Serves w it h its 800 m ile s o f 100 ,000 an d 5 0 ,0 0 0 -v o lt tra n s m is s ion
lin es M o n t r e a l, Q u e b e c , T h r e e R iv e r s , S h e rb ro o k e , T h e tfo r d M in e s a n d 40
sm aller c itie s a n d t o w n s in th e P r o v in c e o f Q u e b e c. H as also d e v e lo p e d a
la rge d e m a n d fo r p o w e r a m o n g th e in d u s tria l p la n ts a d ja c e n t t o its p r o p e r t y .
C o n tr a c t w ith L a u r e n tid e P o w e r C o . , L t d ., V . 103, p . 1035. A u x ilia r y
co m p a n ie s , & c ., V . 106, p . 30 3 ; V . 116, p . 955 , 2398; V . 117, p . 2 44 3.
T h e c o m p le t io n o f th e L a L o u tr e d a m b y th e P r o v in c e o f Q u e b e c , it Is
s t a t e d , assures th e c o m p a n y fo r th e fu tu r e a s t e a d y flo w o f w a ter th e y ear
a r o u n d , a n d th e re fo re a d e p e n d a b le s o u r c e o f p o w e r fo r all m a n u fa ctu rers
In th e d is tric t s e r v e d b y p o w e r lines o f th e S h a w in igan s y s t e m . T h e
G o v e rn m e n t o f th e P r o v in c e , It is r e p o r te d , has ta k e n sp e c ia l p ain s t o m ak e
the P r o v in c e a t t r a c tiv e t o th e m a n u fa ctu re r b y m o d e r a te taxes an d fa ir ,
liberal tr e a tm e n t. C o m p a r e V . 106. p . 9 3 8 . C o m p a r e a ls o a n n u a l r e p o rts
In V . 114, p . 1079, a n d V . 116, p . 95 5 .
D I V I D E N D S .— ( ’0 7 . ’0 8 . ’ 0 9 . *10. ’ l l . '1 2 . ’ 13. ’ 1 4 . ’ 15. 16. t o A p r . ’24
P e r c e n t - ............... \ 2
4
4
4
5
5 )4
6
6 6 )4
7 (l)4 q u a r .)
C A P I T A L S T O C K .— T h e a u th o r iz e d c a p it a l s t o c k w a s in crea s ed fr o m
$ 2 0 ,0 0 0 ,0 0 0 t o $ 4 0 ,0 0 0 ,0 0 0 in F e b . 192 2. V . 114, p . 5 3 0 . I t w as a n n o u n c e d
In F e b . 1923 th a t 1O.0OO shares o f c o m m o n s t o c k (p a r $100) o f th e S t.
M a u r ice P o w e r C o . , L t d ., w o u ld b e d is trib u te d t o sh a re h o ld ers o f th e
Sh a w in igan W a te r & P o w e r C o . o n t h e basis o f o n e sh are o f th e n ew c o m ­
p a n y ’s s t o c k f o r e v e r y 20 shares o f S h a w in igan h e ld . V . 116 , p . 525 .
B O N D S .— F irst c o n s o l. 5s ($ 5 ,0 0 0 ,0 0 0 ), all issu ed b u t $ 1 ,2 0 1 ,5 0 0 In
treasu ry a n d sin kin g fu n d ( V . 79, p . 2 7 4 .)
T h e $ 5 0 ,0 0 0 ,0 0 0 First A Ref. Mtge. b o n d s o f 1919 m a y b e issu ed In series
w ith d iffe r e n t Interest rates n o t e x ce e d in g 6 % a n d m a tu ritie s n o t la te r th a n
Jan . 197 4, f o r th e fo llo w in g p u rp o s e s ( V . 109 , p . 5 8 4 ): (a ) Series A 5 ) 4 %
c h ie fly t o re fu n d fo rth w ith
$ 5 ,4 7 6 ,2 6 1 P e r p e tu a l C o n s o l. D e b e n tu r e
s t o c k , $ 6 ,0 0 0 ,0 0 0 ; (6) T o re tire 1st M . b o n d s o f 1904 a t o r b e fo r e m a tu r ity ,
$ 5 ,5 0 6 ,9 0 0 ; (c) Issu a b le fo r c a p ita l e x p e n d itu re s p r o v id e d a ll o f th e $ 4 ,5 0 0 ,M O c o n v e r t ib le n o te s sh a ll h a v e b e e n c o n v e r t e d In to s t o c k o r p a id fr o m p r o oeeds o f th ese b o n d s , $ 8 ,5 0 0 ,0 0 0 ; (d) R e s e r v e d fo r 8 0 % o f fu tu r e a d d itio n s ,
&c . , $ 3 0 ,0 0 0 ,0 0 0 . A s in k in g f u n d o f 1 % p e r a n n u m (fir s t p a y m e n t D e c . 31
1922) o n a ll o u ts ta n d in g 1st r e f. m tg e . b o n d s w ill be u se d t o re tire b o n d s b y
p u r c h a s e a t n o t e x c e e d in g t h e c a llin g p r ice s , o r b y c a ll i f n o t s o p u r c h a s a b le .
T h e Series A b o n d s are r e d e e m a b le a t a p r e m iu m o f 1 0 % p r io r t o J a n . 1 1 9 3 0 ;
5 % th e r e a fte r a n d prim : t o J a n . 1 1940; a n d 3 % th e r e a fte r a n d p r io r t o
Jan . 1 1950. T h e Series C b o n d s d a te d Ja n . 1 1921 are c a lla b le a ll o r p a rt
a fter J u ly 1 1926, o r a t a n y t im e fo r th e sin k in g f u n d , a t 105 d u rin g t h e fir s t
14 y e a r s , 104 d u rin g th e n e x t 5 y e a rs, 103 d u rin g t h e n e x t 5 y e a rs , 102
d u rin g t h e n e x t 3 yea rs a n d 101 th e r e a fte r ; p lu s in t . V . 112, p . 94 0 .
8 T O C K 8 O W N E D .— A ls o co n t r o ls v a r io u s s u b . m fg . a n d d is trib u tin g c o s .
R E P O R T . — F o r 192 3, in V . 118, p . 1034, s h o w e d :
Calendar Years—
1923.
1922.
1 92 1.
1920.
G ro ss e a rn s ., a ll s o u r c e s . $ 5 ,1 1 0 ,5 3 9
$ 4 ,6 2 9 ,6 4 2 $ 4 ,2 2 4 ,0 4 6 $ 3 ,9 4 3 ,3 5 9
N e t ea rn in gs______________$ 3 ,1 7 0 ,8 9 3
$ 2 ,9 5 3 ,0 6 1
$ 2 ,8 3 8 ,9 9 5 $ 2 ,5 2 5 ,5 4 4
B o n d in te re st, & c _______
1 ,1 8 9 ,3 3 3
1 ,1 5 5 ,7 7 8
1 ,0 4 8 ,1 8 2
7 1 6 ,5 0 1
D iv id e n d s ( 7 % ) ________
1 ,4 0 0 ,0 0 0
1 ,4 0 0 ,0 0 0
1 ,4 0 0 ,0 0 0
1 ,4 0 0 ,0 0 0

s

s

s

s

S E N E C A C O P P E R C O R P .— I n c o r p . in N . Y . D e c . 27 191 6. P r o p e r t y
Is lo c a te d in K e w e e n a w C o u n t y , M ic h ., a n d co n sists o f 1 ,8 6 4 .6 acres ow n e d
In fe e .
O w ns th e en tire o u ts ta n d in g 2 0 ,5 0 0 shares o f ca p ita l s to c k o f G ra tio t
M in in g C o .
B a la n ce o f p a y m e n ts d u e C a lu m e t & H e cla is as fo llo w s
D e c . 1 1924, $ 3 6 0 ,0 0 0 . W h e n p a y m e n ts are c o m p le te d , th e C a lu m e t &
H e cla agrees t o assign t o th is c o m p a n y t h e in d e b te d n e ss o f G r a tio t t o C . & H .
in t h e su m o f $ 5 7 0 ,0 0 0 .
Receivers Appointed.— G u y W . C u rrier a n d W illia m J. U ren w e re a p p o in te d
r e ceiv ers o n A p ril 12 1924. V . 118, p . 1924. O p e ra tio n s su sp en d ed ,
r e c e iv e r s ’ c e r tific a te s , & c ., V . 118, p . 2 19 1.
P r o t e c t iv e c o m m itte e s , V . 118, p . 231 6.
C A P I T A L S T O C K .— T h e s to c k h o ld e r s v o t e d J u n e 30 1923 t o Increase
th e a u th o r iz e d c a p ita l s t o c k f r o m 3 5 0 ,0 0 0 shares t o 4 5 0 ,0 0 0 sh ares. V . 117,
p . 97
N o d iv id e n d s h a d b e e n p a id u p t o d a te , th e c o m p a n y still be in g
In t h e d e v e lo p m e n t sta g e . I t w as o ffic ia lly s ta te d in F e b . 1923 th a t th e
co r p o r a tio n w o u ld be r e a d y t o b egin p r o d u c tio n th e la tte r p a r t o f Ju n e
192 3. C o m p a re V . 116, p . 947 .
R E P O R T .— B a la n ce sh e e t as o f Ja n . 1 1924, in V . 118, p . 1023.
D E B E N T U R E S .— T h e 8 % c o n v e r tib le d e b e n tu re s are c o n v e r t ib le Into
c o m m o n s t o c k a t t h e ra te o f 5 shares o f s to c k fo r e a ch $100 d e b e n tu r e b o n d .
B O N D S .— T h e fir s t m tg e . 7 % b o n d s are c o n v e r t ib le a t a n y tim e b e fo r e
m a t u r it y a t p a r in t o ca p ita l s t o c k a t $15 p e r sh are. V . 1 1 7 , p . 2 1 7 .
O F F I C E R S .— P r e s ., T h o m a s F . C o le : T r e a s ., F . R . K e n n e d y ; S e c ., E . J .
M a c n a m a r a . O ffic e , 120 B r o a d w a y , N . Y . — ( V . 118 , p . 2 3 1 6 .)
S H A F F E R O I L & R E F I N I N G C O .— O R G A N I Z A T I O N .— I n c o r p . In
D e la w a r e in M a y 1919 t o a cq u ire th e o il in terest o f C . B . S h a ffer and
a ssocia tes. C o n tr o lle d th ro u g h o w n e r sh ip o f a m a jo r it y o f th e c o m . s to c k
Cwhich h as sole v o t in g p o w e r ) b y S tan d ard G as & E le c . C o .
T h e p ro p e rtie s
c o m p ris e 9,001 acres in p r o v e n o il te r rito r y w ith o v e r 2 ,8 0 0 b arrels a v e ra g e
d a ily p r o d u c tio n an d 19 p r o d u c in g gas w ells; also 4 3 ,8 9 4 a cre s o f u n d e ­
v e lo p e d o il lands in O k la h o m a , K an sas, L o u isia n a , M o n t a n a , T e x a s an d
A rk a n sas. T h e p ip e lines c o m p ris e 150 m iles o f g a th e rin g lines a n d 52 m iles
o f m ain p ip e lines c o n n e ctin g th e p r o d u c tio n in O k la h o m a w ith th e c o m ­
p a n y ’s m od ern re fin e ry o f a b o u t 6 ,6 0 0 barrels d a ily c a p a c it y , 27 steel
stora g e tan k s; t o t a l sto ra g e c a p a c ity o v e r 2 ,0 0 0 ,0 0 0 barrels, a n d 634
m o d e rn steel ta n k cars, also 6 casin gh ead gasolin e p la n ts w h ic h e x tr a c t
gasolin e fr o m th e gas p r o d u c e d b y th e c o m p a n y ’s w e lls. T h e re fin e d
p r o d u c t s are m a rk e te d t h r o u g h t h e c o m p a n y ’s o w n org a n iz a tio n and
t h a t o f a llied con cern s t h r o u g h 240 d istrib u tin g sta tio n s lo c a te d in 230
co m m u n itie s , a ll lo ca te d in th e M id d le W e s t . T h e re fin e d p r o d u c t s h a ve
b een establish ed in th e territories se rve d u n d e r th e tra d e n a m e “ D e e p R o c k . ”
o f 7 % p er an n u m and w ill p a r ticip a te r a ta b ly w ith th e c o m m o n an d c o m ­
m o n “ A ” s t o c k u p t o 1 0 % p . a . In a d d itio n , w ill p a r ticip a te a t th e rate
of
o f 1 % fo r ea ch d o lla r p a id o n th e c o m m o n s t o c k in excess o f $10 p e r
sh a re d u rin g anjr o n e fis c a l y e a r . T h e c o m m o n “ A ” s t o c k d o e s n o t p a r t ic i­
p a t e in a n y d iv id e n d s o v e r $10 p e r a n n u m . C la ss “ A ” c o m m o n is c o n ­
v e r t ib le , share fo r sh a re , in t o c o m m o n s t o c k .
D I V I D E N D S . — A n in itia l d iv id e n d o f 1 % % w as p a id o n th e p r e f. s to c k
O c t . 25 1919; th en t o J u ly 1923 p a id 1% % q u a r .; O c t . 1923 d iv . w a s d e ­
fe rr e d .
B O N D S .— G u a ra n te e d , p . , i. & s. f . , b y S ta n d a rd G as & E le c . C o .
C a lla b le In w h o le o r In p a r t fo r th e s in k , fu n d o n 4 w e e k s ’ n o tice a t 103 an d
ln t . f o r th e fir s t f iv e y e a r s , 1 0 2 )4 a n d i n t . fo r th e fo llo w in g 2 )4 y e a rs , and
th e r e a fte r a t 102 a n d in t . C o n v e r tib le a t p ar in t o p a r ticip a tin g p r e f. 7 %
c u m . s t o c k a t 105. S in k in g fu n d p a y a b le sem i-a n n . t o th e tru stee e q u a l to
$ 1 6 6 ,6 7 7 p lu s th e fo llo w in g p e r c e n ta g e s o n $ 1 2 ,0 0 0 ,0 0 0 b o n d s , a n d th ese will
r e tire n o t less th an $ 1 1 ,2 8 0 ,0 0 0 b e fo r e m a tu r ity : D e c . 1 1921 t o Ju n e 1 1923,
4 ) 4 % s .- a .; D e c . 1 1923 t o Ju n e 1 1 92 5, 5 % s .-a .; D e c . 1 1925 t o Ju n e 1 1927,
5 ) 4 % s .- a ., D e c . 1 1927 t o D e c . 1 1 92 8, 6 % s .-a . A ll b o n d s p u rch a se d or
r e d e e m e d w ill b e c a n c e le d .
A u th o riz e d , $ 1 5 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $ 9 ,1 3 0 ,7 0 0 ; re tire d b y sin k in g fu n d , $ 5 ,8 6 9 ,3 0 0 .
R E P O R T . — F o r 1922, in V . 116, p . 2 2 6 7 . s h o w e d :
Cal. Yrs .—
1922.
1921.
I Cal. Yrs.—
192 2.
192 1.
G ross e a r n s . . $8,1 6 3 ,4 6 3
$ 8 ,0 4 0 ,7 5 1 ]In te r e s t_____ $ 9 2 0 ,5 6 9
$ 8 5 0 ,6 1 6
E x p . & t a x e s . 6 ,1 5 8 ,4 1 6
6 ,0 1 0 ,8 2 8 P f . d iv s . ( 7 % )
4 2 0 ,0 0 0
4 2 0 ,0 0 0
1S u r p lu s .............
664 ,4 7 8
7 5 9 ,3 0 5
O F F I C E R S .— P r e s ., H . C . C u m m in s; V .-P r e s ., W . H . C a n n a d y ; S e c .,
W . R . F r a n cis c o .— (V . 118 , p . 1 7 8 5 .)
S H A R O N S T E E L H O O P C O .— (V . 118 , p . 167 6 .)
S H A T T U C K A R I Z O N A C O P P E R C O .— O R G A N I Z A T I O N .— I n c o r ­
p o r a t e d M a r c h 22 1904 in M in n e s o ta . P ro p e rtie s (o w n e d In fe e ) c o m p ris e
109 acres In C o c h is e C o u n t y . A r iz . F lo ta tio n lice n s e , V . 105 , p . 1215.




B a la n ce

*$2 ,2 6 4

*$ 2 8 ,9 2 5

*$ 3 3 ,8 6 2

*$2 3 9 ,1 1 5

* D e fic it .
1923°ie' — ^>rof^u c t ^ n w a s s u s p e n d e d e a r ly in N o v . 1920 a n d r e s u m ed A p r il 1
o

B a la n ce , s u rp lu s______
$ 5 8 1 ,5 6 0
$39 7 ,2 8 3
P r e v io u s s u rp lu s _______ (a d j.) 159 ,253 (a d j) 145 ,594
D e p r e c ia tio n reserve
R e s e r v e a n d sin k in g fu n d1
R e s e r v e fo r t a x e s . .
O th e r re s e r v e s _____

$ 7 4 0 ,8 1 3
$35 0 ,0 0 0
5 0 ,0 0 0
See x
2 5 ,0 0 0

$ 5 4 2 ,8 7 7
$ 2 0 0 ,0 0 0
5 0 ,0 0 0
See x
2 5 ,0 0 0

$ 3 9 0 ,8 1 3
3 9 ,5 9 3

$40 9 ,0 4 3
3 0 ,5 5 0

$ 4 3 0 ,4 0 6
$ 2 0 0 ,0 0 0
5 0 ,0 0 0
See x
2 5 ,0 0 0

$4 3 9 ,5 9 3
$ 2 0 0 ,0 0 0
50,0 0 0
125 ,000
2 5 ,0 0 0

T o t a l su rp lu s D e c . 3 1 . x$ 3 1 5 ,8 1 3
x $ 2 6 7 ,8 7 7
x$ 1 5 5 ,4 0 6
$ 3 9 ,5 9 3
x S u rplu s; s u b je c t t o d e d u c t io n f o r in c o m e ta x .
P r e s ., J . E . A ld r e d ; V . - P s ., H o w a r d M u r r a y a n d Ju lia n C . S m ith ;
T r e a s ., W . S . H a r t; S e c ., J a m e s W ils o n . O ffic e , P o w e r B u ild in g , M o n t r e a l.
— ( V . 118 , p . 9 1 7 .)
S H E L L T R A N S P O R T & T R A D I N G C O .— O R G A N I Z A T I O N .— i n ­
c o r p o r a te d in L o n d o n in 1897 as su cce sso r o f M . Sam uel A C o . in L o n d o n
a n d s o m e o th e r im p o rta n t o il h o u se s; w h olesalers, d is trib u to r s a n d tra n s­
po rte rs o f p e tr o le u m p r o d u c t s , o w n in g a large n u m b e r o f ta n k s tea m ers a n d
40 la rg e a n d m o re th a n 300 sm all t a n k in s ta lla tio n s , in c lu d in g c a n fa c to r ie s ,
A c ., in all p a rts o f th e w o r ld , w ith a to t a l c a p a c it y o f a b o u t 4 0 0 ,0 0 0 t o n s .
A lso p r o d u c e d o il its e lf in B o r n e o , th r o u g h th e N e d e r la n d s c h -In d is c h e I n ­
d u strie en H a n d e l M a a t s c h a p p ij, o w n in g th e w h o le share c a p it a l, o r ig in a lly
FI. 2 ,0 0 0 ,0 0 0 , sin ce in cre a se d t o F I. 2 0 ,0 0 0 ,0 0 0 .
Amalgamation with Royal Dutch Co., <Jfee.— I n 1902, in c o n ju n c t io n w ith
the R o y a l D u t c h C o . (see s ta te m e n t a b o v e ) a n d th e d e R o t h s c h ild (P a ris)
g r o u p , o rg a n iz e d th e A s ia tic P e tr o le u m C o . as a d is trib u tin g c o n c e r n .
E a rly in 1907 th e c o m p a n y a m a lg a m a te d its in te re sts w ith th o s e o f th e
“ R o y a l D u t c h .”
T h e c o m b in e d assets o f b o t h w ere tu r n e d o v e r t o t w o
new c o m p a n ie s , th e “ B a ta a fs c h e P e tr o le u m C o . ” a n d th e “ A n g lo -S a x o n
P e tr o le u m C o . ”
T h e “ B a ta a fs c h e ” d oes th e p r o d u c in g , th e “ A n g lo -S a x o n ”
th e tr a n s p o r ta tio n a n d t h e d is trib u tio n b u sin ess. T h e “ S h ell” h o ld s 4 0 %
o f th e se t w o c o n c e r n s , th e “ R o y a l D u t c h ” 6 0 % . V . 109 , p . 3 7 7 : V . 107
p . 1381; V 108 , p . p . 2 6 3 6 ; V . 10 3 , p . 2 2 4 3 .)
C A P I T A L . — T h e p r e f. shares h a v e n o v o t in g p o w e r u n less th e ir d i v . la
a ffe c t e d o r in arrears. I n J u ly 1919 2 7 7 ,0 0 0 o f a t o t a l o f 3 7 5 ,0 0 0 “ A m e r ic a n

326
IN D U STRIAL AND PUBLIC U T ILIT Y
[V
ol.

118.




M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

P r e f (a & d )s t o c k Ser A 6 % c u m ca ll 110 a u th $ 2 0 ,0 0 0 ,0 0 0

10,000,000 shs. See t e x t

$100 $20,000,000

Simms Petroleum Co— S to c k $ 1 0 ,0 0 0 ,0 0 0 a u t h o r i z e d --------S im m s O il C o . e q u ip , t r . c t fs . d u e $ 3 5 ,0 0 0 F e b ; $ 4 0 ,0 0 0
A u g g u a r p rin a n d in t ca lla b le 1 0 2 _______________E q .x x x c
Simmons Co— C o m m o n s t o c k 1 ,0 0 0 ,0 0 0 shares a u t h o r i z e d ..
P r e f (a S d ) s to c k 7 % c u m re d 110 $ 2 0 ,0 0 0 ,0 0 0 a u t h _______
c
Sinclair Consolidated Oil— S to c k 5 ,5 0 0 ,0 0 0 sh a re s------------S in k in g fu n d p ref s t o c k 8 % c u m r e d 110 $ 1 0 0 ,0 0 0 ,0 0 0 a u th
F ir s t lien c o ll g b d s S e r A r e d (te st) $ 1 0 0 ,0 0 0 ,0 0 0 a u __k x x x c *
do
do
Series B r e d e e m a b le ( t e x t ) ________ k x x x c
E q u ip m e n t tr u s ts, & c .— see t e x t .

Amount
Outstanding

N one

Shell Union Oil Corp— C o m s t o c k a u th 1 0 ,0 0 0 ,0 0 0 s h a r e s ..

Par
Value

10

1923

1,000
N one

100

N one

100
1922
1923

100 & c
100 & c

sh ares” w ere o ffe r e d b y K u h n , L o e b & C o . at $69 a sh are, e a ch “ A m e rica n
s h a r e ” b e in g eq u a l t o t w o “ E n glish sh ares” o f £1 p a r v a lu e ( V . 109 , p . 3 7 7 ).
T h e c o m p a n y in J u ly 1920 issu ed n e w o r d in a r y shares a t p ar t o th e share­
h o ld e rs in the p r o p o r t io n o f o n e n e w sh are fo r e v e r y t w o h e ld . V . 110 , p .
2663; V . I l l , p . 7 9 .
O R D IN A R Y
1909. 1910. 1911. 1912. 1913 to 1921. 1922. 1 92 3.
D IV ID E N D S 2214% 224*% 20%
30%
3 5 % y ’r ly .
27% 224*%
O n “ A m erica n s h a re s" p a id 7 4 c , p er share in F e b , 1920; $ 1 ,9 6 5 per
sh are in A u g . 1920, 7 2 .2 ce n ts p e r share in J a n . 192 1, $ 1 .8 5 % P er share
in J u ly 192 1, 83 4*c. p e r share in Tan. 1922, $1 5 5 o e r share in J u ly
192 2, 9 2 4 * c. p e r share in J a n . 1923, $1 13 4* in J u ly 1923, an d 85 4*c. p er
sh are in J a n . 1924.
T h e c o m p a n y p a y s its d iv id e n d s fre e o f th e B ritis h in c o m e ta x , a p re ­
lim in a ry d iv id e n d e v e r y y e a r in J a n u a ry , an d its fin a l d iv id e n d — d e p e n d e n t
u p o n e«rn in gs— in J u ly th e re a fte r.

6 ,6 4 0 ,4 2 0

Rate
%

6

When
Payable

221

Last Dividend Places Where Interest and
Dividends are Payable
and Maturity

Q— M 3 1 M a r 31 ’ 2 4 ,2 5 c .
Q— F

F & A
5 6 5 ,0 0 0
7 g
8 7 6 ,5 4 0 shs. See t e x t
Q— J
Q— F
6 .4 6 9 ,1 0 0
7
4 .4 9 1 .892sh $2 in ’ 23
Q— F
1 9 ,2 7 8 ,6 0 0
Q— F
8
M A S
4 8 ,9 9 3 ,0 0 0
7 g
2 5 ,0 0 0 ,0 0 0
64* g J & D

M a y 1 5 ’ 2 4 , 14*
A u g ’ 2 4 - A u g ’ 31
A p r 1 ’ 24 2 5 c .
M a y l 1924 1 8
4
M a y 3 1 1924 50c
M a y 15 ’ 24 2 %
VI ar 151937
Ju n e 1 1938

tio n s less m iscella n eou s in c o m e , $80 7 ,6 1 2 ; re se rv e d fo r F e d era l in c o m e
ta x , $34 1 ,0 0 0 : n e t p r o fit , $ 2 ,4 1 3 ,4 0 3 .
O F F I C E R S .— P r e s ., Z . G . S im m on s; S en ior V ic e -P r e s ., A . H . L a n c e ;
S ec. & A s s t. T r e a s ., O . B . d ’A o u s t; T r e a s ., G ra n t G . S im m o n s . O ffic e ,
110 E a s t 4 2 d S t., N . Y . — (V . 117, p . 2 8 9 9 .)
S IM M S P E T R O L E U M C O .— O R G A N I Z A T I O N .— I n c o r p . Ju n e 27 1919
u n d e r la w s o f D e la w a r e as a h o ld in g c o m p a n y . O w n s a ll o f th e o u t s t a n d ­
in g s t o c k o f th e S im m s O il C o . a n d th e R o w e O il C o r p . T h e c o m p a n y
a n d its su b sid ia rie s o w n s o il an d gas leases in A rk a n sa s, L o u is ia n a , T e x a s ,
O k la h o m a an d K a n s a s , 234 p r o d u c in g o il an d gas w e lls, 651* m iles o f p ip e
lin e in n o rth e rn L o u is ia n a , a t M e x ia , T e x a s , a n d a t S m a c k o v e r , A r k .,
1 ,6 0 5 ,0 0 0 b b ls . o f ste e l s to r a g e c a p a c it y , a f le e t o f ta n k ca rs, w areh ou ses,
& c.
C A P I T A L S T O C K .— O f th e 1 ,0 0 0 ,0 0 0 shares a u th o r iz e d , 7 1 8 ,1 8 0 shares
h a v e b e e n issu e d , o f w h ic h 6 6 4 ,0 4 2 shares are o u ts ta n d in g in h a n d s o f
Valuable Subscription Rights— Amount and Price of New Stock Offered Holders
p u b lic a n d 5 4 ,1 3 8 shares h a v e b e e n a c q u ir e d a n d are h e ld in th e tr e a s u r y o f
190 7.
190 9.
1912.
1913.
1 91 7.
191 9.
1920.
the c o m p a n y .
N o . s h a r e s . . 3 0 0 ,0 0 0 2 0 0 ,0 0 0 5 0 8 ,7 7 3 3 6 7 ,9 6 4 9 1 5 ,7 1 7 4 ,0 5 4 ,4 9 0 6 .4 0 8 .9 2 6
R E P O R T . — F o r 1923 sh o w e d :
P r i c e ........... . . £ 1 4 *
£24*
£34*
£34*
£1
£1
£1
Calendar Years—
1923.
1922.
1921.
I n 1918 th e c o m p a n y d is trib u te d a s to c k b o n u s o f 6 0 % b y is su in g to
P r o d u c t io n ( b b l s .) ______________________ 3 ,9 5 9 ,0 5 7
2 ,6 7 8 ,1 1 4
1 ,1 6 7 ,2 2 5
sh areholders 3 ,0 1 4 ,9 2 1 shares g r a tu ito u s ly , a p p ly in g in p a y m e n t t h e r e o f
P r o d u c t io n r e v e n u e ____________________ $ 4 ,0 5 0 ,3 4 2
$ 3 ,8 5 0 ,2 6 3 $ 1 ,8 5 5 ,6 4 6
£3,014,921 o f th e c o m p a n y ’s s u ro lu s o f £ 4 ,0 0 0 ,0 0 0 . H o ld ers o f shares o f
O p e r a tin g e x p e n s e s ______________________$ 1 ,6 2 0 ,5 3 9 $ 1 ,1 9 2 ,3 0 2
$88 3,81 1
th e Shell C o m p a n y o f r e c o r d o n J u n e 17 1919 w ere o ffe r e d th e rig h t t o s u b ­
D e v e lo p m e n t e x p e n s e __________________
7 84 ,754
1 ,1 9 4 ,7 1 0
5 0 0 ,7 6 5
scrib e a t p a r (£ 1 ) fo r o n e n ew sh are fo r e v e r y t w o h e ld . In J u ly 1920
N e t p r o f it fr o m o p e r a t io n s _________ $ 1 ,6 4 5 ,0 4 9
$ 1 ,4 6 3 ,2 5 1
$ 4 7 1,07 1
issued n ew o r d in a r y shares a t p a r (£ 1 ) t o s to c k h o ld e r s in r a tio o f o n e new
T a n k ca r e arn in gs, in te re s t, & c _______
276 ,0 5 7
2 8 6 ,7 2 9
2 8 8 .0 3 8
sh are fo r e v e r y t w o h e ld .
G ro ss in c o m e ________________________ $ 1 ,9 2 1 ,1 0 6 "
$ 1 ,7 4 9 ,9 8 0 '
$ 7 5 9 ,1 0 8
R E P O R T . — F o r 1 92 2, in V . 116, p . 299 0, s h o w e d :
R e n ta ls , ta xes, in te re st, & c ___________
$20 8,13 1
$17 7 ,0 9 3
$ 2 4 9 ,8 1 4
Calendar Years—
192 2.
1921.
192 0.
191 9.
2 5 2 ,3 4 7
M is ce lla n e o u s a d ju s t m e n t s ___________
189 .165
5 9 4 ,8 3 7
P r o fit s ______________
£ 4 ,9 3 8 ,0 8 4
£ 5 ,6 2 6 ,6 7 2
£ 7 .6 6 8 ,6 4 2 £ 4 ,7 6 2 ,7 2 4
D e p r e c ia t io n ____________________________
6 7 0 ,7 6 8
5 4 1 ,9 7 2
4 0 3 ,8 8 0
E x p en s es , A e . . . ................
3 0 4 ,9 2 4
139,251
4 1 ,2 2 2
4 9 ,3 5 4
D e p le t i o n _______________________________
4 4 8 ,4 5 2
651 ,8 7 4
1,8 1 1 ,3 7 1
P re fe rre d d iv id e n d ______
3 1 6 ,5 4 2
100 ,0 0 0
1 0 0 ,0 0 0
1 0 0 ,0 0 0
5 .3 2 5 ,4 1 4
6 ,7 6 2 ,4 5 3
4 .5 0 7 ,6 2 5
O rd in a ry d iv id e n d ______ 4 ,3 5 7 ,1 5 7
Surplus fo r y e a r ____________________ I
$34 1 ,4 0 8
$ 1 9 9 ,8 7 6 d f$ 2 ,3 00,794
do
R a t e _________
224*%
2 7 4 * % ________ 3 5 % _______ 3 5 %
P r o f it a n d loss c h a r g e s ________________
_______
.............
6 ,6 8 8 ,2 9 2
B a l., su rp lu s f o r y e a r . .d e f £ 4 0 , 539
£ 6 2 ,0 0 7
£76 4 ,9 6 7
£ 1 0 5,74 5
F in a l s u rp lu s ________________________
$ 5 4 1,28 5
$ 1 9 9 ,8 7 6 d f$ 8 ,9 8 9 ,0 8 6
P . & L . b a la n c e fo r w a r d - 2 ,0 2 9 ,0 5 7
2 .0 6 9 ,5 9 6
2 ,0 0 7 ,5 8 9
1 ,2 4 2 ,6 2 2
R e p o r t fo r 3 m o n th s e n d e d M a r c h 31 192 4, in V . 118 , p . 2 05 2.
C h a ir m a n , H o n . W a lte r H . S am u el. M .C .; S e c ., E . A . S m lth -R e w s e
O F F I C E R S .— C h a ir m a n , T h o m a s W . S tre e te r; P r e s ., E d w a r d T . M o o r e
O ffic e , 14 S t . H e le n ’ s P la c e , L o n d o n , E . C . 3 , E n g .— ( V . 11 8 , p . 2 1 2 .)
S e c ., J o h n J . H e ffe r n a n . O ffic e , 120 B r o a d w a y , N . Y . — ( V . 118 , p . 2 4 4 9 .)
S H E L L U N I O N O I L C O R P .— I n c o r p o r a t e d F e b . 8 1922 in D e la w a re
SINCLAIR CONSOLIDATED OIL CORPORATION.— O R G A N I ­
as a c o n s o lid a tio n o f s u b s ta n tia lly th e en tire R o y a l D u t c h -S h e ll a n d U n io n
Z A T I O N .— I n c o r p . In N e w Y o r k S e p t. 23 1919 as a h o ld in g c o m p a n y .
O il C o . o f D e la w a r e in te re s ts in t h e M id -C o n t in e n t a n d C a lifo rn ia f ie ld s .
C o n s o lid a tio n o f S in cla ir O il & R e fin in g C o r p ., S in cla ir G u lf C o r p . (see
T h e c o r p o r a t io n r e c e iv e d a ll th e o u ts ta n d in g s t o c k o f th e S h ell C o . o f
sta te m e n ts in A p r il 1919 issu e) a n d S in clair C o n s o lid a t e d O il C o r p ., u n d er
C a lifo rn ia , R o x a n a P e tr o le u m C o r p ., O za rk P ip e L in e C o r p . a n d M a t a d o r
a c o n s o lid a tio n a g re e m e n t ra tifie d b y th e s to c k h o ld e r s o f ea ch c o m p a n y o n
P e tr o le u m C o .; also 1 3 0 ,8 6 9 shares o f s t o c k o f U n io n O il C o . o f C a lifo rn ia .
S e p t. 22 1919 ( V . 109. p . 1 2 7 9 ).
T h e S h ell C o . o f C a lifo rn ia r e c e iv e d (1) a ll o f t h e p r o p e r t y a n d assets o f th e
P R O P E R T I E S .— T h e p r o p e r tie s , in c lu d in g su bsid iaries a n d a ffilia te d
C o lu m b ia O il P r o d u c in g C o . , W e ste rn U n io n O il C o . , U n ite d W e s te rn C o n ­
co m p a n ie s , e m b ra ce fa cilitie s fo r a ll b ra n ch e s o f th e p e tr o le u m business
s o lid a te d O il C o . a n d D u n lo p O il C o .; (2 ) a ll o f t h e o il a n d g a s p r o p e r tie s ,
fr o m th e p r o d u c tio n a n d tr a n s p o r ta tio n o f c r u d e o il t o th e r e fin in g a n d m a r­
s to c k s o f o il, & c ., s itu a te d in C a lifo r n ia , o f th e E d d y s t o n e O il C o r p ., C o m ­
k e tin g o f th e r e fin e d p r o d u c t s . A b r ie f su m m a r y fo llo w s :
m o n w e a lth P e tr o le u m C o r p . a n d N a t io n a l E x p lo r a t io n C o . T h e R o x a n a
P e tr o le u m C o r p . r e c e iv e d a ll o f th e p r o p e r t y a n d assets o u ts id e o f C a lifo rn ia
Subsidiaries.— (1) O w n ersh ip o f o r su b s ta n tia l in te re s t in o il a n d g a s
a n d K e n t u c k y o f t h e N a t io n a l E x p lo r a tio n C o . , a ll o f t h e o il a n d gas
leases c o v e r in g s o m e 2 0 0 .0 0 0 acre s in th e p r in c ip a l o il fie ld s in K a n sa s,
p r o p e r tie s , & c ., s itu a te d in O k la h o m a a n d K a n s a s o f th e E d d y s t o n e Oil
O k la h o m a , T e x a s a n d W y o m in g , a n d im p o rta n t o il a n d g a s leases an d
C o r p ., a n d a ll o f th e o il p r o p e r tie s a n d fa c ilitie s in T e x a s o f th e C o m m o n ­
co n ce s s io n s in M e x ic o , C o s ta R ic a a n d P a n a m a .
w e a lth P e tr o le u m C o r p .
(2) R e fin e r ie s lo c a te d a t E a s t C h ic a g o , I n d .; K a n sa s C it y , K a n .; C o f f e y In M a y 1924 it w as r e p o r te d th a t n e g o tia tio n s h a d b e e n c o m p le te d fo r
v ille , K a n .; M u s k o g e e , O k la .; C u sh in g , O k la .; H o u s t o n , T e x a s , a n d a t
th e sale t o D illo n , R e a d & C o . o f c e r ta in o f th e c o m p a n y ’s shares in th e
W e lls v ille , N . Y . , c a sin g h e a d ga so lin e p la n ts w ith an a g g r e g a te c a p a c it y
U n io n O il C o . o f C a lifo r n ia . C o m p a r e V . 118, p . 2 5 8 3 .
o f m o r e th an 5 0 ,0 0 0 g a llo n s p e r d a y .
(3) D is tr ib u tin g fa c ilitie s in c lu d e 5 ,2 6 7 ta n k cars a n d a fle e t o f vessels
S T O C K .— A n an n u a l c a s h s in k in g fu n d fo r t h e b e n e fit o f p r e fe rr e d s to c k
a g g re g a tin g 1 60 ,000 to n s d . w . c a p a c it y (in c lu d in g 17,3 0 0 to n s u n d er ch a r­
(S eries A ) , fir s t p a y m e n t M a y 1 1 92 4, e q u a l t o 1 0 % » f n e t in c o m e a fte r
ter) , an ex te n siv e s y s te m o f m a rk e tin g sta tio n s in th e M id d le W e s t , s ea b oa rd
p a y m e n t o f p referre d d iv id e n d s (b u t n o t in a n y y e a r m o r e th a n $ 8 0 0 ,0 0 0 )
term in al facilities o n th e A t la n t ic a n d G u lf C o a s ts , a n d in C u b a , a n d es ta b ­
is t o b e a p p lie d t o p u r c h a s e o r c a ll a n d r e tir e m e n t o f p r e fe rr e d s t o c k (Series
lished sellin g a gen cies in E u ro p e .
A ) , s t o c k so re tir e d t o b e c a n c e le d .
Affiliated Companies.— C o r p o r a tio n a n d th e S ta n d a rd O il C o . o f In d ia n a
T h e c o m m o n s to c k h o ld e r s o f r e c o r d O c t . 22 1923 w e re g iv e n th e r ig n t t o
e a ch ow n s a o n e -h a lf in te re st in th e S in clair P ip e L in e C o . T h e la tte r
s u b s crib e t o 2 ,0 0 0 ,0 0 0 shares o f c o m m o n s to c k (w ith o u t p a r v a lu e ) a t $10 a
o w n s a n d o p e r a te s p ip e lin e s , in c lu d in g tr u n k lin es e x te n d in g fr o m th e n ew
share in cash a t th e r a te o f 4* o f 1 share o f n e w s t o c k fo r e a c h sh are o f
M e x ia fie ld , in T e x a s , t h r o u g h th e S ta te s o f T e x a s , O k la h o m a , K a n s a s ,
c o m m o n s to c k h e ld . V . 117 , p . 167 2.
M is s o u r i a n d Illin o is t o E a s t C h ic a g o , I n d . C o m p a n y ’ s g a th e rin g lin es
D I V I D E N D S . — O n c o m m o n , p a id in itia l d iv id e n d o f 25 ce n ts p e r share
e x te n d t o a ll th e p r in c ip a l fie ld s t h r o u g h o u t n o r th e r n a n d c e n tr a l T e x a s ,
o n S ep t. 30 1922; sam e a m o u n t p a id q u a r. t o M a r . 31 1924.
O k la h o m a a n d K a n s a s .
R E P O R T .— F o r 192 3, in V . 118, p . 2 43 4, sh o w e d :
C o r p o r a t io n a n d th e S ta n d a r d O il C o . o f I n d ia n a e a c h o w n s a o n e -h a lf
[In clu d in g in c o m e o f W o lv e r in e P e tr o le u m C o r p ., su ccessor t o C en tral
In terest in th e S in cla ir C r u d e O il P u rc h a sin g C o . , e n g a g e d e x c lu s iv e ly in
P e tr o le u m C o . fr o m M a y 1 192 3.]
th e D urch asin g a n d sale o f c r u d e o il.
Calendar Years—
192 3.
1 92 2.
T h e c o r p o r a tio n o w n s s lig h t ly m o r e th a n 2 5 % o f th e s t o c k o f th e M a m ­
G ross in c o m e ________________________________________ x $ 3 8 ,9 0 9 ,8 3 3 $ 1 9 ,3 2 4 ,8 0 8
m o t h O il C o . V . 118, p . 1147.
In v e s tm e n t in c o m e __________________________________
2 ,1 2 0 ,8 2 4
S to ck h o ld e rs a p p r o v e lease o f T e a p o t D o m e . C o m p a r e V . 118, p . 2 58 3.
M is c e lla n e o u s in c o m e ______________________________
6 7 8 ,9 51
S T O C K .— T h e sto c k h o ld e r s o n M a y 19 1920 a p p r o v e d : (a) t h e a c tio n
T o t a l in c o m e ________________________________________ $ 3 8 ,9 0 9 ,8 3 3 $ 2 2 ,1 2 4 ,5 8 3
o f t h e d ire cto rs in a u th o riz in g fo u r q u a rte r ly s t o c k d iv id e n d s o f 2 % ; ( b) t h e
D e p le t io n , d e p r e c ia tio n , & c __________________________ $ 2 0 ,6 2 6 ,7 5 0 $ 1 2 ,1 4 1 ,2 3 2
cre a tio n o f 1 ,0 0 0 ,0 0 0 shares o f 8 % c u m u l. sin k , f u n d p r e f. s t o c k (par $ 1 0 0 ),
P r o v is io n fo r co n tin g e n c ie s ----------------------------------------1 ,2 0 0 ,0 0 0
--------------re d e e m a b le a t 110 a n d d iv s .; (c) th e issu an ce o f $ 7 5 ,0 0 0 ,0 0 0 ( o f w h ich
P r o v is io n fo r in c o m e t a x _____________________________
__________
387 ,0 0 0
$ 5 0 ,0 0 0 ,0 0 0 w ere issu ed) 74* % c o n v e r t ib le n o te s , & c ., a ll a s p e r s ta te m e n t in
P r o p o r t io n a p p lic . t o m in o rity s t ’k h o ld e rs in s u b . c o s .
2 2 3 ,9 2 6
--------------V . 110 , p . 1857. T h e s t o c k d iv s . w e re p a y a b le J u ly 15 a n d O c t . 15 1920
a n d J a n . 15 a n d A p r . 15 192 1. O n A u g . 15 1922 p a id a ca sh d iv . o f 50 c e n ts
N e t in c o m e __________________________________________$ 1 6 ,8 5 9 ,1 5 6 $9,5 9 6 ,3 5 1
a share o n th e c o m m o n s t o c k ; sam e a m o u n t p a id q u a r. t o M a y 31 1924.
P r e v io u s s u rp lu s _______________________________________
4 ,8 4 6 ,3 5 1
-------A n in itia l d iv id e n d o n th e n e w p r e f . s t o c k o f $2 a share w as p a id t o h o ld e r s
T o t a l s u r p l u s _______________________________________ $ 2 1 ,7 0 5 ,5 0 7 $ 9,596,351
o f r e c o r d A u g . 15 1920; sin ce t o M a y 1924, 2 % q u a r.
P referred d iv id e n d s ( 6 % ) ______________________________ $ 1 ,2 0 0 ,0 0 0
$75 0 ,0 0 0
B O N D S .— T h e fir s t lie n c o ll . 1 5 -ye a r 7 % g o ld b o n d s . Series A , a re r e ­
C o m m o n d iv id e n d s ________________________________ ($ 1 )8 ,5 0 0 ,0 0 0 (5 0 )4 0 0 0 ,0 0 0
d e e m a b le as a w h o le o r in p a r t a t 1074* a n d in t. o n o r b e fo r e M a r . 15 1927;
B a la n ce, s u rp lu s____________________________________ $ 1 2 ,0 0 5 ,5 0 7 $4,8 4 6 ,3 5 1
th e re a fte r a t 105 a n d in t. o n o r b e fo r e M a r . 15 1932: th e r e a fte r a t 1024*
x I n c lu d in g a h a lf in terest in th e in c o m e o f C o m a r O il C o .
an d in t ., less 4 * % fo r e a c h 12 m o n th s ela p se d a fte r M a r c h 15 1 93 2. T h e
E a rn in g s fo r q u a r. e n d e d M a r c h 31 1924 in V . 118, p . 244 9.
Series B b o n d s are r e d e e m a b le as a w h o le a t a n y tim e o r in p a r t f r o m t im e
t o tim e o n 60 d a y s ’ n o t ic e a t 1074* a n d in t . o n o r b e fo r e M a r c h 14 1927;
O F F I C E R S .— P r e s ., Sir H e n ri W . A . D e te r d in g ; V . - P . , J . C . V a n E c k ;
th e re a fte r a t 105 a n d in t . o n o r b e fo re M a r c h 14 1932; th e r e a fte r a t 1024*
S ec. & T r e a s ., Jam es H . B r o o k m ir e . O ffic e , 65 B r o a d w a y , N e w Y o r k .
a n d in t . less 4* % fo r e a c h 12 m o n th s e lap sed a fte r M a r c h 14 193 2, u p t o a n d
— (V . 118, p . 2 5 8 3 .)
in c lu d in g M a r c h 14 1937; a n d th e re a fte r a t 100 a n d in t .
SHERWIN-WILLIAMS C O . (THE).— ( V . 118, p . 192 4.)
T h e se b o n d s are t o b e s e cu re d b y d e p o s it w ith t h e t r u s te e o f (a ) $ 9 0 ,0 0 0 ,SIMMONS COMPANY.— O R G A N I Z A T I O N .— I n c o r p . u n d e r la w s o f 000 o f su b s id ia r y c o m p a n ie s ’ 1st M . 7 % g o ld b o n d s , d u e M a r . 15 1937, c o m ­
D e la w a r e o n D e c . 14 1915 a n d a c q u ir e d th e p r o p e r t y , b u sin e ss a n d assets
p ris in g S in clair O il & G a s C o . ($ 4 5 ,0 0 0 ,0 0 0 ), S in clair R e fin in g C o . ($ 3 5 ,o f T h e S im m on s M f g . C o . M a n u fa c tu r e s m e ta l b e d s , b e d sp rin g s, co u c h e s ,
0 0 0 ,0 0 0 ) a n d m isce lla n e o u s ($ 1 0 ,0 0 0 ,0 0 0 ), in c lu d in g S in cla ir N a v ig a t io n
c o t s , m e ta l fu r n itu r e , m a ttre sse s a n d k in d re d a r tic le s . W o r k s a re lo ca te d
C o . a n d U n io n P e tr o le u m C o .; (b) s u b s ta n tia lly a ll th e c a p it a l s t o c k s o w n e d
e x c e p t th e s t o c k o f th e M e x ic a n S e a b o a rd O il C o . T h e s t o c k t o b e p le d g e d
a t K e n o s h a , W is ., San F r a n c is c o , C a lif .; E liz a b e t h , N . J .; A t la n t a , G a .; an d
Inclu des 5 0 % o f t h e t o t a l o u ts ta n d in g s t o c k o f th e S in cla ir P ip e L in e C e .
R ic h m o n d , V a . A ls o o p e r a te s f iv e w o rk s in C a n a d a t h r o u g h its s u b s id ia r y ,
a n d 5 0 % o f th e t o t a l o u ts ta n d in g s t o c k o f th e S in cla ir C r u d e O il P u rch a s­
S im m o n s , L im it e d .
in g C o .
D I V I D E N D S . — O n c o m m o n s t o c k o f n o p a r v a lu e p a id 30 c e n ts p e r shar#
A s e m i-a n n u a l s in k in g f u n d co m m e n cin g D e c . 15 1922 w ill p u rch a s e at
q u a r . t o N o v . 192 2; p a id 1 0 0 % in s to c k t o s to c k h o ld e r s o f r e c o r d N o v . 3
p a r a n d In t. t h e fo llo w in g p e rce n ta g e s o f th e m a x im u m a m o u n t o f t h e Series
1 9 2 2 ; D e c . 2 0 1922 p a id a n e x tra ca sh d iv id e n d o f 2 5 c e n ts p e r sh are; J a n . 2
t‘A ” b o n d s a t a n y tim e th e r e to fo r e isu sed a n d o u ts ta n d in g 2 % p . a . fro m
1923 t o A p r . 1 1924 p a id 25 ce n ts q u a r.; also p a id 4 % in c o m . s t o c k o n
D e c . 15 1922 t o J u n e 15 1926 in c l.; 3 % p . a . fr o m D e c . 15 1926 t o D e c . 15
J a n . 2 1924.
R E P O R T .— F o r y e a r e n d e d N o v . 30 1923 sh o w e d : N e t sales, $ 3 4 ,5 5 7 .1929 in c l.; 4 % p . a . fr o m Ju n e 15 1930 t o Ju n e 15 1933 i n c l.; 5 % p . a . fr o m
D e c . 15 1933 t o D e c . 15 1936 in c l.
2 5 9 ; m fg ., sellin g an d a d m in is tr a tiv e expenses, $ 3 0 ,9 9 5 ,2 4 4 ; o th e r d e d u c ­




228

INDUSTKIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, A c,, see notes on first pane]

Singer (Sewing M achine) Mfg— Stock $120,000,000 auth.
Skelly Oil Co— Stock $35,000,000 authorized_____________
1st & coll s f gold bonds red 105________________ Upi.x*
Sloss-Shef field Steel & Iron— Common stock: $10,000,OUU—
Preferred (a & d) 7% non-cum S10.000.000______ ______
Sink fd gold notes $6,000,000 call 105 ■ {-C e .m r .c '& r *
Sheffield Iron Corp 1st s f g bonds (assumed)___________
Solar Refining Go—Stock________________________________
South Penn Oil Co— Stock $20.000,000.....................................
South Porto Rico Sugar Co—Common stock $12,500,000—
Preferred stock (a & d) 8% cum $5.000,000_____________
1st coll mtge s f gold bonds red (text)_________ Ba.xxxc *

Date
Bonds

Par
Value

Amount
Outstanding

Rate
%

When
Payable

Last Dividend Places Where Interest and
Dividends are Pay able
and Maturity

$100 $90,000, 000 See text Q— M Mar 31 ’24
See text
25 20,579, 090
Dec 1 1931
1,000
2,687, 000
7)4 g
June 20 ’24 1)4
100 10, 000 ,,000 See text
100 6,700, ,000 See text
Q—J July 2 1924 1 %
1919
1.000 4.777, ,000
F * A Aug 1 1929
6g
Sept 1 1932
1917 500&1000
585 ,000 „ 6 g
& D June 20 '24 5%
100 4.000, ,000 See text
Sept 30 1922 1 )4
100 20.000 ,000 See text
100 11,205 ,600 See text See text Apr 1 1924 1)$
100 5.000, ,000
8
Q— J Apr 1 1924 2%
1921
500 Ac
6,000 ,000
7 g J & D Dec 1 1941
1921

In the event o f subsequent issues o f bonds the amount o f the sinking
fund payments is to be proportionately increased.
Corporation will covenant to pay on April 1 and Oct. 1 o f each year, com­
mencing April 1 1924, sums sufficient to purchase at par and interest the
following percentages o f the maximum amount o f 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% o f the Series “ B ” bonds. In the event o f subsequent issues of Series
“ B ” bonds, the amount o f the sinking fund payments is to be proportion­
ately increased.
Equip. Trusts. &c.— On Dec. 31 1923 there were outstanding $4,514,074
equip, trust notes and purchase money obligations.
Notes.— All of the outstanding 5-year secured 7)4 % convertible gold notes
dated M ay 15 1920 were called for payment N ov. 15 1922 at 103 and int.
V. 115, p. 1331.
R E PO RT.— F
-For 1923, in V. 118, p. 2037, showed;
Calendar Years—
1923.
1922.
1921.
1920.
Net earnings__________ $13,436,504 $30,943,794 $10,785,313 $35,580,415
5,633,756 a5,192,198
Deduct— Int. & discount. 3,435,880
4,435,809
Reserve for deprec., &c_ 11,289,673 11,746,242 12,038,335 11,829,637
4,812
21,232
Pref. div. (8% cash)____ 1,571,172
204,382
Com. div. in cash______ 8,970,999
4,329,094
--------758,661
Com. div. in stock_____
______
______
787,836
Surplus__________ def$'l 1,831,220 $10,171,752df$7,699,973 $17,795,107
a Includes Federal taxes.
OFFICERS.— Chairman, H. F. Sinclair; Pres., E. W . Sinclair; Sec.,
A . Steinmetz; Treas., J. F. Farrell. N . Y . office, 45 Nassau St.— (V. 118,
p . 2583.)
(THE) SINGER (SEWING MACHINE) MFG. CO.— ORGANIZA
T IO 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 stockholders voted Dec. 6 1922 to increase the authorized capital
stock from $90,000,000 to $120,000,000.
LATE D IV S .-/ *11. ’12. T3. *14. '15. '16. '17. T8. '19. ’20. ’21-23,
Since 1908 l
12 13 16 12
8
9
11
10 10 7
text
Note.— The Dec. 1920 payment was 30 (French) francs per share and in
March, Sept, and Dec. 1921 paid 20 francs per share. In June 1921 paid
$1 25 per share. In March. June and Sept. 1922 paid $1 25 per share.
Dec. 1922 to Mar. 1924 paid 1% % 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 Singer
M fg. C o., Ltd., o f Great Britain & Ireland (owning plant at Singer, Clyde­
bank, Scotland, ‘
"
'
~
.............
one ($100) share
paid stock dividends
____ ___
pref. stock ($1 par value) o f the International Securities Co. o f New Jersey,
a subsidiary, for each share o f Singer M fg. Co. o f N . J. Y . 112, p. 379.
1921, 50%; V. I l l , p. 1859.
R E PO RT.— For 1922, in V . 117, p. 1565, showed:
Calendar Years—
1922.
1921.
Net income_____________________________________ $21,568,981 $11,938,800
Dividends______________________________________
4,949.842 5,129,674

[V ol. 118.

New York
Union Trust Co, Pittsb
Central Unlon Tr G o. Is Y
do
do
New York
Bankers Trust Co, N Y
Checks mailed
Pittsburgh. Pa.
Checks mailed
do
Bankers Trust Co, N Y

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 (334%) was redeemed and there was paid in cash 134% and also an
extra 134 % as deferred dividend for 1915, April 1916 to Jan. 1922, inclusive,
paid full 134% quarterly; then none until April 1923, when 134% was
paid; July ’23 to July ’24 paid 134% quarterly. Common dividends Feb.
1917, 134%, then none until 1918, when quarterly distributions of 134%
each were resumed, beginning M ay 10; Aug. 10 and N ov. 11, 134%; in
1918, Feb. to N ov., 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 paid 134 % quar.
GOLD NOTES, &C.— The gold notes o f 1919 have an annual sinking
fund o f $300,000 beginning Aug. 1 1920. While they are outstanding the
property cannot be mortgaged. V. 109, p. 378.
Sheffield Iron Corp. 6% bonds due Sept. 1 1932 (assumed), $505,000
outstanding Dec. 31 1923.
R E PO RT.— For 1923, in V. 118, p. 1403 and 1676, showed:
Calendar Years—
1923.
1922.
1921.
1920.
$1,394,109 $1,150,289 $3,847,364
Operating profits______$3,773,876
Coke oven loss.
$455,057
Interest________________
$321,229
$316,575
$334,500
352,500
Depreciation & depletion
721,628
498,641
301,432
587,968
Federal & State taxes_
_
240,000
400,000
Inventory adjustment-_
1,627,774
Preferred dividends (7%)
469,000
469,000
469,000
Common dividends_____
.(134)150,000 (6)600,000
Balance, surplus_____$2,022,019
$578,893df$l,732,417
$824,779
Profit and loss surplus. _ $8,385,007 $6,962,988 $6,384,094 $7,933,047
Chairman, Waddill Catchings; Pres., J. W . McQueen; Sec. & Treas.,
Russell Hunt, Birmingham, Ala.— (V. 118, p. 1785.)
SOLAR REFINING CO.— ORGANIZATION. Ac.— Incorporated In Ohio
In 1886. Has refining plant at Lima. O. Formerly controlled by Standard
Oil Co. of N. J.. but segregated In 1911. See Standard Oil Co., V. 85. p.
316, 790; V. 93. p. 1390.
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 20 1913,
20% ; Dec. 20, 5% and 30% extra; from June 1914 to June 1917, 10%
(5% s.-a.); Dec. 1917, 5% and 25% extra; June 1918, 5% ; Dec. 1918 and
June 1919, 5% and 5% extra; Dec. 1919, 5% and 15% extra; June 1920,
5% and 5% extra; Dec. 1920, 5% and 35% extra: June 1921 to June 1922,
5% s.-a.; Dec. 1922, 5% and 5% extra; and 100% in stock; June 201923,
Dec. 20 1923 and June 20 1924 paid 5% on increased capitalization.
RE PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits_______
$496,482
$879,227 loss$103,648 $1,698,206
Cash dividends-----------400,000
300,000
200,000 1,000,000

Balance, surplus------$96,482
$579,227adef$303,648
$698,206
a “ The loss is practically due to readjustment of inventories and general
business depression.”
Pres., F. T . Cuthbert; V.-Pres., F. G. Borges; Sec. & Treas., N. D.
Keys. Office, Lima, Ohio.— (V. 118, p. 1280.)
SOLVAY & CO., BELGIUM.— (V. 118, p. 1531.)
SOUTH PENN OIL CO.— O R G A N I Z A T I O N . &C.— Incorporated Ir
B a la n c e _____________________________________________ $ 1 6 ,6 1 9 ,1 3 9 $ 6 ,8 0 9 ,1 2 6
Pennsylvania In 1889. Produces crude oil. Early In 1913 acquired 51%
Previous surplus________________________________ 13,501.881 6,692,755
of the $10,000,000 Penn-Mex Fuel Company stock, controlling 180.000
Profit and loss, surplus________________________$30,121,020 $13,501,881 acres leases and fees along the Gulf Coast or Mexico, and in 1917 properties
Pres., Douglas Alexander; V .-P ., F. A . Park. Office. 149 Broadway. In W . Va. and Ky. V. 107. p. 2481: V. 105. p. 722; V. 96, p. 657: V lflB.
In Aug. 1917 purchased for about $3,500,000 the holdings of the Big
N . Y .— (V. 117, p. 1565.)
Creek Development Co. in Lincoln County, W . Va., some 6,000 acres, on
SKELLY OIL CO.— A holding and operating company organized Aug. which are 500 oil and gas wells with a net settled production of about
20 1919 under laws o f Delaware. Subsidiary companies are the Midland 900 barrels dally, V, 105, p, 613, 722, In Oct, 1920 reported to have
Refining C o., Ranger Gulf Corp., Inland Oil Co. and Nortex Refining Co. Increased its holdings in the West Virginia field through the acquisition o
Properties consist o f oil and gas leaseholds in Arkansas, Illinois, Kansas, 1,154 acres with a production of about 200 barrels daily. In July 1922
Louisiana, Oklahoma and Texas; tank cars, pipe lines, &c.; refineries and purchased the producing properties and leaseholds of the Eddystone Oil
gasoline plants, and distributing facilities. On Dec. 31 1923 the company Corp. V. 115, p. 445.
owned 1,868 oil and gas properties, covering 281,487 acres o f land situated
Formerly controlled by the Standard Oil Company of New Jersey, but
in Oklahoma, Kansas, Texas, Arkansas, Louisiana and Illinois. Of these segregated In 1911. See Standard Oil Company, V. 85, p. 2l6, 790: V. 93,
properties, 144 had been developed for oil and gas production and had on D. 1390. The shareholders voted Feb. 14 1917 to increase the author­
them 821 producing wells, o f which 799 were oil wells and 22 were gas wells. ised capital stock from $12,500,000 to $20,000,000 in order topay a stock
BONDS.— The 1st & coll. s. f. 7)4% bonds have a sinking fund of div. of 60% to shareholders of record Feb. 14. V.103.P.2244; V.104.P.769.
$350,000 per annum, payable semi-annually, April and October.
DIVS.—
D IV ID E N D S.— Initial dividend o f 2% was paid April 22 1920; July 31 Cash, regular.1913. 1914. 1915. 1916. 1917. 1918-19. 1920. 1921. 1922.
11
6
12
20
20
20
20
13
4)4
1920, 2% ; Oct. 30 1920, 2% ; Feb. 10 1921, 2% ; none since.
Extra, sto ck .. 300 - -60
__
__
____ ____
R E PO RT.— For 1923 showed:
“ cash____
2
4
2
12
____ ___I
Calendar Years—
1923.
1922.
1921.
Paid in 1922, March 31, 1)4% ; June 30, 1 )4 % ; Sept. 30, 1 )4 % ; none
Gross______________________________ $19,592,357 $16,683,365 $12,160,344
3,185,072 since.
Expenses, taxes, &c________________ $11,559,429 $10,443,698
323,974
Interest, Federal taxes, &c_________
849,714
482,052
____ R E PO RT.— For 1923, in V. 118, p. 1677 and 1785, showed:
1923.
1922.
1921.
1920.
Balance___________________________ $7,183,214 $5,757,615 $3,651,298 Net earnings--------------- def$938,985df$l,265,337
$404,653 $5,489,591
Depreciation, depletion, &c_________
6,059,483
4,116,555 3,989,354 Dividends (cash)------------------900,000 2,600,000
4,000,000
Net income________________________ $1,123,731 $1,641,060 def$338,056
The total surplus Dec. 31 1923 was $10,941,908.
Earnings for quarter ended March 31 1924 in V. 118, p- 2316.
Pres., L. W. Young Jr.; Sec., R. W . Cummins; Treas., S. G. Hartman.
O F F IC E R S — Pres., W . G. Skelly; V .-P ., C. C. Herndon and F. A. Office, 545 William Penn W ay, Pittsburgh, Pa.— (V. 118, p. 1785.)
Pielsticker; Sec. & Treas., F. T . Hopp. Office, Tulsa, Okla.— V. 118,
SOUTH PORTO RICO SUGAR CO.— Incorporated N ov. 16 1900
p. 2316.)
In New Jersey. Owns all the stock and bonds of The Central Romana,
SLOSS-SHEFFIELD STEEL AND IRON CO.— ORGANIZATION — Inc., owning upwards of 50,000 acres of land in Santo Domingo
Incorp. in New Jersey. See V. 109, p. 378; V. 69, p. 286; V. 70, p. 1099, and a raw sugar factory of 250,000 bags capacity. Also owns all o f the out­
1200. Owns 7 modern blast furnaces, daily capacity o f 1,500 tons foundry standing capital stock of South Porto Rico Sugar Co. of Porto Rico which
or basic pig iron; also a new stack and cash shed with complete equipment •wns the Guanica Central sugar factory at Guanica, P . R .. capacity 450.for handling ore; 11 well-developed coal mines on four o f the best known 000 bass
seams o f coal in Alabama, daily capacity o f 6,500 to 7,000 tons; 5 red ore
CAPITAL STOCK.— The stockholders voted June 14 1917 to Increase
mines, daily capacity o f 3,000 tons hard and soft red ore; 5 ore-washer the authorized common capital stock from $4,000,000 to $6,000 000 Of
plants; 15 steam shovels, 20 dinkey locomotives, with narrow-gauged track the new stock $500,000 was offered at par (V. 104, p. 2239) to stockholders
mining cars; mine producing 1,500 tons o f brown hematite ore daily; 1 dolo­ In 1917. In Feb. 1919 the company sold $1,005,000 new preferred stock.
mite quarry, with capacity o f 700 tons o f stone daily. A by-product plant Increasing the outstanding to $5,000,000. V. 108, p. 386, 486. Holders
was put into operation in April 1920.
of the $4,500,000 common stock of record June 22 1918 were entitled to
During 1923 purchased the entire properties of the Sheffield Iron Corp. subscribe at par on or before July 16 for $1,125,000 new common stock,
LATE DIVS.I ’08. ’09. '10. '11-’ 14. ’16-T6. ’ 17. T8. ’ 19. ’20. ’21-24. the proceeds to be used in connection with the payment for the new $4,000 Common______ \ 4)4 534 334 None None 134 text 6
6
text
000 sugar factory and other improvements at La Romana. V. 106 p
Preferred______ 1 7
7
7 7 yly See below.
2654. 2763. The stockholders on July 1 1920 approved an increase in the




M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.

[ F o r a b b r e v ia ti o n s , & c . . s e e n o t e s o n p a g e

6 .]

South Bell Tel & T— 1st M red 105 bee 1910 s f.B a xxc’ Ar*
Southern California Edison Co— Common stock $125,000,000
O r i g i n a l pref 5% and participating onmul $4.000,000Preferred stock— Series A 7% cum $60,000,000 auth-_.
Series B 6% cum $40,000,000 auth red 115_________
Series O 5% cum $21,000,000 auth________________
R ef mtge gold bonds red (text)_______________xxxc*Ar*
Gen & Ref M of 1917 $136,000,000. call_________ _____
(text)__________________________________ HC.xxxxc*Ar
Deben $8,000,000 due $1,000,000 yrly call (text) Bu.xxxxc*
Underlying Divisional Bond Issues.—
Guaranteed bonds— See text__________________________
So Oal Ed General mortgage gold redeemable at 105--xxx
Pao Lt A P Co 1st M _______________________________ xxxc»
Pac Lt A P Corn 1st & Ref M call at 105___ Uim.xxx
Ventura County Power Co 1st M sk fd oal 1101__________ z
M t Whit P & El 1st M s f call 110 to 1930 less 1 % yly after
Santa Barbara Gas & Elec Co 1st mtge serial__________

D a te
Bonds

Par
V a lu e

Am ount
O u ts ta n d in g

Bate

W hen
P a y a b le

229

L a s t D iv id e n d
a n d M a tu r ity

P l a 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 re P a y a b le

1923

Bankers Trust Co, N Y
500 Ac 15,749,085
5 g J & J Jan 1 1941
100 a40,846,972
8
Q— F M ayl5 1924 2% General office. Los Ang
do
do
100 4,000,000 See text Q— J Apr 15 1924 2%
Q-M
do
do
100 al0,225,400
Mar 15 ’24 1M
100 10, 000,000
None
100
A & O Oct 1 1943
N Y , Chic, Los Angeles
100 &c 26.500.000
6g

1917
1919

100 Ac 54.144.000 5. 5>£A6 F A A Peb 1 1944
N Y , Chic A Los Angeles
100 Ac 3,914,400
7 g J & J 15 To Jan 15 1928 N Y and Los Angeles

1911

1909
1902
1911
1906
1909
1916

1,000 13,360,000
1.000 6.207.000
1.000 6.073.000
355,000
3.308.000
730,700

5
5
5
6
6
5

g
g
g
g
g
g

A J Nov
A J July
M A S Sent
M A N Nov
& O Oct
& J July

1 1939
1 1942
1 1951
1 1936
1 1939
1 1941

Bank TrCo.N Y,LA&JOb
Nat Bk of C om ,N Y:* SP
Los Angeles A New York
N Y A Los Angeles
Bankers Tr Co.NY:ASFr
Pac S W Tr A S B , Los A

a Subscribed for but not fully paid in: Common, $6,064,100 prefer red, $1,7 32,800

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. o f 100%. V. I l l , p. 80,
301.
Dividends on common were paid from 1910 to 1915 lncl. at an average
rate of nearly 6 X % per annum. Prom Jan. 1916 to D ec. 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, 5% 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
Dec. 31 1920 paid 3% ; April 1 1921, 1H % ; then none until April 1 1924,
when \]4% was paid. Divs. on pref. at the rate of 8% have been paid
since 1902. Y. 106, p. 2654: V. 107, p. 910, 2015, 2104: V. 108, p. 885, 2130.
BONDS.— The 1st collateral mtge. bonds o f 1921 are redeemable as *
whole only (except by operation o f sinking fund) on and after Dec. 1 193°
at 105 and int. Sinking fund will retire entire issue by maturity. V. 113,
p. 2512.
R E PO RT.— For year ended Sept. 30 1923, total receipts, $10,532,258;
operating profits, $3,770,430; interest on bonds, $420,000; discount, Ac.,
$32,616; depreciation, $1,150,868; reserve for income taxes, $400,000;
pref. divs., $400,000; bal., sur., $1,366,945. V. 117, p. 2107.
OFFICERS.— William Schall, Chairman o f Board; F. A. Dillingham,
President; Julius A. Stursberg, V-Pres.; F. M . Welty, Treas.; Edward S
Paine, Sec.— (V. 118, p. 804.)
SOUTHERN & ATLAN TIC TELEQRAPH C O — Leased to Western
Union for 999 yeart from Oct. 1 1876 (which at last accounts owned $390,975 of the $949,050 stock) and stock guaranteed by rental 5% . payable
A. A O
V. 104. D. 869.
SOUTHERN BELL TELEPHONE AND TELEQRAPH CO.— OR­
G A N IZATION .— Incorp. in New York in Dec. 1879. Controls “ Bell, tele­
phone system in southeast coast section o f United States, Including North
Carolina, South Carolina, Georgia, Alabama and Florida, Also owns nearly
all of the $17,250,000 Cumberland Telephone A Telegraph Co, of Kentucky
rtock, operating in Kentucky, Tennessee, Mississippi, Louisiana, Ac,
Stock authorized. $50,000,000' outstanding. $45,000,000. all owned by
Amer. Tel. A Tel. Co. Divs. 1906 to 1922, 6% yearly; 1923, 6 H % .
BONDS.— Authorized Issue, $50,000,000: after $21,400,000 have been
Issued, the remainder ($28,600,000) can only be Issued to an amount not ex­
ceeding the cash paid In on further issues of stock, provided that, during the
previous year, the company shall have earned net at least twice the Interest
charge o f all bonds outstanding during the previous year. A sinking fund
of 1 % of bonds issued will be used yearly to cancel bonds If purchasable at
or under par. To Dec. 31 19:3 $2,250,925 of the $18,000,000 issued had
been canceled. V. 91. p. 1714: V. 95, p. 684, 893, 1212: V . 107. p. 2295.
R E PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
$15,476,008 $14,249,745 $12,474,458
Operating revenue_$16,660,252
Operating income______ 4,117,973
3,540,520 2,329,876
1,147,277
Gross income_____ 5,453,196
4,174,017 2,524,560
2,172,459
Rent and miscellaneous$435,141
$446,507
$396,112
$275,369
Other apijropr’ns, A c___
236,904
167,203
______
1,093,850
Interest__________ 1,269,248
1,643,447 1,408,280
Dividends________ 2,925,000
1,800,000 1,800,000
1,650,000

The pref. stock shall be divided into 3 classes, as follows: Series A,
formerly designated simply “ preferred" stock, 600,000 shares (of which
71,084 shares have heretofore been issued as fully paid); series B, 400,000
shares; series C, 210,000 shares. The holders of the pref. stock shall be
entitled to receive, after the payment of the cumul. divs. upon the original
pref. stock, yearly dividends at the following rates: holders of pref. stock,
series A 7% and no more; holders of pref. stock., series B, 6% and no more;
holders of pref. stock, series O, 5% and no more. Except as to dividend
rate, no distinction or preference shall exist among the 3 series of pref.
stock. Divs. on the pref. stock shall also be cumul., and shall be payable
before any divs. on the com. stock shall be paid or set apart.
$10,000,000 Series “ B ” pref. stock was offered in M ay 1924. V. 118, p.
2316, 1924.
Dividends.— First pref. divs. paid 5% (Q.-J. 15) to Jan. 15 1914; AfriJ
1914 to July 1916, 1H % quar.; Oct. 1916 to Jan. 1921. 1% % quar.: April
1921 to Apr. 1924, 2% quar. On common, 5% yearly ( l i i % Q.-F. 15)
from M ay 1910 to Nov. 1913 incl.; Feb. 1914 to Aug. 1916, 6% yearly
( 1 H % Q.-F.); Nov. 1916 to Nov. 1920, 19^% quar.; Feb. 1921 to M ay
1924, 2% quar.
BONDS.— The stockholders on Sept. 7 1923 voted (1) to cancel $100J*
000,000 authorized bonded indebtedness, created April 5 1916, and al
except $8,000,000 of the $136,000,000 authorized bonded indebtedness
created M ay 31 1918 (the $8,000,000 being the face amount of all bonds
or debentures issued under such authorization), thereby reducing all out­
standing authorized bonded indebtedness to $138,000,000, and (2) to
increase the authorized bonded indebtedness beyond the sum of $138,000,000
to the total sum of $388,000,000), by the authorization of an additional or
increased bonded indebtedness in the amount of $250,000,000, payable in
U. S. gold coin, to be used for any lawful corporate purpose or purposes,
including the refunding, replacing, redeeming, purchasing or acquiring o f
any now or hereafter outstanding bonds or obligations or indebtedness,
which the company is now, or may hereafter be, obligated, directly, or by
assumption, to pay.
In Nov. 1923 $12,500,000 ref. mtge. gold bonds, series of 6s. due 1943,
were issued; a further $14,000,000 was sold in March 1924. Red. on any
int. date at 105 and int. until and incl. 1933, the premium thereafter decreas­
ing }4% per annum, the bonds being red. April 1 1943 at 100 and int.
The ref. mtge. bonds will be secured by a direct mtge. on the entire
California property of the company subject only to the underlying bonds,
for the retirement of which bonds of this issue are reserved.
Additional bonds may be issued for only 75% of expenditures for additions
and extensions to the company’s properties, provided annual net earnings
have been at least equal to 1% times the interest on all ref. mtge. bonds,
including those proposed to be issued, and on all bonds for the retirement
of which ref. mtge. bonds are reserved.
Bonds may be issued in various series with such maturities, rates
Interest, redemption features, A c ., as may be determined from time to time.
Special Trust Fund.— Adequate provision for depreciation and renewals
of the property has been made in the mtge. by means of a special trust fund
which may be increased or decreased by agreement between the trustee
and the company. This fund may be withdrawn for the cost of extensions
and additions against which no ref. mtge. bonds shall be issued, for renewals
and replacements, or at the option of the company for the retirement of
ref. mtge. or underlying bonds. V. 117, p. 1898.
In July 1919 guaranteed $1,150,000 5% bonds of Shaver Lake Lumbei
C o., payable $250,000 vearly 1921 to 1924. and $150,000 Jan. 15 1925
V. 109, p. 378, 1085. Outstanding, $121,000.
In Feb. 1919 the company sold $8,000,000 two to nine years serial 7%
debentures. See V. 108, p. 1175, 789, 486.
As to General Mtge. 5s of 1909. see V. 89. p. 1599, 1673: V. 91, p. 1517;
V. 92. p. 1705; V. 93, p. 1538, 1671.
DEBENTURES.— The debentures of 1919 share equally in the security
of the new mortgage made, the lien of which is junior to that of the general
A refunding mortgage of July 1 1917. They are redeemable at company’s
option as follows: On the 15th of any month after 60 days’ notice to viz.
till Jan. 15 1924 at 105; next year 104; next year 103; Feb. 1 1926 to July 15
1927 102; last six months 101. with interest In each case. V. 108, p. 486.
1175.
R E PO RT.— For 1923, in V. 118, p. 1797, showed
Installation Dec. 31—
1923.
1922.
1
1920.
Incandescents (50-watt
3,253,420
equivalent)_________
2,574,304
4,201,511
3,696,226
Meters— E lectric______
247,953
196,154
274,533
238,269
Motors, horse-power_
_
681,892
533,768
481,881
451,129
Electric ranges________
47,464
27,115
26,267
23,814
Results—
$15,839,577 $15,167,736 $13,246,995
*Oper. A maint. exp_
8,847,792
6,866,916
6,935,865
6,413,684

Balance_____________ sur$5S6,904 sur$116,860df$l,079,832 def$846,760
OFFICERS.— Pres., J. Epps Brown; 1st V.-P. A Treas.. J. M . B. Hoxsey; Sec., Addison Maupin. Office, Atlanta, Ga.— (V. 118, p. 2449.)
SOUTHERN CALIFORNIA EDISON CO.— O R G A N IZA T IO N .Incorporated In California July 1909, as a reincorporation of the Edi­
son Electric Co. o f Los Angeles. Gn May 26 1917 purchased the physi­
cal property o f the Pacific Light A Power Corporation, together with
the controlling Interests in other smaller companies, retiring $5,000,000 of
Pacific Light A Power Oorp. 1st A Ref. 5s. V. 103, p. 2244; V. 104, p.2239;
In Oct. 1921 this company took over all o f the properties o f the Santa
Barbara Electric C o., assuming all o f the outstanding liabilities o f that co.
As of July 1 1920 took over all of the properties of M t. Whitney Power
A Elec. Co., assuming all of the outstanding debts and liabilities of that
cim pany. In Uec. 1917 purchased the properties o f the Ventura County
Power Co. V. 106, p. 1365; V. 83, p. 1124. Purchase of Shaver Lake
property. V. 108, p. 2335: V. 109, p. 278.
In the early part of 1919 the company sold its Santa Barbara and Yentura
gas properties to the Southern Counties Gas C o., and the proceeds were
used in the purchase of Santa Barbara Gas A Elec. Co. bonds, and to pay
for additions to the property.
The consolidated company operates a comprehensive system for tht
generation, transmission and distribution of electric energy, operating
throughout Southern California and in the San Joaquin Valley, embracing
360 cities and towns and covering an area o f over 55.000 square miles
having a population o f 2,000,000. This system, with the controlled
companies, included in December 1923: (a) 20 hydro-electric generating
Net earnings________
plants with an aggregate capacity o f 376.000 h. p. and 4 steam generating Int., divs., A c., received$10,977,167 $8,972,662 $8,231,870 $6,833,311
386,201
1,142,648
1,477,987
1,463,743
plants with an aggregate capacity of 127,100 h. p ., or a total capacity o f
$503,100 b p ., including the hydro-electric development at Big Creek; (6
Gross income-----------$10,115,310
undeveloped hydro-electric developments sufficient to increase the watei Int. on bonds A deben’S-$11.363,368 $10,115,310 $9,709,857 $8,297,054
power plants to an ultimate capacity o f 1,428.500 h. p.: (c) 185substations Miscellaneous interest-- $4,974,648 $4,152,303 $3,888,290 $3,352,762
415,721
280,443
567,438
365,861
and 8.000 miles o f transmission A distributing lines serving 262,000 meters. Construction account-_Cr.2,359,314 Cr.996.178 Cr.817,581 Cr.824,430
The city o f Los Angeles on M ay 16 1922 took over the distributing prop­
rent of
erties within its boundaries under purchase contract, by which company was Bond discount, c______
leased plant, A
363,039
362,975
302,684
331,064
paid $12,044,000. The city has also agreed to purchase at wholesale all
electric power it may require not generated from its aqueduct. The powerB alan
$6,315,767 $5,769,027 $5,071,797
purchase contract is to continue 30 years, unlass canceled by vote of citizens Previous ce____________ $7,969,274
surplus_______ 2,786,891
1,224,777
1,260,299
580,560
a fte r 10 years.
(Compare V. 113, p. 1780. 738: V. 114, p. 956).
Profit from prop, sales. _ ________
1,138,501
The company was auth, by the Calif, RR, Commission in June 1920 t»
transfer its electrical distribution systems In Pasadena to the municipality
Total________________ $10,756,165 $8,679,045 $7,029,326 $5,652,357
for a consideration of $533,262,
Reserve for depreciation $2,005,635 $1,850,190 $2,325,000 $2,000,000
Development program, V. i l l , p. 1190: V. 112 p. 2649.
Reserve for contingencies
810,000
550,000
STOCK.— The original pref. shares equally with the common in al^ New pref. divs. (7 % )_
_
510,715
112,975
dividend1 in excess o f 7% .
:
Original pref. divs_____(8 %) 320,000 (8 % )320 iO O(7 %) 280,000 (7 %) 280,000
O
Each preferred and common stockholder o f record July 31 1923 had the Second pref. divs. (5 % ).
________
300,748
601,495
601,495
right to subscribe on or before Aug. 15 at par ($100) for 50,000 shares of Common dividends _(8%)3,469,121 (8)2,972,857 (7)1,876,891 (7)1,321,393
pref. stock at the rate of 1 share for every 10 shares of stock owned. V. 117, Miscell. adjustments__
247,685
335,385
171,162
p . 336.
Taxes for prev. yrs., Ac - ________
________
________
189,170
The stockholders on Sept. 7 1923 voted to increase the authorized capital
stock from $100,000,000 (consisting o f $4,000,000 5% cumul. original Total profit A loss surp- $3,393,009 $2,786,891 $1,224,777 $1,260,299
pref. stock, $36,000,000 pref. stock and $60,000,000 com. stock) to the
* Includes taxes and provision for income and profits taxes (amounting
total aggregate amount o f $250,000,000, to consist of $4,000,000 original
pref. stock, $121,000,000 pref. stock and $125,000,000 com. stock.
to $1,899,594 in 1923).




230

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Southern New England Tel— Stock 340,000,000 auth------mortgage____________________________________________ 1898
Southern Pipe Line Co— Stock 310,000,000.............................
South West Pennsylvania Pine Lines— Stock $3,500,000 —
Southwestern Bell Teleo Co—
Preferred (a & dl stock red (text)_____________________
1st & ref mtge gold bonds Series A red (text) — G.zc*&r* 1924
<A G) Spalding & Bros— Common stock $6,000,000 a u th ..
First pref (a & d) stock 7% cum red (text) $5,000,000 auth
Second pref (a & d) stock 8% cum $l,O0O,O0O authorized
Spicer Mfg Corp— Common stock 600,000 shares authorized
Pref (a & d) stock 8% cum $10,000,000 authorized----------Serial gold notes due $600,000 annually red (text)Gk.xxxc* 1919
Spring Valley Water— Stock $28,000,000------------------------First mortgage gold red (text)__________________ US.xxxc* 1923

1
st

Par
Value

Bate
%

When
Payable

Last Dividend Places Where Inerest an*
Dividends are Pcyabe
and Maturity

$100 See text
8
Q— J
500 &c $1,000,000
J ft D
5
ICO 10 , 000,000 See text Q— M
100 3,500.000 See text Q— J

Apr 15 1924 2% New Haven
N Haven. Merch Nat
Dec 1 1948
June 2 1924 2% Checks mailed
Apr 1 1924 2% Checks mailed

100 See text
7
Q— J
100 &c 50.000.
000 5 g
F & A
„
100
5,213,800 See text Q— J15
100 4,607,300
Q— M
7
100
,
Q— M
8
None 313,750 sh.
100 $3,000,000
8
Q— J
1,000
600,000
6g A & O
100 28.000. 000 see text O— M 31
1,000 22 , 000,000
5 g M ft N

Apr 1 1924 1%
Feb 1 1954
Apr 15 1924 2%
June 2 1924 1 %
June 2 1924 2
Aug 1 1920 50c
Apr 1 1924 2%
T o Oct 1 1924
Mar 31 ’24, 114
M a y l 1943

OFFICERS.— Pres., John B. Miller; Senior V .-P ., W . A. Brackenridge;
V .-P . ft Gen. M gr., R . H. Ballard; V .-P ., George C. Ward; Treas., W . L.
Percey; Sec., Clifton Peters; Compt., D. M . Trott. Office, Edison Bldg.,
Los Angeles, Cal.— (V. 118, p. 2316.)
SOUTHERN NEW ENGLAND TELEPHONE CO, (THE)— Holds
license for use o f all telephone instruments and apparatus owned or con­
trolled by American Telep. & Teleg. Co. in Connecticut, except in the town
o f Greenwich, and operates in the following cities: Bridgeport, Danbury,
Hartford, New Britain, New Haven, Middletown. Meriden, Derby, Waterbury, Norwich, New London, Norwalk, Stamford, Ansonia, Rockville,
Willimantic, Putnam, Bristol, Shelton, Winsted, and all towns in Conn
Earnings Cal. Years—
1923.
1922.
1921.
1920.
Telephone oper. revenue $9,183,323 $8,344,060 $7,733,419 $7,270,838
1,737,042
1,307,469
1,577,947
Total gross income_____ 1,992,670
307,390
287,319
291,435
Int., rents, &c., deduct.
302,710
_
100,000
Empl. appropriation_
1,316,704
1,196,794
900,000
Divs. appropriated_____ 1,440,000
Balance, surplus_____
$149,960
$112,948
$93,834
$116,034
The authorized stock was increased from $15,000,000 to $20,000,000 on
Feb. 6 1922, and to $40,000,000 on June 25 1923. In Sept. 1923 stock­
holders were offered the right to subscribe at par to $3,000,000 new stock
in the ratio o f 1 new share for 6 shares held. This will increase the amount
outstanding to $21,000,000. V. 117, p. 1471. Amer. Tel. & Tel. Co.
owns about 33 1-3% o f the stock outstanding.
DIVIDEN DS.— Dividend rate has been as follows: From Jan. 1883 to
Oct. 1888 averaged 6% p. a.; July 15 1891 to Jan. 15 1912 at rate of 6% p. a.;
Increased to 7% p. a. with div. o f April 15 1912, and to 8% p. a. Oct. 15
1920.
OFFICERS.— Pres., James T . Moran; V.-P. ft Gen. M gr., Harry C.
Knight; Sec. & Treas., Charles B. Doolittle. Office, New Haven, Conn.
— (V. 118, p. 677.)
SOUTHERN PIPE LINE CO.— ORGANIZATION. &C.— Incorporated
In Pennsylvania in 1890. Has pipe line extending from Pennsylvania State
line to Philadelphia, P a .,263.15 miles. Formerly controlled by Standard
Oil Co. rt N . J.. but segregated in 1911. Dividends: 1912, 28% ; 1913.
32% ; 1914, 30%; Mar. 1915 to June 1918, 24% p. a. (6% Q .-M .). In
Sept. 1918 to Mar. 1920 paid 5% quar. In June, Sept, and Dec. 1920.
4% ; March 1921, 3% ; June 1921. 3% ; Sept. 1921 to Dec. 1922. 2% quar.
Mar. 1 1923 paid 4% ; June 1 1923 to June 2 1924 paid 2% quar.
REPO RT.— For 1923, in V. 118, p. 677, showed:
1923.
1922.
1921.
1920.
Profits for year________
$547,707
$982,239 $1,090,997 $l,315,’l81
Dividends paid______(10%)999,999 (8)799,999 (10)1000,000(17)1699,999
Balance_____________ def$452,292 sur$182,240 sur$90,997 def$384,818
Pres., Forrest M . T ow l; V .-P . & Treas., E. R. Shepard; V.-P. & Gen.
M gr., J. W. Vandergrift; Sec., V. S. Swisher. Office, Oil City, Pa.—
(V. 118, p. 677.)
SOUTH WEST PENNSYLVANIA PIPE LINES.— ORGANIZATION
& c.—Incorporated in Pennsylvania in 1886.
Own pipe lines In Penn­
sylvania. Formerly controlled by Standard Oil Company of New Jer­
sey, but segregated In 1911. See Standard Oil Co., V. 85. p. 216, 790'
V, 93, p. 1390. Dividends paid Apr. 1912 to July 1914, 5% quar.; Oct.,
4 % ; Dec. 31, 3% ; 1915. 12% (3% Q.-J. and 3% in D ec.). Jan. 1916 to
Dec. 31 1919, 12% yrly. (3% Q.-J.). April 1920 to July 1921 paid 2% quar
Oct. 1921 to Oct. 1922 paid 1% quar. On Dec. 30 1922 paid 4% ; April
1923 to April 1924 paid 2% quar.
RE PO RT.— For 1923, in V. 118, p. 677, showed:
1923.
1922.
1921.
1920.
Profits for cal. year___
$268,464
$315,871
$161,970
$356,149
Dividends____________ (7%)279,999 (7)245,000 (6)210,001 (8)279,999
Balance, sin1 or def___ def$ll,535 sur$70,871 def$48,031 sur$76,150
,
Pres., Forrest M . Towl; V.-Pres. & Treas., E. R. Shepard: V.-Pres ,
Allan T . Towl; Sec., V. S. Swisher, Oil City, Pa.— (V. 118, p- 677.)
SOUTHWESTERN BELL TELEPHONE CO.— ORGANIZATION —
Incorp. In Missouri in 1882. Owns and operates the properties of the Bell
Telephone System throughout the States o f Missouri, Kansas, Arkansas,
Oklahoma and Texas. Also owns over 90% o f the capital stock of The
Dallas Telephone Co. The I.-S. C. Commission on March 15 1924 author­
ized the company to acquire control o f the Kansas City Telephone Co. by
purchase o f capital stock. V. 118, p. 1531.
C A PITAL STOCK.— 7% preferred, authorized, $100,000,000; outstand­
ing, $21,350,000. Common, authorized, $100,000,000; outstanding, $75,000,000 (all owned by American Tel. & Tel. C o.). Pref. stock is redeem­
able, all or part, at 105 to and incl. April 1 1925; 110 thereafter to and incl.
April 1 1930, and thereafter at 115.
Of the pref. stock, $45,000,000 has been authorized for issuance and
approved by the P. S. Commission. Of this amount, $5,776,900 was used
for the conversion o f a like amount o f the 5-year 7% conv. gold noteswhich were called for redemption April 1 1923. Of the remainder, $10,961,100 have been sold and $4,217,300 issued for acquisition of telephone
property.
BONDS.— The amount o f bonds authorized to be issued under the 1st &
ref. mtge. will be limited so that the amount thereof at any time outstanding,
when added to the then outstanding prior bonded debt as defined in the
mtge., shall not exceed twice the amoimt o f the then outstanding capital
stock. Bonds will be issuable under the mortgage to refund the existing
underlying obligations and any bonds or other obligations which may here­
after become underlying debt through the purchase of property subject to
debt. Subject to the above limitation in amount, bonds will also be issuable
for the acquisition o f additional property necessary or useful in connection
with the business o f the company (including stocks, bonds and securities
o f other corporations) and for betterments; but if at any time the amount
o f outstanding bonds secured by this mtge., when added to the prior bonded
debt (if any) o f the company, shall exceed the amoimt of the then outstand­
ing capital stock, additional bonds will be issuable for not exceeding 75%
o f the expenditures for such additional property and betterments. The
issue o f bonds in respect o f stock and other securities will be limited so that
not more than one-third o f the security under the mtge. shall consist of
stock and unsecured obligations o f other corporations.
The mtge. will provide for sinking fund payments to a trustee at the rate
o f $500,000 a year, payable semi-annually beginning Aug. 1 1924, such
payments to be used in purchasing Series A bonds, if obtainable at not
exceeding par and interest, otherwise to be used for capital expenditures
with respect to property to be covered by the lien of the mtge.




Amount
Outstanding

[V ol. 118.

1 000,000

Checks mailed
New York or St Louis

Guaranty Tr Co, N Y
F’hecks mailed
On Tr, S F; Eq Tr, N Y

The Series A bonds are redeemable as a whole only upon 60 days’ notice >
on Feb. 1 1934, or on any interest date thereafter, at the following prices
with accrued interest; if on or prior to Aug. 1 1950 at 105, and if subsequent
to Aug. 1 1950 at par. V. 118, p. 562.
R EPO RT.— For 1922. gross. $39,098,371; net (after Fed. taxes), $14.476,752; other inc., $2,263,804; depreciation, $5,433,360; other deductions,
$5,024,406; divs., $5,636,167; bal.. sur., $646,623. Pres., E. D . Nims.
St. Louis, M o,— (V. 118, p. 1678.)
(A. G.) SPALDING & BROS.— Incorp. under laws o f N. J. on Feb. 2
1892. Manufactures athletic goods and related articles of merchandise.
STOCK.— The 1st pref. stock is redeemable after three years from date
of issue at 115 and div. A sinking fund o f at least 3% per ann. of the
total amount issued provides for purchase up to the redemption price.
DIV ID E N D S.— On common, paid 3% quar. from Jan. 15 1921 to July 15
1922. A 100% stock div. was paid Sept. 19 1922. Oct. 16 1922 to Apr. 16
1923 paid 114% quar. on increased capitalization; July 15 1923 to Apr. 15
1924 paid 2% quar.
R E PO RT.— For 1923, in V. 118, p. 1280, and 1925. showed:
1922.
Calendar Years—
1923.
$19,859,125 $19,908,075
$1,676,220 $2,286,682
171,973
170,531
Other income_____________________________
Total income__________________________________$1,846,751
$1,846,751
Interest paid____________________________________
203,203
United States and foreign taxes__________________
231,890
First preferred dividends (7 % )__________________
321,216
Second preferred dividends (8 % )________________
80,000
Common dividends_____________________________
328,771
Provision for redemption of first preferred________
150,000
Reserve for contingencies_______________________

$2,458,655
151,694
326,464
276,729
80,000
285,155
150,000
43,779

Surplus______________________________________
$531,670 $1,144,835
Report for 1st quar. of 1924 in V. 118, p. 2584.
OFFICERS.— Chairman, J. W . Spalding; Pres., J. W . Curtiss; V .-P .,
Chas. F. Robbins and O. S. Lincoln; V.-P. & Treas., H. Boardman Spald­
ing; Sec., John T . Doyle. Main office, 126 Nassau St., New Y ork.—
(V. 118, p. 2584.)
SPICER MANUFACTURING CORP.— Organized under laws of Va.
Oct. 12 1916. Manufactures universal joints, propeller shafts, frames,
axles and springs for automobiles, and other automobile parts. Plants are
located at South Plainfield, N. J.; Pottstown, Pa.; Reading, Pa.; Detroit,
Mich.; Wilkes-Barre, Pa., and Jamestown, N . Y .
NOTES.— The serial 6% notes are redeemable at 102H for notes having
4 or more years to run, the redemption price decreasing H % each year.
D IV ID E N D S.— On common paid 50c. per share on Aug. 1 1920; none
since. On prefered in full to date.
R E PO R T .— For 1923, in V. 118, p. 1531, and 1678, showed:
Calendar Y ears —
1923.
1922.
1921.
Net sales, including other income___ $12,675,785 $9,829,176 $5,040,980
Cost of sales, adm., selling, &c., exp__ 11,329,665
8,853,836
5,028,306
Balance, profit------------------------------- $1,346,120
$975,340
$12,674
Deduct— Interest and discount_____
270,446
343,668
447,931
Provision for Federal taxes_______
______
______
Reduction of inventory___________
______
______
Net profit_______________________ $1,075,674
$631,672 loss$4.35,257
Surplus Jan. 1_____________________ $1,017,863
$745,118 $2,007,846
Deduct— Prov. for reduc. of in v ., &c_
______
570.000
Sundry adjustments (net)________
______
118,928
17,471
Loss on sale of capital assets______
33,295
240.000
D iv id e n d s p a id o n p r e f . s to c k ( 8 % ) _ .
2 4 0 ,0 0 0
240,000
Dividends paid on common stock___
______
______
______
Prem. on pref. stk. redeemed, &c___
______
______
______
Total profit ft loss surplus Dec. 31- $1,820,241 $1,017,863
$745,118
Earnings for first quarter of 1924 in V. 118, o. 2191.
OFFICERS.— Pres., Charles A. Dana; V .-P ., C. W . Spicer and Bernhard Benson; Treas., J. S. Berry; Sec., Alvin Devereux. Office, South
Plainfield. N. J.— (V. 118. p. 2191.)
SPRING VALLEY W ATER CO., SAN FRANCISCO.— ORGANIZA­
TION.— Successor Apr. 24 1903, per plan, V. 76, p. 216, 977, to Spring
Valley Water Works. V. 78, p. 827. Company, or its predecessor in inter­
est, has supplied the City of San Francisco with water for municipal and
domestic purposes since 1858. Operative properties consist of 62,119 acres
of land owned in fee and riparian rights to 33,343 acres, together with water
sources, lakes, reservoirs, pipe lines and distribution mains, forming a com­
plete water system which supplies the entire city and county o f San Fran­
cisco. Population, about 650,000.
Valuation.— The operative properties of the company were appraised on
March 1 1920 by the California R R . Commission at $37,000,000, to which
have been added approximately $2,500,000 in improvements, extensions
and additions since that date.
An agreement has been entered into with the city and county of San
Francisco whereunder the company will operate on completion the Bay
Division of the Hetch Hetchy project and the city for 12 years holds an
option to purchase the company's operative properties at R R . Commission
valuation plus additions since that date.
BONDS.— The 1st mtge. 5% gold bds. due 1943 are callable all or part at
102}4 during first 10 yrs. and thereafter at H % less each year, but at not
less than par. In the event o f the purchase o f the company's operative
properties by the City of San Francisco, the bonds may be called at par pro­
vided the municipality does not desire to assume as a municipal obligation
the then outstanding bonds. Proceeds were used to extinguish approxi­
mately $21,000,000 of funded debt [consisting o f $2,500,000 6% notes due
March 1 1923, $17,859,000 4% bonds due Dec. 1 1923, and other notes
amounting to $750,000, and to provide for additions and extensions. V.
116, p. 85.
LATE
1914. 1915. 1916. 1917. 1918. 1919-1922. 1923.
D IV ID E N D S.—
$2 50 $3
$3 50 $3%
4
5 yearly
5X
Paid in 1924: Mar. 3 1 , 1 H % .
R E PO R T .— For 1923, in V. 118, p. 2316, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profit, after interest,
depreciation, &c_____$2,007,432 $1,852,607 $1,402,530 $1,314,189
D ividen ds____________
1,490,000 1.400,000
1,400,000
1,400,000
Balance, def. or sur__ sur$537,432 sur$452,607

sur$2,530

def$85,811

M ay , 1924.]

MISCELLANEOUS COMPANIES.
[Fur abbreviations. &c., see notes on page 6.]

Standard Gas & Electric Co— Com stock 1,000.000 sh auth
Prior preference stock 7% cum red 115 $50,000,000 a u th ..
T,r«f sto-'U H o n m ___________ ______________________ _
'v,
6% non-cumulative stock red $1_______________________
au-year 6% (told notes (closed) red 103_____________xxe*
Convertible sinking fund gold bonds ('closed) red 105_ zc*
_
Convertible gold debentures red (text)________ CC.kxxxc*
Standard Milling— Common stock 515,000,900_____________
Stock pref (a & d) 6% non-cum $6.488.000______________
first mortgage gold sink fd $6,250,000 (see text)--M p.xo*
3-year notes____________________________________________
Standard Oil Co of California— Stock auth. $250,000,000
Serial gold notes red (text) due $2,500,000 ann__AS.xxxc*
Standard Oil Co of Indiana— Stock $250,000,000 auth —
Karmen Bldg 1st M bonds due 550,000 yrly; $100,000 In
1825 call 102________________________________________ ♦
Standard Oil Co of Kansas— Stock $8,000,000 auth______

Date
Bonds

1915
1923
1924
loon
1924
1923
1910

Par
Value

Amount
Outstanding

None
$100
5o
$1
50 &e
100 &c
100 &c
100
100
1.000

272, 000 sh.
$7, 500.000
16, 324.900
1 000,000
15 OOO.nnn
3 750.000
10 500.000
12 189,300
6 438.000
3 802,non
1, 500.000
25 232 704,322
1,000 25, 000.000
25 221 , 706,668

500 Ac
25

OFFICERS.— Chairman. W. B. Bourn: Pres., S. P. Eastman; V.-Pres.,
A. H. Payson and E. J. McCutchen; Sec., John E. Behan; Treas., Benjamin
Bangs. Office, 425 Mason St., San Francisco.— (V. 118, p. 2316.)
STANDARD GAS & ELECTRIC CO.— Incorporated in Delaware
April 28 1910 as a holding company. Owns bonds, stock and other securi­
ties o f 13 public service corporations (electric, gas and street railway)
controlled by H. M. Byllesby & Co. or Chicago in various parts o f the
country (compare V. 114, p. 1911), serving 841 communities with total
population o f about 2,770,000. Controls through stock ownership Western
States Gas & Elec. Co. o f Dela. V 102. p. 1544; V. 104. p. 1269- See
separate statement for that co. Effective as of Jan. 1 1919, acquired the
public utility, &c., business (excepting the banking department) of H. M .
Byllesby S C o., Inc. (now the Byllesby Engineering & Management Corp.).
c
V. 108, p. 2335. V. 108, p. 2335. Also owns entire capital stock of
Utilities Investment Co. For list o f stocks and bonds owned on Dec. 31
1923, see V. 118, p. 2078Shaffer Oil A Refining Co.— The company controls, also guarantees
principal and int., $8,295,200. Shaffer Oil & Refining Co. 1st M . conv.
6s, dated June 1919. See that co. above and V. 108, p. 2247, 2335, 2636;
V. 112, p. 1290.
STOCK.— The stockholders voted April 2 1923 to change the auth. com­
mon stock from 300,000 shares, par $50, to 600,000 shares of no par value.
The outstanding 212,000 shares o f common stock, par $50, were ex­
changed share for share for a like amount o f new common stock of no par
value, the remaining 388,000 shares of no par stock to be retained in the
treasury for conversion of the convertible 6 J* % gold debenture bonds,
dated Mar. 1 1923. V. 116, p. 1423. In Jan. 1924 the authorized common
stock was increased to 1,000,000 shares.
The stockholders on Mar. 19 1924 authorized an issue of 500,000 shares
(par $100) 7% cumulative prior preference stock and an issue of 1,000,000
shares (par $1) designated 6% non-cumulative stock. The latter issue has
equal voting rights with the common stock. Of the 7% prior preference
stock, $7,500,000 was offered in April 1924 (V. 118, p. 1148, 1785).
PR EFE R R E D D IV S.—
T3. T4. T5. 1916. T7. T8. T9. ’20-’23.
I n c a s h . - . --------------------------- % 4
0
1
4M 6
6 73* 8 y ’rly
In 6% scrip------------------------- % 4
7
3 N o n e ...............................
Paid in 1924: March 15, 2% : June 14, 2% .
The directors on Aug. 19 1919 declared 13% cumulative dividends on the
pref. payable in common stock ($1,532,044) at par, Sept. 15 1919.
On common declared initial div. of 62J*c. a share, payable July 25 1923.
same amoimt paid quar. to Jan. 25 1924; on April 25 1924 paid 75c. quar.
BON DS.— The gold 6s o f 1911 were redeemed on June 1 1924 at 105 and
rat. V. 118, p. 2191.
The secured 73* % s. f . gold bonds of 1921 were redeemed on April 5 1924
at 1073* and int.
The convertible secured 7% gold bonds of 1922 were redeemed on Mar. 5
1924 at 105 and int.
The convertible 63*% gold debenture bonds o f 1923 are callable at 105
to and incl. Mar. 1 1928; thereafter to and incl. Mar. 1 1930 at 104; there­
after to and incl. Mar. 1 1932 at 103; thereafter to and incl. Sept. 1 1932 at
1023*; and thereafter at 100, plus interest in each case.
Bonds may be converted at any time after July 1 1923 and prior to ma­
turity or earlier redemption into common stock, without par value, in the
order that bonds are presented for conversion, at the following rates: The
first $2,000,000 of bonds at par into common stock at $33 33 1-3 per share;
the next $2,000,000 of bonds at par into common stock at $37 50 per share;
the next $2,000,000 of bonds at par into common stock at $40 per share,
with adjustment of interest and dividends. Proceeds were used to retire
$2,072,500 7% notes and to provide additional cash working capital.
V. 116, p. 1423.
The 7% gold notes o f 1923 were redeemed on Mar. 5 1924 at 101 and int.
V. 118, p. 804.
The convertible 63* % gold debentures oi 1924 are redeemable, all or part,
at any time upon 30 days’ notice, at 105 on or before Dec. 31 1933; then re­
ducing 1 % for each subsequent five years or fraction thereof until July 1
1953; and on or after July 1 1953 at 1003* puis interest in each case. These
debentures may be converted after June 1 1924 and on or before Jan. 1 1925
at par into shares of the present class of common stock (which is without
par value) of the company, as constituted at the time of conversion, at the
following prices, with adjustment of interest and dividends: To and incl.
Jan. 1 1927, $37 50 per share; thereafter to and incl. Jan. 1 1930, $42 50
per share; thereafter to and incl. Jan. 1 1934, $50 per share. Any debentures
which may be called for redemption on or before Jan. 1 1934 shall be con­
vertible until 20 days prior to the redemption date.
Trust agreement will provide a cash sinking fund o f $300,000 per annum,
payable semi-annually beginning July 1 1924, for the retirement of these
debentures, to the amount tendered, at not exceeding par and interest.
V. 118, p. 213.
RE PO RT.— For 1923, in V. 118, p. 2076, showed:
Calendar Years—
1923.
1922.
1921.
1920.
$4,759,702 $3,632,745 $3,153,689
Gross earnings__________ $5,196,190
Net learnings--------------5,103,426
4,652,126
3,564,121 3,076.612
Interest---------------------- 2,162,596
1,840,704
1,367,753
1,282,539
Preferred dividends----- 1,297,711
1,074,965
990,388
990,388
Am ort. o f discount ,& c._
______
350,000
125.000
90,000
Balance, surplus____ $1,245,618
$1,386,457 $1,080,980
$713,685
OFFICERS.— Chairman, Arthur S. Huey; Pres., John J. O’Brien; 1st
V .-P ., Robert J. Graf; V.-Ps., B. W. Lynch, J. J. O’Brien, Albert S.
Cummins, E. J. M cK ay, F. C. Gordon, Geo. H. Harries, C. C. Levis.
Chicago office, 208 So. La Salle St.; New York office, Trinity Building.
— (V. 118, p. 2449.)
STANDARD MILLING CO.— O R G A N IZA T IO N — Incorp in N J
Oct. 31 1900. Consolidated with Colonial Milling Co May 25 1916, pei
plan in V. 103. p. 65, and owns directly or through subsidiary cos milb
In Minneapolis, West Superior Buffalo, Kansas City anil Ve» York
total daily capacity, 38.000 bbls of flour V. 75. p 1252’
p. 873
929. V. 69. p. 29. 1010; V. 71 p. 817 v 84 p 69'
CAPITAL STOCK.— On Dec. 22 1922 paid on common 60% stock divi­
dend payable in common stock.
COM . DIVS.— ’l l . T2-13. T4. T5. T6. T7. T8. ’ 19-20. ’21. ’22. ’23
Per cent____________
2
3 3 5 4 6
10
8 8 5
do instock___ __
____ . . . . . .
4
4 - ............. 60 - Paid in 1924: Feb. 29. 1 X %; M ay 31, 1 X % ■
If R E PO R T .— For year ending Aug. 31 1923, in V. 117, p. 1661:
Aug. 31 Years—
1922-23.
1921-22.
1920-21.
1919-20.
Net profits, aft. int., & c. $1,022,152 $1,007,715 $1,199,018 $2,281,092
D iv. on pref. stock_____
389.178
389.178
389,178
389.178
D iv. on com. stock_____
601,600
593,007
592,190
711,629
Balance surplus_____
$31,374
$25,531
$217,650 $1,180,285




331

INDUSTRIAL AND PUBLIC UTILITY
Rate
%

See text
7
8
6
6 ft
6X g
6>* g
See text
6

When
Payable

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

Q— J 25 Apr 24 1924 75c
Q— J
Q— M June 14 ’ 24 2%

A A O Ort 1 1035
M & S Mar 1 1933
J & J Jan 1 1954
Q— F M ay 31 ’24 1 X
Q— F M ay 31 ’24 I X
M A N Nov 1 1930
§ B J & J Jan 2 1927
See text Q— M June 16 24 2%
F & A Aug 1 ’ 24 to ’ 33
_ 5g
See text Q— M June 16 ’24 2J*

79,500 „

5g

J

C h ecks

m a ile d

Tr Co * Y
New York or Chicago
New York and Chicago
Metropolitan Tr Co, hi V
do
do
do
do
O u aran '.v

Checks m a U e o
New York and San Fran
Checks mailed

& D Dec ’24-Dec ’25

8 , 000,000 See text See text June 16 ’24 2% Checks mailed

OFFICERS.— Pres., A. P. Walker; V .-P ., James P. Lee and F. L.
Rodewald; Treas., J. A . Knox; Sec. & Asst. Treas., J. A. Neville. Office.
49 Wall St., N. Y .— (V. 118, p. 2053.)
STANDARD OIL CO. (CALI FORNI A) .— OR GA N IZA TION .— Incorp
In California Sept. 10 1879 as the Pacific Coast Oil Co. Present name
adopted July 23 1906. Owns and operates producing properties, pipe lines
for the transportation of oil, refineries at Richmond, El Segundo and
Bakersfield, Calif. Also owns tank steamers and barges for the transpor­
tation o f its products and sales stations in principal cities and towns on
Pacific Coast and in Nevada, Arizona, Hawaii and Alaska (compare V. 110,
p. 1080: V. 114, p. 1647.)
CAPITAL STOCK.— The stockholders voted Dec. 5 1922 to increase
the authorized capital stock from $115,000,000 to $250,000,000, par $25.
The directors declared a 100% stock dividend, payable Dec. 30 1922.
V. 115, p. 2592. Stockholders of record Mar. 26 1923 were offered 1,024,079 additional shares of stock at $25 per share in the proportion of one share
for each eight shares held. V. 116, p. 1190.
LATE D IV S .(% )— ’ 14. ’ 15. ’ 16. 1917. ’ 18 ’ 19. ’20. ’ 21. ”22. ’23.
Regular cash...............10
10
10
10
10 10
10 14>* 16
8
Extra cash_____________
. . . .
_
_
1
4 1
In stock_______________
._
50 33 1-3 __
..
_ __
100
In Liberty bonds___ _
_
..
..
..
2)* 2)*
Paid in 1924: March 15, 2% ; June 16, 2% .
NOTES.— The 5% serial gold notes (V. 116, p. 2779) are redeemable as a
whole or in part in amounts of $2,500,000 or multiples thereof and consti­
tuting single maturities, on any interest date on 30 days’ notice; at 100 and
interest plus a premium of X % for each six months’ period unexpired. Pro­
ceeds were used to redeem on Aug. 1 1923 the outstanding $25,000,000 10year 7% gold debentures, due Jan. 1 1931.
RE PO RT.— For 1923, in V. 118, p. 2300, showed:
1923
1922
1921
1920
Earnings for year_______$38,330,936 $42,822,825 $50,530,409 $59,413,819
Depreciation, &c_______ 11,756,830 12,853,012 14,192,397
9,798,565
1,541,667
1,750,000
1,670,782
-----Interest charges_______
Excess profits & income
taxes (estimated)____
590,000
1,200,000
1,079,000
7,960,000
Dividends (cash)........... 18,016,273
16,285,659 15,499,546 13,912,263
Balance, surplus_____$6,426,166 $10,734,154 $18,088,684 $27,742,991
OFFICERS.— Pres., K. R. Kingsbury; V.-Pres., F. H. Hillman, R. J.
Hanna, H. M . Storey and H. T. Harper; Treas., R . C . Warner; Sec., J. H.
Tuttle.
New York office, 37 Wall St.; head office. Standard Oil Bldg., San Fran­
cisco.— (V. 118, p. 2300.)
STANDARD OIL CO. OF INDIANA.— O RGAN IZATION , &C.— In­
corporated in 1889 in Indiana. Has refineries at Whiting, Ind., Sugar
Creek, M o., Wood River, 111., and Casper, W yo. Also markets oil, its
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 Line
Co. V. 112, p. 660. Formerly controlled by Standard Oil Co. o f N. J.,
but segregated in 1911. V. 105, p. 1216. See Standard Oil Co. of N. J.
V. 85. p. 216. 790; V. 93. p. 1390: V. 95. p. 1750; V. 97, p. 1290.
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) o f Midwest Refining (99% acquired to July 1922). V. 112, p.
2649; V. 115, p. 317. On Oct. 1 1921 took over the operation o f the plants
o f 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.
STOCK.— The stockholders on Dec. 27 1922 increased the authorized
capital stock from $140,000,000 to $250,000,000.
Bonds, Karpen Bldg., 1st M . 5s, mature in annual installments from
Dec. 1 1912 to Dec. 1 1925. V. 92, p. 61: V. 91, p. 1773.
DIVIDENDS (% )—
f ’ 12. T3. ’ 14. ’ 15. ’ 16. ’ 17. T 8. ’ 19. ’20-24.
R egular--------------------\ 6 12 12 12 12
12 12
12 See
E xtra______________________ L 7 20 13 . .
12 12
12 text
Quarterly dividends 1917 to June 1920. both inclusive, 3% and 3% extraIn Sept, and Dec. 1920, 3% and 5% extra. A 2,900% stock div dend was
paid M ay 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 16 1924 paid 21* % quar. on increased capitalization.
RE PO RT.— For 1923, in V. 118, p. 1148 and 1280, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earnings__________ $46,938,499 $55,881,104 $23,288,348 $61,377,803
Reserve for Fed. taxes-_ 5,400,000
6,500,000
2,000,000 20,404,319
D ividen ds_____________ 22,106,839 17,453,994 15,686,123
9,116,678
Surplus for year--------- $19,431,660 $31,927,110 $5,602,225 $31,856,806
Chairman, Robert W . Stewart; Pres., W m. M . Burton; Sec. & Treas.,
E. G. Seubert. Office, 910 So. Michigan Ave., Chicago, 111.— (V. 118,
p. 2449.)
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.
yearly. V. 103, p. 1512; V. 96, p. 1093, 1428.
STOCK.— The stockholders voted on N ov. 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.— (
1913.
’ 14. ’ 15. ’ 16. ’ 17-’21.
1922.
1923.
R egular..........%
12
6 12 12 12 yly.
12
8
E x tr a ------------ % 128 & 100 stk. 7 - 4 12 yly. 3 & 300 stock
Paid in 1924: March 15, 2% ; June 16, 2% .
RE PO RT.—-For calendar year 1923, in V. 118, p. 1403, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits___________ loss$280,382 $1,232,154
$207,789 $2,043,449
D ividen d s___________
640,000
300,000
480.000
480,000
Pres., J. C. M cDonald; V .-P ., Thomas Black; Sec. & Treas., E. A.
Warren. Office, Neodesha, Kan.— (V. .118, p. 1403.)

233

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES.
[For abbreviations, &c., see notes on page 6.1

Date
Bonds

Standard Oil Co (Kentucky)— Stock$17,500,000 autb-----Standard Oil Co ot (Nebraska— Stock, $5,000,000 --------------Standard Oil Co of New Jersey— Stock $625,000,000 a u th ..
Pref (a & d) stock 7% cum $200,000,000 call after 3 yrs 115
Standard Oil Co of New York— Stook $235,000,000 au th-----Serial gold debentures due annually (see text)..E q.xxxc* 1921
12-year gold debentures red (text)____________ Ba.xxxc* 1921
Standard Oil Co (of Ohio)— Com stock $14.000.000________
Sterling P roducts, Inc— Stock 1,000,000 shares auth_____

Par
Value

Amount
Outstanding

Rate
%

$25 $16,784,047 See text
100 3.000. 000
See text
25 502,099,200 See text
100 199,972,900
7
25 225,324,650 See text
100 &c 30.000.
000 7 g
000 6H 8
100 &c 20.000.
100 14,000,000 See text
100
7.000. 000 7
None 625,000 shs See text

When
Payable

[Vol. 118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Q— J Apr 1 T924 4% Louisville. K y,
J & D June 20 '24 5% Omaha, Neb
Q— M June 16 '24 1% Guaranty Tr Co, N Y
Q— M 15 June 16 '24 1 %
Q— M 15 June 16 '24 35c. M ech & M Nat Bk, N Y
J & J Jan 2 '25 to ’31 Eq Tr or Blair & Co, N Y
B ’nkersTrorBl’r&Co ,NY
M & N M ay 1 1933
Q—J July I '24 2H Checks mailed
Q— M June 2 1924 1 %
Q— F M ay 1 1924 $1

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. 1390Owns 70% (non-votine) interest, in the $120,000,000 capital stock of
the Magnolia Petroleum Co., a petroleum producing and refining organiza­
tion, operating in the oil fields of Oklahoma, Kansas, Northwest Texas anji
Mexico. In M ay 1918 the Federal Trade Commission objected to this
alliance. V. 106. p. 507. 1809. New office building. V. 112, p. 1031,
1748, 2091. In Jan. 1924 organized the Socony Oil Burner Corp., a
subsidiary. V. 118, p. 213.
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 $30,000,000 7% serial gold debentures are due
$4,000,000 each Jan. 2 1925 to 1930 inch and $6,000,000 Jan. 2 1931. Re­
deemable all or part on and after Jan. 2 1925 at 105 and int.; if less than the
entire issue should be called, the longest outstanding maturities to be
called first. No future mortgage (except purchase money obligations)
unless these debentures are equally secured thereby. V. I l l , p. 2432.
The $20,000,000 6 >4% gold debentures are redeemable all or part on
M ay 1 1928 at
any
Balance, surplus_____$2,837,386
$698,150 $1,997,542 $3,050,260 less 3-10 of 1% 103 and int. and thereafter on untilint. date at 103 and int.
fo>- each succeeding 6 months
maturity.
Chairman, C. T . Collings; Pres., S. W . Coons; V .-P ., W m. E. Smith’
Company will provide $750,000 p. a., available semi-annually, beginning
W . G. Violette and A. K. Whitelaw; Sec. & Treas., Jos. C . Steidle; Asst- Nov. 1 1921. to be applied within 6 months to the purchase o f these deben­
Sec., J. W . Beil; Asst. Sec. & Asst. Treas., T . Q. McGoodwin. Office. tures at not over 100 and int. I f debentures are not available for purchase
Louisville, K y.— (V. 118, p. 1678.)
at that price, the balance will revert to company.
Restrictions.— (1) Total funded debt, incl. this issue, shall never while
STANDARD OIL CO. OF L O U IS IA N A — (V. 116. p. 2647.)
any of these debentures are outstanding exceed 50% of total net assets;
STANDARD OIL CO. OF NEBRASKA— ORGANIZATION.— Inoorp. (2) company will not create any mortgage unless debentures share equally
in Nebraska in 1906. A marketing company. Formerly controlled by 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.
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%
DIVS — I 12 13 14
16 18 ’ 17. ’ 18. ‘ 19. ’540. ’21, ’ 22.’ 23-’24.
stock div. was paid. On June 20 1913 25% in stock was paid, and on May Per c e n t..) 6
8
8
88
1112 16 18
16
*16
text
16 1921 paid 200% in stock, raising amount outstanding to $3,000,000; par
* Al o 200% in stock payable to holders of record Dec. 1 1922.
$100. In Jan. 1919 the auth. issue was increased to $5,000,000. D iv..
On $25 par value stock paid 35 cents quar. Mar. 15 1923 to June 16 1924.
10%, paid June 20 and Dec. 20 1912; June 20 and Dec. 20 1913, 10% and
RE PO RT.— For 1923, in V. 118, p.~2316, showed:
5% extra. June 1914 to Dec. 1926, 10% semi-annually. In June and
Calendar Years—
1923.
1922.
1921.
1920.
Dec. 1921 and June 1922 paid 5% on increased stock. In Dec. 1922 paid xTotal earnings________ $30,827,578 $34,548,542 $23,373,821 $39,405,631
5% and 10% extra. June 1923 to June 1924 paid 5% semi-ann. Report Depreciation & insurance 12,464,240 11,713,807 10,708,183
x
for 1923 in V. 118, p. 1024. Pres., A. H. Richardson. Office, Omaha, Interest on debentures._ 3,400,000 3,400,000
2,966,667
------Neb. Sec., H. W . Pierpont.— (V. 118, p. 1024.)
Dividends paid_______ 12,601,745 12,000,00012,000,00012,000,000
STANDARD OIL CO. (OF N. J .).— ORGAN IZATION .— This com ­
Balance, surplus_____$2,361,593
$7,434,735df$2,301,029 $27,405,631
pany was Incorp. under the laws o f New Jersey in Aug. 1882 and reorgan­
x Total earnings are after deducting expenses incident to operations, in­
ized in 1899 taking over from liquidating trustees the properties of the
cluding taxes (and in 1920 also after depreciation and sundry reserves).
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
Chairman, H. C. Folger; Pres., H. L. Pratt; Sec., F. S. Fales; Treas.,
of the company for violation of the anti-trust laws (V. 92, p. 1343, 1378)
R. P. Tinsley. Office, 26 Broadway, N. Y .— (V. 118, p. 2316.)
theoom panyon Deo. 1 1911 distributed its holdings in 33 subsidiary
(THE) STANDARD OIL CO. (OF O H IO ).— O RGAN IZATION .—
oil gas, pipe line and allied companies In the amounts given in V. 93
Incorp. in Ohio in 1870. Has refineries at Cleveland and Toledo, Ohio, also
d. 1390. The large refineries at Bayonne, Baltimore and Parkersburg,
markets oil. Formerly controlled by N. J. company. V. 85, p. 216, 790;
W. Va., were retained. Owns a large majority of the capital stock of the
p.
authorized an
East Ohio Gas C o., Hope Natural Gas C o., Carter Oil Co. o f Okla., Stand­ V. _3,from1390. Shareholders on M ay 25 1916 for 100% stockincrease of
$3,500,000 to $7,000,000 to provide
dividend,
ard Oil Co. o f Louisiana and Imperial Oil C o. of Canada with Its dependency, stock
2371.
the International Petroleum C o., Ltd. V. 165, p. 2602, 2369. 2462, 2547; payable July 5 1916. V. 102, p. 1544, 1991; V. 106, p. auth stock from
The shareholders voted Jan. 12 1920 to increase the
V. 106, p. 401. Fleet, V. 107, p. 297.
The Humble Oil & Refining Co., at Houston, Tex., in Feb. 1919 voted to $7,000,000 to $21,000,000 by creating $7,000,000 new 7% cumulative
Increase its capital stock from $4,090,000 to $8,200,000, and sell $4,100,000 preferred stock and issuing $7,000,000 additional common stock. Stock­
record July 12
given the
of subscribing to
of the new stock to W O. Teagle o f New York, President of the Standard holders of of new preferred1920 were par ($100) privilege share of common
stock at
for each
Oil Co. (New Jersey), for $17,000,000, or a basis of $414 63 per share. one share
With the funds thus obtained, the Humble Co. was in a position to carry out stock held. Additional common stock will be held in treasury subject to
a large expansion program, not only relating to its producing operations, stock held.
1>tvs.. Dec. 16 1912, 5% for 6 mos. ending Oct. 30 1912: 1913, 20% (3 %
but to its transportation and refining facilities. V. 108, p. 1168.
and 9% extra; 1915. 12 and 12 extra
In 1917 the Federal Trade Commission charged the former Standard Oil and 2% extra quar.; 1914, 9% 1916. Jan.. Anr. & July, 3% and 3% extra
3% and 3% extra quar. Q.-J.):
properties with dominating the gasoline market. V. 105, p. 2362, 2371; Jan. 1917 to Jan. 1923, 16% p. a. (quar. 3% and 1% extra). On Dec. 12
V. 106, p. 613. Sale o f interest held in German subsidiary. V. 104, p. 2348. 1922 paid 100% in common stock. Apr. 2 1923 to July 1 1924 paid 2J-£%
Deal with Maracaibo Oil Explor. Corp., V. 112, p. 1625, 1748; V. 113, quar. On p ref., initial div. of 1 % % quar. paid Sept. 1 1920 to June 2 1924.
p. 1661. In 1921 organized the Standard Oil Co. o f Bolivia. V. 113, p.
R E PO RT.— For 1923, in V. 118, p. 1678. showed:
2193. Interest in Nobel Russian oil properties, V. 114, p. 2249.
Calendar Years—
1923.
1922.
Suit alleging infringement started against Pure Oil C o., V. 115, p. 769.
Statement by President Teagle before Senate investigating committee, Net profits_____________________________________ $3,143,166 $6,214,837
Preferred dividends (7 % )________________________
490,000
490,000
V. 115, p . 2790.
Common dividends_________________________ (10%)1,400,000(16)1,120,000
STOCK.— The stockholders N ov. 8 1922 voted to increase the authorized
common stock from $110,000,000 to $625,000,000. The directors declared
Surplus______________________________________ $1,253,166 $4,604,837
a stock dividend o f 400% in $25 par value shares payable Dec. 20 1922.
Office, East Ohio Gas Bldg., Cleveland, Ohio.— (V. 118, p. 1678.)
V. 115, p. 1740, 1952, 2057, 2168, 2279.
STANDARD PARTS CO.— (V. 118. p. 1678.)
DIVS. (on com .)— 1 / ’00. ’01. ’02. ’03. ’04. ’05-’ 10. ’ l l . '12-22. 1923.
STERLING PRODUCTS. INC.— Incorporated under laws of West
Since 1898_________ %\ 48 48 45 44 36 40 y’ly 37 20 y ’ly
4
Also a distribution of 40% ($39,335,320) on Feb. 15 1913 from funds re­ Virginia on M ay 14 1901. The business of the corporation and its sub­
sidiaries is chiefly the production and sale of medicines and pharmaceutical
ceived in liquidation of loans to former subsidiaries. V. 96, p. 423Also a stock div. o f 400% in $25 par value shares payable Dec. 20 1922. preparations. The various products manufactured and sold include the
following: Bayer’s Tablets of Aspirin, Cascarets, California Syrup of Figs,
V. 115, p. 2279.
Danderine, Pape's Diapepsin, Pape's Cold Compound, Diamond Dyes,
Paid in 1924: March 15, 1%; June 16, 1%.
Dandelion Butter Color, Dodson's Livertone, Drake's Palmetto Compound,
RE PO RT.— For 1923, in V. 118, p. 2433, showed:
Dr. James’ Family Remedies and Neuralgyiine. In Feb. 1923 purchased
1921.
1923.
1922
a one-fourth interest in and assumed the management of Household Prod­
$
$
$
Gross earnings------------------------------- x367,334 410x328,286 827 451,805,043 ucts, Inc., manufacturers of ‘ ‘Chas. H. Fletcher’s Castoria.” V. 116.
731.
Net earnings________________________ 7,616 736
2,451 976df37,391,431 p. C A PITAL STOCK.— Stockholders o f
Income from other sources__________
8,265 677 10,404 084 43,152,924 100,547 additional shares of stock at $50record Dec. 29 1922 were offered
per share.
Gross income---------------------------------- 15,282 413 12,856 060
5,761,493
D IV ID E N D S.— On stock of no par value paid div. of &2}4 cents a
Divs. from other than affiliated c o s ..
224 568
31 ,680
1,742,504
Proportion of earnings of affil. cos_ 40,788 ,300 33,354 695 26,341,932 share on M ay 1 1922; Aug. 1 and Nov. 1 1922 paid 75 cents each; Dec. 22
_
Total income______________________ 56,295 282 46,242 ,436 33,845,929 1922 paid 75 cents extra; Feb. 1 1923 to M ay 1 1924 paid $1 quar.; Dec. 10
Dividends paid, pref., 7 % per annum. 13,998 103 13,855 ,205 13,767,362 1923 paid $1 extra.
Dividend, common, 2 0 % _____________20,013 ,718 19,842 ,485 19,701,910
R E PO RT.— For 1923. in V. 118, p. 789, showed:
Calendar Years—
1923.
1922.
1921.
376,657 Net profits after Federal & State taxes $4,642,255 $3,312,194 $2,057,703
Balance, surplus_________________ 22,283,461 12,544,746
x Gross income from operations with all departmental transactions Previous period adjustments________ Dr. 153,886 D r.418,631
Cr268,745
eliminated.
Table Showing Products o f Company’s Own Refineries, 1915-1919, V. 110
$4,488,369 $2,893,563 $2,326,448
p. 1296.
Dividends paid____________________
1,308,204
2,166,132
3,038.128
Contingencies______________________
500,000
D IR E C TO RS.— Chairman, A. O. Bedford; Pres., Walter O. Teagle
8,233
8,033
14,535
V.-Pres’ts, F. H. Bedford, F. D . Asche, S. B. Hunt; V.-P. & Treas., Geo. Sterling Remedy Co. pref. divs______
H. Jones; Chas. G. Black, EdgarM . Clark, E . J. Sadler, Walter Jennings,
Balance, surplus_________________ $1,442,008
$510,212
$712,896
Geo. W. Mayer and J. A. Moffett Jr. Sec. is Charles T . White. Office,
Previous surplus___________________
3,268,217 $2,555,321 $2,045,109
26 Broadway, N. Y .— (V. 118, p. 2433.)

STANDARD OIL CO. (K E N TU C K Y.)— ORGANIZATION. AC.—
Incorp. in Kentucky in 1886. A marketing and refining co. Formerly
controlled by Standard Oil Go. of N J.. but segregated in 1911. See
Standard Oil Co. of N . J., V. 85, p. 217, 790; V. 93, p. 1390.
STOCK.— The stockholders on Dec. 21 1922 increased the authorized
capital stock from $12,000,000 to $17,50Q,000. A stock div. of 66 2-3%
was paid Dec. 30 1922.
CASH D IV ID E N D S.—
’ 15. ’ 16. ’ 17. '18. ’ 19. ’ 20. ’ 21. ’ 22.
’23.
12 *20
16
Regular------------------------------- % 16 16 14 12 12 12
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 1924: April 1 ,4 % .
R E PO RT.— For calendar year 1923, in V. 118, p. 1403 and 1531, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits______________$6,286,182 $5,086,875 $3,377,542 $6,020,260
Cash dividends________ 2,681,796
3,763,725
720,000
720,000
Res. Fed. tax. cur. year767,000
625,000
660,000
2,250,660

STANDARD OIL CO. OF NEW Y O R K .— 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
number o f collateral businesses, including the manufacture of barrels, cans.




Profit and loss, surplus___________ $4,710,225 $3,268,217 $2,555,321
OFFICERS.— Pres., H. F. Behrens; V .-P ., Charles A. Aul; Sec. & Treas.,
A. H. Diebold; Gen. M gr., W . E. Weiss. Office, 88 Nineteenth St.,
Wheeling, W . Va.— (V. 118, p. 789.)

Date
Bonds

MISCELLANEOUS COMPANIES
For abbreviations, <&c., see notes on page 6

S t e r n Bros— Common stock $7,500,000 auth_______________
P ref (a & d) stock 8 % cum red 115 - ---------------------------

S tew art-W arner Speedom eter Corp— Com stock 600.000 sh
Strom berg C arburetor Co— Stock 150.000 shares auth____
S tu debaker Corp (T he)— Com stock 2,500,000 shares____
Pref stock (a & di 7% cum #15.000,000 red l25(allorpart)
S t u t z M o t o r C a r C o — S to c k 263,000 snares a u th .. _______
Convertible gold debs red (tezt) $1,500,000 auth.Gk.xxxc* 1922
S u b m a r i n e B o a t C o r p — Stock 800.000 shs n o o a r vaiue____

Par
Value

8 5 8 ,3 8 0

6 84 .563

6 7 ,000

Rate
%

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

$100 $7,500,000 See text
Q— J July 1 1924 1% Checks mailed
100 2,779,600
Q— M •Tune 2 1924 2% Checks mailed
8
text (J— F M ay 15 ’24 $214 C h e ck * m ailed
text Q— J Apr 1 1924 $2
None l,875,000sh See text
Q— M June 2 ’24, $1 Lawyers Ti & Tr C o, N Y
100 8.600,000
Q— M June 2 1924 13 Checks mailed
7
A
N one
230,000 shrs See text
Jan 12 ’21 $1.25 New York
1,000
1,000,000
714 g A & O Oct 1 1937
N one
766 920 shrs See text
Feb 7 1921 50c

Dividends paid________ 4,244,233
1,875.085
1,172,105
Prem. on pref. stk. ret’d
25,374
______
______
Surplus net in co m e ... $2,458,512 $3,460,077 def$132,532
$615,927
Note.— “ ProHts and income” are showu, “ after deducting all manufactur­
ing, selling and administrative expenses, including adequate provisions for
discounts and losses on doubtful accounts, depreciation on plant equipment,
A c .”
3 Months Ended March 31—
1924.
1923.
1922.
N et earnings after deprec. & Fed. tax. $1,496,700 $1,827,974
$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; C. B.
Smith, V. R. Bucklin, W . J. Zucker, L. H. La Chance. J. E. Otis, Chicago.
— (V. 118, p. 2449.)
STROMBERG CARBURETOR CO. OF AMERICA, INC.—O R G A N I­
SATION.— Incorporated in N. Y . on July 21 1916 and acquired the capital
■tock ($50,000) o f 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. Full official statement Dec. 31
1918, V. 108, p. 276.
In Jan 1919 obtained contract supplying carburetors for all new Studebaker 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: fhen none in'll o -t . m o i vi«n $1
paid; Jan. 1923, paid $l 25; April 1923 to Oct. 1923 paid $l 75 quar.; Jan.
1924 paid $2 quar. and $l 50 extra; April 1924 paid $2 quar.
R E PO RT.— For 1923 showed:
Calendar Years—1922.
1921.
1923.
1920.
Gross profit on sales------ $1,656,376 $1,217,474
$422 236
$787,443
$446,891
$302 253
Selling & admin, exp----$631,049
$356,452
Oth. deduc., less oth. inc
28.852
86,320
28.312
15,889
Profits for year______
$415,101
$690,263
$91,670
$996,475
$86,000
Federal taxes (est.)_ - $125,000
$10,000
$75,000
Dividends. _ ___
656,250
168,750
262,500
Balance, surplus___
$435,513
$81,670
$77,601
$215,225




Amount
Outstanding

N o n e 474,980 shrs See
N on e
75.000 shrs See

STERN BROTHERS— Organized In N .Y .o n Jan. 31 1910 for the purpose 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.
C A PITAL STOCK.— The directors on Aug. 8 1921, declared operative
the plan o f April 30 1921 (V. 112, p. 1984) and in accordance therewith
declared a stock dividend o f 3314% payable Sept. 1 in 8% Cumul. Pref.
stock on the 7% Cumul. Pref. stock to holders o f record Aug. 26. The
directors also duly authorized the exchange on or after Sept. 2 1921 o f the
outstanding $3,000,000 par value 7% Cumul. Pref. stock for $3,000,000 par
value o f said 8% Cumul. Pref. stock, share for share.— Y. 113, p. 738.
N ot less than $120,000 per annum is required to be placed in a “ Special
Surplus Account” for the retirement o f prer. stock before any common divs.
Pref. stock has no voting power until two quar. divs. are in default, when it
has exclusive voting power until all defaults have been made good. Redeemable at any time and in dissolution, &c., at 115.
DIVS.— Accumulated divs. on the pref. stock on Dec. 1 1919 amounted
to 40 H % - On Mar. 1 1920 paid 1J4%. On June 1, Sept. 1 and Dec. 1
1920 and Mar. 1 1921 paid 1% % regular and \ % % on account of accumu­
lated divs., reducing the latter to 33M % . June 1 1921 paid 1 % % . On
Sept. 1 1921 paid 1% % quar. and 33K % on account o f accumulations,
payable in new 8% cum. pref. stock. On new pref. paid 2% quar. from
Dec 1 1921 to June 2 1924
On common, paid initial div. o f 1% on Jan. 2 1924; same amount paid
April 1 and July 1 1924.
BE PO RT.— For year ended Jan. 31 1924, showed:
Jan. 31 Years—
1923-24.
1922-23.
1921-22.
1920-21.
Gross income_________ 1
Not
Not
f $1,491,834 $1,686,388
Gen., admin., Ac., exp. J shown
shown \
457,450
489,003
N etprofit----------------- $1,062,320 $1,014,717 $1,034,384 $1,197,385
Federal taxes__________
150,995
160,000
105,000
305,000
Net prem. & expense on
purchase o f prf. stock.
______
85,769
______
______
Preferred d ivid en d s...(8% )192 ,382 (8)258,398(7^)257,581 (14)420,000
75,000
______
______
______
Common dividends_____
Pref. div. (stk.) (33M %)
______ ______ ______
x997,500
______
Balance, surplus_____
$643,943
$510,550' def$325,697
$472,385
x Stock dividends, covering accumulations unpaid to Sept. 1 1921.
3314%: paid in 8% pref. stock, 981,800; cash fractions, $15,600.
OFFICERS.— Pres., Benjamin Stern; Treas., Richard A . Koegler;
Sec., E. H. Rosenstock.— (V. 118, p. 1404.)
STEW ART-W ARNER SPEEDOMETER CORP — 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. Patent litigation settled. V. 114,
p. 861.
STOCK,— Stockholders voted June 4 1920 to Increase the common
•tock to 600,000 shares, no par value, o f which 60,000 were exchanged
for Stewart Manufacturing Corp. common, no par value, share for share.
The remainder is to be kept in the treasury for later issue as directors may
determine.
Stockholders voted on N ov. 14 1919 to change the capitalization
from 100,000 shares (par $100), all outstanding, to 400,000 shares (nc
par value), four new shares for one old share. V. 109, p. 1799, 1898.
BONDS.— The 8% convertible gold bonds due Mar. 1 1926 were called
for p ivm m t Sept. 1 1922 at 104 and int.
D IV ID E N D S—
1920.
1921.
1922.
1923.
Per share______________________ $4
$2.50
$4
$9
Paid in 1924V 'Feb.'f5,‘ $2'50f M ay 15, $2 50.
R E PO RT.— For 1923, in V. 118, p. 918, showed;
1923.
1922.
1921.
Profit & inc. (see note) __ $7,586,499 $6,019,725 $1,106,573
Adjust, o f inventories,&c
______
______
______
Dividends received_____
______
______
______

F e d e ra l t a x e s ____________

333

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

DIRECTORS.— Charles W . Stiger, Oak Park, 111., Pres.: Hicks A*
Weather bee, N. Y ., V.-Pres.; George H. Saylor, N. Y . City, Treas.;
George F. Lewis, Sec.; Harland B. Tibbetts, N . Y .: William L. O’Neill
(V.-P.) and Chas. A . Brown, Chicago.
Office, 37 Wall St., New Y ork.—
(V. H 8. p. 2053.)
STUDEBAKER CORP. (TH E )— ORGANIZATION.— Incorporated in
New Jersey Feb. 14 I 9 ll and took over the Studebaker Bros, (wagons and
carriages, &c.) M fg. C o., South Bend, Ind., and “ E. M . F. (automobile)
C o ." 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,
gives the company a capacity of 150,000 automobiles per annum. The
wagon business was sold to the Kentucky Wagon M fg. Co. early in 1921.
V. 112, p .4 7 7 .
STOCK.— A special surplus account, which on Dec. 31 1923 amounted to
$4,860,000, retires 3% o f pref. stock yearly at not exceeding 125; the
amount Issued. $13,500,000, had on Dec. 31 1923 thus been reduced to
$8,600,000. No mortgage or preferred stock Increase, except by
rnnsent o f at least 75% o f each class. See V. 101. p. 1482; V . 102, p. 527,
194.
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 will be issued in exchange for the
old common stock, par $100, in the ratio of 214 shares of no par value stock
for each $100 share held. The remaining 625,000 shares will be held in
the treasury.
Voting rights of 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 14 shares and the
holders of less than 2 14 shares of common stock shall not be entitled to vote.
DIVIDENDS.—
1915.
1916.
1917.
1918.
1919.
1920-24.
On common_____%
5
10
7
4
7
text
Sept .1 ’17 to Sept .2’19,4p.a.(l Q .-M .); Dec. 1 ’19 1 X & 2H extra. V.
109. p. 1800. Mar. 1 1920. I H % ; M ay 5 1920, 33 1-3% , payable in com.
stock; June 1920 to June 1922, 1 3 % quar. On Sept. 1 1922 paid 2H %
4
quar. and 114%, extra: Dec. 1 1922, 214%: Dec. 29 1922 paid 25% in com.
stock. V. 115, p. 2592. March 1 1923 to March 1 1924 paid 213% quar.
On June 2 1924 paid $1 per share on new stock of no par value.
RE PO RT.— For 1923, in V. 118, p. 1130, showed:
iq o q

1Q 99

1Q91

1 Q 90

Automobiles sold______
145,'l67
110,269
66,643
51,474
Net sales-------------------$166,153,684$133,178,881 $96,690,644 $90,652,363
Net earings___________ $20,914,740 $20,659,092 $12,670,446 $12,250,822
Deduct— Federal taxes.. $2,572,518 $2,572,897 $2,260,755 $2,428,768
Preferred divs. (7 % ).
638,750
673,750
686,000
710,150
Common divs___ (10% )7,500,000(10)6000,000 (7)4,200,000 (7)3,937,500
Balance, surplus_____$10,203,472 $11,412,445 $5,523,691 $5,174,404
Results for Three Months Ended March 31 1924 (V. 118, p. 2177.)
xl924.
1923.
1922.
1921.
No. automobiles prod
x
37,509
26,665
10,983
N o. automobiles sold .. .
29,435
38,211
22,801
11,620
Net sales-------------------- $35,603,490 $43,278,454 $27,816,818 $18,475,271
Net profits before taxesl $4!036!620 $7’,085’,454 $4’,575i837 $2’,110’,57S
Less reserve for inc. taxes
494,361
914,483
505,988
______
Net profits, all sources $3,542,259

$6,170,971

$4,069,849

$2,101,123

x Not reported.
OFFICERS.—-Chairman, Frederick S. Fish; Pres., A. R . Erskine; Treas.N. R. Feltes; Sec., A. G. Rumpf. Office, South Bend, Ind.— (V. 118*
p. 2191.)
STUTZ MOTOR CAR CO. OF AMERICA. INC.— ORGANIZATION
—Incorporated In N . Y . on June 22 1916 (V. 102. p. 2347) and took over
Ihe entire capital stock and in 1917 the property of the Stutz M otor Car
Oo. of Ind.. manufacturing motor cars at its plant in Indianapolis.
CAP. STOCK.— The stockholders voted M ay 5 1920 to increase the
capital stock from 120,000 shares, no par value, to 200,000 shares, no par
value. The auth. capital stock was increased In May 1920 from 120.000
shares to 200,000 shares and in N ov. 1922 to 263,000 shares.
Schwab interests buy stock, V. 115, p. 770.
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 of 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.— 714% debenture bonds, maturing Oct. 1 1937, are convertible
Into stock on the basis of 33 shares of stock for each $1,000 bond held.
They are redeemable at 10714 and int. until Oct. 1 1927 and thereafter
at 105 and int. V. 116, p. 188.
R E PO RT.— For 1922, in V. 116, p. 2398, 2513, showed:
Results Cal. Years—
1922.
1921.
1920.
1919.
Net sales.............
$2,737,218 $3,071,411 $8,168,356 $7,274,249
Net earnings____________def.278,964 def.26,006
1,357,385
1,597,148
Federal taxes__________
________
________
330,000
600,000
N etprofit___________ def.$278,964 def.$26,006 $1,027,385
$997,148
Inventory losses, &c____
383,415
606,365
______
Dividends (cash)______
________
________
900,000
375,000
do (stock)_________
________
________
500,000
OFFICERS.— Chairman, E. V. R . Thayer; Pres., W m. N. Thompson;
V.-P. & Sec., Willard A . Mitchell; Treas., Anthony F. Cassidy. Office,
141 Broadway, New York.— (V. 118, p. 213.)
SUBMARINE BOAT CORPO R ATIO N , N. Y.— O R G A N IZA TIO N .—
Incorporated at Albany, N . Y ., Aug. 4 1915 with 800,000 shares of capital
stock with no par value, and in Dec.$1923 had issued 766,920 thereof
(on a ten for one basis) for 76.692 of the 76,721 shares o f the com. and pref.
stock of the Electric Boat Co. V. 101, p. 215. 373, 451, 530, 851. Divi­
dends of $1 50 were paid Jan., A pr., 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.
In Sept. 1917 the Electric Boat C o. deferred action on its dividend owing
to capital requirements.

234

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Superior Oil Coro.— Stock 2.500,000 shares auth__________
1st mortgage s f g bonds red 105 (see text) ________ Ce. 1924
Superior Steel Corp— $11,500,001) common stock . . .
1923
First mortgage s f bonds red 105 ________ ..U P i.kxxxc*
Sweets Co of America (T h e)— Stock auth $5,000.000______
Swift & Co— Stock auth $150,000,000....................
.............
1st M gold ■ f red 102 H
.............. .. FC-xc»ftr* 1914
10-year sinking fund gold notes red. (text)___ IC .xxxc*.. 1922

Par
Value

Amount
Outstanding

Bate
%

None 982,208 shrs See text
7g
$100 &c $1,000,000
100 10,000,000 See text
6
1,000 2,750,000
10 5.000.000
8
150,000,000
100
5g
500 &c 27,588,500
5g
100 &c 49,500,000

When
Payable

[V ol. 118.

Last Dividend Places Where interest and
Dividends are Payable
and Maturity

Dec 20 1920 50c Checks mailed.
& A Feb 15 1929
Q— F M ay 1 ’24 %
J & D Dec 15 1938
Union Trust Co, Pittsb
F

Q— J Apr I 1924 2 % New York and cmoago
Am Ex N Bk. N V ft PC
J ft J July 1 1944
Am Ex N Bk, N Y ft IC
A ft O 15 Oct 15 1932

REPORT.-—-For 1923, in V. 118, p. 678, showed:
Calendar Years—
1923.
1922.
1921.
Net sales____________________________ $1,697,193 $1,341,041 $1,694,992
Net profit_______
106,113
83,164
252,854
Other income______________________
21,783
16,049
23,740
Depreciation, Federal tax, &c_______
66,212
93,134
260,228
Balance, surplus_________________
$61,684
$6,079
$16,366
The company reported a profit of $32,278 for the first quarter of 1924,
before reserves for depreciation and other deductions.
OFFICERS.— Chairman, Lewis L. Clarke; Pres., Louis W. Levy; V.-P.
& Treas., E. Stanley Clarke; Sec., Henry A. Febn.— (V. 118, p. 2317.)
SW IFT & CO.— OR GA N IZA TION .— Incorp. in Illinois April 1 1885.
V. 95. p . 1547. Company ewns 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
Net income_________ $1,335,300 $l,033,0241oss$1974626 $3,838,223
plants for the manufacture of creamery butter and the collection of poultry
Other income__________
622,703
1,160,747
8,410,504 3,276,561
and eggs for sale through its distributing agencies. Branch houses and
sales agencies number over 500 and serve practically every important city
Gross income________ $1,958,003 $2,193,771 $6,435,878 $7,114,985
Other deductions______ 1,723,770
577,938
8,635,354
5,248,991 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.
Balance, surplus_____
$234,233 $1,615,833df$2,199,475 $1,865,995 688. Canadian C o., V. 105, p. 1809, 1198.
In Aug. 1918 the South American and Australian properties were organ­
Previous surplus_______ 7,375,929 5,760,096
8,472,324 8,025,677
ized as Oompanla Swift Intemacional Ltd, und'jr the laws of the Argen­
Fed. taxes, prior years..
______
______
$160,092
$653,498
Dividends paid________
______
______
352,660
765,850 tine Republic, with a stock of $22,500,000 Argentine gold, divided Into
1.500.000 shares of $15 each, all one class, fully piid and non-assessable, all
Profit & loss surplus.. $7,610,162 $7,375,929 $5,760,096 $8,472,324 outstanding. Each stockholder of Swift & Co. of record Aug. 31 1918
was given until Oct. 15 the opportunity of exchanging 15% of his holdings
OFFICERS.— Henry R. Carse, Pres.; L. Y . Spear, Henry R . Sutphen, In Swift
at par for equivalent
stock in InternaV .-P .; H. A. G. Taylor, Treas.,; Frank Wallace Sec. N . Y . office, 11 cional at & Oo.evidenced by the First amount of capital certificates of de­
par,
Trust of Chicago
Pme St.— (V. 118, p. 1532.)
posit. The company by thus exchanging $22,500,000 of stocks in foreign
subsidiaries for equal amount of stock of Swift & Co.obtalned the latter as a
SUPERIOR OIL CORP.— Incorp. in Del. on Oct. 25 1917.
DIVS.— The Mar. 1921 div. was omitted. Payments had previously quick asset, since sold (see below) for requirements of business. V. 107,
701, 910.
been made at the rate of $2 per annum. (Q -M 50c.).— V. I l l , p. 2146: p. Dividends paid by Swift International: N o. 1, Feb. 20 1919. 8% : then t®
V. 112, p. 660.
Feb. 21 1922, 8% semi-annually; Aug. 15 1922 to Aug. 15 1924, 6% semi­
BONDS.— The 1st mtge. 7% gold bonds have a sinking fund of $200,000 annually. Swift International annual report for 1923 in V. 118, p. 2053.
annually and have attached (a) a detachable stock option warrant entitling
The aforesaid exchange In O c t . 1918 had reduced the outstanding capital
the bearer of each such warrant to purchase from the corp. its common stock s t o c k t o $127,500,000 when the holders of record Oct. 20 were offered
at the rate o f 200 shares for each $1,000 o f bonds; at $4 per share on or be­ until and lncl. N ov. 30 the further option of exchanging one-tenth of their
fore Feb. 14 1926; at $5 per share from Feb. 15 1926 up to but not after ($100) shares fo r an equal par value in the $10 shares of the $12,760,000
Feb. 14 1927; at $6 per share from Feb. 15 1927 up to but not after Feb. 14 s to c k o f Libby. McNeill & Libby (cannera), held in Swift ft Oo.'s treasury.
1928; at $7 per share from Feb. 15 1928 up to andincl. Feb. 15 1929; and (fi) a Ttua further reduced the stock to about $114,750,000. The $36,250,000
detachable stock option warrant entitling the bearer of each such warrant to treasury stock was offered at par to shareholders! and employees in May
purchase from the corp. its common stock at the rate o f 100 shares for each 1919. V. 108, p. 2130, 688.
$1,000 o f bonds, at $3 per share on or before Aug. 15 1924. Payment of the
In Aug. 1919 the National Leather Co. was incorporated in Maine with
purchase price o f the stock upon exercise o f any such stock option warrants $30,000,000 of authorized capital stock In shares of $10 each, to take over
may be made at the option o f the respective holders thereof either in cash or the company’s tanning and leather interests, &c. Swift shareholders of
m bonds at their face amount, with cash adjustment o f interest on the record Sept. 10 1919 were allowed to subscribe at par in cash for two of the
bonds. V. 118, p. 805.
$10 shares for each $100 share held in Swift ft Co. V. 109, p. 782. For
Nat. Leather Co. refinancing plan, compare V. 113, p . 2191.
R EPO RT.— For 1923 showed:
The “ Big Five” Packers, In Dec. 1919 agreed to the entering of a decree
Calendar Years—
1923.
1922.
1921.
Gross income________________________$1,359,146 $1,869,398 $1,816,893 in the Government suit requiring them within two years to give up their
Operating expenses, &c____________
$548,163
$684,371
$672,561 stock yards and other outside interests (except their handling of eggs, but­
General and administrative expenses.
213,111
194,371
278,525 ter, poultry and cheese, which is left for future consideration) and in general
Adjustment of warehouse inventory. _
______
______
47,225 to confine their operations to the wholesale meat business.— V. 109. p. 2303
Justice Stafford in the District of Columbia Supreme Court on April 12
Depletion---------------------------------------813,996
1,138,530
1,546,563
Depreciation_______________________
475,739
606,477
822,049 1921 approved a new plan under which Swift & Co. and Armour & Co. are
to divest themselves o f their interests in stockyards and stockyard terminals
Net loss--------------------------------------$691,863
$754,352 $1,550,032 railroads in accordance with the Government decree. The plan was agreed
to by the Department of Justice.
OFFICERS.— Pres., H. G. Davies; Treas., Robert H. Colley; Sec.. E . J
The packers were to deposit their stock in the yards and terminals with the
Henry. Main office. Lexington, K y.— (V. 118, p. 2449.)
Illinois Trust & Savings Bank. Chicago, within 30 days, for administration
by two trustees,
W . Anderson. Richmond, Va., and George Suther­
SUPERIOR STEEL CO R P.— ORGANIZATION.— Incorp. In Va. land. Salt Lake Henry Utah, until sold, which must be within one year.
City,
Dec. 22 1916 to acquire all outstanding stock of Superior Steel Co. of Car­
Geo.Sutherland resigned
negie, Pa. Manufactures hot and cold-rolled strip steel, which is used in In Oct.1922limit has been extended and Hy.W.Anderson is now sole trustee.
(Tne time
until Jan. 12 1925;
2899.)
making pressed steel parts, replacing castings and machine parts for auto­ For further details, including list o f properties to be sold,V. 117, p.V. 112,
compare
mobiles, furniture, buildings, &c. Plant covers 24 acres.
1626; V.
1404.
The official statement made to the New York Stock Exchange In connec­ p. The Swift114, p. 637; V. 118, p. on April 15 1924 filed in court at Wash­
and Armour interests
tion with the listing o f the preferred and common stocks, was in V. 104
ington, D . C ., a brief declaring void the “ consent decrees.” Compar®
p. 1904, giving full particulars regarding the company’s properties, &c
V. 118, p. 1875.
STOCK.— The entire outstanding 1st and 2d pref. stock was redeemed
D IV ID E N D S.— 1888 to 1894 lncl., 8% ; 1895 to July 1898 lncl.. 6% :
on Feb. 15 1924 at 115 and divs. V. 117, p. 2662.
Oct. 1898 to July 1915, 7% ; Oct. 1915 to and lncl. Apr. 1 1924, 8% p .a .,
D IV ID E N D S.— On com.. No. 1, 1H % on N ov. 1 1917; Feb 1918 to
(2% Q.-J.) On Oct. 20 1917 paid 2% extra.
M ay 1919 paid 1H % quar ; Aug. and Nov. 1919 paid % %; Feb. 1920, H %
On N ov. 25 1916 there was paid to shareholders o f record N ov. 8 a cash
and
extra: M ay 1920 to May 1921. U S% quar.; Aug. 1921. H %
dividend of 33 1-3% in order to distribute $25,000,000 of accumulated earn­
then none until M ay 1 1924 when % % quar. was paid.
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
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 values of fixed assets as reappraised to values current Jan. 1 1914.
V 106, p. 2127. Appraised value of physical properties Nov 2 1918.
during each Oct. 15 to Nov. 15 at less than 105 and int. V. 117, p. 2899.
V. 108. D. 689.
RE PO RT.— For 1923 showed:
B O N D S . — The 1st 5s, dated July 1 1914 ($50,000,000 auth. issue),
Calendar Years—1923.
1922.
1921.
1920.
Gross sales____________ $8,749,442 $6,248,551 $2,286,561 $12,746,805 are secured by all property, plants and branch houses and further by
the pledge of stocks of subsidiary companies representing an Investment by
Net Income___________
$572,642 def$273,335 $2,367,983
$904,566
Federal taxes__________
$169,687
$56,780
$1,634,031 the company of over $15,000,000. V. 98, p. 160, 242, 392, 528; V. 99, p.
Sinking fund__________
165,000
165,000
$432,408
165,000 1678, 1515; V. 100. p. 292, 560, 647. Of the $50,000,000 1st Mtge 5s on
Inventory adjust., & c ..
311 132 Nov. 3 1923 there had been issued and retired by s. if. $5,781,500; $27,588,.
Dividends_____________
196,404
267,594
409',570
6521273 500 were outstanding, $1,630,000 were reserved for corporate purposes and
the remaining $15,000,000 may be Issued only for 75% o f the cost of addi­
Surplus--------------------$373,475
$83,268df$l,115,373
$205,547 tional real property upon which the mortgage shall be a first lien. 8inkTotal surplus. __----------814,302.
361,852
278,399
864,498 {ng fund 2% per annum.
Earnings for first quarter o f 1924 in V. 118, p. 2191.
NOTES.— The 10-year 5% sinking fund gold notes o f 1922 are redeemable
OFFICERS.— Chairman, James H. Hammond; Pres., R . Edson Emery; all or part on payment o f a premium of 2 H % if redeemed during 1923, such
Sec., C. D. Claney; Treas.. Chas. H. Forster; Asst.* Sec. & Asst. Treas., premium decreasing M of 1% each succeeding year thereafter.
Provisions.— (1) Company covenants to apply $500,000 annually to the
Donald M . Liddell— (V. 118, p. 2191.)
purchase and retirement o f these notes if available in the market at not
SWAN & FINCH CO.— (V. 118, p. 2449.)
to exceed par and Interest. (2) While any o f these notes are outstanding
SWEETS CO OF AMERICA, INC. (THE) — ORGAN IZATION .— and unpaid no new mortgage except purchase money mortgages for the
Incorporated in Virginia July 1919 and acquired entire outstanding capital acquisition of additional properties shall be placed on the property and
stock of the Sweets Co. o f America, In ., includ ng the capital stock of the assets of company, this provision, however, shall not prevent the emission
Lance Cough Drop C o., Inc. Products, Tootsie Rolls, Nut Tootsie Rolls, of the authorized and unissued 1st M . 5% bonds and the execution of such
Tootsie Lunch Rolls and Lance Cough Drops are sold to over 8,600 wholesale supplemental mortgages as may be required under the terms of said 1st M .
dealers who act as distributers. Factory buildings located in N. Y . City. (3) So long as any o f these notes are outstanding, company will at all tlme9
V. 109, p. 379. Has made arrangements with Metropolitan Tobacco Co., maintain current assets equal to an aggregate amount of 1H times all Its
New Jersey Tobacco C o., Union News C o., United Cigar Stores C o., and current liabilities, plus the outstanding notes o f this issue.
other large chain stores for the distribution of its products.
Proceeds were used in retiring $40,000,000 7% gold notes, due Oct. 15
Stockholders of record April 10 1920 had the right to subscribe at $2 1925 (called for payment Oct. 15 1922 at 101H and int.) and $25,000,000
per share to 150.000 unissued shares in the ratio of one new share for each 7% gold notes, due Aug. 15 1931 (called for payment Feb. 15 1923 at
two shares held. V. 110, p. 1533.
102^ and int.). V. 115. p. 1332.

The Corporation’s plant is located at Port Newark, N. J., and is directly
connected b y private railway with the main lines o f the Pennsylvania RR
Central R R . o f N . J. and Lehigh Valley RR. and occupies approximately
130 acres leased from the City o f 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, motors,
dynamo and electric equipment, &c. Plans for entering other lines of
business, V. 110, p. 1297. New sub. companies, V. 110, p. 219J.
R EPO RT.— For 1923, in V. 118, p. 1404 and 1532, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings from con­
struction and s a le s ... $8,668,546 $10,505,516 $5,855,591 $35,179,794
Cost o f constr. & e x p s.. 7,333,246
9,472,492
7,830,217 31,341,570




M ay , 1924.]

235

INDUSTRIAL STOCKS AND BONDS

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

Swift International (Comp. Swift Internaclonal)— Stock
rnnessee Coal. Iron & RR Co— Stock com 550.OOU.000 auth
Preferred stock 8% cumulative
______________________
General Gold Bond M $15,000,000 g......................... Un.xc*
Alabama Steel & Shipbuilding preferred 6% cum g u a r.. .
First mtge gold guar s f red 110 since Jan 1907. Ba.x
_
Potter Ore 1st M 5700,000 g guar Jo ttext) s f
share_ z
Tennessee Copper & Chem Corp— 800,000 shrs cap stock.
Sub Co— Tenn Oop Oo 1st M g red Nov 1 ’18 at 110 St lnt.
Tennessee Electric Power Co.— See text.

Date
Bonds

Amount
Outstanding

Par
Value

Rate
%

When
Payable

15 I,500,000sh See text F

1901

A Aug 15'24 6%
M ay 1 1914 1%
N ov 1 1919 2%
J
& J July 1 1951
I g J & J Jan 2 1924 3%
& J Jan 1 1930
6g J
4- n Dec 1 1931
5K
See text See text Jan 15 1924 25c
M * N N ov 1 1925
6g

$100 $32,528,698 See text
100
75,200 See text

1,000

6,702,000
118,300
1.000
730,000
1.000
54,000
None 794,436 sh.
1915 500 & 1,000 a$650,000
1898
1906

Last Dividend
and Maturity

&

Places Where Interest and
Dividends are Payable

Checks mailed
Office. Birmingham, Ala
do
do
71 Broadway, New Vork
do
do
do
do
Hanover Nat Bank N|Y
Company’s office, N Y

a Not including $1.000.000 pledged as collateral with Tent) Cop & Chem Oc rp and $218 ,500 own ed by Te nn Cop & Chem Corp.

REPO RT.— Report for year ending Nov. 3 1923 in V. 118, p. 199:
Nov. 3 1923. Not. 4 1922. Nov. 5 1921. Oct. 30 1920.
12 Months ending—
$
$
$
$
Business done________ 750,000,000 650,000,000 800,000,000 1,100,000,000
(?)
(?)
12,187,708
(?)
Trading profit_______
Loss on inventory___
________
________ 20,000,000
__________
Net earnings______ 13,184,619
Cashdivs. (8 % )______ 12,000,000

13,049,2171oss7,812,292
12,000,000 12,000,000

5,170,382
12,000,000

B alan ce..........._-_sur.l,184,619surl,049,217dfl9,812,292 def6,829,618
Pres., Louis F. Swift; Treas., L. A. Carton; Sec., C. A. Peacock. Office,
Chicago.— (Y. 118, p. 1925.)
SWIFT INTERNATIONAL (Compania Swift Internaclonal).— See
Swift & Oo. above.
TEMTOR CORN & FRUIT PRODUCTS CO.— (V. 118, p. 93.)
TENNESSEE COAL, IRON & RAILROAD 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 Nov. 30 1899 the Alabama Steel & Shipbuilding Oo. plant was opened
at Ensley City. The plant has 9 open-hearth furnaces, and is leased to
the Tennessee Coal, Iron & Railroad Co., 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. 70, p 591. The common
stock, all owned by Tenn. Coal, Iron St R R . C o., carries control. V. 66p. 1002. 1235: V. 67. d . 127. 801: V. 70 p. 1196; V. 72. p. 584.
In N ov. 1907 the United States Steel Corp. acquired substantially all of
the Common stock. V. 85, p. 1212. 1282; V. 86, p. 730; V. 104, p. 2457;
V. 92, p. 735; Y. 94. p. 844; V. 96. p. 871; V. 98, p. 923; V 100. p. 991.
BONDS.— Of the $15,000,000 Gen. gold 5s o f 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 o f 1892 and the $730,000 Alabama Steel & Shipbldg. Co. 1st M . 6s o f 1898
for both o f which Issues Gen. Mtge. 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. Rydlng; Sec. &
Treas., L. T . Beecher. Birmingham, Ala.— (V. 116, p. 1424.)
TENNESSEE COPPER AND CHEMICAL CORP.— ORGANIZATION.
— 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 194,426 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.
The contract to turn over its sulphuric acid output to International Agri­
cultural Corp. terminated Dec. 31 1920, but in Mar. 1920 It was stated
that new contract, expiring Dec. 31 1923, had been executed with the I.A.O.
and other large consumers for a portion of the company’s acid production
at materially higher prices than named in the old contract. (V. 110,
p. 1420 . In 1919, with view to more profitable employment of the
unsold portion o f its "output of sulphuric acid (approximately 350,000 tons
o f 60 degrees Baume per annuml, had out of the $5,000,000 pro­
ceeds o f 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 o f Acid Phosphate and other fertili­
zers . For this purpose the Southern Agricultural Chemical Corporation was
organized with a capital stock o f $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. V. 116, p. 1063. In Aug. 1920 the Southern Agricultural Tank
Line was formed with a capital o f $1,000,000. V. 113, p. 1898.
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). Tne
holders o f v. t. c. o f record June 9 1919 were given the right to subscribe
at $12 50 per share for the 400.000 new shares o f stock. V. 108 p. 1732
1819, 2028, 2439. Initial dividend of $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; April 1924 div. was omitted. V. 118, p. 1148.
REPO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
1921.
1920.
Sales--------------------------- $5,947,651 $3,948,886 $4,805,478 $5,782,998
Miscellaneous income_
_
347,052
398,109
345,616
296,701
Gross in c o m e ............$6,294,703
Operating expenses_____ 4,931,007
Miscellaneous expenses.
234,456
Bond interest__________
53,315
Depreciation...................
298,780
D ividen d s____________
607,946

$4,346,995
3,414,705
225,243
60,865
308,761
______

$5,151,094 $6,079,699
4,413,079 5,664,814
211,667
252,233
70,335
81,175
308,838
367,364
______
______

Balance, surplus_____
$169,198
$337,421
$147,175 def$285,887
Total p. & 1. surplus___ $1,561,058 $1,505,727 $1,197,421 $1,063,839
OFFICERS.— Adolph Lewisohn. Pres.; Sam A. Lewisohn, V .-P.; E. H
Westlake, V.-P.; F. M . Loper, Sec. & Treas. N . Y . office, 61 Broadway
— V. 118, p. 2053.
TENNESSEE ELECTRIC POWER CO.— ORGAN IZATION.— Incorp.
in Maryland May 27 1922, and in accordance with plan outlined in V. 114,
p. 1653, 2117, has acquired all the assets o f the Tennessee R y., Light &
Power Co. and now controls:
(а) Through direct ownership, property and rights of Chattanooga 4
Tennessee River Power C o., embracing the Hales Bar hydro-elect! if
station, with an Installed capacity of 50,000 h. p. on the Tennessee Rive r,
and duplicate high tension steel tower transmission lines to Chattanooga
(б) Through direct ownership, all the property and rights of the Ten­
nessee Power Oo., incl. 3 hydro-electric stations with an aggregate installed




capacity of 58,000 h. p ., a steam station o f 20,000 h. p. capacity, and aa
extensive system o f transmission lines.
(c) Through direct ownership, all the property and rights o f the Chat­
tanooga Ry. & Lt. Oo., incl. an electric light and power distribution system
together with the city railway lines in Chattanooga.
(d) Over 99% o f the entire issued and outstanding common stock, over
41 % of the outstanding pref. stock (which proportion it is expected will be
increased substantially), and $1,861,000 bonds of Nashville Ry. St Light Oo.,
which owns and operates without competition an electric light and power
distribution system and electric railways in and around Nashville.
in addition the co. owns and has pledged under its 1st ref. mtge. the
following bonds of the above cos.:
Owned and
Outstanding. Pledged.
Tennessee Power Oo. 1st 5s, 1962_________________$12,261,000 $10,045,000
Chattanooga Ry. & Lt. 1st & ref. 5s, 1956________ 4,307,090 3,675,000
Chattanooga Rys. 1st cons. 5s, 1956_____________
2,165,000
180,000
Lookout Mountain Ry. 1st 6s, 1956______________
389,000
389,000
Nashville Ry. & Lt. ref. & ext. 5s, 1958__________ 4,694,500 1,879,000
Total owned and pledged________________________________ $16,168,000
The controlled properties serve practically the entire central and eastern
portions of Tennessee, extending nearly 200 miles from east to west and 100
miles from north to south, with an estimated population of over 450.000.
The consummation of the plan for the consolidation o f these properties
permitted the payment of $3,561,000 of maturing obligations of the Tenn.
B y., Lt. & Pow. Oo. and approx. $2,515,907 o f maturing obligations of the
subsidiary properties.
Franchise.— See V. 118, p. 1912.
Merger Upheld.— On Feb. 14 1924 Chancellor James B. Newman of Part
II, Davison County (Tenn.) Chancery Court, handed down a decision in
favor of the co. in suits brought against it, alleging that the recent consoli­
dation was in violation of the State’s Anti-Trust Law. V. 118, p. 908.
Compare V. 115, p. 309, 989.
In 1923 brought out $1,000,000 10-yr. 6 K % debenture bonds, proceeds
being used to finance additional property expenditures and to increase the
c o .’s working capital. V. 117, p. 2111. In Feb. 1924 sold $3,000,000
additional 1st & ref. mtge. 6% bonds, Ser. “ A ,” proceeds to be used for
additions to the properties. V. 118, p. 1013.
Interest.
Outstanding. Maturity.
STOCK AND BONDS—
Date.
............. 156.000 shs.........................
Com 200,000 shares (no par)______
7 Q-J
$6,761,400 Apr’24 1?i%
1st nref 7% cum ($100)______ _____
6%
x3,446,900 Apr'24 1H %
1st pref 6% cum ($100)______ _____
7.20%
1,000,000 ---------------First pref 7.20% cum________ _____
______ _ 50,000 shs.
__________
2d p f $6 per yr n-cum (no par) ______
6 g J-D 22.191,000
June 1 1947
1st & ref mtge ser “ A ” ($5001 1922
& $1,000) gold_ c*& r*tf/Int. at National City Bank, N. Y ., Trustee
_
A-O
1,000,000 Oct 1 1933
10-year debentures ($500 andl 1923
$1,000)______________c*.tfJlnt. at National City Bank, N. Y ., trustee.
x Not including $407,400 reserved for exchange in the future for a like
amount of Nashv. Ry. & Lt. 5% pref. stock outstanding in hands of public.
Stock.— The 1st pref. 7% stock is red. as a whole but not in part on any
div. date on 60 days’ notice at 110 and diva. Both classes of 1st pref. stock
are of equal rank and divs. are cum. 2d pref. is non-cum. and is entitled
to divs. not exceeding $6 per annum as declared.
Bonds.— The 1st & ref. mtge. 6s, ser. " A , ” are secured by pledge o f $10,045,000 Tennessee Pow. Co. 1st 5s; $3,675,000 Chatt. R y. & Lt. 1st & ref.
5s; $180,000 Chattanooga Rys. 1st cons. 5s; $389,000 Lookout M t. R y. 1st
6s, and $1,879,000 Nash. R y. St Lt. ref. St ext. 5s. Are red., all or part,
on any int. date upon 30 days’ notice at 107X on or before June 1 1932; at
105 from Dec. 1 1932 to June 1 1942, incl., and thereafter at par, plus a
premium of 1% for each whole year between date o f redemption and
maturity. Sinking fund began March 1 1923. Penna. 4 mills tax re­
funded. V. 114, p. 2471. Listed on N . Y . Stock Exchange. V. 115.
p. 2687. The 10-year 614% deb. bonds are red., all or in part, on the first

We specialize in the securities of
and invite inquiries concerning

The Tennessee
Electric Power Company

€ . a i .£ l a r k $ £ o .
Members
Philadelphia
Stock
Exchange

B an kers
Established 1837
P H IL A D E L P H IA

Members
Nelv York
Slock
Exchange

NEW Y O R K TELEPHONE RECTOR 9250
PHILADELPHIA TELEPHONE LOM BARD 4200

336

RAILW AY AND INDUSTRIAL SECTION

M IS C E L L A N E O U S C O M P A N IE S
[For abbreviation s , & c ., see notes on page 6]

▼exas Company (T h e )— Stock $164,450,000 au th -----------Texas Gulf Sulphur Co— Stock $6,350,000 auth— --------Texas Pacific Coal & Oil Co— Stock $10.000.000-------------tide Water Oil of N J— Capital stock $100.000,000______
10-year gold bonds redeemable (see text)___________ xxxc*

D a te
Bonds

i§21

Par
V alu e

A m oun t
O utstanding

Rate

%

W h en
Payable

L ast D iv id en d
and M a tu rity

[V ol. 118.
P la ces W h e re In terest and
D iv id en d s are Payable

Q-W 31 June 30 ’24 3% Checks mailed
$25 164,450,000
12
10 $6,350,000 See text Q— M 15 June 14 ’24 $1 %
10 8,448,048 Hee text.
June 30 ’ 23 2 )4
100 50,002,200 See text Text Mar 31 ’24 1%
500 &c 12,000,000
6H g F & A 15 Feb 15 1931

day of any month on 30 days' notice at 100 and int. Sinking fund provides
For 3 mos. ended Mar. 31 1924: Net earnings, $1,155,868; divs. paid.
for the payment in cash to the trustee o f $50,000 in each o f the first three $1,111,250; bal., sur.. $44,618. V. 118, p. 2053.
years; $75,000 in each o f the next 3 years, and $100,000 in each of the last
OFFICERS.— Pres., Walter H. Aldridge; V.-Pres., Theodore Schulze;
4 years o f the life of this issue, to be used to purchase debenture bonds at or Sec. & Treas., Henry F. J. Knobloch. Main office. Bay City, Texas.
below the redemption price. Company will reimburse to owners resident New York office, 41 East 42d St.— (V. 118, p. 2450.)
in the respective States, upon proper application, the following taxes: The
4 mills tax in Penna., any personal property taxes in Maryland not exceeding
TEXAS PACIFIC COAL AND OIL C O — Owns in fee 69,108.47 acres
4)4 mills on each $1 of assessed value in any year, and any personal property and leases on 153,988.89 acres. Also owns a net interest of 29,538.41 acres
or exemption tax in Conn, not exceeding 4-10% of principal in any year. in leases held under joint operating agreements. On Dec. 3 l 1923 there
Y. 117, p. 2111.
were 442 oil wells, 85 gas wells and 3 drilling wells on the properties oper­
Dividends.— An initial div. o f 1J4% was paid Oct. 1922 on 7% pref. ated by the company, and 247 oil wells, 26 gas wells and 3 drilling wells on
leases operated by its associates. Daily gross production as o f Jan. 1 1924,
stock. Same rate paid regularly quar. since. An initial div. or 1H %
was paid Oct. 1922 on 6% preferred. Same rate paid regularly quar. since. 7,038 bbls.
Voted April 17 1918 (V. 106, p. 1371): (1) T o change the name from Texas
RE PO RT.— For 12 mos. ending Dec. 31 1923: Gross earnings, $9,121,250 Pacific Coal Co. to “ Texas Pacific Coal & Oi! Co. (2) T o authorize re­
oper. exp. & taxes, $4,942,862; gross income, $4,178,388; interest, A c ., and ducing the par value of the shares from $100 to $25 whenever the direc­
divs. on Nashville R y. & Lt. Co. pref. stock not owned by co., $1,763,588; tors shall deem proper. (3) T o ratify the amendment of certificate of
divs. on 1st pref. stock, $677,327; deprec.. $827,146; bal.. sur., $910,327.
incorporation filed in Texas Mar. 19 1918. (4) T o authorize the directors
Earnings for four mos. ended April 30 1924: Gross, $3,169,396; net after to increase the capital stock from $4,000,000 (V. 104, d . 2349) already Is­
taxes, $1,543,200; fixed charges, $616,374; bal., sur., $926,826.
sued to a total amount of $5,000,000. (5) T o organize a corporation under
PR O PE R T Y.— The electric generating stations of the system have an the laws of Texas with power to engage in the business o f prospecting for.
installed capacity equal to 174,000 h. p ., of which 120,000 h. p. is in water producing and marketing oil and gas. V. 107. p . 1583.
The stockholders voted April 16 1919 to increase the authorized capital
power plants, the most important being the Hales Bar station with a capa­
city o f 50,000 h. p. For expansion program announced in Jan. 1924, see 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 stock­
V. 118, p. 204.
holders voted Nov. 11 1919 to subdivide the $100 shares into ten shares
OFFICERS.— Chairman o f board, C. M . Clark; Pres., W . M . Flook, of $10 each. V. 109, p. 1468. 1898.
V .-P., Geo. E. Hardy; V.-P. & Gen. M gr., B. C. Edgar; Sec. < Treas..
&
The stockholders on April 21 1920 anthorized an Increase In the capital
G. L. Estrabrook.— (Y. 118, p. 1912.)
stock from $6,000,000 to $10,000,000 par $10). Of the new stock, $2,000,TEXAS COMPANY (TH E ).— ORGAN IZATION .— Incorp. in Texas 600 was offered to stockholders o f record M ay 22 1920 at par. V. 110, p
April 7 1902 and is engaged in the production, refining and distribution of 2199.
In Nov. 1919 the shareholders were given the right to subscribe at par,
petroleum and its products. Owns and leases properties in Texas, La.,
Okla., Kan., Ark. and W yo. Also controls pipe lines reaching Texas, $10 a share, for the $600,000 stock of a new earthen products company,
probably to be known as the Thurber Earthern Products Co. V. 109, p.
Oklahoma and Louisiana oil fields, and owns 6 refineries and 3 topping
plants (combined capacity 116,500 bbls. daily) located in Port Arthur,
Port Neches and West Dallas, Texas; West Tulsa, Okla.; Lockport, 111.;
R E PO RT.— For 1923, in V. 118, p. 1678 and 2584, showed:
Casper, W yo.; also 7 topping plants, 4 acid plants, hooping plant, case and
Calendar Years—
1923.
1922.
1921.
1920.
can factory, 2 barrel factories, shook mill, fullers earth plant, 25 tank steam­ Gross earnings__________ $5,625,306 $7,316,287 $9,227,910 $14,011,023
ers and motor vessels, 5 tugs, 4 ocean barges, &c. The Freeport Sulphur Operating profits______ 2,926.028
4,421,811
5.490,724 8,217,273
Co. has taken over the sulphur lease o f the Texas Co. at Hoskins Mound in Other income__________
79,707
296,156
561.021 2,624,549
Brazoria County, Texas.
2,640,231
3,974,226 6,927,876
Depreciation, &c_______ 1,905,609
The $14,000,000 stock of the Texas Pipe LIn6 Co. and the $6,000,000 Inventory adjust., & c._ 1,379.364
______
______
______
stock of the Texas Pipe Line Co. of Oklahoma is all owned. (V. 106. p. 186.) Divs. =(cash and stock ).
■
422,282
844,561
1,005.999 1,475,108
The first named company on July 30 1917 took title to the Texas Co.'s Surplus for year_________ def701,520
1,233,175
1,071,520 2,438,838
1,451 miles of pipe line in Texas and Louisiana, excluding gathering lines,
Earnings for three mos. ended March 3l 1924 in V. 118, p. 2317.
and the Okla. co. owned 495 miles, excl. gathering lines. Y. 105, p. 78. 613. D IVIDEN DS— /1911-13. 1914-17. 1918. 1919. 1920. 1921. 1922. 1923In 1913 $3,000,000 stock and $2,000,000 convertible bonds were issued Per cent_______ 1 7 yrly. 6 yrly.
16
35 *14)4
10
7)4
714
to acquire securities of Producers Oil Co., whose property was taken over
* Also paid 6% in stock.
in 1917. V. 97, p. 527; V. 94, p. 491; V. 105, p. 1715, 1904; V. 106. p. 186.
Paid in 1923: Jan. 2, 2)4 %; Mar. 31, 2 K % ; June 30, 2) 4%; Sept. div. was
As to purchase by Midland Securities Co., see V. 105, p. 1904.
V. 117. p. 1024.
In Oct. 1918 the Texas Pipe Line Co. had completed the 8-inch oil pipe deferred.J. Roby Penn; V.-P. & Treas., Edgar J. Marston: Sec.. Herman W .
Pres.,
line from Fort Worth, Tex., to its producing properties near Ranger, Tex., Knox. Executive office, Fort Worth, Texas. N . Y . office, 24 Broad St
about 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 — (V. 118, p. 2584TEXAS PACIFIC LAND TR U ST .— (V. 107. p. 2287; V. 109. p. 1898
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
TIDE W
N . J. ia
purchase 51% o f stock o f Carib C o., Inc., o f Maine (Carib Syndicate, L td .). Nov. 1888. ATER OIL CO.— ORGAN IZATION .— Incorp. in Owns: (1)
Producing, transporting and refining crude oil.
— (V. 113, p. 187, 964; V. 115, p. 770; V. 117, p. 562.)
Va.,
The Texas Production C o., a subsidiary, was organized in Aug. 1922. through subsidiaries, producing properties in Pa., W . N . J.. Ohio, Illinois,
Okla., K y., Kan. and Texas; (2) refinery at Bayonne,
on New York
V. 115, p. 1108.
Harbor (capacity 25,000 bbls. daily), with private docks to accommodate
STOCK.— For changes in capitalization prior to 1920, see “ Railway & ocean-going steamers and steel tanks, aggregating capacity 2,256,000 bbls.:
Industrial” Section for Nov. 1920.
(3) through a subsidiary, 828 miles o f 6-inch trunk line, extending from
The stockholders on N ov. 18 1920 ratified an Increase in the capital stock Bayonne through the Bradford oil regions of Pennsylvania, to Stoy, 111.,
from $l30,000,060 to $143,000,000, to provide for the payment o f a 10% whence via the Illinois pipe line and the Prairie pipe line, direct connection
stock dividend payable March 31 1921 to holders of record Dec. 10 1920. A is had with the Okla., Kansas and Texas fields; (4) 1,929 miles o f branch
further increase to $164,450,000 was ratified on March 31 1921. V. 112
pipe line. Manufactures gasoline, kerosene, gas and fuel oils, lubricating
p. 1406. The additional stock was offered at par ($25) to stockholders if oils, wax, pitch, coke, cylinder oils and greases. The company is one of
record April °9 1921 on the basis of 15% o f holdings. V. 112. p. 1626.
the largest producers of gasoline. See financial statement to N . Y . Stock
Exchange in 1917 upon listing o f stock, in V. 105, p. 79, 82, 1426, 2100,
D IV I D E N D S .—
191 4 -1 9 1 9 . 1920. 1921. 1922-1923
2372. In April 1921 acquired control o f the Guffey-Gillespie Oil Oo.
12
12 y e a r ly .
C a s h ______________________________________ 10 y e a r ly 11)4
V. 112, p. 1985, 2762; V. 113. p. 301, 634.
In s t o c k __________________________________ ___________ ____
10
__________
P a id in 1924: M a r c h 3 1 , 3 % ; J u n e 3 0 , 3 % .
STOCK.— The stockholders voted Dec. 15 1919 to increase the capital
•tock from $40,000,000 to $109,000,000 and to issue $6,617,400 additional to
R E P O R T . — F o r 1923, in V . 118, p . 1263. s h o w e d :
stockholders at par ($100) to the extent o f 20% of their holdings. An allot­
Calendar Years—
1923.
1922.
1921.
ment o f 20.000 shares to the employees was also voted. Stockholders of
G ross e a rn in g s________________________ $ 1 1 8 ,4 2 2 ,3 6 7 $ 1 3 0 ,9 9 6 ,9 0 7 $ 1 0 2 .6 0 5 ,3 7 7
record Dec. 16 1920 were given the right to subscribe to 99,315 shares of
N e t ea rn in g s _____________________________ 3 0 ,8 7 5 ,7 9 1
5 0 ,4 2 0 ,0 0 5 2 9 ,6 4 5 ,5 8 0
Block (25% of holdings) at par. V . I l l , p . 2333. Stock of subsidiaries
S in k in g f u n d & d e p r e c ia tio n a c c o u n t . 1 6 ,1 8 2 ,7 2 7
1 4 ,9 2 8 ,5 1 4
9 ,5 0 1 ,0 1 6
held by outsiders $729,900P r o v is io n fo r b a d , & c ., a c c o u n t s ______
_______
_______
221 ,7 1 2
R e p la c e m e n t o f m a rin e e q u ip m e n t ___
_______
_______
_______
DIVIDENDS.—
1917.
1918. 1919. 1920 1921
1922. 1923P r o v is io n fo r ta x e s _____________________
_______
1 ,5 0 0 ,0 0 0
_______
8%
8%
8%
12
10
None
1
Regular___________
I n v e n t o r y a d ju s t m e n t ________________
6 ,4 9 5 ,4 8 2
7 ,4 0 2 ,5 1 8 10,6 3 6 ,7 2 3
(Extra- ____________ 12%, 10 stk. 11%
8%
4
..
-----D iv id e n d s _______________________________ 1 9 .7 3 4 ,0 0 0
19,7 3 4 ,0 0 0 1 8 ,0 5 7 ,0 0 0
Paid in 1924: Mar. 31, 1% .
BONDS.— The 10-year gold bonds are redeemable, all or in lots or $500.Balance to surplus____________ def.Sll ,536,418 $6,854,972df$8,770,871
000 or more, at 103)4 and int. on or before Feb. 15 1922, and thereafter at
Total profit and loss surplus_________ $88,477,435 $94,476,397 $83,549,181
\i% leas for each half-year or part thereof elapsed, but not less than 100)4
Chairman. E. O. Lufkin: Pres.. Amos L. Beaty; V.-Ps., T . J. Donoghue, and interest.
R . C. Holmes, G. L. Noble, C. E. Hermann; Sec., C. P. Dodge; Treas.,
Security.— Bonds are the sole funded debt of the company. The trust
W . W. Bruce. N. Y . office. 17 Battery Place.— (V. 118, p. 1263.)
agreement provides among other things that no subsequent funded obliga­
TEXAS GULF SULPHUR CO.— Incorp. under laws o f Texas on Dec. tions can be issued which will have priority as to present assets over those
23 1909. Company is engaged in the mining of crude sulphur or brimstone bonds, nor can the total funded debt exceed 50% of net assets.— V. 112. p.
'
at Gulf in Matagorda County, Texas, and in selling it in the United States 569
RE PO RT.— For 1923, in V. 118, p. 1281 and 1662, showed:
and other countries. Owns in fee over 2.950 acres of land at Gulf. Texas.
Calendar Years—1923.
1922.
1921.
1920.
DIV ID E N D S.—
1921. 1922.
1923. Total business__________ $58,274,731 $52,426,025 $46,255,290 $60,077,032
Regular______________________________________________50c. $2 75 $5 75 Operating income______ 6,362,530
6,673,734
960,846 14,881.697
Extra________________________________________________ 50c. 2 25
50c.
Other incom e..................
926,431
2.128,294
952,493 1.295.028
Paid in 1924: March 15 and June 14, $1 50 quar. and 25 cents extra.
Total income_______ $7,288,961
$8,802,028 $1,913,339 $6,176,725
R E PO RT.— For 1923, in V. 118, p. 661. showed:
Deprec’n & deple’n _____ 4,476,775
3,826,060
3,933,727 4,880,131
1923.
1922.
1921
______
______
______
2,190,592
Gross income______________________ $10,746,160 $9,074,877 $5,882,211 Federal taxes__________
Outside stockholders___ Cr.96,031
52,651
6,442
5,516
Cost o f sales, &c., exps., incl. Fed. tax. 6,009,140
5.221,715 3,932,837
Dividends (cash)______ (1%)499,968
______ (10)4171,534(16)5859,060
Balance, surplus,. _____________ $4,737,021 $3,853,162 $1,949,375
Balance, surplus___ _ $2,408,249 $4,923,317df$6,198,364 $3,241,427
Previous surplus___________________ 6,287,497 5,609,334
4.294,960
Report for first quarter of 1924 in V. 118, p. 2192 and 2317.
OFFICERS.— Chairman, Robert D . Benson; Pres., Axtell J. Byles;
Total surplus____________________ $11,024,517 $9,462,497 $6,244,334
Dividends paid____________________ 3,968,750
3,175,000
635,000 V.-P. & Asst. Treas., D. Q. Brown; V .-P ., Robert M cK elvy; V .-P ., Frank
Haskell: Sec., Byron D. Benson; Treas., F. A. Marsellus. Offices, Bayonne
Total surplus, incl. deprec. reserve. $7,055,767 $6,287,497 $5,609,334 N. J., and 11 Broadway, N. Y . C ity.— (V. 118, p. 2317.)




M ay , 1924.]

INDUSTKIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c., see notes on first page]

Tim ken R oller Bearing Co— Stock 1,250.000 shares a u th ..
fo h a c c o P rod u ct*C oro— Com stock $100,000,000 ----------Common stock Class “ A ” 7% non-cum $49,354,000 a u th ..
Pref (a & d) 7% cum red 120 $8,000.000___________ _____
T ranscontinen tal Oil Co— Stk 4.000,000 aha (no bonds out)
Pref (a & d) stock 7% cum red 110 $25,000,000 auth_____
First mtge & coll trust s f gold bonds $10,000,000 auth____
Y ransue fit W illiams Steel Forging C orn— Stk 110.000 aha

Date
Bonds

Par
Value

None 1,200,192 sh
100 51,490,400
100 44,808,500
100
8.000.000
None
See text
100
7,000,000
None 100,000 aha

TIMKEN ROLLER BEARING CO. (THE)— Incorp. in Ohio on Dec. 15
1904 as the Timken Roller Bearing Axle Co.; name changed to present title
•n June 5 1909. Manufactures anti-friction bearings for vehicles o f all
kinds; also manufactures bearings and kindred devices for machinery of all
kinds. Plants are located at Canton, Ohio, Columbus, Ohio, and Walkerrille, Ont.
RE PO RT.— For 1923, in V. 118, p. 1281, shovred:
Calendar Years—
1923.
1922.
Manufacturing profit__________________________a$12,523,903 $10,925,159
Selling, admin, and general, Ac., expenses________ 2,524,183
1,613,450
Operating profit______________________________ $9,999,720 $9,311,709
Other income___________________________________
385,063
443,250
Total income_______________________ _______ ..$10,384,783
Depreciation__________________________________
1,162,980
Federal taxes__________________________________
1,125,000
______
Dividends— Preferred stock (retired)____________
Old common_________________________________
______
New common________________________________
4,200.672

$9,754,959
930.930
1,100,000
286,427
645,000
1,800,000

Surplus______________________________________ $3,986,131

$4,992,602

a After deducting cost o f goods sold, including material, labor and
factory expense.
Earnings Quarter Ended M ar. 31—
1924.
1923.
1922.
Net, aftertax., depr. & other charges. _$1,826,778 $2,069,269 $1,348,130
DIVS.— On stock o f no par value: Sept. 1922 to June 1923 paid 75 cents
quar.; Sept. 1923 to June 1924 paid 75 cents quar. and 25 cents extra.
OFFICERS.— Pres., H. H . Timken; V .-P ., W . R . Timken; V .-P . &
Treas., Heman Ely; V .-P ., J. G. Obermier; Sec., J. F. Strough. Office,
Canton, Ohio.— (V. 118, p. 2317.)
TOBACCO PRODU CTS C O RPORATION .— 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 capital
stock o f M . Melachrino A C o., Inc. (N . Y .), Melachrlno Tobacco Trading
Oo., Inc. (N. Y .). Nestor-Gianaclis C o. (M e.), the Surbrug C o. (N . J.).
Khedivial Co. (N. Y .), Schinasi Bros., Inc. (N. Y .), Prudential Tobacco
Oo., 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 o f cigarettes as Melachrino, Schinasi
Bros. Naturals, Rameses, M ilo, Nestors and Herbert Tareyton, and also
own prominent brands o f 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 U. S..
and also operate factories and depots in New York, Richmond, Philadelphia,
Cairo, Athens, Cavalla and Smyrna.
In Feb. 1919 purchased the business and assets o f Philip Morris Sc Oo.,
Ltd., of New York, and transferred same to a new Virginia corporation with
an authorized capital stock o f $3,000,000, 300,000 shares (all of $10 par
value) o f these, 265,000 shares were subscribed for by the Tobacco Prod­
ucts C orp. at $4 per share. which in turn offered to its shareholders 256,000
(hares at the same price in the ratio o f one share o f new stock for a share
•f the Tobacco Products preferred or common 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 Nov. 15
1923 ratified a contract dated Oct. 26 1923 between the company and the
American Tobacco Co. This contract provides for the lease and license
for a period of 99 years, beginning N ov. 1 1923, for the United States of
America, to the American Tobacco Co., of all the brands o f 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 vook value thereof
as o f N ov. 1 1923, and also for the payment to the company by the Amer.
Tobacco Co. for such lease and license o f $2,500,000 annually for the term
o f 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., Stephano
Brothers and United Retail Stores Corporation. 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 o f 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 o f 7% per annum before
any dividends shall be declared or paid on the Common stock.
Holders o f Common stock of record July 10 1922 were entitled either (a)
to retain the same, or (6) to exchange the same for an equal number of shares
o f the Class A stock, or (c) to exchange each share for half o f one share of the
Class A stock and half o f one share o f the Common stock.
The preferred stock (total authorized Issue $8,000,000) has preference for
assets and is subject to call, all or part, on any dividend date at 120% of
par and dlvs. No mortgage can be placed on the property without the
consent o f two-thirds o f all outstanding stock. Stocks nave equal voting
power. V. 103, p. 2339. Pursuant to the terms o f a contract with the
Amer. Tobacco Co. (see above) it is the intention o f the directors either
at one time or from time to time to call for redemption or otherwise acquire
the outstanding preferred stock.
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. o f no par value,
•f the Tobacco Products Export Corp. (of N . Y .) , total auth. issue, 450,000
■hs., in a voting trust for five years; voting trustees, L. B. McKitterick.
Sidney Whelan and Charles R . Stoddard. V. 108, p. 2336, 789; V. 110, p.
967: V. I l l , p. 1573, 1957; V. 113, p. 738.
DIVIDEN DS— 1913. 1914. 1915. 1916.
'17.
'18. ’ 19. *20-’24
Preferred_________ _______ 7% annually (1J£% Q.-J.)-------------------- See
Common (cash)_
_ ___
___
___
___ $1 50 $1 50 $3 00 text
Common (scrip).x. ___
___
___
___
___ $4 50 $3 00 _
_
Common (stock)______
___
___
___
___
___Jan.,10 . . .
x 2-year 7% scrip. Series “ A ” div. certif.issued M ay 15 1918 and due
M ay 15 1920, were paid on the latter date. Series “ B ” div. certif., issued




Amount
Outstanding

Rate
%

When
Payable

See text Q—M
See text
Q— F~l5
7
Q— J
7
7
„ 8g
See text

237

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

June 5 1924 $1
Apr 15 ’24 1 H
i
M ay 15 ’24 1 %
Apr 1 1924 1X Checks mailed

Q— M
Q— J

Apr 15 1924 75c Guaranty Trust Co, N Y

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 1)4% quar. In Aug. and N ov. 1920 and Feb., M ay, Aug. and
Nov. 1921, U 4% payable in 2-year scrip. V. I l l , p. 500, 1573: V. 112, p.
477; V. 113, p. 1780. In.F eb., M ay and Aug. 1922 paid 1H % in cash
then none until Jan. 1924, when 114% was paid; April 1924 paid \ 'A% .
On class “ A ” stock paid 1H % quar. from Nov. 15 1922 to M ay 15 1924.
NOTES.— The sinking fund 7% gold notes of 1921 were called for
payment Dec. 20 1923 at 108 and int.
R E PO RT.— For 1923, in V. 118, p. 1404, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net income_____________$4,529,556 $5,587,519 $2,148,431 $2,023,882
Pref. dividends (7%) — .
560,000
560,000
560,000
560,000
Common divs. (cash)—
3,894,978
1,668,904
(3%)527,916
do
do
(scrip) —
----------------- (6)1,127,703 (3%)546,000
Federal taxes (est.)_____
150,000
______
______
______
Balance, surplus------- def$75,422
$3,358,615
Previous surplus---------5,428,059
2,506,978
Exc. prof. tax. prev. yr_
122,412
87,534
Contingency reserve-------------350,000
Premiums, &c_________
487,077
______
Agreement with A. T. Co
101,611
______

$460,728
2,662,620
181,370
435,000
______
______

$389,966
2,536,595
263,941
______
______
______

Tot. prof. & loss surp. $4,641,536 $5,428,059 $2,506,978 $2,662,620
DIR E C TO RS.— James M . Dixon, L. B. McKitterick, 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,
W . P. Conway, Harold Stanley and Thomas B. Yuille (Chairman). New
York office, 1767 Broadway. Pres., Thomas B. Yuille; Treas., J. B .
Jeffress Jr.— (V. 118, p. 1925.)
TOLEDO EDISON CO.— (V. 118, p . 2317.)
TRANSCONTINENTAL OIL CO.— O RGAN IZATION .— Incorp. In
Delaware June 27 1919 as a merger or amalgamation. The company holds,
including that owned jointly with other operators, 2,365,538 acres, situated
in the States of Oklahoma, Arkansas, Louisiana, Texas, Montana, Kansas,
Wyoming, West Virginia, Hlinois, Colombia (South Ameiica) and Rumania.
Mid-Colombia Oil & Development Co., a subsidiary, was incorporated in
Jan. 1921. V. 112, p. 264. 380. Carpathian Oil Co. was organized In
June 1922. V. 115, p. 83. Acquired the holdings o f the Rockwell Oil Oo.
in Feb. 1923. V. 116, p. 526.
Complete statement to the New York Stock Exchange, Ac. V. 109. D.
988, 1186, 1373.
Arrangement with Arkansas Natural Gas C o., V . 110, p. 977. Acqui­
sition of holdings o f Latin-American Petroleum Corp. o f Colombia, and
disposal o f 51% o f stocks: interest therein to Standard Oil Oo. o f Calif. V.
111. p. 1480; V. 112. p. 169; V. 113, p. 2513. Guaranty o f $700,000 Na­
tional Steel Car Lines Co. equipment trusts, V. 112, p. 2092. In Jan.
1922 purchased the properties o f the Continental Petroleum Corn, in
Oklahoma. V. 114, p. 418.
R EPO RT.— For 1923, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earns.fr.all sources$14,218,657 $13,593,947 $12,079,986 $22,190,397
M at. cost & oper. exp_. 13,476,573 11,528,727 12,785,362 20,053,499
Operating income___
Adm. exp., int., &c_____
Loss on drilling non­
producing wells______
Loss on sale of cap. assets

$742,084
1,888,734
1,216,571
______

$2,065,220 loss$705,376 $2,136,898
1,617,139
1,381,895 1,085,453
916,055
---------

717,990
97,113

541,301
_

Net deficit________ - $2,363,221
$467,973 $2,902,374 sur$510,144
Profit & loss, deficit__ - $5,632,636 $3,269,415 $2,208,166 sur$694,208
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 (ft) 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.
The stockholders of record March 11 1924 were given the right to sub­
scribe, share for share, to 2,000,000 additional shares of common stock, no
par value, at $4 per share.
OFFICERS.— Chairman, M . L. Benedum: Pres., F. B. Parriott: Sec.
and Treas., E. D. Robinson.— (V. 118, p. 2317.)
TRANSUE & W ILLIAMS STEEL FORGING CORP.— OR G A N IZA ­
TIO N .— Incorp. In N . Y . Oct. 26 1916 as successor o f company o f similar
name (organ. In 1898). Manufactures steel forgings, stamping forms .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 July
1921, $1 quar.: Oct. 1921 to Apr. 1923, 50 cents quar.; July 1923 to Apr. 1924
paid 75 cents quar.
R EPO RT.— For 1923, in V. 118, p. 678, showed:
Gross
Net
Other Federal
Dividends
Balance,
Sales.
Earnings. Income. Taxes.
Paid.
Surplus.
1923 --$6,246,922
$473,054 $35,837 $50,000
$275,000
$183,891
1922 ..$4,170,183 loss$133,863 $62,726 ...........
$200,000 def$271,137
1921 . . 3,665,444 lossl0,315 53,453 ...........
300.000 def 256,862
1920 . . 7,559,871
791,795 53,939 $175,000
500.000
170,734
For 3 mos. ended March 31 1924 net profits, after all deductions, were
$62,628. V . 118, p. 2192.
Pres., O. F. Transue; V .-P ., Frank Transue; Sec.-Treas., F. E. Dussel.
New York office, 14 Wall St; general office and factory, Alliance, Ohio
— (V. 118, p. 2192.)
TRUMBULL STEEL CO.— (V. 118. p . 678.)

238

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, <£c., see notes on page 61

Date
Bonds

Cnderwood Typewriter Co— Common stock J10.000.000 au.
Union Bag & Paper Corporation— stock $20,000,000 auth.
First mtge gold Series A red (text)________ Emk.xxxc*Ar* 1922
Union Carbide & Carbon Corp— Stock 3.000.000 shs no par
Union Natural Gas Corp— Stock $20,000,000 authorized.Serial bds $6,000,000 auth gdue $500,000 ann red -CPixc*
Bonds of affiliated companies (see text)
Union Oil Co of California— Stock autn $125,000,000----------First Lien M *20,000,000 g callable see text.-E a-xxe'& 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*
Secured gold notes due $75,006 sem i-annually_________ c

__ _
__
1913

Par
Value

100 90,000,000 See text
m o Sec 7,515,000
1911
5v
1922 500A1000 9,244,000
6g
500 &c
1923
5,000.000
6 g
500 &c
1922
300,000
5g

STOCK.— Preferred stock, see V. 90. p. 788. In 1917 retired $100,000
pref. and in April 1922 and 1923 retired $100,000 each, making $1,300,000
o f the $5,000,000 pref. acquired and canceled. V. 103, p. 1797.
The stockholders on June 12 1923 authorized the change in the par value of
the common stock from $100 to $25 per share and authorized the creation
and issue o f an additional $1,000,000 common stock. The stockholders of
record o f June 15 1923 were given the right to subscribe to the new stock
(par $25) at $40 per share.
D IV ID E N D S.— On pref., July 1 1910 to Oct. 1 1924, 1 H % quar. On
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
April, July a n d O ct., 144% quar. 1919, Jan., 1]4% and 5% extra; April
2 % : July, 2 % . and 5% extra in U. S. Victory bonds; Oct., 2% cash; in
1920, Jan., 2% and 5% extra in casn; April, 2% : July. 2% cash and 5 %
in Victory notes; Oct., 2% cash; Jan. 1921 to July 1923 paid 2) 4% quar.
Oct. 1923 to Oct. 1924 paid 3% quar.
787, showed:
Pref.Die. Common
(7% ). Dividends
$260,750
$1,050,000
267,750
900,000
273,000
900,000
273,000
1,215,000

Balance.
Surplus.
*$972,835
*533,665
13,179
*758,238

* After deducting profit-sharing to employees.
Earnings for three months ended March 31 1924 in V. 118, p. 2317.
OFFICERS.— Pres., John T . Underwood; V.-P., Clinton L. Rossitrr,
Treas., De Witt Bergen; Asst. Treas. .John J. Hinchman; Sec.. L. W Guern­
sey. Office. 30 Vesey St.. N. Y .— (V. 118, p. 2317.)
UNION BAQ & PAPER CORP.— ORGANIZATION.— Incorporated
8n New Jersey Oct. 4 1916 as a consolidation, per plan In V. 103 p.
344, 762, of Union Bag & Paper Co. and Its sales agent, the Rlegel Bag &
Paper Co. In this merger the $27,000,000 stock of old Union Bag & Paper
Oo. ($11,000,000 being pref.), gave place to $10,000,000 stock, all of one
class (listed on N . Y . Stock Excn.). See full statement, V. 104, p. 71. In
Dee. 1916 purchased the Cheboygan (Mich.) Paper Co. and guaranteed
Us $1,000,000 bonds, p. & i. V. 103, p. 2436. 2161; also then purchased
far cash Badger Bag & Paper Oo. of Wausau, Wis. V. 104, p. 262. Mills
and factories are located at Hudson Falls, N. Y ., Chicago, 111., Kaukauna,
Wis.. Cheboygan, Mich., and Wausau. Wis.
Owns 51,291 shares of a total of 81,499 shares of capital stock of the St.
Maurice Paper Co., Ltd., a company which in Dec. 1915 took over the prop­
erties including water powers of the Canadian subsidiaries of the Union Bag
tt Paper Co., and undertook the erection of a newspaper mill, &c., at Cap
Madeleine, P. Q. The St. Maurice Paper Co. 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.
STOCK.— The stockholders voted May 4 1920 to Increase the capital
stock 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. Of the outstanding
stock, $22,150 was held Dec. 31 1923 for exchange under merger plan.
D IV ID E N D S (New C o.).— Dec. 15 1916 to Sept. 15 1919, 6% p a.
(114% Q .-M .); Dec. 1919 to Dec. 15 1921, 2% quar.; March 15 1922 to
Apr. 15 1924, 1)4% quar. Also extra div .Feb. 1917, 2% cash and on
N ov. 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 44 % 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% o f the maximum principal amount of bonds
Issued under the mortgage. V. 114, p. 2024.
R E PO R T .— For 1923, in V. 118, p. 1404, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earnings__________ $1,580,827
$1,744,389
$797,192 $5,046,301
Depreciation__________
244,196
415,848
266,978
428,173
Interest, &c___________
385,922
298,677
146,461
160,245
1 4o ypo
Q QQ
Q fvA
Dividends.. (
6
%~)869,658 (67867",834 (8) 1,164,866 (8) 1,081 !896
Balance, surplus_____
$81,051
$162,031 def$781,113 $2,393,031
OFFICERS.— Chairman, August Heckscher; Pres., M . B. Wallace;
V .-Ps., C. R. McMillen and E. B. Murray; Treas., M . B. Wallace; Sec.,
CharlesB. Sanders. Office, WoolworthBuilding, N .Y .— (V. 118, P - 1404.)
UNION CARBIDE AND CARBON CORPORATION.— ORGANIZATION.— Incorporated in New York Nov. 1 1917 (V. 105, p. 1426, 1718,
V. 106, p. 507) to manufacture and deal in calcium carbide and all gasproducing materials and gas, especially acetylene gas, and all machinery
relating thereto; also metallurgical and chemical substances and com­
pounds, &c.; coal, coke, oil, lumber, &c.; iron, steel, silicon, chromium,
molybdenum, vanadium, titanium, tungsten, manganese, calcium,carbon,
copper, aluminum, nickel and other elementary substances, and any and
all alloys, compounds, Ac.; also to manufacture and deal in electrical
batteries, starters, lamps, machinery and other electrical appliances,
oxygen, hydrogen, nitrogen and other gases separated from air, etc.
The Corporation owns directly or Indirectly substantially all of the com­
mon capital stock of Union Carbide Co. (V. 105, p. 916, 722), National
Carbon C o.. Inc., the Linde Air Products Co. (V. 104, p. 668), the Prest-OLite C o., Inc. (V. 104, p. 458), Electric Metallurgical Co.. Michigan North­
ern Power C o., Union Carbide Co. of Canada, Ltd., Electric Furnace
Products Co., Ltd., Oxweld Acetylene Oo., Oxweld Railroad Service Oorp.
and other subsidiary companies. [The outstanding pref. shares include:
National Carbon, Inc., $5,600,000 8% cum. pref., callable at 140 (par $100);
Linde Air Products Co. 6% pref., $750,000; Dominion Oxygen Co,, Ltd.,
pref., $121,000.] In April 1921 acquired the Carbide A Carbon Chemical
Corp. and the Clendennin Gasoline Co. V. 112, p. 1748.




Rate
%

$25 $10,000,000 See sext
7
100 3.700.000
100 14,977,850
6
500 Ac 6.240.000
6g
6
110.000
None 2,659,733 sh See text
25 17,220,000 See text
1.000
6g
115,000

UNDERWOOD T Y PE W R ITE R CO., INC.— ORGAN IZATION .—
Incorporated in Delaware. V. 90, p. 632. Plants at Hartford and Bridge­
port, Conn.

R E P O R T — For 1923, in V. 118, p.
Cal.
Total Net
Federal
DepreYear: Income.
Taxes. ciation.
1923--$3,101,905 $350,000 $250,112
1922.. 2,284,212 275,000 199,381
1921— 1,489,522 120,000 183,343
1920— 3,471,816
665,485 226,784

Amount
Outstanding

When
Payable

[V ol. 118,

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

Q— J
Q— J
Q— M 15
M & N

Oct 1 1924 3% Checks mailed
do
Oct 1 1924 1%
Apr 15 ’24 144
M ay 1 1942
To 1934
i
Q—J Apr 1 ’24 $14 By check
Q— J 15 Apr 15 1924 2%
A & O l o Apr 1926
Oolo Mai Trust Oo. Pittsb

J
F
A
J

Q— J Apr 2 8 ’24 $1.80
A ,T Jan 21931
& A M ay 1 1942
& O To Apr 1 1926
& D To Dec 28 1925

Los Angeles
N Y, Los Angeles, Ac
Los Angeles Tr & Sav Bk
Central Union Tr Oo.NY
Citizens Nat Bk.Los Ang

CAPITAL STOCK.— Stockholders of record Dec. 12 1918 had the right
to subscribe for 406,857 shares of additional stock at $40 per share to the
amount of 20% of their holdings. Stockholders of record Oct. 20 1920
had the right to subscribe to additional stock at $40 a share to the extent
of 10% of their holdings. V. I l l , p. 1480; V. 107, p. 2195, 2482.
D IV ID E N D S.— An Initial dividend of $1 per share was paid Jan. 2 1918.
Dividend No. 2, $1 per share, paid April 2 1918; July 1918 $1.
Oct.
1918 to April 1920, paid $1 25 quar. July 1920 to Apr. 1921 paid $1 50
quar. July 1921 to Jan. 1924 paid $1 quar.; April 1924 paid $1 25 quar.
R E PO RT.— For 1923, in V. 118, p. 1678 and 1786, showed:
Cal. Year
Cal. Year
9 Mbs. to
Period__
1923.
1922.
Dec. 31 ’21.
Net earns, aft. chgs., taxes A pf. divs-$16,204,415 $11,716,114 $8,176,897
7,979,193
Dividends__________________ ______ _ 10,638,932 10,638,932
Balance, surplus________________ $5,565,483 $1,077,182
$197,704
Profit and loss, surplus____________ $71,450,857 $66,550,374 $65,473,192
The amount set aside for depreciation, bad debts and other reserves for
1923 was $6,504,444.
OFFICERS.— Chairman of board, Myron T . Herrick; Pres., George O.
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
& Carbon Building, 30 East 42d St., N. Y.-— (V. 118, p. 1786.)
UNION NATURAL QAS C O R PO R ATIO N .— ORGANIZATION, &c.
— Incorp. in Delaware M ay 24 1902 and acquired various gas properties in
Penna. and Ohio. On Dec. 31 1923 owned 1,035,258 acres of gas lands
and also one-half interest in 55,457 acres in W . Va. (Reserve Gas C o.).
STOCK.— The stockholders voted N ov. 28 1922 to increase the author­
ized capital stock from $10,000,000 to $20,000,000, and to change the par
value of the shares from $100 to $25. A 75% stock dividend was paid
Dec. 30 1922.
D IV ID E N D S.— Dividends 1903 to 1906, 8% yearly; 1907 to 1918, 10%
yearly; April 1919 to Jan. 1923 paid 214% quar. On Dec. 30 1922 paid
75% in stock. On April 14 1923 paid 1M % ; July 14 1923 to April 15
1924, 2% quar.
BONDS, AC.— Bonds of subsidiary companies, $38,000 outstanding on
Dec, 31 1923. Of $6,000,000 6s of 1913, $115,000 were outstanding is
April 1924; $4,867,000 had been redeemed and canceled and $1,018,000
were in treasury. No bonds are reserved to retire bonds of three “ under
companies.” V. 96, p. 794; V. 97, p. 370; V. 100, p. 897.
RE PO RT.— For 1923 showed:
Calendar Years—
1923.
1922.
Gross earnings____ $8,876,050
$8,443,320
Net, after exp., taxes and
credit for other income 4,250,634
2,111,303
Interest_________
59,308
92,220
Miscellaneous____Deft.604,152
De5.485,792
D ividen ds_______ 1,334,550
984,000
Depreciation__________
1,841,360
________

1921.
1920.
$7,350,150 $8,650,121
2,785,345
134,882
Cr. 143,848
984,000
1,276,973

3,817,734
181,806
Cr. 12,878
984,000
1,288,913

Balance, surplus_____
$411,264
$549,291
$533,338 $1,375,894
For 6 months ended June 30 1923, in V. 117, p. 779, showed: Gross,
$5,138,972; net (after deducting $945,000 for depreciation), $1,523,155;
other income, $507,949; interest, $31,731; divs., $645,750; bal.. sur..
$1,435,743.
Pres. A Gen. M gr., E. P. Whitcomb; V.-Pres., S. Y . Ramage; Sec.,
David E. Mitchell; Treas., H. Stehley. Office, Union Bank Bldg.;
Pittsburgh, Pa.— (V. 118, p. 1025.)
UNION OIL CO. OF CALIFORNIA.— ORGA N IZA TIO N .— Incorpin California Oct. 17 1890 and produces fuel oil, refined oil, gasoline, kero­
sene, benzine, &c. The company owns in fee or mineral rights in fee ap­
proximately 617,000 acres, and has under lease approximately 61,000 acres,
as follows: California, 195,000 acres; Wyoming, 17,500 acres; Texas, 7,300
acres; Colorado, 29,400 acres; Utah, 2,500 acres; M exico, 500 acres; Colom­
bia, S. A ., 425,800 acres. Average daily production (Feb. 1924) about
55,000 barrels from 433 producing wells.
Owns 99-81% of Producers’ Transportation Or ' $7,000,000 stock.
V. 104, p. 2565; V. 105. p. 78
In 1917 purchased Pinal Dome properties for $500,000 in casn (V. 105.
p. 826, 2280; V. 107, p. 298), and $3,283,000 in first lien 5s of 19 3.
Organization of Union Oil Co. of California Stockholding C o., V. 113,
p. 2193; V. 114, p. 956, 1072, 1296, 1417, V. 115, p. 191
STOCK.— No dividends while the First Lien bonds are unpaid, unless
net income is twice the interest charge. V. 101. p. 523; V. 100, p. 1353.
1516. 897; V. 102, p. 1065; V. 103, p. 762.
The stockholders voted on Feb. 26 1924 to increase the authorized stock
from $100,000,000 to $125,000,000.
Stockholders of record Jan. 7 1924 were given the right to subscribe pro
rata at par to $4,500,000 capital stock to the extent of 5% of holdings.
V. 118, p. 214.
LATE DIV81T1-T2. '1 3 .'14-T5. T6- ’ 17. '18. T9 ’20. ’21.
1922-24.
Cash_______ [ yly.
48 None..
6 0
6
6 644 8
See
Extra______ I ______ ____ _______ ____
3
4
4 4
4
text
Instock____l ______ ____ _______
_____ M ar..10 . .
On Jan. 19 1918, 144% and 1% extra; Mar. 15 1918. 10% In stock
April 1918 to July 1920, 144% cash and 1% extra (Q.-J.): Oct. 1920. to
Oct. 1922, 2% quar. and 1% extra. On Dec. 20 1922 paid 80% In stock.
On Jan. 27 1923 paid 1% % on increased capitalization; April 28 1923 to
Apr. 28 1924 paid $1 80 quarterly.
BONDS.— First Lien 5% 20-year bonds. Sinking fund retires yearly
at 10244 and int.; also callable as an entire issue at 105 and int. on any int.
date. V. 102, p. 1726.
The 20-year non-callable 6% gold bonds have a sinking fund of $500,000
p. a., commencing Aug. 1 1922, available in equal installments each 6
months, for the purchase of these bonds in the market if obtainable at or
below a 54£ % int. basis to maturity. V. 114, p. 2024.
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 of
44 of 1% for each year or fraction thereof unexpired. V. 116, p. 1661.

239

INDUSTRIAL AND PUBLIC UTILITY

M ay , 1924.]

Date
Bonds

MISCELLANEOUS COMPANIES.
[For abbreviations, A c., see notes on pane 6.1

Onion Steel— First & ooll mtge $45,000,000 g sru s t_N.xo*<5cr
Union Tank Car Co— Com.Stock $26.000.000________ ___
Preferred stock (non-voting) $12,000,000 authorized____
Equip, trust notes red. 102 'A_______________________ Eqc
United Alloy Steel— Stock 905.000 shares---------------------Preferred stock 7% cum $10,000,000 auth______________
United Cigar Stores Co of Amer— Com $60,000,000 auth..
Preferred stock (a & d) 7% cum $5,000,000 see text______
Guaranteed Bonds—
United Stores Realty Corp s f g debs call (text) kxxxc*
United Drug Co, Inc— Auth common $55.000.000_________
1st pref (a & d) 7% cum $20,000,000 call any time at $60 .
2d pref (a & d) 6% non-cum $10,000,000 call at 1 0 5 _____
Pref stocks o f sub companies____________________________
Convertible gold bonds redeemable at 1 1 5 _____xxx.c*&r*
Gold notes________________________________________ AB.c*
Beal estate mtge bonds all sub c o s ______________________
United Dry Goods Cos— See Associated Dry Goods Oorp

Par
Value

Amount
Outstanding

1902 $1,000Ac
100
100
500 &c
1920
None
100
$25
100
1922

1921
1920

Rate
%

When
Payable

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

al 5,000,000
R e J * D Dec 1 1952
$18,000,000
Q— M June 2 1924
5
7
Q— M June 2 1924
12,000,000
6,500,000
7g
F & A Aug 1 1930
800,000 sh. See text
Q— J Apr 10 1924
Apr 10 1924
3,300,000
7
32,865,348 See text Q— M 31 See text
Q— M June 16 ’24
4,527.000
7

1%

New York Trust Co, N Y
Checks mailed

50c Guaranty Trust Co .N v
1M
Checks mailed
do
\%

100 &c.
5,940,000
6g
A & O Oct 1 1942
100 35,605,500 See text Q— M June 1 1924 1M Amer Trust Co,
o — F M ay 1 1924 1M Amer Trust Co,
7
50 16,321.900
Q— M June 1 19241 'A
158,800
6
100
do
(T)
866,900
(7)
100 &c 11.086.900
8 g J & D June 15 1941
Chase Nat Bank,
8g
1.000 2,282,000
J
D15 June 15 1926
1,050,200

Boston
Boston
do
N Y

a An additional $28,935,000 held by trustees of sinking fu nd.

R E PO RT.— For 1923, in V. 118, p. 902, showed:
Consolidated Annual Statement, Including Controlled Companies.
1923
1922
1921.
1920.
Production, net barrels. 18,741,633 12,453,846 10,217,835
8,*81,308
Gross sales_____________$72,962,578 $58,937,140 $59,027,577 $62,357,798
Total profits________ 24,357,393 25,419,981 23,839,187 25,477,083
General exp., taxes, & c. 3,237,115
3,141,021
3,026,932
2,834,893
Depreciation---------------- 12.311,235 10,563,729
8,630,799
7,920,704
Interest on bonds, & c ...
776,394
429,354
3,249 Cr.317,395
______
550,000
1,650,000
3,000,000
Provision for Fed’l taxes
Cash dividend_________ 6,435,000
6,000,000
6,000,000
5,043,760
Balance, surplus_____$1,597,649
3 Mos. end. Mar. 31—
1924.
x Profit-------------------------- $5,600,000
Deprec. & depl., labor &
incidental cost o f new
2,500,000
drilling_____________
N etprofit.................

$3,100,000

$4,735,875
1923.
$5,050,000

$4,528,208
1922.
$5,250,000

$6,995,120
1921.
$5,400,000

3,300,000

2,500,000

2,200,000

$1,750,000

$2,750,000

$3,200,000

x Profits earned from all operations, less general expenses, taxes (incl.
income tax), interest charges and employees’ share of profits.
Report for 3 mos. ended March 31 1924 in Y. 118, p. 2192.
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, Seventh and Hope Sts., Los An­
geles, Calif.— (V. 118, p. 2317.)
UNION STEEL CO.— The United States Steel Corporation, which took
possession as of Deo. 1 1902, owns the entire S20.000.000 stock, guaranteeing
$45,000,000 o f 6% bonds. See V. 75. p. 1359, 1150; V. 74, p. 100.
BONDS.— The 1st and Coll. 5s of 1902 (S45.000.000 authorized Issue)
are guaranteed principal and Interest by the U S. Steel Corp., and are
secured by all the property of the company. Including the Sharon Steel stock
acnu,rpd
They are subject to call since Dec. 1 190"' a' 110 an'i
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 SW ITCH & SIGN AL CO.— See Wes ting house Air Brake Oo.
UNION TA N 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 32,500 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 $25,000,000. V. 108, p. 2336. Dividends, 1914
to March 25 1919, 5% yearly (2 K % M . & S.); June to Dec 1919 paid
14$% quar.; March 1920 to Dec. 1 1922, paid 1% % quar. On Dec. 28
1922 paid a 50% stock div. March 1923 to Juna 1924 paid \M% quar.
on increased capitalization.
The stockholders on Jan. 27 1920 authorized the creation of an issue of
$12,000,000 cumulative 7% non-voting pref. stock. Stockholders of record
Jan. 27 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 of common held. Initial div.
o f 1 % % on new pref. stock paid June 1 1920: to June 2 1924, 1H % quar.
Equip, gold notes o f 1920, V. I l l , p. 597; V. 113. p. 2829; V. 115, p.
83, 2915.
RE PO RT.— For 1923, in V . 118, p. 1281 and 1678, showedCalendar Years—
1923.
1922.
1921.
1920.
Earns, after oper. e x p .. $8,374,135 $8,097,781 $5,903,574 $7,224,982
Depreciation & amort’n . 3,616,755
3,895,782
3,817,350
2,545,438
Reserve for taxes----------560,000
819,562
1,001,115
1,286,491
R e s e r v e fo r a n n u itie s___

9 1 ,9 8 0

Preferred dividend------(7%)840,000
Common dividends------(5%)900,000

79,5 7 7

(7)840,000
(7)840,000

8 2 ,4 8 5

(7)840,000(540503,433
(7)840,000 (7)840,000

Balance, surplus------- $2,365,399 $1,622,859 def$677,376 $2,049,620
Chairman, Henry E. Felton; Pres., E. C. Sicardi; V.-Pres., A. E. Smith;
Sec., E. F. Cook; Treas., E. L. Gridley. Office, 21 East 40th st.. New
York.— (V. 118, p. 1678.)
UNITED ALLOY STEEL C O R P .—O R G A N IZA TIO N .— lncorp. in
N . Y . State Oct. 25 1916. Owns in fee property o f former United Steel Oo.
o f 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.
In 1923 purchased the plant o f Hercules Motor M fg. Co. V. 116, p. 2532.
STOCK.— The stockholders in March 1921 ratified an increase in the
capital stock from 525,000 shares o f Common stock (no par value) to 905,000
shares Common stock (no par value) and created an issue o f $5,000,000 7%
Cumulative Preferred stock. The new stock was used for the purpose
o f acquiring, through exchange o f shares, the Berger Mfg. Co. and the
United Furnace Co. The authorized preferred stock was increased to
$10,000,000 on July 31 1923. V. 117, p. 563. Initial dividend on common
o f $1 per snare was paid Jan. 10 1917; April 1917 to Jan. 1921, $1 quar.,
then none until July 1922, wtien 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.
RE PO RT.— For 1923, in V. 118, p.
Calendar Years—
1923.
Profits----------------- $5,657,640
Taxes, real, pers. & corp.
$395,641
Miscellaneous___
346,453
Depreciation____
1,493,179
Adjustment o f inventory
______
Prov.for Fed. taxes (est.)
350,000
Preferred dividends___
231,000
•Common dividends_ 2,200,000
Balance, surplus____ -




$641,366

2569, showed:
1922.
1921.
1920.
$4,945,196
$607,525 $4,944,387
$241,641
$288,684
$628,000
425,831
386,364
602,299
1,276,117
1,274,920
702,225
______
1,404,636
______
______
231,000
225,750
1,200,000
______
2 , 100,000
$1,570,607 $2,521,329

$911,833

DIRECTO RS.— Edward A. Langenbach (Chairman), David B. Day,
John McConnell, George H. Charls (V.-P. & Gen. M gr.), 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 .— (Y.
118, p. 2569.)
UNITED CENTRAL OIL CORP.— (V. 118, p. 919.)
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. Ac. hav­
ing over 2,500 stores and agencies in various parts of the country. United
Profit Sharing Corp., see V. 98, p. 1465; V. 99, p. ,474, 1683; V. 100, p. 59,
314.
During 1923 the Tobacco Products Corp. acquired over 87% o f the
common stock o f the company.
STOCK.— Dividends on pref. stock are cumulative from Sept, lo 1912,
Has equal voting power with common. A special surplus fund out of net
profits mav be used after Jan 1 1916 to redeem pref. stock at prices not
exceeding $140 per share. The stockholders on April 11 1924 changed the
par .value o f the common stock from $100 to $25.
BONDS.— The company guarantees, principal and interest, $5,940,000
20-year 6% s. f. debenture gold bonds, due 1942. of United Stores Realty
Corp. The bonds are non-callableiduring 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
H % for each 6 months to maturity. V. 116, p. 1953.
DIVIDENDS (old co. prior to merger of 1917).— Div. on common. 114%
and 14% extra paid Feb. 15 1913; M ay 15 1913 to Nov. 15 1913, 114%;
Feb 15 1914 to May 15 1915, 6% yearly: Aug. 1915 to Feb. 15 1917. 114%;
May 1917, 2% quar. to May 1918. V. 104, p. 1392. On Aug. 15 1918 in­
creased the common dividend to 214%; Nov. 1918 to M ay 1919, 214%
quar.; then none till Jan. 2 1920. 6 % . V. 107. p. 410. In April and again
in N ov. 1920 paid 10% in common stock. Jan. 1921 to Mar. 1921 paid
114% monthly. In April 1921 paid 1%; M ay 1921, 1% ; June 1921, 2% ;
July 1921, 114%; Aug. 1921, 114%; Nov. 1921, 2% ; Sept. 1922, 2% ;
Dec. 1922, 2% , and 1% extra; Mar. 1923, 2% ; M ay 1923, 2% ; Aug.
1923, 2% ; Nov. 1923, 3% ; Feb. 1924, 3% ; M ay 1924, 3% ; June 1924.
2 % in cash and 114 % in common stock
RE PO RT.— For 1923, in V. 118, p. 1149 and 1786.. showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net p r o f it s ................
$5,817,027 $5,059,806 $4,901,657 $6,004,004
Federal taxes, &c--------700,000
700,000
800,000
975,000
Interest________________
359,100
______
______
Preferred dividends____
316,890
316,890
316,890
316,890
Common dividends------- 2,957,234
1,642,836
3,942,426
492,745
Balance, surplus------- $1,483,803
$2,400,080 def$157,660 $4,219,370
Chairman and Pres., Charles A . Whelan; V.-Pres Elliott Averett, W m.
Baeder, R . L Ramsdell, O. R. Sherlock, J. F. Whelan, H. S. Collins, W, T .
Posey, Dr. M . Monac-Lesser, Albert C. Allen, Samuel Simons, L. E. Dens,
low, Julius Schwartz, M . A . Bouvier; Sec., J. J. Switzer; Treas.. Geo.
Wattley.— (V. 118, p. 2584.)
UNITED DRUG CO.— ORGANIZATION.— Incorporated in Mass
in March 1916. In addition to Its manufacturing property and business,
o wns the entire capital stock o f the Louis K. Liggett C o ., the retail company
which succeeded to Riker-Hegeman C o.. Riker-Jaynes Oo. and Louis K.
Liggett Co. business. Also owns all the common stock o f Canadian and
British companies, &c. V. 108, p. 2637: V. 109, p. 894: V. 103, p. 417;
Y. 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 278 Liggett’s
drug stores. In 1917 purchased Seamless Rubber Co. in New Haven,
Conn., the lessee of a new $1,800,000 plant owned by Seamless Rubber
associates on account o f which the latter sold $1,200,000 6% preferred
stock in N ov. 1919, having dividends and sinking funds covered by rental
under guaranty by United Drug Co. V. 109, p. 1706. In 1919 acquired
Schuhles Pure Grape Juice 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 Oo. V. 109, p. 894. In N ov. 1919 purchased a con­
trolling interest in the Absorbent Cotton Oo. o f America. St. Louis. V. 109,
^ 2077. During 1919 formed the United Drug Building C o., which sold
,000,000 of bonds, guaranteed by an irrevocable 20-year lease of the
property to the United Drug Oo. V. 110. p. 877. Organized the United
Writing Paper Co. in Feb. 1920, Y. 110, p. 1421. 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 B oot’s Pure
Drug C o.. Ltd., o f England. See separate statement for Liggett’s Inter­
national, Ltd., Inc.
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 in June 1921 voted to increase the authorized common
stock from $35,000,000 to $55,000,000. V. 112, p. 2650.
BONDS.— T he8% convertible gold bonds are convertible prior to June 15
1931 into common stock at $110 a share. Redeemable as a whole only at
115. An annual sinking fund equal to 5% of largest amount of bonds at
any tune issued shall be used for purchase o f bonds at or below 115. V. 112
p. 2421.
Guarantees, jointly with Louis K . Liggett C o., $2,250,070 7% S. F
old bonds, due Mar. I 1942, o f Liggett-Winchester-Ley Realty Corp
. 114, p. 953.
D IV ID E N D S—
1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923.
On com. stock ( % ) . . . . . .
3M
5
7)4
7J4
6
0
Text
_
On pref. stock ( % ) _ ___________________In full to date----------------------------

f

240

Date
Bonds

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

United D yew ood Corp— Common stock S 15.000.00t------Pref 7% cum 15.009.000 .........................................................
U nited Fruit— Stock S150.000.000 authorized------------------United Gas Im provem ent Co (T h e)— Com stk S61,072,800
Preferred stock 7% cum redeem 55 auth S15.000.000
United Paper Board Co— Com stock S12.000.00U au tn-----Pref stook 6% non-oum SI,500,000 redllO (Vol. 104, p. 709)
O ilted Shoe Machinery Corp— Common stock--------------------Pref (a 3c d) stock 6% cumulative (see text)-------------------

Par
Value

Balance, surplus_____$1,920,771
$2,033,198df$2,020,169 $1,053,641
D IR E C TO RS.— Louis K. Liggett (Pres.), Geo. M . Gales (1st V .-P .),
Chas. McCallum, H. L. Simpson, W . C. Watt, Harry Dockum, James C.
Brady, Fred S. Rogers, W . C. Bolton, Thomas P. Taylor, Byron M . Hyde,
W . M . Federmann, W. S. White, H. H. Harley, C. F. Buchholtz, Frederick
C. Dumaine, Stephen Hexter, J. A. Galvin, Dan M . Chambliss, Thomas B.
Yuille and Guy C. Norton.— (V. 118, p. 2450.)
UNITED DYEW OOD C O R P .— O R G A N IZA TIO N .— Organized in
Dela. Sept. 26 1916 as a holding co. and may manufacture chemicals,
coloring materials and dyestuffs. Owns all the capital stock of American
Dyewood Co. (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, $15,000,009; out­
standing, $13,918,300; pref. (7% cum .) auth., $5,000,000; outstanding
$4,500,000. The amounts o f stock outstanding were authorized to be
listed by N . Y . Stock Exchange in June 1917. See full statement to the
Exchange in V. 104. p. 2559.
D IV ID E N D S.— On pref. stock paid or declared in full to Jan. 2 1925
7% p. a. (1J£% qu.). Dividends on common (No. 1), April 1917 to Apr.
1924, 1 k % QU. (6% p. a.). In Aug. 1917 paid 1% extra to aid Red
Cross contributions
RE PO RT.— For 1923, in V. 118, p. 1925, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net profits from oper— $2,115,804 $2,532,870
$673,345 $2,901,540
Other income__________
56,710
42,394
106,884
63,886
$2,575,264
302,127
70,105
127,995
______
______
258,825
835,098

$780,229 $2,965,425
201,846
236,768
9.647
154,142
--------668,250
______
116,824
16,910
41,511
259,700
265,482
853,098
835,098

Net income_______ _
$460,625
$981,114 def$542,972
$647,350
OFFICERS.— Pres., Joseph C. Baldwin Jr.; V .-P., De Witt C. Jones,
Percival Thomas and William F. Fraser; Sec. & Treas., Ernest W . Picker.
Main office, 100 East 42d St., New York.— (V. 118, p. 1925.)
UNITED EL. LT. & POW ER C O .. N. Y .— See Consolidated Gas Co.
UNITED FRU IT CO-— ORGA N IZA TIO N .— 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. C o. Anti-Trust case.
V. 104. p. 2656. Northern R y. o f Costa Rica, 347 miles. See V. 71, p ’
1067; V. 80, p. 223; V. 81, p. 618. Sole owner o f 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 o f the (controlled) Cuban sugar
company, the Nipe Bay Co. V. 105, p. 2006, 2269. Interest in New
England Oil Corp. and Radio Corp. of America. V. i l l , p. 2050; V. 112,
p. 1290. Lease o f pier from Havana Docks Corp., V . 112, p. 2541.
DIVS.— 1908-11. 1912. 1913. 1914-18. 1919. 1920 ’21. ’22. ’23. ’24.
R e g u la r ... 8% yly. 8% 8%
8%
9 K % 11>4 10
8 8 See
E x tra _____ 10 yrly.
__
2%
___
1 4 % ____*100
. . 2 text
* In stock.
The directors in Dec. 1923 declared an extra div. of 2% in addition to the
regular quar. div. of 2% , both payable Jan. 15 1924. The directors also
declared four quarterly divs. o f 2 }4% each, payable April 1, July 1 and
Oct. 1924 and Jan. 2 1925. V. 117, p. 2662.
R E PO RT.— For 1923, in V. 118, p. 428 and 548, showed:
Calendar Years—
1923.
1922.
1921.
Total income______________________ $27,218,020 $22,561,549 $20,579,836
Less: Interest charges--------------------------------------8,906
Estimated taxes--------------------------- 4,120,690 3,710,231
3,595,167
Dividends declared_________________ *20.000,000 10,000,000
8,000,000
S urplus.________________ . . . _____ $3,097,330 $8,851,318 $8,975,763
* Including $10,000,000 dividends for 1924.
DIR E C TO RS.— Andrew W. Preston (Pres.), V .-P .’s, Victor M . Cutter,
William Newsome and Crawford H. Ellis; Bradley W . Palmer (Sec.),
Robert F. Herriek, John S. Bartlett, W . Cameron Forbes, Reginald Foster,
F. R . Hart, George C. Lee, K . K. McLaren, Minor C. Keith, Daniel G.
Wing and W . S. Spaulding. Treas. is Cecil B. Taylor. General offices,
131 State St., Boston.— (V. 118, p. 563.)
UNITED FUEL GAS CO.— See Columbia Gas & Electric Co.
R E PO RT.— For year ended Dec. 31 1921 showed:
Earnings Calendar Years—
1921.
1920.
1919.
Gross earnings---------------------------------- $9,796,702 $12,493,158 $10,484,460
Net, after oper. exp., depres’n, deple­
tion & taxes (exel. o f Fed’l ta x es).. $3,546,274 $6,344,672 $5,396,446
Total income________________________$3,569,649 $6,378,772 $5,428,071
Interest and sinking funds__________
1,163,575
630,344
634.036
Surplus.................................. ............$2,406,073 $5,748,428 $4,7fG *12
Pres., F. W . Crawford, Columbus, O.— (V. 117, p. 1358.)




Amount
Outstanding

S100 $13,918,300
100 4.500.000
1(H) 100 , 000,000
50 61,029,800
50 6.103.000
100 10.055.000
100 1,326,300
25 48,534,891
25 10.593.225

Paid on common stock in Jan. 1919, \\i % and 1% extra; April 1919 to
Jan. 1920, incl., 1% % quar.: April 1920 to July 1921, 2% quar., then none
until Sept. 1 1923, when 114% was paid; same amount paid quar. to June
1 1924.
R E PO RT.— For 1923, in V. 118, p. 904, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net sales_____________ $67,244,671 $61,186,906 $60,490,468 $68,428,179
------------5,879,844
4,093,867
6,656,135
~ ' ' net income_______ 6,752,018
Total
Depreciation_________ f
662,853
Doubtful acc’ts receiv.j
1,346,894
1,377,739
1,090,552
Current t a x e s ________ [
Pref. & com. divs. (incl.
3,433,889
subsidiary cos.)______ 2,244,051
1,198,069
3,046,588
701,686
Int. on bds. & notes o u t.
1,240,302
1,270,838
1,742,300

Gross income_________ $2,172,514
Depreciation__________
564,529
Interest_______________
7,083
Inc. < exc. profits taxes.
fc
53,879
Loss on sale o f Lib. bds.
______
Sundry charges________
______
Preferred divs. ( 7 % ) . . .
251,300
Common divs. (6 % )___
835,098

[V ol. 118.

INDUSTRIAL AND PUBLIC UTILITY
Bate
%

When
Payable

6
7
See text
See text
7
See text
See text
See text
6

Last Dividend Places Where Interes and
Dividends are Payable
and Maturity

Apr 1 1924
See text
Q— J See text
O— .T Apr 15 ’24
Q— M June 14 ’24.
Jan 10 '21
Text July 1 1924
Q— J Apr 5 1924
Q— J Apr 5 1924

£3

1 ]4
Company’s office,Boston
1 H Philadelphia Office
\%
2%
6%
2% /Checks from American
l k 1 Trust C o. Boston

UNITED <3AS IMPROVEMENT CO. (TH E )— Organized 1882 In Penn­
sylvania; reorganized in 1885. Charter is perpetual and business is the
building, leasing and operating of gas works. A c. (see list in 1900. V . 70. p
1000, 944). See data as to the various properties in V. 109, p . 894; V . 107.
p. 399,400; V. 79. p . 498,2090; V. 80, p . 2342; V. 81. p . 977.1727; V. 82. p .
1160, 1444; V. 83. p. 42, 499, 1360, 1541; V . 84. p. 107, 395, 936. 1112
1304, 1373; V. 85. p. 44; V. 89, p. 1000; V. 90. p. 1682; V . 91. p. 219.
V. 92. p. 1699; V. 95. p. 116. 819; V. 100, p . 404, 647; V. 103. p.
1597 See statement o f capitalization and securities held o f subsidiary com­
panies in V. 107, p . 399. In 1918 organized the TJ. G . I . Contracting Co. of
which it owns the entire capital stock. The new company will take over all
the construction business &c. o f U. G. Improvement Co. V . 108, p. 1719.
In Sept. 1920 the company sought a readjustment ef its lease o f the City
Gas Works, V. I l l , p. 1190. 1860; V. 113, p. 89, 427, 544, 635, 738, 1162.
1259. Report of Gas Commission, V . 112, p. 2314.
STOCK.— Increased in 1906 from 536,725.000 to 545,900,250 and in 1909
to $50,473,350; in 1910 to $55,520,700. V. 89. p. 1600: V. 88, p 1201.
Shareholders o f record M ay 12 1917 were allowed to subscribe at par till
June 15for $5,552,100 (10% ) new stock, making total stock $61,029,800.
V . 104. p . 1897.
The stockholders voted M ay 3 1920 to increase the capital stock by 300,000 shares, par $50 each, all of said Increase being 7% Cumulative Preferred
stock.
Stockholders of record May 7 1920 were given the right to subscribe for
122,060 shares of said Preferred stock at par ($50) per share to the extent
of 10% of their holdings. V. 110. p. 1979, 2574.
Preferred stock has equal voting rights with common and is redeemable,
all or part, at $55 per share and dividend.
D IV ID E N D S .— From 1888 to 1920 8% per ann., payable quar. Jan. 15
1921 to Oct. 14 1922 paid 1 % quar.; Jan. 15 1923 to Oct. 15 1923 paid 114%
quar.; Jan. 15 and Apr. 15 1924 paid 1 % % quar. In Jan. 1896 paid extra
15% in convertible scrip; also 10% extra Mar. 1 1920 in scrip convertible
into stock to June 30 1910. Also in April 1917 2% extra from profit on
sale of securities. V. 104, p. 1050. On new preferred paid 1 % % quar.
Sept. 15 1920 to Mar. 15 1924.
R E PO RT.—-For 1923, in V. 118, p. 2053, showed:
1923.
1922.
1921.
1920.
Regular inc. from leased
works and investments $8,483,135 $7,767,382 $7,402,113 $6,382,298
______
______
746,474
Profits on sale of secur..
18,288
Total income_________ $8,501,423
Exp., taxes, int., &c___
1,247.346
Loss on op. Phila. G. W .
820,121
Dividends paid________ 4,089,024

$7,767,382 $7,402,113 $7,128,773
1,437,669
1,948,234
2,219,325
895,682 2,736,847
2,605,571
2,868,429 2,856,083
4,968,647

Balance, surplus_____$2,344,931
$2,565,603 def$139,050df$2,664,771
DIRECTO RS.— Chairman. Randall Morgan; Effingham B. Morris,
Jr., Samuel T. Bodine (ex-officio), E. T . Stotesbury, W m. W ood, W m. C.
Dickerman and Morris L. Clothier. Pres., Samuel T . Bodine; V.-P. &
Gen. M gr., Lewis Lillie; Treas., I. W . Morris; Sec., Geo. W . Curran,
Broad and Arch Sts., Phila.— (V. 118, p. 2192.)
UNITED PAPERBOARD CO.. INC.— Incorp. Feb. 27 1912 in N. J.
and acquired at foreclosure sale the properties o f the United Boxboard Co.
Product is pulp and paperboard for the manufacture of paper containers and
kindred commodities.
C A PITAL 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.
D IV ID E N D S.— On pref., 1H % auar. Oct. 15 1916 to July 15 1921; then
none until July 2 1923 when 6% was paid: July 1 1924 paid 6% . On
common: Dec. 15 1917, )4% \ Dec. 15 1918, 1%; M ay 27 1920, 2% ; Sept. 16
1920, 2% ; also 10% in stock in 1920; Jan. 10 1921, 2% ; none since.
R E PO R T .—-For year ended M ay 26 1923, in V. 117, p. 891, showed:
1922-23.
1921-22.
1920-21.
1919-20.
$881,714 loss$155,559
$731,041 $1,664,731
646,275 loss381,355
556,668
1,340,010
300,000
100,000
100,000
500,000
79,482
88,140
94,633
______
______ (4%)367,278(2%)183,636

Gross earnings-------------Net income___________
Depreciation__________
Preferred divs. (6 % )_
_
Common dividends_____

Surplus--------------------$266,793 def$481,355
$1,520
$561,741
For 6 mos. ended Nov. 24 1923 gross earnings were $487,517; net earn­
ings, $357,571. V. 118, p. 83.
OFFICERS.— Pres., Sidney MItcnell; V.-Pres., Matthias Plum; Treas.,
Chas. E. Daniel; Sec., M . Bechthold. N . Y . office, 171 Madison Ave.—
(V. 118, p. 2450.)
UNITED SHOE M ACHINERY C O R P O R A T IO N .— O R G A N IZA ­
TIO N .— 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. §2. 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.
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, may not include in its leases o f 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.

241

INDUSTRIAL AND PUBLIC UTILITY
Date
Bonds

Par
Value

V S Cast Iron Pipe & Fdy Co— Com stock $15,000,000 auth.
Preferred stock 7% non-cumulative $15,000,000 auth____
American Pipe & Foundry first mtge $1,500,000 sk f d _z 1898
United States Envelope— Common stock $4,000,000_______
Preferred stock (a & d) 7% cumulative $4.000,000______
1st M g part yriy red 104________ ______ __________OBzc* 1908
Serial gold notes due $200,000 yearly_______________OB.c
O S Pood Products Corp— Stock one class________________
Distillers Secur Oorp coll trust M g call 105 (text)_Ba.xxc* 1902
(For securities proposed under reorganization plan, see text)

Amount
Outstanding

Rate
%

When
Payable

100 $12,000,000 See text
100 12.000.000
5
Q— M
J *
6
1,000
t597.000
M &
100 1.750.000
8
100 4,000,000
M &
7
1 000 1.300.000
•8 J A
>
1.000
200.000 o 7 8 J &
100 30.774,180 See text
459,387
1.000 5.546.228
5g
>!

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

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

Dec 20’ 23 X %
15 See text
J July 1 1928
S Mar 1 1924 4%
S Mar 1 ’24 3 H %
D To Dec 1 1934
D June 11925
Oct 18 ’20 I X

81
*
i
o!

M ay , 1924.]

Oot 1 1927

Otfloe, Burlington. N J
do
do
Chattanooga. Tenressee
Old Colony Trust Oo.Bes
do
do
do
do
By oheok
Ses text

t After deducting $903,000 in treasury and sinking fund.

DIVIS.—
V09. ’10. ’11-’ 14. ’15. '18. ’17. ’18. ’19. ’20. 21 ’22 ’23.
On common. % } 8
S
8 yrly 8 8 8
8
8 12
8 8 8
Extra cash____ 2
4
____ 10
6
_
4
6 ______ _
_
Extra stock_ I . 1 0
_
10
..10
_T e x t ___ ..
_____
40
On July 5 1917 an extra dividend of 10% In stock and 4% In Liberty
Loan bonds, in addition to the regular quarterly 2 % . V. 104. p. 2457.
On July 5 1916 6% extra in cash; also on July 15 1916 15^1000 of a share
of Thomas G. Plant Oo. Preferred stock (outstanding $2,506,000 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.
P aid in 1924: Jan., 2% ; Apr., 2% .
REPO RT.— For year ending Peb. 28 1924:
1 0 9 3 .9 ,1

Combined net earnings_______________$8,054,941
Excess profits taxes_________________ 1,000,000
Cash dividends paid (com. and p ref.). 4,239,171

1 0 9 9 .9 3

$6,547,216
1,500,000
3,396,903

1 Q 9 1 .9 9

$4,594,147
1,500,000
3,385,432

Balance, surplus for year_________ $2,815,770 $1,650,313 def$291,285
DIRECTORS.— Edwin P. Brown (Pres.), Geo. W . Brown (V.-P.).
Moses B. Eaven (V.-P,), Wm. Warren Barbour, Louis A. Coolidge (Treas ).
Edmund Le B. Gardner, E. P. Hurd (Vice-Pres. & Asst. Treasurer),
Daniel G. Wing, Charles G. Rice, Samuel Weil, J. H. Connor (V.-P.),
Sidney W. Winslow, Jr. (V.-P.), William Woodward, Robert P. Herrick,
Robert Barbour, W. R. Sampson (Gen. Mgr.), H. W. Hanan, Harold O
Keith, Ohas. G. Bancroft, H. G. Donham, Sec. & V.-P., Albany Bldg..
Boston, Mass.— (V. 117, p. 2782.)
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. [ 07. ’08. 09. ’ 10. ’ l l . ’ 12. ’ 13. ’ 14. ’ 15. ’ 16. 1917 to ‘22.
1923
Pref %| 7
3 X h\i 6
2X 2
4
2
0
4
5% yriy.
7X
C o rn ..! 4
None
.
.
.
_
.
______
X
On Dec. 20 1923 paid X % on common stock, also
% extra on pref.
T . 117, p. 2224.
The directors in Peb. 1924 declared a div. o f 7% on the pref. stock;
payable in quar. installments during 1924.
Vice-Chancellor Backes in the Court o f Chancery in Newark, N . J., on
Peb. 26 1924 handed down a decision in the case o f two suits brought by
stockholders o f the company to enjoin the directors from declaring extra
dividends on the common and preferred stocks o f the company. Under the
decision the company cannot declare any dividends on the common stock
until all the fixed yearly dividends o f 7% annually and accumulated divi­
dends due on the pref. shares have been paid. The Court also sanctioned
the payment o f an extra dividend o f 14 o f 1 % to holders o f the pref. stock
and denied a like distribution to the holders of the common stock. Appeals
rom the decision have been filed. V. 118, p. 1281.
R E P O R T — For 1923. in V. 118, p. 1281 and 1413, showed:
Calendar Years—■
1923.
1922.
1921.
1920.
Net operating in co m e ... $3,995,794 $1,497,866
$526,762 $1,324,243
Other income__________
66,905
85,193
102,667
118,328
Total income_________ $4,062,699
Depreciation reserve—
$472,936
Interest-----------------------118,496
Preferred divs................
900,000
Common divs___ _____
60,000

$1,583,058
$439,647
121,169
600,000
______

$629,429 $1,442,571
$431,689
$430,364
96,899
160,615
600,000
600,000
______
______

Surplus for year______ $2,511,268
$422,243 def$499,159
$251,592
OFFICERS.— Chairman, L. R. Lemoine; Pres., N . P. S. Russell; 1st
V .-P., W. T. C. Carpenter; V.-P. & Treas., B. P. Haughton; V .-P ., D. P.
Hopkins; Sec., Chas. R. Rauth. General offices, Burlington, N. J. N. Y.
office, 71 Broadway.— (V. 118, p. 1413.)

kinds; and to own, lease and operate central denaturing plants and ware­
houses for denaturing alcohol and spirits.” The change of name in no
way affects the corporate identity of the company or its property. Com­
pare V. 108. p. 1616. 1168. 1063; V. 109. p. 80.
Owns five large distilleries located at or near Louisville, one of these pro­
ducing commercial alcohol. V. 107, p. 1290. It also has four other alcohol
distilleries located in Illinois and Indiana. The plant at Peoria, 111., was
sold to the Commercial Solvents Corp. in July 1923. V. 117, p. 211.
in Aug. 1919 had purchased for cash (a) large molasses alcohol plant
at New Orleans; (b) the entire capital stock of five leading companies In the
molasses handling and distributing business, with 25 vessels of various sizes
and tank and station facilities at various points in the West Indies, United
States, Canada and Great Britain, thus completing the facilities for obtain­
ing at first hand the raw material needed in the manufactures of alcohol
and various kinds of animal feed. V. 109. p. 585.
Twenty-three distillery properties controlled by the company were sold
in N ov. 1918 (as a result of the prohibition movement) for $241,100. V.107,
p. 2011. 1290. 1388
As to old Distilling Co. of America, compare V. 106, p 610; V. 68, p.1224
The Trans-Oceanic Commercial Corp. was incorporate in N. Y . State in
Jan. 1919 with capital stock of $1,000,000, and offices at 27 William St.,
N. Y .. to take charge o f the export of the corporation’s whiskeys, spirits,
alcohol and other products ana by-products.
Receivership.— George Rublee was appointed receiver on Feb. 8 1922.
V. 114, p. 637.
Protective Committee.— Following the filing of an involuntary petition la
bankruptcy, the following protective committee was formed to protect the
Interests o f the holders o f the 1st mtge. conv. 25-year 5% gold bonds of
Distillers Securities Corp., and the holders thereof were requested to
deposit the same with Bankers Trust C o., depositary, N. Y . City.
Committee.— B. W . Jones, Chairman (V.-Pres. Bankers Trust C o.);
Theodore H. Banks (V.-Pres. Amer. Exch. Nat. Bank), F. W . Murray
Jr. (Pres. Nat. Bank o f Orange County, Goshen, N . Y .) , Edwin K. Scheftel
(member N. Y . Stock Exchange), George E. Warren (V.-Pres. Columbia
Trust C o.), with R . G. Page, Sec., 16 Wall St., N . Y . City, and Wollman &
Wollman, counsel.
REORGANIZATION PLAN (V. 118, p. 806).— The reorganization
committee (Arthur W . Loasby, Chairman) as well as the bank creditors’
committee and the bondholders’ committee (for the Distillers Secur. Corp.
1st mtge. 5s) has approved and adopted a plan o f reorganization, the
general terms o f which are given below:
General Terms of Reorganization Plan.
New Company.— A new corporation (National Distillers’ Products Corp.)
shall be organized which shall authorize the issuance o f the following
securities: (a) $3,200,000 6-year 7% guaranteed convertible gold notes;
(6) 110,000 shares sinking fund pref. stock, par $100, or without par value
as the reorganization committee may determine entitled to preferential
dividends o f $7 per share per annum; 200,000 shares o f common stock o f
no par value.
Holders o f both the U. S. Food Products notes and the Distillers Secur.
Corp. bonds assenting to the plan shall receive pref. stock, par for par,
for the principal amount o f the bonds and notes held by them respectively.
In addition assenting holders o f Distillers Securities 5% bonds will
receive 7 shares o f com. stock for each $1,000 bond now held, and the
assenting holders o f 7% secured notes will receive 2.55 shares o f such com.
stock for each $1,000 note held by them, respectively.
Underwriting of New Note Issue.—-The reorganization committee has
procured the underwriting (by the Equitable Trust Co. and Chase Securi­
ties Corp.) of the issue o f $3,200,000 6-year 7% guaranteed conv. gold
notes, thus providing, among other things, what is considered to be sufficient
working capital for the profitable operation o f the new corporation.
Offer to Stockholders.—-The notes o f the new company are to be offered
to stockholders o f the U. S. Food Products Corp. at par and interest on the
basis o f $100 o f notes for each ten shares o f stock o f the Food corporation,
and stockholders o f the old company who subscribe will be entitled to
receive two shares o f common stock for each $100 o f the notes purchased.
President.— It is expected that Seton Porter (of Sanderson & Porter) will
be President o f the new company.
Voting Trust.— All stock, both pref. and com., is to be placed in a voting
trust, o f which B. W . Jones is to be one o f the voting trustees.
Plan Operative.— The plan was declared operative in March 1924.
STOCK.— Authorized capital stock was formerly $32,500,900. but by
vote of the stockholders on March 19 1919, certificates for $1,534,100
were canceled, leaving the present auth. capital stock $30,965,900.
The $4,500,000 7% notes due Sept. 16 1921, are in default. Compare
V. 113, p. 136J.
BONDS.— Of the $16,000,000 Distillers 5s, $10,158,000 had been purchased, acquired by corporation and canceled; $296,772 Issued but not used
for conversion, leaving $5,546,228 outstanding as of Dec. 31 1921. The
The bondholders’ committee in April 1924 stated that the trustee had
sold at public auction the stock o f Distilling Co. of America which was held
as security for the Distillers 5% bonds. The stock was bought in by the
reorganization committee for $1,500,000. After deducting the expense o f
the sale, there will be distributable out o f the cash proceeds on each $1,000
bond, for principal and unpaid interest, the sum of $246.2412.

UNITED STATES DISTRIBUTING CORP.— (V. 118, p. 1786.)
UNITED STATES ENVELOPE CO.— Incorp. in 1898 in Maine.
V. 66, p. 1003.
CAPITAL 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 the privilege o f subscribing at par
for one share oi '$750,0001 new stock for each share o f 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 ’ 11-’ 12. ’ 13. ’ 14-’ 16.’ 17-T9’20. ’21. ’22 ’23 Mar ’24.
Preferred (% )------1 9K yly. 11X 7 y ’rly 7
7 7
7
7
344
Common (% )--------(
-----244 7 y ’rly 7
7 744 8
8
4
do
extra_____________________________ 244 5 *244 . .
_
* 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 (?2,500,00®
authorized Issue) mature Dec. 1 yearly from 1921 to 1937. In Nov. 1908
$2,000,000 were sold (falling due $50,000 yearly from 1910 to 1924, $100,00f
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 June 1 1921 to 1925. V. 110, p. 2200.)
R E PO RT.— For 1923, in V. 118, p. 806 and 1025, showed:
Deprec.
Calendar
Net
Bond
Res. for
Balance
DIV.—
V07. 1908.12.’ 13-’15. ’ 16 to Jan. ’18 Apr.’ 18 to Jan.’20 1920
Year—
Profits. Interest.Taxes. &c. Pf. Divs. Com. Divs. Surplus
3% yrly.
8% yrly.
text.
1923.............$1,210,397 $101,125
$523,792$280,000 $140,000
$165,480 Percent___ I 5 X 2% yriy. None.
From April 1918 to Jan. 1920. inclusive, paid each quarter X ot 1% aDd
1922............ 1,088,026 117,625
465,874 280,000 140,000
84.527
lj^ % extra. In April, July and Oct. 1920 paid 1 X % quar. Jan. 192
1921............
728,154 134,125
423,728 280,000*365,000def474,699
1920---------- 2.275,697 116,646 1.646,287 280,000
90.000 142,764 div. was deferred.— V. I l l , p. 2333.
♦Includes 33 1-3% stock div. ($250,000) paid Mar. 2 1921.
REPORT.— For year ending Dec. 31 1920, in V. 112, p. 2080:
Year ended Dec. 31—
1920.
1919.
1918.
1917.
OFFICERS.— Pres., James Logan, Worcester. Mass.; Treas., Wm. O.
et incom e......................$2,898,280 x$3,354,947x$10,514,810 x$5,497,377
Day; Sec., W. M . Wharfield, Longmeadow, Mass.— (V. 118. p. 1025.)
Interest on bonds.............
689,906
303,043
458,222
706,944
U.
S. FOOD PRODUCTS CORPORATION.— ORGANIZATION.—Written off property acct.
450,000
3,733,030
7,928,503
2,641.149
Incorporated in New Jersey on Sept. 18 1902 as Distillers Securities Cor­ Reserve no longer needed ________
________ Cr.141,530
________
poration, per plan V. 74, p. 1310, 1358. On Aprils 1919present name waa Dividends............... (4 X %)1,385,436 (8)2,462,594 (8)2,462,787 (2)616,117
adopted and the corporate powers were enlarged to include the right “to
manufacture food and feed products of all kinds and products and by­
Balance...................... _sur$372,938df$3,143,720 def$193,172sr$l,533,160
products of all kinds, of grain, beets, molasses, and other materials of all
x After providing for income and war excess profits taxes.




242

INDUSTRIAL AND PUBLIC UTILITY

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

6]

United States Gypsum Co— Common stock______________
Pref stock 7% cumul___________________________________
_
United States Hoffman Mach Corp— Com stock v t c_
Sinking fund gold debentures red (text)______ N.kxxxc*
U S Industrial Alcohol Co.— Common stock ($24,000,000)
Pref stock 7% cum guar red text_________________________
Securities o f Subsidiaries Held by Public—
Cuba Distilling Co pref stock (V 103. p 2158)__________
United States Leather Co— See Central Leather Co.
1 5 Realty & Improvement— Com.Stock $30.000.000 autbIN
1 *
Convert pref (a & d) stock 7% red (text) $10,000,000 auth_
United States Rubber— Common (S200,000,000 authorized).
_
First Pref (a & d) $100,000,000 8% non-cum (see text)_
First A Ref Mtge (see text) call 105 after 1919_____yc*&r*
Ten-year secured cotes________________________Usm.xxxc*
Underlying Bonds—
Canadian Consol Rubber Co Col Tr call 110__________ c*
do do First and Refunding Mortgage (see text)_____

Date
Bonds

1922

Par
Value

Amount
Outstanding

None

4
$5,911,680
7
6,020,300
150,000 sh.
1,925,000
8g
24.000.000 See text
7
6,000,000

100

1917
1920
1906
1917

1.836.600

Rate
%

7

When
Payable

[V ol. 118.

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

Q— M 31 June 30 '24 1 %
0 — M 31 June 30 ’24 I X
New York Trust C o.N .Y
& J Jan 1 1932
Sept 15 ’21 1% Checks mailed
Q— J 15 Apr 1 5 ’24 I X CheckB mailed

J

Q— F 15

do

100 16,162.800 See text Q— M 15 June 16 '24
100 8.081,400
7
Q— F Aug 1 ’24
81.000,000 See text
Apr 30 ’21
8
100 65.110.000
Q— J Apr 30 ’24
5 g 3 A 3 Jan 1 1947
100 Ac 62,989,800
19,436,000
7)4 g F A A Aug 1 1930

2% Checks mailed
do
IX
2% Office 1790 B’ way. N T
do
do
2%
New York

at o Oct 1 1946
& J Jan 1 1947

Bank of Toronto, Mont i

100 &c

2,600,000
As collat

6
5

a

J

DIRECTORS.— Alvin W . Krech (Chairman), Julius Kessler (Ch’m. trolled by the Distillers’ Securities Corporation) in June 1915 sold the
Exec. Com m .), G. Q. Palmer (Pres.), W . B. Baker, Theo. F. Reynolds, $6,350,000 of the $12,000,000 com. stock owned by It. Its guaranty of
Henry H. Wehrhane (V .-P .), Oscar L. Gubelman, Thos. A . Clark (Treas.), the preif. divs. of Industrial Co. extending for term of charter to Oct. 17
E. V. R . Thayer, Joseph C. Baldwin, Jr. (V .-P.). Other officers S. E. 1956. V. 100, p. 2015; V. 101, p. 218. Application to list, V. 92, p. 1106.
W olff. V.-Pres.: M . A. Holzinger, Sec. Office, 15 Exchange Place, Jersey V .109, p .1994. In 1918purchased an additional distillery at Peoria, 111..
The Columbus Distillery in Brooklyn was destroyed by fire in Sept. 1919.
City; 25 Broadway, N. Y .— (V. 118, p. 2450.)
STOCK — Pref. stock may be redeemed on any dividend date at 125 and
UNITED STATES GYPSUM CO.— ORGAN IZATION .— Incorp. In
Illinois in 1920 as successor to a company o f the same name incorp. in 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,New Jersey Dec. 27 1901 (V. 74, p. 1138). Manufactures all classes of
gypsum hard-wall plasters and other gypsum products, including cement, 000.O00 to $24,000,000 com.; shareholders of record on Oct. 21 were given
wood fibre, concrete, finishing, moulding and pottery plasters, stucco. the right to subscribe at $70 a share for the entire new issue, share for share.
Keene’s cement and hydrated lime; fireproof partition, wall board, tile, V . 109. p. 782, 894, 1086, 1468.
beam and column protection, floor tile and roof tile, plaster boards, &c.
D IV ID E N D S.— On pref. stock since organization to Apr. 15 1924,1H %
This company with a supply o f over 135,000,000 tons o f gypsum is the
dominant factor in the industry in the United States. Has been for a Q.-J. On Aug. 2 1917 acashdiv. (N o. 1) 16% wasdeclared on common stock
number of years, the world’s largest producer of gypsum (plaster of paris). out of surplus accumulated prior to Dec. 31 1916, for the year 1916, to be
doing about 40 % o f the business in the United States. Its principal proper­ paid on Oct. 1 1917 and a div. of 16% for the year 1917, to be paid on Dec. 1
ties, consisting of mines, mills, quarries, warehouses, are located in different 1917. Mar. 1918 to Sept. 1919 paid 4% quar. (16% p. a.); Dec. 1919, 2% ,
after increase of stock and pending the construction and development in­
parts o f the United States.
volved in establishing new lines, March 1920 to June 1921, 2% quar.;
STOCK.— Stockholders on Aug. 17 1920 voted to adopt a plan to re- Sept. 1921, 1%; none since.
incorporate and re-capitalize under the laws o f Illinois. The capitalization
R E PO RT.— For 1923, in V. 118, p. 1532 and 2584, showed:
was increased from $10,000,000 to $18,000,000. The company had
Calendar Years—
1923.
1922.
1921.
1920.
$6,000,000 Preferred and $4,000,000 Common stock, both o f $100 par value.
Under the recapitalization plan there are $10,000,000 Preferred part of Net, after deprec’n, &c_ $3,892,923 $1,686,643 $1,486,042 $5,102,832
190,784
254,569
221,2 1 1
190,383
which was exchanged, share for share, for old Preferred and 400,000 shares Interest
617,072
448,418
of Common stock of $20 par value. The new Common stock was exchanged Reserve for Federal taxes
_
Loss on sale of bonds_
115,229
87,987
five shares for one o f old common. V. 110. d . 1533. 666.
U. S. Ind. Ale. Co., pref.
420,000
420,000
420,000
420,000
do com m on________
1 , 200,000
1,920,000
D IV ID E N D S — On Pref. stock: 1906, 3 X % ; 1907. 7 )4 % ; 1908, 5% ;
_
128,562
128,562
128,562
128,562
1909, 6% : 1910 to 1912, 5% per annum; 1913. 5 )4 % ; 1914, 6% ; 1915. Cuba Dist. Co., pref_
152,968
867,488
6 )4 % cash and 43% on all accumulations in Common stock (V. 101. p. 136, Depreciation__________
619, 1633) 1916 to date 7% per annum. On common, 1% quar. from Dec
Balance, surplus____ $2,705,560
$883,511 def$751,928
$870,939
31 1919 to June 30 1924. On Dec. 31 1920 and 1921 also paid 5% in
common stock; on Dec. 30 1922 paid 10% in common stock and on Dec. 31
OFFICERS.— Pres., H. S. Rubens; Sec., Joseph Malone; Treas., A. G.
1923 paid 20% in common stock.
Robinson. Office. 110 East 42d St., New York.— (V. 118, p. 2584.)
R EPO RT.— For 1923, in V . 118, p. 806 and 1266, showed:
UNITED STATES REALTY AND IMPROVEMENT CO.— ORGAN­
Calendar Years—
1923.
1922.
1921.
1920.
IZA TIO N .— Incorp. in N . J. on M ay 26 1904 and in M ay 1906 had acquired
Net earnings___________ $6,848,942 $4,370,771 $2,639,553 $2,126,778 per pran in V. 78, p. 2019, $32,750,200 of the $33,198,000 common stoca and
Depreciation__________
553,323
470,216
271,418 Not shown *26,596,200 of the $27,011,100 pref. stock of the U. S. Realty & Construc­
500,000
300,000
200.000
------- Co. See list of assets, &o., in V. 80, p. 2340; also statement to N. Y .
Contingencies_________
tion
Federal taxes__________
764,696
481,522
478,169
421,567 Stock Exch., V. 75, p. 1200. See V. 77, p. 297, 953, 2103, 2396; V . 78
Pref. dividends (7 % )-- .
421,178
418,881
417,785
417,321 p. 51; V. 82, p. 1274; report. V. 86, p. 1465; V. 92, p. 1433; V. 85, p. 1344.
Common dividends x (24%) 1,180,491 (14)619,659 (9)374,670 (9)355,115 1406: V. 90, p. 307. 633. Owns $403,300 ol $2,000,000 Alliance Realty
Co.(took. V. 81, p. 1798; V. 82, p. 1209: V 83, p. 822; V. 90, p. 1422.
Balance, surplus_____$3,429,253
$2,080,493
$910,587
$932,774
Statistics of the George A . Fuller Co. for Years Ending April 30.
Profit and loss, surplus. $9,045,049 $5,615,795 $3,535,302 $2,624,715
1923-24.
1922-23.
x Includes extra o f 20 % and four regular quarterly dividends of 1 % Unfinished business at beginning of year_________ $23,862,634 $14,569,256
each. In December 1922 a stock dividend of 10% was paid and four New business during year________________________ 22,937,529 29,631,080
regular quarterly dividends of 1% each during the year. In Dec. 1921 and Work executed during year______________________ 28,447,434 20,337,702
1920 5% was paid in common stock besides the regular cash dividends. Unfinished business at end of year---------------------- 18,352,729 23,862,634
These are included in the above amounts shown.
SECURITIES.— The company in March 1923 announced that all of the
Pres., S. L. Avery; V .-P ., O. M . Knode; Sec. & Treas., E. L. Marsh.
remaining 5% debenture bonds due July 1 1924 would be purchased at not
Office, 205 West Monroe St., Chicago.— (V. 118, p. 1266.)
exceeding par and int. upon delivery at its office, 111 Broadway. N. Y . City.
$1,894,000 were outstanding. Loans on mortgage out­
UNITED STATES HOFFMAN MACHINERY CORP.— ORGANIZA­ On April 30 1924, 1924,
30
TIO N .— Incorp. under laws o f Delaware in Jan. 1922. The company is standing April in balance $19,965,000, as against real estate and buildings
sheet at $44,248,089.
the owner or exclusive license,e of basic patents covering the manufacture owned valued
Guarantees principal and interest, $6,025,500 Trinity Building Corp.
o f garment pressing machinery.
(N. Y .) first mtge. 5 X % loan. V. 908, p. 2248.
STOCK.— The entire common stock has been deposited under a voting
STOCK.— The stockholders on N ov. 24 1922 voted to authorize an issue
trust agreement expiring Jan. 1 1927.
of $10,000,000 7% pref. stock. Of this the right to subscribe to $8,081,400
BONDS.— The 10-year sinking fund gold debentures are redeemable at was offered at par to the company’s stockholders of record Dec. 8 1922 in
102)4 to July 1 1923; thereafter to July 1 1924 at 104; thereafter to July 1 proportion of one share of such new stock for each two shares of stock then
1925 at 105)4; thereafter to July 1 1926 at 107; thereafter to July 1 1927 at held. The pref. stock is convertible at any time prior to N ov. 1 1925,
108)4; thereafter at 110. Attached to each debenture is a certificate for share for share, into common stock, and is redeemable at any time after
stock rights which sets forth that the bearer shall be entitled to receive April 30 1926 at 115 and div. V. 116, p. 189.
voting trust certificates for 3 shares o f common stock whenever the deben­
DIVIDENDS—
’07. ’08. ’09. ’ 10-’ 13. ’ 14. ’ 15. '16-'21. ’22-'24.
tures shall become due and payable or called for redemption.
On com. ( % ) _____
text
4)4 4)4 4)4 5 yrly. 3)4 1
0
RE PO RT.— For 1923, in V. 118, p. 1679, showed:
The directors Nov. 9 1922 declared two quarterly dividends payable 1 )4 %
on Dec. 15 1922 and 1)4% Mar. 15 1923. The last previous payment
(Including Canadian Hoffman Machinery Co., Ltd.)
was 1% on Fab. 1 1915. June 15 1923 to June 15 1924 paid 2% quar.
1922.
Calendar Years—
1923.
Gross sales______________________________________ $5,714,992
$5,535,506
REPORT.-—-For year ending April 30 1924, in V. 118, p. 2584:
1 Q9U_9U
1 Q 9 9 _9g
1Q 91_99
4,181,657
Operating costs, &c_____________________________ a4,435.039
1920-21.
Total earnings__________ a$4,491,315 a$4,602,395 $4,235,474 $4,356,115
Profit from operations___________
$1,279,954 $1,353,849 Net earnings___________ 3,472,083
3,705,107
3,201,401
3,076,157
Interest, &c., income______________
191,235
143,819 Int. on debenture bonds106,513
369,416
496,750
588,354
Preferred dividends____
707,122
___________
Gross income____________________
$1,471,188 $1,497,668 Common dividends_____
1,616,280
484,884
_____
Interest, &c., charges______________
289,487
301,729 Int. on pref. stock sub­
Debenture bond interest___________
171,440
194,210
scription & expenses-.
192,216
Debenture bond premium__________
33,000
30,000
Federal and Dominion income taxes
84,032
84,093
Surplus_____________ $1,042,167 $2,658,591 $2,704,651 $2,487,803
Amortization of patents____________
211,911
204,017
y Losses___________________________
86,596
92,864
a Includes $416,060 profit on sales of real estate in 1922-23 and $110,812
Dividends on preferred stock______
38,250
n 1923-24.
Organization expenses______________
41,469
OFFICERS.— Chairman, H. S. Black; Pres., James Baird; V .-P . & Sec.,
Surplus_________________________
$594,723
$511,036 R. G. Babbage; Treas., A. E. Hadlock; Aud., Arthur J. Flohr. Office,
Previous surplus____________________
def. 356 111 Broadway, N. Y .— (V. 118, p. 2584.)
510,680
UNITED STATES RUBBER
AND PROP­
Profit and loss surplus_______________________ $1,105,403
$510,680 E R TY .— Organized in New Jersey CO.— ORGANIZATION 1039; V. 56, p.
in April 1892; V. 55, p.
539; V. 71. p. 545. Directly or through
a Includes expenses, returns, depreciation, &c. y Losses of United ing rubber footwear, rubber-soled shoes,its subsidiaries is engaged in produc­
waterproof clothing,
rub­
States Hoffman Machinery Co. (predecessor company) originating prior to ber goods, hard rubber products, insulated wire, tires, belting,druggists’ hose
packing,
formation o f the present corporation.
and other mechanical rubber goods, there being many mills in operation
Report for quar. ended March 31 1924, in V. 118, p. 2192 and 2318.
situated in Connecticut, Illinois, Massachusetts, Michigan, New Jersey.
OFFICERS.— Chairman, B. A. Brennan; Pres., Eugene D. Stocker; Indiana. Rhode Island, Pennsylvania. Ohio and Canada. Through Gen­
Treas., M . J. White; Sec., Albert K. Newman. Office, 105 Fourth Ave., era! Rubber Co. the company owns in Sumatra one of the largest rubber
plantations in the world, the production from which is being rapidly devel­
New York.— (V. 118, p. 2318.)
oped, with over 5.000.000 rubber trees, of which a large proportion are
U. S. INDUSTRIAL ALCOHOL C O .— ORGAN IZATION.— Incorp. being tapped. V. 103, p. 1700. See annual report in V. 118, p. 1261.
In West Virginia Oct. 17 1906 and manufactures denatured and industrial U. S. Rubber Plantations Co., see V. 106, p. 1033. United States
alcohol, &c. The distilleries of the subsidiary companies were taken over
Rubber Plantations, Inc., was organized in 1917 and owns all the Sumatra
Jan. 1 1918. Also controls U. S. Industrial Chemical Co. V. 105, p
rubber plantations of the U. S. Rubber C o., all the outstanding stock of
2100. V. 84, p. 343; V. 101, p. 777. The Distilling Co. o f America (con- which is owned by its subsidiary, the General Rubber Co. V . 108, p. 2131.




M ay , 1924.]

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Par
Value

Amount
Outstanding

$»0 $17,555,750
50 24,317,500
500 Ac 12.000.000
211,500
100 508,302,500
United States Steel Corporation— com stock $550,000,0uu..
Preferred (a & d) stock 7% cumulative $400,000,000____
100 360.281.100
Coll trust mtge/redeemable at 115 s f (see text).-U s.xc*& r 1901 l.OOO&c)
$304,000,000)not redeemable s f (see text)_______ xe*&r 1901 1,000&c/ b203629000
"Sink fund” coll tr 2d M $250,000,000 g red (text)Us.xo*&r 1903
500 &c bl65326000
Illinois Steel deb$30,000.000g gu red 105 begApr’ 15Nxo* &r* 1910 1.000 &c 18,500,000
Bonds of Cos. Controlled— (Additional to those In text.)
Union Steel 1st & coll mtge $45,000,000 g gu s f__Nxc*&r 1902 1,000 &c bl5,000,000
i.ooo& c bll,953,000
The Nat Tube 1st M $15,000,000 g gu red 105 beg’ 16N .xo* * r • 1912
Ind St 1st M $40,000,000 g gu red 105 beg Nov ’ 16 __xc*Ar* 1912 l.OOO&c b23,062,000
1,000
St Clair Furnace first mtge g gu *100,000 y r ly ___ PPi.xc* 1901
1,580,000
St Clair Steel first M g guar $100,000 due yearly..U Pi.xc* 1901
1.000
100,000
St Clair Terminal R R first mortgage______ ______________x
376,000
1,129,000
Elgin Joliet & Eastern first mtge ($lu,o00,000) goId.Ce.xo* 1891
l.uoo 10.000,000
1,000 9,000,000
Oalcago Lake Shore & Eastern 1st M guar red 110.1919..x 1909
nulutb & Iron Range first mortgage___________ Mp.xc&r 1887 1,000 &c 8.151,000
Union R R first mortgage_ __ ______________________ x 1896
_
1,000 2,000.00(1
Mifflin Equip Trust, due $120,000 yrly Aug beg 1921.x 1910
840,000
Munhall Equip Trust due $75,000 yrly ______________x 1912
750,000

U SSmeiting, Refining & Mining— Com stock $37,500,000..
Preferred (a & d) stock 7% cumulative $37,500,000..____
Convertible gold notes callable at 110 & int__________ c *

1916

Rate
%

When
Payable

243

Last Dividend Places Where Interest ant
and Maturity
Dividends are Payable

See text
Jan 15’21 1% Checks mailed
7
do
Q - J Apr 15 24 1M
c
Boston and New York
6 g F S A Feb 1 1926
See text
7
/
5 g
1 5 g
5 g
4M ?
5
6
5
6

g
g
2
g

5
5g
4*
5
5
5
5

Q— M 30
Q— F 27
Various
do
M & N
A

&

J &
M a
M

&
&
&
&
&

F
J
F
M
M a
J &
A *
M

F
J

&

&
S
c

■Tune 28 '24 1 % Office Empire Bldg N Y
do
d«
M ay 28 '24 1%
J P Morgan & Co, N Y
Apt 11951
Apr 1 1951
do
do
Apr 1 1963
do
do
O Apr 1 1940
Offloe Empire Bldg N Y

D Dec 1 1952
N May 1 1952
N May 1 1952
A Aug 1924-39
J To Jan 1 1925
A Feb 1 1939
S Mar 1 1950
N M a y 1 1941
D June l 1969
O Oot 1 1937
s Sept 1 1946
A Ang 1 1954-32
D To June 1 1934

New York Trust Oo, N Y
Office Empire Bldg. N Y
do
do
Colonial Tr, Pitts A N Y
Union Trust Co Pittsb
Pittsburgh Trust Co .Pitts
Offloe. Empire Bldg. N Y
do
do
do
do
Fidelity Title &TrCo Pitts
Home Tr Co, New Jersey

do

do

b For additional amounts in sinking fund, see text.
The plants o f the old Bubber Goods M fg. C o., Morgan & Wright, Ac.
(but not General Rubber O o.). are now owned In fee by U. 8. Bubber Oo.
though their corporate existence is continued, and they retain their cur­
rent assets. V . 105, p. 713.
On Dec. 311923 owned all except $273,600 o f the capital stock o f 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 stocks
4o $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.
Common. % (--------None-------- 1 4&20stk 5 M 6
3
nil
2 text
First pref, %\8 yearly (2% Q.-J. 31) to and including Apr. 30 1924.
On common paid 2% quar. Oct. 1919 to Apr. 1921; none since. A stock
dividend o f 1214% in common stock was paid Feb. 19 1920.
BONDS.— The First & Ref. M . 5% bonds. Series A , cover property
owned directly or through subsidiaries. See offering. &c., Y. 104, p. 254,
262, 1806; V. 105, p. 395; Y. 115, p. 879.
First & Ref. Mtge. (V. 104, p. 254, 262; V. 105, p. 712) is now limited to
$97,252,900 (the amount o f full-paid pref. stocks and com. stock outstand­
ing on Jan. 15 1917), except to the extent o f any increase in the authorized
amount o f said bonds which from time to time thereafter may be consented
to by the holders o f the pref. and common stocks; and for the future it is
limited to said amount plus the par amount o f any additional stock Issued
at not less than par for cash actually paid in. Bonds, however, additional
to the initial $60,000,000, can be issued (except for refunding) only when the
total unencumbered quick assets exceed the aggregate debt of the cos. and
their total annual net income for 3 fiscal years just preceding is twice the
total annual Interest, including the bonds then to be Issued. Of the addi­
tional bonds, $2,600,000 are reserved to retire the $2,600,000 Canadian
Consol. Rubber Co. bonds, due Oct. 1 1946, and $25,000,000 Series B 6%
(reduced by sinking fund to $24,295,000) have been pledged as collateral
for the $20,000,000 (reduced by sinking fund to $19,436,000) 7>4% notes of
1920, below described. Compare V. 105, p. 1528, 826, 1809; V. 107, p.2104.
Sinking fund for First & Ref. Mtge. bonds from Jan. 1 1919, 1% annually
upon all the bonds outstanding or retired to repurchase bonds (Series A) at
•or below 105 and int., and Series B at or below 110 and lnt.; otherwise as
part of sinking fund o f following years.
NOTES.— The $19,436,000 10-year 7J4% secured gold notes due Aug. 1
1930 are secured by deposits and pledge with trustee o f $24,295,000 first
and ref. mtge. 6%_gold bonds due Jan. 1 1947. V. I l l , p. 396.
The $6,000,000 7 % collateral notes due Dec. 1 1923 were called for pay­
ment Dec. 1 1922. V. 115, p. 879.
R E PO RT.— For 1923, in V. 118, p. 1261, showed:
1923.
1922.
1921.
1920.
S
S
S
S
Total sales------------------- 186,261,381 168,786,350 164,706,621 256.150,130
Net inc. avail, for d iv s .. 7,392,657
7,692,039
492,811 21,220,983
Divs. IT. S. Rubber Co.:
First preferred_______1 5,520,000
5,520,000
5,440,000
5,200,000
Second preferred____ J
C o m m o n ___________
______
___
1,620,000
6,480.000
Divs. to minority stock­
holders (sub. cos.)___
18,718
18,718
18,718
18,718
Balance, surplus-------

1,853,939

2,153,321 *df6,585,907

9,522,265

* Before further inventory adjustments and sundry chgs. o f $10,691,034.
DIR E C TO RS.— C. B. Seger, J. S. Alexander, James B. Ford, James
Deshler, Henry L. Hotchkiss, Lester Leland, Nicholas F. Brady, Walter
S. Ballou, Newcomb Carlton, Middleton S. Burrill, Francis L. Hine,
Samuel M . Nicholson, Homer E. Sawyer, Ernest Hopkinson, John W.
Davis, Matthew C. Brush and Sir Charles B. Gordon.
OFFICERS.— Chairman & Pres., Charles B. Seger; Sec., Samuel Norris;
Treas., W. H. Blackwell. N . Y . office, 1790 Broadway, cor. 58th St.—
( V . 118 , p . 192 5.)

UNITED STATES SMELTING, REFINING & MINING C O .—
ORGANIZATION.— Incorp. Jan. 9 1906 in Maine. Owns and operates
(1) properties covering a large number o f patented and unpatented claims
near Bingnam, Utah; (2) zinc mine and mill in Oklahoma, producing
zinc concentrates; (3) lime quarry at Topliff, Utah, producing lime rock
fo r the smelters in Utah Valley; (4j lead smelter and a lead and zinc
•concentrating mill at Midvale, Utah, the smelter having seven blast fur­
naces and a capacity for smelting 481,800 tons of charge per year, and the
concentrating mill having a capacity o f 210,000 tons o f ore per year; (5)
zinc smelter at Ohecotah, Okla.; (6) patented and unpatented claims near
Kennett, Calif., producing copper, silver and gold; and a copper smelter
at Kennett, equipped with five furnaces with a capacity o f 450,000 tons of
charge per year; (7) a number of patented and unpatented claims, known as
the Centennial-Eureka Mine, and 85 acres o f agricultural ground for water
rights at Eureka, Utah; (8) a number o f patented claims and water rights
at Goldroad, Ariz., known as the Gold Roads Mine.
LATE DIVS.— 1*13. ’ 14. ’ 15. '16. ’ 17. ’ 18. ’ 19. 20. ’21. ’22-’23.
O oO om . s t o c k .% / 6 4V4 0
7J4 10 10 10J4 12
1
None
Oct. 15 1919 to Oct. 15 1920 paid 3% quar. In Jan. 1921 paid 1% . None
since. 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. 11916 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 int. on any int. date upon 60 days’ notice, but if so called may
be converted at any time prior to date o f 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 P O R T — For 1923, in V. 118, p. 1532 and 2318, showed:
(Incl. Custom Ores.)
1923.
1922.
1921.
1920.
Net earnings----------------- $4,726,864 $5,738,915 $2,903,451 $6,777,000
Deprec'n & depl. funds.
1,711,483 1,610,447
1,114,431
1,865,223
Fed. taxes & other re s..
837,291 2,217,249
333,448
2,002,503
Pref. dividends ( 7 % ) ...
1,702,225 1,702,225
1,702,225
1,702,225
Common dividends_____
______
______
______ (10)1755,575
Balance, surplus------$475,865
$208,993 def$246,653 def$548,526
OFFICERS.— Pres., C. G. Rice; Sec. & Treas., F. W. Batcheider,
O ffice, 55 Congress St.. Boston.— (V. 118, p. 2584.)




UNITED STATES STEEL C O R PO R ATIO N .— ORGAN.— Incorp. n
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
tion the Govt, suit to dissolve the corporation for alleged violation of AntiTrust law. V. 100. p. 1873, 1860; V. 93, p. 1203, 1263. Appeal taken.
V. 101. p. 1482; V. 103. p. 1597; V. 104, p. 769, 2123; V. 106 ,p. 93; V.107
p. 1673. U. S. Supreme Court dismisses suit for dissolution, V. 110, p. 925.
The Govt, asked for a rehearing (V. 110, p. 1858), but this was denied on
M ay 3 1920.
In June 1919 purchased Empire Building, N . Y . City, for about $5,000,000. V. 108, p. 1733.
PROPERTIES OW N ED .— The properties owned include 123 blast
furnaces, 331 open-hearth furnaces and 38 Bessemer steel converters, 8 steel
rail, 65 bar, billet, &c., mills; 13 structural shape mills, 18 plate mills; 82
merchant mills, producing bar iron, steel, &c.; 218 hot mills, producing tin
plate, &c.; 25 rod mills; 52 welded and seamless tube mills; 19 bridge and
structural plants; 17 skelp mills; 157 sheet, jobbing and plate mills; l5 pierc­
ing and rolling mills; 74 wire mills; 53 galvanizing and tinning mills; 19 splice,
bar, spike, bolt, &e., mills; 5 cement plants; 16 warehouses; 42 miscellaneous
armor, axle, &c., works; 12 sulphate of iron plants; 24 iron, steel or brass
foundries; extensive iron ore mines in the Lake Superior region; 424,525 acres
of coking coal land; 345,154 acres steam and gas coal; 303,305 acres surface;
55 coking plants; 15,748 beehive ovens; 2,992 by-product ovens; 60 coal
mining plants not connected with coke plants, and 8 coal washing plants.
Railroad lines owned or leased total 1063.28 miles.
Leading Subsidiaries and Their Share Capital, Practically Al. Owned.
Stock 0} —
Total.
Stock o} —
Total.
Federal Steel, com m on..$46,484,300 4m. Sheet & T .P I.,7% pf.$24.500,000
do
6% p ref.. 53,260,900 Illinois Steel Oo____(V. 94, p. 986)
National Tube, common. 45.000,000 Indiana Steel Oo________ 50.000,000
do
7% pref_ 40,000,000 Universal Port. Oement. 3,500,000
Amer Bridge Co_______ 10,000.000 H. O. Frick Coke Oo (V. 93, p.1107)
Amer. St. & Wire, com .,. 50,000.000 L. Superior Con. I. Mlnes$29,887,400
do
7 % pref .. 40,000,000 Tenn. Coal, Iron & R R — See that oo
Oarnegle Steel C o ........... 65 250.000 Union Steel Co_________
do
Amer. Sheet A T . P. com . 24,500.000 Clalrton Steel Co............. 3.500.000
On Dec. 31 1923'par value of capital stock of sub. cos. not owned,$306,143.
On Dec. 1 1902 took over the entire capital stock of the new L u iou Stee:
Oo.. $45,000,000 of new 5% bonds being guaranteed, principal and Interest.
See that company on a preceding page. V. 75. p. 1359; V. 76, p. 107, 546
V. 78, p. 1174. In 1904 acquired Clalrton Steel Co., guaranteeing $10,230,"
000 bonds. In 1908 purchased Schoen Steel Wheel Co. V. 87. p. 101, 229
Output of Company in 1923 and 1922 (see V. 118, p. 1536).
1923.
1922.
Iron and manganese ore mined____________ tons. 31,015,109 21,778,179
Limestone quarried-------------------------------------------6,571,486
5,633,186
Coal mined-------------------------------------------------------- 35,289,901 23,293,471
Coke manufactured-------------------------------------------- 18,837,631 13,237,058
Pig iron, ferro and spiegel------------------------------------ 16,729,226 12,027,163
Steel ingots (Bessemer and open hearth)_________ 20,329,950 16,082,385
Rolled and other finished steel products for sale_ 14,721,469 11,785,331
_
Universal Portland cement_________________ bbls. 14,440,000 13,168,000
Cash Dividends Paid on Common Stock Since 1908.
’09. ’ 10. ’ 11-T3. ’ 14. '15. T6. T7. ’ 18. ’ 19. '20-’22. ’23.
R egular.............. 2% 5H 5 yrly. 4& 0
5
5
5 5 5 yrly.
5
E x t r a . . . . ........... ._ ._
------ . . ._ 2 11J£ 11
1
____
Paid in 1924: Mar. 29 and June 28, 1% % quar. and }4% extra on each
date.
BONDS.— The collateral trust 5% Donds of 1901 were secured by all the
securities owned: $154,000,000 only (series A. C and E) are subject to call
i t whole or in part at 115% since April 1 1911; a sinking fund of $3,040 0O0
yearly, beginning June 1 1902, can purchase bonds, if obtainable at not
e toeeding 115 and Interest, and since April 1 1911 may be applied to the re­
demption of series A. C and E bonds to be drawn by lot. In Dec. 1923,
$100,371,000 not Included In amount out, were alive In sinking fund.
The coll, trust sinking fund 2d mtge. 5s of 1903 (V. 74, p 584, 733.
192; V. 76, p. 545) are next In rank and similar In form to the 5s of 1901.
They are subject to call after ten years from date at 110 and lnt. in whole
it part (If the latter to be designated by lot and coupon bonds to be releemed first). An annual sink. fd. of $1,010,000 will provide for retire­
ment of the bonds. The sinking fund was used until Apr. 1 1913 in purjhasing bonds at not over 110 and lnt., or invested in securities; since Apr. 1
1913 bonds may be drawn by lot, ooupon bonds to be first redeemed. All
aonds purchased are to remain alive and draw interest. No foreclosure
proceedings oan be brought for default (in payment o f prin or lnt.) oontlnlln* for less than two years.
In M ay 1924 $34,674,000 not included
(n table above were held alive in sinking fund.
In 1903 $150,000,000 pref. stock was exchanged. $ for $, for second mtge.
Ponds, $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 &
-{R. com. stock. Final $50,000,000 (of the authorized Issue of $250,000,000
Id 5s of 1903) is applicable for exchange for preferred stock. See V. 76,
a. 334. 439, 545, 1147, 1200: V. 77, p. 717, 827, 1536, 2039; V . 78. p.
1173. 1786: V. 79. p. 1283: V. 85, p. 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 coking lands and 1,408 acres of surface land, &c., from
.he 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%
binds, seoured on the property and guaranteed, prin. 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>4s of 1940 ($30,000,000 auth. issue*,
soar,p. & 1.by U.S.Steel Corp., $6,900,000 were reserved to retire the de­
bentures due April 1913, $5,928,000 for notes due 1912-1919 held by U. S
Steel Corp. and $1,558,000 for 75% of the cost of additions and betterments
$18,500,000 were outstanding Dec. 31 1923. Any mtge. must equally
secure $hem. See V. 93. p. 289: V .94. p. 986. 1191: V. 98, p. 1699.
Of the Indiana Steel Co. 1st 5s, guar. p. & 1. ($40,000,000 auth. issue),
covering the Gary (Ind.) plant, $25,035,000 have been sold, the remaining
$14,965,000 being Issuable on new construction from Jan. 1912 at 75% of
cost. Sinking fund annually, beginning May 1916, 1% of bonds issued to
May 1 1922 and thereafter 1M % plus int. on bonds retired. In Dec. 1923
$1,973,000 had been retired through the sinking fund, leaving $23,062,000
outstanding. V. 98, p. 0699; V. 100, p. 2171; V. 100, p. 50; V. 104, p. 1771.
Of the National Tube Co. 1st guar. 5s (not the old company, but the later
one, organized to build the Lorain, Ohio, plant), the unissued bonds are
I reserved for 75% of the cost o f new construction. Annual sinking fund,
beginning M ay 1916, 1% of bonds issued, plus interest on bonds retired.

244

INDUSTRIAL AND PUBLIC UTILITY

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

United States Steel Corporation (Concluded)—
Monongahela Southern 1st & gen mtges guaranteed------x
Oonnelisvllle A Monongahela UK 1st M — —
.»
H C Frick Co Pltts-Mon pur money M gu due $600,00(
y e a r ly _______________________________________ UPi.xo*
Pittsburgh Bess A Lake Erie RR. Bess & L R snri ntilijtb
United States Tobacco Co— Common stock 600,000 shares
Pref atook ( » 4 d i 7 % non-cum $9,000,000____
Universal Pipe & Radiator Co— Com stock 180,000 shsauth
Preferred (a & d) stock 7% cum red 110 $9,000,000 auth.
Utah Copper Co— Stock authorized $25,000,000_________
Utah Power & Light Co— See Utah Securities Corp below
Utah Securities Corp— Stock auth $35.000.000_________
Securities of controlled operating cos— See text.
Vacuum Oil Co— Stock $70,000,000 auth---------------------15-year gold bonds red (text)___________________ Eq.kc*

Date
Bonds

1909
1909

Par
Value

Amount
Outstanding

Rate
%

$1,000 $5 500,000
1,000
368.000

546
4

1911
1.000
Mlssah e A Mort
None
100
None
100
$10
and “ E lectric
100
1921

When
Payable

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

A A O Oot 1 1953
M A S Sept 1 1930

al2,372,000
5 g J A J July 1924 to ’44
dern riv— S
those comoa.nl es under RK‘
Q— J 1 Apr 1 1924 75c
381.542 sh
$3
5.520,000
7
Q— J Apr 1 1924 I X
See text
See text
M ay 1 1923 I X
16,244,900 See text Q— M 31 Mar 31 ’24,10%
Railway Sec tion”
30,775,100

25 61,523,075 See text
500 See 16.100,000
7g

[V ol. 118.

Offloe, Empire Bldg, N Y
Offloe. Carnegie Bid .Pitts
Union Trust Go, Pittsb
For other bonds see text
Cheeks mailed
do
do
Checks mailed

-M 20 June 20 ’24 3% Checks mailed
Equitable Trust Co, N Y
& a April 1 1936

a Of this amount $122,000 deposited in escrow.

In April 1922 an additional $3,000,000 o f these bonds were sold, making
$11,953,000 outstanding, excluding $1,047,000 held by sink, fund trustee.
V. 94, p. 986. 1769; V. 114. p. 1772, 1782: V. 94, p. 986, 1769.
Additional Bonds o f Controlled Cos.
Interest. Outstanding.
Maturity.
Dewees (W .) Wood Co. 1st M ., duel
$100,000 yearly beginning 1915.-x 15 M S N 1,000,000 M ay ’25-’30
c
Schoen Steel Wheel Co. 1st M . g. gu.l
190.000 Mar. 1 1926
Carnegie St. Co. of N .J.,red.105.xj5 g M & S
730.000 Jan. 1 1930
Alab. Steel S Shipbldg. 1st M ............. 6 J & J
c
54,000 Dec. 2 1931
Potter Ore Co. 1st M _______________ 5 J & D
Am. St. & Wire of Ala. 1st M . (quar.) 5 M & N 2.062.000 N ov. 1 1946
1 1945
000 July
Interstate Transf. Ry. 1st M . (quar.) 5 J & J 1.000.
000 July
1 1946
Spirit Lake Transf. R y. 1st M . (qu.)_5 J & J 1.000.
206.000 July 2 1942
Essex Terminal R y. 1st M __________ 5 J & J
Tennessee Coal, Iron & R R . Co.— See separate statement for this company.
Treasury Bonds.— On Dec. 31 1923 treasury bonds subject to sale
amounted to $23,582,000.
Tonnage of Unfilled Orders (00,000 omitted).
------------------------------------ On December 31------------------------------------ Apr. 30
1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. ’22. ’23. 1924
7.
4,2 3,8
7,8 11,5 9,4
7,4
8,2
8,1
4,2 6,7 4.4
4,2
Income Account for Quarter Ending March 31 (V. 118, p. 2175).
1924.
1923.
1922.
1921.
Net after taxes, Sec_____$50,075,445 $34,780,069 $19,339,985 $32,286,722
Deduct—
For sinking fund, dep.,
8,364,289 11,630,383
& reserve funds______ 13,274,972 12,252,744
Interest________________ 4,631,637
4,751,774
4,866,464 4,975,734
Prem. on bonds redeem.
250,000
257,500
200,000
205,000
Total deductions______$18,156,609 $17,262,018 $13,430,753 $16,811,117
Balance________________ $31,918,836 $17,518,050 $5,909,232 $15,475,605
6,304,919
6,304,919 6,304,919
Div. on pref. ( 1 X % ) ___ 6,304,919
Div. oncom . ( 1 X % ) ___ 6,353,781
6,353,781
6,353,781 6,353,781
do
extra ( X % ) ~ 2,541,512
------------------------Balance, surplus____ $16,718,624 $4,859,351 df$6,749,468 $2,816,905
REPO RT.— For 1923, in V. 118, p. 1517 and 1534, showed;
Calendar Years—
1923.
1922.
1921.
1920.
Net, after Fed. taxes.-$187,953,668$109,788,916$100,791,280$185,095,359
Int. on sub. co. bonds . 8,306,993
8,259,606
8,065,222
8,408,461
Sinking funds, deprecia­
tion S reserve fu nds-. 51,470,155 42,688,509 36,768,226 46,684,364
c
Interest_______________ 18,764,568 19,232,305 19,679,582 20,105,560
875,079
747,462
835,333
Prem. on bds. redeemed940,077
30,000,000
For new plants, &c--------------Cr.920,038 C rl,086,230 Cr.632,586
Add adjustments_____ Cr.235,189
Preferred divs. (7 % )_ 25,219,677 25,219,677 25,219,677 25,219,677
_
Common divs. (5 % )____ 29,227,394 25,415,125 25,415,125 25,415,125
Balance, surplus____ $54,259,993d$10,981,347d$14,017,785 $29,059,426
d Deficit.
Note.— The net earnings are in all cases reported by the company after
deducting “ all expenses incident to operations, comprising those for ordinary
repairs and maintenance o f plants.”
DIRECTO RS.— Robert Winsor, G. F. Baker Jr., Richard V. Lindabury,
Percival Roberts Jr., E. J. Buffington, J. P. Morgan, James A. Farrell,
Elbert H. Gary (Chairman), George F. Baker, W . P. Palmer, Samuel
Mather, Thomas Morrison, John S. Phipps, William J. Filbert.
OFFICERS.— Chairman, Elbert H. Gary; Pres., James A. Farrell; VicePresidents, D. G. Kerr and John Reis: Sec., George K. Leet; Treas.. Fred
M . W a te rm a n ; C o m p ., W . J . F ilb e r t; G e n . C o u n s e l, R ic h a r d V . L in d a b u r y .
O ffic e , 71 B r o a d w a y , N . Y . — ( V . 118 , p . 245 7.)

UNITED STATES TOBACCO CO.— ORGAN IZATION .— Incorp. in
N. J. Dec. 2 1911 as the Weyman-Bruton Co.; name changed to present
title in March 1922. Took over the snuff factory at Chicago, 111., formerly
owned by American Snuff C o., two at Nashville, Tenn., entire stock of
De Voe Snuff Co. with factory in Spotswood, N. J., and 50% of stock of
National Tobacco C o ., L td ., o f Canada, with factory in Montreal. P. B.
Gravely Tobacco C o., Danville, Va., V. 93, p. 1609; V. 94, p. 285. Has
acquired the entire $140,000 capital stock o f J. G. Dill C o., Inc., of Va.,
and $100,000 common and $200,000 preferred stock o f the U. S. Tobacco
Co. o f Va.
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 o f the former. The authorized
common stock was increased from 360,000 shares to 600,000 shares in March
1923. V. 116, p. 1063.
DIVIDENDS.— (1912. 1913.
'14. *15. 1916. 1917. 1918 1919-24
10
12
12 12
12 Text
See
On common____%\ 5
extra________ % l —
—
—
— 14
10 —
text
scrip or stock. % 1(xPaid off 1915) x20 xlO —
—
20
—
Pref. dividends 7% per annum (I X % Q--J.) since April 1 1912
In March 1918 a stock dividend of 20% was declared on the $4,600,000
jommoD stock, payable Oct 1 to holders of record Sept. 18, to take the
place of the quarterly distribution on the common stock usually paid
April 1, July 1 and Oct. 1. V. 106, p. 1040. On Jan. 2 1918 the common
received 3% and 2% extra ($230,000). Jan. 1919 to Jan. 1922 paid 234%
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 1924 paid each
quar. 75 cents a share on new no par value stock. On April 16 1923 paid
20% in common stock.
REPO RT.— Year 1923, in V . 118, p. 788, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net earnings___________ x$2,112,580 $2,013,116 $1,873,232 $1,805,535
Preferred dividends____
386,400
376,229
341,341
328,216
Common dividends_____
1,096,879
953,856
662,360
662,360
Balance, surplus_____
$629,301
$683,031
$869,531
Previous surplus_______ 5,160,945
3,429,572
2,634,761
Trans, from prov. for ad­
vertising to surplus------------ Crl ,000,000 Crl ,250,000
Prem. on pref. stock------------Cr48,343
--------Stk. div. on com _ (20%)3,179,500
_
--------1,324,720

$814,959
1,819,802
-----------------

Balance, surplus_____$2,610,746
$5,160,946 $3,429,572 $2,634,761
x After provision for all taxes including income tax, and charges and
expenses of management.




OFFICERS.— Pres., J. Peterson; Sec. S Treas., I. L. Elliott. Office,
c
1107 Broadway, N . Y .— (V. 118, p. 788.)
UNITED STATES W ORSTED CO.— (V. 118, p. 1679.)
UNIVERSAL PIPE & R A D IA TO R CO.— Incorp. under laws o f M ary­
land in 1923 as a consolidation of the business of the Iron Products Corp.
and certain of its subsidiaries, viz., Central Foundry C o., Central Iron S
c
Coal C o., Central Radiator C o., Essex Foundry, Chattanooga Iron & Coal
C o., M olby Boiler Co. and Central Foundry Co. of N . J. (See plan In
V . 116, p. 1655.) The plan was declared operative in Sept. 1923.
STOCK.— The pref. and com. stock have equal voting rights.
R E PO R T .— (Of Iron Products Corp.)
1922
1921
Calendar Years—
1923.
Operating profit____________________ $1,698,253 $1,001,823 loss$791,425
Taxes, int., deprec. & depletion_____
548,807
489,043
345,486
Preferred dividends_________________
78,984
78,984
78,964
Common dividends_________________
211,269
Balance__________________________
$859,193
$433,796df$l ,215,875
Profit and loss surplus Dec. 31--------- $2,083,242
$1,228,023
$798,645
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. 118, p. 2318.)
UTAH COPPER CO.— ORGANIZATION.— Inoorp. In N.J. Apr. 30 1904.
Owns about 867 acres of mining grounds on both sides of Bingham C anyon,
Utah, and other lands comprising mill sites, tailings disposal system, See.,
aggregating approximately 11,204 acres; also $5,002,500 of the $9,997,285
stock (par $5) of the Nevada Consol., and all of the $7,500,000 Bingham
S Garfield Ry. stock.
c
Minerals Separation Co. suit settled, V. 114, p. 2126.
STOCK.— Stock auth., $25,000,000; out Dec. 31 1923, $16,244,900 (par
$10), of which $6,226,030 was owned by Kennecott Copper Corp. The
,atter company in M ar. 1923 offered to exchange 1X shares obits own stock
Lor 1 share of Utah. V . 116, p. 1063.
D IV ID E N D S.—
f’10-’ 14.T5. T 6. ’ 17. ’ 18. T 9. '20. ’21. '22. 1923.
40
Regular since 1908____%\ 3 0 y ’ly 4 2 H 70 140 100 60 60 25 20
Extra________________ % i ______ - - 50 x5 . . _ _
x Paid in July 1917 for Red Cross distribution. Paid in 1924: M ar.
31. 10%.
R E PO RT.— For 1923, in V. 118, p. 2039, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Total inc. after oper. exp$12,140,262 $4,890,250
$782,088 $4,924,498
Depreciation, &c_______ 1,667,463
3,202,251
2,840,197
______
Dividends_____________
6,497,960
3,248,980
4,061,225
9,746,940
Per cent)----------------(40%)
(20%)
(25%)
(60%)
Balance, sur. or def-sur$3,974,839df$l,560,980df$6,119,334df$4,822,442
Previous surplus_______ 36,497,108 38,058,088 44,177,422 48,999,864
Profit & loss, surplus.$40,471,947 $36,497,108 $38,058,088 $44,177,422
Note.— Operations were suspended Apr. 4 1921 and were not resumed until
Apr. 4 1922.
Report for 1st quar. of 1924 in V. 118, p. 2450.
Pres., D. C. Jackling; V .-P. in charge of finance, C. Hayden; V.-P. &
Gen. M gr., L. S. Cates; Treas., C . V. Jenkins; Sec., A. J. Ronaghan.
N. Y . office, 25 Broad St.— (V. 118, p. 2450.)
UTAH SECURITIES CORPORATION.— O R G A N IZA TIO N .— Incor­
porated in Va. in 1912. Charter perpetual. Strictly an investment co ., doing
no operating, but controlling the Utah Power Sc Light Co. (see V. 1 05, p.
608; also “ Elec. R y .” Sec.), owning all its outstanding com. stock, except
directors’ shares. A full statement was in V. 100, p. 1929-32, and con­
densed data, V. 100, p. 1828-29; V. 107, p. 1479.
RE PO RT.— For 1922, in V. 117, p. 449, showed:
Calendar Years—
1922.
1921.
1920.
1919.
$757,223
xGross in c o m e ._____ . . $1,678,488
$726,192
$764,664
Exp., taxes & int. of
218,555
229,427
180,533
Utah Secur. C o r p ..
156,670
295,462
491,274
496,320
In terest__________ 496,320
Balance, surplus. . . . $1,164,471
$36,522
$49,339
$111,674
x Includes undisturbed earnings of sub. cos.
OFFICERS.— Pres., S. Z. Mitchell; Treas., A. E. Smith; Sec., E. P.
Summerson. N . Y . office, 71 Broadway.— (V. 118, p. 1786.)
VACUUM OIL CO.— Incorporated In 1866 under laws of N . Y . State
charter extended til) 1964. Formerly a subsidiary of the Standard Oil Oo.
of N. J., but was segregated with others in 1911.
PROPERTIES.—Operates refineries at Olean, N. Y ., and Paulsboro,
N J., and plants at Bayonne, N. J., and Rochester, N . Y ., for the manu­
facture of nigh-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.
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.
DIV ID E N D S.— f T 4. T 5. T 6. ’ I? . T 8. '19 ’20. '21 ’22. ’23,
6
6
6
6
Since 1911----------- ^
6
6
6
6
6
8
1
5
!
2
4
2
2
10
2
Also paid 300% stock on Dec. 30 1922.
Paid in 1924: Mar. 20 and June 20, 2% quar. and 1% extra.
BONDS.— The 15-year 7% bonds are redeemable on and after April 1
1926, as a whole or in lots of not less than $5,000,000 at 104 in 1926 and
decreasing X of 1% each year thereafter to 101X in 1931, and 101 and int.
thereafter. Company will set aside annually the sum of $500,000 in quarter­
ly installments 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,
p. 1407.

M ay , 1924.]

245

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Vanadium Corp of Araer— Stock auth 600,000 shares------Van Raalte Co., Inc.— Common stock 80,000 shares auth.
1st pref. stock cum. red. 115 $4,250,000 auth____________
Virginia-C arolina 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
Consumer* Chem Corp pf stk (p&d) 7% cum gn ■ f red 110
Virginia Iron. Coal & Coke— Com stock$10,000,000auth—
Preferred (a & d) stock cumulative callable (text)_________
Mortgage gold $10,600,000_______ _______________ Ba.ac* 1899

Par
Value

Amount
Outstanding

None 373,334shr.
None 80,000 sh.
$100 $3,995,000
None 279,844 sh.
None 69,961 shs
100 21,568,536
100 &c 24.500.000
100 &c 12.250.000
100
375,000
100 10,000.000
100 5,000,000
1,000 2,266,000

Rate
%

When
Payable

See text
7

See te x t .
See te x t .

See text
7g
7X g
7
See text
5
5g

Last Dividend Places Where Interest an*
and Maturity
Dividends are Payable

Jan 15 1921
Q— M

$1

June 1 1924 I X
See t e x t
See t e x t

Apr 15 1921 2% Checks mailed
J & D June 1 1947
J & J July 1 1937
A S O Apr 1 1933
c
See text Jan 2 1924 I X Checks mailed
J & J July 1 1924, 2 X
do
M A S M ch 1 1949
Bk of Manhattan Co, N Y

(o) Committee for 15-Year 7 X % Convertible Bonds.— A. A. Tilney, Chair­
man (Pres. Bankers Trust C o.); Bertram Cutler, New York; John H. Mar
son (Pres. Commercial Trust C o.), Philadelphia: Herbert Fleishhacke.
(Anglo & London-Paris Nat. Bank), San Francisco; T . Edward Hamble
ton (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 C o., depositary, 16 Wall St., N . Y . City, and White & Case,
counsel, 14 Wall St., N. Y . City.
(6) Committee for First Mtge. 25-Year 7% Sinking Fund Bonds.— Georg
Balance, surplus_____$7,171,276 $11,200,463
$4,958,565 $7,186,784 W. Davison, Chairman (Pres. Central Union Trust C o.), New Y ork "
Philip Stockton (Pres., Old Colony Trust C o.), Boston; Walter M . Ben
OFFICERS.— Chairman, Edward Prizer; Pres., George P. Whaley;
Sec., W. M . Smith; Treas., Herbert Baker. Main office and transfer nett (1st V.-Pres., Bank of America), New York; E. P. Maynard (Pres..
Brooklyn Trust C o.); Lewis B. Parsons (Graham, Parsons & C o.), Phila.’
•ffice, 61 Broadway, N . Y . City.— (V. 118, p. 2318.)
Frederick W. Scott (Scott & Strinfellow), Richmond, Va.; James C. FenVANADIUM CORP. OP AMERICA— ORGANIZATION.— Organized hagen (Robert Garrett & Sons), Baltimore, M d.; with C. E. Sigler, Secre­
under laws of Delaware Sept. 6 1919 to carry on the business of a mining tary, 80 Broadway, New York; depositary, Central Union Trust C o., 80
and trading corporation in all its branches in any part of the world. Ac- Broadway, New York, and Larkin, Rathbone & Perry, counsel, 80 Broad­
ulred from the American Vanadium Co., a New Jersey corporation, all of way, New York.
tie latter'8 ore lands and other physical properties situated at MinaRagra,
(c) Committee for Preferred and Common Stocks.— Charles S. Sargent Jr.*
Peru, its reduction and smelting plant ana other physical properties situated Chairman (Kidder, Peabody & C o.); W. Meade Addison (Pres., Planters
at Bridgeville, Allegheny County, Pa., together with all Its raw materials, National Bank), Richmond, Va.; Chellis A. Austin (Pres., Seaboard Nat.
supplies and finished products on hand and In transit and the right to all Bank), New York; Matthew C. Brush (Pres., American International
the Vanadium contained in certain leased property of said company in C orp.), New York; H. W . Jackson (Pres., Virginia Trust C o.), Richmond,
Oklahoma. Also acquired the properties of the Primos Chemical Co., Va.; Norman S. Meldrum (Pres., Carolina Clinchfield & Ohio R y.), New
Primos Exploration Co. and The Primos Mining & Milling Co. (Compare York; John F. Wily (Pres., Fidelity Bank), Durham, N. C.; with O. H.
V. 112, p. 1642.)
Lounsbury. Secretary, 17 Wall St., New York; Equitable Trust Co., depos­
Vanadium is used in all «teel required for high speed tools and fine itary, 37 Wall St., New York; Chase National Bank, depositary of the
eutlery. It Is also extensively used in the manufacture of automobiles and common stock, 57 Broadway, New York, and Alexander & Green, Counsel,
armor and as an alloy In all steel requiring a high tensile strength.
120 Broadway, New York.
Acquisitions. V. 110, p. 174. Railroad in Peru, V. 110, p. 1438, 2298.
STOCK.— The stockholders on June 21 1922 voted to change the common
CAPITAL STOCK.— Authorized 500,000 shares (Increased from 300,000 stock from $100 per share to 1,000,000 shares o f no par value, of which
■hares in Jan. 1920), outstanding 373,334 shares, no par value. 280.000 amount 905,000 shares will be no par stock with full voting power and
■hares of stock were sold for cash to provide funds for the purchase of the 95.000 shares, known as Class B, no par common stock without voting
properties described above and to provide working capital. In Jan. 1920 power. Each share of the Class B stock will be upon a parity in all respects
offered 93.334 shares to stockholders at $45 per share. V. 110. p. 174. with voting common shares, except in the matter of voting rights
Each snare of the 279,844 shares of common stock (par $100) outstanding
Initial dlv. of $1 50 paid April 15 1920; same amount paid July 15 and
was changed into one share of the no par common voting stock and oneOct. 15 1920. On Jan. 15 1921 paid $1; none since.
quarter of one share o f the no par Class B non-voting stock. Of the
BONDS— The company has no bonded debt.
905.000 shares of no par voting stock thus issued, 279,844 shares were re­
R E PO RT.— For 1923, in V. 118, p. 1786, showed:
quired to take the place of the old outstanding shares of common stock
Cal. Year Cal. Year Cal. Year 15X mos. to and approximately 350,000 shares will be retained to meet the possible
Inc. & Surp. Acct. for:
1923.
1922.
1921.
Dec. 31 ’ 20. conversions of the $12,500,000 7 X % convertible bonds and approximately
Total income---------------$946,727
$434,188 loss$48,042 $4,076,570 275,750 shares of such stock will remain unissued. See V. 114, p. 2251,2368.
Deprec’n & depletion_
_
207,420
138,938
322,367
305,287
Holders of preferred and common stock of record July 3 1922 were offered
34,417
Other charges_________
______
57,136
402,691 the right to subscribe, until July 24 ,to 15-year 7 X % sinking fund con­
______
794,662
Federal taxes---------------23,466
vertible gold bonds, Series “ A ,” due July 1 1937, at $98 and interest per
Divs. ($5 X per share) . .
______
2,053,337
each $100 bonds to the extent o f 25.22% of their holdings o f stocks. V. 115.
p. 84.
Balance, surplus_____
$681,424
$295,250 def$427,545
$520,593
DIVS.— f ’04-’08. '09. ’ 10. ’ l l . '12. ’13.’ 14. ’ 15. ’ 16 *17.
’ 18.-’21.
Previous surplus______
202,451
def92,799
520,593
--------Com (%)\ None
3 2V* 4 3 I X 0
0 0
3
See text
Adjustments--------------- deb.116,997
--------- deb.185,846
--------P ref (% )[ Full to July ’ 14 incl. (Q-J); Nov. ’ 14 2% ; Jan. and April
1915, 2% in scrip; July 1915 to April 1921, 2% quar.;
Balance, profit & loss.
$766,878 sur$202.451 def$92,799 sur$520,593
none since.
OFFICERS.—-Pres., A. A. Corey Jr.; V .-P., Merrill G. Baker; Sec. &
In Feb. and again M ay 1 1918 paid X o f 1% on common stock; Aug 1 •
Treas., L. K. Diffenderfer.
1918'pald 1% and In Oct. an extra of 2% in 4kf% U. S. Liberty Loan
Main office, 120 Broadway, N. Y .— (V. 118, p. 1736.)
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.
VAN RAALTE CO. INC.— Incorp. in N. Y . on N ov. 12 1919
Engaged in the business o f manufacturing, importing, exporting and selling
BONDS.— The 1st M . Ser. A 7% bonds are red. at 107X. and int. on or
nettings, veilings, laces, hosiery, underwear, knit goods, gloves and kindred before June 1 1932; thereafter at 105 and int. up to and incl. June 1 1942:
lines.
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
C A PITAL STOCK.— First pref. stock is entitled to 115 and accrued ficient to retire annually 2% of total Series A bonds issued, from Oct. 1
divs. in case of voluntary dissolution, etc., and to 100 and accrued divs. in 1923 to Oct. 1 1932 incl., and 2 X % annually thereafter up to Oct. 1 1946.
case of involuntary dissolution, etc. Commencing Dec. 1 1922 a sinking
The 7 X % sinking fund convertible gold bonds. Series A. are redeemable
fund equal to at least 3.% of the largest amount in par value of first pref. on and after July 1 1925, in whole at any time or in part on any int. date,
s ock to be acquired at not exceeding 115 became operative.
at 107X and int. until July 1 1926, and thereafter at 107 and int. until
D IV ID E N D S.— On 1st pref. stock at rate of 7% per annum from Mar. 1 July 1 1927. the premium thereafter decreasing X % for each 12 months or
1920 to June 1 1924.
part thereof until maturity.
These bonds are to bear stock purchase warrants entitling the holder to
BONDS.— Guaranteas principal and interest of $105,000 Saratoga purchase at any time up to July 1 1924, incl., the voting no par value shares
Textile Co. purchase money 6% bonds, due Aug. 1 1926.
of common 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
R E PO R T .— For 1923, in V. 118, p. 1039, and 1786, showed:
of the holder at any time after July 1 1924 (but only if accompanied by the
Calendar Years—■
1923.
1922.
1921.
Gross profit on sales---------------------------$1,624,560 $2,752,005 $3,284,690 above-mentioned stock purchase warrants) into voting common shares of
Gross income_______________________
381,201
1,496,334
1,972,009 no par value at $35 per share. At the time o f conversion a cash adjustment
Income charges_____________________
244,212
242,636
356.483 is to be made of dividends declared and accrued interest. If these bonds
Federal income taxes (est.)--------------16,059
156,556
330,000 are called for redemption prior to maturity, the right to convert is to extend
1st preferred dividends (7 % )------------279,650
220,325
224,788 up to 15 days prior to the date fixed for redemption.
Company will covenant to pay the trustee on April 1 and Oct. 1 o f each
2d preferred dividends ($7)---------------------70,000
70,000
Balance, surplus____________________ def$158.720
$806,816
$990,739 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
OFFICERS.— Pres., Emanuel Van Raalte; V.-Pres., Arthur Van Raalte
2%
2d V.-Pras., Morton E. Van Raalte; Treas., Benj. T. Van Raalte; Sec.. time theretofore issued:incl.; per annum payable semi-annually from April 1
1923 to Oct. 1 1927
3% per annum payable semi-annually from
Byron E. Van Raalte; Asst. Sec., Edwin C. Anderson. Office, Fifth Ave
April 1 1928 to April 1 1937 incl. V. 115, p. 555.
and 30th St., New York.— (V. 118, p. 1786.)
REPO RT for year ending M ay 31 1923, in V. 117, p. 550, showed:
1qoo. oq
iq o i.o o
i 000-91
iqiq.on
VIRGINIA-CAROLINA CHEMICAL CO.— ORGANIZATION.— Incor­
porated on Sept. 12 1895 and acquired many successful manufactories of Total net profit_________ $3,698,594 $4,909,7901oss$7719198 $16,259,322
adds, chemicals and commercial fertilizers from Baltimore to Atlanta and Net profits____________
403,474
1,484,781 lossl3152876
9,251,746
Savannah, several in Alabama and one each in Louisiana and Tennessee
Interest on bonds, & c ... 3,270,675
3,104,226
2,500,172
1,899,700
Products sold include fertilizers, chemicals, cotton seed meal, cotton seed oil. Pref. stock div. ( 8 % ) - . .
----------------1,721,747
1.682,043
compound lard, edible oils and other by-products. These are sold largely Common divs. (6 % )---------------------1,399,220
1,679,064
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:
Balance, surplus._.def.$2,867,201 d f$ l,619,445dfl8,774,015 $3,990,939
V. 72, p. 444,1186,1191,1285; V. 73, p. 137, 240; V. 74, p. 942,1095; V. 75.
G. Wilson (Pres.), S.
Sec.)
p. 81, 140, 496; V. 87, p. 283; V. 97, p. 663. Govt, license, V. 106, p. 880. S. DIRECTO RS.— O. L. Carter, Richmond, D. Crenshaw (V.-P. & Henry
T . Morgan Jr., S.
Va.; N . S. Meldrum,
Owns entire common stock of Consumers Chemical Corporation, which
Alvin W . Krech, C I.
has erected a modern fertilizing plant at Carteret, N . J., on Staten Island Walters, Harry Bronner, Bertram Cutler,F. Wily, Durham, N .. O. Stralem.
Lucien
S. H.
York; J.
Treas­
Sound and guarantees by endorsement the 7 % dividends on the pref. stock urer is Oudin,Coles, Miller, New Va.— (V. 118, p. 2067.)
E. E.
Richmond,
($375,000 May 31 1923) and the cancellation of $12,500 thereof annually
(callable at 110 and dlv.) and the remainder on April 1 1933 or the entire
VIRGINIA IRON, COAL & COKE CO.—ORGANIZATION — Own*
amount at 110 on dissolution. V. 96. p. 1428; V. 97. p. 663
furnaces at Roanoke, Pulaski, Radford, Max Meadows and Foster Falla,
Receivers Appointed.— C. G. Wilson (President), Richmond, Va., W . W. Va.; Mlddlesborough, Ky.; certain foundry and machine works. Also
Banks, Atlanta, Ga., and A. T. Vanderbilt, Orange, N . J., were appointed owns about 120,00b acres of coal lands, and owns and controls about
receivers Mar. 4 1924 for this company and the Southern Cotton Oil C o., 209,000 acres Iron ore and timber lands. V. 68, p. 675; V . 69, p. 388; V.
a subsidiary, by Judge Wm. N . Runyon in the U. S. District Court at New­ 76, p. 272; V. 79. p. 1703: V. 81. p 1615. The Colony Coal & Coke Corp
ark (V. 118, p. 1149, 1292).
was organized in 1920 with capital stock of 100.000 shares of no par value
Protective Committees Organized.— The following protective committees (all In parent company’s treasury) for the purpose of developing the com­
pany’s coal lands In Kentucky. V. 112, p. 1168.
have been formed to protect the interests of the different security holders:
R E PO RT.— For 1923, in V. 118, p. 1679, showed:
1923
1922
1921.
1920.
’
Gross profit___________ $16,661 >13 $15,310, l74 $10,284,733 $8,944,393
Inventory depreciation. 2,361,055
692,264
3,446,000
--------Insurance reserve______
53,731
267,447
380,166
332,216
750,000
750,000
300,000
225,393
Income tax reserve_____
Jap. earthquake loss___
182,812
______
______
______
Dividends_________ (10% )6,142,839 (16)2400,000 (8)1,200,000 (8)1,200,000

a




r.46

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations. &c., see notes on first page1

Dale
Bonds

flrglnlan Power Co— Common stock $5,000,000 auth_____
First & Coll Tr M call 105 & Int $15.000.n00__.N.Tc*&r* 1912
First lien & ref mtge g Series’ A ” red (te x t).. . .kxxxc* 1924
(V) Vivaudou— Common stock 340,000 shares auth_______
New preferred stock— see text
Vulcan Detinning Co— Common stock auth. $2,000,000—
Pref stock (a S d) 7% cum Class A auth $920,000-----------c
Preferred stock (a Sc d) 7% cumulative auth $1.500.000.. . . . .
Waldorf System, Inc— Common stock 500,000 shares auth
1st pref stock 8% cum $883,500 auth red $ 1 1 ----------------W ashin gton Oil Co— Stock .. —
.
— ....
Weber & Hellbroner— Common stock 250,000 shares auth
Preferred (a S d) stock 7% cum red 115 $2,000,000 auth..
c

Par
Value

Amount
Outstanding

Rate
%

When
Payable

$100 $5,000,000
100 1,200.000
None
14,830 sh
$7
>000 $5,925,000
A9 J
100 &c 5.000. 000 6 y* g J
None 300,000 sh. See text
100 2.000.
100
1,225,800
100
919.400
100 1,500,000
None 441,610 sh.
10
$680,590
10
866,100
10
100.000
None 225,520 shs
100
$960,000

Common stock authorized and outstanding, $10,000,000; par $100. The
stockholders on Nov. 1 1921 authorized an issue of $5,000,000 5% cumul.
pref. stock with a provision that no further mortgage or lien can be placed
on the real estate o f the company without the approval o f 75% of the holders
o f the preferred stock. The preferred stock is subject to call at any time
after three years from date or issue upon 60 days' notice at 105 and is pre­
ferred as to assets as well as to dividends and is to have voting power. Divs.
on common stock: On Oct. 1 1907 paid a 5% stock div. An initial cash
dividend o f 6% was paid Dec. 6 1918; July 1919 and Jan. and July 1920
paid 3% . On Nov. 1 1920 paid 10% in stock. Jan. 24 and July 27 1921
and Jan. 25 1922 paid 3% each. On Feb. 15 1922 paid|50% in pref. stock.
V. 114, p. 314. July 1922 and Jan. 1923 dividends omitted; July 1923
paid 2% ; Jan. 1924 paid 114%'. July 1924 div. omitted. V. 118, p. 2584.
R EPO RT.— For 1923, in V. 118, p. 903. showed:
Calendar Years—
1923.
1922.
1921.
1920.
Gross earnings__________ $7,918,766
$4,354,846 $3,699,842 16,346,588
Total receipts_________
878,694
1,088,809
784,867 2,920,062
Bond interest__________
121,937
137,638
142,414
155,572
61,589
72,369
24,110
579,677
Federal taxes__________
Rentals, expenses, &c_
_
238,503
303,409
282,885
44,760
D ividen ds____________
599,810
249,810
599,886
572,184
Stock dividend (10%) —
------------------------926,400
Balance, surplus------- def$143,146
$325,584
J$264,428
$641,469
For 3 mos, ended Mar. 31 1924 net income was $5,792. V. 118, p, 2067.
Pres., John B. Newton; V .-P ., D . D. Hull Jr.; Sec. & Treas., J. W. Cure
Office, Roanoke, Va.; N . Y . office, 40 Wall St.— (V. 118, p. 2584 >
VIRGINIAN POWER CO. (THE).— (See M ap.)— ORGANIZATION.
— Organized Sept. 25 1912 in Massachusetts and has constructed a modern
steam-power station at Cabin Creek Junction, W. Va., and a comprehensive
distributing system on steel towers and poles supplying electric power in the
Kanawha-New River Coal Districts o f that State. Owns or controls three
large power sites on New River, located at Bluestone, Richmond Falls and
Hawks Nest, W . Va., and several other smaller water power sites also along
the New River Owns the entire capital stock of the Kanawha Valley Power
Co. and all the outstanding bonds and capital stock o f the Portsmouth
Public Service C o.
CAPITAL STOCK.— The stockholders on Jan. 31 1923 authorized
150,000 shares of prior preference stock o f no par value, the first issue of
which is to be known as Series A , is entitled to preferential cumulative divi­
dends at the rate o f $7 per share per annum before any dividend is paid on
the pref. stock or the common stock, is subject to redemption at $110 per
share, is entitled in dissolution, &c., to $110 per share before any distribu­
tion to the holders o f the pref. or common stock, and is entitled to the
benefit of sinking fund.
BONDS.— Total authorized issue o f first mtge. bonds— $15,000,000
outstanding, $5,925,000; in sinking fund, $465,000; reserved for extensions,
betterments, acquisitions, &c., under restrictions. $8,209,000.
The 1st lien & ref. mtge. gold bonds, series A, are redeemable, all or part,
on 30 days’ notice to and incl. Dec 31 1933 at 105, thereafter to and incl.
Dec. 31 1938 at 104, thereafter to and incl. Dec. 31 1943 at 103, thereafter
to and incl. Dec. 31 1948 at 102, thereafter to and incl. Dec. 31 1952 at 101,
and thereafter to maturity at par, plus int. in each case. V. 118, p. 564.
R E PO RT.— For 1923 showed;
1921.
1920.
Calendar Years—
1923.
1922.
Gross earnings__________ $2,631,615 $1,962,123 $1,790,074 $1,410,748
$1,115,841 $1,061,056 $1,023,362
Oper. exp. and taxes___ $1,611,334
286,593
234,436
Interest on bonds______
320,144
318,265
124,529
108,010
Other interest_________
128,840
112,028
Renewals & contingencies
216,000
______
216,000
133,333
Amortization o f debt dis­
89,342
______
133,098
count & expenses_____
146,166

[V ol. 118.

Last Dividend Places Where Interest an4
Dividends are Payable
and Maturity

S D Dec 1 1942
c
& J Jan 1 1954
See text

New Vork and London
New York

000
See text Q— J20 July 20 ’24'
.120 July 2 0 ’24 2H
See text
See text
July 1 ’24 31 He
8
Q— J July 1 1924 2%
8
Q— J July 1 1924 2%
See text See' text Jan 31 ’ 21 20%
See text See text Dot 31 ’23 50c.
Q— M June 1 ’24 1 %
7

Checks mailed
Ohc'iiS malic'*
Pittsburgh, Pa
Checks mailed
do

PLAN OF SE 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 C o,, Inc. (for terms of
acquisition, &c., see V . 110, p. 270); and (3) to pay a dividend of 4 % od
account o f arrearages upon the pref. stock of 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 (6) a new class of common stock
“ A " $1,226,000. The rights of pref. A stock are subject to the rights of
the holders of the pref. stock to receive unpaid dividends accrued thereoD
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 o f the board o f directors, and
the holders of the new stock will have the right to vote for and elect three
and no more members o f such board. By vote o f two-thirds in interest of
each class of stock all of the classes may, however, be given full and equal
voting rights before the expiration of such ten-year period.
DIVS.— 102. ’03. ’04. ’05. ’06. ’07. ’08. ’09. ’ 10. ’ l l . ’12. 1913-24
5 7 X 5 1H 5 6 X 5H 7
Below
Pref------%)3J4 6H 0
Oom____ % J2
3
0 0 0
0 0
0 0
0
- ...................
In 1913, Jan. and April, I H%\ July and Oct., none. Accumulated pref.
Hvs. Oct. 1913. 2 4 4 % . on account of which 21% was paid Nov 20 1913
from proceeds of suit against American Can Oo. V. 95. p. 1478; V. 96, p
1302; V. 97, p. 181. 1220. None thereafter to Jan. 1919. In April, July
and Oct. 1919 and Jan. 1920 paid 1 4 % and 1% on accumulations
V. 108.
P- 886. In April 1920 paid 1 4 % and 4 4 % on account of accumulations
V. 110, p. 1438. In July 1920 paid 1 4 % and 1% on account of accumula­
tions. Paid 1 4 % in Oct. 1920. An Initial div. o f 39 cents per share on the
Pref. “ A ” stock, covering a 20-day period, was paid on July 20 1920. V.
111. p. 209. Paid 1 4 % on Oct. 20 1920. On Feb. 21 1921 paid 1 4 %
each on pref. and pref. “ A” , payment being made In 1-year 6% scrip, due
Jan. 20 1922 (paid off); then none until Jan. 20 1923, when 1 4 % was paid
on pref. and pref. A stock; same amount quar. to July 20 1924. Also paid
on July 20 1924 1 % on pref. stock on account o f accumulations. Accumu­
lated divs. on pref., 4 2 4 % ; on pref. A, 1 2 4 % .
RE PO RT.— For 1923, in V. 118, p. 1679, showed;
Calendar Years—
1923.
1922.
1921.
1920.
* Sales_________ _____ __ $2,056,289 $1,474,653 $1,228,565 $1,880,323
Expenses, deprec., & c._ 1,853,304
1,301,130
1,254,188
1,829,714
Net oper. income____
Other income__________

$202,985 . $173,523 loss$25,623
30,901
32,372
26,512

$50,609
11,586

Total income________
$233,886
$205,896
$889
$62,195
Reserve for tax, &c____
35,503
50,964
______
______
Divs. on pref. stock ._.(7% )16 9,358 (14)42,340 (14)42,340(134)177165
Surplus.................
$29,025
$112,592 def$41,450 def$114,970
♦After adding inventory o f finished products (amounting in 1923 to
$51,081).
OFFICERS.— Pres., W . J. Buttfield; V .-P ., R. D . O’Neil: Sec., C. E.
Outram; Treas., Gilbert N . Knight. Office, Sewaren, N. J.— (V. 118.
cs. 2070.)
WALDORF SYSTEM, INC.— Incorp. April 18 1919 in Mass. Operate®
restaurants and lunch rooms and acts as commissary for a number o>
industrial plants.
STOCK.— The stockholders on M ay 2 1923 voted to change the common
stock from shares of $10 par to shares o f no par value; also to increase the
auth. common stock from 250,000 shares to 500,000 shares and the amount
issued from 220,805 shares to 441,610 shares. Each stockholder o f record
May 20 1923 received two shares o f new stock o f no par value for each
old share, par $10.
D IV ID E N D S.—On pref. stock in full to date. On new common stock
o f no par value initial div. of 3 1 4 c . a share was paid July 2 1923; same
amount paid quarterly to July 1 1924.
R E PO RT.— For 1923, in V. 118, p. 1787, showed:
Calendar Years—
1923.
1922.
1921.
Totalssalas (excl. of industrial div.) __$13,910,056 $12,118,597 $10,309,809
Depreciation, amortization of lease­
holds, Federal and States taxes, &c_
685,407
642,602
744,618
Net income_________________________ 1,150,543
1,167,108
819,933
980,148
381,457
76,419
Previous surplus___________________
Adjustments credit_ ,______________
_
113,585
76,029
53,690
1st preferred dividends______________
$50,536
$62,540
$69,361
Preferred dividends_________________
68,882
66,710
55,688
Common dividends_________________
514,411
401,610
327,979
Sinking fu n d .............._..........................
112,151
113,647
76,029
Miscellaneous______________________
______
______
39,528

$44,940
$66,891
$95,221
Balance, surplus_____
$209,131
OFFICERS.— ________________ Pres.; J. E. Harsh, R. E. Burger and
Lloyd Robinson, V.-Pres.; G. B. Moir, Treas.; Paul W . Fisher, Sec.
Secretary’s office, 62 Cedar St., N . Y .— (V. 118, p. 1926.)
(V.) VIVAUDOU, Inc.— ORGANIZATION.— Incorp. in Delaware
about Sept. 1 1919 and acquired the assets, trade-marks. See., of V. Vivadou o f NT Y . and Paris. Manufactures and distributes perfumes, talcum
powder, tooth paste and other toilet articles. Plants located in New York
City and Montreal. Contract with Mineralava C o., V . 116, p. 189.
STOCK.— The stockholders on Jan. 8 1924 (1) created an issue of
$1,000,000 7% cum. conv. pref. stock, par $100 and (2) increased the auth.
common stock from 300,000 shares (all outstanding) to 340,000 shares, no
par value. The pref. stock is to be used for the payment o f divs. on the
common stock during the current year, if the directors deem it advisable.
The new 40,000 shares o f common stock will be reserved for conversion of
the pref. stock on the basis o f 4 shares o f common for one share o f pref.
stock. See also V. 117, p. 2662, 2553.
RE PO RT.— For 1923, in V. 118, p. 1292, showed:
Year ended Year ended 16 Mos. end.
Period—
Dec. 31 ’23. Dec. 31 ’22. Dec. 31 ’21.
Gross sales___________
$6,741,182 $5,414,968 $5,573,149
Gross profit________________________ 2,913,998
2,112,835
1,435,988
Profit and loss surplus_____________$1,498,296
$980,149
$381,457
Net profit for period________________
657,529
592,947 loss204,732
Earnings for first quarter o f 1824 in V. 118, p. 2070.
Previous surplus (adjusted)_________
224,864 def288,083
96,957
OFFICERS.— Pres., Percy E. Woodward; Treas., Harold R. Peters;
Less— Dividends paid_______________
600,000
--------225,000 Sec., Arthur F. Ray. Office, 169 High St., Boston, Mass.— (V. 118, p.
Provisions for taxes_______________
54,131
80,000
---------2318.)
W ARNER SUGAR C O R P — (V. 118,p. 1926.)
Total profit and loss surplus______ sur$273.262 sur$224.864 def$332,775
The company reports for the quarter ended March 31 1924, earnings o
W ASH BURN-CROSBY C O — (V. 118,p. 1926.)
$97,916, before taxes.
W ASHINGTON OIL CO.— O RGAN IZATION , &c.— Incorp. in 1887 in
DIVIDEN DS.— Initial div. o f 50 cent a share was paid Jan. 2 1920; Penna. Produces crude oil. Owns 140 o f 200 shares of Taylorstown Nat­
same amount paid April 1 and Oct. 1 1920; Jan. 1 1921 paid 25 cents a share
then none until March 2 1923, when 50c. was paid: June 15 to Dec. 15 1923 ural Gas Co. Formerly controlled by Standard Oil Co. of N. J., but segrepaid 50c. quar.; March 15 1924 paid 50c. in pref. stock; June 1924 div. was § ated in 1911. See Standard Oil Co. of N. J., V. 85, p. 216; V. 93, p. 1390.
tock, $100,000; par, $10. Dividends in 1906, about 35% ; 1911, 29%;
passed. V. 118, p. 2206.
Feb. and
1914, D ec., 30%; 1915 .nil;
Pres., V. Vivaudou; Treas., Hugh C. MacBride; Sec., Alexander Levene. 1913, and 1918, Dec., 40% ; each; 1920. Jan., 20%; 1921, 1916, Oct., 40%:
1917
Dec., 40%
Jan., 20%; none
— (V. 118. p. 2226.)
since. Report for 1923 in V. 118, p. 1239. Office, 323 Fourth Ave., Pitts­
VULCAN DETINNING CO. (THE)— ORGAN IZATION.— Incorpor
burgh, Pa.— (V. 118, p. 1039.)
ated in New Jersey on April 25 1902 as a consolidation. V. 74, p .942 . Has
W ASHINGTON W ATER POWER CO., SPOKANE.— See “ Electric
plants at Sewaren, N. J., Neville Island, Pa., and Streator, 111.; manufac­
tures “ merchantable pig tin,” tin compounds (consisting o f tetrachloride of Railway Section.”
WEBER & HEILBRONER.— Organized in N. Y. March 19 1913.
tin, bichloride o f 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 Sells men’s furnishings, clothing and hats at retail, operating a chain of
American Can Oo. paid $617,000 in settlement of suit. V. 95. p. 1427; 13 stores. In Jan. 1924 the stockholders voted to purchase and acquire
the business of Brokaw Brothers.
V . 96, p. 1302; V. 97. p. 181, 1120.




247
IN D U STRIA L AN D PU BLIC U T ILIT Y
, 1 9 2 4 .]
a t

M




248

INDUSTKIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
IFor abbreviations, &c.. see notes on first page]

Date
Bonds

Wells. Fargo & Co— Stock__________
. . . ____________
West Penn Power Co.— See “ Electric Railway Section”
W estern Elec Co Inc.— Com stk 500.O F shs no par_______
O
Pref. 7% cum. auth $50.000.000,red. 110_______________
Gold debenture bonds red (text)___________________ c*Ar* 1924
W estern Power C orp, N Y— Common stock______________
Preferred stock 7% cum red 10714_____________________
Bonds— See Great Western Power Co statem ent.^
Western States Qas 8t El — Com stock
____________ . . .
Pref stock7% cum red 115 Sc diva_______________________
West States G & E o f Calif preferred stock_______________
First & R ef (now first) M (of Cal) (closed) g call 105 s f.xxc* 1911
1st A unlf M (o f Cal) $100,000,000 gold ser A red(text)xxxc* 1922
15-year gold notes Series A red (text)__________ US.xxxc* 1922

Par
Value

Amount
Outstanding

Rate
%

$50 $11,983,700
None
100
100 &c
None
100

500.000shrs
$24,679,600
35,000,000
146,700 sh.
7.080.000

100 3.503.000 See text
100 2.125.000
7
100 3.448.000
7
500 Ac a4.160,000
68
500 Ac 8.850.000
§ 8
100 Ac 5.000.000
6g

When
Payable

[V ol. 118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

J A D 20 June 20 ’24 2 >4 Office 51 Broadway. N Y
Q— M31 Mar 31 ’24 $2.50 New York
Q— M31 Mar 31 ’ 24 I K New York
New York
A A O Apr 1 1944
Q— J 15 Apr 15 ’24, I K
Q— F '
Q— J15
Q— J
J A D
M A S
A A O

May 15 ’ 23 44%
Apr 15 1924 I K
Apr 15 1924 I K
June 1 1941
Mar 1 1947
Oct 1 1937

Checks mailed
do
Philadelphia
New York A San Fran
New York and San Fran

a $1,724,000 additional deposited as additional security for 1st A Unified M tge bonds

C A PITAL STOCK.— A cumulative “ Preferred Stock Sinking Kuna'
provides that the corp. shall create and maintain a fund for the purchase or
redemption of pref. stock o f a sum equal to 3% o f the largest amount
issued and outstanding (2 K % prior to June 1 1920), said fund to be con­
tinued so long as the amount contained therein is less than 115% o f the
aggregate par value o f pref. stock plus accrued divs. Pref. stock has ne
voting power unless three successive quarterly divs. remain unpaid, in
which case it has the right to elect two-thirds o f the directors.
Common stockholders o f record Feb. 4 1924 were given the right to sub­
scribe for 52,043 shares of common stock at $15 p?r share in the ratio of
three shares o f new stock for each ten shares o f common stock held.
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.
R E PO RT.— For year ended Feb. 28 1924 showed:
Feb. 28— Years—
1923-24.
1922-23.
1921-22.
1920-21.
Net earnings__________
$554,427
$484,064
$298,489
$107,222
Federal taxes, A c______
$70,000
$61,500
$55,000
$12,000
222,082
219,959
222,783
138,014
Dividends_____________
Balance, surplus_____
Previous surplus_______

$262,345
331,560

$202,605
152,114

$20,706
166,377

Total surplus________
Federal tax adjustment.
A dj. Brokaw Bros. sur__
Pref. stock sinking fund.

$593,905
______
Cr. 1,295
22,500

$354,719
$659
______
22,500

$187,083
$1,219
______
33,750

def$42,792
231,669
$188,877
______
______
22,500

P. A L .s u r p .D e c .3 1 .
$572,700
$331,561
$152,114
$166,377
OFFICERS.— Pres., Louis Heilbroner; V. P A Treas.. Louis M Weiller;
Sec., Herbert H. Maass: Asst. Sec., John C. Mayer. O ffice, 215 Fourth
Ave., N . Y — (V. 118, p. 1787.)

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 P O R T — For 1923, in V. 118, p. 1410, showed:
1923
1922
1921
1920
Gross sales___________ $255,177,122$210,941,004$189,764,814$206,111 ,680
Net earnings__________ 10,079,471 9,235,890
10,166,337
8,277,414
Interest paid__________
1,159,958 3,904,097
5,842,340 4,037,645
Pref. dividends________ 1,727,572
686,857
______
345,000
Com. dividends________ 5,000,000 3,500,000
3,500,000 3,000,000
$1,144,936
$823,997
$894,769
Balance, surplus____ $2,191,941
OFFICERS.— Pres., Charles G. DuBois; Treas.. James W . Johnston;
Sec., George C. Pratt. N. Y . office, 195 Broadway.— (V. 118, p. 2070.)
WESTERN POWER CORP. OF N. Y .— O R G A N IZA T IO N .— Incorp.
in N . Y. June 5 1915 as successor to a New Jersey company o f similar name
A holding company controlling the Great Western Power Co. of Calif,
and the California Electric Generating Co. through ownership of the
large majority of stock.
STOCK.— The stockholders voted Nov. 27 1923 to reclassify the shares
of stock by altering the preferential rights of the authorized preferred
stock so that hereafter (a) the holders of the preferred stock shall be entitled
to dividends at the rate of 7% (instead of only 6% ) per annum in preference
to the com. stock; and (b) the divs. on the preferred stock shall be cumul.
only from and after Oct. 1 1923 (instead of from and after Jan. 1 1915),
thus cancelling (in consideration of such increase in the preferred dividend
rate) all claims to dividends accrued on the preferred stock to Oct. 1 1923
and unpaid at the time of such alteration; and (c) the preferred stock shall
be subject to redemption at 107 l and dividends. No other changes in
A
the designations, preferences, privileges and voting powers of the preferred
stock were made. V. 117, p. 1788.
COM BINED EARN ING S.— For cal. years:
1923.
1922.
1921.
Operating revenues_________________ $7,123,970 $7,199,472 $6,382,162
104,956
503,583
991,565
Other income credits________________

WELCH GRAPE JUICE CO.— (V. 113, p 544. 859.)
WELLS FARGO & CO. (EXPRESS).— Incorp. in Colorado Feb. 5
1866. On June 30 1917 operated on 84.751 miles o f railroad in the U. S,
Gross revenues___________________ $7,228,926 $7,703,055 $7,373,726
and Mexico, 33,466 miles o f stage, inland and ocean steamer routes; total.
2,767,167 2,350,770
118,218 miles. Also, jointly with National Rys. of Mexico, controls Wells, Operating expenses_________________ 2,359,031
Income charges____________________
373,263
329,957
365,418
Fargo A Co. S. A. (Sociedad Mexicana). V. 91, p. 1451.
2,513,945
2,574.119 2,402,152
The loss of their contracts with the railroads because of Government Bond interest______________________
502.453
360,000
360,000
control and operation, and inability to effect an arrangement with the Rail­ Prov. for renewals and replacement,150,000
150,000
150,000
road Administration for continuing their individual operations culminated Divs.— Calif. El. Gen. Co. 6% pref__
Gt. Western Pr. Co. of Cal. pref . (7%)461,468
339,209
173,448
in an enforced retirement from domestic express operations and the transfer
Western Power Corp. 6% preferred
442,292
424,569
424,541
o f the property of this company and the other leading express companies
used in the express business to the American Railway Express Co. on June
Balance, surplus_________________
$426,473
$758,034 $1,147,399
30 1918 at least for the duration of the war. In consideration for the prop­
erties the several companies received stock in the Am. R y. Exp. Co. (the
OFFICERS.—
P. Wilson, N. Y .; Sec. A
Frank M .
Wells Fargo, $10,500,000 thereof) but no guaranty o f net return. In Dec. Tompkins, N. Y . Pres., H. Broad St. See Great WesternTreas , Co. above.
office. 50
Power
1920 the I.-S. C. Commission approved the permanent consolidation o f the — (V. 118. p. 2207.)
several companies into the American Railway Express Co. V. I l l , p. 2532.
V. 108, p. 2020, 2124. See American Railway Express Co. above for divi­
WESTERN STATES GAS & ELECTRIC C O .— A consolidation operat­
dends paid by that company.
ing in Humboldt, San Joaquin, Contra Costa and adjacent counties in Cali­
fornia. Installed capacity, 13,360 h. p ., incl. hydro-electric, 8,670 h. pCAPITAL STOCK.— The stockholders on Feb. 6 1923 voted to reduce and steam-operated power
Also
the capital stock from $24,000,000 to $12,000,000 by reducing the par tributes gas in Stockton andplants, 4,690 h.p. p.723 . manufactures and d is­
Eureka.
105,
value from $100 to $50, the reduction to be effected by payment in cash Has begun work on the construction ofV. hydro-electricRates V .107, p.1389
a
plant with an initial
o f $50 a share, payable as soon as possible after March 5. Payment, it capacity of 20,000 k.w. V. 114, p. 1073.
was stated, would be made by disposing o f Govt, bonds. This return of
CON TROL.— Controlled by Standard Gas A Electric C o., through own­
capital was the first step toward the ultimate liquidation o f the company.
ership of a maiority of the stock of Western States Gas A Electric CoSee also V. 116, p. 526.
owns $2,125,000
DIVS.— / ’ 95-’01. ’02. ’03-’05. ’06. ’07-’ 13. ’ 14. ’ 15-’ 17. ’ 18. ’ 19-’20. ’21- 24 at Delaware, which, in turn, of the common of the preferred and all except
qualifying diectors’ shares
stock of the California Co.
Cash, % \ 6 v r ly . 9 8 yrly. 9 10 yly. 8 6 yrly. 3
0
Text
Standard Gas A Electric Co. is. in turn, controlled by H. M . Byllesby A
For extra dividends, see below.
Co. of Chicago. V. 100, p 817
Dividends were suspended in 1918, following the July distribution. V.
D IV ID E N D S.— On pref., 7% per annum since Incorporation. On
107, p. 1292; V. 108, p. 85, 2020. Payments were resumed on June 20
1921 with a distribution of 234% as a result of dividends received from common (No. 1), Aug. 16 1915 to M ay 15 1923 2% p. a. (44% Q .-F .).
BONDS.— First & Refunding (now first) M . 5% Bonds.— Redeemed
American Railway Express Co.; same amount paid semi-annually to June 20
through sinking fund operations, $1,827,500. N o additional bonds may be
1924.
issued except when the annual net earnings are twice the interest on ail
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 oatd from accumulated bonds outstanding and contemplated, and then only for 75% o f the cost of
surplus, shareholders being allowed to use two-thirds of this in paying for extensions and improvements. Semi-annual sinking fund after June 1919,
$16,000,000 new stock, increasing issue to $24,000,000. V. 89. p.1355. 1674 1 K % of bonds issued. V. 102, p. 1544; V. 109, p. 1468.
The 1st A unified mtge. ($100,000,000 auth.) provides for an annual
RE PO RT.— For 1923 showed:
sinking fund commencing March 1 1928 in an amount equal to 2% o f the
Calendar Years—
1923.
1922.
1921.
1920.
total outstanding bonds, including the underlying bonds. The series A
$932,467 $1,601,786 $1,469,387
$900,300 bonds are redeemable, all or part, on or before March 1 1932 at 10744:
Total net income_______
Expenses and taxes_____
49,443
82,392
62,326
181,466 thereafter at A of 1% less each year, plus int. Mortgage will permit the
C harges_______________
23,647
238,107
127,354
265,792 issue of additional bonds in series, o f such dates, maturities, interest rates
D ividen d s____________
599,185
1,198,370
1,198,370
____
and redemption provisions as may be determined by the directors. No
bonds of a maturity prior to that o f the Series “ A ” bonds may be issued
Balance, surplus_____
$260,192
$82,917
$81,337
$453,042 while any bonds of Series “ A ” are outstanding. V. 114. p. 1073.
— (V. 116, p. 2400.)"
The $5,000,000 15-year notes, due 1937, are part o f an authorized issue
of $20,000,000, callable as a whole or part on 30 days’ notice to A including
WELSBACH CO.— (V. 118, p. 2318.)
Oct. 1 1927, at 105, thereafter to Oct. 1 1932 at 10244, and thereafter at
WESTERN ELECTRIC CO., INC.— Incorp. in New York Nov. 17 100, plus int. No additional mortgage (except purchase money mtges.)
1915 as successor of an Illinois corporation (organized in 1881). American shall be placed upon the property of the company unless these notes shall be
Tel. A Tel. Co. owns 98% of the outstanding common capital stock (voting secured equally and ratably with the other obligations secured by such
stock). V. 104, p. 78, 1053. International West. Electric C o., Inc., V. mortgage. The remaining notes may be issued in series, bearing interest
107, p. 609. For description of plants, Ac., compare annual report pub­ at such rate and redeemable at such price as may be determined by the
directors of the company. Additional notes may be issued only when net
lished in full in V. 118. D. 1410.
earnings for 12 consecutive months ending not more than 60 days prior to
CAPITAL STOCK. The stockholders voted Feb. 19 1920 to authorize application for issuance of notes have been equal to at least 1 A times the
an increase in the Common stock from 150,000 shares no par value to annual interest charges on all bonds of the company then outstanding and
500.000 shares no par value. Of the new Common stock, 200,000 shares on all these notes then outstanding, including those about to be issued, or
were issued, each common stockholder o f record Feb. 19 being entitled to for the purpose of retiring notes of other series.
subscribe for the new Common stock at $180 per share, in the proportion
The 15-year 6% gold notes, Series A, due Oct. 1 1937, are redeemable,
o f 1 1-3 shares of new stock for each share o f common stock held. Common all or part, to Oct. 1 1927 at 105, thereafter to Oct. 1 1932 at 10244. and
stockholders of record Nov. 28 1922 were entitled to subscribe for 150,000 thereafter at 100. Proceeds provided funds for extensions and additions
shares common stock at $100 per share in the proportion o f 1 share of new and for the redemption of $2,668,000 10-year 6% gold notes, and $1,199,000
stock for each 2 1-3 shares of common stock held. V. 115, p. 2488.
5-year 644% collateral trust notes. Y. 115, p. 1954.
The $30,000,000 6% pref. stock was called for payment on Mar. 9 1920
Gross
Net After
Interest
DiviBalance,
at 120. On Mar. 12 1920 the stockholders voted to create a new issue o f Calendar
Year— Earnings.
Taxes.
Charges.
dends.
Surplus.
$50,000,000 7% cum. pref. stock, par $100. V. 114, p. 1544.
$921,530
$464,707
$286,677
$170,146
Dividend N o. 1 on new common was $4 per share, paid Dec. 31 1915; 1922............ $2,697,384
861,184
420,377
269,525
171.282
Mar. 1916 to Dec. 1917, $2 quar.; Mar. 1918 to Mar. 1924 paid $2 50quar. 1921---------- 2,547,165
818,394
391.378
241.263
185.753
DEBENTURES.— The $35,000,000 20-year 5% gold debenture bonds 1920---------- 2,224,910
re redeemable in whole but not in part upon 60 days notice on April 1
OFFICERS.— Pres., John J. O’Brien; Sec. A Treas., R . J. Graf.—
934, or on any int. date thereafter, at the following prices with accrued int.: (V. 118, p. 2206.)




M ay , 1924.]

249

INDUSTRIAL AND PUBLIC UTILITY

MISCELLANEOUS COMPANIES
[For abbreviations, &c.. see notes on page 6]
W estern Telep & Teles— See Amer Tel S Tel oo.
c
Western Union Telegraph Co— Stock $100,000,000 auth____
Collateral trust bonds_________ ____________ ..tB a.ic*
Funding and real estate mtge $20,000,000 gold_ F.zc&r
_
15-year gold bonds.......................................................zc*&r*
Mutual Union Telegraph Co 1st M ext gu p A 1 ext 1911 .a
Northwestern Telegraph Co 1st mtge gu p & 1 ext 1904 z
Stock o f subsidiaries not owned Dec. 31 1923 (see text)____
Westinghouse Air Brake Co(The)— Stock $50,000,000 auth
Westinghouse El & Mfg—Common stock auth (see text)
Pref stock $4,000,000 (a S d) 7% cum and participating—
c
Gold bonds red text_______________________ Ce.xxx.c*&r*
Westinghouse Machine Oo— 1st & Ref Mtge gold_______ x
Westinghouse Foundry 1st M guar due $50,000 yearly_ x
_
White Eagle Oil & Refining Co— Stock 640,000 shares auth
White Motor Co (The)— Auth capital stock $35,000,000--

Date
Bouda

Par
Value

Am ount
Outstanding

Rate

%

100 99.786.727
7
1888
1,000 8.637.000
5
1900 1.000 Ac 20.000,000
4 m
1921
500 &c 15.000.
000 644 g
1,000
1.857.000
6g
500 1.500.000
444
1.771,675
$50 $39,373,884 See text
50 a96,549,450
8
50 3,998,700
8
500 &c 30.000.
1920
000 7 g
1,000 6.179.000 . 6 g
1910
1.000
1902
63,000
5
None 46O,O00shs. $2
50 $25,000,000
8

W hen
Payable

Last Dividend
and M aturity

Places W here Interest and
D ividends are Payable

Q— J Apr 15 '24, 1% Office, 195 B'way, N Y
J & J Jan 1 1938
do
do
M A N May l 1950
do
do
F & A Aug 1 1936
do
do
M & N May 1 1941
do
do
J & J Jan 1 1934
do
do
Q— J 31 Apr 30 '24, 3%
Q— J Apr 30 '24, 2%
Q— J Apr 15 1924 2%
M & N M ay 1 1931
Q— F Nov 1 1940
M A N To M ay 1 1926
Q— J Apr 20 ’ 24 50c.
Q— J June 30 '24, 2%

Pittsburgh, Pa
Checks mailed from Pitts
do
do
Cent Union Tr C o, N Y
Coionial Trust Oo. Pitt
Colonial Trust Co. Pittsb
Checks mailed

a Additional $17,955,000 stock offered to shareholders (See text).

Trenton, N. J.; Brooklyn, N. Y .; Indianapolis, Ind., and Middletown,
Conn.; (2) The Bryant Electric Co.. Bridgeport, Conn.; (3) R. D. Nuttall
Co., Pittsburgh, Pa.; (4) Pittsburgh Meter Co., East Pittsburgh, Pa.; (5)
Westinghouse Electric Products Co., Mansfield, O.; (6) New England
Westinghouse Co., Springfield, Mass.; (7) Westinghouse High Voltage Insu­
lator Co., Derry, Pa.; (8) Westinghouse Electric International C o., N . Y .
During 1921 the company acquired a substantial interest in the Radio
Corp. of America.
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 of 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 of record Mar. 17 1924 were given the
right to subscribe at $52 50 per share for an amount of common stock equal
to 20% of their holdings. V. 118, p. 1163.
The stockholders will vote June 11 1924 on increasing the authorized
common stock from $121,000,000 to $196,000,000, par $50.
DIVS.— '10. ’ l l . '12. 1913-14. '15. '16. 1917-18. T 9. ’20-’22. '23.
Pref.. % ._ 1044124* 7 7 yearly
7
7 7 yearly 7 44
8
8
Com.,
0
9
2 4 yearly 5 4>f» 7 yearly 744
8
8
Also on common and pref. July 31 1917 a special *4 of 1% to aid Red
Cross contributions. July 1919 to Apr. 1924 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 of 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 44 % of their
principal amount for every 6 mos. intervening between the date so fixed
for redemption and the date of maturity. V. I l l , p. 1759.
RE PO RT.— For year ended March 31 1924, in V. 118, p. 2589, showed:
1923-24.
1922-23.
1921-22.
1920-21.
Y ea rs Ended M a r . 31.
$
$
$
$
Sales billed_____________154,412,918 125,166,115 99,722,026 150,980,106
Net income_________________ $15,915,756
$15,465,030 $11,268,992 Total net income_______ 18,743,076 14,767,884
8,933,989 15,885,486
D isbu rsem en ts_
_
Int. on bonds, debts, coll.
Bond interest_________________ $2,306,850
$2,306,850 $1,635,183
2,504,399
3,096,600
2,764,648
Appropriated for ocean cable develop. 2,000,000
2,000,000
------ notes & notes payable. 2,617,773
Miscellaneous_________
______
______
______
503,302
Cash dividends (7 % )_________ 6,982,797
6,982,694 6,982.623 Div. on pref. stock_____
319,896
319,896
319,896
319,896
Adjustments (net)____________ C r . 334,060
D e b . 384,641 D e b . 272,704
Div. on common stock .. 6,833,759
5,665,003
5,664,999
5,664,998
Balance, surplus__________________ $4,960,169 $3,790,845 $2,378,481
Balance, surplus------- 8,971,648
6,230,058 def.147,506
6,632,641
Results fo r Three M o n th s Ended M a rc h 31 (M a rch 1924 E stim a ted ).
Unfilled orders on April 1 1924 amounted to $63,738,702.
1924.
1923.
1922.
1921.
DIR E C TO RS.— James D. Callery, Paul D . Cravath, William H.
Gross rev., incl. divs. &
Woodin, Harrison Nesbit, A. G. Becker, George M . Verity, William
interest-------------------- $27,574,975 $27,783,508 $24,114,955 $26,225,070
McConway, J. J. Hanauer, Samuel M . Vauclain, James C. Bennett, Edwin
M aint., repairs & reserve
for depreciation______$4,659,515 $4,382,265
$4,299,522 $4,483,196 F. Atkins, E. M . Herr, Joseph W. Marsh, Guy E . Tripp, H. H. Westing­
house and Albert H. Wiggin.
Oth. per. exp., incl. rent
of leased lines & taxes. 19,368,192 19,295,118 17,225,837 19,539,964
OFFICERS.— Chairman of Board. Guy
K. M . Herr'
Interest on bond. d e b t..
578,025
576,712
576,713
332,962 V.-Ps., H. P. Davis, L. A . Osborne, CharlesE . Tripp; Pres., Shute. H. T
A. Terry, H. D.
Herr and Walter Cary; Treas., H. F. Baetz; Comp. & Sec., J. C . Bennett
Net income--------------$2,969,243 $3,529,413 $2,012,883 $1,868,948
Offices, 150 Broadway, N . Y ., and East Pittsburgh. Pa.— (V. 118, p. 2567.)
Miles of Miles of N o. of
Receipts.
Profits.
Year— Poles, &c. Wire, &c. Offices. Messages.
$
$
W HEELING STEEL C O R PO R ATIO N .— (V. 118, p. 2207.)
1876 ............. 73,532
183,832 7,072 18,729,567 10,034,984 3,399,510
W HITE EAGLE OIL AND REFINING CO.— O RGAN IZATION .—
1893.............189,936
769,201 21,078 66,591.858 24,978,443 7,496,037
1916...............208,474 1,625,862 25,234 Not stated 63,621,601 14,893,679 Incorp. in Delaware M ay 22 1919, and is engaged in the business of pro­
ducing, refining, distributing and marketing petroleum and its products.
1920------------ 214,233 1,447,105 24,881 Not stated 121,473,686 14,634,972
1923
214,318 1,528,583 24,678 Not stated 113,628,470 15,915,756 Owns and operates two oil refineries located at Augusta, Kan., and Fort
Worth, Texas. In Dec. 1923 the acreage of the company was 28,237,
DIRECTORS.— Newcomb Carlton (Pres.). Oliver Ames. William Vin­ upon which it had 86 wells producing approximately 2,900 bbls. per day.
cent Astor, Henry A. Bishop, Chauncey M . Depew, R . 8. Lovett, Donald These properties are chiefly situated in seven principal regions in Kansas
G. Geddes, Chaimcey Keep, Paul M . Warburg, Henry Tatnall, Howard and Oklahoma. Pipe line system, about 230 miles. Also owned and
Elliott, Julius Kruttschnitt, Charles B. Seger, Edwin G. Merrill, Henry operated in Dec. 1923, 421 service and bulk stations located in Kansas.
W. deForest, William Fahnestock, Percy A . Rockefeller, William K . Van­
derbilt, Mortimer L. Schiff, William H. Truesdale and Albert H. Wiggin. Colorado, Missouri, Nebraska, Iowa, Minnesota, Wisconsin, North Dakota
and South Dakota.
Sec. is Andrew F. Burleigh; Treas., G. K . Huntington. Office, 195 Broad­
D IV ID E N D S.— Quarterly dividends of 50 cents a share have been paid
way, New York.— (V. 118, p. 1926.)
from organization to Apr. 20 1924. Also paid 25 cents extra on Oct. 10
W EST INDIA SUGAR FINANCE CORPORATION .— (V. 117, p. 218.) 1922 and 25% in stock on Dec. 26 1922.
R E PO R T .— For calendar years:
WESTINGHOUSE AIR BRAKE CO. (THE).— ORGANIZATION, &C.
Calendar Y ears—
1923.
1922.
1921.
1920.
— Tncorp. in Pennsylvania Sept. 28 1869. V. 67, p. 843, 1065; V. 77, p.
$13,834,818 $9,251,381 $14,012,139
1307; V. 94, p. 141. In 1912 granted the New York Air Brake Co. a general Sales________ $14,693,387
9,036,343
6,615,342 11,443,227
license under its U. S. patents. V. 95, p. 748; V. 105, p. 1517. In 1917 Cost of sales_ 9,554,572
1,467,809
1,016,741
944,493
acquired control of the Union Switch & Signal Co. V. 103, p. 2245, 2349; Gen. admin. & sell, exp- 2,317,033
Other deductions— net__
230,134
268,628
61,881
4,856
V. 104, p. 263, 1065.
Depreciation__________
793,589
589,253
416,641
423,305
STOCK.— The stockholders on March 2 1923 increased the authorized
410,144
377,849
321,170
414,173
capital stock from $30,000,000 to $50,000,000. A 35% stock dividend was Depletion_____________
Federal taxes40,000
192,000
29,000
____
paid April 30 1923.
Dividends paid________
920,000
894,042
588,084
588,084
LATE DIVS.— { ’09. TO. T l . *12. T 3. T4-15.16.' *17 T8-*21.. *22. '23.
P erce n t............... 11144 21 20 19 16
16 26 144* 14 yrly 944 12.6
Net income_________
$427,916
$998,896
$202,524
$194,001
In sto ck ............... 1 .................. 331-3 5
20
_________
35
Earnings for first quarter of 1924 in V. 118, p. 2079.
Paid in 1924: Jan. 31, 3% ; April 30, 3% .
OFFICERS.-—-Pres., L. L. Marcell; Treas., A. N. Allen; Sec., M ilo T.
RE PO RT.—-For 1923, in V. 118, p. 1413 and 1663, showed:
Jones. Office, Kansas City, M o.— (V. 118, p. 2079.)
Calendar Y ears—
1923.
1922.
1921.
1920.
W HITE MOTOR CO. (TH E )— ORGAN IZATION .— Incorporated in
Net earnings, all sources.$11,742,844 $8,051,800 $1,412,490 $6,580,404
Inventory adjustment-______
______
706,944
--------- Ohio and took over all the capital stock, excepting qualifying shares, o f the
White Co. of Cleveland, makers o f White M otor trucks. V. 103, p. 1979.
Cash dividends paid___ 4,403,587 3,789,882
4,081,474
4,081,281
Federal taxes (est.)_____ 1,468,715
960,000
--------1,250,000
STOCK.— The stockholders voted June 9 1920 to increase the authorized
capital stock from $25,000,000 to $35,000,000.
Balance, surplus_____$5,870,542
$3,301,918df$3,375,928 $1,249,122
DIV ID E N D S.— N o. 1 April 8 1916, 144%; N o .2 July 1 5 ,1H%\ Sep*.
Chairman, Henry H . Westinghouse; Vice-Chairman, John F. Miller; 1J4%; Dec. 31 1916 to June 30 1924, 2% quar.
Pres.. A. L. Humphrey; Treas. & Act. V.-Pres., 8. O. McConahey; Sec..
R E PO RT.— For 1923, in V . 118, p. 1290, showed:
Hubert O. Tener. General office, Wilmerding, Pa. N . Y . office, 165 Calendar
Total
Total
Federal
Dividends
Balance.
Broadway.— (V. 118, p. 2207.)
Years—
Sales.
Income.
Taxes.
Paid.
Surplus.
$850,000 (8%)$2,000,000 $4,964,666
WESTINGHOUSE ELECTRIC & MANUFACTURING CO.— OR­ 1923_____ $48,876,606 $7,814,666
______ (8% ) 2,000,000 1,770,618
1922_____ 37,268,226 3,770,618
GA N IZA TIO N .— A Pennsylvania corporation manufacturing appliances
______ (8% ) 2,000,000 df6837,319
used for electric-lighting and power purposes. V. 54, p. 763; V. 85, p. 158, 1921------- 30.320,949 t4.837.319
300,000 (8% ) 2,000,000 1,603,942
1458. Owns exclusive rights to Tesla natents on alternating currents. 1920_____ 51,998,122 3,903,942
V. 6 l. p. 25, 153. Operates plants at East Pittsburgh, Pa.; Lester, Pa.;
t Loss.
Attica, N . Y .; Newark, N. J.; Cleveland, O.; Sharon, Pa.; Belleville, N . J.,
and East Springfield, Mass. Is also erecting a plant at Emeryville, Calif.
OFFICERS.— Chairman, W . T . White; Pres., W . C. White; Treas..
V. 116, p. 949. Proprietary (wholly owned) companies are: (1) Westing­ Geo. H. Kelly; Sec., T . R . Dahl. Office, 842 East 79th St., Cleveland, O.
house Lamp C o., operating plants at Bloomfield, N . J.; Milwaukee, Wis. — (V. 118, p. 1260.)

WESTERN UNION TELEGRAPH CO., INC. (THE)— Organized un­
der the laws o f New York State on April 2 1851 and present name adopted
in 1856. Since incorporation the company has acquired and controls by
purchase, lease or stock ownership, some 535 telegraph corporations and
properties, of which about 57 corporations maintain their corporate identity
and organizations. V. 97, p. 1903: V. 98. p. 301, 392, 615, 1076, 1998.
On Dec. 31 1923 the capital stock of subsidiary cos. not owned by the
Western Union Telegraph Co. aggregated at par value only $1,771,675. via.'
Companies controlled by pernetual leases, SI ,341,875: companies con­
trolled by stock ownership, $429,800. The bonds o f subsidiary companies
assumed or guaranteed Dec. 31 1923 (see table at head o f page) aggregated
$6,500,000, o f which $3,143,000 were held in W . U. treasury; balance.
$3,357,000The “ deferred non-interest bearing liabilities,” as shown in balance sheet
of Dec. 31 1923, “ in respect o f proceeds o f sales o f securities and other
properties held under leases for terms expiring in 1981 and 2010 from
companies in which the Western Union Co. has, for the most part, a
controlling interest, payable only on the termination o f the leases.” ag­
gregated $12,987,941.
D IVIDEN DS—
f '08. 1909-13. ’ 14. '15. '16. '17. ’ 18. 1919— Apr. 24.
1 3 yearly 3H 44i 5
5H 6M 7 y r ly .(l^ Q .J .)
Regular--------------- %
44 1
1
...................—
Extra------------------- %[244 stock . . _______
BONDS.— On Dec. 31 1914 the following stocks (par value) were pledged
for the collateral trust bonds: Gold & Stock Telegraph, $1,111,800: Inter­
national Ocean Tel., $1,961,500: N. Y Mutual Tel., $2,387,700: Maine
Telegraph Co., $111,000: Washington <: New Orleans Teleg. Co., $30,000
5
and bonds. Mutual Tel. 6s S3.143,000.
The Funding and Real Estate 444s, V. 70, p. 384, 1203; V. 71, p. 750:
V. 74. p . 785: V . 78, p. 1451; V. 80. p. 226; V. 97. p. 1827.
R EPO RT.— For 1923, in V. 118, p. 1560, showed:
Calendar Y ea rs —
1923.
1922.
1921.
Gross operating revenue___________ $111,733,560$105.447,748$104,155,113
Net operating revenue_____________ $14,020,846 $13,796,473 $10,196,029
Income from loans and investments-_ 1,894,910
1,668,557
1,072,962




250

INDUSTRIAL AND PUBLIC UTILITY

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

Date
Bonds

Par
Value

Amount
Outstanding

Bate
%

W ickwire S pencer Steel Corp— Com stk auth 600,000 shs.
None 434,800shrs
8% cum 1st pref (a & d) stock red 110 auth $10,000,000$100 $7,725,000 See text
First Mtge s f bonds callable (see text)auth $30,000,000 Gc* 1920
7g
500 &c 12,679,000
Secured conv sold no’ cs red (ten.
Col.kxxxc* 1922 500&1000
1,730,500
7}4 S
Amer Wire Fabrics Corp 1st M s f g bonds Series A
$2,000,000 auth______________________________ Eq.kxc* 1922
100 &c
1,500,000
7g
W lllyz-Overland Co— Common stock $15,000,000________
5 10,798.805 See text
Preferred (a S d) 7°% cum red at 110___
c
____________
100 22,049,500 See
First (closed) mtge sink fund gold bonds red (text) -kxxxc* 1923 500-1000 10,000,000
644 g
W ilson & Co Inc— Common stocn »uctiur(/-d 700.000 shrs
None 202,181shrs See
Pref stk (a & d) 7% cum, red all or part at 125, also sk fd_.
100 10.079,000 See
1st M s fd $25,000,000 gold call 107 __________ Qc*&r*
1,000 &c 22.956,000
6g
Oonvertible bonds $20.000,000 call sfd ____________ Q.c* 1918
1,000 15,085,000
Bg
do
do
cail s fd (see text)__________ kxxxc* 1921
1,000 9,136,000
7 44

W ICKW IRE SPENCER STEEL CORP.— A merger, as o f Jan. 1920,
of the Clinton-Wright Wire C o., one o f the largest manufacturers o f wire.
<vlre 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 capital
stock o f the American Wire Fabrics Co. V. 115, p. 1109.
CAPITAL STOCK.— The stockholders on Sept. 8 1922 voted in favor
o f the following propositions:
(1) Changing the 250,000 common shares (par $5) into an equal number
o f shares without par value.
(2) Authorizing the issuance o f 350,000 additional common shares
without par value and on increasing the auth. number of shares accordingly.
(3) Reducing the authorized capital stock by $400,000, such reduction
to be effected by an exchange o f the 80,000 Class A common shares (par
$5) outstanding for 120,000 of the new common shares without par value
above mentioned, and by cancellation of the Class A shares so exchanged.
V. 115, p. 1109.
D IV ID E N D S.— The Aug. 1921 div on pref. stock was deferred. V.113,
p. 304.
BONDS.— The 1st M tge. 7% s. f. gold bonds ($30,000,000 auth.) are
callable as a whole or in part as follows: 105 to Dec. 31 1924:104 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.
NOTES.— The 10-year 744% secured gold notes are convertible at any
time into common stock; in case of conversion on or before Sept. 1 1927 on
a basis of $20 per share, plus a premium of $1 per share (payable by the
noteholder to avoid the issuance o f fractional shares) in case of conversion
on or before Sept. 1 1924: thereafter plus a premium o f $1 per share for each
12 months or portion thereof elapsed after Sept. 1 1923. After Sept. 1
1927 convertible on basis o f $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 , l 1931, and thereafter plus a premium o f $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 10214 (plus int.). V. 115, p. 1219.
R E PO RT.— For 1923, in V. 118, p. 2567, showed:
Calendar Years—
1923.
1922.
1921.
1920.
Net sales---------------------$27,548,267 $18,543,533 $12,153,551 $32,623,894
Net operating incom e--.
2,840,531 1,509,706 def.662,261 4,354,248
Miscellaneous in com e--.
152,490
214,907
138,381
77,891
Depreciation---------------425,200
394,884
795,980
643,886
Bond interest---------------- 1,130,074
953,084
917,190
879,550
T a x e s----------------------------------------------------------382,590
Inventory adjustment-- ________
________
441,406 1,050,040
Miscellaneous charges-1,086,392 1,186,303
956,582
813,957
Preferred dividends___
________
________
380,543
656,925
Net income_________
$351,353 def$809,658df$4,015,583
$5,191
OFFICERS.— Pres., T. H. Wickwire Jr.; Treas., Ralph Blaisdell; Sec.,
P. D. Wesson. Office, 41 East 42d St., New York.— (V. 118, p. 2567.)
W ILLYS C O R P O R A T IO N — (V. 118, p. 1292.)
WILLYS=OVERLAND CO. (TH E).— ORGANIZATION.— Incorp. in
Ohio Nov. 1912 and acquired the properties and business of 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,” “ Overand Red Bird” and" W illys-Knight.” Main plant is located at Toledo, O.
In conjunction with the British firm o f Crossley Motors, Ltd., formed the
Willys-Overland-Crossleys, Ltd., in Dec. 1919, which is producing the
Wtllys-Overland cars at Manchester, England. V . 110. p 475.
STOCK.— On May 25 1916 each share of com., par $100, was divided
into four shares, par $25. In Jan. 1924 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 o f 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.— Thefirst (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, o f these bonds in each year beginning with the year 1924.
For security, &c., compare V. 117, p. 1249.
D IV ID ’S.— 1913. 1914. 1915. 1916.
1917. Feb 1 ’ 18 to N ov. 1'20
Oommonstock. 6
6
6
9
12
1% Quar. (Q— F)
______
do extra.. 5
..
5 stock 5 stock 5sto
No divs. on the pref. stock have been paid since Oct. 1920. The accumu­
lated pref. divs. amounted to $5,016,261 at Dec. 31 1923.
R E PO RT.— For 1923, in Y. 118, p. 1130, showed:
1923.
1922.
1921.
1920.
Total income__________ )
d f$8,633,280 $8,822,152
Interest______________ ]
2,114,243
1,742,653
Depreciation__________
2,092,773
Not reported
2,130,169
Tool replacements_____
1,675,492
733,924
Adjustment o f inventory
8,420,038
_
Loss on commitments_
759,468
Net profit after charges.$13,034,032
Preferred dividends___
______
Common dividends_____
______

$2,779,831dfl3,999,494df$5,480,394
______
______
1,188,710
______
______
1,924,100

Surplus for year_____ $13,034,032 $2,779,831dfl3,999,494df$8,593,204
Common stock adjust.Cr.43,199,685
______ 07,500,000015,260,251
Adjustments__________
______ 0 3 8 0 8 7 ,116Dr9,560,895 Dr20427,186
Previous surplus_____def43,231,300def7,924,015 08,136,374 21,896,511
Profit & loss surplus. _$13,002,418df43,231,300 def7,924,015 $8,136,374
Three Months ended March 31—
1924.
1923.
Earns, aft. int. & depr. but before Fed. taxes.-(est.)$2,160,520 $2,729,469




When
Payable

[V ol. 118.

Last Dividend Places Where Interest and
and Maturity
Dividends are Payable

_____ - M ay 2 ’21. 2%
J & .1 Jan 1 1935
-V & S Sept 1 1932
I
M &
M &
A S
c
J S
c
F &

Equitable Trust Co, N Y
S Sept 1 1942
Nov 1 1920 1% Bankers Trust Co, N Y
Oct 1 1920 l f i
do
do
National City Bank, N Y
s Sept 1 1933
New York
See text
Tan 1 1924 1H Checks mailed
New York Sc Chicago
o Apr 11941
D Dec 1 1928
New York
Chase Nat Bank, N Y
A Dec 1 1931

OFFICERS.— John N. Willys, Pres.; L. A . Miller, T .-P . & Sec.; J. H.
Gerkens, V.-P. Sc Treas.— (V. 118, p. 2592.)
WILSON & CO., INC.— Incorp. April 7 1910 in N. Y . OapltalizatloB
readjusted in Aug. 1918 without reincorporation. Established in 1853
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 ana modern plants in New York. Chicago and Kansas City
and, through subsidiary companies, owns and operates plants at Okla­
homa City, Los Angeles. Cal.. Albert Lea. Minn.
Nebraska Cit.v.
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. Com­
pany has, either directly or through subsidiary companies, all of whose
stock it holds, 120 distributing branches by means of which and of its
refrigerator car service it distributes its products to pra< ttcally every citj
and town of importance in the Pnited States. Also does a inrge exnort
trade. Y. 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.
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 $2J
a share for 2 shares of new Austin, &c.. stock. V. 109, p 379 586. 895
The “ Big Five" Packers, in Dec. 1919, agreed to the entering of a decrer
in the Government suit requiring them within two years to give up theb
stock yards and other outside interests (except their handling of egg*
butter, poultry and cheese, which is left for future consideration) and In
general to confine their operations to the wholesale meat business. V. 10C
p. 2364
STOCK.— In Aug. 1918 the company was recapitalized. In place or
$20,000,000 authorized common stock in $100 shares, all outstanding. ther»
was created 500,000 shares of no par value (increased to 700,000 shares in
Dec. 1921) of 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; of this $12,000,000 there has been retired through sinking fund
$1,921,000. V. 107. p. 187.612. 702: V. 1 0 8 ,p .8 5 ;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.
D IV ID E N D S.— Divs. on pref., 1% % quar., paid Jan. 2 1924; April 1924
div. was deferred. V. 118, p. 1293.
Initial div. of $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 of which have been issued except $469,000, which are reserved for
future additions and improvements. Annual sinking fund beginning 1917
1% of bonds outstanding, to retire bonds which are to be kept alive in sinking
fund. Prior to Dec. 31 1923 $1,575,000 of the issue had thus been r e t i r e d ,
leaving $22,956,000 outstanding. V. 108. p. 1299. 180; V. 107. p. 910:
Y. 112. p. 2421.
The $20,000,000 6% convertible bonds of 1918 (V. 107, p . 2195) are sub­
ject to call June 1 1919 at 105% and int., thereafter at 105% and int. less
44 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 D ec. 1 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 of interest and dividends. The basis o f exchange will be adjusted
in certain cases if additional common stock is issued (other than In exchange
for these bonds); but in no event will the exchange be made on a basis of
leas than ten shares for each $1,000 bond. While any of these bonds are
outstanding no new blanket mortgage can be made, the quick assets must
not fall below 1 H times the current liabilities or the amount of these bonds
outstanding. V 108, p. 2248.
The convertible 744 % 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 10744 on or before Aug. 1 1922, and 44 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 44 of 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
lor sinking fund.
The indenture provides that company will pay into a sinking fund on or
before Dec. 1 in each of the years 1922 to 1926. both inclusive, 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 of 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 of bonds. V.
113, p. 2088.
Bank loans extended, V. 118, p. 1926, 2457.
Bondholders' Committee.—Harold Stanley, Chairman (Pres., Guaranty
Co. of N. Y .); John E. Blunt (V.-Pres., Illinois-Merchants Trust C o.),
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. No deposits asked (May
1924). Compare V. 118, p. 2079.
R E P O R T — For 1923, in V. 118, p. 1388, showed:
1920.
1922.
1921.
Calendar Years•
—
1923.
$1,486,382
______
Net profit______________
2,427,232
Interest_______ *______
______
Net income-----------------a$2,450,866 $1,122,924 df$8,462,052 def940,850
750,711
722,739
744,217
Preferred dividends----711,796
1 , 000,000
Common dividends--------------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.
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. C. Buethe: Sec., George D. Hopkins. Offices, 816 First Ave., N . Y ..
and Chicago. HI.— (V. 118, p. 2457.1

M ay , 1924.]

INDUSTKIAL AND PUBLIC UTILITY

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

Date
Bonds

(F W) W ool w orth Co— Common stock $100,000,000 auth—
W orth! 'jjto n Pump & Mach. C orp.—-Com stk $15,000,000
PrefA tk ’ % cum $10,000,000 call 115 & div text...............
Pref B l > 4% (cum 1919) $11,000,000 call 105 & dlvs-----W right A onautical Coro— Stock 250.000 shares auth_.
(Wm) W ri >y Jr Co— Stock 1,800,000 shares auth-----------Y oungstr A Sheet & T ube Co— Common stock 1,000,000
share i a horized_____________________________________
Preferred (a d) stock 7% cum red 105 $15,000,000 auth__
Deber cure g t bonds red (text) $50,000,000 au.Ba.xxxc*
Undr .‘lying t ds— See text.

Par
Value

Amount
Outstanding

1923

When
Payable

Last Dividend
and Maturity

Places Where Interest and
Dividends are Payable

June 2 1924 2%
See ext
Apr 1 1924
Apr 1 1924 1 H
M ay 31 ’ 24 25c
July 1 1924,25c

Farmers’ I, & Tr C o, N Y
New York
New York
New York

None 987,606 shs See text Q-M 31 July 1 ’24 %\M
10(1 14,241,100
Q-M 31 July 1 ’21 I K
7
Bankers Trust Co, N Y
1.000 40,000,000
6 g J & J July 1 1943

(F W.) WOOLWORTH CO,— ORGANIZATION .— Incorporated in
New York Deo. 15 1911. Acquired the business of F. W. Woolworth & Co.,
S. H. Knox & Co., F. M. Kirby & Co.. E. P. Charlton A Co., the 5 and 10
cent store business of 0. S. Woolworth, W. H. Moore and W . H. Moore A
Son and the controlling interest in F. W . Woolworth A Co., L td .,of Great
Britain. In Dec. 1923 was operating 1,260 6 and 10-cent stores in the
U. 8. and Canada. The F. W. Woolworth & Co. (controlled) operates
100 stores in England. See V. 94, p. 567; V. 97, p. 449; V. 107, p. 2482.
Purchased the Woolworth Building in New York City and assumed owner­
ship on April 1 1924. V. 118, p. 215.
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 will receive 4 shares
o f stock, par $25, for each share, par $100, held.
In accordance with the action of the directors on Oct. 11 1922, approved
bjr the stockholders on M ay 16 1923, all o f the $9,135,700 outstanding
preferred stock was retired on and as of Feb. 1 1923 at $125 and dividend.
D IV ID E N D S. 1912. 1913 1914 1915 1915 1917-1921. 1922. 1923.
On common------- 2%
6H
6
6H
7H
8 yrly
10
8
Also paid a stock dividend o f 30% on June 1 1920.
Paid in 1924: Mar. 1, 2% ; June 2, 2% .
REPO RT.— For 1923, in V. 118, p. 660, showed;
1923.
1922.
1921.
1920.
No. o f stores Dec. 31
1,260
1,176
1,137
1,111
Net sales____________ $193,447,010$167,319,265$147,654,647$140,918,981
Net income___________ 20,698,180 18,324,399 13,792,959
9,775,252
Pref. dividend (7 % )____
______
700,000
770,000
857,500
Common divs_______ (8 % )5,200,000(10)6500,000 (8)5,200,000 (8)4,600,000
Res. for protested taxes. 3,000,000
----------------------

. . . .

$4,317,752
25,144,435

T o t a l _______________$23,161,529 $33,163,349 $22,184,326 $29,462,187
Reduction of goodw ill.. 10,000,000 20,000,000
----------------Prem. on pref. stk., & c.
______
2,500,000
145,375
100,821
Stk. div. June 1’ 20(30%)
------------------------- 15,000,000
Total surplus________ $13,161,529 $10,663,349 $22,038,950 $14,361,366
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. 118, p. 2592.)
W ORTH INGTON PUMP AND MACHINERY C O RPORATION . O R G A N IZA TIO N .—Incorporated In Virginia on April 21 1916 as a re
organization of the International Steam Pump Co., foreclosed per plan ii
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 % anc
to a preference in assets and dividends over common stock- It is redeemabb
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 1 9 1 9
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, Che Class B prel
stock came to a parity with the Class A pref. stock as to assets and divs .
except that the rate of dividend remains at 6% .
On Dec. 31 1923 $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 o f new interests.
D IV ID E N D S.— On Class A, July 1 1916 to Apr. 1 1924, inch, 13i%
quar. (7% p. a.) On Class B, July 1 1917 to Apr. 1 1924, incl., U 4%
quar. See V 104, p. 2562. Initial div. on common stock of l b i % duar
was paid April 15 1920: same amount paid quar. to July 15 1921
In Sept
1921 declared 4% , payable in quarterly installments beginning with Oct. 15
1921. V. 113, p. 1163. Oct. 1922 com. div. was omitted. V. 115, p. 998BONDS.— No mortgage except on vote o f two-thirds of each class of stk .
R E PO RT.— For 1923, in V. 118, p. 1132, showed:
Calendar Years—1923.
1922.
1921.
Billings to customers_______________ $21,142,264 $14,722,916 $17,335,854
Gross income______________________ $1,903,851 $1,057,161 $1,908,977
68,028
33,000
47,476
Int., adjust, o f foreign invest., &c_
1,999,579
Adjustment o f inventories------30,000
200,000
130", 666
Federal taxes-------------------------391,498
391,498
391,498
Divs. on Class “ A ” pref. stock619,300
619,300
619,300
Divs. on Class “ B ” pref. stock909,450
Divs. on common stock----------Balance__________________________sur$660,052 def$ 131,114df$2,108,878
Total profit & loss surp. Dec. 31------- $4,295,793 $2,385,741 $2,516,855
Unfilled orders Dec. 31______________ 5,611,237 5,331,421
4,496,232
OFFICERS.— Pres., C. Philip Coleman; Sec., C. Neal Barney; Treas.,
William H. Baumes. N. Y . office, 115 B ’way.— (V. 118, p. 2207.)
W R IG H T AERONAUTICAL CORP.— Incorp. Oct. 9 1919 under laws
o f New York, and took over the aeronautical motor business of WrightMartin Aircraft Corp., together with all the assets o f 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. o f 25 cents a share was paid on Aug. 31 1921; same
amount paid quar.to M ay 31 1924.
R E PO R T .— For 1923, in V. 118, p. 1680, showed:
Calendar Years—
1923.
1922.
1921.
Net sales-___________________________ $2,226,892 $2,384,204 $2,426,189
Net income________________________
254,837
370,784
458,488
Other income______________________
186,288
203,508
205,077
Liquidation Lawrance division--------97,414
--------— --Federal taxes reserve________________
17,169
50,861
66,000
Dividends paid.....................................($1)243,140($1)224.390 (50c) 112,195
Balance, surplus___________________
83,402
299,040
485,360
OFFICERS.— Chairman, Richard F. Hoyt; Pres., F. B. Rentschler;
V .-P ., Charles L . Lawrance; Sec. & Treas., J. F. Prince. Office, Paterson,
N . J.— (V. 118, p. 2457.)




%

;65,000,000
Q -M
8
$25 $i
$ L Oal2,992,149 See text
O
Q— J
100 5.592,833
7
Q— J
6
100 10,321,671
None 2 4 9 .3 9 0 sh.
O-F 28
si
None 1,800,000sh
Monthly
$3

a I* eludes $30, 100 held in treasury Dec 31 1922, issuable issuab le to en list aid of

Surplus_____________ $12,498,180 $11,124,399 $7,822,960
Previous surplus_______ 10,663,349 22,038,950 14,361,366

Rate

251

new inter

V. 106, p. 1224

(WM.) W RIGLEY JR . CO.— Incorp. Nov. 11 1910 in West Virginia.
The company manufactures several brands of chewing gum, principal ad­
vertised brands being “ Spearmint,” “ Doublemint,” “ Juicy Fruit” and
“ P. K. Chewing Sweet,” which are sold to various jobbers and distributed
by them and the company’s selling agencies to approximately 900,000 re­
tailers throughout the United States and foreign countries. Its Chicago
plant, held in fee simple, has a capacity of 280,000 boxes of chewing gum,
each containing 20 5-cent packages, per day. Its Brooklyn plant, also
held in fee simple, has a capacity of approximately 70,000 boxes chewing
gum, each containing 20 5-cent packages, per day.
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 of 16% per annum were paid on the old
stock of $25 par value from 1914 to Sept. 1 1919, when rate was increased
to 24% per annum (2% monthly), which rate was maintained to Dec. 1
1923. In addition, two stock dividends of 10% each were paid in 1922.
On new stock of no par value, paid 25 cents monthly from Jan. 2 1924 to
July 1 1924.
R EPO RT.— For 1923, in V. 118, p. 565, showed;
1923.
1922.
1921.
1920.
Operating profit_______$16,572,227 $11,628,710 --------Not available—
Expenses___________ 8,147,413
4,167,940 _____________________
N etprofit.......................$8,424,814 $7,460,770 $5,313,945 $4,531,447
Depreciation__________
387,321
464,134
422,415
333,979
Reserve for Federal tax_
990,000
x849,999 1,252,454
871,601
Preferred dividends___
______ (1K% )26250 (7)105,000 (7)105,000
Common divs. (24%) - - _
4,012,422 3,120,992
2,919,056 2,721,800
Balance, surplus_____$3,035,069 $2,999,393
$615,020
$499,068
7,568,098 6,780,726
6,281,658
Previous surplus_______ 7,988,320
Tax adjust, for prior yrs_
451,546
______ ______ ______
______
Total surplus________ $11,474,936 $10,567,492 $7,395,746 $6,780,726
Stock dividends________
______ (20)2579,172
______
______
Profit & loss su rplus._$ll,474,936 $7,988,320 $7,395,746 $6,780,726
x Includes $29,803, which amount was placed to “ reserve for 1922 Federa1
taxes,” in excess of amount actually to be paid.
For 3 mos ended Mar. 31 1924: Oper. profit, $3,915,989; expenses, $1,507,565; deprec. & Fed. taxes, $382,861; net profit, $2,025,563.
OFFICERS.—-Pres., William Wrigley Jr.; Sec., W . H. Stanley; Treas.,
J. C. Cox. Office, 400 North Michigan Ave., Chicago.— (V. 118, p. 2592.)
(RUDOLPH) W URLITZER C O — (V. 117, p. 1788.)
YALE & TOWNE MFG, C O — (V. 118, p. 1427.)
YELLOW CAB MFG. CO.— (V. 118, p. 2079.)
YOUNGSTOW N SHEET AND TUBE CO. (TH E).— Incorporated N or.
23 1900 under laws of 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 $10,000,090, 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.
D IVIDEN 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 Mar. 31 1923. $1 quar.;
June 30 1923 to July 1 1924 paid $1 25 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 is to be provided commencing July 1 1924, sufficient to retire
$750,000 bonds annually through purchase at not exceeding 105 and int.,
or redemption by lot at tnat figure.
Underlying Bonds.— The underlying bonds include: (1) $10,000,000 Brier
Hill Steel Co. 1st 53-tjs; (2) $181,000 Brier Hill Steamship Co. 1st serial 6s;
(3) $5,627,000 Series “ B ” 6s and $9,000,000 series “ C ” 7s gen. mtge.
sinking fund bonds of Steel & Tube Co. of America; and (4) underlying
bonds of the latter company as follows: $764,000 Iroquois Iron Co. 1st 5s,
$509,000 Iroquois Iron Co. ref. 6s, $3,430,000 Mark Mfg. Co. 1st serial 6s,
$935,000 Northwestern Iron Co. 1st serial 6s, and $800,000 gen. mtge.
serial 7s of Northwestern Iron Co.
RE PO RT.— For calendar years:
Consolidated Income Account Year Ended Dec. 31 (Including Sub. Cos.).
1923.
1922.
1921.
Gross profit from operations--------------$27,597,194 $ 7,606,915 $3,845,551
Other miscellaneous income__________ 1,884,508
1,546,314 1,772,817
Gross income_____________________ $29,481,702 $9,153,229 $5,618,368
Depreciation and depletion--------------- 7,555,260
3,369,418 3,174,336
Other miscellaneous charges_________
908,838
1,666.841 2,611,433
Net earnings______________________ $21,017,603 $4,116,969 loss$167,400
Interest and discount on bonds--------- 3,796,527
----------------Profit accr. to minority subs________
47,325
----------------Federal taxes, 1922__________________ 1,500,000
410,000
-----Preferred dividends (7 % )____________
922,209
694,401
695,401
Common dividends__________________ 4,691,198
2,198,320
1,998,728
Surplus balance for year___________ $10,060,343
$813,247 $2,861,529
Report for quarter ended March 31 1924 in V . 118, p. 2318.
OFFICERS.— Pres., James A . Campbell; 1st V .-P ., H. G. Dalton.
V .-P ., C. S. Robinson, Frank Purnell and W . C. Reilly; Sec.&As.t. Treas.;
Walter E. Meub; Treas.&Asst. Sec., W . J. Morris; Compt., W . N . M cD on­
ald. Office, Youngstown, Ohio.— (V. 118, p. 2318.)

252

BANKS—TRUST COS.—INSURANCE COS
N EW Y O R K AND B RO OK LYN BANKS.
C a p it a l.

C o m p a n ie s .

Am algam ated, a _ _
America a
_ ___
Amer E x ch a n ge..
Amer U n io n .a ___
Atlas a .
_____
Bigelow S t a t e .a ..
Bow ery a .
Broadway C en t.a
Bronx Borough a.
_ .
B r o n x ____
Bryant P a rk .a ___
Butchers & D ro v .
Capitol .
___
Central M e r c .a ..
Chase . .
______
Chatham & Phenix
Chelsea E x c h .a ..
Chemical N a t____
C it y _____________
C ity C o Nat
Coal & I r o n ____
Colonial a ____
Commerce . .
(11) Com m ercialCommonwealth _ a
Continental a ____
Corn Exchange.a
Cosm opolitan, a .
(11) East R iv e r ..
Europe a
_____
Federation a . . .
F i f t h ____________
Fifth A v e n u e .a ..
F i r s t ____________
First S ecurity____
Franklin
_____
Garfield___
G otham ___
(12) Grace (W R)
& C o a . ___
Greenwich a . ._
Hamilton
H a n ov er_
_
H arrim an____
Internat Union a .
Lebanon
. ___
Liberty
M adison State.a_
M anhattan, a ____
M echanics & M et.
M utual a .
National Am er___
N ew N etherl’ds.a
Pacific _a________
P a r k _________
(1) Pen nsylvania
Exchange a ____
Peoples C om m ’l.a
Port M orris, a___
P u b lic ___________
Seaboard
Seventh Avenue
Slavonic Im m ig’t a
Standard a
State a . . ____
Trade a _______
23d W ard a . .
United
United S ta te s .a ..
Universal E x .a . .
W ashington H ’tsa
Y ork v ille.a_____
B ro o k ly n .
B ay Ridge
Bushwick
Coney Island a .
F i r s t ____________
Flatbush. a
G lobe Exchange, a
Greenpoint . .
M echanics a ____
M on tau k .a____
M unicipal a . .
Nassau .
Ozone Park. . . _
People’s
Richm ond H ill. „
Rockaw ay Beach.
Sheepshead Bay a
W est E n d .a _____

D iv id e n d s .

U n d iv id e d
P a r

New Y o r k .

S u r p lu s a n d

A m o u n t.

$

$

P r o fits ,

b

P e r io d .

$

1923. 1922.

L a te s t.

100
100
100
100
100
100
100
100
100
100
100
25
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

200,000
118,000 Beg. bus.
6,500,000
5,376,000
Q— J
5,000,000
7,880,400
Q— J
(20)279,800
98,800
200,000
28,600 Beg. bus.
100,000
26,700 Beg. bus.
250,000
902,100
Q— F
200,000
101,800 Beg. bus.
150,000
434,500 J & J
200,000
91,100 J & J
200,000
214,300 J & J
500,000
68,700 J & J
2,000,000
657,200 Beg. bus.
(5) 200,000
87,400 J&D 31
20,000,000 24,071,600
Q— J
10,500,000
Q— J
9,183,700
1,000,000
290,900
A— O
4,500,000 16,876,800 Bi-m o.
40,000,000 52,027,300
Q— J
10,000,000
Q— J
1,500,000
Q— J
1,350,100
(9)1000,000
2,275,500
Q— J
25,000,000 39,308,100
a —j
1,000,000
210,900 Formerly
600,000
1,005,100 J & J 15
1,000,000
986,700 F & A
t>10,000,000 13,082,600
Q —F
§400,000
130,500
J1,500,000
1,371,300 J & D 31
450,000
415,400
Q— J
250,000
215,700 Beg. bus.
1,200,000
Q— J
1,168,400
500,000
2,735,700
Q— J
10,000,000 60,124,100
Q— J
10,000,000
Q— J
800,000
405,100 Beg. bus.
1,000,000
Q— M
1,670,000
1,500,000
Q— J
764,400

12
12 D ec 31 ’23, 6
19(21
12 April 1924, 3
M ay 19’23 V.116, p.2219
9 Apr ’24, 2J4
9
44p 44 p April ’24, 6
35
35 Apr ’24, 10 m
151 15m Apr ’24, 5
M ay 14’23 V .116,p.2091
15s
15s M ar 31 ’24, 3
12
12 Apr 1924, 3

100
100
100
100
100
100
100
100
100
50
100
100
100
100
100
100

(12)500,000
1,000,000
1,000,000
5,000,000
1,000,000
250,000
250,000
500,000
200,000
rlO.OOO.COO
10,000.000
(21)500,000
1,000,000
600,000
1,000.000
10,000,000

1,639,400
2,367,500
314,200
22,422,900
1,812,600
214,800
62,400
113,700
51,800
13,943,800
16,589,400
669,000
509,700
300,500
1,725,200
23,756,100

M & S
Q— J
Beg. bus.
Q— J
J & J
Beg. bus.
Beg. bus.
Beg. bus.
Beg. bus.
Q— J
Q— J
Q— J
Beg. bus.
Q— J
Q— F
Q— J

10
8 M ar 1924, 5
13ft 13ft A p r ’24,3 (18)
Jan. 15’23 V.116, p. 262
24 28(15 Apr 1924, 6
2 0 i
20i Jan "24, 10m
Jan.5 1924.
Jun e 15 19 23.
O ct. 10’23 V . 117,p.1630
D ec. 1 19 23.
16r 24j Apr 1924, 4 x
24z
24 z Apr 1924, 5z
15s 30* Apr 1924, **
April 21’20 V . 110,p.1717
8
8 April 1924, 2
16(8) 16(8) M a y ’24, 4(8)
24 April 1924, 6
24

100
200,000
100
100,000
100
100,000
100 Z4,000,000
100 4,000,000
100
400,000
100
100,000
100
200,000
100 ft3,500,000
100 (19)200,000
100 (13)250,000
100
1,000,000
100
2,000,000
100
100,000
100
200,000
100
200,000

37,600
61,000
58,000
5,406,200
7,462,600
15,500
29,700
130,700
4,661,500
80,600
277,400
460,800
835,400
77,300
411,400
1,089,800

Beg. bus.
Beg. bus.
Q— M 31
Q— J
Beg. bus.
Beg. bus.
Q— M 30
Q— J
Beg. bus.
F & A
Beg. bus.
Q— J
Formerly
Q— J
Q— M

D ec.
D ec.
16
16ra
Sept.
Jan.
41?(4)
16
D ec.
20(6)
July
10
Henr
6
60(7)

100
300,000
100
200,000
100
200,000
100
500,000
100
100,000
100
400,000
200,000
100
50 (14)1600000
100
200,000
100
400,000
100
1,000,000
100
200,000
100
200.000
200,000
100
200,000
100
100.000
ioo
200,000

144,100
89,100
187,200
1,086,000
50,400
183,900
445,700
2,231,600
147,000
326,400
1,716,800
73,600
392,500
91,700
48,700
47,000
167,800

Beg. bus.
Beg. bus.
J & J
Q— J
Beg. bus.
Beg. bus.
J & J
Q— J
Q— M
Q— J
Q— J
Beg. bus.
J & J
J & J
Beg. bus.
Beg. bus.
J & J

April
Sept.
9
14/
Oct.
D ec.
10n
12
6
8
15s
D ec.
10/
4
D ec.

April
12
15
12
Aug7
Jan.
17)60
M ay
None
3
9s
6
June5
lOf
16
16
None
24
16
16(23
12
15s
16 n
Com
10
8
20

n il

14’23 V .116,p.1715
12 Apr. ’24, 3

cl3A Apr. 1924, 4w
n il

1922.
27’21
17)36
1914.
None
10
8/
8
1922.
10/
16
16
None
24
17ft
) 14r
12
15s
16n
mere
10
7
20

L

5
15’20
1 ’22
16?
12
8 19
28’22
1312(4
22t
18’22
20(6)
5 ’ 23
10
y J .S
9
40(7)

June 7 ’23, 12
V.115, p. 727
V . 112, p.440
M a y ’2410(16)
V . 9 8 ,p. 1580
July 1915, 5
Jan. 1923, 3
Jan 1924, 7
Jan. 1924, 2
V . 114, p.2546
D ec 1923, 6 /
April 1924, 4
April 1924, 4
April 1917, 3
M ay 1924, 4
April 1924, 4
A p r ’24,4 (23)
April 1924, 3
April 1924, 3o
A p r’24,4 (10)
ial Trust
Jan 15 ’24, 5
Feb 1924, 4
M ay 1924, 5

Jan. 1922, 5
V . I l l , p.2486
M ar 31 ’ 2 4 ,4 1
Apr ’ 24, 4(3)
19.
) Apr ’24. 1 1 4
Apr 1924. 4ft
V . 1 1 6 ,p . 690
F eb .’24,10 (6)
V . 11 7 ,p .2 9 3
Apr ’24, 2 A
chnitzerStBk
Apr ’24, 1 14
Mar31’24,7H

2 ’23 V .116,p.1493
4 ’23 V. 1 1 7 ,p . 177
9 Jan. 1924, 5
14e April 1924, 3
27’23 V .117,p.2182
6 ’20
10ft Jan. 1924, 6
14/ April 1924, 3
4 At M ar. ’ 24, 1A
6 April 1924, 2
12 April 1924, **
11’22 V .115.p.2870
8 Jan 1924, 5ft
4 Jan 1924, 2
9 ’22 V. 116, p . 263
Nov. 20’22 V.115. p.2347
8 Jan. 1914, 4
8

[V ol. 118.

$5,000,000, and two quarterly divs. of 6% each on new capital. (16) Paid 3% regular and 7% extrain F eb. and M ay 1924. (17) includes extra div. o f 24% in 1922 and
48% in 1923. (18) Paid in Jan. 1924 3% regular and 2 % extra. (19) Capital o f
Trade Bank to be Increased from $200,000 to $700,000. V . 118, p. 1490. (20)
Capital o f American Union Bank increased from $300,000 to $400,000. (21) Capita1
o f M utual Bank increased from $200,000 to $500,000, effective D ec. 14 1922. V.
115, p. 2651, 2346. (23) Paid 4 % (2% regular and 2% extra) in each quarter o f
1923 and also in Jan. and April 1924.
N E W Y O R K AND B R O O K L YN T R U ST COMPANIES.
S u r p lu s
P r o fits
M a rk e t
P a r

N ew Y o r k .
A m e rica n _____
Anglo-So Amer
Bank of N Y & Tr
Bankers___
Brotherhood Loco­
m otive Eng C o-O
Central U nion___
l Com m ercial____
C orp oration _____
E m p ir e __________
E q u ita b le_______
Farmers L n & T r .
F id e lity -ln t_____
F u lton ___________
G u a ra n ty _______
H u d son __________
Irving B k-C ol T r .
Italian D isc & T r .
Lawyers Title & Tr
M etrop olitan ____
New Y o r k _______
N o Amer, Tr Co of
Title Guar & T r . .
U S M tge & Trust
United States____
B r o o k ly n .
B r o o k ly n _______
Kings C ou n ty___
M anufacturers___
M id w o o d _______
P e o p le s______ ___

A m o u n t.

a n d

U n d iv id e d

C a p it a l.
C o m p a r ie s .
M

a r .

D iv id e n d s
a n d

o n

P a id
A ls o

in

1922

L a s t

a n d

1923

D iv id e n d .

V a l.

20 ’24

P e r io d .

1923. 1922.

L a s t P a id .

%

$
$
100 ft2,500,000
100
1,000,000
100
4,000,000
100 20,000,000

$
6 M ar31’2 4 ,lH
6
1,478,900 Q— M 31
511,100 Beg. bus. D ec. 3 192 3.
Q— J
5
20 April 1924, 5
12,361,400
Q—J
20
20 April 1924, 5
24,912,700

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

500,000
12,500,000
1,000,000
500,000
u>2,000,000
23,000,000
5,000,000
2,000,000
500,000
25,000,000
700,000
17,500,000
1,000,000
<16.000,000
2,000,000
10,000,000
500,000
10,000,000
3,000,000
2,000,000

251,400
23,826,000
370,600
254,900
1,860,800
10,659,500
16,785,600
2,042,000
838,100
18,709,900
916,900
11,477,200
530,900
5,701,600
4,085,600
18,407,500
250,000
14,378,100
4,543,400
17,740,500

100
100
100
100
100

1,500,000
500,000
5,000,000
700,000
1,600,000

Beg. bus. in 19 23.
Q —J
22 2 5 A April 1924, 6
J & J
6 D ec. 31 ’ 23. 3
Q - M 31
10 0 2 2 1 4 Mar31’24,2H
/1 7 M ar. 29 ’ 24, 3
Q —M 31
/17
Q— M 31
12 June 30 ’24, 3
e2 0
24 M ay 1924, 6
Q— F
20
Q— M 31
10 Mar31’24,2V£
10
J & J 612 612 Jan. 1924, 76
12 M ar. 31 ’24, 3
Q —M 31
12
Q— M 31
10 M ar31’24,2)4
10
12 April 1924, 3
Q— J
J & D 30 None None June 30 ’21. 5
Q— J
dlO tTO A April 1924, 2 }
Q— M 31
16 M ar 31 ’24, 4
16
Q —M 31
20 M ar. 31 ’24, 5
20
Beg. bus. M ar. 11 19 24. p
Q —M 31 ft22 r20 M ar31’24.7 m
Q— M 31
16 0 2 0 April 1924, 4
50 Apr. 24, 12 A
Q— J s 5 2 A

24 April 1924. 6
24
Q— J
3,622,600
32
40 M ay ’ 24.12 A
Q— F
3,826,500
614
?14 April 1924, 4
Q— J
5,112,400
315,500 S e e V .lll p.146 V.1I0 , p.2454, 1612
19
20 M ar. 31 ’ 24, 5
3,338,900 Q — M 31

a Decrease due to change in dividend period.
6 Includes extra dividends o f 2% .
c Increase due to change in dividend period,
d Paid in 1922 6 % regular and 4%
extra and a stock dividend o f 50% on D ec. 30, increasing stock from $4,000,000 t o
$6,000,000. V . 115, p. 2544. e Paid in 1922 16% regular, 4 % extra and a stock
dividend of 33 1 -3% , the last on D ec. 30, increasing capital from $12,000,000 t o
$20,000,000. V . 115, p. 2757, 2544. / Including extra dividends o f 5 % . g Includ­
ing extra div. of 4 % . ft Capital of American Trust C o. increased from $2,000,000 to
$2,500,000, effective D ec. 1 1923. j Paid Jan. 2% extra, k Incl. extra div. of 7% .
I Includes extra dividend of 1 A % .
r r i Declared in D ec. 1923 a quarterly dividend o f
3% , payable Jan. 2 1924, and an extra dividend o f 8 % , the latter payable 4 % Jan. 2
1924 and 4% M ar. 31 1924. o Includes special dividend o i l 2 A % p See V . 118,
p. 1230, 1203. g July 1923 dividend increased to 4 % . r Includes extra dividend of
8 % . s Paid in 1922 25% each in Jan. and July and first quarterly paym ent o f
12 A % in O ctober, t Com m ercial Trust C o. has been converted to a national insti­
tution preparatory to consolidation with the East River N at. Bank, r Includes
extra div. o f 3 % . w Stockholders’ meeting June 5 to vote on increasing stock from
S2,000,000 to $4,000,000.

N EW Y O R K AND B R O O K L YN FIRE INSURANCE COMPANIES.
C a p it a l.
P a r

Am er. A llia n ce..
B a n k e rs* Ship. _
C ity o f New York
Commonwealth .
Continental.
Fidelity-Phenix..
G lo b e * Rutgers.
Great American.
Ham ilton Fire_
_
H anover. --------H om e .
_____
M ercantile-.
National Liberty
Niagara Fire-----N orthern. .
—
N o r t h R i v e r ------

N e t

D iv id e n d s

S u rp .

31
1923.

D e c .

C o m p a n ie s .

$
100
100
100
100
25
25
100
100
15
50
100
100
50
50
100
25
25
100
25
100
20
10

A m o u n t.

1923.

1922.

1921.

$
$
20
1,000,000
2,036,340
20
20
815,471 Beg. b us. N o V .1918
1,000,000
725,518
12
10
1,000,000
10
1,488,034
10
500,000
10
10
24
22
20
10,000,000 16,270,390
24
30
40
5,000,000 13,126,105
674
60
20
63,500,000 15,692,715
16
16
16<7
612,500,000 12,465,361
12
12
200,004
1,154,617
16
10
10
d l , 500,000
1,402,101 dlO
25
25z
18
218,000,000 16,483,287
10
10
10
1,000,000
1,200,701
3,002,893
20ft
20
ftl,500,000
S 2 2 A
3,733,134
20
20/
/ 3 , 000,000
(/)
7
8
943,490
10
P i,000,000
10
10
2,000,000 w2,582,983 n l l ' A
15 m
v2 0
1,116,903 v 2 0
400,000
35
5,172,798
03,000,000
(o )
(o)
64
1,722,078
30
1,200,000
( .V )
407,188
6
700,000
1AI N one
4,802,742 jlo
10
e l2 1 4
3 2 . 000,000
m 2 5
m 25
3.144,685 m 2 5
a l . 500.000

Apr. 1924, 5
M a y ’24, 2 A
Jan. 1924, 6
Jan. 1924, 10
Jan. 1924, 12
Jan. 1924, 12
April 1924, 6
April 1924, 4
M ay 1924, 4
Apr. ’ 24, 2 A
Jan. 1924, 9
Jan. 1924, 10
Jan.1924, 106
Jan. 1924, 8
Jan. 1924, 5
June 15 ’24, 3
Apr. 22 ’24,5*
Jan. 1924 (o)
April 1924, 6
April ’24, 1 A
M ay 1924, 5c
M ay ’24, 6ws

a State banks,
6 M ar. 31 1924 for national banks and M ar. 20 1924 for State Pacific Fire.
banks, c Decrease due to change in dividend period, d Increase due to change in Queen of America
dividend period, e Includes extra dividend of 2 A % - /In clu d e s extra div. of 2 % . Rossia of Amer
Stuyvesant —
g Paid in 1923, 2% each in January, April and July; none in O ctober, dividend period
being changed to semi-annual, ft Paid on Jan. 4 1924 a stock dividend of 2 0% , in­ j United S ta tes..
W estchester____
creasing stock from $2,500,000 to $3,500,000. i Includes extra d iv. of 10% . j Paid
in Jan. 1924, 3% regular and 4 % extra, ft Includes extra div. of 1 % . I Paid on
a Capital of Westchester Insurance C o. increased from $1,000,000 to $1,500,000,
Feb. 28 1924 a stock dividend o f 14 2-7% ($500,000), increasing capital from $3,- effective Jan. 10 1924. 6 Includes extra dividend of 2 % . c Paid in Feb. and M ay
500,000 to $4,000,000. V . 118, p. 969, 168. m Includes extra div. of 5 % . a In­
cludes extra divs. of 4 % . o Paid in Jan. 1924, 3% regular and 3% extra. V In­ 1924 quarterly dividend o f 5% each, increased from 2 1 4 % quarterly, d Capital in­
cludes special dividends as follows: July 1922, 20% ; July 1923, 2 0 % . ? Also paid a creased from S I,000,000 to $1,500,000, effective April 9 1923, a stock dividend of
stock dividend o f 16 2-3% in D ec. 1922. r Includes extra dividends o f 6 % . s In­ 50% being paid April 9. e Increase due to change in dividend period. / Niagara
cludes extra divs. of 3 % . t Paid 1 H % each in June (first since July 1914), Sept,
and D ec. 1922. v Paid in Jan. 1924, 5% regular and 20% extra, v Capital in­ Fire Insurance C o. paid a stock dividend of 50% on D e c. 29 1922, increasing stock
creased from $9,075,000 to $10,000,000, effective Jan. 3 1924. V . 117, p. 2293. from $2,000,000 to $3,000,000. In 1923 paid in Jan., 10% on old capital and 8%
ttfJan. 1924 dividend, 4 % . x Also paid in D e c . 1922 a stock d iv. of 100% , increasing on new capital, g Capital increased from $10,000,000 to $12,500,000, a stock
capital from $5,000,0000 to $10,000,000 (V . 115, p. 2544, 2126). Paid in Jan. 1923 dividend of 25% being paid to holders of record N ov. 25 1922; first dividend on new
first div. on new capital, 3% and 1% extra; same amounts paid quarterly since.
z Extra divs. of 2 % paid in January and July each year.
* Paid in 1922 quarterly capital, 4 % , paid in Jan. 1923. ft Paid in 1922, 15% each quarter and extra divi­
cash divs. of 5 % each, 10% extra in January and a stock div. o f 150% in D ec. 1922; dends as follows: Jan., 2 % ; April, 3 % ; July, 4 % ; O ct., 5 % . Also a stock dividend
first div. on new stock paid Jan. 2 1923, 3% regular and 3 % extra.t Paid in Jan. 1922 of 400 % , increasing stock from $700,000 to $3,500,000 (effective D e c. 12 1922).
a semi-annual d iv. of 6 % and an extra div. of 4 % ; div. period changed to quarterly, First dividend on new capital, 5 % , paid in Jan. 1923. i First dividend, j Stock­
and first quar. d iv. 4 % , paid in A pril 1922. t Capital o f East R iver National Bank
increased from $1,000,000 to $1,500,000, effective Jan. 2 1924. V . 118,p. 168; V.116, holders of Colonial Insurance (capital, $600,000) and United States Fire Insurance
p.2482. **P a idin Ja n . 19243% r e g .a n d 3 % extra. § Capital increased from $200,- (capital $1,400,000) companies voted to consolidate under name of United States
000 to $400,000, effective N o v . 19 1923. (1) Formerly Baltic State Bank; name Fire Insurance C o. with capital of $2,000,000 (effective D ec. 21 1922); first dividend
changed April 21 1924. V . 118, p . 2267. (2) Paid in Jan. 1923 semi-ann. d iv. o f 6%
and 4 % extra and 3 % each in A pril, July and O ct. (3) Paid in J a n . 1924 3% reg. and on new capital, 2 A % , paid in Feb. 1923; in M ay 1923 2 A % regular and 5% extra;
i
2% extra. (4) Paid in 1922 in cash 3% and 1 A % extra in both Jan. and July, and Aug. and N o v . 1923, 2 M % each, ft Capital increased from $1,060,000 to $1,500,4 H % cash D e c . 30; also 100 % stock d iv . on D e c . 30; in M arch 1923 paid a quar. d iv . 000, effective D e c. 29 1922, a stock dividend of 50% being paid D e c. 29 1922. I Paid
of I A % on new capital. (5) Stockholders o f Central M ercantile Bank at meeting on O ct. 27 1922 a dividend of 1 A % , first since Jan. 1917. m D ividends have been
M ay 21 ratified proposition to increase capital to $1,500,000. V . 118, p .2536,226 7.
(6) Paid 5% regular and 5 % extra in both Feb. and Aug. 1922, 1923, and 1924 to paid as follows: 5% each quarter and 1 A % extra in Feb. and A ug. and 1% extra
date. (7) Paid extra div. of 24% in 1922 and 30% in 1923. (8) Paid extra div. of M a y and N o v . n M arch 15 1923 dividend 2 ’-'2 % ; June, Sept, and D e c., each 3 % .
2 % each quar. in 1922, 1923, and 1924 to date. (9) Capital of Colonial Bank in­ o Capital increased from $2,000,000 to $3,000,000 in D e c. 192 2,a 5 0 % stock dividend
creased from $800,000 to $1,000,000, effective Jan. 16 1924. V . 118, p. 394. (10)
being paid; a cash dividend of 35% was paid on new capital o f $3,000,000 in March
Paid in Jan. 1924 3% regular and 4% extra. (11) Commercial N at. Bank, form erly 1923; in July 1923 and Jan. 1924 paid semi-annual dividends at the rate of 23.33%
the Commercial Trust C o ., converted to a national institution and consolidated with
per annum, p Capital stock of N orthern Insurance C o. increased from $500,000 to
the East River N at. Bank, effective M ay 22. V . 118, p . 2536, 1627. (12) W . R .
Grace & C o .’s Bank converted to a national institution April 29 1924 under name of $1,000,000, effective D ec. 20 1923. s Tw o and one-half per cent extra, u Five per
Grace N at. Bank, and capital to be increased to $1,000,000. V . 118, p. 2267. cent of this is extra, v Paid in 1922 and 1923 5% regular each Jan. and July and
5% extra each April and O ct.; in 1924 paid 5% regular in Jan. and 5% extra in April.
(13) Capital o f the Tw enty-Third W ard Bank to be increased A ug. 1 1924 from $250,- w Includes special reserve and guaranty surplus funds, x Capital of H om e Insurance
000 to $750,000. V . 118, p. 1230. (14) Capital of M echanics Bank to be increased C o. increased from $12,000,000 to $18,000,000, a stock dividend of 50% being paid
from $1,600,000 to $2,000,000. V . 118, p. 1741. (15) Paid In 1922 tw o quar. divs. to holders of record D ec. 31 1922; first dividend, 9 % , paid on new capital in Jan. 1923.
o f 8% each on old capital o f $3,000,000, a stock div. o f 66 2-3% increasing capital to y Paid in 1922 50% cash on old stock and a stock dividend o f 200 % .




M ay , 1924.]

RAILW AY—INDUSTRIAL—PUBLIC UTILITY

CHANGES IN RAILROAD WAGES.
{.Concluded fro m page 6.)

Board’s jurisdiction. The excoriation of the Pennsylvania
system resulted when the railroad refused to deal with the
elected representatives of the clerks’ organization as officials
representing employees’ organization, although the railroad
was ready to consider them as individuals. (V. 116, p. 2693,
2953; V. 117, p. 1849.) Judge Dickinson in the Federal
District Court at Philadelphia, Pa., on Dec. 21 1923 dis­
missed the suit of the Brotherhood of Railway Clerks, Freight
Handlers and Station Employees of the Pennsylvania R R.
to compel the company to recognize their delegates in
conferences on wages and conditions, on the ground that
the Federal Court had no power to enforce the decisions of
the U. S. R R. Labor Board and that the only way the Board’s
mandates could be carried out was in the “ court of public
opinion.” The Board itself, Judge Dickinson declared,
had no power to execute its own orders, “ and no power has
been delegated to the courts to have the decrees carried out.”
In conclusion the opinion said:
The judgment it [the Labor Board] may render may be acceptable to
neither party, but each has the legal right to accept it or refuse to follow it.
If the parties refuse acquiescence all that the Board can then do is to give
publicity to its ruling, leaving the parties to their willingness to adjust
the dispute under the guidance and perhaps the stress of public opinion,
influenced, or it may be aroused, by the opinion of the Board.

On the same grounds, Judge Dickinson in the Federal
District Court at Philadelphia on Feb. 5 1924 dismissed the
$15,000,000 suit brought by the shopmen’s organization
against the Pennsylvania R R. system. (V. 117, p. 2849;
V. 118, p. 627.) ________________________
NATIONAL R A IL W A Y SERVICE CORP. EQUIP. TRUSTS
This company was incorporated in Maryland July 29 1920
at the instance of the National Association of Owners of
R R . Securities (S. Davies Warfield of Baltimore, President)
to co-operate with the I.-S. C. Commission in assisting
the railroads of the country to finance their needs for new
rolling stock, as permitted by the amendment to the Trans­
portation Act of 1920. (Compare V. I l l , p. 458.)
The certificates were described by President Warfield
substantially as follows (compare V. I l l , p. 1661, 458,493):
C orp ora tion . — A public corporation, operated without profit. The
entire capital stock, which is nominal, has been subscribed by the National
Association o f Owners of R R . Securities and will be deposited with the
Secretary o f the Treasury.
D e scrip tio n . — The initial certificates were issued in two series, not to
exceed $30,000,000 each, maturing in 15 years in 30 semi-annual payments.
Six railroads or systems (see below) were to be included.
Class o f C ertificates. —-The Certificates of each series are divided into
(a) P rio r L ien and (6) D eferred L ien C ertificates. Trustee, Guaranty Tr. Co.
on conditional sales basis; Bankers Trust Co. on lease basis.
T.ie Prior Lien Certificates are prior in lien, bear int. at rate of 7% and
will be taken by life insurance companies and investment institutions to
the extent of 60 % of the present issue of each series
Deferred Lien Certificates to the extent of 40% bearing in,, at 6% will
be issued to secure the Government loans to the Service corporation as the
terms to eacn carrier are approved by the f.-S. . Commission.
S ecurity, & c . — The Deferred Lien Certificates are deferred both as to
principal and interest to the Prior Lien Certificates in the hands ov investors.
A contingent fund and a sinking fund are provided under the trust agree­
ments, wnich, with the carrier contracts are to be administered by the
Corporation and the corporate trustees. As additional security to the
Certificates, each carrier deposits with the trustee its notes for the purchase
or rental o f the equipment.
Railroads Inclu ded in P resent S eries. —-The carriers which were to be in­
cluded in one or the other of the initial series were as follows (compare V.
113, p. 183; V. 112, p. 1144, o72, 62):
Baltimore & Ohio R R .
Minneapolis & St. Louis RR.
Chicago Rock Island & Pacific R y. N ewOrl.Tex.& M ex.(V.112,p .1144).
Bangor & Aroostook Ry.
Wheeling & Lake Erie Ry
Certificates Issu ed and Outstanding.

(a) Conditional sale basis: B. & O., N . O. T. &
M ., Bangor & Aroostook:
Issu ed .

Prior lien certificates------------------------------------ $9,253,000
Deferred lien certificates________________ •
____6,179,100
(ft) Lease basis: C. R. I. & P., Minn. & St. Louis,
Wheeling & Lake Erie:
Prior lien certificates------------------------------------ $7,888,000
Deferred lien certificates____________________ 5,258,730

O u tM ar 31’24
$7,448,000 00
4,970,594 80
$6,575,000 00
5,129,144 34

CONTRACTS EXECUTED A N D COMPENSATION
PAYABLE THEREUNDER.
The United States Railroad Administration as of Sept. 15
1920 reported the contracts actually executed by the com­
panies and the Director-General and the compensation to
be paid thereunder to the several roads as shown in the
issue of this Section for Nov. 27 1920, page 6. There have
since been some few changes.
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:
Henry C. Hall of Colorado, Chairman; Charles C. McChord of Kentucky,
Balthasar H. Meyer of Wisconsin, Frank McManamy of the District of
Columbia, Clyde B. Aitchison of Oregon, Joseph B. Eastman of Massa­
chusetts, Mark W. Potter of New York, John J. Esch of Wisconsin, E. I.
Lewis of Indiana, J. B. Campbell of Washington. Frederick I. Cox of New
Jersey, with George B. McGinty of Georgia, Secretary; Alfred Holmead of
the District of Columbia, Assistant Secretary; Thomas A. Gillis of Penn­
sylvania, Assistant to Secretary; T. Leo Haden of the District of Columbia,
Chief Clerk and Purchasing Agent.

LOANS, ETC., MADE BY FEDERAL AUTHORITIES
UNDER CONTROL ACT, ACT OF 1920, ETC.
During the Federal control period from Jan. 1 1918 to
Feb. 29 1920, and the guaranty period of 6 months from
March 1 to Aug. 31 1920, and as a result of the financial
operations called for by the Control Act of 1918, the Trans­
portation Act of 1920 and the Act incorporating the War
Finance Corporation, advances to a large amount were made
to the railroads by the U. S. Treasury, the Director-General



253

and the War Finance Corporation on account of additions
and improvements, the funding and refunding of loans and
in the case of the Boston & Maine for reorganization purposes.
The securities acquired on account of such advances by
the U. S. Treasury and still held by it on recent dates were:
(1) O bligations o f $26,000,000 H eld by U nited States F eb. 29 1924, u n d er
Sec. 7 o f F ederal C ontrol A c t o f 1918.
Boston & Maine R R _____________________________________________________$25,950,000
Washington Brandywine & Point Lookout R R ___________________ 50,000
(2) O bligations o f $235,570,000 A cqu ired by U nited States P ursuant
o f T ran sportation A c t o f 1920 and H eld F eb. 29 1924.
Ann Arbor R R ______________
$525,000 M lssouri-Kansas-Texas R R .
Baltim ore & Ohio R R ______
9,000,000 M issouri Pacific R R _________
Bangor & Aroostook R R ____
325,000 M onongahela R y ___________
Central Verm ont R y _________
700,000 N Y Chic & St Louis R R ____
Boston & M aine R R _______
1,030,000 N Y N H & H artford R R ____
Chicago & Eastern 111 R y ____ 3,425,000 N Y Susq & W est R R ______
Chicago Great W estern R R 950,000 N orfolk Southern R R ______
Chicago M ilw & St Paul R y - 20,000,000 Pennsylvania R R ___________
Chic R o ck Island & Pac R y - 8,000,000 Pitts Cin & St L R R _______
1,500,000 St Louis-San Francisco R y _ .
Delaware & H udson C o _____
D et T oledo & Ironton R R ___
700,000 St Louis Southwestern R R . .
8,750,000 Seaboard Air Line R y ______
Erie R R ____________________
Gulf M obile & Northern R R .
480,000 Virginian R y ________________
Internat & Great N o rth e rn .. 2,400.000 W abash R y _________________
Kansas Oklahoma & Gulf R y . 1,410,000 W estern M aryland R y _____
M aine Central R R __________
750,000 W heeling & Lake Erie R y . . .
M inneapolis & St Louis R R . 1,250,000

to Sec. 207
S4,750,000
3,000,000
1,900,000
1,000,000
64,000,000
100,000
200,000
69,100,000
18,250,000
3,000,000
700,000
2,000,000
2,000,000
1,500,000
2,000,000
900,000

(3) O bligations o f $350,600,667 A cqu ired by U nited States Governm ent to
A p r i l 30 1924 Pursuant to Sec. 210 o f T ran sportation A c t o f
1920 fo r L oans fr o m $300,000,000 Revolving F u n d .
International & Great W est­
Alabama Tennessee & N or­
ern R y , Receiver o f _____ x$194,300 00
thern R R ________________ x$489 ,000 00
Alabama & Vicksburg R y . . 1,394 ,000 00 D es M oines & Central Iowa
R y , form erly the InterAkron Canton & Youngs­
tow n R y ________________
212 ,000 00
Urban R y _______________
633,500 00
Ann Arbor R R ____________ x650 ,000 00 Kansas C ity M exico & Ori­
Aransas H arbor Term R y . .
50, 000 00
ent R R , Receiver o f the_x5,000,000 00
Atlanta Birmingham & At­
Kansas C ity Term inal R y _ .
580,000 00
x200 ,000 00 Lake Erie Franklin & Clar­
lantic R y _______________
Baltimore & Ohio R R _____ x3,000 ,000 00
ion R R __________________
x25,000 00
Bangor & A roostook R R ___ x200 ,000 00 Long Island R R , T h e_____ x719,000 00
Birmingham & N orthwest­
Louisville & Jeffersonville
ern R y __________________
75 ,000 00
Bridge & R R ___________ xl62,000 00
Boston & M aine R R _____ x26,705 ,479 00 M aine Central R R _______ 2,373,000 00
Buffalo Rochester & Pitts­
M inneap & St Louis R R . . . 1,382,000 00
burgh R y _________________ 1,000 ,000 00 M issouri Kansas & Texas
Cambria & Indiana R R ____ x250. 000 00
R y of Texas, Receiver o f . x450,000 00
Carolina Clinch & O R y _ .x l0 .0 0 0 , ,000 00 M issouri & N orth Ark R y . 3,500,000 00
Central o f Georgia R y ____ x237 ,900 00 M issouri Pacific R R _____ xl0,071,760 00
Central N ew England R y . .
300 ,000 00 National Railway Service
C o rp o ra tio n ___________ xll,4 3 7 ,8 3 0 00
Central V erm ont R y ______ x 193 000 00
Charles C ity W estern R y . .
140 000 00 New Orleans Texas & M ex­
Chesapeake & Ohio R y ____x9,097, 000 00
ico R y __________________ x234,000 00
Chicago & Eastern Illinois
New Y ork Central R R .._ x 2 6 ,7 7 5 ,0 0 0 00
R R . R eceiver___________
785, 000 00 New Y ork N ew H aven &
H artford R R __________ x27,530,000 00
Chicago G t W estern R R _.x2,68 5, 373 00
Chicago Ind & Louisv R y . . x200, 000 00 N orfolk Southern R R _____ x l , 666,000 00
Chicago M ilw & St P R y_.x70,340, 000 00 N orthern Pacific R y ______ x6,000,000 00
Chicago R I & Pac R y ____ 9,862, 000 00 Pennsylvania R R _______ x 12,480,000 00
Chicago & W est Ind R R ..x 8 ,0 0 0 000 00 Peoria & Pekin Union R y ..x l,7 9 9 ,0 0 0 00
Cisco & Northeastern R y _ .
236, 450 00 Rutland R R ______________
x61,000 00
Salt Lake & U tah R R _____ x l , 000,000 00
Cowlitz Chehalis & Cascade
45, 000 00 Seaboard Air Line R y _____ 15,457,400 00
R y ______________________
Cumberland & Manchester
The Seaboard-Bay Line C o .x 4 ,400,000 00
R R ______________________
375, 000 00 Shearwood R y ____________
29,000 00
E r ie R R ___________________ 11,574 ,450 00 Tam pa N orthern R R _____ xlOO.OOO 00
Evansville Indianapolis &
Tennessee Central R y _____ 1,500,000 00
Terre Haute R y ________
400
Terminal R R A ssociation o f
St Louis_________________ x896,925 00
Fernw ood Colum bia & Gulf
R R _____________________
x33 000 00 T oled o St Louis & W estern
Flemingsburg & N or R R __
x7 250 00
R R , Receiver o f ________ x692,000 00
Fort D odge D es M oines &
Trans-Mississippi Term inal
R R C o __________________ 1,000,000 00
Southern R R ___________
200
Fort Smith & W estern R R ,
106,000 00
Virginia Blue R idge R y ___
Receiver o f th e __________
156 0 00 00 Virginia Southern R R ____
38,000 00
Gainesville & N W R R ____
75, 000 00 Virginian R y , T h e _________ 2,000,000 00
Georgia & Florida R y , R e­
W aterloo C F & N or R y _ _xl,320,000 00
ceivers o f ________________
792 000 00 W estern M aryland R y ____x3,422,800 00
Great N orthern R y ______ x33,496 ,000 00 W heeling & Lake Erie R y . 3,460,000 00
Greene County R R _______
x60 000 00 W ilm ington Bruns & So R R
90,000 00
Gulf M obile & N or R R ____ 1,433, 500 00 W ichita Northwestern R y .
381,750 00
H ocking Valley R R _______ 1,665 000 00
Illinois Central R R _______ x4,440 ,000 00
T o ta l........ .......... ............ $350,600,667 00
Indiana H arbor Belt R R . . x579 000 00
x Repayments of the foregoing loans under Section 210 have been made
to the extent shown below.
A laT en n & N or R R C o rp _ .
$55,000 00 Louisville & Jeffersonville
Ann Arbor R R ____________
240,000 00
Bridge & R R C o _______
$15,000 00
Atlanta Birm & A tl R y ____
20,000 00 M o K an & Texas R y o f
Texas, R eceiver_________
60,000 00
Baltim ore & Ohio R R _____
100,000 00
Bangor & Aroostook R R . .
56,000 00 Missouri Pacific R R ______ 4,602,000 00
Boston & M aine R R ______ 5,000,000 00 National R y Service C o rp . 1,338,090 86
234,000 00
Cambria & Indiana R R ___
250,000 00 N O Texas & M exico R y ___
Carolina Clinchf & Ohio R y . 10,000,000 00 New Y ork Central R R ____ 26,775,000 00
200,000 00
Central o f Georgia R y _____
237,900 00 N Y N H & H artford R R . .
Central Verm ont R y ______
26,000 00 N orfolk Southern R R ____
68,800 00
Chesapeake & Ohio R y ____ 1,023,976 03 N orthern Pacific R y ______ 6,000,000 00
Chicago Great W estern R R
480,000 00 Pennsylvania R R _________ 12,480,000 00
2,000 00
Chicago Ind & Louisv R y . .
45,000 00 Peoria & Pekin U nion R y _ .
Chicago Milw & St Paul R y . 35,340,000 00 Rutland R R ______________
61,000 00
Chicago & W estern Ind R R
281,000 00 Salt Lake & Utah R R _____
111,700 00
Fernwood C ol & Gulf R R .
8,000 00 Seaboard Air Line R y _____
500,000 00
Flemingsburg & N or R R . .
7,250 00 Seaboard Bay Line C o ____
318,000 00
Great Northern R y ________31,888,000 00 Tam pa Northern R R _____
100,000 00
896,925 00
Greene County R R _______
12,000 00 Terminal R R Assoc o f St L .
Indiana H arbor Belt R R _ .
579,000 00 T oledo St Louis & Western
R R , R eceiver___________
92,000 00
Illinois Central R R _______ 4,440,000 00
Int & Gr N or R y , Receiver
194,300 00 Trans-M iss Term R R ____ 1,000,000 00
Kansas C ity M ex & Orient
W aterloo C F A N or R y _ . .
60,000 00
600,000 00
R R . R eceiver___________ 2,500,000 00 W estern M aryland R y ____
Lake Erie Fr & Clarion R R
6,250 00
T o t a l __________________149,023,191 89
Long Island R R __________
719,000 00
The carriers which have paid into the Treasury excess earnings during
the guaranty period, pursuant to the provisions of Section 209 (d) of the
Transportation Act, 1920, as amended, and the amounts severally paid by
them to the United States are as follows:
Ahnapee & Western Railway Co_____________________________________ $2,940 39
Barre & Chelsea Railroad Co _________________________________________
25,391 33
Campbell’s Creek Railroad Co-----------------------------------------------------------------3.560 52
Carolina Railroad Co ___________________________________________________ 78
910
East Tennessee & Western North Carolina Railroad Co________ 10,473 42
Ironton Railroad Co ____________________________________________________ 77
1,932
Kewaunee Green Bay & Western Railroad Co -------------------------------- 260 50
Lake Tahoe Railway & Transportation Co _________________________
5,004 23
Louisiana Western Railroad Co _____________________________________
168,397 58
Massena Terminal Railroad Co _____________________________________
7,399 44
South Manchester Railroad Co _____________
1,079 16
Total______________________________________________________________________$227,350 12

The aforesaid securities are in addition to securities re­
ceived by the Director-General of Railroads as follows:
D efin itiv e S ecurities o f C arriers H eld by D irector-G eneral M a y 1 1924 {T otal
$283,712,700).
(a) Bonds—$28,570,300—
Mortgage bonds of Boston & Maine (Series “C,” “D ” and ‘-L ”) .$26,980,000
Kansas Oklahoma & Gulf Ry. (Series “A” and Govt. Lien) -------- 1,590,000

254
(6)

C ollateral

RAILW AY—INDUSTRIAL—PUBLIC UTILITY
N otes-

$233,530,000

$319,307,650)—
Ann Arbor R R ....... .................

(.Am ount

of

Collateral

D ep o sited ,

$525,000
9,000,000
325,000
700,000
400,000
3,425,000
950,000
20,000,000
8,000,000
1,500,000
700,000
8,725,000
480,000
2,400,000
750,000
1,250,000

M iss-Kan-Texas R R __________ $4,750,000
Baltim ore & Ohio R R ______
Missouri Pacific R R _________ 3,000,000
Bangor & A roostook R R ____
Monongahela R y _____________ 1,900,000
Central Verm ont R y _________
N Y Chicago & St Louis R R . 1,000,000
Chartlers Sou R y ___________
N Y N H & H artford R R ____ 64,00 ',000
Chicago & Eastern Illinois R R
N Y Susq & W estern R R ____
100,000
Chicago Great Western R R . _
N orfolk & Southern R R _____
200,000
Chicago M ilw & St Paul R y . .
Pennsylvania R R ___________ 69,100,000
Chic R ock Island & Pac R y . .
Pitts Chic Cin & St L R R ____ 18,250,000
Delaware & Hudson C o _____
Seaboard Air Line R y ______
2,000,000
D et T oled o & Ironton R R . .
St L-San Francisco R y ______
3,000,000
Erie R R ____________________
St Louis Southwestern R y ___
700,000
G ulf M obile & N orthern R R .
Virginian R R ________________ 2,000,000
Internat & G t N orthern R R .
Wabash R y _________________ 1,500,000
M aine Central R R __________
Western M aryland R y ______ 2,000.000
M inn & St Louis R R _______
Wheeling & Lake Erie R y ___
900,000
(c) E quipm ent Trust O bligations— (of w h ic h $ 3 2 4 ,9 4 4 ,3 5 0
have been sold or paid at maturity) _________________________
21,612,400

The War Finance Corporation also aided in the financing
during Federal control.
Railroad L oans M a d e by W a r F in a n ce C orporation U n p a id M a y 12 1924.
Orig. A m t.
U n p a id .
Erie RR. (Collat. 1st Cons. Gen. Lien 4%, $19,217,000; Gen. M . 4%, Ser. “D ,” $8,372,000;
Gen. M . Ser. “B,” $440,000 ______________________
$12,768,420
$5,000,000
Total of all loans made to, or on account of, carriers
in 1918-19 by War Finance Corporation _ _ _ _
_ _ _$204,794,520 $5,000,000
Railroad L oans P aid in Full Since A u g . 1 1921.—N. Y. Central RR.,
$20,500,000; Chic. Ind. & Louisville RR., $1,400,000; Southern Ry.,
$7,355,270; Ann Arbor RR., $50,000; Chicago Rock Island & Pacific Ry.,
$10,430,000; total, $39,735,270.

ASSOCIATION OF R A IL W A Y EXECUTIVES.
For list of the 111 member roads and systems and names
of Standing Committee and Law Committee, see pages 34
and 35 of “ Official Railway Guide” for May 1924.

[V ol. 118 .

33 1-3% of the principal amount of each maturity; and the Director-General
will be prepared to sell 66 2-3% of issues of equipment trust obligations,

unsubordinated, at par and accrued interest to date of delivery. The
Railroad Administration will thus retain the one-third subordinated part
of all serial maturities.”

Statement o f E qu ipm ent Trust N o tes O riginally Issu ed a nd o n H a n d a s o f
M a y 12 1924.
O riginal
Still for
Original
Still for
Issue.
Sale.
Sale.
Issue.
Road—■
Road—
$
$
$
$
L & N (Trust 37). 7,689,000
Ala Great South..
165,000
(Trust 3 7 A )____ 2,869,500
193,600
790,500
Ann Arbor_______
M aine Central____ 1,203,000
293,700
Atch Top & S F e .. 7,356,000
*917,000 M ichigan Central- 5,196,000
Atl Birm & A tl___
982,500
369.600
M inn & St L o u is .. 1,512,000
Atl Coast L (Tr 4) 5,929,500
M o K an & T exa s. 1,261,500
309.100
(Trust 4A )_____
450,000
635,800
M o Pacific (Tr 41) 2,601,000
Atl Coast Line &f
633.600
(Trust 41 A ) ____ 2,592,000
Louisv & Nash( 1,183,500
625,900
(Trust 4 1 B )____ 2,563,500
Joint Lessees of |
650.100
(Trust 4 1 C )____ 2,656,500
Georgia R R ___i
M obile & O h i o . . .
607,500
Balt & Ohio______ 17,800,500
Boston & M aine.. 6,813,000 1,674,200 M onongahela R y .
493,500
Buff Roch& Pitts. 2,004,000
M organ & K ing’d . 2,601,000
635,800
Nash Chatt & St L 1,297,500
Caro Clinch & Ohio 6,210,000
N Y Central_____ 13,840,500
Central RR of N J 5,932,500
N Y N H & H . . . 4,438,500 1,087,900
Charles & W Caro.
817,500
N orfolk & W estern 6,885,000
Ch & Ohio (Tr 13) 9,697,500
N orfolk Southern.
132,000
(Trust 13A)____ 1,669,500
271,500
444.400 N orthw est P a cific.
Chicago & A lton .. 1,816,500
180.400 Penn (Notes 1-14).54,516,000
Chic & East Illinois 741,000
Chic & Northwest 9,973,500
(N ote 15)______ 3,896,000
68,200 Pere M a rq u e tte ..10,099,500
Chic & West In d ..
279,000
Chic Burl & Quincy 6,060,000
Pitts & Lake E rie.
582,000
159,500 Pitts M c K & Y ou g 2,824,500
Chic Great W e s t ..
651,000
Ch Ind & Louisville 1,039,500
Rich Fred & P o t’ c .
984,000
R u tla n d __________
Chicago Junction478,500
370,500
C hM ilw & StPaul.l6,444,500 4,020,500 St L-San Francisco
695,200
(Trust 7 1 A )____ 2,844,000
Ch R I & Pacific.. 8,117,250
699,600
(Trust 7 1 B )____ 2,860,500
Chic St P M & Om 2,352,000
730,400
(Trust 7 1 C )____ 2,989,500
C N O & Texas Pac
957,000
711.700
(Trust 7 1 D )_____ 2,910,000
C C C & St Louis. 5,200,500
679,800
(Trust 7 1 E )____ 2,779,500
Colo & Southern.. 1,050,000
403.700
Seaboard Air L in e. 1,650.000
Del & Hudson____ 3,981,000
Southern P a c ific .. 2,814,000
Det & Tol Sh Line
501,000
Southern Railw ay. 10,293,000
Det Tol & Ironton
844,500
214,500
879,000
Erie......... ................. 4,501,500 1 , 101,100 SpokPortl& Seattle
Term Assn of St L .
342,000
Ft W & Denver C .
508,500
585,200
218,900 Texas & P a cific___ 2,392,500
Gr Trunk of Can.
898,500
756,800 T o l & Ohio Central 2,172,000
Gr Trunk Western 3,097,500
T o l St L & W estern 1,182,000
Great Northern.. 4,294,500
Virginian Railway 1,630,500
Hock Val (Tr 32). 1,345,500
Trust 32A )____ 1,489,500
W abash Rail w ay. 11,331,000
W ash Southern___
421,500
Illinois C en tral... 9,706,500
94,500
W ash Term inal___
Ind Harbor B e lt..
589,500
210,100
W est M a r y la n d ..
856,500
Kanawha & M ich. 1,035,000
233,200 Wheel & Lake Erie 4,587,000 1 , 122,000
Kan City Southern
954,000
Kan City Terminal
187,500
Lake Erie & W est.
648,000
T o ta l__________ 346,556,750 21,261,500

SETTLEMENTS WITH IN D IV ID U A L CARRIERS.
The United States Railroad Administration reports that
up to Feb. 27 1924 it had concluded final settlements with
a total of 437 railroads, including 69 short lines. The pay­
ment of these claims on final settlement was largely made up
of balance of compensation due, but includes all other
disputed items, as between the railroad companies and the
* Complete maturities 1922 to 1935, incl., portions of which have net
Administration during the 26 months of Federal control. been sold.
N o te . — All other items in “ Still for Sale” column are approximately
The list of railroads with which settlements have been con­ one-third of maturities from 1925 to 1935, inclusive, stamped as to subordi­
cluded up to Nov. 14 1923 was given in the “ Chronicle” of nation.
Dec. 1 1923. Later settlements will be found in our “ General
UNITED STATES RAILROAD LABOR BOARD.
Investment News” Department under the heading “ United
This Board, created by Transportation Act of 1920,
States Railroad Administration,” in V. 118, p. 1270 and consists of the following:
204 and V. 117, p. 2772, 1993.
Ben W . Hooper, Chairman; G. W . W . Hanger, Vice-Chairman; Horace

Baker, Edwin P. Morrow, J. H. Elliott, Samuel Higgins, W . L. M cM enimen, 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.
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, of all the notes
which by their terms shall be due and payable in any year, and upon pre­
sentation of such notes for that purpose, the trustee shall stamp thereon,
or upon such part thereof as said holder, or holders, may designate and
request, the following words:
“ ‘For value received and as an inducement to purchases of unstamped
notes, the holder of this note has caused the same to be stamped pursuant
to Article Eleventh o f the Equipment Trust Agreement mentioned in the
note, and, as provided in said Article Eleventh, the unstamped notes shall
be payable in preference and priority to the stamped notes out of any
moneys received or collected by the Trustee under said Equipment Trust
Agreement, upon enforcement o f its rights or remedies in case of a default
o f the carrier.’
“ For the present, it is the purpose of the Director-General, upon the
execution o f the supplemental agreements, making the amended clause
operative, to make sales o f railroad equipment trust obligations under an
arrangement, to subordinate, on the part o f the Government, approximately




Settlement of Accounts with Director-General of
Railroads.
The following shows the account of the Director-General
of Railroads with the carriers as of M ay 1 1924. It will
be observed that out of a total of $612,789,550 securities
acquired by the United States Government for additions
and improvements made during the period of Federal
control of the railroads and for loans made to them, $329,076,850 have been sold or redeemed, leaving $283,712,700
on hand M ay 1 1924. Details of this latter amount appear
on page 254.
D efin itive Railroad Securities H eld by U . S. Railroad A d m in istra tion —
D irector-G eneral o f R ailroads — M a y 1 1924.

Definitive securities taken up to N ov. 1 1923 ________________ $607,914,550
Additional securities taken up to and including M ay 1 1924:
Funding notes________________________________________ l ._
4,875,000
T o t a l______ . ____________________________________________ $612,789,570
Less— Equip, trust ctfs. sold (incl. payment of notes at ma­
turity), $324,944,350; bonds redeemed, $266,000: pay­
ment on funding note. $1,466,500, and receivers' ctfs. re­
funded. $2,400,000_____________________________________
329,076,850
Definitive securities on hand M ay 1 1924_________________ $283,712,700
C laim s o f C arriers Settled to M a y 1 1924.
Total claims of carriers settled [out of an estimated $800,000,0 0 0 ] ...________
$762,685,498
Net amount paid [by U. S.] in settlements [being 6.49% of
aforesaid amount originally claimed]________________________ $49,500,987
Mileage of roads settled [out of a total of 241,194]___________
2$8,685

The U. S. Treasury as of April 1 1924 reported:
T o ta l P a y m e n ts b y U . S . U n d e r S e c tio n s

tion

A ct

204, 209, 210

and

212

o f T r a n s p o r ta ­

o f 1920, A ggrega tin g $715,628,198 ( A ft e r R epaym ents on
L oans fr o m Revolving F u n d ) to M a rc h 31 1924.

(а) (Sec. 204, as amended by Sec. 2l2) For reimbursement o f deficits
during Federal control;
(1) Finai payments, incl. partial payments previously m a d e.. $8,718,697
(2) Partial payments to carriers as to which a certificate for
final payment has not been received by the Treasury from the
I.-S.C.Com m iSrion........................................................................
350,044
Payments due from carriers account of overcertification in I.-S.
C. Commission certificates------------------------------------------------47,636
(б) (Sec. 209, as amended by Sec. 212) For guaranty in respect to railway
operating income for first six months after Federal control:
(1) Final payments, Including advances and partial payments
previously made__________________________________________ 311,167,550*
(2) Advances to carriers as to which a certificate for final pay­
ment has not been received by the Treasury from the I.-S. G.
Commission________________________________________________146,686,723
(3) Partial payments to carriers as to which a certificate for final
payment has not been received, as stated above___________ 47,017,922
Payments due from carriers account of overcertification of
I.-S. C. Commission certificates_________________________
54,898
(c) (Sec. 210) For loans from the revolving fund o f $300,000,000 therein provided (after repayment of $149,015,942 on
loans from Revolving Fund)--------------------------------------------- 201,584,725
* The roads to which final payments have been made by the Treasury
o f the guaranty under Sec. 209 and the aggregate amounts severally paid;
to them on the guaranty including advances and partial payments previouslymade are as follows:




-IN D U ST R IA L —PUBLIC UTILITY
,731
,679
,246
933

17
78
20
48

.543
,196
,744
,680
453
,587
,261
,802
,499

61
65
92
44
80
33
85
29
24

,224 19
,093 95
,429 65
,378 31
,541 75
,967 40
,904 43
',338 51
,751 33
1,416 08
,829 36
i,430 32
,319 94
,638 57
1.387 56
1,961 03
,991 20
1,615 46
1,669 09
1,871
1,995
1,551
1,252

17
70
27
77

1,864
,954
’,553
1,813

47
88
99
10

1,434
1,051
1.924
1,173
,874
1,277

82
55
32
78
09
25

1,574 89
1,148 63
1.351 89
5,597 55
(.878
5,841
1,804
1,194
5,463
1,982
1,660
i,319
’ ,840
,528

78
30
15
38
98
56
60
54
50
05

.,110 23
1,520 55
.372
.,000
1.076
1,578

69
00
76
49

1,096 82
1,092 00
,312 53
1,806 40
',897 87
1,038 06
,956 53
1,081 00
5,100 41
5,91186
’,024 11
1,598 56
1,921 69
',231 02
1,811
1,066
5,827
,548
,449

18
28
79
74
07

Deering Southwestern R y .
7.623 67
Del. < N orth. R R . r e c e iv ..
fc
41,487 83
72.392 58
Delta Southern R y ----------18,040 86
Denison & Pac. Sub. R y . .
Denver & Rio Grande R R ..
Receivers_____________ . 1,415.453 32
107.813 36
D et. Bay City & W est. R R
D et. G r. Hav. & M ilw . R R . 1,105,433 98
19.390 37
D etroit & Huron R y ______
116,678 28
D etroit & M ackinac R y ___
189,171 38
D etroit Terminal R R _____
61,296 87
Duluth & Northeastern R R .
459,959 94
D ul. South Sh. & Atl. R y .
70,166 99
Durham & Southern R R . .
21,329 84
East & West Coast R y -----5,856 29
Elberton & Eastern R R ___
59,993 67
Electric Short Line R y ____
3,158 56
Elec. Short Line Term . C o .
El Paso & Southwestern C o. 1,191,408 32
2,497 62
Emmittsburg R R . ................
Evansville & Indianap. R R . 228,594 35
Fernwood Columbia & Gull
71.480 05
R R ______ _______________
Flint R . & Northeast. R R .
5,238 91
37,015 17
Florida Central & G ulf R y .
30,931 54
Fort W orth Belt R y ______
251,885 67
F t. W orth & R io Grande R y
F t. Smith Subiaco & R ock
5,059 23
Island R R ______________
Fourche River Valley &
19,413 43
Indian Territory R y ____
Frankfort & Cincinnati R y .
12,651 56
16,672 36
Frank. & Pittsylvania R R .
3,410 56
Fulton Chain R y ....... ..........
17,155 31
Gainesville & N . W . R R —
500.148 14
G alv. Har. & S. A . R y -----170,742 96
Galveston W harf C o ______
175,450 03
Georgia Fla. & Ala. R y ___
7,132 37
Georgia Northern R y -------496,737 96
Georgia So. & Florida R y . .
391 84
Glenmora & W estern R y . .
Grand Trunk R y . C o. of
Canada, account o f — 1,363,392 09
A tla n tic * St. Lawr. R R .
Chicago D etroit & Can.
Grand Trunk Junction
Cine. Sag. & M ack. R R .
Lewiston & Auburn R R .
M ichigan Air Line R y .
Grand Trunk Western R y . . 2,171,829 18
Green Bay & W estern R R .
141,811 30
G ulf Florida & Alabama
253,684 92
R y ., Receiver....... .......... ..
Gulf M obile & N or. R R . . .
778,259 68
4,978 01
Gulf Ports Terminal R y ___
425.969 75
Gulf & Ship Island R R ____
Gulf Tex. & W est. R y .,r e c .
102,560 43
Hamilton Belt R y _________
4,051 14
Harriman & Northeast. R R
10,547 80
Hartwell R y ______________
6,739 89
Hawkinsville &
Florida
75,000 00
Southern R y ____________
2.942 98
H ill C ity R y _______ _______
242,652 76
H ouston E. & W . T ex. R y .
28,023 39
Houston & Shrevep. R R ___
903,572 11
Hous. & Tex. Cent. R R ___
Houston & Brazos Valley
78,658 91
R y . C o., receiver_______
12,430 47
Iberia & Vermilion R R ____
Illinois Cent. R R . & s u b s ..] ,3,689,078 57
90,307 96
Illinois Northern R y ______
Indiana Harbor Belt R R . . 1,797,228 54
48,362 49
Jefferson & N orthw . R y ___
56,183 21
Kanawha & W . Va. R R ___
303,412 87
Kanawha & M ichigan R y . .
1,532 22
Kane & Elk R R ___________
Kansas City Clinton &
86,228 29
Springfield R y ......... ........
Kansas City M exico &
554,715 19
Orient R y . o f Texas____
Kansas City M exico &
478,904 17
Orient R R ., Receiver___
K an. Okla. & G ulf R y . (incl.
302,770 22
K . O . & G ulf R y . of T e x .)
12,932 18
K entw ood & Eastern R y . .
K entw ood, Greensburg &
24,067 38
Southwestern R R ______
3,779 32
Kinston Carolina R R _____
K noxville
Sevierville
&
22,280 07
Eastern R y ., R e ce iv e r..
44,477 00
Lake Charles & N or. R R . .
135,404 05
Lake Erie & Eastern R R . .
500,918 65
Lake Erie & W estern R R . .
375 09
La Salle & Bureau C o. R R .
3,893 57
Lawndale R y . & Indus. C o .
6,363 85
Leavenworth & Topeka R R
Lehigh & Hudson River R y .
384,750 94
179,461 88
Lehigh & New England R R .
Liberty-W hite R R ., R e ­
8,104 28
ceiver___________________

2551

22.656 71
Little Kanawha R R ______
9,472 26 Raleigh & Charleston R R . .
Live Oak Perry & Gulf R R .
27.712 08 Randolph & Cum b. R y .,re c
17,788 09
Long Island R R ___________ 1,628,990 54 Rapid C ity Black Hills 4
23,685 30
Western R R . ....................
Lorain & W . Va. R y . .........
36.237 40
14,715 60
Louisv H end. & St. L . R R .
226.274 77 Raquette Lake R y ________
104,305 19
44,511 78 Raritan River R R .
Louisiana & Pacific R y ____
111,05730
Louisville & Nashville R R . $8,931,061 69 R a y & Gila Valley R R
121,536 24
Louisville & W adley R R
7,419 78 R io Grande Southern R R
58,71184
Lufkin H e m p h ill* Gulf R y .
10,85176 R ock Island Southern R y . .
8,952 11
M acon D ublin & Sav. R R .
106,337 16 Rockingham R R __________
2,270 61
M aine Central R R _________ 2,872.823 10 R om e & Northern R R ____
620,646 31
M anchester & Oneida R y . .
5,486 80 Rutland R R ...........................
22,086 24
Manistique & Lake Sup .R R
36,686 60 Salina N or. R R ., Receivers
M arion Railway C orp -------1,570 18 San A ntonio & Aransas Pass
556,354 39
R y ................ . . 1 _________
M arlon & R y Valley R y . . .
12,883 32
M arion & Southern R R —
2,923 72 San Antonio U valde & Gulf
R R .................
192,718 43
M aryland & Penna. R R —
82,063 16
Sandy River & Rangeley
M axton Alm a & South­
Lakes R R ______________
36.534 07
bound R R ---------------------7,406 04
10,513 78
Meridian & Memphis R y . .
44,553 49 Santa M aria Valley R R ___
7.424 66
M ichigan Central R R _____ 2,049,827 80 Savannah & Statesboro R y .
Seaboard Air Line R y _____ 7,475,188 43
M iddletow n & Unionville
20,374 23
R R . .....................
13,803 90 Sharpsville R R ., Receiver.
21,623 22
M iddle Tennessee R R _____
20,864 90 Sioux C ity Terminal R y ___
8,286 69
M idland R y ., receiver_____
34,724 00 So. San Francisco Belt R y .
Millers Creek R R ________
10,046 73 Southern Pacific C o ______ 8,435,301 01
79,987 78
Mineral Point & N or. R R .
8,174 43 St. Johnsbury & L. C . R R 70,526 97
193,167 95 St. Joseph Belt R y _______
M ineral Range R R _______
536,867 32
Minneapolis Eastern R y . .
19,139 63 St. Jos. & Grand I s l . R y . . .
St. L. San F r a n .* T ex. R y .
314,967 63
M inneapolis, St. Paul &
Sault Ste. M arie R y ____ 5,127,467 82 St. Louis-San Fran. R y ___ 5,385,449 76
M inneapolis Western R y . .
20,096 67 Stanley M errill & Phillips
R y ..........
32,482 71
M inn. N . W . Elec. R y ____
3,383 00
Staten Island R . T . R y ____
409,823 33
Mississippi Central R R . . .
283,581 46
2,163 06
Mississippi Eastern R y ____
12,994 77 Stewartstown R R ________
34,317 82
Sullivan County R R ______
Mississippi River & Bonne
79,950 61
Terre R y . . ........................
74,62928 Susquehanna & N . Y . R R .
12,299 17
M issouri Pacific R R ______ 13,243,448 78 Sylvania Central R y ______
40.979 24
M obile & Ohio R R . . .......... 1,930,735 85 Tallulah Falls R y __________
126,953 79
432,819 43 Tam pa & G ulf Coast R R . .
M onongahela R y __________
49,819 02
M onson R R ______________
3,268 58 Tam pa Northern R R -------M ontana W yo . & Sou. R R .
14,090 19 Tennessee Ala. & Georgia
R R ., Receiver__________
40,359 66
M ontana & W estern R y .
7,019 21
300,499 46
M ontpelier & W . R lv. R R .
89,037 43 Tenn. Cent. R R . (receiver)
M orenci Southern R y _____
19,380 92 Term . R R . Assn, o f St. L ._ 1,693,960 75
Texas M idland R R ----------158,367 54
M organ’s La. & Tex. R R . &
165,714 97
Steamship C o ...........
11,077
38 Texas & New Orleans R R . .
M organtown & K ’w o o d R R .
76,293 17 T ex. & Pac. R y ., Receivers 2,043,041 77
Texas Short Line R y ______
9,275 67
Moshassuck Valley R R . _
19.206 78
619,686 90
M ount H ood R R __________
18,095 26 Toledo & Ohio Central R y .
180,278 57
M ount H ope & Mineral R R
3,675 81 Toledo Sag. & M usk. R y . .
Toledo Peoria & W est. R y .
214,104 25
M ount Jewett Kinzua &
96,683 34
18.220 83 Tonopah & Goldfield R R
RIterville R R ................
314,250 00
M uncie Belt R y . . . .....
12,661
47 Ulster & Delaware R R ____
4,150 90
N acogdoches & S. E . R R . .
620 80 Ursina & N orth Fork R y . .
Toledo Angola & W est. R y .
2,507 34
Nashville Chattanooga &
4.754 50
St. Louis R y ...................... 1,543,961 30 Tug River & Kentucky R R .
Natchez C ol. & M o b . R R . .
3.722 91Trans-Mississippi Terminal
RR.
186,950 23
Natchez & Southern R y ___
10,998 41
Union Freight R R ________
18,504 04
Nevada-Californla-Oregon
374,293 41
R y ...............
20,719 09 Union Pacific R R . C o .........
Account of:
New Orleans G t. N or. R R .
366,555 93
Los Angeles & S. L . R R .
New Orleans Natalbany &
Oregon Short Line R R .
Natchez R y ...................
16.805 46
Ore.-W ash. R R . & N av.
New Or. Tex. & M ex. R y . .
817.018 75
255,545 06
New Park & Fawn Gr. R R .
2,07 1 5 6 Union R y _________________
N . Y . Central R R . ...........25,282,637 82 Union Stock Yards C o. of
Omaha (L td .)___________
69,780 81
N . Y . Connecting R R ..........
757,677 95
New York D ock R y ______
86,343 49 Verm ont Valley R R ______
56 959 49
165,985 63
N . Y . N . H . & H artf. R R . .14,708,406 26 Virginia R y ________________
N . Y . O nt. & Western R y .
695,010 33 Virginia Southern R y -------8,489 94
N . Y . & Penna. R y ..............
27,579 24 W abash R y ___________ __ . 7,195,287 71
780 11
Nezperce * Idaho R R _____
7,274 44 Virginia Blue Ridge R y ____
21,759 36
N orfolk Southern R R _____ 1,311,700 63 Wabash Ches. & W est. R R .
57,767 15
N ortham pton & Bath R R .
36,899 06 W adley Southern R y ............
2,20199
N orthern Alabama R y ____
69,711 61 W ash in gton *C h octa w R y .
W ash. & Lincolnton R R ___
9,175 61
Northwestern R R . o f South
3.628 03
Carolina________________
15.186 15 W ash. & Vandemere R R . .
Ocilla Sou. R R (receivers)
36,684 00 W atervilleR y .
93859
Oil Fields Short Line R R
11,588 35 Waupaca-Green B ay R y . .
6,940 85
Owasco River R y __________
5,200 42 W ay cross & Southern R R . .
4,577 72
Pacific Coast R y ..................
21,558 36 Western Allegheny R R
84,226 17
Pacific Coast R R __________
32,342 79 W . Virginia Northern R R
5,244 66
Paris & G t . Northern R R
23,111 00 Wheeling & Lake Erie R y . . 1,826,068 86
Paris & M t. Pleasant R R
81,105 81 W hite Sulphur & HuntersPenn Y an & Lake Shore R y .
v ille R R ...............
2,45102
receiver_________________
3,631 66 W ichita N .W .R y.re ce ive rs.
38,870 17
Peoria & Pekin U nion R y
384,329 87 W infield R R . . . ............
16,01118
Phila. & Beach H aven R R .
4,648 79 Winston-Salem Southb’d R y
150,768 36
12.895 61
Philadelphia* Reading R y . 9,506,060 80 Wisconsin & M ichigan R R .
Pickens R R _____________
3,239 47 W isconsin & Northern R R .
73,366 57
Pitts. Chart. & Y ough. R y .
140,705 12 W ood River Branch R R .
2.372 02
Fitts. & Shawmut R R ____
71,739 32 W oodstock R y ____________
7,123 47
Pitts. & Lake Erie R R ____ 4,275,409 14 W oodw orth & Louisiana R y .
2,679 93
101.079 39
Pitts. S h a w m u t* N or. R R .
200,281 91 W rightsville & Tennille R R
11.007 59
Pontiac Oxford & N o. R R .
173,700 93 Yadkin R R __________
Port St. Joe D ock & Ter­
Y ork H arbor & Beach R R .
16,237 83
minal R y _______________
1,410 22 Zanesville & Western R y . .
48,832 28
Quanah Acm e & Pac. R y . .
72,226 86
T o ta l.......... ..................... $311,167,550 48
Quincy Omaha & K . C . R R .
252,363 98

256

H. M. BYLLESBY & COMPANY




INCORPORATED

NEW YORK
111 Broadway
DETROIT
Dime Savgs Bk. Bldg.

CHICAGO
208 So. La Salle St.
BOSTON
14 State Street

Investment Securities

Bonds for Investment
We own and offer a comprehensive list of carefully selected
Government, Municipal, Railroad and Public Utility
Bonds which we recommend for investment. We shall be
pleased to send descriptive circulars to investors on
request.

Harris , Forbes & Co
Pine Street, Corner William
NEW YORK